Trump Leaves G-7 Early; Oil Rises With Iran in Focus

Bloomberg Audio Studios, Podcasts, radio News. Good morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Karen, we begin with breaking developments from the G seven
meeting in Canada. President Trump has left the summit early
hours after calling for the evacuation of Iran's capital, Tehran.
In a social media post, the President said his departure
had nothing to do with a ceasefire between Israel and Iran,
that it's much bigger than that. Speaking to CBS a
board Air Force one, the President said he wants a
real end with Iran giving up entirely on nuclear weapons.
I gave her on sixty days and they said no.
And the sixty first year saw what happened day sixty one.
So I'm in constant touch. And as I've been saying,
I think a deal will be signed or something will happen,
but a deal will be side, and I think Iran
is foolish not to sign one.
And Axius is reporting the President Trump's top Middle East envoice,
Steve Whitkoff, might meet Iran's foreign minister later this week.
Nathan. Before leaving the G seven, President Trump and UK
Prime Minister Keir Starmer agreed on a deal to implement
their tariff cutting agreement announced last month. The dalble slash
US tariffs on key British exports and raise UK quotas
on certain American agricultural products. Here's the moment the two
leaders signed off on the deal at the G seven summit.
This is a very good day for both our countries.
A real simn strength. So thank you again, Donald, A
really important day for both of us.
Great people, great people.
Thanks. Aerospace and steel exemptions are also in the deal.
The quota on UK steel tariffs will be decided at
a later date.
Now, Karen, let's get to the latest developments on the
conflict between Israel and Iran. The Israeli military says it's
killed one of the Iranian regime's most senior commit General
Ali Shadmani, had only recently assumed the role of chief
of staff following the death of his predecessor in a
prior Israel Defense Forces air strike. We get more from
Bloomberg News Jerusalem correspondent Dan Williams.
This is a general who was actually field promoted over
the weekend to replace the chief of staff killed in
the opening salvo by Israel, the opening salvo that came
like a bolt out of the blue for everyone, given
the high degree of operational secrecy, the apparent high degree
of success, and it shows that Israel is methodically cutting
down the top bros as part of its operation to
decapitate the Iranian military. Along with the Iranian missile program
and nuclear program.
Bloomberg's Dan Williams says both sides continue to exchange strikes.
Iran has launched around three hundred and seventy ballistic missiles
toward Israel, killing twenty four people injuring almost six hundred.
Iran says more than two hundred have been killed by
Israel strikes.
Nathan two tank collided in waters off the United Arab
Emirates and caught fire in the early hours, rattling global
oil and shipping markets that have been closely monitoring the
latest developments in the Middle East. The incident is apparently
unrelated to the ongoing fighting between Israel and Iran, with
no foul play suspected and checking oil right now, Nimex
screwed oil is up eight tens of percent, It says,
seventy two dollars thirty nine cents a barrel, while Brent
is at seventy three dollars ninety four cents, up one percent.
Think Karen. The fighting continues between Russia and Ukraine. Overnight,
Russia carried out one of its deadliest attacks on Ukraine's
capital this year. At least fourteen people were killed in Kiev,
another forty four injured as Russia unleashed hundreds of drones
and dozens of missiles across the country. It is the
deadliest attack on Ukraine since at least April. But President
Trump is indicating he's in no hurry to impose tougher
sanctions on Russia to bring it to the negotiating table.
Sanctions puss US a lot of money. When I sanctioned
the country, that costs the US a lot of money,
to vendous amount of money.
It's not just that sign a document the President spoke
on the sidelines of the G seven before his abrupt departure.
Nathan on Capitol Hill, the Senate has released its version
of President Trump's massive tax cut bill. The legislation preserves
the president's first term tax cuts and creates several new
breaks that he promised on the campaign trail, including an
end to taxes on tips. It also calls for deeper
cuts to Medicaid than the House passed measure, and raises
the debt ceiling two five trillion dollars rather than four trillion.
One thing missing from the bill is a deal on
state and local tax deductions. It includes the current ten
thousand dollars cap as a placeholder. Republican Senator Josh Holly,
a Missouri, says the bill needs a lot of work.
He says the Medicaid cuts would close rural hospitals. Senate
Majority Leader John Thune is hoping to vote on the
bill next week to meet a July fourth deadline for
the legislation to reach President Trump's desk and Karen.
The Senate tax bill would also expand a credit from
former President Joe Biden's Chips and Science Act. The measure
would raise the tax credit for investing in semiconductor plants
from twenty five to thirty percent. If passed, it would
give chip makers even more incentive to break ground on
new facilities in the US before the current twenty twenty
six deadline.
Nathan a legal victory for the Trump administration in its
fight with Columbia University over funding following a series of
pro Palestinian protests on campus, and Bloomberg's Lisa Matteo joins
us with more Lisa, good Morning.
Good Morning, Karen Yeah. Lawsuit filed by two unions looking
to stop the withholding of four hundred million dollars in
federal fronds fund the university, Well, it's been dismissed a
judge rule that the American Association of University Professors and
the American Federation of Teachers didn't have the right to
take legal action as it's an issue between the school
and the Trump administration, and that Columbia is looking to
resolve the situation cooperatively. President Trump and Education Secretary Linda mcmahnon.
They previously suggested that negotiations with Columbia they were in
the right direction. Now those unions have filed to notice
that they will appeal. Lisa Matteo, Bloomberg Radio.
Lisa, Thank You. Citadel founder Ken Griffin has praised the
Trump administration for pushing back against cultural dynamics he thinks
have divided America. In a wide ranging interview on the
new Bloomberg Originals show Bullish, hosted by Shinali Bassk, the
major Republican donor shared his views on President Trump and
his alma mater, Harvard University.
Look.
I think what had happened at Harvard, which was the
rise of wokeism, a focus away from traditional values in education,
the emergence of a cancel culture, the anti Semitism that
we witness a campus, was part of a larger dynamic
that was gripping America culture.
And I think one of the.
Great parts of the Trump administration has been the pushback
on wokism and on some of the culture dynamics I
think really polarized US as an.
You can watch the extended Bullish interview with Ken Griffin
on Bloomberg dot Com. Tune in to new episodes of
Bullish every Tuesday at six pm Wall Street Times, starting
tonight on Bloomberg Television.
Let's turn to the markets now, Nathan in, Futures are
lower ahead of the Tuesday session, and Gold's record run
may be petering out. We get more on that with
Bloomberg's John Tucker. John Good Morning, Good.
Morning, Karen. City Group analysts expend Gold to sync back
below three thousand dollars in an ounce in the coming quarters.
They say the slump is going to be driven by
weaker investment demand, improving global growth, and future rig cuts
by the Fed. Billion has soared almost thirty percent. This
here setting a record. In April last President Trump's disruptive
trade policies and the crisis in the Middle East increased
demand for haven assets. Meantime, there's a new survey out
as well. A record share of the world central banks
plan to accumulate more gold over the next twelve months.
This is a survey of seventy two monetary authorities by
the World Gold Council forty three percent, so they expected
their gold reserves to increase. That's actually the highest figure
in eight years. You Know, York On John Tucker Bloomberg Radio.
Time Now for a look at some of the other
stories making news in New York and around the world.
If that were joined by Bloomberg's Michael Bher Michael Good Morning.
Good Morning Care and Prosecutors say the man in charge
with killing one Minnesota lawmaker and wounding another had dozens
of apparent targets, including officials in at least three other states.
US Attorney Joseph Thompson says mans Belter made it to
the homes of two other legislators on the night of
the attacks, but one was not home and the suspect
left the other house after police arrived.
It is no exaggeration to say that his crimes are
the stuff of nightmares.
Belter stalked his victims like prey.
Federal prosecutors of charge Belter with murder and stalking. He
also faces state murder charges. Prosecutors in the Shawn Didtycomb
sex trafficking trial could likely rest their case soon as tomorrow.
The defence has signaled it has as many as three
witnesses lined up to testify beginning Friday. Legal experts say
the rap mogul is unlikely to take the stand. Former
prosecutor Bernerna Viola there were a.
Lot of evidentiary rulings that didn't go into prosecution's favor
because they were missing a link here or there. But
if the defendant were to testify, then guess what, You're
my missing link and I can confront you with what
I wasn't able to be able to get into evidence.
Former prosecutor Bernerna Violona spoke to ABC yesterday. Jurors saw
videos of the alleged sex marathons in Paris, the Louver
museum failed to open on time Monday, leaving thousands of
visitors stuck in long, unmoving lines. A union rep set
the staff at the world's most visited museum are protesting
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All right, Michael Barr, thank you time now for the
Bloomberg Spores update, brought to you by Flushing Bank. And
here's Dan Schwartzman.
Dan, good morning, Good morning, Karen and Nathan. The Oklahoma
City Thunder moving to within a win of being crowned
NBA Champions after a one twenty tow one O nine
win over the Pacers to take a three games to
two series lead. That SGA to try knock out the
door right side, Jayalen one, it's a three.
Hotailor Williams knocks it down.
Matt's Curtsey vspn Williams leading all scores with forty points
for the Thunder. Okay, see, you're going to wrap up
the series Thursday night in Indiana, Major League Baseball Yankees
have now lost four straight Bombers, falling to the Angels
one nothing and eleven innings in the Bronx, they extend
their scorely streak to twenty innings. Elsewhere, Red Sox shout
out the Mariners to nothing, Radies dominate the Oriels seven
to one, Nationals loose the Rockies six to four, while
the Dodgers doubled the Padres six to three. First place Mets.
They're back in action tonight after an off day as
they open up a three game series at the Atlanta Braves.
Red Sox President and CEO Sam Kennedy and Chief baseball
Officer Craig Breslo facing the media Monday evening, defending the
team's decision to trade star third baseman Raphael Devers to
the San Francisco Giants on Sunday, Kennedy and why the
deal is made.
You know, in the end, I think it's pretty clear
that we couldn't find aligned with Ralfie is the truth.
We all worked at it over the last several months,
going back to the offseason.
That's Cursey. The Boston Red Sox Stanley Cup Final Game
six tonight, the Panthers are going to win their second
Cup in a row. They host the Oilers, the Florida
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This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager. It is the morning of
a G seven minus one. President Donald Trump has just
arrived back in Washington, Air Force one, landing at Joint
Base Andrews outside the nation's capital, after his abrupt exit
from the Group of Seven Leaders summit in Canada. He says,
to deal with the Israel Iran conflict.
You probably see what I see, and I have to
be back as soon as I can. We're gon have
dinner with these wonderful leaders, and.
Then I get on the planet.
I have to be back early.
For five seasons.
That was President Trump with the family photo in Alberta.
Now that the President is back, how to deal with
the situation in Iran? For that weird yes, and in Iran.
We're joined now by Bloomberg New Senior editor Bill Ferries
for more on that. And Bill, we heard a lot
of comments from President Trump a board Air Force one.
This idea that he might be looking toward a ceasefire,
President says he wants more than that. How to take that?
Good morning?
Yeah, thanks for having me, Nathan Is It is hard
to read the tea leies right now. On President Trump's
comments about Iran, he lashed out at the French President
Macrone for saying that he was leaving early to get
a to work on a ceasefire. He says he wants
a full deal that deals addresses Iran's nuclear program. He
has warned residents of Tehran to leave the capital, so
it's not really clear where exactly this is headed. A
board Air Force one. He also said that he might
send jd Vance or his Middle East envoy Steve Whitkoff
to deal with the Iranians. What he did seem certain
about is he said that there's been no sign of
a letup either from the Iranian side or the Israeli
side when it comes to these barrages of missiles and
bombs that we've seen both sides lobbing at each other.
So the conflict obviously into its fourth day now with
tensions still high, and it was a big focus of
the G seven meeting, but I think leaders had hoped
to discuss a lot of other issues as well before
the president's departure.
Before we get to some of those issues. It sounds
like cross purposes to some extent when you have the
President warning that everyone should leave Tehran on social media
and then saying he might send some of his top
envoys to negotiate at the same time. I saw a
headline from air Force one that the President says he's
not in a mood to negotiate with Iran. A lot
to take in this morning.
It's a lot to absorb. I think it was just
about twenty four hours ago or so that he said
he thought Iran and Israel will just have to fight
it out for a while before they get to a deal.
He's repeated this idea that he says Iran should have
taken some sort of unspecified deal before the Israeli attacks,
that they would have been better off for doing so.
He has not ruled out US involvement, but when he
was pressed about whether the US involvement would be needed
to eliminate Iran's nuclear program, he said that he hoped
the Iranian nuclear program would be taken care of before
the US ever had to get involved, so quite a
bit too kind of way there in your hands. But
the President essentially saying his departure from the G seven
was because he wanted to get back to Washington to
be able to more fully stay on top of the
events in the Middle East.
So on our last thirty seconds bill, where does this
leave the G six? I guess we could call it now.
Well, there had been a lot of hopes for by
leaders to strike some trade deals. The UK got a
little bit of an extra step. The two sides agreed
to move forward on that framework deal they signed a
month ago. Japan did not get a deal despite a
meeting between their leader and Donald Trump, and India was
kind of left out in the cold. Narendra Modi didn't
get the meeting had planned with Trump to discuss trade.
So the abrupt departure has it having some consequences on
the trade agenda.
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