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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Can we begin with the devastating flooding over the weekend in Kerrville, Texas. At least eighty two people are dead dozens more missing following flash floods in the region. Officials are warning the casualty count we'll climb with more rain in the forecast. Bloomberg meteorologist Craig Allen joins us with the latest. Good morning, Craig, Good morning, Nathan.
You know, this is a situation here that it really takes time to get a grasp of just how dire the situation really is. With this extreme flooding. You've had four months worth of rain in just about four to five hours worth of time when it first began back on July fourth, and now you're dealing with additional showers and thunderstorms. Thing as long lasting. Nothing is widespread, but anything at this point will exacerbate the problems that they
already have down there. To think about a wall of water two stories high coming in at you, with these rivers picking up all that rainfall in such a short amount of time. It's hard to really imagine the situation
that is going on down there. The National Weather Service continues with floodwatches that are in effect, and these floodwatches include cities like San Angelo and round Rock and Colleen, Texas, New bron Fells, San Antonio, this whole area and will continue under a flash flood watch at least through this afternoon and right on in two Monday evening.
All right, Bloomberg meteorologist Craig Allen, Craig, thank you. The death toll includes twenty seven people at a girls' summer camp in Kirk County, where ten children and a counselor a camp Mystic remain un accounted for. Texas Governor Greg Abbott discussed search and rescue efforts Sunday afternoon.
It was nothing short of horrific to see what those young children went through, and we will remain one hundred percent dedicated searching for every single one of the children.
Texas Governor Greg Abbott's's search and rescue efforts are expanding beyond Kerrville and Karen.
President Trump has signed a disaster declaration for Kerr County. He says he's working to provide more support for Texas.
We're working very close with representatives from Texas, and it's a horrible thing that took place, absolutely.
Horrible, and the President adds he will probably visit the affected areas later this week. Turning into politics, the focus in Washington is shifting from taxes to tariff's. Trump administration is preparing to send tariff letters to dozens of countries, with the administration's ninety day tariff pause set to expire on Wednesday. Speaking alongside Commerce Secretary Howard Ludnik, President Trump said most nations will have a deal or a letter by then.
They're going to be Tariffsaris are going to be the tariff.
I think we have.
Most countries done by July ninth. Yeall either a letter or a deal, but.
They go into effect on August first.
Tariff's go into.
Effect August first, but the President is setting.
The rates and the deals right now.
Despite those comments from the President and the Commerce Secretary, Treasury Secretary Scott bess Into signaling that some countries without deals could negotiate before August first.
Nathan.
President Trump also announced on social media he'll and pose an additional ten percent tariff on any country aligning itself with what he called the anti American policies of bricks. The Group of Nations, which includes Brazil, Russia, India, China, and South Africa, held a summit over the weekend and condemned US and Israeli attacks on Iran.
Now today, Karen Israel's has a negotiating team in Katar, with Prime Minister Benjamin Netanyahoo visiting the White House later today, and President Trump says he is optimistic about a possible ceasefire in Gaza.
I think there's a good chance we have a deal with Hamas during the week, during the coming week pertaining to quite a few.
Of the US And that was the President speaking to reporters in Morristown, New Jersey.
Also happening overseas, Nathan oil prices fell after OPEC Plus agreed to a bigger than expected production increase from next month. The group increased supply by five hundred and forty eight thousand barrels a day, citing summer demand as reason for optimism that the extra barrels could be absorbed by the market.
Checking the price of oil now and IMAX screwed is down a tenth of up percent at sixty six dollars ninety two cents a barrel, while Brent is up four tenths of up percent at sixty eight dollars fifty nine cents.
Let's turn us some company news now, Karen. We're watching Tesla shares this morning, and they are tumbling down nearly seven percent in the pre market. That's after Tesla's CEO, Elon muskinounst he's forming a third political party, he's calling the America Party. That move comes after President Trump signed his tax bill into law, and the President went on to once again blast his former political ally.
And I think.
Starting a third party just adds to confusion.
It really seems to have.
Been developed for two parties. Third parties have never worked, so he can have fun with it, but I think it's ridiculous.
President Trump says, it's quote sad to watch Elon Muskow and his words completely off the rails.
Meanwhile, Nathan, President Trump says the US will discuss a TikTok agreement, which Shina today or tomorrow. He says, Washington and Beijing quote pretty much have a deal. The Information is reporting that TikTok is building a new version of its app for American users. Which it plans to launch in September.
And Wall Street returns after a long holiday weekend with the stocks at a record Let's look ahead now with Bloomberg's Charlie Pellett.
This week's focus is on the tariff deadline and FED minutes, along with a smattering of earnings reports. Sylvia and Joblonski is chief investment officer at Defiance ETFs.
Earnings are expected to be five percent or more.
My take is that AI and some of that tech is going to make that number look a little bit better, and then you can get a rally for that.
You know, tariffs not as bad as we thought.
Among the company's schedule to report earnings this week Delta Airlines, ConAgra Brands, and the newly public Circle Internet Group. In New York, Charlie Bloomberg Radio.
Time Now for a look at some of the other stories making news in New York and.
Around the world.
And for that we're joined by Bloomberg's John Tucker.
John, Good morning, Yeah, Good morning, carrydy.
Israel's military launched air strikes early today targeting ports and facilities held by Yemen's Hooty rebels. The attacks came after an attack Sunday, targeting a Liberian flying ship of the Red Sea that caught fire and took on water. A three car accident led to an explosion at a Utah Strip mall Saturday night. Over's sixty firefighters were on scene with a powerful explosion destroyed one business, alert workers in the adjacent and businesses told customers to evacuate. Three people
were taken to the hospital. There have been more meazels cases in the US this year than any other since the disease was declared eliminated a quarter century ago. According to data from Johns Hopkins, there have been at least twelve hundred confirmed cases of measles reported in the US. In twenty twenty five. The sanitation workers strike in Philadelphia, leaving piles of garbage on the streets of the city
and the brutal July heat talks stalled once again. City sanitation worker Abdul Kadar has a message for Mayor Cherrell Parker.
Schero just needs to come to the table and give us a better contracts.
Simple as that the sticking point remains, wage increases and benefits. A series of shark sightings for its officials to repeatedly close parts of Rockaway Beach over the long fourth of July holiday weekend. State agencies have twenty eight camera equipped drones to search for sharks. State and city protocol dictates when a shark sighting is confirmed, swimming cannot resume until at least an hour later. Global News twenty four hours a day and whenever you want it with Bloomberg News.
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I'm John Tucker, and this is Bloomberg. Karen.
All right, John Tucker, thank you time now for the Bloomberg Sports Update, brought to you by Flushing Bank. Here's John stash Hour, John, Good.
Morning, I Morning Care.
In the end of the Subway series at Cityfield, Yankee Hill runs by Austin Wells and Aaron Jeege. They led five nothing, Mets cut it to five to four. It was six four seventh in the Mets at Francisco the door at first base with nobody out and Juan Soto at the plate, and one what's on the left field.
And it's a brilliant shoe strain.
Show where the Franks HASTI shoe Street?
Where is Donald first?
On sn why Aaron Boone called it the Yankees play of the Year. Yanks won sixty four to and their six game losing streak. The Mets still won the series. Manager is Carlos Mendoza.
We just came up short today, but Willy, were guys coming off the bench, you know, Mauricio Baty ready to go, Guys coming from the bullpen keeping it, you know, somehow close there and giving the offense a chance.
Yeah.
Overall, not only today, but the whole series.
Part of the guys in DC red Sox beat the national six to fourth, swept the series, and the last place Nationals responded by firing longtime manager David Martinez and GM Mike Rizzo. Together they won the World Series in twenty nineteen, but they struggled ever since. Pictures and reserves named for next week's All Star Game Max Streed and Jazz Chisholm from the Yankees, Edwin Diaz and Pee Alonso from the Mets. Alonzo will not be in the home
run derby. He's a two time champion in Houston. The final of the Gold Cup soccer, the US and Mexico tied at one seventy seventh minute, Mexico scored on a controversial header. They originally called it offside, changed on video review. Mexico won two to one too it. Wimbledon began with the end of the fourth round and matches today for a top seedyonic sinner seven times Chap Novak, Djokovic and
Ben Shelton. He and Taylor Fritz. Last Americans left for the men to remain on the women's side, Amanda Issamoba and Emma Navarro, who also plays today. John Stashey, We're Bloomberg Sports Karen Nathan.
Coast to Coast on Bloomberg Radio, nationwide on Sirius Exam and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager. Investors are heading into a new trading week with a little more trade uncertainty. This morning, President Trump is warning countries that are aligned with the Bricks Nations they could face an additional ten percent tariff. Other nations, he says, should be getting notice of their new rates this week.
It could be maybe as many as fifteen or so.
And they'll be going out on.
Monday, and some we'll go out on Tuesday and Wednesday, and I'll and we've we've made deals also, so we're going to have a combination of letters and some deals have been.
Made, as the President, speaking to reporters in Morristown, New Jersey yesterday for more were joined by Roslind Mathis and Bloomberg's news director for Europe, the Middle East and Africa and Roz I think a lot of investors were braced for the idea that we'd see a combination of deals and new tariffs starting to be announced this week. But where did this new threat of an extra ten percent on bricks aligned nations come from?
Good morning, Good morning.
Well, obviously that's also the extra element in a week that does feel quite uncertain. I mean, Donald Trump had said these letters we're going to go out days ago.
Now he says they're going to start to go out, and.
They may come out over a period of days. And of course nominating August I allows further room for negotiation in all of that. So it does feel as though we're not entirely sure what we're going to be looking at,
perhaps even in a week from now. And added to that the element of saying what he might put ten percent tariffs on what he calls the anti americanness of bricks, which, of course this grouping which has been led by China, Brazil, India, Russia and South Africa, and that group has been expanding rapidly in recent years in the emerging market space in particular, many many new members and a growing sense of it
being a bit of an alternate power block. Although unlikely to supplant the US dollar anytime soon, and it's getting Donald Trump's attention for now, it does seem to be more of a poke than anything else. Because BRICKS has been meeting over the weekend in Brazil. You can see from the BRICKS members desired to not really respond to it and maybe see it as a bit of a needling attempt more than anything else. But it does add
that extra element of uncertainty. Is he serious about this or was he just raising it in the minute because Bricks happens to be meeting.
The word that really stood out from that announcement on social media was anti American policies of the BRICKS nations. Do we know what the president means by anti American policies? What he's thinking about there?
Well, that's the other thing we don't know. I mean, he has criticized BRICKS before. He used to be fairly dismissive of it. He's become a bit more attuned to it in recent years. Again this sense that perhaps bricks nations are pushing for the use of alternate currencies in global trade, so things like the yuan and what not, and so that's caught his attention for the challenge potentially
to the global dominance of the US dollars. So maybe he means countries that do trade in currencies outside the US dollar, for example, as being an example of what he would say is anti American activities.
But it's very unclear as you say, what he means by that. It could be a very broad church.
And so that's why you can see bricks nations perhaps wisely choosing the course of not really responding so far in significant detail.
Of course, one of the bricks nations is the Eye India. There had been some talk leading up to this that the US and India may be close to a deal that could be announced this week. Does this just sort of upend things far as that goes now.
You'd imagine that the Indian government be probably choosing to let this one fly by for now. As you say, there's been a lot of chatter that India and the US are getting close to an understanding.
Again, these are frameworks.
These aren't full board trade deals, the kinds that take years to come together. These are framework understandings at a top level, and it's an India's interests obviously to also get some kind of arrangement by the deadline and the senses they've been getting pretty close. Not there yet, but for days they're inching forward, and you can imagine for India the incentive is to get over the line, so they'll probably let the bricks comment fly by for now.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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