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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Well, Karen, we begin with the latest developments in the global trade war. President Donald Trump has unveiled a new round of tariff demand letters, including a fifty percent rate on imports from Brazil that threat set the country's currency plunging as the president escalates a dispute with leftist leader Luisa Nacio Lula de Silva.
We get more from Bloomberg's Jill Lisis.
This is certainly one that seems to be more political than economic. I mean, Brazil, first of all, they weren't part of the Liberation Day grouping because it's run a trade deficit of the United States. Almost all of the others have really run large surpluses. So what he's spelled out as it relates to Brazil, as it relates to their leader Lula, is that he's really upset about the treatment of former President Bolsonaro. And then the other thing I'd bring up as it relates to the Brazil situation
is that you know, probatent member of Bricks. They held their big summit in Brazil just a few days ago, and Lula was really kind of leading the charge there in terms of railing against the US on various.
Issues, Bloomberg's Jill Lisis says.
President Trump also announced tariff rates on other countries, including thirty percent for Algeria, Libya, Iraq, and Sri Lanka, and a twenty percent rate on goods from the Philippines Nathan.
President Trump also confirm that a planned fifty percent tariff on copper imports will begin on the first of August. Analysts say the move could hurt American producers of everything from automobiles to appliances. The chair of the President's Council of Economic Advisor, Stephen Myron, says the move is a key part of Trump's push to rebuild US industries.
You know, there are certain critical minerals, of which copper is one that you just absolutely need if you're going to have a manufacturing sector. And having a manufacturing sector is important, not just economically, because it tends to be a high high capital, high productivity field.
President's Council of Economic Advisors Stephen Myron, speaking of Bloomberg yesterday, President Trump says copper was the second most used medal by the Department of Defense. Well.
Meantime, Karen, President Trump is sounding optimistic about a ceasefire deal between Israel and Hamas. The President says, negotiators are very close to an agreement.
There's nothing different, interdefinite about war and Gaza and all of the other places that we all deal with so much. But there's a very good chance that we'll have a settlement and agreement of some kind this week and maybe next week.
If President Trump responded to an Axios report that US, Israeli and Katari officials held a secret meeting at the White House to work out lingering disagreements. Israeli Prime Minister Benjamin Netanna, who says he is sticking to his goals in Gaza.
I want to achieve the release of our hostages. We want to end Hamas rule in Gaza. We want to make sure that Gaza does not pose a threat to his wilk anymore.
Prime Minister Tanyahu spoke at a meeting with senators on Capitol Hill. Hama says it's agreed to release ten hostages as talks continue. White House Envoy Steve Whitcoff says the US wants a deal by the end of the week on a sixty day ceasefire that would free all hostages living and dead now caring. An update on the flood recovery in Texas. At least one hundred and sixty people
are still missing in hardest hit Kerr County. Officials say no one has been found alive since July fourth, after the wall of water swept through more than sixty miles of the Guadalupe River. As the search effort continues, Homeland Security Secretary Christy Nome is reiterating her call to overhaul the Federal Emergency Management Agency.
State and local leaders know that their communities and what they know what they need better than the government ever could.
They know their exact needs, and they know how best to prepare.
Secretary Nomes spoke at a meeting of the FEMA Review Council in New Orleans. FEMA personnel are currently assisting in the recovery effort in Texas, and President Trump is scheduled to visit the state tomorrow.
Nathan Let's turn to the Mark. Yes, in Vidia has reached historic heights. That chip maker became the first company to reach a four trillion dollar market valuation. Ian King covers in VideA for Bloomberg News on.
A price to innings ratio fifty two times doesn't sound totally crazy, and that doesn't even get it into the top ten list of semiconducta makers, so relatively it's not that expensive. No other semiconduct company has Ava had more than one hundred billion dollars of revenue, have a not even Intel at its peak.
Bloombergy and King says in Vidia shares are at more than one thousand percent since the beginning of twenty twenty three, and video now accounts for seven and a half percent of the s and P five hundred and the stock is up two thirds of up percent this morning.
And Microsoft shares a little changed in the pre market, Karen, but they also closed at an all time high yesterday, trailing only in Video in market cap. And Microsoft says it's push into artificial intelligence is paying off, Bloomberg News has learned. At a presentation this week, the company chief commercial officer Judson Altoff said AI tools are boosting productivity and
everything from sales and customer service to software engineering. Altof says AI saved Microsoft more than five hundred million dollars last year in its Call Centers alone, Nathan well En.
Vidion, Microsoft sharers are climbing to all time highs.
Tesla has not.
The stock is down twenty six percent and twenty twenty five. CEO Elon Musk lashed out at Webbush's Dan Ives when the analysts made suggestions to Tesla's board must set on X quote shut up, Dan, and we get this story with Bloomberg's Charlie Pellett.
Musk's comment came after Ives called on Tesla's board to rein in Musk's political activity.
Bay Look, I mean, I knew you On was not gonna be happy.
I'ves explained his position on Bloomberg BusinessWeek Daily.
The reality is, you know the board they basically need to now step it up.
Ives does remain Wall Street's most bullish Tesla analyst, with an outperform rating on the stock and a five hundred dollars price target in New York. Charlie Bloomberg Radio, all right, Charlie, thank you. Let's check some other stocks on the move this morning. We're watching shares of Kellogg. They are surging more than forty eight percent. Bloomberg News has learned the serial maker may be bought by Italian candymaker Ferrero International
for about three billion dollars. Kellogg, of course, the owner of Cerial brands, Fruit Loops and Frosted Flakes. It's been struggling to revive growth as consumers move away from sugary foods and Nathan.
A management change is on the way at one of the world's biggest advertising agencies, WPPS named Microsoft executive Cindy Rose as its next chief executive officer. She replaces Mark Reid as the advertising group looks for ways to restart sales growth and win new customers. Rose, who is currently Chief Operating Officer at Microsoft's Global Enterprise Business, begins her
new job at WPP on September. First time Now for a look at some of the other stories making news in New York and around the world, and for that were joined by Bloomberry's and Michael bar Michael Good Morning.
Good Morning. Karen Queen's assemblyman Zoron Mumdani thanked teachers after he picked up a key endorsement in his bid to be the next mayor of New York. The United Federation of Teachers, the city's most powerful teachers union, is backing the Democratic Socialist The UFT had not endorsed a candidate in the Democratic primary.
This is the campaign of working people, This is the campaign organized labor, and this is the campaign that will win in November.
The endorsement comes after President Trump threatened to overtake New York City should Mamdani be elected. A Long Island community is angry after a twenty year old Suffolk County Community College honors student was detained by ICE agents. Sarah Lopez Garcia was sent to a Louisiana detention facility to await trial and probable deportation to Colombia. Lopez Garcia was detained almost two months ago with their mother when ICE agents
were looking for someone else. Her fiance says Lopez Garcia was in the process of seeking legal status in the US when she was detained. Measles cases in the US are at their highest in more than three decades. According to the US Centers for Disease Control Land Prevention, the US has closed to thirteen hundred cases since the beginning of the year. That's higher than twenty nineteen. Eighteen states
have seen outbreaks this year. Experts fear the US may lose its status as having eliminated measles, doctor Darien Sutton.
The reason is because measles is very good at infecting people. Is the most contagious virus that exists on this planet. And right now this surge is not just a surge, it's a warning that our public health protective barrier has cracks in it.
Doctor Darien Sutton. Manhattan rents hit a record high for the fourth time in the past five months. According to a prey Miller Samuel and broke Ridge Douglas Element. The median rent on New leasas signed in June was four six hundred and twenty five dollars. Global News twenty four hours a day and whenever you want it with the Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg Carrot.
All right, Michael Barr, thank you time now for the Bloomberg Sports updating. Here's Jean stash Hour John.
Good morning, morning Karen.
In the midst of last week's six game Yankee losing streak, here the news that dependable starter Clark Schmidt was done for the season, taking the spot of the rotation at least for now. Cam Schlittler six foot six inch twenty.
Four year old from outside of Boston.
Made his major League debut at the Stadium, pitched well, got held from the Yanks.
All Star infielder Hi.
Jove centerfield, Rodriguez Pack.
He's on the truck.
He's at all see ya pen the Monument Park A solo shop for Chisholm four one.
Yanks on the Yes, there were two, and he's later Jazz Chisholm homeward again. Yanks beats the A nine to six. Chipship's now back playing at his better position, second base. DJ Lemayhew had been playing there. Yanks didn't want to use him at third base, didn't really have any use for him, so they have designated Lemayeu for assignment.
Here's Aaron Boone in a.
Tough couple of days, you know, some some some hard conversations, and you know, and then ultimately come into this decision conclusion obviously not easy for you know, what's been a great player and who's done a lot of great things for this organization.
In le Mayeu's first two seasons with the Yanks, he betted three twenty seven and three sixty four, but he's not been anywhere near those averages Recently, the Mets reigned out in Baltimore doubleheader today Red Sox a six straight win ten to two over Colorado Nationals won for new manager Miguel Cairo eight to two in Saint Louis. The Giants are believed to be looking to sell a ten percent ownership stake, and Eli Manning had expressed an interest.
He's now saying he won't pursue it because it's too so the Giants you said to be worth ten billion dollars. Frank Laden has died at ninety three, Brooklyn native who became the coach in GM of the Utah Jazz.
His son Scott, the former nixt GM John Stashie. We're Bloomberg Sports.
Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager.
Investors and businesses are grappling with the latest tariff letters and sectoral threats from President Donald Trump, including fifty percent rates for imports from Brazil and copper products. Joining us now for the latest on the trade wars. Bloomberg News Global Business Editor Josh Gaaloo and Josh. The copper tariff in particular has gotten the market's attention pretty much all
week long. I mean there's still some questions about how something like that could be implemented, though, are there.
Yeah.
As a matter of fact, markets appear to doubt that it will be the full fifty percent that Trump has threatened. You can see that in the margin between the price in the US and the price in London, and they're
they're not pricing in that full fifty percent. But look, this is something that you know, Trump and his administration argue is sort of a national security priority because copper is used in such an incredibly wide range of products because of its obviously it's conductivity, conductivity, it's in a lot of alloys. They're used for all kinds of appliances,
you know, motors, cars, everything. So you know, this is a really difficult it's a it is a crucial metal for the US and anyone looking to make these products. But the US makes it about fifty percent of its own, or it minds about fifty percent of its own copper, and then the rest comes from you know, countries like Chile, Canada, Peru, Mexico. So you know, this is a really this is going to hurt American producers of all those things that I
was just mentioning who have to import copper. The price is going to go up, and that kind of a really wide impact on the economy.
And when it comes to this tariff threat for Brazil, obviously a fifty percent rate is much higher than some of the other rates that we've heard about so far, But this one seems a little more political than related to the actual trade dynamic between the US and Brazil.
That's right. What's interesting here is that Brazil actually runs a deficit with the US when it comes to trading of goods, and of course that balance of trade is what Trump has always pointed to that he wants to even out when he talks about putting in reciprocal tariffs
or even just straight bilateral tariffs. But you know, in Trump's announcement for this, he did talk about Balsonaro, who of course is the former Brazilian president who is facing charges of insurrection after trying to interfere with the election of in i think twenty twenty two of Lula. And you know, he didn't even know there is no real economic ground to stand on at least that's consistent with his other tariffs that he's been putting on, you know,
across the board against countries. This one is clearly more political, and he's demanding that Brazil dropped those charges, and right now it looks like Brazil is very very much not keen to do so, so we'll have to see how that plays out. But you're right, it's really a much more political use of that tool that we haven't quite seen a use quite so blatantly like that.
This is Bloomberry Daybreak, your morning podcast and the stories making news from Wall Street to Washington and beyond.
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