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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with new developments on tariffs. President Trump says he's likely to impose levies on pharmaceuticals as soon as the end of the month. While he didn't specify a rate, any tariff would likely impact the likes of Eli Lilly, MRK, and Pfizer, which all produced drugs overseas. The President spoke to reporters and comments heard live on Bloomberg Radio.
Farmatuticals will be tariff probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to bill, and then we're going to make it a very high.
Terror and the President also says his timeline for implementing tariffs on semiconductors is similar.
Nathan.
The President also predicted that he could strike two or three trade deals with countries before implementing his so called reciprocal tariffs on August first. He also says he's reached a deal with Indonesia.
Indonesia's very strong on copper, but we have full access to everything. We will pay no tariffs, So they are giving us access into Indonesia which we never had. That's probably the biggest part of the deal. And the other part is they are going to pay nineteen percent and we are going to pay nothing.
On social media, the President also said Indonesia has committed to purchase fifteen billion dollars in US energy, four and a half billion worth of agricultural products, and fifty Boeing jets.
And Karen the President is also continuing his criticism of Jay Powell that says Bloomberg News has learned Kevin Hasset, director of the White House National Economic Council, is the early front runner to replace Powell as FED chair next year. Treasury Secretary Scott Besson says the formal process to find
Powell's successor has already begun. In an interview heard right here on Bloomberg Radio, Bess and suggested Powell should also not rein on the fed's Board of Governors after his term is chair ends.
There's been a lot of talk of a shadow fedchair causing confusion in advance of his or her nomination, and I can tell you I think it'd be very confusing for the market for a former FED chair to stay on.
Also, Serajuri Secretary Scott Bessend also says he's part of the decision making process, but the final decision will come from President Trump.
He if in Congress is a step closer to clawing back billions of dollars in funds for a public broadcasting and foreign aid. The Senate has voted to advance nine point four billion dollars in cuts on a fifty one to fifty vote, with Vice President jd Vance breaking the tie. The measure would cancel funds for the Corporation for Public Broadcasting,
which funds PBS and NPR. The networks have warned that could force local stations to close, but HOWSE Speaker Mike Johnson says public media have misused federal funds.
They're biased reporting, they're not objective, they pretend to be, so they have for a long time, and the people don't need to fund that.
Speaker Mike Johnson spoke before the White House offered assurances to South Dakota Senator Mike Rouse that tribal radio stations had received ten million dollars. The package now heads to a vote rama of amendment votes before the Senate takes final action today, Karen.
A controversy that has split President Trump's voter base is now threatening a wider divide in the Republican party. This is over the administration's handling of documents related to disgraced financier Jeffrey Epstein. This month, the Justice Department said it had no new information to release on the case. That's after Attorney General Pam Bondi told Fox News earlier this
year that she had Epstein's client list waiting on her desk. Now, Republicans like Missouri Senator Josh Holly are calling for more transparency.
I think all this stuff I'll be public.
I mean, I think all the documents should all be public. I think we'd all want to be out of the open.
Another Republican, Kentucky Congressman Thomas Massey, says he'll force a vote in the House to release documents in the case. President Trump says Republicans should put Epstein behind them.
I don't understand it why they would be so interested. He's dead for a long time. He was never a big factor in terms of life.
The president says he thinks Attorney General Bondi has handled the case well. He has suggested, without evidence that the Epstein files were made up by Democrats. Shares of Nvidia closed it an all time high. CEO Jensen Wong says he should get the first batch of US licenses to export H twenty AI chips to China soon, but he says it's still unclear how many licenses the US will approve.
Speaking at a conference in Beijing, Jensen Wang praise China's achievements in artificial intelligence models like deep.
Seek, Ali, Baba, Tensen, Mini Max and bay Do or anybody our world class developed here and shared openly have spurred AI developments were wide.
Jensen Wog's in Vidia MA history last week as the first company to hit a four trillion dollar market value.
Shares of chip maker ASML are down almost eight percent in Europe, and Nathan the company CEO, is walking back the company's growth forecast for next year due to trade disputes and global tensions. ASML forecasts for third quarternet sales missed estimates. Plashan also in focus in Europe this morning. In fact, UK inflation rose to its highest level since January twenty twenty four. CPI taped up to three point six percent in June from three point four percent previously.
Economists had expected the figure to remain unchanged. Time Now for 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 Michael Barr. Michael, good morning, Good.
Morning, Karen. We're learning more about two women in New Jersey who were killed after their vehicle was swept up in floodwaters during a storm that moved across the northeast Monday night. They were in their car on the road when it was swept into the Cedar Brook during the peak of the heavy rains. Governor Phil Murphy we.
Got crushed not just here in Berkeley Heights, but in this part of the state in particular. Sadly, two losses of life in Plainfield in a vehicle that was swept away, and they sadly decease were extracted.
It is the second deadly weather system in the Plainfield area this month. Early in July, three people died when thunderstorms caused trees to fall. The Pentagon says that Defense Secretary Pete Hegsath has ordered that two thousand California National Guardsmen be withdrawn from the security mission in Los Angeles. That order will reduce by almost half the forty seven hundred federal iceed guards and marines sent to the city in early June to protect federal property and personnel following
anti ICE protests. Los Angeles Mayor Karen bass I.
Have said from the beginning that what is happening in Los Angeles is we are being used as a test case, and I am hoping that this experiment with the lives of people ends here.
New York City mayoral candidate Zoron Mamdani told business leaders that he would begin to discourage the use of the phrase globalize the into fought up after being pressed on his views by Pfizer chief executive Albert Borlap, according to people with knowledge of the matter, the Democratic mayoral nominee met Tuesday with about one hundred business leaders from the
Partnership for New York City. Ma'm Donnie an activists where Palestinian Causes, has been criticized for refusing to denounce the phrase, a reference to the armed Palestinian uprisings against Israel. Meanwhile, Senate Minority Leader Chuck Schumer was asked about it during a news conference yesterday.
Look to what the globalized into FOD and means is really wrong and should be condemned, and I look forward to my discussions with mister Mamdani.
And Mamdani picked up the backing yesterday from the largest Union for City Workers DC thirty seven and from New York Democrat Congressman Adriano Espion. Global News twenty four hours a day and whenever you want it for the Bloomberg News. Now him, Michael Barne, This is Bloomberg Herry.
All right, Michael barr thank you time now for the Bloomberg Sports Update. It's brought to you by Flushing Bank, and here's John Stanshower.
John, good morning, Good morning, Karen. There's never been in an NLB All Star Game, or at least a finish like this. One in Atlanta looked like a National League route at Ketel Marte two runs single before the Al got an out and stayed two to nothing until a Pete Alonso three run opposite field homers six. Then he first met with an All Star homer since David Ryan two thousand and six, Corbin Carol Homer. The nl had six to nothing. Back came the Al. The Ads, Brent Rooker.
Three run shot to get him on the board, and then two runs in the ninth. They tied the game with an infield single. With two out no extra innings, it was instead time for a swing off. Each team picked three players to swing three times, and Kyle Schwarber hit all three of his out for home runs the NL one. Schwarberg was MVP. He spoke on Fox on the field.
Afterwards, just trying to not hit a home run. I guess is trying to stick short because if I would have tried to hit a home run or I would probably hit my guys over there. But I'm just happy that it worked out for US and National League's going home with one.
You get Urt Philly to be an All Star. MVPs and Johnny Tallison at Chase Stadium in nineteen sixty four, day after the Jets locked up white out Garrett Wilson with a four year extension, they did likewise with cornerback Sauce Gardner. They drafted both players among the first ten
picks of the twenty twenty two draft. Tomorrow begins the one hundred and fifty third Open Championship, just the third ever at royal Port Rush in Northern Ireland, and this tournament, like all of them, now begins with world number one Scottie Scheffler as the betting paper.
No matter what happens, we're always onto the next week. And so that's one of the beautiful things about golf, and it's also one of the frustrating things because you can have such great accomplishments, but you know, the show goes on and that's just how it is. You know, it's great to win tournaments, it's a lot of fun. Sometimes the feeling only lasts about two minutes. It seems like Chef.
With Tea's off about twenty four hours from now, just to happen. Defending Jams, Anderschomp, John Stashan were Bloomberg Sports Karen.
Nias 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. President Trump's trade negotiations maybe heading into the final stretch, with just sixteen days to go until the August first tariff deadline. The President says higher rates for pharmaceuticals could be coming sooner rather than later, and only a few more trade deals may still be in the works.
We're working on probably five or six. Up the five or six, I'm not sure I.
Really want to do them.
You know, you want.
Somebody to notice how to negotiate, but we'll probably have two or three.
The President spoke to reporters at joined Basse Andrews outside Washington last night, and this morning we're joined by Bloomberg News senior editor Bill Ferries. Bill, wasn't that long ago we were hearing maybe a dozen, maybe eighteen trading partners could be coming up for deals. Now it seems like that window is narrowing.
Good morning, Good morning, Nathan. Yeah, it is narrowing. We you know, we've had this fourth country, I guess, get some sort of an agreement, whether you want to call it a deal or a framework, with Indonesia getting nineteen percent tariffs on their products in return agreeing to buy apparently about nineteen billion dollars in goods and some Boeing jets and things like that. That would be basically the fourth deal you can count on. And you heard President
Trump there. I think he went on to say that he's still hoping that India might be among the countries who get some sort of an agreement, and that would obviously be a really big one that's been hanging out there, But that leaves a whole lot of countries. You know, we're very far away from those ninety d and ninety days that we heard about in April, but there's still you know, the President has signaled that there's a chance
that this August deadline might also be extended. Scott Bessen said, almost certainly that would happen for China as they continue working out the details of their agreement. But a lot of countries still feel like the last two weeks is time is time they can use well to maybe get under the get through the finish line here with the Trump administration.
And even if we get closer to that finish line bill, the president's talking more about sectoral tariffs as well, including potentially pharmaceutical tariffs. He had said maybe those would be raised by two hundred percent in a year or more, but maybe that's coming sooner.
Yeah, he said that August first, or at the end of this month could be when he decides to go forward at a much lower level with pharmaceutical tariffs, and he even said semiconductors. With the pharmaceuticals he has talked about two hundred percent, he says that that would potentially be phased in over a year, or at one point he said a year and a half. The idea being to try to get these companies, many of the big ones which are in Europe, to move more of their
production into the United States. He seems to acknowledge that that would take some time, but he doesn't have unlimited patients. It's hard to know whether a year, a year and a half is really enough. Two hundred percent would be a huge increase, so that might be the leverage he's trying to use to get them to the table.
And speaking of unlimited patients, we're not seeing much of that when it comes to FED Shair J. Powell and interest rates. And now we're hearing more about how the search process for a replacement is going, maybe even sooner than expected.
Yeah, it sounds like Scott Besson said the formal process of starting to pick the next FED chair has already begun, and Besson, of course has long been on the shortlist for that. But President Trump's saying that he likes the job best and is doing a Treasury, so he might
not really be the leading candidate at this point. One person who we do think is probably the leading candidate right now is Kevin Hassett, the head of the National Economic Council and an advisor economic advisor who's been close to Trump for really better part of a decade. At this point, he seems to be perhaps in the pole position, and Chris Waller, former Fed governor, also on that shortlist.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it. In five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow.
And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Dbreak