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Best Idea, an extraordinarily eclectic day on Bloomberg Surveillance one of the high points. Thank you so much in Dallas for listening. We were talking family networth and investment, family office. I should say an investment out of Dallas, and thank you to the person sending her Toado barbecue for the Texas Rangers, which is a food that you can't get at Yankee Stadium or a city field or most certainly not at Fenway Park. Really deluxe. I guess you go to the Rangers to eat and then maybe watch a
baseball game. Because to the collective group of people. We started strong with Isabelle Matteo Ilago, who did a lot of work with Legarde at the ECB and then went out of Black Rock and now holds court as the chief voy. It's for b MP Pariba, a spectacular French bank. You're thrilled she could join us in studio. Here is Isabelle Monteosi Lago of BNP Pariba.
Europe has a Europe when by that I mean the European Commission are true believers in the benefits of free trade and so they embarked in this, uh, these trade discussions or this trade war, so to speak, with the with the US with a view to saying, oh, this is going to be great. We're going to offer to lower our tariffs and the US is going to lower their tariffs and we're going to end up with more trade.
This is going to be awesome. And it seems they've realized in the course of the last few weeks then actually, this is not really what the US wants, uh, And so now the discussion has got very much more concrete to trying to do damage limitation. Maybe that's one way to to to to put it and accept that tariffs from the US are probably going to be higher, but let's see what we can do to minimize the cost.
But I think what's what's interesting is Europe has decided to double down on a global trade with other partners than the US. We've seen the beginning of a mending of the relationships with the UK with the first improvement on the Brexit trade deal. There are very advanced talks
with India. There's consideration to even joining the CPTPP. So Europe is doubling down on global trade and is going to try to do damage limitation with the US as best it can, but it's trying to portray itself to the rest of the world as a place that is open for trade, open for business. And I think back to Tom's point that's also going to help boost productivity going forward.
Isabelle Montereo Slago a BNP Parry A joy to have Francisco Blanche with us looking at all of commodities in the derivative dynamics at the Bank of America. We started with gold, looked at a lot of China dynamics as well, but here Francisco Blanche and oil.
I think you need to see a little more evidence. But remember we are we're actually seen generally commodity prices spalling cyclically driven by oil. The big question is when shale is going to essentially stop growing, and when it does, then we will be in a commodity bull market. Remember China's also seen peak population growth, and now it's other emerging markets, right, I mean, commodity intensity is growing in places like India, other parts of Southeast Asia and then
of course Africa. So I mean, I do think there's a China story behind this, but that's been the story of the last twenty five years. It really is down to the rest of the emerging markets going forward, and frankly to our ability to keep pulling commodities out the ground.
Francisco Blanche, the Bank of America onto a key inflation report tomorrow, CPI Wednesday, PPI on Thursday as well, and your community across the nation, don't forget serious. XM Channel one twenty one. I guess that's old technology, Apple car Play, Android Auto. In the world of podcasts, subscribe Bloomberg podcasts. Subscribe to Bloomberg Podcasts out on YouTube. And this is single best idea