Bloomberg Daybreak: Europe Edition

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Trump's 50% Metal Tariffs, Musk Blasts US Tax Bill, UK Defence Exclusive
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President Donald Trump has raised steel and aluminum tariffs to 50% from 25%, following through on a pledge to boost US import taxes to help domestic manufacturers. (2) Chinese Foreign Minister Wang Yi used his first meeting with new US Ambassador David Perdue to complain about recent actions by Washington, underscoring a downturn in relations between the world’s two biggest economies. (3) Donald Trump ally Elon Musk lambasted the president’s signature tax bill as a budget-busting “abomination” as Republican fiscal hawks stepped up criticism of the massive fiscal package. (4) Volkswagen AG said about 20,000 employees will voluntarily leave the company by the end of the decade as the carmaker restructures its German operations to cope with uneven demand for its vehicles. (5) Britain’s ammunition production begins life in the ancestral town of George Washington. Hundreds of technicians and robots work around the clock to manufacture the empty shells that are then filled with explosives and fired from a range of artillery systems. Podcast Conversation: Taylor Swift’s Catalog Win Is a Masterclass in BusinessSee omnystudio.com/listener for privacy information.
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25:38
OECD Slashes Growth, Dutch Government Falls, KKR Quits Thames Bid
Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Donald Trump’s combative trade policies have tipped the world economy into a downturn, with the US among the hardest hit, the OECD said. The Paris-based organization slashed its global forecasts for the second time this year, citing the impact of the American president’s tariff onslaught. (2) US President Donald Trump is eager to land more trade deals, but talks with China and Europe continue to languish amid communications breakdowns and fresh tariff threats.(3) Far-right lawmaker Geert Wilders pulled his Freedom Party out of the Netherlands’ ruling coalition, causing the government to collapse and triggering a snap election.(4) Thames Water’s preferred bidder KKR has pulled out of a rescue deal in a major setback for the utility. The US alternative asset manager “will not be in a position to proceed, and its preferred partner status has now lapsed,” Thames said in a statement Tuesday.(5) Private credit firms enjoy a “significant” capital advantage over traditional banks that’s unlikely to disappear, according to Bill Winters, chief executive officer of Standard CharteredPodcast Conversation: Musk’s Chatbot Can Be ‘Non-Woke’ or Truthful, Not Both: Dave LeeSee omnystudio.com/listener for privacy information.
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17:57
Trade Pacts Prove Elusive, Treasuries Testing 5%, Temu & Shein Eye Europe
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) US President Donald Trump is eager to land more trade deals, but talks with China and Europe continue to languish amid communications breakdowns and fresh tariff threats. (2) Treasuries began June on the back foot with 30-year bond yields testing the 5% level as concerns over President Donald Trump’s tariff policies resurfaced at the start of a data-heavy week for assessing the health of the world’s largest economy. (3) French President Emmanuel Macron and Italian Prime Minister Giorgia Meloni will look to patch up difficult relations during a bilateral meeting in Rome on Tuesday, as Europe grapples with the seismic geopolitical shifts caused by the Trump administration. (4) Russia and Ukraine wrapped up a second round of talks in Istanbul that failed to bring the two sides closer to ending the war, but laid the groundwork for a new exchange of prisoners. (5) The UK envisages taking an enhanced role in NATO’s nuclear deterrence amid doubts surrounding the US commitment to the alliance, as Prime Minister Keir Starmer pledges to make Britain “war-ready” to counter Russian aggression in Europe. (6) Immigration minister Seema Malhotra said it is still too soon to know whether the government’s plans to make it harder for migrants to claim settlement in the UK will apply retroactively to those already in the country, potentially extending the wait for millions who arrived in the country since the pandemic. Podcast Conversation: Musk’s Chatbot Can Be ‘Non-Woke’ or Truthful, Not Both: Dave LeeSee omnystudio.com/listener for privacy information.
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21:27
Ukraine’s Audacious Strike, US Flamethrower Attack, China-US Deal Fractures
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Ukraine staged a dramatic series of strikes across Russia, deploying drones hidden in trucks deep inside the country to hit strategic airfields as far away as eastern Siberia. (2) The UK will create an “always on” munitions production capacity to allow it to scale-up its defense industry when needed, as it increasingly shifts to a war footing with Russia’s assault on Ukraine showing little sign of ending. (3) A nationalist candidate backed by Donald Trump won Poland’s presidential election, defeating the centrist mayor of Warsaw in a blow to the country’s pro-European Union government. (4) Six people were injured in an attack on an event in Boulder, Colorado, held in support of Israeli hostages, police and FBI officials said, sparking renewed concern about threats of antisemitic violence in the US. The FBI says the suspect was heard to yell 'Free Palestine' while using a makeshift flamethrower. (5) China accused the US of violating their recent trade deal and vowed to take measures to defend its interests, dimming the prospect of an immediate leadership call that Donald Trump wants to have to further bilateral talks. (6) The dollar will tumble to levels last seen during the Covid-19 pandemic by the middle of next year, hit by interest rate cuts and slowing growth, according to predictions by Morgan Stanley.Podcast Conversation: Jesse Armstrong: ‘I’m Interested in the Power, Not the Money’Podcast Image Source: Ukrainian Security ServiceSee omnystudio.com/listener for privacy information.
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20:26
Daybreak Weekend: US Jobs, ECB Decision, Vietnam Eco
Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to the U.S jobs report. In the UK – a look ahead to the ECB’s monetary policy decision. In Asia – a look ahead to economic data in Vietnam. See omnystudio.com/listener for privacy information.
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39:03