Stephen Carroll

Speaking to Bloomberg, Shah added that he thinks governments should start taxing AI to prepare for the effects of coming mass unemployment.

He expects the technology could cut white-collar employment by 5% over the next 18 months.

UK police have arrested former British ambassador to the US, Peter Mandelson, on suspicion of misconduct in public office.

This comes after the US Department of Justice released emails allegedly showing him forwarding government information to Jeffrey Epstein.

Mandelson was released on bail early this morning but is still under investigation.

He has not been charged and his lawyer has declined to comment.

Bloomberg's James Wilcock has more.

That's news when you want it with Bloomberg News Now.

I'm Stephen Carroll.

News when you want it with Bloomberg News Now.

I'm Stephen Carroll.

Donald Trump's new 10% global tariffs are now in effect.

The US president signed an executive order last Friday authorising the 10% levy after the Supreme Court struck down his original sweeping duties.

Trump subsequently threatened to raise the rate to 15%, but he has not yet officially issued a directive to increase it.

Eugene Sirocco, executive director of the Port of Los Angeles, says firms have spent recent days scrambling to understand how the levies will affect them.

Eugene Sirocco is speaking as the White House says it's working on a formal order to lift the global rate to 15%, although no timeline for that move has been finalised.

Stocks fell in another AI scare trade after a research report outlined the sweeping potential impact of artificial intelligence on jobs, sectors and economies like the US.

Little-known research company Citrini imagined a world where consumers used AI agents to avoid credit card fees and delivery apps.

In response, stocks including American Express, Blackstone and DoorDash fell by at least 6%, something which surprised the report's co-author Al-Apshah.

Speaking to Bloomberg, Shah added that he thinks governments should start taxing AI to prepare for the effects of coming mass unemployment.