Stephen Carroll

The US Energy Secretary Chris Wright says the Trump administration wants to control all future sales of Venezuelan oil and hold the proceeds in US accounts.

Here's what he told a Goldman Sachs conference in Miami.

Chris Wright was speaking as China grapples with how best to respond to US assertions of dominance in the Americas and control of strategically vital assets through what's been dubbed the Don Roe Doctrine.

These developments come as the US President has demanded a $500 billion increase in annual US defence spending to build what Trump called the Dream Military.

In what appears to be a contradictory string of announcements, Donald Trump also threatened to exclude some of the companies most likely to benefit from the increase.

The President later signed an executive order requiring major defence contractors to end stock buybacks, stop issuing dividends and cap executive pay at $5 million a year until they invest more in factories and research.

The announcements sent shares of major defence contractors, including RTX, a maker of Patriot missiles, tumbling.

Lockheed Martin and Northrop Grumman were sharply lower.

Britain's trade growth is set to undershoot the global average over the next decade.

That's according to a report from the Boston Consulting Group, which forecasts annual trade growth of 2.3% for the UK.

The report notes it's hard for Britain to meaningfully boost its trade without some form of engagement with the EU, its closest and largest trading partner.

It comes as Prime Minister Keir Starmer said he will pursue greater access to the EU's single market in a pivot from his pre-election stance.

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

I'm Stephen Carroll.

Hi, I'm Stephen Carroll.

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