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Chapter 1: What is the main topic discussed in this episode?
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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.
Many companies were working on their ledgers and trying to calculate what their new effective tariff rates would be. Now, these tariffs under Section 122 of the Trade Act are a lot more prescriptive, have many more exclusions, and are temporary, which means there will be more debate, more capitulation going down the line, and more uncertainty.
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.
Well, an assessment by the European Union has found that President Trump's planned 15% increase means that levies on some goods would be above the 15% ceiling agreed in the EU-US trade deal. On Monday, the European Parliament suspended legislative work on approving that agreement, requesting clarity on Trump's new trade policy. Josh Wingrove is Bloomberg's White House reporter.
Even by the standards of this administration, which is not exactly like prodding itself on meticulous long-term planning and sticking to it, this has been chaotic. And so some of the fallout we're seeing is from the lack of specificity, the story from the Europeans complaining that some of their tariffs have effectively risen.
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Chapter 2: What are the implications of Trump's new 10% global tariffs?
Speaking to investors yesterday, the JP Morgan CEO suggested that some lenders are making riskier decisions in a bid to boost net interest income. According to Dimon, some of those decisions are related to artificial intelligence.
even if the credit cycle is normal, so when you have a recession, you have a rise in credit losses, the surprise has often been which industry. You didn't expect newspapers in 2000, Warren Buffett businesses. You didn't expect utilities and phone companies in 08 and 09. And this time around, it might be software because of that.
JP Morgan CEO Jamie Dimon there speaking at an investor event on Monday. The news comes as the financial industry, like many others, has suffered declines in recent weeks due to AI concerns. Dimon added that he expects the credit cycle will eventually sour again, though he's not sure when.
Standard Chartered has announced a fresh share buyback worth $1.5 billion. That's, as the bank reported, weaker than expected fourth quarter earnings with adjusted pre-tax profits of $1.24 billion. Profits were hit by a $233 million charge from the bank's Fit for Growth efficiency programme.
Standard Chartered says it expects income growth this year to be around the bottom end of its 5% to 7% range.
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 Walcock has more.
Peter Mandelson's arrest deepens the crisis engulfing Prime Minister Keir Starmer. The UK leader picked the Labour Grandee to be his US ambassador despite Mandelson's known links to Jeffrey Epstein.
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Chapter 3: How are companies reacting to the new tariff regulations?
In the wake of the fresh revelations stemming from emails released by the Department of Justice, Starmer's Chief of Staff, Communications Chief and Cabinet Secretary all quit their posts. and Conservative leader Kerry Badenock has further criticised the Prime Minister's choice, saying Mandelson's arrest was, quote, the defining moment of Sir Keir's premiership.
In London, James Woolcock, Bloomberg Radio.
It's been four years since Russia began its full-scale invasion of Ukraine, and US President Donald Trump's efforts to end the war are stalling. Peace talks have already blown through several deadlines, and even some American officials admit privately that they see no signs Putin is willing to budge. Vitaly Klitschko is the mayor of Kiev. This war can stop easily.
One person who is beginning the war is talking about the president of Russia, Putin. Klitschko added that any peace deal cannot be a capitulation from Ukraine. One concern among Kiev's allies is that Putin may agree to a ceasefire that would allow Trump to claim success while Russia continues a campaign of sabotage, hybrid warfare or election interference.
Progress towards gender equality at the top of British businesses is achingly slow. That's according to the CEO of the FTSE Women Leaders Review, which has released its latest report. Bloomberg's Tiwa Adebayo has more.
The average number of female FTSE 100 CEOs didn't move at all last year. Findings from a government-backed review reveal the number of women at the helm of UK companies peaked in 2023, when 10 out of the 100 bosses were women. That's as the FTSE 350, which includes mid-sized businesses, missed a voluntary target of 40% of women in top executive roles by 2025.
However, board representation amongst the group exceeded the same goal, hitting 43%. Findings also showed that female representation was notably stronger amongst non-executive directors. In London, Tiwa Adebayo, Bloomberg Radio.
And those are our top stories for you this morning. Investors seem pretty jumpy today and yesterday about the impact of AI and the trade tariff uncertainty. IBM shares plunged 13% on a new anthropic tool, the worst day in more than 25 years for IBM. But U.S. and European stock futures this morning are actually up at least two-tenths of 1%. Some Asian equities also shrugging off the U.S.
sell-off. Just look at the KOSPI up by 2% and Taiwan's TAIEX also up by 2.7% this morning. The yen is down. More tensions between China and Japan. European car sales also for January dropping 3.5%. So those are the markets and what could move them.
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Chapter 4: What concerns are raised by the European Union regarding the tariffs?
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