10% US Tariff Proposal, California Primaries, More
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The Bloomberg This Weekend Podcast. News, politics, and the lighter side of Bloomberg. The cutthroat competition to get a gig on a cruise ship. They get to enjoy all the amenities and a one-week contract can pay like thousands of dollars for them. I know this is a good gig. Like you're booked through six months and you can pay your bills for like a year and a half. And you may get norovirus. The Bloomberg This Weekend Podcast. Subscribe today on Apple, Spotify, or wherever you listen. News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepker.
The US is proposing tariffs of at least 10% on imports from most major trading partners following an investigation into goods allegedly produced using forced labour. The probes are one part of the administration's effort to revive Trump's tariffs after the Supreme Court ruled that many of them were unconstitutional. The 10% rate would apply to imports from the UK, the EU, Canada, Mexico and Taiwan. Products from other major economies including China, India, Japan, South Korea, Brazil and Switzerland would be subject to a 12.5% levy. Former US Secretary of State Mike Pompeo gave his reaction to the announcement as the news broke overnight.
The president has used tariffs to try and achieve objectives. That's a legitimate use of America's power to tax, right? It's a very reasonable thing. When you think other nations are not behaving in a way that are consistent with the things that matter to your citizens, the people that the president was elected to represent, hopefully you'll set out clearly this is the expectation, this is the behavior we're trying to achieve. When you do that, you remove the tariff and countries go compete. But I have no problem with the president of the United States making a decision saying, no, this is the right thing to do. And other countries will make their own choices.
America's former chief diplomat Mike Pompeo speaking to Bloomberg. The levies will not take effect immediately and are subject to a public comment and review period that begins this week.
The European Union will today announce plans to boost its tech industry and reduce its reliance on American and other suppliers. A draft of the plan, seen by Bloomberg, contains measures on chips, cloud computing and artificial intelligence, including driving construction of European data centres. The proposal is an effort to challenge US dominance of the sector from major names like Amazon Web Services, Microsoft Azure and Google Cloud. Former Executive Vice President of the European Commission, Margarethe Vestager, has told Bloomberg Radio that Europe needs more alternatives.
I think it's really important to define technological sovereignty as a question of control. Can you control what is essential to you? And of course, not all data is equal, but some data is more important than other data. And I think it's really important that data that you really want only to be for European jurisdiction, that you make sure that you have only European jurisdiction.
Margareta Vestager there, who helped to develop the EU's digital rulebook. It comes amid reports that the bloc's €20 billion investment plan in AI data centres faces a number of delays and funding issues.
What are the implications of the proposed 10% US tariffs?
Sources tell Bloomberg the EU's efforts to back gigafactories announced last year lack clarity about demand and subsidies.
In the UK, members of Parliament are calling on the government to break its contract with Palantir, branding it an unacceptable point of weakness. US software companies being branded a major risk by lawmakers on the Science, Innovation and Technology Committee. Bloomberg's James Wolcock has the story.
Palantir is the number one concern for MPs looking at how the public sector manages its data. They note the UK government is reliant on a tiny number of very powerful tech suppliers for its infrastructure, but they single out the US software company for its overt political positions, which they call a clear mismatch with British values. Palantir has previously defended itself, saying the company operates like all other government tech vendors.
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