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Chapter 1: What is the main topic discussed in this episode?
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.
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Chapter 2: 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. But the growing political backlash is a sign of the changing attitudes towards relying on America and its firms. In London, James Woolcock, Bloomberg Radio.
The fragile ceasefire in the Middle East faces its latest test after US forces intercepted Iranian strikes and hit a command centre in the Islamic Republic. US Central Command said that Iran had launched ballistic missiles and drones towards neighbouring countries, including Kuwait and Bahrain. Here's Honor Ant, our managing editor for the Middle East and Africa.
The bottom line of what's happening, including those missile attacks by Iran and the U.S. response, is that we are seeing an agitation in the market. People are losing belief that the longer this process takes, the more likely it is to see risks that could derail the whole peace process, if we can call it that. And the agitation is expressing itself in many ways.
Bloomberg's honor and there as the U.S. military is pursuing less public ways of protecting vessels in the Strait of Hormuz with a quiet version of Project Freedom.
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Chapter 3: How do the new tariffs affect imports from major trading partners?
Bloomberg understands that some ships are turning off their transponders and sticking close to the Omani coast to avoid Iranian mines with the U.S. military assisting if needed.
Vital's top executive in the Middle East says Europe and the US aren't facing up to the growing oil supply crunch. Speaking at an S&P Global conference in London, Tom Baker accused Western governments of being asleep at the wheel when it comes to the crisis.
Vital estimates global demand destruction at around 4 million barrels a day, with countries delaying purchases in the hope that a resolution to the Iran war will bring down prices. Brent Crude this morning is trading just over $97 a barrel, up 1%.
SpaceX is aiming to sell shares at $135 apiece for its record-breaking $75 billion IPO. According to Reuters, the firm is breaking the traditional listing process of announcing a price range before marketing the shares and setting the price before trading begins. Dan Ives, Global Head of Technology Research at Wedbush Securities, says investor interest in tech is set to continue.
It's a tidal wave of IPOs that are coming, but they're all at the heart of the AI revolution. And I think to some extent, when you look where we are, we continue to believe this AI party started 9 p.m. to about 11.30 p.m. Party goes to 4 a.m.
Dan Ives from Wedbush Security speaking there. The deal involving Elon Musk's firm would be the largest IPO on record, more than doubling the $29.4 billion that was raised by Saudi Aramco. That was back in 2019.
Voters in California have been casting ballots on who should lead the country's most populous state. Democrat Javier Becerra and Republican Steve Hilton took early leads in California's governor primary to replace Democratic Governor Gavin Newsom. With about half the ballots reported, they each have about 26% of the vote, according to Decision Desk HQ, in the Merrill race in Los Angeles.
Early results suggest a runoff between Democratic incumbent Karen Bass and reality TV star Spencer Pratt. who was a registered Republican
Now here in the UK, the police response to a murder in the UK has sparked outrage across the political spectrum and protests outside a police station. Henry Novak was handcuffed as he lay dying last December after his killer Vikram Digwar falsely accused him of racism. In body cam footage, the 18-year-old can be heard saying, I've been stabbed, to which an officer replies, I don't think you have.
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