Iran Ceasefire Under Strain, Trump Rebuilds Tariff Wall, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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News when you want it with Bloomberg News Now. I'm Amy Morris. The ceasefire between the U.S. and Iran is facing its toughest test yet after a flare up of fighting overnight. Bloomberg's Ethan Bronner has the latest from Tel Aviv.
The Americans, you know, shot out an empty oil tanker heading to Iran. And then U.S. bases supposedly in Bahrain and Kuwait came under fire. But in fact, they didn't reach those U.S. bases. They went to the civilian areas nearby and they killed a person in Kuwait.
Bloomberg's Ethan Brawner in Tel Aviv. Secretary of State Marco Rubio is hopeful the latest round of talks in Washington between Israel and Lebanon can produce a path forward for security in the region. Rubio testified about the Strait of Hormuz blockade, explaining to the House Foreign Affairs Committee how the U.S. is engaging with Iran.
A ship will go through the route. Those ships will come under attack. The U.S. will respond to that attack by shooting down those drones. At that point, The Iranians will respond to that by targeting some facility in the region in retribution.
Secretary of State Marco Rubio adding that the Trump administration was aware of the potential global economic fallout from launching a war against Iran. President Trump says he's still holding out for a deal, and he confirmed in a Pod Force One podcast interview that he called Israeli Prime Minister Benjamin Netanyahu crazy for ramping up attacks on Lebanon. Netanyahu says his relationship with the president has not shifted.
So we have common goals. Sometimes we have, as in the best of families, you have these tactical disagreements. We always find a way to work them out. And we do so as great friends. We can disagree in the morning, and by the afternoon, we have common action.
Prime Minister Benjamin Netanyahu was on CNBC. The risk that Iran is covertly pursuing nuclear weapons is higher today than before the U.S. and Israel launched their first military attacks on Iran. The International Atomic Energy Agency warned member countries about new dangers posed by Iran's large inventory of near-bomb-grade uranium, which is no longer subject to weekly IAEA inspections. It is the biggest move yet to rebuild President Trump's tariff wall. The administration is proposing new tariffs of at least 10 percent on at least 60 trading partners. That follows an investigation into how they handle goods allegedly produced through forced labor. Bloomberg Global Trade Editor Brendan Murray with more.
The existing one that's currently 10% on most goods into the U.S. expires in about six weeks. So we're seeing these 301 investigations kind of trickle out here. There's another one that's coming in the next week or two on industrial overcapacity, which mainly means China.
Bloomberg's Brendan Murray reports China and five other countries would be subject to 12.5% tariffs. The 10% rate would apply to Canada, Mexico, the EU, the UK and Taiwan, among dozens of others. Stocks are declining as the U.S.-Iran clash drives oil higher. We check markets for you all day long here at Bloomberg.
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