Chapter 1: What are the implications of Trump's new 10% global tariffs?
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Chapter 2: How are businesses reacting to the new tariffs?
And I'm Stephen Carroll.
Donald Trump's new 10% global tariffs are now in effect. The US president signed an executive order last Friday authorising that 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 that 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.
Chapter 3: What does the EU think about the planned 15% tariff increase?
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 Soroka speaking there as the White House says it's working on a formal order to lift the global rate to 15%, although no time frame for that move has been finalised.
An assessment by the European Union has found President Trump's planned 15% increase means levies on some goods would be above the ceiling agreed in the EU-US trade deal. The European Parliament has suspended legislative work on approving the agreement, requesting clarity on President Trump's new trade policy.
Speaking exclusively to Bloomberg, the EU's foreign policy chief, Kaya Callas, says they're now trying to make sense of the new tariffs.
Nobody understands if this 10% is now on top or how is it really playing out. Plus, when we agreed to this trade deal, then one of the arguments was that our companies would have stability. Any kind of decision is better than hanging on
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Chapter 4: What parallels does Jamie Dimon draw with the 2008 financial crisis?
and not knowing what is coming. So predictability is a value. Now it is again gone. So we are trying to make sense how the US operates.
Kaya Callas speaking there after President Trump said on social media that he'll put much higher tariffs on countries that, quote, play games with the Supreme Court ruling.
Jamie Dimon says he sees parallels to the run-up to the 2008 global financial crisis when a rush to make loans ended disastrously. Speaking to investors yesterday, the JP Morgan CEO suggested some rival banks are doing dumb things to boost income. And according to Dimon, the situation is familiar.
Unfortunately, we did see this in 05, in 06, in 07, almost the same thing. The rising tide was lifting all boats.
Chapter 5: How is AI impacting the financial markets according to industry leaders?
Everyone was making a lot of money. People were leveraging to the hilt. The sky was the limit. And I think today the rising tide is lifting all boats. My own view is people are getting a little comfortable that this is real.
Jamie Dimon, the JP Morgan CEO there, speaking largely about AI-related investments. 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 isn't sure when.
The sell-off sparked by the latest AI scare trade appears to be easing. Stocks fell on Wall Street yesterday after a research report outlined the sweeping potential impact of artificial intelligence on jobs, sectors and economies like the US.
Chapter 6: What are the potential effects of AI on employment in the coming years?
Little-known research company Citrini imagined a world where consumers used AI agents to avoid credit card fees and delivery apps. In response, stocks including American Express, Blackstone and DoorDash fell by at least 6%, something which surprised the report's co-author,
I thought there was going to be a small reaction. It was definitely larger than we expected. But I think it's not that surprising when you take a step back and consider where the markets are in the US. The AI trade has been going on for three and a half years. It's been more or less a straight line up.
Essentially, everyone is max long today, and so there really aren't many incremental buyers left. On the one hand, it spooks people when you do consider what is negative about this, but I think specifically the market right now is trying to digest this idea that AI has gotten a lot more powerful in the last six months.
Speaking to Bloomberg, Shah added that he thinks governments should start taxing AI to prepare for the effects of coming mass unemployment.
Chapter 7: What recent developments have occurred in the UK political landscape?
He expects the technology could cut white-collar employment by 5% over the next 18 months.
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 Kyiv.
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 Kyiv'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.
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 Wilcock 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. 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.
On the markets this morning, the stock 600 is flat to the downside on Wall Street S&P. Evening futures are flat to the upside of about a tenth of a percent. And in your bond space, the 10-year Treasury yield is up a basis point at 4.03%.
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