Trump Justifies Iran Deal, EU's China Trade Plans, More
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A new chapter in global growth is being written and much of it is happening in Africa.
Africans need to invest. There are deals to be done and business to be won.
I'm Jennifer Zabasaja. Every week on the Next Africa podcast, we track capital flows and political shifts shaping the continent's future.
The digitalization of Africa is going to power its growth. Creating the world of something like HIV is possible. Population growth is so enormous in Africa.
Listen to Next Africa on Apple, Spotify or wherever you get your podcasts.
News when you want it with Bloomberg News Now. I'm Lizzie Burden. And I'm Caroline Hepker. President Trump has signed an interim deal to end the war with Iran and reopen the Strait of Hormuz. According to a US official, the so-called Memorandum of Understanding is now in effect. However, it's unclear whether Iran has begun taking steps to fully reopen the waterway. Explaining his decision to agree to an interim peace deal, Trump repeated his insistence that the country would never obtain a nuclear weapon. Yet he went on to suggest that Iran should have the right to enrich uranium for electricity and be allowed to develop ballistic missiles.
If other countries have them, it's a little bit unfair for them not to have some. A ballistic missile is not the same thing as what we're talking about when we talk nuclear. But if Saudi Arabia and Qatar and they all have some, I would say in relative proportion, I think it's OK.
Trump also defended the $300 billion development programme for Iran in the deal, while saying he's ready to release billions of dollars in frozen Iranian assets.
We have their money. We have taken their money. It's not our money. It's their money. And we froze it. At a certain point in time, I guess we're going to have to give it back. You know, if we didn't give it back, nobody would ever invest in the dollar again.
Details of Trump's deal have prompted unusually strident criticism from Iran hawks, who say it amounts to a victory for Tehran. Speaking to Bloomberg government, Trump's first-term vice president, Mike Pence, argued that the agreement makes no mention of verifiably dismantling the country's nuclear weapons programme.
The European Union is ramping up efforts to counter its growing trade imbalance with China, which now exceeds a billion euros a day. Bloomberg's Freddie Fullstone has more.
EU leaders will meet in Brussels today to discuss how best to approach upcoming talks with Beijing. They all agree China's trade policy cannot be left unchecked, so what new tools could they introduce? The EU's chief trade negotiator has talked up a dedicated instrument to break the imbalance.
What recent developments have occurred in the Iran deal?
Meanwhile, French President Emmanuel Macron has raised the prospect of strong measures, including potential tariffs. Bloomberg understands several member states have privately noted that process could take years. In London, Freddie Fulston, Bloomberg Radio.
Meanwhile, traders have piled into bets on rate hikes. After Fed Chair Kevin Walsh used his first rate decision press conference to emphasise that the central bank will not tolerate higher inflation. As expected, policymakers voted unanimously to hold rates steady in a range of 3.5% to 3.75%. However, it was Kevin Walsh's comments to reporters after the decision that really caught the attention of markets.
Persistently high prices are a burden for the American people, but the recent past need not be prologue. I am pleased to report that members of the FOMC are unambiguous and unanimous. This committee will deliver price stability.
Walsh largely sidestepped a question on why the Fed didn't go ahead and raise rates now, given that inflation is running at more than double the central bank's 2% target.
The UK's jobs market is holding up better than expected, according to the latest official data. The number of employees on payrolls rose by 2,000 in May, while unemployment slipped to 4.9% in the three months to April. The labour market data follows a weaker-than-expected inflation reading yesterday, and it comes ahead of today's Bank of England policy decision.
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