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Chapter 1: What is the main topic discussed in this episode?
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The US is proposing tariffs of at least 10% on imports for 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 subjected 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.
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Chapter 2: What recent tariff proposals has the US government introduced?
It comes amid reports that the bloc's ā¬20 billion investment plan in AI data centres faces a number of delays and funding issues. Sources tell Bloomberg the EU's efforts to back gigafactories announced last year lack clarity about demand on subsidies.
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 Onna 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. 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.
Vittal'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.
Vittal 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 higher 1.5% at $97.45.
SpaceX is aiming to sell shares at $135 apiece for a 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 Security, says investor interest in tech is set to continue.
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Chapter 3: How do proposed tariffs affect imports from different countries?
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.
their lives 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 in 2019.
Voters in California have been casting balance 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 just over half of the ballots reported, they each have around 26% of the vote, according to Decision Desk HQ.
In the mayoral race in Los Angeles, early results suggest a runoff between Democratic incumbent Karen Bass and reality TV star Spencer Pratt, who is a registered Republican.
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 forcibly accused him of racism. A body cam footage shows the 18-year-old can be heard saying, I've been stabbed, to which an officer replies, I don't think you have.
Yesterday, the Prime Minister gave his reaction after viewing the footage.
It's harrowing. And I have to say, as a father of a 17-year-old boy, I felt sick watching it.
Kisama says there are serious questions for the police to answer, while Reform UK's Nigel Farage says the reaction to the murder should be one of pure cold rage.
And those are your top stories on the programme on the markets this morning. Eurostoxx 50 futures are down by four tenths of one percent. The Nikkei in Tokyo up by 2.8 percent. The broader MSCI Pacific Index is higher as well. The AI rally continuing to drive technology shares in particular. Oil prices rising, as we mentioned, Brent's over $97 a barrel. WTI just above $95 a barrel.
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