Trump's 10% Tariff Plan, Hilton & Becerra Take Early Lead, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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And I'm Stephen Carroll.
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 Iran had launched ballistic missiles and drones towards neighbouring countries, including Kuwait and Bahrain. Here's Anna 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 on her aunt there as the US military is pursuing various, fewer public ways of protecting vessels in the Strait of Hormuz, less public ways of protecting those vessels with a quiet version of Project Freedom. Bloomberg understands that some ships are turning off their transponders and sticking close to the Armani coast to avoid Iranian mines, with the US military assisting where 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's up 2.1% this morning, close to $98 a barrel.
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 decisions saying, no, this is the right thing to do. And other countries will make their own choices.
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