Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Nathan Hager. And I'm John Tucker. John, we begin with new developments this morning on global tariffs. Bloomberg News has learned the Trump administration is working to narrow its broad duties on steel and aluminum products. We get more from Bloomberg Global Trade Czar Brendan Murray.
Well, what we know is the Trump administration has acknowledged that the steel and aluminum tariffs that they rolled out in waves last year are overly complicated. for a lot of companies and have really created a lot of unintended victims that have to pay these tariffs. They rolled out the first 25% tariff in March of 2025. Then they raised it to 50% in June.
And then in August, they extended the scope of the tariffs to include a whole host of maybe hundreds of goods that contain steel and aluminum Bloomberg's Brendan Murray says ending or curtailing the derivative tariffs would be a positive step for the U.S.-European Union trade accord.
And meanwhile, Nathan, the Environmental Protection Agency has revoked a key scientific finding that supported U.S. regulations on greenhouse gas emissions. Let's get that story from Washington and Bloomberg's Amy Morris. The move rescinds a 2009 declaration that carbon dioxide and other gases endanger public health. EPA Administrator Lee Zeldin calls this a major deregulatory action.
President Trump says, ultimately, it saves money. This action will eliminate over $1.3 trillion of regulatory costs and help bring car prices tumbling down dramatically. The so-called endangerment finding serves as the legal foundation for a lot of environmental rules, including federal standards for vehicle emissions. Trump says he'll also repeal those. Amy Morris, Bloomberg Radio.
All right, Amy, thank you. On Capitol Hill, it's gone quiet. The Senate has headed out for a week-long recess. The federal government is headed for its second partial shutdown in as many months and the third since President Trump returned to office. This one will affect only the Department of Homeland Security. The Senate failed to begin debate
on a year-long bill for the agency that included no changes to immigration enforcement. Senate Minority Leader Chuck Schumer says that would have been unacceptable.
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Chapter 2: What new developments are emerging regarding global tariffs?
This vote today asked a simple question. Will you rein in ICE's abuses or will you vote to extend the chaos? Republicans chose chaos and the Democrats, we refused. Minority leader Chuck Schumer says Democrats want immigration agents to wear body cameras and obtain warrants, take off masks, and have limited immunity from lawsuits.
Majority leader John Thune says the White House presented a good faith counteroffer, but he says it looks like the Democrats aren't serious. Under a shutdown, most DHS employees will be expected to work without pay. That includes the Transportation Security Administration, which could mean a strain at the airports. And more fallout this morning from the Jeffrey Epstein scandal.
Goldman Sachs top lawyer Kathy Remler leaving the firm. This follows a cache of Department of Justice documents showing her links to the sex offender. Remler, who's going to leave on June 30th, was well known for her time as a White House counsel in Barack Obama's administration. She was hired by Goldman Sachs in 2020 and later became its legal chief.
All right, John, let's get you an update now on the search for Savannah Guthrie's mother, Nancy. Tomorrow will be two weeks since the Today Show host's mother was last seen at her home near Tucson. The FBI has doubled the reward for information leading to her captors to $100,000.
And investigators are asking neighbors to share surveillance camera footage of suspicious cars or people they may have seen in the month before she disappeared. This neighbor just hopes they find Nancy Guthrie. She was the kindest, warmest, the most giving person I've ever met. And was passed on to her daughter Savannah as well, because that's how Savannah is.
The FBI has also released more information about the masked man seen in surveillance video on Nancy Guthrie's front porch. They now say he is a suspect. He's 5'9 or 5'10 with an average build, wearing a black 25-liter Ozark Trail hiker pack backpack. And Venezuela is planning to grant more oil production land to Chevron.
And Spain's Repsol, as the Trump administration pushes for private companies to rebuild that nation's energy sector. Sources are telling Bloomberg that officials in Caracas are poised to award the exploration and production blocks as soon as this week. Energy Secretary Chris Wright spoke to Bloomberg's Anne-Marie Hordern about rebuilding the country's oil sector.
I think in the first year, we'll see pretty significant 30, 40% growth in Venezuelan oil production. This year, you can continue production growth rate at a pretty good clip. Venezuela does have the largest proved oil reserves, which is a technical concept, much larger than the U.S., Energy Secretary Chris Wright speaking to Bloomberg's Anne-Marie Hordern in Caracas.
The Trump administration is expected to issue a general license to allow international oil companies to explore and produce in Venezuela without violating U.S. sanctions. Time now for our Bloomberg Sports Update. And for that, we bring in John Staschauer.
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Chapter 3: How are the steel and aluminum tariffs affecting U.S.-EU trade relations?
Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth. 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.
We're up early every weekday, keeping an eye on what's happening across Europe and around the world. We do it early so the news is fresh, not recycled, and so you know what actually matters as the day gets going. From Brussels, I'm following the politics, policy and the people shaping the European Union right now.
And from London, I'm looking at what all that means for markets, money and the wider economy. We've got reporters across Europe and around the globe feeding in as stories break. So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens. It's smart, calm and to the point. And it fits into your morning.
Chapter 4: What impact does the EPA's deregulation have on environmental policies?
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