US and Iran Downplay Diplomacy, OpenAI Models Hack Another System by Mistake, More
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What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Karen Moscow.
How did recent U.S. airstrikes expand beyond the Strait of Hormuz?
The U.S. widened the scope of its airstrikes on Iran overnight as President Trump and officials in Tehran signaled a renewal of peace talks is unlikely in the near term. We get more with Bloomberg Middle East breaking news editor Patrick Sykes.
The U.S. operation has been focused on Iran's southern coast along the Persian Gulf. with a view to restricting its ability to threaten the Strait of Hormuz. But increasingly, we're seeing strikes moving deeper into the country. We've had them as far as kind of the far northeast of the country, but the latest were in Tabriz in the northwest, one of the biggest cities in Iran hitting a military site there.
What did Bloomberg's Patrick Sykes say about strikes in Tabriz and Iranian targets?
That's the kind of location that we saw being hit in the height of the conflict in kind of March, April time. This is a big base for missile operations, but it's obviously less connected directly to the Strait of Hormuz situation.
And that's Bloomberg's Patrick Sykes. And this was the 11th straight day of attacks on Iran, which again fired on U.S. bases in Kuwait and Jordan. Iran's interior minister, meanwhile, was in Pakistan yesterday, but there's no sign his meetings have de-escalated tensions. Brent spiked above $95 a barrel before paring back. It's at $94.06 currently. That extends this month's price jump to about 30 percent, though. This is as the U.S. and Iran played down the prospects of talks and disruptions to global supplies continue to mount. Iran said there are currently no negotiations and only an exchange of messages was possible, according to the Mir news agency.
How are oil prices reacting to U.S.-Iran tensions and what are current market levels?
President Trump plans to attend the dignified transfer of four U.S. service members recently killed in the Middle East. The White House says Trump will be at Dover Air Force Base and the remains are returned to their families today. The Associated Press is reporting President Trump has approved an agreement with Saudi Arabia that could potentially provide the kingdom with uranium enrichment capability for its civilian nuclear program. The deal is expected to last 30 years and is also expected to involve U.S. firms in developing the program. President Trump is threatening 100% tariffs on generic drug makers by August 2028, unless they move production to the U.S. before then. After that, he says the duty would rise to 200% by August 2029.
Bloomberg's Deirdre Hipwell reports the move could affect everything from patent-free painkillers to cancer drugs currently made in Europe, China, as well as India.
India is a huge base for generic drugs. manufacturing.
What diplomatic signals are Washington and Tehran sending about negotiations?
So they could be potentially one of the big losers from this move by Trump. But as ever with Trump, he often makes big shots across the bow and then is potentially working towards a more negotiated settlement. So I think in the next two years, we'd be potentially on the lookout for generic drug makers striking deals with Trump over pricing.
And that's Bloomberg's Deirdre Hipwell, who reports the planned tariffs could raise costs for manufacturers, risking higher prices and potential shortages. Generics account for more than 90 percent of prescriptions in the U.S. It's the morning after the primary in Arizona. And in the Republican governor's race, Trump-backed conservative Andy Biggs won in a landslide over fellow Congressman David Schweiker at 73 to 15 percent. Biggs will go on to face Democratic incumbent Katie Hobbs in November. Bloomberg's Laura Davison has more from Washington.
This puts a key Trump ally against someone who's been a moderate Democrat, but really sort of seen as a fighter for democracy and election security in a state that is really a critical swing state and will be really on the hot seat in 2028.
Bloomberg's Laura Davison reports the primaries will also have an impact on Capitol Hill. Schweikert gave up his Scottsdale area house seat in his losing bid for governor.
How could Trump's proposed tariffs on generic drugs affect global suppliers?
In the race to succeed him, Republicans got behind former Arizona Cardinals kicker Jay Feeley.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:36
2
How did recent U.S. airstrikes expand beyond the Strait of Hormuz?
0:36–1:15
3
What did Bloomberg's Patrick Sykes say about strikes in Tabriz and Iranian targets?
1:15–2:11
4
How are oil prices reacting to U.S.-Iran tensions and what are current market levels?
2:11–3:08
5
What diplomatic signals are Washington and Tehran sending about negotiations?
3:08–4:23
6
How could Trump's proposed tariffs on generic drugs affect global suppliers?
4:23–6:26
7
What happened when OpenAI’s model allegedly hacked another AI company autonomously?
6:26–6:34
8
Which other market and geopolitical headlines closed out the episode (AT&T, AMD/Anthropic, U.S. stocks)?
6:34–7:44
Speakers
7 identifiedMore from Bloomberg News Now
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