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Chapter 1: What is the main topic discussed in this episode?
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.
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Chapter 2: What recent events have escalated tensions in the Strait of Hormuz?
You're starting to see that same playbook play out in the Middle East, where the U.S. engages, Iran engages, we back off, they back off, market goes up. It's like the same playbook over and over again. Now there's a one-page memo, next week it'll be a two-page memo. I think investors are getting used to it.
Alex Shaloff from Bernstein Private Wealth speaking earlier to Bloomberg. A federal trade court has declared President Trump's 10% global tariffs unlawful. The court granted a request by small businesses and mostly Democratic-led states to vacate these tariffs.
Chapter 3: How did the U.S. respond to Iranian military actions?
Now, Trump imposed these 10% duties back in February under Section 122 of the Trade Act of 1974, which had never previously been invoked. Now, this decision is the latest setback for President Trump's efforts to levy tariffs without input from Congress. Earlier duties overturned by the U.S.
Supreme Court were issued under a different law, that being the International Emergency Economic Powers Act. President Trump has extended a tariff deadline for the European Union. Today, in a post on Truth Social, Trump said he has now given the EU until July 4th to approve last year's trade framework or face higher tariffs.
Now, this announcement came after the EU failed to finalize its long-delayed trade deal. Trump's prior threat was to raise tariffs on European automobiles to 25%. President Trump is bringing along some big-name guests next week when he heads to Beijing to meet with Chinese President Xi Jinping. We have more from Bloomberg's Tom Busby.
The president bringing a who's who of American business leaders for next week's summit in China, despite there being no resolution to the U.S. war against Iran. Now, among those planning to attend, Blackstone CEO Steve Schwarzman, Citigroup CEO Jane Frazier, with Semaphore reporting that the administration also plans to invite Kelly Ortberg of Boeing, Jensen Wang of NVIDIA, and others.
Trump and Xi slated for a sit-down meeting May 14th and 15th. That summit has already been postponed once due to the war. Tom Busby. Bloomberg Radio.
Brazil's President Lula visited Washington today where he met with President Trump. Trump said that both leaders discussed trade and tariffs. Trump also said representatives from both sides are scheduled to get together to discuss key elements with additional meetings scheduled over the coming months. And that is news when you want it.
With Bloomberg News Now, I'm Doug Krisner and this is Bloomberg.
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