US Slaps 50% Tariffs on Canada, Paramount-WBD Merger on Hold, More

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Bloomberg News Now 8 min 10 speakers 4 chapters transcribed 1 month ago

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Carol Masser 0:01

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Doug Krisner 0:32

News when you want it. With Bloomberg News Now, I'm Doug Krisner. Canadian Prime Minister Mark Carney says his government is ready to talk with the U.S. about modernizing the U.S.-MCA trade deal. Now, Carney's remarks come after the Trump administration hit some Canadian goods with a new 50 percent tariff. under a never-before-used legal provision. It gives the president power to impose duties of as much as 50% on countries deemed to discriminate against U.S. commerce. Now, a senior U.S. official cited Canada's unfair treatment of U.S. alcohol, automobiles, and dairy products. Certain Canadian products will be excluded from these new tariffs set to take effect in 30 days. They include energy, potash, fish, critical minerals, and goods like autos and metals, which are covered by separate sectorial duties on industries.

Doug Krisner 1:24

A federal judge has temporarily paused Paramount Skydance's takeover of Warner Brothers Discovery. The judge said this $110 billion deal likely violates antitrust law. Now the companies have been ordered to hold off on closing this deal for 14 days. A hearing is scheduled for August 3rd to determine whether that hold should extend for longer. Now the ruling comes after California and 11 other states sued to block this deal. They claim... It would harm competition for film and cable TV distribution. Here is Bloomberg's Chris Palmieri.

Chris Palmieri 1:58

This deal's already been approved by the Justice Department. It's widely expected to get the blessing of regulators in Europe this week. This puts all of that on hold. And just to really further up the pressure, if this deal doesn't close by the end of September, Paramount has to pay Warner Brothers shareholders potentially hundreds of millions of dollars a quarter in essentially late fees.

Doug Krisner 2:21

That is Bloomberg's Chris Palmieri.

What new 50% U.S. tariffs on Canadian goods were announced and which products are excluded?

Doug Krisner 2:23

There was a renewed bout of volatility in the oil market today stemming from the U.S.-Iran conflict, and it shows the tension between fear of escalation on one hand and optimism over diplomacy on the other. Today on social media, President Trump said Iran will pay for killing three U.S.

How did Canadian leaders respond to the U.S. tariff action and calls to modernize the U.S.-MCA trade deal?

Doug Krisner 2:42

soldiers. But at the same time, Iran said mediators were in touch with proposals on how to ease hostilities. And even though there is no indication of a return to formal talks, Reuters reports one proposal is for a 10-day ceasefire as a way of finding ways to revive the memorandum of understanding. Here is Bloomberg's Chris Kennedy.

Chris Kennedy 3:04

Iran and the US, so long as they're actively fighting each other, there's going to be no way that we're going to get to something resembling what we saw during that brief period where the MOU was in place. And we've seen that Iran has not responded well to these sorts of threats over time.

Doug Krisner 3:22

That is Bloomberg's Chris Kennedy. Meantime, Iran-backed Houthi rebels in Yemen said they would impose a ban on maritime traffic from Saudi Arabia, and that would put flows of millions of barrels of Saudi crude exports through the Red Sea at risk. Well, now the Saudi-led coalition in Yemen said it's taken steps to protect vessels sailing the Red Sea. A spokesperson for the coalition said all Houthi threats against transiting vessels will be dealt with swiftly and firmly. We go to the UK next, where Andy Burnham became Britain's new Prime Minister today, and he pledged a new economic model to bring stability to the UK. He is promising to deliver immediate action to reduce the cost of living. Here is Burnham in his first speech as Prime Minister.

Andy Burnham 4:09

Britain needs to show the world that we can regain our stability once again.