Ukraine-Russia War: Trump, Zelenskiy Rome Meeting; Trump Rebukes Putin
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. On today's show, Asia shares had a modest start to the week as investors await progress in US trade negotiations with the region. Investors will focus on key economic data, US jobs and GDP data out later this week, and the Bank of Bank of Japan's rate decision to see if the recent steadiness in markets will continue as tariff tensions tamp down. Meanwhile, Ukrainian President Zelenskiy says he's hopeful for a 'reliable and lasting peace' after meeting one-on-one with Donald Trump in Rome during Pope Francis' funeral. Today's Guests: Naomi Fink, Chief Global Strategist at Nikko Asset Management & Evolve Dynamics CEO Tom Redman (Source: Bloomberg)
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Yahoo
36 minutes ago
- Yahoo
US, China to Resume Trade Talks With Focus on Rare Earth Exports
(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Top trade negotiators from the US and China are set to hold fresh talks in London on Monday, offering a glimmer of hope that the world's two largest economies can defuse tensions over Chinese dominance in rare-earth minerals. Both sides have accused the other of reneging on a deal in Geneva in May where they tried to start dialing back their trade war. Relations have spiraled since President Donald Trump's return to the White House, stoking uncertainty for companies and investors. China said Saturday it approved some applications for rare-earth exports, without specifying which countries or industries were involved — after Trump said Friday that Chinese President Xi Jinping had agreed to restart the flow of minerals and magnets using the materials. 'We want the rare earths, the magnets that are crucial for cell phones and everything else to flow just as they did before the beginning of April and we don't want any technical details slowing that down,' Kevin Hassett, head of the National Economic Council at the White House, said Sunday on CBS's Face the Nation. 'And that's clear to them.' US-China trade tensions escalated this year as a series of duty hikes on each other's goods sent tariffs well above 100% before hitting a pause. While the Geneva deal was meant to pave the way for a broader de-escalation, subsequent talks quickly stalled amid mutual recriminations. The US complained about a decline in shipments of rare-earth magnets essential for American electric vehicles and defense systems, while China bristled at tightened US restrictions on artificial intelligence chips from Huawei Technologies Co., access to other advanced technologies and crackdowns on foreign students in the US. Trump's reprieve on US tariffs for Chinese goods runs out in August, unless he decides to extend it. If deals aren't reached, the White House has said Trump plans to restore tariff rates to the levels he first announced in April, or lower numbers that exceed the current 10% baseline. In London, US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer will meet a Chinese delegation led by Vice Premier He Lifeng. Trump offered a positive spin on what has been a rollercoaster relationship since he took office in January, saying on social media that the talks should go 'very well.' While a call between Trump and Xi last week generated some hope on Wall Street for lower duties between the trading partners, investors' optimism was limited. While promising to reshape US trading relationships, the US president has reached only one new trade agreement — with the UK. The Geneva meeting underscored the challenge of deal-making between China and the US. 'There was confusion and misunderstanding or misinterpretation intentionally on both sides, depending on how you look at it, about what was agreed to,' said Josh Lipsky, chair of international economics at the Atlantic Council. 'They left too many things open to interpretation and they all paid the price for it in the intervening weeks.' After the two leaders spoke, the Chinese Foreign Ministry said Trump told Xi that Chinese students are welcome to study in the US. Trump later said it would be his 'honor' to welcome them. For now, Xi appears to be betting that a reset in ties will lead to tangible wins in the weeks and months ahead, including tariff reductions, an easing of export controls and a less-fraught tone. The US and China 'just want to get back to where they were in Switzerland with a few more agreements down on paper to actually understand what is gonna be licensed, what gets permitted, what doesn't,' Lipsky said. The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P.
Yahoo
an hour ago
- Yahoo
Opinion - What's the matter with Ohio? Trump tariffs are a loser even in Red states.
Donald Trump largely got a second chance at the presidency due to a deep dissatisfaction with the economy. It turns out his tariff policy has not eased fears and in fact may be fueling deeper anxieties among voters. It is one of the few issues where a significant number of Republican voters are willing to break with the president. Notably, independent voters are also spooked by tariff uncertainty. While public opinion polling in the aggregate has illustrated these trends, few polls have probed how Red State voters are reacting to Trump's tariff policies. Once a prized bellwether state, Ohio has now voted solidly Republican in the last three elections, including a double-digit margin of victory for Trump in 2024. Yet, our poll of Buckeye voters finds Trump is currently underwater and the tariffs are a major reason why. A majority of Ohio voters (51 percent) believe the Trump tariff policies will personally hurt them and just 1 in 4 think his tariff policies will benefit them. About half think the tariffs will hurt the United States (49 percent), while 38 percent think the country will benefit from them. This is somewhat vexing as Trump had long indicated he would engage in an aggressive tariff policy in his second term. Perhaps the uneven rollout and increased media attention to the potential effects of tariffs on the American consumer could be driving the discontent. Although Trump enjoys almost universal support among Republicans in our poll on most issues, there is some melt when it comes to the tariffs. Just 47 percent of Republicans think the tariffs will personally help them, and less than 1 in 5 think the tariffs will personally hurt them. Independents also provide some caution, as a majority (53 percent) think they will personally be hurt by Trump's tariff policies. The poll finds some rare bipartisan agreement in who respondents think will benefit most from the tariff policies. Respondents overwhelmingly think the tariffs will benefit the wealthy (66 percent) and large corporations (60 percent). Majorities of both Democrats (75 percent) and Republicans (56 percent) believe the wealthy will benefit from the tariff policies. Seventy-two percent of independents also believe the wealthy will benefit. When it comes to large corporations, however, it is Republicans who are most likely to agree that these entities would likely benefit from the Trump tariff policies, with 67 percent in agreement, compared to 55 percent of Democrats and 51 percent of Independents. Large majorities of all respondents believe that small businesses (59 percent), the middle class (58 percent), the working class (58 percent), labor unions (58 percent) and the United States automobile industry (54 percent) do not stand to benefit from the tariffs. Although Trump has claimed that his tariff policies would benefit these groups, thus far, most people appear to be skeptical. This is a message Democrats will likely amplify leading up to next year's midterm elections. As might be expected, the largest amount of agreement among all respondents is that foreign governments would not benefit from the tariffs (75 percent). Overall, we find Trump's approval in Ohio is underwater with 47 percent approving and 48 percent disapproving of his job in office. Keep in mind that this poll is of voters who indicated they supported Trump by a 10-point margin, largely reflecting the actual outcome of the 2024 election in the state. Moreover, this is a 7-point slide in favorability from when we polled Ohio voters in February of this year. Nationally, Trump's approval is at minus 4, with 46 percent approval and 50 percent disapproval. The frenzied pace of the first few months of the second Trump presidency has created some unease among many voters as well. Not surprisingly, nearly 9 in 10 Democrats feel more anxious (86 percent). More broadly, majorities of non-whites (59 percent), those 18-44 (53 percent) and women (50 percent), personally feel more anxious with Trump as president. While 24 percent of independents are less anxious with Trump as president, 43 percent are more anxious with him as president. Notably, Trump has changed course on the implementation of his tariffs on several occasions already, likely fueling more uncertainty among voters. Citizens across the country and in red states in particular have conveyed a strong distrust in government and an impulse for change. The advantages Republicans have in the House and Senate may be in jeopardy, given that the president's party has an average midterm loss of 28 seats in the House and 4 seats in the Senate from 1934-2018. In 2022, Republicans gained just 8 seats in the House and lost one seat in the Senate. If public opinion continues in this direction, especially in red states, some Republicans will be faced with difficult choices on how closely they align themselves with Trump and his tariff agenda. Robert Alexander is a professor of political science at Bowling Green State University. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CNN
an hour ago
- CNN
Trump economic adviser ‘very comfortable' with a trade deal closing with China on Monday
National Economic Council Director Kevin Hassett said Sunday that he is 'very comfortable' with a trade deal closing between the United States and China after the two sides meet Monday in London. Hassett's comments on CBS' 'Face the Nation' come after President Donald Trump said last week that he had a 'very good' conversation with Chinese leader Xi Jinping and that talks with China are 'very far advanced.' Hassett said the United States is looking to restore the flow of 'crucial' rare earth minerals, which are used in the manufacturing of electronics, to the same levels before early April, when the US-China trade war escalated. 'Those exports of critical minerals have been getting released at a rate that is higher than it was, but not as high as we believe we agreed to in Geneva,' Hassett said. Commerce Secretary Howard Lutnick will lead the negotiations in London, along with Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, who in May led a weekend of the trade talks in Geneva. But tensions between the nations escalated weeks later after Trump posted on Truth Social that China 'totally violated' its 90-day trade agreement, which had dialed back the tit-for-tat trade war. Under the agreement, the US temporarily lowered its overall tariffs on Chinese goods from 145% to 30%, while China cut its levies on American imports from 125% to 10%. Under the agreement, China said it would suspend or cancel its non-tariff countermeasures imposed on the United States since April 2. Part of Beijing's retaliatory measures included export restrictions on some rare earth minerals, which are essential parts used in products such as iPhones, electric vehicles and fighter jets. The Trump administration on April 2 imposed sweeping 'reciprocal' tariffs on dozens of trading partners before pausing them for 90 days and lowering them to a 10% baseline. Hassett on Sunday declined to say what baseline tariffs could be in place moving forward as the Trump administration continues negotiations with trading partners ahead of the July 9 deadline. 'You could be certain that there's going to be some tariffs,' Hassett said. Lutnick told CNN's 'State of the Union' in May that 'we will not go below 10%' and to expect that baseline rate for the foreseeable future. The Trump administration has so far announced only one trade deal, with the United Kingdom. The Trump administration has touted that other countries, particularly China, will bear the burden of tariffs. Businesses and economists have warned otherwise, spurring uncertainty about consumer spending and fears of a potential recession. Amid those concerns, US inflation slowed to its lowest rate in more than four years in April. The annual inflation rate fell from a 2.4% increase in March to 2.3% as consumer prices rose 0.2%, according to Consumer Price Index data. 'All of our policies together are reducing inflation and helping reduce the deficit by getting revenue from other countries,' Hassett said. The Treasury Department reported that a record $16.3 billion was collected in gross customs duties in April, a sharp jump from the $8.75 billion that was collected in March. Since the start of the 2025 fiscal year, which began in October 2024, the United States has collected about $63.3 billion in gross customs duties — a more than $15 billion increase from the same period during the last fiscal year. The Congressional Budget Office estimates that increased tariff revenue, without accounting for effects on the US economy, could reduce total deficits by $3 trillion over the next decade. The US government deficit stood at about $2 trillion in 2024, or roughly 7% of gross domestic product, according to a June 2024 report by the CBO. Meanwhile, House Republicans' sweeping bill to enact Trump's policy agenda would pile another $3.8 trillion to the government's $36 trillion debt pile, according to recent CBO estimates. CNN's Matt Egan and Alicia Wallace contributed to this report.
