Bloomberg Businessweek

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Nvidia Corp.’s Jensen Huang spent months telling everyone what a grave mistake the US was making restricting shipments of artificial intelligence processors to China — with little sign that his argument was swaying anyone.
Then, very suddenly, that all changed.

Late on Monday, the chipmaker said it received assurances that the US government would allow it to export some chips to the Asian nation. Advanced Micro Devices Inc., Nvidia’s chief rival, quickly followed with a similar announcement. These export license approvals could generate billions of dollars in total revenue for the companies this year — and they mark a dramatic reversal after the Trump administration said the issue wasn’t even up for debate.

Huang has taken almost every opportunity available to him — from the stage of tech events to Washington visits — to argue that a crackdown on China is counterproductive. During his appearances, he navigated a fine line between praising Trump policies aimed at bringing back chip manufacturing to the US and demanding more freedom to do business in China.
Just last week, Huang met with President Donald Trump at the White House.

Today's show features:

• Bloomberg News US Semiconductor & Networking Reporter Ian King on the news that Nvidia and AMD can resume AI chip sales to China
• Jayati Bharadwaj, Director in FX and EM Strategy at TD Securities on the US dollar’s reaction to June inflation data
• David George, Senior Research Analyst at Baird on the initial wave of quarterly bank earnings
• Bloomberg News Health Reporter Madison Muller on her Businessweek feature story on efforts by Hims & Hers Health to cash in on the GLP-1 drug craze

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A divided US Supreme Court let President Donald Trump resume dismantling the Department of Education, lifting a lower court order that required the reinstatement of as many as 1,400 workers.

Granting an emergency request from the administration, the justices put on hold a federal district court ruling that said the Trump purge would leave the department unable to perform duties required under US law. The Supreme Court order will apply while the case continues on appeal.

Bloomberg News Supreme Court reporter Greg Stohr breaks down the High Court's decision with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily. 

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US President Donald Trump threatened to impose stiff financial penalties on Russia if it does not end hostilities with Ukraine, while pledging fresh weapons supplies for Kyiv.
“We’re going to be doing very severe tariffs if we don’t have a deal in 50 days, tariffs at about 100%,” Trump said Monday during a meeting with NATO Secretary General Mark Rutte at the White House.

Trump said the levies would come in the form of “secondary tariffs,” without providing details. The US president has used the term in the past to describe duties imposed on countries for trading with American adversaries.

Asked later if Trump meant to refer to the more widely known tool “secondary sanctions,” Commerce Secretary Howard Lutnick told reporters that sanctions and tariffs were “both tools in his toolbox” and that “you can do either one.” A White House official said Russia could face both measures if it fails to sign a ceasefire deal by early September.

Today's show features:

• Angela Stent, Senior Fellow at the Brookings Institution, on President Donald Trump latest military and economic threats against Russia as the War in Ukraine shows no signs of abating
• Bloomberg News Senior Technology Reporter Dana Hull on Elon Musk’s xAI ambitions using Tesla as a funding source
• Bloomberg News Federal Reserve Reporter Amara Omeokwe on President Donald Trump and his allies criticizing Jerome Powell's handling of the Federal Reserve's headquarters renovation
• Daniel Florness, CEO of Fastenal on earnings and the state of US manufacturing

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Cart.com was founded just over four years ago, and recently closed a $50 million funding round to bring the company's valuation to $1.6 billion. The company has grown rapidly and become one of the leading logistics and supply chain providers in the US. Revenue is nearing $400 million and the company has emerged as a viable pre-IPO candidate.

Omair Tariq, the founder and CEO of Cart.com, discusses the business of logistics and transportation amid a global trade war. Omair speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."

Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

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President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.

The tariff level on Canada would take effect from Aug. 1, the president said. The announced rate is an increase from the current 25% tariff that’s imposed on US imports from Canada that aren’t shipped under the terms of the US-Mexico-Canada Agreement.

“Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, Non-Tariff, Policies and Trade Barriers, which cause unsustainable Trade Deficits against the United States,” Trump said in a letter to Canadian Prime Minister Mark Carney, posted on social media Thursday.
Trump’s announcement on Canada came as he told NBC News on Thursday that he’s also eyeing blanket tariffs of 15% to 20% on most trading partners. The current global baseline minimum tariff rate for nearly all US trading partners is 10%.

Today's show features:

• Bloomberg News Senior White House Correspondent Josh Wingrove on President Donald Trump's latest tariff announcements against Canada and his exclusive on Vietnam’s trade war response.
• Ann Miletti, Head of Equity Investments at Allspring Global Investments on the market outlook heading into earnings season
• Bloomberg News National Security Reporter Nick Wadhams on the latest developments from the War in Ukraine and the report that North Korea is supplying as much as 40% of Russia's ammunition
• CFO Briefing with Harmit Singh, Chief Financial and Growth Officer of Levi Strauss & Co. and Bloomberg News Senior Editor Nina Trentmann

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Ramaco Resources, Inc. and Ramaco Rare Earth, LLC are hosting a landmark ribbon cutting and groundbreaking ceremony on Friday, July 11, to commemorate the opening of the Brook Mine Carbon Ore Rare Earth project. It will be the first new rare earth mine in the United States in more than 70 years and first new coal mine in Wyoming in over 50 years.

Randall Atkins, Chairman and CEO of Ramaco Resources, details the importance of the project to America's pursuit of reclaiming its leadership in critical minerals and energy independence. Sam speaks with Carol Massar, Tim Stenovec and Joe Deaux on Bloomberg Businessweek Daily.

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MP Materials rose as much as 60%, the most intraday since the company’s IPO in 2020, after the firm struck a multibillion dollar public-private deal with the US Department of Defense to build a new magnet plant and expand rare earth capabilities, backed by $400 million in equity and a $1 billion loan commitment.
Bloomberg Intelligence sees the company's public-private partnership with the Pentagon not only providing capital but also setting a price floor of $110 per kilogram for MP's NdPr products for the next 10 years, significantly higher than the current market price of $63. It's effective 4Q25. The pact includes an offtake agreement for 7,000 metric tons of additional magnets produced following MP's 10X expansion, from 1,000 currently, reducing market-demand risk. This partnership accelerates MP's build-out of a fully integrated value chain, from mines to permanent magnets.

Today's show features:

• James Litinsky, Founder, Chairman and Chief Executive Officer of MP Materials Corp. and Bloomberg News Economic Statecraft Reporter Joe Deaux on MP’s supply chain deal with the US Defense Department
• Sheila Kahyaoglu, Managing Director in Equity Research at Jefferies, on Delta’s quarterly results and the outlook for major US airlines heading into earnings season
• Bloomberg News Senior Technology Reporter Kurt Wagner on Elon Musk’s Grok chatbot and Linda Yaccarino’s departure from X
• Veronica Willis, Global Investment Strategist with the Wells Fargo Investment Institute on the market and economic outlook for the rest of 2025 into 2026.

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IWG, formerly known as Regus, is a global provider of flexible workspace solutions. They offer a wide range of office solutions including serviced offices, co-working spaces, and virtual offices under various brands like Regus, Spaces, and Signature by Regus. IWG merged its digital assets with The Instant Group in 2022, creating a leading global marketplace for flexible workspace.

Mark Dixon, the company's CEO, discusses the global commercial real estate market, specifically when it comes to flexible office space, as well as key trends related to hybrid work. Mark speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily

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Linda Yaccarino, who was hired two years ago by Elon Musk as chief executive officer of X, is stepping down less than three months after the social-media platform was absorbed by Musk’s artificial intelligence startup, xAI.

“After two incredible years, I’ve decided to step down as CEO of X,” Yaccarino said in a post on X Wednesday. “I’ll be cheering you all on as you continue to change the world.”
The former NBCUniversal executive was hired by Musk in May 2023 after he’d already fired or lost about 75% of employees at the company previously called Twitter. Over the course of her two-year tenure, Yaccarino was charged with reversing an advertiser exodus from the platform, triggered in part by Musk’s own erratic content moderation decisions and posts. Advertisers were concerned that their products would be listed next to hate speech or violent content.

It was a difficult task. X revenue fell by close to 50% and missed internal targets in 2023, and several major advertisers departed the platform or paused spending after Musk endorsed an antisemitic post in late 2023. He told marketers who were boycotting the platform to “Go f—- yourself” at a conference after the incident. At the time, Yaccarino told staff that the company’s “free speech” mission would continue with or without advertiser support. “Our principles do not have a price tag, nor will they be compromised — ever,” Yaccarino wrote.

Revenue has since improved from those lows, and advertising sales were projected to increase 16.5% this year, according to Emarketer. Yaccarino, who spent more than 11 years as a top advertising executive at NBCUniversal, is known for her strong relationships in the ad world.

Today's show features:

• Dan Ives, Global Head of Technology Research at Wedbush Securities top headlines from the tech industry including Nvidia’s market cap and Elon Musk’s social media response to Ives making suggestions for the Tesla board
• Wendy Cutler, Vice President at the Asia Society Policy Institute on President Donald Trump’s tariffs impacting Asian trading partners
• Bloomberg News US Semiconductor & Networking Reporter Ian King on Nvidia reaching a market cap of $4 trillion
• Dr. Steven Skancke, Chief Economic Advisor at Keel Point on FOMC minutes and the White House’s criticism of Federal Reserve Chair Jerome Powell

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