Bloomberg Businessweek

A Boeing Co. 787 Dreamliner aircraft operated by Air India that was bound for London crashed shortly after taking off in Ahmedabad, in what stands to be the worst accident involving the US planemaker’s most advanced widebody airliner. 
Flight AI171 was carrying 242 passengers and crew. Video footage shared on social media showed a giant plume of smoke engulfing the crash site, with no reports of survivors. 
The aircraft entered a slow descent shortly after taking off, with its landing gear still extended before exploding into a huge fireball upon impact. The crash took place in a residential area, which could mean a higher death toll. The twin-engine plane had reached an altitude of 625 feet (190.5 meters) at a speed of 174 knots, according to data from Flightradar24. 
The accident extends a series of serious and fatal incidents in the civil aviation industry this year, including a mid-air collision in Washington early in 2025 between a military helicopter and an aircraft. Air India is in the middle of a strategic turnaround that includes a huge aircraft order as it seeks to tap growing demand from a rising Indian middle class. 
Indian Prime Minister Narendra Modi said the accident is “heartbreaking beyond words,” according to a statement, adding that he’s been in touch with ministers and authorities assisting the salvage operation.
Boeing shares fell 7% in premarket US trading. The 787 is the company’s most advanced in-service aircraft and is popular with airlines because it is more fuel efficient thanks to its use of lightweight composite materials. Boeing said it’s “aware of initial reports and are working to gather more information.”

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President Donald Trump said a trade framework with China has been completed, with Beijing supplying rare earths and magnets “UP FRONT” and the US allowing Chinese students into its colleges and universities.

The US and China will maintain tariffs at their current, lower levels following the two nations’ agreement this week in London, Trump said Wednesday. That number is still higher than before the president took office. Trump said Chinese President Xi Jinping and he must still formally sign off on the agreement. 

“OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME,” Trump posted on social media. “WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!” 

Yet after months of tense back-and-forth between Washington and Beijing, it remained unclear if the latest round of negotiations brought the two sides closer to an ultimate understanding on trade — or if it just amounted to more talk. 

“Trump is mentioning the current tariff status, in a misleading way, to show he has the upper hand,” said Neo Wang, lead China macro analyst at Evercore ISI. 

Trump’s comments prompted fresh questions about the terms of the pact US and Chinese negotiators reached Tuesday. Markets had a mixed reaction on Wednesday to comments from Trump and his team, with US equity indexes fluctuating throughout the day. 

Today's show features:

• Bloomberg Economic Chief Geoeconomics Analyst Jennifer Welch on progress in in US-China trade negotiations
• Alex Grassino, Global Chief Economist for Manulife Investment Management on investment options in the current economic environment
• Julia Coronado, Founder and President of MacroPolicy Perspectives on the US economic outlook, and expectations for US monetary policy
• Bloomberg Businessweek Editor Brad Stone on the LA riots and his feature story on the United States losing its moral authority across the globe

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Axon is widely known for TASERs and body worn police cameras, and has grown into a nearly $60 billion connected software, services, and hardware platform that some analysts refer to as the ‘Apple of safety.’ The company’s newest artificial intelligence developments, including Axon Assistant, which is built directly into Axon’s latest generation of body-worn cameras, the Axon Body 4, and provides a new voice-enabled AI companion.

Josh Isner, president of Axon, discusses the impact of AI on Axon’s various product offerings and the broader demand for physical security tools.

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

The US and Mexico are closing in on a deal that would remove President Donald Trump’s 50% tariffs on steel imports up to a certain volume, according to people familiar with the matter, a revamp of a similar deal between the trade partners during his first term.

Trump hasn’t been directly involved in the negotiations and would need to sign off on any deal. The talks are being led by Commerce Secretary Howard Lutnick, according to the people, who asked not to be identified as the discussions are private.

The people said the agreement hasn’t been finalized. Under its current terms, it would allow US buyers to import Mexican steel duty-free as long as they kept total shipments below a level based on historical trade volumes, according to the people. The new cap would be higher than what was allowed under a similar deal during Trump’s first term, they said, which was never a fixed figure but designed to “prevent surges.”

The White House didn’t immediately respond to a request for comment. Mexican President Claudia Sheinbaum’s office also didn’t respond to a request for comment.

Today's show features:

• Bloomberg News Economic Statecraft Reporter Joe Deaux
• Bloomberg News National Team Managing Editor Sarah McGregor on rising social unrest in Los Angeles
• Jeetu Patel, President and Chief Product Officer at Cisco
• Fran Katsoudas, Executive Vice President and Chief People, Policy & Purpose Officer at Cisco

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Trade talks between the US and China will continue into a second day, according to a US official, as the two sides look to ease tensions over shipments of technology and rare earth elements.

Representatives for both nations ended their first day of negotiations in London after more than six hours at Lancaster House, a 19th century mansion near Buckingham Palace. The talks concluded around 8 p.m. London time and will resume Tuesday in the British capital, the official said.
“We are doing well with China. China’s not easy,” Trump told reporters at the White House on Monday. “I’m only getting good reports.”

Gracelin Baskaran, Director of the Critical Minerals Security Program at the Center for Strategic and International Studies discusses the importance of rare earth materials to American defense and economic initiatives.

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

The Trump administration is sending about 700 active duty Marines to reinforce the National Guard in response to protests in Los Angeles, a person familiar with the matter said, continuing an escalation that California officials have called unwarranted.

A Defense Department official said the Marines, based at the Marine Corps Air Ground Combat Center in Twentynine Palms, California, were on the move after getting notice over the weekend. CNN reported the plans earlier Monday.

Sending active-duty Marines marks an escalation in force from President Donald Trump in response to the protests. California Governor Gavin Newsom had earlier criticized Defense Secretary Pete Hegseth for saying Marines could be deployed, calling the threat “deranged behavior.”

US law generally bars the use of the active-duty U.S. military — the Army, Navy, Air Force and Marines — from carrying out domestic law enforcement. The law doesn’t apply to state-controlled National Guard forces. On Sunday, Trump signed an order directing the US Northern Command to assume control of the National Guard and dispatch at least 2,000 soldiers to the area.

Today's show features:

• Bloomberg News National Team Managing Editor Sarah McGregor on rising social unrest in Los Angeles
• Dexter Tiff Roberts, Professor of Chinese Politics and Modern Chinese History at the University of Montana on US-China relations and the Chinese position on trade
• Bloomberg Managing Editor for Global Consumer Tech Mark Gurman on his takeaways from the start of Apple’s Worldwide Developers Conference
• Wendy Barnes, President and CEO of GoodRx on headwinds facing the healthcare and pharmaceuticals industries

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
US and Chinese negotiators will resume trade talks on June 9 in London, President Donald Trump announced, as the world’s two largest economies look to resolve a simmering dispute over tariffs and technology that has unnerved markets.
US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer will meet Monday “with Representatives of China, with reference to the Trade Deal,” Trump posted Friday on social media. “The meeting should go very well.”
The new round of talks follow a 90-minute call between Trump and Chinese leader Xi Jinping on Thursday that saw the two agree to defuse growing tensions spurred by concerns over the flow of critical minerals needed by American firms.
Earlier talks between the two countries in Switzerland in May resulted in a tariff truce between Beijing and Washington that set the stage for further talks on trade. But negotiations between the rivals stalled after the Geneva meeting, with both sides accusing the other of violating the agreement that brought down duties from massive highs.
Today's show features:

• Bloomberg Balance of Power cohost Joe Mathieu
• Phil Gramm, Economist and former Republican US Senator from Texas
• Gary Bettman, Commissioner of the National Hockey League on the Stanley Cup Finals

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Featuring some of our favorite conversations from the Bloomberg Tech Summit in San Francisco. 
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.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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Florian Seibel, co-founder and CEO of Quantum-Systems GmbH, discusses the rapid advancements in drone technology, the role of drones in warfare and how artificial intelligence factors in.
The former German army helicopter pilot and aeronautical engineer in 2015 co-founded a maker of reconnaissance drones, aiming to tap into his creative side after years in the military. In the past decade, his company, backed by Peter Thiel, has grown to about 400 employees worldwide.

Its unmanned aerial vehicles were first used primarily in low-stress fields such as agriculture and archaeology. But today, 90% of its sales go to the military sector, with the Munich company providing thousands of drones to Ukraine, where its AI features can keep the aircraft flying even when Russian jamming disrupts steering, navigation and communication.

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump proposed ending Elon Musk’s government contracts and subsidies, escalating the war of words between the world’s richest man and the president he helped elect.
“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!” Trump posted on his social media site Thursday.

Trump’s threat strikes at a main source of the billionaire’s wealth. Musk’s Tesla Inc. and Space Exploration Technologies Corp. have benefited from federal contracts and subsidies. Ending contracts with Musk’s companies could prove legally and practically unwieldy, given they are deeply intertwined with US space and defense operations.

Total revenue for SpaceX and Tesla from federal unclassified contracts since fiscal year 2000 is $22.5 billion, according to Bloomberg Government data. Tesla’s shares fell as much as 18% on Thursday, extending earlier losses after Trump floated ending Musk’s federal relationships.
“Go ahead, make my day,” Musk posted on X in response to Trump’s threat. The Tesla chief then alleged that Trump’s name appears in the files related to the late New York financier Jeffrey Epstein, who was accused of sex trafficking underage girls and later died by suicide while in federal detention.

“Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!” Musk wrote. The White House declined to comment on the Epstein accusation.

Today's show features interviews from the Bloomberg Technology Summit in San Francisco:

• RJ Scaringe, Founder and CEO of Rivian
• Bloomberg Technology Co-Host Ed Ludlow
• Peggy Johnson, CEO of Agility Robotics
• Ashley Mayer, Co-Founder & General Partner, Coalition Operators and Helen Min, Venture Partner, True Ventures

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