Bloomberg Daybreak: US Edition

On today's podcast:  
1) More than 80 people die in flash floods across Texas as search and rescue efforts continue. A catastrophic flood in Kerrville, Texas, caused by torrential rains, has resulted in at least 82 deaths and many missing, including children, with the area remaining at risk of further inundation. Politicians are questioning whether federal, state, and local officials were adequately prepared, with some raising concerns about the accuracy of weather forecasts and potential staffing cuts at the National Weather Service.   

2) President Trump shifts his economic focus from taxes to trade as his tariff deadline looms. The US is preparing to send tariff letters to dozens of countries in the coming days, with the Trump administration’s 90-day pause on higher duties set to expire on Wednesday. Trump said in a separate post that the letters would start being delivered from noon Monday, Washington time.   

3) Tesla shares tumble after Elon Musk makes plans for a new political party. President Trump criticized Elon Musk's bid to start a new political party, calling it "ridiculous" and saying that third parties have never worked in the US. Musk announced the formation of a new "America Party" on Saturday, a day after Trump signed a tax-cut and spending bill into law that Musk had denounced.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to Delta earnings and a summer travel outlook. 
• In the UK – a look ahead to JP Morgan's Jamie Dimon visit to Ireland ahead of the US tariff deadline for Europe
• In Asia – a look at how recent data from China are providing an ambiguous read on the health of the world's second largest economy.

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In a special July 4th edition of Bloomberg Daybreak...Bloomberg’s Nathan Hager looks at the biggest tech stories from 2025 and what we can expect for the rest of the year. He speaks with Gene Munster of Deepwater Asset Management and Dan Ives from Wedbush. 

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On today's podcast:
1) President Trump twists arms in Congress to pass his tax cut bill as House Republicans overcome a key hurdle. The House voted 219-213 to move toward a final vote on Trump's "big beautiful bill", which includes tax cuts, a phase-out of Biden-era clean energy incentives, and funding for Trump's crackdown on illegal immigration. Debate began immediately on the legislation, setting up a potential final vote for later in the morning in Washington, ahead of Trump's self-imposed July 4 deadline.
2) Traders and the Fed await a critical June jobs report. Markets are cautious ahead of the employment report, which will help identify the path ahead for interest rates, with investors closely monitoring economic data before adding to their portfolios.
3) The Trump administration lifts chip design software curbs in a trade deal with China. The Commerce Department informed the world's three leading chip design software providers that they no longer need government licenses to do business in China.

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On today's podcast:
1) Donald Trump’s multitrillion-dollar tax bill is running into Republican resistance in the House as moderate and ultraconservative GOP lawmakers threaten to defy the president and sink his domestic agenda
2) President Donald Trump threatened Japan with tariffs of up to 35% as he ramped up tensions for a third straight day, fueling fears of a worst-case scenario among market players and raising doubts over Tokyo’s tactics in trade talks.
3) Wall Street’s largest lenders boosted their dividends after passing this year’s Federal Reserve stress tests, a hurdle that regulators made easier to clear by softening some of the requirements laid out in previous years.

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On today's podcast:
1) Senate Republican leaders continue to scrounge for votes to pass Donald Trump’s $3.3 trillion tax and spending bill as lingering intraparty fights threaten to upend the legislative centerpiece of the president’s domestic agenda.
2) President Donald Trump lashed out at Elon Musk on Tuesday, accusing the Tesla Inc. and SpaceX chief executive officer of benefiting excessively from government electric vehicle subsidies. Tesla shares tumbled.
3) US equity futures are taking a breather after the S&P 500 notched its best quarter since 2023, as investors monitor progress on trade talks and wrangling in Washington over President Donald Trump’s tax bill.

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On today's podcast:
1) Senate Majority Leader John Thune is rushing to meet President Donald Trump’s July 4 deadline for pushing through his massive tax and spending bill, but first he has to work through a list of approximately eight Republican senators who have expressed opposition to portions of it.
2) US equity futures climbed as progress in trade negotiations between the Trump administration and key partners added to the upbeat sentiment that had pushed the S&P 500 to a fresh record high.
3) Canada has withdrawn its digital services tax on technology companies such as Meta Platforms Inc. and Alphabet Inc. in a move to restart trade talks with the US.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to the June jobs report and commodities outlook.
• In the UK – a look ahead to the annual summer economic conference in the Southern French city of Aix.
• In Asia – a look at relations between China and Iran.

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1) China said it has further confirmed details of a trade framework with Washington, echoing US Commerce Secretary Howard Lutnick’s earlier comments about a US-China agreement that stabilized ties.
2) Stocks gained as the US moved closer to trade deals with China and other major trading partners, while expectations are rising for Federal Reserve interest-rate cuts this year.
3) The Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the Section 899 “revenge tax” proposal from President Donald Trump’s tax bill.

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On today's podcast:

 
1) President Donald Trump said the US would hold a meeting with Iran next week but cast doubt on the need for a diplomatic agreement on the country’s nuclear program, citing the damage that American bombing had done to key sites.

2) President Donald Trump said he has three or four people in mind to succeed Federal Reserve Chair Jerome Powell when his term expires next year.

3) Shell Plc said it has no intention of making a takeover offer for BP Plc, refuting an earlier report that two of Europe’s biggest companies were in active merger talks.

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