Bloomberg Businessweek

• US, China Agree to Continue Talks on Tariff Truce Extension

  Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Treasury Secretary Scott Bessent said that the US and China will continue talks over maintaining a tariff truce before it expires in two weeks and that President Donald Trump will make the final call on any extension.Bessent, who led the US delegation with Trade Representative Jamieson Greer, said in Stockholm that he’ll brief Trump on Wednesday on the remaining issues.“There’s still a couple of technical details to work out,” Bessent told reporters Tuesday, after two days of meetings with officials from Beijing led by Vice Premier He Lifeng.On the heels of Washington’s preliminary tariff deals with Japan and the European Union, Bessent said his Chinese counterparts were “more of a mood for a wide-ranging discussion.”The third round of US-China trade talks in less than three months wrapped up ahead of an Aug. 12 deadline to resolve differences during a 90-day suspension of sky-high tariffs that threatened to cut off bilateral trade between the world’s largest economies.Adding an extra 90 days is one option, Bessent said.Chinese trade negotiator Li Chenggang told reporters that both sides agree on maintaining the truce, without elaborating on how long. He added that the conversations in the Swedish capital were candid, in-depth and geared for continued close communication.Today's show features: Bloomberg News Europe Correspondent Oliver Crook on the latest from US-China trade talks in Stockholm, Sweden Danielle DiMartino Booth, CEO and Chief Strategist at QI research, on the latest FOMC meeting Bloomberg News Boston Bureau Chief Brooke Sutherland on Boeing and UPS earnings, as well as the $72 billion megadeal between Union Pacific and Norfolk Southern Kabir Nath, Chief Executive Officer of Compass Pathways, on the pursuit of FDA approval of the first psychedelic treatment for certain people living with depression See omnystudio.com/listener for privacy information.

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• ICYMI: Dallas Mavericks Embracing the Cooper Flagg Era

  The NBA's Dallas Mavericks are entering a new era with top overall draft pick Cooper Flagg joining a veteran roster that appears poised to bounce back from a disappointing end to last season. The team will also look to move past the largely negative reaction from its fanbase related to the trade of superstar Luka Doncic to the Los Angeles Lakers.Rick Welts, the Basketball Hall of Fame executive who now serves as the Mavericks' CEO, discusses the outlook for team, the franchise's plans for a new arena and the league's changing media landscape with Carol Massar, Tim Stenovec and Julie Fine on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

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• EU Leaders Defend US Deal as German Industry Voices Concerns

  Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.European capitals defended the trade deal struck with President Donald Trump, which will see the European Union accept a 15% tariff on most of its exports to the US while reducing levies on some American products to zero.European Commission President Ursula von der Leyen, who met with Trump in his golf club in Turnberry, Scotland, on Sunday, hailed the agreement for the stability and predictability it will offer businesses and consumers. The EU knew that the deal would favor the US, but von der Leyen urged reporters to “not forget where we came from,” referencing tariff rates Trump threatened that were as high as 50%. The lower rate came as a relief to member states that are dependent on exports, especially Germany, which exported $34.9 billion of new cars and auto parts to the US in 2024.“The agreement has succeeded in averting a trade conflict that would have hit the export-oriented German economy hard,” German Chancellor Friedrich Merz said in a statement late Sunday. “This has enabled us to safeguard our core interests, even if I would have liked to have seen further easing in transatlantic trade.”Without a deal, Bloomberg Economics estimated that the total US average effective tariff rate would rise to nearly 18% on Aug. 1 from 13.5% under current policies. The new deal brings that number down to 16%. Prior to Trump’s latest trade fight, the EU estimated the average tariff rate to be about 1% on both sides.Today's show features: Nancy Lazar, Chief Economist for Piper Sandler, on the global economic outlook and trade balance in the wake of the US trade deal with the European Union Andrew Bishop, Senior Partner and Global Head of Policy Research at Signum Global Advisors on the pending resumption of US-China trade talks Bloomberg News Israel Bureau Chief Ethan Bronner on President Donald Trump’s latest comments on the situation in Gaza Andrejka Bernatova, Founder and CEO of Dynamix, on her firm’s business combination agreement with The Ether Reserve See omnystudio.com/listener for privacy information.

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• Deadly Manhattan Shooting: Here's What We Know

  The gunman who killed at least four people and himself at a Midtown Manhattan office tower was targeting the National Football League, but ended up on Rudin Management’s floor by mistake, two senior law enforcement officers said. Instead of going to the NFL’s fifth-story office at 345 Park Ave., he picked the wrong elevator bank that took him to Rudin’s office on the 33rd floor, the officers said. That’s where the body of the shooter, believed to be Shane Tamura, a 27-year-old who last resided in Las Vegas, was found. A manifesto and notes found on him indicated a fixation with Chronic Traumatic Encephalopathy, or CTE, caused by head trauma, the officers said. His social media feed showed his football career ended after a head injury, and he wrote that the NFL didn’t do enough for CTE. The gunman, who has a documented history of mental-health troubles, drove across the country before entering New York City earlier Monday, Police Commissioner Jessica Tisch said. For details, Nathan Hager speaks with Bloomberg News Reporter Myles Miller.See omnystudio.com/listener for privacy information.

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• ICYMI: Trump’s Fed Building Tour Ends With a Relief Signal for Powell

  President Donald Trump’s unprecedented walk-through of the Federal Reserve’s now-controversial building renovation project with Jerome Powell ended with a sign of relief for the central bank chief who’s been under pressure for months to slash interest rates.There’s “no tension” with Powell, Trump said after the Thursday tour — which featured the two men publicly trading barbs over the cost of a project that the president’s allies have used to blast the Fed chair’s leadership.The president indicated that problems with the project probably weren’t reason enough to fire the central bank head. “To do that is a big move, and I just don’t think it’s necessary,” he told reporters.Rob Kaplan, Vice Chairman of Goldman Sachs and former President and CEO of the Federal Reserve Bank of Dallas, discusses the implications of White House pressure on the US central brank to ease monetary policy, as well as the nation's macroeconomic outlook. Rob speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

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