Bloomberg Daybreak: Europe Edition Chips & Drug Probes, Tariffs Double Prices, Harvard Funding Freeze
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Apr 15, 2025 Delve into the tensions of U.S.-China trade talks with insights from the US Trade Representative. Explore the impact of proposed tariffs on semiconductor and pharmaceutical imports and their potential effects on consumer prices. Hear Treasury Secretary Bessent's take on the bond market selloff and the tools available to manage disruptions. Uncover the UK’s consumer spending resilience despite financial struggles and the heated standoff between the Trump administration and Harvard over federal funding.
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New Tariffs on Chips and Pharmaceuticals?
- The White House initiated trade probes into chip and drug imports, which could lead to new tariffs.
- This sectoral approach aims to encourage domestic production (reshoring) rather than simply shifting imports.
Toymaker Warns of Tariff Impact
- Toy manufacturer Nick Mowbray warns that tariffs on Chinese imports could double toy prices.
- He emphasizes that replicating China's toy manufacturing ecosystem in the US is not feasible.
Bond Market Sell-off and Foreign Demand
- Treasury Secretary Scott Bessent downplayed the bond market selloff, denying foreign dumping of US Treasuries.
- However, several Wall Street banks warn of weak foreign demand for US bonds due to Trump's policies.