Bloomberg Daybreak: US Edition US-China Trade Framework; Musk Regrets Posts about Trump
Jun 11, 2025
High-stakes trade talks between the US and China aim to revive vital goods trade, pending endorsement from Trump and Xi. Elon Musk expresses regret over his recent social media fallout with Trump. Meanwhile, California's Governor Newsom warns of rising unrest in Los Angeles due to immigration protests and military mobilization. The conversation dives into political tension, trade agreements, and market reactions, highlighting the complexities at the intersection of global trade and local controversies.
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US-China Trade Framework Progress
- The U.S. and China reached a framework deal to resume trade of sensitive goods after marathon talks in London.
- The deal's success depends on approval from Presidents Trump and Xi and still faces unresolved issues like China's trade surplus.
Inflation Cue from Tariffs
- Economists expect Trump's import tariffs to raise inflation, with imported goods prices likely rising first.
- May Consumer Price Index data will provide early clues on inflation impact, affecting Federal Reserve decisions later.
Potential Fed Chair Successor
- U.S. Treasury Secretary Scott Besson is considered a safe but very loyal potential successor to Jerome Powell as Fed Chair.
- Trump's preference for earlier rate cuts might influence market expectations if Besson is appointed.