Bloomberg Daybreak: Europe Edition EU Plans For No Deal, $2 Trillion GDP Hit , Musk’s Empire Creaks
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Jul 21, 2025 European Union envoys are gearing up for crucial meetings to tackle possible fallout from U.S. tariffs, with rates hitting historic highs. Japan's political landscape faces turmoil after an election setback. Meanwhile, the London Stock Exchange considers 24-hour trading to cater to eager small investors. In the UK, home sellers are rapidly slashing prices, shifting market dynamics. Plus, insights into Elon Musk's corporate challenges highlight the intricate interplay of tech culture and business success.
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EU Braces for Tariff Retaliation
- The EU is preparing retaliatory measures if the US imposes tariffs above 10% on EU goods.
- There's concern about asymmetry and uncertainty as negotiations depend heavily on President Trump's stance.
Trade War's Global GDP Impact
- Bloomberg Economics projects a $2 trillion hit to global GDP by 2027 due to Trump's trade war.
- The US tariff rate has risen to the highest level since 1939, impacting global economic forecasts.
Japan's Political Instability Worries Markets
- Japan's ruling coalition suffered historic losses, shaking Prime Minister Ishiba's position.
- Market concerns are growing due to fears of political instability and possible opposition-led tax cuts.