Bloomberg Daybreak: Europe Edition

Blanket Tariff Hike Plan, Dimon: EU Is Losing, Santander’s Rising Star

Jul 11, 2025
Tensions rise as President Trump threatens hefty tariffs on Canadian goods, sending ripples through global markets. Jamie Dimon warns that complacency surrounding these tariffs could spell trouble. Meanwhile, Keir Starmer and Macron's migrant trial highlights post-Brexit challenges. In the banking world, Javier Garcia-Carranza's bold reforms at Santander aim to shake things up, seeking revitalization in asset management. Lastly, discussions intensify about the European Central Bank's role amidst slowing growth and budget deficits.
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INSIGHT

Trump's Tariff Escalation Impact

  • US President Donald Trump threatened blanket tariffs of 15-20% globally, escalating from the current 10% baseline.
  • This policy shift has caused market unease but also illustrates uncharted trade territory with long-term unclear impacts.
INSIGHT

Dimon's Warning on EU Competitiveness

  • JPMorgan CEO Jamie Dimon warns of European market complacency amid tariff tensions.
  • He highlights Europe's declining competitiveness and urges a stronger internal market to reverse economic downturns.
INSIGHT

Jamie Dimon Warns Europe Is Losing Edge While Markets Ignore Tariff Risks

Jamie Dimon, CEO of JPMorgan Chase, delivers a stark warning that European competitiveness is faltering compared to the US and China. He highlights the EU's economic weight shrinking from 90% of US GDP to just over 65% in the past 10-15 years.

Dimon criticizes market complacency over President Trump's escalating tariff rhetoric, suggesting investors are underestimating the potential impact. He advocates for the EU to build a more effective internal market across all industries to reverse this decline.

This warning coincides with President Trump's announcement of higher global tariffs, including a 35% tariff threat on some Canadian goods.

> "You're losing," Dimon bluntly states, emphasizing the urgency for Europe to improve competitiveness amidst global trade tensions.

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