Bloomberg Daybreak: Europe Edition 'Amazing' Xi-Trump Meeting, Big Tech’s $78B Bet, Far-Right Dutch Loss
Oct 30, 2025
Mark Cudmore, Markets Live executive editor, analyzes market reactions to the recent Trump–Xi meeting and how heavy AI spending might signal a potential bubble. Stephen Engel, Bloomberg's chief North Asia correspondent, provides insights from Busan, discussing trade negotiations and omitted topics like Taiwan. Meanwhile, Michal Kubala covers the Netherlands' election, detailing the progressive D66's success over the far-right Freedom Party and its implications for future coalition-building.
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Trump Portrays Meeting As Major Breakthrough
- Donald Trump described his 90-minute meeting with Xi Jinping as "amazing" and rated it 12 out of 10.
- The summit formalised a framework easing some trade tensions, including tariff cuts and resumed soybean purchases.
Tariff Rollbacks Linked To Drug-Precursor Push
- The US immediately cut a fentanyl-related tariff on China from 20% back to 10% to encourage action on precursors.
- China agreed to resume soybean purchases and to pause a rare-earths licensing regime for at least a year, per Trump.
Chips Talk Excluded Top NVIDIA Processors
- Trump signalled discussions about chip access but excluded NVIDIA's most advanced Blackwell processors.
- Markets reacted cautiously because key areas like Blackwell chips and Taiwan weren't part of the readout.