Bloomberg Daybreak: US Edition Trump Tariff Deadline Nears; Trump Fed Governor Decision Soon
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Aug 6, 2025 President Trump is set to impose new tariffs on countries buying Russian energy, while decisions on semiconductor and pharmaceutical import levies are just around the corner. Anticipation builds as Trump prepares to name a replacement for outgoing Federal Reserve Governor Kugler, potentially reshaping monetary policy. The White House is also sprinting to resolve the Ukraine conflict, putting pressure on their special envoy. Meanwhile, domestic political battles and market reactions reflect the broader implications of these developments.
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Fed Governor Replacement Update
- President Trump is choosing a replacement for Federal Reserve Governor Adriana Kugler soon but Treasury Secretary Scott Bessent is not a candidate.
- Trump values loyalty and prefers candidates who want to stay in their current roles unless they seek the Fed position.
Trump's Tariff Strategy Unfolds
- President Trump plans to impose higher tariffs on drugs and semiconductors within a week and increase tariffs on countries buying Russian energy.
- Targeting energy buyers like India could affect Russia's war financing but may not stop Putin's aggression immediately.
Putin's Mixed Signals on War
- Russian President Putin may temporarily halt airstrikes as a gesture but continues to pursue war in Ukraine.
- Secondary tariffs pressured India, but India resists stopping energy purchases from Russia, highlighting limits of economic pressure.