Bloomberg Daybreak: Europe Edition Trump's 50% Metal Tariffs, Musk Blasts US Tax Bill, British Defence Exclusive
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Jun 4, 2025 Katya Dmitrieva, an Economics reporter for Bloomberg, dives into President Trump's dramatic increase of steel and aluminum tariffs to 50%. She discusses the fallout from this decision, particularly in relation to strained US-China relations. Elon Musk chimes in, labeling the new tax bill a 'budget-busting abomination.' The conversation also touches on Volkswagen's restructuring plans affecting 20,000 employees and highlights the UK’s urgent need for increased defense spending amid rising global threats.
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Trump's Tariff Increase and UK Exemption
- Trump doubled steel and aluminium tariffs to 50% to protect national security and jobs.
- The UK is exempted temporarily due to a recent framework deal with the US.
US-China Diplomatic Standoff
- US-China diplomatic talks continue but show little progress amidst tensions over US policies.
- China urges mutual respect; US emphasizes priorities like trade and illegal immigration.
Volkswagen Restructures Workforce
- Volkswagen plans for 20,000 voluntary employee departures by decade's end amid restructuring.
- This is part of dealing with uneven vehicle demand and reducing production capacity.