Bloomberg Daybreak: Europe Edition

Trump's 50% Metal Tariffs, Musk Blasts US Tax Bill, British Defence Exclusive 

10 snips
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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INSIGHT

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.
INSIGHT

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.
INSIGHT

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.
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