Nancy Lazar, Chief Economist at Piper Sandler, shares insights on the global economic outlook and the impacts of recent trade agreements. Andrew Bishop discusses U.S.-China trade dynamics, emphasizing China's leverage amid domestic pressures. Ethan Bronner, Bloomberg News Israel Bureau Chief, delves into the humanitarian crisis in Gaza and President Trump's food aid initiative. Finally, Andrejka Bernatova, CEO of Dynamix, elaborates on her firm's merger with The Ether Reserve, highlighting its innovative potential in the digital asset landscape.
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insights INSIGHT
Consumer Spending Soft Patch
The consumer is currently experiencing a soft patch with pulled-forward demand and price increases impacting spending.
There is a clear bifurcation between higher-end business consumers and lower-end consumers feeling tariff pressures.
insights INSIGHT
Tariffs vs Capital Spending
Tariffs act as a regressive tax and are a headwind to global growth, with the US reaching the highest tariff level since the 1930s.
Accelerated capital spending and tax legislation will boost corporate cash flow, supporting productivity and growth.
insights INSIGHT
Capital Spending Drives Growth
Capital spending drives productivity, profitability, and ultimately job growth and living standards.
Despite near-term softness, improving corporate profits will strengthen the labor market by 2026.
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European capitals defended the trade deal struck with President Donald Trump, which will see the European Union accept a 15% tariff on most of its exports to the US while reducing levies on some American products to zero.
European Commission President Ursula von der Leyen, who met with Trump in his golf club in Turnberry, Scotland, on Sunday, hailed the agreement for the stability and predictability it will offer businesses and consumers. The EU knew that the deal would favor the US, but von der Leyen urged reporters to “not forget where we came from,” referencing tariff rates Trump threatened that were as high as 50%.
The lower rate came as a relief to member states that are dependent on exports, especially Germany, which exported $34.9 billion of new cars and auto parts to the US in 2024. “The agreement has succeeded in averting a trade conflict that would have hit the export-oriented German economy hard,” German Chancellor Friedrich Merz said in a statement late Sunday. “This has enabled us to safeguard our core interests, even if I would have liked to have seen further easing in transatlantic trade.”
Without a deal, Bloomberg Economics estimated that the total US average effective tariff rate would rise to nearly 18% on Aug. 1 from 13.5% under current policies. The new deal brings that number down to 16%. Prior to Trump’s latest trade fight, the EU estimated the average tariff rate to be about 1% on both sides.
Today's show features:
Nancy Lazar, Chief Economist for Piper Sandler, on the global economic outlook and trade balance in the wake of the US trade deal with the European Union
Andrew Bishop, Senior Partner and Global Head of Policy Research at Signum Global Advisors on the pending resumption of US-China trade talks
Bloomberg News Israel Bureau Chief Ethan Bronner on President Donald Trump’s latest comments on the situation in Gaza
Andrejka Bernatova, Founder and CEO of Dynamix, on her firm’s business combination agreement with The Ether Reserve
Bloomberg Businessweek 