Bloomberg News Now July 7, 2025: Trump New Tariff Announcements, Texas Death Toll to Rise, More
Jul 8, 2025
The discussion highlights recent U.S. tariffs and their potential effects on global trade. Rescue operations are underway in Texas as authorities respond to devastating floods and a tragic summer camp incident. The government's disaster response is scrutinized, especially regarding funding cuts to the National Weather Service. Meanwhile, Samsung faces a significant profit drop due to U.S. restrictions on AI chip exports to China, raising concerns for businesses reliant on that market.
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Trump's New Tariff Strategy
- President Trump's new tariffs delay till August 1 increases trade tensions with Japan, South Korea, Thailand, and Cambodia.
- These tariffs intensify pressure on long-standing U.S. trade partners exploiting reciprocal tariff advantages.
Texas Flood Crisis and Warnings
- Texas faced severe floods with a high death toll including children at a summer camp.
- Questions arise about the effectiveness of warning systems and evacuation despite Senator Ted Cruz defending the National Weather Service.
FEMA's Critical Disaster Role
- FEMA's role is crucial to coordinate federal resources in disasters like Texas floods.
- They manage complex rescue operations and fund debris removal through the Disaster Relief Fund.