Bloomberg News Now: Swiss Tariffs, Ukraine Truce Talks, Fed Nominees, and Epstein Case Developments

Swiss Trade Tariffs and Diplomacy

• 🇨🇭 The President of Switzerland made an emergency trip to the U.S. to meet with Secretary of State Marco Rubio.
• 🎯 The goal was to lower the U.S.'s 39% tariff on Swiss goods, which is the highest on any developed nation and set to take effect tomorrow.
• 🤝 Switzerland might offer to buy more U.S. energy or make investments, similar to Japan, to negotiate the tariff reduction.

Ukraine Conflict and Diplomacy

• 🇺🇦 A White House envoy, Victoria Nuland, is in Moscow to meet with Russian President Vladimir Putin.
• ⏳ This meeting occurs two days before President Trump's August 8th deadline for Russia to reach a truce.
• 💰 President Trump has threatened secondary tariffs on buyers of Russian energy, hoping economic pressure will bring Putin to the table.
• 🕊️ Sources suggest the Kremlin might be willing to stop airstrikes to avoid new economic penalties, despite Putin's stance on not stopping the war.

Federal Reserve Nominee and Redistricting Battles

• 🏦 President Trump is nearing a decision on a replacement for Fed Chair Jay Powell, with three or four names in mind.
• 🚫 Treasury Secretary Scott Bessant is not among the candidates, as he wishes to remain in his current role.
• 🗺️ A fight over redistricting, originating in Texas, is spreading nationwide, with a new congressional map potentially adding five GOP seats in the House.
• ⚖️ Democrats in California are considering overriding their state's independent redistricting panel, while Republicans in Missouri are studying similar plans.

NYC Mayoral Race and Epstein Case Developments

• 🗽 Andrew Cuomo believes either he or current Mayor Eric Adams must drop out of the NYC mayoral race for a chance to defeat Queens Assemblyman Zorn Mamdani.
• 🎤 Cuomo spoke with Bloomberg Surveillance about the need to narrow the field by mid-September.
• 📁 The House Oversight Committee has subpoenaed the Justice Department for the full, unredacted Epstein files.
• 📜 Subpoenas were also sent to Bill and Hillary Clinton and former FBI Director James Comey in relation to the Epstein case.
• 🤐 Ghislaine Maxwell is fighting to keep grand jury testimony in her case from being made public.