Bloomberg News Now: Texas Floods, US-Japan Trade Talks, OPEC Production Hike, and More

Texas Floods and Disaster Response

• 🚨 President Trump has pledged federal assistance to Texas following devastating floods that have killed at least 27 people and destroyed neighborhoods.
• 🚁 Governor Greg Abbott has committed limitless resources for search and rescue, with Major General Tom Sulzer reporting 237 people rescued, 167 by helicopter.
• ⚠️ Some Texas officials are blaming the National Weather Service for failing to forecast the catastrophic floods, noting the agency has lost hundreds of staff.

International Trade Negotiations

• 🤝 Japan's chief trade negotiator is urgently seeking a trade deal with the U.S. before President Trump's July 9th deadline, aiming to avoid a tariff increase from 10% to 24% on Japanese shipments.
• 🇺🇸 U.S. and Canada are targeting a new trade agreement by July 21st.
• 🇨🇳 President Trump expects talks with China regarding a potential TikTok deal to begin Monday, with a deal reportedly on the table.

Global Market and Economic Updates

• 🛢️ OPEC+ will increase supply by approximately 548,000 barrels per day next month, exceeding expectations to capitalize on summer demand and regain market share.
• 🧈 Global butter prices are surging to near record highs due to scarcity, impacting bakeries and leading dairy producers to prioritize cheese production.

Tech and Business News

• 🇪🇺 Google will begin featuring search results from other companies' shopping and travel platforms to comply with the EU's Digital Markets Act, including a price comparison box.
• ✈️ Activist investor Starboard Value has acquired a 9% stake in TripAdvisor and plans to discuss strategies for unlocking shareholder value.
• ⛽ Americans are experiencing the lowest gas prices in four years, with the average gallon of regular unleaded at $3.15, down $0.40 from last year.