Texas Flash Floods, Trump Tariffs, and Elon Musk's New Party | Bloomberg Daybreak

Devastating Texas Floods

• ⚠️ Flash floods have caused at least 82 deaths in Kerrville, Texas, with dozens more missing and the casualty count expected to rise.
• 🌧️ Four months' worth of rain fell in just 4-5 hours on July 4th, creating a catastrophic situation exacerbated by ongoing showers.
• 🏕️ The death toll includes 27 people from a girl's summer camp, with 10 children and a counselor still unaccounted for.
• 🚨 President Trump has signed a disaster declaration for Kerr County and plans to visit the affected areas.

Shifting Focus to Tariffs

• ⚖️ The Trump administration is preparing to send tariff letters to dozens of countries as a 90-day pause on duties expires.
• 🗓️ Most countries are expected to receive a letter or reach a deal by July 9th, with tariffs going into effect August 1st.
• 🌍 President Trump announced an additional 10% tariff on countries aligning with "anti-American policies" of the BRICS nations (Brazil, Russia, India, China, South Africa).
• 🤝 Treasury Secretary Scott Bessant indicated that some countries without deals may still negotiate before August 1st.

Elon Musk's Political Move and Market Reactions

• 📉 Tesla shares tumbled nearly 7% after CEO Elon Musk announced the formation of a new political party, the "America Party."
• 🗣️ President Trump criticized Musk's move, calling it "ridiculous" and stating that third parties have historically not worked in the US.
• 📱 Discussions between the US and China regarding a TikTok agreement are expected soon, with a potential deal nearing completion.

Global and Economic Updates

• 🛢️ Oil prices fell after OPEC+ agreed to a larger-than-expected production increase of 548,000 barrels per day.
• 💥 An explosion at a Utah strip mall injured three people after a three-car accident led to a blast.
• 📈 Measles cases in the US have reached their highest point in 25 years, with at least 1,200 confirmed cases reported in 2025.
• 🗑️ A sanitation worker strike in Philadelphia has left streets piled with garbage, with wage increases and benefits being the sticking points.
• 🦈 Multiple shark sightings led to repeated closures of parts of Rockaway Beach during the Fourth of July holiday weekend.

Sports and Market Outlook

• ⚾ The Yankees beat the Mets 6-4, ending the Yankees' losing streak, while the Nationals fired manager Dave Martinez and GM Mike Rizzo.
• ⚽ Mexico defeated the US 2-1 in the Gold Cup soccer final after a controversial header was reviewed.
• 🎾 Wimbledon's second week begins with top players like Novak Djokovic and Jannik Sinner advancing.
• 📊 Investors are entering the week with trade uncertainty, focusing on tariff deadlines and Federal Reserve minutes, with earnings reports also on the horizon.