Trump's Tariffs, Texas Floods, and Apple's Leadership Changes | Bloomberg Daybreak

Trump's Aggressive Tariff Stance

• ⚡ President Trump is firm on the August 1st deadline for higher import rates, clarifying previous statements and indicating no extensions.
• 💰 He announced a 50% tariff on copper products entering the US and floated potentially 200% tariffs on pharmaceuticals if companies don't onshore production within a year to a year and a half.
• 🇪🇺 Trump may announce new tariff rates on the European Union within two days due to their taxes on US tech firms, though negotiators are seeking carveouts for sectors like aerospace and automotive.
• 📊 Treasury Secretary Scott Besson stated that tariff hikes are bringing in significant revenue, projecting over $300 billion by year-end.

Central Texas Disaster Recovery

• 💔 Search crews continue to look for survivors in central Texas following devastating floods, with Governor Greg Abbott reporting 109 confirmed deaths and at least 161 people unaccounted for.
• 🚁 Texas game wardens have searched over 26 river miles using various methods, saving approximately 444 people and recovering 30 bodies.
• 🇺🇸 President Trump plans to visit the disaster area on Friday.

Apple Inc. Leadership and Market News

• 🍎 Apple's Chief Operating Officer Jeff Williams is retiring, marking a significant leadership change. Sabi Khan will take over as COO, and the design team will report directly to CEO Tim Cook.
• 📉 Amazon shares dropped 1.8% after a disappointing start to Prime sales, with sales falling nearly 14% in the first four hours of the extended four-day event compared to last year.
• 🤝 OpenAI CEO Sam Altman discussed Meta's poaching of his engineers, noting that Meta offered up to $100 million to encourage engineers to switch.
• 🚀 SpaceX is reportedly in discussions to raise money at a valuation of $400 billion, a significant increase from its previous $350 billion valuation, reflecting its dominance in commercial launch and Starlink.
• 💊 Merck is reportedly close to a $10 billion acquisition of respiratory drug maker Verona Pharma, offering a 23% premium.

Other News and Developments

• ⚖️ Los Angeles Mayor Karen Bass has joined legal action against the Trump administration, deeming immigration raids in her city unlawful and fear-inducing.
• 🇺🇦 President Trump expressed dissatisfaction with Russian President Vladimir Putin regarding the Ukraine conflict and stated he wants to send more weapons to Ukraine, while considering sanctions legislation.
• 🤝 A settlement has been reached in the city worker strike in Philadelphia after nine days, though the aftermath of trash pile-ups presents ongoing challenges.
• 🏀 The New York Knicks introduced Mike Brown as their 32nd coach, with fans anticipating his tenure after the team's successful season.