Bloomberg Daybreak: Europe Edition

Your morning briefing. All the news you need to start your day

On today's podcast:
(1) Senior US officials said President Donald Trump’s tariff defeat at the Supreme Court won’t unravel deals negotiated with US partners as they sought to defend the administration’s assertive trade policies.

(2) The European Parliament’s trade chief will propose freezing the ratification process of the European Union’s trade deal with the US until they’ve received details from President Donald Trump’s administration on its trade policy.

(3) After boasting for months about its preferential trade deal with US President Donald Trump, the UK is at risk of becoming the biggest loser in the aftermath of the Supreme Court’s decision to strike down his global tariffs.

(4) Oil fell as investors weighed the odds of a nuclear deal between the US and Iran, with more negotiations on the issue expected later this week as American forces mass in the Middle East.

(5) Hungary plans to block every European Union decision concerning Ukraine, including a new sanctions package against Russia and key loans, until oil starts flowing again through the Druzhba pipeline in western Ukraine.

(6) Berlin dentists entrusted €2.2 billion ($2.6 billion) in retirement savings to a group of colleagues with more experience filling cavities than managing money. Now half of it is gone.

Podcast Conversation: The New Economics of Going Out Have Transformed Clubbing
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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
In the US – a look ahead to earnings from chipmaker Nvidia along with a focus on 3 stocks for the week ahead.
In the UK – a look ahead to a special election in the UK.
In Asia – a look ahead to India Prime Minister Narendra Modi’s two-day visit to Israel.
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The Supreme Court has struck down Donald Trump’s sweeping global tariffs.
Breaking news analysis from Bloomberg:
In a 6 to 3 ruling, the Court struck down President Donald Trump’s sweeping global tariff program, dismantling his signature economic policy and delivering his most significant legal setback since returning to the White House.
The justices ruled that the President exceeded his authority by invoking a federal emergency powers law to impose so-called reciprocal tariffs worldwide, along with targeted import taxes the administration said were necessary to combat fentanyl trafficking.
However, the Court did not address whether importers are entitled to refunds. That issue now returns to a lower court, and the financial stakes are substantial. If refunds are ultimately required, they could total as much as 170 billion dollars, more than half of the total revenue generated by the tariff program.
For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu speak with:
Tyler Kendall, Bloomberg Washington Correspondent
June Grasso, Bloomberg Legal Analyst and host of Bloomberg Law
Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners
Dave Townsend, Partner at Dorsey and Whitney
Stay with us as we break down the legal reasoning, the economic implications, and what this means for the administration’s broader trade agenda.
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Your morning briefing. All the news you need to start your day

On today's podcast:

(1) The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President Donald Trump saying that Iran had 10 to 15 days at most to strike a deal over its nuclear program.

(2) US President Donald Trump’s latest retraction of support for Britain’s deal to hand the Chagos Islands to Mauritius comes as the UK government holds off giving permission for him to use the Diego Garcia military base in the archipelago for any possible strike on Iran.

(3) The arrest of Andrew Mountbatten-Windsor on suspicion of misconduct in public office is a fresh nadir for the UK's most powerful family.

(4) European Central Bank President Christine Lagarde reiterated calls for global partnership to salvage an international order that not only benefits the strongest.

(5) Bank of America is committing $25 billion to private-credit deals, joining its Wall Street rivals in putting its own balance sheet behind lending in the fast-growing market, according to people with knowledge of the matter.

Podcast Conversation: The Boss’s Best Party Ever
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Instant reaction to the arrest of former Prince Andrew.
Mishal Husain, host of The Mishal Husain Show, joins Bloomberg’s Tom Keene and Paul Sweeney to discuss the latest developments after Andrew Mountbatten-Windsor, the brother of the UK’s King Charles, was arrested on suspicion of misconduct in public office after further details emerged of his relationship with convicted sex offender Jeffrey Epstein.
King Charles III issued a statement outlining his “deepest concern” about the matter, and promising Buckingham Palace’s “full and wholehearted support and co-operation” with the investigating authorities.
“What now follows is the full, fair and proper process by which this issue is investigated in the appropriate manner,” Charles said. “Let me state clearly: the law must take its course.”
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