Bloomberg Daybreak: Europe Edition

Breaking News analysis of historic US Supreme Court decision.
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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Your morning briefing. All the news you need to start your day

On today's podcast:

(1) Federal Reserve officials appeared surprisingly wary of cutting interest rates when they met last month, with several even suggesting the central bank may need to raise rates if inflation remains stubbornly high.

(2) OpenAI is close to finalizing the first phase of a new funding round that is likely to bring in more than $100 billion, according to people familiar with the matter, a record-breaking financing deal that would give the startup additional capital to build out its artificial intelligence tools.

(3) French President Emmanuel Macron said the free speech defense of social media platforms is “pure bullshit,” pushing back against a key foreign policy goal of President Donald Trump.

(4) Oil steadied after its biggest daily gain since October, following a report that American military intervention in Iran could come sooner than expected.

(5) Nestlé is considering further reducing its footprint in the ice cream business, as new Chief Executive Officer Philipp Navratil reviews the company’s sprawling operations, people with knowledge of the matter said.

(6) Denmark's economy looks robust on paper, with employment at a record high and public finances strong, but many Danes are anxious about their professional futures due to layoffs at major companies.

Podcast Conversation: Travellers Are Dying To Solve A Murder Mystery On Vacation
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Your morning briefing. All the news you need to start your day

On today's podcast:

(1) The US and Iran made progress in nuclear talks in Geneva on Tuesday, with Tehran’s negotiators scheduled to return with a new proposal in two weeks, a US official said on Tuesday, a cautiously upbeat assessment that suggests the chances of an imminent military clash are low.

(2) Japan plans to invest up to $36 billion in US oil, gas and critical mineral projects, the first tranche of its $550 billion commitment under the trade agreement it struck with President Donald Trump.

(3) The ECB says Christine Lagarde hasn't made any decision about leaving her job as President early. That follows a report from the Financial Times - citing one person familiar with Lagarde's thinking - saying she wants to step down before France's Presidential election in April 2027.

(4) Anthropic is releasing a new artificial intelligence model that’s intended to be better at using people’s computers in increasingly complicated ways, building on the startup’s efforts to make AI tools more effective at streamlining tasks.

(5) Warren Buffett’s Berkshire Hathaway slashed its stake in Amazon. by more than 75% in the fourth quarter, while also building a stake in the New York Times Co., his last new bet as chief executive officer of the conglomerate.

(6) In the two years since the ban on internal combustion engine vehicles in Ethiopia, EV adoption has grown from less than 1% to nearly 6% of all of the vehicles on the road in the country — according to the government’s own figures — some way above the global average of 4%.

Podcast Conversation: Downsizing Is The Biggest Trend in Restaurants and Hotels Right Now
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