Trump Plans Broader Tariffs on Key Trading Partners: Bloomberg News Now

Added: 2026-06-03

[00:00:00]News when you want it with Bloomberg News now I'm Amy Moore.

[00:00:03]As the ceasefire between the U.S. and Iran is facing its toughest test yet after a flare up of fighting overnight. Bloomberg's Ethan Bronner has the latest from Tel Aviv. The Americans, uh, you know, shot out an empty oil tanker heading to Iran. And then U.S.

[00:00:17]bases, supposedly in Bahrain and Kuwait came under fire.

[00:00:21]But in fact, they didn't reach those U.S.

[00:00:22]bases. They went to the civilian areas nearby, and they killed a person in Kuwait. Bloomberg's Ethan Bronner in Tel Aviv.

[00:00:29]Secretary of State Marco Rubio is hopeful the latest round of talks in Washington between Israel and Lebanon can produce a path forward for security in the region. Rubio testified about the Strait of Hormuz blockade, explaining to the House Foreign Affairs Committee how the U.S.

[00:00:44]is engaging with Iran. The ship will go through the route.

[00:00:47]Those ships will come under attack. The U.S.

[00:00:50]will respond to that attack by shooting down those drones.

[00:00:53]At that point, the Iranians will respond to that by targeting some facility in the region in retribution. Secretary of State Marco Rubio, adding that the Trump administration was aware of the potential global economic fallout from launching a war against Iran. President Trump says he's still holding out for a deal, and he confirmed in a Pod Force One podcast interview that he called Israeli Prime Minister Benjamin Netanyahu crazy for ramping up attacks on Lebanon. Netanyahu says his relationship with the president has not shifted. So we have common goals.

[00:01:25]Sometimes we have is in the best of families.

[00:01:27]You have these tactical disagreements. We always find a way to work them out.

[00:01:31]And, uh, uh, and we do so with as great friends.

[00:01:34]We can, uh, disagree in the morning. And by the afternoon we have, uh, with common action. Prime Minister Benjamin Netanyahu was on CNBC. It is the biggest move yet to rebuild President Trump's tariff wall. The administration is proposing new tariffs of at least 10% on at least 60 trading partners.

[00:01:51]That follows an investigation into how they handle goods allegedly produced through forced labor. Bloomberg Global Trade editor Brendan Murray with more. The existing one that's currently a 10% on on most goods into the U.S. it expires in about six weeks.

[00:02:06]So we're seeing these 301 investigations kind of trickle out here.

[00:02:09]There's another one that's coming in the next week or two.

[00:02:12]Uh, on on industrial overcapacity, which mainly means China.

[00:02:16]Bloomberg's Brendan Murray reports China and five other countries would be subject to 12.5% tariffs. The 10% rate would apply to Canada, Mexico, the E.U., the UK and Taiwan, among dozens of others.

[00:02:28]Stocks are declining as the U.S. Iran class drives oil higher.

[00:02:32]We check markets for you all day long here at Bloomberg.

[00:02:35]The S&P 500 down 7/10 of a percent. Nasdaq down 1%.

[00:02:39]The Dow down 9/10 of a percent. The ten year Treasury yield at 4.5% of two year yield at 4.09%. WTI now near $96 a barrel and Brent crude is closer to $98 a barrel. Palo Alto shares are nearly 5% lower after the cybersecurity giant reported earnings and revenue beat fiscal Q3 views, with higher guidance for the current quarter.

[00:03:01]SpaceX's IPO will likely make President Trump's already wealthy administration even richer. Ten officials released financial disclosure reports showing interest in space X or Z.

[00:03:12]In total, they held stock worth at least $9.9 million and as much as $43.8 million. Treasury Secretary Scott Benson is on Capitol Hill for a budget hearing with Senate Finance Committee members.

[00:03:24]It got off to a personal start in his opening statement.

[00:03:27]Senator widen has mendacious Lee slandered the Treasury Building in an attempt to cover up his son, having an investment meeting with Jeffrey Epstein.

[00:03:39]Democratic Senator Ron Wyden, and responded to that.

[00:03:42]Nobody is interested in the ramblings of a capo in the most corrupt regime in American history. We want to get some facts about this deal. That's what we're here for.

[00:03:53]Senator Wyden, an accused Besson of dodging questions about Treasury's involvement in a.8 billion, quote, anti weaponization fund.

[00:04:01]The Justice Department indicated this week that it's scrapping the fund while keeping President Trump and his businesses immune from any tax audits.

[00:04:09]A proposal to streamline the Federal Reserve operations raised alarms over whether the institution would undermine the autonomy of its 12 regional banks.

[00:04:18]The initiative, led by fed Governor Christopher Waller, aims to centralize certain back office functions like human resources and IT at individual reserve banks, rather than duplicate them across the Fed's regional outposts.

[00:04:30]Bridgewater associates founder Ray Dalio says the debt burden is overwhelming.

[00:04:34]We're past the point of no return, meaning when debt service payments squeeze out, spending like plaque in the circulatory squeezes out the flow of money, the flow of blood. It's the same kind of thing.

[00:04:49]Bridgewater associates founder Ray Dalio spoke with Bloomberg's Danny Berger at the Forbes Iconoclast Summit in New York City.

[00:04:56]The race for California governor remains uncalled.

[00:04:59]Democrat Gavin Newsom is barred from seeking a third term.

[00:05:03]About 60 names are on the ballot to succeed him.

[00:05:06]Democrats have you ever. Sarah and Tom Steyer, along with Trump endorsed Republican Steve Hilton, were leading in early returns after the polls closed. That's news when you want it with Bloomberg News now. I'm Amy Morris and this is Bloomberg