Episode summary
Trump Deepens Tariff Battle With Threat Over EU’s Google Fine | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 44 min · Hosts: Carol Massar, Tim Stenovec · Guests: Michael McKee, Mandeep Singh, Clara Gillespie, Jason Leopold, Claudia Chamberlain
Summary
The episode centers on President Donald Trump’s tariff fight, as the host and a guest explain that the administration is leaning on new Section 301 tariffs after earlier broad tariffs were struck down. The discussion frames the move as a different legal rationale for roughly the same tariff levels, while warning that companies are already suing and that the Supreme Court fight could drag into late next year. The president’s threat to retaliate over the EU’s fine on Google also feeds fresh uncertainty into transatlantic trade.
Key takeaways
- The host and a guest say the new Section 301 tariffs mostly preserve prior tariff levels, but with a different legal justification meant to survive court review.
- A guest says the tariff actions may keep import costs elevated while legal challenges play out, with the Supreme Court timeline potentially stretching into late next year.
- A guest on technology says Intel’s mixed results showed stronger server demand but softer second-half client expectations and unresolved financing risks for foundry expansion.
- A guest on energy says oil markets remain fragile and uncertain, with rising coal use in Asia complicating the global climate outlook.
- A guest on wine says American buyers are increasingly focused on drinking wine in its ideal window, while collectors still seek allocation and provenance.
Notable quotes
“today they announced these new section 301 tariffs which is basically an effort to recreate the tariff levels that they already have”
“It's just a different justification that they hope will be legal before the Supreme Court”
“I think the financing aspect just wasn't clear if they were to raise their capex”
“energy markets have remained incredibly fragile and yet even so we've seen resilience adaptation coming from a number of fronts”
“the American consumer is very focused on the act of consumption and the act of how to drink something in its perfect drinking window”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily. Reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio.
We got Mike McKe with us, Bloomberg News international economics and policy correspondent. He joins us here in the Bloomberg Business Week studio. Mike, I have trouble keeping track of all of these. Uh, fortunately, you're here to set us straight. People are familiar with the Liberation Day tariffs from last year struck down by the Supreme Court. I'm still waiting on my refund check. I don't know if you've gotten yours.
No. — Okay. You haven't gotten your — To get Don't wait too long. — Okay. We'll get to that. Uh the new tariffs that were laid out yesterday, 4:57 p.m. Wall Street time. How are these different than what the president did last year?
Well, the president did the uh section 122 tariffs after the Supreme Court struck down his AIPA tariffs, which gave him the ability to do 150 days of tariffs at 10% around the world. Uh and that expired at midnight last night. So today they announced these new section 301 tariffs which is basically an effort to recreate the tariff levels that they already have.
In this case they're argue section 301 allows tariffs on national security grounds or if the US is party to treaties and people are not keeping up with the treaties. And it's kind of that part that it falls under because the US is accusing these countries of either using forced labor to produce things or not policing the companies that they're importing from.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- tariffs
- eu google fine
- trade relations
- economic uncertainty
- technology regulation
Companies and tickers mentioned
- GOOGL
- GOOG
- Alphabet Inc.
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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