Episode summary
US, Iran Halt Attacks; Supreme Court to Rule on Trump Cases | Bloomberg Daybreak: US Edition
Bloomberg Daybreak: US Edition
· · 15 min
Summary
The US and Iran say they will pause attacks and return to talks over the Strait of Hormuz, but Bloomberg’s guests described the truce as fragile and full of unresolved questions. The host and guests said the latest exchange exposed how easily the ceasefire can be tested, especially over Iran’s effort to assert control over shipping and potentially charge fees or tolls for vessels moving through the waterway.
Russia also signaled it wants to keep negotiations with US envoys going on Ukraine, even as Vladimir Putin rejected proposals to curb long-range strikes. Bloomberg’s reporting said Moscow expects talks to resume once Washington is less focused on the Iran crisis.
In Washington, the Supreme Court is due to rule this week on major Trump-related cases, including whether he can remove Fed Governor Lisa Cook while she fights mortgage fraud allegations and whether he can narrow birthright citizenship. The program also touched on falling gasoline prices, a housing bill headed to President Trump, higher futures ahead of June jobs data, and a few corporate and global updates.
Key takeaways
- Bloomberg’s Middle East coverage said the US-Iran ceasefire is “extremely fragile” because the two sides still disagree on how the Strait of Hormuz will be governed.
- A guest said Iran may be aiming for control of the strait and has floated fees that could amount to as much as $40 billion a year.
- Putin said Russia is ready to keep talking with US envoys, but he rejected a proposal to limit long-range strikes in Ukraine.
- The Supreme Court is expected to decide whether Trump can temporarily remove Fed Governor Lisa Cook and whether he can restrict birthright citizenship.
- US gasoline prices fell to $3.86 a gallon, according to AAA, as markets priced in hopes of a lasting Iran ceasefire.
Notable quotes
“It is fragile and clearly what happened over the last few days will be a worry to everyone and to people trying to get oil and other goods in and out of the straight of moves”
“I think though that both sides probably want an opportunity for the talks to continue and to build on what was agreed in their memorandum of understanding”
“we do still have very different ideas it seems about how the straight of hormuz is going to end up as well with the US pushing back at this idea of Iran charging tolls”
“it's unlikely. I mean, it's it's almost impossible to imagine a full meaningful nuclear deal uh being struck within 60 days”
“The justices are weighing whether the for cause removal provision permits a president to bypass due process”
How the episode opens
Bloomberg Audio Studios podcasts radio news. — Good morning. I'm Nathan Hager — And I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the latest from the Middle East. The US and Iran have agreed to stop attacking each other before talks resumed this week over the Straight of Hormuz and other issues. The latest strikes began Thursday when Iran hit a container ship in the straight that led to back and forth attacks that ended last night with Kuwait and Bahrain intercepting drones and missiles from Iran's Islamic Revolutionary Guard Corps.
US Ambassador to the United Nations Mike Walt says the US will continue to respond militarily if necessary.
Last few nights where we'll continue to militarily if needed take down their infrastructure that they're trying to use to illegally control an international waterway. UN Ambassador Mike Waltz appeared on Fox News Sunday, heard every Sunday on Bloomberg radio. Bloomberg's Europe, Middle East, and Africa News Director Will Kennedy says all this has put the 60-day ceasefire to the test.
It is fragile and clearly what happened over the last few days will be a worry to everyone and to people trying to get oil and other goods in and out of the straight of moves. I think though that both sides probably want an opportunity for the talks to continue and to build on what was agreed in their memorandum of understanding. So it is a truce but extremely fragile one I think.
Bloomberg's Will Kennedy reports both sides continue to tussle over whether Iran will be able to impose tolls or other costs for ships to move through the straight. Talks on that and other technical issues are expected to resume this week in Doha Qatar. Well, Nathan, Russia expects US negotiators Steve Wickoff and Jared Kushner to travel to Moscow to continue talks on ending the war in Ukraine once Washington is no longer preoccupied with the conflict with Iran.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- us-iran ceasefire
- strtait of hormuz
- russia-ukraine peace talks
- supreme court trump cases
- federal reserve appointments
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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