Episode summary
US & Iran Strike Each Other, Trump's New Tariffs Blocked | Bloomberg Daybreak: US Edition
Summary
US and Iranian forces exchanged strikes around the Strait of Hormuz even as President Trump insisted the ceasefire was still intact and pressed Tehran to accept a US peace proposal. A guest in Dubai said Iran was still reviewing what she called a “maximalist” US document and that an official response could come through Pakistani mediators within two days. The standoff kept the focus on the waterway’s economic importance and on whether the talks can move into a phased deal involving sanctions relief and limits on Iran’s nuclear and missile programs.
Markets also had to digest a major legal setback for Trump’s trade agenda. A federal trade court ruled his 10% global tariffs under section 122 of the 1974 trade act unlawful, but the ruling was limited to the small businesses and Washington state that challenged it, leaving uncertainty over what happens to other importers.
Elsewhere, the host highlighted softer US jobs expectations, with economists looking for 65,000 payroll gains and 4.3% unemployment, while a Fed speaker said higher energy prices are not yet lifting inflation expectations. Bloomberg also reported that SoftBank has scaled back plans for a margin loan backed by its OpenAI stake, and that a separate US probe is looking at alleged AI chip smuggling tied to Thailand-based entities.
Key takeaways
- The host said US strikes on missile and drone launch sites in Iran followed attacks on three US warships near the Strait of Hormuz.
- A guest in Dubai said Iran is still reviewing the US proposal and may respond through Pakistani mediators within two days.
- The federal trade court invalidated Trump’s 10% global tariffs, but only for the small businesses and Washington state that sued.
- Economists expect 65,000 US jobs added in April and unemployment to hold at 4.3%, while a Fed speaker said energy prices have not lifted inflation expectations.
- Bloomberg reported SoftBank is now targeting about $6 billion for an OpenAI-backed margin loan, down from $10 billion.
Notable quotes
“We blew them away. They trifled. I call that a trifle. I'll let you know when there's no cease”
“we are still in this period where we're waiting to hear back from the Iranians officially about the uh 14.1page proposal that the US has put forward”
“The court says the ruling against section 122 only applies to the group of small businesses that challenged it along with Washington state”
“The median forecast is for a gain of 65,000 jobs and the unemployment rate to hold steady at 4.3%”
“Soft Bank. It's downsizing plans for a $10 billion margin loan backed by its stake in Open AI”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. — Good morning. I'm Nathan Hager. — And I'm Alexis Christopherus. Here are the stories we're following today.
Alexis, tensions are building once again between the US and Iran as the world waits for Iran's response to a US peace offer. Overnight, the US attacked missile and drone launch sites inside Iran that it says were used to attack three US warships in the Straight of Hormuz. It's after Iran accused the US of targeting two of its oil tankers and striking civilian areas along its southern coast and Casham Island.
But President Trump says the ceasefire is still intact.
They trifled with us today. We blew them away. They trifled. I call that a trifle. I'll let you know when there's no cease. You won't have to know. And President Trump's threatening to hit Iran even harder if it doesn't reach a deal. We get more from Bloomberg's Jumanna Bureti in Dubai.
There is a strong push from the US side to get a deal across the line, but we are still in this period where we're waiting to hear back from the Iranians officially about the uh 14.1page proposal that the US has put forward. As you were reporting earlier in the week, some of the demands that the US have have put on that paper are deemed to be quite maximalist from Iran's standpoint. So, it is unclear at this point whether there can be some form of a compromise and indeed whether you can get to a compromise over a 30-day period.
Bloomberg's Jamaichi reports Iran is still expected to respond to the US offer through Pakistani mediators in the next 2 days. — President Trump is moving ahead with plans to hold a summit with his Chinese counterpart Xihinping next week in Beijing and he's bringing some bigname guests along with him.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- us iran tensions
- strait of hormuz security
- tariffs legal challenge
- softbank financing
- openai stake
Companies and tickers mentioned
- SFTBY
- SoftBank
- OpenAI
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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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