Trump Targets BRICS, OPEC+ Oil Supply Surge, Business Sours On Labour

Bloomberg

a day ago

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President Donald Trump said he would put an additional 10% tariff on any country aligning themselves with 'the Anti-American policies of BRICS,' injecting further uncertainty into global trade as the US continues to negotiate levies with many trading partners. (2) China will impose some reciprocal curbs on medical-device procurement for companies based in the European Union, adding tensions between the two major trading partners just as Beijing seeks to shore up ties while it fights a trade war with the US. (3) 82 people are now known to have died in Texas after catastrophic flooding that left officials struggling to explain whether they did enough to warn people of the fast-rising waters. (4) British bosses were clamouring for change after 14 years of rule by the opposition Conservative party. But a year on from the Labour Party's landslide election win, that initial optimism has been replaced by discontent over tax increases, persistent red tape and a lack of dialogue with the government. (5) Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook. (6) The UK government talked down hopes that the two-child cap on parental benefits might be scrapped, as Prime Minister Keir Starmer seeks to hold the line on spending after failing to push through separate controversial welfare cuts. (7) President Donald Trump blasted Elon Musk's bid to start a new political party, as the intensifying feud between the former allies deepens concerns among investors over the implications for Tesla Inc. and other companies helmed by the world's richest man.