中美达成关税协议削减300亿美元进口关税

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Good morning. I'm Karen Moscow and I'm Alexis Christopherus. Here are the stories we're following today.

All right, Alexis, we begin with the latest on US China relations following the summit between Donald Trump and Xihinping. The two countries detailed a plan to cut tariffs on about $30 billion of imports from each nation. The list for goods entering the US contains 77 entries, including fireworks and toys, while more than 1,600 goods are set to potentially enter China, such as meat and medical equipment. We get more from Bloomberg Chief Asia correspondent Steven Angel.

It's putting some details to what they agreed on on maybe the lowerhanging fruit of trade disputes. There's still a lot more contentious issues, no doubt, including chips and other national security items.

Bloomberg Steven Angel says the expected tariff relief of $60 billion in bilateral trade is a fraction of the $415 billion in total goods exchanged between the world's largest economies last year.

And Karen, now the latest on the war in the Middle East. Iran is sticking to its 7-day proposal for reopening the crucial straight of Hormuz, saying it won't soften its conditions. While President Trump sent mixed signals about his willingness to reach a deal, we get more from Bloomberg Middle East correspondent Aira Omar.

President Trump had rejected this plan that Iran had laid out about a 7-day ceasefire to reopen the Straight of Hermos. He did say that he might have agreed to the conditions that Iran had laid out a year ago, but Iran had overplayed its hand. Now from the Iranian side, we also have heard from the foreign minister Abasaki who said that diplomacy is always on the table. Iran prefers diplomacy, prefers to go back to the negotiating table, but that he doesn't see a way for it.

Middle East correspondent Air Abu Omar. Oil rising on those latest developments. Right now, we've got Bren crude nearing up 4% at 108.21 a barrel and WTI crude rallying 3.5% at 9557 a barrel. Alexis, UK police are investigating a potential terrorism incident after five men were arrested near an air base used in US strikes on Iran. We go to London and get the very latest from Bloomberg's Nathan Hager. Nathan, good morning.

Well, good morning Karen and Alexis. So, this was near RAF Fairford in the area of Glouester in western England. The US has been using it as a forward staging base for bombers in defensive strikes against Iran. Local police say they got a call around a/4 to 1 in the morning yesterday, local time, of three suspicious vans appearing to be headed toward the base. Armed police arrested five men while dozens of residents were evacuated from a nearby village and a bomb disposal unit came in to examine the vehicles.

President Trump says the suspects were looking to do big damage. In his words, he suggested some of them may have been under surveillance, but he didn't give more details. UK Defense Minister West Streing told Bloomberg this morning it's too soon to link the Fairford incident with the Iran conflict. But a source tells Bloomberg police think they disrupted a serious attempted attack at a late stage. In London, Nathan Hager, Bloomberg Radio.

Thanks, Nathan. The arrests come as UK Prime Minister Andy Burnham goes into his first Labor Party conference as Britain's Prime Minister. Bloomberg's James Wilcox is covering the 4-day event and joins us from Liverpool.

Good morning. It's clear skies here in Northwest England and the UK Prime Minister wants to envision a brighter future. Bring back hope is the pitch here. But with bond yields at multi-deade highs, there are concerns there may be clouds gathering where streeting also told us the defense secretary there that we know perfectly well that if we're out there making unfunded commitments, the market's pricing and risk and we face higher borrowing costs.

The UK chancellor makes his speech in just two hours and we'll be here covering it in Liverpool. James Wilco, Bloomberg Radio.

All right, James, thank you. Back here in the US, the Northeast is still feeling the remnants of the noraster over the weekend. In the New York area, coastal flood advisory is in effect until this afternoon. We get more with Bloomberg meteorologist Craig Allen.

The weather is still pretty nasty along 95, especially from northern New Jersey, New York City, and Long Island on up to Boston and suburbs. But the forecast is improving. And after more than 48 hours of wind driven rain and coastal flooding, the noraster is weakening. It is moving very slowly though, just meandering, so it will take a while for drier air to arrive. Expect some gusts over 20 miles per hour today, additional showers around.

For our listeners in Washington, improvement will get underway today. But for the rest of the Northeast, hang on until Tuesday or even more so Wednesday as the sun returns.

And that's Bloomberg meteorologist Craig Allen. The storm caused chaos for some air travelers, but its worst impacts were coastal flooding and power outages. More than 100,000 homes and businesses were without power Sunday morning from Massachusetts to Virginia. Long Island was among the harder hit areas with more than 24,000 customers still without electricity in Suffach and Nassau counties. And Karen, we now turn to the markets where a selloff in treasuries is resuming as we begin a new work week.

Checking treasuries right now. The 10-year yield up six basis points at 5.22%. The 30-year yield up four basis points at 5.53% in the 2-year up six basis points closing in on 5% now at 4.91%. Meanwhile, Treasury Secretary Scott Besson says the Fed should keep an open mind on interest rates. Besson said productivity gains from AI along with deregulation will help keep US inflation in check.

It's the deregulatory aspect. Look, we have created supply with deregulation. We got the great inflation from the Biden years because they had a demand shock that was met with supply constriction with all the regulations and the expansion of the regulatory state. Uh and their demand shock was government driven. We have a private sector demand shock and that is being met with more supply because we've deregulated.

Treasury Secretary Besson added that core inflation has actually dropped over the past few months. Well, Alexis Microsoft co-founder Bill Gates has joined a chorus of tech leaders warning about the safety risks to fasttracking AI development. Gates says a kill switch to restrict models may not be enough. He spoke on NBC's Meet the Press, which can be heard Sundays on Bloomberg radio.

We do need to monitor any sophisticated model and record exactly what's being done. The United States ought to make sure this is done. uh China will want to do this.

And that's Microsoft co-founder Bill Gates who warned that artificial intelligence is a powerful enough tool to kill off a substantial portion of humanity. Meanwhile, we are hearing just now that Nvidia has introduced a new double layered artificial intelligence security system that it says would have prevented the recent high-profile breach of hugging face by open AI's AI models. 508 on Wall Street. Time now for a look at some of the other stories making news in New York and around the world.

For that, we're joined by Bloomberg's Michael Bar. Good morning, Michael.

Good morning, Alexis. The Department of Justice is still defending President Trump's decision to ban CNN, MS Now, and Politico from the White House over their coverage as court battles over media access at the White House continue. US Attorney General Todd Blanch on ABC's this week argued that the administration banned three news outlets from the White House because it is a privilege, not a right to be there.

The president hasn't denied access. That's not the right way to describe it. This is what the president has said is that he is sick and tired of certain media outlets just refusing to report