Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
US and Chinese negotiators will resume trade talks on June 9 in London, President Donald Trump announced, as the world’s two largest economies look to resolve a simmering dispute over tariffs and technology that has unnerved markets.
US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer will meet Monday “with Representatives of China, with reference to the Trade Deal,” Trump posted Friday on social media. “The meeting should go very well.”
The new round of talks follow a 90-minute call between Trump and Chinese leader Xi Jinping on Thursday that saw the two agree to defuse growing tensions spurred by concerns over the flow of critical minerals needed by American firms.
Earlier talks between the two countries in Switzerland in May resulted in a tariff truce between Beijing and Washington that set the stage for further talks on trade. But negotiations between the rivals stalled after the Geneva meeting, with both sides accusing the other of violating the agreement that brought down duties from massive highs.
Today's show features:

• Bloomberg Balance of Power cohost Joe Mathieu
• Phil Gramm, Economist and former Republican US Senator from Texas
• Gary Bettman, Commissioner of the National Hockey League on the Stanley Cup Finals

See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations from the Bloomberg Tech Summit in San Francisco.
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

See omnystudio.com/listener for privacy information.

Florian Seibel, co-founder and CEO of Quantum-Systems GmbH, discusses the rapid advancements in drone technology, the role of drones in warfare and how artificial intelligence factors in.
The former German army helicopter pilot and aeronautical engineer in 2015 co-founded a maker of reconnaissance drones, aiming to tap into his creative side after years in the military. In the past decade, his company, backed by Peter Thiel, has grown to about 400 employees worldwide.

Its unmanned aerial vehicles were first used primarily in low-stress fields such as agriculture and archaeology. But today, 90% of its sales go to the military sector, with the Munich company providing thousands of drones to Ukraine, where its AI features can keep the aircraft flying even when Russian jamming disrupts steering, navigation and communication.

See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump proposed ending Elon Musk’s government contracts and subsidies, escalating the war of words between the world’s richest man and the president he helped elect.
“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!” Trump posted on his social media site Thursday.

Trump’s threat strikes at a main source of the billionaire’s wealth. Musk’s Tesla Inc. and Space Exploration Technologies Corp. have benefited from federal contracts and subsidies. Ending contracts with Musk’s companies could prove legally and practically unwieldy, given they are deeply intertwined with US space and defense operations.

Total revenue for SpaceX and Tesla from federal unclassified contracts since fiscal year 2000 is $22.5 billion, according to Bloomberg Government data. Tesla’s shares fell as much as 18% on Thursday, extending earlier losses after Trump floated ending Musk’s federal relationships.
“Go ahead, make my day,” Musk posted on X in response to Trump’s threat. The Tesla chief then alleged that Trump’s name appears in the files related to the late New York financier Jeffrey Epstein, who was accused of sex trafficking underage girls and later died by suicide while in federal detention.

“Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!” Musk wrote. The White House declined to comment on the Epstein accusation.

Today's show features interviews from the Bloomberg Technology Summit in San Francisco:

• RJ Scaringe, Founder and CEO of Rivian
• Bloomberg Technology Co-Host Ed Ludlow
• Peggy Johnson, CEO of Agility Robotics
• Ashley Mayer, Co-Founder & General Partner, Coalition Operators and Helen Min, Venture Partner, True Ventures

See omnystudio.com/listener for privacy information.

Tillamook Ice Cream – the fastest-growing family size ice cream brand in the United States – is now officially in production at the new Tillamook County Creamery Association (TCCA) manufacturing facility in Decatur, Ill. As TCCA’s first owned-and-operated manufacturing site outside of Oregon, the production facility opening marks a key milestone in the 116-year-old farmer-owned co-op’s national expansion.

Tillamook President and CEO David Booth discusses the company’s growing dairy business on the first day of operation for its new plant, as well as the impact of tariffs on profits.

See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.

The Education Department said Columbia University no longer appeared to meet accreditation standards after concluding that the school is in violation of anti-discrimination laws, the latest effort by the Trump administration to target elite schools over their handling of pro-Palestinian protests.

Education Secretary Linda McMahon said in a statement that the school’s leadership “acted with deliberate indifference towards the harassment of Jewish students on its campus” after the Oct. 7 attack by Hamas on Israel. The Education Department said it had notified the Middle States Commission on Higher Education that the administration found that the school failed to meaningfully protect students during the protests, violating Title VI of the Civil Rights Act. The department also cited federal law which they said required accreditors to notify member institutions if they were in noncompliance and establish a plan to bring them back into compliance.

Any revocation of the school’s accreditation could have significant implications for students. Some 21% of Columbia College and Columbia Engineering undergraduates receive the Pell Grant, a type of federal aid for high-need students, according to figures on the university’s website. Removing access to federal student loans would also increase borrowing costs for many students financing their education, while federally-backed work-study programs could also be under threat.

McMahon has been in communication with university President Claire Shipman since the administration pulled some $400 million in federal grants and contracts from the school in March. Last month, Shipman announced that Columbia was cutting nearly 180 staff members after reductions to its federal funding.

President Donald Trump and McMahon have previously suggested that conversations with Columbia were headed in the right direction, especially compared to another Ivy-League institution, Harvard University, which has launched legal challenges against the administration’s decision to cancel its federal funding and revoke its license to admit international students.

The Department of Education does not have the authority to revoke a school’s accreditation, that authority lies with accrediting agencies like MSCHE. But the federal government can stop recognizing an accreditor as a reliable judge of the quality of higher education, which chokes off federal aid from an agency’s member schools.

Today's show features:

• Bloomberg News White House Reporter Akayla Gardner on the White House saying Columbia University no longer meets accreditation standards
• Henrietta Treyz, Co-Founder and Director of Economic Policy at Veda Partners on key fiscal policy and trade issues facing the Trump administration and the GOP-led Congress
• Brent Schutte, Chief Investment Officer of Northwestern Mutual Wealth Management on the outlook for US monetary and fiscal policy changes
• Bloomberg News Senior Technology Reporter Dana Hull on the Big Take detailing Elon Musk’s push to bring robotaxis to Austin, Texas even as federal regulators investigate whether the system is safe
• Bloomberg Businessweek Editor Brad Stone on his Dan Gilbert feature story

See omnystudio.com/listener for privacy information.

John Caplan, CEO of financial technology company Payoneer, discusses how a the health of the American consumer impacts the global digital payment industry. Payoneer sees the uncertainty surrounding global trade and tariffs posing a headwind to revenue, prompting the company to pull its outlook for the year when it reported earnings last month.

The New York City-based fintech company specializes in facilitating cross-border payments and is one of the top performers in the space along with Paypal and Venmo.

See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Wells Fargo & Co. finally escaped a Federal Reserve asset cap that has restricted its size for more than seven years, unleashing the firm from the unprecedented punishment in a major win for Chief Executive Officer Charlie Scharf. The bank’s shares surged.

The Fed said in a statement Tuesday that Wells Fargo met all conditions required by an enforcement action imposed on the bank in 2018 to remove the restriction. The central bank completed its review of Wells Fargo’s remediation efforts and third-party assessments, as well as its own assessment of the bank’s corporate governance and risk management programs, it said.
The hotly anticipated verdict closes the door on nearly a decade of scandals at the fourth-largest US lender and allows the bank to pursue growth again. Since the cap was imposed in February 2018, it became the most-feared punishment in banking and caused Wells Fargo to miss out on about $39 billion in profits by one measure.

The Fed said that other elements of the 2018 enforcement action will remain in place for now.
Today's show features:

• Bloomberg News US Finance Team Leader Sally Bakewell on Wells Fargo being released from a Federal Reserve asset cap that has restricted its size for over seven years
• Bloomberg Radio and Television Anchor Alix Steel on Meta's deal to buy nuclear power from Constellation Energy to help run its AI platforms
• Bloomberg News National Security Team Leader Nick Wadhams on President Donald Trump’s decision to attend the upcoming NATO summit and NATO’s push to boost European to air defenses
• Katy Kaminski, Chief Research Strategist of AlphaSimplex on key trends to watch in the equity and bond markets
• Eric Clark, Chief Investment Officer at Accuvest Global Advisors on consumer-focused ETFs and investing strategies

See omnystudio.com/listener for privacy information.