Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S CPI and PPI data and Tesla’s Robotaxi launch.
• In the UK – a look ahead to London’s Tech Summit.
• In Asia – a look ahead to readings on Chinese exports, as well industrial production and retail sales.

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On today's podcast:

(1) Differences between US President Donald Trump and Elon Musk exploded Thursday into an all-out public feud.

(2) Tesla’s shares sank as Elon Musk and President Donald Trump’s simmering feud devolved into a public war of words between two of the world’s most powerful people.

(3) US President Donald Trump and Chinese President Xi Jinping on Thursday agreed to further trade talks aimed at resolving disputes over tariffs and supplies of rare earth minerals at the heart of tensions between the world’s two largest economies.

(4) German Chancellor Friedrich Merz successfully navigated a 40-minute meeting with Donald Trump in the Oval Office without falling victim to the public humiliation the American president has doled out to other leaders — even though both Germany and Europe are two of Trump’s perpetual irritants.

(5) Christine Lagarde just unveiled an outlook that may be as good it gets for the euro zone.

(6) Zia Yusuf resigned as chairman of Reform UK after 11 months in the job, delivering a blow to its leader, Nigel Farage, who has promised to build and professionalize the insurgent party in a quest for power at the next general election.

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On today's podcast:

(1) President Donald Trump signed a proclamation that bans individuals from 12 countries from entering the US, reinstating one of the most controversial measures from his first term after an attack in Colorado that targeted an event supporting Israeli hostages.

(2) Elon Musk is on a mission to block President Donald Trump’s tax bill after he tried — and failed — to convince Republican lawmakers to preserve valuable tax credits for electric vehicles in the legislation, according to a person familiar with the matter.

(3) Donald Trump on Wednesday broadcast Vladimir Putin’s warning that he’ll retaliate against Ukraine for its recent stunning drone strikes deep inside Russian territory, the clearest signal yet that the US president’s peace efforts have stalled.

(4) Some of the world’s biggest banks are pushing UK regulators to accelerate plans to ease rules around deferred bonuses so the new regime can be applied to payouts for 2025, according to people familiar with the matter.

(5) The Trump administration’s attack on US diversity, equity and inclusion policies is reverberating across the Atlantic, with corporations abandoning sponsorships of Britain’s Pride festivals, threatening key funding for events this summer.

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On today's podcast:

(1) President Donald Trump has raised steel and aluminum tariffs to 50% from 25%, following through on a pledge to boost US import taxes to help domestic manufacturers.

(2) Chinese Foreign Minister Wang Yi used his first meeting with new US Ambassador David Perdue to complain about recent actions by Washington, underscoring a downturn in relations between the world’s two biggest economies.

(3) Donald Trump ally Elon Musk lambasted the president’s signature tax bill as a budget-busting “abomination” as Republican fiscal hawks stepped up criticism of the massive fiscal package.

(4) Volkswagen AG said about 20,000 employees will voluntarily leave the company by the end of the decade as the carmaker restructures its German operations to cope with uneven demand for its vehicles.

(5) Britain’s ammunition production begins life in the ancestral town of George Washington. Hundreds of technicians and robots work around the clock to manufacture the empty shells that are then filled with explosives and fired from a range of artillery systems.

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As fighting in Ukraine drags on and Donald Trump demands that Europe take greater responsibility for its own security, the UK is confronting the hard reality of rebuilding its military strength. The challenge lies in overcoming years of underinvestment, failed contracts, and recruitment struggles. While European allies are pledging billions of euros to boost domestic defense manufacturing, the UK is scrambling to catch up in an industry it once dominated. In this special podcast, Daybreak Europe host Caroline Hepker speaks with CEOs and industry experts, along with our Political Correspondent Ellen Milligan and Bloomberg’s Chief UK Economist Dan Hanson, to assess whether Britain has what it takes to realize its ambition of once again becoming a major military power.

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On today's podcast:

(1) Donald Trump’s combative trade policies have tipped the world economy into a downturn, with the US among the hardest hit, the OECD said. The Paris-based organization slashed its global forecasts for the second time this year, citing the impact of the American president’s tariff onslaught.

(2) US President Donald Trump is eager to land more trade deals, but talks with China and Europe continue to languish amid communications breakdowns and fresh tariff threats.

(3) Far-right lawmaker Geert Wilders pulled his Freedom Party out of the Netherlands’ ruling coalition, causing the government to collapse and triggering a snap election.

(4) Thames Water’s preferred bidder KKR has pulled out of a rescue deal in a major setback for the utility. The US alternative asset manager “will not be in a position to proceed, and its preferred partner status has now lapsed,” Thames said in a statement Tuesday.

(5) Private credit firms enjoy a “significant” capital advantage over traditional banks that’s unlikely to disappear, according to Bill Winters, chief executive officer of Standard Chartered

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) US President Donald Trump is eager to land more trade deals, but talks with China and Europe continue to languish amid communications breakdowns and fresh tariff threats.

(2) Treasuries began June on the back foot with 30-year bond yields testing the 5% level as concerns over President Donald Trump’s tariff policies resurfaced at the start of a data-heavy week for assessing the health of the world’s largest economy.

(3) French President Emmanuel Macron and Italian Prime Minister Giorgia Meloni will look to patch up difficult relations during a bilateral meeting in Rome on Tuesday, as Europe grapples with the seismic geopolitical shifts caused by the Trump administration.

(4) Russia and Ukraine wrapped up a second round of talks in Istanbul that failed to bring the two sides closer to ending the war, but laid the groundwork for a new exchange of prisoners.

(5) The UK envisages taking an enhanced role in NATO’s nuclear deterrence amid doubts surrounding the US commitment to the alliance, as Prime Minister Keir Starmer pledges to make Britain “war-ready” to counter Russian aggression in Europe.

(6) Immigration minister Seema Malhotra said it is still too soon to know whether the government’s plans to make it harder for migrants to claim settlement in the UK will apply retroactively to those already in the country, potentially extending the wait for millions who arrived in the country since the pandemic.

Podcast Conversation: Musk’s Chatbot Can Be ‘Non-Woke’ or Truthful, Not Both: Dave Lee

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Ukraine staged a dramatic series of strikes across Russia, deploying drones hidden in trucks deep inside the country to hit strategic airfields as far away as eastern Siberia.

(2) The UK will create an “always on” munitions production capacity to allow it to scale-up its defense industry when needed, as it increasingly shifts to a war footing with Russia’s assault on Ukraine showing little sign of ending.

(3) A nationalist candidate backed by Donald Trump won Poland’s presidential election, defeating the centrist mayor of Warsaw in a blow to the country’s pro-European Union government.

(4) Six people were injured in an attack on an event in Boulder, Colorado, held in support of Israeli hostages, police and FBI officials said, sparking renewed concern about threats of antisemitic violence in the US. The FBI says the suspect was heard to yell 'Free Palestine' while using a makeshift flamethrower.

(5) China accused the US of violating their recent trade deal and vowed to take measures to defend its interests, dimming the prospect of an immediate leadership call that Donald Trump wants to have to further bilateral talks.

(6) The dollar will tumble to levels last seen during the Covid-19 pandemic by the middle of next year, hit by interest rate cuts and slowing growth, according to predictions by Morgan Stanley.

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