Name: President Trump Hits 60 Economies With New Tariffs | Daybreak Europe 7/24/2026
Uploaded: 2026-07-24T08:25:45+00:00
Duration: 2750 s

Speakers

Bloomberg Cross-Asset — Strategist

Stephen Stapczynski — Asia Energy Coverage, Bloomberg

Oliver Crook — Chief European Correspondent, Bloomberg

Asian Market — Reporter

Martin Kocher — Austrian National Bank Governor & ECB Governing Council Member

Lizzy

Fatima Dangote — Head of Commercial Operations, Dangote Refinery

Summary

New US tariffs on 60 economies take effect, adding to global trade tensions. Oil surges above $100 on Middle East supply fears, fueling inflation concerns and ECB rate hike bets. Tech sentiment sours as Mag7 falls sharply, while Volkswagen slashes its revenue outlook amid China weakness and rising competition.

Trump imposes 10-12.5% tariffs on 60 trading partners, replacing earlier duties struck down by the Supreme Court.
Brent crude above $100/barrel as Houthi attacks on Saudi tankers and Black Sea disruptions tighten oil supply.
Tech selloff intensifies; Magnificent Seven lose $797 billion in a day, with AI spending bubble fears.
SAP cloud revenue beats, Intel data-center revenue surges over 60%, signaling shifts in AI spending to inference.
ECB holds rates but signals a possible September hike, driven by energy-driven inflation risks.
Volkswagen warns on full-year revenue, missing profit estimates as China sales drop 31% and Chinese EV competitors gain European market share.
Dangote Group plans a major refinery IPO, aiming to transform Africa's crude export narrative into refined product exports.
Singapore's GIC to deploy an extra $30 billion into hedge funds over three years.

Ideas

Bloomberg Cross-Asset Strategist 9:26

Mag7 bubble akin to dot-com, further testing ahead.

The AI-driven rally in mega-cap tech stocks looks frothy, comparable to the internet bubble. The market had indiscriminately bid up all potential winners, but now it's realizing not all will survive, similar to the early auto industry consolidation. This realization will be tested further in the coming weeks, posing downside risk.

Stephen Stapczynski Asia Energy Coverage, Bloomberg 16:29

Oil supply crunch worsens, Brent crude rising.

Oil supply is tightening rapidly: Saudi Arabia can no longer avoid the Strait of Hormuz via the Red Sea, adding weeks to Asia transit; Kazakhstan's CPC pipeline shipments are disrupted; and storage is declining daily. If this continues, a supply crunch in weeks or months will push Brent crude higher.

Oliver Crook Chief European Correspondent, Bloomberg 39:19

Volkswagen overwhelmed by China weakness and competition.

Volkswagen is facing severe headwinds: vehicle sales in China down 31%, Chinese competitors taking a third of new European sales, tariff risks, inability to cut jobs or close factories, and full-year revenue guided down. The stock is at its lowest since 2010, with no clear turnaround in sight.

This Bloomberg Markets video, published July 24, 2026, features Bloomberg Cross-Asset, Stephen Stapczynski, Oliver Crook discussing MAGS, BNO, VOLKSWAGEN. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Bloomberg Cross-Asset, Stephen Stapczynski, Oliver Crook · Tickers: MAGS, BNO, VOLKSWAGEN

President Trump Hits 60 Economies With New Tariffs | Daybreak Europe 7/24/2026

Summary

Ideas

Up Next