Update: Trump Touts 20% Levy, Europe Is 'Losing', UK GDP Drops Again
Bloomberg Daybreak: Europe Edition11 Jul 2025

Update: Trump Touts 20% Levy, Europe Is 'Losing', UK GDP Drops Again

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


On today's podcast:


(1) President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.


(2) Markets are complacent on tariffs planned by US President Donald Trump, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has warned.


(3) Keir Starmer sealed a “one in, one out” migrant returns trial with French President Emmanuel Macron that highlighted the limits for now of the UK Prime Minister’s efforts to reset relations with European nations five years after Brexit.


(4) Since arriving at Santander in 2016, Javier Garcia-Carranza has pushed through sweeping change: ousting managers, slashing costs and overhauling traditional ways of working to become one of Chair Ana Botin's closest allies.


(5) French Prime Minister Francois Bayrou called on the European Central Bank to do more to support the economy as his government struggles to contain its budget deficit and address slowing growth.


(6) President Donald Trump said he plans to make a “major statement” on Russia, as the US prepares to send more American weapons to Ukraine via purchases from NATO allies.


(7) Ukrainian President Volodymyr Zelenskiy said a meeting with US and European allies in Rome stoked optimism that Donald Trump’s administration will ramp up military aid to the war-battered country, including air defense.

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