On today's podcast:

1) President Donald Trump sowed chaos in metals markets by indicating the US would implement a higher-than-expected 50% tariff on copper imports, spurring a record spike in New York futures and a drop in the global benchmark.

2) Greg Abbott says authorities believe at least 161 people may still be unaccounted for in Kerr County, which was hit by devastating floods over the Fourth of July weekend.

3) Apple Inc. Chief Operating Officer Jeff Williams is retiring as the company’s longtime No. 2, marking a major changing of the guard at an already tumultuous time for the iPhone maker.

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On today's podcast:
1) President Trump sends out a wave of tariff letters, while suggesting he's open to negotiations. President Trump released letters threatening higher tariffs, but he extended the deadline for talks to Aug. 1, the day that the new levies will take effect. The letters were released two days before agreements were due from trading partners facing Trump’s so-called reciprocal levies.
2) The death toll rises in Texas as questions remain about preparedness for the disaster. More than 100 people have been confirmed dead in floods that tore through central Texas over the weekend. The disaster has sparked debate about whether anything more could have been done to prevent it, with questions raised about warning systems, forecasts, and notification of people in the affected areas.
3) A setback for Apple as a top AI executive leaves to join Meta. Ruoming Pang, a distinguished engineer and manager in charge of Apple's foundation models team, is leaving for Meta Platforms Inc. Meta offered Pang a package worth tens of millions of dollars per year, according to people with knowledge of the matter. Pang's departure could be the start of a string of exits from the AFM group, with several engineers telling colleagues they are planning to leave in the near future to Meta or elsewhere, the people said.

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On today's podcast:
1) More than 80 people die in flash floods across Texas as search and rescue efforts continue. A catastrophic flood in Kerrville, Texas, caused by torrential rains, has resulted in at least 82 deaths and many missing, including children, with the area remaining at risk of further inundation. Politicians are questioning whether federal, state, and local officials were adequately prepared, with some raising concerns about the accuracy of weather forecasts and potential staffing cuts at the National Weather Service.

2) President Trump shifts his economic focus from taxes to trade as his tariff deadline looms. The US is preparing to send tariff letters to dozens of countries in the coming days, with the Trump administration’s 90-day pause on higher duties set to expire on Wednesday. Trump said in a separate post that the letters would start being delivered from noon Monday, Washington time.

3) Tesla shares tumble after Elon Musk makes plans for a new political party. President Trump criticized Elon Musk's bid to start a new political party, calling it "ridiculous" and saying that third parties have never worked in the US. Musk announced the formation of a new "America Party" on Saturday, a day after Trump signed a tax-cut and spending bill into law that Musk had denounced.

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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 Delta earnings and a summer travel outlook.
• In the UK – a look ahead to JP Morgan's Jamie Dimon visit to Ireland ahead of the US tariff deadline for Europe
• In Asia – a look at how recent data from China are providing an ambiguous read on the health of the world's second largest economy.

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In a special July 4th edition of Bloomberg Daybreak...Bloomberg’s Nathan Hager looks at the biggest tech stories from 2025 and what we can expect for the rest of the year. He speaks with Gene Munster of Deepwater Asset Management and Dan Ives from Wedbush.

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On today's podcast:
1) President Trump twists arms in Congress to pass his tax cut bill as House Republicans overcome a key hurdle. The House voted 219-213 to move toward a final vote on Trump's "big beautiful bill", which includes tax cuts, a phase-out of Biden-era clean energy incentives, and funding for Trump's crackdown on illegal immigration. Debate began immediately on the legislation, setting up a potential final vote for later in the morning in Washington, ahead of Trump's self-imposed July 4 deadline.
2) Traders and the Fed await a critical June jobs report. Markets are cautious ahead of the employment report, which will help identify the path ahead for interest rates, with investors closely monitoring economic data before adding to their portfolios.
3) The Trump administration lifts chip design software curbs in a trade deal with China. The Commerce Department informed the world's three leading chip design software providers that they no longer need government licenses to do business in China.

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