Two Week Iran Strike Deadline; Trump Can Continue National Guard in LA
16:48 Share

This is an iHeart Podcast. For enterprise organizations, managing all your food needs is a tall order. But with EasyCater, you get a single workplace food vendor with the tools and resources to make it easy, giving teams across your organization an easy way to order from a huge variety of restaurants, all on one platform. All while consolidating your corporate food spend so you can control costs, streamlining billing and payment and simplifying reporting.

Thank you.

Thrivent, where money means more.

Ready to bring your visions to life? Learn how at amazonbusiness.com. Bloomberg Audio Studios. Podcasts, radio, news.

Good morning, I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Karen, we begin with the latest developments involving Iran. The White House says President Trump will make a decision on whether to strike the country within the next two weeks. The president is scheduled to attend a national security meeting in the Oval Office later today. White House Press Secretary Caroline Leavitt spoke with reporters yesterday. I have a message directly from the president, and I quote...

Based on the fact that there's a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks. White House Press Secretary Caroline Leavitt says the president's goal of halting Iran's enrichment of uranium and preventing the country from obtaining nuclear weapons remains intact, though she says if there's a chance for diplomacy, the president is always going to grab it.

Meanwhile, Nathan, the fighting continues. The Israel Defense Forces says it completed a series of strikes in Tehran, hitting dozens of targets. A missile from Iran hit an Israeli hospital on Thursday for the first time since the war began. Iran's foreign minister is due in Geneva for talks with European foreign ministers today. And we get more with Bloomberg's Oliver Crook.

What the sort of goal of this meeting is, is to try to begin to establish kind of a framework for a day after if there is a ceasefire, something you can go to sort of from Iran and the rest of the world to say, listen, these are going to be the monitoring arrangements that Iran has agreed to, basically unrestricted access to making sure that Iran is not developing a nuclear site, potentially some restrictions and some observations about sort of cutting back the ballistic missile program, those sorts of things.

But again, I think that one needs to keep sort of really sort of low expectations here because we know the world of Trump and we know the world of Trump is one in which the Europeans don't have a huge amount of sway in terms of diplomacy. There's a real question about whether or not, you know, anything that they agree to or anything that they can come up with. Does Trump really want to put his name on something that somebody else has come up with?

And that's Bloomberg's Oliver Crook reporting. Iran's foreign minister told state TV this morning that Iran does not want to negotiate with the U.S. if Israel continues to strike the country. And Karen, cybersecurity experts in Israel say Iran is now tapping into private security cameras to gather real-time intelligence. As Bloomberg's Ewan Potts reports, the revelation exposes a recurring problem with these devices, one that's emerged in other global conflicts.

Earlier this week, a former Israeli cybersecurity official issued a stark message on public radio: "Turn off your home surveillance cameras or change the password immediately." The warning was later backed by Israel's National Cyber Directorate, which confirmed to Bloomberg that internet-connected cameras are increasingly being targeted as part of Iran's war planning. Similar tactics were employed by Russia following its invasion of Ukraine.

And while researchers have been sounding the alarm about vulnerabilities in security cameras for over a decade, there is now increasing evidence that for countries at war, these systems are being exploited as a critical weak point.

In London, I'm Ewan Potts, Bloomberg Radio. All right, Ewan, thank you. Meanwhile, the war in Ukraine goes on. Overnight, Russia unleashed a wave of drones and decoys into the cities of Odessa and Kharkiv. Ukraine's air force says 16 drones managed to evade its air defenses. At least one person was killed and 14 hurt in Odessa. The drones there damaged several apartment buildings and the city's central rail station. At least four others sought medical help in Kharkiv.

And back here in the U.S., Karen, the White House has scored a legal victory over its deployment of National Guard troops in Los Angeles. A three-judge panel has ruled the Trump administration can continue using the Guard to respond to anti-deportation protests. Lori Levinson is a former federal prosecutor and a professor at Loyola Law School in L.A.

The bottom line is that this panel of judges believe that there was enough interference, enough violence going on in Los Angeles, that the president in his broad discretion had the power to call out the National Guard because that's what the statute allows. Loyal law professor Lori Levinson notes that California could still appeal to the full federal appeals court or the Supreme Court.

The lower court judge who ordered the federal government to return control of the Guard to California is also holding a hearing today. Nathan, as immigration raids continue, they're starting to have a noticeable impact on workforces across the country. On Bloomberg's Monica Ricks reports. The downtown L.A. fashion district where the ICE raid started is emptied out. Texas dairy farmers say workers aren't showing up to milk cows.

And the deputy mayor in Ventura, California says Latino day laborers seem to have disappeared from his closest Home Depot. Last month, the US workforce shrank in large part because of a decline in foreign born workers. California alone stands to lose $275 billion in economic output from the immigration crackdown.

Monica Ricks, Bloomberg Radio. Okay, Monica, thank you. Turning to the markets now, futures are lower as we close out the holiday interrupted trading week. Today, investors brace for $6.5 trillion of notional U.S. options expiring, and that could lead stocks to swing more wildly than the subdued changes seen in recent weeks.

Every quarter, a cluster of different exchange-traded derivatives contracts all terminate on the same day, leading to what market watchers sometimes call a triple witching event. It's not expected to add additional volatility today itself, but it could open a path to more sudden stock market moves next week.

Nathan, SoftBank may be making a trillion-dollar AI play in the U.S. Bloomberg News has learned SoftBank founder Masayoshi Son is seeking to team up with Taiwan's semiconductor to build a trillion-dollar industrial complex in Arizona to build robots and artificial intelligence. The project's feasibility depends on support from the Trump administration and state officials, and Son is also exploring partnerships with other tech companies, including Samsung Electronics, and considering project financing models to raise funding.

Time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. Summer is coming in hot. Summer officially starts later today, and high heat is moving across several states. Spring went out with storms in large parts of the country. Throughout the Northeast, high winds toppled trees onto cars and homes. At the airports, hundreds of flights were canceled.

Ground stops at Washington, D.C. airports, winds toppling 60 miles per hour, severe flooding and a rock slide shutting down part of Interstate 40 near the Tennessee-North Carolina border. A New York City teenager is recovering after being struck by lightning in Central Park during storms. Yassin Kalthia. Apparently I'm pretty lucky because my spine was directly against the tree and no nerve damage happened.

The teen does have second-degree burns, but is expected to make a full recovery. Authorities in southern Mexico are still assessing damage and watching rising rivers. As rain from the remnants of Hurricane Eric doused the region, at least one death was confirmed, a one-year-old boy who drowned in a swollen river. The fallout continues after a SpaceX rocket that was being tested and prepared for a flight at the Texas Star Base exploded on the test stand.

Wednesday night's explosion has raised environmental concerns. This man was nearby when it happened. I was there just under two miles away. At first I saw it and I really couldn't believe what was happening in my own eyes. It was almost like an out-of-body experience. SpaceX was preparing for a routine static fire test loading fuel before igniting the Starship's engines. They believe a pressurized tank exploded setting off a series of blasts.

AAA projects a record number of people to hit the road for the Independence Day holiday period. Spokesperson Akiza Diaz says the group expects an increase of 1.7 million travelers over last year.

We're expecting overall 72.2 million people traveling between June 28th and July 6th. A majority of those people, about 85% of them, are expected to drive. Global news 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg. Karen. Hi, Michael Barr. Thank you. For enterprise organizations, managing all your food needs is a tall order.

But with Easy Cater, you get a single workplace food vendor with the tools and resources to make it easy. Giving teams across your organization an easy way to order from a huge variety of restaurants, all on one platform. All while consolidating your corporate food spend so you can control costs. Streamlining billing and payment and simplifying reporting. Easy Cater, your business tool for food. To learn more, visit easycater.com slash podcast.

In business, they say you can have better, cheaper, or faster, but you only get to pick two. What if you could have all three at the same time? That's exactly what Cohere, Thomson Reuters, and Specialized Bikes have since they upgraded to the next generation of the cloud: Oracle Cloud Infrastructure. OCI is the blazing fast platform for your infrastructure, database, application development, and AI needs.

where you can run any workload in a high availability, consistently high performance environment and spend less than you would with other clouds. How is it faster? OCI's block storage gives you more operations per second. Cheaper? OCI costs up to 50% less for computing, 70% less for storage, and 80% less for networking.

Hey, it's Ryan Reynolds here for Mint Mobile. Now, I was looking for fun ways to tell you that Mint's offer of unlimited premium wireless for $15 a month is back.

So I thought it would be fun if we made $15 bills. But it turns out that's very illegal. So there goes my big idea for the commercial. Give it a try at mintmobile.com slash switch.

Time now for the Bloomberg Sports Update brought to you by Flushing Bank. And here's John Stashower. John, good morning. Good morning, Karen. The NBA Finals not over yet. Indiana had lost two games in a row, was facing elimination against Oklahoma City. The Pacers playing at home were not ready for their season to end. Beckham's topping the other way. You rarely see that from Holmgren. Neese hit the three. Puts it in.

Hartenstein, the rebound. Puts it on the floor. Knocked out of his hands by Siakam. And Isaiah Joe gets it. Halliburton, the steal.

Here comes Halliburton, Siakam, Neesmith, corner three, bang! On ABC, big second quarter won by Indiana, 36-17. The Pacers took a 30-point lead to the fourth quarter. The final was 108-91. The ex-Nig Obi Toppin led balance scoring with 20 points. Andrew Nemart added 17. Pascal Siakam, 16 with 13 rebounds. Game seven, Sunday at OKC. 20th game, seven NBA finals history. The first...

since Cleveland beat Golden State in 2016. A few hours after the Yankees ended their six-game losing streak, the Mets skid reached six, a 7-1 loss in Atlanta. Praised with a four-run sixth inning, held the Mets to six hits, and when the Phillies won...

The Mets and Phil stood tied for first as they begin a weekend series tonight in Philadelphia. The Yankee win was 7-3 at the stadium. Finally beat the Angels, avoided getting swept four games at home for the first time in four years. Yanks tonight opposed Baltimore. Nationals finally beat the lowly Rockies to end their 11-game losing streak. Now they have to play the Dodgers.

Scotty Scheffler won the Travelers Golf Near Heart for a year ago, and he's got a share of the first-round lead after an 8-under par 62. Rory McIlroy two shots behind. C.J. Mosley, who the Jets released in March, announced his retirement ending a 10-year career. First five with the Ravens, last five with the Jets. He was a five-time Pro Bowl linebacker. Chuck Stashower, Bloomberg Sports, Karen Nakey.

Coast to coast on Bloomberg Radio. Nationwide on Sirius XM. And around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Within the next two weeks, that's when the White House says President Donald Trump will decide whether to join Israel in strikes against Iran. Spokeswoman Caroline Leavitt says if there's a chance at diplomacy, the president will always grab it. But she says there is one thing the world can agree on.

Iran cannot obtain a nuclear weapon. This is something that pretty much all of humanity, except for the Iranian terrorist regime themselves, agree upon. That was White House Press Secretary Caroline Leavitt announcing the two-week deadline. For more, we are joined by Bloomberg News Senior Editor Bill Ferrys.

Bill, as you know, President Trump has said things could come within two weeks many times during both his presidencies. How to take this latest signal. Good morning. Good morning. Well, I wouldn't I wouldn't mark X on your calendar for two weeks from today and think that that's necessarily some sort of urgent deadline. What I think the president's decision does is open the door to continuing diplomacy, to more diplomacy, more.

both between the U.S. and Iran, but also between Iran and European nations, and of course with Israel. So it gives some time for this back and forth between Iran and Israel to play out a little bit, time for de-escalation. And, you know, we've—it

We know the president has really struggled over this decision, that his MAGA base is really torn over it. So it allows a little bit of a reprieve from that political pressure he was facing from his own party as well. At the same time, Bill, we heard from Iran's foreign minister just this morning saying that Iran can't negotiate with the U.S. while Israel is continuing attacks. Where does that leave things?

Well, the Iranians have they are going to be meeting with some of the European foreign ministers, including from the UK, France and Germany. So there's certainly a chance for the US to get messages in and to receive messages from Iran through that way. And I think Iran is trying to, you know, trying to keep a little bit of daylight between Israel and the United States on this issue.

Like I said, it has been a tough decision for President Trump to make, despite the U.S. history of supporting Israel. It's not clear that the Trump administration wants to go as far as perhaps Israel is interested in seeing it go.

How far could Israel go? I mean, there's been ongoing attacks on nuclear facilities as well as ballistic missile sites. If Israel is aiming to completely destroy Iran's nuclear capabilities, can it do it without the U.S.?

Well, some of those facilities, particularly the Fordow facility, is buried deep in a mountain. It's not believed that, you know, constant bombing or missiles from Israel will really do the trick. The U.S. is the only country that has this bunker buster, uh,

bomb that it could deploy if it were interested in getting engaged. It's not even totally clear that that would do the trick. I mean, these are very well-fortified facilities, but it certainly has the best chance. And that's really why Israel wants the U.S. to engage in this.

All right. And while the president is still weighing this decision on getting the military more involved in Iran, he's gotten a legal victory when it comes to deploying the National Guard in Los Angeles. What's the latest here?

Yeah, that's right. A three-judge panel in San Francisco, a federal appeals panel, ruled that the Trump administration can keep using those California National Guard troops to respond to the protests in Los Angeles. There's been a big fight over this with the California governor and the state of California basically arguing that Trump did not have the legal authority to

to deploy those forces the way they were called up. For now, at least, it looks like those forces will remain under federal control in the streets. They're largely protecting federal buildings. They haven't been involved really closely with the area that the protests were centered on. But I think it's part of a bigger picture here of the Trump administration wanting to keep this power in reserve

if it needs to do this elsewhere in California or elsewhere in the country. And in our last 30 seconds, this isn't the end of the case, right? There's still a chance for appeal by California? Absolutely. California will very likely appeal. Actually, the appeals court that made this decision, it was just a three-judge panel. The broader court as a whole could still take it up. And, you know, this is another one of the many, many court cases in this administration that could eventually end up at the Supreme Court.

This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify, or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121.

Plus, listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces. And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it, in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.

For enterprise organizations, managing all your food needs is a tall order. But with EasyCater, you get a single workplace food vendor with the tools and resources to make it easy, giving teams across your organization an easy way to order from a huge variety of restaurants, all on one platform. All while consolidating your corporate food spend so you can control costs, streamlining billing and payment, and simplifying reporting.

EasyCater, your business tool for food. To learn more, visit easycater.com slash podcast. Thrivent can help you plan your finances for the people, causes, and community you love. What makes Thrivent different? Financial services and generosity programs are combined to help you build a financial roadmap for the future while also creating opportunities to give back along the way. Visit Thrivent.com to learn more. Thrivent, where money means more.

In business, plans change fast and your brand has to keep up. That's why teams rely on 4imprint for promotional products that deliver. 4imprint offers thousands of options including apparel, drinkware, tech, and trade show gear. Many available with 24-hour turnaround, helping you move quickly and never compromising quality. You'll enjoy free samples, expert support, and every order backed by their 360-degree guarantee. So it arrives right and on time. Explore more at 4imprint.com. 4imprint. 4surf.

This is an iHeart Podcast.