Nixon & Daniels Advance in Florida Primary, Trump Delays Canada Tariffs

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1:48Bloomberg 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 results from the latest primary elections. Voters headed to the polls in three states, plus a special house election in California. But the biggest upset of the night was in Florida, where a Democratic Socialists beat an establishment candidate in the Democratic Senate primary. With 99 % of votes counted, Angie Nixon defeated Alex Vindman 56 to 44%. Thank you for your tireless work. For the late nights, the too often thankless work.

2:30Angie Nixon won despite a 16 to 1 fundraising advantage for Alex Vindman. She'll go on to face Republican Ashley Moody in November. She was appointed to fill Marco Rubio's seat when he became secretary of state. Well, Nathan, the Florida governor's race was less of a surprise. Congressman Byron Donalds won the Republican primary with 48 percent of the vote, despite a challenge to his right from social media influencer James Fishbeck. Because of your sweat, because of your hard work, we have won a massive victory. And Byron Donalds had President Trump's endorsement and more than 100 million dollars in his campaign In war chest, Fishback came in third place with 10.5 % of the vote.

3:13Donald's will now face Republican turned Democrat David Jolly, who won the Democrats' primary, with 61%. And Karen, there were also important House races in Florida last night. Establishment Democrats came out ahead in redrawn districts. Former Democratic National Committee Chair Debbie Wasserman Schultz won in the 20th district with 45%. She'd been criticized for running in one of the nation's few remaining plurality black districts. And Congressman Jared Moskowitz defeated Democratic Socialist-backed Oliver Adams Larkin in the 25th District, 63.5 % to 36.5%. There's also an important race in Alaska, Nathan, that could determine control of the Senate in November.

3:50With 70 % of the votes counted, Democrat Mary Peltola and Republican incumbent Dan Sullivan will advance in the state's open primary. Peltola has 47.3 % of the vote to Sullivan's 44%. The Democrat has won statewide before, and she served a full term as Alaska's lone House member before losing to Republican Nick Begich in 2024. The primary included a second Dan Sullivan, a retired school teacher with a similar name. He came in a distant third and with two and a half percent of the vote. As for some other key races last night, Karen, the Republican backed by President Trump won the primary for retiring Senator Cynthia Lemmes' seat in Wyoming.

4:29Congresswoman Harriet Hageman won that race with 65 % of the vote. She'll go on to face James Byrd, who won the Democratic primary, with 79%. The president's preferred candidate for Wyoming governor came up short. Rancher and state Senator Eric Barlow beats Superintendent of Education Megan Degenfelder 45 to 30%. Barlow will face Democrat Kenneth Kastner, who ran uncontested for governor. And in the special runoff in California to serve the rest of former Congressman Eric Swalwell's term, Ayesha Wahab leads fellow Democrat Melissa Hernandez 51 to 49 percent. Both candidates are also on the ballot for a full term in November.

5:07Well, Nathan, we also have global trade in focus this morning. The Trump administration delaying 50 percent tariffs on billions of dollars of Canadian products for three days. Less than two hours before the tariffs were set to take effect, President Trump on social media said the two countries reached a tentative agreement to resolve a broader trade dispute. Canada's Prime Minister Mark Carney was not as definitive, stopping short of saying an agreement had been reached. We get more from Bloomberg's senior U.S. government editor, Derek Walbank. This is a very positive sign that we're going toward a deal, and there had been a lot of worries in Ottawa and elsewhere in Canada that this was going to be a major problem coming now.

5:45Last-ditch diplomacy pauses in effect. And Bloomberg's Derek Walbank says the two countries conducted almost$900 billion of trade with each other last year. I want to get you to the latest developments in the Middle East now, Karen. President Trump insists there are no talks ongoing with Iran, and that leaves the conflict and control of the Strait of Hormuz in limbo. We get more from Bloomberg Breaking News editor Patrick Sykes. The direct confrontation between the US and Iran appears to be on hold. And what we have instead are these isolated attacks on US partners or allies in the region, in the Gulf in particular, mostly being interestingly denied by Iran.

6:23We had a few days ago there was a drone attack on the prime minister of Iraqi Kurdistan's office. And then just overnight we had this missile attack against the UAE. In both cases, Iran denied being connected to those attacks, and it suggested that they might be false flag operations designed to implicate Iran in a new escalation of tensions. Bloomberg's Patrick Sykes reports now the United Arab Emirates says it's cutting all economic ties with Tehran after accusing the country of firing those ballistic missiles. Well, Nathan, Meta Platforms is at the center of a historic social media trial underway in California.

7:01Opening statements were made yesterday. The lawsuit accuses the Facebook parent of contributing to a youth mental health crisis by knowingly and deliberately designing features that addict children to its platforms. Bloomberg tech host Ed Ludlow is covering the trial. The headline is that the meta faces one point four trillion dollars in potential fines and penalties. That is obviously an astronomical number, but it's it's a hypothetical. It's based on the total fine they'd pay if you were to tot up each of the state and federal law violations and the potential penalties carried with each and how many counts there would be.

7:41Bloomberg's Ed Ludlow reporting from California. We want to clarify something on this case that we reported yesterday. The attorneys general spearheading the case are from California, Colorado, Kentucky and New Jersey. However, a broader bipartisan group of 29 states is accusing Meta of collecting data from users under 13 years old in violation of the Federal Children's Online Privacy Protection Act. OK, let's turn to the markets now, Karen. Futures are higher after yesterday's chip-led sell-off on Wall Street. Asia's chip stocks tracked the U.S. route, but an announcement late this morning that South Korea's SK Hynix is buying back more than$29 billion in its stock appears to have calmed the markets.

8:21Bloomberg Scarfield Reynolds has more on the state of chips. It's part of this growing skepticism about AI and about the extent to which the extraordinary investments that are planned will end up paying off sufficiently to justify those expenses. People had been thinking that chips were immune to such concerns because everybody's going to need them. But again, there's instead the prospect of increased competition. Bloomberg's Garfield Reynolds notes the Kospi in South Korea fell almost 6 % overnight.

8:57It's 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 Monica Ricks. Monica, good morning. Hey, good morning, Karen. Well, sticking with South Korea, South Korean and U.S. militaries have agreed to downsize their drills now at the U.S.'s request. They'll now end Friday, weeks ahead of schedule. President Trump ordered those cuts earlier this week, citing a good relationship with North Korean leader Kim Jong-un and South Korea's refusal to join the war against Iran. A historic preservation group has told the U.S.

9:28Supreme Court that President Trump's now trying to build his White House ballroom quickly so the judiciary won't be able to stop him. Bloomberg's Amy Morris reports from Washington. In a filing that tees up the high court to decide the fate of the 90 ,000-square-foot facility, the National Trust for Historic Preservation in the United States blasted the White House for expediting construction even after two lower courts said it was probably illegal. The group argued that rather than obtain congressional authorization for the project, the administration, quote, instead decided to try to outrun judicial review.

10:01A federal appeals court decision that blocks most above-ground construction is set to take effect unless the Supreme Court puts the ruling on hold. In Washington, Amy Morris, Bloomberg Radio. Pennsylvania's Attorney General David Sunday has announced charges against 14 people accused of running a cocaine trafficking operation out of two Penn State frat houses. The evidence showed that cocaine was primarily packaged at the fraternity houses and that packaging was done by fraternity brothers and oftentimes pledges. The alleged ringleaders, a 24-year-old former student, he turned himself yesterday but was denied bail.

10:38And NASA just released images of the crater, a SpaceX rocket, left on the moon. It's about 60 feet wide and about 10 feet deep. NASA says it slammed into the moon with a force of nearly three tons of TNT. Global News 24 hours a day and whenever you want it with Bloomberg News Now. I'm Monica Ricks, and this is Bloomberg. Nathan, Karen? Thanks, Monica. Time now for our Bloomberg Sports Update. And for that, we bring in Dan Schwartzman. Carlos Rodon returned to the Yankees rotation after missing close to two months, going four innings allowing just two hits in one run, and a Yankees 3-1 win in Baltimore.

11:13Meanwhile, the Mets fell to the Padres 5-2, the Red Sox dominated the Diamondbacks 9-4, while the Brewers matched baseball's modern era record for the biggest shutout, knocking off the Mariners 22-0. The sale of the remaining 17.8 % stake in the Lakers held by the Buss family is getting ugly, as five of the six siblings have reiterated their intention of selling, saying they were, quote, united in their decision to sell. Meanwhile, Jeannie Buss, the team's governor, has said she will contest the sale to Josh Kushner and Bob Iger, who are buying the controlling stake in the team from Mark Walter.

11:43That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. Bloomberg Daybreak U.S. Edition is brought to you by OTC Markets Group. Thinking about joining the exploding overnight market space, but unsure where to start? Designed to meet the needs of a growing international investor base, OTC Markets' overnight platform for exchange-listed securities, Moon ATS, provides access to global securities in U.S. dollars from 8 p.m. to 4 a.m. Eastern, Sunday through Thursday. Extend your trading day and trade global securities in U.S. dollars through a FINRA-licensed broker-dealer.

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13:45Coast 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 after primary nights in three states. The Democrats' progressive wave has made its way to Florida. Democratic Socialist Angie Nixon scored an upset over establishment-backed Alex Vindman in the Senate primary. You embody the statement, organize, organize, organize. Angie Nixon addressing her supporters last night, and we are joined this morning by Jennifer Lawless, professor of politics at the University of Virginia.

14:25That had to be the biggest upset last night, wasn't it, Professor? I mean, Vindman had a 16 to 1 fundraising advantage in polling, showing him, what, like 10 points ahead of Nixon before the vote that mattered? Good morning. Good morning. Yes, that was definitely the big surprise from last night, not only because he had spent$16 million, but also because he had national name recognition from several years ago. I would note, though, that one thing that's a little bit different about this race than some of the other races where Democratic Socialists won was that Vindman really didn't have Florida ties.

14:59So although he seemed like a strong, credible candidate, he wasn't as deeply rooted in the state as she was. Is that the bigger theme to take away then than the overall debate we've been talking about throughout this primary season, that the Democratic Socialist Progressive Wing of the Democratic Party might have more strength than the establishment nationally? I think that the main message to take away is that campaigns still matter and they matter in local areas. And if a candidate is able to resonate, then that candidate is going to win. And it's not enough just to have a ton of money or the establishment's backing.

15:34In the past, that might have been the case. But I'm not sure that Moore would have won if she had gone on against a more traditional establishment candidate who had been very well tied to Florida. Well, we're going to see Nixon now go on to face Ashley Moody, the senator who was appointed to succeed now Secretary of State Marco Rubio. What's the setup into November now with a Democratic Socialist taking on an incumbent senator in November? Well, Nixon's win certainly made Republicans happy last night because Florida is basically a red state at this point. There are certainly blue pockets, and there have been places where Democrats have outperformed themselves and outperformed expectations, especially in the last set of congressional elections.

16:21But this is good news for the Republicans simply because they think they'll be able to paint her as far too progressive, far too to the left, and out of sync with Florida voters. Now, the Republican governor's primary, I think, was less of a surprise, even with a challenge to his far right for Congressman Byron Donalds. But he walked away with that one pretty handily. We actually spoke with Donalds last weekend on Bloomberg this weekend about what was driving his campaign. Here's what he had to say. People are leaving blue states. They're leaving other states because they just want a common sense state that is going to support law enforcement, make sure they have a healthy, clean environment.

17:00And that from a business and economic side, they have a low tax, low regulatory state that just makes sense. So does that message resonate now as Donald goes on to face Republican-turned-Democrat David Jolly? This is a tricky situation because Donald is very linked to Donald Trump, obviously. And Trump is popular in Florida relative to his popularity across the rest of the country. But the affordability issue is still very real. And the extent to which people are dissatisfied with the status quo is very real. And Jolly is not seen as one of these progressives who is unable to talk to the middle as a former Republican.

17:42So I think this race is going to be more competitive than a lot of people think it might be. In our last minute, let's talk about the Alaska race as well. We had a Dan Sullivan running against a Dan Sullivan. But it looks like the incumbent is going to be coming out ahead into the general election to face Democrat Mary Peltola. How significant could this be for control of the Senate? This is vital for control of the Senate. If the Democrats are able to pick up this seat, then they have a little bit more of a cushion for some of these other races that are quite competitive. So this is a big deal.

18:15It's another path to winning. But it's also very difficult to take on an incumbent. Now, Patola has won statewide. I mean, as a member of Congress, she has won the entire state in the past. But Sullivan is in the stronger position. And if I were a betting person, I would say that it's likely his to keep. 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.

19:04Plus, 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.

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