Zelenskiy and Allies Brace for Trump’s Terms; Jackson Hole Preview

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1:30Bloomberg Audio Studios. Podcasts. Radio. News. Good morning. I'm Lisa Mateo. And I'm Karen Moscow. Here are the stories we're following today. Karen, we begin with a high-stakes meeting at the White House later today. European and NATO leaders will join President Vladimir Zelensky in Washington for talks with President Trump on ending Russia's war in Ukraine. President Trump is expected to outline terms for a potential peace deal discussed with Vladimir Putin, with Washington likely to focus on territorial concessions demanded by Russia. Here's what Vladimir Zelensky said ahead of today's meeting.

2:10It's important that America agrees to work with Europe to provide security guarantees for Ukraine. And we are very thankful to the United States and to the president for such signal and therefore for everyone in Europe. This is a significant change, but there are no details how it will work. Ukraine's President Zelensky. Now, the meeting follows a weekend call among allies during which President Trump is said to have told European leaders he's open to U.S. involvement in providing security guarantees for Ukraine. Meanwhile, Lisa, The Secretary of State Marco Rubio said the U.S. is holding out hope for a ceasefire in Ukraine, and he spoke on NBC's Meet the Press.

2:51It was agreed to by all that the best way to end this conflict is through a full peace deal. There's no doubt about that. I mean, who would be against the fact if tomorrow we came to you and said we have a full peace deal and it's done? I think that's the best way to end the war. Now, whether there needs to be a ceasefire on the way there, well, we've advocated for that. Unfortunately, the Russians as of now have not agreed to that. Secretary of State Marco Rubio made the comments on NBC's Meet the Press. Catch the program Sunday afternoons on Bloomberg Radio. Well, unlike Zelensky's last meeting at the White House, Karen, the Ukrainian leader will be accompanied by European leaders, including French President Emmanuel Macron, UK's Keir Starmer and Germany's Friedrich Merz.

3:30We get more in the meeting from Bloomberg News senior writer Stephanie Baker. I've noticed that Trump seems to echo the position of the last person he's spoken to, which is why he was talking tough. Having spoken to European leaders going into this summit with Putin, I think that the European leaders will want to get that back on track. It is a high-powered delegation. I think they want to make sure that there's no repeat of the Zelensky disastrous February meeting in the Oval Office. And I think they will be stressing that there can be no land swaps, no concessions on handing over Ukrainian territory to Russia for no concessions.

4:08and that they want to clarify the details of whatever these U.S. security guarantees might be, because it's all quite vague at this point. Bloomberg News senior writer Stephanie Baker says President Trump also told allies he wanted to reach a deal quickly and would urge Ukraine to come to one with the goal of holding a Putin-Zelensky meeting within a week. Lisa, President Trump's trade advisor, Peter Navarro, is slamming India for buying Russian oil. In the Financial Times, Navarro wrote that India's purchases of Russian oil are, quote, opportunistic and deeply corrosive of a global effort to isolate the Kremlin.

4:44He added American consumers buy Indian goods, and he said India uses those dollars to buy discounted Russian crude. Well, more than three months after the U.S. and U.K. agreed the first meeting of a string of deals to reduce tariffs, many trading partners are still waiting for the rhetoric to become reality. Britain, Japan, South Korea and the EU all say the White House promised them exemptions in trade talks, but hasn't signed them into law. Bloomberg's James Wilcox has more from London. For the Brits, it's steel. Take a listen to Prime Minister Keir Starmer three months ago. Just a few moments ago, I spoke to President Trump, the president of the United States, and I'm really pleased to announce that we've agreed the basis of a historic economic prosperity deal.

5:31It will remove tariffs of British steel and aluminium, reducing them to zero. The UK Prime Minister was very clear and no one in the US corrected him, but the steel exemption has never been finalised. So the current tariff on UK steel exported to America is 25%. For Japan, South Korea and the European Union, it's the exact same problem, but with cars. Fears are growing. The scale of the U.S.'s global trade talks are making delays inevitable and likely causing more economic damage. In London, James Wilcock, Bloomberg Radio. All right, James, thank you. Well, we turn to the Middle East now, and hundreds of thousands of Israelis took to the streets to protest Prime Minister Benjamin Netanyahu's plan to expand operations in the Gaza Strip.

6:20Organizers said as many as half a million people attended the main rally in Tel Aviv. Netanyahu, however, insists that calls to end the conflict will only embolden Hamas. Those who are calling for an end to the war today without defeating Hamas are not only hardening Hamas' stance and delaying the release of our hostages, they are also ensuring that the horrors of October 7th will recur again and again. Israeli Prime Minister Benjamin Netanyahu is speaking through an interpreter. Netanyahu's government this month gave the army the green light to take control of the de facto capital, Gaza City, and crush Hamas holdouts.

6:56Well, turning to the markets, futures right now, well, little change. This is ahead of those talks in Washington. Another possible market-moving event comes on Thursday, and that's when the Kansas City Fed's annual economic policy symposium kicks off in Jackson Hole, Wyoming. And as Bloomberg's Denise Pellegrini reports, we could see even more news emanate from this year's gathering than usual. Watch for headlines when Fed Chair Jay Powell addresses the gathering. Friday morning at 10 a.m. Eastern. He could give a hint on how likely the Fed is or isn't to cut interest rates at its September meeting and also by how much.

7:29The theme for this year's gathering is labor markets in transition, demographics, productivity and macroeconomic policy. Also, Powell is expected to unveil the Fed's new policy framework, the strategy it will use to achieve its inflation and employment goals. And then, of course, we could also get headlines from President Trump about his choice to replace Powell, whose term as chair officially ends next May. Denise Pellegrini, Bloomberg Radio. Denise, thank you. And a programming note, we will have live coverage from Jackson Hole this week. It all starts on Wednesday and finishes up with a special edition of Bloomberg Surveillance.

8:06Tom Keene, Lisa Abramowitz and Michael McKee will all be part of that special starting at 9 a.m. Eastern on Friday. Plus, watch for special episodes of the Odd Lots podcast. Joe Weisenthal and Tracy Alloway will be taping several conversations from the event as well. And in other news, Karen, Air Canada has suspended plans to restart operations after the union representing 10 ,000 flight attendants decided to defy a return to work order. The Canada Industrial Relations Board offered staff back by Sunday afternoon, but the union refused, calling the order unconstitutional. Air Canada now plans to resume flights Monday evening.

8:44The shutdown, which began early Saturday, affects about 130 ,000 people daily.

8:52It'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 Michael Barr. Michael, good morning. Good morning, Karen. Hurricane Aaron has reintensified after moving past Puerto Rico, with the storm expected to increase in size and remain over the Atlantic as it churns off the U.S. east coast later this week. Bloomberg meteorologist Craig Allen has more. The larger size means a larger wind field and thus a larger ocean effect. So even though the center will be several hundred miles off the mid-Atlantic coastline, the North Carolina Outer Banks may take a severe beating before the turn from the storm and the swells could reach 30 to 50 feet just offshore of the Outer Banks.

9:37In fact, Aaron will produce life-threatening surf and rip currents all along the beachfront from Florida clear on up to Maine. Bloomberg meteorologist Craig Allen, Aaron is expected to remain a hurricane through at least Wednesday. The NYPD continues to search for multiple shooters after at least three people were killed and at least ten wounded inside a nightclub in Brooklyn early Sunday. New York Mayor Eric Adams condemned the violence. Gun violence of this magnitude, it really scars a community and a city. The mass shooting happened at the Taste of the City Lounge in Crown Heights, Brooklyn, following a dispute that appears to be gang-related.

10:17Police Commissioner Jessica Tisch called it a terrible shooting that comes in a year of otherwise record low gun violence. The House Oversight and Government Reform Committee, currently investigating the death of Jeffrey Epstein, will today hear closed-door testimony from former Attorney General William Barr. The House Oversight Committee is seeking records related to Epstein's ex-associate, Ghislaine Maxwell. Epstein died in 2019 in federal detention after being charged with sex trafficking. Barr conducted a personal interview of the incident and confirmed his death was a suicide. Global News, 24 hours a day and whenever you want it.

10:56with Bloomberg News Now. Michael Barr, and this is Bloomberg, Karen. All right, Michael Barr, thank you.

11:06Time now for the Bloomberg Sports Update. Here's John Stashauer. John, good morning. Good morning, Karen. Mets and Mariners split two games at Citi Field, finished the series in Williamsport, Pennsylvania, side of the Little League World Series. The Mets scored three runs in the second inning, got four more in the fifth, with Mark Fientos blasting a three-run homer. They beat Seattle 7-3, So, back-to-back wins since losing 14 out of 16. They stay ahead of Cincinnati for the last wild card. The Reds won 3-2 in 10 innings. They ended Milwaukee's 14-game winning streak. The Yankees in St. Louis tied 4-4 in the ninth inning.

11:41Bases are loaded for Cody Bellinger. Hits that hard to the right side, and it skips past the Jay-Z. Hits a right field. Two runs are going to score. Judge into third. The Yankees lead it. Hits 6-4 in the ninth. On the Yes Network, Yanks added two more. They won 8-4 for their first series sweep since early July. Red Sox lost to Miami 5-3. Nationals lost to the Phillies 11-9. The Giants' top receiver Malik Nabors has not practiced in two weeks, yet to play in the preseason. It was believed to be due to a toe injury suffered last spring. Now it's been learned it's back tightness. The Giants do expect Nabors to play the season opener.

12:20BMW Golf outside of Baltimore, where Robert McIntyre had that brilliant opening round, kept the lead until three days after his 62. He shot 73, playing with Scottie Scheffler, who caught McIntyre, then passed him, and then Scheffler clinched the tournament on the 17th hole. Lifts this out of the rough, out of the putting surface, now bringing it down the slope towards the hole, slowly moving, now picking up speed. That's getting close to the hole now, picking up speed, getting close, Scottie Scheffler, and that is right near it in! He made it! Chip and Bernie! Oh my goodness! Do you believe it?

12:57PGA Tour Radio, the greatest golfer in the world with one of his greatest shots, chipping in from 81 feet. Tennis in Cincinnati, the men's and women's finals are tonight. The men have Yannick Sinder against Carlos Alcoraz. John Stashauer, Bloomberg Sports, Karen, Lisa. John, thank you. 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.

13:37dollars 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. In the first half of 2026, over$28.1 billion U.S. dollars traded on Moon ATS. Learn more about Moon ATS. Visit otcmarkets.com slash moon. Moon ATS is operated by OTC Link LLC, a FINRA-registered broker-dealer. This is the Bloomberg Tech Minute brought to you by ChatGPT. Now with ChatGPT work. I'm Carol Masser. DoorDash, the largest food delivery company in the U.S., is building its own delivery drones and has gained the necessary FAA approvals to operate them commercially, the latest in its effort to delegate more orders to robots as a way of cutting delivery times.

14:29Bloomberg's Natalie Lung reports the company says it has been conducting pilot programs with various restaurants, some of which have seen their order volume grow during the test period. The effort marks an expansion of DoorDash's in-house robotics efforts to reduce reliance on human couriers for some orders, as their wages constitute a key expense to the business. Drones are also a way for DoorDash to cut delivery times on orders from more remote locations that some dashers may not want. That's the Bloomberg Tech Minute, brought to you by ChatGPT. Put ChatGPT to work on your most ambitious ideas and projects.

15:03Get started at ChatGPT.com today by selecting Work Mode, available on Plus and Pro Plans. Everyone's talking about how AI is transforming work, especially in sales. While the landscape shifts, one thing remains the same, the thrill of closing a deal. Whether it's a gong or a confetti machine, every team has its celebration rituals. Adio is designed for that moment. It's the agentic CRM that turns customer signals into actionable insights, helping you close deals faster. With revenue agents and automations working around the clock, you'll have everything you need to scale your go-to market efforts.

15:39Elevate your wins with Adio. Start your free trial at adio.com slash iHeart. 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. Well, today, Ukrainian President Volodymyr Zelensky and his European allies, they arrive in Washington to begin talks with President Donald Trump. And this is after the U.S.-Russia summit on the Ukraine war ended without a ceasefire. So what can we expect today? Well, let's turn to someone who knows. That's Bloomberg senior editor Bill Farris. Bill, thanks for joining us this morning.

16:17Can you break down, first of all, who's expected to attend the talks and what should be discussed or what will be discussed? Well, it's a huge cross section of the European leadership that has been most closely aligned with the fight in Ukraine and with President Zelensky. So you've got German Chancellor Frederick Mears, French President Emmanuel Macron, the British Prime Minister Keir Starmer, Italy's Prime Minister, the Finnish president, and of course the EU president Ursula von der Leyen. And then the head of NATO is also expected. It's going to be a big turnout. They want to quickly follow up on the discussions that took place in Alaska last week.

16:57It's very rare to get all these leaders just to suddenly adjust their schedules and fly in. But I think there is this realization that this could be a really important moment in what happens going forward with Ukraine, Russia and the United States. Now, do we know any details about what was discussed at Friday's U.S.-Russia summit? We don't have a lot of information, particularly given how much time Donald Trump and Vladimir Putin spent together, including that time in the limousine. But, you know, the almost maybe three three hours or so they spent together. The one thing that has come out consistently is that the U.S.

17:34officials have said there were discussions about Washington joining PN nations and providing some kind of security guarantees for Ukraine if there's a peace deal. So Ukraine wouldn't necessarily be getting that kind of Article 5 treatment that full NATO members get. But a group of countries operating outside of NATO would kind of guarantee Ukrainian security going forward if there's a deal. That still leaves a lot of details. But it is a big deal. It's seen as a big deal that the U.S. would be agreeing to that so far. Now, one of the big sticking points, Bill, is over a peace deal is territorial issues.

18:14So after this past Friday, does it look like Ukraine may have to give up some large areas of land? Or do we know any details about anything else that was said as far as territorial issues? Well, the U.S. talk has been that there will be some sort of land swapping. And they do say that the Russians offered some concessions. But so far from Ukraine's point of view, Russia's concessions involve land that it has taken from Ukraine. So, of course, there's Crimea that it took in 2014. But Russia has demanded basically the entirety of the Donbass region. And that's a region that it's Ukrainian territory.

18:53But that's a region Russian troops don't even control the entirety of. So they are Moscow is still appears to be demanding that they be able to control a region that their troops have been fighting for since 2014 and haven't been able to take in battle. So that's probably a nonstarter with Ukraine. But there is, you know, there is some talk about, you know, whether Crimea would be part of that final deal. From its point of view, Ukrainian officials don't see any land surrendering any land at this point. And that's going to be kind of at the heart of discussions going forward. Yeah, most definitely.

19:30And I got to ask, the last time President Trump met with Zelensky, it didn't go so well. It turned into like the shouting match. I mean, are we expecting a little bit more of a civil meeting this time around? You know, anything could happen. It's interesting. You have so many European leaders coming in. When you look at the White House schedule, though, they are not listed as being in the Oval Office meeting between Trump and Zelensky. So if they're there for backup or support, that's going to have to come later. That meeting with Zelensky and all the EU leaders is scheduled for after the meeting with Donald Trump in the Oval Office.

20:05This 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.

20:47Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow. And I'm Lisa Mateo. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.

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