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Bessent: US-China Tariffs Working Well, UK Inflation Jumps to 18-Month High | The Pulse 8/20/2025

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Wall Street’s selloff in tech heavyweights dragged down global markets on Wednesday, as investors cashed in gains from the leaders of the post-April rally.
Europe’s Stoxx 600 dropped 0.1% after closing within a whisker of an all-time high on Tuesday. Technology stocks fell as much as 0.9% before paring the loss. Investors took shelter in defensive sectors, with real estate and utility stocks among the biggest gainers. Asian stocks retreated 0.7%

Elsewhere, UK inflation climbed to an 18-month high on the back of surging food, fuel and transport prices, putting the Bank of England under pressure to reconsider the pace of interest-rate cuts. Consumer prices rose 3.8% from a year earlier, up from 3.6% in June and the fastest pace since January 2024, the Office for National Statistics said Wednesday.

Today’s guests: Johanna Kyrklund, Schroders Group CIO, Greg Fleming, Rockefeller Capital Management CEO, Dean Forbes, Forterro CEO.

Chapters:
00:00:00 – The Pulse With Francine Lacqua
00:00:59 – Bessent Says China Tariff Status Quo ‘Working Pretty Well’
00:02:11 – After Putin Call, Trump Rang Orban Over Ukraine EU Membership
00:08:11 – Stock Rally Pauses After Wall Street Tech Selloff
00:10:43 – Johanna Kyrklund, Schroders Group CIO
00:15:43 – Fed’s Michelle Bowman
00:21:06 – UK Inflation at 18-Month High as Food, Transport Costs Soar 
00:26:22 – Greg Fleming, Rockefeller Capital Management CEO
00:30:14 – Miners in the Spotlight
00:34:30 – Spain, Portugal Wildfires Weigh on Tourism Sector
00:38:46 – Dean Forbes, Forterro CEO
00:45:45 – UK July CPI Rises Faster Than Expected
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Tech Selloff Intensifies on Earnings; Binance Estimates $6.3B Hacked

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US equity futures slump after disappointing earnings from Amazon and Intel. Binance estimates $6.3 billion was stolen in a hack, the largest to hit the digital-asset industry. The Bank of Japan signals a potential rate hike in December after hitting its inflation target. Jane Foley of Rabobank joins “Bloomberg Brief” to discuss the current risks in the FX market, including ECB President Christine Lagarde’s plan for an early departure.
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Trump Says He’ll Accept Results of Elections

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President Donald Trump tell the New York Times that he will accept these election results. He told the newspaper that he would “work with the Democrats, and we’ll, you know, look forward to working with them. We’ll probably work something out.” Bloomberg’s Kate Sullivan reports from the White House.
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The Era of the jumbo IPOs #shorts #spacex #ipo #elonmusk

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The long-awaited SpaceX IPO tested the limits of modern capital markets and is expected to be followed by OpenAI and Anthropic. On Wall Street Week, investor Steve Rattner says the scale of the valuations and fundraising involved is unprecedented https://bloom.bg/4ovtoOI

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Election 2026 Special Coverage | Part 1

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As Americans decide who controls Congress and pass their political verdict on President Trump’s second term, Bloomberg’s Kailey Leinz, Joe Mathieu and David Gura analyze what the midterms mean for Wall Street and the world.
We check in with reporters around the country in Iowa, Alaska, Georgia and more.

Chapters:
00:01:46 Bloomberg’s Tyler Kendall on the Battleground Map: Fight for Control of Congress
00:04:07 Bloomberg’s Romaine Bostick on Michigan Senate Race and Voter Concerns
00:05:51 Bloomberg’s Skylar Woodhouse on Iowa Senate Race and Record Early Voting
00:07:19 Bloomberg’s Anna Edgerton on Alaska Senate Race and Cost-of-Living Issues
00:08:34 Political Panel Reacts: Turnout and Early Voting, What Early Results Could Signal for Democrats,
00:15:18 Charlie Cook, founder and columnist with the Cook Political Report with Amy Walter, on a Potential “Red Undertow”
00:17:57 Charlie Cook on Michigan and the Changing Political Map
00:22:18 Bloomberg’s Mike Shepard on Data Center Ballot Measures Across the US
00:26:05 Bloomberg’s Kate Sullivan on Trump Watches Election Results From the White House
00:29:00 Mike Sommers, CEO and president of the American Petroleum Institute, on Energy, Gas Prices and the Election
00:31:54 Mike Sommers on Permitting Reform and US Energy Infrastructure
00:33:11 Mike Sommers on Winter Fuel Costs and Refining Capacity
00:36:40 Bloomberg’s Brooke Sutherland on Susan Collins Faces a Major Test in Maine
00:39:52 Political Panel Reacts: Maine and Republican Prospects, What Early Results Could Mean for Republicans, Campaign Spending and North Carolina Battlegrounds
00:50:17 Affordability Dominates Voters’ Concerns
00:52:34 Kevin Brady on Inflation, Prices and the Economy
00:55:25 Bloomberg’s Julie Fine on Texas Senate Race: Talarico vs. Paxton
00:59:17 Henrietta Treyz, Co-Founder & Director of Economic Policy at Veda Partners, on Energy, Tariffs and the Democratic Electoral Map
01:03:08 Henrietta Treyz on Polls Close in Kentucky and Indiana
01:05:57 America’s $40 Trillion National Debt
01:08:10 Henrietta Treyz on on Why Washington Isn’t Tackling the Deficit
01:10:05 Henrietta Treyz on Debt Ceiling Risks and Potential Credit Downgrades
01:14:01 AI and Data Centers Reshape the Midterms
01:16:03 Bloomberg’s Brett Pulley on Georgia Races and the Data Center Debate
01:20:02 Michael Waldman, CEO & President of Brennan Center for Justice, on Tech Mega-Donors and Campaign Finance
01:23:39 Michael Waldman on How Political Spending Can Influence Policy
01:25:00 Michael Waldman on Could Tech Executives Face Congressional Hearings?
01:28:32 Bloomberg’s Myles Miller on Election Litigation and DOJ Poll Monitoring
01:32:18 Michael Waldman on Election Security and Legal Challenges
01:35:43 Michael Waldman on Record Early Voting and Election Integrity
——–
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Trump Says He May Become ‘Mr. Veto’ if Democrats Win Midterms

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President Trump says he may have to become “Mr. Veto” if Democrats win a majority in tomorrow’s midterms, a rare acknowledgement that Republicans could lose the elections. With one day to go, polls suggest Democrats could make gains in the House and Senate as they seek control of both chambers of Congress.

US equity futures advanced to halt a bruising selloff in the artificial intelligence trade, with falling oil prices helping stocks to start the month on a positive note.

Apple reports earnings after the bell on Monday. The iPhone maker’s stock has climbed 25% from a low in late June, adding roughly $1 trillion in market value, as the company’s steady revenue growth and rising free cash flow have offered a haven for investors balked by concerns about heavy spending on AI infrastructure by megacap peers like Alphabet and Amazon.

Today’s guests: Derek Halpenny, MUFG Head of Research for Global Markets; Jeff Currie, Real Macro CEO; Tina Fordham, Fordham Global Foresight Founder

—
“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.

Chapters:
00:00:00 – The Pulse with Francine Lacqua
00:00:51 – Oil slips on report Trump favors Iran diplomacy
00:04:41 – Trump: May become “Mr. Veto” if Dems win Midterms
00:09:23 – Derek Halpenny, MUFG Global Markets Head of Research
00:18:41 – Marks: AI is unlike anything I have ever seen
00:20:31 – Apple results to show early sales of new iPhones
00:23:58 – Monday headlines
00:24:36 – Jeff Currie, Real Macro CEO & Founder
00:31:00 – Midterm roundtable: Fordham Global Foresight’s Tina Fordham & Bloomberg’s Stephanie Baker
——–
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