Bob Zoellick and Mike Froman spent years crisscrossing the globe as US Trade Representatives for George W. Bush and Barack Obama, respectively. They hammered out deals that accelerated an era of free trade.

As President Donald Trump’s August 1 tariff deadline approaches and Japan strikes a major deal with his trade team, David Gura brings the two former trade officials together to get their take on the president’s efforts to reshape the global economy.

Bob Zoellick and Mike Froman spent years crisscrossing the globe as US Trade Representatives for George W. Bush and Barack Obama, respectively. They hammered out deals that accelerated an era of free trade. As President Donald Trump&rsquo;s August 1 tariff deadline approaches and Japan strikes a major deal with his trade team, David Gura brings the two former trade officials together to get their take on the president&rsquo;s efforts to reshape the global economy.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

After US-Japan Trade Deal, What’s Next in Trump’s Trade War

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/9fae625f-5303-46c1-aab3-b32301524ecb/transcript

On Wednesday, the Federal Open Market Committee cut rates by 25-basis points. It was the scenario a lot of close watchers of the Federal Reserve expected — but what comes after this Fed Meeting is an open question.

With President Trump poised to name Chair Jerome Powell’s replacement by early 2026, both markets and the Federal Reserve itself could start to look to Trump’s nominee for guidance. Kevin Hassett has emerged as the front-runner for the role, who currently serves as director on Trump’s Council of Economic Advisers.

On Today’s Big Take podcast, Bloomberg Economics’ Chief US Economist Anna Wong joins host Sarah Holder to break down the economic impact of the latest rate cut and what the Federal Reserve could look like next year if Hassett is nominated to succeed Powell.

Read more: Fed Cuts Rates With Three Dissents, Projects One Cut in 2026

On Wednesday, the Federal Open Market Committee cut rates by 25-basis points. It was the scenario a lot of close watchers of the Federal Reserve expected &mdash; but what comes after this Fed Meeting is an open question.
With President Trump poised to name Chair Jerome Powell&rsquo;s replacement by early 2026, both markets and the Federal Reserve itself could start to look to Trump&rsquo;s nominee for guidance. Kevin Hassett has emerged as the front-runner for the role, who currently serves as director on Trump&rsquo;s Council of Economic Advisers.
On Today&rsquo;s Big Take podcast, Bloomberg Economics&rsquo; Chief US Economist Anna Wong joins host Sarah Holder to break down the economic impact of the latest rate cut and what the Federal Reserve could look like next year if Hassett is nominated to succeed Powell.
Read more: <a href="https://www.bloomberg.com/news/articles/2025-12-10/fed-cuts-rates-with-three-dissents-projects-one-cut-in-2026">Fed Cuts Rates With Three Dissents, Projects One Cut in 2026</a>

The Fed Just Cut Rates Again. Here’s What’s Ahead for 2026

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/cd94aa86-9145-4d43-a145-b3af014a90d4/transcript

The US tariff war with China sent American companies scrambling to find alternative manufacturing hubs. India looked promising until the White House upended everything. 

On today’s Big Take Asia podcast, K. Oanh Ha heads to India, where she goes inside two toy factories scrambling to adapt to Washington’s shifting trade policies. How sky-high tariffs are undercutting India’s ambitions to take China’s crown as the world’s factory floor and forcing American manufacturers to make a tough choice. 

Read more: Cutting Ties With China Is Harder Than Companies Expected

Further listening: An American Toymaker Struggles to Break Up With China
The American Toymaker Suing Trump Over Destructive Tariffs

The US tariff war with China sent American companies scrambling to find alternative manufacturing hubs. India looked promising until the White House upended everything.&nbsp;
On today&rsquo;s Big Take Asia podcast, K. Oanh Ha heads to India, where she goes inside two toy factories scrambling to adapt to Washington&rsquo;s shifting trade policies. How sky-high tariffs are undercutting India&rsquo;s ambitions to take China&rsquo;s crown as the world&rsquo;s factory floor and forcing American manufacturers to make a tough choice.&nbsp;
Read more: <a href="https://www.bloomberg.com/news/features/2025-11-18/learning-resources-move-to-vietnam-shows-china-s-dominance?srnd=undefined">Cutting Ties With China Is Harder Than Companies Expected</a>
Further listening: <a href="https://podcasts.apple.com/us/podcast/an-american-toymaker-struggles-to-break-up-with-china/id1746141911?i=1000733927616">An American Toymaker Struggles to Break Up With China </a><a href="https://podcasts.apple.com/us/podcast/the-american-toymaker-suing-trump-over-destructive/id1746141911?i=1000715338062">The American Toymaker Suing Trump Over Destructive Tariffs</a>

India Wanted to Become The World’s Toymaker. Then Tariffs Happened

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/bec07c99-fefa-4314-a9ce-b3ae0157d214/transcript

After last month’s passage of the Epstein Files Transparency Act, the US Department of Justice is on the clock to release an enormous cache of documents related to convicted sex trafficker Jeffrey Epstein.

So what could be in the files? And what might the government hold back? 

On today’s Big Take, host David Gura is joined by Bloomberg investigative reporter Jason Leopold, who specializes in making government documents public and co-hosts Bloomberg’s Disclosure podcast. They talk through how the release could play out and how to parse the files once they’re available.

Subscribe to Jason’s FOIA Files newsletter and Disclosure podcast

After last month&rsquo;s passage of the Epstein Files Transparency Act, the US Department of Justice is on the clock to release an enormous cache of documents related to convicted sex trafficker Jeffrey Epstein.
So what could be in the files? And what might the government hold back?&nbsp;
On today&rsquo;s Big Take, host David Gura is joined by Bloomberg investigative reporter Jason Leopold, who specializes in making government documents public and co-hosts Bloomberg&rsquo;s Disclosure podcast. They talk through how the release could play out and how to parse the files once they&rsquo;re available.
Subscribe to Jason&rsquo;s&nbsp;<a href="https://www.bloomberg.com/account/newsletters/foia-files">FOIA Files newsletter</a> and <a href="https://podcasts.apple.com/us/podcast/disclosure/id1847986591">Disclosure podcast</a>

What to Expect in the DOJ Epstein Files Release

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/d1c749b7-e9e6-47e7-a40a-b3ad0152f312/transcript

After US-Japan Trade Deal, What’s Next in Trump’s Trade War

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