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Carl Quintanilla, Jim Cramer and David Faber led off the show with news involving a major supplier to Nvidia and Apple. The White House announced CHIPS Act grants of $6.6 billion to Taiwan Semiconductor, for expansion of the chipmaker's Arizona plants. Commerce Secretary Gina Raimondo and the anchors discussed that funding. Sara Eisen's exclusive interview with Treasury Secretary Janet Yellen in China included a focus on tariffs -- with electric vehicles also in the spotlight. Also on the program: Market worries about the Fed possibly scaling back plans for interest rate cuts, Jamie Dimon's message on rates and AI in his annual letter to JPMorgan Chase shareholders, what to make of the banking sector ahead of earnings later this week, why Jim took off his belt.

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37:T529,Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) The European Union says it will respond to any tariffs the US might impose on it. The warning comes after President Trump pushed forward with his pledge to place a 25% tariff on all US steel and aluminium imports. (2) Despite Trump's insistence that there would be 'zero exemptions'. The US President says he will "give consideration" to a carve-out for Australia. Those comments were also echoed by the country's Prime Minister Anthony Albanese, after a call between the two leaders. (3) The growing prospect of a trade war comes as the the UK's new ambassador to the US -- Peter Mandelson -- says it's important for allies to respect Trump's electoral mandate. (4) A group of investors led by Elon Musk has offered to buy the nonprofit that controls OpenAI for $97.4 billion, escalating a clash between the Tesla chief executive and the artificial intelligence company he co-founded. (5) A Bank of England voting member who backed an outsized interest rate cut last week sees companies struggling to raise prices as consumers pull back on spending. (6) Europe is teetering on the edge of its next energy crisis after natural gas prices soared to the highest in two years.See omnystudio.com/listener for privacy information.38:T430,Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg News US Semiconductor Reporter Ian King and Bloomberg News Senior Editor for Technology & Strategic Industries Michael Shepard discuss the Biden administration, facing pushback to its chip crackdown on China, telling allies that it’s considering using the most severe trade restrictions available if companies such as ASML continue giving the country access to advanced semiconductor technology. Michael Sansoterra, CIO Silvant Capital, talks about investing in growth stocks. Bloomberg Businessweek Editor Brad Stone shares the details of the Businessweek Magazine cover story Trump on What He’d Do With Taxes, Tariffs, the Fed and More. Thomas Carroll, CEO at Ballast Rock Asset Management, explains how lower interest rates could impact residential real estate investing. And we Drive to the Close with Callie Cox, Chief Market Strategist at Ritholtz Wealth Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

U.S.-Israeli strikes on Iran intensify