Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. On today's show, US President Donald Trump is readying substantial tariff cuts designed to address high food prices. He's also set to unveil trade deals with Latin American countries to reduce tariffs and barriers on common grocery items. The push comes after key electoral victories for Democrats last week in state and local races where candidates stressed affordability concerns. Elsewhere, UK Chancellor, Rachel Reeves is considering dropping plans to raise income tax and a slew of other levies at the coming budget. She is also looking again at whether to proceed with an exit tax on wealthy people. Today's guests: Siemens Energy CFO Maria Ferraro.