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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm John Tucker and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today, and.

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Speaker 3: Carol, We're gonna bring you the latest on Terrence and

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Speaker 3: the markets in a moment. But first let's begin with history.

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Speaker 3: At Augusta, Rory McElroy is one of the Masters to

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Speaker 3: complete a career Grand Slam. Get the very latest with

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Speaker 3: Bloomberg Sports reporter John's statshera this morning. And John wasn't

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Speaker 3: easy for Rory.

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Speaker 4: Yeah, certainly not John. It was one of the most

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Speaker 4: memorable Sundays at the Masters. Perhaps no champion endured such

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Speaker 4: a roller coaster of emotions on the final day. But

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Speaker 4: on the first hole of the playoff with Justin Rose,

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Speaker 4: Rory McElroy stood over a three foot birdie putt.

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Speaker 5: How's his masterpiece?

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Speaker 4: That's on CBS. That putt came shortly after McElroy missed

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Speaker 4: a five foot are on the same eighteenth hole that

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Speaker 4: would have won it in regulation. He had earlier blown

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Speaker 4: what was briefly a five shot lead on the back nine.

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Speaker 4: But the green jacket is his, and so is that

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Speaker 4: career Grand Slam. Only the six who have won all

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Speaker 4: four majors. Who was McElroy's first major victory in eleven years.

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Speaker 4: Be back a little later in sports with reaction John Staneshaware,

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Speaker 4: Bloomberg Radio.

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Speaker 2: All right, sounds good, thanks John, Well. Turning out to

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Speaker 2: the markets and tariffs. The lift in stocks comes after

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Speaker 2: President Trump announced that popular consumer electronics, including phones and laptops,

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Speaker 2: would be exempt from the planned one hundred and twenty

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Speaker 2: five percent tariffs on Chinese goods and ten percent global levies. However,

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Speaker 2: yesterday the President said it's a temporary measure and that

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Speaker 2: a different tariff will be applied to the sector soon.

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Speaker 2: He spoke to reporters on board Air Force One.

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Speaker 6: The tariffs will be in place in the non distant future, because,

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Speaker 6: as you.

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Speaker 7: Know, like we did with steel, like we did with.

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Speaker 6: Automobiles, like we did with aluminum, which are now fully on,

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Speaker 6: we'll be doing that with semiconductors, with chips and numerous

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Speaker 6: other things that take place in the very near future.

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Speaker 3: We rate the good semiconductor.

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Speaker 8: I'm going to be.

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Speaker 6: Announcing it over the next week.

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Speaker 2: Any exemptions are a temporary reprieve for companies like Apple.

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Speaker 2: Antstock is at more than five percent this morning, and

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Speaker 2: video broad common inteller at more than two percent. Stick

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Speaker 2: with Bloomberg for the latest on tariffs. We have an

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Speaker 2: exclusive interview at Treasury Secretary Scott Bessant that's at four

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Speaker 2: forty five Wall Street time on Bloomberg Radio, Bloomberg Television,

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Speaker 2: and the Bloomberg Podcast page on YouTube and Karen.

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Speaker 3: The latest terror posts from the US come as new

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Speaker 3: data shows China's exports search last month. Exports this is

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Speaker 3: in dollar terms far exceeded all for a chasterize twelve

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Speaker 3: point four percent, with a near nine percent rise in

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Speaker 3: goods being sent to the US. So these figures suggest

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Speaker 3: that a lot of companies were front loading orders in

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Speaker 3: March to get ahead of the looming tariffs. The data

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Speaker 3: also reveals that Chinese exports to Southeast Asia reached their

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Speaker 3: second highest level on record.

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Speaker 2: Well John JP Morgan Asset Management's Bob Michael believes treasuries

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Speaker 2: may have hit their price low and yelled high. He

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Speaker 2: did a robust forign demand and expected fed support. He

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Speaker 2: spoke at Bloomberg yesterday on a special edition of Bloomberg Surveillance.

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Speaker 7: I think we've seen three soft policy responses. The first

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Speaker 7: came from the administration. You already went through. They gave

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Speaker 7: us a ninety day reprieve. That's fine, and they took

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Speaker 7: some of the tariffs off of electronics for the time being.

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Speaker 7: That's okay. That's backing up. The second came from Congress

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Speaker 7: where the House passed the Senate Budget Resolution, So Congress

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Speaker 7: in a way gave us something. And then I'm going

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Speaker 7: to say the third is Susan Collins finally sending us

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Speaker 7: home over the weekend saying, yeah, the Fed's watching this.

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Speaker 7: We got this.

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Speaker 2: And JP Morgan now said Managements Bob Michael's comments come

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Speaker 2: after treasury suffered their biggest slump since two thousand and

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Speaker 2: one last week. Checking treasuries right now, they yield on

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Speaker 2: the ten uere is at four point four six percent,

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Speaker 2: the two year yield three point nine two percent, the

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Speaker 2: thirty year yeld three point eight seven percent. And here

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Speaker 2: the full conversation on the Bloomberg Surveillance podcast feed or

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Speaker 2: watch it on the Bloomberg podcast page on YouTube.

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Speaker 3: And we're also following the price at gold. Right now,

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Speaker 3: the precious metal is trading at thirty two forty five dollars.

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Speaker 3: An ounce to Wall Street firms also expected to go higher.

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Speaker 3: Goldvin sacks at ubs that you shoued another round of

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Speaker 3: bullish falls for gold was stronger than expended. Central bank

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Speaker 3: demand of the medals role as a hedge against recession

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Speaker 3: and geopolitical risk. Golblan now sees gold rallying to thirty

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Speaker 3: seven hundred dollars announced by the end of this year,

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Speaker 3: with prices set to hit four thousand dollars announced by

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Speaker 3: mid twenty twenty six.

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Speaker 2: Well John wall Street also awaits another round of bank earnings.

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Speaker 2: This morning we hear from Goldman Sachs and we again more

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Speaker 2: with the Bloomberg Intelligence. It's Alison Williams.

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Speaker 9: We're expecting to see trading strength at Goldman Sachs, especially

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Speaker 9: following the strong results that we got from JP Morgan

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Speaker 9: and Morgan Stanley forty five to fifty percent gains at

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Speaker 9: equity trading. We expect Goldman is going to share in

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Speaker 9: these results. They're typically the trading leader in that business.

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Speaker 9: Fees have come in a little bit weaker so far.

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Speaker 9: We expect that Goldvinzachs may tell us a little bit

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Speaker 9: about CEOs wanting to stay on the sidelines given all

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Speaker 9: of this volatility. So volatility helping trading, it's hurting fees

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Speaker 9: We're also going to be looking at what the bank

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Speaker 9: is doing on its staffing levels. Bloomberg News has reported

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Speaker 9: about potential cuts in the investment banking staffing, and we

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Speaker 9: think that is going to be the truest look in

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Speaker 9: terms of what the bank thinks is going to happen

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Speaker 9: with fees in the months ahead.

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Speaker 2: And as Allison Williams of Bloomberg Intelligence who says, look

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Speaker 2: for Goldman earnings around seven thirty am Wall Street Time and.

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Speaker 3: Karen, that brings us to our next story right here

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Speaker 3: on Bloomberg Radio. And the Federal Aviation Administration says the

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Speaker 3: helicopter Tour company who was sight seeing chopper broke apart

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Speaker 3: in flight and crashed in New York, killing the pilot

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Speaker 3: at a family of five visitors from Spain, is shutting

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Speaker 3: down operations immediately. The FAA, in a statement posted on

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Speaker 3: x also said would launch an immediate review of New

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Speaker 3: York Helicopter Tour's operating license and safety record. Set up.

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Speaker 3: An Arty leader, Schuck Schumer of New York, is calling

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Speaker 3: for tighter restrictions on helicopter companies.

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Speaker 10: I'm demanding the FAA increased what are called ramp inspections

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Speaker 10: at other helicopter tour companies, a ramp inspection is a

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Speaker 10: surprise inspection they show up unannounced.

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Speaker 3: Schumer also said other regulations should include limits on aircraft age,

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Speaker 3: greater pilot experience requirements, and stronger financial standards to prevent

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Speaker 3: cost cutting on safety and.

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Speaker 2: Finally, John Blue Origin is set to launch a high

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Speaker 2: profile all women crew on its flagship space Tourism Rocket

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Speaker 2: later today. It'll be bringing crew members including pop star

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Speaker 2: Katie Perry and Jeff Bezos's fiance Lawrence Sanchez, to the

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Speaker 2: edge of space and back, and Perry preview the flight

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Speaker 2: on a post to Instagram.

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Speaker 11: I do believe this. I'm not going to say I

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Speaker 11: can't believe I'm here. I do believe this because I

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Speaker 11: think that believing your dreams and saying that is actually

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Speaker 11: how you make your dreams come true.

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Speaker 2: And the flight is set to launch a nine thirty

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Speaker 2: am New York time from a West Texas and a

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Speaker 2: roughly eleven minute trip for a quick experience of witlessness.

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Speaker 2: The other members on board our CBS's Gail King, producer,

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Speaker 2: carry Ann Flynn, former NASIS scientist Aisha bo and Amanda Wynn,

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Speaker 2: a bioastronautics research scientist and advocate for survivors of sexual violence.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news in New York and around the world,

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Speaker 2: and for that we're joined by Bloomberg's Michael Barr Michael,

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Speaker 2: good Morning.

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Speaker 8: Good Morning Careen. A man is facing charges after authority

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Speaker 8: say he broke into the Pennsylvania governor's mansion over night Sunday,

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Speaker 8: set a fire that left significant damage and forced Governor

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Speaker 8: johsh Shapiro and his family and guests to evacuate the house.

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Speaker 8: And happened during the Jewish holiday of Passover. No injuries

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Speaker 8: were reported, but a significant portion of the mansion was damaged.

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Speaker 8: Later Sunday, Governor Shapiro spoke to reporters.

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Speaker 12: I'm going to do my best to be your governor

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Speaker 12: and right now to be a good husband and father

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Speaker 12: to my family. Were obviously traumatized by what occurred here

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Speaker 12: last night.

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Speaker 8: The authorities have identified the suspect as thirty eight year

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Speaker 8: old Cody Bohmer of Harrisburg, and say he was arrested

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Speaker 8: later in the day. The NTSB is investigating another aircraft fatality,

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Speaker 8: this one in a rural part of upstate New York.

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Speaker 8: In Copeke, Columbia County. Over the weekend, a small plane

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Speaker 8: departed from Westchester County Airport, but it crashed in a

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Speaker 8: wooded area. NTSB investigator Albert Nixon shared the last communication

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Speaker 8: the airport had with the pilot before the crash.

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Speaker 13: The pilot reported and missed approach. He requested vectors for

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Speaker 13: another approach, and as he is being vectored, the radar

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Speaker 13: indicated a low altitude alert.

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Speaker 8: It is said one of the victims included Corina Groff,

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Speaker 8: who recently was named the NCAA Woman of the Year.

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Speaker 8: Russian missile attacks struck the heart of the Ukrainian city

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Speaker 8: of Sumi as people gathered to celebrate Palm Sunday. Officials

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Speaker 8: say the strike killed at least thirty four people. Ukrainian

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Speaker 8: President Vladimir Zelenski says he wants President Trump to come

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Speaker 8: see how the war has impacted his country before making

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Speaker 8: any major decisions. Amid talk of a potential deal to

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Speaker 8: end Russia's ongoing war. Come look, and then let's move

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Speaker 8: with the plan how to finish the war.

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Speaker 13: You will understand with whom you have a deal.

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Speaker 8: Zelenski spoke to CBS's sixty Minutes Global news twenty four

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Speaker 8: hours a day and whenever you want it with the

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Speaker 8: Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg Karen.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Sports Update. Here's John stash Hour again. John Giburning,

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Speaker 2: Good morning, Karen.

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Speaker 4: What a Sunday it was that the Masters. Rory mcclroy

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Speaker 4: was ahead, and then behind, and then back ahead, even

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Speaker 4: at one point by five five shots on the back

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Speaker 4: ninety blew that league got it back with a birdie

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Speaker 4: and near eagle on fifteen. He missed the putt on

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Speaker 4: the last hole that would have won on the Green

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Speaker 4: Jackets after winning eleven years to win a major had

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Speaker 4: to wait a little longer, but he came back on

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Speaker 4: that same eighteen pole in the playoff with Justin Roseen.

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Speaker 4: This time the putt went in and McElroy's long major

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Speaker 4: draft was over with his first Master's fifty.

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Speaker 5: You know, there were points in my career where I

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Speaker 5: didn't know if I would have this nice garment over

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Speaker 5: my shoulders. But I didn't make it easy today. I

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Speaker 5: certainly didn't make it easy. I was nervous. It was

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Speaker 5: one of the toughest days I've ever had on the

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Speaker 5: golf course.

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Speaker 4: Victory completes the career Grand Slam six to have one

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Speaker 4: all four. He joins Gene saraz In, Van Hogan, Jack Nicholas,

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Speaker 4: Gary Player and Tiger Wood. It's the second Master's playoff

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Speaker 4: defeat for Rose, who made a furious charge to get

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Speaker 4: in to Fenny Champ. Scottie Scheffer finished fourth. They at

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Speaker 4: the Stadium, Yankees let the Giants three one sixth any

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Speaker 4: when Jung Whole hit a three line homer. He had

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Speaker 4: hit a solo shot earlier. Both came off Carlos Goudan.

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Speaker 4: Giants won five to four. Yankees have lost four to

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Speaker 4: the last six. Mets beat the A's and Sacramento eight

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Speaker 4: to nothing. They scored all eight over the last four innings.

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Speaker 4: Gode I Sanga hurld seven score has allowed just four hits.

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Speaker 4: The Nationals lost in Miami eleven to four. Red Sox

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Speaker 4: beat the White Sox three to one. Islanders top the

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Speaker 4: Devils won nothing. The next playoff opener will be Saturday

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Speaker 4: six o'clock at the Garden against Detroit. The Nicks finished

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Speaker 4: fifty one and thirty one. They sat out their starters

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Speaker 4: still beat the Nets one thirteen to one oh five.

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Speaker 4: The Clippers won at Golden State in overtime. That means

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Speaker 4: the Warriors have to play Memphis and the play in

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Speaker 4: game tomorrow. John Stashiewart Bloomberg Sports kenon.

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Speaker 1: Johnny Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business opp This is Bloomberg Daybreak.

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Speaker 3: Hey, good morning, I'm John Tucker. President Trump's applause on

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Speaker 3: terras for certain electronics is only temporary, insisting in his words,

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Speaker 3: that nobody is getting off the hook. What this comes

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Speaker 3: after what sounded like an exemption to the extent we can.

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Speaker 3: We're it's going to get some clarity this morning. We're

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Speaker 3: joined by Bloomberg News Senior editor Bill Ferries. Trade Policy

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Speaker 3: Bill sounds a little ad hot. What do we know

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Speaker 3: for sure?

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Speaker 14: Well, yeah, I think if you look at what we've

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Speaker 14: been all been through over the last week, the administration

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Speaker 14: is really pushing back on this idea that they're stepping

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Speaker 14: away from this strategy of tariffs, despite having put a

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Speaker 14: pause on those ninety day pause on those reciprocal tariffs

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Speaker 14: that were briefly in place last week and then over

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Speaker 14: the weekend basically saying that they are holding off on

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Speaker 14: one hundred and forty five percent tariffs on a lot

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Speaker 14: of consumer electronics and other things like that coming in

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Speaker 14: from China. President Trump's saying over the weekend that nobody's

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Speaker 14: off the hook, that he is simply coming up with

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Speaker 14: a different bucket of teriffs that he plants to apply

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Speaker 14: to things with semiconductors and chips in them. So there

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Speaker 14: is a reprieve for companies like let's say, Apple and

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Speaker 14: Samsung and Nvidia that we're bringing in devices with chips,

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Speaker 14: but it's not clear how long of a reprieve they

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Speaker 14: will ultimately get.

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Speaker 3: Here is this reprieve, if you want to call it that,

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Speaker 3: in the indication that the products may soon be subject

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Speaker 3: to a completely different tarif.

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Speaker 14: It is, I mean, the way the administration is talking

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Speaker 14: is they're talking about putting this in a different bucket,

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Speaker 14: just like you know they've essentially done with steel and

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Speaker 14: aluminum tariffs, which steel and aluminum imports which face a

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Speaker 14: set tariff coming in automobiles. They've talked about doing something

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Speaker 14: like this with a lumber that comes in largely from

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Speaker 14: Canada having those set up to a separate a separate

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Speaker 14: number basically from the other goods that come in from

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Speaker 14: the country. Now, we don't know what that number is

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Speaker 14: going to be. Ultimately it would presumably be less than

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Speaker 14: one hundred and four five percent. Howard Lutnick over the weekend,

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Speaker 14: saying that the administration plans to make an announcement in

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Speaker 14: the Federal Register this week essentially, which would essentially lay

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Speaker 14: out some of the details that are really lacking right

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Speaker 14: now and presumably give a couple months for comments, and

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Speaker 14: of course perhaps lobbying from the different sectors and companies

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Speaker 14: would be affected by it.

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Speaker 3: So the range right now, as I understand it is

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Speaker 3: the bottom would be ten percent, the top would be

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Speaker 3: one hundred and twenty five percent. So what we're looking

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Speaker 3: at is somewhere in between that going forward for.

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Speaker 14: This somewhere in between that. But even when you know

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Speaker 14: around it, it's a pretty vast range, and it makes

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Speaker 14: it very hard for you know, companies to make any

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Speaker 14: long term plans. If you're thinking about how many, you know,

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Speaker 14: how many cargo containers you're going to need six months

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Speaker 14: down the road, that's a that's a very difficult thing.

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Speaker 14: To imagine at this point. But even that ten percent tariff,

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Speaker 14: the flat rate that President Trump has put on, he

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Speaker 14: said that in some cases he may be willing to

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Speaker 14: negotiate over that as well, so it could go lower,

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Speaker 14: either for some countries or some specific companies or sectors.

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Speaker 14: So you know, the clarity has really not increased, although

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Speaker 14: I think what we've seen for some companies. You think

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Speaker 14: about a company like Apple or Nvidia, for instance, they're

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Speaker 14: certainly breathing a little easier than they were perhaps, you know,

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Speaker 14: ninety six hours ago.

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