WEBVTT - Trump's Temporary Tariff Reprieve; Blue Origin Launch

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning, I'm John Tucker and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today, and.

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<v Speaker 3>Carol, We're gonna bring you the latest on Terrence and

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

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<v Speaker 3>At Augusta, Rory McElroy is one of the Masters to

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<v Speaker 3>complete a career Grand Slam. Get the very latest with

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<v Speaker 3>Bloomberg Sports reporter John's statshera this morning. And John wasn't

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<v Speaker 3>easy for Rory.

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<v Speaker 4>Yeah, certainly not John. It was one of the most

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<v Speaker 4>memorable Sundays at the Masters. Perhaps no champion endured such

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<v Speaker 4>a roller coaster of emotions on the final day. But

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<v Speaker 4>on the first hole of the playoff with Justin Rose,

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<v Speaker 4>Rory McElroy stood over a three foot birdie putt.

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<v Speaker 5>How's his masterpiece?

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<v Speaker 4>That's on CBS. That putt came shortly after McElroy missed

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<v Speaker 4>a five foot are on the same eighteenth hole that

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<v Speaker 4>would have won it in regulation. He had earlier blown

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<v Speaker 4>what was briefly a five shot lead on the back nine.

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<v Speaker 4>But the green jacket is his, and so is that

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<v Speaker 4>career Grand Slam. Only the six who have won all

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

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<v Speaker 4>Be back a little later in sports with reaction John Staneshaware,

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<v Speaker 4>Bloomberg Radio.

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<v Speaker 2>All right, sounds good, thanks John, Well. Turning out to

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<v Speaker 2>the markets and tariffs. The lift in stocks comes after

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<v Speaker 2>President Trump announced that popular consumer electronics, including phones and laptops,

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<v Speaker 2>would be exempt from the planned one hundred and twenty

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<v Speaker 2>five percent tariffs on Chinese goods and ten percent global levies. However,

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<v Speaker 2>yesterday the President said it's a temporary measure and that

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<v Speaker 2>a different tariff will be applied to the sector soon.

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<v Speaker 2>He spoke to reporters on board Air Force One.

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<v Speaker 6>The tariffs will be in place in the non distant future, because,

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<v Speaker 6>as you.

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<v Speaker 7>Know, like we did with steel, like we did with.

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<v Speaker 6>Automobiles, like we did with aluminum, which are now fully on,

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<v Speaker 6>we'll be doing that with semiconductors, with chips and numerous

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<v Speaker 6>other things that take place in the very near future.

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<v Speaker 3>We rate the good semiconductor.

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<v Speaker 8>I'm going to be.

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<v Speaker 6>Announcing it over the next week.

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<v Speaker 2>Any exemptions are a temporary reprieve for companies like Apple.

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<v Speaker 2>Antstock is at more than five percent this morning, and

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<v Speaker 2>video broad common inteller at more than two percent. Stick

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<v Speaker 2>with Bloomberg for the latest on tariffs. We have an

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<v Speaker 2>exclusive interview at Treasury Secretary Scott Bessant that's at four

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<v Speaker 2>forty five Wall Street time on Bloomberg Radio, Bloomberg Television,

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<v Speaker 2>and the Bloomberg Podcast page on YouTube and Karen.

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<v Speaker 3>The latest terror posts from the US come as new

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<v Speaker 3>data shows China's exports search last month. Exports this is

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<v Speaker 3>in dollar terms far exceeded all for a chasterize twelve

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<v Speaker 3>point four percent, with a near nine percent rise in

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<v Speaker 3>goods being sent to the US. So these figures suggest

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<v Speaker 3>that a lot of companies were front loading orders in

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<v Speaker 3>March to get ahead of the looming tariffs. The data

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<v Speaker 3>also reveals that Chinese exports to Southeast Asia reached their

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<v Speaker 3>second highest level on record.

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<v Speaker 2>Well John JP Morgan Asset Management's Bob Michael believes treasuries

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<v Speaker 2>may have hit their price low and yelled high. He

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<v Speaker 2>did a robust forign demand and expected fed support. He

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<v Speaker 2>spoke at Bloomberg yesterday on a special edition of Bloomberg Surveillance.

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<v Speaker 7>I think we've seen three soft policy responses. The first

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<v Speaker 7>came from the administration. You already went through. They gave

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

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<v Speaker 7>some of the tariffs off of electronics for the time being.

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<v Speaker 7>That's okay. That's backing up. The second came from Congress

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<v Speaker 7>where the House passed the Senate Budget Resolution, So Congress

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<v Speaker 7>in a way gave us something. And then I'm going

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<v Speaker 7>to say the third is Susan Collins finally sending us

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<v Speaker 7>home over the weekend saying, yeah, the Fed's watching this.

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<v Speaker 7>We got this.

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<v Speaker 2>And JP Morgan now said Managements Bob Michael's comments come

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<v Speaker 2>after treasury suffered their biggest slump since two thousand and

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<v Speaker 2>one last week. Checking treasuries right now, they yield on

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<v Speaker 2>the ten uere is at four point four six percent,

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<v Speaker 2>the two year yield three point nine two percent, the

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<v Speaker 2>thirty year yeld three point eight seven percent. And here

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<v Speaker 2>the full conversation on the Bloomberg Surveillance podcast feed or

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<v Speaker 2>watch it on the Bloomberg podcast page on YouTube.

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

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<v Speaker 3>the precious metal is trading at thirty two forty five dollars.

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<v Speaker 3>An ounce to Wall Street firms also expected to go higher.

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<v Speaker 3>Goldvin sacks at ubs that you shoued another round of

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<v Speaker 3>bullish falls for gold was stronger than expended. Central bank

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<v Speaker 3>demand of the medals role as a hedge against recession

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<v Speaker 3>and geopolitical risk. Golblan now sees gold rallying to thirty

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<v Speaker 3>seven hundred dollars announced by the end of this year,

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<v Speaker 3>with prices set to hit four thousand dollars announced by

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<v Speaker 3>mid twenty twenty six.

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<v Speaker 2>Well John wall Street also awaits another round of bank earnings.

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<v Speaker 2>This morning we hear from Goldman Sachs and we again more

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<v Speaker 2>with the Bloomberg Intelligence. It's Alison Williams.

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<v Speaker 9>We're expecting to see trading strength at Goldman Sachs, especially

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<v Speaker 9>following the strong results that we got from JP Morgan

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<v Speaker 9>and Morgan Stanley forty five to fifty percent gains at

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<v Speaker 9>equity trading. We expect Goldman is going to share in

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<v Speaker 9>these results. They're typically the trading leader in that business.

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<v Speaker 9>Fees have come in a little bit weaker so far.

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<v Speaker 9>We expect that Goldvinzachs may tell us a little bit

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<v Speaker 9>about CEOs wanting to stay on the sidelines given all

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<v Speaker 9>of this volatility. So volatility helping trading, it's hurting fees

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<v Speaker 9>We're also going to be looking at what the bank

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<v Speaker 9>is doing on its staffing levels. Bloomberg News has reported

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<v Speaker 9>about potential cuts in the investment banking staffing, and we

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<v Speaker 9>think that is going to be the truest look in

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<v Speaker 9>terms of what the bank thinks is going to happen

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<v Speaker 9>with fees in the months ahead.

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<v Speaker 2>And as Allison Williams of Bloomberg Intelligence who says, look

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<v Speaker 2>for Goldman earnings around seven thirty am Wall Street Time and.

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<v Speaker 3>Karen, that brings us to our next story right here

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<v Speaker 3>on Bloomberg Radio. And the Federal Aviation Administration says the

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<v Speaker 3>helicopter Tour company who was sight seeing chopper broke apart

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<v Speaker 3>in flight and crashed in New York, killing the pilot

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<v Speaker 3>at a family of five visitors from Spain, is shutting

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<v Speaker 3>down operations immediately. The FAA, in a statement posted on

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<v Speaker 3>x also said would launch an immediate review of New

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<v Speaker 3>York Helicopter Tour's operating license and safety record. Set up.

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<v Speaker 3>An Arty leader, Schuck Schumer of New York, is calling

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<v Speaker 3>for tighter restrictions on helicopter companies.

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<v Speaker 10>I'm demanding the FAA increased what are called ramp inspections

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<v Speaker 10>at other helicopter tour companies, a ramp inspection is a

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<v Speaker 10>surprise inspection they show up unannounced.

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<v Speaker 3>Schumer also said other regulations should include limits on aircraft age,

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<v Speaker 3>greater pilot experience requirements, and stronger financial standards to prevent

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<v Speaker 3>cost cutting on safety and.

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<v Speaker 2>Finally, John Blue Origin is set to launch a high

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<v Speaker 2>profile all women crew on its flagship space Tourism Rocket

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<v Speaker 2>later today. It'll be bringing crew members including pop star

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<v Speaker 2>Katie Perry and Jeff Bezos's fiance Lawrence Sanchez, to the

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<v Speaker 2>edge of space and back, and Perry preview the flight

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<v Speaker 2>on a post to Instagram.

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<v Speaker 11>I do believe this. I'm not going to say I

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<v Speaker 11>can't believe I'm here. I do believe this because I

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<v Speaker 11>think that believing your dreams and saying that is actually

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<v Speaker 11>how you make your dreams come true.

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<v Speaker 2>And the flight is set to launch a nine thirty

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<v Speaker 2>am New York time from a West Texas and a

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<v Speaker 2>roughly eleven minute trip for a quick experience of witlessness.

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<v Speaker 2>The other members on board our CBS's Gail King, producer,

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<v Speaker 2>carry Ann Flynn, former NASIS scientist Aisha bo and Amanda Wynn,

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<v Speaker 2>a bioastronautics research scientist and advocate for survivors of sexual violence.

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<v Speaker 2>Time now for a look at some of the other

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<v Speaker 2>stories making news in New York and around the world,

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<v Speaker 2>and for that we're joined by Bloomberg's Michael Barr Michael,

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<v Speaker 2>good Morning.

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<v Speaker 8>Good Morning Careen. A man is facing charges after authority

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

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<v Speaker 8>set a fire that left significant damage and forced Governor

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<v Speaker 8>johsh Shapiro and his family and guests to evacuate the house.

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<v Speaker 8>And happened during the Jewish holiday of Passover. No injuries

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<v Speaker 8>were reported, but a significant portion of the mansion was damaged.

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<v Speaker 8>Later Sunday, Governor Shapiro spoke to reporters.

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<v Speaker 12>I'm going to do my best to be your governor

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<v Speaker 12>and right now to be a good husband and father

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<v Speaker 12>to my family. Were obviously traumatized by what occurred here

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<v Speaker 12>last night.

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<v Speaker 8>The authorities have identified the suspect as thirty eight year

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<v Speaker 8>old Cody Bohmer of Harrisburg, and say he was arrested

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<v Speaker 8>later in the day. The NTSB is investigating another aircraft fatality,

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<v Speaker 8>this one in a rural part of upstate New York.

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<v Speaker 8>In Copeke, Columbia County. Over the weekend, a small plane

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<v Speaker 8>departed from Westchester County Airport, but it crashed in a

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<v Speaker 8>wooded area. NTSB investigator Albert Nixon shared the last communication

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<v Speaker 8>the airport had with the pilot before the crash.

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<v Speaker 13>The pilot reported and missed approach. He requested vectors for

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<v Speaker 13>another approach, and as he is being vectored, the radar

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<v Speaker 13>indicated a low altitude alert.

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<v Speaker 8>It is said one of the victims included Corina Groff,

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<v Speaker 8>who recently was named the NCAA Woman of the Year.

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<v Speaker 8>Russian missile attacks struck the heart of the Ukrainian city

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<v Speaker 8>of Sumi as people gathered to celebrate Palm Sunday. Officials

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<v Speaker 8>say the strike killed at least thirty four people. Ukrainian

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<v Speaker 8>President Vladimir Zelenski says he wants President Trump to come

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<v Speaker 8>see how the war has impacted his country before making

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<v Speaker 8>any major decisions. Amid talk of a potential deal to

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

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<v Speaker 8>with the plan how to finish the war.

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<v Speaker 13>You will understand with whom you have a deal.

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<v Speaker 8>Zelenski spoke to CBS's sixty Minutes Global news twenty four

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<v Speaker 8>hours a day and whenever you want it with the

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

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<v Speaker 2>All right, Michael Barr, thank you time now for the

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<v Speaker 2>Bloomberg Sports Update. Here's John stash Hour again. John Giburning,

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<v Speaker 2>Good morning, Karen.

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<v Speaker 4>What a Sunday it was that the Masters. Rory mcclroy

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<v Speaker 4>was ahead, and then behind, and then back ahead, even

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<v Speaker 4>at one point by five five shots on the back

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<v Speaker 4>ninety blew that league got it back with a birdie

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<v Speaker 4>and near eagle on fifteen. He missed the putt on

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<v Speaker 4>the last hole that would have won on the Green

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<v Speaker 4>Jackets after winning eleven years to win a major had

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<v Speaker 4>to wait a little longer, but he came back on

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<v Speaker 4>that same eighteen pole in the playoff with Justin Roseen.

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<v Speaker 4>This time the putt went in and McElroy's long major

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<v Speaker 4>draft was over with his first Master's fifty.

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<v Speaker 5>You know, there were points in my career where I

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<v Speaker 5>didn't know if I would have this nice garment over

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<v Speaker 5>my shoulders. But I didn't make it easy today. I

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<v Speaker 5>certainly didn't make it easy. I was nervous. It was

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<v Speaker 5>one of the toughest days I've ever had on the

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<v Speaker 5>golf course.

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<v Speaker 4>Victory completes the career Grand Slam six to have one

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<v Speaker 4>all four. He joins Gene saraz In, Van Hogan, Jack Nicholas,

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<v Speaker 4>Gary Player and Tiger Wood. It's the second Master's playoff

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<v Speaker 4>defeat for Rose, who made a furious charge to get

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<v Speaker 4>in to Fenny Champ. Scottie Scheffer finished fourth. They at

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<v Speaker 4>the Stadium, Yankees let the Giants three one sixth any

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<v Speaker 4>when Jung Whole hit a three line homer. He had

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<v Speaker 4>hit a solo shot earlier. Both came off Carlos Goudan.

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<v Speaker 4>Giants won five to four. Yankees have lost four to

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<v Speaker 4>the last six. Mets beat the A's and Sacramento eight

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<v Speaker 4>to nothing. They scored all eight over the last four innings.

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<v Speaker 4>Gode I Sanga hurld seven score has allowed just four hits.

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<v Speaker 4>The Nationals lost in Miami eleven to four. Red Sox

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<v Speaker 4>beat the White Sox three to one. Islanders top the

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<v Speaker 4>Devils won nothing. The next playoff opener will be Saturday

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<v Speaker 4>six o'clock at the Garden against Detroit. The Nicks finished

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<v Speaker 4>fifty one and thirty one. They sat out their starters

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<v Speaker 4>still beat the Nets one thirteen to one oh five.

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<v Speaker 4>The Clippers won at Golden State in overtime. That means

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<v Speaker 4>the Warriors have to play Memphis and the play in

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<v Speaker 4>game tomorrow. John Stashiewart Bloomberg Sports kenon.

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<v Speaker 1>Johnny Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business opp This is Bloomberg Daybreak.

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

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<v Speaker 3>terras for certain electronics is only temporary, insisting in his words,

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<v Speaker 3>that nobody is getting off the hook. What this comes

0:12:03.600 --> 0:12:06.960
<v Speaker 3>after what sounded like an exemption to the extent we can.

0:12:07.040 --> 0:12:09.520
<v Speaker 3>We're it's going to get some clarity this morning. We're

0:12:09.600 --> 0:12:14.439
<v Speaker 3>joined by Bloomberg News Senior editor Bill Ferries. Trade Policy

0:12:14.480 --> 0:12:17.320
<v Speaker 3>Bill sounds a little ad hot. What do we know

0:12:17.400 --> 0:12:17.839
<v Speaker 3>for sure?

0:12:19.000 --> 0:12:20.800
<v Speaker 14>Well, yeah, I think if you look at what we've

0:12:21.000 --> 0:12:24.640
<v Speaker 14>been all been through over the last week, the administration

0:12:24.800 --> 0:12:27.760
<v Speaker 14>is really pushing back on this idea that they're stepping

0:12:27.800 --> 0:12:32.320
<v Speaker 14>away from this strategy of tariffs, despite having put a

0:12:32.360 --> 0:12:35.880
<v Speaker 14>pause on those ninety day pause on those reciprocal tariffs

0:12:35.920 --> 0:12:39.800
<v Speaker 14>that were briefly in place last week and then over

0:12:39.840 --> 0:12:42.960
<v Speaker 14>the weekend basically saying that they are holding off on

0:12:43.000 --> 0:12:46.280
<v Speaker 14>one hundred and forty five percent tariffs on a lot

0:12:46.280 --> 0:12:50.320
<v Speaker 14>of consumer electronics and other things like that coming in

0:12:50.360 --> 0:12:54.120
<v Speaker 14>from China. President Trump's saying over the weekend that nobody's

0:12:54.160 --> 0:12:57.280
<v Speaker 14>off the hook, that he is simply coming up with

0:12:57.360 --> 0:13:00.840
<v Speaker 14>a different bucket of teriffs that he plants to apply

0:13:01.080 --> 0:13:04.840
<v Speaker 14>to things with semiconductors and chips in them. So there

0:13:04.880 --> 0:13:07.840
<v Speaker 14>is a reprieve for companies like let's say, Apple and

0:13:07.880 --> 0:13:11.960
<v Speaker 14>Samsung and Nvidia that we're bringing in devices with chips,

0:13:12.400 --> 0:13:15.160
<v Speaker 14>but it's not clear how long of a reprieve they

0:13:15.200 --> 0:13:16.040
<v Speaker 14>will ultimately get.

0:13:16.040 --> 0:13:20.200
<v Speaker 3>Here is this reprieve, if you want to call it that,

0:13:20.240 --> 0:13:23.520
<v Speaker 3>in the indication that the products may soon be subject

0:13:23.559 --> 0:13:26.719
<v Speaker 3>to a completely different tarif.

0:13:27.440 --> 0:13:30.320
<v Speaker 14>It is, I mean, the way the administration is talking

0:13:30.440 --> 0:13:33.160
<v Speaker 14>is they're talking about putting this in a different bucket,

0:13:33.240 --> 0:13:36.400
<v Speaker 14>just like you know they've essentially done with steel and

0:13:36.440 --> 0:13:41.400
<v Speaker 14>aluminum tariffs, which steel and aluminum imports which face a

0:13:41.480 --> 0:13:45.160
<v Speaker 14>set tariff coming in automobiles. They've talked about doing something

0:13:45.200 --> 0:13:47.600
<v Speaker 14>like this with a lumber that comes in largely from

0:13:47.640 --> 0:13:51.000
<v Speaker 14>Canada having those set up to a separate a separate

0:13:51.120 --> 0:13:54.280
<v Speaker 14>number basically from the other goods that come in from

0:13:54.320 --> 0:13:56.440
<v Speaker 14>the country. Now, we don't know what that number is

0:13:56.440 --> 0:13:59.240
<v Speaker 14>going to be. Ultimately it would presumably be less than

0:13:59.280 --> 0:14:03.160
<v Speaker 14>one hundred and four five percent. Howard Lutnick over the weekend,

0:14:03.280 --> 0:14:06.719
<v Speaker 14>saying that the administration plans to make an announcement in

0:14:06.760 --> 0:14:11.040
<v Speaker 14>the Federal Register this week essentially, which would essentially lay

0:14:11.040 --> 0:14:14.040
<v Speaker 14>out some of the details that are really lacking right

0:14:14.080 --> 0:14:17.680
<v Speaker 14>now and presumably give a couple months for comments, and

0:14:17.760 --> 0:14:22.040
<v Speaker 14>of course perhaps lobbying from the different sectors and companies

0:14:22.080 --> 0:14:23.080
<v Speaker 14>would be affected by it.

0:14:23.840 --> 0:14:26.320
<v Speaker 3>So the range right now, as I understand it is

0:14:26.640 --> 0:14:29.000
<v Speaker 3>the bottom would be ten percent, the top would be

0:14:29.360 --> 0:14:32.040
<v Speaker 3>one hundred and twenty five percent. So what we're looking

0:14:32.120 --> 0:14:34.920
<v Speaker 3>at is somewhere in between that going forward for.

0:14:34.960 --> 0:14:38.480
<v Speaker 14>This somewhere in between that. But even when you know

0:14:39.000 --> 0:14:42.960
<v Speaker 14>around it, it's a pretty vast range, and it makes

0:14:43.000 --> 0:14:45.960
<v Speaker 14>it very hard for you know, companies to make any

0:14:46.000 --> 0:14:48.400
<v Speaker 14>long term plans. If you're thinking about how many, you know,

0:14:48.480 --> 0:14:51.000
<v Speaker 14>how many cargo containers you're going to need six months

0:14:51.000 --> 0:14:53.680
<v Speaker 14>down the road, that's a that's a very difficult thing.

0:14:53.720 --> 0:14:56.880
<v Speaker 14>To imagine at this point. But even that ten percent tariff,

0:14:57.400 --> 0:15:00.240
<v Speaker 14>the flat rate that President Trump has put on, he

0:15:00.400 --> 0:15:03.320
<v Speaker 14>said that in some cases he may be willing to

0:15:03.360 --> 0:15:06.960
<v Speaker 14>negotiate over that as well, so it could go lower,

0:15:07.320 --> 0:15:11.640
<v Speaker 14>either for some countries or some specific companies or sectors.

0:15:11.680 --> 0:15:16.040
<v Speaker 14>So you know, the clarity has really not increased, although

0:15:16.360 --> 0:15:19.160
<v Speaker 14>I think what we've seen for some companies. You think

0:15:19.200 --> 0:15:22.119
<v Speaker 14>about a company like Apple or Nvidia, for instance, they're

0:15:22.160 --> 0:15:25.360
<v Speaker 14>certainly breathing a little easier than they were perhaps, you know,

0:15:25.440 --> 0:15:26.480
<v Speaker 14>ninety six hours ago.

0:15:26.640 --> 0:15:30.040
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