WEBVTT - Ceasefire On 'Life Support'; High Stakes Trump-Xi Meeting

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

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

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

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<v Speaker 3>Karen, the seasfire between the US and Iran has reached

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<v Speaker 3>a precarious moment. President Trump says he has rejected Tehran's

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<v Speaker 3>latest peace proposal and the truce is, in his words,

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<v Speaker 3>unbelievably weak.

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<v Speaker 4>I would say the seasfire is on massive life support,

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<v Speaker 4>where the doctor walks in and says, sir, your loved

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<v Speaker 4>one has approximately a one percent chance of living.

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<v Speaker 3>President Trump spoke in the Oval Office at an event

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<v Speaker 3>with medical professionals. We get more from Bloomberg's Jumana Borsecci

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<v Speaker 3>in Dubai.

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<v Speaker 5>He also went on to describe the Iranian counter proposal

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<v Speaker 5>as it quotes piece of garbage. Probably, you know, a

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<v Speaker 5>bit of an exaggeration there. But at the same time,

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<v Speaker 5>he also seemed to insinuate that the Iranians are planning

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<v Speaker 5>on handing over the nuclear dust. That is, of course,

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<v Speaker 5>we've not heard any indication from the Iranian side that

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<v Speaker 5>that is the case. But then he went on to

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<v Speaker 5>say that a diplomatic solution is still in sight. So

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<v Speaker 5>multiple different narratives coming out from President Trump. During the

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<v Speaker 5>course of that press conference.

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<v Speaker 3>Yesterday, blombergs Jumana Barssetci reports Iran demanded a lifting of

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<v Speaker 3>the US naval blockade and sanctions relief in its latest counterproposal,

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<v Speaker 3>while maintaining some control over the Strait of Hormus. President

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<v Speaker 3>Trump is not indicating whether he will resume military attacks

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<v Speaker 3>on Iran, but he told Fox News he could revive

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<v Speaker 3>a plan to escort ships through the strait, known as

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<v Speaker 3>Project Freedom.

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<v Speaker 2>Well Nathan, to help ease the burden of higher prices

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<v Speaker 2>at the Palm. President Trump said he is seeking to

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<v Speaker 2>suspend the federal eighteen point four cent a gallon tax

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<v Speaker 2>on gasoline. According to independent budget analyst, that would cost

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<v Speaker 2>the federal government about three and a half billion dollars

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<v Speaker 2>a month in lost gasoline and diesel tax revenue. The

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<v Speaker 2>president's proposal would require an Act of Congress.

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<v Speaker 3>And Karen The War will be the backdrop of President

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<v Speaker 3>tr Trump's trip to China, but several other topics will

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<v Speaker 3>be on the agenda as well, including Taiwan. Bloomberg Zamy

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<v Speaker 3>Morris reports from Washington.

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<v Speaker 1>The White House says deals spanning aerospace, energy, and agriculture

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<v Speaker 1>industries are expected from the president's meeting with Chinese leader

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<v Speaker 1>Shi Jinping, and Trump says he'll also discuss whether the

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<v Speaker 1>US should continue arm sales to Taiwan.

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<v Speaker 6>Well, I'm going to have that discussion with presidential President.

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<v Speaker 6>She would like us not to.

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<v Speaker 1>Trump's comments could ruffle feathers in Congress, where a bipartisan

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<v Speaker 1>group of senators urged the President to advance a fourteen

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<v Speaker 1>billion dollar arms package for Taiwan. In Washington, Amy Moore

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<v Speaker 1>as Bloomberg Radio.

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<v Speaker 2>Right, Amy, thank you, Well. Several Wall Street Titans will

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<v Speaker 2>be accompanying the President on his China trip. One notable absence,

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<v Speaker 2>though in Video CEO Jensen Wong Well more than a

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<v Speaker 2>dozen other top executives, including Apple's CEO Tim Cook and

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<v Speaker 2>Tesla's Elon Musk, made the cut for the business delegation.

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<v Speaker 2>A White House official says wog was not among those invited.

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<v Speaker 2>Wong's absence maybe a potential setback for him, and has

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<v Speaker 2>bid to sell on Video's Ai chips to China.

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<v Speaker 3>Karen the mayor of an affluent Los Angeles suburb, has

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<v Speaker 3>resigned after agreeing to plead guilty to acting as an

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<v Speaker 3>unregistered foreign agent for China Eileen Wog admitted to posting

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<v Speaker 3>pro China propaganda at the direction of Chinese government officials.

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<v Speaker 3>Wang was the mayor of Arcadia. That's a city of

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<v Speaker 3>about fifty five thousand, about fifteen miles northeast of downtown.

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<v Speaker 2>La Well, let's go to politics overseas, Nathan. Keir Starmer

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<v Speaker 2>is facing growing pressure to step down as Britain's Prime minister.

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<v Speaker 2>Let's go live to London and get the very latest

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<v Speaker 2>of Bloomberg. James Wilcock, Good morning, James.

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<v Speaker 7>Karen, Nathan. This increasingly looks like Kiir Starmer's endgame. Twenty

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<v Speaker 7>percent of his Labour Party MPs have now publicly called

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<v Speaker 7>on the UK leader to go. Bloomberg understands last night

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<v Speaker 7>so of Starma's closest cabinet allies told him to set

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<v Speaker 7>out his exit plans. He has gathered his cabinet in

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<v Speaker 7>the past hour in Number ten, Downing Street and told

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<v Speaker 7>them he intends to stay on. Now we wait to

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<v Speaker 7>see what they're verdict on his leadership is in London.

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<v Speaker 7>James Wilcock, Blue big Idea.

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<v Speaker 3>All right, James, thank you. Now the latest on that

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<v Speaker 3>cruise ship struck by a deadly haunt of virus outbreak.

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<v Speaker 3>All the passengers who are aboard the Envy Hantius have

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<v Speaker 3>disembarked and boarded planes to more than twenty countries to

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<v Speaker 3>be quarantined. Fifteen Americans who are exposed to the disease

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<v Speaker 3>are being isolated at the University of Nebraska. One is

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<v Speaker 3>infected and being treated in a biocontainment unit. Another who

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<v Speaker 3>developed symptoms but has not tested positive, is at Emory

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<v Speaker 3>University in Atlanta. President Trump says he is hopeful the

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<v Speaker 3>virus can be contained.

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<v Speaker 6>I help, it's five. All I can do is everything

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<v Speaker 6>that a president can do, which is which is actually

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<v Speaker 6>somewhat limited. But it seems like it is not easy

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<v Speaker 6>to spread.

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<v Speaker 3>President Trump, again, speaking from the Oval Office. Three cruise

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<v Speaker 3>passengers died. Six others with confirmed or suspected cases are

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<v Speaker 3>being quarantined. Health officials say this is the first haunt

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<v Speaker 3>of virus outbreak on a cruise ship.

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<v Speaker 2>Let's turn two of the markets now Nathan, where South

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<v Speaker 2>Korea's Cosby indag shed more than three hundred billion dollars

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<v Speaker 2>in value in just ninety seven minutes today. The sharp

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<v Speaker 2>sell off followed a proposal from a top South Korean

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<v Speaker 2>policymaker to introduce a so called citizen's dividend using taxes

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<v Speaker 2>on AI profits. The cost b which at one point

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<v Speaker 2>was down five percent, closed down more than two percent.

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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, Good morning, Karen.

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<v Speaker 8>A terrifying scene near Harvard University Monday afternoon, A shooting

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<v Speaker 8>near Boston has left two people with life threatening injuries.

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<v Speaker 8>The gunfire erupting in Cambridge sent pedestrians running for cover

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<v Speaker 8>and drivers swerving to avoid the bullets near Memorial Drive

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<v Speaker 8>and River Street. Middlesex District Attorney Mary and Ryan That

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<v Speaker 8>says the suspected gunman, Tyler Brown, began shooting into traffic

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<v Speaker 8>with an assault style rifle, and.

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<v Speaker 2>He was actively firing a wrap fashion at various.

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<v Speaker 9>Vehicles along the road.

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<v Speaker 2>In the course of doing that, two males in vehicles

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<v Speaker 2>separately were struck by gunfire. D A.

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<v Speaker 8>Ryan says Brown was stopped when he was shot by

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<v Speaker 8>a Massachusetts state trooper and a Marine veteran who stepped

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<v Speaker 8>in to stop the shooter. Brown was placed under arrest

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<v Speaker 8>and taken to a hospital. The US Supreme Court is

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<v Speaker 8>temporarily extended and order that maintains nationwide access to the

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<v Speaker 8>abortion pill mithipristone by mail and through telehealth visits. A

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<v Speaker 8>lower federal appeals court ruling prohibited health providers from dispensing

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<v Speaker 8>the abortion pill by mail. Women's health expert and chief

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<v Speaker 8>medical officer for Hers, doctor Jessica Shepherd.

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<v Speaker 9>Physicians use this medication more than just for abortion, and

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<v Speaker 9>for women who actually need to have a pregnancy and

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<v Speaker 9>have a pregnancy loss and need to find a way

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<v Speaker 9>to have that taken care of medically. These are the

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<v Speaker 9>types of medications that we've use for decades.

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<v Speaker 8>Activists say nearly one third of the abortions in the

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<v Speaker 8>US each year are done through telehealth. President Trump will

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<v Speaker 8>visit Walter Reed Military Medical Center on May twenty sixth

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<v Speaker 8>for his annual dental and medical evaluations. According to a

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<v Speaker 8>White House statement, this will include the President's routine annual

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<v Speaker 8>dental and medical assessments as part of his regular preventative

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<v Speaker 8>health care. Global News twenty four hours a day and

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<v Speaker 8>whenever you want it with the Bloomberg News Now, I'm

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<v Speaker 8>Michael Barr and this is Bloomberg Karen. Thanks Michael.

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<v Speaker 2>Time now for our Bloomberg Sports update, and for that

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<v Speaker 2>we bring in John stash Hour.

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<v Speaker 1>Thanks Karin.

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<v Speaker 10>The Cleveland Cabaliers and the NBA playoffs. Yet to win

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<v Speaker 10>on the road, yet to lose a home. The Cavs

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<v Speaker 10>beat Detroit one twelve to one oh three. They score

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<v Speaker 10>the first twenty three points of the second half. That

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<v Speaker 10>series is tied at two. Another series suite for Oklahoma City.

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<v Speaker 10>That thunderbeat the Lakers one fifteen to one to ten

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<v Speaker 10>and what may have been the final game of Lebron

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<v Speaker 10>James's career. The full NFL schedule comes out Thursday night,

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<v Speaker 10>but the NFL and now Week one Sunday night game

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<v Speaker 10>will be Dallas at the Giants.

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<v Speaker 8>That's you their Bloomberg Sports update.

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<v Speaker 1>Stay with us.

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<v Speaker 2>More from Bloomberg Daybreak coming up after this.

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<v Speaker 1>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 app. This is Bloomberg Daybreak. Good morning.

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<v Speaker 3>I'm Nathan Hager on Massive Life Support. That's how President

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<v Speaker 3>Trump's describing the ceasefire with Iran after getting its response

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<v Speaker 3>to the latest US peace offer unbelievably.

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<v Speaker 6>Wick I always say I would call it the weakest.

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<v Speaker 3>Right now, the President says he didn't even bother to

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<v Speaker 3>finish reading Iran's counterproposal. He spoke from the Oval Office

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<v Speaker 3>joining us this morning from Dubai. His Bloomberg Middle East

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<v Speaker 3>correspondent to Birabu Omar Maverir. What's the President objecting to here?

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<v Speaker 3>Why did he reject the proposal? Good morning, Good morning, Nathan.

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<v Speaker 11>So look, I mean, the President did reject the offer

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<v Speaker 11>that came from Iran over the weekend, calling it, as

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<v Speaker 11>you've just heard or as you just mentioned, quote, a

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<v Speaker 11>piece of garbage, and saying that the ceasefire that was

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<v Speaker 11>agreed upon on April eighth is on massive life support. Now,

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<v Speaker 11>what it comes down to is the fact that the

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<v Speaker 11>resolution that Iran had put through, or the proposal that

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<v Speaker 11>Iran had put through in response to what President Trump

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<v Speaker 11>had given them, which is a gradual reopening of the

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<v Speaker 11>strait of her moves over the next month, is Iran

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<v Speaker 11>has asked for what the US has previously called maximalist demands. Right,

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<v Speaker 11>So that includes the fact that Iran wants to delay

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<v Speaker 11>nuclear talks that Iran wants its oil sales unsanctioned and

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<v Speaker 11>that it wants its assets abroad to be unfrozen. That

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<v Speaker 11>is something that the US has not agreed on, something

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<v Speaker 11>that President Trump has called a piece of garbage, as

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<v Speaker 11>we have mentioned earlier. Obviously, all of this has led

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<v Speaker 11>to Brent Crude doing what Brent Crude has been doing

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<v Speaker 11>over the past seventy days or so, which is climbing

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<v Speaker 11>above one hundred and seven dollars at this point due

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<v Speaker 11>to this impasse between as the United States and Iran, Well,

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<v Speaker 11>what are.

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<v Speaker 3>The potential next steps here?

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<v Speaker 1>Abier?

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<v Speaker 3>We heard the President tell Fox News that he might

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<v Speaker 3>consider the Project Freedom escort service through the Strait of

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<v Speaker 3>Horror moves that he put in place for just the

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<v Speaker 3>day last week. If that were to happen, what impact

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<v Speaker 3>would that have?

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<v Speaker 11>So, yeah, you're absolutely right. I mean he fell short,

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<v Speaker 11>first of all to Fox News, but by signaling that

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<v Speaker 11>a resumption of military attacks on Iran is not something

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<v Speaker 11>that the US is looking for right now, that a

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<v Speaker 11>diplomatic solution is still very possible. That is something he

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<v Speaker 11>also said, so not totally negative on that front as well,

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<v Speaker 11>and he did suggest that a revival of the US

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<v Speaker 11>Navy escorting ships down the Strait of Her Moves is possible.

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<v Speaker 11>That is, as you have mentioned Project Freedom that came

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<v Speaker 11>into effect last Monday and was paul very shortly afterwards,

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<v Speaker 11>So that may suggest a few ships here and there

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<v Speaker 11>going through the Strait of Her Moves. Now that Project

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<v Speaker 11>Freedom as it was called, only happened for a day

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<v Speaker 11>or so, so we couldn't really see a full impact

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<v Speaker 11>of what could have happened out of it. But look,

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<v Speaker 11>shipping traffic in the Strait of Her Mooves remains pretty

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<v Speaker 11>much at a standstill as of today. A fraction of ships,

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<v Speaker 11>a fraction of LG and oil shipments are going through

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<v Speaker 11>the Strait of Her Moves and it really really is

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<v Speaker 11>at the heart of this conflict. If Iran and the

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<v Speaker 11>US were to come to a resolution suggesting or including

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<v Speaker 11>the reopening of the Strait of Her Moves over the

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<v Speaker 11>next month or so, that could be the first glimpse

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<v Speaker 11>of light that we see towards the end or a

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<v Speaker 11>resolution to this conflict that's been going on for more

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<v Speaker 11>than ten weeks at this point.

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<v Speaker 3>With the lack of a resolution here, we still see

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<v Speaker 3>on the schedule from the White house a beer. President

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<v Speaker 3>Trump headed to Beijing for the summit with China's shi Jinping.

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<v Speaker 3>How much of a shadow is Iran going to cast

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<v Speaker 3>over that summit. We've got just about a minute left.

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<v Speaker 11>Yeah, look, I mean that is one thing that I

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<v Speaker 11>mentioned this morning. President Trump's long awaited meeting with President

0:12:14.240 --> 0:12:17.240
<v Speaker 11>Hijhi Ping is happening towards the end of this week. Now,

0:12:17.600 --> 0:12:21.480
<v Speaker 11>Iran's foreign minister and passage actually had met with his

0:12:21.600 --> 0:12:25.280
<v Speaker 11>Chinese counterpart, and we understand from that meeting that China

0:12:25.360 --> 0:12:28.880
<v Speaker 11>did come out and urge a resolution. So we understand

0:12:28.960 --> 0:12:32.480
<v Speaker 11>that Iran, the conflict in the Middle East could take

0:12:32.520 --> 0:12:36.360
<v Speaker 11>a chunk of the meeting between the two, especially as

0:12:36.400 --> 0:12:39.200
<v Speaker 11>the economic damage that was left on China. Its inflation

0:12:39.360 --> 0:12:42.640
<v Speaker 11>levels because of the energy disruptions that we're seeing out

0:12:42.640 --> 0:12:45.240
<v Speaker 11>of the region really take a toll on the economy there.

0:12:45.440 --> 0:12:48.400
<v Speaker 11>So that conflict, or this conflict in the region and

0:12:48.440 --> 0:12:51.160
<v Speaker 11>the impact of it has left this relationship between the

0:12:51.320 --> 0:12:54.320
<v Speaker 11>US and China even in more tatters than than before.

0:12:54.400 --> 0:12:57.800
<v Speaker 11>So it's possibly going to be at front and center

0:12:57.960 --> 0:13:00.120
<v Speaker 11>in that meeting happening later this week.

0:13:02.400 --> 0:13:05.840
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