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

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 4: Karen, we begin with President Donald Trump's address to a

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Speaker 4: joint session of Congress, as heard live on Bloomberg Radio.

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Speaker 4: It began with a bold statement from the President, America

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Speaker 4: is back.

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Speaker 5: Six weeks ago, I stood beneath the dome of this

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Speaker 5: capital and proclaimed the dawn of the Golden Age of America.

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Speaker 5: From that moment dawn, there's been nothing but swift and

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Speaker 5: unrelenting action to usher in the greatest and most successful

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Speaker 5: era in the history of our country.

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Speaker 4: President Trump touted one of the biggest actions he's taken,

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Speaker 4: plans for sweeping tariffs on allies and adversaries alike.

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Speaker 5: Tariffs are about making America rich again and making America

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Speaker 5: great again. And it's happening, and it will happen rather quickly.

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Speaker 5: There'll be a little disturbance, but we're okay with that.

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Speaker 4: And while economists of warren tariffs will raise prices for consumers,

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Speaker 4: President Trump blamed his predecessor Joe Biden for inflation.

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Speaker 5: Their policies drove up energy prices, pushed up grocery costs

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Speaker 5: and drove the necessities of life out of reach for

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Speaker 5: millions and millions of Americans if never had anything like it.

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Speaker 3: President Trump also touched on the war in Ukraine. After

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Speaker 3: his blow up with President Vladimir Zelensky in the Oval Office,

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Speaker 3: Trump said he received a letter from Zelensky offering to

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Speaker 3: sign the natural resources deal that was scrapped last week.

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Speaker 5: I appreciate that he sent this letter, just goid it

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Speaker 5: a little while ago. Simultaneously, we've had serious discussions with

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Speaker 5: Russia and have received strong signals that they are ready

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Speaker 5: for peace.

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Speaker 2: Wouldn't that be beautiful?

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Speaker 3: And Trump taudy the government cost cutting and downsizing effort

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Speaker 3: led by Elon Mosk, who was in the House chamber

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Speaker 3: last night. The President read a long list of government

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Speaker 3: programs and grants that he called examples of waste.

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Speaker 5: Many more have been found out and exposed and swiftly

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Speaker 5: terminated by a group of very intelligent, mostly young people,

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Speaker 5: headed up by Elan and we appreciated.

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Speaker 3: And Democrats frequently jumped in to reject the claims. Some

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Speaker 3: of them held up protest signs like Musk steals and falls.

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Speaker 3: One Democratic Congressman Algreen of Texas was removed from the

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Speaker 3: House Chamber during the president's record setting one hundred minute speech.

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Speaker 4: And after the Speechkaren, it was the Democrat's chance to respond.

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Speaker 4: Michigan Senator Elissa Slotkin criticized Trump's economic agenda, accusing him

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Speaker 4: of targeting social Security and other benefits to give trillions

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Speaker 4: of dollars to the wealthiest Americans.

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Speaker 6: President Trump is trying to deliver an unprecedented giveaway to

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Speaker 6: his billionaire friends. He's on the hunt to find trillions

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Speaker 6: of dollars to pass along to the wealthiest in America,

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Speaker 6: and to do that, he's going to make you pay

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Speaker 6: in every part of your life.

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Speaker 4: Michigan Senator Alyssa Slotkin argued, high grocery and home prices

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Speaker 4: will be exacerbated by the president's tariffs.

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Speaker 3: Well, Nathan, we're getting more reaction this morning to President

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Speaker 3: Trump's one hundred minute speech. Genie she had Zeno is

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Speaker 3: a political contributor for Bloomberg.

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Speaker 7: The reality is is that by the time the speech ended,

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Speaker 7: many Democrats had already left the floor out of protest,

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Speaker 7: you know, and the President engaged with them. We heard

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Speaker 7: him use an unfortunate term to refer to the Senator

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Speaker 7: from Massachusetts, Elizabeth Warren. And so it was a very

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Speaker 7: very contentious speech, and I think it speaks to how

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Speaker 7: divided the American public is.

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Speaker 3: In addition to Genie she had Zeno, we also cut

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Speaker 3: up with Bloomberg Politics contributor Rick Davis.

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Speaker 8: Tariffs are going to be a regime that Donald Trump

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Speaker 8: uses to punish countries that don't do his bidding, to

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Speaker 8: settle scores when it comes to trade, to equalize these

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Speaker 8: reciprocal tariffs in order to equalize it and lower our

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Speaker 8: trade deficits, and to take some pressure off American taxpayers

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Speaker 8: who he is intent on lowering the burden of taxes.

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Speaker 3: And Bloomberg Politics contributors Rick Davis and Genie she Henza

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Speaker 3: no the comments on a special edition of Balance of

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Speaker 3: Power covering Trump's speech and.

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Speaker 4: Karen The address also included a call to end a

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Speaker 4: key program from the Biden administration. Let's get the details

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Speaker 4: on that from Bloomberg's John Tucker. John, which program are

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Speaker 4: we talking about here?

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Speaker 9: Well, he took aim at the Chips Act. That's the

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Speaker 9: fifty two billion dollars semiconductor subsidy that enjoyed bipartisan support.

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Speaker 5: Your Chips Act is a horrible, horrible thing. We give

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Speaker 5: hundreds of billions of dollars and it doesn't mean a thing.

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Speaker 5: They take our money and they don't spend it.

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Speaker 9: In fact, the Chips Act has spurred over four hundred

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Speaker 9: billion dollars in investments from companies like Time on semiconductive

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Speaker 9: manufacturing and Intel. It's intended to revital lies American semiconductor

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Speaker 9: manufacturing and encourage chip research and development. The President argued

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Speaker 9: that tariffs would achieve the same thing. At the very least.

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Speaker 9: Republicans want to repeal the laws, labor friendly regulations, and

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Speaker 9: environmental requirements. I'm John Tucker, Bloomberg Radio.

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Speaker 3: All right, John, thank you well. President Trump's trade war

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Speaker 3: against America's three biggest trading partners drew immediate retaliation from

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Speaker 3: Canada and China. Trump imposed twenty five percent taxes on

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Speaker 3: Mexican and Canadian imports that we limited the levy to

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Speaker 3: ten percent on Canadian energy. Prime Minister Justin Trudeau spoke

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Speaker 3: to the American public yesterday.

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Speaker 10: We don't want this. We want to work with you

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Speaker 10: as a friend and ally, and we don't want to

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Speaker 10: see you hurt either. But your government has chosen to

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Speaker 10: do this to you.

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Speaker 3: Canadian Prime Minister Justin Trudeau aims to put tariffs on

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Speaker 3: more than one hundred billion dollars of American goods.

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Speaker 4: Well this morning, Karen, there's some optimism that the White

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Speaker 4: House may walk back some of it's tariffs. Commerce Secretary

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Speaker 4: Howard Lutnick spoke to Fox late yesterday.

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Speaker 11: Both the Mexicans and the Canadians were on the phone

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Speaker 11: with me all day today trying to show that they'll

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Speaker 11: do better, and the president's listening, because you know, he's very,

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Speaker 11: very fair and very reasonable. So I think he's going

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Speaker 11: to work something out with them. It's not going to

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Speaker 11: be a pause, none of that pause stuff. But I

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Speaker 11: think he's going to figure out you do more, and

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Speaker 11: I'll meet you in the middle some way, and we're

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Speaker 11: going to probably be announced in that tomorrow.

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Speaker 4: Of course, tomorrow now is today, and Commerce Secretary Howard

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Speaker 4: lutnox comments followed a turbulent day on Wall Street. Stocks

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Speaker 4: plunged at first, then recovered before closing down one point

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Speaker 4: two percent this morning. Futures are pointing to a recovery.

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Speaker 4: Stay with Bloomberg for a special conversation with Commerce Secretary

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Speaker 4: Howard Lutnik.

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Speaker 2: It happens live at eight am Wall Street Time on.

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Speaker 4: Bloomberg Radio, Bloomberg Television, and the Bloomberg Podcasts page on YouTube.

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Speaker 3: Well Nathan, New York FED President John Williams said he

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Speaker 3: anticipates tariffs we'll contribute to inflation. Williams spoke at the

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Speaker 3: Bloomberg invest Conference in New York.

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Speaker 12: The talk of tariffs, the sense that there's higher prices

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Speaker 12: you know out there, is clearly influencing how people are

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Speaker 12: thinking about inflation this year. I'm not seeing as much

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Speaker 12: of an indication in most of these surveys that that's

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Speaker 12: about long run inflation or inflation in the future, but

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Speaker 12: more about inflation in the New York term, and clearly,

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Speaker 12: you know, people are experiencing some higher prices.

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Speaker 3: New York Fan president John Williams also said monetary policy

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Speaker 3: isn't a good place and that he does not see

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Speaker 3: the need to change borrowing costs right away.

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Speaker 4: Well, despite a possible trade war with the US, Karen,

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Speaker 4: China has set an economic growth goal of about five

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Speaker 4: percent for this year. Chinese Premier Lee Chiang announced that

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Speaker 4: target during the opening session of the National People's Congress

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Speaker 4: in Beijing. It marks the third straight year China set

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Speaker 4: this goal. We get more from Bloomberg Chief North Asia

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Speaker 4: correspondent Steven Engel in Beijing.

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Speaker 13: It's the same target that they set last year and

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Speaker 13: met by the end of the year. And that's without

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Speaker 13: a Trump trade war. So everyone is kind of saying, well,

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Speaker 13: with this trade pressure coming and tariffs, where are they

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Speaker 13: going to find that growth?

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Speaker 2: Well, that's why.

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Speaker 13: They did lift the fiscal deficit target to four percent

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Speaker 13: of GDP from three percent.

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Speaker 4: Bloomberg Steven Engel says investors are expecting Chinese officials to

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Speaker 4: unleash more stimulus later this year to help meet those

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Speaker 4: economic goals.

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Speaker 3: Well, back here in the US, Nathan, job cuts are

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Speaker 3: coming to Disney, and we get the latest from Bloomberg's

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Speaker 3: Lisa Matteo.

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Speaker 2: Lisa, what's going on?

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Speaker 14: Hey there, Karen? Well, according to an internal memo, it's

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Speaker 14: about six percent or two hundred jobs those are being

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Speaker 14: eliminated at Walt Disney's ABC and Entertainment TV networks. So

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Speaker 14: here's the breakdown. Okay, the biggest portion of the cuts

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Speaker 14: that will affect the ABC News division in New York

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Speaker 14: production units, including ABC News Studios, twenty twenty Nightline.

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Speaker 2: They will be consolidated, but.

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Speaker 14: Disney has eliminated more than eight thousand rolls since twenty

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Speaker 14: twenty three. It's all part of an effort to cut

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Speaker 14: about seven and a half billion dollars of annual costs

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Speaker 14: now affected workers. They will be notified today Disney shares

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Speaker 14: checking with them. They're up nearly one percent. Lisa Matteo,

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Speaker 14: Bloomberg Radio.

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Speaker 4: Okay, Lisa, thank you, and a programming note this morning.

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Speaker 4: This is day two of the Bloomberg invest Conference, convening

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Speaker 4: deal makers and investors from.

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Speaker 2: Around the globe.

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Speaker 4: Today's highlights include former Treasury Secretary Stephen Mnushan, KKR CO

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Speaker 4: CEOs Joseph Bay and to A soon to Brown Duckett,

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Speaker 4: President and CEO of TIAA. We take you to Bloomberg

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Speaker 4: invest Live starting at ten am Wall Street time on

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Speaker 4: Bloomberg Radio and the Bloomberg Podcast YouTube page.

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Speaker 3: And it's time now for look at some of the

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Speaker 3: other stories making news in New York and around the world.

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Speaker 3: And for that we're joined by Bloomberg's Michael Barr.

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Speaker 15: Michael, good morning, Good morning, Karen. They were protests coast

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Speaker 15: to coast over President Trump and Elon Musk's overhaul of

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Speaker 15: the federal government in San Francisco, chance of no dictatorship

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Speaker 15: were heard. In Washington, a protest was held alongside members

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Speaker 15: of Congress labor leaders. Rallying outside the Office of Personnel

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Speaker 15: Management building was there also Democratic Senator Chris van Holland

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Speaker 15: of Maryland.

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Speaker 16: Donald Trump has given Elon Musk the keys to federal agencies,

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Speaker 16: and there are dismantling services that are important to every

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Speaker 16: American family.

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Speaker 15: A rally was also in Manhattan in support of Ukraine.

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Speaker 15: The protests were held before President Trump gave his address

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Speaker 15: before a joint session of Congress, where he defended his

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Speaker 15: tariff plan, saying it would raise trillions. Powerful storms have

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Speaker 15: killed two people in Mississippi, torn the roofs off an

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Speaker 15: apartment building and a nursing home in Oklahoma, and threatened

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Speaker 15: communities across the nation. Tuesday's large system brought blinding dust

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Speaker 15: storms to the Southwest, blizzards with whiteout conditions to the Midwest,

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Speaker 15: and raised fears of wildfires in New Orleans. High winds

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Speaker 15: forced some changes to Marty Group. The city short in

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Speaker 15: the celebration's two biggest parades to wrap them up before

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Speaker 15: high winds moved in. Dozens of people in Texas have

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Speaker 15: been sickened and a measles outbreak, with health officials fearing

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Speaker 15: this could spread at a high rate among the unvaccinated.

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Speaker 15: Baylor College of Medicine's top vaccine researcher, doctor Peter Hotez Warren.

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Speaker 15: Measles has an incubation period of twelve days to three weeks,

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Speaker 15: meaning someone can have it that long before symptoms showed,

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Speaker 15: and it can infect others without knowing it.

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Speaker 13: We're going to still be in this for at least

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Speaker 13: another two weeks, and the fact that this is continuing

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Speaker 13: to accelerate suggests.

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Speaker 14: To me that it's going to be around for quite

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Speaker 14: some time.

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Speaker 15: Last week, an unvaccinated child died in Texas from the illness.

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Speaker 15: As of now, almost one hundred and sixty people have

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Speaker 15: been infected, with close to two dozen people hospitalized. Global

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Speaker 15: News twenty four hours a day and whenever you want

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Speaker 15: it with Bloomberg News Now. I'm Michael Barr. This is Bloomberg.

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Speaker 3: Hearent all right, Michael Barr, thank you time now for

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Speaker 3: the Bloomberry Sports update, brought to you by Tri State Outie.

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Speaker 3: Here's John stash Hour, John, good morning, Good.

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Speaker 17: Morning, care and Steph Curry has been coming to the

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Speaker 17: Garden with the Golden State Warriors. Since twenty ten, he's

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Speaker 17: only lost once, raised his personal record at MSG to

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Speaker 17: twelve and one. Curry got hot in the second half,

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Speaker 17: one on.

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Speaker 4: One with heart working around for Post Green hands Curry.

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Speaker 17: Three for Steph Curry, Dante the call. Curry scored twenty

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Speaker 17: of his twenty eight points. After halftime, the Warriors went

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Speaker 17: from down ten to up twelve. They beat Tom Thibodeauz

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Speaker 17: next one fourteen, one oh two.

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Speaker 18: Low energy coming out to start to third, so they

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Speaker 18: made up that ground real fast. Then we fought back

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Speaker 18: and went back and forth and then uh, you know,

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Speaker 18: a couple of mental errors left wide open three point

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Speaker 18: shooters and against the team that's not good. You just

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Speaker 18: came to the no.

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Speaker 17: Jenninobi led the next twenty nine points. Jalen Brunson scored

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Speaker 17: twenty five. Nicks played without Karl Anthony Towns not an injury,

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Speaker 17: it was for personal reasons. Nets lost in San Antonio,

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Speaker 17: won twenty seven, one to thirteen. The Lakers a blowout

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Speaker 17: win of New Orleans. They won seventeen to the last twenty.

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Speaker 17: Lebron James moved over fifty thousand career points when you

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Speaker 17: combine regular season and the playoffs. Good win for the

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Speaker 17: Islanders three to two over a Winnipeg who has the

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Speaker 17: NHL's best record. Tough lost for the Devils in Dallas,

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Speaker 17: they rallied to tie. The Stars scored with five seconds

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Speaker 17: left to win four to three. The Bruins lost to

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Speaker 17: Nashville six to three. Down goes number one. In college basketball,

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Speaker 17: Auburn lost at Texas A and m Rutgers lost at

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Speaker 17: Purdue by twenty nine.

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Speaker 2: The Super Bowl.

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Speaker 17: Champion Eagles ever awarded Saquon Barkley for his historic season,

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Speaker 17: tacking two more years onto the three year contract he

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Speaker 17: signed a year ago.

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Speaker 2: He'll make more than any running back ever has.

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Speaker 17: The Jets acquired Devonte Adams to catch passes from the

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Speaker 17: former teammate Aaron Rodgers, where the Rogers not returning. No surprise,

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Speaker 17: neither will Adams. The Jets had a ton of money

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Speaker 17: by releasing them. John stash Atward Bloomberg Sports caaren.

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Speaker 1: Me 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 app. This is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager.

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Speaker 4: President Donald Trump said he is leading what he calls

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Speaker 4: a common sense revolution as he appeared before a joint

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Speaker 4: session of Congress last night. And while the President admitted

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Speaker 4: his plan to slash taxes and government spending and raised

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Speaker 4: revenue through tariffs could cause, in his words, a little disturbance,

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Speaker 4: he had this to say to Democrats.

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Speaker 5: These people sitting right here will not clap, will not stand,

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Speaker 5: and certainly will not cheer for these astronomical achievements. They

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Speaker 5: won't do it no matter what.

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Speaker 4: President Trump, speaking before that joint session of Congress, has

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Speaker 4: heard live on Bloomberg Radio this morning after we are

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Speaker 4: joined by doctor Lindsay Newman, geopolitical risk analyst and calumnist

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Speaker 4: at Gezeromedia. Thanks for being with us this morning. You

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Speaker 4: could certainly hear some of the tension from the President

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Speaker 4: last night directed at Democrats. We saw that returned to

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Speaker 4: him as well. What stood out to you from the

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Speaker 4: House chamber last night?

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Speaker 19: Morning, Nathan, Thanks for having me on. Well for anyone

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Speaker 19: hoping to catch their breath at the sort of six

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Speaker 19: week mark that we're currently at, the message is that

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Speaker 19: Trump is full steam ahead, and that's what stood out

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Speaker 19: for me. You know, he said in his own words,

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Speaker 19: the agenda has been swift and unrelenting. I can confirm

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Speaker 19: as somebody who analyzes his moves that is absolutely correct, correct,

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Speaker 19: and his administration is just getting started. It was a

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Speaker 19: speech sort of in two parts. The first half of

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Speaker 19: the speech really focused on what he has seen as

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Speaker 19: his accomplishments, his successes in the first forty three days.

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Speaker 19: It was a staggering He identified his one hundred executive

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Speaker 19: actions that he signed and four hundred additional presidential actions

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Speaker 19: we know these. He went through them in detail, around

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Speaker 19: border security, withdrawing from Paris, climate, the freezes on federal hiring,

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Speaker 19: the freeze on four and aid. He went through a

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Speaker 19: very long list of what he and the Doge see

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Speaker 19: as fraudulent money that was being spent. And then the

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Speaker 19: second half of the speech really looked at what is

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Speaker 19: on the to do list, building that golden dome that

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Speaker 19: he has on his mind, resurrecting you, a shipbuilding, he

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Speaker 19: had a call out for Greenland. I think what was

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Speaker 19: interesting also is just how he approached the question that

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Speaker 19: got him elected, which was are you better off today

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Speaker 19: than you were four years ago? And as you said,

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Speaker 19: he said, look, there might be some disturbance on this

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Speaker 19: path to the Golden Age. Please bear with me. Reciprocal

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Speaker 19: tariffs are coming on April second. This is going to

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Speaker 19: in his mind, make America Richigan. Taxes across the board

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Speaker 19: are coming, energy and liquid gold is coming. And as

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Speaker 19: you rightfully said, you know this is he's seen this

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Speaker 19: as the common.

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Speaker 4: Sense revolutions, remains to be seen. What kind of impact,

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Speaker 4: real world impact a lot of these promises that the

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Speaker 4: President is making are going to have.

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Speaker 2: What did you make of some of the defense.

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Speaker 4: Of the policies that he's put in place so far,

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Speaker 4: particularly around tariffs.

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Speaker 19: Yeah, so on tariffs, you know, Trump has essentially doubled

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Speaker 19: and tripled down. I mean literally, they obviously said the

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Speaker 19: tariffs are going to be going ahead on Canada and Mexico.

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Speaker 19: He increased them, increased the tariffs on China. We know

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Speaker 19: overnight there's been some discussion, as you shared earlier from

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Speaker 19: Secretary Lutnik, that there might be some positive news today

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Speaker 19: about a deal with Canada and Mexico that wouldn't just

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Speaker 19: be a pause but could actually resolve the issue. But

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Speaker 19: Trump has made clear that tariff policy is an integral

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Speaker 19: part of his trade policy. His administration believes this will

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Speaker 19: ultimately deliver the US economy that they're looking to deliver.

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Speaker 19: And his message is, you know, somewhat straightforward, if you

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Speaker 19: don't produce goods in the US, if you're not producing

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Speaker 19: in America, you are going to face tariffs. It's going

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Speaker 19: to be reciprocal tariffs. It's going to be additionally, non

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Speaker 19: tax measures. Well, there's going to be reciprocity around. And

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Speaker 19: he said specifically last night, it's not just going to

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Speaker 19: be foes like China or potential foes like China. It's

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Speaker 19: going to be friends. He called out specifically India, Canada,

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Speaker 19: the European Union, even South Korea. So everybody is on

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Speaker 19: notice that this is the policy ahead.

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Speaker 4: Did we hear a little bit of a warming of

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Speaker 4: the tensions that we saw with Ukraine last week in

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Speaker 4: the Oval Office with the President reading that letter from

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Speaker 4: President Zelenski last night.

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Speaker 19: Yeah, So all of us who were tuning in from

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Speaker 19: a sort of geopolitical foreign policy space, we're looking for

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Speaker 19: some clarity around what Liza head after a tumultuous set

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Speaker 19: of weeks that really began with JD. Vance's speech at

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Speaker 19: Munich Security Conference and was bookended by the somewhat disastrous

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Speaker 19: meaning between Zelenski and Trump on Friday. You know, I

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Speaker 19: think there was very little clarity offered. Trump's certainly did

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Speaker 19: seem to really appreciate what he called the important letter

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Speaker 19: by Zelensky that really gave that seemed to hear what

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Speaker 19: Trump was looking for, right, So, Zelensky said he wants peace,

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Speaker 19: he appreciates the US. That was a big sticking point

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Speaker 19: on Friday when things went off the rails, and he

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Speaker 19: said again he's ready to sign the mineral agreement. But

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Speaker 19: a big question remains about where does the US stand

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Speaker 19: on this war. Is it going to be with its

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Speaker 19: traditional allies in Europe. The news about halting funding US

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Speaker 19: military funding to Ukraine on Monday certainly continue to dial

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Speaker 19: up the heat and panic across Europe. He has also

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Speaker 19: said he was continued to have good conversations with Russia

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Speaker 19: and Putin and thinks the signals there are also positive

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Speaker 19: for peace. So, you know, betting markets are sort of

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Speaker 19: all over the place about whether we're going to have

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Speaker 19: a ceasefire agreement in the next couple of months, but

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Speaker 19: you have to think that it's more likely now than

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Speaker 19: I want to say six months to a year ago.

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Speaker 4: In the last thirty seconds, lindsay your thoughts on the

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Speaker 4: Democratic response not only within the chamber but the actual

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Speaker 4: speech last night.

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Speaker 2: Yeah.

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Speaker 19: Sure. You know, obviously it was half passive in the

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Speaker 19: sense that there was no support for what Trump was saying,

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Speaker 19: but then also active with Representative Green's sort of demonstrative

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Speaker 19: remarks and removal. We know that there are protests across

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Speaker 19: the country. You know, what we're seeing overall from Democrats

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Speaker 19: is they're still just essentially finding their footing after what

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Speaker 19: was a very difficult moment in November, and you know,

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Speaker 19: they have not yet approached the answer here to how

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Speaker 19: they're going to reconcile with the realities of the Trump administration.

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Speaker 3: This is Bloomberg Daybreak, your morning podcast on the stories

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Speaker 2: And I'm Nathan Hager.

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