WEBVTT - Trump Talks Tariffs & Chips in Congressional Address; Disney Job Cuts 0:00:02.720 --> 0:00:07.240 Bloomberg Audio Studios, Podcasts, radio News. 0:00:10.240 --> 0:00:10.799 Good morning. 0:00:10.840 --> 0:00:13.680 I'm Nathan Hager and I'm Karen Moscow. Here are the 0:00:13.720 --> 0:00:15.160 stories we're following today. 0:00:15.320 --> 0:00:18.000 Karen, we begin with President Donald Trump's address to a 0:00:18.079 --> 0:00:21.440 joint session of Congress, as heard live on Bloomberg Radio. 0:00:21.520 --> 0:00:24.880 It began with a bold statement from the President, America 0:00:24.960 --> 0:00:25.440 is back. 0:00:26.200 --> 0:00:29.920 Six weeks ago, I stood beneath the dome of this 0:00:30.080 --> 0:00:36.240 capital and proclaimed the dawn of the Golden Age of America. 0:00:37.120 --> 0:00:40.239 From that moment dawn, there's been nothing but swift and 0:00:40.479 --> 0:00:45.040 unrelenting action to usher in the greatest and most successful 0:00:45.080 --> 0:00:47.839 era in the history of our country. 0:00:48.280 --> 0:00:51.040 President Trump touted one of the biggest actions he's taken, 0:00:51.080 --> 0:00:54.760 plans for sweeping tariffs on allies and adversaries alike. 0:00:55.240 --> 0:00:59.040 Tariffs are about making America rich again and making America 0:00:59.080 --> 0:01:02.280 great again. And it's happening, and it will happen rather quickly. 0:01:02.320 --> 0:01:07.039 There'll be a little disturbance, but we're okay with that. 0:01:07.520 --> 0:01:11.080 And while economists of warren tariffs will raise prices for consumers, 0:01:11.080 --> 0:01:14.560 President Trump blamed his predecessor Joe Biden for inflation. 0:01:15.000 --> 0:01:19.759 Their policies drove up energy prices, pushed up grocery costs 0:01:20.160 --> 0:01:22.880 and drove the necessities of life out of reach for 0:01:23.480 --> 0:01:27.280 millions and millions of Americans if never had anything like it. 0:01:27.720 --> 0:01:30.839 President Trump also touched on the war in Ukraine. After 0:01:30.880 --> 0:01:34.320 his blow up with President Vladimir Zelensky in the Oval Office, 0:01:34.400 --> 0:01:36.920 Trump said he received a letter from Zelensky offering to 0:01:37.000 --> 0:01:40.280 sign the natural resources deal that was scrapped last week. 0:01:40.640 --> 0:01:43.920 I appreciate that he sent this letter, just goid it 0:01:43.920 --> 0:01:48.320 a little while ago. Simultaneously, we've had serious discussions with 0:01:48.480 --> 0:01:52.240 Russia and have received strong signals that they are ready 0:01:52.240 --> 0:01:52.760 for peace. 0:01:53.040 --> 0:01:54.240 Wouldn't that be beautiful? 0:01:54.600 --> 0:01:57.680 And Trump taudy the government cost cutting and downsizing effort 0:01:57.720 --> 0:02:00.320 led by Elon Mosk, who was in the House chamber 0:02:00.440 --> 0:02:02.960 last night. The President read a long list of government 0:02:03.040 --> 0:02:06.120 programs and grants that he called examples of waste. 0:02:06.400 --> 0:02:09.480 Many more have been found out and exposed and swiftly 0:02:09.560 --> 0:02:13.799 terminated by a group of very intelligent, mostly young people, 0:02:14.600 --> 0:02:17.480 headed up by Elan and we appreciated. 0:02:17.560 --> 0:02:20.680 And Democrats frequently jumped in to reject the claims. Some 0:02:20.760 --> 0:02:24.720 of them held up protest signs like Musk steals and falls. 0:02:25.160 --> 0:02:27.919 One Democratic Congressman Algreen of Texas was removed from the 0:02:27.960 --> 0:02:31.880 House Chamber during the president's record setting one hundred minute speech. 0:02:31.840 --> 0:02:35.079 And after the Speechkaren, it was the Democrat's chance to respond. 0:02:35.200 --> 0:02:39.600 Michigan Senator Elissa Slotkin criticized Trump's economic agenda, accusing him 0:02:39.600 --> 0:02:43.119 of targeting social Security and other benefits to give trillions 0:02:43.160 --> 0:02:45.040 of dollars to the wealthiest Americans. 0:02:45.440 --> 0:02:48.760 President Trump is trying to deliver an unprecedented giveaway to 0:02:48.800 --> 0:02:52.160 his billionaire friends. He's on the hunt to find trillions 0:02:52.200 --> 0:02:54.880 of dollars to pass along to the wealthiest in America, 0:02:55.480 --> 0:02:58.120 and to do that, he's going to make you pay 0:02:58.320 --> 0:02:59.960 in every part of your life. 0:03:00.200 --> 0:03:03.800 Michigan Senator Alyssa Slotkin argued, high grocery and home prices 0:03:03.840 --> 0:03:06.280 will be exacerbated by the president's tariffs. 0:03:06.680 --> 0:03:09.360 Well, Nathan, we're getting more reaction this morning to President 0:03:09.360 --> 0:03:12.720 Trump's one hundred minute speech. Genie she had Zeno is 0:03:12.760 --> 0:03:14.520 a political contributor for Bloomberg. 0:03:14.760 --> 0:03:17.919 The reality is is that by the time the speech ended, 0:03:18.000 --> 0:03:22.639 many Democrats had already left the floor out of protest, 0:03:23.680 --> 0:03:27.000 you know, and the President engaged with them. We heard 0:03:27.080 --> 0:03:30.679 him use an unfortunate term to refer to the Senator 0:03:30.840 --> 0:03:35.760 from Massachusetts, Elizabeth Warren. And so it was a very 0:03:36.040 --> 0:03:40.600 very contentious speech, and I think it speaks to how 0:03:40.680 --> 0:03:42.960 divided the American public is. 0:03:43.440 --> 0:03:46.080 In addition to Genie she had Zeno, we also cut 0:03:46.160 --> 0:03:49.160 up with Bloomberg Politics contributor Rick Davis. 0:03:49.360 --> 0:03:52.440 Tariffs are going to be a regime that Donald Trump 0:03:52.560 --> 0:03:58.080 uses to punish countries that don't do his bidding, to 0:03:58.120 --> 0:04:02.000 settle scores when it comes to trade, to equalize these 0:04:02.040 --> 0:04:05.840 reciprocal tariffs in order to equalize it and lower our 0:04:05.880 --> 0:04:10.119 trade deficits, and to take some pressure off American taxpayers 0:04:10.360 --> 0:04:14.400 who he is intent on lowering the burden of taxes. 0:04:14.840 --> 0:04:18.200 And Bloomberg Politics contributors Rick Davis and Genie she Henza 0:04:18.360 --> 0:04:20.919 no the comments on a special edition of Balance of 0:04:21.080 --> 0:04:23.000 Power covering Trump's speech and. 0:04:23.040 --> 0:04:25.280 Karen The address also included a call to end a 0:04:25.360 --> 0:04:29.320 key program from the Biden administration. Let's get the details 0:04:29.360 --> 0:04:32.160 on that from Bloomberg's John Tucker. John, which program are 0:04:32.200 --> 0:04:32.920 we talking about here? 0:04:33.000 --> 0:04:35.400 Well, he took aim at the Chips Act. That's the 0:04:35.520 --> 0:04:40.560 fifty two billion dollars semiconductor subsidy that enjoyed bipartisan support. 0:04:40.920 --> 0:04:44.640 Your Chips Act is a horrible, horrible thing. We give 0:04:44.760 --> 0:04:48.240 hundreds of billions of dollars and it doesn't mean a thing. 0:04:48.320 --> 0:04:50.240 They take our money and they don't spend it. 0:04:50.520 --> 0:04:53.000 In fact, the Chips Act has spurred over four hundred 0:04:53.120 --> 0:04:56.960 billion dollars in investments from companies like Time on semiconductive 0:04:57.000 --> 0:05:01.360 manufacturing and Intel. It's intended to revital lies American semiconductor 0:05:01.440 --> 0:05:06.120 manufacturing and encourage chip research and development. The President argued 0:05:06.120 --> 0:05:10.039 that tariffs would achieve the same thing. At the very least. 0:05:10.120 --> 0:05:13.760 Republicans want to repeal the laws, labor friendly regulations, and 0:05:14.160 --> 0:05:17.279 environmental requirements. I'm John Tucker, Bloomberg Radio. 0:05:17.560 --> 0:05:19.839 All right, John, thank you well. President Trump's trade war 0:05:20.000 --> 0:05:24.200 against America's three biggest trading partners drew immediate retaliation from 0:05:24.320 --> 0:05:27.880 Canada and China. Trump imposed twenty five percent taxes on 0:05:27.920 --> 0:05:30.719 Mexican and Canadian imports that we limited the levy to 0:05:30.760 --> 0:05:35.000 ten percent on Canadian energy. Prime Minister Justin Trudeau spoke 0:05:35.000 --> 0:05:36.680 to the American public yesterday. 0:05:37.120 --> 0:05:40.400 We don't want this. We want to work with you 0:05:41.040 --> 0:05:44.160 as a friend and ally, and we don't want to 0:05:44.200 --> 0:05:49.919 see you hurt either. But your government has chosen to 0:05:50.080 --> 0:05:51.560 do this to you. 0:05:52.240 --> 0:05:55.159 Canadian Prime Minister Justin Trudeau aims to put tariffs on 0:05:55.200 --> 0:05:58.160 more than one hundred billion dollars of American goods. 0:05:58.200 --> 0:06:00.479 Well this morning, Karen, there's some optimism that the White 0:06:00.480 --> 0:06:04.120 House may walk back some of it's tariffs. Commerce Secretary 0:06:04.120 --> 0:06:06.440 Howard Lutnick spoke to Fox late yesterday. 0:06:06.880 --> 0:06:09.000 Both the Mexicans and the Canadians were on the phone 0:06:09.000 --> 0:06:11.280 with me all day today trying to show that they'll 0:06:11.279 --> 0:06:14.200 do better, and the president's listening, because you know, he's very, 0:06:14.320 --> 0:06:17.240 very fair and very reasonable. So I think he's going 0:06:17.279 --> 0:06:19.120 to work something out with them. It's not going to 0:06:19.120 --> 0:06:22.039 be a pause, none of that pause stuff. But I 0:06:22.040 --> 0:06:24.640 think he's going to figure out you do more, and 0:06:24.680 --> 0:06:26.640 I'll meet you in the middle some way, and we're 0:06:26.640 --> 0:06:28.400 going to probably be announced in that tomorrow. 0:06:28.600 --> 0:06:31.560 Of course, tomorrow now is today, and Commerce Secretary Howard 0:06:31.600 --> 0:06:35.080 lutnox comments followed a turbulent day on Wall Street. Stocks 0:06:35.160 --> 0:06:38.520 plunged at first, then recovered before closing down one point 0:06:38.560 --> 0:06:41.919 two percent this morning. Futures are pointing to a recovery. 0:06:42.040 --> 0:06:45.360 Stay with Bloomberg for a special conversation with Commerce Secretary 0:06:45.440 --> 0:06:46.120 Howard Lutnik. 0:06:46.320 --> 0:06:48.960 It happens live at eight am Wall Street Time on. 0:06:48.880 --> 0:06:53.160 Bloomberg Radio, Bloomberg Television, and the Bloomberg Podcasts page on YouTube. 0:06:53.320 --> 0:06:55.800 Well Nathan, New York FED President John Williams said he 0:06:55.920 --> 0:06:59.520 anticipates tariffs we'll contribute to inflation. Williams spoke at the 0:06:59.560 --> 0:07:01.800 Bloomberg invest Conference in New York. 0:07:02.279 --> 0:07:06.080 The talk of tariffs, the sense that there's higher prices 0:07:06.400 --> 0:07:10.400 you know out there, is clearly influencing how people are 0:07:10.440 --> 0:07:13.680 thinking about inflation this year. I'm not seeing as much 0:07:13.680 --> 0:07:15.880 of an indication in most of these surveys that that's 0:07:15.920 --> 0:07:18.120 about long run inflation or inflation in the future, but 0:07:18.160 --> 0:07:20.600 more about inflation in the New York term, and clearly, 0:07:20.920 --> 0:07:24.240 you know, people are experiencing some higher prices. 0:07:24.720 --> 0:07:27.960 New York Fan president John Williams also said monetary policy 0:07:28.080 --> 0:07:30.400 isn't a good place and that he does not see 0:07:30.400 --> 0:07:32.880 the need to change borrowing costs right away. 0:07:33.080 --> 0:07:35.680 Well, despite a possible trade war with the US, Karen, 0:07:35.800 --> 0:07:38.960 China has set an economic growth goal of about five 0:07:39.080 --> 0:07:42.760 percent for this year. Chinese Premier Lee Chiang announced that 0:07:42.880 --> 0:07:46.240 target during the opening session of the National People's Congress 0:07:46.320 --> 0:07:49.560 in Beijing. It marks the third straight year China set 0:07:49.600 --> 0:07:52.080 this goal. We get more from Bloomberg Chief North Asia 0:07:52.080 --> 0:07:54.040 correspondent Steven Engel in Beijing. 0:07:54.240 --> 0:07:56.960 It's the same target that they set last year and 0:07:57.160 --> 0:08:00.560 met by the end of the year. And that's without 0:08:00.640 --> 0:08:03.760 a Trump trade war. So everyone is kind of saying, well, 0:08:03.800 --> 0:08:07.320 with this trade pressure coming and tariffs, where are they 0:08:07.320 --> 0:08:08.400 going to find that growth? 0:08:08.440 --> 0:08:09.239 Well, that's why. 0:08:09.120 --> 0:08:12.400 They did lift the fiscal deficit target to four percent 0:08:12.640 --> 0:08:14.120 of GDP from three percent. 0:08:14.240 --> 0:08:17.600 Bloomberg Steven Engel says investors are expecting Chinese officials to 0:08:17.640 --> 0:08:20.560 unleash more stimulus later this year to help meet those 0:08:20.600 --> 0:08:21.720 economic goals. 0:08:22.000 --> 0:08:24.880 Well, back here in the US, Nathan, job cuts are 0:08:24.960 --> 0:08:27.880 coming to Disney, and we get the latest from Bloomberg's 0:08:28.000 --> 0:08:28.840 Lisa Matteo. 0:08:28.960 --> 0:08:29.840 Lisa, what's going on? 0:08:30.040 --> 0:08:32.480 Hey there, Karen? Well, according to an internal memo, it's 0:08:32.480 --> 0:08:35.679 about six percent or two hundred jobs those are being 0:08:35.760 --> 0:08:39.640 eliminated at Walt Disney's ABC and Entertainment TV networks. So 0:08:39.720 --> 0:08:42.200 here's the breakdown. Okay, the biggest portion of the cuts 0:08:42.440 --> 0:08:44.960 that will affect the ABC News division in New York 0:08:45.280 --> 0:08:49.600 production units, including ABC News Studios, twenty twenty Nightline. 0:08:49.679 --> 0:08:51.559 They will be consolidated, but. 0:08:51.559 --> 0:08:54.760 Disney has eliminated more than eight thousand rolls since twenty 0:08:54.800 --> 0:08:56.959 twenty three. It's all part of an effort to cut 0:08:56.960 --> 0:09:00.000 about seven and a half billion dollars of annual costs 0:09:00.280 --> 0:09:03.480 now affected workers. They will be notified today Disney shares 0:09:03.520 --> 0:09:06.760 checking with them. They're up nearly one percent. Lisa Matteo, 0:09:06.920 --> 0:09:07.800 Bloomberg Radio. 0:09:08.040 --> 0:09:11.240 Okay, Lisa, thank you, and a programming note this morning. 0:09:11.240 --> 0:09:14.640 This is day two of the Bloomberg invest Conference, convening 0:09:14.679 --> 0:09:16.520 deal makers and investors from. 0:09:16.320 --> 0:09:17.359 Around the globe. 0:09:17.520 --> 0:09:22.000 Today's highlights include former Treasury Secretary Stephen Mnushan, KKR CO 0:09:22.200 --> 0:09:25.600 CEOs Joseph Bay and to A soon to Brown Duckett, 0:09:25.600 --> 0:09:29.160 President and CEO of TIAA. We take you to Bloomberg 0:09:29.160 --> 0:09:31.920 invest Live starting at ten am Wall Street time on 0:09:32.040 --> 0:09:36.959 Bloomberg Radio and the Bloomberg Podcast YouTube page. 0:09:38.600 --> 0:09:40.079 And it's time now for look at some of the 0:09:40.120 --> 0:09:43.280 other stories making news in New York and around the world. 0:09:43.320 --> 0:09:45.760 And for that we're joined by Bloomberg's Michael Barr. 0:09:45.800 --> 0:09:48.840 Michael, good morning, Good morning, Karen. They were protests coast 0:09:48.840 --> 0:09:52.600 to coast over President Trump and Elon Musk's overhaul of 0:09:52.640 --> 0:10:01.719 the federal government in San Francisco, chance of no dictatorship 0:10:01.880 --> 0:10:06.000 were heard. In Washington, a protest was held alongside members 0:10:06.040 --> 0:10:09.800 of Congress labor leaders. Rallying outside the Office of Personnel 0:10:09.840 --> 0:10:14.280 Management building was there also Democratic Senator Chris van Holland 0:10:14.280 --> 0:10:14.800 of Maryland. 0:10:15.000 --> 0:10:19.479 Donald Trump has given Elon Musk the keys to federal agencies, 0:10:20.120 --> 0:10:24.280 and there are dismantling services that are important to every 0:10:24.280 --> 0:10:25.160 American family. 0:10:25.520 --> 0:10:28.880 A rally was also in Manhattan in support of Ukraine. 0:10:29.280 --> 0:10:32.160 The protests were held before President Trump gave his address 0:10:32.200 --> 0:10:35.000 before a joint session of Congress, where he defended his 0:10:35.160 --> 0:10:39.120 tariff plan, saying it would raise trillions. Powerful storms have 0:10:39.240 --> 0:10:42.200 killed two people in Mississippi, torn the roofs off an 0:10:42.200 --> 0:10:45.720 apartment building and a nursing home in Oklahoma, and threatened 0:10:45.720 --> 0:10:50.400 communities across the nation. Tuesday's large system brought blinding dust 0:10:50.520 --> 0:10:55.040 storms to the Southwest, blizzards with whiteout conditions to the Midwest, 0:10:55.320 --> 0:10:59.400 and raised fears of wildfires in New Orleans. High winds 0:10:59.480 --> 0:11:02.839 forced some changes to Marty Group. The city short in 0:11:02.880 --> 0:11:06.280 the celebration's two biggest parades to wrap them up before 0:11:06.360 --> 0:11:09.440 high winds moved in. Dozens of people in Texas have 0:11:09.480 --> 0:11:13.240 been sickened and a measles outbreak, with health officials fearing 0:11:13.440 --> 0:11:16.640 this could spread at a high rate among the unvaccinated. 0:11:17.120 --> 0:11:22.040 Baylor College of Medicine's top vaccine researcher, doctor Peter Hotez Warren. 0:11:22.240 --> 0:11:26.240 Measles has an incubation period of twelve days to three weeks, 0:11:26.480 --> 0:11:30.240 meaning someone can have it that long before symptoms showed, 0:11:30.480 --> 0:11:32.640 and it can infect others without knowing it. 0:11:33.040 --> 0:11:34.480 We're going to still be in this for at least 0:11:34.520 --> 0:11:37.040 another two weeks, and the fact that this is continuing 0:11:37.320 --> 0:11:38.959 to accelerate suggests. 0:11:38.600 --> 0:11:41.520 To me that it's going to be around for quite 0:11:41.520 --> 0:11:42.000 some time. 0:11:42.559 --> 0:11:45.960 Last week, an unvaccinated child died in Texas from the illness. 0:11:46.240 --> 0:11:48.400 As of now, almost one hundred and sixty people have 0:11:48.440 --> 0:11:52.240 been infected, with close to two dozen people hospitalized. Global 0:11:52.280 --> 0:11:54.439 News twenty four hours a day and whenever you want 0:11:54.480 --> 0:11:57.240 it with Bloomberg News Now. I'm Michael Barr. This is Bloomberg. 0:11:57.280 --> 0:12:04.360 Hearent all right, Michael Barr, thank you time now for 0:12:04.400 --> 0:12:07.440 the Bloomberry Sports update, brought to you by Tri State Outie. 0:12:07.440 --> 0:12:09.760 Here's John stash Hour, John, good morning, Good. 0:12:09.640 --> 0:12:11.640 Morning, care and Steph Curry has been coming to the 0:12:11.679 --> 0:12:13.959 Garden with the Golden State Warriors. Since twenty ten, he's 0:12:13.960 --> 0:12:17.240 only lost once, raised his personal record at MSG to 0:12:17.360 --> 0:12:20.160 twelve and one. Curry got hot in the second half, 0:12:20.800 --> 0:12:21.280 one on. 0:12:21.120 --> 0:12:27.040 One with heart working around for Post Green hands Curry. 0:12:29.559 --> 0:12:33.120 Three for Steph Curry, Dante the call. Curry scored twenty 0:12:33.160 --> 0:12:35.920 of his twenty eight points. After halftime, the Warriors went 0:12:35.920 --> 0:12:38.880 from down ten to up twelve. They beat Tom Thibodeauz 0:12:38.920 --> 0:12:40.600 next one fourteen, one oh two. 0:12:41.160 --> 0:12:46.079 Low energy coming out to start to third, so they 0:12:46.120 --> 0:12:49.640 made up that ground real fast. Then we fought back 0:12:50.000 --> 0:12:54.360 and went back and forth and then uh, you know, 0:12:54.840 --> 0:12:57.840 a couple of mental errors left wide open three point 0:12:57.880 --> 0:13:02.199 shooters and against the team that's not good. You just 0:13:02.240 --> 0:13:02.880 came to the no. 0:13:03.040 --> 0:13:05.959 Jenninobi led the next twenty nine points. Jalen Brunson scored 0:13:05.960 --> 0:13:08.920 twenty five. Nicks played without Karl Anthony Towns not an injury, 0:13:08.920 --> 0:13:12.120 it was for personal reasons. Nets lost in San Antonio, 0:13:12.160 --> 0:13:14.800 won twenty seven, one to thirteen. The Lakers a blowout 0:13:14.800 --> 0:13:17.079 win of New Orleans. They won seventeen to the last twenty. 0:13:17.160 --> 0:13:20.720 Lebron James moved over fifty thousand career points when you 0:13:20.760 --> 0:13:23.520 combine regular season and the playoffs. Good win for the 0:13:23.520 --> 0:13:25.520 Islanders three to two over a Winnipeg who has the 0:13:25.559 --> 0:13:28.600 NHL's best record. Tough lost for the Devils in Dallas, 0:13:28.600 --> 0:13:31.760 they rallied to tie. The Stars scored with five seconds 0:13:31.840 --> 0:13:33.520 left to win four to three. The Bruins lost to 0:13:33.600 --> 0:13:36.920 Nashville six to three. Down goes number one. In college basketball, 0:13:37.000 --> 0:13:39.600 Auburn lost at Texas A and m Rutgers lost at 0:13:39.600 --> 0:13:41.120 Purdue by twenty nine. 0:13:41.240 --> 0:13:42.000 The Super Bowl. 0:13:41.840 --> 0:13:45.680 Champion Eagles ever awarded Saquon Barkley for his historic season, 0:13:46.080 --> 0:13:48.599 tacking two more years onto the three year contract he 0:13:48.640 --> 0:13:49.320 signed a year ago. 0:13:49.320 --> 0:13:51.800 He'll make more than any running back ever has. 0:13:51.840 --> 0:13:54.319 The Jets acquired Devonte Adams to catch passes from the 0:13:54.360 --> 0:13:58.240 former teammate Aaron Rodgers, where the Rogers not returning. No surprise, 0:13:58.520 --> 0:14:00.640 neither will Adams. The Jets had a ton of money 0:14:00.720 --> 0:14:03.880 by releasing them. John stash Atward Bloomberg Sports caaren. 0:14:03.640 --> 0:14:10.520 Me Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, 0:14:10.640 --> 0:14:13.480 and around the world on Bloomberg dot Com and the 0:14:13.520 --> 0:14:16.600 Bloomberg Business app. This is Bloomberg Daybreak. 0:14:16.800 --> 0:14:18.280 Good morning, I'm Nathan Hager. 0:14:18.320 --> 0:14:20.560 President Donald Trump said he is leading what he calls 0:14:20.600 --> 0:14:23.680 a common sense revolution as he appeared before a joint 0:14:23.680 --> 0:14:26.680 session of Congress last night. And while the President admitted 0:14:26.720 --> 0:14:29.520 his plan to slash taxes and government spending and raised 0:14:29.560 --> 0:14:32.920 revenue through tariffs could cause, in his words, a little disturbance, 0:14:33.360 --> 0:14:35.840 he had this to say to Democrats. 0:14:35.680 --> 0:14:40.400 These people sitting right here will not clap, will not stand, 0:14:40.480 --> 0:14:45.040 and certainly will not cheer for these astronomical achievements. They 0:14:45.040 --> 0:14:46.120 won't do it no matter what. 0:14:46.800 --> 0:14:49.560 President Trump, speaking before that joint session of Congress, has 0:14:49.600 --> 0:14:52.680 heard live on Bloomberg Radio this morning after we are 0:14:52.760 --> 0:14:56.600 joined by doctor Lindsay Newman, geopolitical risk analyst and calumnist 0:14:56.680 --> 0:14:59.680 at Gezeromedia. Thanks for being with us this morning. You 0:14:59.720 --> 0:15:02.560 could certainly hear some of the tension from the President 0:15:02.640 --> 0:15:05.400 last night directed at Democrats. We saw that returned to 0:15:05.480 --> 0:15:08.240 him as well. What stood out to you from the 0:15:08.280 --> 0:15:09.400 House chamber last night? 0:15:10.440 --> 0:15:12.680 Morning, Nathan, Thanks for having me on. Well for anyone 0:15:12.720 --> 0:15:14.880 hoping to catch their breath at the sort of six 0:15:14.920 --> 0:15:18.280 week mark that we're currently at, the message is that 0:15:18.320 --> 0:15:20.880 Trump is full steam ahead, and that's what stood out 0:15:20.880 --> 0:15:22.920 for me. You know, he said in his own words, 0:15:23.040 --> 0:15:26.480 the agenda has been swift and unrelenting. I can confirm 0:15:26.520 --> 0:15:30.240 as somebody who analyzes his moves that is absolutely correct, correct, 0:15:30.800 --> 0:15:33.600 and his administration is just getting started. It was a 0:15:33.640 --> 0:15:35.880 speech sort of in two parts. The first half of 0:15:35.920 --> 0:15:38.920 the speech really focused on what he has seen as 0:15:38.960 --> 0:15:42.880 his accomplishments, his successes in the first forty three days. 0:15:43.240 --> 0:15:46.080 It was a staggering He identified his one hundred executive 0:15:46.080 --> 0:15:49.400 actions that he signed and four hundred additional presidential actions 0:15:49.720 --> 0:15:51.680 we know these. He went through them in detail, around 0:15:51.720 --> 0:15:57.240 border security, withdrawing from Paris, climate, the freezes on federal hiring, 0:15:57.280 --> 0:15:58.960 the freeze on four and aid. He went through a 0:15:59.040 --> 0:16:03.560 very long list of what he and the Doge see 0:16:03.600 --> 0:16:06.560 as fraudulent money that was being spent. And then the 0:16:06.600 --> 0:16:08.640 second half of the speech really looked at what is 0:16:08.680 --> 0:16:11.400 on the to do list, building that golden dome that 0:16:11.440 --> 0:16:14.520 he has on his mind, resurrecting you, a shipbuilding, he 0:16:14.560 --> 0:16:16.840 had a call out for Greenland. I think what was 0:16:16.880 --> 0:16:21.080 interesting also is just how he approached the question that 0:16:21.120 --> 0:16:24.000 got him elected, which was are you better off today 0:16:24.120 --> 0:16:26.320 than you were four years ago? And as you said, 0:16:26.360 --> 0:16:28.560 he said, look, there might be some disturbance on this 0:16:28.680 --> 0:16:32.040 path to the Golden Age. Please bear with me. Reciprocal 0:16:32.080 --> 0:16:34.840 tariffs are coming on April second. This is going to 0:16:34.960 --> 0:16:38.120 in his mind, make America Richigan. Taxes across the board 0:16:38.120 --> 0:16:41.360 are coming, energy and liquid gold is coming. And as 0:16:41.400 --> 0:16:43.280 you rightfully said, you know this is he's seen this 0:16:43.400 --> 0:16:44.880 as the common. 0:16:44.560 --> 0:16:49.240 Sense revolutions, remains to be seen. What kind of impact, 0:16:49.640 --> 0:16:52.400 real world impact a lot of these promises that the 0:16:52.440 --> 0:16:54.560 President is making are going to have. 0:16:54.760 --> 0:16:57.080 What did you make of some of the defense. 0:16:56.800 --> 0:16:59.960 Of the policies that he's put in place so far, 0:17:00.160 --> 0:17:02.000 particularly around tariffs. 0:17:02.640 --> 0:17:05.800 Yeah, so on tariffs, you know, Trump has essentially doubled 0:17:05.840 --> 0:17:09.159 and tripled down. I mean literally, they obviously said the 0:17:09.200 --> 0:17:12.080 tariffs are going to be going ahead on Canada and Mexico. 0:17:12.200 --> 0:17:15.480 He increased them, increased the tariffs on China. We know 0:17:15.600 --> 0:17:19.080 overnight there's been some discussion, as you shared earlier from 0:17:19.160 --> 0:17:23.040 Secretary Lutnik, that there might be some positive news today 0:17:23.200 --> 0:17:25.520 about a deal with Canada and Mexico that wouldn't just 0:17:25.520 --> 0:17:27.919 be a pause but could actually resolve the issue. But 0:17:28.000 --> 0:17:31.400 Trump has made clear that tariff policy is an integral 0:17:31.440 --> 0:17:34.280 part of his trade policy. His administration believes this will 0:17:34.359 --> 0:17:38.359 ultimately deliver the US economy that they're looking to deliver. 0:17:38.800 --> 0:17:41.399 And his message is, you know, somewhat straightforward, if you 0:17:41.480 --> 0:17:44.280 don't produce goods in the US, if you're not producing 0:17:44.320 --> 0:17:47.040 in America, you are going to face tariffs. It's going 0:17:47.080 --> 0:17:51.000 to be reciprocal tariffs. It's going to be additionally, non 0:17:51.119 --> 0:17:54.639 tax measures. Well, there's going to be reciprocity around. And 0:17:54.680 --> 0:17:57.080 he said specifically last night, it's not just going to 0:17:57.119 --> 0:18:00.280 be foes like China or potential foes like China. It's 0:18:00.320 --> 0:18:03.040 going to be friends. He called out specifically India, Canada, 0:18:03.320 --> 0:18:06.800 the European Union, even South Korea. So everybody is on 0:18:06.960 --> 0:18:09.439 notice that this is the policy ahead. 0:18:09.760 --> 0:18:11.679 Did we hear a little bit of a warming of 0:18:11.720 --> 0:18:14.399 the tensions that we saw with Ukraine last week in 0:18:14.400 --> 0:18:17.000 the Oval Office with the President reading that letter from 0:18:17.160 --> 0:18:18.760 President Zelenski last night. 0:18:20.040 --> 0:18:22.760 Yeah, So all of us who were tuning in from 0:18:22.760 --> 0:18:26.040 a sort of geopolitical foreign policy space, we're looking for 0:18:26.080 --> 0:18:29.880 some clarity around what Liza head after a tumultuous set 0:18:29.920 --> 0:18:33.359 of weeks that really began with JD. Vance's speech at 0:18:33.480 --> 0:18:37.240 Munich Security Conference and was bookended by the somewhat disastrous 0:18:37.240 --> 0:18:40.560 meaning between Zelenski and Trump on Friday. You know, I 0:18:40.600 --> 0:18:45.760 think there was very little clarity offered. Trump's certainly did 0:18:45.840 --> 0:18:48.359 seem to really appreciate what he called the important letter 0:18:48.400 --> 0:18:53.080 by Zelensky that really gave that seemed to hear what 0:18:53.119 --> 0:18:56.200 Trump was looking for, right, So, Zelensky said he wants peace, 0:18:56.280 --> 0:18:58.760 he appreciates the US. That was a big sticking point 0:18:58.760 --> 0:19:01.240 on Friday when things went off the rails, and he 0:19:01.280 --> 0:19:04.240 said again he's ready to sign the mineral agreement. But 0:19:04.320 --> 0:19:06.560 a big question remains about where does the US stand 0:19:06.560 --> 0:19:08.840 on this war. Is it going to be with its 0:19:08.880 --> 0:19:13.000 traditional allies in Europe. The news about halting funding US 0:19:13.040 --> 0:19:17.720 military funding to Ukraine on Monday certainly continue to dial 0:19:17.800 --> 0:19:20.480 up the heat and panic across Europe. He has also 0:19:20.520 --> 0:19:23.159 said he was continued to have good conversations with Russia 0:19:23.200 --> 0:19:25.680 and Putin and thinks the signals there are also positive 0:19:25.760 --> 0:19:27.800 for peace. So, you know, betting markets are sort of 0:19:27.840 --> 0:19:30.000 all over the place about whether we're going to have 0:19:30.040 --> 0:19:32.679 a ceasefire agreement in the next couple of months, but 0:19:32.720 --> 0:19:34.479 you have to think that it's more likely now than 0:19:34.480 --> 0:19:36.000 I want to say six months to a year ago. 0:19:36.160 --> 0:19:38.359 In the last thirty seconds, lindsay your thoughts on the 0:19:38.400 --> 0:19:41.640 Democratic response not only within the chamber but the actual 0:19:41.680 --> 0:19:42.560 speech last night. 0:19:43.760 --> 0:19:44.000 Yeah. 0:19:44.040 --> 0:19:47.439 Sure. You know, obviously it was half passive in the 0:19:47.480 --> 0:19:49.920 sense that there was no support for what Trump was saying, 0:19:49.920 --> 0:19:54.480 but then also active with Representative Green's sort of demonstrative 0:19:54.480 --> 0:19:58.160 remarks and removal. We know that there are protests across 0:19:58.200 --> 0:20:01.040 the country. You know, what we're seeing overall from Democrats 0:20:01.080 --> 0:20:04.439 is they're still just essentially finding their footing after what 0:20:04.640 --> 0:20:08.000 was a very difficult moment in November, and you know, 0:20:08.240 --> 0:20:10.600 they have not yet approached the answer here to how 0:20:10.600 --> 0:20:13.439 they're going to reconcile with the realities of the Trump administration. 0:20:13.680 --> 0:20:17.080 This is Bloomberg Daybreak, your morning podcast on the stories 0:20:17.160 --> 0:20:20.200 making news from Wall Street to Washington and beyond. 0:20:20.440 --> 0:20:22.840 Look for us on your podcast feed by six am 0:20:22.880 --> 0:20:26.280 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:20:26.520 --> 0:20:29.360 You can also listen live each morning starting at five 0:20:29.400 --> 0:20:32.120 am Wall Street time on Bloomberg eleven three to zero 0:20:32.119 --> 0:20:35.000 in New York, Bloomberg in ninety nine to one in Washington, 0:20:35.080 --> 0:20:39.040 Bloomberg ninety two nine in Boston, and nationwide on serious 0:20:39.240 --> 0:20:40.959 XM Channel one twenty one. 0:20:41.200 --> 0:20:43.920 Plus listen coast to coast on the Bloomberg Business App 0:20:43.960 --> 0:20:46.760 now with Apple CarPlay and Android Atuto interfaces. 0:20:47.000 --> 0:20:50.000 And don't forget to subscribe to Bloomberg News Now. It's 0:20:50.040 --> 0:20:52.760 the latest news whenever you want it in five minutes 0:20:52.840 --> 0:20:55.960 or less. Search Bloomberg News Now and your favorite podcast 0:20:56.000 --> 0:21:00.160 platform to stay informed all day long. I'm Karen Moscow. 0:21:00.000 --> 0:21:00.960