Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning.
Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 3: stories we're following today.
Speaker 4: Karen, we begin with what could be a major change
Speaker 4: to President Donald Trump's trade war. The President has signed
Speaker 4: an executive order to consider reciprocal tariffs on a whole
Speaker 4: host of trading partners.
Speaker 5: I have decided, for purposes of fairness, that I will
Speaker 5: charge a reciprocal tariff meeting. Whatever countries charged the United
Speaker 5: States of America, we will charge them no more, no less.
Speaker 4: President Trump's directive calls for the US Trade Representative and
Speaker 4: the Commerce Secretary to propose new levies on a.
Speaker 2: Country by country basis.
Speaker 4: Commerce Dominie Howard Lutnick says the review could be complete
Speaker 4: by April first, and Trump could act immediately after. The
Speaker 4: White House memo says the levies could offset not just
Speaker 4: other countries tariffs, but non tariff barriers like unfair subsidies, regulations,
Speaker 4: and value added taxes.
Speaker 3: Well, Nathan, The latest salvo on tariffs came as Trump
Speaker 3: and India's Prime minister and aarrender of Mody met in Washington.
Speaker 3: The two leaders agreed to begin negotiations to address what
Speaker 3: Trump described as long running disparities in their trade relationship.
Speaker 6: It has been to US just about the highest tariff
Speaker 6: nation anywhere in the world. They've been very strong on tariffs,
Speaker 6: and I don't blame them necessarily, but it's a different
Speaker 6: way of doing business.
Speaker 2: It's very hard.
Speaker 6: To sell into India because they have their trade bears
Speaker 6: very strong tariffs.
Speaker 3: The President's comments came as an aarrendera Mody said the
Speaker 3: two men had agreed to more than double bilateral trade
Speaker 3: to five hundred billion dollars by twenty thirty.
Speaker 4: I mean, well, Karen, there's been a legal setback for
Speaker 4: the President in his effort to freeze funds for foreign
Speaker 4: assistance programs. We get the very latest on that with
Speaker 4: Bloomberg's John Tucker, Good Morning.
Speaker 7: John, and Nathan Offendel. Johns temporarily blocked the Trump administration
Speaker 7: from enforcing that broad freeze. USAID Judge Amir Ali determined
Speaker 7: that the Trump administration's blanket suspension of foreign aid funding
Speaker 7: had a catastrophic impact for thousands of nonprofits who rely
Speaker 7: on the aid to carry out their work abroad, and
Speaker 7: was likely illegal.
Speaker 2: The judges ruling.
Speaker 7: Came after The US Agency for International Development saw thousands
Speaker 7: of staff fired or put on leave, and its name
Speaker 7: was actually stripped off its Washington headquarters. A report by
Speaker 7: the agency's inspector General estimated that nearly five hundred million
Speaker 7: dollars of emergency food assistants is at risk of being ruined. Well,
Speaker 7: that inspector general was fired after that report came out.
Speaker 7: Dozens of lawsuits have been filed challenging the slew of
Speaker 7: executive orders issued by President Trump. I'm John Tucker Bloomberg Radio.
Speaker 3: All right, John, thank you all. Even with the legal setbacks,
Speaker 3: that Trump administration is moving ahead with its effort to
Speaker 3: shrink the federal workforce. This time, probationary workers are unnotice.
Speaker 3: Bloomberg News has learned the Office of Personnel Management has
Speaker 3: told multiple government agencies to lay off their probationary employees,
Speaker 3: with some exceptions. As of last year, about ten percent
Speaker 3: of federal workers were under a probationary period, most of
Speaker 3: them in defense and veterans affairs. Meanwhile, a government union
Speaker 3: chief tells Bloomberg Law the Department of Housing and Urban
Speaker 3: Development plans to cut half its workforce. The official says
Speaker 3: the cuts affect employees who enforce civil rights law, compile
Speaker 3: housing data, and rebuild after disasters overseas Karen.
Speaker 2: Vice President JD.
Speaker 4: Vance is set to meet with Ukrainian President Vladimir Zelenski
Speaker 4: today on the sidelines of the annual Munich Security Conference.
Speaker 4: Bloomberg Zamy Morris reports.
Speaker 8: Vice President Vance and Secretary of State Marco Rubio are
Speaker 8: set to sit down with Zelenski to discuss President Trump's
Speaker 8: intensifying push for Ukraine and Russia to begin negotiations to
Speaker 8: end the war. President Trump says, Russia President Vladimir Putin
Speaker 8: wants peace.
Speaker 5: I know him very well.
Speaker 2: Yeah, I think he was peace.
Speaker 5: I think you would tell maybe it's not a question
Speaker 5: of liking Russia or not liking Russia was the gaight,
Speaker 5: And you know, I said, what are you doing?
Speaker 6: You guys?
Speaker 5: All you talk about is Russia and they should be sitting.
Speaker 2: At the table.
Speaker 8: The meeting comes just two days after Trump spoke separately
Speaker 8: with Putin and Zelenski. Trump says he and Putin agreed
Speaker 8: it was time to start negotiations. Amy Moore as Bloomberg Radio.
Speaker 3: All right, Amy, thank you well. Jamie Diamond says JP
Speaker 3: Morgan Chase will scale back spending on some diversity initiatives
Speaker 3: that he sees as a waste of money. At the
Speaker 3: same time, he also reiterated the bank's commitment to working
Speaker 3: with Black, Hispanic and LGBTQ communities. Meantime, Diamond was in
Speaker 3: Washington for a roundtable on de banking, which has been
Speaker 3: a hot topic after President Trump accused some big banks
Speaker 3: of not doing business with conservatives. Diamond says JP Morgan
Speaker 3: does not debank people for their political affiliations, but.
Speaker 1: There are a lot of things that canna be fixed
Speaker 1: and we should fix them.
Speaker 9: The rules and the requirements are so onerous, and it
Speaker 9: does course people be debanked through my opinion, should not
Speaker 9: be debanked.
Speaker 3: Diamond pointed to anti money laundering and financial crime rules
Speaker 3: as a cup forty banking.
Speaker 4: Stay with Banking Karen HSBC is planning a new round
Speaker 4: of job cuts next week. Bloomberg News has learned the
Speaker 4: changes to the investment banking workforce will affect employees globally,
Speaker 4: starting in Asia.
Speaker 2: Well Nathan Apple.
Speaker 3: And Google had both restored TikTok to their mobile app store.
Speaker 3: Sources say the iPhone maker made the move following a
Speaker 3: letter from US Attorney General Pam Bondi both companies had
Speaker 3: removed TikTok in the US to comply with the law
Speaker 3: passed last year.
Speaker 4: Let's check some stocks on the move this morning, Karen,
Speaker 4: starting with Applied Materials.
Speaker 2: Those shares are down five percent.
Speaker 4: The largest US maker of chip manufacturing equipment gave a
Speaker 4: lukewarm revenue.
Speaker 2: Forecast for the current period.
Speaker 4: A Matt expects a four hundred million dollar revenue hit
Speaker 4: in fiscal twenty twenty five due to export rules.
Speaker 3: On the flip side, Nathan shares of Intel are on
Speaker 3: track for their biggest weekly gain in twenty five years.
Speaker 3: The stock is that more than three and a half
Speaker 3: percent this morning and twenty five percent for the week earlier.
Speaker 2: This week, Baird.
Speaker 3: Noted talk that the US government could get involved with
Speaker 3: the plan involving both Intel and Taiwan semiconductor manufacturing.
Speaker 2: Shares of Airbnb Karen R up fourteen percent.
Speaker 4: The company issued an upbeat forecast for the first three
Speaker 4: months of twenty twenty five, citing continued strong demand after
Speaker 4: a strong holiday travel season.
Speaker 3: And Nathan shares a game stopper, up almost seven percent.
Speaker 3: CNBC is reporting the video game retailer is considering investing
Speaker 3: in bitcoin and other cryptocurrencies.
Speaker 2: On the flip side in a big way.
Speaker 4: Karen shares of Informatica are plunging nearly thirty five percent.
Speaker 4: The software company's revenue forecast trailed analyst estimates it.
Speaker 3: It's time now for a look at some of the
Speaker 3: other stories making news in New York and around the world,
Speaker 3: and for that we're joined by Bloomberg's Michael Barr.
Speaker 2: Michael, good Morning, Good morning, Karen.
Speaker 9: Manhattan's top federal prosecutor, Danielle Sassoon, and five high ranking
Speaker 9: Justice Department officials have resigned after she refused an order
Speaker 9: from the Trump Department of Justice to drop corruption charges
Speaker 9: against New York City Mayor Eric Adams so as soon
Speaker 9: a Republican accused the Department of a quid pro quo,
Speaker 9: namely dropping the case to insure Adam's help with Trump's
Speaker 9: immigration agenda, and she said she was confident Adams committed
Speaker 9: the crimes in his indictment. And even more, a Texas
Speaker 9: judge has fined a New York doctor for prescribing abortion
Speaker 9: pills to a woman near Dallas, and one of the
Speaker 9: first challenges in the US to shield laws enacted in
Speaker 9: Democratic controlled states where abortion is legal the ruling was
Speaker 9: handed down. On the same day, New York Governor Kathy
Speaker 9: Hokeel rejected a request from Louisiana to extradite the same doctor.
Speaker 4: Never under any circumstances will I sign an extradition agreement.
Speaker 9: Doctor Maggie Carpenter was charged in Louisiana with prescribing abortion
Speaker 9: pills to a pregnant minor. The Stonewall National Monument and
Speaker 9: New York City Stonewall in continued to celebrate the transgender community,
Speaker 9: but the National Park Service web Pagel's a different story.
Speaker 9: The page has removed all mention of the transgender community
Speaker 9: from its website, the latest effort by the Trump administration
Speaker 9: to demand that the federal government recognize only two genders.
Speaker 9: City Council co Chair of the LGBTQ Caucus Eric Bacher,
Speaker 9: the gay and.
Speaker 4: The lesbian New Yorkers are sticking with our transgender siblings.
Speaker 2: We're not going to abandon them. We're going to fight
Speaker 2: alongside them.
Speaker 9: New York Governor Holkel, calling the decision by the Trump
Speaker 9: administration cruel and petty. Robert F. Kennedy Junior was officially
Speaker 9: President Trump's new Secretary of Health and Human Services head.
Speaker 9: He sworn in yesterday in the Oval Office after the
Speaker 9: Senate confirmed him on a fifty two to forty eight
Speaker 9: vote earlier in the day.
Speaker 5: President Trump, He's a fierce advocate for the health of
Speaker 5: our children and for the values of free speech, democracy
Speaker 5: and peace.
Speaker 9: Mitch McConnell of Kentucky, the former Senate majority leader, was
Speaker 9: the only Republican to vote against Kennedy. Global News twenty
Speaker 9: four hours a day and whenever you want it with
Speaker 9: Bloomberg News Now. I'm Michael BARRN. This is Bloomberg Karen.
Speaker 3: All right, Michael barr thank you time now for the
Speaker 3: Bloomberg Sports Update, brought to you by Try State OUTI
Speaker 3: here's John Stashauer.
Speaker 10: John, good morning, Good morning, Karen. The Giants were born
Speaker 10: one hundred years ago and Tim Merhra put up five
Speaker 10: hundred dollars. Tish family came aboard in nineteen ninety one
Speaker 10: face seventy five million for fifty percent. John Marraw and
Speaker 10: Steve Tish control the team, who put out a statement
Speaker 10: last night that they are putting in an ownership stake
Speaker 10: of up to ten percent up for sale. They've hired
Speaker 10: a banker, perhaps with an eye of the NFL. Now
Speaker 10: allowing private equity firms in on partial ownership. Forbes has
Speaker 10: valued the Giants at seven point three billion.
Speaker 2: As for the.
Speaker 10: Jets, now official Aaron Rodgers will not be back for
Speaker 10: salary cap reasons. He won't be officially cut until June first,
Speaker 10: but he can signed with another team before then. Rodgers
Speaker 10: hasn't decided whether he wants to keep playing or retired.
Speaker 10: Travis Kelcey also hasn't decided. The Chiefs have told then
Speaker 10: they need to know by March fourteenth, when they're due
Speaker 10: to pay him twelve million. Four nations face off Hockey
Speaker 10: US against Finland. This was one to one with three
Speaker 10: minutes left in the second period, but the US with
Speaker 10: two goals in a span of eleven seconds opening rid
Speaker 10: of the third. When they would later add to the league.
Speaker 7: Using his stick, with Liddell able to recover get back
Speaker 7: in front of the finnishnitt Ikoda Waretzky, he takes.
Speaker 2: The show loose scores.
Speaker 5: Here's another bits as Montreal.
Speaker 10: Which met Canada, they called two goals from Matthew to
Speaker 10: Chuck and two more for his brother Brady. US one
Speaker 10: six to one will play Canada tomorrow and I clearly
Speaker 10: more attention to this tourney than what the NHL would
Speaker 10: have added with a high scoring All Star game. The
Speaker 10: NBA also looking for more interest as a new format
Speaker 10: for Sunday Night in San Francisco, four teams with a
Speaker 10: roster of eight playing games of first to forty. The
Speaker 10: Nick's being represented by Jalen Brunston, Karl Anthony Towns Big
Speaker 10: College Game tomorrow, Top frank Auburn visiting second rank at
Speaker 10: in state rivaled Alabama. Saint John's the Garden Sunday to
Speaker 10: play Creighton. That's the first place in the Big East.
Speaker 10: John Stanshedwer Bloomberg Sports Karendy Nathan.
Speaker 1: Coast to Coast on Bloomberg Radio nationwide on Serious Exam
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2: Good Morning. I'm Nathan Hager.
Speaker 4: It is a move that could up end decades of
Speaker 4: trade policy that the US helped to shape after World
Speaker 4: War II. President Trump is ordering his administration to consider
Speaker 4: reciprocal tariffs on a country by country basis. The President
Speaker 4: says it's all about writing the trade balance.
Speaker 6: So, in other words, they charge US tex or tariff
Speaker 6: and we charge them the exact same texts or terriff
Speaker 6: for simple nobody knows what that number is unless you
Speaker 6: go by the individual country.
Speaker 4: That was the President as he signed the executive order
Speaker 4: in the Oval Office joining us this morning. For more
Speaker 4: is Bloomberg News Senior editor Derek Wallbank. Derek, the President says,
Speaker 4: it's simple you go country by country, But it really
Speaker 4: is something that would completely shape the trade landscape around
Speaker 4: the world, isn't it.
Speaker 11: Good morning, Yeah, yeah, Nathan, You're exactly right. It is
Speaker 11: going to be a very difficult thing to figure out
Speaker 11: how this is going to get levied country by country,
Speaker 11: item by item, sector by sector. There is a lot
Speaker 11: of work to do. That's why this White House has
Speaker 11: been given until at least April to figure out how
Speaker 11: these would be levied, where they would be levied, on
Speaker 11: whom and in what amount. And I say that level
Speaker 11: of vagueness because it's really important when you're considering markets.
Speaker 11: There was some view by some that this was going
Speaker 11: to be some version of an on off switch. That
Speaker 11: is not what happened. The delay was something that was
Speaker 11: a respite for a lot of traders. You saw a
Speaker 11: lot more green than would have seen otherwise, and you
Speaker 11: saw a little bit of an unwinding of some of
Speaker 11: those risk positions. The other part of that that's really
Speaker 11: critical is that markets are starting to think of the
Speaker 11: word delay or the word sort of like a time
Speaker 11: window in the terms of negotiation. Right. Trump was talking
Speaker 11: through his sectoral tariffs on steal and aluminum about maybe
Speaker 11: there could be a way that Australia could pull an exemption.
Speaker 11: He put on a ten percent China tariff that's short
Speaker 11: of sixty. He put on the twenty five percent against
Speaker 11: Canada and Mexico and then suspended that for a month.
Speaker 11: So there really is a certain sentiment in markets that
Speaker 11: saying maybe there's a little bit of breathing room, even
Speaker 11: as the President is saying there will not be exceptions
Speaker 11: to this.
Speaker 4: Derek is April first enough time, given how much the
Speaker 4: Commerce Department and the USTR are being told they need
Speaker 4: to look at not just tariffs on a country by
Speaker 4: country basis, but non tariff barriers as well.
Speaker 11: Yeah, you think it's quite a lot there, and then
Speaker 11: once once those are figured out, you could imagine that
Speaker 11: there's going to be a case for time to implementation. Right,
Speaker 11: you have to tell people exactly what's going to be levied,
Speaker 11: how it's going to be levied, et cetera. So it's
Speaker 11: very possible that April, and I wouldn't even say April
Speaker 11: one is a firm deadline, but it's possible that April
Speaker 11: is the sort of starting point for something else. But
Speaker 11: I do think back to your original point, this is
Speaker 11: a really major move to sort of up end the
Speaker 11: way that trade goes. And Trump is pitching this as simple, right.
Speaker 11: Trump is basically saying, look, whatever you do, we're going
Speaker 11: to do back. It's going to be that easy. And
Speaker 11: we've even seen some countries. India was a great example
Speaker 11: near Andromodi was at the White House yesterday, but India,
Speaker 11: walking into that visit had already started changing their own
Speaker 11: tariffs on certain goods to try and get a little
Speaker 11: bit closer into Trump good rasis.
Speaker 4: On top of the trade moves, Derek, we've seen and
Speaker 4: continued to follow, the President making moves to a certain
Speaker 4: pretty sweeping control over the federal government, among them to
Speaker 4: cut off foreign aid to administered under US A I D.
Speaker 4: A federal judge has just blocked that effort. Where do
Speaker 4: you see this going from here?
Speaker 2: Now?
Speaker 11: I think right exactly where you were saying is about
Speaker 11: where everyone's expected this was going is to the courts
Speaker 11: to figure out what they're allowed to do. But look,
Speaker 11: make no mistake, this is something that the that the
Speaker 11: Trump campaign said that it was going to do, that
Speaker 11: it was going to be very aggressive. That they had,
Speaker 11: They had spent the four years in the political wilderness,
Speaker 11: so to speak, figuring out what they might do as
Speaker 11: and when Trump got back in and they were they
Speaker 11: were ready to go. There is a certain shock and
Speaker 11: all idea to it. If you sort of listen to
Speaker 11: someone like Steve Bannon, the sort of long time whisper
Speaker 11: of the maga right. Bannon has argued for a while,
Speaker 11: you go absolutely maximally and even if you can't get
Speaker 11: everything eventually, you'll still get a lot because you'll overwhelm
Speaker 11: your opposition. And indeed, we are seeing a lot of
Speaker 11: discontent on the left trying to figure out how to
Speaker 11: res with and having some trouble being able to not
Speaker 11: just respond at scale, but at the swiftness that some
Speaker 11: of these actions are coming.
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