WEBVTT - Trump's Reciprocal Tariffs Plan; TikTok Returns to Apple and Google

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

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 3>stories we're following today.

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<v Speaker 4>Karen, we begin with what could be a major change

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<v Speaker 4>to President Donald Trump's trade war. The President has signed

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<v Speaker 4>an executive order to consider reciprocal tariffs on a whole

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<v Speaker 4>host of trading partners.

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<v Speaker 5>I have decided, for purposes of fairness, that I will

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<v Speaker 5>charge a reciprocal tariff meeting. Whatever countries charged the United

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<v Speaker 5>States of America, we will charge them no more, no less.

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<v Speaker 4>President Trump's directive calls for the US Trade Representative and

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<v Speaker 4>the Commerce Secretary to propose new levies on a.

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<v Speaker 2>Country by country basis.

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<v Speaker 4>Commerce Dominie Howard Lutnick says the review could be complete

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<v Speaker 4>by April first, and Trump could act immediately after. The

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<v Speaker 4>White House memo says the levies could offset not just

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<v Speaker 4>other countries tariffs, but non tariff barriers like unfair subsidies, regulations,

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<v Speaker 4>and value added taxes.

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<v Speaker 3>Well, Nathan, The latest salvo on tariffs came as Trump

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<v Speaker 3>and India's Prime minister and aarrender of Mody met in Washington.

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<v Speaker 3>The two leaders agreed to begin negotiations to address what

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<v Speaker 3>Trump described as long running disparities in their trade relationship.

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<v Speaker 6>It has been to US just about the highest tariff

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<v Speaker 6>nation anywhere in the world. They've been very strong on tariffs,

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<v Speaker 6>and I don't blame them necessarily, but it's a different

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<v Speaker 6>way of doing business.

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<v Speaker 2>It's very hard.

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<v Speaker 6>To sell into India because they have their trade bears

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<v Speaker 6>very strong tariffs.

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<v Speaker 3>The President's comments came as an aarrendera Mody said the

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<v Speaker 3>two men had agreed to more than double bilateral trade

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<v Speaker 3>to five hundred billion dollars by twenty thirty.

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<v Speaker 4>I mean, well, Karen, there's been a legal setback for

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<v Speaker 4>the President in his effort to freeze funds for foreign

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<v Speaker 4>assistance programs. We get the very latest on that with

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<v Speaker 4>Bloomberg's John Tucker, Good Morning.

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<v Speaker 7>John, and Nathan Offendel. Johns temporarily blocked the Trump administration

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<v Speaker 7>from enforcing that broad freeze. USAID Judge Amir Ali determined

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<v Speaker 7>that the Trump administration's blanket suspension of foreign aid funding

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<v Speaker 7>had a catastrophic impact for thousands of nonprofits who rely

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<v Speaker 7>on the aid to carry out their work abroad, and

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<v Speaker 7>was likely illegal.

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<v Speaker 2>The judges ruling.

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<v Speaker 7>Came after The US Agency for International Development saw thousands

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<v Speaker 7>of staff fired or put on leave, and its name

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<v Speaker 7>was actually stripped off its Washington headquarters. A report by

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<v Speaker 7>the agency's inspector General estimated that nearly five hundred million

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<v Speaker 7>dollars of emergency food assistants is at risk of being ruined. Well,

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<v Speaker 7>that inspector general was fired after that report came out.

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<v Speaker 7>Dozens of lawsuits have been filed challenging the slew of

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<v Speaker 7>executive orders issued by President Trump. I'm John Tucker Bloomberg Radio.

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<v Speaker 3>All right, John, thank you all. Even with the legal setbacks,

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<v Speaker 3>that Trump administration is moving ahead with its effort to

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<v Speaker 3>shrink the federal workforce. This time, probationary workers are unnotice.

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<v Speaker 3>Bloomberg News has learned the Office of Personnel Management has

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<v Speaker 3>told multiple government agencies to lay off their probationary employees,

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<v Speaker 3>with some exceptions. As of last year, about ten percent

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<v Speaker 3>of federal workers were under a probationary period, most of

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<v Speaker 3>them in defense and veterans affairs. Meanwhile, a government union

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<v Speaker 3>chief tells Bloomberg Law the Department of Housing and Urban

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<v Speaker 3>Development plans to cut half its workforce. The official says

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<v Speaker 3>the cuts affect employees who enforce civil rights law, compile

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<v Speaker 3>housing data, and rebuild after disasters overseas Karen.

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<v Speaker 2>Vice President JD.

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<v Speaker 4>Vance is set to meet with Ukrainian President Vladimir Zelenski

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<v Speaker 4>today on the sidelines of the annual Munich Security Conference.

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<v Speaker 4>Bloomberg Zamy Morris reports.

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<v Speaker 8>Vice President Vance and Secretary of State Marco Rubio are

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<v Speaker 8>set to sit down with Zelenski to discuss President Trump's

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<v Speaker 8>intensifying push for Ukraine and Russia to begin negotiations to

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<v Speaker 8>end the war. President Trump says, Russia President Vladimir Putin

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<v Speaker 8>wants peace.

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<v Speaker 5>I know him very well.

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<v Speaker 2>Yeah, I think he was peace.

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<v Speaker 5>I think you would tell maybe it's not a question

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<v Speaker 5>of liking Russia or not liking Russia was the gaight,

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<v Speaker 5>And you know, I said, what are you doing?

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<v Speaker 6>You guys?

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<v Speaker 5>All you talk about is Russia and they should be sitting.

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<v Speaker 2>At the table.

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<v Speaker 8>The meeting comes just two days after Trump spoke separately

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<v Speaker 8>with Putin and Zelenski. Trump says he and Putin agreed

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<v Speaker 8>it was time to start negotiations. Amy Moore as Bloomberg Radio.

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<v Speaker 3>All right, Amy, thank you well. Jamie Diamond says JP

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<v Speaker 3>Morgan Chase will scale back spending on some diversity initiatives

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<v Speaker 3>that he sees as a waste of money. At the

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<v Speaker 3>same time, he also reiterated the bank's commitment to working

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<v Speaker 3>with Black, Hispanic and LGBTQ communities. Meantime, Diamond was in

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<v Speaker 3>Washington for a roundtable on de banking, which has been

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<v Speaker 3>a hot topic after President Trump accused some big banks

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<v Speaker 3>of not doing business with conservatives. Diamond says JP Morgan

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<v Speaker 3>does not debank people for their political affiliations, but.

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<v Speaker 1>There are a lot of things that canna be fixed

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<v Speaker 1>and we should fix them.

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<v Speaker 9>The rules and the requirements are so onerous, and it

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<v Speaker 9>does course people be debanked through my opinion, should not

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<v Speaker 9>be debanked.

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<v Speaker 3>Diamond pointed to anti money laundering and financial crime rules

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<v Speaker 3>as a cup forty banking.

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<v Speaker 4>Stay with Banking Karen HSBC is planning a new round

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<v Speaker 4>of job cuts next week. Bloomberg News has learned the

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<v Speaker 4>changes to the investment banking workforce will affect employees globally,

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<v Speaker 4>starting in Asia.

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<v Speaker 2>Well Nathan Apple.

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<v Speaker 3>And Google had both restored TikTok to their mobile app store.

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<v Speaker 3>Sources say the iPhone maker made the move following a

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<v Speaker 3>letter from US Attorney General Pam Bondi both companies had

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<v Speaker 3>removed TikTok in the US to comply with the law

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<v Speaker 3>passed last year.

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<v Speaker 4>Let's check some stocks on the move this morning, Karen,

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<v Speaker 4>starting with Applied Materials.

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<v Speaker 2>Those shares are down five percent.

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<v Speaker 4>The largest US maker of chip manufacturing equipment gave a

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<v Speaker 4>lukewarm revenue.

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<v Speaker 2>Forecast for the current period.

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<v Speaker 4>A Matt expects a four hundred million dollar revenue hit

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<v Speaker 4>in fiscal twenty twenty five due to export rules.

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<v Speaker 3>On the flip side, Nathan shares of Intel are on

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<v Speaker 3>track for their biggest weekly gain in twenty five years.

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<v Speaker 3>The stock is that more than three and a half

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<v Speaker 3>percent this morning and twenty five percent for the week earlier.

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<v Speaker 2>This week, Baird.

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<v Speaker 3>Noted talk that the US government could get involved with

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<v Speaker 3>the plan involving both Intel and Taiwan semiconductor manufacturing.

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<v Speaker 2>Shares of Airbnb Karen R up fourteen percent.

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<v Speaker 4>The company issued an upbeat forecast for the first three

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<v Speaker 4>months of twenty twenty five, citing continued strong demand after

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<v Speaker 4>a strong holiday travel season.

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<v Speaker 3>And Nathan shares a game stopper, up almost seven percent.

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<v Speaker 3>CNBC is reporting the video game retailer is considering investing

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<v Speaker 3>in bitcoin and other cryptocurrencies.

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<v Speaker 2>On the flip side in a big way.

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<v Speaker 4>Karen shares of Informatica are plunging nearly thirty five percent.

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<v Speaker 4>The software company's revenue forecast trailed analyst estimates it.

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<v Speaker 3>It's time now for a look at some of the

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<v Speaker 3>other stories making news in New York and around the world,

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<v Speaker 3>and for that we're joined by Bloomberg's Michael Barr.

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<v Speaker 2>Michael, good Morning, Good morning, Karen.

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<v Speaker 9>Manhattan's top federal prosecutor, Danielle Sassoon, and five high ranking

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<v Speaker 9>Justice Department officials have resigned after she refused an order

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<v Speaker 9>from the Trump Department of Justice to drop corruption charges

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<v Speaker 9>against New York City Mayor Eric Adams so as soon

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<v Speaker 9>a Republican accused the Department of a quid pro quo,

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<v Speaker 9>namely dropping the case to insure Adam's help with Trump's

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<v Speaker 9>immigration agenda, and she said she was confident Adams committed

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<v Speaker 9>the crimes in his indictment. And even more, a Texas

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<v Speaker 9>judge has fined a New York doctor for prescribing abortion

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<v Speaker 9>pills to a woman near Dallas, and one of the

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<v Speaker 9>first challenges in the US to shield laws enacted in

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<v Speaker 9>Democratic controlled states where abortion is legal the ruling was

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<v Speaker 9>handed down. On the same day, New York Governor Kathy

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<v Speaker 9>Hokeel rejected a request from Louisiana to extradite the same doctor.

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<v Speaker 4>Never under any circumstances will I sign an extradition agreement.

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<v Speaker 9>Doctor Maggie Carpenter was charged in Louisiana with prescribing abortion

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<v Speaker 9>pills to a pregnant minor. The Stonewall National Monument and

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<v Speaker 9>New York City Stonewall in continued to celebrate the transgender community,

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<v Speaker 9>but the National Park Service web Pagel's a different story.

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<v Speaker 9>The page has removed all mention of the transgender community

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<v Speaker 9>from its website, the latest effort by the Trump administration

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<v Speaker 9>to demand that the federal government recognize only two genders.

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<v Speaker 9>City Council co Chair of the LGBTQ Caucus Eric Bacher,

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<v Speaker 9>the gay and.

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<v Speaker 4>The lesbian New Yorkers are sticking with our transgender siblings.

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<v Speaker 2>We're not going to abandon them. We're going to fight

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<v Speaker 2>alongside them.

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<v Speaker 9>New York Governor Holkel, calling the decision by the Trump

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<v Speaker 9>administration cruel and petty. Robert F. Kennedy Junior was officially

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<v Speaker 9>President Trump's new Secretary of Health and Human Services head.

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<v Speaker 9>He sworn in yesterday in the Oval Office after the

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<v Speaker 9>Senate confirmed him on a fifty two to forty eight

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<v Speaker 9>vote earlier in the day.

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<v Speaker 5>President Trump, He's a fierce advocate for the health of

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<v Speaker 5>our children and for the values of free speech, democracy

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<v Speaker 5>and peace.

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<v Speaker 9>Mitch McConnell of Kentucky, the former Senate majority leader, was

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<v Speaker 9>the only Republican to vote against Kennedy. Global News twenty

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<v Speaker 9>four hours a day and whenever you want it with

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<v Speaker 9>Bloomberg News Now. I'm Michael BARRN. This is Bloomberg Karen.

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<v Speaker 3>All right, Michael barr thank you time now for the

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<v Speaker 3>Bloomberg Sports Update, brought to you by Try State OUTI

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<v Speaker 3>here's John Stashauer.

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<v Speaker 10>John, good morning, Good morning, Karen. The Giants were born

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<v Speaker 10>one hundred years ago and Tim Merhra put up five

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<v Speaker 10>hundred dollars. Tish family came aboard in nineteen ninety one

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<v Speaker 10>face seventy five million for fifty percent. John Marraw and

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<v Speaker 10>Steve Tish control the team, who put out a statement

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<v Speaker 10>last night that they are putting in an ownership stake

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<v Speaker 10>of up to ten percent up for sale. They've hired

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<v Speaker 10>a banker, perhaps with an eye of the NFL. Now

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<v Speaker 10>allowing private equity firms in on partial ownership. Forbes has

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<v Speaker 10>valued the Giants at seven point three billion.

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<v Speaker 2>As for the.

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<v Speaker 10>Jets, now official Aaron Rodgers will not be back for

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<v Speaker 10>salary cap reasons. He won't be officially cut until June first,

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<v Speaker 10>but he can signed with another team before then. Rodgers

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<v Speaker 10>hasn't decided whether he wants to keep playing or retired.

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<v Speaker 10>Travis Kelcey also hasn't decided. The Chiefs have told then

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<v Speaker 10>they need to know by March fourteenth, when they're due

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<v Speaker 10>to pay him twelve million. Four nations face off Hockey

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<v Speaker 10>US against Finland. This was one to one with three

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<v Speaker 10>minutes left in the second period, but the US with

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<v Speaker 10>two goals in a span of eleven seconds opening rid

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<v Speaker 10>of the third. When they would later add to the league.

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<v Speaker 7>Using his stick, with Liddell able to recover get back

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<v Speaker 7>in front of the finnishnitt Ikoda Waretzky, he takes.

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<v Speaker 2>The show loose scores.

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<v Speaker 5>Here's another bits as Montreal.

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<v Speaker 10>Which met Canada, they called two goals from Matthew to

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<v Speaker 10>Chuck and two more for his brother Brady. US one

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<v Speaker 10>six to one will play Canada tomorrow and I clearly

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<v Speaker 10>more attention to this tourney than what the NHL would

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<v Speaker 10>have added with a high scoring All Star game. The

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<v Speaker 10>NBA also looking for more interest as a new format

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<v Speaker 10>for Sunday Night in San Francisco, four teams with a

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<v Speaker 10>roster of eight playing games of first to forty. The

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<v Speaker 10>Nick's being represented by Jalen Brunston, Karl Anthony Towns Big

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<v Speaker 10>College Game tomorrow, Top frank Auburn visiting second rank at

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<v Speaker 10>in state rivaled Alabama. Saint John's the Garden Sunday to

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<v Speaker 10>play Creighton. That's the first place in the Big East.

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<v Speaker 10>John Stanshedwer Bloomberg Sports Karendy Nathan.

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<v Speaker 1>Coast to Coast on Bloomberg Radio nationwide on Serious Exam

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

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

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<v Speaker 2>Good Morning. I'm Nathan Hager.

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<v Speaker 4>It is a move that could up end decades of

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<v Speaker 4>trade policy that the US helped to shape after World

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<v Speaker 4>War II. President Trump is ordering his administration to consider

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<v Speaker 4>reciprocal tariffs on a country by country basis. The President

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<v Speaker 4>says it's all about writing the trade balance.

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<v Speaker 6>So, in other words, they charge US tex or tariff

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<v Speaker 6>and we charge them the exact same texts or terriff

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<v Speaker 6>for simple nobody knows what that number is unless you

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<v Speaker 6>go by the individual country.

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<v Speaker 4>That was the President as he signed the executive order

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<v Speaker 4>in the Oval Office joining us this morning. For more

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<v Speaker 4>is Bloomberg News Senior editor Derek Wallbank. Derek, the President says,

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<v Speaker 4>it's simple you go country by country, But it really

0:12:05.800 --> 0:12:10.840
<v Speaker 4>is something that would completely shape the trade landscape around

0:12:10.880 --> 0:12:11.520
<v Speaker 4>the world, isn't it.

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<v Speaker 11>Good morning, Yeah, yeah, Nathan, You're exactly right. It is

0:12:15.200 --> 0:12:18.239
<v Speaker 11>going to be a very difficult thing to figure out

0:12:18.280 --> 0:12:21.120
<v Speaker 11>how this is going to get levied country by country,

0:12:21.160 --> 0:12:24.200
<v Speaker 11>item by item, sector by sector. There is a lot

0:12:24.240 --> 0:12:27.200
<v Speaker 11>of work to do. That's why this White House has

0:12:27.240 --> 0:12:32.160
<v Speaker 11>been given until at least April to figure out how

0:12:32.240 --> 0:12:35.480
<v Speaker 11>these would be levied, where they would be levied, on

0:12:35.679 --> 0:12:38.679
<v Speaker 11>whom and in what amount. And I say that level

0:12:38.720 --> 0:12:42.400
<v Speaker 11>of vagueness because it's really important when you're considering markets.

0:12:42.840 --> 0:12:46.240
<v Speaker 11>There was some view by some that this was going

0:12:46.280 --> 0:12:49.440
<v Speaker 11>to be some version of an on off switch. That

0:12:49.600 --> 0:12:53.800
<v Speaker 11>is not what happened. The delay was something that was

0:12:54.240 --> 0:12:56.920
<v Speaker 11>a respite for a lot of traders. You saw a

0:12:56.960 --> 0:13:00.360
<v Speaker 11>lot more green than would have seen otherwise, and you

0:13:00.360 --> 0:13:02.600
<v Speaker 11>saw a little bit of an unwinding of some of

0:13:02.640 --> 0:13:05.520
<v Speaker 11>those risk positions. The other part of that that's really

0:13:05.559 --> 0:13:11.120
<v Speaker 11>critical is that markets are starting to think of the

0:13:11.160 --> 0:13:14.160
<v Speaker 11>word delay or the word sort of like a time

0:13:14.200 --> 0:13:19.000
<v Speaker 11>window in the terms of negotiation. Right. Trump was talking

0:13:19.000 --> 0:13:23.440
<v Speaker 11>through his sectoral tariffs on steal and aluminum about maybe

0:13:23.520 --> 0:13:26.000
<v Speaker 11>there could be a way that Australia could pull an exemption.

0:13:26.520 --> 0:13:29.360
<v Speaker 11>He put on a ten percent China tariff that's short

0:13:29.400 --> 0:13:32.240
<v Speaker 11>of sixty. He put on the twenty five percent against

0:13:32.240 --> 0:13:36.160
<v Speaker 11>Canada and Mexico and then suspended that for a month.

0:13:36.559 --> 0:13:39.880
<v Speaker 11>So there really is a certain sentiment in markets that

0:13:39.960 --> 0:13:42.800
<v Speaker 11>saying maybe there's a little bit of breathing room, even

0:13:42.840 --> 0:13:45.319
<v Speaker 11>as the President is saying there will not be exceptions

0:13:45.360 --> 0:13:45.560
<v Speaker 11>to this.

0:13:46.200 --> 0:13:51.280
<v Speaker 4>Derek is April first enough time, given how much the

0:13:51.480 --> 0:13:54.520
<v Speaker 4>Commerce Department and the USTR are being told they need

0:13:54.559 --> 0:13:56.760
<v Speaker 4>to look at not just tariffs on a country by

0:13:56.800 --> 0:13:59.120
<v Speaker 4>country basis, but non tariff barriers as well.

0:13:59.520 --> 0:14:02.000
<v Speaker 11>Yeah, you think it's quite a lot there, and then

0:14:02.080 --> 0:14:06.680
<v Speaker 11>once once those are figured out, you could imagine that

0:14:06.720 --> 0:14:10.240
<v Speaker 11>there's going to be a case for time to implementation. Right,

0:14:10.280 --> 0:14:13.160
<v Speaker 11>you have to tell people exactly what's going to be levied,

0:14:13.200 --> 0:14:15.680
<v Speaker 11>how it's going to be levied, et cetera. So it's

0:14:15.800 --> 0:14:19.240
<v Speaker 11>very possible that April, and I wouldn't even say April

0:14:19.280 --> 0:14:21.840
<v Speaker 11>one is a firm deadline, but it's possible that April

0:14:21.920 --> 0:14:24.680
<v Speaker 11>is the sort of starting point for something else. But

0:14:24.760 --> 0:14:27.080
<v Speaker 11>I do think back to your original point, this is

0:14:27.120 --> 0:14:29.880
<v Speaker 11>a really major move to sort of up end the

0:14:29.920 --> 0:14:33.280
<v Speaker 11>way that trade goes. And Trump is pitching this as simple, right.

0:14:33.560 --> 0:14:36.920
<v Speaker 11>Trump is basically saying, look, whatever you do, we're going

0:14:37.000 --> 0:14:39.640
<v Speaker 11>to do back. It's going to be that easy. And

0:14:39.680 --> 0:14:43.040
<v Speaker 11>we've even seen some countries. India was a great example

0:14:43.440 --> 0:14:47.160
<v Speaker 11>near Andromodi was at the White House yesterday, but India,

0:14:47.320 --> 0:14:51.040
<v Speaker 11>walking into that visit had already started changing their own

0:14:51.120 --> 0:14:55.280
<v Speaker 11>tariffs on certain goods to try and get a little

0:14:55.320 --> 0:14:57.280
<v Speaker 11>bit closer into Trump good rasis.

0:14:57.720 --> 0:15:00.920
<v Speaker 4>On top of the trade moves, Derek, we've seen and

0:15:00.960 --> 0:15:05.000
<v Speaker 4>continued to follow, the President making moves to a certain

0:15:05.280 --> 0:15:09.640
<v Speaker 4>pretty sweeping control over the federal government, among them to

0:15:10.320 --> 0:15:13.520
<v Speaker 4>cut off foreign aid to administered under US A I D.

0:15:13.720 --> 0:15:17.280
<v Speaker 4>A federal judge has just blocked that effort. Where do

0:15:17.320 --> 0:15:18.480
<v Speaker 4>you see this going from here?

0:15:18.520 --> 0:15:18.760
<v Speaker 2>Now?

0:15:19.800 --> 0:15:22.240
<v Speaker 11>I think right exactly where you were saying is about

0:15:22.240 --> 0:15:25.120
<v Speaker 11>where everyone's expected this was going is to the courts

0:15:25.120 --> 0:15:27.680
<v Speaker 11>to figure out what they're allowed to do. But look,

0:15:27.720 --> 0:15:30.600
<v Speaker 11>make no mistake, this is something that the that the

0:15:30.640 --> 0:15:33.040
<v Speaker 11>Trump campaign said that it was going to do, that

0:15:33.080 --> 0:15:36.320
<v Speaker 11>it was going to be very aggressive. That they had,

0:15:36.600 --> 0:15:39.400
<v Speaker 11>They had spent the four years in the political wilderness,

0:15:39.480 --> 0:15:42.520
<v Speaker 11>so to speak, figuring out what they might do as

0:15:42.560 --> 0:15:45.600
<v Speaker 11>and when Trump got back in and they were they

0:15:45.600 --> 0:15:48.400
<v Speaker 11>were ready to go. There is a certain shock and

0:15:48.520 --> 0:15:51.440
<v Speaker 11>all idea to it. If you sort of listen to

0:15:51.520 --> 0:15:56.520
<v Speaker 11>someone like Steve Bannon, the sort of long time whisper

0:15:56.600 --> 0:16:00.240
<v Speaker 11>of the maga right. Bannon has argued for a while,

0:16:00.600 --> 0:16:04.440
<v Speaker 11>you go absolutely maximally and even if you can't get

0:16:04.480 --> 0:16:08.040
<v Speaker 11>everything eventually, you'll still get a lot because you'll overwhelm

0:16:08.160 --> 0:16:11.440
<v Speaker 11>your opposition. And indeed, we are seeing a lot of

0:16:11.520 --> 0:16:15.360
<v Speaker 11>discontent on the left trying to figure out how to

0:16:15.480 --> 0:16:19.280
<v Speaker 11>res with and having some trouble being able to not

0:16:19.400 --> 0:16:22.680
<v Speaker 11>just respond at scale, but at the swiftness that some

0:16:22.720 --> 0:16:23.880
<v Speaker 11>of these actions are coming.

0:16:24.040 --> 0:16:26.960
<v Speaker 3>This is Bloomberg day Break, your morning podcast on the

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<v Speaker 2>And I'm Nathan Hager.

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<v Speaker 4>Join us again tomorrow morning for all the news you

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<v Speaker 4>Ray