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Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Prisoner.

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Speaker 1: Today SpaceX attempted its eighth test launch of the SpaceX

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Speaker 1: Vulcan nine Starship rocket. Now. The original flight was set

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Speaker 1: for Monday, but it was canceled as engineers had to

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Speaker 1: troubleshoot some undisclosed issues. A few moments after today's launch,

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Speaker 1: the rocket's two sections split apart as planned, and the

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Speaker 1: super heavy booster returned to its launch pad, where it

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Speaker 1: was caught midair by those giant mechanical arms commonly known

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Speaker 1: as the launch tower's chopsticks. However, the Starship spacecraft then

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Speaker 1: began to tumble and it lost contact with mission control.

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Speaker 1: Some engines were malfunctioning before they were supposed to shut off.

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Speaker 1: At that point, Starship began careening out of control, and

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Speaker 1: later SpaceX said the Starship broke apart. Afterward, the FAA's

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Speaker 1: Air Traffic Control System Command Center issued an automated advisory

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Speaker 1: alerting operators of falling debris. The headlines on Tariff sparked

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Speaker 1: some intense, quick and sharp swing in the stock market today,

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Speaker 1: and at the end of the session there were losses

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Speaker 1: across the board. We had the s and P five

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Speaker 1: hundred down one point eight percent. The Nasdaq one hundred

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Speaker 1: sank two point eight percent. Sentiment appears so fragile that

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Speaker 1: equities fail to stage a rebound even after President Trump

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Speaker 1: delayed those levees on Mexican and Canadian goods covered by

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Speaker 1: the North American Trade Deal. Trump signed orders suspending tariffs

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Speaker 1: until April second. Now that's when he's expected to begin

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Speaker 1: unveiling plans for reciprocal duties on nations around the world.

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Speaker 1: Speaking to reporters in the Oval Office, President Trump was

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Speaker 1: asked why markets seem so spooked by tariffs.

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Speaker 2: Well, a lot of them are globalist countries and companies

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Speaker 2: that won't be doing as well because we're taking back

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Speaker 2: things that have been taken from us many years ago.

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Speaker 2: We've been treated very unfairly as a country. We protect everybody,

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Speaker 2: We do everything for all these countries and a lot

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Speaker 2: of these globalist and names.

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Speaker 1: Now, today's decision marks a significant reversal by Trump, who

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Speaker 1: had announced the largest tariff increase in a century, only

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Speaker 1: to back down forty eight hours later. We got reaction

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Speaker 1: from Nathan Dean. He is senior policy analyst for Bloomberg Intelligence.

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Speaker 3: We're coining this a shock and awe strategy for tariffs,

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Speaker 3: where President Trump comes out here and says, look, this

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Speaker 3: is what I'm going to do. It's going to happen.

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Speaker 3: I'm not going to negotiate. And we saw this with Canada.

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Speaker 3: Mexico tariffs are on thirty day extension. Tariffs are on.

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Speaker 3: Now we're seeing the exemption from Mexico. So come April second,

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Speaker 3: which is the next major catalyst. Obviously there's potentially some

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Speaker 3: negotiations with Canada to go between.

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Speaker 1: Then Nathan Dean there from Bloomberg Intelligence. Automobiles and autoparts

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Speaker 1: that meet certain requirements under the North American Trade Deal

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Speaker 1: are among those products exempt from these tariffs. Canadian potash,

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Speaker 1: used heavily in fertilizers for US agricultural producers, does face

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Speaker 1: a lower duty of ten percent. Now, the White House

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Speaker 1: is estimating that sixty two percent of Canadian imports will

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Speaker 1: still be subject to these tariffs. President Trump signed an

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Speaker 1: executive order to set up a strategic bitcoin reserve and

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Speaker 1: a stockpile of other digital assets. In a post on x,

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Speaker 1: White House cryptosar David Sak said taxpayer money would not

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Speaker 1: be spent to acquire cryptocurrencies for either Chinese defense stocks

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Speaker 1: are higher after Foreign Minister Wang Yi reaffirmed Beijing's ties

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Speaker 1: with Russia and he said China must be reunified with Taiwan.

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Speaker 1: China's trade data for the months of January in February

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Speaker 1: was very disappointing, particularly imports in US dollar terms, imports

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Speaker 1: fell eight point four percent year over year. The estimate

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Speaker 1: was positive one percent. Now that reading underscores the story

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Speaker 1: on weak domestic demand in China. Meantime, exports in US

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Speaker 1: dollar terms rose in the months of January and February

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Speaker 1: by two point three percent year on year. The estimate

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Speaker 1: was five point nine percent. After the Bell, Broadcom reported

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Speaker 1: at justed earnings per share for or the first quarter,

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Speaker 1: above the average estimate. The company's revenue related to AI

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Speaker 1: spending helped in the first quarter, and in the current

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Speaker 1: period another four point four billion dollars is expected. We

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Speaker 1: got reaction from Bloomberg's Lindwan.

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Speaker 4: You know you have Hoc Tan, the CEO of Broadcom,

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Speaker 4: saying in this earning statement, we expect continued strength and

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Speaker 4: AI semiconductor revenue. He points specifically to the to Broadcom's

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Speaker 4: hyper skilled partners, saying they're con continuing to invest in

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Speaker 4: AI chips and in Broadcom solutions for their data centers.

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Speaker 4: So this is just a testament really to the fact

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Speaker 4: that all of the big tech companies are still spending

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Speaker 4: big on AI.

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Speaker 1: Bloomberg's Len Dwan reporting Broadcom shares were up more than

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Speaker 1: eleven percent in late US trading. Bank of America CEO

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Speaker 1: Brian moynihan says he's willing to add employees in Japan.

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Speaker 1: Here is moynihan speaking earlier to Bloomberg.

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Speaker 5: There's a lot more people coming from the outside of

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Speaker 5: work in Japan, and the rules and regulations allow that

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Speaker 5: to happen. So we'll also hire internal people, but if

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Speaker 5: there's not enough, we'll bring people fro around the world

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Speaker 5: to help on Its exciting the city to live in Tokyo,

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Speaker 5: so it's not hard to get people to come here.

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Speaker 1: That is Bank of America CEO Brian moynihan, speaking earlier

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Speaker 1: exclusively to Bloomberg. He went on to say that the

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Speaker 1: return of Japanese price and wage growth, as well as

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Speaker 1: rising interest rates and corporate reforms are spurring activity in Japan,

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Speaker 1: and that is news when you want it. With Bloomberg News. Now,

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Speaker 1: I'm Doug Krisner, and this is Bloomberg.