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

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Speaker 2: Good morning, I'm Nathan Hagen and now I'm lak Simiteo Lisa.

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Speaker 3: We begin with the latest on trade. We are just

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Speaker 3: a day away from a key meeting between the US

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Speaker 3: and China. The talks will take place in Geneva, led

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Speaker 3: by Treasury Secretary Scott Bessant and Chinese Vice Premier Hallifang.

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Speaker 3: We get more from Bloomberg News Senior editor Derek Wallbank.

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Speaker 4: I think the magic word is de escalation. That's what

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Speaker 4: Scott Besson said that the US negotiators are going to

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Speaker 4: try and come away with was a de escalation that

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Speaker 4: could potentially set the frame for future trade talks. And

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Speaker 4: so that's really where I'm sort of watching right now.

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Speaker 4: I'm not looking for this to come out of Switzerland

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Speaker 4: on the high side scenario with a full comprehensive deal

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Speaker 4: or the outlines of what could be one. But what

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Speaker 4: you're looking for is a possibility of seeing concrete steps

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Speaker 4: to kind of take down the temperature and the relationship.

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Speaker 3: Bloomberg's Eric Wallbank says one of those steps the Trump

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Speaker 3: administration is considering is a significant tariff reduction to ease

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Speaker 3: economic pain and de escalate tensions. We're told the US

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Speaker 3: aims to reduce tariffs below sixty percent as a first step, and.

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Speaker 5: Nathan that China talks come after President Trump announced the

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Speaker 5: first framework of a deal and his global trade war

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Speaker 5: with the UK.

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Speaker 6: The final details of being written up in the coming weeks.

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Speaker 6: We'll have it all very conclusive, but the actual deal

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Speaker 6: is a very conclusive one. We think just about everything's

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Speaker 6: been approved.

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Speaker 5: President Trump's agreement gives the US increase market access, while

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Speaker 5: the UK will see limited relief on auto, steel and

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Speaker 5: aluminum tariffs, a baseline ten percent tariff rate will stay

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Speaker 5: in effect. John Alty is a former Director General for

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Speaker 5: Trade Policy at the UK Department for International Trade. He

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Speaker 5: says a deal falls short of a full and comprehensive

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Speaker 5: trade agreement.

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Speaker 7: It's quite limited in its scope, and obviously both sides

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Speaker 7: are saying that it should be the start of a

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Speaker 7: wider negotiation, so we look forward to seeing that.

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Speaker 5: John Alte, now a senior advisor at page Field, says

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Speaker 5: full trade negotiations typically take years to complete.

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Speaker 3: Well, Lisa, one US company may be starting to see

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Speaker 3: the benefits of the US UK trade framework, bloombergs John

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Speaker 3: Tucker joins US with that which company John.

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Speaker 8: Boeing has an order from IAG. This is the parent

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Speaker 8: of British Airways Nathan for thirty two Boeing seven eighty

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Speaker 8: seven to ten aircraft and there's also an option to

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Speaker 8: top up the deal with as many as ten additional

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Speaker 8: Boeing seven eighty sevens. So this provides a much needed

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Speaker 8: shot of confidence to the embattled planemaker. IAG is Boeing's

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Speaker 8: largest customer in the UK. Now Boeing is the largest

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Speaker 8: US exporter of manufactured goods. It has been a target

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Speaker 8: for countries stung by the wide ranging tariffs rolled down

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Speaker 8: by the Trump administration. A China, one of the world's

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Speaker 8: largest aircraft makers that has stopped taking deliveries, and the

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Speaker 8: European Union is proposed tariffs on American made jets if

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Speaker 8: its own talks with the US. Sputter shares a Boing

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Speaker 8: gut and over three percent boost in Thursday's trading in

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Speaker 8: New York. I'm John Tucker Bloomberg Radio.

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Speaker 5: Thank you, John. It was a historic moment at the

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Speaker 5: Vatican Abe Muspapaman for the first time an American is

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Speaker 5: the leader of the world's one point four billion Roman Catholics.

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Speaker 5: This morning, the former Cardinal Robert Francis Provost is celebrating

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Speaker 5: his first Mass as Pope Leo the fourteenth. He set

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Speaker 5: the tone in his first words to the faithful at

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Speaker 5: Saint Peter's Square, we have to be.

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Speaker 6: A church that works together, meet them, to bill bridges

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Speaker 6: and to keep our arms open like this very piazza, welcoming.

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Speaker 5: Pope Leo speaking there through an interpreter. We get more

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Speaker 5: from Bloomberg Italy Bureau chief Kiara Albaniz.

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Speaker 9: He has shown to already say and speak his mind

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Speaker 9: very loudly in the past that he said publicly that

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Speaker 9: Vice President Vance was wrong about his assessment of the

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Speaker 9: Catholic law. So we should expect that bridges will be

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Speaker 9: built on some issues, but also bridges will be tested

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Speaker 9: on some others.

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Speaker 5: And that was Bloomberg's Kara albany Is reporting from Rome.

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Speaker 10: Lisa.

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Speaker 3: Tensions continue to escalate between India and Pakistan. Soldiers exchanged

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Speaker 3: heavy volleys of shelling and gunfire across their frontier in

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Speaker 3: Kashmir overnight, killing at least five civilians. The nuclear armed

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Speaker 3: rivals have seen tensions sore since an attack on a

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Speaker 3: popular tourist site in Indian controlled Kashmir, left twenty six

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Speaker 3: civilians dead last month. New Delhi has blamed Pakistan for

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Speaker 3: backing the attack and accusation Islamabad rejects.

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Speaker 5: And Nathan back here. In the US, President Trump is

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Speaker 5: looking for a tax hike on millionaires. Bloomberg's Amy Morris

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Speaker 5: has more from Washington.

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Speaker 11: President Trump is pushing lawmakers to increase tax rates on

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Speaker 11: some of the wealthiest Americans, sources tell Bloomberg. The president's

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Speaker 11: proposal calls for creating a thirty nine point six percent

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Speaker 11: tax bracket for anyone earning at least two and a

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Speaker 11: half million dollars or couples making five million dollars. Commerce

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Speaker 11: Secretary Howard Lutnick tells Balance of Power this will help

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Speaker 11: pay for the president's proposed tax cut.

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Speaker 12: Remember he cut it from thirty nine point six to

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Speaker 12: thirty seven, So if he just goes back to what

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Speaker 12: he did last time, you know, I'm in favor of that.

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Speaker 12: I think it's smart as long as it's a redistribution.

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Speaker 11: Lawmakers are expected to take up the tax package next

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Speaker 11: week in Washington. Amy Moore as Bloomberg Radio.

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Speaker 3: Amy, Thanks, Let's turn to corporate news now, Bloomberg News

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Speaker 3: has learned the UBS is telling bankers to stop flying

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Speaker 3: business class on short trips to China. The move comes

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Speaker 3: as deal making and capital markets activity in China has

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Speaker 3: slowed significantly amid escalating US trade tensions, and we're starting

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Speaker 3: to see.

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Speaker 5: The impact tariffs are having on global travel. Expedia posted

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Speaker 5: weaker than expected gross bookings for the first three months

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Speaker 5: of the year. The travel company CEO cited weaker than

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Speaker 5: expected demand to to and from the US. The stock

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Speaker 5: is down more than nine percent in early trading.

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Speaker 3: Then, Lisa, the City that Never sleeps, is looking a

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Speaker 3: bit sleepier, at least when it comes to international tourism.

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Speaker 3: Bloomberg's Tom Busby has more.

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Speaker 13: New York City officials slashing their forecast for the number

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Speaker 13: of visitors coming to the Big Apple from outside the

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Speaker 13: US by seventeen percent in twenty twenty five, and they're

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Speaker 13: blaming President Trump's tariffs and hardline policies on immigration. City

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Speaker 13: officials perdict twelve point one million foreign travelers will visit

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Speaker 13: this year. That's down from a forecast for fourteen point

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Speaker 13: six million just six months ago. The biggest hit will

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Speaker 13: likely come from our neighbors to the north. United Airlines says,

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Speaker 13: visits to New York City from Canada by air We're

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Speaker 13: down seven percent in just the first four months of

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Speaker 13: this year compared to a year ago. Tom busby Bloomberg Radio, It.

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Speaker 5: Is timing now for a look at some of the

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Speaker 5: other stories making news in New York and around the world.

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Speaker 5: For that, we're joined by Bloomberg's Michael bar Good morning, Michael.

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Speaker 10: Good morning Lisa. The Trump administration announced a plan to

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Speaker 10: overhaul the air traffic control system after deadly plane crashes

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Speaker 10: and technical failures at airports, including at Newark. Transportation Secretary

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Speaker 10: Sean Duffy says, it's time to fix the system.

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Speaker 14: This is going to allow us to better manage the airspace,

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Speaker 14: to allow the airlines to better manage their flight so

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Speaker 14: when you take off, you actually fly, and you land,

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Speaker 14: you don't circle airports.

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Speaker 10: President Trump joined Duffy on the phone for the announcement.

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Speaker 6: The ancient infrastructures buckling under the weight of more than

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Speaker 6: a billion flying passages a year and supporting hundreds of

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Speaker 6: billions of dollars.

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Speaker 10: How much it will all cost wasn't immediately revealed. Congress

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Speaker 10: must sign off on the upgrades. President Trump called for

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Speaker 10: a thirty day ceasefire between Russia and Ukraine to pave

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Speaker 10: the way for talks on a lasting peace agreement, and

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Speaker 10: threaten to impose further sanctions if a truce is violated.

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Speaker 10: President Trump's comments contradicted his Vice President JD. Vance, who

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Speaker 10: said the US has to focus on a long term settlement.

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Speaker 10: A former model has testified that Harvey Wine Einstein sexually

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Speaker 10: assaulted her when she was sixteen years old, calling it

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Speaker 10: the most horrifying thing I ever experienced to that point.

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Speaker 10: Kaya Socola, toad jurors at Weinstein's reed trial, graphic details

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Speaker 10: about her encounter with the one time movie mogul at

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Speaker 10: a Manhattan apartment in two thousand and two. Weinstein is

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Speaker 10: not charged with any crime in connection with the alleged assault.

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Speaker 10: Socola is testifying because Weinstein is charged with forcing oral

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Speaker 10: sex on her at a Manhattan hotel four years later.

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Speaker 10: Weinstein is pleaded not guilty to all of the charges

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Speaker 10: and denies sexually assaulting anyone. Former First Lady Barbara Bush

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Speaker 10: is now on a postage stamp, who was unveiled at

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Speaker 10: the White House Thursday. Daughter Doro Bush Cook called it

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Speaker 10: a fitting tribute.

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Speaker 15: Our family is I measurely blessed to call Barbara Bush

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Speaker 15: our mom. Her legacy lives on not only in history boats,

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Speaker 15: but in the hearts of everyone she touched.

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Speaker 10: The first day of issue for the Barbara Bush postage

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Speaker 10: stamp will be June tenth. Global News twenty four hours

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Speaker 10: a day and whenever you wanted with Bloomberg News. Now,

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Speaker 10: I'm Michael Barren. This is Bloomberg, Lisa.

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Speaker 5: Thank you, Michael. Ks time now for a Bloomberg Sports update.

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Speaker 5: For that, we bring in John stash Hour.

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Speaker 10: Hey John, Thanks Lisa.

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Speaker 1: The Washington Capitol's top seeds in the NHL Eastern Conference

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Speaker 1: looks sluggish at a game one overtime loss at home

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Speaker 1: to Carolina Veteran Game two Caps beat the Canes three

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Speaker 1: to one, series tie to one another comeback by Edmonton.

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Speaker 1: The Oilers lost their first two playoff games. They've won

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Speaker 1: six in a rows since have trailed in all six, though,

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Speaker 1: though they then led at Vegas four to two, third

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Speaker 1: period of the game went to overtime.

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Speaker 10: Here's for data working past Tacket.

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Speaker 5: Nick Tables, stop.

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Speaker 9: Nick Table and tri sid.

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Speaker 1: On Tom par for the game winner heatman Tim who

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Speaker 1: lives in it overtime on ESPN, the two Stars hookup

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Speaker 1: Boilers beating the Golden Knights five for the the series

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Speaker 1: to nothing NBA Playoffs Minnesota Bean Golden State one, seventeen

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Speaker 1: to ninety three. That series one to one. Indiana is

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Speaker 1: up to nothing home tonight for Cleveland, who is apparently

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Speaker 1: getting its three injured players back for a must win

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Speaker 1: Game three. Darius Garland, Eric Mobley and DeAndre Hunter all

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Speaker 1: missed Game two. The next shockingly up to nothing have

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Speaker 1: Game three with the Celtics tomorrow afternoon at the Garden,

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Speaker 1: where the Knicks have lost their last two, but on

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Speaker 1: the road five and oh five wins by a total

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Speaker 1: of only ten points. Tom Thibodeau's team keeps pulling games out.

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Speaker 16: Always have the belief I think in each other. You know,

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Speaker 16: I think you get you get to the playoffs. It's

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Speaker 16: about really your mental toughness, your defense, and your teamwork

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Speaker 16: and always having the belief that you could do something

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Speaker 16: better and you could find a way to win.

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Speaker 1: Celtics star Jason Tainam admitted yesterday he needs to play

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Speaker 1: better Yankees tonight in the place they've never been before, Sacramento,

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Speaker 1: to play the Ads much improved second place in the

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Speaker 1: AL West NL Division leaders meet at City Field. Mets

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Speaker 1: take on the Cubs. Pirates are twelve twenty six. They

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Speaker 1: fired manager Derek Shelton. Chat Lemon, who played center field

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Speaker 1: for sixteen seasons, has died at seventy a three time

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Speaker 1: All Star a part of the nineteen eighty four championship

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Speaker 1: team in Detroit. John Stashawer of Bloomberg Sports, Lisa and Nathan.

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Speaker 14: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, and.

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Speaker 13: Around the world on Bloomberg dot Com and the Bloomberg

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Speaker 13: Business app. This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager. After announcing a framework trade

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Speaker 3: deal with the United Kingdom, President Trump says he's looking

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Speaker 3: for more.

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Speaker 6: We have many meetings planned today and tomorrow, and every

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Speaker 6: country wants to be making deals.

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Speaker 3: Perhaps the biggest meetings of all begin tomorrow, when Treasury

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Speaker 3: Secretary Scott Bessant and the US Trade Representative sit down

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Speaker 3: with officials from China for the first trade talk since

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Speaker 3: both countries slap triple digit tariffs on each other. For

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Speaker 3: more ahead of the talks in Geneva, We're joined by

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Speaker 3: Bloomberg News Senior editor Bill ferries Bill.

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Speaker 10: This this really is the big.

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Speaker 3: One, isn't it.

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Speaker 14: Good morning, Good morning, Nathan, Thanks for having me.

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Speaker 8: It really is.

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Speaker 14: We were wondering for weeks when either side might show

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Speaker 14: a little bit of flexibility here the with its one

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Speaker 14: hundred and forty five percent tariffs on China and China

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Speaker 14: with its one hundred and twenty five percent tariffs on

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Speaker 14: the US. Both sides have made some exceptions to those,

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Speaker 14: but the reality is that a lot of bilateral trade

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Speaker 14: has been slowing down or stopping completely, and both sides

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Speaker 14: are feeling the pain economically. So there's going to be

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Speaker 14: a lot of interest in how these talks progress, what

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Speaker 14: really might come out of them. I think the most

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Speaker 14: important thing is that they're happening. I don't think there's

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Speaker 14: a lot of expectations of a big breakthrough trade deal,

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Speaker 14: but there is talk on the US side. We've done

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Speaker 14: some reporting on this that the Trump administration would love

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Speaker 14: to see find an agreement where they could come out

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Speaker 14: with tariffs cut a little bit more than in half,

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Speaker 14: so down in the perhaps under sixty percent range, which

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Speaker 14: would be a breakthrough if China follows through with it.

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Speaker 14: So that's I think what the markets will be trying

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Speaker 14: to look for, as well as signs that the talks

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Speaker 14: will continue after this weekend's meetings in Switzerland.

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Speaker 3: A breakthrough like that would be pretty significant given the

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Speaker 3: fact that we've heard from President Trump telling reporters that

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Speaker 3: he wouldn't lower tariff rates to jump start talks. Does

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Speaker 3: does our reporting contradict that or something else?

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Speaker 14: Well, the President's, you know, the comments have been kind

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Speaker 14: of all over the place. He has said that he's

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Speaker 14: not willing to back down. Our reporting shows that there

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Speaker 14: are at least officials on the Trump administration side looking

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Speaker 14: to try to get tariffs potentially below sixty percent as

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Speaker 14: a first step that China would presumably try to follow

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Speaker 14: up on in match. So the Chinese side as well

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Speaker 14: is basically said that they want to see the US

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Speaker 14: rescind what it considers to be these unwarranted tariffs before

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Speaker 14: it any steps at all. But I think the reality

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Speaker 14: is both sides are going to be trying to show

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Speaker 14: perhaps a little bit of flexibility coming out of these talks.

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Speaker 3: Does the announcement of the framework deal with the UK

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Speaker 3: yesterday bill provide a springboard for the US heading into

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Speaker 3: these talks? How could what we saw from the UK

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Speaker 3: yesterday play into what comes this weekend in Geneva.

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Speaker 14: Well, I think what it does do is show that

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Speaker 14: despite I think a lot of marketing by the White House,

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Speaker 14: these are really framework deals. They are not full complete

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Speaker 14: trade agreements in any sort of normal sense. What we

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Speaker 14: see with the UK is that there was some agreement

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Speaker 14: on market access for a few goods from the US,

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Speaker 14: including some agricultural goods. There was a reduction in tariffs

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Speaker 14: for US imports of British automobiles, but a lot of

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Speaker 14: the big questions were left hanging. Those are going to

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Speaker 14: take months, if not longer, to deal with. That includes

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Speaker 14: the digital services tax from the UK. That includes food

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Speaker 14: regulations that the US has wanted the UK to ease

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Speaker 14: up on. The really tough details are yet to be

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Speaker 14: worked out. I would expect the same from anything that

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Speaker 14: comes out of these talks in China. There might be

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Speaker 14: some sort of broad agreement, but they're not going to

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Speaker 14: get into the nitty gritty that might take potential years.

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Speaker 3: Does that hinted more nitty gritty to come for some

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Speaker 3: of the other trade negotiations that we're hearing are happening

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Speaker 3: from the likes of South Korea and Japan got about

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Speaker 3: a minute left.

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Speaker 14: Yeah, absolutely. I mean we heard Commerce Secretary Howard Lutnick

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Speaker 14: saying that is they're very far away from announcing a

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Speaker 14: big deal with countries like Japan or India. Those are

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Speaker 14: countries that have been much higher on the list earlier.

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Speaker 14: The reality is, you know, the President put a ninety

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Speaker 14: day reprieve on those reciprocal tariffs that he announced on

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Speaker 14: April second. We are almost halfway through that ninety day period.

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Speaker 14: This UK Framework agreement is the first sign of light

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Speaker 14: in the ton that we've seen. But if you're talking

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Speaker 14: about striking deals with dozens or more countries, it's going

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Speaker 14: to take quite a while.

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