WEBVTT - Trump Delays Canada, Mexico Tariffs; China Blasts Trump, Calls US Tariffs ‘Evil’

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today here.

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<v Speaker 3>And we begin with the latest on the US trade

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<v Speaker 3>war with Canada and Mexico. President Trump is giving a

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<v Speaker 3>one month reprieve from twenty five percent tariffs to goods

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<v Speaker 3>covered under the US Mexico Canada Trade Agreement. The President

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<v Speaker 3>says he made the move after speaking with Mexican President

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<v Speaker 3>Claudia Schenbaum about drug and immigrant flows.

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<v Speaker 4>We're working much harder lately. Do you notice that on

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<v Speaker 4>people coming in and drugs? And we made tremendous progress

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<v Speaker 4>on both.

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<v Speaker 3>Still, the President says the break won't last after April second,

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<v Speaker 3>that is when he has promised reciprocal tariffs on a

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<v Speaker 3>range of countries. And he says he's not concerned about

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<v Speaker 3>the market selloff that followed the new tariffs.

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<v Speaker 4>Basically, you have globalist companies that have been ripping us

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<v Speaker 4>off that won't be able to rip us off any longer.

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<v Speaker 3>President Trump's decision means automobiles and parts that meet USMCA

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<v Speaker 3>requirements will be exempt from tariffs, but about sixty two

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<v Speaker 3>percent of Canadian imports will still be subject to a

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<v Speaker 3>twenty five percent duty.

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<v Speaker 2>Well, Nathan, Canada is responding to President Trump's tariff pause

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<v Speaker 2>with one of its own. It's stillaying a second phase

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<v Speaker 2>of retaliatory tariffs on US steel, aluminum, and cars until

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<v Speaker 2>April second. It was supposed to take effect March twenty fifth.

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<v Speaker 2>Canada has already imposed twenty five percent tariffs on about

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<v Speaker 2>twenty one billion dollars in American goods. Those duties will

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<v Speaker 2>remain in effect.

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<v Speaker 3>Meanwhile, Karen China remains under twenty percent tariffs from the US,

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<v Speaker 3>and now the country's top diplomat is blasting President Trump,

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<v Speaker 3>saying he's taking a hypocritical approach to bilateral ties. We

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<v Speaker 3>get more from Bloomberg Steven Engle at the National People's

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<v Speaker 3>Congress in Beijing.

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<v Speaker 5>Chinese Foreign Minister Wonge is known for having a rather

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<v Speaker 5>sharp tongue, and today, in a one and a half

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<v Speaker 5>hour long press conference in Beijing, he did not disappoint

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<v Speaker 5>attacking the Trump administration on a number of fronts, including trade.

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<v Speaker 5>Of course, the Trump administration doubled down on its terrifaction

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<v Speaker 5>against China earlier this week, raising it to twenty percent,

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<v Speaker 5>and China of course retaliated, but Wong twice referred to

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<v Speaker 5>the Trump administration as employing the law of the jungle.

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<v Speaker 5>Veiled reference, of course, to the Trump policies on trade.

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<v Speaker 5>He called on larger nations another veiled threat against the

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<v Speaker 5>United States to act responsibly and not resort to flexing

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<v Speaker 5>its large muscles and fists. He says, China opposes double standards,

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<v Speaker 5>trickery and bullying. Steven Engel, Bloomberg News, Beijing.

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<v Speaker 2>All right, Steven, thank you. We now turn to the

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<v Speaker 2>latest developments in the war in Ukraine. In twenty six,

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<v Speaker 2>European Union leaders back to declaration of support for Ukraine

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<v Speaker 2>at an emergency meeting in Brussels. Hungary's Russia friendly Prime

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<v Speaker 2>Minister Victor Orbon was the only one who did not

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<v Speaker 2>sign on. French President Emmanuel McCrone said the EU needs

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<v Speaker 2>to boost defense spending.

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<v Speaker 6>Lemanessi Quiki had given the threat and whatever happens in Ukraine,

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<v Speaker 6>we need to increase our defense capabilities and we need

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<v Speaker 6>to build in the next few years autonomous defense capabilities

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<v Speaker 6>for Europeans.

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<v Speaker 2>French President and Manuel Macron spoke through an interpreter as

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<v Speaker 2>the US pairs back its protective role. President Trump has

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<v Speaker 2>suggested the US might abandon its NATO commitments if other

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<v Speaker 2>members don't meet defense spending targets.

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<v Speaker 3>Well Karen uncertain deal over tariffs led to a volatile

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<v Speaker 3>week on Wall Street. Bloomberg's John Tucker's here at the update.

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<v Speaker 3>But John, the week's not over yet.

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<v Speaker 7>Well take heart, Nathan, the weekend's almost here now. As

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<v Speaker 7>you just heard, the idea of a Trump put as

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<v Speaker 7>pretty much evaporated after the President said quote I'm not

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<v Speaker 7>even looking at the market. Well, the NASAK one hundred

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<v Speaker 7>from its peak is now almost ten percent. That's the

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<v Speaker 7>level that would market correction. The S and P five

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<v Speaker 7>hundred is on track for its worst week since September,

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<v Speaker 7>and underscoring this growing risk, Aversions stocks failed the stage

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<v Speaker 7>of rebound even after the President delayed those tariffs on

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<v Speaker 7>Mexican and and goods for Steve Chevaron at Federated Armies.

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<v Speaker 7>The markets are becoming more reasonably priced.

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<v Speaker 8>I think that that ball of worry is going to

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<v Speaker 8>get knocked down or taken down brick by brick as

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<v Speaker 8>we get in the second half of the year, so

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<v Speaker 8>more pain to come.

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<v Speaker 4>We see a much much better second.

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<v Speaker 7>Half, and it's not just stocks. At this point. Oil continues.

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<v Speaker 7>It's slump that's on the idea of slower growth is

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<v Speaker 7>going to lead to slower demand. The largest digital asset, Bitcoin,

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<v Speaker 7>that is lower. That's even after President Trump signed in

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<v Speaker 7>executive order creating a Strategic Digital Token Reserve. The details, however,

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<v Speaker 7>fell short of industry expectations. You know, New York on

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<v Speaker 7>John Tucker, Bloomberg Radio.

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<v Speaker 2>All right, John, thank you well. Bitcoin may be on

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<v Speaker 2>the decline. One chip stock is on the rise. Shares

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<v Speaker 2>of a Broadcom. They're up almost thirteen percent. This morning,

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<v Speaker 2>the key chip supplier for Apple and other big tech

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<v Speaker 2>companies posted earnings that beat analyst estimates and also gave

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<v Speaker 2>an upbeat forecast, reassuring investors that artificial intelligence spending remains healthy.

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<v Speaker 2>Lin Dwaan is a managing editor of technology for bloom News.

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<v Speaker 9>This is what the chip sector needed, right. It needed

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<v Speaker 9>a bright spot in Nvidia disappointed, which wasn't fair. Marvell disappointed,

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<v Speaker 9>which also wasn't fair. Both of them beat, but not

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<v Speaker 9>by enough. They wanted it to be overwhelming. Broadcom is

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<v Speaker 9>delivering on a beat, and it's a very solid beat.

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<v Speaker 2>Bloomberg News Managing editor Linda Wallan says Broadcom's AI sales

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<v Speaker 2>totaled four point four billion dollars in the quarter, and.

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<v Speaker 3>Karen's shares of Gap are surging up more than eighteen

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<v Speaker 3>percent in the pre market. The retailer exceeded analyst estimates

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<v Speaker 3>for comparable sales, led by better than expected results at

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<v Speaker 3>the namesake brand as well as Old Navy and Banana Republic.

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<v Speaker 2>Well on the flip side, Nathan shares of Hewlett Packard Enterprise,

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<v Speaker 2>they're plunging down more than well, almost twenty one percent

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<v Speaker 2>right now. The company gave an annual profit outlook that

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<v Speaker 2>fell short of investor expectations. It also announced plans to

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<v Speaker 2>eliminate about three thousand positions.

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<v Speaker 3>Now we're going to get a lot more on the

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<v Speaker 3>labor market picture, Karen, when we get the February jobs report,

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<v Speaker 3>and we get a preview now from Bloomberg's Michael McKee.

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<v Speaker 4>The chaos of the Trump administration's first weeks is swirling

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<v Speaker 4>around today's jobs report. Tariff talk has given us conflicting

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<v Speaker 4>signals about the strength of the labor market from a

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<v Speaker 4>host of labor indicators. Economists are generally looking through the noise,

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<v Speaker 4>anticipating about the same number of jobs created in February

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<v Speaker 4>as in January. The biggest reason is the timing of

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<v Speaker 4>data collection the pay period, including the twelfth of the month.

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<v Speaker 4>The big firings didn't really begin until the fourteenth, and

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<v Speaker 4>so wouldn't be captured. Wall Street, however, is leaning toward

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<v Speaker 4>a much lower number on fear the economy is slowing

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<v Speaker 4>growth threatened by Trump tariffs that could mean volatility today,

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<v Speaker 4>even though FED officials have already signaled their staying on

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<v Speaker 4>hold no matter what. Michael McKee, Bloomberg Radio.

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<v Speaker 3>All right, Mike, thanks and stick with Bloomberg for full

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<v Speaker 3>Jobs Day coverage on Bloomberg's surveillances starts as soon as

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<v Speaker 3>the numbers cross the terminal eight thirty am Wall Street Time.

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<v Speaker 3>Listen on Bloomberg Radio, Watch on the Bloomberg Podcasts YouTube page.

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<v Speaker 4>Well Nathan.

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<v Speaker 2>In addition to the jobs report, investors will be on

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<v Speaker 2>alert as a number of FED officials speak, and Bloomberg's

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<v Speaker 2>Charlie Pellett has the latest.

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<v Speaker 10>J Powell gives a keynote speech at an event in

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<v Speaker 10>New York hosted by the University of Chicago Booth School

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<v Speaker 10>of Business. New York FED President John Williams and FED

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<v Speaker 10>Governor Michelle Bowman will also speak. Investors are listening for

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<v Speaker 10>any remarks about the path of interest rates, the effects

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<v Speaker 10>of tariffs, and the outlook for inflation. Here's Federal Reserve

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<v Speaker 10>Bank of Philadelphia President Patrick Harker.

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<v Speaker 11>Inflation while we were moving slowly down through our two

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<v Speaker 11>percent target. I'm worried that right now that that is

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<v Speaker 11>at risk.

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<v Speaker 10>FED officials have signaled they are likely to leave rates

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<v Speaker 10>unchanged for some time in New York. Charlie Pellett, Bloomberg Radio.

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<v Speaker 2>Charlie, thank you, and you can hear J Powell's full

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<v Speaker 2>remarks at twelve thirty Wall Street time. That's on Bloomberg

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<v Speaker 2>Radio and the Bloomberg Podcast page on YouTube.

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<v Speaker 3>Well, Karen elon Musk's SpaceX has suffered another setback. We

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<v Speaker 3>get the details on the latest test flight from Bloomberg's

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<v Speaker 3>Lisa Matteo. Didn't go so well, Lisa, So.

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<v Speaker 12>It didn't Nathan. This was actually the eighth test flight

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<v Speaker 12>of its starship rocket and things really started out great,

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<v Speaker 12>and when it blasted off yesterday from South Texas, and

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<v Speaker 12>then this happened.

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<v Speaker 8>And we just saw some engines go out.

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<v Speaker 4>It looks like we are losing attitude control of the ship.

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<v Speaker 12>Yeah, this was just eight minutes into the flight. It

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<v Speaker 12>began spinning wildly out of control. The thing is some engines.

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<v Speaker 12>They started to malfunction before they were supposed to cut off,

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<v Speaker 12>and the mishap becaused the FAA's Air Traffic Control System

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<v Speaker 12>Command Center to actually pause takeoffs from some Florida airports

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<v Speaker 12>due to space debris. Now in a post on x Elon,

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<v Speaker 12>Musk called it quote a minor setback. He also said

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<v Speaker 12>the next ship is going to be ready in about

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<v Speaker 12>four to six weeks. Meanwhile, Intuitive Machine second lander Athena,

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<v Speaker 12>it also had some issues, and that's when it was

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<v Speaker 12>trying to land on the Moon yesterday, after the company

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<v Speaker 12>couldn't confirm its status. Its CEO said it was not

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<v Speaker 12>likely in the right position on the surface. Again, Intuitive

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<v Speaker 12>Machines shares well, they're down more than thirty four percent.

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<v Speaker 12>Lisa Matteo Bloomberg Radio.

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<v Speaker 2>Time Now for a look at some of the other

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<v Speaker 2>stories making news in New York and around the world,

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<v Speaker 2>and for that were joined by Bloomberg's Michael Varr. Michael,

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<v Speaker 2>Good morning, Good morning, Karen.

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<v Speaker 11>The South Korean court has ordered impeach President Yunsukiol to

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<v Speaker 11>be released from jail more than a month after he

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<v Speaker 11>was arrested and indicted over his short lived imposition of

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<v Speaker 11>martial law. The decision by the Soul Central District Court

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<v Speaker 11>would allow you to stand his criminal trial while not

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<v Speaker 11>being physically detained. The court said it accepted Yun's request

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<v Speaker 11>to be released from jail because the legal period of

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<v Speaker 11>his formal arrest expired before he was indicted. In late January,

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<v Speaker 11>federal authorities revealed two active duty service members were arrested

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<v Speaker 11>on accusations they conspired to spy for China. The Justice

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<v Speaker 11>Department says US Army soldiers conspired to illegally obtain national

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<v Speaker 11>defense information and send it to individuals in China. The

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<v Speaker 11>soldiers were stationed at Joint Base Lewis McCord in Washington State.

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<v Speaker 11>Mike Harrington, special Agent in charge of the FBI Seattle

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<v Speaker 11>Field Office, said there is reason to believe some of

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<v Speaker 11>the data is top secret information.

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<v Speaker 10>That identifies saw the United States military's capabilities, plans, and

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<v Speaker 10>intentions and could really put us at a severe disadvantage

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<v Speaker 10>if they were to fall in the wrong hands.

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<v Speaker 11>The FBI's Mike Harrington says a third suspect, a former

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<v Speaker 11>Army soldier, was also arrested during a kickoff event in

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<v Speaker 11>Miami Beach, Florida. Governor Around Dessanta's unveiled plans for increased

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<v Speaker 11>security in places like Miami Beach for Spring Break twenty

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<v Speaker 11>twenty five.

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<v Speaker 13>It's a very welcoming city. But at the same time,

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<v Speaker 13>you know, we can't have things just descended to madness

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<v Speaker 13>in mayhem and chaos.

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<v Speaker 11>Governor Desanta says he has deployed one hundred and forty

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<v Speaker 11>state troopers to assist local law enforcement efforts. Global News

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<v Speaker 11>twenty four hours a day and whenever you want it

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<v Speaker 11>with the Bloomberg News Now. I'm Michael Barr, and this

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<v Speaker 11>is Bloomberg.

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<v Speaker 2>Karen Hurry, Michael Barr, thank you time now for the

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<v Speaker 2>Bloomberg Scores update, brought to you by Try State OUTI

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<v Speaker 2>here's John Stanshawer. John, good morning, Good morning care.

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<v Speaker 13>Not the way the Knicks wanted to be in their

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<v Speaker 13>five game road trip in LA against the Lakers. A

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<v Speaker 13>blown lead and almost game winning shot at the end

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<v Speaker 13>of regulation, but Josh Hart's layup came a tick after

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<v Speaker 13>the buzzers down, and then with a minute a half left,

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<v Speaker 13>in overtime, Jalen Brunson rolled in his ankle. Lakers went

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<v Speaker 13>on to win one thirteen, one oh nine. They're two superstars.

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<v Speaker 13>Lebron James and Luca Donson's combined for sixty three points,

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<v Speaker 13>nineteen rebounds and twenty assists. Brunston scored thirty nine before

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<v Speaker 13>he had to be helped off the court. Coach Tom

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<v Speaker 13>Thibodeau said they're awaiting test results, but Brunson's close friend

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<v Speaker 13>Hart said it looks like Brunston's gonna be out a while.

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<v Speaker 13>He's the nick they can least afford to lose. In

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<v Speaker 13>Brooklyn Warriors the Nets one twenty one, one nineteen. Steph

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<v Speaker 13>Curry scored forty. In Boston Celtics met the Sixers won

0:12:05.200 --> 0:12:07.480
<v Speaker 13>twenty three, one oh five. Jason Tatum at thirty five.

0:12:07.520 --> 0:12:11.000
<v Speaker 13>Bruins lost at Carolina three to two. NHL trade deadline

0:12:11.040 --> 0:12:13.800
<v Speaker 13>three o'clock today, the Islanders have traded Brock Nelson to

0:12:13.880 --> 0:12:16.680
<v Speaker 13>Colorado for two players in the first round pick Nelson

0:12:16.679 --> 0:12:19.000
<v Speaker 13>and an Islander for twelve years. He'll be a free agent

0:12:19.040 --> 0:12:21.520
<v Speaker 13>after the season, so will Riley Smith. That's why the

0:12:21.559 --> 0:12:24.400
<v Speaker 13>Rangers shipped him to Vegas for Brendan Bisson and the

0:12:24.400 --> 0:12:26.800
<v Speaker 13>third round of Smith was with Vegas before helping the

0:12:26.880 --> 0:12:29.439
<v Speaker 13>win the Stanley Cup couple of years ago. Yankee injury

0:12:29.480 --> 0:12:32.360
<v Speaker 13>news Luise heals latstrain gonna prevent him from pitching for

0:12:32.400 --> 0:12:35.520
<v Speaker 13>at least three months. Dj Lemaye, who's missed time with

0:12:35.520 --> 0:12:38.559
<v Speaker 13>the recent injuries to his toe, foot and hip, now

0:12:38.600 --> 0:12:41.280
<v Speaker 13>has a calf strain out several weeks. And Yankee Jim

0:12:41.320 --> 0:12:45.679
<v Speaker 13>manager Brian Cashman asked about Giant Carlos Stanton's injured elbows.

0:12:45.880 --> 0:12:47.600
<v Speaker 8>He thought we were in a good place and I

0:12:47.600 --> 0:12:50.440
<v Speaker 8>think he was feeling making a good place, but then

0:12:50.440 --> 0:12:52.360
<v Speaker 8>it reared. It's uckily had you know about three weeks

0:12:52.360 --> 0:12:55.960
<v Speaker 8>before camping is my understanding, and so now we're dealing

0:12:56.000 --> 0:12:56.320
<v Speaker 8>with him.

0:12:56.360 --> 0:12:58.760
<v Speaker 10>So uh, you know, give it the time of.

0:12:58.840 --> 0:13:03.040
<v Speaker 8>Needs and you know, we'll clearly look forward to getting

0:13:03.040 --> 0:13:04.600
<v Speaker 8>them back at some point, but obviously in the near

0:13:04.679 --> 0:13:05.520
<v Speaker 8>term that will be the coast.

0:13:05.600 --> 0:13:09.240
<v Speaker 13>Cashman said they treated Stanton with plasma injections. He said

0:13:09.280 --> 0:13:11.959
<v Speaker 13>surgery have seen only as a last resort. John Stash,

0:13:12.040 --> 0:13:13.520
<v Speaker 13>I we're Bloomberg Sports, Karen.

0:13:13.320 --> 0:13:15.640
<v Speaker 2>Nathan, all right, John, thank you. This updates brought to

0:13:15.640 --> 0:13:18.560
<v Speaker 2>you by Audi visit your tri state Audi dealer today

0:13:18.600 --> 0:13:20.880
<v Speaker 2>and get behind the wheel of the Audi model you've

0:13:20.920 --> 0:13:21.640
<v Speaker 2>always wanted.

0:13:23.840 --> 0:13:27.880
<v Speaker 11>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

0:13:28.120 --> 0:13:30.960
<v Speaker 11>and around the world on Bloomberg dot Com and the

0:13:31.000 --> 0:13:32.200
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0:13:32.520 --> 0:13:34.120
<v Speaker 4>This is Bloomberg Daybreak.

0:13:34.360 --> 0:13:36.800
<v Speaker 3>Good morning, I'm Nathan Hager, and we get our first

0:13:36.840 --> 0:13:39.720
<v Speaker 3>official look at the labor market from the start of

0:13:39.800 --> 0:13:43.360
<v Speaker 3>the new Trump administration. This morning, the non farm payrolls

0:13:43.400 --> 0:13:46.080
<v Speaker 3>report for the month of February comes out ahead of

0:13:46.120 --> 0:13:48.320
<v Speaker 3>the opening bell, and here to preview it for us

0:13:48.400 --> 0:13:52.280
<v Speaker 3>in our interactive Brokers studios this morning. Veronica Clark, us

0:13:52.360 --> 0:13:54.640
<v Speaker 3>economist at City. Great to have you with us in

0:13:54.679 --> 0:13:58.120
<v Speaker 3>person on a job's Friday. With the consensus calling for

0:13:58.120 --> 0:14:01.320
<v Speaker 3>one hundred and sixty thousand new jobs added, the unemployment

0:14:01.400 --> 0:14:04.360
<v Speaker 3>rate at four percent, you're a bit below consensus at

0:14:04.440 --> 0:14:05.280
<v Speaker 3>one thirt five.

0:14:05.720 --> 0:14:08.320
<v Speaker 1>Yes, yeah, exactly, Thank you for having me. Yeah, we

0:14:08.360 --> 0:14:10.840
<v Speaker 1>do think we'll see some more slowing in the labor

0:14:10.880 --> 0:14:15.680
<v Speaker 1>market in February, but one thirty five thousand jobs at it,

0:14:15.720 --> 0:14:18.840
<v Speaker 1>that's still a pretty healthy pace of job growth. Might

0:14:18.880 --> 0:14:20.880
<v Speaker 1>see the unemployment rate take a bit higher to four

0:14:20.880 --> 0:14:23.280
<v Speaker 1>point one percent. But I think the issue with this

0:14:23.320 --> 0:14:25.600
<v Speaker 1>February reading is it's still a bit early. It's not

0:14:25.680 --> 0:14:28.760
<v Speaker 1>going to get into new government layoffs in the last

0:14:28.800 --> 0:14:31.680
<v Speaker 1>couple of weeks of sentiment really shifting. It's certainly not

0:14:31.720 --> 0:14:34.280
<v Speaker 1>going to cover a period of two substantial teriffs. We

0:14:34.320 --> 0:14:37.160
<v Speaker 1>saw some tariffs on China, but the outlook I think

0:14:37.240 --> 0:14:39.320
<v Speaker 1>would look a lot weaker going out going.

0:14:39.120 --> 0:14:43.000
<v Speaker 3>To old That is interesting because Bloomberg Economics is going

0:14:43.080 --> 0:14:47.040
<v Speaker 3>even farther below consensus with sixty five thousand on the

0:14:47.080 --> 0:14:49.760
<v Speaker 3>thinking that we could start to see some of that

0:14:49.880 --> 0:14:54.880
<v Speaker 3>impact of federal government slow down in hiring impacting other sectors.

0:14:54.960 --> 0:14:59.080
<v Speaker 3>Could we start to see that even before many of

0:14:59.120 --> 0:15:04.240
<v Speaker 3>these ade layoffs start to feed into the data even more.

0:15:04.160 --> 0:15:06.680
<v Speaker 1>Clearly, Yeah, yeah, we certainly could. I think you know,

0:15:06.720 --> 0:15:09.080
<v Speaker 1>other labor market data that we do have for February,

0:15:09.160 --> 0:15:13.160
<v Speaker 1>we got announcements of job cuts yesterday that we're pretty elevated.

0:15:13.800 --> 0:15:15.880
<v Speaker 1>Probably takes a bit of time for those to show

0:15:15.960 --> 0:15:18.800
<v Speaker 1>up in actual layoffs. We do know that, you know,

0:15:18.840 --> 0:15:21.920
<v Speaker 1>initial jobless claims we're mostly low through the first half

0:15:22.080 --> 0:15:24.000
<v Speaker 1>of February, but yeah, we might start to see some

0:15:24.080 --> 0:15:26.440
<v Speaker 1>slowing and I think the issue is, Yeah, as we're

0:15:26.920 --> 0:15:29.720
<v Speaker 1>getting into the next couple of months, we're coming into

0:15:29.760 --> 0:15:32.360
<v Speaker 1>the bigger headwinds. So if the labor market is already

0:15:32.360 --> 0:15:35.520
<v Speaker 1>slowing in February, that's a worse situation going into even

0:15:35.560 --> 0:15:36.280
<v Speaker 1>more weakness.

0:15:36.520 --> 0:15:38.800
<v Speaker 3>Well, let's look ahead over the next couple of months.

0:15:38.840 --> 0:15:42.400
<v Speaker 3>How much weakness do you think we could see from

0:15:42.800 --> 0:15:44.440
<v Speaker 3>some of this Doge effort.

0:15:44.720 --> 0:15:47.520
<v Speaker 1>Yeah, we're of course trying to track the headlines. I think,

0:15:47.560 --> 0:15:50.960
<v Speaker 1>like everyone else's still a lot of uncertainty. So far,

0:15:50.960 --> 0:15:54.240
<v Speaker 1>we're tracking something maybe around forty to sixty k that

0:15:54.560 --> 0:15:56.920
<v Speaker 1>have already happened or could happen in the next couple

0:15:56.880 --> 0:15:59.600
<v Speaker 1>of weeks. As we're getting into the summer, that seems

0:15:59.640 --> 0:16:02.000
<v Speaker 1>like when we might see some of the bigger layoffs,

0:16:02.000 --> 0:16:05.440
<v Speaker 1>maybe something as much as three hundred thousand. Now that's

0:16:05.480 --> 0:16:07.680
<v Speaker 1>going to be worth probably a couple tenths of an

0:16:07.720 --> 0:16:10.840
<v Speaker 1>increase on the unemployment rate. But what worries me more

0:16:10.960 --> 0:16:14.760
<v Speaker 1>is the spillover into the private sector, you know, private contractors,

0:16:14.800 --> 0:16:18.560
<v Speaker 1>people who rely on government funds, and just the increase

0:16:18.640 --> 0:16:22.200
<v Speaker 1>uncertainty and what that could do to hiring, especially as

0:16:22.240 --> 0:16:23.880
<v Speaker 1>we're getting into the spring and summer. That's a time

0:16:23.920 --> 0:16:25.640
<v Speaker 1>of year when hiring is supposed to pick up, and

0:16:25.880 --> 0:16:26.600
<v Speaker 1>maybe it doesn't.

0:16:26.840 --> 0:16:28.840
<v Speaker 3>Now we haven't even talked to you a bit about

0:16:28.880 --> 0:16:33.000
<v Speaker 3>the uncertainty sparked potentially by the tariffs. How could that

0:16:33.160 --> 0:16:34.920
<v Speaker 3>play into the labor picture as well?

0:16:35.160 --> 0:16:37.680
<v Speaker 1>Yeah, it is I think just a really hard time

0:16:37.800 --> 0:16:42.000
<v Speaker 1>for some companies to be hiring. Of course, in manufacturing sector,

0:16:42.080 --> 0:16:46.320
<v Speaker 1>sectors that rely on on those trade relationships. We have

0:16:46.440 --> 0:16:49.760
<v Speaker 1>seen some surge in activity potentially before tariffs, you know,

0:16:50.000 --> 0:16:53.920
<v Speaker 1>frontloading of imports. Maybe consumers are buying goods ahead of

0:16:54.200 --> 0:16:58.120
<v Speaker 1>possible tariff induced price increases. But overall that's going to

0:16:58.160 --> 0:17:00.480
<v Speaker 1>weigh on spending and way on activity, and we might

0:17:00.520 --> 0:17:02.120
<v Speaker 1>see resulting job losses.

0:17:02.400 --> 0:17:05.160
<v Speaker 3>Do you see it weighing on wages as well? How

0:17:05.160 --> 0:17:06.800
<v Speaker 3>does it affect the wage picture?

0:17:07.080 --> 0:17:09.000
<v Speaker 1>Yeah, it is is an interesting question.

0:17:09.760 --> 0:17:10.320
<v Speaker 9>It could.

0:17:10.400 --> 0:17:13.760
<v Speaker 1>I think overall it would probably be you know, net

0:17:13.800 --> 0:17:16.480
<v Speaker 1>negative for wage growth, just in the fact that it

0:17:16.560 --> 0:17:20.240
<v Speaker 1>is an activity shock first and foremost. You know, maybe

0:17:20.240 --> 0:17:23.840
<v Speaker 1>if we're eventually bringing production back to domestic production, that

0:17:23.880 --> 0:17:27.200
<v Speaker 1>could boost wages, but that's an effect longer down the road,

0:17:27.280 --> 0:17:27.560
<v Speaker 1>I think.

0:17:28.280 --> 0:17:30.320
<v Speaker 3>Just thirty seconds left, Veronica, But do you see any

0:17:30.320 --> 0:17:32.320
<v Speaker 3>sectors that could pick up the slack from some of

0:17:32.320 --> 0:17:33.119
<v Speaker 3>this uncertainty.

0:17:33.680 --> 0:17:35.920
<v Speaker 1>Yeah, I mean we have seen, you know, where we've

0:17:35.960 --> 0:17:39.440
<v Speaker 1>seen the consistent strength in the economy recently the last

0:17:39.480 --> 0:17:43.080
<v Speaker 1>couple of years really has been sectors like healthcare, and

0:17:43.520 --> 0:17:46.240
<v Speaker 1>I expect that to continue. But even they're going to

0:17:46.280 --> 0:17:50.320
<v Speaker 1>be facing uncertainty of you know, medical funding cuts, research cuts,

0:17:50.359 --> 0:17:53.600
<v Speaker 1>things like that. We did earlier this week see ADP

0:17:53.800 --> 0:17:57.000
<v Speaker 1>employment and saw decline in that sector. We'll see if

0:17:57.000 --> 0:18:00.280
<v Speaker 1>that's repeated. But overall, software activity is going to on

0:18:00.320 --> 0:18:01.280
<v Speaker 1>the economy as a whole.

0:18:01.640 --> 0:18:05.080
<v Speaker 2>This is Bloomberg Daybreak, your morning podcast on the stories

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<v Speaker 3>And I'm Nathan Hager. Join us again tomorrow morning for

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<v Speaker 3>here on Bloomberg Daybreak