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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 Laksimiteout Lisa.

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Speaker 2: We begin with a milestone in the second presidency of

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Speaker 2: Donald Trump. The President marked his one hundredth day in

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Speaker 2: office with a rally in Michigan, Automotive country.

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Speaker 3: After decades of politicians who destroyed Detroit to build up Beijing,

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Speaker 3: you finally have a champion for workers in the White House.

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Speaker 3: And instead of putting China first, I'm putting Michigan first,

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Speaker 3: and I'm putting America.

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Speaker 2: For President Trump told the crowd in Warren, Michigan that

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Speaker 2: his program of sweeping tariffs will unleash economic growth and

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Speaker 2: bring back manufacturing jobs that he says it's already paying off.

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Speaker 4: And inflation is basically down, and interest rate came.

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Speaker 5: Down despite the fact that I have a FED person.

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Speaker 4: Who's not really doing a good job.

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Speaker 6: But I won't say that.

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Speaker 7: I want to be very nice.

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Speaker 3: I want to be very nice and respectful to the FED.

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Speaker 2: President Trump's rally came hours after he signed a bit

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Speaker 2: of relief from some of his tariffs for the auto industry,

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Speaker 2: including a two year reduction in twenty five percent duties

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Speaker 2: on foreign parts for cars made in the US Banathan.

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Speaker 8: President Trump is sticking to his overall tariff plan, including

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Speaker 8: one hundred and forty five percent levies on Chinese imports.

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Speaker 8: In an interview with ABC News, the President said he

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Speaker 8: does not think they'll hurt American consumers.

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Speaker 4: China probably will eat those tariffs, but at one hundred

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Speaker 4: and forty five they basically can't do much business with

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Speaker 4: the United States, and they were making.

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Speaker 7: From US a trillion dollars a year.

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Speaker 4: They were ripping us off like nobody's ever ripped us off.

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Speaker 9: Well.

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Speaker 8: Still, the President acknowledge the tariffs amount to a near

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Speaker 8: embargo on trade with China. He says Beijing deserves it

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Speaker 8: and Lisa.

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Speaker 2: Reaction is pouring in this morning to President Trump's speech

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Speaker 2: and his first one hundred days in office. Jeanie Sheienzano

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Speaker 2: is a political contributor at Bloomberg.

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Speaker 9: His support and approval in terms of his handling on

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Speaker 9: the economy has draped in this last one hundred days,

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Speaker 9: and that's why he's attacking the pollsters. And I think

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Speaker 9: he's really missing an important opportunity. This is his first

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Speaker 9: time on the road since he became president. His first

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Speaker 9: big rally in a swing state to explain to the

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Speaker 9: American public this thing that he cares so deeply about,

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Speaker 9: which is tariffs. He reiterated again to these interviewers in

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Speaker 9: the last few days, he is deeply committed to this

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Speaker 9: tariff regime.

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Speaker 2: Bloomberg political contributor Genie Sheianzo notes the polls show voters

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Speaker 2: wary of President Trump's economic agenda in Michigan. Trump dismissed

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Speaker 2: the surveys as biased against him.

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Speaker 8: Well, Nathan, Amazon says it will not display the cost

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Speaker 8: of US tariff's on products. That's after the White House

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Speaker 8: blasted the reported move and President Donald Trump called Jeff

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Speaker 8: Bezos to complain. Speaking outside the White House, Trump described

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Speaker 8: his call with the Amazon founder.

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Speaker 3: Great Jeff Bezos was very nice.

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Speaker 5: He was terrific.

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Speaker 3: He solved the problem very quickly, and he did the

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Speaker 3: right thing, and it's a good guy.

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Speaker 10: Well.

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Speaker 8: That rebuke was sparked by an earlier punch Bowl News

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Speaker 8: report that the e commerce giant would soon begin displaying

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Speaker 8: the cost of US tariffs on individual products next to

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Speaker 8: the total listed price.

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Speaker 2: Well, Lisa, we may be starting to see the cost

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Speaker 2: of tariffs on China, and now the country's factory activity

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Speaker 2: slipped into its worst contraction since December of twenty twenty three.

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Speaker 2: Economists are calling for a speedy policy boost. Some are

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Speaker 2: forecasting a significant economic slow down this quarter that could

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Speaker 2: trigger more stimulus and.

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Speaker 8: Turning to the markets future is lower. This is after

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Speaker 8: a six straight day of gains on Wall Street and

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Speaker 8: it'll be another busy day for earnings with fifty companies

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Speaker 8: in the S and P five hundred reporting, and they

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Speaker 8: include two of the mags seven, Microsoft and Meta. Let's

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Speaker 8: get a preview from Bloomberg's tom.

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Speaker 11: Buzby Microsoft, It's expected to post positive results, but there

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Speaker 11: are concerns that growth and it's as your cloud computing

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Speaker 11: unit could be at the low end of guidance, signaling

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Speaker 11: of further deceleration in the fourth quarter amid a slow

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Speaker 11: down a data center and AI spending. That's after it

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Speaker 11: canceled leases on new server farms and slowed construction on

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Speaker 11: landed already owns. Bloomberg consensus calls for revenue of sixty

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Speaker 11: eight point forty eight billion on adjusted earnings per share

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Speaker 11: of three dollars and twenty one cents. Tom buzzby Bloomberg Radio.

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Speaker 2: Okay, Tom thank you While we wait for those Microsoft results.

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Speaker 2: Let's catch updated on some stocks on the move following earnings.

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Speaker 2: Shares of super Micro Computer are down fifteen and a

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Speaker 2: quarter percent. The server maker gave preliminary results that fell

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Speaker 2: well short of analyst estimates. Super Micro had previously been

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Speaker 2: a favorite of AI obsessed investors. Now it attributes its

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Speaker 2: underperformance to customers delaying purchases.

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Speaker 8: And Nathan shares of Snap They're down fourteen percent. The

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Speaker 8: company's scaling back its full year target for adjusted operating expenses.

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Speaker 8: It also declined to issue a sales forecast for the

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Speaker 8: current period due to macroeconomic headwinds affecting its advertising business.

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Speaker 2: And Lisa's. Shares of Starbucks are down more than six percent.

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Speaker 2: The coffee chain posted earnings below estimates. The same store

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Speaker 2: sales declined one percent in the quarter.

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Speaker 8: And it's also a busy morning for earnings in Europe,

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Speaker 8: with some big banks reporting. Let's go to London and

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Speaker 8: get the very latest with Bloomberg's You on Pots, Good

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Speaker 8: Morning You on.

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Speaker 12: Lisa, and Nathan. More big beats from Europe's big banks, Ubs, Santander,

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Speaker 12: and Barclay's all smashing estimates today. Volatility is the word

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Speaker 12: of the moment, with whip sorry markets driving returns.

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Speaker 13: In the first quarter.

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Speaker 12: In Switzerland, UBS Group's markets unit posted a record performance,

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Speaker 12: with equities and FX trading revenue up thirty two percent.

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Speaker 12: Here in London, Barclay's dock traders cashed in with their

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Speaker 12: best quarter in almost three years. But over in Spain,

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Speaker 12: Santander's shares lower today despite a beat on net income,

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Speaker 12: the country's biggest bank reporting a drop in net interest income,

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Speaker 12: perhaps the sign of things to come as the ECB

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Speaker 12: cuts rates. Lisa and Nathan now you.

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Speaker 8: And Donald Trump's tariff's also causing some European carmakers to

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Speaker 8: scrap their guidance.

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Speaker 12: Yeah Away from the trading desks, the mood on the

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Speaker 12: factory floors of Europe's biggest automakers is a lot gloomier.

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Speaker 12: Donald Trump's tariffs have prompted several large carmakers to withdraw

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Speaker 12: their financial guidance, jeep Onus Delantis and Germany's Mercedes Benz

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Speaker 12: Group pulling their forecast for this year, citing the duties

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Speaker 12: as they up end supply chains and drive up car

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Speaker 12: prices around the world. Volkswagen left its outlooked largely unchanged,

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Speaker 12: but warned its forecast doesn't factory in the impact of

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Speaker 12: the tariffs. Live in London, I'm youw and pots of

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Speaker 12: Bloomberg Radio.

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Speaker 5: Okay you and thank you.

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Speaker 2: Back here in the US, we're waiting for a key

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Speaker 2: reading on the economy. The government reports first quarter economic

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Speaker 2: growth before the opening bell. Economists to forecasting a sharp

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Speaker 2: slowdown in GDP due to President Trump's policy shifts disrupting activity.

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Speaker 2: The median forecast is for a drop of two tenths

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Speaker 2: of one percent.

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Speaker 8: All right, time now for a look at some of

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Speaker 8: the other stories making news in New York and around

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Speaker 8: the world. For that, we're joined by Bloomberg's Michael Barr.

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Speaker 4: Hey.

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Speaker 8: There, Michael Hey.

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Speaker 10: Lisa, the first accuser in Disgrace movie mogul Harvey Weinstein's

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Speaker 10: sexual assault retrial, took the witness stand yesterday in Manhattan.

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Speaker 10: Miriam Haley told the jury that when she went to

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Speaker 10: meet Weinstein on the sidelines of the two thousand and

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Speaker 10: six Cans Film Festival, all she wanted was work. Haley

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Speaker 10: says Weinstein commented on her legs and asked for a massage.

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Speaker 10: Hailey testify that she said no. Weinstein, who is seventy

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Speaker 10: three is pleaded not guilty and deny sexually assaulting anyone.

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Speaker 10: Millions of Americans are on alert for spring storms. Severe

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Speaker 10: weather and possible tornadoes have already caused destruction in Missouri.

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Speaker 10: Outside of Springfield. Jerry Bowsow a tree fall on his

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Speaker 10: neighbour's home.

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Speaker 7: I just kept praying that it wouldn't get as bad

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Speaker 7: as it finally got. You couldn't hardly see anything because

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Speaker 7: it was so foggy. We feel far suitent, and our

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Speaker 7: neighbors have a lot of damage, but they're all alive.

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Speaker 10: There are also several flood threats from Missouri to Minnesota.

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Speaker 10: Over one hundred and thirty cardinals will gather at the

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Speaker 10: Vatican next week for the conclave to choose the next pope.

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Speaker 10: Vatican analysts Father Tom Reese.

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Speaker 14: I think we're going to find someone who supported Pope Francis,

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Speaker 14: who is in touch with his legacy and wants.

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Speaker 12: To continue it.

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Speaker 14: But we're not going to find anybody like Pope Francis.

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Speaker 14: There's just nobody like him.

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Speaker 10: Meanwhile, the disgraced Italian cardinal at the heart of the

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Speaker 10: Vatican's trial of the century, announced he was withdrawing from

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Speaker 10: participating in the conclave. Cardinal Angelo Bechi, who was banned

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Speaker 10: from the gathering after his twenty twenty three conviction on

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Speaker 10: finance related charges. Although he maintains his innocence, the president

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Speaker 10: of Harvard says, I'm sorry. After the university released its

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Speaker 10: long awaited reports on anti Semitism and anti Muslim bias.

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Speaker 10: The reports presented a scathing critique of how its students

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Speaker 10: treated each other in the aftermath of the Hombos attack

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Speaker 10: against Israel on October seventh, twenty twenty three. It comes

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Speaker 10: as the Cambridge, Massachusetts based school has fired back at

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Speaker 10: demands from the Trump administration to exert government control over

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Speaker 10: the school. Global News twenty four hours a day and

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Speaker 10: whenever you want it with the Bloomberg News Now, Michael

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Speaker 10: bar this Bloomberg, Lisa, Thank.

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Speaker 8: You, Michael. Time now for our Bloomberg Sports update. For that,

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Speaker 8: we bring in John's Dash Hour.

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Speaker 5: Thanks Lisa. Every game in this Knicks Pistons series has

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Speaker 5: been close, tough, physical, grinded out type games. More the

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Speaker 5: same game five of the Garden, both teams struggled to

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Speaker 5: score for most of the first After Troit went up

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Speaker 5: by ten in the third quarter, Knicks rallied took a

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Speaker 5: couple of narrow, short lived leads in the fourth, but

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Speaker 5: the Pistons, facing eliminations, stayed alive, winning one of six

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Speaker 5: to one oh three. The Knicks Karl Anthony Towns knows

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Speaker 5: nothing in this series has come easy.

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Speaker 6: We haven't put ourselves in a position to get a

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Speaker 6: commanding win, you know, We've we've been very gritty this

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Speaker 6: whole series and physical, and it's allowed us to find

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Speaker 6: a way a lot of times to win. I think

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Speaker 6: what was the differential in Detroit, like three?

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Speaker 5: Indeed, they won by two points and then by one,

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Speaker 5: and then last night lost by three, and the series

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Speaker 5: is going back to Detroit where the Pistons still haven't

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Speaker 5: won a playoff game in seventeen years. But if they

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Speaker 5: do win tomorrow, it'll be game seventh the Garden. On Saturday,

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Speaker 5: the Celtics await the series, winning Boston dominated the second half,

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Speaker 5: beat Orlando won twenty to eighty nine, won the series

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Speaker 5: four to one. Indiana moving on, finished overtime with an

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Speaker 5: eight to nothing run over the last thirty five seconds

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Speaker 5: to aus Milwaukee one nineteen one eighteen Denver beat The

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Speaker 5: Clippers won thirty one, one to fifteen. Jamal Murray scored

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Speaker 5: forty three. The season over for the Devils painful Game

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Speaker 5: five loss at Carolina, New Jersey led three to nothing,

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Speaker 5: but four minutes into the second overtime Sebastian Ajo scored.

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Speaker 5: Hurricanes won five to four, took the series in five,

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Speaker 5: also winning in the NHL Ottawa, Edmonton, and Vegas in overtime.

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Speaker 5: There was a point last night where the Mets and

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Speaker 5: Yankees were winning their games by a combined score of

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Speaker 5: twenty to nothing. Mets beat Arizona eight to three. They're

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Speaker 5: now thirteen and one at home. The Yankees won in

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Speaker 5: Baltimore fifteen to three. They began the game first three batters,

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Speaker 5: three solo home runs. Red Sox won ten to two

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Speaker 5: in Toronto. The National lost seven to sixth in Philadelphia.

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Speaker 5: John Stanshoward Bloomberg Sports, Lisa and.

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Speaker 1: Nathan Coast to Coast on Bloomberg Radio nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and The

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Speaker 1: Bloomberg Business Apple. This is Bloomberg Daybreak.

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Speaker 2: Good morning. I'm Nathan Hager. President Donald Trump has marked

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Speaker 2: his first one hundred days bank in office with a

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Speaker 2: rousing defense of his economic policies. Sweeping tariffs, cutting taxes,

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Speaker 2: and reshaping the federal government.

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Speaker 13: We're taking back our country from a.

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Speaker 3: Sick political class. They got rich selling America out and

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Speaker 3: bleeding America dry.

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Speaker 4: We don't let that happen anymore.

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Speaker 2: That was the President at a one hundred to day

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Speaker 2: rally last night in McComb County, Michigan. This morning, we

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Speaker 2: are joined by Bloomberg News Senior editor Bill Ferries.

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Speaker 10: And Bill.

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Speaker 2: After the flurry of activity we've seen since January twentieth

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Speaker 2: from the president, he's back in campaign mode. Now, what

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Speaker 2: did you take away from the rally last night?

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Speaker 13: Good morning, Good morning, Nathan, Thanks for having me. Well,

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Speaker 13: really interesting thing was this is one of President Trump's

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Speaker 13: first real opportunities to get before his supporters in a

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Speaker 13: very public way. Since we've started to see the rollout

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Speaker 13: of these tariffs, we started to see a lot of

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Speaker 13: that market volatility and a lot of questions about whether

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Speaker 13: this is the right track. We know some of his

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Speaker 13: poll numbers are down, we know consumer confidence is down,

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Speaker 13: and things like the S and P have also weakened.

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Speaker 13: So this was a chance, as you said, for him

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Speaker 13: to have another one of these campaign style rallies and

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Speaker 13: put some of the first one hundred days in perspective,

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Speaker 13: now that we're all sort of starting to digest what

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Speaker 13: these policies are now.

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Speaker 2: One element that came out last night the President said

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Speaker 2: inflations coming down, interest rates are down. Despite having a

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Speaker 2: person in the Feed he says is not really doing

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Speaker 2: a very good job. What to make of this renewed

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Speaker 2: criticism now for FED share Powell?

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Speaker 13: Yeah, I don't think he used Jay Powell's name directly,

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Speaker 13: but everyone knows who he was talking about. I don't

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Speaker 13: think despite kind of the market volatility we saw when

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Speaker 13: people thought that maybe Trump would try to fire j Powell,

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Speaker 13: I don't think he's ever going to totally let go

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Speaker 13: of this until we see the FED cutting rates to

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Speaker 13: a level that Trump is comfortable with. There are a

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Speaker 13: lot of questions about the economy in the months ahead.

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Speaker 13: We've seen companies kind of ditching their forecast for the

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Speaker 13: year as this uncertainty plays out. One thing that usually

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Speaker 13: does give the economy or at least the stock market

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Speaker 13: a boost are FED rate cuts. So I think Donald

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Speaker 13: Trump would like to see that happen to help kind

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Speaker 13: of juice things up a little bit. While the rest

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Speaker 13: of his agenda starts to play out. He says the

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Speaker 13: tariff money is rolling in. He says the tax cuts

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Speaker 13: are coming, but he I think would like to see

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Speaker 13: the Fed do what he would argue is its part

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Speaker 13: in all this.

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Speaker 2: Can we say that concerns about the economy could be

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Speaker 2: part of the reason why President Trump signed that little

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Speaker 2: bit of a reprieve for tariffs on the auto industry

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Speaker 2: at a time where he was appearing before the auto

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Speaker 2: industry obstensibly yeah, absolutely.

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Speaker 13: I mean this was a speech, a rally in the

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Speaker 13: heart in Michigan, in the heart of the auto industry,

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Speaker 13: Donald Trump kind of giving another big reprieve to auto

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Speaker 13: makers basically saying he doesn't want tariffs to stack up

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Speaker 13: on them, you know, tariffs on top of tariffs on

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Speaker 13: some of those imported cars or the parts. And also

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Speaker 13: just stepping back really like laying out a three year

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Speaker 13: roadmap on the on tariffs for auto parts. So, you know,

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Speaker 13: I think the big fear is someone who was, you know,

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Speaker 13: shopping for a car a few months ago, going back

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Speaker 13: to the dealership and seeing something that may cost thousands

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Speaker 13: of dollars more that politically would be really really tough

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Speaker 13: for this president.

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Speaker 2: All in although Bill where would you say the president

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Speaker 2: is when it comes to his focus on tariffs. So

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Speaker 2: we heard him talking about it at the rally and

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Speaker 2: again in an interview on ABC News, saying that he

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Speaker 2: thinks China is going to feel most of the burn

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Speaker 2: from the tariffs in place, even as we're starting to

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Speaker 2: see some major Chinese companies at least try to pass

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Speaker 2: on some of the added cost to consumers.

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Speaker 13: Yeah, both sides are neither side really willing to blink

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Speaker 13: here so far in this fight. That Donald Trump's saying

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Speaker 13: that he thinks China is going to quote eat these tariffs,

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Speaker 13: meaning that he thinks they'll start absorbing some of the costs.

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Speaker 13: No sign from Chinese companies like Shian and Temu, big

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Speaker 13: retailers that ship directly to a lot of Americans. No

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Speaker 13: sign that they're really going to absorb any of that.

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Speaker 13: They're trying to pass on basically all the costs they're getting.

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Speaker 13: I think we're going to have to see how some

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Speaker 13: of these one on one trade deals work out. The

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Speaker 13: administration has said Japan and India are near the top

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Speaker 13: of the list. Until you get a little more certainty

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Speaker 13: on that front, I think the jury's going to be

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Speaker 13: out on whether these tariffs are going to do a

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Speaker 13: lot of damage or actually ben fit of the US

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Speaker 13: economy and manufacturing.

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Speaker 2: This is Bloomberg Daybreak, your morning podcast on the story's

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Speaker 2: making news from Wall Street to Washington and beyond.

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Speaker 2: You can also listen live each morning starting at five

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Speaker 2: am Wall Street Time on Bloomberg eleven three to zero

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Speaker 8: And I'm Lisa Matteo. Join us again tomorrow morning for

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