WEBVTT - Trump Bashes Powell and Touts Tariffs; Amazon's Tariff Move

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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 Hagen and now I'm Laksimiteout Lisa.

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<v Speaker 2>We begin with a milestone in the second presidency of

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<v Speaker 2>Donald Trump. The President marked his one hundredth day in

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<v Speaker 2>office with a rally in Michigan, Automotive country.

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<v Speaker 3>After decades of politicians who destroyed Detroit to build up Beijing,

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<v Speaker 3>you finally have a champion for workers in the White House.

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<v Speaker 3>And instead of putting China first, I'm putting Michigan first,

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<v Speaker 3>and I'm putting America.

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<v Speaker 2>For President Trump told the crowd in Warren, Michigan that

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<v Speaker 2>his program of sweeping tariffs will unleash economic growth and

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

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<v Speaker 4>And inflation is basically down, and interest rate came.

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<v Speaker 5>Down despite the fact that I have a FED person.

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<v Speaker 4>Who's not really doing a good job.

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<v Speaker 6>But I won't say that.

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<v Speaker 7>I want to be very nice.

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<v Speaker 3>I want to be very nice and respectful to the FED.

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<v Speaker 2>President Trump's rally came hours after he signed a bit

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<v Speaker 2>of relief from some of his tariffs for the auto industry,

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<v Speaker 2>including a two year reduction in twenty five percent duties

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<v Speaker 2>on foreign parts for cars made in the US Banathan.

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<v Speaker 8>President Trump is sticking to his overall tariff plan, including

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<v Speaker 8>one hundred and forty five percent levies on Chinese imports.

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<v Speaker 8>In an interview with ABC News, the President said he

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<v Speaker 8>does not think they'll hurt American consumers.

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<v Speaker 4>China probably will eat those tariffs, but at one hundred

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<v Speaker 4>and forty five they basically can't do much business with

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<v Speaker 4>the United States, and they were making.

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<v Speaker 7>From US a trillion dollars a year.

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<v Speaker 4>They were ripping us off like nobody's ever ripped us off.

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<v Speaker 9>Well.

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<v Speaker 8>Still, the President acknowledge the tariffs amount to a near

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<v Speaker 8>embargo on trade with China. He says Beijing deserves it

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<v Speaker 8>and Lisa.

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<v Speaker 2>Reaction is pouring in this morning to President Trump's speech

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<v Speaker 2>and his first one hundred days in office. Jeanie Sheienzano

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<v Speaker 2>is a political contributor at Bloomberg.

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<v Speaker 9>His support and approval in terms of his handling on

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<v Speaker 9>the economy has draped in this last one hundred days,

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<v Speaker 9>and that's why he's attacking the pollsters. And I think

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<v Speaker 9>he's really missing an important opportunity. This is his first

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<v Speaker 9>time on the road since he became president. His first

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<v Speaker 9>big rally in a swing state to explain to the

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<v Speaker 9>American public this thing that he cares so deeply about,

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<v Speaker 9>which is tariffs. He reiterated again to these interviewers in

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<v Speaker 9>the last few days, he is deeply committed to this

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<v Speaker 9>tariff regime.

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<v Speaker 2>Bloomberg political contributor Genie Sheianzo notes the polls show voters

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<v Speaker 2>wary of President Trump's economic agenda in Michigan. Trump dismissed

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<v Speaker 2>the surveys as biased against him.

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<v Speaker 8>Well, Nathan, Amazon says it will not display the cost

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<v Speaker 8>of US tariff's on products. That's after the White House

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<v Speaker 8>blasted the reported move and President Donald Trump called Jeff

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<v Speaker 8>Bezos to complain. Speaking outside the White House, Trump described

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<v Speaker 8>his call with the Amazon founder.

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<v Speaker 3>Great Jeff Bezos was very nice.

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<v Speaker 5>He was terrific.

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<v Speaker 3>He solved the problem very quickly, and he did the

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<v Speaker 3>right thing, and it's a good guy.

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<v Speaker 10>Well.

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<v Speaker 8>That rebuke was sparked by an earlier punch Bowl News

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<v Speaker 8>report that the e commerce giant would soon begin displaying

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<v Speaker 8>the cost of US tariffs on individual products next to

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<v Speaker 8>the total listed price.

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<v Speaker 2>Well, Lisa, we may be starting to see the cost

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<v Speaker 2>of tariffs on China, and now the country's factory activity

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<v Speaker 2>slipped into its worst contraction since December of twenty twenty three.

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<v Speaker 2>Economists are calling for a speedy policy boost. Some are

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<v Speaker 2>forecasting a significant economic slow down this quarter that could

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<v Speaker 2>trigger more stimulus and.

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<v Speaker 8>Turning to the markets future is lower. This is after

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<v Speaker 8>a six straight day of gains on Wall Street and

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<v Speaker 8>it'll be another busy day for earnings with fifty companies

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<v Speaker 8>in the S and P five hundred reporting, and they

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

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<v Speaker 8>get a preview from Bloomberg's tom.

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<v Speaker 11>Buzby Microsoft, It's expected to post positive results, but there

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<v Speaker 11>are concerns that growth and it's as your cloud computing

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<v Speaker 11>unit could be at the low end of guidance, signaling

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<v Speaker 11>of further deceleration in the fourth quarter amid a slow

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<v Speaker 11>down a data center and AI spending. That's after it

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<v Speaker 11>canceled leases on new server farms and slowed construction on

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<v Speaker 11>landed already owns. Bloomberg consensus calls for revenue of sixty

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<v Speaker 11>eight point forty eight billion on adjusted earnings per share

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<v Speaker 11>of three dollars and twenty one cents. Tom buzzby Bloomberg Radio.

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<v Speaker 2>Okay, Tom thank you While we wait for those Microsoft results.

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<v Speaker 2>Let's catch updated on some stocks on the move following earnings.

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<v Speaker 2>Shares of super Micro Computer are down fifteen and a

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<v Speaker 2>quarter percent. The server maker gave preliminary results that fell

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<v Speaker 2>well short of analyst estimates. Super Micro had previously been

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<v Speaker 2>a favorite of AI obsessed investors. Now it attributes its

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<v Speaker 2>underperformance to customers delaying purchases.

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<v Speaker 8>And Nathan shares of Snap They're down fourteen percent. The

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

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<v Speaker 8>It also declined to issue a sales forecast for the

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<v Speaker 8>current period due to macroeconomic headwinds affecting its advertising business.

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

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<v Speaker 2>The coffee chain posted earnings below estimates. The same store

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<v Speaker 2>sales declined one percent in the quarter.

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<v Speaker 8>And it's also a busy morning for earnings in Europe,

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<v Speaker 8>with some big banks reporting. Let's go to London and

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<v Speaker 8>get the very latest with Bloomberg's You on Pots, Good

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<v Speaker 8>Morning You on.

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

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<v Speaker 12>and Barclay's all smashing estimates today. Volatility is the word

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<v Speaker 12>of the moment, with whip sorry markets driving returns.

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<v Speaker 13>In the first quarter.

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<v Speaker 12>In Switzerland, UBS Group's markets unit posted a record performance,

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<v Speaker 12>with equities and FX trading revenue up thirty two percent.

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<v Speaker 12>Here in London, Barclay's dock traders cashed in with their

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<v Speaker 12>best quarter in almost three years. But over in Spain,

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<v Speaker 12>Santander's shares lower today despite a beat on net income,

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

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<v Speaker 12>perhaps the sign of things to come as the ECB

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<v Speaker 12>cuts rates. Lisa and Nathan now you.

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<v Speaker 8>And Donald Trump's tariff's also causing some European carmakers to

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<v Speaker 8>scrap their guidance.

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<v Speaker 12>Yeah Away from the trading desks, the mood on the

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<v Speaker 12>factory floors of Europe's biggest automakers is a lot gloomier.

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<v Speaker 12>Donald Trump's tariffs have prompted several large carmakers to withdraw

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<v Speaker 12>their financial guidance, jeep Onus Delantis and Germany's Mercedes Benz

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<v Speaker 12>Group pulling their forecast for this year, citing the duties

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<v Speaker 12>as they up end supply chains and drive up car

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<v Speaker 12>prices around the world. Volkswagen left its outlooked largely unchanged,

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<v Speaker 12>but warned its forecast doesn't factory in the impact of

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

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<v Speaker 12>Bloomberg Radio.

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<v Speaker 5>Okay you and thank you.

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<v Speaker 2>Back here in the US, we're waiting for a key

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<v Speaker 2>reading on the economy. The government reports first quarter economic

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<v Speaker 2>growth before the opening bell. Economists to forecasting a sharp

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

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<v Speaker 2>The median forecast is for a drop of two tenths

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<v Speaker 2>of one percent.

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<v Speaker 8>All right, time now for a look at some of

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<v Speaker 8>the other stories making news in New York and around

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

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<v Speaker 4>Hey.

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<v Speaker 8>There, Michael Hey.

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<v Speaker 10>Lisa, the first accuser in Disgrace movie mogul Harvey Weinstein's

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<v Speaker 10>sexual assault retrial, took the witness stand yesterday in Manhattan.

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<v Speaker 10>Miriam Haley told the jury that when she went to

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<v Speaker 10>meet Weinstein on the sidelines of the two thousand and

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<v Speaker 10>six Cans Film Festival, all she wanted was work. Haley

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<v Speaker 10>says Weinstein commented on her legs and asked for a massage.

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<v Speaker 10>Hailey testify that she said no. Weinstein, who is seventy

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<v Speaker 10>three is pleaded not guilty and deny sexually assaulting anyone.

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<v Speaker 10>Millions of Americans are on alert for spring storms. Severe

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<v Speaker 10>weather and possible tornadoes have already caused destruction in Missouri.

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<v Speaker 10>Outside of Springfield. Jerry Bowsow a tree fall on his

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<v Speaker 10>neighbour's home.

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<v Speaker 7>I just kept praying that it wouldn't get as bad

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<v Speaker 7>as it finally got. You couldn't hardly see anything because

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<v Speaker 7>it was so foggy. We feel far suitent, and our

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

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<v Speaker 10>There are also several flood threats from Missouri to Minnesota.

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<v Speaker 10>Over one hundred and thirty cardinals will gather at the

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<v Speaker 10>Vatican next week for the conclave to choose the next pope.

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<v Speaker 10>Vatican analysts Father Tom Reese.

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

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<v Speaker 14>who is in touch with his legacy and wants.

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<v Speaker 12>To continue it.

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<v Speaker 14>But we're not going to find anybody like Pope Francis.

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<v Speaker 14>There's just nobody like him.

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<v Speaker 10>Meanwhile, the disgraced Italian cardinal at the heart of the

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<v Speaker 10>Vatican's trial of the century, announced he was withdrawing from

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<v Speaker 10>participating in the conclave. Cardinal Angelo Bechi, who was banned

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<v Speaker 10>from the gathering after his twenty twenty three conviction on

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<v Speaker 10>finance related charges. Although he maintains his innocence, the president

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

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<v Speaker 10>long awaited reports on anti Semitism and anti Muslim bias.

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<v Speaker 10>The reports presented a scathing critique of how its students

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<v Speaker 10>treated each other in the aftermath of the Hombos attack

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<v Speaker 10>against Israel on October seventh, twenty twenty three. It comes

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<v Speaker 10>as the Cambridge, Massachusetts based school has fired back at

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<v Speaker 10>demands from the Trump administration to exert government control over

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<v Speaker 10>the school. Global News twenty four hours a day and

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<v Speaker 10>whenever you want it with the Bloomberg News Now, Michael

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<v Speaker 10>bar this Bloomberg, Lisa, Thank.

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<v Speaker 8>You, Michael. Time now for our Bloomberg Sports update. For that,

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<v Speaker 8>we bring in John's Dash Hour.

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<v Speaker 5>Thanks Lisa. Every game in this Knicks Pistons series has

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<v Speaker 5>been close, tough, physical, grinded out type games. More the

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<v Speaker 5>same game five of the Garden, both teams struggled to

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<v Speaker 5>score for most of the first After Troit went up

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<v Speaker 5>by ten in the third quarter, Knicks rallied took a

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<v Speaker 5>couple of narrow, short lived leads in the fourth, but

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<v Speaker 5>the Pistons, facing eliminations, stayed alive, winning one of six

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<v Speaker 5>to one oh three. The Knicks Karl Anthony Towns knows

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<v Speaker 5>nothing in this series has come easy.

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<v Speaker 6>We haven't put ourselves in a position to get a

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<v Speaker 6>commanding win, you know, We've we've been very gritty this

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<v Speaker 6>whole series and physical, and it's allowed us to find

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<v Speaker 6>a way a lot of times to win. I think

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<v Speaker 6>what was the differential in Detroit, like three?

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<v Speaker 5>Indeed, they won by two points and then by one,

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<v Speaker 5>and then last night lost by three, and the series

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<v Speaker 5>is going back to Detroit where the Pistons still haven't

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<v Speaker 5>won a playoff game in seventeen years. But if they

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

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<v Speaker 5>the Celtics await the series, winning Boston dominated the second half,

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<v Speaker 5>beat Orlando won twenty to eighty nine, won the series

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<v Speaker 5>four to one. Indiana moving on, finished overtime with an

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<v Speaker 5>eight to nothing run over the last thirty five seconds

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<v Speaker 5>to aus Milwaukee one nineteen one eighteen Denver beat The

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<v Speaker 5>Clippers won thirty one, one to fifteen. Jamal Murray scored

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<v Speaker 5>forty three. The season over for the Devils painful Game

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<v Speaker 5>five loss at Carolina, New Jersey led three to nothing,

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<v Speaker 5>but four minutes into the second overtime Sebastian Ajo scored.

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<v Speaker 5>Hurricanes won five to four, took the series in five,

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<v Speaker 5>also winning in the NHL Ottawa, Edmonton, and Vegas in overtime.

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<v Speaker 5>There was a point last night where the Mets and

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<v Speaker 5>Yankees were winning their games by a combined score of

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<v Speaker 5>twenty to nothing. Mets beat Arizona eight to three. They're

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<v Speaker 5>now thirteen and one at home. The Yankees won in

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<v Speaker 5>Baltimore fifteen to three. They began the game first three batters,

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<v Speaker 5>three solo home runs. Red Sox won ten to two

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<v Speaker 5>in Toronto. The National lost seven to sixth in Philadelphia.

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<v Speaker 5>John Stanshoward Bloomberg Sports, Lisa and.

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<v Speaker 1>Nathan Coast to Coast on Bloomberg Radio nationwide on Sirius XM,

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

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

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<v Speaker 2>Good morning. I'm Nathan Hager. President Donald Trump has marked

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<v Speaker 2>his first one hundred days bank in office with a

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<v Speaker 2>rousing defense of his economic policies. Sweeping tariffs, cutting taxes,

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<v Speaker 2>and reshaping the federal government.

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<v Speaker 13>We're taking back our country from a.

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<v Speaker 3>Sick political class. They got rich selling America out and

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<v Speaker 3>bleeding America dry.

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<v Speaker 4>We don't let that happen anymore.

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<v Speaker 2>That was the President at a one hundred to day

0:11:42.920 --> 0:11:46.000
<v Speaker 2>rally last night in McComb County, Michigan. This morning, we

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<v Speaker 2>are joined by Bloomberg News Senior editor Bill Ferries.

0:11:49.200 --> 0:11:49.640
<v Speaker 10>And Bill.

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<v Speaker 2>After the flurry of activity we've seen since January twentieth

0:11:53.640 --> 0:11:57.400
<v Speaker 2>from the president, he's back in campaign mode. Now, what

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<v Speaker 2>did you take away from the rally last night?

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<v Speaker 13>Good morning, Good morning, Nathan, Thanks for having me. Well,

0:12:03.520 --> 0:12:06.880
<v Speaker 13>really interesting thing was this is one of President Trump's

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<v Speaker 13>first real opportunities to get before his supporters in a

0:12:11.800 --> 0:12:15.160
<v Speaker 13>very public way. Since we've started to see the rollout

0:12:15.160 --> 0:12:17.240
<v Speaker 13>of these tariffs, we started to see a lot of

0:12:17.240 --> 0:12:20.959
<v Speaker 13>that market volatility and a lot of questions about whether

0:12:21.040 --> 0:12:22.880
<v Speaker 13>this is the right track. We know some of his

0:12:22.960 --> 0:12:26.360
<v Speaker 13>poll numbers are down, we know consumer confidence is down,

0:12:26.440 --> 0:12:29.400
<v Speaker 13>and things like the S and P have also weakened.

0:12:29.440 --> 0:12:31.839
<v Speaker 13>So this was a chance, as you said, for him

0:12:31.880 --> 0:12:35.560
<v Speaker 13>to have another one of these campaign style rallies and

0:12:35.679 --> 0:12:38.240
<v Speaker 13>put some of the first one hundred days in perspective,

0:12:38.640 --> 0:12:42.280
<v Speaker 13>now that we're all sort of starting to digest what

0:12:42.320 --> 0:12:43.800
<v Speaker 13>these policies are now.

0:12:43.920 --> 0:12:47.520
<v Speaker 2>One element that came out last night the President said

0:12:47.600 --> 0:12:51.720
<v Speaker 2>inflations coming down, interest rates are down. Despite having a

0:12:51.760 --> 0:12:54.199
<v Speaker 2>person in the Feed he says is not really doing

0:12:54.280 --> 0:12:56.920
<v Speaker 2>a very good job. What to make of this renewed

0:12:56.920 --> 0:12:59.439
<v Speaker 2>criticism now for FED share Powell?

0:12:59.559 --> 0:13:03.000
<v Speaker 13>Yeah, I don't think he used Jay Powell's name directly,

0:13:03.120 --> 0:13:06.280
<v Speaker 13>but everyone knows who he was talking about. I don't

0:13:06.320 --> 0:13:09.960
<v Speaker 13>think despite kind of the market volatility we saw when

0:13:10.040 --> 0:13:14.280
<v Speaker 13>people thought that maybe Trump would try to fire j Powell,

0:13:15.120 --> 0:13:17.600
<v Speaker 13>I don't think he's ever going to totally let go

0:13:17.679 --> 0:13:21.360
<v Speaker 13>of this until we see the FED cutting rates to

0:13:21.440 --> 0:13:24.480
<v Speaker 13>a level that Trump is comfortable with. There are a

0:13:24.559 --> 0:13:27.079
<v Speaker 13>lot of questions about the economy in the months ahead.

0:13:27.120 --> 0:13:29.839
<v Speaker 13>We've seen companies kind of ditching their forecast for the

0:13:29.920 --> 0:13:33.640
<v Speaker 13>year as this uncertainty plays out. One thing that usually

0:13:33.720 --> 0:13:36.520
<v Speaker 13>does give the economy or at least the stock market

0:13:36.800 --> 0:13:40.080
<v Speaker 13>a boost are FED rate cuts. So I think Donald

0:13:40.120 --> 0:13:43.160
<v Speaker 13>Trump would like to see that happen to help kind

0:13:43.200 --> 0:13:46.559
<v Speaker 13>of juice things up a little bit. While the rest

0:13:46.559 --> 0:13:48.760
<v Speaker 13>of his agenda starts to play out. He says the

0:13:48.840 --> 0:13:52.160
<v Speaker 13>tariff money is rolling in. He says the tax cuts

0:13:52.160 --> 0:13:55.080
<v Speaker 13>are coming, but he I think would like to see

0:13:55.280 --> 0:13:57.840
<v Speaker 13>the Fed do what he would argue is its part

0:13:57.880 --> 0:13:58.280
<v Speaker 13>in all this.

0:13:58.480 --> 0:14:00.880
<v Speaker 2>Can we say that concerns about the economy could be

0:14:00.920 --> 0:14:03.920
<v Speaker 2>part of the reason why President Trump signed that little

0:14:03.960 --> 0:14:07.040
<v Speaker 2>bit of a reprieve for tariffs on the auto industry

0:14:07.080 --> 0:14:09.880
<v Speaker 2>at a time where he was appearing before the auto

0:14:09.960 --> 0:14:12.840
<v Speaker 2>industry obstensibly yeah, absolutely.

0:14:12.440 --> 0:14:14.559
<v Speaker 13>I mean this was a speech, a rally in the

0:14:15.120 --> 0:14:17.640
<v Speaker 13>heart in Michigan, in the heart of the auto industry,

0:14:18.520 --> 0:14:21.880
<v Speaker 13>Donald Trump kind of giving another big reprieve to auto

0:14:21.960 --> 0:14:25.400
<v Speaker 13>makers basically saying he doesn't want tariffs to stack up

0:14:25.400 --> 0:14:29.280
<v Speaker 13>on them, you know, tariffs on top of tariffs on

0:14:29.320 --> 0:14:33.280
<v Speaker 13>some of those imported cars or the parts. And also

0:14:33.520 --> 0:14:36.120
<v Speaker 13>just stepping back really like laying out a three year

0:14:36.240 --> 0:14:40.880
<v Speaker 13>roadmap on the on tariffs for auto parts. So, you know,

0:14:40.920 --> 0:14:43.520
<v Speaker 13>I think the big fear is someone who was, you know,

0:14:43.560 --> 0:14:45.600
<v Speaker 13>shopping for a car a few months ago, going back

0:14:45.640 --> 0:14:48.520
<v Speaker 13>to the dealership and seeing something that may cost thousands

0:14:48.560 --> 0:14:51.200
<v Speaker 13>of dollars more that politically would be really really tough

0:14:51.240 --> 0:14:51.920
<v Speaker 13>for this president.

0:14:52.160 --> 0:14:54.240
<v Speaker 2>All in although Bill where would you say the president

0:14:54.320 --> 0:14:57.120
<v Speaker 2>is when it comes to his focus on tariffs. So

0:14:57.120 --> 0:14:58.960
<v Speaker 2>we heard him talking about it at the rally and

0:14:59.160 --> 0:15:02.200
<v Speaker 2>again in an interview on ABC News, saying that he

0:15:02.280 --> 0:15:04.840
<v Speaker 2>thinks China is going to feel most of the burn

0:15:05.480 --> 0:15:07.600
<v Speaker 2>from the tariffs in place, even as we're starting to

0:15:07.600 --> 0:15:10.360
<v Speaker 2>see some major Chinese companies at least try to pass

0:15:10.360 --> 0:15:12.880
<v Speaker 2>on some of the added cost to consumers.

0:15:13.840 --> 0:15:17.240
<v Speaker 13>Yeah, both sides are neither side really willing to blink

0:15:17.280 --> 0:15:20.280
<v Speaker 13>here so far in this fight. That Donald Trump's saying

0:15:20.280 --> 0:15:23.440
<v Speaker 13>that he thinks China is going to quote eat these tariffs,

0:15:24.000 --> 0:15:27.400
<v Speaker 13>meaning that he thinks they'll start absorbing some of the costs.

0:15:27.640 --> 0:15:32.000
<v Speaker 13>No sign from Chinese companies like Shian and Temu, big

0:15:32.040 --> 0:15:35.120
<v Speaker 13>retailers that ship directly to a lot of Americans. No

0:15:35.200 --> 0:15:38.080
<v Speaker 13>sign that they're really going to absorb any of that.

0:15:38.120 --> 0:15:41.120
<v Speaker 13>They're trying to pass on basically all the costs they're getting.

0:15:41.520 --> 0:15:43.200
<v Speaker 13>I think we're going to have to see how some

0:15:43.240 --> 0:15:47.280
<v Speaker 13>of these one on one trade deals work out. The

0:15:47.760 --> 0:15:50.360
<v Speaker 13>administration has said Japan and India are near the top

0:15:50.400 --> 0:15:52.760
<v Speaker 13>of the list. Until you get a little more certainty

0:15:52.760 --> 0:15:54.920
<v Speaker 13>on that front, I think the jury's going to be

0:15:54.960 --> 0:15:57.960
<v Speaker 13>out on whether these tariffs are going to do a

0:15:58.000 --> 0:16:01.320
<v Speaker 13>lot of damage or actually ben fit of the US

0:16:01.320 --> 0:16:02.600
<v Speaker 13>economy and manufacturing.

0:16:02.680 --> 0:16:06.080
<v Speaker 2>This is Bloomberg Daybreak, your morning podcast on the story's

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