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

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the latest trade moves from President

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Speaker 3: Trump aimed at China. In recent days, the President has

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Speaker 3: ordered a key government committee to curb Chinese spending on tech, energy,

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Speaker 3: and other key sectors. The administration has also proposed fees

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Speaker 3: on commercial ships made in China, and it's called on

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Speaker 3: Mexico to impose tariffs on Chinese imports. We get more

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Speaker 3: on that from Bloomberg News Senior editor Bill Ferries.

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Speaker 4: Commerce Secretary Howard Lutnik, Jamison Greer, who is the Trump's

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Speaker 4: nominee to lead the US Trade Representative Office, and another

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Speaker 4: top eight at the White House have all approached the

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Speaker 4: Mexican government with the idea of them putting tariffs on

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Speaker 4: Chinese imports, potentially as a way of avoiding US tariffs

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Speaker 4: on Mexi Can imports.

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Speaker 3: Bloomberg's Bill Ferries reports all these moves raise the risk

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Speaker 3: of ties between the US and China getting worse. After

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Speaker 3: President Trump hinted last week that a trade deal with

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Speaker 3: China may be possible.

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Speaker 2: Meantime, Nathan, the president continues to put government workers on notice.

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Speaker 2: Over the weekend, the Trump administration told at least sixteen

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Speaker 2: hundred staffers at the US Agency for International Development they

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Speaker 2: were being fired. All but a fraction of the rest

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Speaker 2: are placed on leave, and Elon Musk's Department of Government

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Speaker 2: Efficiency sent emails to more than two million federal workers

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Speaker 2: asking them to report what they did last week or

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Speaker 2: risk being fired. Multiple agencies, including the Pentagon and the

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Speaker 2: Justice Department, are telling their employees to ignore the email

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Speaker 2: for now. Republican Congressman Mike Lawler defended the Doge move

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Speaker 2: on EBC's This Week, As heard on Bloomberg Radio, a.

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Speaker 5: New administration is always going to do a review and

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Speaker 5: try to find efficiencies across the board. When you're staring

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Speaker 5: down thirty six trillion dollars in debt and counting, you know,

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Speaker 5: obviously something has.

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Speaker 2: To give be Fellow Republican Senator John Curtis has some

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Speaker 2: advice for Elon Musk.

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Speaker 5: Please put a dose of compassion in this. These are

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Speaker 5: real people, these are real lives, these are mortgages.

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Speaker 6: It's a false narrative to say we have to cut

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Speaker 6: and you have to.

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Speaker 2: Be cruel Senator Curtis appeared on CBS's Face the Nation,

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Speaker 2: which also airs each Sunday on Bloomberg Radio.

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Speaker 3: Well, Karen, Now, let's turn to politics overseas, particularly in Germany,

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Speaker 3: where conservative leader Friedrich Meritz has emerged as the winner

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Speaker 3: in Sunday's election. Preliminary results show Meritz's Center right CDU

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Speaker 3: CSU alliance one almost twenty nine percent of the vote.

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Speaker 3: Merritz says he will form a new government in less

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Speaker 3: than two months.

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Speaker 7: D the CDU and the CSU the Union. We have

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Speaker 7: won the twenty twenty five federal election. The world out

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Speaker 7: there will not wait for us, and it will not

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Speaker 7: wait for lengthy coalition talks and negotiations either.

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Speaker 3: I mean Friedrich Mertz now has to build that coalition,

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Speaker 3: which typically takes weeks, if not months. His most likely

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Speaker 3: option is the SPD party of outgoing Chancellor oll Off Schultz,

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Speaker 3: which saw its worst performance since World War Two, falling

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Speaker 3: to third place.

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Speaker 8: Well Nathan.

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Speaker 2: A dozen leaders from Europe and Canada are visiting Ukraine's

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Speaker 2: capital to mark the third anniversary of Russia's invasion. The

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Speaker 2: meeting to discuss security guarantees comes after President Vladimir Zelenski

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Speaker 2: said he would be ready to step down if it's

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Speaker 2: secured piece for his country.

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Speaker 6: YESLKRENI give to achieve piece. You really need me to

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Speaker 6: give up my post. I'm ready.

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Speaker 9: I can trade it for NATO if there are such conditions.

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Speaker 2: Ukrainian President Zelenski speaking there through an interpreter. Meanwhile, French

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Speaker 2: President Emmanuel Macron and uk Prime Minister Keir Starmer will

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Speaker 2: meet with President Trump this week as they try to

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Speaker 2: clinch a European role in the ongoing talks between Washington

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Speaker 2: and Moscow on ending Russia's war with Ukraine, and as.

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Speaker 3: The war continues Karen, two of Trump's top advisors, Defense

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Speaker 3: Secretary Pete Hegseth and National Security Advisor Mike Waltz, are

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Speaker 3: declining to describe Russia as the aggressor. Here's Defense Secretary Hegseth.

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Speaker 3: My question is does.

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Speaker 10: All the finger pointing and par clutching make peace more likely?

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Speaker 10: That's the enduring question. The President is asking. He wants peace,

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Speaker 10: and if that's the case, you've got to stare down

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Speaker 10: the Russians in Vladimir Putin and who they've chosen to

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Speaker 10: negotiate and have earnest conversations about difficult things about security guarantees,

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Speaker 10: about twenty fourteen borders, what those will look like about

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Speaker 10: NATO member, same thing with Ukraine, constructively and productively. So

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Speaker 10: standing here and saying you're good, you're bad, You're a dictator,

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Speaker 10: you're not a dictator.

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Speaker 6: You invaded, you didn't. It's not useful, it's not productive.

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Speaker 3: Defense Secretary Pete Hegseth made those comments on Fox News Sunday,

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Speaker 3: which can be heard Sundays on Bloomberg Radio.

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Speaker 2: Let's turn to the markets now, Nathan Futures. They're moving

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Speaker 2: higher as you begin a new trading week. The biggest

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Speaker 2: potential market moving event comes on way Wednesday, and that's

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Speaker 2: when Ai Darling in Vidia reports earnings. Cameron Dawson, as

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Speaker 2: chief investment officer at New Edge Wealth, there is.

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Speaker 11: A lot of writing on in Nvidia being able to

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Speaker 11: deliver upside to the earning investments, to effectively call markets

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Speaker 11: to say nothing to see here. We still have very strong.

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Speaker 2: Demand, which just.

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Speaker 11: Means that if there's even a sliver of slight weakness

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Speaker 11: or a sliver of coming in under the expectations, it

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Speaker 11: certainly raises the potential for further downside volatility within Nvidia.

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Speaker 2: New Edge wealthy chief investment Officer Cameron Dawson, and VIDIA

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Speaker 2: has more than tripled since October twenty twenty three to

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Speaker 2: become a three point three trillion dollar behemoth. The rally

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Speaker 2: has turned it into the second biggest member of the

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Speaker 2: S and P five hundred.

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Speaker 6: Well, Karen.

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Speaker 3: Over the weekend, we got earnings from another behemoth, Warren

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Speaker 3: Buffett's Berkshire Hathaway. Operating earning surged seventy one percent in

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Speaker 3: the fourth quarter, and Buffett's cash hoard grew for the

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Speaker 3: tenth quarter in a row to a record three hundred

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Speaker 3: and thirty four billion dollars. The billionaire continues to refrain

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Speaker 3: from major stock transactions. In the fourth quarter, Berkshire was

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Speaker 3: in that cellar of six point seven billion dollars worth

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Speaker 3: of shares.

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Speaker 2: Well, Nathan, We're getting the tally on how much New

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Speaker 2: York City congestion pricing is taking in even as its

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Speaker 2: future remains in doubt, and we get the latest with

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Speaker 2: the Bloomberg's John Tucker.

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Speaker 6: John, good morning, and good.

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Speaker 12: Morning, Karen. The Metropolitan Transportation Authority, which manages the city's

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Speaker 12: transit networks, as New York's first in the nation, congestion

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Speaker 12: pricing brought in forty eight point six million dollars in

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Speaker 12: its first month of operation and the ubiquitous totaling gantries.

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Speaker 12: They're going to continue operating despite President Trump's announcement He's

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Speaker 12: going to kill it. With that promise from Trump has

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Speaker 12: left Governor Cathy Hochel spoiling for a fight.

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Speaker 13: With a tweet he claims that he is the king

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Speaker 13: and therefore he has the power to destroy it.

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Speaker 12: Hockel was on Face the Nation heard on Bloomberg Radio.

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Speaker 12: She met with the President Friday at the White House.

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Speaker 12: She suggested that meeting went nowhere. The governor and the

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Speaker 12: MTA are suing the Trump administration to keep congestion tolls

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Speaker 12: in place. The money raised is intended for subway improvements.

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Speaker 12: I'm John Tucker Bloomberg Radio.

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Speaker 2: It is time now for a look at some of

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Speaker 2: their stories making news in New York and around the world,

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Speaker 2: and for that we're joined by Bloomberg's Michael Barr. Michael,

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Speaker 2: Good Morning.

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Speaker 13: Good morning, Karen. The Vatican says Pope Francis remains in

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Speaker 13: critical condition and blood tests show early kidney failure. Doctors

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Speaker 13: also say the Pope past chronic underlying lung conditions but

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Speaker 13: the Holy See Press Office says he is alert and

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Speaker 13: well oriented. He even participated in a mass at the

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Speaker 13: hospital at a small chapel. Meanwhile, religious leaders, including Archbishop

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Speaker 13: of New York Cardinal Timothy Dolan, offered their thoughts and

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Speaker 13: prayers during the gatherings of the faithful yesterday. So our

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Speaker 13: Holy Father Pope Francis is in very, very fragile health

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Speaker 13: and probably close to death. Pope Francis, who is eighty eight,

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Speaker 13: remains on oxygen support. New York City Police say they

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Speaker 13: have recovered victims from a deadly boat accident on the

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Speaker 13: outer edge of New York Harbor. Authority say the boat capsize,

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Speaker 13: leaving three people dead, one missing, and two others injured.

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Speaker 13: One is in critical condition. Alicia Adamas found out her father, Cecilio,

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Speaker 13: did not survive.

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Speaker 2: He's that man and everybody will remember him as that

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Speaker 2: man because he always risks his life trying to help

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Speaker 2: other people.

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Speaker 13: Alicia Adamas is waiting for the Coastguard and the New

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Speaker 13: York Police Department to find out what caused the boat

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Speaker 13: to sink. The sister in law of Israeli hostage eight

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Speaker 13: On Horn is urging the government to negotiate the release

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Speaker 13: of all the remaining Hamas held captives. Dalia Kussner is

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Speaker 13: Ayton is not expected to be released during the first

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Speaker 13: phase of the ceasefire.

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Speaker 3: We hope and need, and pray and beg to continue

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Speaker 3: this dynamic of releasing more and more and more hostages.

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Speaker 13: Talks on the second phase have yet to begin and

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Speaker 13: are likely to be harder. The Papal Thriller Conclave won

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Speaker 13: Best Ensemble at last night Screen Actors Guild Awards. Ray

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Speaker 13: Fines accepted the award on behalf. It made a lighthearted

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Speaker 13: moment referencing the plot of the film.

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Speaker 3: I've not been elected to speak, I've been designated to

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Speaker 3: speak on behalf of our Conclave.

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Speaker 13: The drama is up for eight Academy Awards. The Oscar

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Speaker 13: is set to be handed out next Sunday. Timothy Charalamaye

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Speaker 13: won Best Male Actor. To Me Moore won Best Actress.

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Speaker 13: Global News twenty four Hours a Day and Whenever you

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Speaker 13: want it with the Bloomberg News Now, I'm Michael Barne.

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Speaker 13: This is Bloomberg Caroen.

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Speaker 2: Sorry, Michael barr thank you time now for the Bloombergy

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Speaker 2: Sports update, brought to you by tri State OUTI here's

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Speaker 2: John Stash hour, John, Good morning.

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Speaker 8: Good morning. Hereing three best teams in the NBA, in

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Speaker 8: no particular order. Cleveland, Oklahoma City and Boston Nicks have

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Speaker 8: played seven games against those teams that are all one seven,

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Speaker 8: all but one of the losses by double digits. If

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Speaker 8: they're getting blown out by the calv of the Celtics

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Speaker 8: one eighteen, one oh five, they are now nineteen in

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Speaker 8: the first quarter, later filled by twenty seven did cut

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Speaker 8: the deficit to six.

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Speaker 13: We got no closer.

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Speaker 8: Jason Tatum led the self twenty five points and assists,

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Speaker 8: shy of a triple double for the k Next, Coly

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Speaker 8: Anthony Towns twenty four points, eighteen rebounds. Cavs and Thunder

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Speaker 8: both won. Cleveland leads the East at forty seven and

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Speaker 8: ten and Okay Seeley's the West had forty six and ten.

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Speaker 8: The Rangers came out of the break with that eight

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Speaker 8: to two loss in Buffalo. They went to Pittsburgh got

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Speaker 8: a much needed five to three win. Adam Fox snapped

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Speaker 8: a tie with eight and half minutes to go. Devils

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Speaker 8: won five nothing at Nashville. Islanders lost to Dallas four

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Speaker 8: to three. In Washington's seven to three rounf over Edmonton,

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Speaker 8: the hat trick for Alex Ovechka. Now eight hundred and

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Speaker 8: eighty two career goals, he needs thirteen more to break

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Speaker 8: Wayne Gretzky's record. This story book season for Saint John's

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Speaker 8: continues a second victory over a two time defending Nashville

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Speaker 8: champion in Yukon and eighteen point halftime lead in eighty

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Speaker 8: nine seventy five win at the Garden. All five Saint

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Speaker 8: john starters were in double figures.

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Speaker 13: R Kochrik for two.

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Speaker 6: You know, tobally delighted, great Garden crowd.

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Speaker 2: Hopefully we'll sell out on a seat in the hall.

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Speaker 13: We got three games left. We want this Big East.

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Speaker 3: Crowd badly, not only for the players but for the

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Speaker 3: fans who came back like I never expected.

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Speaker 2: So we're very excited about being in the hunt that.

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Speaker 8: Big East crown first in almost forty years, nearly assured.

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Speaker 8: Now Saint John's has fifteen Big East wins. No one

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Speaker 8: else has more than twelve. Rutgers gets to five hundred

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Speaker 8: ninety five eighty five over usc The freshman Dylan Harper

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Speaker 8: twenty five points, nine assists, sixteals in Florida, Alex Bregman's

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Speaker 8: first time wearing a red Sox uniform.

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Speaker 6: He had three hits in blue.

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Speaker 8: The two on Homer John Stashawa, Bloomberg Sports.

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Speaker 6: Can maybe.

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Speaker 1: Coast to coast on Bloomberg Radio nationwide on Serious Exam

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

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

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Speaker 6: Good morning. I'm Nathan Hagrin. It is a new morning

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Speaker 6: in Germany.

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Speaker 3: Conservative leader Friedrich Meritz has emerged the winner in this

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Speaker 3: week's national elections, handing all off Schultz and his center

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Speaker 3: left Social Democrats their worst defeat since World War Two,

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Speaker 3: and now Meritz is promising to move quickly to form

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Speaker 3: a new government.

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Speaker 7: The world out there will not wait for us, and

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Speaker 7: it will not wait for lengthy coalition talks and negotiations either.

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Speaker 3: Conservative Friedrich Merritt spoke through an interpreter following the election

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Speaker 3: win for more. We are joined from Berlin by Bloomberg

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Speaker 3: Daybreak Europe anchor Stephen Carroll. Stephen, good morning. What is

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Speaker 3: the difficulty ahead for Friedrich Mehertz to form this coalition?

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Speaker 3: How significant a shift is this from the Social Democrats

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Speaker 3: to this conservative block?

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Speaker 6: Good morning, good morning.

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Speaker 9: Yeah, perhaps not a shift that far as it's likely

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Speaker 9: to be the Social Democrats that Friedrich Martz ends up

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Speaker 9: going into government with. But it is a shift from

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Speaker 9: the outgoing government, which were largely rejected by voters. The

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Speaker 9: three parties combined that made up the outgoing government in

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Speaker 9: Germany one just a third of the vote. The leaders

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Speaker 9: of all of those parties, it now seems we'll be

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Speaker 9: leaving frontline politics. We've just had an announcement from the

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Speaker 9: Green Party leader Robert Habok that he doesn't see himself

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Speaker 9: holding a role in the future leadership of that party.

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Speaker 9: So it falls too if you look at the parliamentary

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Speaker 9: arithmetic to the SPD and the CDUCSU alliance that will

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Speaker 9: form that government as well. Voters opting to support Frederick

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Speaker 9: Mertz's harder line on immigration, for example, we had that

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Speaker 9: moment during the election campaign where he put forward a

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Speaker 9: motion to Parliament to titan some border controls and controversially

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Speaker 9: secure the support of the far right AfD to get

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Speaker 9: that motion passed in one instance in parliament. This is

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Speaker 9: going to be a shift towards conservative politics in Germany.

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Speaker 9: But these are two parties that have done business in

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Speaker 9: the past. They've been in coalition before. We know that

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Speaker 9: they can work together. They have difference as opinion on

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Speaker 9: things like tax and spending, but on issues like, for example,

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Speaker 9: support for Ukraine, they are largely aligned. This is a

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Speaker 9: victory for the center, although with some notably large votes,

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Speaker 9: particularly for the far right.

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Speaker 6: Well, let's talk about that vote for the far right.

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Speaker 3: Now in second place the Alternative for Germany Party, a

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Speaker 3: party that Vice President jd Vance had met with just

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Speaker 3: before this election.

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Speaker 6: Where does this position the far right now in Germany?

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Speaker 9: Well, if you listen to their chancellor candidate Alice Fidel,

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Speaker 9: she says it positions them to overtake the CDU at

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Speaker 9: the next election. This is a massive shift, a watershed

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Speaker 9: moment in German politics, that a far right party could

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Speaker 9: score one in five votes, and that's on. Don't forget

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Speaker 9: at the turnout. That's the highest since nineteen ninety. Eighty

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Speaker 9: four percent of eligible voters turned out in Western democracy,

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Speaker 9: I think almost anywhere, that's an extremely high number. So

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Speaker 9: the idea of getting a very mobilized electorate and that

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Speaker 9: chair of the vote tells you the space that the

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Speaker 9: AfD have created for themselves in German politics. I was

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Speaker 9: at their election night event here in Berlin last night.

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Speaker 9: There was sparkle wine and beer. On arrival there was

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Speaker 9: a barbecue running outside. It was a party. Long before

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Speaker 9: the exit polls had been announced, the poles running up

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Speaker 9: to this election, which largely proved correct, had predicted they

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Speaker 9: would see this significant increase in their support. They already

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Speaker 9: have had an influence on the campaign. They're part of

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Speaker 9: the reason that we saw Frederick Martz from the Conservative

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Speaker 9: Alliance talking more about migration. Alice Videl hopes to continue

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Speaker 9: that influence in a leading party in opposition. Notable that

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Speaker 9: the firewall, as it's known in German politics that keeps

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Speaker 9: the far out out of power, has held. No party

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Speaker 9: has said they will work with the AfD, but it

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Speaker 9: will leave them with this leading opposition position in Parliament.

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Speaker 9: They will be the main voice criticizing the government and

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Speaker 9: they will be particularly targeting the CDU Conservative Alliance to

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Speaker 9: see if they can win over some of their voters

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Speaker 9: by putting extra pressure on issues like migration, which polling

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Speaker 9: tells us was one of the most important issues for

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Speaker 9: voters running into this election.

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Speaker 6: We have just thirty seconds left.

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Speaker 3: Stephen, what does this election result mean for support for

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Speaker 3: Ukraine now with the war entering its fourth year.

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Speaker 9: These are two parties who do support Ukraine. This is

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Speaker 9: going to bolster that position from the party. The question, though,

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Speaker 9: will come down to money. Where are they going to

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Speaker 9: find the money for increased defense spending as we now

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Speaker 9: know they need to make up what the US is

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Speaker 9: planning to remove. The parties do support this, although not

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Speaker 9: strictly on the same grounds. There will be a key

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Speaker 9: matter to be negotiated through that as well. Whether or

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Speaker 9: not they'll go as far as supporting joint defense spending

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Speaker 9: in the EU not clear at this point. Questions about

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Speaker 9: Germany loosening the part string still very central in those

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Speaker 9: coalition negotiations.

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Speaker 6: And I'm Nathan Hager.

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Speaker 9: Ray