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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today, Karen.

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Speaker 4: The drop in futures follows last week's three percent decline

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Speaker 4: for the S and P five hundred, as investors become

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Speaker 4: increasingly concerned about the economy, the dollars coming off its

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Speaker 4: worst week since twenty twenty two. President Trump says the

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Speaker 4: economy faces a period of transition. He is deflecting concerns

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Speaker 4: about the risks of a slowdown as his early focus

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Speaker 4: on tariffs and federal job cuts causes market turmoil. The

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Speaker 4: president was asked about recession possibility on Fox News.

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Speaker 5: I hate to predict things like that. There is a

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Speaker 5: period of transition because what we're doing is very big.

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Speaker 5: We're bringing wealth back to America. That's a big thing,

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Speaker 5: and there are always periods of it takes a little time.

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Speaker 5: It takes a little time.

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Speaker 4: President Trump's latest comments come after FED shared Jerome Powell

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Speaker 4: acknowledged increasing uncertainty on Friday, though he also said the

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Speaker 4: economy remains in a good place.

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Speaker 3: Well, Nathan. President Trump also says he's mostly lifted a

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Speaker 3: freeze on intelligence sharing with Ukraine. The President spoke to

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Speaker 3: reporters on board air Force one last night, we want.

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Speaker 6: To do anything we can to get Ukraine too serious about.

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Speaker 3: Getting something done, and the President stopped providing some intelligence

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Speaker 3: to Ukraine after an Oval Office meeting with President Vladimir

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Speaker 3: Zelenski turned into open arguing. A barrage of Russian missile

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Speaker 3: attacks in recent days has led to questions about that decision.

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Speaker 3: US and Ukrainian officials or meeting in Saudi Arabia tomorrow

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Speaker 3: to discuss reviving a critical minerals deal between the two countries, Karen.

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Speaker 4: President Trump also says there could be a deal soon

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Speaker 4: on TikTok. Let's get the details on that from Bloomberg's

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Speaker 4: John Tucker John.

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Speaker 7: Good Morning, Nathan. In response to a question on board

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Speaker 7: Airports One, the President said there is interest in TikTok's

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Speaker 7: US business.

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Speaker 6: They could be. We're dealing with four different groups and

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Speaker 6: a lot of people want it and it's up to me,

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Speaker 6: so they could be.

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Speaker 7: He didn't specify the four contenders for the business or

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Speaker 7: indicated which way he was leaning, instead of saying all

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Speaker 7: four are good. The public bidders today it include a

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Speaker 7: group led by billionaire Frank McCourt. TikTok which is owned

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Speaker 7: by China's byke Dance, faces a deadline of April fifth

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Speaker 7: to strike a deal for its US operations or be

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Speaker 7: banned from the country under a law pass during the

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Speaker 7: Biden administration. TikTok Us was estimated to be worth as

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Speaker 7: much as fifty billion dollars. Bike Dance is not indicated

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Speaker 7: any interest in selling off its US operations in New

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Speaker 7: York im John Tucker Bloomberg.

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Speaker 3: Radio, All right, John, thank you well looking north Mark

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Speaker 3: Kearney has won the race to become Canada's next prime minister.

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Speaker 3: The former Bank of Canada and Bank of England governor

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Speaker 3: will take over from Justin Trudeau after winning the contest

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Speaker 3: to lead the country's Liberal party with nearly eighty six

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Speaker 3: percent of the vote. The victory comes as trump decision

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Speaker 3: to impose US tariffs on Canada has been met with

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Speaker 3: patriotic fury and widespread boycotts of American goods, and his

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Speaker 3: acceptance speech, Carney said he would protect the country's economy

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Speaker 3: and sovereignty.

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Speaker 8: The Canadian government has rightly retaliated and is rightly retaliating

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Speaker 8: with our own tariffs that will have maximum impact in

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Speaker 8: the United States and minimum impact here in Canada, and

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Speaker 8: my government will keep our tariffs on until the Americans

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Speaker 8: show us respect.

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Speaker 3: The transfer of power to Carney from Justin Trudeau is

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Speaker 3: expected to take place within NGAGED and it's possible he

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Speaker 3: will call a national elections soon after.

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Speaker 4: Back here in US politics, Karen House Republicans have introduced

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Speaker 4: a spending build we keep the government running through September

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Speaker 4: thirtieth and avoid a shutdown at the end of this week.

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Speaker 4: President Trump is warning the GOP to allow no dissent

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Speaker 4: so the bill can pass without Democratic votes, but Pennsylvania

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Speaker 4: Republican Congressman Brian Fitzpatrick says he's not sure if he's

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Speaker 4: a yes on this Continuing Resolution or CR.

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Speaker 5: We want two party solutions, including on the CR, so

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Speaker 5: it remains to be seen whether the votes are there

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Speaker 5: or not.

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Speaker 4: Republican Brian Fitzpatrick chairs the House Problem Solvers Caucus with

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Speaker 4: New York Democrat Tom Swazi. He says the bill would

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Speaker 4: need sixty votes to pass in the Senate.

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Speaker 9: Wouldn't it be better if we all just work together

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Speaker 9: to try and find common ground? I have a full

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Speaker 9: year continuing resolution is not the normal process.

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Speaker 4: Congressman Swazi and Fitzpatrick both appeared on CBS's Face the

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Speaker 4: Nation Heard Sundays on Bloomberg Radio. I've also just heard

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Speaker 4: from Secretary of State Marco Rubio. He says eighty three

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Speaker 4: percent of programs at the US Agency for International Development

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Speaker 4: are being officially canceled. In a post on X this morning,

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Speaker 4: Rubio says the remaining eighteen percent of USAID will be

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Speaker 4: managed by the State Department.

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Speaker 3: Well, Nathan, we're looking at markets now in Wall Street.

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Speaker 3: Here's from a couple of big tech names. This week,

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Speaker 3: we get a preview with Bloomberg's Charlie Pellett.

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Speaker 2: Oracle and Adobe r on deck with a focus on

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Speaker 2: any AI comments. As for the broader earnings backdrop, Emily

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Speaker 2: Rowland is co chief investment strategist at JH Investments.

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Speaker 9: We're really not finding a meaningful shift in terms of

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Speaker 9: the earnings narrative. Analysts are penciling in about twelve percent

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Speaker 9: earnings growth in the United States this year. It's a

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Speaker 9: little bit off fifteen percent that was penciled in a

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Speaker 9: couple of months ago, but it's still pretty darn good.

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Speaker 2: Also this week, retailers including Dollar General, Williams Sonoma and

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Speaker 2: Dick's Sporting Goods in New York. Charlie Pellet, Bloomberg Radio.

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Speaker 4: All right, Charlie, thank you. The recent stock selloff may

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Speaker 4: not be over. That's according to Morgan Stanley's Mike Wilson.

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Speaker 4: He says stocks are at risk of slumping another five

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Speaker 4: percent on concerns about tariffs and lower fiscal spending. Strategist

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Speaker 4: says the S and P five hundred will hit a

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Speaker 4: low of about fifty five hundred points in the first

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Speaker 4: half of this year before recovering to sixty five hundred

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Speaker 4: by the end of the year. That target implies a

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Speaker 4: rally of thirteen percent from current levels. And we're going

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Speaker 4: to speak with Morgan Stanley's Mike Wilson tomorrow morning right

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Speaker 4: here on Bloomberg Daybreak.

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Speaker 3: Well in company news here and Nathan Tesla's shares continue

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Speaker 3: to go and reverse. They're done about three percent this morning.

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Speaker 3: Elon Musk Automaker has been backsliding in China for the

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Speaker 3: past five consecutive months, including a forty nine percent drop

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Speaker 3: in February compared to last year. It has been losing

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Speaker 3: market share to companies including China's BYD. Tesla shares have

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Speaker 3: dropped forty five percent since mid December. Time now for

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Speaker 3: look at some of the other stories making news in

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Speaker 3: New York and around the world, and for that we're

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Speaker 3: joined by Bloomberg's Michael Barr Michael good.

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Speaker 10: Morning, Good Morning Care And Israel has cut off the

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Speaker 10: electricity supply to gaz Up. The move has affected a

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Speaker 10: desalinization plant producing drinking water for part of the arid territory.

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Speaker 10: Former Deputy Assistant Secretary of Defense for the Middle East

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Speaker 10: mc mulroy they.

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Speaker 11: Have no capacity to make the food that they need

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Speaker 11: for over two million people, and now with cutting off electricity,

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Speaker 11: there's not likely a way to make clean water. So

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Speaker 11: the very essence of what people need water clean.

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Speaker 10: Waters instead wants to start negotiations on the ceasefires more

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Speaker 10: difficult second phase firefighters are battling wildfires in eastern Long Island.

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Speaker 10: New York Governor Kathy Hokeel declared a state of emergency.

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Speaker 10: The wildfires have scorched more than six hundred acres near

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Speaker 10: densely populated areas in the Hamptons. Three of the fires

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Speaker 10: are now out, a fourth is being knocked down. After

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Speaker 10: more than eighty fire departments and ten EMS units were deployed.

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Speaker 10: Dry and breezy conditions fueled the fires. Suffolk County Executive

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Speaker 10: at Remains says the White House is offering their support.

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Speaker 12: We forget that at times of crisis, times of danger,

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Speaker 12: Americans can come together and can address problems. So my

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Speaker 12: thank you, particularly to the volunteers that all showed up.

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Speaker 10: There is an investigation into the fires as possible arson.

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Speaker 10: South Korea's military says North Korea has fired several ballistic

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Speaker 10: missiles into the sea. Today's launch happened hours after South

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Speaker 10: Korea and US troops kicked off their large annual combined drills.

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Speaker 10: Spend sixty years since Bloody Sunday, when police in Alabama

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Speaker 10: beat protesters during the historic Selma to Montgomery March for

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Speaker 10: civil rights. House Democratic leader Hakim Jeffries visited Selma for

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Speaker 10: commemorative events over the weekend.

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Speaker 13: We appreciate the service and the sacrifice and the work

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Speaker 13: of John Lewis, having served with him, one who would

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Speaker 13: always tell us stumming good times and trouble times, never

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Speaker 13: give up, that's right, never give in.

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Speaker 10: House Democrats reintroduced the John R. Lewis Voting Rights Advancement Act,

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Speaker 10: named after the late Georgia congressman beaten during the March.

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Speaker 10: Global news twenty four hours a day and whenever you

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Speaker 10: want it with Bloomberg News Now. I'm Michael barrn. This

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Speaker 10: is Bloomberg Karen.

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Speaker 3: All right, Michael barr thank you time now for the

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Speaker 3: Bloomberg Sports Update, brought to you by Tri State ONDI.

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Speaker 3: Here's John stash Hour and good learning.

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Speaker 14: The Norny Caron had a good weekend for the Rangers

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Speaker 14: and their hopes of making the playoffs. They played Ottawa

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Speaker 14: and Columbus, two teams they're fighting with. They lost them both.

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Speaker 14: Blew a two goal third period lead Saturday, and then

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Speaker 14: at the Garden three times gave up two goals in

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Speaker 14: a span of less than two minutes. The Blue Jackets

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Speaker 14: won seven to three. Jonathan Quick gave up all seven

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Speaker 14: of the Rangers. Coach Peter Lobby alat.

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Speaker 15: It bounces in a different direction, or we have somebody

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Speaker 15: fall and thee the coverage breaks down, it goes to

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Speaker 15: hotmad numbers down on our zone. So it was different reasons.

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Speaker 15: Every goal was a different scenario. At the end of

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Speaker 15: the day, it's not good enough. We gave up chances

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Speaker 15: that were big and right in front of our net,

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Speaker 15: and that can happened.

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Speaker 14: If the season ended now, the Rangers would not make

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Speaker 14: the playoffs. Devils won three one at Philadelphia. Cody Glass,

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Speaker 14: just acquired from Pittsburgh, scored in his debut. The Islanders

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Speaker 14: lost at Anaheid four to one. The next without Jalen Brunson.

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Speaker 14: After two losses in LA, played tonight in Sacramento. The

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Speaker 14: Kings lost last night when the Clippers Kawhi Leonard scored

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Speaker 14: at the buzzer of overtime. Four team punts their tickets

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Speaker 14: to the NCAA tournament Drake three feet to the Missouri

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Speaker 14: Valley high Point one of the Big South Omaha the

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Speaker 14: Summit Lipscomb. The a SAM Big East Tournament begins Wednesday

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Speaker 14: at the Garden. Devonte Adams, released by the Jets, found

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Speaker 14: a new home with the LA Rams. Another wide out,

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Speaker 14: dk Metcalf, who wanted to trade out of Seattle, got

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Speaker 14: his wish. He's headed to Pittsburgh. A contract extension for

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Speaker 14: Josh Allen in Buffalo when it kicks in the NFL,

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Speaker 14: MVP will make fifty five million a year. Myles Garrett

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Speaker 14: wanted to trade out of Cleveland, but he's staying with

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Speaker 14: the Browns with an extension that goes through twenty thirty.

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Speaker 14: The Mets will start the season without starting catcher Carlos

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Speaker 14: Alvarez got a broken bone near his left wrist. They

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Speaker 14: say he'll miss six to eight weeks. Golf at Bay Hill,

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Speaker 14: Russell Henley trailed Colin Moricow by three with five holes

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Speaker 14: to play. Henley won by a shot thanks to a

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Speaker 14: chip in for eagle on the sixteenth Hall John stash

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Speaker 14: Allen Bloomberg Sports Kenn Nathan.

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Speaker 1: Coast to Coast on Bloomberg Radio nationwide on series and

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

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Speaker 1: Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning.

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Speaker 4: I'm Nathan Hager. A period of transition. It is a

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Speaker 4: phrase we are hearing more from President Trump and his

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Speaker 4: cabinet as on again, off again tariffs and government job

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Speaker 4: cuts rattle markets. But the President says he is hesitant

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Speaker 4: to predict whether his policies will lead to a recession.

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Speaker 6: Of course, you hesitate. Who knows. All I know is

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Speaker 6: is we're going to take in hundreds of billions of

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Speaker 6: dollars in tariffs, and we're going to become so rich.

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Speaker 6: You're not going to know where to spend all that money.

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Speaker 4: President Trump spoke aboard Air Force one last night and

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Speaker 4: this morning we were joined by Bloomberg News Senior editor

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Speaker 4: Bill Ferries. So, Bill, it has been kind of on again,

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Speaker 4: off again when it comes to tariffs. But when you

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Speaker 4: hear the President talk about the revenues that he says

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Speaker 4: that these duties could bring in, makes it sound as

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Speaker 4: though he's full steam ahead when it comes to tariff's

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Speaker 4: more generally the philosophy behind them.

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Speaker 16: Good morning, Hey, good morning, Nathan, Thanks for having me.

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Speaker 16: That's right. I mean we've seen a delay last week,

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Speaker 16: you know, with some of these Mexico and Canada tariffs

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Speaker 16: into April, but there are steel and aluminum tariffs coming

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Speaker 16: in or do to come in this week on Wednesday.

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Speaker 16: It seems to still be the biggest tool in President

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Speaker 16: Trump's toolbox. And I think he's also trying to signal

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Speaker 16: after we've seen the markets really reacting against the uncertainty

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Speaker 16: and the tariffs, that I think he's trying to signal

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Speaker 16: he's not super concerned about the stock market and its performance.

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Speaker 16: He says, you know, this is a transition. We heard

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Speaker 16: Commerce Secretary Howard Lutnick saying, or Scott Benson, I'm sorry,

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Speaker 16: Treasury Segrey is saying that the US economy needs to

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Speaker 16: detox from its dependence on government spending. So they seem

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Speaker 16: to be sticking with their plan, although in Trump's first

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Speaker 16: term he did care a lot about what the market did,

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Speaker 16: and maybe that pain point hasn't been hit yet.

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Speaker 4: Well, you hear the phrase a period of transition. What

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Speaker 4: is that signal when it comes to what the President

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Speaker 4: could be thinking about whether tariffs stay on more permanently.

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Speaker 4: When you think about this idea that there's going to

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Speaker 4: be an external revenue service as opposed to an internal

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Speaker 4: revenue service, Are we transitioning from a more income tax

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Speaker 4: based form of revenue bringing in or is it going

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Speaker 4: to be all about tariffs now?

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Speaker 16: Well, I think President Trump does see that as part

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Speaker 16: of the transition, and I think he's also seen some

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Speaker 16: of the turbulence we're experiencing now and possibly even a

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Speaker 16: little uptick in inflation as part of that transition that

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Speaker 16: will ultimately shift the US to a better place. But

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Speaker 16: if you remember, in his first term, he did take

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Speaker 16: that revenue, some of that revenue that was coming in

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Speaker 16: from the tariffs he put in at the time, and

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Speaker 16: he directed that to farmers who were getting hit with

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Speaker 16: retaliatory tariffs by China. And so it wasn't necessarily that

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Speaker 16: the econ ME was shifting into a different form of

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Speaker 16: private sector revenue generation, but he was taking the tariff

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Speaker 16: money and sending it to another group of Americans. This time,

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Speaker 16: of course, economists are talking about very broad impacts from

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Speaker 16: tariffs if they go into effect. I don't know if

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Speaker 16: he could do the same thing.

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Speaker 4: How can we see the approach to tariffs shift, if

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Speaker 4: at all, Now that we have a new prime minister

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Speaker 4: coming in in Canada in the form of a former

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Speaker 4: Bank of England, former Bank of Canada governor Mark Carney,

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Speaker 4: could a central banker bring a different approach from President Trump?

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Speaker 2: Well, you know Mark Carney.

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Speaker 16: He came in last night with his speech and he

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Speaker 16: said that he's going to the Canada's going to sustain

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Speaker 16: the tariffs they've already put. It's about twenty billion dollars,

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Speaker 16: so not of a massive amount, but he said he's

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Speaker 16: going to keep those in place until the US starts

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Speaker 16: treating it Canada with respect and until the US basically

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Speaker 16: dials back those tariffs. But in terms of leadership, and Canada.

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Speaker 16: You've got a new Prime minister who was at the

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Speaker 16: Bank of England during Brexit, and he was at the

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Speaker 16: Bank of Canada during the global financial crisis. So in

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Speaker 16: terms of the resume, it's someone who is really accustomed

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Speaker 16: to dealing with economic financial crises and that could be

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Speaker 16: that could help Canada navigate this situation with the Trump administration.

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Speaker 4: In our last Minute Bill, we also heard the President

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Speaker 4: say he's mostly lifted the freeze on intelligence sharing with Ukraine.

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Speaker 4: What can we expect now that we're going to have

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Speaker 4: meetings between US and Ukrainian officials on waste and the

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Speaker 4: war with Russia.

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Speaker 16: Well, I think a lot of people have questions about

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Speaker 16: what does that mean that he's mostly lifted the freeze

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Speaker 16: on intelligence sharing? But Donald Trump has signaled that he

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Speaker 16: does think President Zelenski is showing a better attitude and

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Speaker 16: is more willing to sign some sort of deal on

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Speaker 16: critical minerals and natural resources. We still don't have a

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Speaker 16: lot of details about what that agreement would be, but

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Speaker 16: I think we're going to find out when President Zelensky

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Speaker 16: is expected to be in Saudi Arabia meeting with US

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Speaker 16: officials on Tuesday.

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