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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: Caarent we begin with election results in two key states.

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Speaker 3: We'll start in Wisconsin, where voters picked a state Supreme

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Speaker 3: Court justice in a race that billionaire Elon Musk poured

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Speaker 3: roughly twenty million dollars into. With ninety eight percent of

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Speaker 3: the votes counted, Musk's preferred candidate, Brad Schimmel, lost to

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Speaker 3: Democrat backed Susan Crawford fifty five to forty five percent.

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Speaker 4: Wisconsin's stood up and said loudly that justice does not

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Speaker 4: have a price. Our courts are not for sale.

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Speaker 3: Susan Crawford's campaign did raise twenty four point six million

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Speaker 3: dollars that was more than double shimmeles hall. Shimmel told

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Speaker 3: his supporters that he called Crawford to concede.

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Speaker 5: We will rise again. We'll get up to fight another day.

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Speaker 5: But this wasn't our day.

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Speaker 3: Brad Shimmel's defeat heaps of four to three liberal majority

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Speaker 3: in place in Wisconsin Supreme Court. The result could have

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Speaker 3: implications and cases on abortion rights and labor laws, along

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Speaker 3: with congressional redistricting ahead of next year's midterm election.

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Speaker 2: Well Nathan Republicans had a better night in Florida. They

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Speaker 2: held onto two House seats and special elections to replace

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Speaker 2: former Congressman Matt Gates and Mike Waltz and Walts's sixth district.

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Speaker 2: Randy Fine defeated Democrat Josh will by a fourteen percentage

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Speaker 2: point margin fifty six points seven to forty two percent.

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Speaker 2: That was Bubbalo Walts's thirty three point margin of victory

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Speaker 2: in November, but Fine says it's a result that counts.

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Speaker 5: It's a special election. You have to look at the turnout.

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Speaker 3: I mean, there were twice as many people that voted.

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Speaker 5: I don't think you can read much into it. We

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Speaker 5: won by double digits. Were super excited.

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Speaker 2: And a lot with Randy Fine. Republican Jimmy Patronis be

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Speaker 2: Democrat Gay Vallamont and Matt Gates's old first district. Patronis

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Speaker 2: told his supporters there's one takeaway from the race.

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Speaker 6: This election is a reminder that Florida pay and Hando

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Speaker 6: will forever be read and it will be forever Trump country.

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Speaker 2: Jimmy Petrons won by nearly seventeen points over Vlamont fifty

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Speaker 2: six point nine to forty two point three percent, and

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Speaker 2: Gates defeated Vellamont in November by a thirty two point margin.

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Speaker 3: Well, now, Karen, let's get to the story that the

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Speaker 3: world is bracing for. President Trump's team is finalizing plans

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Speaker 3: for reciprocal tariffs. They're set to be unveiled after the

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Speaker 3: close of today's trading. We begin our global team coverage

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Speaker 3: with Bloomberg Trades are Brendan Murray.

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Speaker 7: There's a range of options that the administration is still weighing.

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Speaker 7: It starts with a very simple flat rate for all

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Speaker 7: countries across the board. Twenty percent has been thrown around.

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Speaker 7: Then there's a tiered system where you divide countries into

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Speaker 7: say three groups, and in each group gets a different

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Speaker 7: tariff rate, or there's the customized each country gets its

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Speaker 7: own tariff rate route that the president could go. He's

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Speaker 7: got all these options on the table. From what we

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Speaker 7: hear from his advisors is he hasn't made that decision yet.

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Speaker 3: Bloomberg's Brandan Murray says the tariffs are expected to take

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Speaker 3: immediate effect, with countries able to negotiate to bring rates

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Speaker 3: down A Trump trade advisor says the President say mcdrey

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Speaker 3: seven hundred billion dollars a year in tariff revenue.

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Speaker 2: Well, Nathan, how will the world react to the Trump tariffs?

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Speaker 2: The European Union is expected to be one of the

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Speaker 2: hardest hit by the US Bloombers Oliver Crook continues our

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Speaker 2: Global team coverage in Berlin.

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Speaker 8: We I think, unfortunately for the EU, just like everybody else,

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Speaker 8: you know, everybody knows what it's called Liberation Day, but

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Speaker 8: they don't know what's in it, So that what they've

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Speaker 8: got to do is sort of produce a menu of

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Speaker 8: different options given what the potential moves of the truff

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Speaker 8: indipation could be, and basically be ready to deploy them,

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Speaker 8: you know, as soon as possible. They have been taking

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Speaker 8: a slightly more measured approach than the EU has in

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Speaker 8: the past in terms of these trading discussions with the

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Speaker 8: Trump administration.

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Speaker 5: They want to take a measured response.

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Speaker 8: You know, we heard from Ursula vonder lyon the President

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Speaker 8: of the U Commissioned yesterday saying that basically, you know

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Speaker 8: what we've heard from the EU from the very beginning.

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Speaker 8: We didn't start this, we don't want this, We want

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Speaker 8: to negotiate.

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Speaker 5: A deal, but at the end of the day, we.

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Speaker 8: Will respond, and we will respond powerfully if we if

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Speaker 8: we have to.

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Speaker 2: Bloomberg's Oliver Kruk says one of the most extreme retaliations

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Speaker 2: by the EU could be the first ever use of

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Speaker 2: its anti coercion instrument, which could lead to restrictions beyond

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Speaker 2: trade and services.

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Speaker 3: And Karen Asia is also anxiously awaiting the tariff announcement.

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Speaker 3: Bloomberg Steven Engle has that angle. As we continue our

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Speaker 3: global team coverage from Hong Kong.

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Speaker 9: Right now, we know that President she Jenping has essentially

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Speaker 9: instructed his bureaucras to remain calm through this period wait

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Speaker 9: to hear what those reciprocal tariffs will do to China tariffs, which,

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Speaker 9: of course the Trump administration Version two point zero has

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Speaker 9: added twenty percent because of the fentanyl issues. So they're

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Speaker 9: bracing for the worse and the better outcomes. The problem

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Speaker 9: is there hasn't been a lot of high level negotiations

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Speaker 9: or even discussions between the two sides.

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Speaker 3: Bloomberg Steven Engl in Hong Kong says China thinks the

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Speaker 3: tariffs already in place are unjustified.

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Speaker 10: Well.

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Speaker 2: Nathan Canada is also bracing for the extent of Trump's

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Speaker 2: terar riffs. Bloomberg's Derek da Kluid wraps up our global

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Speaker 2: team coverage from Toronto.

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Speaker 11: I'd say the mood right now in the country and

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Speaker 11: from what we can tell in the government, is both

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Speaker 11: anxiety and a little bit of curiosity because there has

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Speaker 11: not been a lot of information flow from the White

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Speaker 11: House to his trading partners about how this is going

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Speaker 11: to work. So Trump has said a lot of different

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Speaker 11: things about Canada and in his second term so far.

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Speaker 11: How high will these tariffs be and what will the

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Speaker 11: carve outs be? Will they go after Canadian oil? For example,

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Speaker 11: Canada has got a lot more at stake here than

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Speaker 11: almost every other country.

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Speaker 2: Bloomberg's Derek Dakluid reporting from Toronto, and stay tuned for

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Speaker 2: Bloomberg's alive coverage a President Trump's tariff announcement. We'll have

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Speaker 2: Kim Bleed coverage on Bloomberg Radio, Bloomberg Television, and on

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Speaker 2: the Bloomberg podcast page on YouTube.

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Speaker 3: Along with the tariffs. Camera're keeping an eye on this.

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Speaker 3: President Trump has said for months that the US will

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Speaker 3: take over Greenland one way or another. Now that rhetoric

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Speaker 3: may be turning into policy. According to The Washington Post,

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Speaker 3: the White House is drawing up a cost estimate to

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Speaker 3: take over the Arctic territory. The report says one option

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Speaker 3: being considered is to offer a sweeter deal to Greenland's

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Speaker 3: government than Denmark. The NATO ally currently subsidizes the island

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Speaker 3: to the tune of six hundred million dollars a year.

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Speaker 2: Nathan Republican lawmakers are in the process of drafting a

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Speaker 2: new tax bill behind closed doors that includes an increase

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Speaker 2: in the state and local tax deduction or salt. Bloomberg's

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Speaker 2: Amy Morris as the latest.

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Speaker 12: Sources tel Bloomberg, the bill includes a salt cap increase

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Speaker 12: of twenty five thousand dollars for an individual, a sizeable

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Speaker 12: increase from the current ten thousand dollars limit that would

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Speaker 12: be a big political victory for swing state House Republicans

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Speaker 12: representing the New York City area and southern California. Sources

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Speaker 12: say the plan also includes a renewal of President Trump's

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Speaker 12: twenty seventeen tax reductions, with possibly offsetting the increase by

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Speaker 12: reducing the deduction's corporations can claim. The plan is still

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Speaker 12: in the process of being drafted, it is not yet

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Speaker 12: final in Washington, Amy Moore as Blueberg Radio.

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Speaker 3: Amy, thank you. We now move to markets where futures

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Speaker 3: are lower. This morning, yesterday stock seek out gains as

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Speaker 3: we kicked off the second quarter.

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Speaker 5: And Maletti is.

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Speaker 3: Head of Active Equity at all Spring Global Investments. She's

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Speaker 3: bullish on stocks long term.

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Speaker 13: In this environment, it's looking for opportunity instead of risk.

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Speaker 13: I would say three months ago, we were looking for

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Speaker 13: where the risks were in the market, and that was

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Speaker 13: in concentration and speculation in a lot of those other areas.

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Speaker 13: Now it's looking for opportunities. And you know, we believe

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Speaker 13: investors should stay invested in equities. It's been the long

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Speaker 13: term place to be to win. So if you're going

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Speaker 13: to stay, where do you want to be And it's

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Speaker 13: outside of those momentum concentration speculation areas.

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Speaker 3: All Springs and Maletti ads so the Trump Administration's tariffs

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Speaker 3: will cause disruption that will lead to investment opportunities.

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Speaker 2: Well, Nathan Tesla has certainly been one of the hardest

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Speaker 2: hits so far this year, and today investors will be

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Speaker 2: getting an update on how business is fair. We had

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Speaker 2: the latest of the Bloomberg's John Tucker, John Good morning,

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Speaker 2: Good morning, Karen.

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Speaker 14: About nine am Wall Street Time, Tesla's going to report

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Speaker 14: how many vehicles it delivered during the first three months

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Speaker 14: of this year. Elon Musk Company has had a brutal

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Speaker 14: start of the year, with vandalized showrooms, paused production lines,

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Speaker 14: and tanking sales overseas. With bush handalyst Dan i'ves telling

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Speaker 14: clients in a recent note the anti Musk and brand

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Speaker 14: issues are clearly at play in a major factor. Analysts

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Speaker 14: expect Tesla delivered about three hundred and ninety thousand cars

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Speaker 14: in the first quarter, potentially it's worst quarter in a year.

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Speaker 14: Pre market Tesla shares down one percent. I'm John Tucker,

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Speaker 14: Bloomberg Radio.

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Speaker 2: Nice time now for a look at some of the

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Speaker 2: other 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, Good morning, Karin.

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Speaker 15: Democratic Senator Corey Booker of New Jersey broke the record

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Speaker 15: for the longest floor speech and recorded Senate history. I

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Speaker 15: yield the flour after more than five hours, Booker best

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Speaker 15: at Senator strom Thurman's filibuster of the Civil Rights Act

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Speaker 15: of nineteen fifty seven. Booker's speech was meant to highlight

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Speaker 15: what he called a looming constitutional crisis in the many

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Speaker 15: early actions taken by President Donald Trump in the first

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Speaker 15: weeks of his term.

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Speaker 16: We have a government now, as I said earlier, that

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Speaker 16: isn't asked not what your country can do for you,

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Speaker 16: but what you can do for your country. We have

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Speaker 16: a country now where a president says, ask not what

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Speaker 16: your country can do for you, ask what you can

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Speaker 16: do for Donald Trump.

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Speaker 15: Senator Booker invoked the late Congressman John Lewis, who organized

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Speaker 15: during the Civil Rights movement. Val Kilmer has died. The

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Speaker 15: versatile actor played Flying Ace iceman opposite Tom Cruise and

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Speaker 15: Top Gun.

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Speaker 3: You are still dangerous.

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Speaker 5: You can be my wingman anytime.

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Speaker 15: Kilmer also played Batman and Batman Forever and singer Jim

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Speaker 15: Morrison in the biopic The Doors. Kilmer's daughter says he

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Speaker 15: died in Los Angeles from pneumonia. He had been diagnosed

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Speaker 15: with throat cancer in twenty fourteen. Val Kilmer was sixty five.

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Speaker 15: US Attorney General Pam Bondi says she has directed federal

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Speaker 15: prosecutors to seek the death penalty against Luigi Mangioni, the

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Speaker 15: man accused of gunning down United Healthcare CEO Brian Thompson

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Speaker 15: outside of Manhattan Hotel on December fourth. Angioni, who was

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Speaker 15: twenty six, faces separate federal and state murder charges for

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Speaker 15: the killing. The federal charges include a charge of murder

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Speaker 15: through the use of a firearm, which carries the possibility

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Speaker 15: of the death penalty. Global News twenty four hours a

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Speaker 15: day and whenever you want it with Bloomberg News Now.

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Speaker 15: I'm Michael Barr. This is Bloomberg Carron.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Sports Update brought to you. For that, we bring

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Speaker 2: in John Stash Howard, John, good morning.

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Speaker 5: Good morning Caring.

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Speaker 10: The Yankees, looking for a four and ah start to

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Speaker 10: the season, took a four to two lead to the

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Speaker 10: eighth inn in Arizona. To that point had only one hit,

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Speaker 10: but they scored. Aron had the bases loaded as Gino's

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Speaker 10: Suarez faced Mark Lighter.

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Speaker 6: Yankee Stadium proud on its feet. Lighters two to two,

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Speaker 6: hit high and deep left field, felling ser to the

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Speaker 6: track to the wall.

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Speaker 13: He leaves.

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Speaker 5: It's gone. It's a Grand Slam for sours and.

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Speaker 9: The Diamondbacks take US seven.

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Speaker 10: Four League on TNT they won seven to five in defeat.

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Speaker 10: Three more Yankee home runs, all from youngsters Jason Dominguez,

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Speaker 10: Anthony Volfi, and Ben Rice With the Yanks, he had

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Speaker 10: only two other hits. They've hit eighteen homers in their

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Speaker 10: first four games. That's a major league record in Miami.

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Speaker 10: A game with all the story in the first four innings.

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Speaker 10: Marlins beat the Mets four to two. Nationals lost in

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Speaker 10: Toronto five to three at the guard of the next

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Speaker 10: played without Karling Anthony Towns and again their top three

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Speaker 10: point guards still completed a season sweep of Philadelphia one

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Speaker 10: oh five ninety one. Ogonanovi scored twenty seven. It'll be

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Speaker 10: tougher for the Knicks tonight in Cleveland and Boston. Alex

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Speaker 10: Loveetchkin with career goal number eight ninety one on Ken.

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Speaker 10: He scored four more times in the Capitol's last eight

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Speaker 10: games and break Wayne Gretzky's career scoring record this season.

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Speaker 10: The Caps won four to three, sixth Greight loss, with

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Speaker 10: the Islanders beaten by Tampa Bay FOURDA won the Rangers

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Speaker 10: playoff hopes dealt of law with wins by both Montreal

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Speaker 10: and Columbus. From College Hoops Buzz Williams leaving Texas A

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Speaker 10: and M to be the new coach at Meryland, replacement

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Speaker 10: Kevin Willard, who left for Villanova John Stashed.

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Speaker 5: We're Bloomberg Sports.

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Speaker 10: Karen and Nathan.

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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 5: Good morning, I'm Nathan Hager.

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Speaker 3: It is the morning after the first major elections since

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Speaker 3: President Donald Trump's return to the White House. Voters in

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Speaker 3: Wisconsin and Florida delivered a split decision for the national parties.

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Speaker 3: Republicans held onto a pair of House seats in the

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Speaker 3: Sunshine State, while Democrats scored a win backing Susan Crawford

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Speaker 3: in a Wisconsin Supreme Court race that pitted her against

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Speaker 3: Brad Shimmel and about twenty million dollars in spending by

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Speaker 3: Elon Musk Wisconsin.

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Speaker 4: I spended off an unprecedented attack on our democracy.

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Speaker 3: That was Susan Crawford in her victory speech last night

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Speaker 3: in Wisconsin. Joining us this morning from Washington, Terry Haines,

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Speaker 3: the founder of Pangaeopolicy, Terry course that was the message

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Speaker 3: that Susan Crawford wanted to send. What was the message

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Speaker 3: that you received from the Wisconsin vote last night?

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Speaker 5: Morning?

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Speaker 6: Hi, good morning, Nathan. It's a split decision, as you say,

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Speaker 6: and you know, the expected results happened. So Uh, these

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Speaker 6: things are usually touted by the established parties and their workers, Uh,

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Speaker 6: you know, to to provide a sense of direction overall.

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Speaker 2: Uh.

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Speaker 6: If I were Democrats, I wouldn't be taking much of

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Speaker 6: anything from this.

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Speaker 2: Uh.

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Speaker 6: Uh miss Crawford wanted in Wisconsin. Uh, the Minnesota sor

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Speaker 6: excuse me, the Wisconsin Supreme Court stays as it is.

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Speaker 6: The ballance in Florida stays as it is. And with

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Speaker 6: one hundred excuse me, with half the votes in one district,

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Speaker 6: for example, the Republicans still won by almost sixty percent,

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Speaker 6: So you know, net it's a draw. But more importantly,

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Speaker 6: this says nothing about the direction of travel in Washington.

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Speaker 3: Well, what does it save, Terry about the brand of

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Speaker 3: Elon Musk style politics? Point tens of millions of dollars

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Speaker 3: and you know, giving away money to voters in some

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Speaker 3: of these races, does that still have legs on a

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Speaker 3: national level?

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Speaker 6: Well, you know, it's both parties do this. Musk is

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Speaker 6: a relatively new and high profile adherent to this, but

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Speaker 6: there are lots and lots of similar Democrat organizations that

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Speaker 6: do much of the same thing. They do it with

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Speaker 6: a little less splash than Musk does. But you know,

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Speaker 6: I think the parties will continue to welcome those kinds

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Speaker 6: of donors. Dark money is still out there, baxed owners

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Speaker 6: are still out there. These kinds of things have frankly

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Speaker 6: the maximum effect in special elections such as this, which

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Speaker 6: is precisely why you can't really read much of anything

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Speaker 6: about the public reaction from special elections of this kind.

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Speaker 3: And the special elections in Florida, Republicans did hold onto

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Speaker 3: those House seats, but by narrower margins than in November.

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Speaker 5: Should that be a concern for Republicans?

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Speaker 6: You know, I wouldn't be. I would always be concerned

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Speaker 6: about new members going from a special into their first

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Speaker 6: major race. The midterms in twenty twenty six are going

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Speaker 6: to be a very different environment than a special election,

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Speaker 6: and so those candidates need to be brought in and

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Speaker 6: they need to be frankly stood up and made into

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Speaker 6: better candidates.

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Speaker 3: Just thirty seconds, Terry, but we're hearing President Trump's tariff

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Speaker 3: decisions coming down to the wire before the four pm

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Speaker 3: Wall Street Time announcement.

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Speaker 5: Are we going to ge clarity this afternoon?

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Speaker 6: Yeah? I think you will. I think what you get

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Speaker 6: from it is dove tailing with your reporting. The overall

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Speaker 6: goal here is to lower things. This is the start

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Speaker 6: of a negotiating process. Treasury Secretary Besson is confirmed that

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Speaker 6: these things are going to be a cap and going forward,

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Speaker 6: this is going to be a negotiating process that says

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Speaker 6: best and says path dependent. It's depending on what other

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Speaker 6: other folks do. So what's going to happen here, I

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Speaker 6: think is markets react well to clarity and they're going

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Speaker 6: to get some and they're also going to see that

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Speaker 6: the United States and other countries both are committed to

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Speaker 6: lowering tariffs rather than continuing to raise it.

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Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories

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

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Speaker 3: Eastern each morning, on Apple, Spotify, or anywhere else you listen.

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

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Speaker 2: platform to stay informed all day long. I'm Karen Moscow.

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Speaker 5: And I'm Nathan Hager.

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Speaker 3: Join us again tomorrow morning for all the news you

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Speaker 3: need to start your day right here on Bloomberg Day

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Speaker 3: Ray