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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 here.

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Speaker 3: And we begin with a tariff announcement that is now

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Speaker 3: just one day away. For weeks, President Trump has touted

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Speaker 3: April second as a liberation day for the country.

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Speaker 4: Now.

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Speaker 3: White House Press Secretary Caroline Levitt says the President will

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Speaker 3: usher it in with an event of the White House

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Speaker 3: Rose Garden tomorrow afternoon.

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Speaker 5: President will be announcing a tariff plan that will roll

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Speaker 5: back the unfair trade practices that have been ripping off

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Speaker 5: our country for decades. He's doing this in the best

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Speaker 5: interest of the American worker.

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Speaker 3: White House spokeswoman Caroline Levitt says the tariffs will be

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Speaker 3: country based, and while President Trump is also committed to

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Speaker 3: imposing sector based duties, she says those won't be part

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Speaker 3: of tomorrow's event. Levitt also is not saying how high

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Speaker 3: the tariffs will be or which countries will be hit,

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Speaker 3: but she says there won't be exemptions at this time.

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Speaker 3: Treasury Secretary Scott bess And told Fox News that the

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Speaker 3: tariff announcement will be held tomorrow at three pm. Wall

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Speaker 3: Street time, and we will have complete coverage on Bloomberg

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Speaker 3: Radio and television and on the Bloomberg Podcasts page on YouTube.

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Speaker 2: Well, Nathan, about the world awaits the extent of the

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Speaker 2: White House's tariffs reaction is pouring in around the world.

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Speaker 2: European Commissioned President Ursula Vonderlions spoke earlier this morning in France.

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Speaker 6: So many Europeans feel utterly disheartened by the announcement from

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Speaker 6: the United States. Let me be clear, Europe did not

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Speaker 6: start this confrontation. We think it is wrong. But my

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Speaker 6: message to you today is that we have everything we

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Speaker 6: need to protect our people and our prosperity.

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Speaker 2: And European Commissioned President Ursula Vonderlon says the EU is

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Speaker 2: considering a range of retaliatory options, including using its anti

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Speaker 2: coercion instrument to restrict trade and services and intellectual property rights.

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Speaker 3: Along with the push for tariffs, Karen, President Trump is

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Speaker 3: also pushed for a ceasefire in Ukraine, and to that end,

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Speaker 3: he is dialing back criticism of Vladimir Putin. That's after

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Speaker 3: Trump told NBC News over the weekend he might impose

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Speaker 3: secondary tariffs on Russian oil if Putin slow walks a

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Speaker 3: ceasefire deal with Ukraine. I want to make sure that

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Speaker 3: he follows through, and I think he will.

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Speaker 7: I don't want to go secondary tariffs, so is oil.

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Speaker 2: But I think you know it's something I would do

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Speaker 2: if I thought he wasn't doing the job.

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Speaker 3: An Oval Office remarks heard here on Bloomberg. The President

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Speaker 3: accused Ukrainian President Vladimir Zelenski of trying to change the

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Speaker 3: terms of a minerals deal with the US.

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Speaker 8: I haven't spoken to them yet, but through you I

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Speaker 8: heard that then now saying well, I'll only do that

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Speaker 8: deal if we get into NATO or something.

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Speaker 5: To that effect.

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Speaker 3: President Trump says NATO membership was never discussed in Russia.

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Speaker 3: Would never accept it. Ukraine's top diplomat says officials are

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Speaker 3: pressing ahead with the US for an acceptable economic accord.

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Speaker 3: Ukraine is concerned that the current deal would undermine its

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Speaker 3: bid to join the European Union.

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Speaker 2: Well, Nathan back here in the US a couple of

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Speaker 2: key elections today. Voters in Wisconsin will decide the balance

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Speaker 2: in the state Supreme Court, and Bloomberg's Amy Morris has

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Speaker 2: more from Washington.

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Speaker 9: There's a lot riding on this race. He can help

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Speaker 9: determine control of the state's High Court that could impact

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Speaker 9: rulings on abortion, riots, congressional maps, and shake up control

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Speaker 9: of Congress. It's officially a non partisan contest, but the

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Speaker 9: Brennan Center for Justice reports about eighty one million dollars

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Speaker 9: from both Republicans and Democrats have been poured into this race,

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Speaker 9: including from Elon Musk, who gave more than twenty million

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Speaker 9: dollars to the contest to back conservative Brad Shimmel. He

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Speaker 9: also gave million dollar checks to two voters, a move

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Speaker 9: Democrats challenged as illegally buying votes Amy Morris, Bloomberg Radio.

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Speaker 3: Amy Thank You. Along with that race in Wisconsin, two

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Speaker 3: special elections are being held in Florida today to fill

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Speaker 3: the House seats left open by Republicans Matt Gates and

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Speaker 3: Mike Waltz. Republican Jimmy Patronis and Democrat Gave Valomont a

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Speaker 3: running to replace Gates in the first congressional district. Patronis

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Speaker 3: received President Trump's endorsement in a crowded ten candidate primary.

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Speaker 3: Valamont is a gun control activist who lost to Gates

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Speaker 3: in November and in Mike Waltza's sixth district Republican state

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Speaker 3: Senator Randy Fine is running against Democratic school teacher Josh

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Speaker 3: wil President Trump won both these districts in twenty twenty

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Speaker 3: four with about two thirds of the vote.

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Speaker 2: Well Nathan, Bloomberg News has learned the US Chips Act

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Speaker 2: is in limbo this morning, and we get the latest

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Speaker 2: with Bloomberg's John Tucker. John, good morning and.

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Speaker 10: Good morning, Karen. Sources tell US Commerce Secretary Howard Lutnik

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Speaker 10: could withhold the already promised chipsack grants. He wants firms

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Speaker 10: that won awards for the twenty twenty two Chips on

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Speaker 10: Science Act to follow the example of Toddland's Semiconductive Manufacturing,

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Speaker 10: which recently announced it's going to invest another one hundred

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Speaker 10: billion dollars in US plants. At the same time, Lutnick

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Speaker 10: has expressed interest in expanding a separate twenty five percent

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Speaker 10: tax credit, although that would require an Act of Congress.

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Speaker 10: President Trump, who is called on Congress to repeal the

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Speaker 10: Chips Law, signs an executive voter yesterday, focused in part

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Speaker 10: on what he says is negotiating much better chip sack

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Speaker 10: deals than the previous administration. You know, York, Come, John

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Speaker 10: Tucker Bloomberg Radio.

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Speaker 3: Thanks John, let's turn to markets now. Futures are mixed

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Speaker 3: as we kick off the new quarter. It was not

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Speaker 3: a good start to the year for investors. The Nasdaq

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Speaker 3: one hundred plunged eight point three percent for its worst

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Speaker 3: quarter in nearly three years. Brian Belski is chief investment

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Speaker 3: strategistic BEMO Capital Markets.

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Speaker 11: We don't know exactly when this is going to stop

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Speaker 11: or change, and it all could change to the positive

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Speaker 11: as well. What we know is the markets have corrected

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Speaker 11: more than ten percent, so we are in correction zone.

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Speaker 12: That's what we know.

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Speaker 11: We also know that this is the fastest correction that

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Speaker 11: we've seen in multiple decades, if not ever, especially since

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Speaker 11: nineteen ninety. But at the end of the day, I

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Speaker 11: do believe that America has the best companies in the world,

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Speaker 11: and this is the time where you want to start

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Speaker 11: a shopping list because we're seeing some some quite exacerbated

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Speaker 11: moves to the downside.

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Speaker 3: BEMO Capital Markets, Brian Belski. They're taking a look at

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Speaker 3: some high tech stocks. Chip Maker and Videos seen its

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Speaker 3: shares tumbled twenty eight percent from their January peak. Broad

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Speaker 3: Calms down thirty three percent from a record in December, Microsoft, Amazon,

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Speaker 3: Alphabet and Meta platforms have all fallen twenty percent or

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Speaker 3: more from their own records.

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Speaker 2: Well. In Europe, Nathan Marine la Penn is criticizing a

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Speaker 2: court ruling barring her from running for elected office for

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Speaker 2: five years, ruling out a twenty twenty seven presidential run.

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Speaker 2: The French far right leader, who was convicted of Embezzlman

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Speaker 2: claimed the decision was politically motivated in an interview with

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Speaker 2: French station TF one.

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Speaker 13: Members, millions of French people who are outraged, outraged to

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Speaker 13: an unimaginable point seeing this in France, in the country

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Speaker 13: of human rights, judges have put in place practices that

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Speaker 13: one would think are reserved for authoritarian regimeis.

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Speaker 2: Marine La Penn, speaking there through an interpreter, has been

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Speaker 2: a top contender for the presidency in recent polls. In

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Speaker 2: addition to the five year electoral ban, she was sentenced

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Speaker 2: to two years in prison, with two more suspended.

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Speaker 3: And Karen Elon's SpaceX has launched the first human spaceflight

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Speaker 3: mission over the Earth's polar regions. It is funded and

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Speaker 3: commanded by crypto investor Chun Wang.

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Speaker 11: For three two one technician lest.

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Speaker 3: This mission is called FRAM two It's named after a

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Speaker 3: Norwegian polar expedition ship that operated in the late eighteen

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Speaker 3: hundreds and early nineteen hundreds. This mission took off on

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Speaker 3: a Falcon nine rocket carrying a crew of four private astronauts.

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Speaker 3: Over three to five days, they will fly over and

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Speaker 3: observe Earth's North and South poles and conduct research on

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Speaker 3: the impact of spaceflight on human health.

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

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Speaker 2: the other stories making news in New York and around

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Speaker 2: the world, and for that we're joined by Bloomber's Michael

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Speaker 2: bar Michael, good morning.

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Speaker 4: Good morning Karen. In Thailand, it is a race against

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Speaker 4: time to say victims of Friday seven point seven earthquake

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Speaker 4: in Southeast Asia, the death told in me and Mars

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Speaker 4: past two thousand relief workers say there is an urgent

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Speaker 4: need for food and clean water as the country is

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Speaker 4: in the middle of a civil war. Mohammed Rias is

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Speaker 4: the director for the International Rescue Committee.

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Speaker 7: This country already has about nineteen million people in humanitarian

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Speaker 7: needed about another three point five million people displaced from

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Speaker 7: the conflict, so this earthquake has added more numbers to that.

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Speaker 7: Already people in people in humanity.

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Speaker 4: And need relief efforts are also hampered by power outages.

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Speaker 4: The Trump administration emits in a court filing it deported

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Speaker 4: a Maryland father who had protected status, and there's nothing

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Speaker 4: the courts can do to bring it back. The government

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Speaker 4: says ice was aware. Kilmar Abrego Garcia, a native of

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Speaker 4: El Salvador, was protected, but he was deported to a

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Speaker 4: Salvadorian mega prison because of an administrative error. Loyola Law

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Speaker 4: School professor Jessica Levinson says this is a nightmare scenario.

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Speaker 14: The government has said to the judge, basically, you have

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Speaker 14: no power here, you have no jurisdiction, and you shouldn't act.

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Speaker 14: The question, of course, is what if anything, the Trump

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Speaker 14: administration on its own, will do to remedy this problem.

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Speaker 4: First reported in The Atlantic, Garcia was protected from deportation

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Speaker 4: because a judge determined gangs in El Salvador would likely

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Speaker 4: attempt to cause him harm if he was sent back.

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Speaker 4: Harvard University has become the latest target and the Trump

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Speaker 4: administration's approach to fight campus anti semitism. The federal government

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Speaker 4: is reviewing billions of dollars in grants and contracts with

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Speaker 4: the Ivy League college, saying it will ensure the school

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Speaker 4: is following civil rights laws. President Trump signed and executive

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Speaker 4: ordered targeting ticket scalping. The order directs the FTC and

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Speaker 4: other agencies to ensure competition laws are enforced to prevent

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Speaker 4: ticket resellers from gouging consumers. Musician Kid Rock joined President

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Speaker 4: Trump in the Oval Office for the signing.

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Speaker 2: They've tried this in some places in Europe and seems

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Speaker 2: to be doing anything that's us as hard to be

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Speaker 2: able to get the tickets hands of the fans at

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Speaker 2: the prices.

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Speaker 4: We set Global news twenty four hours a day and

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Speaker 4: whenever you want it with the Bloomberg News. Now, I'm

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Speaker 4: Michael Barr. This is Bloomberg Herrott.

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

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Speaker 2: Bloombergy sports update, and we bring in John stash Hour. John,

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Speaker 2: good morning, Good morning, Garrett.

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Speaker 8: The Mets bats were quiet in Houston. They's got only

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Speaker 8: five runs in three games. Those bats came alive last

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Speaker 8: night in Miami again.

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Speaker 12: The three to two hit the air deep white center

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Speaker 12: back toward the cap wires near the wall's heir.

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Speaker 13: He Alonso frid.

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Speaker 8: Slam first tot word of the air for Alonso is

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Speaker 8: fourth career Grand Slam. That's six to one. New York

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Speaker 8: said one of the call the Alonzo Slam part of

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Speaker 8: a seven run fifth and in one of four Mets

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Speaker 8: home runs. They beat the Marlins ten to four. The

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Speaker 8: Dodgers beat the Brave six to one. LA is six

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Speaker 8: and oh. Atlanta is zero and five and one of

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Speaker 8: the off season pickups Jerks and Profar was just suspend

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Speaker 8: for eighty game for a ped violation. The first ever

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Speaker 8: big League game in Sacramento and the cub blast of

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Speaker 8: the A's eighteen to three, Carson Kelly hit for the cycle,

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Speaker 8: the first ever do that in March. It's the most

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Speaker 8: runs allowed in a home opener since nineteen twenty five.

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Speaker 8: The Yukon women off to another Final four, twenty fourth

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Speaker 8: in school history. They've gone to sixteen to the last seventeen,

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Speaker 8: certainly held by USC not having its injured star Juju Watkins.

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Speaker 8: The Huskies beat the Trojans seventy eight sixty four. The

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Speaker 8: Yukon star Babe Beckers scored thirty one. Texas v TCU

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Speaker 8: fifty eight to forty seven, first Final four for the

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Speaker 8: Long Warns since two thousand and three. Celtics finished off

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Speaker 8: their first ever six and zero road trip one seventeen

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Speaker 8: one oh three in Memphis the Nets one in Dallas

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Speaker 8: one thirteen to one O nine fortieth win for the

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Speaker 8: Devils three two in a shootout over Minnesota. Stanford has

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Speaker 8: named former NFL coach Frank Reich as its coach only

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Speaker 8: for next season. John Dasheward bloombergs Ford, Karen.

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

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

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

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Speaker 3: Good morning, I'm Nathan Hager. President Trump has chouted it

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Speaker 3: as Liberation Day for weeks now. The reciprocal tariff announcement

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Speaker 3: is one day away, and White House Press Secretary Caroline

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Speaker 3: Levitt says the President will head to the Rose Garden

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Speaker 3: to send the world a message.

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Speaker 5: Any country that has treated the American people unfairly, I

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Speaker 5: should expect to receive a tariff in return on one go.

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Speaker 3: That was White House spokes in Caroline Levit previewing tomorrow's

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Speaker 3: event this morning. We are joined for more of a

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Speaker 3: preview by Bloomberg News Senior editor Derek Wallbank.

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Speaker 10: And Derek.

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Speaker 3: Just to have this announcement in the Rose Garden sends

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Speaker 3: a message of just how important President Trump sees this announcement.

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Speaker 3: What do we know about what is going to be

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Speaker 3: announced tomorrow?

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Speaker 12: Good morning, Good morning, Nathan. Well, you know, look, there

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Speaker 12: is a lot of unknown as you allude to, as

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Speaker 12: we walk into this announcement. It is going to be

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Speaker 12: a little bit less than Donald Trump had initially suggested.

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Speaker 12: It might be in the way of reciprocal tariffs, but

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Speaker 12: it should be quite substantial, and I think any sort

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Speaker 12: of commentary about how this may be less than originally

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Speaker 12: anticipated still has to raise in the idea that this

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Speaker 12: is going to be a landmark tariff announcement across the board.

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Speaker 12: Trump has said that all countries will be involved in

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Speaker 12: this initially, although this could be the jumping off point

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Speaker 12: for negotiations to lower this further. We are expecting that

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Speaker 12: this will focus in some way on the fifteen economies,

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Speaker 12: what the Scott Besson has called the dirty fifteen that

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Speaker 12: together make up about seventy five percent of US trade,

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Speaker 12: that all sort of have significant either tariff or non

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Speaker 12: tariff barriers. The White House has said that this will

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Speaker 12: not just be about you teriff US, we tarif you

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Speaker 12: back exactly, but will take into account non tariff barriers

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Speaker 12: as well. At the same time, Trump has said that

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Speaker 12: he intends for his retaliatory tariffs to go lighter on

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Speaker 12: other countries than he sees them going on the US.

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Speaker 12: All of that comes together around a number, and it's

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Speaker 12: too early yet to say what that number will be

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Speaker 12: per country.

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Speaker 3: Along with the Liberation Day event tomorrow, this is an

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Speaker 3: election day in Wisconsin and Florida. We know Elon Musk

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Speaker 3: has poured a lot of time and resources into this

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Speaker 3: Wisconsin State Supreme Court race. What is the issue here

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Speaker 3: in Wisconsin?

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Speaker 12: Derek, Well, in Wisconsin, you have a very straightforward state

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Speaker 12: Supreme Court race that's essentially for control of the state

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Speaker 12: Supreme Court. Currently, justices the Lee Liberal have a four

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Speaker 12: to three advantage in the swing state of Wisconsin, and

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Speaker 12: if they are able to maintain that, there is some

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Speaker 12: thought that there will be some major cases coming up,

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Speaker 12: including potentially on redistricting. Musk had told conservatives that it

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Speaker 12: was possibly at stake the control of the US House,

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Speaker 12: emphasizing the role that a state Supreme court and a

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Speaker 12: redistricting case can play in those challenges. Currently, Republicans hold

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Speaker 12: a six to two advantage in the Wisconsin congressional delegation.

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Speaker 12: At the same time, there's also two races in Florida's

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Speaker 12: two US House races we can't forget about. One is

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Speaker 12: up in the Florida Panhandle. That's Matt Gates's old stee.

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Speaker 12: The other one is around Daytona Beach. That's Mike Waltz's

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Speaker 12: old stee. Both of these are reliably Republican races. Nathan.

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Speaker 12: We're talking two to one wins by those Republican candidates

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Speaker 12: in the November election. But now five months later, there

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Speaker 12: are some whispers among Republican allies as the President that

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Speaker 12: maybe the day Kona area state that Waltz once held

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Speaker 12: is not as secure as it could be. There were

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Speaker 12: some suggestions even that the Republican candidate might have been

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Speaker 12: trailing in some private polls. We'll see how this goes.

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Speaker 12: This is a very Republican seat. But if the Republicans

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Speaker 12: cannot go two for two in those House special elections,

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Speaker 12: it would be a big problem. That would you would

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Speaker 12: imagine spook House Republicans, not least of which also shrink

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Speaker 12: the majority that they are currently working with.

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