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Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Krisner.

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Speaker 1: We are seeing a cratering in risk assets across the globe.

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Speaker 1: This is after the Trump administration indicated those sweeping US

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Speaker 1: tariffs would be kept in place. US stock index futures

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Speaker 1: are sliding. The S and P five hundred contract is

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Speaker 1: down more than three percent, the Nasdaq one hundred contract

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Speaker 1: is down four percent. The Dow contract off by more

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Speaker 1: than two and a half percent. Earlier, President Trump said

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Speaker 1: he was not intentionally fueling a market selloff. However, he

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Speaker 1: did say he will not claw back those US tariffs

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Speaker 1: unless deals were to eliminate the US trade deficit. Here

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Speaker 1: is Trump speaking to reporters aboard Air Force one.

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Speaker 2: We have massive surplus countries that we're dealing with. We

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Speaker 2: have massive deficits. We've got to straighten that out because

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Speaker 2: you can't continue to be there. It's been that way

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Speaker 2: for years now and it can't go on any longer.

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Speaker 2: And with the piggyback, we have all the advantages. Forget

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Speaker 2: park kage for a second. We have all the advantages.

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Speaker 2: We'll get it straight out. We're going to become a

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Speaker 2: wealthy nation again, wealthy like never before.

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Speaker 1: That was President Trump speaking there. Now these comments are

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Speaker 1: the latest in a parade of defiant signals from members

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Speaker 1: of the administration. It was just earlier today the Treasury

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Speaker 1: Secretary Scott Besson struck a defiant tone in the face

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Speaker 1: of sharp declines in global markets. Besson said the new

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Speaker 1: US tariffs were necessary, and he rejected the idea they

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Speaker 1: would cause a US recession. Here is Besson, speaking earlier

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Speaker 1: to NBC's Meet the Press.

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Speaker 3: Look, we get these short term market reactions from time

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Speaker 3: to time. The market consistently the underestimates Donald Trump. I

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Speaker 3: remember that in two thousand and sixteen, the night President

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Speaker 3: Trump won, the market crash. Market crashed, and it turned

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Speaker 3: out he was going to be the most pro business

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Speaker 3: president in over a century, maybe in the history of

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Speaker 3: the country.

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Speaker 1: That is Treasury Secretary Scott Besson speaking to NBC's Meet

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Speaker 1: the Press. Last Friday in China, despite a national holiday,

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Speaker 1: the government announced retaliatory measures against all US imports, imposing

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Speaker 1: a thirty four percent tariff as of April tenth, and

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Speaker 1: then over the weekend, Beijing announced the restriction on rare

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Speaker 1: earth imports. Nurial Rabini is the chief executive officer at

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Speaker 1: Rabini Macro Associates, he is expecting President Trump's trade war

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Speaker 1: to escalate with China. Here is Robini speaking earlier on

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Speaker 1: a special edition of Bloomberg Surveillance.

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Speaker 4: The point about the I think that she's in king

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Speaker 4: as more leverage he doesn't face as an election next year.

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Speaker 4: He can use monetary policy, fiscal policy, and currency policy

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Speaker 4: and structural policy to strengthen domestic demands. And it's not

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Speaker 4: going to give She puts a signal he is going

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Speaker 4: to start to negotiate until Trump is early serious about

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Speaker 4: the escalating. It looks like Trump doesn't want to de

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Speaker 4: escalate with China because he wants to corner China and

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Speaker 4: to ridical reduction on the trade imbalance between US and China.

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Speaker 1: That is Uriel Rabini of Rabini Macro Associates, speaking earlier

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Speaker 1: to Bloomberg. After a brutal week for the US equity market,

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Speaker 1: investors are now looking ahead to a batch of earnings.

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Speaker 1: We have a preview from Bloomberg's Charlie Pellett.

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Speaker 5: JP, Morgan Chase, and Morgan Stanley are expected to report

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Speaker 5: slower investment banking growth Friday, and deepening economic unease will

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Speaker 5: be a dominant theme Mirror pandit is Global Market Strategistic

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Speaker 5: JP Morgan Investment Management.

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Speaker 6: We probably will see more choppiness around some of those

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Speaker 6: announcements as businesses today are thinking about how to cut

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Speaker 6: back on capex and hiring to prepare for a potentially

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Speaker 6: higher tariff environment if things do go through as planned.

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Speaker 5: Delta, CarMax, and Constellation brands will be discussing the impact

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Speaker 5: of tariffs on their customers and supply chains during earnings

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Speaker 5: calls in New York. Charlie Pellett Bloomberg Radio.

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Speaker 1: Also reporting this week, we'll hear from Wells Fargo, Bank

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Speaker 1: of New York, Mellon and Blackrock. Senate Republicans have taken

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Speaker 1: a major step toward enacting President Trump's tax cut agenda

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Speaker 1: and increasing the US debt ceiling. More from Bloomberg's Denise Pellegrini.

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Speaker 7: The Senate has passed a budget resolution that allows for

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Speaker 7: the extension of President Trump's twenty seventeen tax cuts and

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Speaker 7: a five trillion dollar increase to the federal borrowing limit.

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Speaker 7: The measure permits one and a half trillion dollars in

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Speaker 7: new tax cuts over a decade and calls for one

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Speaker 7: hundred and fifty billion dollars in new funds for the military,

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Speaker 7: one hundred and seventy five billion for immigration efforts. The

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Speaker 7: budget resolution heads to the House this coming week. It

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Speaker 7: may face challenges there from fiscal hawks and other Republicans

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Speaker 7: who want more spending cuts. Some Democrats, meantime, call it

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Speaker 7: part of a gop agenda where billionaires when an American

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Speaker 7: families lose. Denise Pellegrine Bloomberg Radio, we go to.

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Speaker 1: Sports next to where hockey history has been made.

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Speaker 5: We're going to try to force it till if he's

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Speaker 5: open here, here's all Bridge gets.

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Speaker 2: Such piston fisty.

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Speaker 1: Alex Ovechkin has passed Wayne Gretzky's record for NHL career goals.

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Speaker 1: The audio there courtesy of TNT Sports, as Ovechkin scored

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Speaker 1: his eight hundred ninety fifth goal as his Washington Capitals

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Speaker 1: faced the New York Islanders. Wayne Gretzky, by the way,

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Speaker 1: set a record eight hundred ninety four career goals back

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Speaker 1: in nineteen ninety nine. And Yukon is back on top

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Speaker 1: of women's college basketball. The Huskies won their twelfth national

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Speaker 1: championship today by routing defending champion South Carolina eighty two

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Speaker 1: to fifty nine. And that is news when you want

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Speaker 1: it with Bloomberg News. Now, I'm Doug Chrisner, and this

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Speaker 1: is Bloomberg