Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Krisner.
Speaker 1: We are seeing a cratering in risk assets across the globe.
Speaker 1: This is after the Trump administration indicated those sweeping US
Speaker 1: tariffs would be kept in place. US stock index futures
Speaker 1: are sliding. The S and P five hundred contract is
Speaker 1: down more than three percent, the Nasdaq one hundred contract
Speaker 1: is down four percent. The Dow contract off by more
Speaker 1: than two and a half percent. Earlier, President Trump said
Speaker 1: he was not intentionally fueling a market selloff. However, he
Speaker 1: did say he will not claw back those US tariffs
Speaker 1: unless deals were to eliminate the US trade deficit. Here
Speaker 1: is Trump speaking to reporters aboard Air Force one.
Speaker 2: We have massive surplus countries that we're dealing with. We
Speaker 2: have massive deficits. We've got to straighten that out because
Speaker 2: you can't continue to be there. It's been that way
Speaker 2: for years now and it can't go on any longer.
Speaker 2: And with the piggyback, we have all the advantages. Forget
Speaker 2: park kage for a second. We have all the advantages.
Speaker 2: We'll get it straight out. We're going to become a
Speaker 2: wealthy nation again, wealthy like never before.
Speaker 1: That was President Trump speaking there. Now these comments are
Speaker 1: the latest in a parade of defiant signals from members
Speaker 1: of the administration. It was just earlier today the Treasury
Speaker 1: Secretary Scott Besson struck a defiant tone in the face
Speaker 1: of sharp declines in global markets. Besson said the new
Speaker 1: US tariffs were necessary, and he rejected the idea they
Speaker 1: would cause a US recession. Here is Besson, speaking earlier
Speaker 1: to NBC's Meet the Press.
Speaker 3: Look, we get these short term market reactions from time
Speaker 3: to time. The market consistently the underestimates Donald Trump. I
Speaker 3: remember that in two thousand and sixteen, the night President
Speaker 3: Trump won, the market crash. Market crashed, and it turned
Speaker 3: out he was going to be the most pro business
Speaker 3: president in over a century, maybe in the history of
Speaker 3: the country.
Speaker 1: That is Treasury Secretary Scott Besson speaking to NBC's Meet
Speaker 1: the Press. Last Friday in China, despite a national holiday,
Speaker 1: the government announced retaliatory measures against all US imports, imposing
Speaker 1: a thirty four percent tariff as of April tenth, and
Speaker 1: then over the weekend, Beijing announced the restriction on rare
Speaker 1: earth imports. Nurial Rabini is the chief executive officer at
Speaker 1: Rabini Macro Associates, he is expecting President Trump's trade war
Speaker 1: to escalate with China. Here is Robini speaking earlier on
Speaker 1: a special edition of Bloomberg Surveillance.
Speaker 4: The point about the I think that she's in king
Speaker 4: as more leverage he doesn't face as an election next year.
Speaker 4: He can use monetary policy, fiscal policy, and currency policy
Speaker 4: and structural policy to strengthen domestic demands. And it's not
Speaker 4: going to give She puts a signal he is going
Speaker 4: to start to negotiate until Trump is early serious about
Speaker 4: the escalating. It looks like Trump doesn't want to de
Speaker 4: escalate with China because he wants to corner China and
Speaker 4: to ridical reduction on the trade imbalance between US and China.
Speaker 1: That is Uriel Rabini of Rabini Macro Associates, speaking earlier
Speaker 1: to Bloomberg. After a brutal week for the US equity market,
Speaker 1: investors are now looking ahead to a batch of earnings.
Speaker 1: We have a preview from Bloomberg's Charlie Pellett.
Speaker 5: JP, Morgan Chase, and Morgan Stanley are expected to report
Speaker 5: slower investment banking growth Friday, and deepening economic unease will
Speaker 5: be a dominant theme Mirror pandit is Global Market Strategistic
Speaker 5: JP Morgan Investment Management.
Speaker 6: We probably will see more choppiness around some of those
Speaker 6: announcements as businesses today are thinking about how to cut
Speaker 6: back on capex and hiring to prepare for a potentially
Speaker 6: higher tariff environment if things do go through as planned.
Speaker 5: Delta, CarMax, and Constellation brands will be discussing the impact
Speaker 5: of tariffs on their customers and supply chains during earnings
Speaker 5: calls in New York. Charlie Pellett Bloomberg Radio.
Speaker 1: Also reporting this week, we'll hear from Wells Fargo, Bank
Speaker 1: of New York, Mellon and Blackrock. Senate Republicans have taken
Speaker 1: a major step toward enacting President Trump's tax cut agenda
Speaker 1: and increasing the US debt ceiling. More from Bloomberg's Denise Pellegrini.
Speaker 7: The Senate has passed a budget resolution that allows for
Speaker 7: the extension of President Trump's twenty seventeen tax cuts and
Speaker 7: a five trillion dollar increase to the federal borrowing limit.
Speaker 7: The measure permits one and a half trillion dollars in
Speaker 7: new tax cuts over a decade and calls for one
Speaker 7: hundred and fifty billion dollars in new funds for the military,
Speaker 7: one hundred and seventy five billion for immigration efforts. The
Speaker 7: budget resolution heads to the House this coming week. It
Speaker 7: may face challenges there from fiscal hawks and other Republicans
Speaker 7: who want more spending cuts. Some Democrats, meantime, call it
Speaker 7: part of a gop agenda where billionaires when an American
Speaker 7: families lose. Denise Pellegrine Bloomberg Radio, we go to.
Speaker 1: Sports next to where hockey history has been made.
Speaker 5: We're going to try to force it till if he's
Speaker 5: open here, here's all Bridge gets.
Speaker 2: Such piston fisty.
Speaker 1: Alex Ovechkin has passed Wayne Gretzky's record for NHL career goals.
Speaker 1: The audio there courtesy of TNT Sports, as Ovechkin scored
Speaker 1: his eight hundred ninety fifth goal as his Washington Capitals
Speaker 1: faced the New York Islanders. Wayne Gretzky, by the way,
Speaker 1: set a record eight hundred ninety four career goals back
Speaker 1: in nineteen ninety nine. And Yukon is back on top
Speaker 1: of women's college basketball. The Huskies won their twelfth national
Speaker 1: championship today by routing defending champion South Carolina eighty two
Speaker 1: to fifty nine. And that is news when you want
Speaker 1: it with Bloomberg News. Now, I'm Doug Chrisner, and this
Speaker 1: is Bloomberg