Speaker 1: News when you want it with Bloomberg News Now, I
Speaker 1: made Kleggi. President Trump's ten percent baseline tariffs on US
Speaker 1: trading partners around the world came into effect on Saturday
Speaker 1: as he plowed ahead with his strategy to encourage domestic
Speaker 1: investment by companies eager to avoid import taxes. While the
Speaker 1: baseline charge has kicked in, higher duties on some countries,
Speaker 1: which replace rather than add to, the ten percent rate,
Speaker 1: are due to start on April ninth. Countries are weighing
Speaker 1: how to respond to Trump's latest levees, which raised US
Speaker 1: tariffs to their highest level in more than a century
Speaker 1: and battered the post World War II world trading system,
Speaker 1: as he has long decried as unfair. Elon Musk says
Speaker 1: he hopes for a zero tariff system between the US
Speaker 1: and Europe that would effectively create a free trade zone.
Speaker 1: We get more in this from Bloomberg's Denise Pellegrini.
Speaker 2: Musk says ideally Europe and the United States should move
Speaker 2: to a zero tariff situation, effectively creating a free trade
Speaker 2: zone between Europe and North America. He told Italy's deputy
Speaker 2: Prime minister that's what he hopes occurs. The CEO of
Speaker 2: Tesla and head of President Trump's Doge cost cutting efforts,
Speaker 2: commented at a gathering of the right wing League Party
Speaker 2: in Florence, where he also said he hoped for a
Speaker 2: deeper partnership between the US and Europe and greater mobility
Speaker 2: for those wishing to work in either region. Denise Pellgritty
Speaker 2: Bloomberg Radio.
Speaker 1: Senate Republicans took a major step toward enacting President Trump's
Speaker 1: tax cut agenda and increasing the US debt ceiling, potentially
Speaker 1: injecting a small degree of certainty into financial markets royaled
Speaker 1: by the President's tariff policies. The Senate early Saturday morning
Speaker 1: passed the budget resolution by a fifty one forty eight
Speaker 1: March and after an overnight marathon of votes on amendments
Speaker 1: to Republican Senator Susan Collins of Maine and Rand pull
Speaker 1: of Kentucky joined all Democrats in opposing the budget resolution.
Speaker 1: An Israeli official says Prime Minister Benjamin Netanyahu will meet
Speaker 1: Monday with President Trump in Washington to seek a better
Speaker 1: tariff deal for Israel and to discuss the war in Gaza,
Speaker 1: the situation in Syria, and the Iranian nuclear Netanyahu was
Speaker 1: in the Hungarian capital of Budapest, where he was warmly
Speaker 1: welcomed by Prime Minister Victor Orbon in defiance of an
Speaker 1: arrest warrant issued against Natanyahu by the International Criminal Court
Speaker 1: in November over Israel's conducting Gaza. The Israeli official, who
Speaker 1: spoke on condition of anonymity, said Orban and Netanyaho jointly
Speaker 1: phone Trump and on the call, the Israeli later raised
Speaker 1: the seventeen percent tariff the US is due to impose
Speaker 1: in some Israeli goods. Israel hope to escape tariffs by
Speaker 1: announcing it in to all remaining tariffs some of the
Speaker 1: US in advance, but that failed to work. Diane Swank,
Speaker 1: chief economists at kpmgtails Bloomberg that they've adjusted their economic
Speaker 1: forecast call.
Speaker 3: We have. In fact, we have now moved to a
Speaker 3: little bit worse in our worst case scenario, and that's
Speaker 3: because the tariffs now are likely if they even with
Speaker 3: some rollback and some negotiation, they could easily hit the
Speaker 3: highest level since the early nineteen hundreds that with more retaliation,
Speaker 3: would get us into a recession.
Speaker 1: KPMG chief economist Diane Swank on Bloomberg Television UK automaker
Speaker 1: Jaguar land Rover is pausing shipments of its cars to
Speaker 1: the US following the introduction of tariffs by Donald Trump's government.
Speaker 1: The company is putting these exports on hold this month
Speaker 1: as it looks at ways to address the new trading terms.
Speaker 1: The US government introduced a twenty five percent tariff on
Speaker 1: imported cars, which went into effect on Thursday. The Jaguar
Speaker 1: land Rover move is the latest example of the global
Speaker 1: fallout from the policy, with other automakers also rethinking their
Speaker 1: business strategies. Elon Musk's DOGE government cost cutting effort maybe
Speaker 1: giving big tech companies a way to get even bigger.
Speaker 1: In Washington, Bloomberg's Nathan Hager explains from Washington.
Speaker 4: Amazon and Google may be using IT to break Microsoft's
Speaker 4: long running stranglehold on the government software business. DOGE has
Speaker 4: identified software as a potential source of waste in the
Speaker 4: federal government. Now, Bloomberg News has learned lobbyists for Amazon
Speaker 4: and Google are working through trade groups it's like net
Speaker 4: Choice to make the case to Congress and federal agencies
Speaker 4: that they should get a piece of the IT contract.
Speaker 4: Pie in Washington, I'm Nathan Hager, Bloomberg Radio.
Speaker 1: So called hands off protests held around the US Saturday,
Speaker 1: with a variety of grievances. Along the mall in Washington,
Speaker 1: Maryland Representative Jimmy Raskin spoke about attempts to prevent judges
Speaker 1: from stopping President Trump's executive orders.
Speaker 5: Let's tell mega what democratic movements all over the world
Speaker 5: tell the dictators of the world. Hands off the courts,
Speaker 5: Hands off the courts.
Speaker 1: Join us for a special weekend edition of Bloomberg Surveillance
Speaker 1: this Sunday, Jonathan Ferroll and Lisa Obramowitz will take you
Speaker 1: through the market turmoil and what's ahead for the trading week.
Speaker 1: Starts at five pm Eastern on Bloomberg Radio, Bloomberg Television,
Speaker 1: and the Bloomberg Podcasts page on YouTube. That's news when
Speaker 1: you want it with Bloomberg News Now. I made KLEGGI.
Speaker 1: This is Bloomberg