Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, the Global Sella follows the announcement that Wall Street
Speaker 3: and the world had been waiting for four weeks. President
Speaker 3: Trump is raising tariffs around the world on a day
Speaker 3: he is dubbed Liberation Day for America.
Speaker 4: April second, twenty twenty five will forever be remembered as
Speaker 4: today American industry was reborn, the day America's destiny was reclaimed,
Speaker 4: and the day that we began to make America wealthy again.
Speaker 3: In remarks from the White House Rose Garden heard here
Speaker 3: on Bloomberg, the President announced at least a ten percent
Speaker 3: tariff on all exporters to the US. About sixty nations
Speaker 3: will see even higher duties. The biggest target of all
Speaker 3: is China. The President says, Beijing charges the US an
Speaker 3: effective sixty seven percent rate.
Speaker 4: So sixty seven percent, so we're going to be charging
Speaker 4: a discounted reciprocal tariff of thirty four percent.
Speaker 5: I think.
Speaker 4: In other words, they charge us we judge m chuge mls.
Speaker 4: So how could anybody be upset?
Speaker 3: President Trump is also slapping higher duties on the European Union, Japan, Vietnam,
Speaker 3: and more. All together, Bloomberg Economics estimates the effective tax
Speaker 3: rate on more than three trillion dollars in imported goods
Speaker 3: could rise to about twenty three percent. That is the
Speaker 3: highest in more than a century.
Speaker 2: Well iven, President Trump's tariffs have drawn a sharp reaction
Speaker 2: on Capitol Hill. House Minority Leader Hankem Jeffries spoke out
Speaker 2: even before the president's announcement.
Speaker 6: This is not liberation Day, It's recession day.
Speaker 7: In the United States of America. That's what the Trump
Speaker 7: tariffs are going to do, crash the economy.
Speaker 2: How's Minority Leader Hankem Jeffries. Republicans are mostly standing behind
Speaker 2: the president. Ashley Davis is a GEOP. He's strategist and
Speaker 2: partner at S three Group.
Speaker 8: He's ran on this for the last four years.
Speaker 2: Really is that he needs to make sure that the
Speaker 2: other countries are paying what they deserve Republicans strategist Ashley Davis.
Speaker 2: But not every Republican is on board. Kentucky Senator Ran
Speaker 2: Paul says tariffs are just another tax on Americans.
Speaker 4: Republicans used to be in Conservatives and particularly used to
Speaker 4: be against new taxes. I don't think it's going to
Speaker 4: be good for us politically, but it's not good for
Speaker 4: the country either.
Speaker 2: Senator Ran Paul and three other Republicans joined with Democrats
Speaker 2: on a bill opposing President Trump's tariffs on Canada. The
Speaker 2: bill is not likely to pass in the House.
Speaker 3: Well, Karen, President Trump's historic action risks inducing a worldwide
Speaker 3: trade war marked by tit for tax strikes. We spoke
Speaker 3: with Treasury Secretary Scott Besson, who urged other countries not
Speaker 3: to fight back.
Speaker 9: I would advise none of the countries to panic. I
Speaker 9: wouldn't try to retaliate because as long as you don't retaliate,
Speaker 9: this is the high end of the number, and I
Speaker 9: think there could have certainty that this is the number
Speaker 9: barring retaliation.
Speaker 3: Treasury Secretary Scott Besson went on to leave the door
Speaker 3: open to negotiations, telling Bloomberg quote, We'll see with regard
Speaker 3: to further talks. You can hear the full interview with
Speaker 3: Scott Besant on the Bloomberg Talks podcast and watch it
Speaker 3: on the Bloomberg podcast page on YouTube.
Speaker 2: So, Nathan, let's get the reaction from other countries around
Speaker 2: the world. Our first stop brings US to Asia, where
Speaker 2: China has been the biggest target of Trump tariffs, and
Speaker 2: Bloomberg deal Desis joins US from Hong Kong with more Jill.
Speaker 8: Yes, well, I think it's a lot to really digest
Speaker 8: here out of Asia. On the one hand, you do
Speaker 8: see those really high tariffs on China. This thirty four
Speaker 8: percent increase that Trump is now putting on China. If
Speaker 8: you were to take that into tality with all of
Speaker 8: the other levees that Trump has put on China that
Speaker 8: the US has put on China over the last several
Speaker 8: months years, you're looking at somewhere in the neighborhood of
Speaker 8: the average US tariff on Chinese goods being at least
Speaker 8: sixty five percent according to some economists. Bloomberg Economics estimates
Speaker 8: that as a result, that could lead to a one
Speaker 8: to two percentage point loss to growth in China. So
Speaker 8: certainly a big metric there that you're really looking at.
Speaker 8: Of course, we haven't really heard from China yet what
Speaker 8: their definitive actions will be to counter these tariffs. The
Speaker 8: Ministry of Foreign Affairs has said that there are going
Speaker 8: to be measures coming, we're just waiting to see them.
Speaker 8: But I would draw your attention, Karen too, elsewhere in
Speaker 8: Asia where you're also seeing incredibly high rates and likely
Speaker 8: even you know, higher economic shocks. Vietnam, for example, they
Speaker 8: were hit with a forty six percent tariff in this
Speaker 8: latest round. I mean, this is a country that you
Speaker 8: know is incredibly export dependent. They're among the world's most
Speaker 8: trade dependent nations. Or exports were equivalent to nearly ninety
Speaker 8: percent of economic output. I think that's why you're seeing
Speaker 8: such a big market reaction in that particular country today. So,
Speaker 8: you know, just a couple of examples there, but obviously
Speaker 8: all across Asia, we're seeing a lot of different economic shocks,
Speaker 8: just as nations respond to these tariffs that just been announced.
Speaker 3: Jill desis with the reaction from Hong Kong. Jill, thank you.
Speaker 3: Now let's head to Europe get the reaction there. Bloomberg Daybreak,
Speaker 3: you're a banker. Caroline Hepger is in London with the latest.
Speaker 3: Good morning, Caroline, good morning, Nathan and Karen.
Speaker 10: President Trump called the EU pathetic again and that the
Speaker 10: block rips off the US, as he imposed twenty percent
Speaker 10: tariffs on EU goods exported to America. The EU argues
Speaker 10: that America exports plenty of its services to the block
Speaker 10: and that it is the biggest single market in the
Speaker 10: world now. EU trade ministers are due to meet on
Speaker 10: Monday to discuss their response. Meanwhile, in the early hours
Speaker 10: this morning, Commissioned President as to Leavondeline warned that US
Speaker 10: actions would deal a blow to the global economy, and
Speaker 10: she urged further negotiations.
Speaker 11: We have always been ready to negotiate with the United
Speaker 11: States to remove the remaining barriers to transatlantic trade. At
Speaker 11: the same time, we are prepared to respond. We are
Speaker 11: already finalizing the first package of countermeasures in response to
Speaker 11: tariff's on steel, and we're now preparing for further countermeasures
Speaker 11: to protect our interests and our businesses.
Speaker 10: If negotiations fails, Vonderline speaking there the tariffs could wipe
Speaker 10: out the growth forecast by the ECB for this year
Speaker 10: and in twenty twenty six. Markets now see another rate
Speaker 10: cut in April as likely. Bloomberg Economics sees the tariffs
Speaker 10: cutting EU goods exports to the US by half in
Speaker 10: the medium term. By comparison, here in the UK, we
Speaker 10: were dealt with a bit more leniently, a ten percent tariff.
Speaker 10: Some including business lobby see it as a benefit from
Speaker 10: Prime Minister Keir Starmer's pragmatic approach to the White House.
Speaker 10: The UK Trade Secretary Jonathan Reynolds has told Bloomberg just
Speaker 10: this morning that Britain is still confident that tariffs will
Speaker 10: come off, and yet the US is inflicting pain on
Speaker 10: some of its closest allies. All told, it's more than
Speaker 10: just an economic shock.
Speaker 2: All right, Caroline, thank you well early Trump to targets
Speaker 2: hitded On in Mexico escaped the new round of tariff announcements.
Speaker 2: We spoke with Ontario Premier Doug Ford.
Speaker 5: I would highly recommend to the Prime Minister not the
Speaker 5: retaliate and let's carry on a strong relationship. Let's build
Speaker 5: the aim can fortress American Canadian fortress around both countries
Speaker 5: and be the wealthiestmans, prosperous, safest two countries in the world.
Speaker 2: Ontario Premier Doug Ford, speaking of the Bloomberg's Balance of power.
Speaker 2: While no new tariffs were announced to other levies Trump
Speaker 2: has already imposed on Canadian and Mexican goods remain intact.
Speaker 3: And Karen Well stocks are selling off around the world.
Speaker 3: The US has been the hardest hit so far. Let's
Speaker 3: continue our coverage now with Bloomberg's John Tucker.
Speaker 12: John, all right, Nathan, Let's do the biggest losers in
Speaker 12: the US. These are the companies most exposed in that
Speaker 12: source a lot of their products from Asia, such as
Speaker 12: Apple and some of its magnificent seven cohorts of the
Speaker 12: new tariffs will reach thirty four percent for China. Apple
Speaker 12: still produces the mudjority of its US OL devices in
Speaker 12: Chinese factories. India, where Apple's increasingly building iPhones and air pods,
Speaker 12: that's getting a twenty six percent TEARFF. And then there's Vietnam,
Speaker 12: where the company now makes air pods, iPads, Apple watches,
Speaker 12: and max that'll be hit with a forty six percent tax.
Speaker 7: Now.
Speaker 12: Apple shares this morning in the pre market down close
Speaker 12: to seven percent. Then there's in Vidia. In Vidia the
Speaker 12: most actively traded pre market. It relies on China for
Speaker 12: AI Chip sales of those shares right now down three
Speaker 12: point three percent. Let's move on to the world's largest
Speaker 12: footwear and apparel companies also facing a shock to their
Speaker 12: supply chains. Nike makes many of its sneakers in Vietnam,
Speaker 12: and Nike shares pre market they are down eight point
Speaker 12: four percent. Lululemon Athletico, which makes forty percent of its
Speaker 12: products in Vietnam seventeen percent in Cambodia, tumbled almost ten
Speaker 12: percent in late trading. Shares of Abercrombie and Fitch, they
Speaker 12: get thirty five percent of their merchandise from Vietnam A
Speaker 12: fell seven point seven percent. And then Gap, which buys
Speaker 12: twenty seven percent of its goods from Vietnamese factories at
Speaker 12: nineteen percent from Indonesia. That's slid about eleven percent. You
Speaker 12: know you yor income, John Tucker, Bloomberg Radio.
Speaker 2: All right, John, thank you well. Shortly after midnight, US
Speaker 2: auto import tariffs went into effect. Meanwhile, one industry was
Speaker 2: spared for now, and Bloomberg Lisa Matteo joins us with
Speaker 2: the very latest Lisa.
Speaker 13: Hey there, Karen.
Speaker 14: So let's start with the most recent chain, the twenty
Speaker 14: five percent tariff on US auto imports. Now, it's expected
Speaker 14: to increase costs and disrupt industry supply chains. But what's
Speaker 14: more certain auto parts will also be hit with a
Speaker 14: similar level no later than May third. And this morning
Speaker 14: you already have Volkswagen already announcing it plans to add
Speaker 14: import fees to the sticker prices of its vehicles that
Speaker 14: are shipped into the US. Now, Volkswagen shares down about
Speaker 14: half a percent. In Germany, you have Ford off about
Speaker 14: half a percent, General Motors down one percent, Tesla is
Speaker 14: lower by three percent. Chrysler Parents still land. It was
Speaker 14: down nearly two percent yesterday. This morning it's up about
Speaker 14: three tens of percent before the belt. The only good
Speaker 14: news is at imported cards and parts, will they escape
Speaker 14: the so called reciprocal tariffs? And speaking of being spared,
Speaker 14: you have the pharmaceutical sector and won this reprieve from
Speaker 14: sweeping tariffs. But here's the thing, it may not last long.
Speaker 14: Sources saying the White House plans to launch an investigation
Speaker 14: into the drug industry other sectors, and that includes semiconductors
Speaker 14: and potentially critical minerals, and that could lead to tariffs
Speaker 14: under the Trade Expansion Act. Now, if we take a
Speaker 14: look at chairs A Pfizer, they're down about two tens
Speaker 14: of percent. Eli Lilly off about two percent. Lisa Matteo, Bloomberg.
Speaker 3: Radio, Lisa, thank you all. In all, it is an
Speaker 3: aggressive suite of tariffs from President Trump, and it will
Speaker 3: significantly complicate the federal reserves job as it struggles to
Speaker 3: question inflation and avoid an economic downturn. This morning, Morgan
Speaker 3: Stanley pushed back. It's called for the next FED rate
Speaker 3: cut to next year. The firm's analysts cite inflation risks
Speaker 3: arising from tariffs. FED Governor Adriana Kougler says it's appropriate
Speaker 3: to keep in restraints unchanged until upside risks to inflation abate.
Speaker 15: I will support maintaining the current policy BRAID for as
Speaker 15: long as this outside grace to inflation continue, while economic
Speaker 15: activity unemployment remain.
Speaker 3: The state now, it was FED Governor Adriana Coogler. The
Speaker 3: Fed's next meeting May seventh.
Speaker 10: Time.
Speaker 2: Now for look at some of the other stories making
Speaker 2: news in New York and around the world, and for
Speaker 2: that we're joined by Bloomberg's Michael Barr Michael, good Morning.
Speaker 7: Good morning, Karen. Reaction continues to come in after a
Speaker 7: federal judge dismissed corruption charges against New York Mayor Eric
Speaker 7: Adams but criticized the Trump administration's move to drop the case.
Speaker 7: Judge Dale Hoe rejected the government's bid to leave the
Speaker 7: door open for refining the case, citing the unavoidable perception
Speaker 7: that the mayor's freedom depends on his ability to carry
Speaker 7: out the administration's agenda. Mayor Adams, in a brief statement
Speaker 7: outside Gracie Mansion in Manhattan, maintained his innocence.
Speaker 6: Today finally marks the end of this chapter.
Speaker 7: The dismissal comes less than three months before the June
Speaker 7: twenty fourth Democratic primary election in the New York City
Speaker 7: mayoral race, in which Adams is a candidate. With former
Speaker 7: New York Governor Andrew Cuomo already in the mayoral race,
Speaker 7: political analyst Hank Shinkoff says the mayor now has to
Speaker 7: decide if he wants to run as an independent or
Speaker 7: on another party.
Speaker 4: Mayor Adams is a real shot to be reelected, and
Speaker 4: it means this is the worst day that Andrew Cuomo
Speaker 4: has had, probably since he was forced to leave office.
Speaker 7: President Trump, who has claimed that his own criminal cases
Speaker 7: were political, Vendetta's express sympathy for the mayor. The death
Speaker 7: toll from the massive earthquake that hit me and May
Speaker 7: nearly a week ago rose to almost thirty one hundred
Speaker 7: as more bodies were found by search and rescue teams.
Speaker 7: The military led to government said more than forty seven
Speaker 7: hundred have been injured in more than three hundred forty
Speaker 7: are still missing. Last Friday, seven point seven magnitude earthquake
Speaker 7: had an epicenter near Delay, Meandmar's second largest city. Strong
Speaker 7: storms have already led to reports of deadly tornadoes along
Speaker 7: the Mississippi River valley, and now heavy rain is moving east.
Speaker 7: Bloomberg Meeting Religius Craig Allen has the latest, and.
Speaker 16: There will be additional showers and thunderstorms. The ingredients are
Speaker 16: there for severe weather to develop once again. It could
Speaker 16: turn quite volatile again during this day. And not only
Speaker 16: will there be just thunderstorms and wind, but there will
Speaker 16: also be torrential rainfall an inch or two per hour
Speaker 16: from some of these storms, and they'll be training, so
Speaker 16: in other words, there could be over the length of
Speaker 16: a day or two, there could be as much as
Speaker 16: eight to twelve inches of rain, and that would cause
Speaker 16: deadly flash flooding.
Speaker 7: Bloomberg's Craig Allen Global News twenty four hours a day
Speaker 7: and whenever you want it with Bloomberg News Now. I'm
Speaker 7: Michael Barr, and this is Bloomberg Karen.
Speaker 2: All right, Michael Barr, thank you time now for the
Speaker 2: Bloomberg Sports Outcake with John Stash Shower John, Good morning.
Speaker 6: Good morning, Karen. Further evidence it's gonna be tough for
Speaker 6: the to get out of the East in the upcoming playoffs.
Speaker 6: They'd likely have to get past both the Celtics and
Speaker 6: the Calves. In Cleveland, Nick's had a fifteen point lead
Speaker 6: in the first half, but they trailed by twenty five
Speaker 6: in the second. The Calves won for the sixty first time,
Speaker 6: won twenty four to one oh five at the Guard
Speaker 6: Rangers in wild The game tied four different times. Vincent
Speaker 6: Trochech scored twenty four seconds into overtime. Rangers won five
Speaker 6: to four. They're tied to the last playoff spot. Washington
Speaker 6: lost at Carolina five to one, but the one goal
Speaker 6: for the Capitals was by Alex Doveetchkin, thirty ninth of
Speaker 6: the season for the thirty nine year old, and Novechkan
Speaker 6: moving closer to becoming the leading goals scored in NHL history,
Speaker 6: needs three more. Pid Alonzo had those big home runs
Speaker 6: with the Mets last fall. All off season, the question
Speaker 6: was would he resign. He did. In Miami. He came
Speaker 6: up in the eighth inning two on two, out Balanzo twice.
Speaker 17: What deep center field sodelha back.
Speaker 18: Takes a look out here.
Speaker 6: Peter Alonzo tis the.
Speaker 18: Game with a three run homer.
Speaker 6: Dead shut the Great Ways and why Mett's beat the
Speaker 6: Marlin sixty five and eleven innings. They've got the home
Speaker 6: opener tomorrow afternoon against the Pirates at the Stadium. Arizona
Speaker 6: score twice at each of the first two innings off
Speaker 6: Carlos Dan did not score again, but the Yankees were
Speaker 6: blanked until an Anthony Volpi three on homer bott.
Speaker 7: Of the night.
Speaker 6: The Diamondbacks won four to three. Dodgers beat Atlanta on
Speaker 6: a Showyozani home run bottom of the night. The Dodgers
Speaker 6: are eight and o. The Braves are zero and seven.
Speaker 6: John Stashew with Bloomberg Sport.
Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2: Good morning. I'm Caro a Moscow alongside Nathan Hager, and
Speaker 2: we continue our coverage on tariffs with a conversation with
Speaker 2: US Treasury Secretary Scott Messant. He spoke with the Bloomberg
Speaker 2: televisions and Marie hor Dern shortly after the tariffs were announced,
Speaker 2: urging other economies against taking retaliatory steps against the new
Speaker 2: set of America's retaliatory terror.
Speaker 9: Let's listen in what I would say, and Marie is
Speaker 9: I would advise none of the countries to panic. I
Speaker 9: wouldn't try to retaliate because as long as you don't retaliate,
Speaker 9: this is the high end of the number, and I
Speaker 9: think the market could have certainty that this is the
Speaker 9: number barring retaliation. So we've got a ceiling and then
Speaker 9: we can see if there's a different floor.
Speaker 18: So you sound like you're ready for a negotiation. A
Speaker 18: number of these partners. Has the European Union, has China?
Speaker 18: Has India?
Speaker 14: Have these countries reached out?
Speaker 9: Well, they've all reached out, but it's going to be
Speaker 9: up to President Trump to see what he wants to do.
Speaker 9: I think the mindset might be to let things settle
Speaker 9: for a while. Their terrifts or non tariff barriers have
Speaker 9: been on a long time, so we'll see where it
Speaker 9: goes from here.
Speaker 18: When it comes to China, they have a much higher
Speaker 18: rate on this list. On top of that, there's still
Speaker 18: that twenty percent fentanyl tariff rate. Is all of this
Speaker 18: coming together to be more than a fifty percent tariff
Speaker 18: rate for Beijing?
Speaker 9: Well, yes, I think it is, and I think it's
Speaker 9: a combination of things. And again that I think China
Speaker 9: said today that solving the fentanyl crisis depends on taking
Speaker 9: off the fentanyl tariffs, and I'm pretty sure that's not
Speaker 9: the way the sequencing is going to work. They're exporting
Speaker 9: the precursor chemicals, and every day, every week, every month,
Speaker 9: Americans are dying and it's going to have to stop.
Speaker 18: When it comes to places like China, the President has
Speaker 18: mentioned he's willing to even look at things like TikTok
Speaker 18: to potentially do a negotiate them. When it comes to tariffs,
Speaker 18: I'm sure you're looking at things like the yu Wan.
Speaker 18: What's on the table when it comes to this trade
Speaker 18: realignment between Beijing.
Speaker 9: And Washington, Well, we haven't started anything yet. We've been
Speaker 9: busy with the tariffs. I've been busy, as we talked
Speaker 9: about earlier, the tax bills going very well. So I
Speaker 9: think that we will move toward the bilateral relationship with
Speaker 9: China that we've done the multilateral.
Speaker 18: Tariffs plans for conversations or a trip to Beijing.
Speaker 9: Nothing eminent when.
Speaker 18: It comes to this negotiation. April ninth, these tariffs come
Speaker 18: in place. Do you plan on having negotiations before that date?
Speaker 9: Again, I'm not part of the negotiations, so you know,
Speaker 9: we'll see. I am sure that there are going to
Speaker 9: be a lot of calls. I just don't know if
Speaker 9: they're going to be negotiations.
Speaker 2: And that was US Treasury Secretary's god Messon speaking with
Speaker 2: the Bloomberg TVs and Marie hord Durn after President Trump's
Speaker 2: tariff announcement. You can hear the full interview on the
Speaker 2: Bloomberg Talks podcast page and watch it on the Bloomberg
Speaker 2: podcast page on YouTube.
Speaker 3: Nathan Karen, we continue our coverage of these tariffs. We
Speaker 3: are joined now by Bloomberg News Global Trades are Brendan
Speaker 3: Murray and Terry Haynes, the founder of Pangaea Policy, for
Speaker 3: a roundtable this morning after the announcement. Great to speak
Speaker 3: with both of you, and I'll start with you, Brendan,
Speaker 3: because even as Treasury Secretary Scott Bessett is framing this
Speaker 3: as a negotiation, this seems like a really huge start
Speaker 3: to what could be coming.
Speaker 17: Good morning, Yeah, exactly.
Speaker 13: He said, you know, let's let this paraphrasing, he said,
Speaker 13: let's let this settle in for a while, so that
Speaker 13: you know, that doesn't seem like you know, a window
Speaker 13: for negotiating over the next four or five days. So
Speaker 13: these tariffs are going to take effect by early next
Speaker 13: week and countries are going to be scrambling to figure
Speaker 13: out do we want to retaliate, ratchet up the ratchet
Speaker 13: up the pressure, or do we want to you know,
Speaker 13: take a you know, a more negotiating posture and try
Speaker 13: to work this out. Either way, marcuts don't like it,
Speaker 13: and economists are marking down their outlook for growth and
Speaker 13: marking up their outlook for inflation. And you know the
Speaker 13: aftermath of it here, even though President Trump said this
Speaker 13: is simple, reciprocity is about as simple as it gets,
Speaker 13: this still creates a lot of confusion.
Speaker 3: Terry, how does the negotiation go when the president is
Speaker 3: charting with this Onslaught.
Speaker 17: Good morning, Nathan. You know, the negotiations in a lot
Speaker 17: of ways have already started. My understanding in a lot
Speaker 17: of places is that Secretary of Commerce is the Lutnix
Speaker 17: team had already been giving wish lists both tariffs and
Speaker 17: barriers to different countries who were already kind of parsing
Speaker 17: that and trying to figure out how they might respond
Speaker 17: to it. And a lot of countries, I mean major countries,
Speaker 17: both allies and non aligned, are going to have to
Speaker 17: frankly work through with their own industries there, whether it
Speaker 17: be agriculture or machine industries, to figure out exactly what
Speaker 17: they want to do and how they want to do it. So,
Speaker 17: you know, I think it's it's correct to say this
Speaker 17: is not going to magically disappear or be mitigated in
Speaker 17: the next few days. But all countries have had an
Speaker 17: advanced warning of what the United States might want and
Speaker 17: what the kind of the parameters for negotiations will be.
Speaker 17: So you know, number one, there's that number two. You've
Speaker 17: seen encouraging responses by a lot of countries. I was encouraged.
Speaker 17: I mean, Canada of course got singled out for special treatment,
Speaker 17: but you had Premiere Ford on your air last night
Speaker 17: and he was urging Carneie not to retaliate at all.
Speaker 17: So you know, you'll have a lot of those kind
Speaker 17: of responses.
Speaker 3: Notwithstanding Canada and Mexico being spared at least this round, Brendan,
Speaker 3: just about every other country in the world, even some
Speaker 3: very very small ones are being targeted. In this long
Speaker 3: list that President Trump showed at the Rose Garden last night,
Speaker 3: what could the potential impact be for this kind of
Speaker 3: country by country tariff announcement.
Speaker 13: Well, one of the hardest hit regions was South Asia.
Speaker 13: Countries like Vietnam, Malaysia, Cambodia. These are places where a
Speaker 13: lot of the sort of lower skilled manufacturing has migrated
Speaker 13: from China over the past several years. And you know,
Speaker 13: those are places where you know, close clothes and shoes
Speaker 13: are made. And so you know, there are stories that
Speaker 13: we're reporting today about how you know, Nike, you know,
Speaker 13: you know Nike tennis shoes and those kinds of things
Speaker 13: that are made in South Asia, you know, are going
Speaker 13: to be more expensive. The other the other issue is
Speaker 13: you know, electronics. Apple is starting to produce a lot
Speaker 13: more of their phones in India. India you know, got
Speaker 13: hit with a tariff in the twenty five percent range,
Speaker 13: I think. And so you know, if these can't be
Speaker 13: resolved by negotiation, you know, anytime soon, then you know,
Speaker 13: consumer prices could conceivably go up. Interestingly, Switzerland was singled out,
Speaker 13: got a bigger got a bigger tariff level than the
Speaker 13: rest of the than than the European Union around it.
Speaker 13: So you know, rolex watches come next week are going
Speaker 13: to be about thirty one percent more expensive than they
Speaker 13: otherwise would be.
Speaker 3: Terry, we haven't heard much Republican reaction on Capitol Hill
Speaker 3: besides the four Republicans who voted with Democrats against Canada tariffs.
Speaker 3: What do you think the Republican reaction is going to
Speaker 3: be as these tariffs take a fact, I.
Speaker 17: Think there'll be two things that happened, David. One above board,
Speaker 17: one below board. The above board will be that there
Speaker 17: will be some concerns from Republicans from based on the
Speaker 17: situation in their own states, about making sure that they
Speaker 17: push Trump to resolve these issues lower tariffs, engage in
Speaker 17: the negotiations, do whatever they can, and frankly, you know,
Speaker 17: work with the other the other country as well. That's
Speaker 17: number one. Number two. I think another impact here is
Speaker 17: that it lights an additional hot foot under the administration's
Speaker 17: broader economic agenda. And you can hear this from a
Speaker 17: lot of Senators. You can also hear it from Secretary Vessant,
Speaker 17: who continues to push the idea that the tax cuts
Speaker 17: may show up as soon as July or August or
Speaker 17: September something like that. Now I've got it at eighty
Speaker 17: percent by the end of the calendar year, but there's
Speaker 17: an opportunity should everyone wish on the Republican side to
Speaker 17: move these things along faster, and Besson will also be
Speaker 17: focusing on that. He has said that he's going to
Speaker 17: spend a lot of time pushing exactly that agenda. Think
Speaker 17: of Bess and broadly, as in twenty twenty five, as
Speaker 17: Gary Cohne was in twenty seventeen, the guy who's constantly
Speaker 17: up there goosing things along, trying to make it go
Speaker 17: as fast as he can.
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