1
00:00:02,560 --> 00:00:07,080
Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

2
00:00:10,039 --> 00:00:13,240
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

3
00:00:13,240 --> 00:00:14,960
Speaker 2: are the stories we're following today.

4
00:00:15,160 --> 00:00:17,840
Speaker 3: Karen, we begin in Saudi Arabia, where President Trump has

5
00:00:17,920 --> 00:00:20,360
Speaker 3: kicked off the second day of his four day Middle

6
00:00:20,360 --> 00:00:23,920
Speaker 3: Eastern trip. This morning, the President met with Syrian president

7
00:00:23,960 --> 00:00:27,600
Speaker 3: and former rebel leader Akmad Alshara. It was the first

8
00:00:27,600 --> 00:00:30,960
Speaker 3: face to face between US and Syrian leaders in twenty

9
00:00:31,000 --> 00:00:34,120
Speaker 3: five years, and at a meeting with the Golf Cooperation

10
00:00:34,320 --> 00:00:38,360
Speaker 3: Council in Riot, President Trump said he is exploring normalizing

11
00:00:38,400 --> 00:00:39,919
Speaker 3: relations with Syria.

12
00:00:40,400 --> 00:00:42,920
Speaker 4: The whole world is watching the Middle East, and many

13
00:00:42,960 --> 00:00:44,000
Speaker 4: are watching with envy.

14
00:00:44,760 --> 00:00:46,599
Speaker 5: You have something very special going on.

15
00:00:47,440 --> 00:00:51,680
Speaker 2: Incredible opportunities are within reach for this region if we

16
00:00:51,720 --> 00:00:54,600
Speaker 2: can simply stop the aggression from a small group of

17
00:00:55,000 --> 00:00:56,000
Speaker 2: pretty bad actors.

18
00:00:56,280 --> 00:00:59,400
Speaker 3: President Trump's remarks come after a day focused on deals

19
00:00:59,480 --> 00:01:02,280
Speaker 3: at the US Investment Forum. We get more on that

20
00:01:02,360 --> 00:01:05,680
Speaker 3: from Bloomberg's Jumana Barssecci. In the Saudi capitol, the White.

21
00:01:05,480 --> 00:01:07,959
Speaker 6: House published the statements saying that they had agreed to

22
00:01:08,200 --> 00:01:11,480
Speaker 6: six hundred billion dollars worth of investments Saudi investments going

23
00:01:11,520 --> 00:01:13,399
Speaker 6: into the US that is to be spread out over

24
00:01:13,400 --> 00:01:16,679
Speaker 6: the next four years, and then later during the conference's speech,

25
00:01:16,920 --> 00:01:19,160
Speaker 6: he said that they're working on increasing that number to

26
00:01:19,200 --> 00:01:20,840
Speaker 6: one trillion dollars.

27
00:01:20,920 --> 00:01:22,720
Speaker 7: So huge figures coming through.

28
00:01:22,840 --> 00:01:25,800
Speaker 3: Bloomberg's Jumana Barsettchi reports some of the biggest deals are

29
00:01:25,800 --> 00:01:28,920
Speaker 3: with advanced US chip makers in Nvidia and Advanced micro

30
00:01:28,959 --> 00:01:31,720
Speaker 3: Devices have agreed to a ten billion dollar project to

31
00:01:31,760 --> 00:01:35,000
Speaker 3: provide their most cutting edge AI chips to Saudi Arabia's

32
00:01:35,080 --> 00:01:36,639
Speaker 3: humane infrastructure effort.

33
00:01:37,240 --> 00:01:41,160
Speaker 2: Nathan from Saudi Arabia. President Trump will head today to Cutter,

34
00:01:41,240 --> 00:01:44,680
Speaker 2: where he's already taking criticism over a luxury gift. Cutter

35
00:01:44,800 --> 00:01:47,480
Speaker 2: is offering a Boeing seven forty seven eight jumbo jet

36
00:01:47,680 --> 00:01:50,240
Speaker 2: for the president to use as Air Force one. In

37
00:01:50,280 --> 00:01:52,720
Speaker 2: a social media post, the President says it'll only be

38
00:01:52,760 --> 00:01:56,760
Speaker 2: temporary until Boeing delivers newer versions of the presidential plane,

39
00:01:56,800 --> 00:01:59,800
Speaker 2: but Senate Minority Leader Chuck Schumer says taking this gift

40
00:02:00,040 --> 00:02:01,400
Speaker 2: would be unconstitutional.

41
00:02:01,760 --> 00:02:07,080
Speaker 5: Gifting Donald Trump a four hundred million dollar private jet

42
00:02:07,240 --> 00:02:10,720
Speaker 5: to use as Air Force one is so corrupt that

43
00:02:10,760 --> 00:02:14,640
Speaker 5: even Putin would give a double take. This is not

44
00:02:14,760 --> 00:02:20,320
Speaker 5: just naked corruption, it is also a grave national security threat.

45
00:02:20,760 --> 00:02:23,959
Speaker 2: Senate Minority Leader Chuck Schumer says he'll block President Trump's

46
00:02:23,960 --> 00:02:27,840
Speaker 2: a Justice Department nominees until he gets more answers.

47
00:02:27,560 --> 00:02:30,919
Speaker 3: With certain markets. Now, Karen, it may have seemed unfathomable

48
00:02:30,960 --> 00:02:34,560
Speaker 3: a month ago, but stocks are now higher on the year.

49
00:02:34,960 --> 00:02:38,080
Speaker 3: The Nasdaq one hundred had been down twenty three percent

50
00:02:38,120 --> 00:02:40,960
Speaker 3: from its February nineteenth high to its April eighth low

51
00:02:41,040 --> 00:02:45,359
Speaker 3: after President Trump slapped broad tariffs on America's key trading partners.

52
00:02:45,639 --> 00:02:47,480
Speaker 3: The S and P also hit its low. Then it

53
00:02:47,520 --> 00:02:50,240
Speaker 3: was down fifteen percent on the year at the time.

54
00:02:50,760 --> 00:02:52,840
Speaker 3: That index is now higher by a tenth of a

55
00:02:52,880 --> 00:02:56,160
Speaker 3: percent in twenty twenty five. Brian Belski is chief investment

56
00:02:56,200 --> 00:02:58,080
Speaker 3: strategist at BEMO Capital Markets.

57
00:02:58,280 --> 00:03:01,400
Speaker 8: Well, I think too many investors, quite frankly, try to

58
00:03:01,480 --> 00:03:06,079
Speaker 8: time the market instead of just being invested. And from

59
00:03:06,120 --> 00:03:10,440
Speaker 8: our perspective, stocks are hire six months from now, stocks

60
00:03:10,480 --> 00:03:13,600
Speaker 8: are higher twelve months from now. The resiliency of the

61
00:03:13,680 --> 00:03:17,520
Speaker 8: US market remains so and we think too many people

62
00:03:17,639 --> 00:03:21,360
Speaker 8: were led by fear and made binary decisions based on

63
00:03:21,400 --> 00:03:25,000
Speaker 8: emotion and not process or discipline. And that's why we

64
00:03:25,120 --> 00:03:27,480
Speaker 8: remain bullish, and that's why we think the secular bowl

65
00:03:27,560 --> 00:03:28,800
Speaker 8: market remains well in place.

66
00:03:28,960 --> 00:03:31,840
Speaker 3: FEMO Capital Markets Brian Belski says his bowl case for

67
00:03:31,880 --> 00:03:34,680
Speaker 3: the sm P five hundred is sixty seven hundred. That's

68
00:03:34,720 --> 00:03:37,560
Speaker 3: about a fifteen percent gain from current levels.

69
00:03:37,800 --> 00:03:40,520
Speaker 2: Nathan, it's been big tech that's been fueling the rally

70
00:03:40,560 --> 00:03:43,040
Speaker 2: over the past month. In Nvidia and Tesla's surged more

71
00:03:43,080 --> 00:03:45,960
Speaker 2: than thirty five percent. Well, Microsoft is that more than

72
00:03:45,960 --> 00:03:46,720
Speaker 2: twenty percent?

73
00:03:47,040 --> 00:03:47,160
Speaker 9: Well.

74
00:03:47,200 --> 00:03:49,640
Speaker 2: The S and P five hundreds plunge after Trump's tariff

75
00:03:49,640 --> 00:03:52,840
Speaker 2: announcement on April second was fast eleven percent in just

76
00:03:52,880 --> 00:03:56,000
Speaker 2: two sessions. It's bounce back has been almost as breathless.

77
00:03:56,160 --> 00:03:59,920
Speaker 2: The index rows seventeen percent from April fourteenth to May second,

78
00:04:00,120 --> 00:04:02,480
Speaker 2: the kind of thing that historically happens when the market

79
00:04:02,520 --> 00:04:06,520
Speaker 2: is recovering from a major catastrophe like the dot com bust,

80
00:04:06,600 --> 00:04:09,080
Speaker 2: the two thousand and eight financial crisis, and the COVID

81
00:04:09,160 --> 00:04:10,160
Speaker 2: nineteen pandemic.

82
00:04:10,400 --> 00:04:14,040
Speaker 3: Well, Karen, President Trump may want oil prices to go lower.

83
00:04:14,160 --> 00:04:17,360
Speaker 3: In fact, Goldman Sachs, citing an in house analysis of

84
00:04:17,400 --> 00:04:20,559
Speaker 3: the president's social media posts, says he appears to prefer

85
00:04:20,640 --> 00:04:24,480
Speaker 3: oil between forty and fifty dollars a barrel WTI, which

86
00:04:24,560 --> 00:04:27,280
Speaker 3: right now is trading around sixty three dollars fifty cents,

87
00:04:27,279 --> 00:04:30,280
Speaker 3: has shed twelve percent so far this year, heard by

88
00:04:30,320 --> 00:04:32,760
Speaker 3: the fallout from the President's trade tariffs, as well as

89
00:04:32,800 --> 00:04:35,800
Speaker 3: a decision by OPEC plus to loosen supply curves at

90
00:04:35,800 --> 00:04:37,200
Speaker 3: a faster than expected pace.

91
00:04:37,680 --> 00:04:41,120
Speaker 2: Nathan, there's optimism in Washington that House Republicans may reach

92
00:04:41,160 --> 00:04:44,080
Speaker 2: a compromise on the state and local tax deduction, and

93
00:04:44,120 --> 00:04:46,400
Speaker 2: we get the latest from Bloomberg's John Tucker.

94
00:04:46,520 --> 00:04:48,719
Speaker 10: John Good morning, Good morning, Karen. Add this has been

95
00:04:48,800 --> 00:04:51,559
Speaker 10: a real big sticking point. House Speaker Mike Johnson telling

96
00:04:51,640 --> 00:04:54,800
Speaker 10: reporters that a deal on salt will be likely today.

97
00:04:55,520 --> 00:04:58,000
Speaker 10: It would represent a breakthrough in one of the thorniest

98
00:04:58,000 --> 00:05:01,599
Speaker 10: policy debates in President Trump's economic package. The Tax writing

99
00:05:01,640 --> 00:05:05,040
Speaker 10: Houseways and Means Committee is debating a proposal that calls

100
00:05:05,080 --> 00:05:08,320
Speaker 10: for increasing the salt cap from ten thousand to thirty

101
00:05:08,400 --> 00:05:12,000
Speaker 10: thousand dollars, phasing out for individuals who earn at least

102
00:05:12,000 --> 00:05:14,640
Speaker 10: two hundred thousand. Is a big deal for high tax

103
00:05:14,640 --> 00:05:18,840
Speaker 10: states where residents paid large property tax bills. Representative Mike Lawler,

104
00:05:19,000 --> 00:05:21,520
Speaker 10: a New York Republican who attended a meeting with Johnson

105
00:05:21,520 --> 00:05:25,520
Speaker 10: said the two signs are making progress, but another advocate

106
00:05:25,560 --> 00:05:29,240
Speaker 10: for Salt, Representative Nick Lolota, so the proposals floated are

107
00:05:29,279 --> 00:05:31,760
Speaker 10: still very far from what he wants. In New York,

108
00:05:31,800 --> 00:05:33,200
Speaker 10: I'm John Tucker Bloomberg Radio.

109
00:05:33,320 --> 00:05:35,839
Speaker 3: All right, John, thank you. President Trump's tariffs may have

110
00:05:35,920 --> 00:05:38,599
Speaker 3: a major impact on the state of California. According to

111
00:05:38,600 --> 00:05:41,760
Speaker 3: Governor Gavin Newsom's finance department, the president's tariff policies are

112
00:05:41,760 --> 00:05:46,120
Speaker 3: projected to cut California's tax revenue by sixteen billion dollars

113
00:05:46,160 --> 00:05:49,280
Speaker 3: in the next fiscal year. However, that four percent revenue

114
00:05:49,320 --> 00:05:51,880
Speaker 3: dropped from a previous estimate is largely due to the

115
00:05:51,920 --> 00:05:54,880
Speaker 3: stock downturn last month after the President announced a sweeping

116
00:05:54,920 --> 00:05:58,720
Speaker 3: tariff campaign. Stocks, as we mentioned, have since rebounded well.

117
00:05:58,800 --> 00:06:01,960
Speaker 2: Nathan Harvard Universe City is escalating its legal battle with

118
00:06:02,000 --> 00:06:04,520
Speaker 2: the White House. The Ivy League school has expanded its

119
00:06:04,560 --> 00:06:08,040
Speaker 2: lawsuit against the Trump administration for freezing billions of dollars

120
00:06:08,040 --> 00:06:12,440
Speaker 2: in federal funds. Harvard claims that federal agencies illegally halted

121
00:06:12,480 --> 00:06:15,800
Speaker 2: funding because the university refused to submit to government control

122
00:06:16,040 --> 00:06:19,320
Speaker 2: over its academic programs, and that the funding freeze will

123
00:06:19,400 --> 00:06:22,800
Speaker 2: chill its exercise a First Amendment rights. Yesterday, the Trump

124
00:06:22,839 --> 00:06:25,480
Speaker 2: administration cut another four hundred and fifty million dollars in

125
00:06:25,520 --> 00:06:28,400
Speaker 2: grants to Harvard University. That's in addition to the two

126
00:06:28,400 --> 00:06:34,800
Speaker 2: point two billion that was previously frozen. Time now for

127
00:06:34,839 --> 00:06:36,600
Speaker 2: a look at some of the other stories making news

128
00:06:36,600 --> 00:06:38,280
Speaker 2: in New York and around the world. And for that

129
00:06:38,320 --> 00:06:41,360
Speaker 2: we're joined by Bloomberg's Michael Barr. Michael, Good Morning, Good.

130
00:06:41,160 --> 00:06:44,120
Speaker 11: Morning, Karen. It is day three of the sex trafficking

131
00:06:44,160 --> 00:06:48,599
Speaker 11: and racketeering trial of Sean Diddy Comb's. Yesterday, Combe's former

132
00:06:48,680 --> 00:06:52,039
Speaker 11: girlfriend Cassie Ventura took the stand to test via about

133
00:06:52,080 --> 00:06:55,679
Speaker 11: her decade long relationship with the music mogul, including about

134
00:06:55,680 --> 00:07:00,279
Speaker 11: alleged day's long sexual marathons. Ventura says she was worse

135
00:07:00,320 --> 00:07:04,400
Speaker 11: to take part. Criminal defense lawyer Bernerda Villolona gave her

136
00:07:04,440 --> 00:07:06,320
Speaker 11: analysis of Tuesday's testimony.

137
00:07:06,480 --> 00:07:08,760
Speaker 9: I was in the courtroom to hear her testimony. Than

138
00:07:08,760 --> 00:07:11,160
Speaker 9: what you saw was a woman that was broken, a

139
00:07:11,200 --> 00:07:14,120
Speaker 9: woman that was full of emotion and of regret and

140
00:07:14,240 --> 00:07:16,840
Speaker 9: is now having the courage and the strength to come

141
00:07:16,920 --> 00:07:18,920
Speaker 9: forward and say what happened to her.

142
00:07:19,120 --> 00:07:23,480
Speaker 11: Criminal defense lawyer BERNARDA. Villolona Ventura is expected to return

143
00:07:23,520 --> 00:07:27,040
Speaker 11: to the witness stand today. Eric and Lyol Menendez will

144
00:07:27,080 --> 00:07:29,520
Speaker 11: have a new chance at freedom after thirty five years

145
00:07:29,560 --> 00:07:32,840
Speaker 11: behind bars from murdering their parents. A judge rule to

146
00:07:32,880 --> 00:07:36,720
Speaker 11: reduce the brother's sentences from life without parole to fifty

147
00:07:36,840 --> 00:07:40,920
Speaker 11: years to life. The resentencing means they are eligible for parole.

148
00:07:41,440 --> 00:07:45,600
Speaker 11: Their attorney Mark Gerrigos, reacting to the decision outside the courthouse.

149
00:07:45,400 --> 00:07:46,640
Speaker 12: We have evolved.

150
00:07:47,120 --> 00:07:49,000
Speaker 1: This is not the nineties anymore.

151
00:07:49,280 --> 00:07:54,560
Speaker 12: We have a more robust understanding of a lot of things.

152
00:07:55,000 --> 00:07:58,320
Speaker 11: They were convicted of murdering their entertainment executive father and

153
00:07:58,440 --> 00:08:02,160
Speaker 11: mother in their Beverly Hills home nineteen eighty nine. Prosecutors

154
00:08:02,200 --> 00:08:05,679
Speaker 11: opposed their resentencing, arguing that the brothers had not taken

155
00:08:05,720 --> 00:08:08,960
Speaker 11: full accountability for the crime. There is more talk of

156
00:08:09,000 --> 00:08:11,920
Speaker 11: a possible strike by New Jersey Transit that could begin

157
00:08:12,160 --> 00:08:15,920
Speaker 11: later this week. Talks had been underway before federal mediators

158
00:08:15,960 --> 00:08:19,680
Speaker 11: between the Brotherhood of Local Engineers and Trainmen and the

159
00:08:19,720 --> 00:08:23,200
Speaker 11: head of NJ Transit. The union that represents the engineers

160
00:08:23,280 --> 00:08:26,160
Speaker 11: is threatening to walk off the job as soon as

161
00:08:26,200 --> 00:08:29,160
Speaker 11: twelve oh one am Friday of a contract deal is

162
00:08:29,160 --> 00:08:32,199
Speaker 11: not reached and it could potentially impact three hundred and

163
00:08:32,200 --> 00:08:35,360
Speaker 11: fifty thousand commuters. Governor Phil Murphy, I.

164
00:08:35,280 --> 00:08:36,960
Speaker 10: Think you'll leave all options on the table.

165
00:08:37,440 --> 00:08:40,000
Speaker 3: I'm still hoping that we find some resolution here, but

166
00:08:40,040 --> 00:08:40,400
Speaker 3: we are.

167
00:08:40,320 --> 00:08:41,920
Speaker 4: Preparing for the worst.

168
00:08:42,200 --> 00:08:45,680
Speaker 11: Audio courtesy of ABC seven. A possible NJ transit strike

169
00:08:45,720 --> 00:08:48,440
Speaker 11: could have more of an impact than just on the

170
00:08:48,440 --> 00:08:51,960
Speaker 11: work commute. Shakira is scheduled to perform at Medlife Stadium

171
00:08:52,000 --> 00:08:54,199
Speaker 11: on Thursday and Friday night and earlier this week. NJ

172
00:08:54,320 --> 00:08:57,280
Speaker 11: Transit tolder fans not to count on train or bus

173
00:08:57,320 --> 00:08:59,880
Speaker 11: service to the stadium. Global News twenty four hours in

174
00:09:00,200 --> 00:09:02,040
Speaker 11: and whenever you want it with the Bloomberg News Now,

175
00:09:02,280 --> 00:09:04,040
Speaker 11: Michael Barr, this is Bloomberg Carrot.

176
00:09:04,120 --> 00:09:10,920
Speaker 2: All right, Michael Barr, thank you time now for the

177
00:09:10,960 --> 00:09:14,640
Speaker 2: Bloomberg Sports Update. Here's John Stanshawer, John, good morning.

178
00:09:14,360 --> 00:09:16,440
Speaker 4: Good morning, Caunt. A two to one win for the Mets,

179
00:09:16,440 --> 00:09:18,720
Speaker 4: a two to one loss for the Yankees at Cityfield.

180
00:09:18,720 --> 00:09:21,240
Speaker 4: Brett Baty finally living up to the promise he's shown

181
00:09:21,280 --> 00:09:24,199
Speaker 4: in the miners with an opposite field seventh inning homer,

182
00:09:24,200 --> 00:09:27,040
Speaker 4: and the Mets top the Pirates, improving to seventeen and

183
00:09:27,080 --> 00:09:29,800
Speaker 4: four at home, the Mets won despite having only five hits.

184
00:09:29,800 --> 00:09:32,320
Speaker 4: In Seattle, Yankees, with just five hits did tie the

185
00:09:32,320 --> 00:09:34,640
Speaker 4: game of the ninetheenning, but the Mariners scored on the

186
00:09:34,640 --> 00:09:36,319
Speaker 4: eleventh for the victory. Of the road trip ends for

187
00:09:36,400 --> 00:09:38,720
Speaker 4: the day game today. The Nationals lost their seventh in

188
00:09:38,720 --> 00:09:41,200
Speaker 4: a row five to two in Atlanta. The Red Sox

189
00:09:41,240 --> 00:09:43,680
Speaker 4: lost in Detroit ten to nine in eleven ins. The

190
00:09:43,720 --> 00:09:46,960
Speaker 4: Tigers won on Hobby Bias' second three run homer of

191
00:09:47,000 --> 00:09:49,760
Speaker 4: the game. The Indiana Pacers, who took out the Nixon

192
00:09:49,840 --> 00:09:52,320
Speaker 4: Round two a year ago, this time took out Cleveland,

193
00:09:52,320 --> 00:09:54,800
Speaker 4: who had the great regular season with the Cavs, who

194
00:09:54,880 --> 00:09:58,600
Speaker 4: only lost seven home games over six months, lost three

195
00:09:58,600 --> 00:10:01,520
Speaker 4: and nine days. Facers came from nineteen down won the series,

196
00:10:01,520 --> 00:10:04,120
Speaker 4: clinching Game five one fourteen to one oh five. They'll

197
00:10:04,120 --> 00:10:06,719
Speaker 4: now play either the Knicks or Celtics, except three to

198
00:10:06,720 --> 00:10:09,720
Speaker 4: one going for the clincher tonight in Boston. The Celtics,

199
00:10:09,760 --> 00:10:12,720
Speaker 4: without Jason Tatum due to the torn achilles suffered late

200
00:10:12,760 --> 00:10:15,280
Speaker 4: in Game four. In the West, Denver and Oklahoma City

201
00:10:15,320 --> 00:10:17,280
Speaker 4: played a tight game five.

202
00:10:17,440 --> 00:10:21,760
Speaker 12: Seven to shooting his team is down by three roles

203
00:10:21,920 --> 00:10:28,080
Speaker 12: tosses it up, Jokers wild to shoot, some help from Murray,

204
00:10:29,160 --> 00:10:35,960
Speaker 12: Kick George Extra Williams, Tomaway, Thunder late by.

205
00:10:35,880 --> 00:10:39,360
Speaker 4: Thray Tantata Call. Oklahoma City won one twelve, one oh

206
00:10:39,440 --> 00:10:42,720
Speaker 4: five despite forty four points by Denvers Nicola Yokis Thunder

207
00:10:42,760 --> 00:10:45,160
Speaker 4: lead the series three two Dallas Stars three one win

208
00:10:45,200 --> 00:10:47,679
Speaker 4: over Winnipeg three to one series lead. It was the

209
00:10:47,800 --> 00:10:50,440
Speaker 4: Dave Pete Rose never lived to see, but his family

210
00:10:50,440 --> 00:10:53,920
Speaker 4: had recently lobbied on his behalf for his reinstatement to Baseball,

211
00:10:53,920 --> 00:10:56,839
Speaker 4: and Commisioner Rob Manford finally granted it. Satan's statement that

212
00:10:57,000 --> 00:11:00,640
Speaker 4: Rose can no longer present a threat to the games integrity,

213
00:11:00,720 --> 00:11:04,200
Speaker 4: so Baseball's hit king can now posthumously be voted to

214
00:11:04,200 --> 00:11:06,080
Speaker 4: the Hall of Fame. Tho, the earliest to what happened

215
00:11:06,120 --> 00:11:09,640
Speaker 4: is twenty twenty eight. John Stanshewer, Bloomberg Sports Kereny.

216
00:11:11,920 --> 00:11:16,080
Speaker 1: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

217
00:11:16,240 --> 00:11:19,080
Speaker 1: and around the world on Bloomberg dot Com and the

218
00:11:19,120 --> 00:11:22,160
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

219
00:11:22,280 --> 00:11:25,040
Speaker 3: Good morning, I'm Nathan Hager. President Donald Trump is shifting

220
00:11:25,080 --> 00:11:28,040
Speaker 3: focus from deal making to diplomacy as he kicks off

221
00:11:28,120 --> 00:11:31,040
Speaker 3: day two of his four day Middle Eastern trip. At

222
00:11:31,040 --> 00:11:33,880
Speaker 3: a meeting with the Golf Club Operation Council in Riod

223
00:11:33,880 --> 00:11:36,960
Speaker 3: this morning, heard live on Bloomberg Radio, the President said,

224
00:11:36,960 --> 00:11:39,319
Speaker 3: the days of the US turning its back on golf

225
00:11:39,360 --> 00:11:40,600
Speaker 3: allies are over.

226
00:11:41,160 --> 00:11:42,680
Speaker 2: The Gulf nations.

227
00:11:42,240 --> 00:11:45,520
Speaker 5: Are at the forefront of creating a stable, peaceful, and

228
00:11:46,240 --> 00:11:50,600
Speaker 5: prosperous Middle East, and I have to say that I've

229
00:11:50,600 --> 00:11:51,720
Speaker 5: seen such progress.

230
00:11:53,000 --> 00:11:54,079
Speaker 2: It's really incredible.

231
00:11:54,120 --> 00:11:56,120
Speaker 5: I've also seen great unity and friendship.

232
00:11:56,280 --> 00:11:59,560
Speaker 3: President Trump there speaking at the Golf Cooperation Council this morning,

233
00:11:59,640 --> 00:12:03,800
Speaker 3: joining us from Riad once again. Bloomberg Horizons anchor Jumana

234
00:12:03,880 --> 00:12:06,680
Speaker 3: Barsechi Jamana, thanks so much for joining us, and I

235
00:12:06,679 --> 00:12:09,000
Speaker 3: guess the biggest headline to come out of the President's

236
00:12:09,040 --> 00:12:12,920
Speaker 3: remarks this morning is that the US is exploring normalized

237
00:12:12,960 --> 00:12:16,720
Speaker 3: relations with Syria. This would be quite the reversal among

238
00:12:16,840 --> 00:12:19,000
Speaker 3: many reversals we've seen on this trip so far.

239
00:12:19,040 --> 00:12:19,560
Speaker 11: Good morning.

240
00:12:20,040 --> 00:12:22,760
Speaker 7: Certainly unbelievable to think that we could be at the

241
00:12:22,840 --> 00:12:25,360
Speaker 7: phase six months ago. If you were wind back Assyria

242
00:12:25,520 --> 00:12:27,720
Speaker 7: was still under the grips of the Assad regime. So

243
00:12:27,800 --> 00:12:29,720
Speaker 7: much has changed in the region in the last six

244
00:12:29,760 --> 00:12:34,000
Speaker 7: months and I think today's meeting really encapsulates that. And

245
00:12:34,040 --> 00:12:37,280
Speaker 7: the fact that President Trump in has remarked yesterdy very

246
00:12:37,320 --> 00:12:40,280
Speaker 7: long speech that he gave at the Saudi Business Investment Forum,

247
00:12:40,520 --> 00:12:43,000
Speaker 7: obviously talking about all of the deals with big investments,

248
00:12:43,000 --> 00:12:45,600
Speaker 7: but one of the big headline moments, and I was

249
00:12:45,640 --> 00:12:48,520
Speaker 7: in the room, it was an electric atmosphere, was when

250
00:12:48,520 --> 00:12:51,080
Speaker 7: he announced that the US we're looking to remove the

251
00:12:51,120 --> 00:12:54,640
Speaker 7: sanctions on the Syrian government. And that was not with

252
00:12:54,800 --> 00:12:58,000
Speaker 7: a standing ovation and the loudest applause that he received

253
00:12:58,040 --> 00:13:01,120
Speaker 7: throughout the whole speech, and then followed up by a

254
00:13:01,120 --> 00:13:04,200
Speaker 7: one to one meeting that he had with that is

255
00:13:04,240 --> 00:13:07,360
Speaker 7: the new Syrian president today on the sidelines of the GCC.

256
00:13:07,920 --> 00:13:10,400
Speaker 7: The Syrian president obviously was a special invite, he's not

257
00:13:10,440 --> 00:13:12,040
Speaker 7: part of the g c C. He was invited to

258
00:13:12,040 --> 00:13:14,360
Speaker 7: at time this event, and then a picture was taken

259
00:13:14,480 --> 00:13:19,040
Speaker 7: with the Crown Prince, President Trump and Syrian President Ahman

260
00:13:19,080 --> 00:13:23,520
Speaker 7: Shada talking about the birth of a new Syria, and

261
00:13:24,320 --> 00:13:27,360
Speaker 7: President Trump quite literally said that this is their chance

262
00:13:27,400 --> 00:13:31,079
Speaker 7: to shine. There's an understanding that the Syrian government has

263
00:13:31,120 --> 00:13:33,480
Speaker 7: been or the Syrian that contry has been crippled by

264
00:13:33,480 --> 00:13:35,320
Speaker 7: the sanctions that have been in place for over a

265
00:13:35,320 --> 00:13:37,920
Speaker 7: decade now, a country that has been ravaged by war

266
00:13:38,320 --> 00:13:43,359
Speaker 7: under the oppressive Assad regime. Now is the focus on reconstruction,

267
00:13:43,600 --> 00:13:47,680
Speaker 7: rebuilding institutions, and regaining political stability, which I think is

268
00:13:47,760 --> 00:13:50,440
Speaker 7: one of the most powerful messages that came out of

269
00:13:50,440 --> 00:13:53,440
Speaker 7: President Trump's speech yesterday in terms of how the Trump

270
00:13:53,440 --> 00:13:56,720
Speaker 7: administration is thinking about the region and their priorities the

271
00:13:56,720 --> 00:13:57,400
Speaker 7: next few years.

272
00:13:57,679 --> 00:14:01,880
Speaker 3: How seriously Jumana do Gulf al take the potential for

273
00:14:01,920 --> 00:14:05,640
Speaker 3: a pivot in the Syrian regime following the fall of

274
00:14:05,679 --> 00:14:08,559
Speaker 3: Bashar al Assade. Of course, Syria has long been an

275
00:14:08,559 --> 00:14:09,840
Speaker 3: ally of Russia and.

276
00:14:09,679 --> 00:14:13,920
Speaker 7: Iran very seriously, and I think the president, the new

277
00:14:13,920 --> 00:14:17,320
Speaker 7: president is trying to say the right things and do

278
00:14:17,520 --> 00:14:21,640
Speaker 7: the right things. We can't forget he has jihadi roots,

279
00:14:21,720 --> 00:14:24,640
Speaker 7: Let's not forget that. So he's a bit of a

280
00:14:24,680 --> 00:14:28,600
Speaker 7: reformed politician, I should say himself. Even the way he dresses.

281
00:14:28,920 --> 00:14:32,040
Speaker 7: He dresses more in civilian clothes and he did, you

282
00:14:32,080 --> 00:14:34,400
Speaker 7: know five six years ago when he was a fighter

283
00:14:35,000 --> 00:14:38,320
Speaker 7: fighting against the Asad regime. But there's been also a

284
00:14:38,320 --> 00:14:41,840
Speaker 7: lot of talk about the type of governance that needs

285
00:14:41,840 --> 00:14:45,240
Speaker 7: to be in place and the need for pluralistic society,

286
00:14:45,240 --> 00:14:49,240
Speaker 7: one that respects all minorities, and that was the major concern.

287
00:14:49,320 --> 00:14:50,960
Speaker 7: If you remember, there was an incident a couple of

288
00:14:50,960 --> 00:14:54,280
Speaker 7: months back where I was actually a mass killing that

289
00:14:54,320 --> 00:14:57,160
Speaker 7: took place of the Alla white minority and one of

290
00:14:57,200 --> 00:15:00,480
Speaker 7: the coastal towns, and there was concerns here turns back

291
00:15:00,520 --> 00:15:03,960
Speaker 7: then that Syria may be gripped by again sectarian division.

292
00:15:04,560 --> 00:15:07,440
Speaker 7: But they've tried to thwart that move past it and

293
00:15:07,880 --> 00:15:12,360
Speaker 7: create a government that does feel more pluralistic. Obviously, it

294
00:15:12,720 --> 00:15:14,800
Speaker 7: remains to be seen how successful they're going to be.

295
00:15:15,280 --> 00:15:19,040
Speaker 7: That the only foreign trip that President shout out has

296
00:15:19,120 --> 00:15:21,120
Speaker 7: mete outside in the least with the France. Last week

297
00:15:21,120 --> 00:15:23,320
Speaker 7: he met with President macarel as being an easing of

298
00:15:23,440 --> 00:15:26,560
Speaker 7: sanctions from Europe. And now there's this double step of

299
00:15:26,560 --> 00:15:29,120
Speaker 7: the possible easing of sanctions from the United States as well.

300
00:15:29,200 --> 00:15:32,800
Speaker 7: So the United States really is presenting them with an opportunity,

301
00:15:32,920 --> 00:15:36,640
Speaker 7: alongside the GCC, to create something more stable in the region.

302
00:15:37,360 --> 00:15:40,800
Speaker 2: This is Bloomberg Daybreak, your morning podcast and the stories

303
00:15:40,880 --> 00:15:43,880
Speaker 2: making news from Wall Street to Washington and beyond.

304
00:15:44,160 --> 00:15:46,520
Speaker 3: Look for us on your podcast feed by six am

305
00:15:46,560 --> 00:15:49,960
Speaker 3: Eastern each morning on Apple Spotify, or anywhere else you listen.

306
00:15:50,200 --> 00:15:53,000
Speaker 2: You can also listen live each morning starting at five

307
00:15:53,080 --> 00:15:55,800
Speaker 2: am Wall Street Time on Bloomberg eleven three to zero

308
00:15:55,800 --> 00:15:58,680
Speaker 2: in New York, Bloomberg in ninety nine to one in Washington,

309
00:15:58,760 --> 00:16:02,720
Speaker 2: Bloomberg ninety two nine in Boston, and nationwide on serious

310
00:16:02,920 --> 00:16:04,480
Speaker 2: XM Channel one twenty one.

311
00:16:04,880 --> 00:16:07,600
Speaker 3: Plus listen coast to coast on the Bloomberg Business app

312
00:16:07,640 --> 00:16:10,440
Speaker 3: now with Apple CarPlay and Android auto interfaces.

313
00:16:10,680 --> 00:16:13,680
Speaker 2: And don't forget to subscribe to Bloomberg News Now. It's

314
00:16:13,720 --> 00:16:16,440
Speaker 2: the latest news whenever you want it in five minutes

315
00:16:16,520 --> 00:16:19,640
Speaker 2: or less. Search Bloomberg News Now on your favorite podcast

316
00:16:19,680 --> 00:16:23,840
Speaker 2: platform to stay informed all day long. I'm Karen Moscow.

317
00:16:23,640 --> 00:16:26,160
Speaker 3: And I'm Nathan Hager. Join us again tomorrow morning for

318
00:16:26,240 --> 00:16:28,160
Speaker 3: all the news you need to start your day right

319
00:16:28,160 --> 00:16:29,680
Speaker 3: here on Bloomberg dabray