1 00:00:02,720 --> 00:00:07,200 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:10,160 --> 00:00:13,360 Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here 3 00:00:13,360 --> 00:00:15,080 Speaker 2: are the stories we're following today. 4 00:00:15,320 --> 00:00:17,360 Speaker 3: No, Karen, we want to bring you first the very 5 00:00:17,480 --> 00:00:21,799 Speaker 3: latest on the powerful winter storm pounding the northeast. Let's 6 00:00:21,880 --> 00:00:25,200 Speaker 3: check in with Bloomberg meteorologist Craig Allen. Craig, how bad is. 7 00:00:25,160 --> 00:00:29,639 Speaker 4: It, Nathan? It is so so heavy right now. The 8 00:00:29,680 --> 00:00:33,320 Speaker 4: snow is falling very heavily across New Jersey from Philadelphia 9 00:00:33,400 --> 00:00:36,479 Speaker 4: on up towards Newark. New York City getting hit pretty 10 00:00:36,479 --> 00:00:38,879 Speaker 4: hard right now. The last official reading out of New 11 00:00:38,960 --> 00:00:42,159 Speaker 4: York City was about ten and a half inches. It 12 00:00:42,280 --> 00:00:45,559 Speaker 4: is snowing heavily right now in Boston too, so it 13 00:00:45,640 --> 00:00:49,680 Speaker 4: finally reached Boston later, but later during the nighttime hours. 14 00:00:49,720 --> 00:00:50,280 Speaker 5: So A. 15 00:00:50,479 --> 00:00:54,480 Speaker 4: Mounts in Massachusetts and Connecticut and so forth are generally 16 00:00:54,600 --> 00:00:57,680 Speaker 4: in the four to eight inch rains and climbing rapidly. 17 00:00:58,160 --> 00:01:01,280 Speaker 4: Long Island and coastal sections of New Jersey are the 18 00:01:01,320 --> 00:01:04,160 Speaker 4: areas that are getting it the worst. Over a foot 19 00:01:04,280 --> 00:01:08,399 Speaker 4: foot and a half another half foot or more is expected, 20 00:01:08,640 --> 00:01:10,880 Speaker 4: and the winds are gusting over fifty miles per hour. 21 00:01:10,880 --> 00:01:13,399 Speaker 4: In fact, I could say that I'm on generator right 22 00:01:13,440 --> 00:01:15,480 Speaker 4: now talking to you at this moment as well. We 23 00:01:15,920 --> 00:01:17,520 Speaker 4: lost Bauer earlier this morning. 24 00:01:17,720 --> 00:01:19,840 Speaker 3: Oh my goodness. So when are we expecting all this 25 00:01:19,959 --> 00:01:22,839 Speaker 3: to end, Craig, Not till the end of the afternoon. 26 00:01:22,959 --> 00:01:25,880 Speaker 3: You know, I don't think that we're going to see 27 00:01:25,920 --> 00:01:29,800 Speaker 3: a complete ending here until somewhere between three and six. 28 00:01:29,920 --> 00:01:32,959 Speaker 3: For New York City as well as Boston. Let me 29 00:01:32,959 --> 00:01:36,720 Speaker 3: mention that DC did not get hit nearly as hard. 30 00:01:36,959 --> 00:01:39,560 Speaker 3: There's a slushy one to three locally two to four 31 00:01:39,680 --> 00:01:42,480 Speaker 3: up towards Baltimore on the ground there, and the snow 32 00:01:42,520 --> 00:01:45,679 Speaker 3: is basically over except for some snow showers. But from 33 00:01:45,680 --> 00:01:48,360 Speaker 3: New York to Boston it's going to continue much of 34 00:01:48,400 --> 00:01:48,920 Speaker 3: the day. 35 00:01:49,040 --> 00:01:51,920 Speaker 2: All right, Bloomberg Meteorologists, Craig Allen, Thank you, Craig, and 36 00:01:51,960 --> 00:01:54,080 Speaker 2: of course we'll be checking in with you throughout the morning. 37 00:01:54,080 --> 00:01:56,240 Speaker 2: While the snow is piling up in New York City 38 00:01:56,240 --> 00:01:58,880 Speaker 2: and that has the mayor closing schools and enacting a 39 00:01:58,960 --> 00:02:03,280 Speaker 2: travel ban. Bloomers. John Tucker continues our team coverage from Manhattan. 40 00:02:03,320 --> 00:02:05,920 Speaker 6: John, Good morning, Yeah, good snowy morning to you, Karen, 41 00:02:05,960 --> 00:02:08,280 Speaker 6: New York City hasn't faced a storm of this scale 42 00:02:08,360 --> 00:02:11,040 Speaker 6: in the last decade, and he may be new to 43 00:02:11,080 --> 00:02:14,120 Speaker 6: the job, but Mayor Mom Donnie already a snow veteran. 44 00:02:14,600 --> 00:02:17,240 Speaker 7: We are looking to utilize every tool that was successful 45 00:02:17,280 --> 00:02:20,320 Speaker 7: last time around and then utilize new tools as well. 46 00:02:20,480 --> 00:02:23,639 Speaker 6: Highways, bridges, and streets into New York City were closed 47 00:02:23,720 --> 00:02:27,320 Speaker 6: last night. Schools are shut this morning. The subway system 48 00:02:27,400 --> 00:02:30,560 Speaker 6: is operating with local service. Well Metro North is running 49 00:02:30,600 --> 00:02:33,320 Speaker 6: a weekend schedule, a service on the Long Island Railroad 50 00:02:33,360 --> 00:02:37,079 Speaker 6: that is suspended. New Jersey Transit is shuttered, no service, 51 00:02:37,480 --> 00:02:39,760 Speaker 6: and a state of emergency exists in New York and 52 00:02:39,840 --> 00:02:43,320 Speaker 6: New Jersey. The message throughout the tri state area simple, 53 00:02:43,520 --> 00:02:46,640 Speaker 6: stay off the roads. Here's Connecticut Governor Ned Lamont. 54 00:02:46,840 --> 00:02:50,880 Speaker 8: We have the best Olympic hockey team in the country 55 00:02:50,919 --> 00:02:54,440 Speaker 8: and they do pretty well on ice, but we don't. 56 00:02:55,080 --> 00:02:57,800 Speaker 8: So Advice number one is stay off the roads. 57 00:02:58,320 --> 00:03:00,920 Speaker 6: That's a sentiment echoed by New Jersey's these new gobetor 58 00:03:00,960 --> 00:03:01,639 Speaker 6: Mikey Cheryl. 59 00:03:02,720 --> 00:03:05,120 Speaker 2: We need to be prepared, we need to be safe, 60 00:03:05,400 --> 00:03:08,240 Speaker 2: get water, get all of your charging. 61 00:03:07,919 --> 00:03:09,160 Speaker 7: Done with your devices. 62 00:03:09,440 --> 00:03:10,359 Speaker 9: Stay off the roads. 63 00:03:10,520 --> 00:03:14,000 Speaker 6: In Boston, Mayor Michelle Woo declared a snow emergency. The 64 00:03:14,040 --> 00:03:16,600 Speaker 6: most snow New York got in a day that was 65 00:03:16,639 --> 00:03:20,639 Speaker 6: twenty seven inches in January of twenty sixteen. Now keep 66 00:03:20,639 --> 00:03:23,440 Speaker 6: in mind, everybody what our meteorologist Rob Carolyn is saying. 67 00:03:23,520 --> 00:03:26,280 Speaker 6: It could take until April for us to break out 68 00:03:26,280 --> 00:03:29,640 Speaker 6: of this weather pattern. In New York time, John Tucker, Bloomberg. 69 00:03:29,280 --> 00:03:32,000 Speaker 3: Radio, Come on, John, all right, thank you all. This 70 00:03:32,080 --> 00:03:35,200 Speaker 3: storm is wreaking havoc on air travel as well. Bloomberg's 71 00:03:35,200 --> 00:03:37,800 Speaker 3: Alexis christoffers joins us now at that part of the story. 72 00:03:37,840 --> 00:03:39,920 Speaker 3: Good morning, Alexis, Good morning Nathan. 73 00:03:39,960 --> 00:03:43,480 Speaker 7: The massive storm is already grounded more than fifty five 74 00:03:43,640 --> 00:03:47,600 Speaker 7: hundred flights this morning and delayed nearly seven thousand. Those 75 00:03:47,680 --> 00:03:50,680 Speaker 7: numbers are expected to climb as the blizzard set to 76 00:03:50,800 --> 00:03:53,880 Speaker 7: dump up to thirty inches of snow in some areas. 77 00:03:54,080 --> 00:03:58,800 Speaker 7: Airlines began offering travel waivers to help customers avoid flight disruptions. 78 00:03:59,120 --> 00:04:02,200 Speaker 7: Impacts are respect aecially severe at New York's LaGuardia Airport 79 00:04:02,200 --> 00:04:06,120 Speaker 7: and JFK, where nearly all flights have been canceled today. 80 00:04:06,480 --> 00:04:09,680 Speaker 7: Delta Airline says it expects to halt operations at New 81 00:04:09,760 --> 00:04:13,520 Speaker 7: York and Boston airports into tomorrow, and Delta is also 82 00:04:13,600 --> 00:04:16,599 Speaker 7: warning of broader disruptions across its network due to a 83 00:04:16,680 --> 00:04:20,440 Speaker 7: technical issue affecting its check in and boarding systems. If 84 00:04:20,480 --> 00:04:23,320 Speaker 7: you're scheduled to fly today, call your airline to check 85 00:04:23,320 --> 00:04:27,039 Speaker 7: your flight status before heading to the airport. In New York, 86 00:04:27,080 --> 00:04:29,039 Speaker 7: Alexis Christoffras Bloomberg Radio. 87 00:04:29,240 --> 00:04:32,080 Speaker 2: Yeah, good advice, Alexis. Thank you. While some may say 88 00:04:32,120 --> 00:04:35,120 Speaker 2: you deserve a medal for braving these blizzard like conditions, 89 00:04:35,200 --> 00:04:39,120 Speaker 2: millions are still buzzing about the US performance in the Olympics. Yesterday, 90 00:04:39,160 --> 00:04:42,039 Speaker 2: the US team closed out the games with a gold 91 00:04:42,120 --> 00:04:46,200 Speaker 2: medal in men's hockey. Bloomberg. John Stashower joins US Now 92 00:04:46,240 --> 00:04:49,000 Speaker 2: with more on the historic win John all. 93 00:04:48,960 --> 00:04:52,240 Speaker 10: Right Kerny overtime in men's hockey and a US victory 94 00:04:52,279 --> 00:04:55,000 Speaker 10: on a gold medal winning goal scored by the New 95 00:04:55,080 --> 00:04:56,839 Speaker 10: Jersey Devil's Jack Ughes. 96 00:04:57,560 --> 00:05:00,800 Speaker 11: It's a journey, it's the whole lifetime of work, you know. 97 00:05:01,000 --> 00:05:04,080 Speaker 11: I'm just a part of that. So I think every 98 00:05:04,120 --> 00:05:06,000 Speaker 11: single person in that game, then I can be proud. 99 00:05:06,040 --> 00:05:08,600 Speaker 11: And obviously it was a great game and we're the 100 00:05:08,680 --> 00:05:11,200 Speaker 11: team with the better outcome, but just a great game 101 00:05:11,240 --> 00:05:12,520 Speaker 11: between USA and Canada. 102 00:05:12,720 --> 00:05:15,120 Speaker 10: It was that came three days after the US women 103 00:05:15,560 --> 00:05:18,240 Speaker 10: also beat Canada, also to one in overtime for their 104 00:05:18,279 --> 00:05:20,600 Speaker 10: gold medal. That came forty six years to the day 105 00:05:21,040 --> 00:05:23,240 Speaker 10: after the miracle upset of the Soviet Union in the 106 00:05:23,360 --> 00:05:25,599 Speaker 10: US had not won the gold in men's hockey since then. 107 00:05:25,920 --> 00:05:28,800 Speaker 10: Working up with sports John Stashieh with Bloomberg Radio. All Right, John, 108 00:05:28,839 --> 00:05:30,640 Speaker 10: thanks down of the big market news. Out of Washington, 109 00:05:30,720 --> 00:05:30,960 Speaker 10: d C. 110 00:05:31,680 --> 00:05:34,760 Speaker 3: Tariffs. The Trump administration is working to salvage its trade 111 00:05:34,760 --> 00:05:38,679 Speaker 3: policy after the Supreme Court struck down the president's emergency duties. 112 00:05:38,720 --> 00:05:41,880 Speaker 3: In response, he rolled out a ten percent global tariff, 113 00:05:41,920 --> 00:05:45,039 Speaker 3: then raised it to fifteen percent. That move came under 114 00:05:45,080 --> 00:05:48,320 Speaker 3: Section one twenty two of the nineteen seventy four Trade Act. 115 00:05:48,640 --> 00:05:51,400 Speaker 3: Treasury Secretary Scott Besson says the policy will stay in 116 00:05:51,440 --> 00:05:54,039 Speaker 3: place for one hundred and fifty days until more permanent 117 00:05:54,080 --> 00:05:55,200 Speaker 3: tariffs can be imposed. 118 00:05:55,680 --> 00:06:01,240 Speaker 12: The President the administration remains undeterred and restoring American factories 119 00:06:01,520 --> 00:06:04,919 Speaker 12: and getting rid of these massive trade imbalances. That's the 120 00:06:04,960 --> 00:06:07,919 Speaker 12: big story here is that we are immediately going to 121 00:06:07,920 --> 00:06:10,840 Speaker 12: go to Section one twenty two tariffs that the revenue 122 00:06:10,920 --> 00:06:14,160 Speaker 12: for the US Treasury for twenty twenty six. The projections 123 00:06:14,200 --> 00:06:15,120 Speaker 12: are unchanged. 124 00:06:15,880 --> 00:06:18,960 Speaker 3: Secretary Besset appeared on CNN's State of the Union. Despite 125 00:06:18,960 --> 00:06:22,160 Speaker 3: the High Court's ruling, US Trade Representative Jamison Greer says 126 00:06:22,240 --> 00:06:24,960 Speaker 3: trade deals struck in recent months will stay in place. 127 00:06:25,000 --> 00:06:27,719 Speaker 3: He was on CBS's Face the Nation heard Sundays on 128 00:06:27,760 --> 00:06:28,599 Speaker 3: Bloomberg Radio. 129 00:06:29,000 --> 00:06:31,120 Speaker 13: I've been speaking to these folks as well, and I've 130 00:06:31,160 --> 00:06:34,039 Speaker 13: been telling them for a year whether this case, whether 131 00:06:34,080 --> 00:06:35,960 Speaker 13: we won or lost, we were going to have tariff. 132 00:06:36,000 --> 00:06:38,680 Speaker 13: The President's policy was going to continue. That's why they 133 00:06:38,720 --> 00:06:39,599 Speaker 13: signed these deals. 134 00:06:39,839 --> 00:06:40,520 Speaker 5: US Trade rep. 135 00:06:40,600 --> 00:06:43,240 Speaker 3: Jamison green In a Section one twenty two allows presidents 136 00:06:43,279 --> 00:06:47,840 Speaker 3: to impose temporary tariffs in situations of fundamental international payments problems. 137 00:06:48,160 --> 00:06:52,279 Speaker 3: Many economists say the US is not facing that risk well, Nathan. 138 00:06:52,279 --> 00:06:55,480 Speaker 2: As a tariff fallout continues, the European Union is holding 139 00:06:55,520 --> 00:06:59,240 Speaker 2: an emergency meeting to reassess its US trade deal. At 140 00:06:59,279 --> 00:07:01,760 Speaker 2: the same time, India is holding off on talks to 141 00:07:01,800 --> 00:07:05,760 Speaker 2: finalize its interim US trade agreement. European Central Bank President 142 00:07:05,839 --> 00:07:09,760 Speaker 2: Christine Laguard says President Trump's latest global tariff could upset 143 00:07:09,800 --> 00:07:11,320 Speaker 2: the relationship with the EU. 144 00:07:11,960 --> 00:07:17,320 Speaker 14: It's critically important that all people in the trade, both 145 00:07:17,400 --> 00:07:20,800 Speaker 14: outside of the United States but also in the United States, 146 00:07:21,160 --> 00:07:24,720 Speaker 14: have clarity about the future of the relationships. 147 00:07:25,360 --> 00:07:28,480 Speaker 2: ECB President Christine Leaguard was also on face the Nation. 148 00:07:28,720 --> 00:07:30,840 Speaker 2: As it stands now, the UK could be the biggest 149 00:07:30,880 --> 00:07:34,680 Speaker 2: loser from President Trump's fifteen percent tariff. It had negotiated 150 00:07:34,680 --> 00:07:37,800 Speaker 2: a ten percent rate. China, India and Brazil stand to 151 00:07:37,880 --> 00:07:38,760 Speaker 2: benefit the most. 152 00:07:38,920 --> 00:07:40,640 Speaker 3: And for the first time, Karen, we're starting to see 153 00:07:40,640 --> 00:07:43,320 Speaker 3: global markets react to the Supreme Court's rolling. Stocks in 154 00:07:43,400 --> 00:07:46,280 Speaker 3: Hong Kong rose two and a half percent, the sen 155 00:07:46,400 --> 00:07:49,040 Speaker 3: sex in India is up about a half percent. We 156 00:07:49,040 --> 00:07:51,800 Speaker 3: get more from Bloomberg Market supporter of verr abu Omar. 157 00:07:52,440 --> 00:07:55,480 Speaker 15: Some of the Asian countries are set to benefit from this, 158 00:07:55,840 --> 00:07:59,880 Speaker 15: namely India and China. As a matter of fact, Morgan 159 00:08:00,320 --> 00:08:04,040 Speaker 15: analysts say that the net or the average weighted tariff 160 00:08:04,480 --> 00:08:08,280 Speaker 15: for Asian countries comes down to seventeen percent from twenty percent. 161 00:08:08,880 --> 00:08:11,920 Speaker 3: Bloomberg Sabi abu Omar notes the dollar has weakened since 162 00:08:11,960 --> 00:08:14,720 Speaker 3: the tariff ruling. In this morning, US stock futures are 163 00:08:14,760 --> 00:08:17,720 Speaker 3: lower after all three major indexes gained on Friday. 164 00:08:18,040 --> 00:08:20,600 Speaker 2: Now, Nathan, let's switch gears and turn our focus to 165 00:08:20,640 --> 00:08:22,720 Speaker 2: the Middle East. The US and Iran are set to 166 00:08:22,720 --> 00:08:26,360 Speaker 2: resume nuclear talks in Geneva on Thursday. Talks come in 167 00:08:26,360 --> 00:08:29,120 Speaker 2: the face of a US military build up in the region. 168 00:08:29,240 --> 00:08:31,640 Speaker 2: Arounds for a Minister says, Tehran is working on a 169 00:08:31,720 --> 00:08:36,080 Speaker 2: proposal for an agreement that meets the needs of both parties, but. 170 00:08:36,160 --> 00:08:39,400 Speaker 16: There is a good chance to have a diplomatic solution, 171 00:08:39,800 --> 00:08:42,440 Speaker 16: which is based on a win win game. A solution 172 00:08:42,600 --> 00:08:45,080 Speaker 16: is at our riach, so there is no need for 173 00:08:45,320 --> 00:08:48,240 Speaker 16: any military built up, and military build up cannot help 174 00:08:48,280 --> 00:08:50,880 Speaker 16: it and cannot pressurize US. 175 00:08:50,720 --> 00:08:53,480 Speaker 2: And Arounds Foreign minister says, the Islamic Republic will not 176 00:08:53,640 --> 00:08:56,000 Speaker 2: be pressured by the US military build up in the 177 00:08:56,000 --> 00:08:59,120 Speaker 2: Middle East. We get more in the situation from Bloomberg's Jumana, 178 00:08:59,120 --> 00:09:00,319 Speaker 2: Bursechi and buy. 179 00:09:00,840 --> 00:09:03,000 Speaker 9: I think if you go back to last year, President 180 00:09:03,040 --> 00:09:06,680 Speaker 9: Trump was able afterwards to say that they had conducted 181 00:09:06,760 --> 00:09:12,400 Speaker 9: very successful operations because they obliterated quote unquote Iran's nuclear centrifugias. 182 00:09:12,480 --> 00:09:15,120 Speaker 9: Of course, we know now that they haven't completely obliterated 183 00:09:15,160 --> 00:09:17,840 Speaker 9: the program, but they've obliterated at least the time frame 184 00:09:17,880 --> 00:09:20,840 Speaker 9: at which the Iran can create a nuclear weapon this 185 00:09:20,960 --> 00:09:23,599 Speaker 9: time around, it depends on what they're trying to achieve. 186 00:09:23,760 --> 00:09:26,559 Speaker 2: And Bloomberg strew monu percent. She notes that President Trump 187 00:09:26,600 --> 00:09:30,640 Speaker 2: is considering limited strikes on Iran, which risks a destabilizing 188 00:09:30,720 --> 00:09:31,760 Speaker 2: conflict in the region. 189 00:09:31,920 --> 00:09:33,599 Speaker 3: Well, back to markets for a moment, Karen, because you 190 00:09:33,640 --> 00:09:35,160 Speaker 3: have a couple of major stocks on the move to 191 00:09:35,200 --> 00:09:38,079 Speaker 3: tell you about. Shares of Novo Nordisk are down more 192 00:09:38,080 --> 00:09:41,320 Speaker 3: than eleven percent in Copenhagen. That's after results from a 193 00:09:41,360 --> 00:09:43,880 Speaker 3: trial of its latest weight loss drug, the Next Generation 194 00:09:44,000 --> 00:09:48,440 Speaker 3: Obesity Shot, fell short of expectations compared to its rival, 195 00:09:48,640 --> 00:09:52,240 Speaker 3: zep Bound, made by Eli Lilly. Those shares are up 196 00:09:52,440 --> 00:09:54,600 Speaker 3: four percent in the pre market. 197 00:09:58,640 --> 00:10:00,840 Speaker 2: Time now for look at some other Glory's making news 198 00:10:00,840 --> 00:10:02,480 Speaker 2: in New York and around the world, and for that 199 00:10:02,520 --> 00:10:05,199 Speaker 2: were joined by Bloomberg's Michael Barr Michael, good morning. 200 00:10:05,000 --> 00:10:08,200 Speaker 5: Good morning, Karen. Nick Reiner is sent to enter Replee 201 00:10:08,200 --> 00:10:11,960 Speaker 5: to murder charges today following his arrest late last year 202 00:10:12,240 --> 00:10:15,080 Speaker 5: in the stabbing deaths of his parents, director Rob Reiner 203 00:10:15,160 --> 00:10:18,360 Speaker 5: and his wife Michelle Reiner. The thirty two year old 204 00:10:18,360 --> 00:10:21,840 Speaker 5: faces two counts of first degree murder. His defense attorney, 205 00:10:21,840 --> 00:10:25,320 Speaker 5: Alan Jackson withdrew from the case. Reiner was assigned a 206 00:10:25,320 --> 00:10:29,680 Speaker 5: public defender. He remains in jail without bail. The US 207 00:10:29,760 --> 00:10:32,480 Speaker 5: Secret Service set an arm man was shot and killed 208 00:10:32,480 --> 00:10:36,079 Speaker 5: after entering the secured area at President Donald Trump's ower 209 00:10:36,200 --> 00:10:40,120 Speaker 5: Lago estate in Florida. Palm Beach County Sheriff Rick Bradshaw. 210 00:10:40,760 --> 00:10:46,200 Speaker 17: The security detail detected that an individual had made his 211 00:10:46,280 --> 00:10:51,000 Speaker 17: way into the enterperimeeur of Barlago. A deputy and two 212 00:10:51,120 --> 00:10:55,320 Speaker 17: Secret Service agents on the detail went to that area 213 00:10:55,520 --> 00:10:56,359 Speaker 17: to investigate. 214 00:10:56,880 --> 00:10:59,960 Speaker 5: A portrait of the alleged gunman is emerging. The suspect 215 00:11:00,160 --> 00:11:03,320 Speaker 5: is identified by the FBI as twenty one year old 216 00:11:03,360 --> 00:11:07,000 Speaker 5: Austin Tucker Martin. A cousin, says that the family is 217 00:11:07,080 --> 00:11:11,240 Speaker 5: generally made up of Trump supporters, but Martin's feelings were unclear. 218 00:11:11,520 --> 00:11:15,400 Speaker 5: The young man allegedly traveled from North Carolina to maer Lago. 219 00:11:15,800 --> 00:11:17,760 Speaker 5: Neighbors of Martin are expressing their. 220 00:11:17,640 --> 00:11:20,400 Speaker 17: Shock for being a Trump supporter. 221 00:11:20,480 --> 00:11:23,640 Speaker 8: You know, I appreciate what Trump does for us, and 222 00:11:23,679 --> 00:11:26,120 Speaker 8: I don't see why things like this should happen, but 223 00:11:26,360 --> 00:11:26,600 Speaker 8: they do. 224 00:11:27,160 --> 00:11:30,240 Speaker 5: The President and First Lady were not at maer Lago, 225 00:11:30,360 --> 00:11:34,040 Speaker 5: spending the weekend in Washington. All eyes on Mexico admit 226 00:11:34,120 --> 00:11:38,079 Speaker 5: an explosion of drug cartel violence, the State Department telling 227 00:11:38,160 --> 00:11:41,640 Speaker 5: US citizens to shelter in place as some airports are 228 00:11:41,679 --> 00:11:45,200 Speaker 5: shut down. The violence erupted after the head of Mexico's 229 00:11:45,200 --> 00:11:49,360 Speaker 5: most powerful cartel was killed by the Mexican Army on Sunday. 230 00:11:49,679 --> 00:11:53,040 Speaker 5: Authority to say the man known as Elmencho died while 231 00:11:53,080 --> 00:11:56,760 Speaker 5: being transported to a hospital. Global News twenty four hours 232 00:11:56,800 --> 00:11:59,440 Speaker 5: a day and whenever you want it with Bloomberg News 233 00:11:59,480 --> 00:12:02,360 Speaker 5: Now Michael Barr, and this is Bloomberg Karen. 234 00:12:03,120 --> 00:12:03,760 Speaker 18: Thanks Michael. 235 00:12:03,960 --> 00:12:06,800 Speaker 2: Time now for our Bloomberg Sports Update, and for that 236 00:12:06,880 --> 00:12:08,400 Speaker 2: we bring in John Stashauer. 237 00:12:08,640 --> 00:12:09,160 Speaker 5: Thanks Karon. 238 00:12:09,160 --> 00:12:11,920 Speaker 10: The Olympics are over. They ended with overtime in men's 239 00:12:11,920 --> 00:12:14,840 Speaker 10: hockey and a US two to one victory over Canada. 240 00:12:15,160 --> 00:12:16,720 Speaker 5: The gold medal winning. 241 00:12:16,440 --> 00:12:19,079 Speaker 10: Goals scored by Jack Hughes of the Jersey Devil's minute 242 00:12:19,120 --> 00:12:22,200 Speaker 10: forty one into overtime. It came three days after the 243 00:12:22,320 --> 00:12:24,679 Speaker 10: US women also beat Canada two one and overtime for 244 00:12:24,720 --> 00:12:26,960 Speaker 10: their gold medal, and it came forty six years to 245 00:12:27,000 --> 00:12:29,760 Speaker 10: the day after the miracle upset of the Soviet Union 246 00:12:29,760 --> 00:12:31,439 Speaker 10: in Lake Blast that the US had not won the 247 00:12:31,480 --> 00:12:34,760 Speaker 10: gold medal in men's hockey since then, the twelfth gold 248 00:12:34,880 --> 00:12:37,760 Speaker 10: won by the US in the Games. Norway won the most. 249 00:12:37,880 --> 00:12:39,160 Speaker 10: That's Bloomberg Sports Update. 250 00:12:40,920 --> 00:12:43,840 Speaker 2: Stay with us. More from Bloomberg day Break coming up 251 00:12:44,040 --> 00:12:44,720 Speaker 2: after this. 252 00:12:48,840 --> 00:12:53,040 Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM, 253 00:12:53,160 --> 00:12:56,000 Speaker 1: and around the world on Bloomberg dot Com and the 254 00:12:56,000 --> 00:12:59,160 Speaker 1: Bloomberg Business opp This is Bloomberg Daybreak. 255 00:13:00,120 --> 00:13:03,760 Speaker 2: Let's get more now on that powerful snowstorm that's pounding 256 00:13:03,800 --> 00:13:06,880 Speaker 2: the Northeast this morning, affecting much of the East Coast, 257 00:13:06,960 --> 00:13:10,560 Speaker 2: and it's canceling public transportation and flights. We're joined now 258 00:13:10,559 --> 00:13:14,440 Speaker 2: by Bloomberg meteorologist Craig Allen. Thanks to the power of 259 00:13:14,480 --> 00:13:17,439 Speaker 2: a generator, you certainly are feeling the effects, as are 260 00:13:17,559 --> 00:13:20,760 Speaker 2: many millions of others. Actually, this storm's not a joke. 261 00:13:20,760 --> 00:13:21,880 Speaker 2: Where are we in the system? 262 00:13:22,720 --> 00:13:23,079 Speaker 5: All right? 263 00:13:23,080 --> 00:13:26,000 Speaker 4: The system is moving off the del Marvin now about 264 00:13:26,559 --> 00:13:29,600 Speaker 4: oh fifty sixty seventy miles off the del Marves, so, 265 00:13:29,600 --> 00:13:33,080 Speaker 4: in other words, southern Jersey, Delaware and the worst of 266 00:13:33,120 --> 00:13:36,439 Speaker 4: it right now, the heaviest snow, the strongest winds, are 267 00:13:36,520 --> 00:13:39,600 Speaker 4: being felt within about a one hundred mile radius all 268 00:13:39,679 --> 00:13:43,400 Speaker 4: directions of New York City. It is over for Washington, 269 00:13:43,480 --> 00:13:47,600 Speaker 4: DC and really not much too far away from the storm. 270 00:13:47,720 --> 00:13:50,840 Speaker 4: So a slushy one to two, two to four in 271 00:13:50,920 --> 00:13:54,679 Speaker 4: some of those locales Washington and suburbs. But it is 272 00:13:54,800 --> 00:13:59,199 Speaker 4: snowing very heavily, windsor gusting over fifty five miles per 273 00:13:59,200 --> 00:14:02,360 Speaker 4: hour in around New York City. We could actually see 274 00:14:02,760 --> 00:14:05,840 Speaker 4: another five to ten inches of snow as we go 275 00:14:05,920 --> 00:14:09,280 Speaker 4: through the morning and into this afternoon. And it's first 276 00:14:09,520 --> 00:14:12,960 Speaker 4: making its way on up towards Boston. So Connecticut has 277 00:14:13,040 --> 00:14:15,760 Speaker 4: hit very hard, with about five to ten so far, 278 00:14:15,960 --> 00:14:18,880 Speaker 4: and at least another five to ten to go four 279 00:14:18,920 --> 00:14:22,560 Speaker 4: to eight making its way through Rhode Island and Boston, 280 00:14:22,640 --> 00:14:24,920 Speaker 4: while not much on the ground just yet, as I said, 281 00:14:25,040 --> 00:14:27,720 Speaker 4: is first getting into the worst of it now, and 282 00:14:27,760 --> 00:14:30,640 Speaker 4: it will be a very snowy, windy day with blizzard 283 00:14:30,720 --> 00:14:33,760 Speaker 4: like conditions at times in and around Boston and certainly 284 00:14:34,200 --> 00:14:36,440 Speaker 4: south of Boston down towards the Cape. 285 00:14:36,600 --> 00:14:39,080 Speaker 2: Okay, so if my mouth is correct, you're talking two 286 00:14:39,120 --> 00:14:40,720 Speaker 2: feet in some areas. 287 00:14:41,320 --> 00:14:44,480 Speaker 4: That is correct. There will be snowfall amounts of let's 288 00:14:44,480 --> 00:14:47,760 Speaker 4: say eighteen to twenty four inches, and I think the 289 00:14:47,800 --> 00:14:50,640 Speaker 4: most likely area for that will be along the Jersey 290 00:14:50,680 --> 00:14:54,040 Speaker 4: Shore up towards New York City, or actually east of 291 00:14:54,280 --> 00:14:57,000 Speaker 4: New York City. The last report we got from Central 292 00:14:57,040 --> 00:15:01,000 Speaker 4: Park was about close to ten inches of snow so far, 293 00:15:01,440 --> 00:15:04,320 Speaker 4: but there is well over a foot already fourteen to 294 00:15:04,360 --> 00:15:07,280 Speaker 4: fifteen inches of snow over parts of Long Island, and 295 00:15:07,600 --> 00:15:10,520 Speaker 4: especially as you make your way across the eastern sections 296 00:15:10,720 --> 00:15:14,320 Speaker 4: of Long Island. So the proximity to the storm itself 297 00:15:14,800 --> 00:15:17,400 Speaker 4: is part of the reason for the snowfall, the way 298 00:15:17,440 --> 00:15:19,920 Speaker 4: it's dispersed across the Northeast Corridor. 299 00:15:20,280 --> 00:15:21,720 Speaker 2: Craig, When does this all wrap up? 300 00:15:21,920 --> 00:15:24,880 Speaker 4: That also is a very interesting question and depends on 301 00:15:24,920 --> 00:15:29,280 Speaker 4: your location. Again, there's not much more expected around DC. 302 00:15:29,560 --> 00:15:32,080 Speaker 4: Maybe another few snow showers from time to time through 303 00:15:32,080 --> 00:15:35,040 Speaker 4: the day, but little in the way of significant accumulation. 304 00:15:35,720 --> 00:15:39,160 Speaker 4: Around New York City, another five to ten seems very 305 00:15:39,320 --> 00:15:42,160 Speaker 4: very likely through the afternoon. It may take until the 306 00:15:42,240 --> 00:15:45,000 Speaker 4: latter part of the day, and the snow in the 307 00:15:45,080 --> 00:15:48,600 Speaker 4: Boston area is going to continue right through the night tonight, 308 00:15:48,640 --> 00:15:51,960 Speaker 4: and that's why the totals will go up substantially. Boston 309 00:15:52,040 --> 00:15:54,680 Speaker 4: and suburbs as we go through at least the next 310 00:15:55,160 --> 00:15:57,320 Speaker 4: I would say twelve to eighteen hours for Boston. 311 00:15:57,720 --> 00:16:00,840 Speaker 2: All right, well, hunker down, stay warm, d you being here. 312 00:16:00,880 --> 00:16:04,240 Speaker 2: That's Bloomberg meteorologist Craig Allen Nathan, all right. 313 00:16:04,200 --> 00:16:06,960 Speaker 3: Karen, thank you. Along with this blizzard heading up and 314 00:16:07,000 --> 00:16:11,000 Speaker 3: down the East coast. The trade wins are shifting now, 315 00:16:11,080 --> 00:16:16,120 Speaker 3: with the Supreme Court striking down President Trump's emergency tariffs 316 00:16:16,200 --> 00:16:20,360 Speaker 3: last week. Now, the administration's trying to keep the President's 317 00:16:20,480 --> 00:16:25,240 Speaker 3: signature economic agenda intact. US Trade Representative Jamison Greer says 318 00:16:25,240 --> 00:16:29,040 Speaker 3: the President still has authority to impose a fifteen percent 319 00:16:29,160 --> 00:16:32,120 Speaker 3: global tariff right under Section one twenty two of the 320 00:16:32,200 --> 00:16:32,760 Speaker 3: Trade Act. 321 00:16:33,280 --> 00:16:36,400 Speaker 13: Considering the severity of the issue we're dealing with, which 322 00:16:36,440 --> 00:16:39,840 Speaker 13: is a huge, huge unfairness, huge disparity, huge imbalance between 323 00:16:39,880 --> 00:16:43,080 Speaker 13: United States and his trading partners, It's just the urgency 324 00:16:43,080 --> 00:16:45,440 Speaker 13: of the situation demands that he use his full authority. 325 00:16:45,720 --> 00:16:48,520 Speaker 3: US Trade rep. Jamison Grier appeared on CBS's Face the 326 00:16:48,600 --> 00:16:51,520 Speaker 3: Nation Heard Sundays on Bloomberg Radio and joining us now 327 00:16:51,640 --> 00:16:55,440 Speaker 3: is Bloomberg News Global Trade editor Brendan Murray. Brendan Let's 328 00:16:55,440 --> 00:16:59,560 Speaker 3: get back into that subject that the trade representative raised 329 00:16:59,600 --> 00:17:04,120 Speaker 3: there in that clip. How urgent is the trade disparity 330 00:17:04,560 --> 00:17:06,720 Speaker 3: that the Trump administration sees really? 331 00:17:06,760 --> 00:17:10,440 Speaker 18: Good morning, good morning. It depends on who you ask, 332 00:17:10,520 --> 00:17:12,400 Speaker 18: but a lot of people will say that the US 333 00:17:12,400 --> 00:17:16,320 Speaker 18: has had a large and growing trade deficit for many years, 334 00:17:16,359 --> 00:17:20,840 Speaker 18: if not decades, and the US has fared just fine. Now, obviously, 335 00:17:21,800 --> 00:17:24,080 Speaker 18: the US has lost a lot of manufacturing jobs over 336 00:17:24,119 --> 00:17:26,280 Speaker 18: the years, and those are the kinds of jobs that 337 00:17:26,359 --> 00:17:31,600 Speaker 18: the Trump administration is trying to restore by this encouraging 338 00:17:31,640 --> 00:17:35,920 Speaker 18: companies to buy in the US rather than from overseas. 339 00:17:36,440 --> 00:17:39,840 Speaker 18: And the Trump administration, having lost the Supreme Court case 340 00:17:40,200 --> 00:17:43,680 Speaker 18: and this broad authority that the President used to apply 341 00:17:43,800 --> 00:17:46,600 Speaker 18: tariffs now has to shift gears and go to Plan B. 342 00:17:46,960 --> 00:17:51,199 Speaker 18: Plan B is this fifteen percent of global tariff But 343 00:17:51,240 --> 00:17:53,239 Speaker 18: that only lasts one hundred and fifty days, so that 344 00:17:53,320 --> 00:17:56,800 Speaker 18: gets you into mid August, and then the administration says 345 00:17:56,840 --> 00:18:00,240 Speaker 18: that by then they can have other authorities that are 346 00:18:00,240 --> 00:18:06,399 Speaker 18: more legally tested and durable in place to redirect the 347 00:18:06,520 --> 00:18:09,000 Speaker 18: kind of flows of trade that they're trying to do. 348 00:18:09,280 --> 00:18:13,840 Speaker 18: So the message from the administration is same policy, different tools, 349 00:18:14,680 --> 00:18:19,160 Speaker 18: but in the interim It means companies governments that have 350 00:18:19,200 --> 00:18:23,679 Speaker 18: trade deals with the US are asking for details, uncertainty 351 00:18:23,800 --> 00:18:27,400 Speaker 18: returns like it did, like we had last year, until 352 00:18:27,920 --> 00:18:31,439 Speaker 18: the administration can offer some clarity about what tariff rates 353 00:18:31,840 --> 00:18:34,560 Speaker 18: are and what countries they're targeting. 354 00:18:35,000 --> 00:18:38,000 Speaker 3: Well, the White House is in the meantime telling trade 355 00:18:38,040 --> 00:18:41,520 Speaker 3: partners to stick to the current deals. Can they though, 356 00:18:41,880 --> 00:18:45,320 Speaker 3: if the tariff rates are sort of under question now 357 00:18:46,000 --> 00:18:49,480 Speaker 3: with the Supreme Court striking down the basis of many 358 00:18:49,560 --> 00:18:51,280 Speaker 3: of those raids, Well. 359 00:18:51,080 --> 00:18:55,520 Speaker 18: Exactly, that's the main question governments around the world are asking. 360 00:18:55,600 --> 00:19:00,200 Speaker 18: The European Union is asking that very question today as 361 00:19:00,200 --> 00:19:05,280 Speaker 18: they consider suspending their implementation of the US EU trade deal. 362 00:19:05,400 --> 00:19:08,040 Speaker 18: So that could be one of the first signs of 363 00:19:08,680 --> 00:19:11,320 Speaker 18: countries that are saying, hold on a second here, you've 364 00:19:11,359 --> 00:19:13,440 Speaker 18: just changed the rules of the game, and we need 365 00:19:13,480 --> 00:19:15,480 Speaker 18: to we need to go back to the negotiating table. 366 00:19:16,359 --> 00:19:20,359 Speaker 18: Other countries, some in Asia have said, will abide by 367 00:19:20,440 --> 00:19:24,040 Speaker 18: the by the terms of these deals that we've that 368 00:19:24,080 --> 00:19:28,280 Speaker 18: we've worked out, subject to a clarification about what these 369 00:19:28,280 --> 00:19:32,879 Speaker 18: new details are. So the President signed something like fifteen 370 00:19:34,359 --> 00:19:39,119 Speaker 18: interim deals framework deals and concluded about five others and 371 00:19:39,200 --> 00:19:43,199 Speaker 18: so and those account as the US Trade Representative Jamison 372 00:19:43,280 --> 00:19:47,400 Speaker 18: Greer has said something like forty percent of the US's 373 00:19:47,440 --> 00:19:49,760 Speaker 18: trade with the rest of the world. So there's a 374 00:19:49,800 --> 00:19:53,320 Speaker 18: lot at stake here the but the fine print needs 375 00:19:53,359 --> 00:19:56,879 Speaker 18: to be reviewed again. Given the Supreme Court's decision on 376 00:19:56,960 --> 00:20:01,639 Speaker 18: Friday to take away the president's unilatter use of tariffs. 377 00:20:01,400 --> 00:20:03,960 Speaker 3: We have about a minute left here, Brendan. Could the 378 00:20:04,080 --> 00:20:07,000 Speaker 3: Section one twenty two tariffs this one hundred and fifty 379 00:20:07,040 --> 00:20:09,440 Speaker 3: day window, could that face a legal challenge? 380 00:20:09,440 --> 00:20:15,240 Speaker 18: Now, yeah, there's some discussion about that amongst legal experts 381 00:20:15,320 --> 00:20:19,960 Speaker 18: and economists that they're basing this one twenty two is 382 00:20:20,000 --> 00:20:24,040 Speaker 18: based on a balance of payments crisis. Now it's debatable 383 00:20:24,080 --> 00:20:27,000 Speaker 18: about whether the US has a balance of payments crisis. 384 00:20:27,200 --> 00:20:31,160 Speaker 18: There certainly is a wide trade deficit, but whether that 385 00:20:32,440 --> 00:20:35,080 Speaker 18: meets the definition of a balance of payments crisis is 386 00:20:35,640 --> 00:20:37,840 Speaker 18: something the lawyers are going to have to hammer out. 387 00:20:37,920 --> 00:20:41,920 Speaker 18: But you know, legal court cases take a lot longer 388 00:20:41,920 --> 00:20:44,720 Speaker 18: than one hundred and fifty days to work through. So 389 00:20:45,320 --> 00:20:47,280 Speaker 18: the feeling is administration is going to go with this. 390 00:20:47,480 --> 00:20:50,320 Speaker 18: It might be challenged in court, but the clock will 391 00:20:50,400 --> 00:20:52,960 Speaker 18: run out and they'll have these other authorities in place by. 392 00:20:52,800 --> 00:20:57,440 Speaker 2: That this is Bloomberg Daybreak, your morning podcast and the 393 00:20:57,560 --> 00:21:01,080 Speaker 2: stories making news from Wall Street to Wash and beyond. 394 00:21:01,320 --> 00:21:03,720 Speaker 3: Look for us on your podcast feed by six am 395 00:21:03,760 --> 00:21:07,160 Speaker 3: Eastern each morning, on Apple, Spotify, or anywhere else you listen. 396 00:21:07,359 --> 00:21:10,200 Speaker 2: You can also listen live each morning starting at five 397 00:21:10,240 --> 00:21:12,960 Speaker 2: am Wall Street Time on Bloomberg eleven three to zero 398 00:21:12,960 --> 00:21:15,880 Speaker 2: in New York, Bloomberg in ninety nine to one in Washington, 399 00:21:15,960 --> 00:21:19,880 Speaker 2: Bloomberg ninety two nine in Boston, and nationwide on serious 400 00:21:20,080 --> 00:21:21,640 Speaker 2: XM Channel one twenty one. 401 00:21:22,040 --> 00:21:24,760 Speaker 3: Plus listen coast to coast on the Bloomberg Business app 402 00:21:24,800 --> 00:21:27,640 Speaker 3: now with Apple CarPlay and Android auto interfaces. 403 00:21:27,840 --> 00:21:30,880 Speaker 2: And don't forget to subscribe to Bloomberg News Now. It's 404 00:21:30,880 --> 00:21:33,639 Speaker 2: the latest news whenever you want it in five minutes 405 00:21:33,720 --> 00:21:36,840 Speaker 2: or less. Search Bloomberg News Now on your favorite podcast 406 00:21:36,880 --> 00:21:41,040 Speaker 2: platform to stay informed all day long. I'm Karen Moscow. 407 00:21:40,840 --> 00:21:43,359 Speaker 3: And I'm Nathan Hager. Join us again tomorrow morning for 408 00:21:43,400 --> 00:21:45,320 Speaker 3: all the news you need to start your day right 409 00:21:45,359 --> 00:21:46,800 Speaker 3: here on Bloomberg day Break