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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today. Karen.

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Speaker 1: The lift in futures comes as signs of tariff optimism

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Speaker 1: kick in two start the week. Sources say the next

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Speaker 1: round of President Donald Trump's tariffs is poised to be

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Speaker 1: more measured than previously suggest it. We get more from

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Speaker 1: Bloomberg Markets reporter Valerie Titel.

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Speaker 3: The thing that the market is picking up on is

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Speaker 3: in the headlines both from Bloomberg and in the Wall

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Speaker 3: Street Journal. They use this word targeted and narrow, and

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Speaker 3: I think that's the positivity the market is reacting too.

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Speaker 3: But honestly, you read the gut of both of those

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Speaker 3: articles and it still sounds quite hawkish when it comes

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Speaker 3: to what Trump can announce on April second. Yes, they

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Speaker 3: say that it might be targeted to fifteen nations, but

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Speaker 3: those top fifteen nations with the big trade deficits with

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Speaker 3: the US make up most of the US's trade imbalances

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Speaker 3: and most of the US's foreign trade.

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Speaker 1: It's Bloomberg's Valarie Titel official say President Trump will announce

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Speaker 1: widespread reciprocal tariffs on nations or blocks, but is set

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Speaker 1: to exclude some, and as of now, the administration is

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Speaker 1: not planning separate sector specific tariffs to be unveiled at

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Speaker 1: the same event, as Trump had once teased Well Nathan.

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Speaker 2: Senate Democratic Leader Chuck Schumer is sounding a warning as

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Speaker 2: President Trump continues to clash with federal judges on a

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Speaker 2: number of fronts.

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Speaker 4: If Donald Trump should defy the courts public, the public

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Speaker 4: will rise up. We will Democrats will fight it in

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Speaker 4: every single way.

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Speaker 2: Senator Schumer appeared on NBC's Meet the Press as the

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Speaker 2: Trump administration continues to clash with a federal judge who

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Speaker 2: ordered a deportation flight with alleged Venezuela and gang members

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Speaker 2: to turn around. White House Borders Are. Tom Homan says

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Speaker 2: that case is still playing out in court.

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Speaker 5: Cases and litigation through the Alien Enemies Act, and we'll

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Speaker 5: abide by the court order as litigated. But Mike quote was,

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Speaker 5: despite what he thinks, We're gonna keep targeting the worst

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Speaker 5: of the worst, which we've been doing since day one

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Speaker 5: in reporting from the United States to the various laws on.

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Speaker 2: The books and White House Borders Are. Tom Homan was

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Speaker 2: a guest on EBC's this week, you can hear Meet

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Speaker 2: the Press and this week every Sunday on Bloomberg Radio.

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Speaker 6: And on this.

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Speaker 1: Monday morning, Karen US and Russian officials have begun talks

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Speaker 1: in Saudi Arabia, a day after a meeting between US

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Speaker 1: and Ukrainian teams. White House National Security Advisor Mike Waltz says,

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Speaker 1: all sides are getting down to the nitty gritty toward

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Speaker 1: a ceasefire.

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Speaker 7: This started with President Trump talking to both leaders back

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Speaker 7: to back. We then Secretary of State Rubio and I

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Speaker 7: engage the Russians, engaged the Ukrainians at our level, and

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Speaker 7: now we have technical teams actually with Ukrainians and Russians

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Speaker 7: in the same facility conducting proximity talks.

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Speaker 1: National Security Advisor Mike Waltz told CBS's Face the Nation

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Speaker 1: the talks will focus on a potential ceasefire in the

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Speaker 1: black seat on the way to a broader and permanent piece.

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Speaker 1: You can hear Face the Nation every Sunday on Bloomberg Radio.

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Speaker 2: Well Nathan to the latest on geopolitical tensions with China.

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Speaker 2: Montana Republican Senator Steve Danes says China must halt the

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Speaker 2: flow of fentanyl ingredients into the US before any trade negotiations.

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Speaker 8: It'll be difficult to have any conversation about tariffs and

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Speaker 8: non tariff barriers until the FEMO precursor.

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Speaker 2: Issue is resolved. Republican Montana Senator Steve Danes, who met

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Speaker 2: with Chinese officials over the weekend, made the comments in

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Speaker 2: an interview with Bloomberg on Sunday.

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Speaker 1: In Canada, Karen Prime Minister Mark Carney has called foreign

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Speaker 1: election on April twenty eighth. Polls show a close contest

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Speaker 1: between Carney's Liberal party and the Conservatives, as Canada faces

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Speaker 1: a trade war and taunts about its sovereignty from President Trump.

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Speaker 9: President Trump claims the Canada isn't a real country. He

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Speaker 9: wants to break us, so America can own us. We

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Speaker 9: will not let that happen. We're over the shock of

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Speaker 9: the betrayal, but we should never forget the lessons.

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Speaker 1: It's been only ten days since Mark Karney became Canada's

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Speaker 1: Prime minister. The sixty year old took over the governing

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Speaker 1: Liberals after winning the race to succeed Justin Trudeau.

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Speaker 2: Well Nathan Turkey has jailed President Erdowan's main political rival

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Speaker 2: on corruption charges. Ekronmmo glu, Istanbul's mayor, was detained by

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Speaker 2: police last Wednesday, but only formally arrested yesterday. He's the

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Speaker 2: most prominent person to be apprehended in a recent wave

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Speaker 2: of detentions and investigations against opposition figures, which have prompted

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Speaker 2: mass protests in major cities. If A Mooglu's detention has

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Speaker 2: caused turmoil on Turkey's financial markets, sparking selloffs in the

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Speaker 2: Lira and equities.

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Speaker 1: Turning back to markets Karen the jackmawbacked Ant Group is

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Speaker 1: touting an AI breakthrough with Chinese chips. Bloomberg News has

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Speaker 1: learned the company use Chinese made semiconductors to develop techniques

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Speaker 1: for training AI models that would cut costs by twenty percent.

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Speaker 1: The models mark Ant's entry into a race between Chinese

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Speaker 1: and US companies that has accelerated since Deep Seek demonstrated

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Speaker 1: how capable models can be trained for far less than

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Speaker 1: the billions invested by OpenAI and Alphabet's Google.

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Speaker 2: Well, in the US, Nathan DNA testing company twenty three

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Speaker 2: and Me has found for bankruptcy. The Chapter eleven plan

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Speaker 2: is the latest and the saga of the company that

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Speaker 2: was valued at three and a half billion dollars when

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Speaker 2: it won public in twenty twenty one. Co founder an

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Speaker 2: Wijitski is also stepping down. Her efforts to take the

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Speaker 2: struggling company private were rejected by a committee earlier this month.

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Speaker 1: I have some deal news this morning. Karen's shares of

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Speaker 1: AZEC Companies are up about sixteen percent in early trading.

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Speaker 1: The Chicago based home decking company agreed to be bought

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Speaker 1: by Ireland's James Hardy for eight and three quarter billion dollars.

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Speaker 2: And a programming note Nathan. Atlanta FED president Raphael Bostik

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Speaker 2: speaks exclusively with Bloomberg's Michael McKee about his FED outlook,

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Speaker 2: including future interest rate moves, inflation concerns, and the economic

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Speaker 2: impact of tariffs. That's at one forty five pm Wall

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Speaker 2: Street Time on Bloomberg Radio, Bloomberg Television, and the Bloomberg

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Speaker 2: Podcast page on YouTube. Time now for a look at

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Speaker 2: some of the other stories making news in New York

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Speaker 2: and around the world. And for that we're joined by

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Speaker 2: Bloomberg's Michael Barr.

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Speaker 6: Michael, Good Morning, Good morning. Karen. Israel killed two members

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Speaker 6: of hamasa's de facto cabinet in the Gaza Strip on Sunday.

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Speaker 6: It brings to eleven the death toll within the twenty

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Speaker 6: person forum during a renewed Israeli offensive aim at destroying

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Speaker 6: the Palestinian faction as a military and governing force. According

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Speaker 6: to the Israel Defense Forces, they were hit in South

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Speaker 6: Gasa by air strikes which resumed last week after a

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Speaker 6: truce expired. Bloomberg's Dan Williams has more Jerusalem.

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Speaker 10: What's happening in Gaza is The Israelis appear to be focusing,

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Speaker 10: among other things, on the civilian government of Hamas. Keep

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Speaker 10: in mind that Israel's objectivists to destroy Hamas completely and

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Speaker 10: to prevent it using a cease fire or a lull

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Speaker 10: in fighting to rebuild its capabilities.

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Speaker 6: Bloomberg's Dan Williams in Jerusalem. Former US Representative Mea Love

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Speaker 6: of Utah, a daughter of Haitian immigrants who became the

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Speaker 6: first Black Republican woman elected to Congress, has died. Love

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Speaker 6: had been undergoing treatment for brain cancer prior to her death.

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Speaker 6: Mea Love was forty nine. Senator Bernie Sanders says the

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Speaker 6: aim of his Fighting Oligarchy tour is to oppose an

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Speaker 6: authoritarian society undermining the Constitution. Sanders speaking to ABC, pointed

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Speaker 6: a finger at Democrats, led in the Senate by Minority

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Speaker 6: leader Chuck Schumer for allowing passage of the GOP spending bill.

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Speaker 11: Not just Chuck Truma, it's not Chuck Schumer, it is

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Speaker 11: you got a Democratic haughty in general that is dominated

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Speaker 11: by billionaires. Justice and Republican Party is that operates under

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Speaker 11: the leadership of a bunch of inside the Beltway consultants,

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Speaker 11: very well paid for are way out of touch.

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Speaker 6: Meanwhile, Senator Schumer says he won't resign his post despite

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Speaker 6: pressure from some in his party. Thousands of postal workers

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Speaker 6: stage rallies across the country yesterday. They are protesting proposed

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Speaker 6: Trump administration job cuts and a merger with the US

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Speaker 6: Postal Service with the Commerce Department. Mayor Brandon Johnson spoke

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Speaker 6: at the Chicago rally from.

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Speaker 12: Sea to Shining Sea, we are going to make sure

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Speaker 12: that we protect all of our public accommodations, whether it's

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Speaker 12: the mail, whether it's education, whether it's justice, whether it's environment.

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Speaker 12: We are fighting for the working people of this country.

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Speaker 6: And he moved. Merged the Postal Service with Commerce Department

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Speaker 6: may not be possible without an Act of Congress. Global

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Speaker 6: News twenty four hours a day and whenever you want

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Speaker 6: it with Bloomberg News Now Michael Barr, and this is

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Speaker 6: Bloomberg Carrot.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Sports Update, brought to you by Tri State Oudie.

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Speaker 2: Here's John Stashauer. John, Good morning, de Norny Karen.

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Speaker 13: With the exception of Saint John's losing Saturday eight to

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Speaker 13: ten seed at Arkansas, things in this NCAA tournament had

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Speaker 13: surprisingly gone according to form eight games yesterday, higher seated

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Speaker 13: team won seven. The only exception was Ole Miss beating

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Speaker 13: Iowa State ninety one to seventy eight. Ole Miss one

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Speaker 13: of four SEC teams to win. Yesterday. Florida unseated two

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Speaker 13: time defining GM yukon closer game than expected seventy seven

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Speaker 13: to seventy five. Kentucky took out Illinois eighty four seventy five.

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Speaker 13: Alabama beet Saint mary He's eighty to sixty six. The

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Speaker 13: one seeds all still the live. Second straight easy win

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Speaker 13: for Duke eighty nine sixty six over Baylor. Tyreech practor

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Speaker 13: hit seven three scored twenty five. Caleb Love twenty nine

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Speaker 13: points for Arizona in eighty seven eighty three went over Oregon.

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Speaker 13: Michigan State took out New Mexico seventy one sixty three.

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Speaker 13: That's the sixteenth Sweet sixteen per Spartan's coach Tom Izzo.

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Speaker 13: Game of the day was in Seattle's well seated Colorado

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Speaker 13: State led Maryland most of the day. Hit a late

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Speaker 13: go ahead three pointer. The Terrapinze bounded with three seconds

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Speaker 13: to go.

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Speaker 11: Gillespie, looking to throw it in, gets it up top.

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Speaker 14: Two queens dribbling left, fix step down the lane runner

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Speaker 14: for the whim baked Hate Hate Maryland is one. Maryland

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Speaker 14: is going to the Sweet sixteen Derek Queen with a

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Speaker 14: runner left of the lane Bagdad.

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Speaker 13: Now Western one. This will be Maryland's first trip to

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Speaker 13: twenty sixteen. Four days after Texas lost its NCAA game,

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Speaker 13: The Xavier the Long Words fired coach Rondy Terry and

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Speaker 13: will reportedly replace him with Xavier coach Sean Miller. Victor

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Speaker 13: Hoblin won the Vals for Golf by one shot over

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Speaker 13: Justin Thomas. Heartbreaking story the death of fourteen year old

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Speaker 13: Millard Gardner, son of longtime Yankee out with the Brett Gardner.

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Speaker 13: He became ill well on a family vacation, John Stashcheller,

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Speaker 13: Bloomberg's Boards, Karen Nathan.

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Speaker 6: Coast to coast on Bloomberg Radio, nationwide on Sirius XM.

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Speaker 4: And around the world on Bloomberg dot Com and the

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Speaker 4: Bloomberg Business app.

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Speaker 3: This is Bloomberg Daybreak.

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Speaker 6: Good morning.

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Speaker 1: I'm Nathan Hager. Liberation Day. It is a phrase we

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Speaker 1: have heard a lot from President Donald Trump when it

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Speaker 1: comes to his promise of reciprocal tariffs across the board.

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Speaker 6: April second is liberation Day for our country because we're

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Speaker 6: going to finally be taking in money.

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Speaker 11: We're already doing it.

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Speaker 1: And that was the President speaking just a week ago.

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Speaker 1: But this morning Bloomberg News has learned the across the

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Speaker 1: board tariffs that Trump's talked about maybe more targeted than

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Speaker 1: previously thought and for more. We're joined now by Bloomberg

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Speaker 1: News Senior editor Derek Wallbank. Derek, good morning. What have

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Speaker 1: we heard when it comes to the President's tariff plans

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Speaker 1: at this point, Well, Nathan, you and I.

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Speaker 8: Have talked at some length in prior conversations on how

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Speaker 8: there kind of is an arbitrage moment between Donald Trump's

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Speaker 8: maximalist threats and what actually gets done now. We have

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Speaker 8: talked also about that a maximalist reading of what Trump

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Speaker 8: has talked about with reciprocal tariffs would be an absolute

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Speaker 8: administrative chore right to go through on thousands of product

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Speaker 8: lines across more than one hundred countries and try and

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Speaker 8: figure out who gets what and where all things are

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Speaker 8: going for for not just reciprocal on tariffs but also

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Speaker 8: non tariff things. It would be an absolute ton And

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Speaker 8: so what we're given to understand is that Trump's coming

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Speaker 8: wave of tariffs may be more targeted than what he

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Speaker 8: had previously threatened. And we're still waiting for what details

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Speaker 8: of that will look like. But you're already seeing a

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Speaker 8: positive market.

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Speaker 1: Response absolutely, with futures firmly in the green this morning.

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Speaker 1: So what could this mean when it comes to future negotiation.

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Speaker 1: We've seen Senator Danes of Montana in China over the

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Speaker 1: weekend word that there are going to be negotiations all

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Speaker 1: week long between the Assistant Trade Representative and Indian officials

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Speaker 1: as well. Is it going to be a scramble ahead

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Speaker 1: of this April second announcement?

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Speaker 8: Well, you know, I do think that every country is

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Speaker 8: looking forward to see what they can do and who

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Speaker 8: they can meet with and where they can go. You know,

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Speaker 8: I'm sat here in Asia right now, and Australia is

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Speaker 8: trying to find a way forward to see how they

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Speaker 8: can leverage their investments, including in planes and other things,

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Speaker 8: to try and offset some other tariffs that would be

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Speaker 8: you know, potentially considered. You know, so we're seeing a

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Speaker 8: lot of those. I mean, I would note as well.

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Speaker 8: You know, we pushed a story overnight Your Time about

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Speaker 8: Christy Nome is going to Central and South America. One

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Speaker 8: of those stops, she's going to meet with President of Mexico.

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Speaker 8: I would imagine something like this will come up, not

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Speaker 8: just talk about deportations and border security. So every single

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Speaker 8: one of these opportunities that world leaders have is going

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Speaker 8: to be a moment for them to press their case.

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Speaker 8: We're seeing still a lot of uncertainty from those world

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Speaker 8: leaders on how to engage the Trump administration. They go

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Speaker 8: from a sort of elbows up mentality that comes from

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Speaker 8: ice hockey that Canada is using, to a more kind

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Speaker 8: of conversational, non confrontational push that Mexico is using. Everyone's

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Speaker 8: trying to take notes from each other and see what

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Speaker 8: might work best.

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Speaker 1: So what could this mean when it comes to the

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Speaker 1: idea of tariff's being a major revenue raiser. If we

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Speaker 1: have a more targeted approach, will it be able to

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Speaker 1: replace income taxes like President Trump has talked about in

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Speaker 1: the past. Got about a minute left.

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Speaker 8: Well, that is a bit of a catch twenty two,

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Speaker 8: isn't it. Because the simple math says that the fewer

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Speaker 8: tariffs that you actually levy, the less tariff revenue you're

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Speaker 8: going to get. And so if Trump levy's less in

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Speaker 8: the way of tariffs, he's going to get less revenue.

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Speaker 8: That will give less revenue available for his domestic priorities.

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Speaker 8: And remember, Republicans in Congress are already trying to figure

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Speaker 8: out how to craft a big, beautiful bill, as the

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Speaker 8: President has said, for some of his domestic priorities, as

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Speaker 8: well as to extend his tax cuts as well as

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Speaker 8: additional tax cuts that he has promised, all without exploding

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Speaker 8: the deficit anymore. And that is a very very tall

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Speaker 8: order indeed. So it's a lot of difficult decisions. We've

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Speaker 8: had a lot of rhetoric, but there's going to be

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Speaker 8: a lot of difficult decisions that have cost offsets attached

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Speaker 8: to them.

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