WEBVTT - Targeted Trump Tariffs; US Discussions on Ukraine-Russia

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today. Karen.

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<v Speaker 1>The lift in futures comes as signs of tariff optimism

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<v Speaker 1>kick in two start the week. Sources say the next

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<v Speaker 1>round of President Donald Trump's tariffs is poised to be

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<v Speaker 1>more measured than previously suggest it. We get more from

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<v Speaker 1>Bloomberg Markets reporter Valerie Titel.

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<v Speaker 3>The thing that the market is picking up on is

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<v Speaker 3>in the headlines both from Bloomberg and in the Wall

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<v Speaker 3>Street Journal. They use this word targeted and narrow, and

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<v Speaker 3>I think that's the positivity the market is reacting too.

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<v Speaker 3>But honestly, you read the gut of both of those

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<v Speaker 3>articles and it still sounds quite hawkish when it comes

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<v Speaker 3>to what Trump can announce on April second. Yes, they

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<v Speaker 3>say that it might be targeted to fifteen nations, but

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<v Speaker 3>those top fifteen nations with the big trade deficits with

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<v Speaker 3>the US make up most of the US's trade imbalances

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<v Speaker 3>and most of the US's foreign trade.

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<v Speaker 1>It's Bloomberg's Valarie Titel official say President Trump will announce

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<v Speaker 1>widespread reciprocal tariffs on nations or blocks, but is set

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<v Speaker 1>to exclude some, and as of now, the administration is

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<v Speaker 1>not planning separate sector specific tariffs to be unveiled at

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<v Speaker 1>the same event, as Trump had once teased Well Nathan.

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<v Speaker 2>Senate Democratic Leader Chuck Schumer is sounding a warning as

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<v Speaker 2>President Trump continues to clash with federal judges on a

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<v Speaker 2>number of fronts.

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<v Speaker 4>If Donald Trump should defy the courts public, the public

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<v Speaker 4>will rise up. We will Democrats will fight it in

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<v Speaker 4>every single way.

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<v Speaker 2>Senator Schumer appeared on NBC's Meet the Press as the

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<v Speaker 2>Trump administration continues to clash with a federal judge who

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<v Speaker 2>ordered a deportation flight with alleged Venezuela and gang members

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<v Speaker 2>to turn around. White House Borders Are. Tom Homan says

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<v Speaker 2>that case is still playing out in court.

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<v Speaker 5>Cases and litigation through the Alien Enemies Act, and we'll

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<v Speaker 5>abide by the court order as litigated. But Mike quote was,

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<v Speaker 5>despite what he thinks, We're gonna keep targeting the worst

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<v Speaker 5>of the worst, which we've been doing since day one

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<v Speaker 5>in reporting from the United States to the various laws on.

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<v Speaker 2>The books and White House Borders Are. Tom Homan was

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<v Speaker 2>a guest on EBC's this week, you can hear Meet

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<v Speaker 2>the Press and this week every Sunday on Bloomberg Radio.

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<v Speaker 6>And on this.

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<v Speaker 1>Monday morning, Karen US and Russian officials have begun talks

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<v Speaker 1>in Saudi Arabia, a day after a meeting between US

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<v Speaker 1>and Ukrainian teams. White House National Security Advisor Mike Waltz says,

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<v Speaker 1>all sides are getting down to the nitty gritty toward

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<v Speaker 1>a ceasefire.

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<v Speaker 7>This started with President Trump talking to both leaders back

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<v Speaker 7>to back. We then Secretary of State Rubio and I

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<v Speaker 7>engage the Russians, engaged the Ukrainians at our level, and

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<v Speaker 7>now we have technical teams actually with Ukrainians and Russians

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<v Speaker 7>in the same facility conducting proximity talks.

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<v Speaker 1>National Security Advisor Mike Waltz told CBS's Face the Nation

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<v Speaker 1>the talks will focus on a potential ceasefire in the

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<v Speaker 1>black seat on the way to a broader and permanent piece.

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<v Speaker 1>You can hear Face the Nation every Sunday on Bloomberg Radio.

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<v Speaker 2>Well Nathan to the latest on geopolitical tensions with China.

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<v Speaker 2>Montana Republican Senator Steve Danes says China must halt the

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<v Speaker 2>flow of fentanyl ingredients into the US before any trade negotiations.

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<v Speaker 8>It'll be difficult to have any conversation about tariffs and

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<v Speaker 8>non tariff barriers until the FEMO precursor.

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<v Speaker 2>Issue is resolved. Republican Montana Senator Steve Danes, who met

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<v Speaker 2>with Chinese officials over the weekend, made the comments in

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<v Speaker 2>an interview with Bloomberg on Sunday.

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<v Speaker 1>In Canada, Karen Prime Minister Mark Carney has called foreign

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<v Speaker 1>election on April twenty eighth. Polls show a close contest

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<v Speaker 1>between Carney's Liberal party and the Conservatives, as Canada faces

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<v Speaker 1>a trade war and taunts about its sovereignty from President Trump.

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<v Speaker 9>President Trump claims the Canada isn't a real country. He

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<v Speaker 9>wants to break us, so America can own us. We

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<v Speaker 9>will not let that happen. We're over the shock of

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<v Speaker 9>the betrayal, but we should never forget the lessons.

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<v Speaker 1>It's been only ten days since Mark Karney became Canada's

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<v Speaker 1>Prime minister. The sixty year old took over the governing

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<v Speaker 1>Liberals after winning the race to succeed Justin Trudeau.

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<v Speaker 2>Well Nathan Turkey has jailed President Erdowan's main political rival

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

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

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<v Speaker 2>most prominent person to be apprehended in a recent wave

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<v Speaker 2>of detentions and investigations against opposition figures, which have prompted

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<v Speaker 2>mass protests in major cities. If A Mooglu's detention has

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<v Speaker 2>caused turmoil on Turkey's financial markets, sparking selloffs in the

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<v Speaker 2>Lira and equities.

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<v Speaker 1>Turning back to markets Karen the jackmawbacked Ant Group is

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<v Speaker 1>touting an AI breakthrough with Chinese chips. Bloomberg News has

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<v Speaker 1>learned the company use Chinese made semiconductors to develop techniques

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<v Speaker 1>for training AI models that would cut costs by twenty percent.

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<v Speaker 1>The models mark Ant's entry into a race between Chinese

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<v Speaker 1>and US companies that has accelerated since Deep Seek demonstrated

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<v Speaker 1>how capable models can be trained for far less than

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<v Speaker 1>the billions invested by OpenAI and Alphabet's Google.

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<v Speaker 2>Well, in the US, Nathan DNA testing company twenty three

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<v Speaker 2>and Me has found for bankruptcy. The Chapter eleven plan

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<v Speaker 2>is the latest and the saga of the company that

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<v Speaker 2>was valued at three and a half billion dollars when

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<v Speaker 2>it won public in twenty twenty one. Co founder an

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<v Speaker 2>Wijitski is also stepping down. Her efforts to take the

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<v Speaker 2>struggling company private were rejected by a committee earlier this month.

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<v Speaker 1>I have some deal news this morning. Karen's shares of

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<v Speaker 1>AZEC Companies are up about sixteen percent in early trading.

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<v Speaker 1>The Chicago based home decking company agreed to be bought

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

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<v Speaker 2>And a programming note Nathan. Atlanta FED president Raphael Bostik

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<v Speaker 2>speaks exclusively with Bloomberg's Michael McKee about his FED outlook,

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<v Speaker 2>including future interest rate moves, inflation concerns, and the economic

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<v Speaker 2>impact of tariffs. That's at one forty five pm Wall

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<v Speaker 2>Street Time on Bloomberg Radio, Bloomberg Television, and the Bloomberg

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<v Speaker 2>Podcast page on YouTube. Time now for a look at

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<v Speaker 2>some of the other stories making news in New York

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<v Speaker 2>and around the world. And for that we're joined by

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<v Speaker 2>Bloomberg's Michael Barr.

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<v Speaker 6>Michael, Good Morning, Good morning. Karen. Israel killed two members

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

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<v Speaker 6>It brings to eleven the death toll within the twenty

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<v Speaker 6>person forum during a renewed Israeli offensive aim at destroying

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<v Speaker 6>the Palestinian faction as a military and governing force. According

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<v Speaker 6>to the Israel Defense Forces, they were hit in South

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<v Speaker 6>Gasa by air strikes which resumed last week after a

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<v Speaker 6>truce expired. Bloomberg's Dan Williams has more Jerusalem.

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

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<v Speaker 10>among other things, on the civilian government of Hamas. Keep

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<v Speaker 10>in mind that Israel's objectivists to destroy Hamas completely and

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<v Speaker 10>to prevent it using a cease fire or a lull

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<v Speaker 10>in fighting to rebuild its capabilities.

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<v Speaker 6>Bloomberg's Dan Williams in Jerusalem. Former US Representative Mea Love

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<v Speaker 6>of Utah, a daughter of Haitian immigrants who became the

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<v Speaker 6>first Black Republican woman elected to Congress, has died. Love

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<v Speaker 6>had been undergoing treatment for brain cancer prior to her death.

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<v Speaker 6>Mea Love was forty nine. Senator Bernie Sanders says the

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<v Speaker 6>aim of his Fighting Oligarchy tour is to oppose an

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<v Speaker 6>authoritarian society undermining the Constitution. Sanders speaking to ABC, pointed

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<v Speaker 6>a finger at Democrats, led in the Senate by Minority

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<v Speaker 6>leader Chuck Schumer for allowing passage of the GOP spending bill.

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<v Speaker 11>Not just Chuck Truma, it's not Chuck Schumer, it is

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<v Speaker 11>you got a Democratic haughty in general that is dominated

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<v Speaker 11>by billionaires. Justice and Republican Party is that operates under

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<v Speaker 11>the leadership of a bunch of inside the Beltway consultants,

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<v Speaker 11>very well paid for are way out of touch.

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<v Speaker 6>Meanwhile, Senator Schumer says he won't resign his post despite

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<v Speaker 6>pressure from some in his party. Thousands of postal workers

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<v Speaker 6>stage rallies across the country yesterday. They are protesting proposed

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<v Speaker 6>Trump administration job cuts and a merger with the US

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<v Speaker 6>Postal Service with the Commerce Department. Mayor Brandon Johnson spoke

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<v Speaker 6>at the Chicago rally from.

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<v Speaker 12>Sea to Shining Sea, we are going to make sure

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<v Speaker 12>that we protect all of our public accommodations, whether it's

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<v Speaker 12>the mail, whether it's education, whether it's justice, whether it's environment.

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<v Speaker 12>We are fighting for the working people of this country.

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<v Speaker 6>And he moved. Merged the Postal Service with Commerce Department

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<v Speaker 6>may not be possible without an Act of Congress. Global

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<v Speaker 6>News twenty four hours a day and whenever you want

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<v Speaker 6>it with Bloomberg News Now Michael Barr, and this is

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<v Speaker 6>Bloomberg Carrot.

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<v Speaker 2>All right, Michael Barr, thank you time now for the

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<v Speaker 2>Bloomberg Sports Update, brought to you by Tri State Oudie.

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<v Speaker 2>Here's John Stashauer. John, Good morning, de Norny Karen.

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<v Speaker 13>With the exception of Saint John's losing Saturday eight to

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<v Speaker 13>ten seed at Arkansas, things in this NCAA tournament had

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<v Speaker 13>surprisingly gone according to form eight games yesterday, higher seated

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<v Speaker 13>team won seven. The only exception was Ole Miss beating

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<v Speaker 13>Iowa State ninety one to seventy eight. Ole Miss one

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<v Speaker 13>of four SEC teams to win. Yesterday. Florida unseated two

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<v Speaker 13>time defining GM yukon closer game than expected seventy seven

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<v Speaker 13>to seventy five. Kentucky took out Illinois eighty four seventy five.

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<v Speaker 13>Alabama beet Saint mary He's eighty to sixty six. The

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<v Speaker 13>one seeds all still the live. Second straight easy win

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<v Speaker 13>for Duke eighty nine sixty six over Baylor. Tyreech practor

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<v Speaker 13>hit seven three scored twenty five. Caleb Love twenty nine

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<v Speaker 13>points for Arizona in eighty seven eighty three went over Oregon.

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<v Speaker 13>Michigan State took out New Mexico seventy one sixty three.

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<v Speaker 13>That's the sixteenth Sweet sixteen per Spartan's coach Tom Izzo.

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<v Speaker 13>Game of the day was in Seattle's well seated Colorado

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<v Speaker 13>State led Maryland most of the day. Hit a late

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<v Speaker 13>go ahead three pointer. The Terrapinze bounded with three seconds

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<v Speaker 13>to go.

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<v Speaker 11>Gillespie, looking to throw it in, gets it up top.

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<v Speaker 14>Two queens dribbling left, fix step down the lane runner

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<v Speaker 14>for the whim baked Hate Hate Maryland is one. Maryland

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<v Speaker 14>is going to the Sweet sixteen Derek Queen with a

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<v Speaker 14>runner left of the lane Bagdad.

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<v Speaker 13>Now Western one. This will be Maryland's first trip to

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<v Speaker 13>twenty sixteen. Four days after Texas lost its NCAA game,

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<v Speaker 13>The Xavier the Long Words fired coach Rondy Terry and

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<v Speaker 13>will reportedly replace him with Xavier coach Sean Miller. Victor

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<v Speaker 13>Hoblin won the Vals for Golf by one shot over

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<v Speaker 13>Justin Thomas. Heartbreaking story the death of fourteen year old

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<v Speaker 13>Millard Gardner, son of longtime Yankee out with the Brett Gardner.

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<v Speaker 13>He became ill well on a family vacation, John Stashcheller,

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<v Speaker 13>Bloomberg's Boards, Karen Nathan.

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<v Speaker 6>Coast to coast on Bloomberg Radio, nationwide on Sirius XM.

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<v Speaker 4>And around the world on Bloomberg dot Com and the

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<v Speaker 4>Bloomberg Business app.

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<v Speaker 3>This is Bloomberg Daybreak.

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<v Speaker 6>Good morning.

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<v Speaker 1>I'm Nathan Hager. Liberation Day. It is a phrase we

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<v Speaker 1>have heard a lot from President Donald Trump when it

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<v Speaker 1>comes to his promise of reciprocal tariffs across the board.

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<v Speaker 6>April second is liberation Day for our country because we're

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<v Speaker 6>going to finally be taking in money.

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<v Speaker 11>We're already doing it.

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<v Speaker 1>And that was the President speaking just a week ago.

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<v Speaker 1>But this morning Bloomberg News has learned the across the

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<v Speaker 1>board tariffs that Trump's talked about maybe more targeted than

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<v Speaker 1>previously thought and for more. We're joined now by Bloomberg

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<v Speaker 1>News Senior editor Derek Wallbank. Derek, good morning. What have

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<v Speaker 1>we heard when it comes to the President's tariff plans

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<v Speaker 1>at this point, Well, Nathan, you and I.

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<v Speaker 8>Have talked at some length in prior conversations on how

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<v Speaker 8>there kind of is an arbitrage moment between Donald Trump's

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<v Speaker 8>maximalist threats and what actually gets done now. We have

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<v Speaker 8>talked also about that a maximalist reading of what Trump

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<v Speaker 8>has talked about with reciprocal tariffs would be an absolute

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<v Speaker 8>administrative chore right to go through on thousands of product

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<v Speaker 8>lines across more than one hundred countries and try and

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<v Speaker 8>figure out who gets what and where all things are

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<v Speaker 8>going for for not just reciprocal on tariffs but also

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<v Speaker 8>non tariff things. It would be an absolute ton And

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<v Speaker 8>so what we're given to understand is that Trump's coming

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<v Speaker 8>wave of tariffs may be more targeted than what he

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<v Speaker 8>had previously threatened. And we're still waiting for what details

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<v Speaker 8>of that will look like. But you're already seeing a

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<v Speaker 8>positive market.

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<v Speaker 1>Response absolutely, with futures firmly in the green this morning.

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<v Speaker 1>So what could this mean when it comes to future negotiation.

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<v Speaker 1>We've seen Senator Danes of Montana in China over the

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<v Speaker 1>weekend word that there are going to be negotiations all

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<v Speaker 1>week long between the Assistant Trade Representative and Indian officials

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<v Speaker 1>as well. Is it going to be a scramble ahead

0:13:14.080 --> 0:13:15.680
<v Speaker 1>of this April second announcement?

0:13:17.360 --> 0:13:19.800
<v Speaker 8>Well, you know, I do think that every country is

0:13:19.840 --> 0:13:22.560
<v Speaker 8>looking forward to see what they can do and who

0:13:22.600 --> 0:13:25.120
<v Speaker 8>they can meet with and where they can go. You know,

0:13:25.640 --> 0:13:29.680
<v Speaker 8>I'm sat here in Asia right now, and Australia is

0:13:29.720 --> 0:13:32.600
<v Speaker 8>trying to find a way forward to see how they

0:13:32.640 --> 0:13:38.480
<v Speaker 8>can leverage their investments, including in planes and other things,

0:13:38.520 --> 0:13:43.560
<v Speaker 8>to try and offset some other tariffs that would be

0:13:43.720 --> 0:13:47.600
<v Speaker 8>you know, potentially considered. You know, so we're seeing a

0:13:47.600 --> 0:13:49.640
<v Speaker 8>lot of those. I mean, I would note as well.

0:13:49.679 --> 0:13:53.559
<v Speaker 8>You know, we pushed a story overnight Your Time about

0:13:54.000 --> 0:13:58.199
<v Speaker 8>Christy Nome is going to Central and South America. One

0:13:58.200 --> 0:14:01.160
<v Speaker 8>of those stops, she's going to meet with President of Mexico.

0:14:01.280 --> 0:14:03.960
<v Speaker 8>I would imagine something like this will come up, not

0:14:04.160 --> 0:14:08.280
<v Speaker 8>just talk about deportations and border security. So every single

0:14:08.360 --> 0:14:13.360
<v Speaker 8>one of these opportunities that world leaders have is going

0:14:13.400 --> 0:14:15.680
<v Speaker 8>to be a moment for them to press their case.

0:14:15.920 --> 0:14:19.920
<v Speaker 8>We're seeing still a lot of uncertainty from those world

0:14:20.000 --> 0:14:23.360
<v Speaker 8>leaders on how to engage the Trump administration. They go

0:14:23.440 --> 0:14:27.480
<v Speaker 8>from a sort of elbows up mentality that comes from

0:14:27.480 --> 0:14:31.560
<v Speaker 8>ice hockey that Canada is using, to a more kind

0:14:31.640 --> 0:14:36.960
<v Speaker 8>of conversational, non confrontational push that Mexico is using. Everyone's

0:14:37.000 --> 0:14:39.040
<v Speaker 8>trying to take notes from each other and see what

0:14:39.120 --> 0:14:39.920
<v Speaker 8>might work best.

0:14:40.720 --> 0:14:42.880
<v Speaker 1>So what could this mean when it comes to the

0:14:42.880 --> 0:14:46.240
<v Speaker 1>idea of tariff's being a major revenue raiser. If we

0:14:46.480 --> 0:14:49.160
<v Speaker 1>have a more targeted approach, will it be able to

0:14:49.240 --> 0:14:52.520
<v Speaker 1>replace income taxes like President Trump has talked about in

0:14:52.560 --> 0:14:53.880
<v Speaker 1>the past. Got about a minute left.

0:14:54.880 --> 0:14:56.640
<v Speaker 8>Well, that is a bit of a catch twenty two,

0:14:56.680 --> 0:14:58.760
<v Speaker 8>isn't it. Because the simple math says that the fewer

0:14:58.800 --> 0:15:01.600
<v Speaker 8>tariffs that you actually levy, the less tariff revenue you're

0:15:01.640 --> 0:15:05.640
<v Speaker 8>going to get. And so if Trump levy's less in

0:15:05.640 --> 0:15:07.880
<v Speaker 8>the way of tariffs, he's going to get less revenue.

0:15:07.880 --> 0:15:11.440
<v Speaker 8>That will give less revenue available for his domestic priorities.

0:15:11.480 --> 0:15:15.640
<v Speaker 8>And remember, Republicans in Congress are already trying to figure

0:15:15.640 --> 0:15:18.880
<v Speaker 8>out how to craft a big, beautiful bill, as the

0:15:18.880 --> 0:15:22.280
<v Speaker 8>President has said, for some of his domestic priorities, as

0:15:22.320 --> 0:15:26.040
<v Speaker 8>well as to extend his tax cuts as well as

0:15:26.120 --> 0:15:30.360
<v Speaker 8>additional tax cuts that he has promised, all without exploding

0:15:30.360 --> 0:15:35.160
<v Speaker 8>the deficit anymore. And that is a very very tall

0:15:35.400 --> 0:15:39.360
<v Speaker 8>order indeed. So it's a lot of difficult decisions. We've

0:15:39.360 --> 0:15:41.480
<v Speaker 8>had a lot of rhetoric, but there's going to be

0:15:41.520 --> 0:15:45.360
<v Speaker 8>a lot of difficult decisions that have cost offsets attached

0:15:45.360 --> 0:15:45.760
<v Speaker 8>to them.

0:15:45.920 --> 0:15:49.320
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