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Speaker 1: This is a breaking news update from Bloomberg instant reaction

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Speaker 1: and analysis from our three thousand journalists and analysts around

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Speaker 1: the world.

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Speaker 2: President Trump announced his Liberation Day tariffs. It turns out

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Speaker 2: they're even bigger than the smooth Holy tariffs at the

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Speaker 2: beginning of the Great Depression. The move drew this reaction

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Speaker 2: from Bob Michael, the chief investment officer at JP Morgan

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Speaker 2: Investment Management.

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Speaker 3: Given as how tariffs stand as they were announced, that's

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Speaker 3: going to push the US economy into recession. They're dramatic.

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Speaker 3: Its attacks on businesses and households. It's going to cause

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Speaker 3: them to retrench. It's worse than most expectations. I think

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Speaker 3: the caveat is we don't know what the policy response

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Speaker 3: will look like. We still have until April ninth for

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Speaker 3: the majority of the tariffs to be enacted, so there

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Speaker 3: could be a lot of negotiation.

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Speaker 2: Seema Sean about global investors, looks at prices and growth

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Speaker 2: the terrors, she says will bring the worst of both worlds.

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Speaker 4: The part which is probably most concerning for investors is

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Speaker 4: the announcement yesterday is very styflationary, and we know from

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Speaker 4: looking at previous regime, previous market movements over history that

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Speaker 4: stackflation is typically the regime where rarely does any asset

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Speaker 4: class do particularly well.

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Speaker 2: Doug Irwin, John French, professor at dartminth says the idea

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Speaker 2: that terroriffs will bring jobs back to the US is

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Speaker 2: a false home.

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Speaker 5: Even if we bring back some of the factories to

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Speaker 5: produce these things, because the cost of importing is much higher,

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Speaker 5: the jobs probably won't follow. Even with textiles and apparel,

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Speaker 5: a lot can be automated. And so when we think

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Speaker 5: about the steel industry, which has always been near and

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Speaker 5: dear to the President's heart, in the nineteen eighties, it

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Speaker 5: took ten worker hours to produce a ton of steel.

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Speaker 5: Now it takes one. We're producing just as much steel,

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Speaker 5: but we just need many fewer workers because and the

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Speaker 5: type of workers that we need to produce steel has

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Speaker 5: changed from blue collar to white collar, from hard labor

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Speaker 5: to engineer monitoring equipment, and so the whole nature of

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Speaker 5: the economy has changed. So we're not in the twentieth

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Speaker 5: century anymore. We're in the twenty first century, and to

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Speaker 5: go back to the nineteenth century is going to be

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Speaker 5: really hard pull. And that's why the markets are reacting

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Speaker 5: the way they are.

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Speaker 2: A Wall Street legend. At at your Denny Research, the

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Speaker 2: man who famously coined the term bond vigilante, had this

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Speaker 2: message for the administration on behalf of the stock market vigilantes.

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Speaker 5: I'd like to say, mister President, take down this tariff wall.

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Speaker 2: This is the most absurd policy that one could possibly imagine,

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Speaker 2: and it's a disaster for the economy.

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Speaker 5: It's a disaster for the stock market.

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Speaker 2: And I think the pushback on the administration from the

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Speaker 2: stock market vigilantes is already quite intense.

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Speaker 5: This is turning out to be not Liberation Day plus one,

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Speaker 5: It's turning out to be D Day in the on

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Speaker 5: Wall Street