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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, Karn.

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Speaker 3: We begin with the global trade war heating up. The

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Speaker 3: European Union is responding. Just hours after President Donald Trump's

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Speaker 3: twenty five percent tariffs on steel and aluminium imports came

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Speaker 3: into force, the EU launched countermeasures with its own duties

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Speaker 3: on more than twenty eight billion dollars worth of American goods.

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Speaker 3: We get more from Bloomberg's Rosalind Matheson and London.

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Speaker 1: Obviously, they're going to target US steel and aluminum products,

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Speaker 1: but they're also going to look at textiles, agricultural products,

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Speaker 1: and home appliances, and they're going to look back at

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Speaker 1: some of the products that got hit in previous trade

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Speaker 1: tensions with Donald Trump. And that's some of the kind

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Speaker 1: of big name a US products, including bourbon and motorbized.

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Speaker 1: I mean, the EU describes this in the statement as

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Speaker 1: strong but a portionate, but certainly coming out of the

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Speaker 1: gate pretty hard.

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Speaker 3: This morning, Bloomberg's Ross Matheson reports the EU will immediately

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Speaker 3: begin consultations with member states adoption of the tariffs. Is

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Speaker 3: expected in the middle of next month.

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Speaker 2: Well, Nathan. Before these new tariffs took effect, President Trump

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Speaker 2: had threatened to double duties on Canadian steel and aluminum

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Speaker 2: to fifty percent. The President walked that back after the

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Speaker 2: Province of Ontario back down from plans for a surcharge

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Speaker 2: on energy it sends to the US. At the White House,

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Speaker 2: Trump was asked if he's worried about tariffs leading to

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Speaker 2: a recession.

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Speaker 4: I think this country's going to boom.

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Speaker 5: But as I said, I can do it the easy

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Speaker 5: way of the hard way.

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Speaker 4: The hard way to do it is exactly what I'm doing.

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Speaker 6: But the results are going to be twenty times greater.

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Speaker 2: And later and remarks hear it here on Bloomberg. President

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Speaker 2: Trump told executives at the business Roundtable more tariffs are coming,

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Speaker 2: but they'll pay off if they bring more operations into

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Speaker 2: the US.

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Speaker 3: Well Karen billionaire Ray Dallyos comparing the trade wars to

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Speaker 3: Germany in the nineteen thirty Speaking at a CNBC conference

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Speaker 3: in Singapore, the Bridgewater co founder warned that tariffs could

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Speaker 3: lead to fighting between countries, which will have consequences. He

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Speaker 3: emphasized the importance of understanding the mechanics of the situation. Meanwhile,

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Speaker 3: in an exclusive interview on Bloomberg Radio, Queen's College, Cambridge,

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Speaker 3: president and Bloomberg Opinion columnist mohammedl Arian said US exceptionalism

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Speaker 3: is under threat from uncertainties around President Trump's political and

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Speaker 3: economic policies. Alarian also talked about concerns over a recession.

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Speaker 7: Companies are just waiting to see what's happening before they

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Speaker 7: commit to major expenditure. The problem is if they wait

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Speaker 7: and see and if consumers start feeling income insecure, then

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Speaker 7: we could easily fork ourselves or weigh ourselves during recession.

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Speaker 3: Bloomberg Opinion columnist Mohammedlaran says predictability and the rule of

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Speaker 3: law give the US its edge. Without them, he says

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Speaker 3: America could lose ground with the rest of the world.

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Speaker 2: Well, Nathan Moore fallout this morning from the global trade war.

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Speaker 2: A major Wall Street firm is cutting its forecast for

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Speaker 2: the S and P five hundred, and we get the

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Speaker 2: very latest from Bloomberg's John Tucker, John, Good Morning.

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Speaker 8: Good morning, Karen Goldman Sachs cutting it's er end target

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Speaker 8: for the most widely watched stock index to sixty two

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Speaker 8: hundred from sixty five hundred. The firm cites the sharp

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Speaker 8: recent decline of the Magnificent seven stocks. The download revision

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Speaker 8: also reflects the recently reduced GDP growth forecast of Goldman's

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Speaker 8: economics team, a high resumed tariff rate, and a higher

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Speaker 8: level of uncertainty. Meantime at Charles Schwab, las Ane Sanders says,

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Speaker 8: the fuller story what's going on is under the surface

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Speaker 8: of the index.

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Speaker 5: At the average member level.

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Speaker 2: The maximum drawdown the shore is fourteen percent.

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Speaker 9: It's more than thirty percent for the Nasdaq.

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Speaker 8: Well, the S and P five hundred yesterday did slip

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Speaker 8: another three quarters of a percent. It continues to flirt

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Speaker 8: with correction. The Nasdaq one hundred firmly in correction. That's

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Speaker 8: down close to thirteen percent from its peak. And then

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Speaker 8: the VIX gage of stock volatility is near its highest

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Speaker 8: since August. In New York on John Tucker Bloomberg Radio.

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Speaker 3: Thank you, John. Tariffs aren't the only thing on investors'

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Speaker 3: minds this morning. We get a key reading on inflation

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Speaker 3: before the opening bell. Bloomberg's Michael McKee has more on

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Speaker 3: the February consumer price end ax.

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Speaker 5: With tariff's on their way, inflation may take a back

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Speaker 5: seat today, but it will be important to the FED

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Speaker 5: and in the longer run to the economy. As forecast February,

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Speaker 5: CPI would represent only modest progress toward the Fed's two

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Speaker 5: percent target, but it would be progress. That's what the

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Speaker 5: central bank wants to see as it contemplates how it

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Speaker 5: may have to react to price increases stemming from taxes

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Speaker 5: on imports. If inflation is contained, policymakers can leave rates unchanged.

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Speaker 5: This month, the central bankers will be watching categories including airfares,

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Speaker 5: auto insurance, and as always housing. Michael McKee, Bloomberg Radio.

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Speaker 2: All right, Michael, thank you well. One stock on the

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Speaker 2: move this morning is Intel. It's up eight percent. Reuters

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Speaker 2: is reporting that TSMC has pitched in Nvidia Advanced micro

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Speaker 2: Devices and Broadcom about taking stakes in a joint vent

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Speaker 2: sure that would operate Intels factories.

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Speaker 3: Karen, we have new developments this morning. In efforts to

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Speaker 3: end the war in Ukraine, the US and Ukraine have

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Speaker 3: agreed to a thirty day ceasefire in the war with Russia.

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Speaker 3: The deal now awaits approval from Russian President Vladimir Putin.

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Speaker 3: Here's Ukraine's President Vladimir Zelenski speaking through an interpreter.

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Speaker 4: Grain that's bring my suproposy.

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Speaker 10: Ukraine accepts this proposal. We consider it positive. We are

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Speaker 10: ready to take such a step, and the United States

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Speaker 10: of America must convince Russia to do the same. That is,

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Speaker 10: we agree, and if the Russians agree, silence will take

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Speaker 10: effect at that very moment.

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Speaker 3: And in return for Ukraine's acceptance of the US proposal,

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Speaker 3: the Trump administration agreed to lift its freeze on military

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Speaker 3: and intelligence aid to Kiev.

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Speaker 2: Well back in Washington, Nathan the House has approved a

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Speaker 2: stop gap spending bill to keep the government open past

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Speaker 2: to shut down deadline. On Saturday. Just one Democrat joined

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Speaker 2: with Republicans in favor of the bill. One Republican voted

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Speaker 2: against it. The bill now heads to this Senate, where

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Speaker 2: Majority Leader John Thune will need at least eight Democrats

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Speaker 2: to pass it.

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Speaker 3: At this point, there's really one solution on the table.

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Speaker 2: It keeps the government funded, It.

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Speaker 8: Addresses the core issues I think a lot of Democrats

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Speaker 8: care about in terms of programs that they want to

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Speaker 8: have funded through the end of the year, and we

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Speaker 8: think it represents the best solution at the moment.

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Speaker 2: And the bill increases security and immigrations, spending, and cuts

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Speaker 2: the IRS. It also contains no new limits on DOGE

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Speaker 2: or agency heads to fire federal workers or canceled grants

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Speaker 2: and contracts. Pennsylvania a Democrat, John Fetterman, has said he'll

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Speaker 2: support the bill. Other moderate Senate Democrats have not said

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Speaker 2: which way they'll go.

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Speaker 3: Well, Karen, major cuts are coming to the US Department

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Speaker 3: of Education. It is pushing to terminate half of its

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Speaker 3: more than four thousand employees. It is the Trump administration's

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Speaker 3: first major step to dismantle an agency that it has

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Speaker 3: targeted to shutter completely.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news in New York and around the world.

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Speaker 2: And for that we're joined by Bloomberg's Michael Barr. Michael,

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Speaker 2: good Morning, Good.

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Speaker 11: Morning, Karen. A federal judge in New York behold a

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Speaker 11: hearing today to determine whether the Trump administration can port

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Speaker 11: a green card holder. Mack Mode Khalil, a Columbia University graduate,

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Speaker 11: was arrested by Ice over the weekend after organizing pro

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Speaker 11: Palestinian demonstrations there last year. White House spokeswoman Caroline Lovett

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Speaker 11: says that Secretary of State Marco Rubio has the authority

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Speaker 11: to detain those who engage in behavior that goes against

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Speaker 11: American interests.

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Speaker 2: Secretary Rubio reserves the right to revoke the visa of

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Speaker 2: Mamood Khalil.

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Speaker 11: New York Mayor Eric Adams weighing in on the Ice arrest.

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Speaker 12: But we don't know the full scope of this investigation,

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Speaker 12: and as a former law enforcement person, I know that

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Speaker 12: their pause of an investigation that's beyond our understanding.

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Speaker 11: Let the process take its course.

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Speaker 12: That's why the federal government is in charge of deportation,

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Speaker 12: and they should be in charge of deportation.

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Speaker 11: I believe that former federal prosecutor and Loyola professor Lori Levinson.

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Speaker 9: The judge's decision today is on what we call a

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Speaker 9: petition for rid of habeas corpus. So the lawyers representing

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Speaker 9: Khalil have gone to federal court and said that he's

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Speaker 9: been held unconstitutionally. He's been punished for exercising his First

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Speaker 9: Amendment rights. And even though Khalil is only a Green

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Speaker 9: card holder, even non citizens have First Amendment rights in

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Speaker 9: the United States.

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Speaker 11: Professor Levinson, there are signs of ruling to come soon

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Speaker 11: from the judge wing the Justice Department's request to dismiss

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Speaker 11: corruption charges against New York Mayor Eric Adams. US District

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Speaker 11: Judge Dale Hoe canceled a hearing scheduled for Friday, saying

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Speaker 11: he does not believe that an oral argument is necessary

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Speaker 11: at this time. In the written order, Judge Hoe said

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Speaker 11: he has reviewed filings from the parties involved, all of

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Speaker 11: whom favor dismissal. Health and Human Services Secretary Robert F.

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Speaker 11: Kennedy Jr. Says therapeutic drugs should be intensively tested on

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Speaker 11: on US poultry flocks infected with bird flu. Kennedy on

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Speaker 11: Fox News argued that the medications could help identify treatments

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Speaker 11: for human cases. Global News twenty four hours a day

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Speaker 11: and whenever you want it with Bloomberg News Now. I'm

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Speaker 11: Michael Barr, and this Bloomberg Karen.

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Speaker 2: Michael Barr, thank you time now for the Bloomberg Sports

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Speaker 2: up date. Bronk to you by Tri State Oudie. Here's

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Speaker 2: John Stashauer. John, good morning, Good morning care.

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Speaker 6: Another Tiger Wood's injury. He ruptured his achilles while training

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Speaker 6: at home. This comes after several back surgeries and the

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Speaker 6: serious leg injuries suffered the car accident in twenty twenty one.

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Speaker 6: NBA and Cleveland make it fifteen wins in a row

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Speaker 6: for the Calves, who also won their first fifteen. They

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Speaker 6: came from eighteen down in the second half, beat the

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Speaker 6: Nets one on nine, one O four. Rangers lost in

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Speaker 6: Winnipeg two to one. Islanders fell to the Kings four

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Speaker 6: to one. The Devil's a three gold first period of

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Speaker 6: five to three win over Columbus Bruins with three in

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Speaker 6: the third a top Florida three to two. In the

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Speaker 6: Capital's a seven to four win at Anaheim, ally Svechkin

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Speaker 6: settling for three assists no goals to move closer to

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Speaker 6: the all time record four more schools. When a conference

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Speaker 6: tournament Kenzaga, North Carolina, Wilmington, Robert Morris and Saint Francis

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Speaker 6: of Pennsylvania in Tampa. Clark Schmidt first out into the spring,

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Speaker 6: it had back issues and gave up a three run

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Speaker 6: homer to Baltimore's Ryan Mountcastle.

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Speaker 11: The Yanks will need.

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Speaker 6: Schmidt with Luis Heal injured, of course, Garrett Cole out

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Speaker 6: for the season. Yankee gentlemen er Brian Cashman was asked

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Speaker 6: if he thought the Coal injury was coming, since he

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Speaker 6: also heard his elbow.

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Speaker 13: A year ago, he start to forget a little bit

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Speaker 13: about you know, the longer you go the and the

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Speaker 13: less of a no complaints and good performance, you start

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Speaker 13: forgetting about, you know, things that have happened in the past.

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Speaker 13: It's always in the back of your mind, regardless for

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Speaker 13: any pitcher, because, as I said, your one pitch away

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Speaker 13: from having your whole landscape changed, and that obviously occurred here.

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Speaker 11: In his last outing, Cashman was on the S Network.

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Speaker 6: He said he doubts he'll be adding a big name

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Speaker 6: pitcher at least anytime soon. NFL free agent signings going

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Speaker 6: back to Kobe Brissett headed to Arizona. Whinde out DeAndre Hopkins.

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Speaker 6: The Baltimore pass rusher Joey Bosso got released by the Chargers,

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Speaker 6: is going to play for Buffalo. The Giants have added

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Speaker 6: six free agents, five of them play on the defensive side.

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Speaker 6: Johns Stashedward Bloomberg Sports Yeah.

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Speaker 11: Nathan.

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Speaker 10: Coast to Coast on Bloomberg Radio nationwide, on Serious Exam.

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Speaker 6: And around the world on Bloomberg dot Com and the

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Speaker 6: Bloomberg Business app.

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Speaker 5: This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager. The trade war is intensifying

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Speaker 3: this morning. President Donald Trump has followed through on his

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Speaker 3: promise twenty five percent tariffs on global steel and aluminum. Now,

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Speaker 3: the European Union is retaliating with duties of its own

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Speaker 3: on twenty eight billion dollars in US goods. But European

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Speaker 3: Commissioned President Ursula vonder Lyine says it doesn't have to

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Speaker 3: be this way.

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Speaker 4: In a world fraud, with geoeconomic and political uncertainties, it

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Speaker 4: is not in our common interest to burden our economies

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Speaker 4: with such TARIFFSCB.

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Speaker 3: President Ursula vonder Lyine spoke this morning in Strasbourg. We

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Speaker 3: are joined now by Bloomberg's news director for Europe, the

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Speaker 3: Middle East and Africa, Rosalind mathieson Roz Good morning. What

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Speaker 3: does retaliation look like from the EU?

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Speaker 1: Well, as you say in the EU has come out

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Speaker 1: pretty quickly on the back of this, and they're announcing

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Speaker 1: plans to impose their own duties all up at about

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Speaker 1: twenty six billion euros twenty eight billion US dollars worth

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Speaker 1: of American goods. This will come in a phased approach

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Speaker 1: that does still allow room for negotiations. So there were

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Speaker 1: existing tariffs that had been suspended on the US. Those

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Speaker 1: are due to snap back, as they say at the

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Speaker 1: end of March, and it sounds like they'll just let

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Speaker 1: them return. And it's interesting to see that they're very

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Speaker 1: much targeting certain products that are produced in certain states

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Speaker 1: politically sensitive states, shall we say, in Republican lead areas.

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Speaker 1: So that include soybeans from in Louisiana, for example, Bourbon,

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Speaker 1: aluminium and steel obviously, but also products like boats and motorbikes,

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Speaker 1: and some of these are produced very much in Republican

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Speaker 1: led states like Nebraska and Kansas. So it seems to

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Speaker 1: be very deliberate, very targeted. We know that they're looking

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Speaker 1: at additional tariffs by mid April, that's after the reciprocal

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Speaker 1: tariffs from Donald Trump has set to potentially come into force.

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Speaker 1: So we are seeing the EU come out swinging today.

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Speaker 1: I mean, they call it a calibrated response for a

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Speaker 1: proportional one, but certainly it's interesting to see that the

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Speaker 1: EU has decided to announce retaliation when other countries today

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Speaker 1: are seemingly holding fire.

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Speaker 11: Yeah.

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Speaker 3: Interesting as well to hear the EU coming out saying

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Speaker 3: they're targeting Republican led states in particular. It almost sounds

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Speaker 3: like it mirrors the First trade War when they made

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Speaker 3: a similar move like that in terms of political targeting.

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Speaker 10: Very much.

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Speaker 1: So you can look at the list of what was

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Speaker 1: targeted by the EU doing Trump's first administration. Number one

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Speaker 1: was bourbon and whiskey, but also iron, steel, aluminum, agricultural products.

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Speaker 1: So again soy, motorcycles, you know, boats even, but very

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Speaker 1: much some of the music are kind of, you know,

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Speaker 1: almost mythical names in the US Levi Strauss, Genes, Harley Davidson,

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Speaker 1: motorbikes and again so very much associated with brand America

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Speaker 1: and also in these Republican states. And the message the

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Speaker 1: EU is sending there in allowing these these tariffs to

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Speaker 1: snap back on and to potentially have additional tariffs on top,

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Speaker 1: is that they know that the impact of tariff's has

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Speaker 1: really felt in the US in a way on the

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Speaker 1: US consumer and the impact potentially on US growth, on

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Speaker 1: US inflation. And obviously, if you have Americans who say

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Speaker 1: they're feeling squeezed by this, companies are changing their behavior,

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Speaker 1: people are saying that they're feeling the impact of inflation.

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Speaker 1: Does that put the pressure back on Donald Trump to

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Speaker 1: stically to rethink some of these actions, because obviously, for him,

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Speaker 1: a number one thing is going to be any impact

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Speaker 1: on the US economy and whether the pressure on him

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Speaker 1: grows internally over that. So very much sending a message

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Speaker 1: today from the EU.

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Speaker 3: So all this rise, of course, is coming ahead of

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Speaker 3: the reciprocal tariffs that President Trump has promised you're going

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Speaker 3: to be coming on April second. In our last thirty seconds,

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Speaker 3: what kind of consultations or negotiations should we expect or

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Speaker 3: should we expect to try to cool things down here?

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Speaker 1: Well, certainly, even in doing this, the EU is signaling

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Speaker 1: that there's a phased approach and they're very much wanting

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Speaker 1: to negotiate. I mean, the EU Trade chief was in

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Speaker 1: Washington last month offering various things. Didn't seem to get

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Speaker 1: a lot of traction. And the question, and really the

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Speaker 1: challenge for Europe is who's able to engage with Donald

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Speaker 1: Trump's administration on it, who can get his ear It

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Speaker 1: doesn't seem as low urschela vonderline. The EU chief necessarily

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Speaker 1: has that direct link. So do you see other European

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Speaker 1: leaders start to reach out directly to try and get

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Speaker 1: some traction there. But certainly the message and all this

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Speaker 1: still is that the EU is very much ready to

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Speaker 1: negotiate and to adopt this stuff in stages in order

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Speaker 1: to do so.

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