WEBVTT - Baltimore Bridge Latest and Trump's Trial & Fortune

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

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

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

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<v Speaker 3>We begin with the tragedy near Baltimore. It is no

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<v Speaker 3>longer a search and rescue operation. It is now search

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<v Speaker 3>and recover after yesterday's collapse of the Francis Scott Key Bridge.

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<v Speaker 3>A road crew was working on the bridge at the

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<v Speaker 3>time of the collapse. Now two of them have been rescued,

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<v Speaker 3>six remain unaccounted for. The area remains blocked off to traffic,

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<v Speaker 3>which means a major artery around the city of Baltimore

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<v Speaker 3>is also blocked off. Baltimore Mayor Brandon Scott is asking

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<v Speaker 3>for people to be patient.

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<v Speaker 4>They're going to be detours.

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<v Speaker 2>This is going to be a long road. But when

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<v Speaker 2>we think.

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<v Speaker 5>About the realities of what those families are going through

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<v Speaker 5>versus us have it this spend a little bit more

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<v Speaker 5>time in traffic we can't even compare.

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<v Speaker 3>Baltimore Mayor Brandon Scott says the search is the priority,

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<v Speaker 3>but he also recognizes the economic ripple effect this will

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<v Speaker 3>have on his city.

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<v Speaker 2>Well Lamy, the business that contracted the road work as

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<v Speaker 2>Broner Builder's company attorney Jeffrey Pritzker explains it's possible the

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<v Speaker 2>crew never heard any warnings.

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<v Speaker 6>Where they were working on the bridge was right in

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<v Speaker 6>the center span of the bridge, so it's quite possible

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<v Speaker 6>that they heard nothing and had no idea what happened

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<v Speaker 6>until it happened.

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<v Speaker 2>Attorney Jeffrey Pritzker. Maryland Governor Wes Moore says the loss

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<v Speaker 2>of the bridge and the loss of life is heartbreaking.

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<v Speaker 7>When I first got the phone call in the middle

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<v Speaker 7>of the night saying the Key bridge is gone one,

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<v Speaker 7>it takes your breath away and then immediately start thinking about.

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<v Speaker 2>These families and Governor Moore says the work will continue

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<v Speaker 2>to find those who are still missing. The next phase

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<v Speaker 2>of the recovery process begins this morning.

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<v Speaker 3>The one point six mile long bridge collapsed in just

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<v Speaker 3>a matter of seconds. The catastrophic consequences are set to

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<v Speaker 3>stretch out for weeks. President Biden says the government needs

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<v Speaker 3>to step up.

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<v Speaker 8>That's my intention that federal governor will pay for the

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<v Speaker 8>entire cost to reconstructing that bridge.

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<v Speaker 9>I expect the Congress to support my effort.

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<v Speaker 3>Facing months of uncertainty, Baltimore and Maryland both have declared

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<v Speaker 3>a state of emergency.

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<v Speaker 2>Well, I mean, the aftermath of the bridges collapse throws

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<v Speaker 2>another spotlight on the fragile nature of global supply chains.

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<v Speaker 2>Brendan Murray leads to our global trade coverage for Bloomberg.

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<v Speaker 7>The Port of Baltimore has closed indefinitely. They're they're going

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<v Speaker 7>to have, you know, weeks or months of salvage operations

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<v Speaker 7>to clean up the site. All that cargo is going

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<v Speaker 7>to have to go somewhere else, places like Norfolk, Virginia, Charleston,

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<v Speaker 7>South Carolina, Savannah, Georgia. The big ships will have to

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<v Speaker 7>go to New York and New Jersey. So there's going

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<v Speaker 7>to be a period where supply chains have these wrinkles

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<v Speaker 7>that need to be ironed out. It's going to be

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<v Speaker 7>it's going to mean delays for people and businesses for

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<v Speaker 7>their for their parts and their products, and it's going

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<v Speaker 7>to possibly mean some some higher costs in the short.

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<v Speaker 2>Term bloom Brendon Murray says about thirty five thousand people

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<v Speaker 2>use the bridge every day. The American Trucking Association says

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<v Speaker 2>the annual value of goods going over is about twenty

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<v Speaker 2>eight billion dollars, And.

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<v Speaker 3>Of course we will continue to follow the latest developments

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<v Speaker 3>on the bridge collapse right here on Bloomberg Radio. Now,

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<v Speaker 3>let's turn to political news. Robert F. Kennedy Junior has

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<v Speaker 3>picked Nicole Shanahan to be his vice presidential pick and

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<v Speaker 3>his independent White House bid that's trying to appeal to

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<v Speaker 3>voters disaffected by a rematch of the twenty twenty election.

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<v Speaker 3>The thirty eight year old Shanahan is a California lawyer

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<v Speaker 3>and a philanthropist who has never held elected office.

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<v Speaker 2>Meanwhile, Amy, the Republican presidential candidate, is also making headlines.

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<v Speaker 2>Donald Trump will need to be careful with this rhetoric

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<v Speaker 2>during his trial concerning alleged payments to Stormy Daniels and

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<v Speaker 2>Bloomberg's Nancy Lyons reports.

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<v Speaker 1>Now that in April fifteenth, start date has been set

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<v Speaker 1>for Donald Trump's trial on alleged hush money payments. The

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<v Speaker 1>judges out with some ground roles for the former president.

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<v Speaker 1>Judge wanmer Shan has issued a gag order banning Trump

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<v Speaker 1>for making statements about witnesses, lawyers, or jurors involved in

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<v Speaker 1>the trial. Manhattan District Attorney Alvin Braggs sought the order

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<v Speaker 1>because of Trump's quote longstanding history of verbal attacks. The

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<v Speaker 1>trial marks the first criminal prosecution of a former American

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<v Speaker 1>president in Washington. I'm Nancy Lyons Bloomberg Radio.

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<v Speaker 3>Thank you, Nancy. It was a volatile first day of

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<v Speaker 3>trading for former Trump. Former president Donald Trump's social media startup,

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<v Speaker 3>Trump Media and Technology Group gained sixteen percent in its

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<v Speaker 3>first trading day as a public company, and surged as

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<v Speaker 3>much as fifty nine percent at one point. The most

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<v Speaker 3>high profile blank check deal in years added billions to

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<v Speaker 3>Trump's fortune, at least on paper. Shares are up ten

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<v Speaker 3>percent in early trading this morning.

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<v Speaker 2>Well in the currency market, amy the yen has touched

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<v Speaker 2>its lowest level versus the dollar since nineteen to ninety.

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<v Speaker 2>Japan has stepped closer to currency intervention with its strongest

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<v Speaker 2>warning yet. The country's finance minister ramped up his hints

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<v Speaker 2>a possible action. Looking at the yen right now, it's

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<v Speaker 2>little changed against the dollar in the end, at one

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<v Speaker 2>fifty one point four to nine.

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<v Speaker 3>In geopolitical news, Chinese President Xi Jinping has met with

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<v Speaker 3>US business executives hoping to restore confidence in Beijing. Bloomberg

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<v Speaker 3>Daybreak Asia anchor Brian Curtis as more from Hong.

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<v Speaker 10>Kong shinwas as president. She met with representatives from US business, strategic,

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<v Speaker 10>and academic communities. China's hoping to shore up confidence submit

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<v Speaker 10>a slow down in foreign investment. Investment fell to a

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<v Speaker 10>thirty year low last year. Tensions with the US have

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<v Speaker 10>risen in recent weeks. China said it filed a complaint

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<v Speaker 10>to the WTO over US EV subsidies, and the US

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<v Speaker 10>and UK accused Chinese hackers of targeting politicians and companies.

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<v Speaker 10>China is now ramping up outreach to foreign investors, hoping

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<v Speaker 10>to kick start the slumping economy in Hong Kong. Brian

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<v Speaker 10>Curtis Bloomberg.

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<v Speaker 2>Radio, Hi, Brian, thank you now to a discussion on

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<v Speaker 2>the broader economy with black Rock CEO Larry Fink. Fink

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<v Speaker 2>talked about his annual letter yesterday with Bloomberg's David Weston,

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<v Speaker 2>warning that the US is facing a looming retirement crisis

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<v Speaker 2>and says a high level effort is needed to address it.

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<v Speaker 2>Fink added that America's unsustainable debt servicing bill could lead

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<v Speaker 2>to a period of stagnation.

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<v Speaker 6>The cost of financing our deficits are going to erode

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<v Speaker 6>more and more of our disposable income. As a country,

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<v Speaker 6>and I do believe there we're getting to a point

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<v Speaker 6>where our public debt is going to start up, crowding

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<v Speaker 6>out private capital, and we're going to have structurally higher

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<v Speaker 6>interest rates.

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<v Speaker 2>Black Rock CEO Larry Fink added he's frightened by the

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<v Speaker 2>US public debt situation, but says a US debt crisis

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<v Speaker 2>is not inevitable. And you can catch our entire conversation

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<v Speaker 2>with Larry Fink on the Bloomberg Talks podcast, available on Apple, Spotify,

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<v Speaker 2>or anywhere you get your podcasts. And it's time now

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<v Speaker 2>for a look at some of the other stories making

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<v Speaker 2>news in New York and around the world. And for

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<v Speaker 2>that we'rejoined by Bloomberg's Michael Barr. Michael, good Morning, Good.

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<v Speaker 4>Morning, Karen is really. Prime Minister Benjamin at Yahoo's says

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<v Speaker 4>his government will not accept Tamas's delusional conditions for a

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<v Speaker 4>ceasefire in Gaza. The militant group has rejected the latest

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<v Speaker 4>truce proposal because it wants an end to the war

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<v Speaker 4>and Israel's full withdrawal from the Gaza strip. Natanyahu also

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<v Speaker 4>rebuked a UN Security Council resolution calling for a ceasefire

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<v Speaker 4>in Gaza. State Department spokesman Matthew Miller pushed back on

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<v Speaker 4>claims that amasa's most recent rejection of a ceasefire framework

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<v Speaker 4>agreement resulted from the US abstention vote in the UN.

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<v Speaker 2>That response was prepared before the UN Security Council vote,

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<v Speaker 2>not after it.

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<v Speaker 4>Yesterday, Defense Secretary Lloyd Austin welcomed Israeli Defense Minister Joav

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<v Speaker 4>Gallant to the Pentagon, where the two talked about US

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<v Speaker 4>Israeli security cooperations and the ongoing efforts to bring humanitarian

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<v Speaker 4>aid into Gaza. A vigil will be held tonight at

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<v Speaker 4>Massapequa Park in the hometown for the NYPD officer who

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<v Speaker 4>was shot and killed this week. Officer Jonathan Dillar, who

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<v Speaker 4>was thirty one, was fatally shot during a traffic stop

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<v Speaker 4>in Queens. Diller, who was with the force for three years,

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<v Speaker 4>had a wife and a toddler's son. Diller and another

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<v Speaker 4>officer approached a car that was parked illegally at a

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<v Speaker 4>bus stop. Authority say one of the two men who

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<v Speaker 4>were in the car, thirty four year old Guy Rivera,

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<v Speaker 4>pulled out a gun and shot Diller in the torso.

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<v Speaker 4>Official say Diller's partner then fired and shot Rivera in

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<v Speaker 4>the back. New York Mayor Eric Adams says the city

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<v Speaker 4>has a recidivism problem.

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<v Speaker 8>These two individuals, one of the men had been arrested

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<v Speaker 8>on a gun charge in April twenty twenty three. To

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<v Speaker 8>the driver, he has more than twenty prize, the other

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<v Speaker 8>as an equal amount of prize.

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<v Speaker 4>Mayor Adams also says the city has to deal with

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<v Speaker 4>mental health issues and random acts of violence. Today, New

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<v Speaker 4>YORK'SA holds its final vote on acting what would be

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<v Speaker 4>the US's first large scale congestion pricing system. The plan

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<v Speaker 4>would charge most drivers a fee of at least fifteen

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<v Speaker 4>dollars to drive south of sixtieth Street in Manhattan. The

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<v Speaker 4>program is set to begin in June, but that could

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<v Speaker 4>change depending on the outcome of lawsuits in New York

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<v Speaker 4>and New Jersey. Supporters say you will reduce carbon emissions,

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<v Speaker 4>speed up bus service and emergency response times, and raise

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<v Speaker 4>funds for public transportation. Former NYC Traffic Commissioner Sam Schwartz

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<v Speaker 4>is in favor of the plan.

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<v Speaker 9>I know a number of cities are keeping their eye

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<v Speaker 9>on New York. If you can get through all the

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<v Speaker 9>log jams, all the bureaucracy, all the politics of New York, city.

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<v Speaker 9>And you can get this done in New York, you

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<v Speaker 9>could do it elsewhere.

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<v Speaker 4>Critics say there should be a commitment to improve mass

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<v Speaker 4>transit service. Global news twenty four hours a day and

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<v Speaker 4>whenever you want it with the Bloomberg News. Now, Michael Barr,

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<v Speaker 4>this is Bloomberg.

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<v Speaker 3>Karen sor right, Michael, thank you.

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<v Speaker 2>Time now for the Bloomberg Sports Update, brought to you

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<v Speaker 2>by Tri State Audi. Here's John stash Hour, John, Good morning,

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<v Speaker 2>Good morning Karen.

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<v Speaker 5>Winding down the NHL regular season. The race is on

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<v Speaker 5>for the President's Trophy home ice in the playoffs. Seven

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<v Speaker 5>teams separated by just three points, and the team that

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<v Speaker 5>right now is a top the league, the Rangers. They

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<v Speaker 5>hosted the Flyers scoreless first period. Philly led two to

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<v Speaker 5>one after two, and then seven goals were scored in

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<v Speaker 5>the third. Rangers had three different leads. The game went

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<v Speaker 5>to overtime.

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<v Speaker 3>Fox tangles the blue line, leaves it.

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<v Speaker 7>Back for tro check back to Fox, Fox rips a

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<v Speaker 7>shot up score.

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<v Speaker 9>Adam foxing overtime, and the Rangers won a wild game,

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<v Speaker 9>six to five, one one hundred points.

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<v Speaker 3>They clitch a playoff berth for the third.

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<v Speaker 5>Consecutive Yearny ESPN Fox, scoring thirty six seconds into ot

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<v Speaker 5>Deable's trying to make the playoffs. They won in Toronto's

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<v Speaker 5>sixty three, took over first place in their division four

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<v Speaker 5>to three win at Florida double overtime. In the NBA,

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<v Speaker 5>the Lakers, playing without Lebron James, came from nineteen down

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<v Speaker 5>and one in Milwaukee for Anthony Davis thirty four points

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<v Speaker 5>twenty three rebounds. The Warriors won by twenty one at Miami.

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<v Speaker 5>Dallas won by thirty six at Sacramento, fiftieth winn of

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<v Speaker 5>the season for Oklahoma City Man. He felt Indiana State

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<v Speaker 5>would have made the NCAA tournament settled for the niit

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<v Speaker 5>now thirty one and six after a quarterfinal win over Cincinnati.

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<v Speaker 5>Georgia won by two at Ohio State. Seaton Hall has

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<v Speaker 5>its NIT quarterfinal game tonight at home against UNLV. Major

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<v Speaker 5>rule changes to kickoffs in the NFL all look very different.

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<v Speaker 5>The kicker will now stand in his own thirty five

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<v Speaker 5>yard line. His ten teammates will be twenty five yards ahead.

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<v Speaker 5>At least seven of the receiving players will be just

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<v Speaker 5>five yards from them. It's an effort to make the

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<v Speaker 5>kickoff again be part of the sport. Most of them

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<v Speaker 5>had not been returned. Baseball starts tomorrow, and free agent

0:11:53.160 --> 0:11:56.000
<v Speaker 5>pitcher Jordan Montgomery has finally found a job. He signed

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<v Speaker 5>with Arizona. John Stanshedward Bloomberg Sports.

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<v Speaker 11>Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 11>and around the world on Bloomberg dot Com and the

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<v Speaker 11>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 3>And returning to our top story this morning, the key

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<v Speaker 3>bridge in Baltimore, struck by a cargo ship, collapsed in

0:12:18.200 --> 0:12:21.880
<v Speaker 3>just seconds yesterday. The consequences, though, will likely stretch out

0:12:21.920 --> 0:12:25.080
<v Speaker 3>four weeks. We are joined now by Bloomberg's trade expert

0:12:25.160 --> 0:12:28.240
<v Speaker 3>Brendan Murray. Brendan, thanks for taking the time with us.

0:12:28.280 --> 0:12:29.480
<v Speaker 3>What is the latest now?

0:12:30.080 --> 0:12:30.320
<v Speaker 5>Sure?

0:12:30.360 --> 0:12:34.280
<v Speaker 7>So tragically, the officials locally have said that they're calling

0:12:34.280 --> 0:12:36.680
<v Speaker 7>off the search and rescue for the six missing workers

0:12:36.920 --> 0:12:41.079
<v Speaker 7>who are on the bridge filling potholes when the ship

0:12:41.320 --> 0:12:45.200
<v Speaker 7>struck the bridge. So they're recovery, they're looking for they're

0:12:45.480 --> 0:12:48.160
<v Speaker 7>recovering the victims at this stage. So a rather somber

0:12:48.240 --> 0:12:54.200
<v Speaker 7>day starting here on Wednesday. In the meantime, all this

0:12:54.280 --> 0:12:55.960
<v Speaker 7>cargo that was supposed to come in and out of

0:12:55.960 --> 0:12:59.120
<v Speaker 7>Baltimore has to go somewhere else. So we're seeing ships

0:13:00.080 --> 0:13:04.880
<v Speaker 7>diverting to ports in Virginia and North Carolina, South Carolina, Georgia,

0:13:05.480 --> 0:13:09.599
<v Speaker 7>and New York. So all that cargo is going to

0:13:09.679 --> 0:13:12.280
<v Speaker 7>be slower to get where it's going, and it will

0:13:12.320 --> 0:13:14.880
<v Speaker 7>need truck or a train to pick it up in

0:13:14.920 --> 0:13:18.800
<v Speaker 7>another location that it wasn't expecting. So expect a bit

0:13:18.800 --> 0:13:21.200
<v Speaker 7>of a tangled mess in the weeks ahead.

0:13:21.600 --> 0:13:23.280
<v Speaker 3>Let's get into that a little bit and talk about

0:13:23.320 --> 0:13:25.720
<v Speaker 3>some of those ports you mentioned, South Carolina, Virginia, New

0:13:25.760 --> 0:13:28.240
<v Speaker 3>Jersey and other ports. Are they going to be able

0:13:28.240 --> 0:13:30.440
<v Speaker 3>to handle all of the extra traffic that they're about

0:13:30.480 --> 0:13:30.800
<v Speaker 3>to get?

0:13:31.400 --> 0:13:33.560
<v Speaker 7>From what they tell us, they're not running at full

0:13:33.559 --> 0:13:38.040
<v Speaker 7>capacity right now. The US economy is fairly solid, but

0:13:38.120 --> 0:13:41.560
<v Speaker 7>it's not gangbusters, so some of them tell us they're

0:13:41.600 --> 0:13:44.000
<v Speaker 7>running it about seventy or eighty percent capacity. So yeah,

0:13:44.040 --> 0:13:47.120
<v Speaker 7>they can handle this extra this extra cargo flowing in

0:13:47.160 --> 0:13:51.000
<v Speaker 7>their direction, but it'll take They can't do it immediately,

0:13:51.040 --> 0:13:54.880
<v Speaker 7>so it could we could see ships sitting outside these

0:13:54.920 --> 0:13:58.800
<v Speaker 7>ports for a few days perhaps, and we'll see how

0:13:58.800 --> 0:14:01.800
<v Speaker 7>they're able to orbit. The big issue is Baltimore is

0:14:01.840 --> 0:14:05.920
<v Speaker 7>a big car port for imports and exports, and not

0:14:05.960 --> 0:14:09.160
<v Speaker 7>every not every trade gateway along the Eastern Seaboard can

0:14:09.240 --> 0:14:11.840
<v Speaker 7>handle cars. So we'll have to wait and see how

0:14:11.880 --> 0:14:16.960
<v Speaker 7>the how the auto companies deal with these the disruptions

0:14:17.160 --> 0:14:18.200
<v Speaker 7>to their supply chains.

0:14:18.600 --> 0:14:21.840
<v Speaker 3>Right, they handle cars, construction equipment, farm equipment, and I

0:14:21.880 --> 0:14:24.800
<v Speaker 3>wonder if that's where we might see the most impact,

0:14:24.840 --> 0:14:28.320
<v Speaker 3>because it seems like there would be more isolated industries

0:14:28.320 --> 0:14:30.960
<v Speaker 3>as opposed to industries as a whole.

0:14:31.360 --> 0:14:34.160
<v Speaker 7>Yeah, it's not a lot of sort of consumer facing

0:14:34.600 --> 0:14:37.360
<v Speaker 7>goods that flow through Baltimore. It's things that are kind

0:14:37.360 --> 0:14:39.600
<v Speaker 7>of in the you know, go to the industrial heartland.

0:14:39.640 --> 0:14:44.040
<v Speaker 7>Construction equipment, farm equipment, you know, and those kinds of things.

0:14:44.360 --> 0:14:47.000
<v Speaker 7>You know, the spring construction season kind of heats up

0:14:47.080 --> 0:14:48.960
<v Speaker 7>in a month or two, you know, will there be

0:14:49.040 --> 0:14:52.040
<v Speaker 7>enough equipment, Will some of that equipment and the materials

0:14:52.080 --> 0:14:55.440
<v Speaker 7>needed for home building and office construction be you know,

0:14:55.560 --> 0:14:58.000
<v Speaker 7>be as readily available as it might might have been.

0:14:58.280 --> 0:15:00.840
<v Speaker 7>Farmers are going to start, you know, planting crops in

0:15:00.880 --> 0:15:02.760
<v Speaker 7>a few months. Are they going to have you know,

0:15:02.840 --> 0:15:07.160
<v Speaker 7>the equipment that they need the new tractor or combine?

0:15:07.400 --> 0:15:10.880
<v Speaker 7>You know that that would normally flow through Baltimore. So

0:15:10.520 --> 0:15:15.800
<v Speaker 7>some we're not expecting a widespread economic headwind from this,

0:15:16.000 --> 0:15:18.600
<v Speaker 7>but it could create some isolated headaches.

0:15:19.120 --> 0:15:22.040
<v Speaker 3>And briefly, Brendan, it wasn't long ago we experienced the

0:15:22.160 --> 0:15:25.720
<v Speaker 3>firsthand the fragile nature of the global supply chains, very

0:15:25.800 --> 0:15:28.200
<v Speaker 3>briefly thirty seconds. How is this going to factor into that?

0:15:29.240 --> 0:15:31.920
<v Speaker 7>Well, we're going to get another test of the resilience

0:15:32.000 --> 0:15:35.680
<v Speaker 7>of supply chains along the East Coast. Basically, it will

0:15:35.760 --> 0:15:37.880
<v Speaker 7>it will mean trucks. You know, there's going to be

0:15:37.920 --> 0:15:41.000
<v Speaker 7>a lot of traffic around Baltimore for the foreseeable future.

0:15:41.480 --> 0:15:46.360
<v Speaker 7>That highway, that beltway around Baltimore is now gone, so

0:15:46.440 --> 0:15:48.320
<v Speaker 7>all that traffic is going to have to move somewhere else.

0:15:48.360 --> 0:15:50.920
<v Speaker 7>So I think we're just going to have to see

0:15:50.960 --> 0:15:55.080
<v Speaker 7>how the companies involved in logistics and supply chains can

0:15:55.840 --> 0:16:01.240
<v Speaker 7>flex with this shock, and hopefully it the fallout won't

0:16:01.240 --> 0:16:03.000
<v Speaker 7>be too widespread or too painful.

0:16:05.200 --> 0:16:08.480
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