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Speaker 1: News when you want it with Bloomberg News Now, I'm

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Speaker 1: Erica Herskowitz. President Trump says he aced a cognitive test

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Speaker 1: during his annual physical at Walter Reid Friday. The exam

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Speaker 1: was the first for the seventy eight year old Trump

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Speaker 1: since he began his second term. On tariffs, Trump told

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Speaker 1: reporters he believed something positive will come out of China,

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Speaker 1: which retaliated against Trump's latest tariffs by hiking duties on

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Speaker 1: all US goods from eighty four percent to one hundred

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Speaker 1: and twenty five percent starting April twelve. This was after

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Speaker 1: the White House clarified that levies on Chinese goods rose

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Speaker 1: to one hundred and forty five percent this year. White

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Speaker 1: House Press Secretary Caroline Levitt says if China keeps it up,

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Speaker 1: the US will quote punchback harder.

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Speaker 2: If China continues to retaliate, it's not good for China.

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Speaker 1: Levin says that more than seventy five countries have asked

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Speaker 1: to cut deals, including South Korea, Japan, and Vietnam. She

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Speaker 1: said US allies and foes alike need the US to survive,

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Speaker 1: and that the President is using that leverage to our advantage.

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Speaker 1: Trump also floated possible exceptions to ten percent baseline tariffs

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Speaker 1: on most US trading partners, but insisted that ten percent

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Speaker 1: is a floor for nations seeking to negotiate trade deals.

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Speaker 1: Stocks closed higher on Wall Street as a volatile week

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Speaker 1: wraps up on fears of a possible recession triggered by

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Speaker 1: US tariffs on China and other US trading partners. The

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Speaker 1: Dow gains six hundred and nineteen points, ahead more than

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Speaker 1: one and a half percent. The Nasdaq added three thirty seven,

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Speaker 1: more than two percent higher. The S and P rows

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Speaker 1: ninety five points, a one point eight percent jump. The

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Speaker 1: ten year treasury yield is at four point four eight percent,

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Speaker 1: the two year treasury yield is at three point nine

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Speaker 1: six percent, and despite the rebound, market volatility remains high,

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Speaker 1: with concerns over President Trump's trade policy and its impact

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Speaker 1: on the global economy, and uncertainties surrounding the outlook of economies, markets,

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Speaker 1: and businesses. Investors are still cautious, with many planning to

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Speaker 1: decrease their exposure to US assets and some recommending a

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Speaker 1: short position on stocks until the US and China de

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Speaker 1: escalate the trade war and the FED steps in. Meanwhile,

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Speaker 1: JP Morgan Chase CEO Jamie Diamond expects a kerfuffle in

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Speaker 1: the treasury market that will prompt a FED intervention, attributing

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Speaker 1: the expected turmoil to all the rules and regulations, and

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Speaker 1: believes the FED will step in only when they start

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Speaker 1: to panic a little bit. American consumers are in a

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Speaker 1: foul mood. US consumer sentiment fell to an almost three

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Speaker 1: year low, with the preliminary April Sentiment index sliding six

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Speaker 1: point two points to fifty point eight, according to the

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Speaker 1: University of Michigan. Joeann Schue is Director of Surveys at

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Speaker 1: the University of Michigan.

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Speaker 2: And it's pretty clear that every single time over the

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Speaker 2: last few months we've seen a tariff announcement or a

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Speaker 2: change in tariff policy, escalation of tariff's, consumer sentiment has

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Speaker 2: taken a dip, and inflation expectations have gone up, but

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Speaker 2: we have actually haven't seen much relief come when those

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Speaker 2: tariff announcements are reversed or tariffs or are reversed or

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Speaker 2: taken back.

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Speaker 1: Director of Surveys, Joeann Hue. Results of the Michigan survey

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Speaker 1: were based on interviews from March twenty fifth through April eighth,

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Speaker 1: prior to President Trump's Wednesday announcement of a ninety day

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Speaker 1: pause on higher tariffs for dozens of US trading partners.

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Speaker 1: President Trump is sending negotiators to talk to the Iranian regime.

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Speaker 1: If Iran is cooperative, it would be allowed to sell

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Speaker 1: more oil, and the impact on prices would depend on

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Speaker 1: whether world economies resume growth. That's according to Ellen Wald

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Speaker 1: of the Atlantic Council, speaking in a Bloomberg interview. If not,

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Speaker 1: the president would lean on countries like China that now

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Speaker 1: enjoy discounted oil prices from Iran. An immigration judge in

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Speaker 1: Louisiana ruled Friday that Columbia University graduate student Mohammad Khalil

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Speaker 1: can be deported as a national security risk after he

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Speaker 1: participated in pro Palestinian demonstrations. The judge ruled the government's

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Speaker 1: contention that Khalil's presence in the United States posed potentially

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Speaker 1: serious foreign policy consequences was enough to satisfy requirements for

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Speaker 1: his deportation. The National Transportation Safety Board gave an update

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Speaker 1: on its investigation into yesterday's helicopter crashed into the Hudson River.

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Speaker 1: Six people were killed, including three children and a seaman's

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Speaker 1: senior executive NTSB chair Jennifer Homan D says everything is

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Speaker 1: on the table and they're not ruling anything out. They're

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Speaker 1: looking at the pilot, the maintenance on the helicopter, even

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Speaker 1: if there were birds in the area. She says sightseeing

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Speaker 1: tours have been a concern for years. The investigation is ongoing.

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Speaker 1: At the Masters at Augusta, Justin Rose fired US second

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Speaker 1: round one hundred seventy one and sits atop the leader

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Speaker 1: board at eight under, one shot ahead of Bryce and

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Speaker 1: d Chambeau. Defending Champ Scottie Scheffler is three shots off

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Speaker 1: the pace. That's news when you want it. With Bloomberg

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Speaker 1: News Now, I'm Erica Herskowitz, and this is Bloomberg