Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, we begin with the latest in the US trade
Speaker 3: war with Canada and Mexico. Automakers are getting a reprieve.
Speaker 3: President Trump is giving a one month exemption from twenty
Speaker 3: five percent tariffs to Ford, General Motors and Stillantis, but
Speaker 3: White House Press Secretary Caroline Levit says the rest of
Speaker 3: the world still nice.
Speaker 4: Reciprocal tariffs will still go into effect on April second,
Speaker 4: but at the request of the companies associated with USMCA,
Speaker 4: the President is giving them an exemption for one month
Speaker 4: so they are not at an economic disadvantage.
Speaker 3: White House spokeswoman Caroline Levitt and Bloomberg's Kaylee Lines reports
Speaker 3: the automaker CEOs brought their concerns directly to the White House.
Speaker 5: The concern here, of course, is that the auto sector
Speaker 5: is very vulnerable in a scenario in which tariffs are
Speaker 5: on our north of and trading partners. According to Bloomberg Economics,
Speaker 5: the US automakers, in particular for some key parts like
Speaker 5: stink belts and airbags. For example, our reliance on the
Speaker 5: imports of those parts, some eighty percent from Canada and
Speaker 5: Mexico specifically, which is why you had the likes of
Speaker 5: Jim Farley saying recently that these kind of tariffs could
Speaker 5: potentially quote blow a hole in the industry.
Speaker 6: Bloomberg's Kaylee Lynes in Washington.
Speaker 3: And then another sign of tariff relief, Agriculture Secretary Brooke
Speaker 3: Rawlins tells Bloomberg the administration is also considering carve outs
Speaker 3: for some farm products from Canada and Mexico, including potash
Speaker 3: and fertilizer.
Speaker 2: Well, Nathan, the president is set to meet with another
Speaker 2: group of business leaders, and we get the details with
Speaker 2: the Bloomberg's Lisa Matteo Lisa, good morning, Good morning Karen.
Speaker 7: And we're talking about those big tech leaders, those behind
Speaker 7: the companies that are facing the possibility of import tariffs
Speaker 7: stricter export rules. Sources telling Bloomberg it includes the CEOs
Speaker 7: of HP, Intel, IBM, Qualcom. HP is actually the only
Speaker 7: tech giant who confirmed that they will meet with the
Speaker 7: administration on Monday to talk about trade policy US manufacturing. Now,
Speaker 7: this all comes as President Trump has called on Congress
Speaker 7: to get rid of the twenty twenty two Chips Act.
Speaker 7: The Administration also looking for some input on its AI
Speaker 7: action plan, and that's to improve America's global AI dominance.
Speaker 7: Lisa Matteo, Bloomberg Radio.
Speaker 6: Lisa, thank you.
Speaker 3: On Capitol Hill, Republican senators have told Elon Musk he
Speaker 3: needs congressional approval for government cost cuts or they could
Speaker 3: be overturned in court.
Speaker 6: We get the latest one that from Bloomberg's Amy Morris.
Speaker 8: In Washington, senators suggested Elon Musk send a package of
Speaker 8: cuts to Congress for approval through a process that requires
Speaker 8: only a simple majority in both chambers. Republican Senator Lindsey Graham,
Speaker 8: I want to fix it.
Speaker 6: Quickly, So what he said, I want to keep the momentum.
Speaker 9: But from a political point of view, we need to
Speaker 9: take the work product of those and put it in
Speaker 9: a recision package.
Speaker 8: Now, Musk met with Republican senators and is set to
Speaker 8: meet with House Republicans, but any effort to formalize the
Speaker 8: cuts will likely come after a March fourteenth government funding
Speaker 8: deadline in Washington.
Speaker 6: More as Bloomberg Radio.
Speaker 2: All right, Amy, thank you. Well. We turned to the
Speaker 2: markets now in a global bond sell off is deepening
Speaker 2: this morning, as traders gauge the impact of geopolitical volatility
Speaker 2: on growth and inflation, we want to get the very latest,
Speaker 2: so the Bloomberg's John Tucker, John, good morning.
Speaker 10: Yeah, and strap in, Karen. This marks what could be
Speaker 10: a paradigm shift in the global market, and the catalyst
Speaker 10: is what's happening in Germany right now. Berlin, they reached
Speaker 10: agreement on a package to try and boost the Arizona's
Speaker 10: largest economy. So that means they have to sell debt,
Speaker 10: lots of it. And as Europe has left to defend
Speaker 10: itself with a shrinking US commitment, they have to spend
Speaker 10: more and more on their military and as a result
Speaker 10: they are for now abandoning fiscal constraints, and this goes
Speaker 10: against the very fabric of the post war German psyche.
Speaker 10: The yield on the ten year German bond the Bund
Speaker 10: higher again this morning, up seven basis points as this
Speaker 10: bond route deepens. This follows the steepest rise in almost
Speaker 10: thirty years now. The surprise from Germany comes as global
Speaker 10: bond markets were already grap with signs of persistent price pressures.
Speaker 10: It's led Japan's ten year barring costs to hit a
Speaker 10: sixteen year high. Right now in the US, the ten
Speaker 10: year the benchmark up two basis points. That is, right
Speaker 10: at four thirty. I'm John Tucker, Bloomberg Radio.
Speaker 6: All right, John, thank you well.
Speaker 3: Former Treasury Secretary Larry Summers is warning that voladile policy
Speaker 3: actions and rhetoric from President Trump proposing the biggest risk
Speaker 3: to dollar dominance in the world economy in a half century.
Speaker 3: Summers spoke with Joe Matthew and Kayley Lines on Bloomberg's
Speaker 3: Balance of Power.
Speaker 11: These tariffs are a self inflicted supply shock wound higher prices,
Speaker 11: less competitiveness because businesses are having to pay more for
Speaker 11: all their inputs, and because they have to pay higher prices,
Speaker 11: less purchasing power for consumers, which means fewer jobs.
Speaker 6: Down the road.
Speaker 3: Former Treasury Secretary Larry Summers also points to the sellof
Speaker 3: in US stocks earlier this week as an illustration of
Speaker 3: investor concern about the direction of US policy.
Speaker 2: Well in Europe, Nathan, EU leaders are holding emergency summit
Speaker 2: talks in Brussels to beef up their own military defenses
Speaker 2: and make sure Ukraine will still be protected. French President
Speaker 2: at Manumau Macron says he'll discuss using his country's nuclear
Speaker 2: capabilities to defend the continent.
Speaker 12: Our nuclear deterrent protects US. It is complete, sovereign and
Speaker 12: French through and through. Since nineteen sixty four, it has
Speaker 12: explicitly played a role in preserving peace and security in Europe.
Speaker 12: But in response to the historic appeal of the future
Speaker 12: German Chancellor, I have decided to open the strategic debate
Speaker 12: on the protection afforded by our deterrent to our allies
Speaker 12: on the European continent.
Speaker 2: French President of Manuel Macron spoke through an interpreter in
Speaker 2: a televised address to the nation and as.
Speaker 3: That summit gets under wayne Brussels, Karen, there is word
Speaker 3: of a new air strike in Ukraine, just hours after
Speaker 3: the US froze. Some intelligence sharing with Kiev. Ukraine says
Speaker 3: a Russian ballistic missile killed four people and wounded dozens
Speaker 3: more in at a hotel in the central city of
Speaker 3: creevy Ria. Ukrainian President Vladimir Zelenski says humanitarian volunteers including
Speaker 3: citizens of Ukraine, the US and the UK had checked
Speaker 3: into that hotel before the strike.
Speaker 2: But now we want to get the latest from the
Speaker 2: Middle East. Nathan President Trump is repeating his warning of
Speaker 2: hell to pay if a master does not release all
Speaker 2: its hostages from Gaza. But while the President is posting
Speaker 2: on social media, he sent his special hostage Envoy at
Speaker 2: the State Department, Adam Bohler, for direct talks with the
Speaker 2: militant group in Doha. Bloomberg's Dan Williams reports the US
Speaker 2: has never had face to face contact till now with Hammas,
Speaker 2: which is which is designated rather as a terrorist organization.
Speaker 13: On the one hand, perhaps he thinks this could work.
Speaker 13: Perhaps he thinks this is a creative way of getting
Speaker 13: Hamas to deliver the hostages, of wrapping up this now
Speaker 13: seventeen month old crisis in war. It could be a
Speaker 13: sign of running out of options. Indeed, holding talks with
Speaker 13: the group in a manner that other administrations may not
Speaker 13: have done would appear on the one hand, creative paths.
Speaker 13: On the other hand, a sign of vexation, of a
Speaker 13: lack of ideas. And I think now we'll have to
Speaker 13: see how Hamas response.
Speaker 2: And Bloombergy Dan Williams reporting from Jerusalem. The White House
Speaker 2: says Israel was consulted on the talks.
Speaker 6: Time now for a.
Speaker 2: Look at some of the other stories making news in
Speaker 2: New York and around the world. And for that we're
Speaker 2: joined by Bloomberg's Michael Barr Michael good Morning.
Speaker 9: Good Morning Caeron New York City Mayor Eric Adams was
Speaker 9: grilled by lawmakers on Capitol Hill on sanctuary cities. Adams
Speaker 9: was joined by a fellow Democratic mayors from three other
Speaker 9: sanctuary cities, Boston's Michelle wou Chicago's Brandon Johnson, and Denver's
Speaker 9: Mike Johnston. Houseover Side Committee Chairman James Comer, a Kentucky Republican,
Speaker 9: says that the cities only create sanctuaries for criminals. We
Speaker 9: cannot let pro criminal alien policies and obstructionist sanctuary cities
Speaker 9: continue to endanger American communities. Adams also defended himself following
Speaker 9: the dropping of his federal charges from the Trump Justice Department.
Speaker 9: I think I was extremely clear, no qui pro quo,
Speaker 9: no agreement.
Speaker 6: I did nothing wrong but serve the people of New
Speaker 6: York City.
Speaker 9: Meanwhile, a new Quinnipiac poll has found Mayor Eric adams
Speaker 9: approval rating has dropped to an all time low. It
Speaker 9: shows that only twenty percent of New York registered voters
Speaker 9: give Adams a positive rating, and the same poll shows
Speaker 9: former New York Governor Andrew Cuomo leading the field of
Speaker 9: mayoral candidates. Cuomo leads with thirty one percent, while Adams
Speaker 9: is second with just eleven percent. There's were there could
Speaker 9: be a new candidate running from mayor of New York City.
Speaker 9: According to several reports, New York City Council Speaker Adrian
Speaker 9: Adams will announce her candidacy for mayor in the next
Speaker 9: few days. Dozens of pro Palestinian protesters at Barnard College
Speaker 9: in New York City today. Demonstrators entered the school's library
Speaker 9: in Upper Manhattan calling for the reversal of the expulsion
Speaker 9: of three students for distributing flyers inside of Columbia University lecture.
Speaker 9: Tensions boiled over as police drove out and encampment of
Speaker 9: protesters after a bomb threat was called in at the
Speaker 9: library of the occupied At least nine protesters were arrested.
Speaker 9: It comes as President Trump said he wants to cut
Speaker 9: the federal funding of colleges that allow what he called
Speaker 9: illegal protests. Global News twenty four hours a day and
Speaker 9: whenever you want it with Bloomberg News Now, Michael Barr,
Speaker 9: this is Bloomberg Karen.
Speaker 2: Sorry, Michael Barr, thank you. Time now for the Bloombergy
Speaker 2: sports update, brought to you by Tri State OUDI. Here's
Speaker 2: John Stashauer. John, Good morning, Goo morning, Karen.
Speaker 1: Rangers and Capitals at the Garden. Chance to see the
Speaker 1: team with the best record in the East and the
Speaker 1: guy who's on the verge of becoming the greatest goalscorer
Speaker 1: in NHL history. And sure enough, midway through the third
Speaker 1: period of the Rangers ahead two to one, Alex Sovechkin
Speaker 1: scored on the power play number eight eighty five as
Speaker 1: he chases winged Vsky. He's now nine from tying number
Speaker 1: ninety nine.
Speaker 6: The game went to overtime and.
Speaker 1: Bringing to the Silicia chas Time, Paulson and over Time.
Speaker 6: Took two on one for Washington. Wilson and strolled strolled
Speaker 6: well pick Wait Wilson, Scots.
Speaker 14: Tom Wilson the overtime Wells lossing.
Speaker 6: Tick con TNT.
Speaker 1: The Caps won three to two and Elsie If the
Speaker 1: Rangers making another trade before tomorrow's deadline, the rumor mill
Speaker 1: has the Islanders looking to deal Brock Nelson and or
Speaker 1: Kyle Palmery for the Devils. The worst fears concerning jack Us'
Speaker 1: shoulder injury, realize he's already had season ending surgery. The
Speaker 1: twenty three year old use his new jersey's top score
Speaker 1: Nick start a five game road trip tonight against the
Speaker 1: Lakers and the lebron James Luca Donzich combo. Lakers have
Speaker 1: won seventeen to their last twenty. Golden stayed off the
Speaker 1: win over the next tonight, taking on the nets in Brooklyn.
Speaker 1: Last night in Boston, Celtics beat Portland. Peyton Pritchard scored
Speaker 1: forty three points and Derek White scored four. First time
Speaker 1: in Celtics history two players scored forty or more same game.
Speaker 1: NFL free agency kicks off next week, plenty of news
Speaker 1: ahead of it. The La Chargers have released five time
Speaker 1: Pro Bowl edge rusher Joey Bosa. Seattle release whiteout Tyler Lockout. Lockett,
Speaker 1: who had been with the Seahawks for a decade. Another
Speaker 1: Seattle whiteout, dk Metcalp wants to be traded. The Raiders
Speaker 1: release quarterback Gardner Minshew and Las Vegas game Max Crosby
Speaker 1: a huge extension. Crosby is now the highest paid non
Speaker 1: quarterback in NFL history.
Speaker 6: John Stashaw, We're Bloomberg Sports Kender Nathan.
Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app.
Speaker 6: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.
Speaker 3: President Trump admitted his tariffs could cause a little disturbance
Speaker 3: during his address to Congress this week, and now he
Speaker 3: may be offering a little relief, a one month exemption
Speaker 3: from auto tariffs for Canada and Mexico and a potential
Speaker 3: carve out for some agriculture as well. White House Press
Speaker 3: Secretary Caroline Levitt, though says this does not mean the
Speaker 3: President is losing focus.
Speaker 4: The President told the truth, and he was realistic, and
Speaker 4: he levels that with the American people, and I think, frankly,
Speaker 4: it's very refreshing.
Speaker 3: Pre Secretary Caroline Levit speaking from the White House this morning.
Speaker 3: We were joined by Terry Haynes, the founder of Pangaeopolicy,
Speaker 3: and Terry, are these poll backs that we're starting to
Speaker 3: see in the tariff assigned that President Trump is feeling
Speaker 3: a little disturbance.
Speaker 14: Now, good morning, Good morning, Nathan. You know I'm feeling
Speaker 14: refreshed as the press Secretary said no, I think you know,
Speaker 14: I think it's a mistake for markets to think that
Speaker 14: Trump might link on tariffs. If he adjusts these things,
Speaker 14: the pattern is going to be. You know, what we've
Speaker 14: already seen is going to be an imposition of the
Speaker 14: tariffs and then a fine tuning of them. That is
Speaker 14: not That is not a signal the tariffs are going
Speaker 14: to happen and then they're going to go away. That's
Speaker 14: an adjustment. And I know full markets are discomfited by
Speaker 14: that because they don't know what's coming next. And that's
Speaker 14: fair enough. But you know that that's going to be
Speaker 14: the policy going forward.
Speaker 3: I think, well, are you thinking, then, Terry, that there
Speaker 3: could be adjustment to the reciprocal tariffs that the President
Speaker 3: has talked about The Commerce Secretary Howard Ludnik is saying
Speaker 3: are going to be taking effect April second.
Speaker 14: I think some adjustment, Yes, the basic principle I think,
Speaker 14: I think stands. Remember that what they have the reciprocal
Speaker 14: tariff's purpose, I think is broadly speaking, is different than
Speaker 14: the individuals, let's say on Canada and Mexico. Those are
Speaker 14: explicitly about what I call geopolitical matters. In the case
Speaker 14: of Canada and Mexico. It's about the border. It's about drugs,
Speaker 14: fentanyl the like. The reciprocal tariffs are all about the
Speaker 14: idea that other countries are tariffing us, so therefore we're
Speaker 14: going to tariff them similarly. And and the bid, I
Speaker 14: think is unspoken. The bid is to, you know, basically,
Speaker 14: have those tariffs go away. The idea is to produce
Speaker 14: freeer trade in the end, which you haven't heard a
Speaker 14: lot about yet, but I think you will. But that's
Speaker 14: all based on explicitly on the trade policy of others.
Speaker 14: And UH and Sectuary besn't likes to call this the
Speaker 14: next steps kind of UH data dependent, you know, dependent
Speaker 14: on what's what those tariffs actually are. That's what the
Speaker 14: administration is studying right now.
Speaker 3: Well, if these if this really is about immigration and
Speaker 3: drug flows over the borders, terry, why delay these for
Speaker 3: a month? I mean, can automakers really source more operations
Speaker 3: in the US within a month?
Speaker 11: No?
Speaker 14: If some of this has been leaked, and some of
Speaker 14: it some of it's been leaked, some of it's been
Speaker 14: stated explicitly, particularly by Commerce Secretary Lutnik. Uh, the idea
Speaker 14: is they're they're going to certainly understand that the automakers
Speaker 14: have the ability or need the ability to continue to
Speaker 14: source the way they're sourcing. So there's that there's no
Speaker 14: illusion that the automakers are going to be able to
Speaker 14: produce more domestically, but they're providing a reprieve anyway in
Speaker 14: the hopes that more negotiations on the basic geopolitical issues
Speaker 14: continue to exist. But beyond that, and the other thing
Speaker 14: that's been leaked or teased is that USMCA, the deal
Speaker 14: between the United States, Canada and Mexico, should pick up
Speaker 14: a lot of this stuff. So what I anticipate is
Speaker 14: that you'll probably see an early triggering of a renegotiation
Speaker 14: more broadly on us mc A.
Speaker 3: Basis just thirty seconds left, Terry, do you think we'll
Speaker 3: see carve outs for tech when those leaders meet at
Speaker 3: the White House next week?
Speaker 14: You know that wouldn't surprise me at all. The administration
Speaker 14: right now, I think is somewhat underpowered when it comes
Speaker 14: to having bobbins around who understand this stuff instinctively. And
Speaker 14: you know that's the lard the largely of the byproduct
Speaker 14: of being in the beginning of an administration. So the
Speaker 14: tech folks are going to be able to come in
Speaker 14: and actually make their case directly and provide a lot
Speaker 14: of useful insight that the White House I think doesn't have.
Speaker 2: Right now, this is Bloomberg Daybreak, your morning podcast on
Speaker 2: the stories making news from Wall Street to Washington and beyond.
Speaker 3: Look for us on your podcast feed by six am
Speaker 3: Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2: You can also listen live each morning starting at five
Speaker 2: am Wall Street time on Bloomberg eleven three to zero
Speaker 2: in New York, Bloomberg in ninety nine to one in Washington,
Speaker 2: Bloomberg ninety two nine in Boston, and nationwide on serious
Speaker 2: XM Channel one twenty one.
Speaker 3: Plus listen coast to coast on the Bloomberg Business app
Speaker 3: now with Apple CarPlay and Android auto interfaces.
Speaker 2: And don't forget to subscribe to Bloomberg News Now. It's
Speaker 2: the latest news whenever you want it in five minutes
Speaker 2: or less. Search Bloomberg News Now in your favorite podcast
Speaker 2: platform to stay informed all day long.
Speaker 6: I'm Moscow and I'm Nathan Hager.
Speaker 3: Join us again tomorrow morning for all the news you
Speaker 3: need to start your day right here on Bloomberg Daybreak