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Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Prisner.

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Speaker 1: Tariffs of twenty five percent on all imported steel and

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Speaker 1: aluminum will take effect tonight at twelve oh one a m.

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Speaker 1: Eastern time. President Trump spoke earlier just outside the White House.

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Speaker 2: Our country had to do this. We had to go

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Speaker 2: and do this. They've taken away other countries have taken

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Speaker 2: away our business, They've taken away our jobs. I did

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Speaker 2: it initially very strongly against as you know, China and

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Speaker 2: some others in the first term, and it was a

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Speaker 2: very successful term. We had no inflation, We had the

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Speaker 2: greatest economy in the history of our country.

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Speaker 1: Meantime, Trump walked back plans to double tariffs on Canadian

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Speaker 1: steel and aluminum to fifty percent. This is after Ontario

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Speaker 1: Premier Doug Ford suspended a twenty five percent surg charge

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Speaker 1: on electricity sent to the US.

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Speaker 3: As you know, there's a.

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Speaker 2: Very strong man in Canada who said he was going

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Speaker 2: to charge a surch charge or a tierfon electricity coming

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Speaker 2: into Ocougin called and he said he's not going to

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Speaker 2: do that. Okay, he's not going to do that, And

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Speaker 2: it would have been a very bad thing. If he did,

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Speaker 2: and he's not going to do this.

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Speaker 4: I respect that.

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Speaker 1: Earlier Tuesday, Trump threatened to increase tariffs on Canadian auto

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Speaker 1: parts and to shut down auto manufacturing in Canada if

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Speaker 1: Ottawa does not drop tariffs on dairy products and other

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Speaker 1: US goods. Canada, by the way, is the main source

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Speaker 1: of aluminum for the US auto industry, and the plants

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Speaker 1: Trump is threatening to shut down are owned by American automakers.

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Speaker 1: The House of Representatives has passed a stopgap funding bill.

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Speaker 1: Republicans approved the measure with a two seventeen to two

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Speaker 1: thirteen vote, putting them one step closer to averting a

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Speaker 1: government shutdown. Now, the bill goes to the Senate, where

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Speaker 1: it will likely need the support of at least eight

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Speaker 1: Democrats to become law. Here is Bloomberg's Billy House.

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Speaker 4: This is now being sent over to the Senate with

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Speaker 4: a shutdown of a Saturday deadline. They do something by

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Speaker 4: Friday midnight. So Democrats under Schumer, the minority leader from

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Speaker 4: New York, will have to decide whether just kind of

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Speaker 4: let this go or requires lawmakers and everybody to come

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Speaker 4: back and try to deal with the shutdown.

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Speaker 1: That is Bloomberg's Billy House. Former US Treasury Secretary Larry

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Speaker 1: Summers says there's nearly a fifty to fifty chance of

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Speaker 1: the US tipping into recession this year. Summer cited the

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Speaker 1: Trump administration's policies on immigration, federal government layoffs, and the

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Speaker 1: damage to US competitiveness as the result of tariffs. Here

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Speaker 1: is Summers speaking earlier to Bloomberg.

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Speaker 3: I've watched economic forecast for a long time, and one

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Speaker 3: thing I've observed is when they start being revised in

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Speaker 3: a direction, there tends to be momentum, and all the

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Speaker 3: revisions are going one way at this point, which is

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Speaker 3: towards less growth. So I think we've got a real

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Speaker 3: uncertainty problem.

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Speaker 1: That is Bloomberg contributor Larry Summers there, and he went

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Speaker 1: on to say that even if policymakers wanted to adopt

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Speaker 1: a protectionist framework, the current plans for tariffs are counterproductive

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Speaker 1: because they raise the cost of inputs that American factories

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Speaker 1: need to geopolitics. Next, Ukraine has accepted a US proposal

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Speaker 1: for a thirty day truce with Russia as part of

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Speaker 1: a deal to lift a freeze on military aid and intelligence.

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Speaker 1: The agreement laid out in a joint statement follows eight

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Speaker 1: hours of talks in Saudi Arabia on Tuesday. The two

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Speaker 1: nations also agreed to conclude a deal on sharing Ukraine's

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Speaker 1: mineral development as soon as possible. Here is US Secretary

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Speaker 1: of State Marco Rubio speaking with reporters in Jedda. We'll

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Speaker 1: take this offer and out of the Russians, and we

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Speaker 1: hope that they'll say yes, that they'll say yes to peace.

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Speaker 4: The balls now in their court.

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Speaker 1: But again, the President's objective here is number one above

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Speaker 1: everything else. He wants the war to end. And I

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Speaker 1: think today Ukraine has taken a concrete step in that regard.

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Speaker 1: We hope the Russians will reciprocate the US Secretary of

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Speaker 1: State Marco Rubio there now. The US and Ukraine also

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Speaker 1: discussed the need to conduct prisoners swaps with Russia during

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Speaker 1: the truce. US Mid East Envoy Steve Whitcoff is due

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Speaker 1: to meet with Russian President Vladimir Putin in Moscow later

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Speaker 1: this week. Tiger Woods announced that he had less invasive

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Speaker 1: surgery for a ruptured achilles tendon on Tuesday. Yes, this

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Speaker 1: is another injury and it will likely keep the golf

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Speaker 1: legend out of the Masters, and possibly other major championships

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Speaker 1: this year. Woods made the announcement on social media, and

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Speaker 1: he didn't give a timeline for his return to play.

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Speaker 1: And that is news when you want it. With Bloomberg

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Speaker 1: News Now, I'm Doug Prisner, and this is Bloomberg