Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning.
Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 3: stories we're following today.
Speaker 2: Karen, we begin with copper trading at a record, as
Speaker 2: Bloomberg News has learned US tariffs on copper imports could
Speaker 2: be coming within weeks. That would be months earlier that expected.
Speaker 2: The news comes as President Trump told Newsmax there could
Speaker 2: be limited exceptions to his tariff.
Speaker 4: Push, not too many exceptions.
Speaker 5: Now.
Speaker 4: I don't want to have too many exceptions. Look, we've
Speaker 4: been ripped off for forty five years by other countries,
Speaker 4: fifty years more. We always were soft and weak. It's
Speaker 4: almost like we had people that didn't know what they
Speaker 4: were doing. We were just ripped as a country like
Speaker 4: nobody has ever seen before.
Speaker 2: It was President Trump speaking on Newsmax. Analysts to Goldman,
Speaker 2: Sachs and City Group and Notes have said they expect
Speaker 2: the US will impose a twenty five percent copper tariff
Speaker 2: by year's end.
Speaker 3: Well, Nathan, President Trump is also saying more about the
Speaker 3: signal chat that Atlantic journalist Jeffrey Goldberg was allowed into
Speaker 3: as top officials discussed plans to bomb Yemen in the
Speaker 3: Newsmax interview, the President suggested a lower level stafford, a
Speaker 3: national security advisor Mike Waltz, invited Goldberg into the chain.
Speaker 4: Somehow this guy ended up on the call. Now it
Speaker 4: wasn't classified, as I understand that there was no classified information.
Speaker 4: There was no problem, and the attack was a tremendous success.
Speaker 3: President Trump says his administration is investigating how Goldberg was added,
Speaker 3: but Mike Waltz says the mistake is on him.
Speaker 6: I take responsibility.
Speaker 7: I built the I built the group.
Speaker 1: Okay, So.
Speaker 6: But look, that's the part that we have to figure out,
Speaker 6: and that's the part that we were embarrassing.
Speaker 3: Yes, National Security Advisor Mike Waltz tells Fox News he's
Speaker 3: spoken with Elon Musk about the incident. Jeffrey Goldberg did
Speaker 3: not reveal actual attack plans in his article about the
Speaker 3: apparent breach, but did say Defense Secretary Pete Hegseth at
Speaker 3: one point shared operational details of forthcoming strikes on Yemen.
Speaker 2: Speaking of forthcoming, Karen, the US Treasury Department is the
Speaker 2: latest target of Elon Musk's forthcoming do JE effort. Let's
Speaker 2: get the very latest one that from Bloomberg's John Tucker, John,
Speaker 2: I assume we're talking about job cuts.
Speaker 8: Yes, we are, and.
Speaker 9: The Treasury says it's planning to lay off what it calls, quote,
Speaker 9: a substantial number of employees. The Treasuries finalizing the plans
Speaker 9: in response to President Trump's executive order implementing the Department
Speaker 9: of Government Efficiency, led by billionaire Elon Musk. The Treasury
Speaker 9: has more than one hundred thousand employees across several different viewers,
Speaker 9: including the Internal Revenue Service. The disclosure comes from a
Speaker 9: Treasury human resources official as part of a collection of
Speaker 9: sworn affidavits filed in court. The Trump administration has been
Speaker 9: required to certify to a federal judge that's complying with
Speaker 9: a temporary restraining order. I'm John Tucker, Bloomberg Radio.
Speaker 3: All right, John, thank you. Meanwhile, Republican leaders say they
Speaker 3: are getting close to agreeing on a plan to pass
Speaker 3: an extension of President Trump's twenty seventeen tax cuts and
Speaker 3: an increase to the death ceiling.
Speaker 6: The plan is to approve.
Speaker 3: An economic package by the end of May, with House
Speaker 3: lawmakers aiming to move even quicker before the Memorial Day weekend.
Speaker 2: Well, caeren Now we get to the latest developments in
Speaker 2: the war in Ukraine. The US says Russia and Ukraine
Speaker 2: have agreed to a cease fire in the Black Sea.
Speaker 2: The Kremlin has confirmed the agreement but says it's conditional
Speaker 2: on lifting sanctions on banks and companies involved in agricultural exports.
Speaker 2: Ukraine's president Vladimir Lenski says his forces will observe the
Speaker 2: partial truth immediately, but in a video post on x
Speaker 2: he also sounded this warning, Alik, sure if.
Speaker 7: This agreement fails, if Russia does not fulfill the terms
Speaker 7: of today's agreement and instead tries once again to pressure
Speaker 7: the US, Europe and Ukraine, then I believe this should
Speaker 7: be only response. Definitely new sanctions.
Speaker 2: Ukrainian President Vladimir Selenski, speaking through an interpreter on x
Speaker 2: and in the Newsmax interview, President Trump conceded Russian President
Speaker 2: Vladimir Putin may be delaying a full cease fire agreement.
Speaker 4: I think that Russia wants to see an end to it,
Speaker 4: but it could be the dragon, the feed I've done
Speaker 4: it over the years. Yeah, I don't want to sign
Speaker 4: a contract. I want to sort of stay in the game.
Speaker 4: But maybe I don't want to do it quite I'm
Speaker 4: not sure, but no, I think Russia would like to
Speaker 4: see it end, and I think so Lensky would like
Speaker 4: to see it end.
Speaker 2: At this point, Bloomberg News has learned the Trump administration
Speaker 2: is aiming to reach a full cease fire as soon
Speaker 2: as April twentieth. The Ukrainian and European officials have called
Speaker 2: that timeline overly ambitious.
Speaker 3: We turn to the markets now, Nathan futures they're lower,
Speaker 3: following three straight days of gains on Wall Street. Jim Bianco,
Speaker 3: president and founder at Bianco Research, thinks the worst is over.
Speaker 9: We have more.
Speaker 10: Uncertainty now than we did during the COVID shutdown during
Speaker 10: nine to eleven or during the financial crisis. Now is
Speaker 10: more than a certain period. It isn't we're overdoing it
Speaker 10: right now. So I don't understand why we're getting ourselves
Speaker 10: all worked up that this isn't just a ten percent
Speaker 10: correction in the stock market. But this is the end
Speaker 10: of the American experience right now. So this is the
Speaker 10: type of environment where bottoms are made in markets.
Speaker 3: Jim Bianco of Bianco Research stocks that bounced back in
Speaker 3: recent days as the Winehouse signaled plans to take a
Speaker 3: more targeted approach to the tariffs coming next week.
Speaker 2: We have this just crossing the Bloomberg terminal, Karen, it
Speaker 2: was a good year to work on Wall Street. The
Speaker 2: average annual bonus rose by almost a third in twenty
Speaker 2: twenty four to almost two hundred and forty five thousand dollars.
Speaker 2: Total payouts jumped to a record forty seven and a
Speaker 2: half billion, the largest since at least nineteen eighty seven,
Speaker 2: when these records began, as revenue gains from trading and
Speaker 2: underwriting fueled a near doubling of Wall Street Bank profits.
Speaker 3: Well not a company news nathan An Apple CEO Tim
Speaker 3: Cook has paid a visit to the hometown of China's
Speaker 3: Deep Seek. That's the company that shocked the world with
Speaker 3: its artificial intelligence models built at a fraction of the
Speaker 3: cost of American rivals. Cook met with developers at Xeijog
Speaker 3: University and Hangjau. The city is home to some of
Speaker 3: China's most revered tech firms, including Ali Baba and A.
Speaker 2: Stock on the move in a big way this morning,
Speaker 2: Karen is Game Stop. The shares of the video game
Speaker 2: retailer are up more than twelve and a half percent
Speaker 2: in early trading. Of course, GameStop was a favorite of
Speaker 2: retail traders during the meme fre frenzy. Now, GameStop says
Speaker 2: its board has approved a plan to add bitcoin as
Speaker 2: a treasury reserve asset.
Speaker 3: Time now for look at some of the other stories
Speaker 3: making news in New York and around the world, and
Speaker 3: for that we're joined by Bloomberg's Michael Barr.
Speaker 8: Michael, Good Morning, Good morning, Karen. President Trump signed an
Speaker 8: executive order that aims to overhaul the election system. One
Speaker 8: of the order's requirement is to require voters to show
Speaker 8: proof of citizenship before they can register for federal elections.
Speaker 8: Loyola Law School professor Jessica Levinson says Trump's action will
Speaker 8: likely face a vigorous legal challenge.
Speaker 11: Estimates are that almost ten percent of US citizens of
Speaker 11: voting age, which is over twenty one million people, don't
Speaker 11: have proof of citizenship. They're readily available. Who are we
Speaker 11: talking about here when it comes to people who lack
Speaker 11: proof of citizenship that's readily available. Sometimes we're talking about
Speaker 11: married women who have changed their names and their birth
Speaker 11: certificates list their maiden names.
Speaker 8: Loyola Law School professor Jessica Levinson spoke to CBS. There's
Speaker 8: growing concern about DNA held by a testing firm. New
Speaker 8: York Attorney General Letitia James is joining a chorus of
Speaker 8: voices warning millions of users to delete their data and
Speaker 8: destroy DNA samples held by twenty three and Me. It
Speaker 8: comes after twenty three and Me declared bankruptcy, raising concerns
Speaker 8: of whether the genetic testing company can protect its customers.
Speaker 8: Vice president JD. Van said that he would join a
Speaker 8: delegation visiting Greenland this week, and said he would join
Speaker 8: the trip on Friday, which was already slated to include
Speaker 8: his wife.
Speaker 2: There was so much excitement around Usha's visit to Greenland
Speaker 2: this Friday that I decided that I didn't want her
Speaker 2: to have all that fund by herself, and so I'm
Speaker 2: going to join her.
Speaker 8: The trip has smart criticism from local leaders in the
Speaker 8: Danish territory that President Donald Trump has suggested should come
Speaker 8: under American control. New York Governor Kathy Hokeel asked the
Speaker 8: federal government to increase its funding contribution to the Metropolitan
Speaker 8: Transportation Authority in a March twenty fourth letter. The MTA
Speaker 8: carries forty three percent of the nation's mass transit writers
Speaker 8: but receives only seventeen percent of federal funding, which Hoko
Speaker 8: calls a fundamental misalignment. Transportation Secretary Sean Duffy called the
Speaker 8: request outrageous, adding in a social media post, Governor hokel
Speaker 8: is asking for more money for the horribly run MDA
Speaker 8: Global News twenty four hours a day and whenever you
Speaker 8: want it with Bloomberg News. Now. I'm Michael Barr, and
Speaker 8: this is Bloomberg Kevin.
Speaker 3: All right, Michael Barr, thank you time now for the
Speaker 3: Bloomberg Sports Update, brought to you by Tri State OUTI
Speaker 3: here's John Stanshawer, John, good morning.
Speaker 12: Norning, Karen a wake Ago. Tommy DeVito was the only
Speaker 12: quarterback on the Giants roster. Then last Friday they added
Speaker 12: Jameis Winston. Now four days later, Russell Wilson has become
Speaker 12: a Giant. Just a one year deal. He can make
Speaker 12: up to twenty one million, about half that guaranteed.
Speaker 8: Wilson is thirty six.
Speaker 12: They're not getting the nine time pro bowler from his
Speaker 12: days in Seattle. He struggled in Denvery with subbar down
Speaker 12: the stretch this past season with Pittsburger. Wilson's career record
Speaker 12: as a starting QB is forty four games over five hundred.
Speaker 12: This puts the Giants out of the running to get
Speaker 12: Aaron Rodgers, but the feeling is it does not mean
Speaker 12: they won't also draft a quarterback next month.
Speaker 8: They've got the third pick.
Speaker 12: The Patriots signed veteran white out Stefan Diggs the Garden.
Speaker 8: Triple Double Knight.
Speaker 12: Karl Anthony Towns twenty six points, Josh Hart scored sixteen.
Speaker 12: They both add twelve rebounds and eleven assists for Hart
Speaker 12: his ninth triple double this season, breaking Clyde Fraser's team record.
Speaker 12: Teammates with triple doubles had never been done before in
Speaker 12: next history. They made Dallas one twenty eight to one thirteen.
Speaker 12: The coach his tump him out.
Speaker 5: Uh the way, you know Josh was going to another
Speaker 5: triple double, breaking the record, you know, great accomplishment, and
Speaker 5: then tab Kat do it as well. That's pretty special.
Speaker 5: But uh Ogi was terrific throughout. I thought McHale gave
Speaker 5: us really good minutes and then our point guard play
Speaker 5: between Cam and Tyler was was also very good.
Speaker 12: Jennen and I'll be team high thirty five points. Not
Speaker 12: g Marshall scored thirty eight for the Mass Rangers in
Speaker 12: La scored first JT. Miller early second perioded, but it
Speaker 12: was their only goal. They lost to the King three
Speaker 12: to one.
Speaker 8: John Stashiel went Boomberg Sports.
Speaker 1: Karennath Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: bloom Burg Business app. This is Bloomberg Daybreak.
Speaker 2: Good morning. I'm Nathan Hager, and we now stand a
Speaker 2: week away from President Trump's promised liberation day of country
Speaker 2: by country tariffs around the world. After hinting earlier this
Speaker 2: week that some countries could get breaks, the President now
Speaker 2: says he does not want too many exceptions.
Speaker 4: All we're going to do it's reciprocal. We're just going
Speaker 4: to be reciprocal. In fact, I'll probably be more lenient
Speaker 4: than reciprocal, because if I was reciprocal, that would be
Speaker 4: very tough for people.
Speaker 2: President Trump spoke on Newsmax as Bloomberg News has learned,
Speaker 2: the President may impose copper tariffs within weeks, months ahead
Speaker 2: of deadline. For the very latest, we are joined by
Speaker 2: Bloomberg News Senior editor Bill Ferries. Bill, what is the
Speaker 2: President considering when it comes to copper tariffs.
Speaker 8: What have we learned?
Speaker 6: Hey, good morning, Nathan, Thanks for having me. So what
Speaker 6: we do know is when President Trump called on the
Speaker 6: Department of Commerce to look into the possibility of tariffs
Speaker 6: on copper imports, that investigation could have taken up to
Speaker 6: nine months. Now it seems like the administration their probe
Speaker 6: is moving very quickly. They expect to have a report
Speaker 6: on the President's desk very shortly. So nine months has
Speaker 6: gone down to possibly days or weeks before a report
Speaker 6: is ready and the President makes a decision with people
Speaker 6: in the administration. Administration suggesting that the President has largely
Speaker 6: made up his mind that there will likely be tariffs
Speaker 6: on copper imports. And you saw that affecting the markets.
Speaker 2: Today absolutely, with copper trading close to if not at
Speaker 2: a record. Why the apparent rush here, Bill, I mean,
Speaker 2: it took several months, didn't it for steal into aluminum
Speaker 2: tariffs to be finalized?
Speaker 1: It did?
Speaker 6: I think? You know, I think the President has just
Speaker 6: identified this as another one of his priorities. It's a
Speaker 6: way to it's a way to, in his mind, I think,
Speaker 6: help boost domestic mining, domestic manufacturing, try to get more
Speaker 6: of that in here. The reality is what we're seeing
Speaker 6: with a lot of products, including metals, is that shippers
Speaker 6: are trying to get that into the US before anything
Speaker 6: takes effect. But as you know, and people who are
Speaker 6: listening every day, no on this show, every day, we
Speaker 6: have a slightly different news when it comes to tariffs.
Speaker 6: So what we're talking about today, there's still a lot
Speaker 6: of time for things to change before copper tariffs come
Speaker 6: and before this April second Liberation Day that the President
Speaker 6: keeps talking about.
Speaker 2: And to that point, the President keeps talking about whether
Speaker 2: some countries could get exceptions, whether he even wants to
Speaker 2: see exceptions. What is the messaging that we're getting from
Speaker 2: the President at this point when it comes to what
Speaker 2: we could get on this coming Wednesday, Well.
Speaker 6: What we expected, I think a few weeks ago was
Speaker 6: perhaps a wall of tariffs coming down on all imported
Speaker 6: goods from all countries. It looks like that perhaps is
Speaker 6: a bit of a stretch in terms of being able
Speaker 6: to do that for every country. The administration has repeatedly
Speaker 6: talked about a narrower list of countries. We don't know
Speaker 6: how many countries are in a narrower list. That certainly
Speaker 6: opens the door for a lot of lobbying by different countries,
Speaker 6: and I think what we heard in your clip there
Speaker 6: is the President pushing back on some of those efforts.
Speaker 6: But we know the countries he's talked quite a bit about.
Speaker 6: They include Canada and Mexico obviously already under a lot
Speaker 6: of tariffs. There's China, There's India, who he said has
Speaker 6: very high tariffs, even Ireland, So a lot of European
Speaker 6: countries likely facing some of these tariffs as well. So
Speaker 6: it's just universally, there's not going to be a lot
Speaker 6: of clarity until we wake up on April second.
Speaker 2: While the market's focused on what could be coming a
Speaker 2: week from today, there's also a lot of focus in
Speaker 2: Washington still Bill on this signal chat that Atlantic journalist
Speaker 2: Jeffrey Goldberg got into about Yemen plans. What's the latest on.
Speaker 6: That, Well, we're seeing a real circling of the wagons there,
Speaker 6: the President saying that they're going to be looking into
Speaker 6: how this journalist was added to that text, but largely
Speaker 6: defending his National security advisor Michael Waltz for the work
Speaker 6: he's done so far there, Michael saying that he doesn't
Speaker 6: know how Jeffrey Goldberg got into that chat group. He
Speaker 6: said he took responsibility, but he's not sure how that happened.
Speaker 6: And then you had the D and I director Tulsea
Speaker 6: Gabbard and John Ratcliffe, head of the CIA, up on
Speaker 6: the Hill yesterday, up on the Hill today. So far
Speaker 6: their line has been there's not been classified information shared,
Speaker 6: but of course we haven't seen that full text message
Speaker 6: because Goldberg decided not to publish it.
Speaker 3: This is Bloomberg day Break, your morning podcast on the
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