WEBVTT - Trump May Implement Copper Tariffs Soon; Wall Street Bonuses Soar On today's podcast:    

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

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 3>stories we're following today.

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<v Speaker 2>Karen, we begin with copper trading at a record, as

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<v Speaker 2>Bloomberg News has learned US tariffs on copper imports could

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<v Speaker 2>be coming within weeks. That would be months earlier that expected.

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<v Speaker 2>The news comes as President Trump told Newsmax there could

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<v Speaker 2>be limited exceptions to his tariff.

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<v Speaker 4>Push, not too many exceptions.

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<v Speaker 5>Now.

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<v Speaker 4>I don't want to have too many exceptions. Look, we've

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<v Speaker 4>been ripped off for forty five years by other countries,

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<v Speaker 4>fifty years more. We always were soft and weak. It's

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<v Speaker 4>almost like we had people that didn't know what they

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<v Speaker 4>were doing. We were just ripped as a country like

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<v Speaker 4>nobody has ever seen before.

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<v Speaker 2>It was President Trump speaking on Newsmax. Analysts to Goldman,

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<v Speaker 2>Sachs and City Group and Notes have said they expect

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<v Speaker 2>the US will impose a twenty five percent copper tariff

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<v Speaker 2>by year's end.

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<v Speaker 3>Well, Nathan, President Trump is also saying more about the

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<v Speaker 3>signal chat that Atlantic journalist Jeffrey Goldberg was allowed into

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<v Speaker 3>as top officials discussed plans to bomb Yemen in the

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<v Speaker 3>Newsmax interview, the President suggested a lower level stafford, a

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<v Speaker 3>national security advisor Mike Waltz, invited Goldberg into the chain.

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<v Speaker 4>Somehow this guy ended up on the call. Now it

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<v Speaker 4>wasn't classified, as I understand that there was no classified information.

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<v Speaker 4>There was no problem, and the attack was a tremendous success.

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<v Speaker 3>President Trump says his administration is investigating how Goldberg was added,

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<v Speaker 3>but Mike Waltz says the mistake is on him.

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<v Speaker 6>I take responsibility.

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<v Speaker 7>I built the I built the group.

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<v Speaker 1>Okay, So.

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<v Speaker 6>But look, that's the part that we have to figure out,

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<v Speaker 6>and that's the part that we were embarrassing.

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<v Speaker 3>Yes, National Security Advisor Mike Waltz tells Fox News he's

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<v Speaker 3>spoken with Elon Musk about the incident. Jeffrey Goldberg did

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<v Speaker 3>not reveal actual attack plans in his article about the

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<v Speaker 3>apparent breach, but did say Defense Secretary Pete Hegseth at

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<v Speaker 3>one point shared operational details of forthcoming strikes on Yemen.

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<v Speaker 2>Speaking of forthcoming, Karen, the US Treasury Department is the

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<v Speaker 2>latest target of Elon Musk's forthcoming do JE effort. Let's

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<v Speaker 2>get the very latest one that from Bloomberg's John Tucker, John,

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<v Speaker 2>I assume we're talking about job cuts.

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<v Speaker 8>Yes, we are, and.

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<v Speaker 9>The Treasury says it's planning to lay off what it calls, quote,

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<v Speaker 9>a substantial number of employees. The Treasuries finalizing the plans

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<v Speaker 9>in response to President Trump's executive order implementing the Department

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<v Speaker 9>of Government Efficiency, led by billionaire Elon Musk. The Treasury

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<v Speaker 9>has more than one hundred thousand employees across several different viewers,

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<v Speaker 9>including the Internal Revenue Service. The disclosure comes from a

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<v Speaker 9>Treasury human resources official as part of a collection of

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<v Speaker 9>sworn affidavits filed in court. The Trump administration has been

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<v Speaker 9>required to certify to a federal judge that's complying with

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<v Speaker 9>a temporary restraining order. I'm John Tucker, Bloomberg Radio.

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<v Speaker 3>All right, John, thank you. Meanwhile, Republican leaders say they

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<v Speaker 3>are getting close to agreeing on a plan to pass

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<v Speaker 3>an extension of President Trump's twenty seventeen tax cuts and

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<v Speaker 3>an increase to the death ceiling.

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<v Speaker 6>The plan is to approve.

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<v Speaker 3>An economic package by the end of May, with House

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<v Speaker 3>lawmakers aiming to move even quicker before the Memorial Day weekend.

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<v Speaker 2>Well, caeren Now we get to the latest developments in

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<v Speaker 2>the war in Ukraine. The US says Russia and Ukraine

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<v Speaker 2>have agreed to a cease fire in the Black Sea.

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<v Speaker 2>The Kremlin has confirmed the agreement but says it's conditional

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<v Speaker 2>on lifting sanctions on banks and companies involved in agricultural exports.

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<v Speaker 2>Ukraine's president Vladimir Lenski says his forces will observe the

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<v Speaker 2>partial truth immediately, but in a video post on x

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<v Speaker 2>he also sounded this warning, Alik, sure if.

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<v Speaker 7>This agreement fails, if Russia does not fulfill the terms

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<v Speaker 7>of today's agreement and instead tries once again to pressure

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<v Speaker 7>the US, Europe and Ukraine, then I believe this should

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<v Speaker 7>be only response. Definitely new sanctions.

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<v Speaker 2>Ukrainian President Vladimir Selenski, speaking through an interpreter on x

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<v Speaker 2>and in the Newsmax interview, President Trump conceded Russian President

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<v Speaker 2>Vladimir Putin may be delaying a full cease fire agreement.

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<v Speaker 4>I think that Russia wants to see an end to it,

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<v Speaker 4>but it could be the dragon, the feed I've done

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<v Speaker 4>it over the years. Yeah, I don't want to sign

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<v Speaker 4>a contract. I want to sort of stay in the game.

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<v Speaker 4>But maybe I don't want to do it quite I'm

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<v Speaker 4>not sure, but no, I think Russia would like to

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<v Speaker 4>see it end, and I think so Lensky would like

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<v Speaker 4>to see it end.

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<v Speaker 2>At this point, Bloomberg News has learned the Trump administration

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<v Speaker 2>is aiming to reach a full cease fire as soon

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<v Speaker 2>as April twentieth. The Ukrainian and European officials have called

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<v Speaker 2>that timeline overly ambitious.

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<v Speaker 3>We turn to the markets now, Nathan futures they're lower,

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<v Speaker 3>following three straight days of gains on Wall Street. Jim Bianco,

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<v Speaker 3>president and founder at Bianco Research, thinks the worst is over.

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<v Speaker 9>We have more.

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<v Speaker 10>Uncertainty now than we did during the COVID shutdown during

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<v Speaker 10>nine to eleven or during the financial crisis. Now is

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<v Speaker 10>more than a certain period. It isn't we're overdoing it

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<v Speaker 10>right now. So I don't understand why we're getting ourselves

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<v Speaker 10>all worked up that this isn't just a ten percent

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<v Speaker 10>correction in the stock market. But this is the end

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<v Speaker 10>of the American experience right now. So this is the

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<v Speaker 10>type of environment where bottoms are made in markets.

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<v Speaker 3>Jim Bianco of Bianco Research stocks that bounced back in

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<v Speaker 3>recent days as the Winehouse signaled plans to take a

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<v Speaker 3>more targeted approach to the tariffs coming next week.

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<v Speaker 2>We have this just crossing the Bloomberg terminal, Karen, it

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<v Speaker 2>was a good year to work on Wall Street. The

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<v Speaker 2>average annual bonus rose by almost a third in twenty

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<v Speaker 2>twenty four to almost two hundred and forty five thousand dollars.

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<v Speaker 2>Total payouts jumped to a record forty seven and a

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<v Speaker 2>half billion, the largest since at least nineteen eighty seven,

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<v Speaker 2>when these records began, as revenue gains from trading and

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<v Speaker 2>underwriting fueled a near doubling of Wall Street Bank profits.

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<v Speaker 3>Well not a company news nathan An Apple CEO Tim

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<v Speaker 3>Cook has paid a visit to the hometown of China's

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<v Speaker 3>Deep Seek. That's the company that shocked the world with

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<v Speaker 3>its artificial intelligence models built at a fraction of the

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<v Speaker 3>cost of American rivals. Cook met with developers at Xeijog

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<v Speaker 3>University and Hangjau. The city is home to some of

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<v Speaker 3>China's most revered tech firms, including Ali Baba and A.

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<v Speaker 2>Stock on the move in a big way this morning,

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<v Speaker 2>Karen is Game Stop. The shares of the video game

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<v Speaker 2>retailer are up more than twelve and a half percent

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<v Speaker 2>in early trading. Of course, GameStop was a favorite of

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<v Speaker 2>retail traders during the meme fre frenzy. Now, GameStop says

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<v Speaker 2>its board has approved a plan to add bitcoin as

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<v Speaker 2>a treasury reserve asset.

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<v Speaker 3>Time now for look at some of the other stories

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<v Speaker 3>making news in New York and around the world, and

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<v Speaker 3>for that we're joined by Bloomberg's Michael Barr.

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<v Speaker 8>Michael, Good Morning, Good morning, Karen. President Trump signed an

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<v Speaker 8>executive order that aims to overhaul the election system. One

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<v Speaker 8>of the order's requirement is to require voters to show

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<v Speaker 8>proof of citizenship before they can register for federal elections.

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<v Speaker 8>Loyola Law School professor Jessica Levinson says Trump's action will

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<v Speaker 8>likely face a vigorous legal challenge.

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<v Speaker 11>Estimates are that almost ten percent of US citizens of

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<v Speaker 11>voting age, which is over twenty one million people, don't

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<v Speaker 11>have proof of citizenship. They're readily available. Who are we

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<v Speaker 11>talking about here when it comes to people who lack

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<v Speaker 11>proof of citizenship that's readily available. Sometimes we're talking about

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<v Speaker 11>married women who have changed their names and their birth

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<v Speaker 11>certificates list their maiden names.

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<v Speaker 8>Loyola Law School professor Jessica Levinson spoke to CBS. There's

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<v Speaker 8>growing concern about DNA held by a testing firm. New

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<v Speaker 8>York Attorney General Letitia James is joining a chorus of

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<v Speaker 8>voices warning millions of users to delete their data and

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<v Speaker 8>destroy DNA samples held by twenty three and Me. It

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<v Speaker 8>comes after twenty three and Me declared bankruptcy, raising concerns

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<v Speaker 8>of whether the genetic testing company can protect its customers.

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<v Speaker 8>Vice president JD. Van said that he would join a

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<v Speaker 8>delegation visiting Greenland this week, and said he would join

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<v Speaker 8>the trip on Friday, which was already slated to include

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<v Speaker 8>his wife.

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<v Speaker 2>There was so much excitement around Usha's visit to Greenland

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<v Speaker 2>this Friday that I decided that I didn't want her

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<v Speaker 2>to have all that fund by herself, and so I'm

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<v Speaker 2>going to join her.

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<v Speaker 8>The trip has smart criticism from local leaders in the

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<v Speaker 8>Danish territory that President Donald Trump has suggested should come

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<v Speaker 8>under American control. New York Governor Kathy Hokeel asked the

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<v Speaker 8>federal government to increase its funding contribution to the Metropolitan

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<v Speaker 8>Transportation Authority in a March twenty fourth letter. The MTA

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<v Speaker 8>carries forty three percent of the nation's mass transit writers

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<v Speaker 8>but receives only seventeen percent of federal funding, which Hoko

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<v Speaker 8>calls a fundamental misalignment. Transportation Secretary Sean Duffy called the

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<v Speaker 8>request outrageous, adding in a social media post, Governor hokel

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<v Speaker 8>is asking for more money for the horribly run MDA

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<v Speaker 8>Global News twenty four hours a day and whenever you

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<v Speaker 8>want it with Bloomberg News. Now. I'm Michael Barr, and

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<v Speaker 8>this is Bloomberg Kevin.

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<v Speaker 3>All right, Michael Barr, thank you time now for the

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<v Speaker 3>Bloomberg Sports Update, brought to you by Tri State OUTI

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<v Speaker 3>here's John Stanshawer, John, good morning.

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<v Speaker 12>Norning, Karen a wake Ago. Tommy DeVito was the only

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<v Speaker 12>quarterback on the Giants roster. Then last Friday they added

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<v Speaker 12>Jameis Winston. Now four days later, Russell Wilson has become

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<v Speaker 12>a Giant. Just a one year deal. He can make

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<v Speaker 12>up to twenty one million, about half that guaranteed.

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<v Speaker 8>Wilson is thirty six.

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<v Speaker 12>They're not getting the nine time pro bowler from his

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<v Speaker 12>days in Seattle. He struggled in Denvery with subbar down

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<v Speaker 12>the stretch this past season with Pittsburger. Wilson's career record

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<v Speaker 12>as a starting QB is forty four games over five hundred.

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<v Speaker 12>This puts the Giants out of the running to get

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<v Speaker 12>Aaron Rodgers, but the feeling is it does not mean

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<v Speaker 12>they won't also draft a quarterback next month.

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<v Speaker 8>They've got the third pick.

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<v Speaker 12>The Patriots signed veteran white out Stefan Diggs the Garden.

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<v Speaker 8>Triple Double Knight.

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<v Speaker 12>Karl Anthony Towns twenty six points, Josh Hart scored sixteen.

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<v Speaker 12>They both add twelve rebounds and eleven assists for Hart

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<v Speaker 12>his ninth triple double this season, breaking Clyde Fraser's team record.

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<v Speaker 12>Teammates with triple doubles had never been done before in

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<v Speaker 12>next history. They made Dallas one twenty eight to one thirteen.

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<v Speaker 12>The coach his tump him out.

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<v Speaker 5>Uh the way, you know Josh was going to another

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<v Speaker 5>triple double, breaking the record, you know, great accomplishment, and

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<v Speaker 5>then tab Kat do it as well. That's pretty special.

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<v Speaker 5>But uh Ogi was terrific throughout. I thought McHale gave

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<v Speaker 5>us really good minutes and then our point guard play

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<v Speaker 5>between Cam and Tyler was was also very good.

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<v Speaker 12>Jennen and I'll be team high thirty five points. Not

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<v Speaker 12>g Marshall scored thirty eight for the Mass Rangers in

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<v Speaker 12>La scored first JT. Miller early second perioded, but it

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<v Speaker 12>was their only goal. They lost to the King three

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<v Speaker 12>to one.

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<v Speaker 8>John Stashiel went Boomberg Sports.

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<v Speaker 1>Karennath Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>bloom Burg Business app. This is Bloomberg Daybreak.

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<v Speaker 2>Good morning. I'm Nathan Hager, and we now stand a

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<v Speaker 2>week away from President Trump's promised liberation day of country

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<v Speaker 2>by country tariffs around the world. After hinting earlier this

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<v Speaker 2>week that some countries could get breaks, the President now

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<v Speaker 2>says he does not want too many exceptions.

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<v Speaker 4>All we're going to do it's reciprocal. We're just going

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<v Speaker 4>to be reciprocal. In fact, I'll probably be more lenient

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<v Speaker 4>than reciprocal, because if I was reciprocal, that would be

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<v Speaker 4>very tough for people.

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<v Speaker 2>President Trump spoke on Newsmax as Bloomberg News has learned,

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<v Speaker 2>the President may impose copper tariffs within weeks, months ahead

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<v Speaker 2>of deadline. For the very latest, we are joined by

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<v Speaker 2>Bloomberg News Senior editor Bill Ferries. Bill, what is the

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<v Speaker 2>President considering when it comes to copper tariffs.

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<v Speaker 8>What have we learned?

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<v Speaker 6>Hey, good morning, Nathan, Thanks for having me. So what

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<v Speaker 6>we do know is when President Trump called on the

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<v Speaker 6>Department of Commerce to look into the possibility of tariffs

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<v Speaker 6>on copper imports, that investigation could have taken up to

0:12:02.400 --> 0:12:06.720
<v Speaker 6>nine months. Now it seems like the administration their probe

0:12:07.600 --> 0:12:11.120
<v Speaker 6>is moving very quickly. They expect to have a report

0:12:11.559 --> 0:12:15.319
<v Speaker 6>on the President's desk very shortly. So nine months has

0:12:15.360 --> 0:12:18.920
<v Speaker 6>gone down to possibly days or weeks before a report

0:12:19.000 --> 0:12:21.760
<v Speaker 6>is ready and the President makes a decision with people

0:12:21.760 --> 0:12:25.800
<v Speaker 6>in the administration. Administration suggesting that the President has largely

0:12:25.840 --> 0:12:29.360
<v Speaker 6>made up his mind that there will likely be tariffs

0:12:29.559 --> 0:12:32.880
<v Speaker 6>on copper imports. And you saw that affecting the markets.

0:12:32.480 --> 0:12:36.160
<v Speaker 2>Today absolutely, with copper trading close to if not at

0:12:36.200 --> 0:12:39.280
<v Speaker 2>a record. Why the apparent rush here, Bill, I mean,

0:12:39.320 --> 0:12:42.079
<v Speaker 2>it took several months, didn't it for steal into aluminum

0:12:42.120 --> 0:12:43.160
<v Speaker 2>tariffs to be finalized?

0:12:44.120 --> 0:12:44.640
<v Speaker 1>It did?

0:12:44.720 --> 0:12:46.880
<v Speaker 6>I think? You know, I think the President has just

0:12:46.960 --> 0:12:50.280
<v Speaker 6>identified this as another one of his priorities. It's a

0:12:50.320 --> 0:12:54.240
<v Speaker 6>way to it's a way to, in his mind, I think,

0:12:54.280 --> 0:12:58.440
<v Speaker 6>help boost domestic mining, domestic manufacturing, try to get more

0:12:58.480 --> 0:13:00.720
<v Speaker 6>of that in here. The reality is what we're seeing

0:13:00.960 --> 0:13:04.600
<v Speaker 6>with a lot of products, including metals, is that shippers

0:13:04.600 --> 0:13:07.880
<v Speaker 6>are trying to get that into the US before anything

0:13:08.000 --> 0:13:10.760
<v Speaker 6>takes effect. But as you know, and people who are

0:13:10.760 --> 0:13:13.960
<v Speaker 6>listening every day, no on this show, every day, we

0:13:14.000 --> 0:13:16.920
<v Speaker 6>have a slightly different news when it comes to tariffs.

0:13:16.920 --> 0:13:20.200
<v Speaker 6>So what we're talking about today, there's still a lot

0:13:20.200 --> 0:13:23.360
<v Speaker 6>of time for things to change before copper tariffs come

0:13:23.440 --> 0:13:26.320
<v Speaker 6>and before this April second Liberation Day that the President

0:13:26.400 --> 0:13:27.200
<v Speaker 6>keeps talking about.

0:13:27.440 --> 0:13:29.880
<v Speaker 2>And to that point, the President keeps talking about whether

0:13:29.920 --> 0:13:32.760
<v Speaker 2>some countries could get exceptions, whether he even wants to

0:13:32.800 --> 0:13:36.640
<v Speaker 2>see exceptions. What is the messaging that we're getting from

0:13:36.679 --> 0:13:38.960
<v Speaker 2>the President at this point when it comes to what

0:13:39.040 --> 0:13:42.400
<v Speaker 2>we could get on this coming Wednesday, Well.

0:13:42.240 --> 0:13:44.480
<v Speaker 6>What we expected, I think a few weeks ago was

0:13:44.520 --> 0:13:47.839
<v Speaker 6>perhaps a wall of tariffs coming down on all imported

0:13:47.840 --> 0:13:51.040
<v Speaker 6>goods from all countries. It looks like that perhaps is

0:13:51.040 --> 0:13:53.600
<v Speaker 6>a bit of a stretch in terms of being able

0:13:53.640 --> 0:13:56.920
<v Speaker 6>to do that for every country. The administration has repeatedly

0:13:57.000 --> 0:14:00.520
<v Speaker 6>talked about a narrower list of countries. We don't know

0:14:00.600 --> 0:14:04.040
<v Speaker 6>how many countries are in a narrower list. That certainly

0:14:04.080 --> 0:14:07.200
<v Speaker 6>opens the door for a lot of lobbying by different countries,

0:14:07.440 --> 0:14:09.600
<v Speaker 6>and I think what we heard in your clip there

0:14:09.679 --> 0:14:12.520
<v Speaker 6>is the President pushing back on some of those efforts.

0:14:12.760 --> 0:14:15.400
<v Speaker 6>But we know the countries he's talked quite a bit about.

0:14:15.440 --> 0:14:19.440
<v Speaker 6>They include Canada and Mexico obviously already under a lot

0:14:19.480 --> 0:14:23.200
<v Speaker 6>of tariffs. There's China, There's India, who he said has

0:14:23.560 --> 0:14:27.480
<v Speaker 6>very high tariffs, even Ireland, So a lot of European

0:14:27.520 --> 0:14:31.280
<v Speaker 6>countries likely facing some of these tariffs as well. So

0:14:31.320 --> 0:14:33.920
<v Speaker 6>it's just universally, there's not going to be a lot

0:14:33.960 --> 0:14:36.160
<v Speaker 6>of clarity until we wake up on April second.

0:14:36.520 --> 0:14:38.760
<v Speaker 2>While the market's focused on what could be coming a

0:14:38.800 --> 0:14:41.160
<v Speaker 2>week from today, there's also a lot of focus in

0:14:41.320 --> 0:14:45.040
<v Speaker 2>Washington still Bill on this signal chat that Atlantic journalist

0:14:45.320 --> 0:14:49.920
<v Speaker 2>Jeffrey Goldberg got into about Yemen plans. What's the latest on.

0:14:49.960 --> 0:14:53.440
<v Speaker 6>That, Well, we're seeing a real circling of the wagons there,

0:14:53.520 --> 0:14:56.760
<v Speaker 6>the President saying that they're going to be looking into

0:14:56.880 --> 0:15:00.840
<v Speaker 6>how this journalist was added to that text, but largely

0:15:00.880 --> 0:15:06.480
<v Speaker 6>defending his National security advisor Michael Waltz for the work

0:15:06.480 --> 0:15:10.960
<v Speaker 6>he's done so far there, Michael saying that he doesn't

0:15:11.000 --> 0:15:14.320
<v Speaker 6>know how Jeffrey Goldberg got into that chat group. He

0:15:14.320 --> 0:15:17.320
<v Speaker 6>said he took responsibility, but he's not sure how that happened.

0:15:17.520 --> 0:15:20.000
<v Speaker 6>And then you had the D and I director Tulsea

0:15:20.040 --> 0:15:22.960
<v Speaker 6>Gabbard and John Ratcliffe, head of the CIA, up on

0:15:23.000 --> 0:15:26.320
<v Speaker 6>the Hill yesterday, up on the Hill today. So far

0:15:26.440 --> 0:15:29.760
<v Speaker 6>their line has been there's not been classified information shared,

0:15:29.960 --> 0:15:32.280
<v Speaker 6>but of course we haven't seen that full text message

0:15:32.360 --> 0:15:34.440
<v Speaker 6>because Goldberg decided not to publish it.

0:15:34.760 --> 0:15:37.720
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