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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, let's begin with the latest on the global trade war.

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Speaker 3: President Trump is hinting that trade deals could come as

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Speaker 3: soon as this week with some countries. The President spoke

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Speaker 3: with reporters on Air Force one last night.

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Speaker 4: At some point in the next two weeks or three weeks,

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Speaker 4: I'm going to be setting the deal. I'm going to

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Speaker 4: say that such and such a country has had a

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Speaker 4: tremendous trade surplus, surplus their way with us. They've taken

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Speaker 4: advantage of us in various ways.

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Speaker 3: President Trump also says his aides are having conversations with

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Speaker 3: their counterparts in Beijing, though he has no current plans

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Speaker 3: to speak with Chinese President Shi Jinping.

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Speaker 1: Nathan.

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Speaker 2: The President says he does have plans for a new

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Speaker 2: tariff on foreign made films and a truth social posts.

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Speaker 2: President Trump said he's directed the Commerce Department to begin

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Speaker 2: instituting a one hundred percent duty on movies made overseas,

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Speaker 2: and he spoke about that on Air Force One last

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Speaker 2: night as well.

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Speaker 5: Other nations have been stealing.

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Speaker 6: These the movies, the movie.

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Speaker 4: Making capabilities from the United States, And I said to

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Speaker 4: a couple of people, what do you think I've been

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Speaker 4: Trump very trung.

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Speaker 7: Research over the last week, and what're making.

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Speaker 8: Very few movies.

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Speaker 2: President Trump's comments come after a mar A Lago meeting

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Speaker 2: over the weekend with actor John Voyd, Sources tow Bloomberg

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Speaker 2: Void and as manager Stephen Paul gave the President plans

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Speaker 2: for more movie and TV tax incentives.

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Speaker 3: And Karen All. This follows a wide ranging interview with

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Speaker 3: President Trump on NBC's Meet the Press heard on Bloomberg Radio.

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Speaker 3: President said he made lower tariffs on China at some

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Speaker 3: point because the one hundred and forty five percent duties

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Speaker 3: are so high. Now both countries have essentially stopped doing

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Speaker 3: business with each other.

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Speaker 9: China's getting killed right now. They're getting absolutely destroyed. The

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Speaker 9: factories are closing, their unemployment is going through the roof.

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Speaker 9: I'm not looking to do that to China.

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Speaker 3: The President also insisted he's not looking to fire FED

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Speaker 3: chair J. Powell, though he still thinks the Central banks

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Speaker 3: waited too long to cut interest rates.

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Speaker 9: Well, he should lower them, and at some point he will.

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Speaker 9: He'd rather not because he's not a fan of mine,

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Speaker 9: not you know, it just doesn't like me because I

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Speaker 9: think he's a total stiff.

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Speaker 3: President Trump also said he could give TikTok another extension

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Speaker 3: to sell to a US buyer, saying he has a

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Speaker 3: warm spot for the Chinese owned app, and asked again

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Speaker 3: whether he's thinking of running for a third term. The

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Speaker 3: President had this to.

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Speaker 9: Say, so many people want me to do it. I

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Speaker 9: have never had requests so strong as that. But it's

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Speaker 9: something that, to the best of my knowledge, and not

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Speaker 9: allowed to do.

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Speaker 3: President Trump told NBC's Meet the Press he could see

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Speaker 3: Vice President jd Vance or Secretary of State Marco Rubio

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Speaker 3: succeeding him Nathan.

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Speaker 2: In another major story we're following this morning, the passing

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Speaker 2: of the tour arch at Berkshire, Hathaway Warren Buffett Pick

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Speaker 2: the final minute of a sixtieth annual shareholder meeting to

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Speaker 2: announce his retirement and Bloomberge John Tucker joins us with

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Speaker 2: Moore and John Buffett also announcing his replacement.

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Speaker 10: Yeah, Karen, it was a shock to many you, including

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Speaker 10: his shareholders at this meeting. Only his two kids board

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Speaker 10: members at Berkshire knew this is coming. Blindsiding even his

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Speaker 10: vice chairman, greg Abel. Abel is the man Buffett has

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Speaker 10: picked to replace him. Tom Finkel, author of Warren Buffett,

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Speaker 10: investor and entrepreneur, says the company will be in good hands.

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Speaker 7: I think he's going to do a great job.

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Speaker 2: He's been mentored all these years.

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Speaker 7: I haven't heard one negative thing about Greg Abel, not

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Speaker 7: one negative thing.

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Speaker 10: Well, Buffett will hand the sixty two year old to

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Speaker 10: able the keys to a one point two trillion dollar giant,

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Speaker 10: commanding a portfolio of stocks like Apple and American Express

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Speaker 10: on top of a collection of insurance, energy, railroad, and

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Speaker 10: consumer businesses that churn out ten billion dollars a quarter

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Speaker 10: in operating profit. Abel will now have to decide what

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Speaker 10: to do with Berkshire's almost three hundred and fifty billion

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Speaker 10: dollar cash pile, after Buffett largely sat out a volatile

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Speaker 10: last few years in the markets. At ninety four years old,

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Speaker 10: Buffett has served as CEO for sixty years, and in

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Speaker 10: pre market trading this morning, Berkshire Class B shares are

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Speaker 10: down two percent in New York. I'm John Tucker Bloomberg Radio.

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Speaker 3: All right, John, thank you, And reaction is pouring in

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Speaker 3: around the world on Warren Buffett's pending departure. We get

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Speaker 3: that part of the story from Bloomberg's Genas Cervetti.

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Speaker 11: As Warren Buffett called an end to his historic run

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Speaker 11: atop Berkshire Hathaway, Luminaries from the technology in banking worlds

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Speaker 11: rushed to praise the man, whose lessons they partially credit

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Speaker 11: for their success. Apples, Tim Cook called him inspiring. Bankup

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Speaker 11: America's Brian moynihan praised his lessons on life and business,

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Speaker 11: and JP Morgan's Jamie Diamond said he's quote everything that

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Speaker 11: is good about American capitalism. The famed investor delivered a

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Speaker 11: more than five million, five hundred thousand percent return on

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Speaker 11: Berkshire Stuff as he turned a once failing textile firm

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Speaker 11: into the most valuable company in the world that is

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Speaker 11: neither a tech giant nor a state oil producer. Gina

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Speaker 11: Cervetti Bloomberg Radio.

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Speaker 2: All right, Tana, thank you. We'll turning to the markets.

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Speaker 2: The S and P five hundred coming off nine straight

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Speaker 2: days of gains this week, investors will have a fed

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Speaker 2: decision and a bevy of earnings to digest. We get

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Speaker 2: a preview with Bloomberg's Charlie Pellett.

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Speaker 6: We've heard from roughly seventy percent of S and P

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Speaker 6: five hundred companies. But a major theme is what they

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Speaker 6: are or are not saying about geopolitical tensions, tariffs and

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Speaker 6: global boycotts. Emily Rowland is CO Chief Investment strategistic John

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Speaker 6: Hancock Investment Management.

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Speaker 12: We're learning from this earning season that companies are in

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Speaker 12: really solid footing.

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Speaker 11: Of course, they're going.

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Speaker 1: To need to contend with some of these challenges around

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Speaker 1: tariff's potentially for we're coming into this in a pretty

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Speaker 1: good space.

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Speaker 6: Among the notable names scheduled to report this week are

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Speaker 6: Disney Ford, Marriotte, Uber and Burger King parent restaurant Brands

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Speaker 6: International in New York, Charlie Pelletts Bloomberg Radio.

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Speaker 3: Charlie Thanks. Oil prices are slumping. That's after OPEC plus

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Speaker 3: agreed to another bumper increase in output. The latest tike

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Speaker 3: is more than fourty thousand barrels per day starting next month.

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Speaker 3: That matches a similar out increase announced last month. Checking

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Speaker 3: prices right now, Nymex cruds down more than two percent

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Speaker 3: at fifty seven dollars five cents per barrel. Brent is

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Speaker 3: down two percent that sixty dollars five cents.

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Speaker 2: Nathan to shake up in the Taiwanese markets, the currency

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Speaker 2: is surged by the most in three decades on speculation,

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Speaker 2: exporters are rushing to convert their holdings of US dollars

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Speaker 2: to the island's currency. The Central Bank will hold an

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Speaker 2: emergency press conference later today to address this surging local dollar.

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Speaker 2: The Taiwanese dollar, which surged almost five percent earlier today,

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Speaker 2: is up three percent right now.

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Speaker 3: And Karen Elon Musk says artificial intelligence could help offset

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Speaker 3: the loss of government workers. That's according to a person

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Speaker 3: who attended a closed door session at the Milken Institute

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Speaker 3: Global Conference, where we're told the world's richest man called

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Speaker 3: the US government inefficient and said ai I should be

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Speaker 3: used to replace functions currently done by some public workers.

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Speaker 3: Elon Musk's comments come as he prepares to wind down

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Speaker 3: his role leading the Department of Government Efficiency, or DOGE.

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Speaker 3: Bloomberg will bring you the biggest names and most important

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Speaker 3: conversations for Milkin Live all day long. We'll be broadcasting

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Speaker 3: a special edition of Bloomberg BusinessWeek from the Milkin Conference

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Speaker 3: starting at two pm Wall Street Time. Catch it on

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Speaker 3: Bloomberg Radio, Bloomberg Television, and on the Bloomberg Podcasts page

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Speaker 3: on YouTube.

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Speaker 2: It's time now for a look at some of the

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Speaker 2: other stories making news in New York and around the world,

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Speaker 2: and for that we're joined by Bloomberg's Michael Barr.

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Speaker 5: Michael, good Morning, Good Morning, Karen Jerry. Selection is set

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Speaker 5: to begin today in the trial of Sean Diddy Combs.

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Speaker 5: Some potential jurors have already been asked to fill out

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Speaker 5: questionnaires on objectivity, as the music mogul faces five federal

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Speaker 5: counts involving sex trafficking and racketeering. Jury consultant doctor Joe

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Speaker 5: Ollen Demetris talked about what prosecutors could be look for

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Speaker 5: in their picks.

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Speaker 13: I would think that the prosecution is looking for possibly

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Speaker 13: older people. I think they're looking for certainly a lot

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Speaker 13: of order people.

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Speaker 5: Combs has pleaded not guilty. Flights in and out of

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Speaker 5: Israel had been disrupted after a missile attack near Tel

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Speaker 5: Aviv's main airport Sunday. Huthy rebels have claimed responsibility. Israel

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Speaker 5: blames a glitch in its Iron Dome for not preventing

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Speaker 5: the strike. President Donald Trump says he is directing his

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Speaker 5: government to reopen and expand Alcatraz. The notorious former prison

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Speaker 5: in the San Francisco Bay. It has been closed for

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Speaker 5: more than sixty years. In a message on his Truth

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Speaker 5: social site last night, President Trump wrote he wants to

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Speaker 5: reopen and expand the prison to how's America's most ruthless

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Speaker 5: and violent offenders. Renewed concern about the Trump administration's actions

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Speaker 5: targeting public health over the president's first one hundred days,

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Speaker 5: Two New York senators say the White House has broken

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Speaker 5: their promise to their own GOP leaders to restore funding

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Speaker 5: for HHS programs that provide healthcare for nine to eleven

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Speaker 5: perse responders. Senate Minority Leader Chuck Schumer.

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Speaker 14: The administration, Donald Trump and RFK revealed their true intentions

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Speaker 14: Friday night when they fired another sixteen. Not only did

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Speaker 14: they not restore those who are Republican colleagues. They promised

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Speaker 14: we're going to restore, but then they fired new people.

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Speaker 5: Schumer spoke alongside fellow Senator Christin Gillibrand. The Trump administration

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Speaker 5: is planning to release the proposal to modernize the US

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Speaker 5: air traffic control system. It will include upgrades to air

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Speaker 5: traffic control systems and facilities, and require billions of dollars

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Speaker 5: in new funding from Congress. The need for the upgrade

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Speaker 5: was highlighted by recent technology breakdowns and staffing issues at

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Speaker 5: Newark Liberty International Airport. Global News twenty four hours a

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Speaker 5: day and whenever you want it with Bloomberg News Now.

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Speaker 5: I'm Michael Barr, and this is Bloomberg Karn.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Sports Update. Here is John's caashower, John, good morning,

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Speaker 2: Good morning Karen.

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Speaker 7: There had never been a game seven played in Winnipeg.

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Speaker 7: There's never been a game seven like what the Jets

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Speaker 7: played with the Blues, who held a two goal lead

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Speaker 7: for forty five minutes until with under two minutes to play,

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Speaker 7: Winnipeg scored and then scored again with three seconds remaining,

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Speaker 7: the latest game time goal ever in a game seven.

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Speaker 7: They went to overtime, then double overtime.

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Speaker 1: A peal.

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Speaker 10: Which he for the tickets at Kyle Putter, p On

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Speaker 10: wants it, he gets it. Peon shoots.

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Speaker 7: Sports that Canada had the call of the Winnipeg game winner.

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Speaker 7: Adam Lowry scored the goal. He was born in Saint

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Speaker 7: Louis because his father played for the Blues. The Jets advance,

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Speaker 7: The Warriors advance. Of the NBA second Round after losses

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Speaker 7: in games five and six, Golden State won at Houston

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Speaker 7: one of three to eighty nine. Thanks it's some brilliant

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Speaker 7: three point shooting knock from Steph Curry from Buddy Held.

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Speaker 7: He was nine of eleven on threes, scored thirty three points.

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Speaker 7: Second Round under Waylon upset win by Indiana won twenty

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Speaker 7: one to one twelve in Cleveland the next looking for

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Speaker 7: an upset, lost all four games of the Celtics in

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Speaker 7: the regular season. Here's Boston's Jalen Brown on two old

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Speaker 7: rivals meeting in the playoffs.

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Speaker 8: It's a great stage for basketball, you know, just all

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Speaker 8: a history between you know, Boston and New York is

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Speaker 8: excellent to be able to live or to relive in that.

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Speaker 8: So I don't take that for granted. You know, I

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Speaker 8: think a lot of people will be excited watching this

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Speaker 8: series just because of the history.

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Speaker 7: The sixteenth playoff series between the two the first and

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Speaker 7: is twenty thirteen. Game one tonight in Boston at the Stadium.

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Speaker 7: Tampa Bay beat the Yankees seven to five, and Saint

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Speaker 7: Louis Cardinals swept the doubleheader for the Mets sixty five

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Speaker 7: and five, four and Scottie Scheffler's home of Texas. He

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Speaker 7: won the Byron Nelson by eight shots. He tied the

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Speaker 7: PGA Tour record a score of two fifty three thirty

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Speaker 7: one under Paul John Stashedward Bloomberg Sports, Karen and Nathan.

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Speaker 1: Coast to Coast on Bloomberg Radio nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 6: Good morning.

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Speaker 3: I'm Nathan Hager. It is a moment investors knew was coming,

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Speaker 3: but still came as a bit of a surprise. Warren

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Speaker 3: Buffett waited until the end of his annual shareholder meeting

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Speaker 3: to announce he is stepping down at year's end as

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Speaker 3: CEO of Berkshire Hathaway, handing the reins to sixty two

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Speaker 3: year old energy executive greg Abel. Bill Stone is chief

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Speaker 3: investment officer at Omaha based glen View Trust.

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Speaker 10: We all knew this day was going to come at

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Speaker 10: some point. Like I said, I think if you're a shareholder,

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Speaker 10: you feel good that it happened before I'll say it

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Speaker 10: quote unquote had.

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Speaker 3: To happen, and joining us this morning after we got

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Speaker 3: that news Matthew Pallazola, senior insurance equity analyst at Bloomberg

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Speaker 3: Intelligence with us in our Bloomberg Interactive Brokers Studios. Matt,

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Speaker 3: it's great to have you with us, and I think

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Speaker 3: it's worth just taking a moment to reflect on this

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Speaker 3: enormous run of success what Warren Buffett built over nearly

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Speaker 3: six decades at Berkshire Hathaway.

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Speaker 6: Good morning morning.

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Speaker 12: Yeah. You know, if you look at the returns of

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Speaker 12: Berkshire Hathaway double the stock market over the time that

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Speaker 12: Buffett has been in charge, so truly phenomenal run, and.

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Speaker 3: It raises the question, can Greg Gable repeat that? Are

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Speaker 3: investors expecting him to.

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Speaker 12: I don't think investors are expecting him to repeat that.

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Speaker 12: I mean, look, there's one Warren Buffett. Certainly some of

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Speaker 12: the magic of the company gets lost.

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Speaker 5: But you know, as we were hearing.

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Speaker 12: And Buffett has been talking about this for years, he

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Speaker 12: has been preparing people. He's too good of a stewart

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Speaker 12: of shareholder money to kind of let it come to

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Speaker 12: a point where it was some sort of emergency or

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Speaker 12: something like that. So he has been preparing for this

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Speaker 12: for a long time.

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Speaker 3: So what can we expect from a newly led Berkshire

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Speaker 3: Hathaway under Gray Gable. Do we expect many changes from

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Speaker 3: the kind of ethos that the Warren Buffett and Charlie

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Speaker 3: Munger really put into the company.

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Speaker 12: Yeah, I wouldn't expect many changes right away. I think

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Speaker 12: perhaps over time we can see, you know, maybe the

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Speaker 12: company get a little more friendly to analysts, which would

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Speaker 12: be great for me. But I don't think right away.

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Speaker 12: I mean, part of the reason that Abel is taking

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Speaker 12: over is because he is going to carry on that

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Speaker 12: ethos of Berkshire.

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Speaker 3: Berkshire Hathaway course is so big. I think, what is

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Speaker 3: it like the eighth highest market cap in the s

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Speaker 3: and P Five hundred? Does Warren Buffett's departure raised questions

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Speaker 3: for you about the future of Berkshire Hathaway's makeup itself,

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Speaker 3: whether it could be due for a breakup down the line.

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Speaker 12: I don't think that will happen. I do think Berkshire

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Speaker 12: Hathaway got away with a lot because Warren Buffett right

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Speaker 12: Without that, I do think shareholders probably have more of

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Speaker 12: a standing to bring up questions and bring up things

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Speaker 12: like a breakup or these businesses know better on their own.

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Speaker 12: The board will still be made up of you know,

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Speaker 12: very Berkshire long term friendly people, Buffett's children, So I

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Speaker 12: think I don't think anything major like that happens, but

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Speaker 12: I do think the prospect of people bringing up these

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Speaker 12: questions and the company having to address them in a

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Speaker 12: more coherent fashion does come up now.

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Speaker 3: So in our last thirty seconds for now, Matt, what

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Speaker 3: are we expecting over the next several months before Warren

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Speaker 3: Buffett officially does hand over those reigns at the end

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Speaker 3: of the year.

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Speaker 12: Yeah, like you said, so Buffett still has the rest

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Speaker 12: of the year. Berkshire doesn't do analyst calls, they don't

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Speaker 12: do quarterly conference calls. I would expect greg Abel gets

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Speaker 12: out there more in front of the press in between

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Speaker 12: now and the end of the year. He has, for

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Speaker 12: such a large job, had a relatively low profile, so

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Speaker 12: I do think you'll probably see him doing a lot

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Speaker 12: more interviews in between now and then, probably not investor stuff,

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Speaker 12: but more media.

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