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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 John Tucker. Here

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

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Speaker 3: John.

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Speaker 4: The drop in stocks we're seeing around the world comes

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Speaker 4: ahead of President Donald Trump's planned announcement of tariffs on Wednesday.

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Speaker 4: White House officials had insisted earlier this month the levies

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Speaker 4: would be more targeted, with some nations being excluded, but

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Speaker 4: on Air Force One last night, the President pushed back

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Speaker 4: on that idea.

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Speaker 5: You'd start with all countries, so let's see what happens.

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Speaker 5: There are many countries. I haven't heard a rumor about

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Speaker 5: fifteen countries, ten.

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Speaker 4: Or fifteen those countries.

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Speaker 5: Essentially all of the countries that we're talking about wouldn't

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Speaker 5: be talking about all countries and.

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Speaker 3: Not a cutoff.

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Speaker 4: President Trump's indicated the plan will go beyond matching tariffs

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Speaker 4: that other countries slap on US imports to include things

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Speaker 4: like value added taxes and regulations. At the White how

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Speaker 4: caes is unfair.

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Speaker 2: And President Trump also threatening secondary terraces on buyers of

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Speaker 2: Russian oil if Vladimir Putin doesn't agree to a ceasefire

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Speaker 2: with Ukraine. In an interview with NBC News, the President

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Speaker 2: said he was very angry with Putin for questioning Ukrainian

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Speaker 2: President Filadimir Zelenski as a negotiating partner, but he's softened

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Speaker 2: his tone with Putin on Air Force One.

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Speaker 5: I don't think he's going to go back in this squad.

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Speaker 5: I've known him for a long time. We've always gotten

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Speaker 5: along well. He considered Zliski not credible. He's supposed to

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Speaker 5: be making a deal with him, whether you like him,

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Speaker 5: where you don't like him, So I wasn't.

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Speaker 3: Happy with that.

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Speaker 2: At the same time, President Trump pressuring Zelenski to agree

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Speaker 2: to a deal on critical resource access, saying if Ukraine

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Speaker 2: backs out of the Rare Earth's deal, he's got quote big,

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Speaker 2: big problems and John.

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Speaker 4: President Trump's push for a ceasefire in Ukraine's drawing praise

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Speaker 4: from his allies on Capitol Hill. Republican Senator Mark Wayne

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Speaker 4: Mullen reacted on NBC's Meet the Press.

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Speaker 6: President Trump makes very clear where his positions are on

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Speaker 6: all situations, but he's wanted to go through diplomacy first

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Speaker 6: before anything else takes place. So him having a friendship

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Speaker 6: or trying to have a relationship with Russia before this

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Speaker 6: goes to this place was a right move. Now he's

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Speaker 6: saying he's done.

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Speaker 4: That was Republican Senator Mark Wayne Mullen of Oklahoma on

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Speaker 4: NBC's Meet the Press, which you can hear every Sunday

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Speaker 4: on Bloomberg Radio.

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Speaker 2: And President Trump also were refusing to rule out running

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Speaker 2: for a third term. He told the NBC there are

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Speaker 2: methods that would allow him to rug in. When I

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Speaker 2: asked about it on Air Force One, the President had

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Speaker 2: this to say, you want to talk about.

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Speaker 5: It, I'm just telling you I have had more people

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Speaker 5: say please run again. I said, we have a long

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Speaker 5: way to go before we even think about that.

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Speaker 2: The twenty second Amendment to the Constitution limits presidents to

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Speaker 2: just two terms. It was an act at after Franklin

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Speaker 2: Delano Roosevelt was elected to a fourth term in nineteen

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Speaker 2: forty four.

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Speaker 4: Turned back to markets now, John, As we said, futures

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Speaker 4: and stocks around the world are sliding as we begin

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Speaker 4: a new trading week. In Japan, the nik correction territory,

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Speaker 4: and as you mentioned, gold once again is trading at

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Speaker 4: a record heading into today's session, the S and P

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Speaker 4: five hundred is down more than five percent. That's in

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Speaker 4: contrast to stocks in Europe. They are higher by twelve

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Speaker 4: percent for the quarter. Bloomberg Intelligence Diructor of Equity Research,

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Speaker 4: Tim craighead has more on the divergence.

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Speaker 7: After years clearly of a tech driven tech lad rally

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Speaker 7: in the US outperforming basically everything, this has been a

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Speaker 7: three month period where we've had deep seek meet a

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Speaker 7: German bazouka in terms of spending, meets Donald Trump tariffs,

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Speaker 7: and it's those three factors that have turned tech on

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Speaker 7: its head, have ignited optimism that we're not going to

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Speaker 7: let this crisis in Europe go to waste, and we're

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Speaker 7: actually going to get some collaboration and integration and movement.

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Speaker 4: That's Tim Craig of Bloomberg Intelligence. The risk of tarifflink

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Speaker 4: damage has propelled the S and P five hundred to

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Speaker 4: its worst quarter since twenty twenty two, wiping five trillion

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Speaker 4: dollars off its value from a record high in.

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Speaker 2: February, and Nathan Goldman Sachs is cutting its S and

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Speaker 2: P five hundred target for a second time this month.

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Speaker 2: They're citing higher recession risk and towerf related to uncertainty.

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Speaker 2: The team, led by David Costin now sees the benchmark

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Speaker 2: to ending the year around five seven hundred points versus

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Speaker 2: their previous estimate of sixty two hundred. The new target

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Speaker 2: implies gains of just two percent from Friday's clothes. It's

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Speaker 2: among the lowest on Wall Straight, according to data compiled

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Speaker 2: by Bloomberg.

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Speaker 4: Of course, John one of the hardest hits stocks during

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Speaker 4: the recent selloff has been Tesla, and at a town

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Speaker 4: hall event in Wisconsin, the CEO Elon Musk acknowledged his

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Speaker 4: job as head of President Trump's effort to cut the

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Speaker 4: size of government is having an impact.

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Speaker 8: It's costing me a lot to be in this job.

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Speaker 8: What they're trying to do is put massive pressure on me,

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Speaker 8: and I has I guess to to you know, I

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Speaker 8: don't stop doing this. Well, you know, my Tesla stock

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Speaker 8: and the stock of everyone who hostess has gone went

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Speaker 8: roughly in half. I mean it's a big deal.

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Speaker 4: Elon Musk's personal wealth has dropped by more than one

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Speaker 4: hundred billion dollars this year as Tesla shares have slumped

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Speaker 4: forty five percent from last year's peak. Musk spoken Wisconsin

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Speaker 4: ahead of a state Supreme Court election tomorrow.

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Speaker 2: And finally, the head of France's National Rally Party, Marie Leapin,

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Speaker 2: has been convicted of embezzlement by a Poaris court and

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Speaker 2: it threatens the far right leaders possible twenty twenty seven

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Speaker 2: bid for president. She and her party are found guilty

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Speaker 2: of diverting millions of euros in EU funds to finance

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Speaker 2: activities related to their domestic agenda. Lapan denys wrongdoing, claims

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Speaker 2: the prosecution is seeking her political death. As she puts it,

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Speaker 2: the judges still reading out their decision this morning. If

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Speaker 2: she enters the race, Lapen would currently be the leading

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Speaker 2: candidate to replace Emmanuel mccron in twenty twenty seven, five

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Speaker 2: h seven Right now at Wall Street, and it's time

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Speaker 2: for a look at some of the other stories making

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Speaker 2: news in New York and around the world. And for

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Speaker 2: that we're joined by Bloomberg's Michael Barr. Michael, good morning,

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Speaker 2: Good morning John.

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Speaker 3: The death toll from the seven point seven magnitude earthquake

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Speaker 3: that hit me and mar has passed seventeen hundred as

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Speaker 3: more bodies have been pulled from the rubble. A government

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Speaker 3: spokesman says that another thirty four hundred have been injured

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Speaker 3: and more than three hundred are missing. The earthquake occurred

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Speaker 3: Friday near the country's second largest city. The World Food

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Speaker 3: Programs Director in me and Mar Michael Dunford is calling

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Speaker 3: on the world to help with urgent and immediate humanitarian services.

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Speaker 3: This isn't a country that already was experienced a humanitarian

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Speaker 3: catastrophe because of an ongoing civil conflict, a civil war

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Speaker 3: that has been raging now for four years. Muslim organization

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Speaker 3: says seven hundred worshipers who were in mosques for Friday's

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Speaker 3: prayers during the holy month of Ramadan killed and some

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Speaker 3: sixty mocks collapsed or were damaged. A tragic car crash

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Speaker 3: in Brooklyn, New York, over the weekend is throwing the

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Speaker 3: spotlight on habitual speeders, with multiple states now considering ways

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Speaker 3: to crack down that includes installing devices and cars that

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Speaker 3: prevent them from exceeding the speed limit. Police say thirty

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Speaker 3: two year old Miriam Uremi was behind the wheel when

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Speaker 3: she rear into a car and then struck and killed

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Speaker 3: thirty four year old Natasa Sodra and her two daughters,

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Speaker 3: ages five and eight. Sadra's son is in critical condition.

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Speaker 3: Police say Uremi was driving with a suspended license, and

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Speaker 3: records show she racked up more than ninety tickets in

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Speaker 3: the past, and that includes fifteen school zone speeding tickets

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Speaker 3: and red light tickets. In just the last year, loane

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Speaker 3: storms brought freezing rain and down trees and snapped power

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Speaker 3: lines in Indiana, Michigan, Minnesota, and Ontario, Canada. More than

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Speaker 3: nine hundred thousand electricity customers lost power on Sunday. Utah

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Speaker 3: is now the first date demand fluoride in drinking water.

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Speaker 3: A recent foreign study brings the debate that claims too

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Speaker 3: much fluoride could be harmful to children's cognitive development. Toxicologist

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Speaker 3: doctor Stephanie Whitmer, the.

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Speaker 9: CDC has conducted high quality research that tells us fluoride

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Speaker 9: is really great for our dental health. Dental hygiene. It

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Speaker 9: strengthens enamel, It remineralizes our teeth, prevents de kay, it

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Speaker 9: combats cavities, it fights bacterial growth. We know fluoride is

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Speaker 9: good for our teeth.

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Speaker 3: Doctor Whitmer says matting fluoride and drinking water may impact

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Speaker 3: low income families who may not have access to high

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Speaker 3: quality dental care. Global News twenty four hours a day

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Speaker 3: and whenever you want it with Bloomberg News Now Michael

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Speaker 3: Barr and this is Bloomberg.

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Speaker 2: John All right, Michael, thanks very much. Yeah, that brings

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Speaker 2: us to find ten all springtime. Now for the Bloomberg

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Speaker 2: Sports Update and for that, Good morning, Dan Schwartzman.

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Speaker 10: Good morning, John and Nathan. For the first time since

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Speaker 10: two thousand and eight, and for just a second time

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Speaker 10: since the NCAA tournament expanded to sixty four teams back

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Speaker 10: in nineteen eighty five, all four number one seeds reaching

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Speaker 10: the final four. Yesterday, Houston dominated Tennessee sixty nine to

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Speaker 10: fifty to win the Midwest Region, while Auburn outlasted Michigan

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Speaker 10: State seventy to sixty four.

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Speaker 11: We shall talk at fifteen.

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Speaker 10: Thanker listens straight music on a three ref You called

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Speaker 10: it right there. That's courtesy of CBS. Auburn winning the

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Speaker 10: South Region. Both teams joined Florida and Duke, who both

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Speaker 10: advanced On Saturday. Yankees improved to three and oh. Yankee

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Speaker 10: bats continue to slug home runs in another dominated and

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Speaker 10: win over the Brewers.

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Speaker 3: Free to count on arn Judge. One man out, driven

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Speaker 3: deep to leftfield. He's done it again, see ya, A

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Speaker 3: monster two run home run. Can't keep him in the park.

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Speaker 3: Two to one, Yanks.

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Speaker 10: That's courtesy of Yes Yanks. Knock off the Brewers twelve

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Speaker 10: to three. Yankee bats hit four more home runs in

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Speaker 10: the game. They now have fifteen on the season. Aaron

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Speaker 10: Judge another big game, hitting that three run homer, his

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Speaker 10: fourth homer in the past two games. Match with an

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Speaker 10: off day, they open up a three game set versus

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Speaker 10: the Marlins tonight Miami. Elsewhere, Nationals beat the Phillies five

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Speaker 10: to one, Red Sox lose at the Rangers three to two.

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Speaker 10: Orioles fall to the Blue Jays three to one. While

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Speaker 10: padre startered Nick Pavetta gives up just one hit in

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Speaker 10: seven innings in San Diego's five nothing win over the Braves.

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Speaker 10: NBA Action Nick's Pete Portland one ten to ninety three Warriors.

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Speaker 10: They've now gone eighteen and five since acquiring Jimmy Butler.

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Speaker 10: Golden State dominates the Spurs one hundred and forty eight

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Speaker 10: to one oh six, and the NHL Alexevechkin scoring is

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Speaker 10: eight hundred and ninetieth goal in the Capital's eight to

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Speaker 10: five loss to the Sabers. Ovi's now just five goals

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Speaker 10: away from passing Wayne Gretzky as a league's all time

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Speaker 10: leading goal scorer. That's your Bloomberg Sports Update. I'm Dan Schwartzman,

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Speaker 10: John and Nathan.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius Exam

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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 Day Break.

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Speaker 4: Good morning, I'm Nathan Hager. With two days to go

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Speaker 4: until President Trump's promised Liberation Day of reciprocal tariffs, he

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Speaker 4: is now saying all countries need to be unnoticed, tamping

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Speaker 4: down some of the speculation that the tariffs WI announced

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Speaker 4: on April second could be limited in scope.

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Speaker 5: They ripped us off like no countries ever been ripped

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Speaker 5: off in history, and we're going to be much nicer

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Speaker 5: than they were to us. But it's substantial money for

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Speaker 5: the country, NEVERTHELEDS.

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Speaker 4: And that was the President speaking of Board Air Force

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Speaker 4: one last night. For the very latest, we are joined

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Speaker 4: by Bloomberg's Kevin Whitelaw. Kevin, of course, there has been

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Speaker 4: so much messaging around whatever the President is going to

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Speaker 4: announce on Wednesday, This talk from Treasury Secretary Scott Besson

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Speaker 4: that there might be a focus on what he's called

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Speaker 4: the Dirty fifteen. Now it seems the President is kind

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Speaker 4: of walking even that back a little bit. Good morning,

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Speaker 4: Good morning.

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Speaker 3: Yeah.

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Speaker 11: Obviously, this is something where I think there are two

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Speaker 11: different dynamics going on. One is there is a tussle

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Speaker 11: within the administration itself over exactly how to proceed. There's

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Speaker 11: a clamp within the Trump orbit that wants to go

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Speaker 11: super hard, super big on tariffs, and then there are

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Speaker 11: others that are very worried about the market impacts and

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Speaker 11: want to do a more gradual and incremental kind of approach. Obviously,

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Speaker 11: Trump's instincts seem to be to go big, but you know,

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Speaker 11: look until we actually see it, until we understand it,

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Speaker 11: until we see the numbers and exclusions and everything else,

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Speaker 11: you know, we're not going to really know. I think

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Speaker 11: the other dynamic is, frankly, the market just wants to

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Speaker 11: believe it isn't going to be too big, and so

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Speaker 11: I do think there's just a sort of a sense

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Speaker 11: of people out there that just want to believe that

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Speaker 11: this isn't going to be as dramatic and disruptive a

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Speaker 11: shift as Trump seems to be promising.

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Speaker 4: How much is the president watching the market reaction based

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Speaker 4: on what he's been saying in his public commentary, Yeah,

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Speaker 4: I don't think we.

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Speaker 11: Know for sure, but we do know that he does

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Speaker 11: frequently gauge you know, his you know, sort of his

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Speaker 11: the market does matter to him as a benchmark, and

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Speaker 11: there are times where he's very concerned about it. So

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Speaker 11: you know, you could see something where if so, if

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Speaker 11: he goes big in the market really really does tank,

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Speaker 11: he could end up adjusting it. I mean, keep in mind,

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Speaker 11: we have seen this before. He announces big things, he

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Speaker 11: does big things and then walks them back and adds

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Speaker 11: exclusions and everything else, or you know, does a temporary

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Speaker 11: suspension or so you know. Again, I think there are

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Speaker 11: still a set of people that are hoping this is

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Speaker 11: a negotiation or are hoping that if there really is

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Speaker 11: a big negative reaction that Trump will recalibrate. Both of

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Speaker 11: those things are possible. But you know, Trump has shown

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Speaker 11: that he's really does seem to believe broadly and deeply

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Speaker 11: in the idea of tariffs, and you know, he could

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Speaker 11: be trying to do something that's sort of a longer

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Speaker 11: term shift than I think maybe the market is fully

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Speaker 11: prepared for.

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Speaker 4: And does that idea that the president sees tariffs as

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Speaker 4: a negotiating tactic play into some of the comments that

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Speaker 4: we've been hearing from him around the Russia Ukraine ceasefire,

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Speaker 4: talking about secondary tariffs on Russian oil buyers if Vladimir

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Speaker 4: Putin doesn't come to a deal with Vladimir's Lenska.

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Speaker 11: Well, you know, it is interesting you are getting a

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Speaker 11: sense that that suddenly his frustration is building with Moscow

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Speaker 11: in a way we really haven't seen that much yet.

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Speaker 11: Most of his ire up to now has been directed

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Speaker 11: towards towards Ukraine's Vladimir Zelensky. But this time, you know,

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Speaker 11: he's I think feeling tested by by Putin, and I

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Speaker 11: think he's realizing that that his ambitions of a quick

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Speaker 11: cease fire i e. You know, in the next few

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Speaker 11: weeks are slipping away. Is as Putin just doesn't seem

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Speaker 11: to be all that interested in it. And obviously I

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Speaker 11: think that a lot of other people watching this say that,

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Speaker 11: you know, the the you know, Trump has done so

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Speaker 11: many things that essentially encourage Putin to take a hard

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Speaker 11: line that it is going to be very difficult for

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Speaker 11: him to move him off of that.

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Speaker 4: And in our last minute, Kevin, what's the political consequence

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Speaker 4: potentially of some of this latest commentary from President Trump

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Speaker 4: that he's not ruling out the idea of seeking out

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Speaker 4: a third term, which in the the least the twenty

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Speaker 4: second Amendment of the Constitution seems to be a non starter.

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Speaker 11: Yeah, I think the Constitution is really quite clear on this,

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Speaker 11: and I think everyone has gone back at various points

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Speaker 11: in the past couple of months to look at it

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Speaker 11: to understand it. So it's very, very hard to understand

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Speaker 11: what he's saying, other than you know, perhaps the constitutional amendment,

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Speaker 11: which you know is clearly not going to happen. That

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Speaker 11: is something Democrats have the easy ability to block and

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Speaker 11: the Congress, let alone in the States, So it's not

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Speaker 11: you know, I don't think he's ever explained what he's

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Speaker 11: meant by this. He has toyed with this before, and

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Speaker 11: you know, I don't think we know. It's hard to

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Speaker 11: tell whether he's just enjoying sort of gaslighting the news

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Speaker 11: media and Democrats on this one, or if there's something

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Speaker 11: that he just hasn't explained anybody.

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