WEBVTT - Trump Tariffs On 'All Countries'; DOGE Sinking Musk's Wealth

0:00:02.840 --> 0:00:07.360
<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

0:00:10.360 --> 0:00:13.159
<v Speaker 2>Good morning, I'm Nathan Hager and I'm John Tucker. Here

0:00:13.200 --> 0:00:14.760
<v Speaker 2>are these stories we're following today.

0:00:14.880 --> 0:00:15.080
<v Speaker 3>John.

0:00:15.120 --> 0:00:17.319
<v Speaker 4>The drop in stocks we're seeing around the world comes

0:00:17.360 --> 0:00:21.360
<v Speaker 4>ahead of President Donald Trump's planned announcement of tariffs on Wednesday.

0:00:21.520 --> 0:00:24.360
<v Speaker 4>White House officials had insisted earlier this month the levies

0:00:24.360 --> 0:00:27.479
<v Speaker 4>would be more targeted, with some nations being excluded, but

0:00:27.520 --> 0:00:30.360
<v Speaker 4>on Air Force One last night, the President pushed back

0:00:30.360 --> 0:00:31.000
<v Speaker 4>on that idea.

0:00:32.440 --> 0:00:35.360
<v Speaker 5>You'd start with all countries, so let's see what happens.

0:00:35.680 --> 0:00:39.680
<v Speaker 5>There are many countries. I haven't heard a rumor about

0:00:39.680 --> 0:00:40.839
<v Speaker 5>fifteen countries, ten.

0:00:40.880 --> 0:00:42.839
<v Speaker 4>Or fifteen those countries.

0:00:43.720 --> 0:00:47.160
<v Speaker 5>Essentially all of the countries that we're talking about wouldn't

0:00:47.200 --> 0:00:49.360
<v Speaker 5>be talking about all countries and.

0:00:49.400 --> 0:00:50.120
<v Speaker 3>Not a cutoff.

0:00:50.680 --> 0:00:54.080
<v Speaker 4>President Trump's indicated the plan will go beyond matching tariffs

0:00:54.120 --> 0:00:57.000
<v Speaker 4>that other countries slap on US imports to include things

0:00:57.040 --> 0:01:00.240
<v Speaker 4>like value added taxes and regulations. At the White how

0:01:00.320 --> 0:01:01.720
<v Speaker 4>caes is unfair.

0:01:01.720 --> 0:01:05.280
<v Speaker 2>And President Trump also threatening secondary terraces on buyers of

0:01:05.360 --> 0:01:08.920
<v Speaker 2>Russian oil if Vladimir Putin doesn't agree to a ceasefire

0:01:08.920 --> 0:01:12.040
<v Speaker 2>with Ukraine. In an interview with NBC News, the President

0:01:12.080 --> 0:01:15.040
<v Speaker 2>said he was very angry with Putin for questioning Ukrainian

0:01:15.080 --> 0:01:19.000
<v Speaker 2>President Filadimir Zelenski as a negotiating partner, but he's softened

0:01:19.080 --> 0:01:21.760
<v Speaker 2>his tone with Putin on Air Force One.

0:01:22.080 --> 0:01:23.839
<v Speaker 5>I don't think he's going to go back in this squad.

0:01:23.920 --> 0:01:26.920
<v Speaker 5>I've known him for a long time. We've always gotten

0:01:26.920 --> 0:01:31.960
<v Speaker 5>along well. He considered Zliski not credible. He's supposed to

0:01:32.000 --> 0:01:33.800
<v Speaker 5>be making a deal with him, whether you like him,

0:01:33.800 --> 0:01:35.680
<v Speaker 5>where you don't like him, So I wasn't.

0:01:35.440 --> 0:01:36.039
<v Speaker 3>Happy with that.

0:01:36.400 --> 0:01:39.080
<v Speaker 2>At the same time, President Trump pressuring Zelenski to agree

0:01:39.080 --> 0:01:42.360
<v Speaker 2>to a deal on critical resource access, saying if Ukraine

0:01:42.480 --> 0:01:45.959
<v Speaker 2>backs out of the Rare Earth's deal, he's got quote big,

0:01:45.959 --> 0:01:47.440
<v Speaker 2>big problems and John.

0:01:47.520 --> 0:01:50.600
<v Speaker 4>President Trump's push for a ceasefire in Ukraine's drawing praise

0:01:50.640 --> 0:01:53.920
<v Speaker 4>from his allies on Capitol Hill. Republican Senator Mark Wayne

0:01:54.000 --> 0:01:56.480
<v Speaker 4>Mullen reacted on NBC's Meet the Press.

0:01:56.360 --> 0:02:00.520
<v Speaker 6>President Trump makes very clear where his positions are on

0:02:00.600 --> 0:02:03.840
<v Speaker 6>all situations, but he's wanted to go through diplomacy first

0:02:03.960 --> 0:02:07.160
<v Speaker 6>before anything else takes place. So him having a friendship

0:02:07.280 --> 0:02:10.079
<v Speaker 6>or trying to have a relationship with Russia before this

0:02:10.160 --> 0:02:12.799
<v Speaker 6>goes to this place was a right move. Now he's

0:02:12.800 --> 0:02:13.720
<v Speaker 6>saying he's done.

0:02:13.960 --> 0:02:16.600
<v Speaker 4>That was Republican Senator Mark Wayne Mullen of Oklahoma on

0:02:16.720 --> 0:02:18.920
<v Speaker 4>NBC's Meet the Press, which you can hear every Sunday

0:02:18.960 --> 0:02:20.000
<v Speaker 4>on Bloomberg Radio.

0:02:20.200 --> 0:02:23.000
<v Speaker 2>And President Trump also were refusing to rule out running

0:02:23.040 --> 0:02:26.480
<v Speaker 2>for a third term. He told the NBC there are

0:02:26.720 --> 0:02:29.120
<v Speaker 2>methods that would allow him to rug in. When I

0:02:29.120 --> 0:02:31.560
<v Speaker 2>asked about it on Air Force One, the President had

0:02:31.600 --> 0:02:33.679
<v Speaker 2>this to say, you want to talk about.

0:02:33.440 --> 0:02:35.760
<v Speaker 5>It, I'm just telling you I have had more people

0:02:36.639 --> 0:02:39.600
<v Speaker 5>say please run again. I said, we have a long

0:02:39.639 --> 0:02:41.400
<v Speaker 5>way to go before we even think about that.

0:02:42.400 --> 0:02:45.880
<v Speaker 2>The twenty second Amendment to the Constitution limits presidents to

0:02:46.000 --> 0:02:48.320
<v Speaker 2>just two terms. It was an act at after Franklin

0:02:48.320 --> 0:02:51.519
<v Speaker 2>Delano Roosevelt was elected to a fourth term in nineteen

0:02:51.600 --> 0:02:52.160
<v Speaker 2>forty four.

0:02:52.520 --> 0:02:55.200
<v Speaker 4>Turned back to markets now, John, As we said, futures

0:02:55.240 --> 0:02:57.799
<v Speaker 4>and stocks around the world are sliding as we begin

0:02:57.840 --> 0:03:01.360
<v Speaker 4>a new trading week. In Japan, the nik correction territory,

0:03:01.400 --> 0:03:03.720
<v Speaker 4>and as you mentioned, gold once again is trading at

0:03:03.720 --> 0:03:06.560
<v Speaker 4>a record heading into today's session, the S and P

0:03:06.720 --> 0:03:09.560
<v Speaker 4>five hundred is down more than five percent. That's in

0:03:09.639 --> 0:03:12.880
<v Speaker 4>contrast to stocks in Europe. They are higher by twelve

0:03:12.960 --> 0:03:16.520
<v Speaker 4>percent for the quarter. Bloomberg Intelligence Diructor of Equity Research,

0:03:16.639 --> 0:03:19.200
<v Speaker 4>Tim craighead has more on the divergence.

0:03:19.880 --> 0:03:25.760
<v Speaker 7>After years clearly of a tech driven tech lad rally

0:03:25.760 --> 0:03:29.720
<v Speaker 7>in the US outperforming basically everything, this has been a

0:03:29.720 --> 0:03:34.320
<v Speaker 7>three month period where we've had deep seek meet a

0:03:34.760 --> 0:03:41.400
<v Speaker 7>German bazouka in terms of spending, meets Donald Trump tariffs,

0:03:41.720 --> 0:03:45.320
<v Speaker 7>and it's those three factors that have turned tech on

0:03:45.440 --> 0:03:50.720
<v Speaker 7>its head, have ignited optimism that we're not going to

0:03:50.840 --> 0:03:53.480
<v Speaker 7>let this crisis in Europe go to waste, and we're

0:03:53.520 --> 0:03:58.320
<v Speaker 7>actually going to get some collaboration and integration and movement.

0:03:59.120 --> 0:04:02.640
<v Speaker 4>That's Tim Craig of Bloomberg Intelligence. The risk of tarifflink

0:04:02.760 --> 0:04:04.960
<v Speaker 4>damage has propelled the S and P five hundred to

0:04:05.000 --> 0:04:08.480
<v Speaker 4>its worst quarter since twenty twenty two, wiping five trillion

0:04:08.520 --> 0:04:11.280
<v Speaker 4>dollars off its value from a record high in.

0:04:11.240 --> 0:04:14.480
<v Speaker 2>February, and Nathan Goldman Sachs is cutting its S and

0:04:14.480 --> 0:04:17.000
<v Speaker 2>P five hundred target for a second time this month.

0:04:17.279 --> 0:04:21.120
<v Speaker 2>They're citing higher recession risk and towerf related to uncertainty.

0:04:21.360 --> 0:04:24.000
<v Speaker 2>The team, led by David Costin now sees the benchmark

0:04:24.080 --> 0:04:28.160
<v Speaker 2>to ending the year around five seven hundred points versus

0:04:28.160 --> 0:04:31.360
<v Speaker 2>their previous estimate of sixty two hundred. The new target

0:04:31.360 --> 0:04:34.360
<v Speaker 2>implies gains of just two percent from Friday's clothes. It's

0:04:34.360 --> 0:04:37.440
<v Speaker 2>among the lowest on Wall Straight, according to data compiled

0:04:37.440 --> 0:04:38.039
<v Speaker 2>by Bloomberg.

0:04:38.120 --> 0:04:39.960
<v Speaker 4>Of course, John one of the hardest hits stocks during

0:04:39.960 --> 0:04:42.719
<v Speaker 4>the recent selloff has been Tesla, and at a town

0:04:42.760 --> 0:04:46.200
<v Speaker 4>hall event in Wisconsin, the CEO Elon Musk acknowledged his

0:04:46.360 --> 0:04:48.719
<v Speaker 4>job as head of President Trump's effort to cut the

0:04:48.720 --> 0:04:51.160
<v Speaker 4>size of government is having an impact.

0:04:51.800 --> 0:04:53.920
<v Speaker 8>It's costing me a lot to be in this job.

0:04:54.120 --> 0:04:57.640
<v Speaker 8>What they're trying to do is put massive pressure on me,

0:04:57.800 --> 0:05:01.520
<v Speaker 8>and I has I guess to to you know, I

0:05:01.560 --> 0:05:04.600
<v Speaker 8>don't stop doing this. Well, you know, my Tesla stock

0:05:04.640 --> 0:05:06.920
<v Speaker 8>and the stock of everyone who hostess has gone went

0:05:07.000 --> 0:05:08.800
<v Speaker 8>roughly in half. I mean it's a big deal.

0:05:09.600 --> 0:05:11.800
<v Speaker 4>Elon Musk's personal wealth has dropped by more than one

0:05:11.839 --> 0:05:14.679
<v Speaker 4>hundred billion dollars this year as Tesla shares have slumped

0:05:14.720 --> 0:05:18.280
<v Speaker 4>forty five percent from last year's peak. Musk spoken Wisconsin

0:05:18.320 --> 0:05:20.680
<v Speaker 4>ahead of a state Supreme Court election tomorrow.

0:05:21.080 --> 0:05:25.440
<v Speaker 2>And finally, the head of France's National Rally Party, Marie Leapin,

0:05:26.080 --> 0:05:29.200
<v Speaker 2>has been convicted of embezzlement by a Poaris court and

0:05:29.240 --> 0:05:32.039
<v Speaker 2>it threatens the far right leaders possible twenty twenty seven

0:05:32.080 --> 0:05:34.920
<v Speaker 2>bid for president. She and her party are found guilty

0:05:34.960 --> 0:05:38.520
<v Speaker 2>of diverting millions of euros in EU funds to finance

0:05:38.560 --> 0:05:43.120
<v Speaker 2>activities related to their domestic agenda. Lapan denys wrongdoing, claims

0:05:43.120 --> 0:05:47.080
<v Speaker 2>the prosecution is seeking her political death. As she puts it,

0:05:47.400 --> 0:05:50.520
<v Speaker 2>the judges still reading out their decision this morning. If

0:05:50.560 --> 0:05:53.120
<v Speaker 2>she enters the race, Lapen would currently be the leading

0:05:53.160 --> 0:06:01.720
<v Speaker 2>candidate to replace Emmanuel mccron in twenty twenty seven, five

0:06:01.839 --> 0:06:03.760
<v Speaker 2>h seven Right now at Wall Street, and it's time

0:06:03.800 --> 0:06:05.680
<v Speaker 2>for a look at some of the other stories making

0:06:05.680 --> 0:06:07.960
<v Speaker 2>news in New York and around the world. And for

0:06:08.000 --> 0:06:11.320
<v Speaker 2>that we're joined by Bloomberg's Michael Barr. Michael, good morning,

0:06:11.400 --> 0:06:12.200
<v Speaker 2>Good morning John.

0:06:12.360 --> 0:06:15.600
<v Speaker 3>The death toll from the seven point seven magnitude earthquake

0:06:15.600 --> 0:06:18.880
<v Speaker 3>that hit me and mar has passed seventeen hundred as

0:06:19.000 --> 0:06:21.719
<v Speaker 3>more bodies have been pulled from the rubble. A government

0:06:21.760 --> 0:06:24.560
<v Speaker 3>spokesman says that another thirty four hundred have been injured

0:06:24.920 --> 0:06:28.800
<v Speaker 3>and more than three hundred are missing. The earthquake occurred

0:06:28.839 --> 0:06:32.960
<v Speaker 3>Friday near the country's second largest city. The World Food

0:06:33.080 --> 0:06:36.760
<v Speaker 3>Programs Director in me and Mar Michael Dunford is calling

0:06:36.839 --> 0:06:40.880
<v Speaker 3>on the world to help with urgent and immediate humanitarian services.

0:06:41.360 --> 0:06:44.320
<v Speaker 3>This isn't a country that already was experienced a humanitarian

0:06:44.320 --> 0:06:49.160
<v Speaker 3>catastrophe because of an ongoing civil conflict, a civil war

0:06:49.360 --> 0:06:53.839
<v Speaker 3>that has been raging now for four years. Muslim organization

0:06:53.920 --> 0:06:57.479
<v Speaker 3>says seven hundred worshipers who were in mosques for Friday's

0:06:57.480 --> 0:07:00.800
<v Speaker 3>prayers during the holy month of Ramadan killed and some

0:07:00.920 --> 0:07:05.440
<v Speaker 3>sixty mocks collapsed or were damaged. A tragic car crash

0:07:05.480 --> 0:07:07.520
<v Speaker 3>in Brooklyn, New York, over the weekend is throwing the

0:07:07.520 --> 0:07:12.000
<v Speaker 3>spotlight on habitual speeders, with multiple states now considering ways

0:07:12.000 --> 0:07:15.440
<v Speaker 3>to crack down that includes installing devices and cars that

0:07:15.520 --> 0:07:19.520
<v Speaker 3>prevent them from exceeding the speed limit. Police say thirty

0:07:19.560 --> 0:07:23.320
<v Speaker 3>two year old Miriam Uremi was behind the wheel when

0:07:23.360 --> 0:07:25.600
<v Speaker 3>she rear into a car and then struck and killed

0:07:25.640 --> 0:07:29.160
<v Speaker 3>thirty four year old Natasa Sodra and her two daughters,

0:07:29.200 --> 0:07:32.520
<v Speaker 3>ages five and eight. Sadra's son is in critical condition.

0:07:32.920 --> 0:07:36.520
<v Speaker 3>Police say Uremi was driving with a suspended license, and

0:07:36.640 --> 0:07:40.360
<v Speaker 3>records show she racked up more than ninety tickets in

0:07:40.400 --> 0:07:44.320
<v Speaker 3>the past, and that includes fifteen school zone speeding tickets

0:07:44.360 --> 0:07:47.119
<v Speaker 3>and red light tickets. In just the last year, loane

0:07:47.920 --> 0:07:51.680
<v Speaker 3>storms brought freezing rain and down trees and snapped power

0:07:51.720 --> 0:07:55.880
<v Speaker 3>lines in Indiana, Michigan, Minnesota, and Ontario, Canada. More than

0:07:56.000 --> 0:08:00.640
<v Speaker 3>nine hundred thousand electricity customers lost power on Sunday. Utah

0:08:00.800 --> 0:08:04.080
<v Speaker 3>is now the first date demand fluoride in drinking water.

0:08:04.560 --> 0:08:08.040
<v Speaker 3>A recent foreign study brings the debate that claims too

0:08:08.160 --> 0:08:13.240
<v Speaker 3>much fluoride could be harmful to children's cognitive development. Toxicologist

0:08:13.360 --> 0:08:15.040
<v Speaker 3>doctor Stephanie Whitmer, the.

0:08:14.960 --> 0:08:18.200
<v Speaker 9>CDC has conducted high quality research that tells us fluoride

0:08:18.240 --> 0:08:21.080
<v Speaker 9>is really great for our dental health. Dental hygiene. It

0:08:21.120 --> 0:08:25.160
<v Speaker 9>strengthens enamel, It remineralizes our teeth, prevents de kay, it

0:08:25.320 --> 0:08:29.200
<v Speaker 9>combats cavities, it fights bacterial growth. We know fluoride is

0:08:29.240 --> 0:08:29.960
<v Speaker 9>good for our teeth.

0:08:30.480 --> 0:08:33.920
<v Speaker 3>Doctor Whitmer says matting fluoride and drinking water may impact

0:08:33.960 --> 0:08:36.839
<v Speaker 3>low income families who may not have access to high

0:08:36.960 --> 0:08:40.360
<v Speaker 3>quality dental care. Global News twenty four hours a day

0:08:40.440 --> 0:08:43.120
<v Speaker 3>and whenever you want it with Bloomberg News Now Michael

0:08:43.160 --> 0:08:44.480
<v Speaker 3>Barr and this is Bloomberg.

0:08:44.520 --> 0:08:50.920
<v Speaker 2>John All right, Michael, thanks very much. Yeah, that brings

0:08:51.000 --> 0:08:53.800
<v Speaker 2>us to find ten all springtime. Now for the Bloomberg

0:08:53.880 --> 0:08:57.280
<v Speaker 2>Sports Update and for that, Good morning, Dan Schwartzman.

0:08:56.960 --> 0:08:58.960
<v Speaker 10>Good morning, John and Nathan. For the first time since

0:08:58.960 --> 0:09:00.880
<v Speaker 10>two thousand and eight, and for just a second time

0:09:00.920 --> 0:09:04.040
<v Speaker 10>since the NCAA tournament expanded to sixty four teams back

0:09:04.080 --> 0:09:07.080
<v Speaker 10>in nineteen eighty five, all four number one seeds reaching

0:09:07.120 --> 0:09:10.880
<v Speaker 10>the final four. Yesterday, Houston dominated Tennessee sixty nine to

0:09:10.920 --> 0:09:13.960
<v Speaker 10>fifty to win the Midwest Region, while Auburn outlasted Michigan

0:09:14.000 --> 0:09:15.520
<v Speaker 10>State seventy to sixty four.

0:09:16.120 --> 0:09:17.319
<v Speaker 11>We shall talk at fifteen.

0:09:17.720 --> 0:09:22.600
<v Speaker 10>Thanker listens straight music on a three ref You called

0:09:22.600 --> 0:09:25.880
<v Speaker 10>it right there. That's courtesy of CBS. Auburn winning the

0:09:25.920 --> 0:09:28.480
<v Speaker 10>South Region. Both teams joined Florida and Duke, who both

0:09:28.520 --> 0:09:31.920
<v Speaker 10>advanced On Saturday. Yankees improved to three and oh. Yankee

0:09:31.960 --> 0:09:34.719
<v Speaker 10>bats continue to slug home runs in another dominated and

0:09:34.840 --> 0:09:35.840
<v Speaker 10>win over the Brewers.

0:09:36.200 --> 0:09:39.600
<v Speaker 3>Free to count on arn Judge. One man out, driven

0:09:39.640 --> 0:09:43.160
<v Speaker 3>deep to leftfield. He's done it again, see ya, A

0:09:43.480 --> 0:09:47.160
<v Speaker 3>monster two run home run. Can't keep him in the park.

0:09:47.520 --> 0:09:48.439
<v Speaker 3>Two to one, Yanks.

0:09:49.040 --> 0:09:51.839
<v Speaker 10>That's courtesy of Yes Yanks. Knock off the Brewers twelve

0:09:51.920 --> 0:09:54.000
<v Speaker 10>to three. Yankee bats hit four more home runs in

0:09:54.040 --> 0:09:56.640
<v Speaker 10>the game. They now have fifteen on the season. Aaron

0:09:56.760 --> 0:09:58.960
<v Speaker 10>Judge another big game, hitting that three run homer, his

0:09:59.000 --> 0:10:01.320
<v Speaker 10>fourth homer in the past two games. Match with an

0:10:01.360 --> 0:10:03.200
<v Speaker 10>off day, they open up a three game set versus

0:10:03.240 --> 0:10:06.680
<v Speaker 10>the Marlins tonight Miami. Elsewhere, Nationals beat the Phillies five

0:10:06.720 --> 0:10:09.040
<v Speaker 10>to one, Red Sox lose at the Rangers three to two.

0:10:09.280 --> 0:10:11.360
<v Speaker 10>Orioles fall to the Blue Jays three to one. While

0:10:11.400 --> 0:10:14.040
<v Speaker 10>padre startered Nick Pavetta gives up just one hit in

0:10:14.120 --> 0:10:17.280
<v Speaker 10>seven innings in San Diego's five nothing win over the Braves.

0:10:17.640 --> 0:10:21.040
<v Speaker 10>NBA Action Nick's Pete Portland one ten to ninety three Warriors.

0:10:21.080 --> 0:10:23.679
<v Speaker 10>They've now gone eighteen and five since acquiring Jimmy Butler.

0:10:23.720 --> 0:10:26.120
<v Speaker 10>Golden State dominates the Spurs one hundred and forty eight

0:10:26.320 --> 0:10:29.719
<v Speaker 10>to one oh six, and the NHL Alexevechkin scoring is

0:10:29.800 --> 0:10:32.040
<v Speaker 10>eight hundred and ninetieth goal in the Capital's eight to

0:10:32.080 --> 0:10:34.920
<v Speaker 10>five loss to the Sabers. Ovi's now just five goals

0:10:34.960 --> 0:10:37.520
<v Speaker 10>away from passing Wayne Gretzky as a league's all time

0:10:37.600 --> 0:10:41.120
<v Speaker 10>leading goal scorer. That's your Bloomberg Sports Update. I'm Dan Schwartzman,

0:10:41.200 --> 0:10:42.199
<v Speaker 10>John and Nathan.

0:10:44.120 --> 0:10:48.280
<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius Exam

0:10:48.400 --> 0:10:51.240
<v Speaker 1>and around the world on Bloomberg dot Com and the

0:10:51.280 --> 0:10:54.360
<v Speaker 1>Bloomberg Business app. This is Bloomberg Day Break.

0:10:54.600 --> 0:10:57.280
<v Speaker 4>Good morning, I'm Nathan Hager. With two days to go

0:10:57.400 --> 0:11:01.840
<v Speaker 4>until President Trump's promised Liberation Day of reciprocal tariffs, he

0:11:01.880 --> 0:11:04.800
<v Speaker 4>is now saying all countries need to be unnoticed, tamping

0:11:04.840 --> 0:11:07.360
<v Speaker 4>down some of the speculation that the tariffs WI announced

0:11:07.360 --> 0:11:10.079
<v Speaker 4>on April second could be limited in scope.

0:11:10.320 --> 0:11:13.360
<v Speaker 5>They ripped us off like no countries ever been ripped

0:11:13.400 --> 0:11:18.160
<v Speaker 5>off in history, and we're going to be much nicer

0:11:18.200 --> 0:11:21.160
<v Speaker 5>than they were to us. But it's substantial money for

0:11:21.200 --> 0:11:22.440
<v Speaker 5>the country, NEVERTHELEDS.

0:11:22.480 --> 0:11:24.680
<v Speaker 4>And that was the President speaking of Board Air Force

0:11:24.800 --> 0:11:27.439
<v Speaker 4>one last night. For the very latest, we are joined

0:11:27.440 --> 0:11:30.480
<v Speaker 4>by Bloomberg's Kevin Whitelaw. Kevin, of course, there has been

0:11:30.840 --> 0:11:34.160
<v Speaker 4>so much messaging around whatever the President is going to

0:11:34.200 --> 0:11:37.680
<v Speaker 4>announce on Wednesday, This talk from Treasury Secretary Scott Besson

0:11:37.760 --> 0:11:39.520
<v Speaker 4>that there might be a focus on what he's called

0:11:39.559 --> 0:11:43.360
<v Speaker 4>the Dirty fifteen. Now it seems the President is kind

0:11:43.360 --> 0:11:45.480
<v Speaker 4>of walking even that back a little bit. Good morning,

0:11:46.200 --> 0:11:46.800
<v Speaker 4>Good morning.

0:11:47.240 --> 0:11:47.440
<v Speaker 3>Yeah.

0:11:47.520 --> 0:11:50.760
<v Speaker 11>Obviously, this is something where I think there are two

0:11:50.760 --> 0:11:54.080
<v Speaker 11>different dynamics going on. One is there is a tussle

0:11:54.120 --> 0:11:57.960
<v Speaker 11>within the administration itself over exactly how to proceed. There's

0:11:57.960 --> 0:12:01.320
<v Speaker 11>a clamp within the Trump orbit that wants to go

0:12:01.480 --> 0:12:03.800
<v Speaker 11>super hard, super big on tariffs, and then there are

0:12:03.840 --> 0:12:06.280
<v Speaker 11>others that are very worried about the market impacts and

0:12:06.360 --> 0:12:12.600
<v Speaker 11>want to do a more gradual and incremental kind of approach. Obviously,

0:12:12.600 --> 0:12:15.880
<v Speaker 11>Trump's instincts seem to be to go big, but you know,

0:12:16.000 --> 0:12:18.360
<v Speaker 11>look until we actually see it, until we understand it,

0:12:18.440 --> 0:12:20.720
<v Speaker 11>until we see the numbers and exclusions and everything else,

0:12:20.800 --> 0:12:22.559
<v Speaker 11>you know, we're not going to really know. I think

0:12:22.559 --> 0:12:24.880
<v Speaker 11>the other dynamic is, frankly, the market just wants to

0:12:24.880 --> 0:12:26.840
<v Speaker 11>believe it isn't going to be too big, and so

0:12:26.920 --> 0:12:28.520
<v Speaker 11>I do think there's just a sort of a sense

0:12:28.559 --> 0:12:30.960
<v Speaker 11>of people out there that just want to believe that

0:12:31.000 --> 0:12:33.840
<v Speaker 11>this isn't going to be as dramatic and disruptive a

0:12:33.920 --> 0:12:36.040
<v Speaker 11>shift as Trump seems to be promising.

0:12:36.400 --> 0:12:40.080
<v Speaker 4>How much is the president watching the market reaction based

0:12:40.080 --> 0:12:45.560
<v Speaker 4>on what he's been saying in his public commentary, Yeah,

0:12:45.760 --> 0:12:46.360
<v Speaker 4>I don't think we.

0:12:46.360 --> 0:12:48.160
<v Speaker 11>Know for sure, but we do know that he does

0:12:48.280 --> 0:12:52.360
<v Speaker 11>frequently gauge you know, his you know, sort of his

0:12:52.800 --> 0:12:55.000
<v Speaker 11>the market does matter to him as a benchmark, and

0:12:55.280 --> 0:12:57.640
<v Speaker 11>there are times where he's very concerned about it. So

0:12:57.840 --> 0:13:00.319
<v Speaker 11>you know, you could see something where if so, if

0:13:00.320 --> 0:13:03.200
<v Speaker 11>he goes big in the market really really does tank,

0:13:03.280 --> 0:13:05.319
<v Speaker 11>he could end up adjusting it. I mean, keep in mind,

0:13:05.400 --> 0:13:08.000
<v Speaker 11>we have seen this before. He announces big things, he

0:13:08.080 --> 0:13:11.000
<v Speaker 11>does big things and then walks them back and adds

0:13:11.040 --> 0:13:14.280
<v Speaker 11>exclusions and everything else, or you know, does a temporary

0:13:14.280 --> 0:13:17.240
<v Speaker 11>suspension or so you know. Again, I think there are

0:13:17.280 --> 0:13:18.960
<v Speaker 11>still a set of people that are hoping this is

0:13:19.280 --> 0:13:21.920
<v Speaker 11>a negotiation or are hoping that if there really is

0:13:21.960 --> 0:13:24.800
<v Speaker 11>a big negative reaction that Trump will recalibrate. Both of

0:13:24.800 --> 0:13:27.840
<v Speaker 11>those things are possible. But you know, Trump has shown

0:13:27.840 --> 0:13:31.959
<v Speaker 11>that he's really does seem to believe broadly and deeply

0:13:32.000 --> 0:13:34.920
<v Speaker 11>in the idea of tariffs, and you know, he could

0:13:34.920 --> 0:13:38.199
<v Speaker 11>be trying to do something that's sort of a longer

0:13:38.320 --> 0:13:40.880
<v Speaker 11>term shift than I think maybe the market is fully

0:13:40.920 --> 0:13:41.360
<v Speaker 11>prepared for.

0:13:41.800 --> 0:13:45.360
<v Speaker 4>And does that idea that the president sees tariffs as

0:13:45.360 --> 0:13:48.520
<v Speaker 4>a negotiating tactic play into some of the comments that

0:13:48.559 --> 0:13:52.520
<v Speaker 4>we've been hearing from him around the Russia Ukraine ceasefire,

0:13:52.600 --> 0:13:56.560
<v Speaker 4>talking about secondary tariffs on Russian oil buyers if Vladimir

0:13:56.600 --> 0:14:00.160
<v Speaker 4>Putin doesn't come to a deal with Vladimir's Lenska.

0:14:00.200 --> 0:14:02.200
<v Speaker 11>Well, you know, it is interesting you are getting a

0:14:02.240 --> 0:14:05.840
<v Speaker 11>sense that that suddenly his frustration is building with Moscow

0:14:05.920 --> 0:14:08.880
<v Speaker 11>in a way we really haven't seen that much yet.

0:14:09.000 --> 0:14:11.200
<v Speaker 11>Most of his ire up to now has been directed

0:14:11.240 --> 0:14:15.760
<v Speaker 11>towards towards Ukraine's Vladimir Zelensky. But this time, you know,

0:14:15.840 --> 0:14:18.679
<v Speaker 11>he's I think feeling tested by by Putin, and I

0:14:18.720 --> 0:14:21.800
<v Speaker 11>think he's realizing that that his ambitions of a quick

0:14:22.000 --> 0:14:24.840
<v Speaker 11>cease fire i e. You know, in the next few

0:14:24.840 --> 0:14:28.720
<v Speaker 11>weeks are slipping away. Is as Putin just doesn't seem

0:14:28.760 --> 0:14:30.960
<v Speaker 11>to be all that interested in it. And obviously I

0:14:31.000 --> 0:14:33.800
<v Speaker 11>think that a lot of other people watching this say that,

0:14:34.360 --> 0:14:36.760
<v Speaker 11>you know, the the you know, Trump has done so

0:14:36.880 --> 0:14:41.320
<v Speaker 11>many things that essentially encourage Putin to take a hard

0:14:41.360 --> 0:14:43.520
<v Speaker 11>line that it is going to be very difficult for

0:14:43.600 --> 0:14:45.640
<v Speaker 11>him to move him off of that.

0:14:46.080 --> 0:14:50.800
<v Speaker 4>And in our last minute, Kevin, what's the political consequence

0:14:50.840 --> 0:14:55.120
<v Speaker 4>potentially of some of this latest commentary from President Trump

0:14:55.240 --> 0:14:58.360
<v Speaker 4>that he's not ruling out the idea of seeking out

0:14:58.360 --> 0:15:01.000
<v Speaker 4>a third term, which in the the least the twenty

0:15:01.040 --> 0:15:04.760
<v Speaker 4>second Amendment of the Constitution seems to be a non starter.

0:15:05.600 --> 0:15:08.400
<v Speaker 11>Yeah, I think the Constitution is really quite clear on this,

0:15:08.840 --> 0:15:11.080
<v Speaker 11>and I think everyone has gone back at various points

0:15:11.120 --> 0:15:12.840
<v Speaker 11>in the past couple of months to look at it

0:15:12.880 --> 0:15:17.240
<v Speaker 11>to understand it. So it's very, very hard to understand

0:15:17.280 --> 0:15:20.280
<v Speaker 11>what he's saying, other than you know, perhaps the constitutional amendment,

0:15:20.320 --> 0:15:23.080
<v Speaker 11>which you know is clearly not going to happen. That

0:15:23.240 --> 0:15:25.920
<v Speaker 11>is something Democrats have the easy ability to block and

0:15:25.960 --> 0:15:29.840
<v Speaker 11>the Congress, let alone in the States, So it's not

0:15:30.560 --> 0:15:33.000
<v Speaker 11>you know, I don't think he's ever explained what he's

0:15:33.040 --> 0:15:35.240
<v Speaker 11>meant by this. He has toyed with this before, and

0:15:35.880 --> 0:15:37.680
<v Speaker 11>you know, I don't think we know. It's hard to

0:15:37.680 --> 0:15:43.400
<v Speaker 11>tell whether he's just enjoying sort of gaslighting the news

0:15:43.400 --> 0:15:46.680
<v Speaker 11>media and Democrats on this one, or if there's something

0:15:46.680 --> 0:15:48.240
<v Speaker 11>that he just hasn't explained anybody.

0:15:48.280 --> 0:15:51.520
<v Speaker 2>This is Bloomberg Daybreak here morning podcast on the stories

0:15:51.600 --> 0:15:54.440
<v Speaker 2>making news from Wall Street to Washington and beyond.

0:15:54.760 --> 0:15:57.160
<v Speaker 4>Look for us on your podcast feed by six am

0:15:57.200 --> 0:16:00.560
<v Speaker 4>Eastern each morning, on Apple, Spotify or manywhere else you listen.

0:16:00.640 --> 0:16:03.120
<v Speaker 2>You can also listen live each morning starting at five

0:16:03.160 --> 0:16:05.640
<v Speaker 2>am Wall Street Time. I'm Bloomberg eleven three to zero

0:16:05.560 --> 0:16:08.040
<v Speaker 2>in New York, Bloomberg ninety nine to one in Washington,

0:16:08.280 --> 0:16:12.520
<v Speaker 2>Bloomberg ninety two nine in Boston, and nationwide serious XAM

0:16:12.600 --> 0:16:14.320
<v Speaker 2>Channel one twenty one.

0:16:14.160 --> 0:16:16.840
<v Speaker 4>LUs listen coast to coast on the Bloomberg Business app

0:16:16.920 --> 0:16:19.840
<v Speaker 4>now with Apple CarPlay and Android auto interfaces.

0:16:19.880 --> 0:16:22.560
<v Speaker 2>And don't forget to subscribe to Bloomberg News Now. It's

0:16:22.600 --> 0:16:25.360
<v Speaker 2>the latest news whenever you want it in five minutes

0:16:25.480 --> 0:16:29.760
<v Speaker 2>or less. Search Bloomberg News Now. Your favorite podcast platform

0:16:29.920 --> 0:16:31.920
<v Speaker 2>is Stay informed all day long.

0:16:32.200 --> 0:16:34.800
<v Speaker 4>I'm John Tucker and I'm Nathan Hager. Join us again

0:16:34.840 --> 0:16:36.960
<v Speaker 4>tomorrow morning for all the news you need to start

0:16:37.000 --> 0:16:39.120
<v Speaker 4>your day right here on Bloomberg Day Brain