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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, we begin with politics north of the border. In Canada,

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Speaker 3: Mark Carney's Liberal Party is projected to win a fourth

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Speaker 3: consecutive election. Despite the victory, it is likely the Liberals

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Speaker 3: will fall short of the one hundred and seventy two

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Speaker 3: seats needed for an outright majority in the House of Commons.

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Speaker 3: The narrow margin means the former Central banker will need

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Speaker 3: to work with other parties to pass legislation as he

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Speaker 3: navigates trade hostilities to the south with the Trump administration.

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Speaker 3: Mark Carney took aim at the US and his victory speech,

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Speaker 3: which has been edited due to some technical difficulties with

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Speaker 3: the broadcaster.

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Speaker 4: At the event, our old.

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Speaker 5: Relationship with the United States, a relationship based on steadily

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Speaker 5: increasing integration, is over. The system of open global trade

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Speaker 5: anchored by the United States, a system that Canada has

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Speaker 5: relied on since the Second World War, a system that

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Speaker 5: will not perfect, has helped deliver prosperity for a country

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Speaker 5: for decades is over.

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Speaker 4: We are over the shock.

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Speaker 5: Of the American betrayal but we should never forget the lessons.

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Speaker 3: The former head of Canada's and the UK's Central Banks,

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Speaker 3: Mark Carney, became the Liberal leader just last month. On

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Speaker 3: March ninth, he called an election. Just two weeks later.

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Speaker 3: He campaigned as a tough opponent to President Trump, who

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Speaker 3: has repeatedly suggested Canada should become a US state.

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Speaker 2: Well, Nathan, let's turn too politics on the US side

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Speaker 2: of the border. President Trump is headed to the heart

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Speaker 2: of auto country, Warren Michigan to mark his first one

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Speaker 2: hundred days back in office tonight. Ahead of that, he's

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Speaker 2: planning a trade reprieve for the auto sector. The White

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Speaker 2: House said the President will reimburse automakers for tariffs on

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Speaker 2: foreign parts and cars made in the US, and imported

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Speaker 2: vehicles will get a break from separate tariffs on steel

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Speaker 2: and aluminum so that multiple duties won't be stacked on

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Speaker 2: top of each other. The changes will come just before

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Speaker 2: the twenty five percent tariff on foreign auto parts is

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Speaker 2: said to take effect this Saturday. And you can hear

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Speaker 2: President Trump's remarks on a special extended edition of Bloomberg

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Speaker 2: Balance of Power that starts at five pm Wall Street

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Speaker 2: Time on Bloomberg Radio Bloomberg Television and the Bloomberg Podcast

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Speaker 2: page on YouTube.

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Speaker 3: Meanwhile, Karen, trade tensions persist between the US and China,

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Speaker 3: and China and the peers to be holding firm. We

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Speaker 3: get the latest from Bloomberg's mind Menlo in Hong Kong.

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Speaker 6: Wang e the four minutes of China essentially saying in

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Speaker 6: the Brick's meeting in Brazil that any country that compromises

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Speaker 6: with the US is only going to see the bully

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Speaker 6: trying to take further advantage. And that doesn't sound like

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Speaker 6: a desk litory tone from China. We also see how

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Speaker 6: China in the press briefing yesterday announcing all these measures

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Speaker 6: to help its exporters shoulder the pain of these tariffs,

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Speaker 6: which shows that China is prepared to tie to this

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Speaker 6: for a protected wall and they're not in any agency.

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Speaker 4: To resolve this. Bloomberg's men Menlow reports.

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Speaker 3: These latest comments from China's foreign minister come after Treasury

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Speaker 3: Secretary Scott Bessen told CNBC it's up to China to

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Speaker 3: de escalate and that the US has an escalation ladder

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Speaker 3: that it's anxious not to use.

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Speaker 2: Nathan, the Treasury Secretary has set a July fourth goal

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Speaker 2: to pass President Trump's multi trillion dollar tax cut package.

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Speaker 2: Congressional leaders have set different timelines, with House Speaker Mike

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Speaker 2: Johnson aiming to pass legislation by the end of May

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Speaker 2: and Senate Party leaders targeting a vote by August. Nathan Dean,

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Speaker 2: a senior government analyst for Bloomberg Intelligence, there.

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Speaker 4: Are going to be some tax cuts in this bill.

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Speaker 7: I mean, so what they're talking about is a five

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Speaker 7: point three trillion dollar reconciliation bill. There's about one point

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Speaker 7: five trillion earmarked in therefore tax cuts. Primarily, what we're

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Speaker 7: thinking is no taxes on tips, no taxes on overtime,

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Speaker 7: and for you know, no taxes on social Security.

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Speaker 4: Those are like the three main priorities.

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Speaker 2: Bloomberg Intelligence and It's Nathan Dean says. The push for

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Speaker 2: a tax bill comes as pool show Americans disapproving of

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Speaker 2: Trump's handling of the economy.

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Speaker 3: In Europe, this morning, Karen Spain and Portugal are returning

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Speaker 3: to some semblance of normal This morning. The powers back

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Speaker 3: to nearly one hundred percent capacity in Spain and it's

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Speaker 3: been fully restored in Portugal. This follows one of Europe's

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Speaker 3: worst blackouts in years. Across the Iberian Peninsula. We get

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Speaker 3: more from Bloomberg's Rodrigo or a Whala in Madrid.

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Speaker 8: We don't exactly know what sparked this outage, so there

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Speaker 8: was an explanation that it had something to do with

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Speaker 8: the frequency of the tension on the system, but that

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Speaker 8: came from the grid operator early in the afternoon. The

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Speaker 8: government subsequently, the Prime Minister himself subsequently said that all

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Speaker 8: theories are still on the table and nothing has been dismissed.

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Speaker 8: So the answer to how this happened hasn't been offered

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Speaker 8: yet and until that comes, I don't think anybody will

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Speaker 8: be able.

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Speaker 4: To say what are the solutions?

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Speaker 3: In Bloomberg Rodrigo or Whala says the blackout has raised

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Speaker 3: questions about the reliability of Spain's power grid. It is

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Speaker 3: really increasingly reliant on renewable energy and the outage may

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Speaker 3: have an immediate impact on Spain's economy.

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Speaker 2: Let's stay in Europe, Nathan, where it's a very busy

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Speaker 2: morning for earnings. We go to London and get the

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Speaker 2: recap with the Bloomberg's un parts.

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Speaker 4: You and good morning, Karla, Nathan.

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Speaker 9: A volatile quarter of a markets has proved fruitful for

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Speaker 9: Germany's biggest lender, Deutsche Bank's trading unit, reporting record revenue

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Speaker 9: in the first quarter, with gains of seventeen percent in

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Speaker 9: its fixed income and currencies business. Europe's most valuable bank, HSBC,

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Speaker 9: also comfortably beating estimates, with first quarter profit coming in

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Speaker 9: at nine point four eight billion dollars. The London based

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Speaker 9: lender is to buy back three billion dollars of shares,

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Speaker 9: one billion more than its previous program, but the uncertainty

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Speaker 9: from the US proving a headwind for Schneider Electric, with

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Speaker 9: first quarter revenue missing estimates despite strong demand for data

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Speaker 9: center infrastructure. Shares currently down more than seven percent. In Paris.

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Speaker 9: Live in London, I'm you in pots of Bloomberg Radio.

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Speaker 4: Ian thank you. It's also a busy day for earnings

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Speaker 4: here in the US.

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Speaker 3: Forty four companies in the S and P five hundred

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Speaker 3: report this day alone, and this morning we hear from

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Speaker 3: General Motors.

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Speaker 4: Bloomberg's Tom Busby has a preview.

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Speaker 1: The big focus for investors is whether GM, like some

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Speaker 1: of its rivals, will suspend its full year guidance because

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Speaker 1: it imports nearly half the vehicles sold in the US

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Speaker 1: from Canada, Mexico and South Korea. All this amid the

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Speaker 1: uncertainty around the impact of the President's tariff, some of

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Speaker 1: which are already in place, some more aggressive levies on

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Speaker 1: autos and auto parts set to go into effect on

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Speaker 1: May third. Bloomberg Consensus calls for earnings per share of

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Speaker 1: two dollars seventy three cents, net revenue of forty three

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Speaker 1: point zero three billion tom busby Bloomberg Radio.

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Speaker 2: Tom thank you.

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Speaker 4: Grounded.

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Speaker 2: American Airlines says it has ended discussions with JEB Blue

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Speaker 2: to revive a packed for the two airlines to team

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Speaker 2: up again. The previous Northeast partnership was halted by the

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Speaker 2: former Biden administration after a federal appeals ruling concluded the

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Speaker 2: Packed violated antitrust laws. The failure to revive their partnership

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Speaker 2: could now leave the door open for one of American's

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Speaker 2: rivals to work, which at Blue, which has been engaged

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Speaker 2: in talks on tie ups with more than one airline.

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Speaker 3: Way Beyond the Sky's Karen, Amazon's first batch of production

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Speaker 3: satellites is in orbit. The craft are the first in

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Speaker 3: a plan of more than thirty two hundred satellite constellation

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Speaker 3: Amazon intends to use to sell Internet connectivity to consumers

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Speaker 3: as well as corporate and government clients. That business today

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Speaker 3: dominated by Elon Musk's SpaceX and its Starlink unit.

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Speaker 2: Time now for look at some of the other stories

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

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Speaker 2: for that we're joined by Bloomberg's Michael Barr Michael, good Morning,

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Speaker 2: Good Morning Karen.

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Speaker 10: New York Governor Kathy Oakle says she reached a deal

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Speaker 10: with the legislative leaders on a two hundred and fifty

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Speaker 10: four billion dollar budget that would raise payroll taxes on

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Speaker 10: employers local during a news conference Monday, compared to goals

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Speaker 10: with their January State of the State address, I.

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Speaker 11: Vowed to address the affordability crisis by putting thousands of

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Speaker 11: dollars back in New Yorker's pockets. I vowed to make

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Speaker 11: common sense changes to our discovery life to keep dangerous

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Speaker 11: criminals from walking free over frivolous, frivolous tactical layrors.

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Speaker 10: The governor also secured a ban on smartphones in public

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Speaker 10: schools and lower barriers to involuntarily committing people with serious

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Speaker 10: mental illnesses into treatment. New York City's congestion pricing toll

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Speaker 10: generated one hundred and fifty nine million dollars in revenue

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Speaker 10: in its first three months. The MTA says the program

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Speaker 10: is expected to raise five hundred million dollars this year.

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Speaker 10: Pakistan's army said it has shot down an Indian spy

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Speaker 10: drone along with their disputed border in the Kashmir region,

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Speaker 10: as tensions rise over last week's militant attacks that killed

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Speaker 10: twenty six people. According to pakistan state run TV channel,

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Speaker 10: the unmanned drone breached the so called line of control

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Speaker 10: in Kashmir, a northern region claimed by both countries. President

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Speaker 10: Trump ordered the Justice Department to launch a program including

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Speaker 10: free legal assistance from law firms to police officers accused

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Speaker 10: of wrongdoing. Trump said in an executive order the program

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Speaker 10: will provide legal resources and identification to law enforcement officers

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Speaker 10: who unjustly incur expenses and liabilities for actions taken during

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Speaker 10: the performance of their official duties to enforce the law.

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Speaker 10: Amnesty International's annual State of the World's Human Rights Report

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Speaker 10: details what it calls a global human rights crisis, which

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Speaker 10: it blames in part on President Trump. The organization says

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Speaker 10: the outlook for human rights around the world is bleak.

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Speaker 10: Amnesty's Secretary General Anyas Kalmar.

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Speaker 4: Nationally around the world, we are seeing witnessing an escalation

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Speaker 4: of authoritarian practices. So it is an alarming picture. This

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Speaker 4: is a warning.

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Speaker 10: Global news twenty four hours a day and whenever you

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Speaker 10: want it with Bloomberg News Now now Michael Barr, and

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Speaker 10: this is Bloomberg Care.

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Speaker 2: All right, Michael Barr, Thank you, Ti Off of the

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Speaker 2: Bloomberg Sports Update.

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Speaker 4: Here's Don Stashauer, John, good morning, Good morning, Aaron.

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Speaker 12: First place Yankees, last place Orioles in Baltimore, Ryan O'Hearn

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Speaker 12: a three run homer thirty and off Will Warren. The

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Speaker 12: Oriels hat four nothing, held on to win four to three.

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Speaker 12: Yanks were just four and six in series openers. The

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Speaker 12: Mets were just south of there, finishing the series in DC.

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Speaker 12: One Met in particular led them to an easy victory.

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Speaker 4: Here any slams. This went to deep right field, that

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Speaker 4: goes cruise back to the wall and it's out of hair.

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Speaker 4: A grand slam for Brandon Nimmo.

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Speaker 7: A two home run seven RBI day for Nimmo, eleven

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Speaker 7: and nothing.

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Speaker 12: New York on sn Y and the Mets weren't done,

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Speaker 12: nor was Nimmo. He added a two run double for

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Speaker 12: the thirteenth nine RBI game in baseball history. The Mets

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Speaker 12: beat the Nets nineteen to five, speaking the blowout's fourth

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Speaker 12: most lopsid had win an NBA playoff history. Cleveland won

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Speaker 12: at Miami one thirty eight to eighty three. The Cavs

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Speaker 12: sweep the series much closer in San Francisco, with the

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Speaker 12: Warriors got Jimmy Butler back from injury. He played forty

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Speaker 12: minutes scored twenty seven points. Golden State beat Houston one

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Speaker 12: O nine, one oh six and now up three one

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Speaker 12: in the series. That's the NIXT lead on Detroit heading

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Speaker 12: to Game five tonight at the Garden. The Celtics are

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Speaker 12: up three to one. They'll host Orlando. If the Knicks

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Speaker 12: and Celtics both win tonight, it's onto a second round

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Speaker 12: series that would start this weekend in Boston. Stanley got

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Speaker 12: playoffs Game four of the End State Battlesaw Florida be

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Speaker 12: Tampa Bay, Florida to the Lightning scored their goals eleven

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Speaker 12: seconds apart second period, and then the Panthers came back

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Speaker 12: and did the same thing late in the third. The

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Speaker 12: defending Stanley Cup champs up three games to one. Dallas

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Speaker 12: beat Colorado six' to two for a three to two series.

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Speaker 12: Lead pittsburgh Fired Mike. Sullivan Winning this coach In penguin's

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Speaker 12: history won Two Stanley. Cups rangers are looking for a new.

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Speaker 12: Coach they could very well be interested in Hiring. Sullivan

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Speaker 12: john Stashanwa Bloomberg Sports.

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Speaker 1: Coast To coast On Bloomberg, radio nationwide On SIRIUS, xm and.

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Speaker 11: Around the world On bloomberg Dot com and The Bloomberg business.

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Speaker 4: App this Is Bloomberg Day. Break good, Morning I'm Nathan.

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Speaker 3: Hager it is the morning after a winning election night

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Speaker 3: For Mark carney and The liberals In. Canada the new

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Speaker 3: and now Continuing Prime minister says he has a mandate

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Speaker 3: to stand up TO Us President Donald. Trump who's ready

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Speaker 3: to stand up For canada with? Me Was Liberal Prime

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Speaker 3: Minister Mark carney at his victory speech last. Night joining

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Speaker 3: us From quebec this, morning just across the river From canada's, Capital,

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Speaker 3: Ottawa Bloomberg news Correspondent David, gera the host of The

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Speaker 3: Big take. Podcast it has to be, Said, david this

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Speaker 3: was a narrow victory for The, liberals but still quite

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Speaker 3: the turnaround from where this party stood under Former Prime

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Speaker 3: Minister Justin trudeau just a few short months.

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Speaker 4: Ago good, Morning good, Morning. Nathan let's start where things.

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Speaker 13: Stand so we know that The Liberal party has one

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Speaker 13: hundred and sixty eight seats and the threshold that it

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Speaker 13: needs to form a majority government is one hundred and seventy.

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Speaker 13: Two so this is razor thin AND i suspect we'll

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Speaker 13: see some changes to those. Numbers is the hours way

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Speaker 13: off by where? On and we get into to the.

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Speaker 13: Morning but this was inconceivable few months, ago AND i

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Speaker 13: think we should underscore that if you go back to

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Speaker 13: the end of last, year When Justin trudeau was still

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Speaker 13: in power as the leader of The Liberal party and

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Speaker 13: The prime minister of this, Country liberals were not doing.

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Speaker 13: Well they were losing To conservatives by twenty percent in

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Speaker 13: public opinion. Polls that changed really radically because of two.

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Speaker 13: Things the emergence Of Mark karney is the new leader

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Speaker 13: of that, party And Donald trump returned to The White

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Speaker 13: house In, washington D. C and that provided the kind

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Speaker 13: of contour or driving message of this, campaign not just

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Speaker 13: for The Liberal party but for The Conservative party as

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Speaker 13: well as some of these other smaller. Parties the challenge

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Speaker 13: of having to deal with what was has been a

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Speaker 13: long standing ally where we saw the tone change on

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Speaker 13: the economic and trading relationship that's been so crucial to

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Speaker 13: these two countries in these threats To canadian sovereignty as.

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Speaker 13: Well and so you heard that From Mark carney last,

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Speaker 13: night i should say early in the morning as he

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Speaker 13: took to the stage In ottawa, again a recognition of,

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Speaker 13: that a renewed seriousness having to deal with that, threat

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Speaker 13: and him articulating his plans for whenever that meeting happens

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Speaker 13: between him And President. Trump and what he said during

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Speaker 13: the campaign was shortly after this election should he, win

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Speaker 13: that's when the, conversation the real conversation can take place

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Speaker 13: about what this relationship looks like going.

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Speaker 4: Forward, NATHAN i want to talk a little more about that.

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Speaker 3: Conversation we've got breaking news this morning from The Canadian

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Speaker 3: Broadcasting corporation that The conservative Leader Pierre pauliev is projected

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Speaker 3: to lose his. Seat how does that potentially underscore where

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Speaker 3: The conservatives stand?

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Speaker 13: Now this is incredible news for The conservative. Peer polievs

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Speaker 13: a young, politician he's forty five and he's held this.

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Speaker 13: Seat he's held that riding that district for twenty years

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Speaker 13: and so to hear that he hasn't won. It that's

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Speaker 13: the riding Of, carleton about thirty five miles away from From.

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Speaker 13: Ontario From, Ottawa ontario is. Astonishing and if you look

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Speaker 13: at the past that the leaders of parties that have

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Speaker 13: lost have stepped down from that leadership role pretty shortly.

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Speaker 13: Thereafter so that's something we'll be watching here. Too does

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Speaker 13: he stay on in that. Position but it's a story

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Speaker 13: that's also true of The New Democratic, party one of

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Speaker 13: these smaller parties that performed much worse THAN i think

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Speaker 13: its supporters hoped it, would and so it gained about

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Speaker 13: seven seats over the course of this election it had

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Speaker 13: twenty four before, that and it puts it in a

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Speaker 13: very difficult position going forward here because it's not going

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Speaker 13: to have the of parliamentary recognition that it had with more.

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Speaker 13: Seats the reason all this is important is If Mark

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Speaker 13: carney is governing a federal minority, government he's going to

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Speaker 13: need these parties to help him and so that'll be

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Speaker 13: a thing that will be really fascinating to follow. Again

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Speaker 13: should he be in a minority, position how he begins

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Speaker 13: to cobble together some sort of agreement or coalition among

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Speaker 13: these parties to support his legislative. Agenda his background as a,

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Speaker 13: technocrat of, course a central bank, governor he just embraced

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Speaker 13: politics over the last few. Weeks how he navigates that

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Speaker 13: success will be something very very interesting to, Watch, nathan.

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Speaker 4: Only about thirty seconds.

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Speaker 3: Left but where does this Position Mark carney now in

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Speaker 3: this standoff that he now says he's been forced into

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Speaker 3: with THE.

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Speaker 4: Us, well he Says canada's sovereignty is not.

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Speaker 13: Negotiable nathan AND i think that he's drawn that line

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Speaker 13: in the sand and that'll remain the. Case but he's

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Speaker 13: talked a lot about the way That canada is going

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Speaker 13: to get through, this the sacrifices That canada's going to

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Speaker 13: need to, make the economic. Sacrifices we'll see sort of

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Speaker 13: what the contours of that program look like in the

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Speaker 13: weeks to come. Here but he's proposed a lot of

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Speaker 13: new fiscal, spending particularly on housing here to Insulate canada's

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Speaker 13: economy and to get it going once. Again that's what

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Speaker 13: we'll be watching here now that he has become and

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Speaker 13: will be, REMAINED i should, say the twenty Fourth Prime

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Speaker 13: minister Of.

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Speaker 2: Canada this Is Bloomberg Day, Break Your morning podcast on

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Speaker 4: And I'm Nathan.

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Speaker 3: Hager join us again tomorrow morning for all the news

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Speaker 3: need to start your day right here On bloomberg Day

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Speaker 3: break

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Speaker 2: M