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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 the stories we're following today.

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Speaker 1: John, we begin with the latest developments in the war

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Speaker 1: in the Middle East and a warning from Secretary of

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Speaker 1: State Anthony Blincoln. He says Israel risks fueling a Hamas

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Speaker 1: insurgency in post war Gaza. Blinken cautions there will still

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Speaker 1: be thousands of armed militants in the area even if

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Speaker 1: Israel invades the city of Rafa.

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Speaker 3: Israel's on the directory, potentially to inherit an insurgency with

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Speaker 3: many armed moss left, or if it leaves a vacuum

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Speaker 3: filled by chaos, filled by anarchy, and probably refilled by Amas.

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Speaker 1: Secretary of State Blincoln added the Biden administration has not

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Speaker 1: seen a credible Israeli planned to shield civilians in a

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Speaker 1: Rafa assault. He made the comments on NBC's Meet the Press,

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Speaker 1: Catch the program Sundays on Bloomberg Radio.

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Speaker 2: And camps Protest so for the War in Gazick Colliding

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Speaker 2: with college graduation season, comedian Jerry Seinfeld was the commencement

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Speaker 2: speaker at Duke University this weekend. About thirty students walked out,

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Speaker 2: chanting Free Palestine and waving flags when he was introduced

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Speaker 2: with Seinfeld didn't address the protests. A small group of

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Speaker 2: demonstrators also showed up at UC Berkeley's commencement on Saturday,

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Speaker 2: but the university says the protesters left voluntarily and nobody

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Speaker 2: was arrested. More schools have threatened student protesters with arrest

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Speaker 2: or expulsion if they don't clear out pro Palestini encampments

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Speaker 2: ahead of graduation ceremonies.

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Speaker 1: The meantime, John Bloomberg News has learned that President Biden

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Speaker 1: is going to quadruple tariffs on Chinese electric vehicles this

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Speaker 1: week and sharply increase levies for other key industries. Bloomberg's

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Speaker 1: chief North Asia correspondent Steven Engel has the details.

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Speaker 4: The announcement could come as early as Tuesday in the

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Speaker 4: United States tomorrow, but there could be seeing a doubling

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Speaker 4: or even a tripling of other target industries and products

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Speaker 4: like batteries like solar cells, steel and aluminum already been targeted.

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Speaker 4: Whether there's going to be an increase there, but again

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Speaker 4: these products are not imported into the United States in

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Speaker 4: great volumes.

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Speaker 1: Bloomberg Steven Engel also points out that Biden's plan for

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Speaker 1: more tariffs is mostly symbolic, as China does not rely

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Speaker 1: on US consumers in those sectors.

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Speaker 2: And in another development, US officials intend to highlight security

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Speaker 2: concerns with China's development of artificial intelligence. Senior Administration officials

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Speaker 2: say the emerging technology will be a major topic when

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Speaker 2: representatives of the US and China meet tomorrow in Geneva.

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Speaker 2: The meeting initiates talks agreed to last year by President

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Speaker 2: Biden and Shijing Ping to address security and safety concerns

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Speaker 2: over AI. Even as the two countries intensify their competition

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Speaker 2: in that sphere.

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Speaker 1: Well, President Biden could face an uphill battle john convincing

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Speaker 1: voters the economies headed in the right direction.

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Speaker 5: That's what the latest.

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Speaker 1: Polling is indicating, and we get the numbers from Bloomberg's

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Speaker 1: Dan Schwartzman.

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Speaker 6: A new poll from the Financial Time shows that President

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Speaker 6: Biden's prospects for reelection are being dampened by voters' concerns

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Speaker 6: over inflation. According to the latest from the FT Michigan

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Speaker 6: Ross poll, high prices are one of the biggest challenges

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Speaker 6: for eighty percent of voters. People disapproving of Biden's handling

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Speaker 6: of the economy increased in one month, from fifty five

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Speaker 6: percent to fifty eight percent. The poll also showed that

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Speaker 6: voters blamed Biden for higher gas and food prices without

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Speaker 6: giving him any credit for a strong jobs market and

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Speaker 6: a booming economy. Dan Schwartzman, Bloomberg Radio, and.

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Speaker 2: We now turn to the latest developments in the criminal

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Speaker 2: trial involving Donald Trump, lead star prosecution witness in the

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Speaker 2: hush money trials set to take the stand today. We

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Speaker 2: get the latest from Bloomberg Law host June Grosso in

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Speaker 2: New York.

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Speaker 7: On Friday, jurors saw Donald Trump's twenty eighteen tweets defending

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Speaker 7: one hundred and thirty thousand dollars hush money agreement with

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Speaker 7: adult phil mactress Stormy Daniels ahead of potentially explosive testimony

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Speaker 7: from Michael Cohen, the star process cution witness who made

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Speaker 7: the payment on Trump's behalf. Prosecutors have been laying the

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Speaker 7: groundwork for Cohen's testimony because he comes to the s

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Speaker 7: down with a lot of baggage that will surely be

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Speaker 7: explored on cross examination. In New York, June Grosso, Bloomberg Radio.

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Speaker 1: And June That's not the only high profile core case

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Speaker 1: happening in Manhattan today. Opening statements are set to begin

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Speaker 1: in the trial of Our Chagos founder Bill Wong on fraud, racketeering, conspiracy,

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Speaker 1: and market manipulation charges. Bloombrigs Shanelli Bassett is covering that

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Speaker 1: case and brings us this preview.

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Speaker 8: In one of the most highly watched white collar crime

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Speaker 8: cases in recent history, Bill Wang, the founder of Our

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Speaker 8: Chagos Capital Management, is set to face trial today in

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Speaker 8: Manhattan Federal Court, where jury trial will begin. The Justice

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Speaker 8: Department is set to lay out an argument in a

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Speaker 8: high stakes debate where Bill Wang is expected to defend

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Speaker 8: himself vigorously, even drawing concerns about the banks themselves which

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Speaker 8: had lost so much money as Our Chagos collapsed, including

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Speaker 8: it SWEE, which later failed in New York. Shanali Bassic

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Speaker 8: Bloomberg Radio.

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Speaker 2: I think Shanali and turning to the market's futures higher

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Speaker 2: as we begin a new trading week against and P

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Speaker 2: five hundred, coming off its third straight week of gains.

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Speaker 2: That's the longest winning run since February. Meanwhile, the Dow

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Speaker 2: has gained for rising eight straight sessions, and Alan Zaffron

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Speaker 2: the co CEO to I EQ Capital says, there's a

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Speaker 2: lot of momentum behind the latest rally.

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Speaker 9: Everyone's been worried about the Feds get a cut rates,

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Speaker 9: cut rates, so it won't cut rates. Oh my gosh,

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Speaker 9: I have to reprice my models. But stocks keep going

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Speaker 9: up anyway. And I think the lesson learned is the

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Speaker 9: economy isn't as interest rates sensitive as it used to be,

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Speaker 9: and there was so much money thrown at corporations and

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Speaker 9: individuals through COVID that it has a lot of pent

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Speaker 9: up cash on the sidelines, ready to buy any asset

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Speaker 9: at any drop.

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Speaker 2: Alan Zaffren at I EQ Capital says the big event

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Speaker 2: for the markets this week likely is going to be

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Speaker 2: Wednesday's consumer price print.

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Speaker 1: Company news John, Amazon, Pfizer, Microsoft, and Morgan Stanley are

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Speaker 1: among companies poised to boost their presence in France. President

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Speaker 1: Dmanuel macrom is hosting one hundred and eighty CEOs and

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Speaker 1: executives for the Choose France Summit. Flagship event is now

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Speaker 1: in its seventh year. It's part of a push by

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Speaker 1: the mcron government to reindustrialize the country, simplify its regulations

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Speaker 1: to attract foreign companies and make it a financial hub

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Speaker 1: for the post Brexit European Union. Stick with Bloomberg this afternoon,

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Speaker 1: President Macrome's going to sit down with Bloomberg News editor

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Speaker 1: in chief John Micklethwaite for what we expect will be

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Speaker 1: a very wide ranging interview. That's coming up at one

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Speaker 1: pm Wall Street Time, and you can hear it on

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Speaker 1: Bloomberg Radio and watch it on Bloomberg Television.

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Speaker 2: And Nathan, if you're hitting the road this Memorial Day,

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Speaker 2: you're certainly not alone. In fact, Triple A expects about

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Speaker 2: for thirty eight point four million people will drive the

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Speaker 2: holiday weekend. That's the most in more than two decades

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Speaker 2: of data tracking the holidays travel numbers. Triple A is

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Speaker 2: saying almost forty four billion people Little bark On trips

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Speaker 2: of all forums, it's the highest second highest number TRIPAA

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Speaker 2: has seen since two thousand and five, when consumer sentiment

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Speaker 2: had recovered from the September eleventh, two thousand and one

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Speaker 2: attacks and had yet to be royal by the two

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Speaker 2: thousand and eight financial crisis. Yeah, that brings us to

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Speaker 2: five a weight on Wall Street Time. Now for a

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Speaker 2: look at some of the other stories making news in

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Speaker 2: New York and around the world. For that We're joined

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Speaker 2: by Bloomberg's Michael Barr. Michael, good morning, Good morning John.

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Speaker 2: The bribery trial of US Senator Robert Menendez of New

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Speaker 2: Jersey begins this morning in Manhattan. Menendez has defied calls

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Speaker 2: to resign from the Senate. The seventy year old democrat

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Speaker 2: and his wife are accused of accepting bribes from three

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Speaker 2: wealthy businessmen in return for favors. Accusations include meddling in

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Speaker 2: criminal investigations and taking actions benefiting the governments of Egypt

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Speaker 2: and Cutter. The Fed say they found stacks of cash

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Speaker 2: and gold bars in Menendez's house. The senator is pleaded

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Speaker 2: not guilty. There has been a major shuffle in the

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Speaker 2: Russian government. President Vladimir Putin has tapped a civilian economist

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Speaker 2: as his surprise. New Defense Minister Andre Belusov is to

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Speaker 2: replace Sergei Shoigu. Shawshank Joshi with The economist tells us

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Speaker 2: Shoigu had been in the job since twenty twelve.

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Speaker 10: I'm not surprised he's being moved on. I am perhaps

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Speaker 10: a little bit more surprised we're seeing an economists go

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Speaker 10: into that post. But it is worth remembering that Shoigu's predecessor,

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Speaker 10: Anatoly Sadukov. He was also a business figure. He was

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Speaker 10: Minister of Taxes.

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Speaker 11: Shoigu's deputy was arrested last month on bribery charges. The

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Speaker 11: controlled demolition to remove a portion of Baltimore's Francis scott

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Speaker 11: Key Bridge is scheduled for today. It was postponed yesterday

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Speaker 11: due to lightning. Meanwhile, cruises have been rerouted to Norfolk

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Speaker 11: because of the bridge collapse. Carnival Cruise Lines has announced

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Speaker 11: that it is planning to embark guests on Carnival Pride

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Speaker 11: May nineteenth cruise in Norfolk, Virginia, but expects to end

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Speaker 11: sailing in Baltimore, Regina. Ali with the Triple A in

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Speaker 11: Baltimore went on a cruise March twenty fourth, not aware

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Speaker 11: she was on one of the last ones to sail

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Speaker 11: under the bridge. The captain announced later that the bridge

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Speaker 11: had collapsed and would likely impact their return to Baltimore.

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Speaker 7: No one expected that when we left Baltimore and now

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Speaker 7: on March twenty fourth, that we were going to be

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Speaker 7: the last Carnival ship sailing under the Francis Skoykey Bridge.

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Speaker 11: Officials expect the Dolly the ship that crashed into the

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Speaker 11: Key Bridge to be moved back to the Port of Baltimore. Finally,

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Speaker 11: actor Steve Bousham he was assaulted in Manhattan. Police say

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Speaker 11: of the sixty six year old Brooklyn native was walking

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Speaker 11: when he was randomly punched. Bousham He was taken to

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Speaker 11: a hospital for bruising, swelling, and bleeding to his left eye.

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Speaker 11: The actor's publicist says Bushaming is okay and appreciates everyone's

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Speaker 11: well wishes. The attacker hasn't been caught yet. Global News

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Speaker 11: twenty four hours a day and whenever you want it

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Speaker 11: with the Bloomberg News. Now, I'm Michael Barr, and this

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Speaker 11: is Bloomberg John.

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Speaker 2: Michael, thank you. Oh yeah, there's now five The Love

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Speaker 2: About Wall Street. That's the time for the Bloomberg Sports Day,

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Speaker 2: Dan for that. Good morning, John, Stencharmark.

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Speaker 5: Hacking Morning John.

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Speaker 12: Fifth worst playoff loss in Knick's history, Game four at Indiana.

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Speaker 12: They trailed the Pacers by twenty in the first quarter,

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Speaker 12: by thirty in the second, The Pacers lead grew to

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Speaker 12: forty three Indiana one one twenty one to eighty nine

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Speaker 12: to tie the series. Of two Pacers made their shots,

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Speaker 12: Nicks missed theirs. They missed thirty three pointers. The Villanova

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Speaker 12: trio Jalen Bruns and Josh r Dunte Ne Vincenzo together

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Speaker 12: shot ten for thirty six, made only one three game

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Speaker 12: fives tomorrow.

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Speaker 5: With the Garden. That's where Knicks coach Tom Thibodeaux is

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Speaker 5: looking towards.

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Speaker 2: We can't have a hangover.

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Speaker 13: We got to fix it and we have to come

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Speaker 13: with a will and determination to respond to what happened,

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Speaker 13: and I think the biggest thing, and this team has

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Speaker 13: responded all year, So that's what we're expecting to do.

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Speaker 13: We got to put the work into it and be

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Speaker 13: ready to.

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Speaker 12: The home teams won every game in the West. The

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Speaker 12: road teams won every game. Is Denver won again at

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Speaker 12: Minnesota one fifteen, one oh seven. Okolio could scored thirty

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Speaker 12: five and then win. Anthony Edwards had forty four in

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Speaker 12: the lost. The Atlanta Hawks had a three percent chance

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Speaker 12: of winning the NBA Draft lottery.

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Speaker 5: They won it. They'll have the first pick Saley got. Playoffs.

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Speaker 12: Florida won again in Boston, three to two. A disputed

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Speaker 12: go ahead third period goal. Bruins Felt and Alexander Barkoff

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Speaker 12: crosscheck allowed.

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Speaker 5: Him to score Panthers now leave the series three to one.

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Speaker 12: In the Battle of Western Canada, Vancouver won four to

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Speaker 12: three at Edmonton for two to one Lee.

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Speaker 5: The Rangers are up three to one.

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Speaker 12: They'll host Carolina tonight at Cityfield. Mets were two outs

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Speaker 12: from getting swept by Atlanta. Brandon Nimmo will a walk

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Speaker 12: off pinch hit two run over bottle of the ninth

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Speaker 12: Mets one four to three.

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Speaker 5: Yankees blew most of US six to nothing.

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Speaker 13: League.

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Speaker 12: They hit five home runs. They won ten six. At

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Speaker 12: Tampa Bay, the Red Sox top the Nationals three to two.

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Speaker 12: Rory McElroy seventeen under par. He won in Charlotte by

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Speaker 12: five shots. That's even with a double bogie on the

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Speaker 12: final hole. It's the fourth time that he's.

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Speaker 5: Won at Quail. Hello, John Stashdamit Bloomberg Sports.

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Speaker 11: Johnny Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 11: and around.

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Speaker 6: The world on Bloomberg dot Com and the Bloomberg Business app.

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Speaker 5: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.

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Speaker 1: The US could be facing new friction over the Middle

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Speaker 1: East and Asia, with the State Department offering a further

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Speaker 1: rationale for President Biden's decision to withhold offensive weapons for Israel,

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Speaker 1: and new details coming up about the president's tariff's plans

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Speaker 1: for China. For more on all this, we're joined now

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Speaker 1: by Bloomberg News Senior editor Bill Ferries. Bill, good morning.

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Speaker 1: So we heard over the weekend from Secretary Blincoln on

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Speaker 1: the Sunday Show seeming to prad Israel to think more

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Speaker 1: about what the conduct of this war could mean for

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Speaker 1: Gaza post war. What do you make of some of

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Speaker 1: the Secretary's latest comments.

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Speaker 14: Well, thanks for having me. The criticism from the administration

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Speaker 14: just continues to ramp up. We heard Secretary of Blincoln

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Speaker 14: this weekend saying that even if Israel goes in and

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Speaker 14: takes heavy action and goes after the these brigades of

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Speaker 14: of Hamas militants that it believes are kind of hold

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Speaker 14: up there, he said, there's still going to be thousands

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Speaker 14: of supporters left, armed supporters, armed militants, and that Israel

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Speaker 14: is going to is basically going to inherit an insurgency

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Speaker 14: that's going to dog it potentially for years after this

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Speaker 14: operation concludes. The Administration is still very focused on trying

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Speaker 14: to prevent Israel from going in with a you know,

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Speaker 14: a full ground invasion.

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Speaker 13: Uh.

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Speaker 14: They also want to try to see some of these

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Speaker 14: talks that have been on and off again in Qatar

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Speaker 14: and then UH and then in Cairo get a little

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Speaker 14: more momentum behind them.

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Speaker 7: UH.

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Speaker 14: And they say they still haven't seen a plan to

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Speaker 14: help help move these The civilian population that has basically

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Speaker 14: been trapped in in Rafa largely for several weeks now

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Speaker 14: hasn't seen a plan for how to get them safely out.

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Speaker 14: Israel says about three hundred thousand of those people have left,

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Speaker 14: but it's not really clear if they're Some of the

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Speaker 14: areas they have to traps through are still basically a

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Speaker 14: war zone, and they're not going to areas that are

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Speaker 14: necessarily in any condition to accept tens of thousands or

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Speaker 14: hundreds of thousands of more internal refugees.

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Speaker 1: On top of all this, we're getting a little bit

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Speaker 1: more color bill on some reporting that Bloomberg News did

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Speaker 1: last week about President Biden's plans to pretty significantly increase

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Speaker 1: tariffs on certain Chinese goods.

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Speaker 14: Right, we knew that there were likely tariffs coming for

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Speaker 14: things like electric vehicles, batteries, some components in solar panel industry.

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Speaker 14: We had also heard about steeling Alunum. But the headline number,

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Speaker 14: as you were hinting at there, was really the Chinese

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Speaker 14: electric vehicles. The tariff jumping likely jumping from twenty seven

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Speaker 14: and a half percent to one hundred and two zero

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Speaker 14: point five percent. So basically whatever the price would be

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Speaker 14: on import doubling. Now as you and I know you

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Speaker 14: can't know, you can't go out there and buy bid

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Speaker 14: vehicles in the United States at this point. The tariffs

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Speaker 14: that were in place, we're basically prohibiting that already. This

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Speaker 14: makes it. I think this puts all that further out

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Speaker 14: of reach in some ways symbolic both of the presidential

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Speaker 14: campaign that's going on and this continuing heightened tensions between

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Speaker 14: the US and China in the middle of a campaign

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Speaker 14: where I think both parties, both presidential candidates want to

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Speaker 14: show how tough they can be on Beijing.

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Speaker 1: I'll think about thirty seconds left here, billb But can

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Speaker 1: we see more of those tensions play out when US

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Speaker 1: and Chinese officials are scheduled to meet in Geneva tomorrow.

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Speaker 14: So we're expecting this meeting in Geneva to talk about

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Speaker 14: artificial intelligence, the development of that industry, the expectation is

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Speaker 14: you could start to have the world's two biggest economies

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Speaker 14: talk about putting some guardrails and general regulations on how

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Speaker 14: AI develops. The US is going to go into it,

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Speaker 14: according to our reporting, with a big focus on concerns

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Speaker 14: about how China's development may be undermining the national security

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Speaker 14: of both the United States and many other nations out there.

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Speaker 14: So on the one hand, that's good they're having these talks,

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Speaker 14: so on the other hand, it's probably going to be

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Speaker 14: a difficult conversation.

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Speaker 1: This is Bloomberg Daybreak Today, your morning brief on the

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Speaker 1: stories making news from Wall Street to Washington and beyond.

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Speaker 2: I'm Nathan Hager and I'm John Tucker. Join us again

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Speaker 2: tomorrow morning for all the news you need to start

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Speaker 14: Every day