Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm John Tucker. Here
Speaker 2: are the stories we're following today.
Speaker 1: John, we begin with the latest developments in the war
Speaker 1: in the Middle East and a warning from Secretary of
Speaker 1: State Anthony Blincoln. He says Israel risks fueling a Hamas
Speaker 1: insurgency in post war Gaza. Blinken cautions there will still
Speaker 1: be thousands of armed militants in the area even if
Speaker 1: Israel invades the city of Rafa.
Speaker 3: Israel's on the directory, potentially to inherit an insurgency with
Speaker 3: many armed moss left, or if it leaves a vacuum
Speaker 3: filled by chaos, filled by anarchy, and probably refilled by Amas.
Speaker 1: Secretary of State Blincoln added the Biden administration has not
Speaker 1: seen a credible Israeli planned to shield civilians in a
Speaker 1: Rafa assault. He made the comments on NBC's Meet the Press,
Speaker 1: Catch the program Sundays on Bloomberg Radio.
Speaker 2: And camps Protest so for the War in Gazick Colliding
Speaker 2: with college graduation season, comedian Jerry Seinfeld was the commencement
Speaker 2: speaker at Duke University this weekend. About thirty students walked out,
Speaker 2: chanting Free Palestine and waving flags when he was introduced
Speaker 2: with Seinfeld didn't address the protests. A small group of
Speaker 2: demonstrators also showed up at UC Berkeley's commencement on Saturday,
Speaker 2: but the university says the protesters left voluntarily and nobody
Speaker 2: was arrested. More schools have threatened student protesters with arrest
Speaker 2: or expulsion if they don't clear out pro Palestini encampments
Speaker 2: ahead of graduation ceremonies.
Speaker 1: The meantime, John Bloomberg News has learned that President Biden
Speaker 1: is going to quadruple tariffs on Chinese electric vehicles this
Speaker 1: week and sharply increase levies for other key industries. Bloomberg's
Speaker 1: chief North Asia correspondent Steven Engel has the details.
Speaker 4: The announcement could come as early as Tuesday in the
Speaker 4: United States tomorrow, but there could be seeing a doubling
Speaker 4: or even a tripling of other target industries and products
Speaker 4: like batteries like solar cells, steel and aluminum already been targeted.
Speaker 4: Whether there's going to be an increase there, but again
Speaker 4: these products are not imported into the United States in
Speaker 4: great volumes.
Speaker 1: Bloomberg Steven Engel also points out that Biden's plan for
Speaker 1: more tariffs is mostly symbolic, as China does not rely
Speaker 1: on US consumers in those sectors.
Speaker 2: And in another development, US officials intend to highlight security
Speaker 2: concerns with China's development of artificial intelligence. Senior Administration officials
Speaker 2: say the emerging technology will be a major topic when
Speaker 2: representatives of the US and China meet tomorrow in Geneva.
Speaker 2: The meeting initiates talks agreed to last year by President
Speaker 2: Biden and Shijing Ping to address security and safety concerns
Speaker 2: over AI. Even as the two countries intensify their competition
Speaker 2: in that sphere.
Speaker 1: Well, President Biden could face an uphill battle john convincing
Speaker 1: voters the economies headed in the right direction.
Speaker 5: That's what the latest.
Speaker 1: Polling is indicating, and we get the numbers from Bloomberg's
Speaker 1: Dan Schwartzman.
Speaker 6: A new poll from the Financial Time shows that President
Speaker 6: Biden's prospects for reelection are being dampened by voters' concerns
Speaker 6: over inflation. According to the latest from the FT Michigan
Speaker 6: Ross poll, high prices are one of the biggest challenges
Speaker 6: for eighty percent of voters. People disapproving of Biden's handling
Speaker 6: of the economy increased in one month, from fifty five
Speaker 6: percent to fifty eight percent. The poll also showed that
Speaker 6: voters blamed Biden for higher gas and food prices without
Speaker 6: giving him any credit for a strong jobs market and
Speaker 6: a booming economy. Dan Schwartzman, Bloomberg Radio, and.
Speaker 2: We now turn to the latest developments in the criminal
Speaker 2: trial involving Donald Trump, lead star prosecution witness in the
Speaker 2: hush money trials set to take the stand today. We
Speaker 2: get the latest from Bloomberg Law host June Grosso in
Speaker 2: New York.
Speaker 7: On Friday, jurors saw Donald Trump's twenty eighteen tweets defending
Speaker 7: one hundred and thirty thousand dollars hush money agreement with
Speaker 7: adult phil mactress Stormy Daniels ahead of potentially explosive testimony
Speaker 7: from Michael Cohen, the star process cution witness who made
Speaker 7: the payment on Trump's behalf. Prosecutors have been laying the
Speaker 7: groundwork for Cohen's testimony because he comes to the s
Speaker 7: down with a lot of baggage that will surely be
Speaker 7: explored on cross examination. In New York, June Grosso, Bloomberg Radio.
Speaker 1: And June That's not the only high profile core case
Speaker 1: happening in Manhattan today. Opening statements are set to begin
Speaker 1: in the trial of Our Chagos founder Bill Wong on fraud, racketeering, conspiracy,
Speaker 1: and market manipulation charges. Bloombrigs Shanelli Bassett is covering that
Speaker 1: case and brings us this preview.
Speaker 8: In one of the most highly watched white collar crime
Speaker 8: cases in recent history, Bill Wang, the founder of Our
Speaker 8: Chagos Capital Management, is set to face trial today in
Speaker 8: Manhattan Federal Court, where jury trial will begin. The Justice
Speaker 8: Department is set to lay out an argument in a
Speaker 8: high stakes debate where Bill Wang is expected to defend
Speaker 8: himself vigorously, even drawing concerns about the banks themselves which
Speaker 8: had lost so much money as Our Chagos collapsed, including
Speaker 8: it SWEE, which later failed in New York. Shanali Bassic
Speaker 8: Bloomberg Radio.
Speaker 2: I think Shanali and turning to the market's futures higher
Speaker 2: as we begin a new trading week against and P
Speaker 2: five hundred, coming off its third straight week of gains.
Speaker 2: That's the longest winning run since February. Meanwhile, the Dow
Speaker 2: has gained for rising eight straight sessions, and Alan Zaffron
Speaker 2: the co CEO to I EQ Capital says, there's a
Speaker 2: lot of momentum behind the latest rally.
Speaker 9: Everyone's been worried about the Feds get a cut rates,
Speaker 9: cut rates, so it won't cut rates. Oh my gosh,
Speaker 9: I have to reprice my models. But stocks keep going
Speaker 9: up anyway. And I think the lesson learned is the
Speaker 9: economy isn't as interest rates sensitive as it used to be,
Speaker 9: and there was so much money thrown at corporations and
Speaker 9: individuals through COVID that it has a lot of pent
Speaker 9: up cash on the sidelines, ready to buy any asset
Speaker 9: at any drop.
Speaker 2: Alan Zaffren at I EQ Capital says the big event
Speaker 2: for the markets this week likely is going to be
Speaker 2: Wednesday's consumer price print.
Speaker 1: Company news John, Amazon, Pfizer, Microsoft, and Morgan Stanley are
Speaker 1: among companies poised to boost their presence in France. President
Speaker 1: Dmanuel macrom is hosting one hundred and eighty CEOs and
Speaker 1: executives for the Choose France Summit. Flagship event is now
Speaker 1: in its seventh year. It's part of a push by
Speaker 1: the mcron government to reindustrialize the country, simplify its regulations
Speaker 1: to attract foreign companies and make it a financial hub
Speaker 1: for the post Brexit European Union. Stick with Bloomberg this afternoon,
Speaker 1: President Macrome's going to sit down with Bloomberg News editor
Speaker 1: in chief John Micklethwaite for what we expect will be
Speaker 1: a very wide ranging interview. That's coming up at one
Speaker 1: pm Wall Street Time, and you can hear it on
Speaker 1: Bloomberg Radio and watch it on Bloomberg Television.
Speaker 2: And Nathan, if you're hitting the road this Memorial Day,
Speaker 2: you're certainly not alone. In fact, Triple A expects about
Speaker 2: for thirty eight point four million people will drive the
Speaker 2: holiday weekend. That's the most in more than two decades
Speaker 2: of data tracking the holidays travel numbers. Triple A is
Speaker 2: saying almost forty four billion people Little bark On trips
Speaker 2: of all forums, it's the highest second highest number TRIPAA
Speaker 2: has seen since two thousand and five, when consumer sentiment
Speaker 2: had recovered from the September eleventh, two thousand and one
Speaker 2: attacks and had yet to be royal by the two
Speaker 2: thousand and eight financial crisis. Yeah, that brings us to
Speaker 2: five a weight on Wall Street Time. Now for a
Speaker 2: look at some of the other stories making news in
Speaker 2: New York and around the world. For that We're joined
Speaker 2: by Bloomberg's Michael Barr. Michael, good morning, Good morning John.
Speaker 2: The bribery trial of US Senator Robert Menendez of New
Speaker 2: Jersey begins this morning in Manhattan. Menendez has defied calls
Speaker 2: to resign from the Senate. The seventy year old democrat
Speaker 2: and his wife are accused of accepting bribes from three
Speaker 2: wealthy businessmen in return for favors. Accusations include meddling in
Speaker 2: criminal investigations and taking actions benefiting the governments of Egypt
Speaker 2: and Cutter. The Fed say they found stacks of cash
Speaker 2: and gold bars in Menendez's house. The senator is pleaded
Speaker 2: not guilty. There has been a major shuffle in the
Speaker 2: Russian government. President Vladimir Putin has tapped a civilian economist
Speaker 2: as his surprise. New Defense Minister Andre Belusov is to
Speaker 2: replace Sergei Shoigu. Shawshank Joshi with The economist tells us
Speaker 2: Shoigu had been in the job since twenty twelve.
Speaker 10: I'm not surprised he's being moved on. I am perhaps
Speaker 10: a little bit more surprised we're seeing an economists go
Speaker 10: into that post. But it is worth remembering that Shoigu's predecessor,
Speaker 10: Anatoly Sadukov. He was also a business figure. He was
Speaker 10: Minister of Taxes.
Speaker 11: Shoigu's deputy was arrested last month on bribery charges. The
Speaker 11: controlled demolition to remove a portion of Baltimore's Francis scott
Speaker 11: Key Bridge is scheduled for today. It was postponed yesterday
Speaker 11: due to lightning. Meanwhile, cruises have been rerouted to Norfolk
Speaker 11: because of the bridge collapse. Carnival Cruise Lines has announced
Speaker 11: that it is planning to embark guests on Carnival Pride
Speaker 11: May nineteenth cruise in Norfolk, Virginia, but expects to end
Speaker 11: sailing in Baltimore, Regina. Ali with the Triple A in
Speaker 11: Baltimore went on a cruise March twenty fourth, not aware
Speaker 11: she was on one of the last ones to sail
Speaker 11: under the bridge. The captain announced later that the bridge
Speaker 11: had collapsed and would likely impact their return to Baltimore.
Speaker 7: No one expected that when we left Baltimore and now
Speaker 7: on March twenty fourth, that we were going to be
Speaker 7: the last Carnival ship sailing under the Francis Skoykey Bridge.
Speaker 11: Officials expect the Dolly the ship that crashed into the
Speaker 11: Key Bridge to be moved back to the Port of Baltimore. Finally,
Speaker 11: actor Steve Bousham he was assaulted in Manhattan. Police say
Speaker 11: of the sixty six year old Brooklyn native was walking
Speaker 11: when he was randomly punched. Bousham He was taken to
Speaker 11: a hospital for bruising, swelling, and bleeding to his left eye.
Speaker 11: The actor's publicist says Bushaming is okay and appreciates everyone's
Speaker 11: well wishes. The attacker hasn't been caught yet. Global News
Speaker 11: twenty four hours a day and whenever you want it
Speaker 11: with the Bloomberg News. Now, I'm Michael Barr, and this
Speaker 11: is Bloomberg John.
Speaker 2: Michael, thank you. Oh yeah, there's now five The Love
Speaker 2: About Wall Street. That's the time for the Bloomberg Sports Day,
Speaker 2: Dan for that. Good morning, John, Stencharmark.
Speaker 5: Hacking Morning John.
Speaker 12: Fifth worst playoff loss in Knick's history, Game four at Indiana.
Speaker 12: They trailed the Pacers by twenty in the first quarter,
Speaker 12: by thirty in the second, The Pacers lead grew to
Speaker 12: forty three Indiana one one twenty one to eighty nine
Speaker 12: to tie the series. Of two Pacers made their shots,
Speaker 12: Nicks missed theirs. They missed thirty three pointers. The Villanova
Speaker 12: trio Jalen Bruns and Josh r Dunte Ne Vincenzo together
Speaker 12: shot ten for thirty six, made only one three game
Speaker 12: fives tomorrow.
Speaker 5: With the Garden. That's where Knicks coach Tom Thibodeaux is
Speaker 5: looking towards.
Speaker 2: We can't have a hangover.
Speaker 13: We got to fix it and we have to come
Speaker 13: with a will and determination to respond to what happened,
Speaker 13: and I think the biggest thing, and this team has
Speaker 13: responded all year, So that's what we're expecting to do.
Speaker 13: We got to put the work into it and be
Speaker 13: ready to.
Speaker 12: The home teams won every game in the West. The
Speaker 12: road teams won every game. Is Denver won again at
Speaker 12: Minnesota one fifteen, one oh seven. Okolio could scored thirty
Speaker 12: five and then win. Anthony Edwards had forty four in
Speaker 12: the lost. The Atlanta Hawks had a three percent chance
Speaker 12: of winning the NBA Draft lottery.
Speaker 5: They won it. They'll have the first pick Saley got. Playoffs.
Speaker 12: Florida won again in Boston, three to two. A disputed
Speaker 12: go ahead third period goal. Bruins Felt and Alexander Barkoff
Speaker 12: crosscheck allowed.
Speaker 5: Him to score Panthers now leave the series three to one.
Speaker 12: In the Battle of Western Canada, Vancouver won four to
Speaker 12: three at Edmonton for two to one Lee.
Speaker 5: The Rangers are up three to one.
Speaker 12: They'll host Carolina tonight at Cityfield. Mets were two outs
Speaker 12: from getting swept by Atlanta. Brandon Nimmo will a walk
Speaker 12: off pinch hit two run over bottle of the ninth
Speaker 12: Mets one four to three.
Speaker 5: Yankees blew most of US six to nothing.
Speaker 13: League.
Speaker 12: They hit five home runs. They won ten six. At
Speaker 12: Tampa Bay, the Red Sox top the Nationals three to two.
Speaker 12: Rory McElroy seventeen under par. He won in Charlotte by
Speaker 12: five shots. That's even with a double bogie on the
Speaker 12: final hole. It's the fourth time that he's.
Speaker 5: Won at Quail. Hello, John Stashdamit Bloomberg Sports.
Speaker 11: Johnny Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 11: and around.
Speaker 6: The world on Bloomberg dot Com and the Bloomberg Business app.
Speaker 5: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.
Speaker 1: The US could be facing new friction over the Middle
Speaker 1: East and Asia, with the State Department offering a further
Speaker 1: rationale for President Biden's decision to withhold offensive weapons for Israel,
Speaker 1: and new details coming up about the president's tariff's plans
Speaker 1: for China. For more on all this, we're joined now
Speaker 1: by Bloomberg News Senior editor Bill Ferries. Bill, good morning.
Speaker 1: So we heard over the weekend from Secretary Blincoln on
Speaker 1: the Sunday Show seeming to prad Israel to think more
Speaker 1: about what the conduct of this war could mean for
Speaker 1: Gaza post war. What do you make of some of
Speaker 1: the Secretary's latest comments.
Speaker 14: Well, thanks for having me. The criticism from the administration
Speaker 14: just continues to ramp up. We heard Secretary of Blincoln
Speaker 14: this weekend saying that even if Israel goes in and
Speaker 14: takes heavy action and goes after the these brigades of
Speaker 14: of Hamas militants that it believes are kind of hold
Speaker 14: up there, he said, there's still going to be thousands
Speaker 14: of supporters left, armed supporters, armed militants, and that Israel
Speaker 14: is going to is basically going to inherit an insurgency
Speaker 14: that's going to dog it potentially for years after this
Speaker 14: operation concludes. The Administration is still very focused on trying
Speaker 14: to prevent Israel from going in with a you know,
Speaker 14: a full ground invasion.
Speaker 13: Uh.
Speaker 14: They also want to try to see some of these
Speaker 14: talks that have been on and off again in Qatar
Speaker 14: and then UH and then in Cairo get a little
Speaker 14: more momentum behind them.
Speaker 7: UH.
Speaker 14: And they say they still haven't seen a plan to
Speaker 14: help help move these The civilian population that has basically
Speaker 14: been trapped in in Rafa largely for several weeks now
Speaker 14: hasn't seen a plan for how to get them safely out.
Speaker 14: Israel says about three hundred thousand of those people have left,
Speaker 14: but it's not really clear if they're Some of the
Speaker 14: areas they have to traps through are still basically a
Speaker 14: war zone, and they're not going to areas that are
Speaker 14: necessarily in any condition to accept tens of thousands or
Speaker 14: hundreds of thousands of more internal refugees.
Speaker 1: On top of all this, we're getting a little bit
Speaker 1: more color bill on some reporting that Bloomberg News did
Speaker 1: last week about President Biden's plans to pretty significantly increase
Speaker 1: tariffs on certain Chinese goods.
Speaker 14: Right, we knew that there were likely tariffs coming for
Speaker 14: things like electric vehicles, batteries, some components in solar panel industry.
Speaker 14: We had also heard about steeling Alunum. But the headline number,
Speaker 14: as you were hinting at there, was really the Chinese
Speaker 14: electric vehicles. The tariff jumping likely jumping from twenty seven
Speaker 14: and a half percent to one hundred and two zero
Speaker 14: point five percent. So basically whatever the price would be
Speaker 14: on import doubling. Now as you and I know you
Speaker 14: can't know, you can't go out there and buy bid
Speaker 14: vehicles in the United States at this point. The tariffs
Speaker 14: that were in place, we're basically prohibiting that already. This
Speaker 14: makes it. I think this puts all that further out
Speaker 14: of reach in some ways symbolic both of the presidential
Speaker 14: campaign that's going on and this continuing heightened tensions between
Speaker 14: the US and China in the middle of a campaign
Speaker 14: where I think both parties, both presidential candidates want to
Speaker 14: show how tough they can be on Beijing.
Speaker 1: I'll think about thirty seconds left here, billb But can
Speaker 1: we see more of those tensions play out when US
Speaker 1: and Chinese officials are scheduled to meet in Geneva tomorrow.
Speaker 14: So we're expecting this meeting in Geneva to talk about
Speaker 14: artificial intelligence, the development of that industry, the expectation is
Speaker 14: you could start to have the world's two biggest economies
Speaker 14: talk about putting some guardrails and general regulations on how
Speaker 14: AI develops. The US is going to go into it,
Speaker 14: according to our reporting, with a big focus on concerns
Speaker 14: about how China's development may be undermining the national security
Speaker 14: of both the United States and many other nations out there.
Speaker 14: So on the one hand, that's good they're having these talks,
Speaker 14: so on the other hand, it's probably going to be
Speaker 14: a difficult conversation.
Speaker 1: This is Bloomberg Daybreak Today, your morning brief on the
Speaker 1: stories making news from Wall Street to Washington and beyond.
Speaker 2: Look for us on your podcast feed by six am
Speaker 2: Eastern each morning, on Apples, Spotify, and anywhere else you
Speaker 2: get your podcasts.
Speaker 1: You can also listen live each morning starting at five
Speaker 1: am Wall Street Time on Bloomberg eleven three to zero
Speaker 1: in New York, Bloomberg ninety nine to one in Washington,
Speaker 1: Bloomberg one oh six to one in Boston, and Bloomberg
Speaker 1: nine sixty in San Francisco.
Speaker 2: Our flagship New York station is also available on your
Speaker 2: Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
Speaker 1: Plus listen coast to coast on the Bloomberg Business app,
Speaker 1: Sirius xmb iHeartRadio app, and on Bloomberg dot Com.
Speaker 2: I'm Nathan Hager and I'm John Tucker. Join us again
Speaker 2: tomorrow morning for all the news you need to start
Speaker 2: your day right here on Bloomberg day Break
Speaker 14: Every day