WEBVTT - Blinken Warns Israel; US Raises Concerns Over China AI

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm John Tucker. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 1>John, we begin with the latest developments in the war

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<v Speaker 1>in the Middle East and a warning from Secretary of

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<v Speaker 1>State Anthony Blincoln. He says Israel risks fueling a Hamas

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<v Speaker 1>insurgency in post war Gaza. Blinken cautions there will still

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<v Speaker 1>be thousands of armed militants in the area even if

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<v Speaker 1>Israel invades the city of Rafa.

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<v Speaker 3>Israel's on the directory, potentially to inherit an insurgency with

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<v Speaker 3>many armed moss left, or if it leaves a vacuum

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<v Speaker 3>filled by chaos, filled by anarchy, and probably refilled by Amas.

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<v Speaker 1>Secretary of State Blincoln added the Biden administration has not

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<v Speaker 1>seen a credible Israeli planned to shield civilians in a

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

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<v Speaker 1>Catch the program Sundays on Bloomberg Radio.

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<v Speaker 2>And camps Protest so for the War in Gazick Colliding

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<v Speaker 2>with college graduation season, comedian Jerry Seinfeld was the commencement

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<v Speaker 2>speaker at Duke University this weekend. About thirty students walked out,

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<v Speaker 2>chanting Free Palestine and waving flags when he was introduced

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<v Speaker 2>with Seinfeld didn't address the protests. A small group of

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<v Speaker 2>demonstrators also showed up at UC Berkeley's commencement on Saturday,

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<v Speaker 2>but the university says the protesters left voluntarily and nobody

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<v Speaker 2>was arrested. More schools have threatened student protesters with arrest

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<v Speaker 2>or expulsion if they don't clear out pro Palestini encampments

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<v Speaker 2>ahead of graduation ceremonies.

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<v Speaker 1>The meantime, John Bloomberg News has learned that President Biden

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<v Speaker 1>is going to quadruple tariffs on Chinese electric vehicles this

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<v Speaker 1>week and sharply increase levies for other key industries. Bloomberg's

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<v Speaker 1>chief North Asia correspondent Steven Engel has the details.

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<v Speaker 4>The announcement could come as early as Tuesday in the

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<v Speaker 4>United States tomorrow, but there could be seeing a doubling

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<v Speaker 4>or even a tripling of other target industries and products

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<v Speaker 4>like batteries like solar cells, steel and aluminum already been targeted.

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<v Speaker 4>Whether there's going to be an increase there, but again

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<v Speaker 4>these products are not imported into the United States in

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<v Speaker 4>great volumes.

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<v Speaker 1>Bloomberg Steven Engel also points out that Biden's plan for

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<v Speaker 1>more tariffs is mostly symbolic, as China does not rely

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<v Speaker 1>on US consumers in those sectors.

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<v Speaker 2>And in another development, US officials intend to highlight security

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<v Speaker 2>concerns with China's development of artificial intelligence. Senior Administration officials

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<v Speaker 2>say the emerging technology will be a major topic when

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<v Speaker 2>representatives of the US and China meet tomorrow in Geneva.

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<v Speaker 2>The meeting initiates talks agreed to last year by President

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<v Speaker 2>Biden and Shijing Ping to address security and safety concerns

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<v Speaker 2>over AI. Even as the two countries intensify their competition

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<v Speaker 2>in that sphere.

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<v Speaker 1>Well, President Biden could face an uphill battle john convincing

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<v Speaker 1>voters the economies headed in the right direction.

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<v Speaker 5>That's what the latest.

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<v Speaker 1>Polling is indicating, and we get the numbers from Bloomberg's

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<v Speaker 1>Dan Schwartzman.

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<v Speaker 6>A new poll from the Financial Time shows that President

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<v Speaker 6>Biden's prospects for reelection are being dampened by voters' concerns

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<v Speaker 6>over inflation. According to the latest from the FT Michigan

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<v Speaker 6>Ross poll, high prices are one of the biggest challenges

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<v Speaker 6>for eighty percent of voters. People disapproving of Biden's handling

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<v Speaker 6>of the economy increased in one month, from fifty five

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<v Speaker 6>percent to fifty eight percent. The poll also showed that

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<v Speaker 6>voters blamed Biden for higher gas and food prices without

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<v Speaker 6>giving him any credit for a strong jobs market and

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<v Speaker 6>a booming economy. Dan Schwartzman, Bloomberg Radio, and.

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<v Speaker 2>We now turn to the latest developments in the criminal

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<v Speaker 2>trial involving Donald Trump, lead star prosecution witness in the

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<v Speaker 2>hush money trials set to take the stand today. We

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<v Speaker 2>get the latest from Bloomberg Law host June Grosso in

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<v Speaker 2>New York.

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<v Speaker 7>On Friday, jurors saw Donald Trump's twenty eighteen tweets defending

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<v Speaker 7>one hundred and thirty thousand dollars hush money agreement with

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<v Speaker 7>adult phil mactress Stormy Daniels ahead of potentially explosive testimony

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<v Speaker 7>from Michael Cohen, the star process cution witness who made

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<v Speaker 7>the payment on Trump's behalf. Prosecutors have been laying the

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<v Speaker 7>groundwork for Cohen's testimony because he comes to the s

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<v Speaker 7>down with a lot of baggage that will surely be

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<v Speaker 7>explored on cross examination. In New York, June Grosso, Bloomberg Radio.

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<v Speaker 1>And June That's not the only high profile core case

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<v Speaker 1>happening in Manhattan today. Opening statements are set to begin

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

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<v Speaker 1>and market manipulation charges. Bloombrigs Shanelli Bassett is covering that

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<v Speaker 1>case and brings us this preview.

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<v Speaker 8>In one of the most highly watched white collar crime

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<v Speaker 8>cases in recent history, Bill Wang, the founder of Our

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<v Speaker 8>Chagos Capital Management, is set to face trial today in

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<v Speaker 8>Manhattan Federal Court, where jury trial will begin. The Justice

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<v Speaker 8>Department is set to lay out an argument in a

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<v Speaker 8>high stakes debate where Bill Wang is expected to defend

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<v Speaker 8>himself vigorously, even drawing concerns about the banks themselves which

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<v Speaker 8>had lost so much money as Our Chagos collapsed, including

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<v Speaker 8>it SWEE, which later failed in New York. Shanali Bassic

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<v Speaker 8>Bloomberg Radio.

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<v Speaker 2>I think Shanali and turning to the market's futures higher

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<v Speaker 2>as we begin a new trading week against and P

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<v Speaker 2>five hundred, coming off its third straight week of gains.

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<v Speaker 2>That's the longest winning run since February. Meanwhile, the Dow

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<v Speaker 2>has gained for rising eight straight sessions, and Alan Zaffron

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<v Speaker 2>the co CEO to I EQ Capital says, there's a

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<v Speaker 2>lot of momentum behind the latest rally.

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<v Speaker 9>Everyone's been worried about the Feds get a cut rates,

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<v Speaker 9>cut rates, so it won't cut rates. Oh my gosh,

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<v Speaker 9>I have to reprice my models. But stocks keep going

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<v Speaker 9>up anyway. And I think the lesson learned is the

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<v Speaker 9>economy isn't as interest rates sensitive as it used to be,

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<v Speaker 9>and there was so much money thrown at corporations and

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<v Speaker 9>individuals through COVID that it has a lot of pent

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<v Speaker 9>up cash on the sidelines, ready to buy any asset

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<v Speaker 9>at any drop.

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<v Speaker 2>Alan Zaffren at I EQ Capital says the big event

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<v Speaker 2>for the markets this week likely is going to be

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<v Speaker 2>Wednesday's consumer price print.

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<v Speaker 1>Company news John, Amazon, Pfizer, Microsoft, and Morgan Stanley are

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<v Speaker 1>among companies poised to boost their presence in France. President

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<v Speaker 1>Dmanuel macrom is hosting one hundred and eighty CEOs and

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<v Speaker 1>executives for the Choose France Summit. Flagship event is now

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<v Speaker 1>in its seventh year. It's part of a push by

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<v Speaker 1>the mcron government to reindustrialize the country, simplify its regulations

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<v Speaker 1>to attract foreign companies and make it a financial hub

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<v Speaker 1>for the post Brexit European Union. Stick with Bloomberg this afternoon,

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<v Speaker 1>President Macrome's going to sit down with Bloomberg News editor

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<v Speaker 1>in chief John Micklethwaite for what we expect will be

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<v Speaker 1>a very wide ranging interview. That's coming up at one

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<v Speaker 1>pm Wall Street Time, and you can hear it on

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<v Speaker 1>Bloomberg Radio and watch it on Bloomberg Television.

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<v Speaker 2>And Nathan, if you're hitting the road this Memorial Day,

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

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<v Speaker 2>for thirty eight point four million people will drive the

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<v Speaker 2>holiday weekend. That's the most in more than two decades

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<v Speaker 2>of data tracking the holidays travel numbers. Triple A is

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<v Speaker 2>saying almost forty four billion people Little bark On trips

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<v Speaker 2>of all forums, it's the highest second highest number TRIPAA

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<v Speaker 2>has seen since two thousand and five, when consumer sentiment

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<v Speaker 2>had recovered from the September eleventh, two thousand and one

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<v Speaker 2>attacks and had yet to be royal by the two

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<v Speaker 2>thousand and eight financial crisis. Yeah, that brings us to

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<v Speaker 2>five a weight on Wall Street Time. Now for a

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<v Speaker 2>look at some of the other stories making news in

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<v Speaker 2>New York and around the world. For that We're joined

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<v Speaker 2>by Bloomberg's Michael Barr. Michael, good morning, Good morning John.

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<v Speaker 2>The bribery trial of US Senator Robert Menendez of New

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<v Speaker 2>Jersey begins this morning in Manhattan. Menendez has defied calls

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<v Speaker 2>to resign from the Senate. The seventy year old democrat

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<v Speaker 2>and his wife are accused of accepting bribes from three

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<v Speaker 2>wealthy businessmen in return for favors. Accusations include meddling in

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<v Speaker 2>criminal investigations and taking actions benefiting the governments of Egypt

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<v Speaker 2>and Cutter. The Fed say they found stacks of cash

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<v Speaker 2>and gold bars in Menendez's house. The senator is pleaded

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<v Speaker 2>not guilty. There has been a major shuffle in the

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<v Speaker 2>Russian government. President Vladimir Putin has tapped a civilian economist

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<v Speaker 2>as his surprise. New Defense Minister Andre Belusov is to

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<v Speaker 2>replace Sergei Shoigu. Shawshank Joshi with The economist tells us

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<v Speaker 2>Shoigu had been in the job since twenty twelve.

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<v Speaker 10>I'm not surprised he's being moved on. I am perhaps

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<v Speaker 10>a little bit more surprised we're seeing an economists go

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

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<v Speaker 10>Anatoly Sadukov. He was also a business figure. He was

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<v Speaker 10>Minister of Taxes.

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<v Speaker 11>Shoigu's deputy was arrested last month on bribery charges. The

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<v Speaker 11>controlled demolition to remove a portion of Baltimore's Francis scott

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<v Speaker 11>Key Bridge is scheduled for today. It was postponed yesterday

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<v Speaker 11>due to lightning. Meanwhile, cruises have been rerouted to Norfolk

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<v Speaker 11>because of the bridge collapse. Carnival Cruise Lines has announced

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<v Speaker 11>that it is planning to embark guests on Carnival Pride

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<v Speaker 11>May nineteenth cruise in Norfolk, Virginia, but expects to end

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<v Speaker 11>sailing in Baltimore, Regina. Ali with the Triple A in

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<v Speaker 11>Baltimore went on a cruise March twenty fourth, not aware

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<v Speaker 11>she was on one of the last ones to sail

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<v Speaker 11>under the bridge. The captain announced later that the bridge

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<v Speaker 11>had collapsed and would likely impact their return to Baltimore.

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<v Speaker 7>No one expected that when we left Baltimore and now

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<v Speaker 7>on March twenty fourth, that we were going to be

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<v Speaker 7>the last Carnival ship sailing under the Francis Skoykey Bridge.

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<v Speaker 11>Officials expect the Dolly the ship that crashed into the

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<v Speaker 11>Key Bridge to be moved back to the Port of Baltimore. Finally,

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<v Speaker 11>actor Steve Bousham he was assaulted in Manhattan. Police say

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<v Speaker 11>of the sixty six year old Brooklyn native was walking

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<v Speaker 11>when he was randomly punched. Bousham He was taken to

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<v Speaker 11>a hospital for bruising, swelling, and bleeding to his left eye.

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<v Speaker 11>The actor's publicist says Bushaming is okay and appreciates everyone's

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<v Speaker 11>well wishes. The attacker hasn't been caught yet. Global News

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<v Speaker 11>twenty four hours a day and whenever you want it

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

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<v Speaker 11>is Bloomberg John.

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

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

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<v Speaker 2>Dan for that. Good morning, John, Stencharmark.

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<v Speaker 5>Hacking Morning John.

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

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<v Speaker 12>They trailed the Pacers by twenty in the first quarter,

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<v Speaker 12>by thirty in the second, The Pacers lead grew to

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<v Speaker 12>forty three Indiana one one twenty one to eighty nine

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<v Speaker 12>to tie the series. Of two Pacers made their shots,

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<v Speaker 12>Nicks missed theirs. They missed thirty three pointers. The Villanova

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<v Speaker 12>trio Jalen Bruns and Josh r Dunte Ne Vincenzo together

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<v Speaker 12>shot ten for thirty six, made only one three game

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<v Speaker 12>fives tomorrow.

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<v Speaker 5>With the Garden. That's where Knicks coach Tom Thibodeaux is

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<v Speaker 5>looking towards.

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<v Speaker 2>We can't have a hangover.

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<v Speaker 13>We got to fix it and we have to come

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<v Speaker 13>with a will and determination to respond to what happened,

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<v Speaker 13>and I think the biggest thing, and this team has

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

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<v Speaker 13>We got to put the work into it and be

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<v Speaker 13>ready to.

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<v Speaker 12>The home teams won every game in the West. The

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<v Speaker 12>road teams won every game. Is Denver won again at

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<v Speaker 12>Minnesota one fifteen, one oh seven. Okolio could scored thirty

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<v Speaker 12>five and then win. Anthony Edwards had forty four in

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<v Speaker 12>the lost. The Atlanta Hawks had a three percent chance

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<v Speaker 12>of winning the NBA Draft lottery.

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<v Speaker 5>They won it. They'll have the first pick Saley got. Playoffs.

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<v Speaker 12>Florida won again in Boston, three to two. A disputed

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<v Speaker 12>go ahead third period goal. Bruins Felt and Alexander Barkoff

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<v Speaker 12>crosscheck allowed.

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<v Speaker 5>Him to score Panthers now leave the series three to one.

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<v Speaker 12>In the Battle of Western Canada, Vancouver won four to

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<v Speaker 12>three at Edmonton for two to one Lee.

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<v Speaker 5>The Rangers are up three to one.

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<v Speaker 12>They'll host Carolina tonight at Cityfield. Mets were two outs

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<v Speaker 12>from getting swept by Atlanta. Brandon Nimmo will a walk

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<v Speaker 12>off pinch hit two run over bottle of the ninth

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<v Speaker 12>Mets one four to three.

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<v Speaker 5>Yankees blew most of US six to nothing.

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<v Speaker 13>League.

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<v Speaker 12>They hit five home runs. They won ten six. At

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<v Speaker 12>Tampa Bay, the Red Sox top the Nationals three to two.

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<v Speaker 12>Rory McElroy seventeen under par. He won in Charlotte by

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<v Speaker 12>five shots. That's even with a double bogie on the

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<v Speaker 12>final hole. It's the fourth time that he's.

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<v Speaker 5>Won at Quail. Hello, John Stashdamit Bloomberg Sports.

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<v Speaker 11>Johnny Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 11>and around.

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<v Speaker 6>The world on Bloomberg dot Com and the Bloomberg Business app.

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<v Speaker 5>This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.

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<v Speaker 1>The US could be facing new friction over the Middle

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<v Speaker 1>East and Asia, with the State Department offering a further

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<v Speaker 1>rationale for President Biden's decision to withhold offensive weapons for Israel,

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<v Speaker 1>and new details coming up about the president's tariff's plans

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

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<v Speaker 1>by Bloomberg News Senior editor Bill Ferries. Bill, good morning.

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<v Speaker 1>So we heard over the weekend from Secretary Blincoln on

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<v Speaker 1>the Sunday Show seeming to prad Israel to think more

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<v Speaker 1>about what the conduct of this war could mean for

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<v Speaker 1>Gaza post war. What do you make of some of

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<v Speaker 1>the Secretary's latest comments.

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<v Speaker 14>Well, thanks for having me. The criticism from the administration

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<v Speaker 14>just continues to ramp up. We heard Secretary of Blincoln

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<v Speaker 14>this weekend saying that even if Israel goes in and

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<v Speaker 14>takes heavy action and goes after the these brigades of

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<v Speaker 14>of Hamas militants that it believes are kind of hold

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<v Speaker 14>up there, he said, there's still going to be thousands

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<v Speaker 14>of supporters left, armed supporters, armed militants, and that Israel

0:13:11.679 --> 0:13:15.160
<v Speaker 14>is going to is basically going to inherit an insurgency

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<v Speaker 14>that's going to dog it potentially for years after this

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<v Speaker 14>operation concludes. The Administration is still very focused on trying

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<v Speaker 14>to prevent Israel from going in with a you know,

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<v Speaker 14>a full ground invasion.

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<v Speaker 13>Uh.

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<v Speaker 14>They also want to try to see some of these

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<v Speaker 14>talks that have been on and off again in Qatar

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<v Speaker 14>and then UH and then in Cairo get a little

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<v Speaker 14>more momentum behind them.

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<v Speaker 7>UH.

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<v Speaker 14>And they say they still haven't seen a plan to

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<v Speaker 14>help help move these The civilian population that has basically

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<v Speaker 14>been trapped in in Rafa largely for several weeks now

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

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<v Speaker 14>Israel says about three hundred thousand of those people have left,

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<v Speaker 14>but it's not really clear if they're Some of the

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<v Speaker 14>areas they have to traps through are still basically a

0:14:01.840 --> 0:14:04.880
<v Speaker 14>war zone, and they're not going to areas that are

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<v Speaker 14>necessarily in any condition to accept tens of thousands or

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<v Speaker 14>hundreds of thousands of more internal refugees.

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<v Speaker 1>On top of all this, we're getting a little bit

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<v Speaker 1>more color bill on some reporting that Bloomberg News did

0:14:16.960 --> 0:14:21.800
<v Speaker 1>last week about President Biden's plans to pretty significantly increase

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<v Speaker 1>tariffs on certain Chinese goods.

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<v Speaker 14>Right, we knew that there were likely tariffs coming for

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<v Speaker 14>things like electric vehicles, batteries, some components in solar panel industry.

0:14:33.880 --> 0:14:37.400
<v Speaker 14>We had also heard about steeling Alunum. But the headline number,

0:14:37.480 --> 0:14:40.080
<v Speaker 14>as you were hinting at there, was really the Chinese

0:14:40.120 --> 0:14:44.280
<v Speaker 14>electric vehicles. The tariff jumping likely jumping from twenty seven

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<v Speaker 14>and a half percent to one hundred and two zero

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<v Speaker 14>point five percent. So basically whatever the price would be

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<v Speaker 14>on import doubling. Now as you and I know you

0:14:53.440 --> 0:14:55.800
<v Speaker 14>can't know, you can't go out there and buy bid

0:14:56.080 --> 0:14:58.760
<v Speaker 14>vehicles in the United States at this point. The tariffs

0:14:58.800 --> 0:15:03.280
<v Speaker 14>that were in place, we're basically prohibiting that already. This

0:15:03.520 --> 0:15:06.080
<v Speaker 14>makes it. I think this puts all that further out

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<v Speaker 14>of reach in some ways symbolic both of the presidential

0:15:11.120 --> 0:15:16.040
<v Speaker 14>campaign that's going on and this continuing heightened tensions between

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<v Speaker 14>the US and China in the middle of a campaign

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<v Speaker 14>where I think both parties, both presidential candidates want to

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<v Speaker 14>show how tough they can be on Beijing.

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<v Speaker 1>I'll think about thirty seconds left here, billb But can

0:15:26.440 --> 0:15:28.880
<v Speaker 1>we see more of those tensions play out when US

0:15:28.960 --> 0:15:32.520
<v Speaker 1>and Chinese officials are scheduled to meet in Geneva tomorrow.

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<v Speaker 14>So we're expecting this meeting in Geneva to talk about

0:15:36.400 --> 0:15:40.880
<v Speaker 14>artificial intelligence, the development of that industry, the expectation is

0:15:40.960 --> 0:15:43.320
<v Speaker 14>you could start to have the world's two biggest economies

0:15:43.600 --> 0:15:48.000
<v Speaker 14>talk about putting some guardrails and general regulations on how

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<v Speaker 14>AI develops. The US is going to go into it,

0:15:50.800 --> 0:15:54.640
<v Speaker 14>according to our reporting, with a big focus on concerns

0:15:54.720 --> 0:15:59.320
<v Speaker 14>about how China's development may be undermining the national security

0:15:59.360 --> 0:16:02.640
<v Speaker 14>of both the United States and many other nations out there.

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

0:16:05.560 --> 0:16:07.040
<v Speaker 14>so on the other hand, it's probably going to be

0:16:07.040 --> 0:16:08.040
<v Speaker 14>a difficult conversation.

0:16:08.400 --> 0:16:11.400
<v Speaker 1>This is Bloomberg Daybreak Today, your morning brief on the

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<v Speaker 2>I'm Nathan Hager and I'm John Tucker. Join us again

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