WEBVTT - US & Iran Strike Each Other, Trump's New Tariffs Blocked

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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 Alexis Christophers. Here

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

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<v Speaker 3>Tensions are building once again between the US and Iran

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<v Speaker 3>as the world waits for Iran's response to a US

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<v Speaker 3>peace offer. Overnight, the US attacked missile and drone launch

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<v Speaker 3>sites inside Iran that it says we're used to attack

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<v Speaker 3>three US warships in the Strait of Hormuz. It's after

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<v Speaker 3>Iran accused the US of targeting two of its oil

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<v Speaker 3>tankers and striking civilian areas along its southern coast and

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<v Speaker 3>Kesham Island. But President Trump says the ceasefire is still intagged.

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<v Speaker 4>They trifled with us. Today we blew them away.

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<v Speaker 5>They trifled.

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<v Speaker 4>I call that a trifle.

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<v Speaker 6>I'll let you know when there's no season, you won't

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<v Speaker 6>have to know.

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<v Speaker 3>President Trump's threatening to hit Iran even harder if it

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<v Speaker 3>doesn't reach a deal. We get more from Bloomberg's Jumana

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<v Speaker 3>Borsecci in Dubai.

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<v Speaker 7>There is a strong push for the US side to

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<v Speaker 7>get a deal across the line, but we are still

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<v Speaker 7>in this period we were waiting to hear back from

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<v Speaker 7>the Iranians officially about the fourteen point one page proposal

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<v Speaker 7>that the US has put forward. As you were reporting

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<v Speaker 7>earlier in the week, some of the demands that the

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<v Speaker 7>US have put on that paper are deemed to be

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<v Speaker 7>quite maximalist from Iran standpoints. So it is unclear at

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<v Speaker 7>this point whether there can be some form of a compromise,

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<v Speaker 7>and indeed whether you can get to a compromise over

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<v Speaker 7>a thirty day period.

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<v Speaker 3>Bloombergs Jamani Bersettio reports Iran is still expected to respond

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<v Speaker 3>to the US software through Pakistani mediators in the next

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<v Speaker 3>two days.

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<v Speaker 2>President Trump is moving ahead with plans to hold a

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<v Speaker 2>summit with his Chinese counterpart Jijinping next week in Beijing,

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<v Speaker 2>and he's bringing some big name guests along with him.

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<v Speaker 2>Bloomberg's Tom Busby reports from New York.

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<v Speaker 8>The President bringing a who's who of American business leaders

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<v Speaker 8>for next week's summit in China, despite there being no

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<v Speaker 8>resolution to the US war against Iran now. Among those

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<v Speaker 8>planning to attend Blackstone CEO Steve Schwartzman, City of CEO

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<v Speaker 8>Jane Frasier, with Semophore reporting that the administration also plans

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<v Speaker 8>to invite Kelly Ordberg of Boeing, Jensen Wong of Nvidia

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<v Speaker 8>and others. Trump and She slated for a sit down

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<v Speaker 8>meeting May fourteenth and fifteenth. That summit has already been

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<v Speaker 8>postponed once due to the war. Tom busby Bloomberg Radio.

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<v Speaker 3>Tom thanks to Turn to Politics in the UK now,

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<v Speaker 3>the Labor government is taking heavy losses as the first

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<v Speaker 3>wave of local election results comes in. For more, Let's

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<v Speaker 3>go to London and get the latest with Bloomberg's James Wilcock.

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<v Speaker 9>Good Morning, James.

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<v Speaker 4>Nathan Alexis. Prime Minister Kiss Darmer says the results are

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<v Speaker 4>very tough, there's no sugarcoating it, and that he takes

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<v Speaker 4>responsibility for the losses. We're still waiting on the majority

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<v Speaker 4>of results, but the early signs are it is a

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<v Speaker 4>disastrous election for the governing Labor Party. The right wing

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<v Speaker 4>populist Reform UK Party are set to pick up hundreds

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<v Speaker 4>of seats. Already they've taken control of two councils and

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<v Speaker 4>elections in England and as we wait for the rest

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<v Speaker 4>of the day, we are still waiting on Wales and

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<v Speaker 4>Scotland election two, where Labor are author set to perform

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<v Speaker 4>very poorly. The question now for markets and people in

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<v Speaker 4>the UK is does the Labor Party decide that Keith

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<v Speaker 4>Starmer needs to be a change in leader as well

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<v Speaker 4>as someone who is an election loser In London. James

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<v Speaker 4>Wilcock Bloomberg Radio.

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<v Speaker 2>Thanks, James, and President Trump says he's giving the European

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<v Speaker 2>Union until July fourth to ratify its trade agreement with

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<v Speaker 2>the US. Bloomberg's Won Parts reports from London.

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<v Speaker 10>Having previously threatened to hike tarrifs on Orto imports as

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<v Speaker 10>soon as this week, Donald Trump has extended his deadline

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<v Speaker 10>for the EU to ratify its trade deal. The move

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<v Speaker 10>comes after Trump spoke to European Commissioned President Ursula vonderlyin

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<v Speaker 10>Negotiators from the European Parliament and Member States discuss potential

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<v Speaker 10>amendments to the deal earlier this week, but we're told

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<v Speaker 10>didn't reach any conclusive decisions in London. I'm you in

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<v Speaker 10>Pots Bloomberg Radio.

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<v Speaker 3>You and thanks. A major piece of President Trump's effort

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<v Speaker 3>to rebuild his tariff wall has just been declared unlawful

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<v Speaker 3>of federal trade courts in val lidated the President's ten

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<v Speaker 3>percent global tariffs under Section one twenty two of the

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<v Speaker 3>nineteen seventy four Trade Act. That law had never been

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<v Speaker 3>invoked before to impose tariffs, but President used it back

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<v Speaker 3>in February after the Supreme Court struck down his sweeping

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<v Speaker 3>emergency tariffs. The court says the ruling against Section one

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<v Speaker 3>twenty two only applies to the group of small businesses

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<v Speaker 3>that challenged it, along with Washington State. It's unclear what

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<v Speaker 3>the ruling will mean for other importers that have been

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<v Speaker 3>paying those duties and.

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<v Speaker 2>Turning to the markets now. Futures are higher ahead of

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<v Speaker 2>today's key jobs report. Economists are expecting a slow down

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<v Speaker 2>and hiring in April. The median forecast is for a

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<v Speaker 2>gain of sixty five thousand jobs and the unemployment rate

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<v Speaker 2>to hold steady at four point three percent. Bloomberg's Michael

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<v Speaker 2>McKee reports.

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<v Speaker 11>It's a one number increase as far as economists and

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<v Speaker 11>investors are concerned. With immigration near zero, the labor force

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<v Speaker 11>isn't growing much, which means headline job growth is going

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<v Speaker 11>to be a lot smaller. That's why the Fed will

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<v Speaker 11>pay attention to the unemployment rate. If it's not rising,

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<v Speaker 11>it's not signaling problem for the employment side of their

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<v Speaker 11>mandate and near record low jabas claim suggests unemployment is stable.

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<v Speaker 11>There will be some focus on average hourly earnings, which

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<v Speaker 11>are forecast to rise. Policymakers are looking for any signs

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<v Speaker 11>labor shortages or rising costs of things like gasoline are

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<v Speaker 11>pushing up on inflation. Michael McKee Bloomberg Radio.

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<v Speaker 3>San Francisco Fed President Mary Daily says there is no

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<v Speaker 3>indication the surge and energy prices is driving inflation expectations higher.

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<v Speaker 3>Daily spoke with Bloomberg's Mike McCain.

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<v Speaker 1>If the conflict ends and oil prices come back down

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<v Speaker 1>and that doesn't get passed into the broader economy, then

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<v Speaker 1>I expect the underlying dynamics that we were facing prior

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<v Speaker 1>to the conflict to return, which is policy is slightly restrictive,

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<v Speaker 1>continues to put downward pressure on inflation. The labor market

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<v Speaker 1>is stable right now, but it's not creating any inflationary pressures.

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<v Speaker 3>San Francisco Fed President Mary Daily and stay with Bloomberg

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<v Speaker 3>to hear more FED voices. At two pm Wall Street

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<v Speaker 3>Time today, Mike McKee sits down with Chicago Fed President

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<v Speaker 3>Austin Goldsby. You can catch that conversation live on Bloomberg Radio,

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<v Speaker 3>Bloomberg Television and the Bloomberg Business app.

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<v Speaker 2>And Nathan now to two Bloomberg exclusives. First, soft Bank

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<v Speaker 2>it's downsizing plans for a ten billion dollar margin loan

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<v Speaker 2>backed by its take in open Ai. Some creditors are

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<v Speaker 2>expressing concerns about the difficulty of reaching evaluation for an

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<v Speaker 2>unlisted company like open Ai. SoftBank is now said to

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<v Speaker 2>be targeting a margin loan of about six billion dollars.

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<v Speaker 2>The developer of chat GPT has faced challenges this year

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<v Speaker 2>and meeting sales targets and some internal goals. That's his

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<v Speaker 2>rival Anthropic gains ground and the coding and enterprise markets.

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<v Speaker 3>And sources to say, a key company behind Thaielands national

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<v Speaker 3>artificial intelligence effort is suspected of helping to smuggle servers

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<v Speaker 3>containing advanced Nvidia chips to China. Bloomberg News has learned.

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<v Speaker 3>US prosecutors have outlined a scheme in which super micros

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<v Speaker 3>co founder allegedly worked with Obon and third party brokers

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<v Speaker 3>to divert AI semiconductors in violation of US trade rules.

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<v Speaker 3>The alleged involvement of Obon in this smuggling arrangement could

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<v Speaker 3>raise questions about Nvidia's due diligence on high volume sales

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<v Speaker 3>of its hardware.

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<v Speaker 2>Time now for a look at some of the other

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<v Speaker 2>stories making news in New York and around the world.

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<v Speaker 2>For that, we're joined by Bloomberg's Michael Barr.

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<v Speaker 6>Good morning, Michael, good morning, and looks his. Spanish authorities

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<v Speaker 6>are preparing to receive passengers and crew members on a

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<v Speaker 6>hantavirus stricken cruise ship headed for the Canary Islands. At

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<v Speaker 6>least three passengers have died and several others are sick,

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<v Speaker 6>but the World Health Organization says the risk to the

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<v Speaker 6>wider public from the outbreak is low. Doctor Stephanie Widmer

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<v Speaker 6>is the director of the medical Toxicology Program at Saint

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<v Speaker 6>John's Riverside Hospital in New York.

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<v Speaker 12>At this point, health officials are assuming person to person

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<v Speaker 12>transmission is possible because this appears to involve the Andy

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<v Speaker 12>strain of hantavirus, which is one strain known to occasionally

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<v Speaker 12>spread between humans.

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<v Speaker 6>Doctor Stephanie Widmer. Authorities across four continents are tracing contacts

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<v Speaker 6>of passengers who left the ship, and the CDC has

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<v Speaker 6>ranked the hantavirus a Level three response that is the

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<v Speaker 6>lowest level of emergency activation and typical for this stage.

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<v Speaker 6>Secretary of State Marco Rubio spent several hours at the

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<v Speaker 6>Vatican Thursday. His visit included a meeting with Pope Leo.

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<v Speaker 6>During an exchange of gifts, Rubio gave the Pope a

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<v Speaker 6>small crystal football. The State Department seal Leo gifting Rubio

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<v Speaker 6>a pen apparently made of olive wood.

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<v Speaker 3>Olive being, of course, plant of peace.

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<v Speaker 2>This is the coat of arms here.

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<v Speaker 6>Today, Secretary Rubio is set to meet with Italy's Prime Minister.

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<v Speaker 6>After widespread backlash, soccer fans are getting a bit of

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<v Speaker 6>a break. New Jersey Transit will reduce its World Cup

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<v Speaker 6>ticket price from one hundred and fifty dollars to one

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<v Speaker 6>hundred and five. Governor Minkey Sheryl has directed the agency

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<v Speaker 6>to find private sponsorships and other sources to reduce the cost,

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<v Speaker 6>noting that Fifash contribute to transport of its fans to

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<v Speaker 6>World Cup games. The original round trip price from New

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<v Speaker 6>York's Penn Station to met Live Stadium was raised to

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<v Speaker 6>cover the additional costs of carrying fans to each game.

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<v Speaker 6>By the way, a typical ride on a regular day

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<v Speaker 6>costs about thirteen dollars. Global news twenty four hours a

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<v Speaker 6>day and whatever you want it with the Bloomberg News

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<v Speaker 6>Now Michael barn and this is Bloomberg Alexis.

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<v Speaker 2>Thanks Michael. Time now for our Bloomberg Sports update, and

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<v Speaker 2>for that we bring in John stash Hour.

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<v Speaker 9>Home games one of the NBA playoffs that includes the

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<v Speaker 9>Detroit Pistons. Now five straight playoff victories be Cleveland one

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<v Speaker 9>oh seven ninety seven. The Cans in the playoffs are

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<v Speaker 9>zero and five on the road. Oklahoma City six and

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<v Speaker 9>zero in the playoffs, with every win by at least

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<v Speaker 9>nine points. A second straight eighteen point win over the Lakers.

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<v Speaker 9>Carolina Hurricanes seven and zero in the Stanley Cup Playoffs.

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<v Speaker 9>They've only allowed eight goals in seven games. A four

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<v Speaker 9>to one win at Philadelphia. Aaron Rodgers to meet today

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<v Speaker 9>with the Pittsburgh Steelers moving closer to making a return.

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<v Speaker 9>That's to a Bloomberg Sports update.

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<v Speaker 3>Stay with us more from Bloomberg Daybreak coming up after

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<v Speaker 3>this Coast to coast on Bloomberg Radio nationwide on Serious XM,

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<v Speaker 3>and around the world on Bloomberg dot Com and the

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<v Speaker 3>Bloomberg Business app.

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<v Speaker 4>This is Bloomberg Daybreak.

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<v Speaker 3>Good morning on Nathan Hager, coming up on ten full

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<v Speaker 3>weeks of war in the Middle East. The US and

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<v Speaker 3>Iran or trading fire once again around the Strait of

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<v Speaker 3>Horn moves, but President Trump says the ceasefire is still

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<v Speaker 3>on as he waits for Iran's response to his latest

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<v Speaker 3>peace offer.

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<v Speaker 11>If there's no ceasfire, you're not gonna have to know,

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<v Speaker 11>You're gonna have to look at one big glow coming

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<v Speaker 11>out of Iran.

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<v Speaker 3>That was President Trump speaking near the Lincoln Memorial Reflecting

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<v Speaker 3>Pool in Washington. Joining us from Dubai this morning is

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<v Speaker 3>Bloomberg Middle East correspondent Jumana Bursecci, the anchor of Bloomberg Horizons.

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<v Speaker 3>J youman to catch us up on what's been happening

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<v Speaker 3>over the last twenty four hours. Is the ceasefire holding?

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<v Speaker 9>Good morning?

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<v Speaker 5>Yeah, Well, that's what Trump is saying, and so far

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<v Speaker 5>from the Iranian side as well, they seem to be

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<v Speaker 5>respecting the seasfire. Apart from that scuffle overnight around the strait,

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<v Speaker 5>certainly there was an escalation. Sentcom saying that three US

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<v Speaker 5>warships came out of attack by Iran while they were

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<v Speaker 5>crossing the strait. The attack involved missiles, drones, and small boats.

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<v Speaker 5>So the US responded to that they struck back around

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<v Speaker 5>the Iranian coast and also hit some key launch sites

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<v Speaker 5>and come out and control locations.

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<v Speaker 2>But that was that.

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<v Speaker 5>It was almost a tip for tat, and later President

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<v Speaker 5>Trump was asked about it whether that was the did

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<v Speaker 5>constitute a violation of the Seasfire from his perspective, and

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<v Speaker 5>he said no. However, he did threaten once again and said,

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<v Speaker 5>just like we knocked them out today, we'll knock them

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<v Speaker 5>out a lot harder, a lot more violently in the

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<v Speaker 5>future if they don't get their deals signed fast. So

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<v Speaker 5>once again really putting the pressure on the Iranian side

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<v Speaker 5>to come forward and offer their response to the memorandum

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<v Speaker 5>of understanding that the US put forward to them earlier

0:11:58.600 --> 0:11:59.000
<v Speaker 5>this week.

0:11:59.280 --> 0:12:02.160
<v Speaker 3>Well, do we have any sense that that pressure is

0:12:02.200 --> 0:12:05.120
<v Speaker 3>being felt on the Iranian side? Are we still expecting

0:12:05.320 --> 0:12:07.559
<v Speaker 3>some kind of response in the next day or so?

0:12:08.400 --> 0:12:10.880
<v Speaker 5>We are we are. We know that they are reviewing it,

0:12:10.920 --> 0:12:13.480
<v Speaker 5>and this is according to sources that we've spoken to

0:12:13.600 --> 0:12:17.760
<v Speaker 5>at Bloomberg and indeed what the Iranian Foreign Ministry spokesperson

0:12:17.800 --> 0:12:19.720
<v Speaker 5>has said in the last twenty four hours. They are

0:12:19.760 --> 0:12:22.880
<v Speaker 5>reviewing the document, but they've also characterized the document as

0:12:22.880 --> 0:12:26.360
<v Speaker 5>being very maximalist in terms of what the US is

0:12:26.400 --> 0:12:30.400
<v Speaker 5>looking for. And so the question here is how Iran

0:12:30.679 --> 0:12:33.119
<v Speaker 5>is going to come back, whether they're going to completely

0:12:33.440 --> 0:12:36.960
<v Speaker 5>cut off the process, so, whether they will extend the

0:12:36.960 --> 0:12:40.520
<v Speaker 5>process of negotiations once again, and whether we can actually

0:12:40.559 --> 0:12:44.040
<v Speaker 5>move towards this phased plan that both the US and

0:12:44.160 --> 0:12:46.520
<v Speaker 5>Iran actually have been positing the last couple of weeks,

0:12:46.559 --> 0:12:50.560
<v Speaker 5>which would entail a gradual lifting of the mutual bocades

0:12:50.600 --> 0:12:53.280
<v Speaker 5>around the Strait as at the same time they talk

0:12:53.320 --> 0:12:55.600
<v Speaker 5>about some of those bigger issues around the nuclear file

0:12:55.600 --> 0:12:58.480
<v Speaker 5>and ballistic missiles and the lifting of sanctions, the other

0:12:58.520 --> 0:13:02.520
<v Speaker 5>issues obviously at the core of the issue and why

0:13:02.559 --> 0:13:04.640
<v Speaker 5>the war was started in the first place, But the

0:13:04.720 --> 0:13:07.679
<v Speaker 5>Strait is the one that President Trump seems to care

0:13:07.720 --> 0:13:10.120
<v Speaker 5>about the most right now because it's having the most

0:13:10.160 --> 0:13:11.480
<v Speaker 5>notable economic impact.

0:13:12.040 --> 0:13:15.120
<v Speaker 3>Oh, we'd heard some reports that the effort to reopen

0:13:15.120 --> 0:13:17.920
<v Speaker 3>the straight on the US side was delayed in part

0:13:17.960 --> 0:13:23.120
<v Speaker 3>because Saudi Arabia wasn't allowing access to its Bass. Now

0:13:23.160 --> 0:13:26.000
<v Speaker 3>there were reports that that's kind of been reversed. What

0:13:26.080 --> 0:13:30.560
<v Speaker 3>could that mean for the potential of the US trying

0:13:30.559 --> 0:13:33.600
<v Speaker 3>to reopen the strait of horror moves again, and how

0:13:33.679 --> 0:13:35.880
<v Speaker 3>could Iran respond to that. We've got about a minute left.

0:13:36.600 --> 0:13:40.040
<v Speaker 5>Yeah, I just want to say that the official Ministry

0:13:40.160 --> 0:13:43.840
<v Speaker 5>of a Foreign Affairs, a diplomatic senior advisor from Saudi

0:13:43.880 --> 0:13:46.760
<v Speaker 5>Arabia put up a tweet this morning saying the Kingdom

0:13:46.800 --> 0:13:50.520
<v Speaker 5>of Saudi Arabia maintained its position supporting the escalation and

0:13:50.559 --> 0:13:55.079
<v Speaker 5>negotiation efforts. Beware of media reports attributed to unnamed sources,

0:13:55.480 --> 0:13:58.640
<v Speaker 5>some of whom claim to be Saudi, suggesting otherwise. It

0:13:58.720 --> 0:14:01.560
<v Speaker 5>is strange to see such a post put up, but

0:14:01.640 --> 0:14:04.640
<v Speaker 5>I think Saudi Arabia just wants to reiterate that they

0:14:04.679 --> 0:14:08.800
<v Speaker 5>are keen on a diplomatic solution here. That's probably not

0:14:08.960 --> 0:14:11.440
<v Speaker 5>the case for the likes of the UAE, and we

0:14:11.480 --> 0:14:14.560
<v Speaker 5>can speak about that, and their posture towards Iran has

0:14:14.600 --> 0:14:17.439
<v Speaker 5>been a lot more aggressive. Saudi Arabia is still pushing

0:14:17.440 --> 0:14:20.520
<v Speaker 5>the diplomatic angle despite all of the media reports that

0:14:20.560 --> 0:14:21.120
<v Speaker 5>have emerged.

0:14:22.480 --> 0:14:25.600
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