WEBVTT - Nixon & Daniels Advance in Florida Primary, Trump Delays Canada Tariffs

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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 Karen Moscow. Here

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

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<v Speaker 3>Karen, we begin with results from the latest primary elections.

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<v Speaker 3>Voters headed to the polls in three states, plus a

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<v Speaker 3>special House election in California. But the biggest upset of

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<v Speaker 3>the night was in Florida, where a Democratic socialist beat

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<v Speaker 3>an establishment candidate in the Democratic Senate primary with ninety

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<v Speaker 3>nine percent of votes counted. Angie Nixon defeated alex Vinman

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<v Speaker 3>fifty six to forty four percent.

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<v Speaker 1>For your tireless.

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<v Speaker 4>Work for the money nights, the two often nightless.

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<v Speaker 3>Work Angie Nixon one, despite a sixteen to one fundraising

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<v Speaker 3>advantage for alex Vinman. She'll go on to face Republican

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<v Speaker 3>Ashley Moody in November. She was appointed to Phil Marco

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<v Speaker 3>Rubio seat when he became Secretary of State.

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<v Speaker 2>Oh Nathan. The Florida governor's race was less of a surprise.

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<v Speaker 2>Congressman Byron Donalds won the Republican primary with forty eight

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<v Speaker 2>percent of the vote, despite a challenge to his rite

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<v Speaker 2>from social media influencer James Fishback.

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<v Speaker 4>Because of your sweat.

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<v Speaker 5>Because of your hard work, we have won a massive victory.

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<v Speaker 2>And Byron Donalds had President Trump's endorsement and more than

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<v Speaker 2>one hundred million dollars in his campaign war chest. Fishback

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<v Speaker 2>came in third place with ten and a half percent

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<v Speaker 2>of the vote. Donalds will now face Republican turned to

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<v Speaker 2>Democrat David Jolly, who won the Democrats primary with sixty

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<v Speaker 2>one percent.

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<v Speaker 3>And Karen There were also important House races in Florida

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<v Speaker 3>last night. Establishment Democrats came out ahead in redrawn districts.

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<v Speaker 3>Former Democratic National Committee Chair Debbie Wasserman Schultz won in

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<v Speaker 3>the twentieth district with forty five percent. She'd been criticized

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<v Speaker 3>for running in one of the nation's few remaining plurality

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<v Speaker 3>black districts. And Congressman Jared Moskowitz defeated Democratic Socialists BacT

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<v Speaker 3>Oliver Adams Larkin in the twenty fifth district sixty three

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<v Speaker 3>and a half to thirty six and a half percent.

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<v Speaker 2>There's also so an important race in Alaska, Nathan that

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<v Speaker 2>could determine control of the Senate in November was seventy

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<v Speaker 2>percent of the votes counted. Democrat Mary Peltola and Republican

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<v Speaker 2>incumbent Dan Sullivan will advance in the state's open primary.

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<v Speaker 2>Peltola has forty seven point three percent of the vote

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<v Speaker 2>to Sullivan's forty four percent. The Democrat has won statewide before,

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<v Speaker 2>and she served a full term as Alaska's Loan House

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<v Speaker 2>member before losing to Republican Nick Begich in twenty twenty four.

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<v Speaker 2>The primary included a second Dan Sullivan, a retired school

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<v Speaker 2>teacher with a similar name. He came in a distant

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<v Speaker 2>third and with two and a half percent.

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<v Speaker 6>Of the vote.

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<v Speaker 3>As for some other key races, last night, Karen the

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<v Speaker 3>Republican backed by President Trump won the primary for retiring

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<v Speaker 3>Senator cynthy Lemis's seat in Wyoming. Congresswoman Harriet Hageman won

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<v Speaker 3>that race with sixty five percent of the vote. She'll

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<v Speaker 3>go on to face James Byrd, who won the Democratic

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<v Speaker 3>primary with seventy nine percent. The President's preferred candidate for

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<v Speaker 3>Wyoming governor came up short. Rancher and state Senator Eric

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<v Speaker 3>Barlow beat Superintendent of Education Meagan Degenfelder forty five to

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<v Speaker 3>thirty percent. Barlow will face Democrat Kenneth Cassner, who ran

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<v Speaker 3>uncontested for governor and in the special runoff in California

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<v Speaker 3>to serve the rest of former Congressman Eric Swalwell's term.

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<v Speaker 3>Aisha wahab leeds fellow Democrat Melissa Hernandez fifty one to

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<v Speaker 3>forty nine percent. Both candidates are also on the ballot

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<v Speaker 3>for a full term in November.

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<v Speaker 2>Well, Nathan, we also have global trade and focus. This morning,

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<v Speaker 2>the Trump administration delaying fifty percent tariffs on billions of

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<v Speaker 2>dollars of Canadian products for three days. Less than two

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<v Speaker 2>hours before the tariffs were sent to take effect, President

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<v Speaker 2>Trump on social media. So the two countries reached a

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<v Speaker 2>tentative agreement to resolve a broader trade dispute. Candida's Prime

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<v Speaker 2>Minister Mark Kearney was not as definitive, stopping short of

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<v Speaker 2>saying an agreement had been reached. Begin More from Bloombery's

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<v Speaker 2>senior US Government editor, Derek walmank this.

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<v Speaker 7>Is a very positive sign that we're going toward a deal.

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<v Speaker 7>And there had been a lot of worries in Ottawa

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<v Speaker 7>and elsewhere in Canada that this was going to be

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<v Speaker 7>a major problem. Now last ditch diplomacy pauses in effect.

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<v Speaker 2>Bloomberg's Derek Wallbank shays the two countries conducted almost nine

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<v Speaker 2>hundred billion dollars of trade with each other last year.

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<v Speaker 3>I want to get you to the latest developments in

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<v Speaker 3>the Middle East now, Karen. President Trump insists there are

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<v Speaker 3>no talks ongoing where Iran and that leaves the conflict

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<v Speaker 3>and control the Strait of Hormus in Limbo. We get

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<v Speaker 3>more from Bloomberg Breaking News editor Patrick Sykes.

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<v Speaker 6>The direct confrontation between the US and Iran appears to

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<v Speaker 6>be on hold. And what we have instead of these

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<v Speaker 6>isolated attacks on US partners or allies in the region,

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<v Speaker 6>in the Gulf in particular, mostly being interestingly denied by Iran.

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<v Speaker 6>We had a few days ago there was a drone

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<v Speaker 6>attack on the Prime Minister of Iraqi Kurdistan's office, and

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<v Speaker 6>then just overnight we had this missile attack against the UAE.

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<v Speaker 6>In both cases, Iran denied being connected to those attacks,

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<v Speaker 6>and it suggested that they might be false flag operations

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<v Speaker 6>designed to implicate ira in a new escalation of tensions.

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<v Speaker 3>Bloomberg's Patrick sych reports Now the United air Member it

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<v Speaker 3>says it's cutting all economic ties with Tehran after accusing

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<v Speaker 3>the country of firing those ballistic missiles.

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<v Speaker 2>Well, Nathan Meta Platforms is at the center of a

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<v Speaker 2>historic social media trial underway in California. Opening statements were

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<v Speaker 2>made yesterday. The lawsuit accuses the Facebook parent of contributing

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<v Speaker 2>to a youth mental health crisis by knowingly and deliberately

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<v Speaker 2>designing features that addict children to its platforms. Bloomberg Tech

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<v Speaker 2>host said Ludlow is covering the trial.

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<v Speaker 8>The headline is that the Meta faces one point four

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<v Speaker 8>trillion dollars in potential fines and penalties. That is obviously

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<v Speaker 8>an astronomical number, but it's a hypothetical. It's based on

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<v Speaker 8>the total fine they'd pay if you were to top

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<v Speaker 8>up each of the state and federal law violations and

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<v Speaker 8>the potential penalties carried with each, and how many counts

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<v Speaker 8>there would be.

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<v Speaker 2>Bloomberg's had Ludlow reporting from California. We want to clarify

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<v Speaker 2>something on the case that we were reported yesterday. The

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<v Speaker 2>Attorney's General spearheading the case are from California, Colorado, Kentucky,

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<v Speaker 2>and New Jersey. However, a broader, bipartisan group of twenty

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<v Speaker 2>nine states is accusing Meta of collecting data from users

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<v Speaker 2>under thirteen years old, in violation of the Federal Children's

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<v Speaker 2>Online Privacy Protection Act.

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<v Speaker 3>Okay, let's turn to the markets now, Karen. Futures are

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<v Speaker 3>higher after yesterday's chip led sell off on Wall Street.

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<v Speaker 3>Asia's chip stocks tracked the EUS route, but an announcement

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<v Speaker 3>late this morning that South Korea's s k Heinez is

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<v Speaker 3>buying back more than twenty nine billion dollars in its

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<v Speaker 3>stock appears to have called the markets. Bloomberg Scarfield Reynolds

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<v Speaker 3>has more on the state of chips.

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<v Speaker 9>It's part of this growing skepticism about AI and about

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<v Speaker 9>the extent to which the extraordinary investments that are planned

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<v Speaker 9>will end up paying off sufficiently to justify those expenses.

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<v Speaker 9>People had been thinking that chips were immune to such

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<v Speaker 9>concerns because everybody's going to need them again. Is instead

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<v Speaker 9>the prospect of the increased competition.

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<v Speaker 3>Bloomberg Scarfield Reynolds notes the cospy in South Korea fell

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<v Speaker 3>almost six percent overnight.

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<v Speaker 2>It's time now for a look at some of the

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

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<v Speaker 2>and for that we're joined by Bloomberg's Monica Riggs. Monica,

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<v Speaker 2>good morning.

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<v Speaker 4>Hey, good morning, Karen. We'll sticking with South Korea. South

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<v Speaker 4>Korean and US militaries have agreed to downsize their drills

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<v Speaker 4>now at the US's request. They'll now end Friday, weeks

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<v Speaker 4>ahead of schedule. President Trump ordered those cuts earlier this week,

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<v Speaker 4>citing a good relationship with North Korean leader Kim joan

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<v Speaker 4>un and South Korea's refusal to join the war against Iran.

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<v Speaker 4>This historic preservation group has told the US Supreme Court

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<v Speaker 4>the President Trump's now trying to build his White House

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<v Speaker 4>ballroom quickly so the judiciary won't be able to stop him.

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<v Speaker 4>Bloomberg's Amy Morris reports from Washington.

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<v Speaker 10>In a filing that tees up the High Court to

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<v Speaker 10>decide the fate of the ninety thousand square foot facility,

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<v Speaker 10>the National Trust for Historic Preservation in the United States

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<v Speaker 10>blasted the White House for expediting construction even after two

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<v Speaker 10>lower courts said it was probably illegal. The group argued

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<v Speaker 10>that rather than obtained congressional authorization for the project, the

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<v Speaker 10>administration quote instead decided to try to outrun judicial review.

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<v Speaker 10>A federal appeals court decision that blocks most above ground

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<v Speaker 10>construction is set to take effect unless the Supreme Court

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<v Speaker 10>puts the ruling on hold. In Washington, Amy Morris Bloomberg.

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<v Speaker 4>Radio, Pennsylvania's Attorney general David Sunday has announced charges against

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<v Speaker 4>fourteen people accus of running a cocaine trafficking operation out

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<v Speaker 4>of two Penn State frat houses.

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<v Speaker 8>The evidence showed that cocaine was primarily packaged at the

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<v Speaker 8>fraternity houses, and that packaging was done by fraternity brothers

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<v Speaker 8>and often time pledges.

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<v Speaker 4>He alleged ring leaders a twenty four year old former student.

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<v Speaker 4>He turned himself yesterday but was denied bail. And NASA

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<v Speaker 4>just released images of the crater a SpaceX rocket left

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<v Speaker 4>on the Moon. It's about sixty feet wide and about

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<v Speaker 4>ten ten feet deep. NASA says it slammed into the

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<v Speaker 4>Moon with a force of nearly three tons of TNT

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<v Speaker 4>Global News twenty four hours a day and whenever you

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<v Speaker 4>want it with Bloomberg News. Now. I'm Monica Rix and

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<v Speaker 4>this is Bloomberg Nathan.

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<v Speaker 2>Karen, Thanks Monica. Time now for our Bloomberg Sports update,

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<v Speaker 2>and for that we bring in Dan Schwartzman.

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<v Speaker 11>Carlos Rodn returned to the Yankees rotation after missing close

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<v Speaker 11>to two months, going four innings, allowing just two hits

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<v Speaker 11>in one run and a Yankee three to one win

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<v Speaker 11>in Baltimore. Meanwhile, the Mets fell to the Padres five

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<v Speaker 11>to two. The Red Sox dominated the Diamondbacks nine to four,

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<v Speaker 11>while the Brewers match baseball's modern air record for the

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<v Speaker 11>biggest shutout, knocking off the Mariners twenty two to nothing.

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<v Speaker 11>The sale of the remaining seventeen point eight percent steak

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<v Speaker 11>in the Lakers held by the Bus family is getting ugly,

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<v Speaker 11>as five of the six siblings have reiterated their intention

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<v Speaker 11>of selling, saying they were quote united in their decision

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<v Speaker 11>to sell. Meanwhile, Jeanie Buss, the team's governor, has said

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<v Speaker 11>she will contest the sale to Josh Kushner and Bob Iger,

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<v Speaker 11>who are buying the controlling steak in the team. From

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<v Speaker 11>Mark Walter, that's your Bloomberg Sports update.

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<v Speaker 2>Stay with us more from Bloomberg day Break coming up

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<v Speaker 2>after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak. Good morning.

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<v Speaker 3>I'm Nathan Haygrafter. Primary nights in three states, the Democrats

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<v Speaker 3>Progressive Wave has made its way to Florida. Democratic socialist

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<v Speaker 3>Angie Nixon scored an upset over establishment backed Alex Vinman

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<v Speaker 3>in the Senate primary.

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<v Speaker 4>You embodied the site name organize Organize organae Angie Nixon

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<v Speaker 4>addressing her supporters last night.

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<v Speaker 3>And we are joined this morning by Jennifer Lawless, professor

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<v Speaker 3>of politics at the University of Virginia. That had to

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<v Speaker 3>be the biggest upset last night, wasn't it, Professor? I mean,

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<v Speaker 3>Vinman had a sixteen to one fundraising advantage in polling,

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<v Speaker 3>showing him what like ten points ahead of Nixon before

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<v Speaker 3>the vote.

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<v Speaker 10>That, Matt, good.

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<v Speaker 12>Morning, Good morning. Yes, that was definitely the big surprise

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<v Speaker 12>from last night, not only because he had spent sixteen

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<v Speaker 12>million dollars, but also because he had national name recognition

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<v Speaker 12>from several years ago. I would note, though, that one

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<v Speaker 12>thing that's a little bit different about this race than

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<v Speaker 12>some of the other races where Democratic Socialists won was

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<v Speaker 12>that Vinman really didn't have Florida ties. So although he

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<v Speaker 12>seemed like a strong, credible candidate, he wasn't as deeply

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<v Speaker 12>rooted in the state.

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<v Speaker 6>As she was.

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<v Speaker 3>Is that the bigger theme to take away then than

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<v Speaker 3>the overall debate we've been talking about throughout this primary

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<v Speaker 3>season that the Democratic socialist progressive wing of the Democratic

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<v Speaker 3>Party might have more strength than the establishment nationally.

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<v Speaker 12>I think that the main message to take away is

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<v Speaker 12>that campaigns still matter, and they matter in local areas,

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<v Speaker 12>and if a candidate is able to resonate, then that

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<v Speaker 12>candidate is going to win, and it's not enough just

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<v Speaker 12>to have a ton of money or the establishment's backing.

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<v Speaker 1>In the past, that might.

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<v Speaker 12>Have been the case, but I'm not sure that Moore

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<v Speaker 12>would have won if she had gone on against a

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<v Speaker 12>more traditional establishment candidate who had been very well tied

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<v Speaker 12>to Florida.

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<v Speaker 3>Well, we're going to see Nixon now go on to

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<v Speaker 3>face Ashley Moody, the senator who was appointed to succeed

0:12:17.160 --> 0:12:20.720
<v Speaker 3>now Secretary of State Marco Rubio. What's the setup into

0:12:20.800 --> 0:12:24.760
<v Speaker 3>November now with a Democratic socialist taking on an incumbent

0:12:24.840 --> 0:12:26.200
<v Speaker 3>senator in November.

0:12:27.000 --> 0:12:30.600
<v Speaker 12>Well, Nixon's win certainly made Republicans happy last night, because

0:12:30.640 --> 0:12:33.440
<v Speaker 12>Florida is basically a red state at this point. There

0:12:33.440 --> 0:12:36.160
<v Speaker 12>are certainly blue pockets, and there have been places where

0:12:36.360 --> 0:12:41.640
<v Speaker 12>Democrats have outperformed themselves and outperformed expectations, especially in the

0:12:41.720 --> 0:12:46.560
<v Speaker 12>last set of congressional elections. But this is good news

0:12:46.559 --> 0:12:49.360
<v Speaker 12>for the Republicans simply because they think they'll be able

0:12:49.400 --> 0:12:52.839
<v Speaker 12>to paint her as far too progressive, far to to

0:12:52.920 --> 0:12:55.160
<v Speaker 12>the left, and out of sync with Florida voters.

0:12:55.640 --> 0:12:58.560
<v Speaker 3>Now, the Republican governor's primary, I think was less of

0:12:58.559 --> 0:13:02.240
<v Speaker 3>a surprise, even with a challenge to is far right

0:13:02.440 --> 0:13:06.360
<v Speaker 3>for Congressman Byron Donald's, But he walked away with that

0:13:06.400 --> 0:13:10.040
<v Speaker 3>one pretty handily. We actually spoke with Donald's last weekend

0:13:10.080 --> 0:13:12.600
<v Speaker 3>on Bloomberg this weekend about what was driving his campaign.

0:13:12.640 --> 0:13:13.520
<v Speaker 3>Here's what he had to say.

0:13:13.640 --> 0:13:16.800
<v Speaker 5>People are leaving blue states. They're leaving other states because

0:13:16.800 --> 0:13:19.000
<v Speaker 5>they just want a common sense state that is going

0:13:19.040 --> 0:13:22.160
<v Speaker 5>to support law enforcement, make sure they have a healthy,

0:13:22.200 --> 0:13:25.760
<v Speaker 5>clean environment, and that from a business and economic side,

0:13:25.840 --> 0:13:28.880
<v Speaker 5>they have a low tax, low regulatory state. That just

0:13:28.960 --> 0:13:29.559
<v Speaker 5>makes sense.

0:13:29.800 --> 0:13:33.640
<v Speaker 3>So does that message resonate now as Donald's goes on

0:13:33.800 --> 0:13:36.840
<v Speaker 3>to face a Republican turn Democrat David Jolly.

0:13:37.200 --> 0:13:41.120
<v Speaker 12>This is a tricky situation because donald is very linked

0:13:41.160 --> 0:13:44.600
<v Speaker 12>to Donald Trump, obviously, and Trump is popular in Florida

0:13:45.000 --> 0:13:47.600
<v Speaker 12>relative to his popularity across the rest of the country.

0:13:47.920 --> 0:13:51.600
<v Speaker 12>But the affordability issue is still very real, and the

0:13:51.679 --> 0:13:55.280
<v Speaker 12>extent to which people are dissatisfied with the status quo

0:13:55.600 --> 0:13:59.320
<v Speaker 12>is very real and Jolly is not seen as one

0:13:59.360 --> 0:14:03.600
<v Speaker 12>of these progressives who was unable to talk to the

0:14:03.640 --> 0:14:06.480
<v Speaker 12>middle as a former Republican. So I think this race

0:14:06.559 --> 0:14:08.839
<v Speaker 12>is going to be more competitive than a lot of

0:14:08.840 --> 0:14:09.760
<v Speaker 12>people think it might be.

0:14:09.960 --> 0:14:12.559
<v Speaker 3>In our last minute, let's talk about the Alaska race

0:14:12.640 --> 0:14:15.160
<v Speaker 3>as well. We had a Dan Sullivan running against a

0:14:15.280 --> 0:14:18.280
<v Speaker 3>Dan Sullivan, but it looks like the incumbent is going

0:14:18.360 --> 0:14:23.200
<v Speaker 3>to be coming out ahead into the general election to

0:14:23.280 --> 0:14:27.480
<v Speaker 3>face Democrat Mary Peltola. How significant could this be for

0:14:27.560 --> 0:14:28.360
<v Speaker 3>control of the Senate?

0:14:28.520 --> 0:14:30.960
<v Speaker 12>This is vital for control of the Senate. If the

0:14:31.000 --> 0:14:33.280
<v Speaker 12>Democrats are able to pick up this seat, then they

0:14:33.280 --> 0:14:35.440
<v Speaker 12>have a little bit more of a cushion for some

0:14:35.480 --> 0:14:38.200
<v Speaker 12>of these other races that are quite competitive. So this

0:14:38.280 --> 0:14:41.920
<v Speaker 12>is a big deal. It's another path to winning, but

0:14:42.120 --> 0:14:44.440
<v Speaker 12>it's also very difficult to take on an incumbent.

0:14:44.520 --> 0:14:44.680
<v Speaker 5>Now.

0:14:44.880 --> 0:14:47.320
<v Speaker 12>Now, Patola has one state wide, I mean as a

0:14:47.320 --> 0:14:50.280
<v Speaker 12>member of Congress, she has won the entire state in

0:14:50.320 --> 0:14:55.040
<v Speaker 12>the past. But Sullivan is in the stronger position, and

0:14:55.120 --> 0:14:56.880
<v Speaker 12>if I were a betting person, I would say that

0:14:56.920 --> 0:14:58.120
<v Speaker 12>it's likely his to keep.

0:15:00.000 --> 0:15:03.280
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