WEBVTT - Trump's Tariff Plans Roil Markets; Walmart Cuts Diversity Programs

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

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<v Speaker 2>Good morning.

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<v Speaker 1>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 1>stories we're following today.

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<v Speaker 3>Karen, we begin with a political move that is roiling

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<v Speaker 3>markets this morning. President like Donald Trump has made his

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<v Speaker 3>first specific threat to curb global trade flows since his

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<v Speaker 3>election win. We get the details from Bloomberg's Doug Prisner.

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<v Speaker 4>In a post on Truth Social Trump said the US

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<v Speaker 4>will impose an additional ten percent tariff on Chinese goods

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<v Speaker 4>on top of all existing levies beginning his first day

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<v Speaker 4>in office, and in a separate post, the president elect

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<v Speaker 4>said he will impose a twenty five percent tariff on

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<v Speaker 4>all goods from Canada and Mexico. Trump framed these new

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<v Speaker 4>levies as necessary to clamp down on migrants and illegal

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<v Speaker 4>drugs flowing across borders, and the announcement came just after

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<v Speaker 4>Trump tapped Scott Besson to be the next US Treasury Secretary.

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<v Speaker 4>His selection was viewed is a sign of a more

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<v Speaker 4>measured stance on tariffs in New York. I'm Doug Prisoner,

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<v Speaker 4>Bloomberg Radio.

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<v Speaker 1>All Right, Doug, thanks, well, there's plenty of reaction this

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<v Speaker 1>morning to Trump's tariff plans. Jennifer Hillman is the former

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<v Speaker 1>General Counsel at the Office of the US Trade Representative.

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<v Speaker 5>I think again, you can expect this to be very,

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<v Speaker 5>very transactional, and I think that's part of the reason

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<v Speaker 5>for announcing it well before he's even in office. I mean,

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<v Speaker 5>he is clearly looking for and I would say, you know,

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<v Speaker 5>Canada and Mexico to come to him with offers of

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<v Speaker 5>things that they can do.

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<v Speaker 1>Former General Counsel at the Office of the United States

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<v Speaker 1>Trade Representative Jennifer Hillman made the comments on Bloomberg Insights

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<v Speaker 1>with has Linda amin Well Caring.

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<v Speaker 3>The dollar rallied and Asian stocks fell as Trump's comments

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<v Speaker 3>ratcheted up concerns about his America First policies. This morning,

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<v Speaker 3>a China Foreign Ministry spokesperson was asked whether there are

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<v Speaker 3>any plans for talks before Trump takes office.

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<v Speaker 6>Information to offer at this moment, but shall we remain

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<v Speaker 6>open to gallog and communication in principle.

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<v Speaker 3>China's Foreign Ministry, reacting to Trump's comments, the offshore you

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<v Speaker 3>on week into a four month low. The Mexican peso

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<v Speaker 3>and Canadian dollar both tumbled more than one percent.

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<v Speaker 1>And Nathan Bloomberg News has learned shortly after Trump's post,

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<v Speaker 1>Canadian Prime Minister Justin Trudeau contacted the President elect and

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<v Speaker 1>the two leaders had a phone call to discuss border

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<v Speaker 1>security and trade. Sources a Trudeau pointed out to Trump

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<v Speaker 1>that the number of migrants who crossed the Canadian border

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<v Speaker 1>into the US is minuscule compared to those who crossed

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<v Speaker 1>from Mexico, well cairing.

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<v Speaker 3>The other major news coming out of Washington this morning

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<v Speaker 3>is from the Justice Department. Federal prosecutors have moved to

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<v Speaker 3>drop their two criminal cases against President elect Trump because

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<v Speaker 3>he won the race. Bloomberg's Amy Morris reports from Washington.

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<v Speaker 7>In the court filing, special counsel Jack Smith says the

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<v Speaker 7>Justice Department policy requires him to abandon the case. Smith

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<v Speaker 7>was working to hold Trump criminally accountable for efforts to

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<v Speaker 7>subvert the twenty twenty election and mishandling of classified documents.

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<v Speaker 7>Smith's team also emphasized that the move to abandon their

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<v Speaker 7>pross USANs was not a reflection of the merits of

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<v Speaker 7>the cases, but a recognition of the legal shield that

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<v Speaker 7>surrounds any commander in chief. The team says it will

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<v Speaker 7>continue to pursue cases against co defendants in the classified

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<v Speaker 7>documents case. What is not clear is the fate of

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<v Speaker 7>the state criminal cases still pending against Trump in Washington,

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<v Speaker 7>Amy Moore as Bloomberg Radio.

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<v Speaker 1>All right, Amy, thank you now to the latest from

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<v Speaker 1>the Middle East. And Israel and Hezbola may be getting

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<v Speaker 1>closer to a size fire deal, even as both sides

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<v Speaker 1>keep firing rockets and artillery at each other. Bloomberg'sdayna Chris

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<v Speaker 1>reports Israel's security cabinet is expected to vote an agreement today.

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<v Speaker 8>This has come almost two months after negotiations have started.

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<v Speaker 8>We were here about a month and a half ago

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<v Speaker 8>in October when Israel agreed to a US and France

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<v Speaker 8>proposal for ceasfire agreement, and then we saw Israel not

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<v Speaker 8>backing this deal. So there could be some sort of

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<v Speaker 8>backing out of the deal by Israel. There is some

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<v Speaker 8>opposition among Israeli officials to that deal.

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<v Speaker 1>But if the deal passes, Bloomberg's Innacraser ports the US

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<v Speaker 1>and France could announce it immediately. The latest proposal calls

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<v Speaker 1>for a sixty day ceasefire where hez Below fighters had

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<v Speaker 1>moved north of the tiny river, about nineteen miles from

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<v Speaker 1>the Israeli border. Israel would reserve the right to respond

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<v Speaker 1>if it sees hes below breaking the agreement. That part

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<v Speaker 1>of the deal has gotten significant pushback well.

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<v Speaker 3>Turning back to markets now, Karen, As we mentioned, the

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<v Speaker 3>dollar has been strengthening following Trump's latest tariff comments. Futures

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<v Speaker 3>have turned higher as well. Stocks gained yesterday, fueled by

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<v Speaker 3>the nomination of Scott Bessen to be of Trump's Treasury Secretary.

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<v Speaker 3>Laurie Calvacina' head of US equity strategy at RBC Capital Markets,

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<v Speaker 3>remains bullas she has a sixty six hundred price target

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<v Speaker 3>for the SMP five hundred next year.

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<v Speaker 9>The sixty six hundred is the approximate median of those

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<v Speaker 9>five different models than the outputs that they produced. There

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<v Speaker 9>is a little bit of a range. At the low end,

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<v Speaker 9>our valuation model, which also incorporates our earning testament, is

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<v Speaker 9>getting this number a little bit below sixty two hundred

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<v Speaker 9>or a pe at the end of next year on

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<v Speaker 9>a trailing basis that would be about twenty two point

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<v Speaker 9>seven times. On the high end, our cross asset model

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<v Speaker 9>is pointing to a twelve point seven percent return on

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<v Speaker 9>the year, which gets us well above sixty seven hundred,

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<v Speaker 9>So there's a little bit of a range there, but

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<v Speaker 9>that's sixty six hundred we think is a really reasonable

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<v Speaker 9>base case to focus on at this point.

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<v Speaker 3>RBC Capital Zori Calvicinas price target of sixty six hundred

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<v Speaker 3>would be about a ten percent gain for the S

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<v Speaker 3>and P five hundred from current levels.

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<v Speaker 1>Well, we turn to the economy now. Nathan in Minneapolis

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<v Speaker 1>Fed President Neil cash Care retails Bloomberg that it is

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<v Speaker 1>still appropriate to consider another interest rate cut at the

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<v Speaker 1>Central Banks December meeting.

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<v Speaker 10>This is what I'm trying to understand right now is

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<v Speaker 10>how much downward pressure are we putting on the economy

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<v Speaker 10>and what is the path for inflation. But right now,

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<v Speaker 10>knowing what I know today, you know still considering a

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<v Speaker 10>twenty five basis point cut in December. It's a reasonable

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<v Speaker 10>debate for us.

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<v Speaker 1>To have Minneapolis Fed President Neil Cashcar and officials or

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<v Speaker 1>receive more data both on inflation and the labor market

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<v Speaker 1>before their December meet up. The latest update on the

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<v Speaker 1>FEDS preferred to price gauges will be released tomorrow.

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<v Speaker 3>In Company News, Karen Walmart is the latest business reversing

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<v Speaker 3>course on diversity, equity and inclusion initiatives. The world's biggest

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<v Speaker 3>retailer will no longer consider race and gender to boost

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<v Speaker 3>diversity when granting supplier contracts, and will stop collecting demographic

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<v Speaker 3>data when assessing financing eligibility. Walmart joins at least ten

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<v Speaker 3>other companies, from Deer to Boeing that have pulled back

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<v Speaker 3>on DEI commitments in recent months as Corporate America reconsiders

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<v Speaker 3>diversity policies in the wake of last year's Supreme Court

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<v Speaker 3>ruling banning affirmative action in college admissions, and.

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<v Speaker 1>Nathan and Biden administration has finalized a deal to give

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<v Speaker 1>Intel nearly seven point nine billion dollars in federal grants.

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<v Speaker 1>That's the largest direct subsidy from a program to boost

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<v Speaker 1>domestic semiconductor manufacturing. The agreement for the struggling chip maker,

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<v Speaker 1>smaller than an earlier proposed award, means that Intel can

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<v Speaker 1>begin receiving funds at it hits negotiated benchmarks on projects

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<v Speaker 1>in four US states. In another development, Bloomberg News has

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<v Speaker 1>learned Qualcom's int in pursuing an acquisition of Intel has cooled,

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<v Speaker 1>and Intel shares they are down about one in a

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<v Speaker 1>third percent this morning time. Now for a look at

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<v Speaker 1>some of the other stories making news in New York

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<v Speaker 1>and around the world. And from that we're joined by

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<v Speaker 1>Bloomberg's John Tucker, John, Good Morning, Yeah, Good morning.

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<v Speaker 11>Karen. The prosecutor oversees Wall Street stepping down. Manhattan US

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<v Speaker 11>Attorney Damian Williams will resigned December thirteenth after three years.

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<v Speaker 11>Let's get more from Bloomberg's Charlie Pellet.

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<v Speaker 2>It comes as the leadership of the office known as

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<v Speaker 2>the Sheriff of Wall Street transitions to Donald Trump's new administration.

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<v Speaker 2>The forty four year old Williams has announced he plans

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<v Speaker 2>to step down. Deputy US Attorney Edward Kim will temporarily

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<v Speaker 2>step into the top job after Williams leaves. Trump announced

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<v Speaker 2>earlier this month that he will be nominating former SEC

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<v Speaker 2>Chair Jay Clayton to lead the office in New York.

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<v Speaker 2>Charlie Pellett, Bloomberg Radio.

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<v Speaker 11>Fifty thousand flights are set to take off nationwide today,

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<v Speaker 11>the most of this busy holiday week for drivers. This

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<v Speaker 11>Thanksgiving holiday triple ass more than seventy million are sent

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<v Speaker 11>to hit the roads today. The good News gasoline prizes

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<v Speaker 11>nationwide are at their lowest levels since twenty twenty one

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<v Speaker 11>Republican lawmakers. They're calling on the Biden administration to preserve

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<v Speaker 11>documents related to the proposed sale of US deal to

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<v Speaker 11>japan based Nippon Steal. They're expressing serious concerns that politics

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<v Speaker 11>have tainted an ongoing national security review of the deal

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<v Speaker 11>and raising the prospect of a congressional probe. And brothers

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<v Speaker 11>Eric and Lyle Menendez were hoping for a December hearing

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<v Speaker 11>to plead for their release after serving thirty five years

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<v Speaker 11>for the nineteen eighty nine murders of their parents. Now

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<v Speaker 11>the next hearing in Los Angeles is scheduled for late January,

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<v Speaker 11>so it could be many months before the brothers could

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<v Speaker 11>be released. And the Macy's Thanksgiving Day Parade, a tradition

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<v Speaker 11>that started a century ago, it remains one of the

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<v Speaker 11>few spectacles that still draws on a big audience to

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<v Speaker 11>broadcast teas. Now, according to the Wall Street Journal, airing

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<v Speaker 11>it is going to get a lot more expensive. The

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<v Speaker 11>paper says NBC, which has had the broadcast right since

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<v Speaker 11>nineteen fifty three, is trying to hammer down a new

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<v Speaker 11>deal with Macy's to keep the events on the network.

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<v Speaker 11>A new deal would kick in next year. With an

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<v Speaker 11>average annual fee of more than sixty million dollars for

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<v Speaker 11>around twenty million dollars in the current contract. Global News

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

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<v Speaker 11>Bloomberg News Now. I'm John Tucker. This is Bloomberg. Karen.

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<v Speaker 1>All right, John, thank you. Time now with the Bloomberg

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<v Speaker 1>Spores update, Bronty. If I try state and OUTI here's

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<v Speaker 1>John Stanshawer, John, Good morning.

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<v Speaker 12>Good morning, Karen. The rare night when all five New

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<v Speaker 12>York NBA and NHL teams were inaction, the hockey teams

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<v Speaker 12>at home, the hoop teams.

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<v Speaker 1>On the road.

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<v Speaker 12>They both had impressive victories. The Knicks were in Denver.

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<v Speaker 12>They are coming off a loss at Lowly Utah. With

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<v Speaker 12>the Knicks against the Nuggets put on a show with

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<v Speaker 12>sixty one percent shooting forty five assists, which ties the

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<v Speaker 12>club record. The Nicks one going away one forty five

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<v Speaker 12>to one eighteen for Ogiananobi, known more for his defense,

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<v Speaker 12>a career high forty points. Karl Anthony Town scored thirty.

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<v Speaker 12>Jalen Brunson had seventeen of those assists. Nets got thirty

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<v Speaker 12>one from Dennis Shrewder. Beat the Warriors one twenty eight

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<v Speaker 12>to one twenty at the Garden Saint Louis Blues the

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<v Speaker 12>day after making a coaching change, won the third period

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<v Speaker 12>three nothing beat the Rangers five to two, just as

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<v Speaker 12>the Devils one five to two in Newark over Nashville.

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<v Speaker 12>First career hat trick for Nico Heastiere, it was the

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<v Speaker 12>natural hat trick. All three came in the second period.

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<v Speaker 12>The Islanders at Ubs lost to Detroit four to two

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<v Speaker 12>in La the Battle of the Harbod Brothers, and like

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<v Speaker 12>the Super Bowl twelve years ago, johns Ravens one beat

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<v Speaker 12>Jim who now coaches the Chargers, thirty to twenty three.

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<v Speaker 12>Lamar Jackson two touchdown passes, another on the ground Derrick

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<v Speaker 12>Henry one hundred and forty rushing yards. After the Giants

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<v Speaker 12>Laiden egg Sunday and a lopsided loss at Tampa Bay,

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<v Speaker 12>couple of Giants like Dexter Lawrence and rookie Melik Neighbors

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<v Speaker 12>both called the Giants soft. Coach Brian Daboll reacted yesterday, I.

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<v Speaker 13>Thought our guys played hard, go back in the value

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<v Speaker 13>at the tape. There was certain plays that you want back,

0:11:02.880 --> 0:11:04.640
<v Speaker 13>you know. We talked about some of the mistackles that

0:11:04.720 --> 0:11:08.040
<v Speaker 13>happened offensively, some of the negative plays, particularly in the

0:11:08.120 --> 0:11:10.480
<v Speaker 13>first half, and we had seventeen plays and you know

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<v Speaker 13>that created some third longs that we didn't pick up,

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<v Speaker 13>didn't control the time of possession. But the guys played hard,

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<v Speaker 13>they play with effort, just didn't do enough.

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<v Speaker 12>Meanwhile, Daniel Jones now officially an ex Giant and a

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<v Speaker 12>free agent, having cleared waivers, College oaps and Maui second

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<v Speaker 12>rank Yukon upset and overtime by Memphis ninety nine ninety seven.

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<v Speaker 12>The Huskies came in with a record during twenty twenty

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<v Speaker 12>four of thirty one and one. John stashed We're Bloomberg

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<v Speaker 12>Sports Candy Mean.

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<v Speaker 2>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 2>and around the world on Bloomberg dot Com and the

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<v Speaker 2>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager. President to like Donald Trump

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<v Speaker 3>has given markets a jolt with his threat to boost

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<v Speaker 3>tariffs on Chinese imports by ten percent and twenty five

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<v Speaker 3>percent for goods from Canada and Mexico, and an effort

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<v Speaker 3>to stop I League immigration and Fentanel trafficking. Michael Stroback

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<v Speaker 3>is chief investment officer at lombard Odia.

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<v Speaker 14>Tariffs are messing up with the terms of trades of

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<v Speaker 14>countries in ways that firms are not prepared for long

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<v Speaker 14>term short term. Therefore you're on the losing end if

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<v Speaker 14>you get hit by tariffs.

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<v Speaker 3>That's Michael Stroback with lombard Odia. Joining us now is

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<v Speaker 3>Lindsay Newman, geopolitical risk expert and calumnist for G zero Media.

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<v Speaker 3>As we've watched the dollar strengthen and the currency is

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<v Speaker 3>affected by these potential tariffs, we can on the news Lindsay,

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<v Speaker 3>good morning. Should markets see this as a threat or

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<v Speaker 3>a promise from the president?

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<v Speaker 6>Delect morning, Nathan, Thanks for having me on. There should

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<v Speaker 6>be very little that's surprising about Trump's overnight announcements. He

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<v Speaker 6>has been telling us throughout the campaign that he planned

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<v Speaker 6>to rely heavily on the lever of tariffs, particularly visa

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<v Speaker 6>via China. And as I've been saying for years, when

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<v Speaker 6>he lays out a policy platform, when he sells you

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<v Speaker 6>his priorities believe him. So markets should be prepared for this,

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<v Speaker 6>They should take it seriously. They now have two months

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<v Speaker 6>before he actually steps into office to prepare. What I

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<v Speaker 6>think is telling here, though, Nathan, is that he's decided

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<v Speaker 6>not just to go after China, but also he's looking

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<v Speaker 6>very closely in his neighborhood with Canada and Mexico. And

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<v Speaker 6>this has to telegraph that no country is likely to

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<v Speaker 6>be immune to Trump's scrutiny to his lens. It also

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<v Speaker 6>has to be seen within the context of the upcoming

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<v Speaker 6>USMCA trade agreement, which is going to be reviewed in

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<v Speaker 6>twenty twenty six.

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<v Speaker 3>Yeah, I wanted to ask you about how this could

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<v Speaker 3>affect the USMC. I mean, during the President Elect's first term,

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<v Speaker 3>he renegotiated NAFTA. I mean, how could a tariff threat

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<v Speaker 3>like this fit in to the current trade agreement in

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<v Speaker 3>North America.

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<v Speaker 6>Yeah, he took the NAFTA, which he said was the

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<v Speaker 6>worst trade deal, and then he renegotiated the USMCA trade deal,

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<v Speaker 6>which he seemed pleased with at the time. You know,

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<v Speaker 6>you hit the nail on the head here, though. This

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<v Speaker 6>is really about a negotiation. These are really about negotiation tactics, right.

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<v Speaker 6>You know, we have to always remember this is Trump's way.

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<v Speaker 6>The fact that he himself has announced this news rather

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<v Speaker 6>than relying on Scott Descent.

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<v Speaker 9>His appointee to release this news.

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<v Speaker 6>He's telling us on Thanksgiving week over his social media

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<v Speaker 6>platform with various capitalizations. You can't distinguish between. We have

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<v Speaker 6>to distinguish, I should say, between the noise and the signal.

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<v Speaker 6>The noise is the style. The signal here is that

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<v Speaker 6>he intends to go to pursue this and use it

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<v Speaker 6>as a negotiating tactic, including for the USMCA trade deal,

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<v Speaker 6>which they have to review and decide whether the US

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<v Speaker 6>is going to look to unwind it. So that's going

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<v Speaker 6>to be the end here to build in these sort

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<v Speaker 6>of security provisions, the immigration provisions that are priorities for

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<v Speaker 6>the Trump administration.

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<v Speaker 3>Is there noise around this announcement when it comes to

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<v Speaker 3>the progress that the Biden administration says it's made around

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<v Speaker 3>illegal immigration as well as fentanyl trafficking, particularly.

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<v Speaker 6>With China, there's absolutely noise here. But Trump has put

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<v Speaker 6>this at the center of his platform. When we saw

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<v Speaker 6>that he appointed Tom Holman to be Borders are when

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<v Speaker 6>he's announced Stephen Miller as his deputy chief of staff.

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<v Speaker 6>This is signaling that the Trump two point zero administration

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<v Speaker 6>plans to move quickly on these issues. On immigration on Ventanyl,

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<v Speaker 6>I fully expect him to have a host of executive

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<v Speaker 6>actions in addition to the ones he's referenced overnight for

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<v Speaker 6>his signature on day one. And look, Nathan, we saw,

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<v Speaker 6>you know, Bloomberg reported that Prime Minister Justin Trudeau saw

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<v Speaker 6>the post on True Social and called up Trump. So

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<v Speaker 6>it's working. This is the intended outcome here. These are

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<v Speaker 6>negotiating tactics. It's an opening salvo.

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<v Speaker 3>So how can we expect China to negotiate, particularly given

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<v Speaker 3>the current economic constraints at sunder got about thirty seconds left.

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<v Speaker 6>Yeah, I mean, we've seen the response to the posts

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<v Speaker 6>where that China says are not looking to enter into

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<v Speaker 6>a full phone trade war, and we have to expect,

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<v Speaker 6>you know, there should be more room for carveouts, for

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<v Speaker 6>example for Canada and Mexico, as we saw during the

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<v Speaker 6>Trump one administration. Absolutely in Trump two point zero, Trump

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<v Speaker 6>plans to pursue China and extend what he pursued during

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<v Speaker 6>Trump one point zero and also with the Biden administration

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<v Speaker 6>carried out. We have to remember they did not roll

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<v Speaker 6>back any of those Trump one point zero tariffs.

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