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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hagen and now I'm lak smite

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Speaker 2: out Lisa. The lift in stocks this morning comes as

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Speaker 2: the US is set to unveil its first major trade deal.

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Speaker 2: Bloomberg News has learned President Donald Trump will announce an

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Speaker 2: agreement later this morning with the UK, and that announcement

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Speaker 2: will come in Washington. We begin our team coverage this

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Speaker 2: morning with Bloomberg News Senior editor Derek Wallbank.

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Speaker 3: Well, I think it's significant in a couple of different ways,

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Speaker 3: regardless of what's actually in it, because it's going to

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Speaker 3: provide a framework for seeing what is going to be

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Speaker 3: able to lower the temperature in trade talks with the

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Speaker 3: United States.

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Speaker 4: Right.

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Speaker 3: This has been one of the things we've seen since

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Speaker 3: the Liberation Day stuff in early April. There's been a

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Speaker 3: giant question of what it was going to take to

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Speaker 3: get an actual deal inked. This looks like it's going

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Speaker 3: to be the first deal of some substance.

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Speaker 2: Bloomberg's Derek Whilebank says any deal would come with significant caveats.

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Speaker 2: Full scale trade pacts typically take years to negotiate.

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Speaker 5: Naythan UK Premier Keir Starmer also speaking about the trade talks,

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Speaker 5: Bloomberg's un Pots continues our team coverage from London. Good

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Speaker 5: morning you in.

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Speaker 6: A deal with the United States has long been the

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Speaker 6: holy grail of UK trade policy. Imports from and exports

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Speaker 6: to the world's biggest economy total more than three hundred

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Speaker 6: billion dollars a year, an account for one pound in

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Speaker 6: six of all UK trade. But politically a deal has

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Speaker 6: always been fraught with risk for the UK, with many

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Speaker 6: fearing a lowering of food standards and more corporate involvement

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Speaker 6: in the healthcare sector. UK Prime Minister Kiss Starmer spoke

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Speaker 6: in London this morning.

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Speaker 7: The United States an indispensable ally for economic and national security.

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Speaker 7: As you know, talks with the US have been ongoing,

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Speaker 7: and you'll hear more from me about that later today.

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Speaker 6: UK Prime Minister Kis Starmer. Bloomberg understands that recent talks

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Speaker 6: have included reducing US tariffs on cars and steal with

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Speaker 6: tech and AI another focus of negotiations. But how far

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Speaker 6: the two sides straight into more controversial policy areas and

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Speaker 6: how deep the tariff cuts will go? While we'll find

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Speaker 6: out later today in London. I'm un Pot's Spoomberg Radio.

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Speaker 2: All right, you and thank you. Meanwhile, President Trump says

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Speaker 2: he is not willing to lower tariffs on China to

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Speaker 2: spur more substantive trade negotiations.

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Speaker 4: There.

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Speaker 2: We get that story from Washington and Bloomberg's Amy Morris.

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Speaker 8: During the swearing in ceremony of Trump's new ambassador to China,

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Speaker 8: David Purdue, a reporter asked the president if he would

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Speaker 8: pull back those one hundred and forty five percent duties

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Speaker 8: on Chinese imports.

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Speaker 5: Are you open to pulling back your tariffs in order

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Speaker 5: to get China to the negotiating table. No.

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Speaker 8: President Trump has said that he is willing to lower

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Speaker 8: tariffs on China at some point, but also that US

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Speaker 8: consumers should be ready to accept some higher prices. The

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Speaker 8: president's comments came just a day before Treasury Secretary Scott

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Speaker 8: Besant and Trade Representative Jamison Greer are set to meet

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Speaker 8: in Switzerland with China's Vice Premier on trade. In Washington,

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Speaker 8: Amy Morris Bloomberg Radio.

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Speaker 5: All right, thanks, Amy. Tensions continue to escalate between India

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Speaker 5: and Pakistan this morning. Pakistan's military says it's shot down

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Speaker 5: more than two dozen drones from India in an attack

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Speaker 5: that killed one civilian and wounded four soldiers. This follows

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Speaker 5: a day when India struck what it called known terror

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Speaker 5: camps inside Pakistan, killing thirty one people, according to Pakistani officials.

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Speaker 5: Hostilities have been rising since a militant attack in the

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Speaker 5: disputed Kashmir region last month that killed twenty six people,

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Speaker 5: most of them Indian Hindu tourists Lisa.

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Speaker 2: Bloomberg News has learned that Trump administration plans to rescind

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Speaker 2: Biden era AI chip curbs in a bid to revise

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Speaker 2: semiconductor trade restrictions. The existing measures have been heavily criticized

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Speaker 2: by major tech companies and foreign governments. The repeal is

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Speaker 2: yet to be finalized, but it looks to abolish the

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Speaker 2: tiered system that was created to regulate chip exports from

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Speaker 2: the likes of Nvidia and other firms. Bloomberg News Senior

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Speaker 2: Tech editor Michael Shepherd says the move would be a

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Speaker 2: victory for Big Tag.

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Speaker 9: It's a win for in Vidia, which is pressed for

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Speaker 9: a total repeal of these chips curves. It's known as

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Speaker 9: AI diffusion rule, and it really has caused a lot

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Speaker 9: of consternation in the industry because they see it as

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Speaker 9: something that will have the perverse effect of throwing countries

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Speaker 9: and their companies into China's arms seeking access to advanced

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Speaker 9: AI technology.

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Speaker 2: Bloomberg's Mike Shepherd says the Trump administration won't enforce the

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Speaker 2: curve known as the AI Diffusion Rule when it takes

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Speaker 2: effect on May fifteenth. Chip stocks led by Nvidia are

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Speaker 2: rising this morning. In Vidia shares are higher by nearly

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Speaker 2: two percent.

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Speaker 5: And turning to the economy now, Nathan Fedcher J Powell

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Speaker 5: says the future of interest rates will not be determined

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Speaker 5: until there is more clarity over trade policy. Let's get

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Speaker 5: the latest with Bloomberg's John Tucker.

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Speaker 10: John, Good morning, Lisa. The message from Powell and the

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Speaker 10: Fed is there's no rush to cut rates.

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Speaker 11: We don't think we need to be in a hurry.

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Speaker 11: We think we can be patient. We're going to be

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Speaker 11: watching the data. The data may move quickly or slowly,

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Speaker 11: but we do think we're in a good position where

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Speaker 11: we are to let things evolve.

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Speaker 10: Powell and his colleagues held to interst rate steady. Former

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Speaker 10: New York Fed President Bill Dudley says tariffund certainly leaves

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Speaker 10: the Fed little choice.

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Speaker 3: So in that environment, it's sort of like, you know,

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Speaker 3: the Hippocrat up, do no harm to your patient.

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Speaker 10: Powell acknowledged that consumer and business sentiment had darkened amid

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Speaker 10: the Iranic tariff announcements, but he also said the hard

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Speaker 10: data is still paint a picture of a healthy economy.

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Speaker 9: Well.

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Speaker 10: The futures Marcus show investors still expect three interest rate

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Speaker 10: cuts this year, with odds of the cut as early

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Speaker 10: as July at about eighty five percent in New York.

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Speaker 10: I'm John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, Thanks. We got a few rat decisions

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Speaker 2: in Europe this morning. The central banks in Sweden and

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Speaker 2: Norway left their policy rates unchanged. In the UK, the

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Speaker 2: Bank of England is expected to cut rates a quarter

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Speaker 2: percentage point. Economists say the BOE may signal another move

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Speaker 2: in June, potentially putting that central bank on course for

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Speaker 2: its first back to back reductions since two thousand and nine, and.

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Speaker 5: Checking some stocks on the move this morning, shares of

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Speaker 5: Armholdings down about ten percent. The chip company gave a

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Speaker 5: lack lesser sales forecast for the current period, saying that

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Speaker 5: the timing of the new licensing agreements has made it

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Speaker 5: cautious about predictions for the future.

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Speaker 2: And Lisa Google is recouping some of its seven percent

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Speaker 2: declined from yesterday, and the pre market it's up two percent.

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Speaker 2: That follows news that Apple is considering a revamp to

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Speaker 2: its Safari web browser to focus on AI powered search engines.

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Speaker 2: Apple's senior vice president of Services Atiq, made the disclosure

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Speaker 2: during testimony and the Justice Department's lawsuit against Google parent Alphabet.

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Speaker 2: Bloomberg Tech reporter Jackie Davolos says the move could potentially

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Speaker 2: end Apple's lucrative longtime partnership with Google.

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Speaker 12: When it comes to large language models, there's a new

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Speaker 12: model out almost every month, and I think it shows

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Speaker 12: an openness to remaining nimble with the different players out there.

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Speaker 12: It might be open AI one day, but you have

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Speaker 12: other smart competitors like a Perplexity, So it really shows

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Speaker 12: that if they're not taking a one company approach this time,

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Speaker 12: they're going to diversify.

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Speaker 2: Bloomberg's Jackie Dovolos ads Apple's Eddie Q believes AI search

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Speaker 2: engines could replace standard search engines like Google.

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Speaker 5: Any time out for a look at some of the

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Speaker 5: other stories making news in New York and around the

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Speaker 5: world where that were joined by Bloomberg's Michael Barton Morning

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Speaker 5: Michael Good.

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Speaker 4: Morning, Lisa. The New York Police Department says more than

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Speaker 4: seventy people were arrested after masked protesters occupied Columbia University's

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Speaker 4: main library. Police entered Butler Library hours after protesters, many

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Speaker 4: wearing face coverings, took over part of the building and

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Speaker 4: drape Palestinian flags along its walls. This Columbia student was

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Speaker 4: critical of the university.

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Speaker 10: It is a disgrace to Elee University that this is

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Speaker 10: still allowed to happen again, especially during finals.

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Speaker 7: It's the same repetition as last year and most protesters.

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Speaker 10: And administration has apparently learned nothing Following.

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Speaker 4: Pro Palestinian protests on the campus last year. The Trump

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Speaker 4: administration cut more than four hundred million dollars of federal

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Speaker 4: funding to Columbia, accusing the Ivy League university of failing

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Speaker 4: to protect Jewish students from harassment. The cardinals of the

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Speaker 4: Catholic Church returned to the sixteen Chapel this morning for

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Speaker 4: more votes on a new leader of the church. It

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Speaker 4: comes after day one of the conclave did not elect

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Speaker 4: a new pope at the Vatican. Reverend Tom Rees, senior

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Speaker 4: analyst for the Religion News Service, says the vote went

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Speaker 4: as expected.

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Speaker 1: I guess it went longer because we had more cardinals

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Speaker 1: than last time, one hundred and thirty three to twenty

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Speaker 1: percent more cardinals than we're here last time.

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Speaker 4: At least two thirds majority is needed, or eighty nine

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Speaker 4: votes from the cardinals. In the crowd of thousands in

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Speaker 4: Saint Peter's Square, this woman from Chicago says she's praying

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Speaker 4: for whoever is elected.

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Speaker 5: We were just so divided as a world, so it

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Speaker 5: would be nice to just send someone with a lot

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Speaker 5: of love.

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Speaker 4: Still no Jerry yet. In the trial of music mogul

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Speaker 4: Sean Diddy Coombs facing sex trafficking charges, it took three

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Speaker 4: days to get forty five perspective jurors in place, but

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Speaker 4: the judge wants to do a final selection on the

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Speaker 4: jury tomorrow. Opening statements are set for Monday. President Trump

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Speaker 4: is tapping case he means to be the next US

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Speaker 4: Surgeon General after his prior nominee was withdrawn shortly before

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Speaker 4: her confirmation. Hearing means replaces his prior nominee, Jeannette Nessawatt,

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Speaker 4: came amid pressure from far right activists like Laura Lumer,

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Speaker 4: who criticized Nesshawatt for being pro vaccine. Global News twenty

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Speaker 4: four hours a day and whenever you want it with

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Speaker 4: the Bloomberg News. Down now, Michael Bayr and this is

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Speaker 4: Bloomberg Lisa.

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Speaker 5: Thank you, Michael. It is time now for our Bloomberg

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Speaker 5: Sports Update. For that we bring in John stash Hour.

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Speaker 5: Hey there, John Bailey.

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Speaker 4: So so the.

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Speaker 13: Knicks one Game one in Boston by coming back from

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Speaker 13: a twenty point deficit by forcing the Celtics into far

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Speaker 13: too many missed three pointers end with Michel Bridges making

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Speaker 13: a big defensive play at the end. Forty eight hours later,

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Speaker 13: all of that happened again in Game two next with

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Speaker 13: a fourth quarter run of two twenty one to two.

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Speaker 13: Celtics missed thirteen shots in a road didn't score a

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Speaker 13: basket for eight minutes. Jalen Brunson scored with two minutes

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Speaker 13: left for the next first lead of the night. They

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Speaker 13: went back ahead on two brunts and free throws with

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Speaker 13: twelve seconds remaining. Last chance for Boston.

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Speaker 10: It's Tatum ronson job Tatum and.

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Speaker 5: A teen.

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Speaker 8: A right to six.

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Speaker 7: Take cut it takes one.

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Speaker 13: New York has cut off two games ten one eighty

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Speaker 13: sevens kain efetien noun tnt. It was Bridges making the

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Speaker 13: play on Jason Tatum as he did on Jalen Brown

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Speaker 13: in Game one. The Knicks one ninety one to ninety

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Speaker 13: out come home for Game three Saturday, so some time

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Speaker 13: for the Celtics to think about. Seventy five missed three

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Speaker 13: point shots over the first two games after road teams

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Speaker 13: were six and zero. In the second round, Oklahoma City

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Speaker 13: did win at home by forty three over Denver. That

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Speaker 13: series title one. Golden State plays Game two tonight at Minnesota.

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Speaker 13: F Curry won't play due to a hamstring injury. Stanley

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Speaker 13: Cup Playoffs Toronto bet Florida four to three, leads the

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Speaker 13: series two nothing. Dallas won Game one at Winnipeg three

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Speaker 13: to two at the Stadium of the Yankees, held hitless

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Speaker 13: by San Diego's Dylan Cease until the seventh inning, but

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Speaker 13: laid home runs by Cody Bellinger and Trent Grisham. Yanks

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Speaker 13: went on to beat the Padres four to three, and Tendings.

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Speaker 13: Mets won seven one at Arizona won sotohomer twice. The

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Speaker 13: Ryder Cup coming to Long Island in September. The PGA

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Speaker 13: is giving away three thousand free tickets, doing it randomly

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Speaker 13: at Bethpage Black and other area golf courses. John Stashedwer

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Speaker 13: Bloomberg Sports, Lisa and Nathan.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius Exam

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business opp This is Bloomberg Daybreak.

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Speaker 13: Good morning.

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Speaker 2: I'm Nathan Hager. Earlier this week, President Donald Trump hinted

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Speaker 2: as something coming this week during his Oval Office meeting

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Speaker 2: with Canadian Prime Minister Mark Karney.

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Speaker 5: We're gonna have a very very big announcement to make,

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Speaker 5: like as big as it and I won't tell you.

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Speaker 10: On what, but and it's very positive.

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Speaker 2: And this morning we may know what that announcement is.

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Speaker 2: Bloomberg News has learned President Trump will unveil a trade

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Speaker 2: deal with the United Kingdom in an Oval Office news

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Speaker 2: conference later this morning, joining us ahead of it. Rosalind

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Speaker 2: Mathis and Bloomberg's News director for Europe, the Middle East

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Speaker 2: and Africa. Roz, it's great to speak with you this morning,

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Speaker 2: and we do know that the President has an announcement

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Speaker 2: from the Oval Office on his schedule officially, what more

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Speaker 2: do we know about what we're expecting at ten am

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Speaker 2: Wall Street time, Well as.

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Speaker 14: You say, what we're expecting at least is an announcement

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Speaker 14: of some kind of trade deal agreement slash framework between

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Speaker 14: the US and the UK. This is probably not This

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Speaker 14: is not going to be a full throated trade deal.

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Speaker 14: Those things take years to negotiate you, let alone implement.

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Speaker 14: But what it might be at least is a bit

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Speaker 14: of a roadmap for the conversation going forward. So if

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Speaker 14: framework and MoU for how talks between the two will

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Speaker 14: proceed in a sense of the parameters for those conversations,

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Speaker 14: I guess the question we're all wondering is will it

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Speaker 14: include any immediate tariff relief for the UK, particularly around

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Speaker 14: two things steal and cars? And the UK has also

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Speaker 14: been very concerned about pharmaceuticals and increasing also the film

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Speaker 14: industry in just recent days. But will it be that specific?

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Speaker 14: Will it lead to some kind of understanding that allows

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Speaker 14: the UK to get immediate tariff relief from the US

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Speaker 14: even as his conversations go on. So it'll be interesting

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Speaker 14: because for other countries who are looking on it might

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Speaker 14: provide a bit of a framework or a guide to

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Speaker 14: how to precede themselves with the US. And obviously the

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Speaker 14: UK would be able to claim at least that first

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Speaker 14: mover advantage with the US, with Donald Trump saying we

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Speaker 14: are the first country in the queue to have achieved

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Speaker 14: this goal.

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Speaker 2: How significant is it roz for the US to have

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Speaker 2: that first mover advantage when so much of the focus

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Speaker 2: with Treasury Secretary Scott Besson talking about these going talks

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Speaker 2: to something like seventeen or eighteen countries being on trade

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Speaker 2: partners in Asia and India specifically as well well.

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Speaker 14: Obviously it comes ahead of the US China talks this weekend,

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Speaker 14: which will be potentially very significant again of feeling out

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Speaker 14: exercise between those countries. But as you say, you know,

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Speaker 14: big economies in Asia, Japan, India, we're possibly hoping to

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Speaker 14: get there first. And it's not as so they're rushing

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Speaker 14: to negotiate a deal that you know, a bad trade deal,

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Speaker 14: a quick deal. What they want at least is to

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Speaker 14: be able to say that they've reached that MoU level

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Speaker 14: with the US of understanding of how to proceed with

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Speaker 14: more specific trade talks, and with Donald Trump, it's about

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Speaker 14: the psyche of how you negotiate and deal with the

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Speaker 14: US President that getting in the first in the line

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Speaker 14: that probably means something at least You're going to stick

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Speaker 14: in Donald Trump's head as the country that was first

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Speaker 14: able to get there to meet his expectations enough to

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Speaker 14: announce something, and he likes to announce a win. So

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Speaker 14: for the UK, symbolically, it's probably a bit of something

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Speaker 14: and maybe a little bit disappointing as a result for

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Speaker 14: countries like India and Japan.

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Speaker 2: I want to talk a little bit more about that

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Speaker 2: symbolism as well for the UK ras because I mean,

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Speaker 2: this was a golden ring for Boris Johnson after Brexit

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Speaker 2: and Rishi Suna kind of put a bilateral trade deal

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Speaker 2: on the sidelines a bit. How significant is it? The

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Speaker 2: Kere starmer potentially is going to get this deal got

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Speaker 2: about a minute left.

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Speaker 14: Pretty good for him, although again the question is how

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Speaker 14: much does trade seal to voters, And there's a lot

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Speaker 14: of complications here. UK voters won't want to see something

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Speaker 14: that they feel is negative for the UK, and there's

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Speaker 14: lots of tricky issues here around agricultural goods, drug pricing,

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Speaker 14: tech and AI even and so on. So they'll be

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Speaker 14: scrutinizing this to see what are the parameters for the

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Speaker 14: conversation going forward and how much does it benefit or

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Speaker 14: not the UK, but a bit of immediate tier for

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Speaker 14: relief would obviously be welcome no doubt as well, so

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Speaker 14: Ko Stammer might be able to claim the win on that.

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Speaker 2: This is Bloomberg Daybreak, your morning podcast on the story

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Speaker 2: making news from Wall Street to Washington and beyond.

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Speaker 2: You can also listen live each morning starting at five

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Speaker 2: and I'm Lisa Matteo.

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Speaker 5: Join us again tomorrow morning for all the news you

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