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Speaker 1: News when you wanted with Bloomberg News Now, I'm Doug Prisoner. First.

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Speaker 1: The latest on the crash of a helicopter into the

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Speaker 1: Hudson River between New Jersey and Manhattan. The AP reports

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Speaker 1: the helicopter broke apart in mid air and crashed upside

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Speaker 1: down in the water. New York City Mayor Eric Adams

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Speaker 1: confirmed all six people on board were killed, including three

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Speaker 1: children in a family of Spanish tourists. Here is Mayor Adams.

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Speaker 2: A Bell two six helicopter that had left from the

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Speaker 2: Downtown Skyport just about three pm. The pilot and a

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Speaker 2: family visited from Spain. With our preliminary information as at

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Speaker 2: this time.

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Speaker 1: That is New York City Mayor Eric Adams speaking there now.

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Speaker 1: The FAA and the NTSB will investigate this accident. President

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Speaker 1: Trump is threatening fresh tariffs and possibly sanctions on Mexico.

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Speaker 1: This is the result of a dispute about water at

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Speaker 1: the US southern border. Tonight, on social media, Trump posted

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Speaker 1: Mexico is violating a nineteen forty four water treaty. In response,

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Speaker 1: Mexico's President Claudia Scheinbaum said her government will reach out

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Speaker 1: to US cabinet ministers to resolve differences Late today, the

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Speaker 1: US Supreme Court said the Trump administration must take steps

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Speaker 1: to bring back a Maryland man who was mistakenly deported

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Speaker 1: to a prison in his native El Salvador. The court

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Speaker 1: rejected the administration's contention that it lacked the authority to

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Speaker 1: bring Kilmar Abrego Garcia back, but the court said the

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Speaker 1: administration must facilitate his release from custody in El Salvador.

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Speaker 1: In financial markets today, the uncertainty around tariffs and an

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Speaker 1: escalating trade war between the US and China dominated psychology.

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Speaker 1: President Trump expressed confidence in his tariff plan, but he

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Speaker 1: acknowledged the potential for market volatility in a near term.

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Speaker 1: Trump spoke earlier during a White House Cabinet meeting, we think.

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Speaker 3: We're in very good shape. We think we're doing very

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Speaker 3: well again. There'll be a transition cost and transition problems,

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Speaker 3: but in the end, it's going to be It's going

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Speaker 3: to be a beautiful thing now.

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Speaker 1: Trump also struck an optimistic tone with regards to a

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Speaker 1: deal with China.

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Speaker 3: We're resetting the table and I'm sure that we'll be

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Speaker 3: able to get along very well. I have great respect

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Speaker 3: for President she's been in a true sense, he's been

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Speaker 3: a friend of mine for a long period of time,

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Speaker 3: and I think that we'll end up working out something

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Speaker 3: that's very good for both countries.

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Speaker 1: That is President Trump speaking there. Economic angst reasserted itself

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Speaker 1: in the stock market today, one day after the biggest

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Speaker 1: buying spree in years. We had the S and P

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Speaker 1: five hundred losing nearly three and a half percent, the

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Speaker 1: NASDAK composite was down four point three percent, and the

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Speaker 1: Dow Industrial Average loss two and a half percent. The

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Speaker 1: White House has confirmed China now faces a levy of

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Speaker 1: one hundred and forty five percent on all goods it

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Speaker 1: sends to the US. Now that is far above the

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Speaker 1: level many economists belief could decimate US China trade. Today,

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Speaker 1: the found of Bridgewater Associates, Ray Dalio, spoke to Bloomberg

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Speaker 1: about the state of American tariffs and their impact on

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Speaker 1: the global economy.

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Speaker 4: I'm not the person to say whether that style of

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Speaker 4: handling it was better or worse. I would say that

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Speaker 4: it dramatically affected psychology and attitude about the United States's reliability.

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Speaker 1: Ray Dalio there the founder of Bridgewater Associates. We also

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Speaker 1: heard today from well known investor Kyle Bass, the founder

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Speaker 1: and CIO of Hayman Capital. He said the US may

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Speaker 1: need to undergo a brief recession as the government rethinks

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Speaker 1: its global trade ties and as it attempts to rein

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Speaker 1: in the federal budget deficit. Here's Best, speaking earlier to Bloomberg.

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Speaker 5: You've heard the President, You've heard the Treasury Secretary say,

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Speaker 5: we have to make some difficult choices, and we must

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Speaker 5: reset our trade relationships for the rest of the world.

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Speaker 5: We also must narrow our fiscal deficit in the United States,

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Speaker 5: and both of those things might be slightly recessionary. And

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Speaker 5: if that's true, we might have to go through a

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Speaker 5: brief recession in order to rebuild our foundation.

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Speaker 1: That is Kyle Bass from Hayman Capital Management. We go

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Speaker 1: to Washington next, where the House narrowly passed a framework

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Speaker 1: for a budget proposal that President Trump supported. But this

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Speaker 1: is not yet a done deal. We have more from

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Speaker 1: Bloomberg's Amy Morris.

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Speaker 6: In Washington, House Speaker Mike Johnson celebrated the passage of

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Speaker 6: the Blueprint legislation.

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Speaker 3: Big components of the One Big, Beautiful Bill is to

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Speaker 3: ensure that we don't have the largest tax increase in

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Speaker 3: US history all at once.

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Speaker 6: Johnson says, This paves the way for Republicans to cut

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Speaker 6: one and a half trillion dollars from the budget. House

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Speaker 6: Minority Leader Hakim Jeffrey says that can't happen unless you

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Speaker 6: cut medicaid.

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Speaker 2: Republicans can run from their proposal, which is the largest

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Speaker 2: medicaid cut in American history, but we will never allow

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Speaker 2: them to hide.

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Speaker 6: Johnson has set a target of the end of May

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Speaker 6: to enact the bill. Senate Republicans talked about getting it

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Speaker 6: done by August Washington, Amy Morris, Bloomberg Radio.

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Speaker 1: In the world of Golf, Round one at the Mass

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Speaker 1: Years has wrapped up at Augusta National and England's Justin

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Speaker 1: Rose sits atop the leaderboard hitting seven under par. And

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Speaker 1: that is news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Doug Chrisner and this is Bloomberg