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

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today. Karen, we begin with the latest

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Speaker 3: on the trade war.

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Speaker 2: President Trump is closing in on the one hundred day

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Speaker 2: mark of his second term and he's still looking to

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Speaker 2: make deals. The President says his one hundred and forty

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Speaker 2: five percent tariffs on China will force Beijing to the

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Speaker 2: negotiating table.

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Speaker 4: We were losing hundreds of billions of dollars a year

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Speaker 4: with China, and now they're not doing any business with us,

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Speaker 4: you know, because not because of that, because of me,

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Speaker 4: Because at.

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Speaker 5: One hundred and forty five percent, you can't do business.

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Speaker 5: But something's gonna happen. That's gonna be possible now.

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Speaker 2: The presidents spoke with reporters on his way back to

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Speaker 2: the White House from New Jersey this morning. China's Foreign

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Speaker 2: ministry reiterated that it is not engaged in trade talks

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Speaker 2: with the US. China's promising more support for its exporters,

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Speaker 2: including plans to direct loans to troubled firms and to

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Speaker 2: boost domestic consumption.

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Speaker 3: Well, Nathan, the Trump administration is signaling that Asian countries

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Speaker 3: such as South Korea, Japan, and India are leading the

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Speaker 3: way in tariff negotiations. Treasury Secretary's gone Vesson says some

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Speaker 3: nations are prepared to make significant concessions to secure a deal.

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Speaker 6: We've had several of these Asian countries that come in

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Speaker 6: and said, oh, well, we'll stop doing this, this and this.

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Speaker 6: And I look at these lists and I think, how

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Speaker 6: did we get here? How do we get here? Because

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Speaker 6: this trading system has been so unfair. And as President

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Speaker 6: Trump says, I don't blame the countries, I blame the

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Speaker 6: previous administrations. Let them get away with it.

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Speaker 3: And Treasury Secretary's gone Besson tells ABC's This Week that

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Speaker 3: there are eighteen important trading partners, including China, which he

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Speaker 3: says is undergoing a special negotiation. And you can hear

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Speaker 3: this week every Sunday on Bloomberg Radio.

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Speaker 2: Well, we may soon start to feel the impact of

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Speaker 2: the trade war, Karen Cargo shipments from China to the

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Speaker 2: US if plummeted by as much as sixty percent since

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Speaker 2: the US raised tariffs earlier this month. By the middle

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Speaker 2: of May, thousands of companies will need to replenish inventories.

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Speaker 2: Both Walmart and Target told the president last week that

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Speaker 2: shoppers are likely to see empty shelves and higher prices

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Speaker 2: and appoon The Global Management Chief economist Torsten Slock recently

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Speaker 2: warned of looming COVID like shortages and significant layoffs Well Nathan.

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Speaker 3: In a post on Truth's Social over the weekend, President

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Speaker 3: Trump suggested that tariffs would help him reduce income taxes

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Speaker 3: for people making less than two hundred thousand dollars a year.

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Speaker 3: Trump has previously argued that tariff revenue could replace income taxes,

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Speaker 3: though economists have questioned those claims.

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Speaker 2: And Karen is the president approaches that one hundredth day

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Speaker 2: back in office, his popularity appears to be declining. We

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Speaker 2: get that story from Bloomberg's Gena Cervetti.

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Speaker 7: A flory of polls in recent days from NBC, CNN,

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Speaker 7: The New York Times, ABC News, and Fox News revealed

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Speaker 7: the same theme. Voters perceived Trump to be falling short

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Speaker 7: on his core campaign promise to strengthen the economy. The

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Speaker 7: president's rule up out of tariffs in early April cent

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Speaker 7: global markets into shock. A CNN poll shows that just

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Speaker 7: thirty nine percent of Americans approve of how Trump has

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Speaker 7: steered the economy. That's the lowest of his two terms

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Speaker 7: in the White House. An NBC News polls showed tariffs

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Speaker 7: were also deeply unpopular, with just thirty nine percent of

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Speaker 7: respondents agreeing with Trump's tariff rollout. Trump wrote the twin

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Speaker 7: issues of the economy and immigration to his November election victory,

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Speaker 7: sweeping each of the swing states and winning the popular vote.

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Speaker 7: Ginas Cervetti Bloomberg Radio.

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Speaker 3: All right, Gina, thank you now to the latest on

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Speaker 3: the war in Ukraine. North Korea is acknowledging for the

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Speaker 3: first time that had sent troops to the front lines.

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Speaker 3: The official Korean Central News Agency reports North Korean forces

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Speaker 3: helped regain control of Russia's Kursk border region. President Trump

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Speaker 3: says he's hopeful that he's closer to a peace deal

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Speaker 3: after meeting at the Vatican this weekend with the Ukrainian

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Speaker 3: president Vladimir Zelenski.

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Speaker 8: He told me that he needs more weapons, but he's

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Speaker 8: been saying that for three years. Yeah, he these more weapons,

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Speaker 8: and we're going to see what happens. I want to

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Speaker 8: see what happens with the respect to Russia, because Russia,

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Speaker 8: I've been surprised and disappointed, very disappointed that they did.

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Speaker 9: The bombing of those places after discussion, and President Trump

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Speaker 9: has floated the idea of secondary sanctions on Russia for

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Speaker 9: firing into civilian areas in recent days.

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Speaker 2: Karen, let's look north of the border this morning, because

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Speaker 2: Canadians are headed to the polls to vote for their

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Speaker 2: next prime minister. We get that story from Bloomberg's David

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Speaker 2: Gura in Ottawa. Prime Minister Mark Carney, the leader of

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Speaker 2: Canada's Liberal Party, called this election in March, shortly after

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Speaker 2: he succeeded Justin Trudeau. Carney's main rival is Pierre Poliev,

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Speaker 2: the leader of the Conservatives. For Canadians, this is a

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Speaker 2: referendum on their economic future. The country faces high inflation,

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Speaker 2: a housing crisis, and concerns over job security. But what's

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Speaker 2: front and center are President Donald Trump's aggressive trade policies,

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Speaker 2: particularly new tariffs, and comments he's made suggesting Canada should

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Speaker 2: become part of the United States. The outcome of the

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Speaker 2: election will determine how the country addresses these challenges and

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Speaker 2: how it positions itself on the world stage. In Ottawa,

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Speaker 2: I'm David Gura, Bloomberg Radio.

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Speaker 3: All right, David, thank you well. Turning to the markets,

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Speaker 3: futures are lower as who begin to do trading week.

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Speaker 3: The S and P five hundred down about eight percent

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Speaker 3: since Trump's inauguration, and it's on track for its worst

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Speaker 3: run during a president's first one hundred days since Gerald

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Speaker 3: Ford in nineteen seventy four. Bob Michael as chief Investment

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Speaker 3: Officer of fixed Income at JP Morgan Asset Management, and

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Speaker 3: he says Wall Street is bracing for more uncertainty.

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Speaker 10: The bond market's telling us watch out as things stand.

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Speaker 10: If the tariffs go through as they're currently speked out,

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Speaker 10: the ninety days passes and there's only some moderate compromise,

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Speaker 10: the US is going into recession.

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Speaker 3: JP Morgan Asset Management's Bob Michael. Earnings will also be

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Speaker 3: in focus this week for the so called Magnificent Seven. Microsoft, Apple, Meta,

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Speaker 3: and Amazon are scheduled to report.

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Speaker 2: And we have some deal news on this Monday morning.

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Speaker 2: Karen Germany's Merk is buying Stamford, Connecticut based spring Works

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Speaker 2: Therapeutics for three point nine billion dollars. Spring Works makes

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Speaker 2: medicines for cancer and rare diseases.

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Speaker 3: It's time now for a look at some of the

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Speaker 3: other stories making news in New York and around the world.

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Speaker 3: And for that we're joined by Bloomberg's Michael Barr Michael,

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Speaker 3: good Morning.

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Speaker 11: Good Morning, Karen. Murder charges have been filed against a

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Speaker 11: suspect in a weekend car ramming attack that killed eleven

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Speaker 11: people at a Filipino heritage festival in Vancouver. Hundreds attended

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Speaker 11: vigils Sunday across the city for the victims, and the

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Speaker 11: Canadian Prime Minister visited the site. Prosecutors have charged a

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Speaker 11: thirty year old man. Investigators have ruled out terrorism and

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Speaker 11: say he has a history of mental health issues. Mayor

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Speaker 11: Ken sim.

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Speaker 12: He is known to please for a multitude of mental

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Speaker 12: health interactions. Now it would appear that mental health appears

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Speaker 12: to be the underlying issue here.

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Speaker 11: Those killed were between the ages of five and sixty five.

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Speaker 11: Canada's Prime Minister Mark Kearney says all of Canada is

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Speaker 11: in mourning over the attack.

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Speaker 12: Families lost a sister or brother, a mother, a father, a.

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Speaker 6: Son or a daughter.

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Speaker 12: Those families are living every family's nightmare.

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Speaker 11: Dozens were also injured when the man drove and suv

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Speaker 11: struck people attending the Lampoo Lapool Day festival on Saturday.

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Speaker 11: We're learning a four year old and a seven year

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Speaker 11: old with the US citizenship were deported alongside their undocumented

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Speaker 11: mother to Honduras last week. It comes during the Trump

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Speaker 11: administration's immigration crackdown. The family's lawyer said the mother was

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Speaker 11: given no choice but to take your children. However, Trump

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Speaker 11: borders are Tom Holman denies.

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Speaker 13: That the children aren't deported. The mother chilse to take

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Speaker 13: the children with her. When you're at their country legally,

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Speaker 13: and you know you're here illegally, and you choose have

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Speaker 13: you assistant child, that's on you. That's not on this administration.

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Speaker 13: If you choose to put your family that position, that's

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Speaker 13: on them.

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Speaker 11: Tom Homan spoke on CBS Has Faced the Nation heard

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Speaker 11: Sundays on Bloomberg. Authorities say more than one hundred immigrants

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Speaker 11: suspected of being in the US illegally were taken into

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Speaker 11: custody during an ICE raid at an illegal after hours

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Speaker 11: nightclub in Colorado Springs, Colorado. Video posted online by the

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Speaker 11: Drug Enforcement Administration showed agents announcing their presence outside the

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Speaker 11: building early Sunday. The DEA says the club has been

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Speaker 11: under investigation for several months for alleged activities, including drug trafficking,

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Speaker 11: prostitution and crimes of violence, Global news twenty four hours

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Speaker 11: a day and whenever you want it with the Bloomberg News. Now,

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Speaker 11: I'm Michae Labarn. This is Bloomberg Karen.

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Speaker 3: All right, Michael Barr, thank you time now for the

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Speaker 3: Bloomberg Sports Update. Here's John stash Hour, John, good morning,

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Speaker 3: Good morning.

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Speaker 14: Care another wild Nick's Pistons playoff game of Detroit Game four.

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Speaker 14: So the nexs GOO from up sixteen late in the

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Speaker 14: second quarter to down eleven early in the fourth. Jalen

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Speaker 14: Brunson then return from a recurrence of his ankle injury

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Speaker 14: to bring the Knicks back they trailed by two. In

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Speaker 14: the final minute, Brunt sick one.

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Speaker 5: On one again, shrewder left of the lake, tipots into

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Speaker 5: the lake, send to Tannanobia in the New York corner.

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Speaker 2: Shot bag triples sends it up top for towns. Shot

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Speaker 2: bag one triple step back de threes to.

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Speaker 5: Believe He's good.

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Speaker 8: New York ninety four Detroit ninety three Timeout Pistons with

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Speaker 8: forty six point six to.

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Speaker 5: Play ESPN Radio Colo on.

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Speaker 14: The Pistons missed two shots on their final possession. The Knicks,

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Speaker 14: who won Game three by two points, won Game four

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Speaker 14: by one. Brunson scored thirty two. He had thirteen after

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Speaker 14: his return from the injury. Karl Anthony Towns twenty seven points.

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Speaker 14: That three pointer was his fifth cade. Cunning Dam again

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Speaker 14: led Detroit, and he had twenty five in a triple double.

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Speaker 14: It's three to one. Nicks Game five tomorrow with the

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Speaker 14: Guard and the Celtics are up three to one. They

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Speaker 14: got thirty seven from Jason Tatum and won one oh

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Speaker 14: seven ninety eight at Orlando, Indiana with an easy win

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Speaker 14: at Milwaukee for a three to one lead in Minnesota

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Speaker 14: is up three to one on the Lakers. The Devils

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Speaker 14: are down three. They lost in North to Carolina five

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Speaker 14: to two. Andre Spetnitchek had the hat trick for the Canes.

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Speaker 14: Capitals also won five to two and LP three to

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Speaker 14: one on Montreal. The Met's bullpen, which has been so good,

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Speaker 14: failed them. In Washington, Mets had a seven to one

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Speaker 14: lead in the seventh in a Nationals scored five and

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Speaker 14: the seventh two more than ninth to win eight to seven.

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Speaker 14: The game ended on a Pete Alonzo throwing. Their second

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Speaker 14: time in three days, the Nats have walked it off.

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Speaker 14: Series ends this afternoon at the stadium, Yankees swept too

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Speaker 14: from Toronto eleven to two and five to one after

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Speaker 14: Max Freed went to five and Oh Yanks a lot

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Speaker 14: on the three hits.

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Speaker 11: The Nightcap hit.

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Speaker 14: Three homers Trent Grisham leading off, and later Aaron Judge

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Speaker 14: and then j c Escara first homer of his career.

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Speaker 14: Red Sox won thirteen to three in Cleveland. John Staneshandware

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Speaker 14: Bloomberg Sports Karena Nathan.

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Speaker 1: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager. As President Donald Trump closes

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Speaker 2: in on his first one hundred days back office this week,

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Speaker 2: he says he's got China right where he wants it

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Speaker 2: on trade, and the tariffs are already having the impact

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Speaker 2: he's looking for.

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Speaker 5: We're losing billions of dollars a day and now we're

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Speaker 5: doing great and we haven't even kicked in yet. And

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Speaker 5: eventually we'll be reducing taxes.

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Speaker 8: Very substantially for the people of our country because the money.

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Speaker 5: Is so great coming in from Paris.

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Speaker 2: And that was the President speaking with reporters in New

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Speaker 2: Jersey last night for the latest onwere things stand now

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Speaker 2: in the global trade war. We're joined by Bloomberg News

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Speaker 2: Senior editor Bill Ferries. Bill, good morning. The talk we're

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Speaker 2: hearing from the White House is that one hundred and

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Speaker 2: forty five percent tariffs are going to force China to

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Speaker 2: the negotiating table.

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Speaker 12: Is that what we're seeing at this point? Good morning,

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Speaker 12: Good morning, Nathan, Thanks for having me. I think that

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Speaker 12: is still very much an argument or a theory that's

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Speaker 12: up in the air both sides in this trade war,

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Speaker 12: kind of refusing to blink. So far, there have been

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Speaker 12: some exceptions to those high tariffs on the US side,

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Speaker 12: but by and large they're in place and seeing as

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Speaker 12: starting to have a big impact on trade. When you

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Speaker 12: look at the number of cargo container ships coming from China,

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Speaker 12: we know those numbers are down. We know that the

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Speaker 12: heads of companies like Walmart and Target and Home Depot

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Speaker 12: were at the White House last week arguing arguing for

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Speaker 12: this period of high terriffs to be short. I think

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Speaker 12: we're still waiting to see in the big economic indicators

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Speaker 12: how serious of a hit this will be for either

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Speaker 12: economy China or the US. But I think analysts say

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Speaker 12: it's that impact is going to be made clear very soon.

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Speaker 2: But apart from the hard data, I mean, you mentioned

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Speaker 2: some of the cargo shipments being reduced already, and we're

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Speaker 2: already starting to see some of the major companies that

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Speaker 2: are consumer facing in China appearing to be passing along

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Speaker 2: a lot of these higher import taxes directly to consumers.

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Speaker 12: Now that's right. I mean we're talking about some of

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Speaker 12: those fast fashion companies like Chian and Temu. They are

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Speaker 12: already marking up their prices for deliveries to the US

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Speaker 12: by in some cases more than two hundred percent. So

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Speaker 12: that's something that you know, people will have to think

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Speaker 12: about when they're doing some of their online orders and

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Speaker 12: have to think about whether that's you know, they can

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Speaker 12: replace that with either products here in the US or

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Speaker 12: products somewhere else online. But retailers are starting to feel

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Speaker 12: the pinch of the tariffs and starting to pass those

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Speaker 12: costs along. I think, is this builds up, particularly if

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Speaker 12: there are fewer cargo ships coming into the US, you're

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Speaker 12: going to have to You're going to see retailers running

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Speaker 12: out of some of the inventory that got built up

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Speaker 12: ahead of those tariffs ahead of Liberation Day on April second,

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Speaker 12: and that's going to start having an impact in the

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Speaker 12: economy as well.

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Speaker 2: And there's this idea as well, particularly floated by the

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Speaker 2: Treasury Secretary, that if the US starts to get more

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Speaker 2: trade deals with some of these Asian trading partners like

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Speaker 2: South Korea and Japan, that could put more pressure on

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Speaker 2: China to come to the table as well. Are we

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Speaker 2: starting to see evidence that that's happening.

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Speaker 12: Well, we've seen, actually we've seen some pushback from Japan

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Speaker 12: so far on trying to put restrictions on their trade

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Speaker 12: with China. I suspect that's a position a lot of

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Speaker 12: Southeast Asian nations in particular will have. Usually, the US

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Speaker 12: and China are the two biggest trading partners for most

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Speaker 12: countries in Asia, so it's going to be they don't

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Speaker 12: want to do without either one. But there's gonna be

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Speaker 12: a lot of scrutiny of that first or first two

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Speaker 12: trade deals that come through. We know Japan is supposedly

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Speaker 12: near the top of the list India as well, there's

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Speaker 12: gonna be a lot of scrutiny about whether whatever they

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Speaker 12: agree to is really a framework that a lot of

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Speaker 12: countries can follow, or if it's going to be very

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Speaker 12: much ad hoc and particular to each country. I think

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Speaker 12: one big issue so far as there's just been a

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Speaker 12: lot of confusion in terms of what country need to

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Speaker 12: do to try to keep that ninety day reprieve as

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Speaker 12: a more permanent feature of the new world of tariffs now.

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Speaker 2: I guess there's an open question as well as to

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Speaker 2: whether investors are going to take a framework for an

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Speaker 2: agreement as enough as opposed to a broader trade deal

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Speaker 2: when the Treasury Secretary has said something like a deal

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Speaker 2: with China could take two to three years in our

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Speaker 2: last thirty seconds bill. The market reaction to this trade

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Speaker 2: war has been very tough on the president in the

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Speaker 2: first one hundred days.

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Speaker 12: Yeah, we one hundred days in the SNP is looking

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Speaker 12: like it's down about eight percent since Donald Trump's inauguration.

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Speaker 12: That would be it's on track for its worst run

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Speaker 12: in the first one hundred days of a new administration

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Speaker 12: since Gerald Ford in nineteen seventy four following Nixon's resignation.

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Speaker 12: So that is not what people expected, I think when

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Speaker 12: Trump took off, as they thought there'd be more of

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Speaker 12: a stock market boom. We're still waiting to see that happen.

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