Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning.
Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 3: stories we're following today. Karen, we begin with the latest
Speaker 3: on the trade war.
Speaker 2: President Trump is closing in on the one hundred day
Speaker 2: mark of his second term and he's still looking to
Speaker 2: make deals. The President says his one hundred and forty
Speaker 2: five percent tariffs on China will force Beijing to the
Speaker 2: negotiating table.
Speaker 4: We were losing hundreds of billions of dollars a year
Speaker 4: with China, and now they're not doing any business with us,
Speaker 4: you know, because not because of that, because of me,
Speaker 4: Because at.
Speaker 5: One hundred and forty five percent, you can't do business.
Speaker 5: But something's gonna happen. That's gonna be possible now.
Speaker 2: The presidents spoke with reporters on his way back to
Speaker 2: the White House from New Jersey this morning. China's Foreign
Speaker 2: ministry reiterated that it is not engaged in trade talks
Speaker 2: with the US. China's promising more support for its exporters,
Speaker 2: including plans to direct loans to troubled firms and to
Speaker 2: boost domestic consumption.
Speaker 3: Well, Nathan, the Trump administration is signaling that Asian countries
Speaker 3: such as South Korea, Japan, and India are leading the
Speaker 3: way in tariff negotiations. Treasury Secretary's gone Vesson says some
Speaker 3: nations are prepared to make significant concessions to secure a deal.
Speaker 6: We've had several of these Asian countries that come in
Speaker 6: and said, oh, well, we'll stop doing this, this and this.
Speaker 6: And I look at these lists and I think, how
Speaker 6: did we get here? How do we get here? Because
Speaker 6: this trading system has been so unfair. And as President
Speaker 6: Trump says, I don't blame the countries, I blame the
Speaker 6: previous administrations. Let them get away with it.
Speaker 3: And Treasury Secretary's gone Besson tells ABC's This Week that
Speaker 3: there are eighteen important trading partners, including China, which he
Speaker 3: says is undergoing a special negotiation. And you can hear
Speaker 3: this week every Sunday on Bloomberg Radio.
Speaker 2: Well, we may soon start to feel the impact of
Speaker 2: the trade war, Karen Cargo shipments from China to the
Speaker 2: US if plummeted by as much as sixty percent since
Speaker 2: the US raised tariffs earlier this month. By the middle
Speaker 2: of May, thousands of companies will need to replenish inventories.
Speaker 2: Both Walmart and Target told the president last week that
Speaker 2: shoppers are likely to see empty shelves and higher prices
Speaker 2: and appoon The Global Management Chief economist Torsten Slock recently
Speaker 2: warned of looming COVID like shortages and significant layoffs Well Nathan.
Speaker 3: In a post on Truth's Social over the weekend, President
Speaker 3: Trump suggested that tariffs would help him reduce income taxes
Speaker 3: for people making less than two hundred thousand dollars a year.
Speaker 3: Trump has previously argued that tariff revenue could replace income taxes,
Speaker 3: though economists have questioned those claims.
Speaker 2: And Karen is the president approaches that one hundredth day
Speaker 2: back in office, his popularity appears to be declining. We
Speaker 2: get that story from Bloomberg's Gena Cervetti.
Speaker 7: A flory of polls in recent days from NBC, CNN,
Speaker 7: The New York Times, ABC News, and Fox News revealed
Speaker 7: the same theme. Voters perceived Trump to be falling short
Speaker 7: on his core campaign promise to strengthen the economy. The
Speaker 7: president's rule up out of tariffs in early April cent
Speaker 7: global markets into shock. A CNN poll shows that just
Speaker 7: thirty nine percent of Americans approve of how Trump has
Speaker 7: steered the economy. That's the lowest of his two terms
Speaker 7: in the White House. An NBC News polls showed tariffs
Speaker 7: were also deeply unpopular, with just thirty nine percent of
Speaker 7: respondents agreeing with Trump's tariff rollout. Trump wrote the twin
Speaker 7: issues of the economy and immigration to his November election victory,
Speaker 7: sweeping each of the swing states and winning the popular vote.
Speaker 7: Ginas Cervetti Bloomberg Radio.
Speaker 3: All right, Gina, thank you now to the latest on
Speaker 3: the war in Ukraine. North Korea is acknowledging for the
Speaker 3: first time that had sent troops to the front lines.
Speaker 3: The official Korean Central News Agency reports North Korean forces
Speaker 3: helped regain control of Russia's Kursk border region. President Trump
Speaker 3: says he's hopeful that he's closer to a peace deal
Speaker 3: after meeting at the Vatican this weekend with the Ukrainian
Speaker 3: president Vladimir Zelenski.
Speaker 8: He told me that he needs more weapons, but he's
Speaker 8: been saying that for three years. Yeah, he these more weapons,
Speaker 8: and we're going to see what happens. I want to
Speaker 8: see what happens with the respect to Russia, because Russia,
Speaker 8: I've been surprised and disappointed, very disappointed that they did.
Speaker 9: The bombing of those places after discussion, and President Trump
Speaker 9: has floated the idea of secondary sanctions on Russia for
Speaker 9: firing into civilian areas in recent days.
Speaker 2: Karen, let's look north of the border this morning, because
Speaker 2: Canadians are headed to the polls to vote for their
Speaker 2: next prime minister. We get that story from Bloomberg's David
Speaker 2: Gura in Ottawa. Prime Minister Mark Carney, the leader of
Speaker 2: Canada's Liberal Party, called this election in March, shortly after
Speaker 2: he succeeded Justin Trudeau. Carney's main rival is Pierre Poliev,
Speaker 2: the leader of the Conservatives. For Canadians, this is a
Speaker 2: referendum on their economic future. The country faces high inflation,
Speaker 2: a housing crisis, and concerns over job security. But what's
Speaker 2: front and center are President Donald Trump's aggressive trade policies,
Speaker 2: particularly new tariffs, and comments he's made suggesting Canada should
Speaker 2: become part of the United States. The outcome of the
Speaker 2: election will determine how the country addresses these challenges and
Speaker 2: how it positions itself on the world stage. In Ottawa,
Speaker 2: I'm David Gura, Bloomberg Radio.
Speaker 3: All right, David, thank you well. Turning to the markets,
Speaker 3: futures are lower as who begin to do trading week.
Speaker 3: The S and P five hundred down about eight percent
Speaker 3: since Trump's inauguration, and it's on track for its worst
Speaker 3: run during a president's first one hundred days since Gerald
Speaker 3: Ford in nineteen seventy four. Bob Michael as chief Investment
Speaker 3: Officer of fixed Income at JP Morgan Asset Management, and
Speaker 3: he says Wall Street is bracing for more uncertainty.
Speaker 10: The bond market's telling us watch out as things stand.
Speaker 10: If the tariffs go through as they're currently speked out,
Speaker 10: the ninety days passes and there's only some moderate compromise,
Speaker 10: the US is going into recession.
Speaker 3: JP Morgan Asset Management's Bob Michael. Earnings will also be
Speaker 3: in focus this week for the so called Magnificent Seven. Microsoft, Apple, Meta,
Speaker 3: and Amazon are scheduled to report.
Speaker 2: And we have some deal news on this Monday morning.
Speaker 2: Karen Germany's Merk is buying Stamford, Connecticut based spring Works
Speaker 2: Therapeutics for three point nine billion dollars. Spring Works makes
Speaker 2: medicines for cancer and rare diseases.
Speaker 3: It's time now for a look at some of the
Speaker 3: other stories making news in New York and around the world.
Speaker 3: And for that we're joined by Bloomberg's Michael Barr Michael,
Speaker 3: good Morning.
Speaker 11: Good Morning, Karen. Murder charges have been filed against a
Speaker 11: suspect in a weekend car ramming attack that killed eleven
Speaker 11: people at a Filipino heritage festival in Vancouver. Hundreds attended
Speaker 11: vigils Sunday across the city for the victims, and the
Speaker 11: Canadian Prime Minister visited the site. Prosecutors have charged a
Speaker 11: thirty year old man. Investigators have ruled out terrorism and
Speaker 11: say he has a history of mental health issues. Mayor
Speaker 11: Ken sim.
Speaker 12: He is known to please for a multitude of mental
Speaker 12: health interactions. Now it would appear that mental health appears
Speaker 12: to be the underlying issue here.
Speaker 11: Those killed were between the ages of five and sixty five.
Speaker 11: Canada's Prime Minister Mark Kearney says all of Canada is
Speaker 11: in mourning over the attack.
Speaker 12: Families lost a sister or brother, a mother, a father, a.
Speaker 6: Son or a daughter.
Speaker 12: Those families are living every family's nightmare.
Speaker 11: Dozens were also injured when the man drove and suv
Speaker 11: struck people attending the Lampoo Lapool Day festival on Saturday.
Speaker 11: We're learning a four year old and a seven year
Speaker 11: old with the US citizenship were deported alongside their undocumented
Speaker 11: mother to Honduras last week. It comes during the Trump
Speaker 11: administration's immigration crackdown. The family's lawyer said the mother was
Speaker 11: given no choice but to take your children. However, Trump
Speaker 11: borders are Tom Holman denies.
Speaker 13: That the children aren't deported. The mother chilse to take
Speaker 13: the children with her. When you're at their country legally,
Speaker 13: and you know you're here illegally, and you choose have
Speaker 13: you assistant child, that's on you. That's not on this administration.
Speaker 13: If you choose to put your family that position, that's
Speaker 13: on them.
Speaker 11: Tom Homan spoke on CBS Has Faced the Nation heard
Speaker 11: Sundays on Bloomberg. Authorities say more than one hundred immigrants
Speaker 11: suspected of being in the US illegally were taken into
Speaker 11: custody during an ICE raid at an illegal after hours
Speaker 11: nightclub in Colorado Springs, Colorado. Video posted online by the
Speaker 11: Drug Enforcement Administration showed agents announcing their presence outside the
Speaker 11: building early Sunday. The DEA says the club has been
Speaker 11: under investigation for several months for alleged activities, including drug trafficking,
Speaker 11: prostitution and crimes of violence, Global news twenty four hours
Speaker 11: a day and whenever you want it with the Bloomberg News. Now,
Speaker 11: I'm Michae Labarn. This is Bloomberg Karen.
Speaker 3: All right, Michael Barr, thank you time now for the
Speaker 3: Bloomberg Sports Update. Here's John stash Hour, John, good morning,
Speaker 3: Good morning.
Speaker 14: Care another wild Nick's Pistons playoff game of Detroit Game four.
Speaker 14: So the nexs GOO from up sixteen late in the
Speaker 14: second quarter to down eleven early in the fourth. Jalen
Speaker 14: Brunson then return from a recurrence of his ankle injury
Speaker 14: to bring the Knicks back they trailed by two. In
Speaker 14: the final minute, Brunt sick one.
Speaker 5: On one again, shrewder left of the lake, tipots into
Speaker 5: the lake, send to Tannanobia in the New York corner.
Speaker 2: Shot bag triples sends it up top for towns. Shot
Speaker 2: bag one triple step back de threes to.
Speaker 5: Believe He's good.
Speaker 8: New York ninety four Detroit ninety three Timeout Pistons with
Speaker 8: forty six point six to.
Speaker 5: Play ESPN Radio Colo on.
Speaker 14: The Pistons missed two shots on their final possession. The Knicks,
Speaker 14: who won Game three by two points, won Game four
Speaker 14: by one. Brunson scored thirty two. He had thirteen after
Speaker 14: his return from the injury. Karl Anthony Towns twenty seven points.
Speaker 14: That three pointer was his fifth cade. Cunning Dam again
Speaker 14: led Detroit, and he had twenty five in a triple double.
Speaker 14: It's three to one. Nicks Game five tomorrow with the
Speaker 14: Guard and the Celtics are up three to one. They
Speaker 14: got thirty seven from Jason Tatum and won one oh
Speaker 14: seven ninety eight at Orlando, Indiana with an easy win
Speaker 14: at Milwaukee for a three to one lead in Minnesota
Speaker 14: is up three to one on the Lakers. The Devils
Speaker 14: are down three. They lost in North to Carolina five
Speaker 14: to two. Andre Spetnitchek had the hat trick for the Canes.
Speaker 14: Capitals also won five to two and LP three to
Speaker 14: one on Montreal. The Met's bullpen, which has been so good,
Speaker 14: failed them. In Washington, Mets had a seven to one
Speaker 14: lead in the seventh in a Nationals scored five and
Speaker 14: the seventh two more than ninth to win eight to seven.
Speaker 14: The game ended on a Pete Alonzo throwing. Their second
Speaker 14: time in three days, the Nats have walked it off.
Speaker 14: Series ends this afternoon at the stadium, Yankees swept too
Speaker 14: from Toronto eleven to two and five to one after
Speaker 14: Max Freed went to five and Oh Yanks a lot
Speaker 14: on the three hits.
Speaker 11: The Nightcap hit.
Speaker 14: Three homers Trent Grisham leading off, and later Aaron Judge
Speaker 14: and then j c Escara first homer of his career.
Speaker 14: Red Sox won thirteen to three in Cleveland. John Staneshandware
Speaker 14: Bloomberg Sports Karena Nathan.
Speaker 1: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2: Good morning, I'm Nathan Hager. As President Donald Trump closes
Speaker 2: in on his first one hundred days back office this week,
Speaker 2: he says he's got China right where he wants it
Speaker 2: on trade, and the tariffs are already having the impact
Speaker 2: he's looking for.
Speaker 5: We're losing billions of dollars a day and now we're
Speaker 5: doing great and we haven't even kicked in yet. And
Speaker 5: eventually we'll be reducing taxes.
Speaker 8: Very substantially for the people of our country because the money.
Speaker 5: Is so great coming in from Paris.
Speaker 2: And that was the President speaking with reporters in New
Speaker 2: Jersey last night for the latest onwere things stand now
Speaker 2: in the global trade war. We're joined by Bloomberg News
Speaker 2: Senior editor Bill Ferries. Bill, good morning. The talk we're
Speaker 2: hearing from the White House is that one hundred and
Speaker 2: forty five percent tariffs are going to force China to
Speaker 2: the negotiating table.
Speaker 12: Is that what we're seeing at this point? Good morning,
Speaker 12: Good morning, Nathan, Thanks for having me. I think that
Speaker 12: is still very much an argument or a theory that's
Speaker 12: up in the air both sides in this trade war,
Speaker 12: kind of refusing to blink. So far, there have been
Speaker 12: some exceptions to those high tariffs on the US side,
Speaker 12: but by and large they're in place and seeing as
Speaker 12: starting to have a big impact on trade. When you
Speaker 12: look at the number of cargo container ships coming from China,
Speaker 12: we know those numbers are down. We know that the
Speaker 12: heads of companies like Walmart and Target and Home Depot
Speaker 12: were at the White House last week arguing arguing for
Speaker 12: this period of high terriffs to be short. I think
Speaker 12: we're still waiting to see in the big economic indicators
Speaker 12: how serious of a hit this will be for either
Speaker 12: economy China or the US. But I think analysts say
Speaker 12: it's that impact is going to be made clear very soon.
Speaker 2: But apart from the hard data, I mean, you mentioned
Speaker 2: some of the cargo shipments being reduced already, and we're
Speaker 2: already starting to see some of the major companies that
Speaker 2: are consumer facing in China appearing to be passing along
Speaker 2: a lot of these higher import taxes directly to consumers.
Speaker 12: Now that's right. I mean we're talking about some of
Speaker 12: those fast fashion companies like Chian and Temu. They are
Speaker 12: already marking up their prices for deliveries to the US
Speaker 12: by in some cases more than two hundred percent. So
Speaker 12: that's something that you know, people will have to think
Speaker 12: about when they're doing some of their online orders and
Speaker 12: have to think about whether that's you know, they can
Speaker 12: replace that with either products here in the US or
Speaker 12: products somewhere else online. But retailers are starting to feel
Speaker 12: the pinch of the tariffs and starting to pass those
Speaker 12: costs along. I think, is this builds up, particularly if
Speaker 12: there are fewer cargo ships coming into the US, you're
Speaker 12: going to have to You're going to see retailers running
Speaker 12: out of some of the inventory that got built up
Speaker 12: ahead of those tariffs ahead of Liberation Day on April second,
Speaker 12: and that's going to start having an impact in the
Speaker 12: economy as well.
Speaker 2: And there's this idea as well, particularly floated by the
Speaker 2: Treasury Secretary, that if the US starts to get more
Speaker 2: trade deals with some of these Asian trading partners like
Speaker 2: South Korea and Japan, that could put more pressure on
Speaker 2: China to come to the table as well. Are we
Speaker 2: starting to see evidence that that's happening.
Speaker 12: Well, we've seen, actually we've seen some pushback from Japan
Speaker 12: so far on trying to put restrictions on their trade
Speaker 12: with China. I suspect that's a position a lot of
Speaker 12: Southeast Asian nations in particular will have. Usually, the US
Speaker 12: and China are the two biggest trading partners for most
Speaker 12: countries in Asia, so it's going to be they don't
Speaker 12: want to do without either one. But there's gonna be
Speaker 12: a lot of scrutiny of that first or first two
Speaker 12: trade deals that come through. We know Japan is supposedly
Speaker 12: near the top of the list India as well, there's
Speaker 12: gonna be a lot of scrutiny about whether whatever they
Speaker 12: agree to is really a framework that a lot of
Speaker 12: countries can follow, or if it's going to be very
Speaker 12: much ad hoc and particular to each country. I think
Speaker 12: one big issue so far as there's just been a
Speaker 12: lot of confusion in terms of what country need to
Speaker 12: do to try to keep that ninety day reprieve as
Speaker 12: a more permanent feature of the new world of tariffs now.
Speaker 2: I guess there's an open question as well as to
Speaker 2: whether investors are going to take a framework for an
Speaker 2: agreement as enough as opposed to a broader trade deal
Speaker 2: when the Treasury Secretary has said something like a deal
Speaker 2: with China could take two to three years in our
Speaker 2: last thirty seconds bill. The market reaction to this trade
Speaker 2: war has been very tough on the president in the
Speaker 2: first one hundred days.
Speaker 12: Yeah, we one hundred days in the SNP is looking
Speaker 12: like it's down about eight percent since Donald Trump's inauguration.
Speaker 12: That would be it's on track for its worst run
Speaker 12: in the first one hundred days of a new administration
Speaker 12: since Gerald Ford in nineteen seventy four following Nixon's resignation.
Speaker 12: So that is not what people expected, I think when
Speaker 12: Trump took off, as they thought there'd be more of
Speaker 12: a stock market boom. We're still waiting to see that happen.
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