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

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Speaker 2: Good morning, I'm Lisa Matteo and I'm Nathan Hager.

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Speaker 3: Here are the stories we're following today. Big moves in

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Speaker 3: the markets come as the US and China agree to

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Speaker 3: temporarily lower tariffs on each other's products. The US will

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Speaker 3: reduce levies on most Chinese imports from one hundred and

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Speaker 3: forty five percent to thirty percent, while China will drop

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Speaker 3: its duties on US goods from one hundred and twenty

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Speaker 3: five to ten percent. Treasury Secretary Scott Bessen spoke about

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Speaker 3: the deal this morning in Geneva.

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Speaker 4: We have reached the an agreement on a ninety day pause.

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Speaker 5: And substantially moved down the tariff levels.

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Speaker 6: Both sides on the reciprocal tariffs will move their tariffs

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Speaker 6: down one hundred and fifteen.

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Speaker 3: Percent, Treasury Secretaries god Best and added that neither side

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Speaker 3: wants to decouple. US Trade Representative Jamison Greer was also

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Speaker 3: at the news conference. It said it's imperative the US

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Speaker 3: reduced it's trade deficit.

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Speaker 7: Person eight and our fifty billion dollar trade deficit at

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Speaker 7: the beginning of the Biden administration, so that is a

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Speaker 7: rapid an expansive increase in the trade deficit, and our

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Speaker 7: view is that this is driven in large part by

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Speaker 7: non reciprocal trade, among other things, and the result has

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Speaker 7: been offshoring of manufacturing and other negative impacts on the

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Speaker 7: US economy.

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Speaker 3: That was US Trade Representative Jamison Greer and Treasury Secretary

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Speaker 3: Scott Besson speaking earlier at a news conference heard live

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Speaker 3: on Bloomberg Radio.

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Speaker 2: Well, Nathan, the Chinese delegation was not at the press

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Speaker 2: conference in Switzerland. We get more from Bloomberg's deal desis

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Speaker 2: in Hong Kong.

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Speaker 8: And we've seen, you know, quite a bit of chaos

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Speaker 8: and sort of how a lot of that has been

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Speaker 8: hammered out. Yet you've got this framing from Vessent and

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Speaker 8: Greer kind of saying, look like, you know, can we

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Speaker 8: know what we're doing, and like this is all part

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Speaker 8: of the negotiation strategy. So I thought that was a

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Speaker 8: really interesting thing to see. But then, yeah, obviously juxt

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Speaker 8: opposing that with you the very very limited amount of

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Speaker 8: information that we've gotten out of the China side. I mean,

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Speaker 8: you know, it's not like there was this big press

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Speaker 8: conference where both of them are coming out together. So

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Speaker 8: I do think that that kind of indicates, you know,

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Speaker 8: I'm really interested to see what the next ninety days

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Speaker 8: look like and if this is actually something that means,

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Speaker 8: you know, sort of a lasting to talk between these two.

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Speaker 2: Bloomberg's Gilds is reporting from Hong Kong now. According to

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Speaker 2: the Shinwan News Agency, this morning, China says it committed

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Speaker 2: to the stable development of relations with US.

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Speaker 3: And Lisa, we have an update on trade negotiations with

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Speaker 3: another Asian country. Japan's Prime Minister Shigaru Yeshiba says his

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Speaker 3: country will not accept any initial trade agreement with the

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Speaker 3: US that excludes an accord on autos. Japan will continue

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Speaker 3: to seek a reprieve from all US tariff measures and

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Speaker 3: hopes to reach some manner of agreement in June.

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Speaker 2: Well Nathan, President Trump is vowing to cut prescription drug

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Speaker 2: prices up to eighty percent. Bloombergs John Tucker joins us

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Speaker 2: with more. John, how does he plan to do all this?

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Speaker 6: Well, mister Trump, Lisa says in a social media post,

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Speaker 6: He's going to sign in executive order this morning, but

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Speaker 6: it'll take place at nine eastern to institute a most

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Speaker 6: Favored Nation policy. Now, he doesn't go into much detail

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Speaker 6: beyond that he claims it would drop pharmaceutical prices by

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Speaker 6: thirty to eighty percent in the US. Mister Trump didn't

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Speaker 6: outline potential limits on the policy, such as whether it's

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Speaker 6: going to apply only to government programs like Medicare Medicaid Now.

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Speaker 6: Americans do pay the most in the world for medicines,

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Speaker 6: fueling innovation and driving the growth of the pharmaceutical industry. Now,

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Speaker 6: drug makers have said revamping the system will slash revenue

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Speaker 6: and also stifle the development of breakthrough therapies. A pre

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Speaker 6: market shares a Pfizer They're down three percent, Merk shares

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Speaker 6: down one point six percent, Eli Lilly is falling down

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Speaker 6: two point six percent, and shares of Johnson and Johnson

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Speaker 6: also down two point four percent. In New York, John

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Speaker 6: Tucker Bloomberg Radio.

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Speaker 3: All right, John, thank you. President Trump has headed to

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Speaker 3: the Middle East today. It's his first official major foreign

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Speaker 3: trip since returning you to office. The President will travel

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Speaker 3: to Saudi Arabia, Katar, and the United Area Emirates. Bloomberg's

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Speaker 3: Jumani Bressecci is in riod dozens.

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Speaker 9: Of deals covering everything from defense and security to artificial intelligence,

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Speaker 9: rare metals, and transportation. Are expected to be signed, but

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Speaker 9: the relationship between Trump and Crown Prince MBS goes further

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Speaker 9: than deals. The recent decision by OPEI plus the oil

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Speaker 9: group led by the Saudis to raise production quickly will

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Speaker 9: also have gone down well with the US president since

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Speaker 9: its caused prices to drop. When it comes to foreign policy,

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Speaker 9: the Saudi Crown Prince told Trump he's ready to help

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Speaker 9: him achieve his peacemaking ambitions with Ukraine and US Special ENVOYE.

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Speaker 9: Steve Whitkoff has also been pushing for progress on a

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Speaker 9: cees Far deal in Gaza.

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Speaker 3: Bloomberg's Jamani Verssetti adds the visit comes as Saudi Arabia

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Speaker 3: faces financial challenges due to oil prices. It's aiming to

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Speaker 3: secure deals to help boost its economy.

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Speaker 2: An ABC News is reporting President Donald Trump's administration will

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Speaker 2: likely accept a luxury Boeing jumbo jet from Cutter's royal

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Speaker 2: family and what may be the most valuable gift ever

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Speaker 2: received from a foreign government. The network says this super

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Speaker 2: luxury Boeing seven forty seven eight jumbo jet is set

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Speaker 2: to be used as Air Force one Now. The Trump

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Speaker 2: appeared to confirm some of the reporting and a truth

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Speaker 2: social posts that criticized Democrats who were quick to fault

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Speaker 2: the potential deal.

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Speaker 3: And as the President heads to the Middle East, Lisa

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Speaker 3: Hamas says it will release the last living American hostage

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Speaker 3: it's holding in Gaza. That's after renewed talks with the

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Speaker 3: US over a true deal with Israel. The freeing of

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Speaker 3: twenty one year old Israeli soldier Aidon Alexander, who is

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Speaker 3: a US citizen, is a step toward reaching a new

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Speaker 3: ceasefire agreement in Gaza, and.

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Speaker 2: President Trump's push to end the war in Ukraine could

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Speaker 2: come to a head this week. The President is urging

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Speaker 2: Ukrainian President Vladimir Zelinsky to meet with Russia's Vladimir Putin

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Speaker 2: in Turkey this Thursday, before they've agreed to a ceasefire.

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Speaker 2: Soelinki says he'll be there and he hopes Putin won't

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Speaker 2: look for excuses for why he can't make it. Oksana

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Speaker 2: Markarova is Ukraine's ambassador to the US.

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Speaker 10: Any day potentially could be a great day. And we

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Speaker 10: have heard loud and clear from President Trump that ceasefire

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Speaker 10: should be full and unconditional, and we have heard from

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Speaker 10: other European leaders and we have heard from President Zelenski

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Speaker 10: who always says, yes, Ukraine is radio. Nobody wants peace

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Speaker 10: more than Ukraine.

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Speaker 2: Now. Ukrainian Ambassador Oksana Markova appeared on ABC's This Week

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Speaker 2: Heard Sundays, I'm Bloomberg Radio and Lisa.

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Speaker 3: Tensions appear to be easing between India and Pakistan. Both

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Speaker 3: sides have agreed to a ceasefire. That's after four days

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Speaker 3: of attacks that brought the nuclear armed rivals to the

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Speaker 3: brink of full blown war. The US says it helped

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Speaker 3: mediate the agreement, but India maintains it was the result

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Speaker 3: of bilateral talks. India's High Commissioner to Singapore, Showpakambuli, says

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Speaker 3: his country does not need outside help when it comes

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Speaker 3: to the disputed Kashmir region.

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Speaker 5: For US, Kashmidia' is a bilateral issue. Diplomacy does happen.

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Speaker 6: We do speak to our counterparts, so Foreign Minister and

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Speaker 6: Foreign Secretary do speak to their counterparts. But that is

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Speaker 6: to clarify our position and what is our demand of Pakistan.

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Speaker 3: Indian High Commissioner SHOWPOC I'm Bully, spoke with Bloomberg sus

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Speaker 3: Than Daman in Singapore. The latest tensions began April twenty second,

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Speaker 3: when gunman killed twenty six civilians in India's Jamu and

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Speaker 3: Kashmir regions. India responded two weeks later with strikes on

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Speaker 3: nine targets inside Pakistan.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news in New York and around the world.

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Speaker 2: For that, we're joined by Bloomberg's Michael bar Good Morning, Michael.

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Speaker 4: Good Morning. Le So Transportation Secretary Sean Duffy said that

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Speaker 4: Newark Airport would see several weeks of reduced capacity as

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Speaker 4: officials grapple with continuing delays and safety lapses. Duthy on

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Speaker 4: NBC's Meet the Press, what you see.

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Speaker 11: In Newark is going to happen in other places across

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Speaker 11: the country. It has to be fixed. And so what

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Speaker 11: we're having is some telecom issues. We're also having some

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Speaker 11: glitches in our software. As the information comes in is

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Speaker 11: overloading some of our lines and the system goes down.

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Speaker 11: So I'll just tell you specifically in Newark, we believe

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Speaker 11: we're going to have it up and running in short order.

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Speaker 11: We're going to be able to fix that clitch.

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Speaker 4: Meet the Press can be heard Sundays on Bloomberg. Meanwhile,

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Speaker 4: Senate Minority Leader Chuck Schumer says it's something that needs

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Speaker 4: to be addressed by the federal government asap.

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Speaker 5: This situation cannot last. We need all hands on deck

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Speaker 5: at the FAA. Make Newark number one, get it done,

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Speaker 5: get it done fast.

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Speaker 4: Schumer, speaking in Queen, says, we need the FAA to

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Speaker 4: lead the final stage of jury selection for the racketeering

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Speaker 4: and sex trafficking trial of hip hop Mogul's Sean Diddy

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Speaker 4: Combs takes place later this morning. Also today, opening statements begin.

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Speaker 4: A new song by rapper Kanye West has been removed

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Speaker 4: from streaming platforms for glorifying Adolph Hitler. The rapper has

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Speaker 4: been accused of anti Semitism for releasing a song last

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Speaker 4: week called Hyle Hitler, which includes lyrics that praise the

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Speaker 4: Nazi dictator. Tens of thousands crowded into Vatican City to

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Speaker 4: hear the first Sunday address of the first American Pope, Leo,

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Speaker 4: with a special message for Mother, wishing them all, including

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Speaker 4: those in having a happy Mother's Day. Meanwhile, the Archbishop

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Speaker 4: of Chicago, Cardinal Blaze Supag, spoke on the importance for

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Speaker 4: Leo to reemphasize a message of peace in one of

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Speaker 4: the first moments of his papacy.

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Speaker 12: It is something for him to be a voice, as

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Speaker 12: he said for peace at the very beginning of his announcement,

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Speaker 12: when you wish presented to the people.

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Speaker 13: He cares deeply about that.

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Speaker 4: Cardinal Soupage spoke on ABC's This Week Heart Sundays on

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Speaker 4: Bloomberg Global News twenty four hours a day and whenever

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Speaker 4: you want it with the Bloomberg News. Now, Michael Barrn,

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Speaker 4: this is Bloomberg, Lisa, Thank.

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Speaker 2: You, Michael. Time now for our Bloomberg Sports update. For that,

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Speaker 2: we bring in John stash Hour.

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Speaker 5: Hey there, John, Hey, Lisa.

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Speaker 14: The Cleveland caval Leers had that great regular season, sixty

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Speaker 14: four wins most of the East, but the Calves are

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Speaker 14: in big trouble Round two of the NBA Playoffs.

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Speaker 5: They trail Indiana three games to one.

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Speaker 14: The Pacers after losing Game three by twenty two, one

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Speaker 14: game four by twenty the score at halftime was eighty

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Speaker 14: to thirty nine, a forty one point a half time

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Speaker 14: lead tide the playoff record. Oklahoma City won at dead

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Speaker 14: but to tie that series at two knicks with a

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Speaker 14: two to one lead, playing the Celtics huge Game four

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Speaker 14: tonight at the Gardens.

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Speaker 5: So far, home court has meant nothing.

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Speaker 14: In the last eight Knick playoff games have been won

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Speaker 14: by the road team. Celtics on the road thirty five

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Speaker 14: and nine, including three to zero at MSG, also tonight

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Speaker 14: in Chicago.

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Speaker 5: It's the draft lottery.

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Speaker 14: The winner expected to then draft the eighteen year old

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Speaker 14: duke star Cooper Flax Stanley Cup Playoffs Florida shutout Toronto

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Speaker 14: two to nothing, series, tied to two, Dallas to five

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Speaker 14: to two win over Winnipeg for two to one series lead.

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Speaker 14: Yankee spent the weekend in sack Framento. The rubber game

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Speaker 14: saw the Yanks leading the A's six to one, fifth

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Speaker 14: in eight.

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Speaker 12: And the three to one said, deep down the right

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Speaker 12: field line, it could be got it it is. It's

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Speaker 12: a home run, a grand slam for ben Rice deep

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Speaker 12: BoNT lecburn in right field here at Sacramento. Hey, the

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Speaker 12: Yankees a blow this baby open. It is now ten

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Speaker 12: to one.

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Speaker 5: Bombers.

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Speaker 14: This networked to call the Yankees, who blew the lead Saturday,

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Speaker 14: won their game Friday ten to two, and won yesterday

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Speaker 14: twelve to two. The Mets also won two of three

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Speaker 14: over the weekend at City Field. They beat the cub

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Speaker 14: six to two, Eighthenny Homers by, Francisco Lindor and Brandon Neimo.

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Speaker 14: Red Sots won three to one. Of Kansas City Nationals

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Speaker 14: lost to Saint Louis six to one. Rare went for Colorado,

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Speaker 14: improving to seven and thirty three. It came after the

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Speaker 14: firing of Bud Black, the Rockies manager the past nine years.

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Speaker 14: Colorado on Saturday lost to San Diego twenty one to nothing.

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Speaker 5: John stash Ellen Bloomberg Sports, Lisa and Napan.

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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 opp This is Bloomberg Day Break.

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Speaker 3: Good morning, I'm Nathan Hagar. With markets back in rally mode.

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Speaker 3: This morning is the US and China have a need

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Speaker 3: to cool off their trade war for ninety days. Treasury

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Speaker 3: Secretary Scott Besson says both countries will lower tariffs on

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Speaker 3: each other by one hundred and fifteen percent. He made

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Speaker 3: the announcement after two days of talks in Geneva.

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Speaker 6: The consensus from both delegations this weekend is neither side

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Speaker 6: wants a peak.

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Speaker 3: Cup point Treasury Secretary Scott Besson, speaking alongside US Trade

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Speaker 3: Representative Jamison Greer in Geneva this morning. Joining us now

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Speaker 3: is Bloomberg News Senior editor Derek Wallbank and Derek. Given

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Speaker 3: the fact that President Trump was talking about eighty percent

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Speaker 3: tariffs on China seeming right before these talks r underway,

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Speaker 3: now with the tariff right getting lowered to I guess

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Speaker 3: thirty percent seems to be a lot more than the

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Speaker 3: market was expecting.

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Speaker 13: Good morning, Good morning, Nathan. Yeah, it was a very

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Speaker 13: large upside surprise. Remember Trump talking about eighty percent was

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Speaker 13: on the high side. There were also signals coming out

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Speaker 13: of the negotiating world that you know, we're hearing some

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Speaker 13: things about sixty percent or something like that. In conjunction

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Speaker 13: with these talks. Trump's at eighty. You know, that's well

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Speaker 13: more than thirty. So it is a pretty substantial beat.

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Speaker 13: I guess you would say on that it was much

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Speaker 13: better news than I think people were anticipating. You've seen

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Speaker 13: the markets reacting. This was not a number that was

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Speaker 13: priced in in any way. It is a ninety day reprieve.

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Speaker 13: The Chinese side did a similar gesture. They both took

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Speaker 13: down the main tariff lines by about the same amount,

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Speaker 13: so that leaves the US with thirty percent in China

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Speaker 13: with ten. The other thing I'd flag here, Nathan, is

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Speaker 13: that there were signals in the press conference on the

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Speaker 13: US side afterwards that there could be more to come.

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Speaker 13: The Greer and Bescent were asked about the fentanyl tiede

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Speaker 13: levees at the twenty percent that makes up a part

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Speaker 13: of that thirty and the indication was is that talks

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Speaker 13: on that issue we're progressing as well. So there is

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Speaker 13: a possibility that there could be further reductions if things

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Speaker 13: go well. What a difference we are in right now

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Speaker 13: from where we were just a month ago.

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Speaker 5: So let's get into that.

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Speaker 3: This is a possibility of more movement on fentanyl. Ninety

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Speaker 3: days are I guess underway now? What more can we

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Speaker 3: expect over the next ninety days to try to bring

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Speaker 3: this to some kind of resolution.

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Speaker 13: Well, Nathan, there's an awful lot of uncertainty, and one

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Speaker 13: of the things is what is going to be enough

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Speaker 13: to make a deal a longer lasting deal. Scott Besson

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Speaker 13: said walking into these negotiations that this was about de

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Speaker 13: escalation and setting things up on a pathway to which

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Speaker 13: you could negotiate an agreement. So certainly that is done

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Speaker 13: reasonably successfully if you're looking for a de escalation. What

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Speaker 13: it's not clear yet is what the US got for this.

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Speaker 13: You know, Trump had put on the tarasee said that

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Speaker 13: there are all sorts of things at stake with the

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Speaker 13: US trade deficit. There had been concerns that China had

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Speaker 13: not fulfilled all of its obligations under the trade deal

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Speaker 13: made in the first Trump administration, and so we're still

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Speaker 13: going to be waiting to see what the US side

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Speaker 13: gets out of that. Certainly, this is a lot of

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Speaker 13: sound and fury, and you want to see what the

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Speaker 13: accomplishments were for that. Those details, you know, will will

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Speaker 13: remain to be seen. But certainly this is positive news

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Speaker 13: toward the idea of de escalation, which is best and

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Speaker 13: said ahead of time, is the precursor for talks on

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Speaker 13: a deal.

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