WEBVTT - Stocks Soar as US-China Tariffs Slashed, President Trump Visits Middle East

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Good morning, I'm Lisa Matteo and I'm Nathan Hager.

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<v Speaker 3>Here are the stories we're following today. Big moves in

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<v Speaker 3>the markets come as the US and China agree to

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<v Speaker 3>temporarily lower tariffs on each other's products. The US will

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<v Speaker 3>reduce levies on most Chinese imports from one hundred and

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<v Speaker 3>forty five percent to thirty percent, while China will drop

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<v Speaker 3>its duties on US goods from one hundred and twenty

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<v Speaker 3>five to ten percent. Treasury Secretary Scott Bessen spoke about

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<v Speaker 3>the deal this morning in Geneva.

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<v Speaker 4>We have reached the an agreement on a ninety day pause.

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<v Speaker 5>And substantially moved down the tariff levels.

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<v Speaker 6>Both sides on the reciprocal tariffs will move their tariffs

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<v Speaker 6>down one hundred and fifteen.

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<v Speaker 3>Percent, Treasury Secretaries god Best and added that neither side

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<v Speaker 3>wants to decouple. US Trade Representative Jamison Greer was also

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<v Speaker 3>at the news conference. It said it's imperative the US

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<v Speaker 3>reduced it's trade deficit.

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<v Speaker 7>Person eight and our fifty billion dollar trade deficit at

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<v Speaker 7>the beginning of the Biden administration, so that is a

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<v Speaker 7>rapid an expansive increase in the trade deficit, and our

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<v Speaker 7>view is that this is driven in large part by

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<v Speaker 7>non reciprocal trade, among other things, and the result has

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<v Speaker 7>been offshoring of manufacturing and other negative impacts on the

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<v Speaker 7>US economy.

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<v Speaker 3>That was US Trade Representative Jamison Greer and Treasury Secretary

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<v Speaker 3>Scott Besson speaking earlier at a news conference heard live

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<v Speaker 3>on Bloomberg Radio.

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<v Speaker 2>Well, Nathan, the Chinese delegation was not at the press

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<v Speaker 2>conference in Switzerland. We get more from Bloomberg's deal desis

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<v Speaker 2>in Hong Kong.

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<v Speaker 8>And we've seen, you know, quite a bit of chaos

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<v Speaker 8>and sort of how a lot of that has been

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<v Speaker 8>hammered out. Yet you've got this framing from Vessent and

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<v Speaker 8>Greer kind of saying, look like, you know, can we

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<v Speaker 8>know what we're doing, and like this is all part

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<v Speaker 8>of the negotiation strategy. So I thought that was a

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<v Speaker 8>really interesting thing to see. But then, yeah, obviously juxt

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<v Speaker 8>opposing that with you the very very limited amount of

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

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<v Speaker 8>you know, it's not like there was this big press

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<v Speaker 8>conference where both of them are coming out together. So

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<v Speaker 8>I do think that that kind of indicates, you know,

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<v Speaker 8>I'm really interested to see what the next ninety days

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<v Speaker 8>look like and if this is actually something that means,

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<v Speaker 8>you know, sort of a lasting to talk between these two.

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<v Speaker 2>Bloomberg's Gilds is reporting from Hong Kong now. According to

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<v Speaker 2>the Shinwan News Agency, this morning, China says it committed

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<v Speaker 2>to the stable development of relations with US.

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<v Speaker 3>And Lisa, we have an update on trade negotiations with

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<v Speaker 3>another Asian country. Japan's Prime Minister Shigaru Yeshiba says his

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<v Speaker 3>country will not accept any initial trade agreement with the

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<v Speaker 3>US that excludes an accord on autos. Japan will continue

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<v Speaker 3>to seek a reprieve from all US tariff measures and

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<v Speaker 3>hopes to reach some manner of agreement in June.

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<v Speaker 2>Well Nathan, President Trump is vowing to cut prescription drug

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<v Speaker 2>prices up to eighty percent. Bloombergs John Tucker joins us

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

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<v Speaker 6>Well, mister Trump, Lisa says in a social media post,

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<v Speaker 6>He's going to sign in executive order this morning, but

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<v Speaker 6>it'll take place at nine eastern to institute a most

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

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<v Speaker 6>beyond that he claims it would drop pharmaceutical prices by

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<v Speaker 6>thirty to eighty percent in the US. Mister Trump didn't

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<v Speaker 6>outline potential limits on the policy, such as whether it's

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<v Speaker 6>going to apply only to government programs like Medicare Medicaid Now.

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<v Speaker 6>Americans do pay the most in the world for medicines,

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<v Speaker 6>fueling innovation and driving the growth of the pharmaceutical industry. Now,

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<v Speaker 6>drug makers have said revamping the system will slash revenue

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<v Speaker 6>and also stifle the development of breakthrough therapies. A pre

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<v Speaker 6>market shares a Pfizer They're down three percent, Merk shares

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<v Speaker 6>down one point six percent, Eli Lilly is falling down

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<v Speaker 6>two point six percent, and shares of Johnson and Johnson

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<v Speaker 6>also down two point four percent. In New York, John

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<v Speaker 6>Tucker Bloomberg Radio.

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<v Speaker 3>All right, John, thank you. President Trump has headed to

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<v Speaker 3>the Middle East today. It's his first official major foreign

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<v Speaker 3>trip since returning you to office. The President will travel

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

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<v Speaker 3>Jumani Bressecci is in riod dozens.

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<v Speaker 9>Of deals covering everything from defense and security to artificial intelligence,

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<v Speaker 9>rare metals, and transportation. Are expected to be signed, but

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<v Speaker 9>the relationship between Trump and Crown Prince MBS goes further

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<v Speaker 9>than deals. The recent decision by OPEI plus the oil

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<v Speaker 9>group led by the Saudis to raise production quickly will

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<v Speaker 9>also have gone down well with the US president since

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<v Speaker 9>its caused prices to drop. When it comes to foreign policy,

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<v Speaker 9>the Saudi Crown Prince told Trump he's ready to help

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<v Speaker 9>him achieve his peacemaking ambitions with Ukraine and US Special ENVOYE.

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<v Speaker 9>Steve Whitkoff has also been pushing for progress on a

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<v Speaker 9>cees Far deal in Gaza.

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<v Speaker 3>Bloomberg's Jamani Verssetti adds the visit comes as Saudi Arabia

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<v Speaker 3>faces financial challenges due to oil prices. It's aiming to

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<v Speaker 3>secure deals to help boost its economy.

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<v Speaker 2>An ABC News is reporting President Donald Trump's administration will

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<v Speaker 2>likely accept a luxury Boeing jumbo jet from Cutter's royal

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<v Speaker 2>family and what may be the most valuable gift ever

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<v Speaker 2>received from a foreign government. The network says this super

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<v Speaker 2>luxury Boeing seven forty seven eight jumbo jet is set

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<v Speaker 2>to be used as Air Force one Now. The Trump

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<v Speaker 2>appeared to confirm some of the reporting and a truth

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<v Speaker 2>social posts that criticized Democrats who were quick to fault

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<v Speaker 2>the potential deal.

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<v Speaker 3>And as the President heads to the Middle East, Lisa

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<v Speaker 3>Hamas says it will release the last living American hostage

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<v Speaker 3>it's holding in Gaza. That's after renewed talks with the

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<v Speaker 3>US over a true deal with Israel. The freeing of

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<v Speaker 3>twenty one year old Israeli soldier Aidon Alexander, who is

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<v Speaker 3>a US citizen, is a step toward reaching a new

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<v Speaker 3>ceasefire agreement in Gaza, and.

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<v Speaker 2>President Trump's push to end the war in Ukraine could

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<v Speaker 2>come to a head this week. The President is urging

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<v Speaker 2>Ukrainian President Vladimir Zelinsky to meet with Russia's Vladimir Putin

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

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<v Speaker 2>Soelinki says he'll be there and he hopes Putin won't

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<v Speaker 2>look for excuses for why he can't make it. Oksana

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<v Speaker 2>Markarova is Ukraine's ambassador to the US.

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<v Speaker 10>Any day potentially could be a great day. And we

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<v Speaker 10>have heard loud and clear from President Trump that ceasefire

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<v Speaker 10>should be full and unconditional, and we have heard from

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<v Speaker 10>other European leaders and we have heard from President Zelenski

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<v Speaker 10>who always says, yes, Ukraine is radio. Nobody wants peace

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<v Speaker 10>more than Ukraine.

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<v Speaker 2>Now. Ukrainian Ambassador Oksana Markova appeared on ABC's This Week

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<v Speaker 2>Heard Sundays, I'm Bloomberg Radio and Lisa.

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<v Speaker 3>Tensions appear to be easing between India and Pakistan. Both

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<v Speaker 3>sides have agreed to a ceasefire. That's after four days

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<v Speaker 3>of attacks that brought the nuclear armed rivals to the

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<v Speaker 3>brink of full blown war. The US says it helped

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<v Speaker 3>mediate the agreement, but India maintains it was the result

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

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<v Speaker 3>his country does not need outside help when it comes

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<v Speaker 3>to the disputed Kashmir region.

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<v Speaker 5>For US, Kashmidia' is a bilateral issue. Diplomacy does happen.

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<v Speaker 6>We do speak to our counterparts, so Foreign Minister and

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<v Speaker 6>Foreign Secretary do speak to their counterparts. But that is

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<v Speaker 6>to clarify our position and what is our demand of Pakistan.

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<v Speaker 3>Indian High Commissioner SHOWPOC I'm Bully, spoke with Bloomberg sus

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<v Speaker 3>Than Daman in Singapore. The latest tensions began April twenty second,

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<v Speaker 3>when gunman killed twenty six civilians in India's Jamu and

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<v Speaker 3>Kashmir regions. India responded two weeks later with strikes on

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<v Speaker 3>nine targets inside Pakistan.

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<v Speaker 2>Time now for a look at some of the other

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<v Speaker 2>stories making news in New York and around the world.

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

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<v Speaker 4>Good Morning. Le So Transportation Secretary Sean Duffy said that

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<v Speaker 4>Newark Airport would see several weeks of reduced capacity as

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<v Speaker 4>officials grapple with continuing delays and safety lapses. Duthy on

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<v Speaker 4>NBC's Meet the Press, what you see.

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<v Speaker 11>In Newark is going to happen in other places across

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<v Speaker 11>the country. It has to be fixed. And so what

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<v Speaker 11>we're having is some telecom issues. We're also having some

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<v Speaker 11>glitches in our software. As the information comes in is

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<v Speaker 11>overloading some of our lines and the system goes down.

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<v Speaker 11>So I'll just tell you specifically in Newark, we believe

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

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<v Speaker 11>We're going to be able to fix that clitch.

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<v Speaker 4>Meet the Press can be heard Sundays on Bloomberg. Meanwhile,

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<v Speaker 4>Senate Minority Leader Chuck Schumer says it's something that needs

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<v Speaker 4>to be addressed by the federal government asap.

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<v Speaker 5>This situation cannot last. We need all hands on deck

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<v Speaker 5>at the FAA. Make Newark number one, get it done,

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<v Speaker 5>get it done fast.

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<v Speaker 4>Schumer, speaking in Queen, says, we need the FAA to

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<v Speaker 4>lead the final stage of jury selection for the racketeering

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<v Speaker 4>and sex trafficking trial of hip hop Mogul's Sean Diddy

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<v Speaker 4>Combs takes place later this morning. Also today, opening statements begin.

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<v Speaker 4>A new song by rapper Kanye West has been removed

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<v Speaker 4>from streaming platforms for glorifying Adolph Hitler. The rapper has

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<v Speaker 4>been accused of anti Semitism for releasing a song last

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<v Speaker 4>week called Hyle Hitler, which includes lyrics that praise the

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<v Speaker 4>Nazi dictator. Tens of thousands crowded into Vatican City to

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<v Speaker 4>hear the first Sunday address of the first American Pope, Leo,

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<v Speaker 4>with a special message for Mother, wishing them all, including

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

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<v Speaker 4>of Chicago, Cardinal Blaze Supag, spoke on the importance for

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<v Speaker 4>Leo to reemphasize a message of peace in one of

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<v Speaker 4>the first moments of his papacy.

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<v Speaker 12>It is something for him to be a voice, as

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<v Speaker 12>he said for peace at the very beginning of his announcement,

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<v Speaker 12>when you wish presented to the people.

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<v Speaker 13>He cares deeply about that.

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<v Speaker 4>Cardinal Soupage spoke on ABC's This Week Heart Sundays on

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<v Speaker 4>Bloomberg Global News twenty four hours a day and whenever

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<v Speaker 4>you want it with the Bloomberg News. Now, Michael Barrn,

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<v Speaker 4>this is Bloomberg, Lisa, Thank.

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<v Speaker 2>You, Michael. Time now for our Bloomberg Sports update. For that,

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<v Speaker 2>we bring in John stash Hour.

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<v Speaker 5>Hey there, John, Hey, Lisa.

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<v Speaker 14>The Cleveland caval Leers had that great regular season, sixty

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<v Speaker 14>four wins most of the East, but the Calves are

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<v Speaker 14>in big trouble Round two of the NBA Playoffs.

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<v Speaker 5>They trail Indiana three games to one.

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<v Speaker 14>The Pacers after losing Game three by twenty two, one

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<v Speaker 14>game four by twenty the score at halftime was eighty

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<v Speaker 14>to thirty nine, a forty one point a half time

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<v Speaker 14>lead tide the playoff record. Oklahoma City won at dead

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<v Speaker 14>but to tie that series at two knicks with a

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<v Speaker 14>two to one lead, playing the Celtics huge Game four

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<v Speaker 14>tonight at the Gardens.

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<v Speaker 5>So far, home court has meant nothing.

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<v Speaker 14>In the last eight Knick playoff games have been won

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<v Speaker 14>by the road team. Celtics on the road thirty five

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<v Speaker 14>and nine, including three to zero at MSG, also tonight

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<v Speaker 14>in Chicago.

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<v Speaker 5>It's the draft lottery.

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<v Speaker 14>The winner expected to then draft the eighteen year old

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<v Speaker 14>duke star Cooper Flax Stanley Cup Playoffs Florida shutout Toronto

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<v Speaker 14>two to nothing, series, tied to two, Dallas to five

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<v Speaker 14>to two win over Winnipeg for two to one series lead.

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<v Speaker 14>Yankee spent the weekend in sack Framento. The rubber game

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<v Speaker 14>saw the Yanks leading the A's six to one, fifth

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<v Speaker 14>in eight.

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<v Speaker 12>And the three to one said, deep down the right

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<v Speaker 12>field line, it could be got it it is. It's

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<v Speaker 12>a home run, a grand slam for ben Rice deep

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<v Speaker 12>BoNT lecburn in right field here at Sacramento. Hey, the

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<v Speaker 12>Yankees a blow this baby open. It is now ten

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<v Speaker 12>to one.

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<v Speaker 5>Bombers.

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<v Speaker 14>This networked to call the Yankees, who blew the lead Saturday,

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<v Speaker 14>won their game Friday ten to two, and won yesterday

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<v Speaker 14>twelve to two. The Mets also won two of three

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<v Speaker 14>over the weekend at City Field. They beat the cub

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<v Speaker 14>six to two, Eighthenny Homers by, Francisco Lindor and Brandon Neimo.

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<v Speaker 14>Red Sots won three to one. Of Kansas City Nationals

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<v Speaker 14>lost to Saint Louis six to one. Rare went for Colorado,

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<v Speaker 14>improving to seven and thirty three. It came after the

0:11:28.600 --> 0:11:31.959
<v Speaker 14>firing of Bud Black, the Rockies manager the past nine years.

0:11:31.960 --> 0:11:35.920
<v Speaker 14>Colorado on Saturday lost to San Diego twenty one to nothing.

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<v Speaker 5>John stash Ellen Bloomberg Sports, Lisa and Napan.

0:11:43.520 --> 0:11:47.560
<v Speaker 1>Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

0:11:47.840 --> 0:11:50.680
<v Speaker 1>and around the world on Bloomberg dot Com and the

0:11:50.679 --> 0:11:53.800
<v Speaker 1>Bloomberg Business opp This is Bloomberg Day Break.

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

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<v Speaker 3>This morning is the US and China have a need

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<v Speaker 3>to cool off their trade war for ninety days. Treasury

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<v Speaker 3>Secretary Scott Besson says both countries will lower tariffs on

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<v Speaker 3>each other by one hundred and fifteen percent. He made

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<v Speaker 3>the announcement after two days of talks in Geneva.

0:12:12.760 --> 0:12:17.880
<v Speaker 6>The consensus from both delegations this weekend is neither side

0:12:18.360 --> 0:12:20.080
<v Speaker 6>wants a peak.

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<v Speaker 3>Cup point Treasury Secretary Scott Besson, speaking alongside US Trade

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<v Speaker 3>Representative Jamison Greer in Geneva this morning. Joining us now

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<v Speaker 3>is Bloomberg News Senior editor Derek Wallbank and Derek. Given

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<v Speaker 3>the fact that President Trump was talking about eighty percent

0:12:33.280 --> 0:12:37.640
<v Speaker 3>tariffs on China seeming right before these talks r underway,

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<v Speaker 3>now with the tariff right getting lowered to I guess

0:12:40.480 --> 0:12:43.440
<v Speaker 3>thirty percent seems to be a lot more than the

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<v Speaker 3>market was expecting.

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<v Speaker 13>Good morning, Good morning, Nathan. Yeah, it was a very

0:12:47.080 --> 0:12:50.520
<v Speaker 13>large upside surprise. Remember Trump talking about eighty percent was

0:12:50.559 --> 0:12:52.800
<v Speaker 13>on the high side. There were also signals coming out

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<v Speaker 13>of the negotiating world that you know, we're hearing some

0:12:58.720 --> 0:13:03.160
<v Speaker 13>things about sixty percent or something like that. In conjunction

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

0:13:07.360 --> 0:13:11.559
<v Speaker 13>more than thirty. So it is a pretty substantial beat.

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<v Speaker 13>I guess you would say on that it was much

0:13:15.320 --> 0:13:17.760
<v Speaker 13>better news than I think people were anticipating. You've seen

0:13:17.760 --> 0:13:20.640
<v Speaker 13>the markets reacting. This was not a number that was

0:13:20.640 --> 0:13:23.080
<v Speaker 13>priced in in any way. It is a ninety day reprieve.

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<v Speaker 13>The Chinese side did a similar gesture. They both took

0:13:27.920 --> 0:13:32.640
<v Speaker 13>down the main tariff lines by about the same amount,

0:13:32.720 --> 0:13:35.000
<v Speaker 13>so that leaves the US with thirty percent in China

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

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<v Speaker 13>that there were signals in the press conference on the

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<v Speaker 13>US side afterwards that there could be more to come.

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<v Speaker 13>The Greer and Bescent were asked about the fentanyl tiede

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<v Speaker 13>levees at the twenty percent that makes up a part

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<v Speaker 13>of that thirty and the indication was is that talks

0:14:00.080 --> 0:14:03.120
<v Speaker 13>on that issue we're progressing as well. So there is

0:14:03.160 --> 0:14:07.080
<v Speaker 13>a possibility that there could be further reductions if things

0:14:07.160 --> 0:14:10.760
<v Speaker 13>go well. What a difference we are in right now

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<v Speaker 13>from where we were just a month ago.

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<v Speaker 5>So let's get into that.

0:14:15.120 --> 0:14:19.680
<v Speaker 3>This is a possibility of more movement on fentanyl. Ninety

0:14:19.760 --> 0:14:22.960
<v Speaker 3>days are I guess underway now? What more can we

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<v Speaker 3>expect over the next ninety days to try to bring

0:14:26.520 --> 0:14:27.880
<v Speaker 3>this to some kind of resolution.

0:14:29.360 --> 0:14:31.800
<v Speaker 13>Well, Nathan, there's an awful lot of uncertainty, and one

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<v Speaker 13>of the things is what is going to be enough

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<v Speaker 13>to make a deal a longer lasting deal. Scott Besson

0:14:37.760 --> 0:14:41.520
<v Speaker 13>said walking into these negotiations that this was about de

0:14:41.760 --> 0:14:45.400
<v Speaker 13>escalation and setting things up on a pathway to which

0:14:45.440 --> 0:14:49.760
<v Speaker 13>you could negotiate an agreement. So certainly that is done

0:14:49.920 --> 0:14:53.520
<v Speaker 13>reasonably successfully if you're looking for a de escalation. What

0:14:53.640 --> 0:14:56.600
<v Speaker 13>it's not clear yet is what the US got for this.

0:14:57.880 --> 0:15:00.360
<v Speaker 13>You know, Trump had put on the tarasee said that

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<v Speaker 13>there are all sorts of things at stake with the

0:15:03.040 --> 0:15:06.720
<v Speaker 13>US trade deficit. There had been concerns that China had

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<v Speaker 13>not fulfilled all of its obligations under the trade deal

0:15:11.240 --> 0:15:15.240
<v Speaker 13>made in the first Trump administration, and so we're still

0:15:15.440 --> 0:15:17.880
<v Speaker 13>going to be waiting to see what the US side

0:15:18.000 --> 0:15:21.560
<v Speaker 13>gets out of that. Certainly, this is a lot of

0:15:21.680 --> 0:15:25.520
<v Speaker 13>sound and fury, and you want to see what the

0:15:25.640 --> 0:15:30.720
<v Speaker 13>accomplishments were for that. Those details, you know, will will

0:15:30.760 --> 0:15:35.320
<v Speaker 13>remain to be seen. But certainly this is positive news

0:15:35.440 --> 0:15:38.840
<v Speaker 13>toward the idea of de escalation, which is best and

0:15:38.840 --> 0:15:41.720
<v Speaker 13>said ahead of time, is the precursor for talks on

0:15:41.760 --> 0:15:42.120
<v Speaker 13>a deal.

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<v Speaker 3>This is Bloomberg day Break, your morning podcast on the

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<v Speaker 5>To stay informed all day long. I'm Nathan Hager.

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<v Speaker 2>here on Bloomberg Daybreak