Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2: Good morning, I'm Lisa Matteo and I'm Nathan Hager.
Speaker 3: Here are the stories we're following today. Big moves in
Speaker 3: the markets come as the US and China agree to
Speaker 3: temporarily lower tariffs on each other's products. The US will
Speaker 3: reduce levies on most Chinese imports from one hundred and
Speaker 3: forty five percent to thirty percent, while China will drop
Speaker 3: its duties on US goods from one hundred and twenty
Speaker 3: five to ten percent. Treasury Secretary Scott Bessen spoke about
Speaker 3: the deal this morning in Geneva.
Speaker 4: We have reached the an agreement on a ninety day pause.
Speaker 5: And substantially moved down the tariff levels.
Speaker 6: Both sides on the reciprocal tariffs will move their tariffs
Speaker 6: down one hundred and fifteen.
Speaker 3: Percent, Treasury Secretaries god Best and added that neither side
Speaker 3: wants to decouple. US Trade Representative Jamison Greer was also
Speaker 3: at the news conference. It said it's imperative the US
Speaker 3: reduced it's trade deficit.
Speaker 7: Person eight and our fifty billion dollar trade deficit at
Speaker 7: the beginning of the Biden administration, so that is a
Speaker 7: rapid an expansive increase in the trade deficit, and our
Speaker 7: view is that this is driven in large part by
Speaker 7: non reciprocal trade, among other things, and the result has
Speaker 7: been offshoring of manufacturing and other negative impacts on the
Speaker 7: US economy.
Speaker 3: That was US Trade Representative Jamison Greer and Treasury Secretary
Speaker 3: Scott Besson speaking earlier at a news conference heard live
Speaker 3: on Bloomberg Radio.
Speaker 2: Well, Nathan, the Chinese delegation was not at the press
Speaker 2: conference in Switzerland. We get more from Bloomberg's deal desis
Speaker 2: in Hong Kong.
Speaker 8: And we've seen, you know, quite a bit of chaos
Speaker 8: and sort of how a lot of that has been
Speaker 8: hammered out. Yet you've got this framing from Vessent and
Speaker 8: Greer kind of saying, look like, you know, can we
Speaker 8: know what we're doing, and like this is all part
Speaker 8: of the negotiation strategy. So I thought that was a
Speaker 8: really interesting thing to see. But then, yeah, obviously juxt
Speaker 8: opposing that with you the very very limited amount of
Speaker 8: information that we've gotten out of the China side. I mean,
Speaker 8: you know, it's not like there was this big press
Speaker 8: conference where both of them are coming out together. So
Speaker 8: I do think that that kind of indicates, you know,
Speaker 8: I'm really interested to see what the next ninety days
Speaker 8: look like and if this is actually something that means,
Speaker 8: you know, sort of a lasting to talk between these two.
Speaker 2: Bloomberg's Gilds is reporting from Hong Kong now. According to
Speaker 2: the Shinwan News Agency, this morning, China says it committed
Speaker 2: to the stable development of relations with US.
Speaker 3: And Lisa, we have an update on trade negotiations with
Speaker 3: another Asian country. Japan's Prime Minister Shigaru Yeshiba says his
Speaker 3: country will not accept any initial trade agreement with the
Speaker 3: US that excludes an accord on autos. Japan will continue
Speaker 3: to seek a reprieve from all US tariff measures and
Speaker 3: hopes to reach some manner of agreement in June.
Speaker 2: Well Nathan, President Trump is vowing to cut prescription drug
Speaker 2: prices up to eighty percent. Bloombergs John Tucker joins us
Speaker 2: with more. John, how does he plan to do all this?
Speaker 6: Well, mister Trump, Lisa says in a social media post,
Speaker 6: He's going to sign in executive order this morning, but
Speaker 6: it'll take place at nine eastern to institute a most
Speaker 6: Favored Nation policy. Now, he doesn't go into much detail
Speaker 6: beyond that he claims it would drop pharmaceutical prices by
Speaker 6: thirty to eighty percent in the US. Mister Trump didn't
Speaker 6: outline potential limits on the policy, such as whether it's
Speaker 6: going to apply only to government programs like Medicare Medicaid Now.
Speaker 6: Americans do pay the most in the world for medicines,
Speaker 6: fueling innovation and driving the growth of the pharmaceutical industry. Now,
Speaker 6: drug makers have said revamping the system will slash revenue
Speaker 6: and also stifle the development of breakthrough therapies. A pre
Speaker 6: market shares a Pfizer They're down three percent, Merk shares
Speaker 6: down one point six percent, Eli Lilly is falling down
Speaker 6: two point six percent, and shares of Johnson and Johnson
Speaker 6: also down two point four percent. In New York, John
Speaker 6: Tucker Bloomberg Radio.
Speaker 3: All right, John, thank you. President Trump has headed to
Speaker 3: the Middle East today. It's his first official major foreign
Speaker 3: trip since returning you to office. The President will travel
Speaker 3: to Saudi Arabia, Katar, and the United Area Emirates. Bloomberg's
Speaker 3: Jumani Bressecci is in riod dozens.
Speaker 9: Of deals covering everything from defense and security to artificial intelligence,
Speaker 9: rare metals, and transportation. Are expected to be signed, but
Speaker 9: the relationship between Trump and Crown Prince MBS goes further
Speaker 9: than deals. The recent decision by OPEI plus the oil
Speaker 9: group led by the Saudis to raise production quickly will
Speaker 9: also have gone down well with the US president since
Speaker 9: its caused prices to drop. When it comes to foreign policy,
Speaker 9: the Saudi Crown Prince told Trump he's ready to help
Speaker 9: him achieve his peacemaking ambitions with Ukraine and US Special ENVOYE.
Speaker 9: Steve Whitkoff has also been pushing for progress on a
Speaker 9: cees Far deal in Gaza.
Speaker 3: Bloomberg's Jamani Verssetti adds the visit comes as Saudi Arabia
Speaker 3: faces financial challenges due to oil prices. It's aiming to
Speaker 3: secure deals to help boost its economy.
Speaker 2: An ABC News is reporting President Donald Trump's administration will
Speaker 2: likely accept a luxury Boeing jumbo jet from Cutter's royal
Speaker 2: family and what may be the most valuable gift ever
Speaker 2: received from a foreign government. The network says this super
Speaker 2: luxury Boeing seven forty seven eight jumbo jet is set
Speaker 2: to be used as Air Force one Now. The Trump
Speaker 2: appeared to confirm some of the reporting and a truth
Speaker 2: social posts that criticized Democrats who were quick to fault
Speaker 2: the potential deal.
Speaker 3: And as the President heads to the Middle East, Lisa
Speaker 3: Hamas says it will release the last living American hostage
Speaker 3: it's holding in Gaza. That's after renewed talks with the
Speaker 3: US over a true deal with Israel. The freeing of
Speaker 3: twenty one year old Israeli soldier Aidon Alexander, who is
Speaker 3: a US citizen, is a step toward reaching a new
Speaker 3: ceasefire agreement in Gaza, and.
Speaker 2: President Trump's push to end the war in Ukraine could
Speaker 2: come to a head this week. The President is urging
Speaker 2: Ukrainian President Vladimir Zelinsky to meet with Russia's Vladimir Putin
Speaker 2: in Turkey this Thursday, before they've agreed to a ceasefire.
Speaker 2: Soelinki says he'll be there and he hopes Putin won't
Speaker 2: look for excuses for why he can't make it. Oksana
Speaker 2: Markarova is Ukraine's ambassador to the US.
Speaker 10: Any day potentially could be a great day. And we
Speaker 10: have heard loud and clear from President Trump that ceasefire
Speaker 10: should be full and unconditional, and we have heard from
Speaker 10: other European leaders and we have heard from President Zelenski
Speaker 10: who always says, yes, Ukraine is radio. Nobody wants peace
Speaker 10: more than Ukraine.
Speaker 2: Now. Ukrainian Ambassador Oksana Markova appeared on ABC's This Week
Speaker 2: Heard Sundays, I'm Bloomberg Radio and Lisa.
Speaker 3: Tensions appear to be easing between India and Pakistan. Both
Speaker 3: sides have agreed to a ceasefire. That's after four days
Speaker 3: of attacks that brought the nuclear armed rivals to the
Speaker 3: brink of full blown war. The US says it helped
Speaker 3: mediate the agreement, but India maintains it was the result
Speaker 3: of bilateral talks. India's High Commissioner to Singapore, Showpakambuli, says
Speaker 3: his country does not need outside help when it comes
Speaker 3: to the disputed Kashmir region.
Speaker 5: For US, Kashmidia' is a bilateral issue. Diplomacy does happen.
Speaker 6: We do speak to our counterparts, so Foreign Minister and
Speaker 6: Foreign Secretary do speak to their counterparts. But that is
Speaker 6: to clarify our position and what is our demand of Pakistan.
Speaker 3: Indian High Commissioner SHOWPOC I'm Bully, spoke with Bloomberg sus
Speaker 3: Than Daman in Singapore. The latest tensions began April twenty second,
Speaker 3: when gunman killed twenty six civilians in India's Jamu and
Speaker 3: Kashmir regions. India responded two weeks later with strikes on
Speaker 3: nine targets inside Pakistan.
Speaker 2: Time now for a look at some of the other
Speaker 2: stories making news in New York and around the world.
Speaker 2: For that, we're joined by Bloomberg's Michael bar Good Morning, Michael.
Speaker 4: Good Morning. Le So Transportation Secretary Sean Duffy said that
Speaker 4: Newark Airport would see several weeks of reduced capacity as
Speaker 4: officials grapple with continuing delays and safety lapses. Duthy on
Speaker 4: NBC's Meet the Press, what you see.
Speaker 11: In Newark is going to happen in other places across
Speaker 11: the country. It has to be fixed. And so what
Speaker 11: we're having is some telecom issues. We're also having some
Speaker 11: glitches in our software. As the information comes in is
Speaker 11: overloading some of our lines and the system goes down.
Speaker 11: So I'll just tell you specifically in Newark, we believe
Speaker 11: we're going to have it up and running in short order.
Speaker 11: We're going to be able to fix that clitch.
Speaker 4: Meet the Press can be heard Sundays on Bloomberg. Meanwhile,
Speaker 4: Senate Minority Leader Chuck Schumer says it's something that needs
Speaker 4: to be addressed by the federal government asap.
Speaker 5: This situation cannot last. We need all hands on deck
Speaker 5: at the FAA. Make Newark number one, get it done,
Speaker 5: get it done fast.
Speaker 4: Schumer, speaking in Queen, says, we need the FAA to
Speaker 4: lead the final stage of jury selection for the racketeering
Speaker 4: and sex trafficking trial of hip hop Mogul's Sean Diddy
Speaker 4: Combs takes place later this morning. Also today, opening statements begin.
Speaker 4: A new song by rapper Kanye West has been removed
Speaker 4: from streaming platforms for glorifying Adolph Hitler. The rapper has
Speaker 4: been accused of anti Semitism for releasing a song last
Speaker 4: week called Hyle Hitler, which includes lyrics that praise the
Speaker 4: Nazi dictator. Tens of thousands crowded into Vatican City to
Speaker 4: hear the first Sunday address of the first American Pope, Leo,
Speaker 4: with a special message for Mother, wishing them all, including
Speaker 4: those in having a happy Mother's Day. Meanwhile, the Archbishop
Speaker 4: of Chicago, Cardinal Blaze Supag, spoke on the importance for
Speaker 4: Leo to reemphasize a message of peace in one of
Speaker 4: the first moments of his papacy.
Speaker 12: It is something for him to be a voice, as
Speaker 12: he said for peace at the very beginning of his announcement,
Speaker 12: when you wish presented to the people.
Speaker 13: He cares deeply about that.
Speaker 4: Cardinal Soupage spoke on ABC's This Week Heart Sundays on
Speaker 4: Bloomberg Global News twenty four hours a day and whenever
Speaker 4: you want it with the Bloomberg News. Now, Michael Barrn,
Speaker 4: this is Bloomberg, Lisa, Thank.
Speaker 2: You, Michael. Time now for our Bloomberg Sports update. For that,
Speaker 2: we bring in John stash Hour.
Speaker 5: Hey there, John, Hey, Lisa.
Speaker 14: The Cleveland caval Leers had that great regular season, sixty
Speaker 14: four wins most of the East, but the Calves are
Speaker 14: in big trouble Round two of the NBA Playoffs.
Speaker 5: They trail Indiana three games to one.
Speaker 14: The Pacers after losing Game three by twenty two, one
Speaker 14: game four by twenty the score at halftime was eighty
Speaker 14: to thirty nine, a forty one point a half time
Speaker 14: lead tide the playoff record. Oklahoma City won at dead
Speaker 14: but to tie that series at two knicks with a
Speaker 14: two to one lead, playing the Celtics huge Game four
Speaker 14: tonight at the Gardens.
Speaker 5: So far, home court has meant nothing.
Speaker 14: In the last eight Knick playoff games have been won
Speaker 14: by the road team. Celtics on the road thirty five
Speaker 14: and nine, including three to zero at MSG, also tonight
Speaker 14: in Chicago.
Speaker 5: It's the draft lottery.
Speaker 14: The winner expected to then draft the eighteen year old
Speaker 14: duke star Cooper Flax Stanley Cup Playoffs Florida shutout Toronto
Speaker 14: two to nothing, series, tied to two, Dallas to five
Speaker 14: to two win over Winnipeg for two to one series lead.
Speaker 14: Yankee spent the weekend in sack Framento. The rubber game
Speaker 14: saw the Yanks leading the A's six to one, fifth
Speaker 14: in eight.
Speaker 12: And the three to one said, deep down the right
Speaker 12: field line, it could be got it it is. It's
Speaker 12: a home run, a grand slam for ben Rice deep
Speaker 12: BoNT lecburn in right field here at Sacramento. Hey, the
Speaker 12: Yankees a blow this baby open. It is now ten
Speaker 12: to one.
Speaker 5: Bombers.
Speaker 14: This networked to call the Yankees, who blew the lead Saturday,
Speaker 14: won their game Friday ten to two, and won yesterday
Speaker 14: twelve to two. The Mets also won two of three
Speaker 14: over the weekend at City Field. They beat the cub
Speaker 14: six to two, Eighthenny Homers by, Francisco Lindor and Brandon Neimo.
Speaker 14: Red Sots won three to one. Of Kansas City Nationals
Speaker 14: lost to Saint Louis six to one. Rare went for Colorado,
Speaker 14: improving to seven and thirty three. It came after the
Speaker 14: firing of Bud Black, the Rockies manager the past nine years.
Speaker 14: Colorado on Saturday lost to San Diego twenty one to nothing.
Speaker 5: John stash Ellen Bloomberg Sports, Lisa and Napan.
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 opp This is Bloomberg Day Break.
Speaker 3: Good morning, I'm Nathan Hagar. With markets back in rally mode.
Speaker 3: This morning is the US and China have a need
Speaker 3: to cool off their trade war for ninety days. Treasury
Speaker 3: Secretary Scott Besson says both countries will lower tariffs on
Speaker 3: each other by one hundred and fifteen percent. He made
Speaker 3: the announcement after two days of talks in Geneva.
Speaker 6: The consensus from both delegations this weekend is neither side
Speaker 6: wants a peak.
Speaker 3: Cup point Treasury Secretary Scott Besson, speaking alongside US Trade
Speaker 3: Representative Jamison Greer in Geneva this morning. Joining us now
Speaker 3: is Bloomberg News Senior editor Derek Wallbank and Derek. Given
Speaker 3: the fact that President Trump was talking about eighty percent
Speaker 3: tariffs on China seeming right before these talks r underway,
Speaker 3: now with the tariff right getting lowered to I guess
Speaker 3: thirty percent seems to be a lot more than the
Speaker 3: market was expecting.
Speaker 13: Good morning, Good morning, Nathan. Yeah, it was a very
Speaker 13: large upside surprise. Remember Trump talking about eighty percent was
Speaker 13: on the high side. There were also signals coming out
Speaker 13: of the negotiating world that you know, we're hearing some
Speaker 13: things about sixty percent or something like that. In conjunction
Speaker 13: with these talks. Trump's at eighty. You know, that's well
Speaker 13: more than thirty. So it is a pretty substantial beat.
Speaker 13: I guess you would say on that it was much
Speaker 13: better news than I think people were anticipating. You've seen
Speaker 13: the markets reacting. This was not a number that was
Speaker 13: priced in in any way. It is a ninety day reprieve.
Speaker 13: The Chinese side did a similar gesture. They both took
Speaker 13: down the main tariff lines by about the same amount,
Speaker 13: so that leaves the US with thirty percent in China
Speaker 13: with ten. The other thing I'd flag here, Nathan, is
Speaker 13: that there were signals in the press conference on the
Speaker 13: US side afterwards that there could be more to come.
Speaker 13: The Greer and Bescent were asked about the fentanyl tiede
Speaker 13: levees at the twenty percent that makes up a part
Speaker 13: of that thirty and the indication was is that talks
Speaker 13: on that issue we're progressing as well. So there is
Speaker 13: a possibility that there could be further reductions if things
Speaker 13: go well. What a difference we are in right now
Speaker 13: from where we were just a month ago.
Speaker 5: So let's get into that.
Speaker 3: This is a possibility of more movement on fentanyl. Ninety
Speaker 3: days are I guess underway now? What more can we
Speaker 3: expect over the next ninety days to try to bring
Speaker 3: this to some kind of resolution.
Speaker 13: Well, Nathan, there's an awful lot of uncertainty, and one
Speaker 13: of the things is what is going to be enough
Speaker 13: to make a deal a longer lasting deal. Scott Besson
Speaker 13: said walking into these negotiations that this was about de
Speaker 13: escalation and setting things up on a pathway to which
Speaker 13: you could negotiate an agreement. So certainly that is done
Speaker 13: reasonably successfully if you're looking for a de escalation. What
Speaker 13: it's not clear yet is what the US got for this.
Speaker 13: You know, Trump had put on the tarasee said that
Speaker 13: there are all sorts of things at stake with the
Speaker 13: US trade deficit. There had been concerns that China had
Speaker 13: not fulfilled all of its obligations under the trade deal
Speaker 13: made in the first Trump administration, and so we're still
Speaker 13: going to be waiting to see what the US side
Speaker 13: gets out of that. Certainly, this is a lot of
Speaker 13: sound and fury, and you want to see what the
Speaker 13: accomplishments were for that. Those details, you know, will will
Speaker 13: remain to be seen. But certainly this is positive news
Speaker 13: toward the idea of de escalation, which is best and
Speaker 13: said ahead of time, is the precursor for talks on
Speaker 13: a deal.
Speaker 3: This is Bloomberg day Break, your morning podcast on the
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Speaker 5: To stay informed all day long. I'm Nathan Hager.
Speaker 2: And I'm Lisa Matteo. Join us again tomorrow morning for
Speaker 2: all the news you need to start your day right
Speaker 2: here on Bloomberg Daybreak