Speaker 1: News when you want it. With Bloomberg News Now, I'm
Speaker 1: Doug Krisner. We begin with Elon Musk is looking to
Speaker 1: slash one trillion dollars in government spending by the end
Speaker 1: of May. Speaking Thursday to Fox News, Musk said his
Speaker 1: Department of Government Efficiency can find that level of cost
Speaker 1: savings within one hundred and thirty days of the start
Speaker 1: of Donald Trump's second term.
Speaker 2: Our goal is to reduce the deficit by a trillion dollars,
Speaker 2: so from a nominal depicit of two trillion, to track
Speaker 2: cut depthsit in half to one trillion, or looked at
Speaker 2: it in tolet federal spending, to drop the federal spending
Speaker 2: from seven trillion to six trillion.
Speaker 1: That is Elon Musk there. His goal is an ambitious one.
Speaker 1: It would require slashing more than half of the one
Speaker 1: point eight trillion dollars the US spent on non defense
Speaker 1: discretionary programs in twenty twenty four. By the way, DOGE
Speaker 1: has faced a series of legal setbacks as judges have
Speaker 1: halted some of its cuts. Hugh Crane Bloomberg News has
Speaker 1: learned that the US is pushing for a partnership deal
Speaker 1: that would give it control over major Ukrainian infrastructure and
Speaker 1: mineral investments. Now, this deal would grant the US write
Speaker 1: a first offer on investments, as well as control over
Speaker 1: a reconstruction investment fund and first claim on profits from
Speaker 1: that fund. Joe Doe covers metals and mining for Bloomberg News.
Speaker 3: I know that the security question was a big deal
Speaker 3: between Ukraine and the United States, but the investors themselves, right,
Speaker 3: who would presumably be the ones being putting money into
Speaker 3: whatever this critical minerals deal would be also need assurances
Speaker 3: that in three years, you know, there won't suddenly be
Speaker 3: war on the turf of the places where they're trying
Speaker 3: to build out minds and process different minerals.
Speaker 1: That is Bloomberg's Joe Doe. Now, if accepted, this agreement
Speaker 1: would also require Ukraine to pay for all US military
Speaker 1: and economic support provided since the beginning of war with Russia.
Speaker 1: Boston FED President Susan Collins says it looks inevitable that
Speaker 1: tariff's will boost inflation, at least in the near term.
Speaker 1: Speaking had an event earlier in Boston, she added, it's
Speaker 1: likely appropriate to keep interest rates steady for longer. Here's Collins,
Speaker 1: and so.
Speaker 4: As I pull all that together, I strongly believed the
Speaker 4: meeting that we had last week that holding our rate
Speaker 4: steady was an appropriate policy stance, and I would, looking
Speaker 4: forward expect that holding it steady for a longer time
Speaker 4: is likely to be appropriate.
Speaker 1: That is Susan Collins, head of the Boston Fedbank. You
Speaker 1: may recall last week when Fed officials left interest rates unchanged,
Speaker 1: citing the need for greater clarity on the economic impact
Speaker 1: of President Trump's policy changes on both trade and immigration.
Speaker 1: Prime Minister Mark Carney said his government will respond to
Speaker 1: President Trump's trade war and tariffs on the auto sector.
Speaker 1: Even so, Carney said he won't outline new retaliatory moves
Speaker 1: until April. Second. Here's Carney speaking earlier to reporters in Ottawa.
Speaker 5: With time, it will become so apparent that these actions
Speaker 5: will end up hurting American workers and American consumers. We
Speaker 5: will fight the US tariffs with retaliatory trade actions of
Speaker 5: our own that will have maximum impact in the United
Speaker 5: States and minimum impacts here in Canada.
Speaker 1: Canadian Prime Minister Mark Karney. There he also announced plans
Speaker 1: to build an all in Canada network for auto parts.
Speaker 1: It will work closely with the auto industry to make
Speaker 1: more parts in Canada and limit those crossing the Canadian
Speaker 1: US border during production. Now, Canada has already imposed retaliatory
Speaker 1: tariffs on nearly forty two billion dollars in US goods,
Speaker 1: and the government is threatening tariffs on a further sixty
Speaker 1: six billion in American items, including autos, as soon as
Speaker 1: next month. President Trump assigned an executive order directing government
Speaker 1: agencies to cease collective bargaining with federal unions now. The
Speaker 1: order cited the need to bolster national security. This will
Speaker 1: affect agencies including the Pentagon, the Department of Homeland Security,
Speaker 1: the Environmental Protection Agency, as well as Departments of State
Speaker 1: and Treasury, and the move is likely to be challenged
Speaker 1: in court. It's opening day for Major League Baseball, and
Speaker 1: we've got your final scores. In the Bronx, the Yankees
Speaker 1: outlasted the Milwaukee Brewers four to two. The Red Sox
Speaker 1: beat the Rangers in Texas five to two, The Mets
Speaker 1: fell to the Astros in Houston three to one, and
Speaker 1: the Dodgers defeated the Detroit Tigers in LA by a
Speaker 1: score of five to four. And that is news when
Speaker 1: you want it with Bloomberg News. Now, I'm Doug Risner,
Speaker 1: and this is Bloomberg.