1
00:00:02,720 --> 00:00:07,240
Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

2
00:00:10,240 --> 00:00:10,799
Speaker 2: Good morning.

3
00:00:10,840 --> 00:00:13,680
Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

4
00:00:13,720 --> 00:00:15,160
Speaker 3: stories we're following today.

5
00:00:15,360 --> 00:00:18,599
Speaker 2: Karen, we begin with Donald Trump's push for tariffs. The

6
00:00:18,640 --> 00:00:22,079
Speaker 2: President says he will likely impose duties of around twenty

7
00:00:22,079 --> 00:00:26,639
Speaker 2: five percent on imports of cars, semiconductors, and pharmaceuticals. He

8
00:00:26,680 --> 00:00:29,960
Speaker 2: says he'll announce the new charges in April. As heard

9
00:00:29,960 --> 00:00:33,280
Speaker 2: here on Bloomberg Radio, Trump spoke to reporters at his

10
00:00:33,440 --> 00:00:34,920
Speaker 2: mar Al Lago club in Florida.

11
00:00:35,520 --> 00:00:38,000
Speaker 4: It'll be twenty five percent and higher, and it'll go

12
00:00:38,159 --> 00:00:41,199
Speaker 4: very substantially higher over a course of a year. But

13
00:00:41,280 --> 00:00:43,400
Speaker 4: we want to give them time to come in because,

14
00:00:43,400 --> 00:00:45,400
Speaker 4: as you know, when they come into the United States

15
00:00:45,440 --> 00:00:48,080
Speaker 4: and they have their plant or factory here, there.

16
00:00:48,000 --> 00:00:50,240
Speaker 5: Is no tariff. So we want to give them a

17
00:00:50,280 --> 00:00:51,080
Speaker 5: little bit of a chance.

18
00:00:51,159 --> 00:00:53,479
Speaker 2: Again, that was President Trump at mar A Lago. Now,

19
00:00:53,600 --> 00:00:56,960
Speaker 2: new tariffs on cars would have sweeping effects on the industry.

20
00:00:57,000 --> 00:01:00,360
Speaker 2: The roughly eight million passenger cars and light trucks into

21
00:01:00,400 --> 00:01:03,680
Speaker 2: the US last year accounted for about half of US

22
00:01:03,800 --> 00:01:04,600
Speaker 2: vehicle sales.

23
00:01:05,280 --> 00:01:08,000
Speaker 3: Well, Nathan, President Trump is promising to cut hundreds of

24
00:01:08,040 --> 00:01:10,640
Speaker 3: billions of dollars in waste out of the federal budget.

25
00:01:10,720 --> 00:01:13,840
Speaker 3: The President defended the doge effort in an interview on

26
00:01:14,000 --> 00:01:18,440
Speaker 3: Fox News Channel's Hannity program, alongside the man who's spearheading

27
00:01:18,440 --> 00:01:21,800
Speaker 3: the cost cutting drive, Elon Musk. The overall goal is

28
00:01:21,880 --> 00:01:24,800
Speaker 3: to try to get trillion dollars out of the deficit,

29
00:01:24,840 --> 00:01:28,000
Speaker 3: and if the deficit is not quote under control, America

30
00:01:28,000 --> 00:01:28,759
Speaker 3: will go bankrupt.

31
00:01:28,760 --> 00:01:30,720
Speaker 5: This is a very important thing for PreO Will to understand.

32
00:01:31,000 --> 00:01:34,479
Speaker 3: Elon Musk had talked about cutting two trillion dollars during

33
00:01:34,480 --> 00:01:37,880
Speaker 3: the campaign. President Trump heaped praise on the world's richest

34
00:01:37,920 --> 00:01:39,000
Speaker 3: man during the interview.

35
00:01:39,280 --> 00:01:41,560
Speaker 5: He's a leader. Yeah, he gets it there. You get

36
00:01:41,560 --> 00:01:43,399
Speaker 5: a lot of tech people, and you have people that go.

37
00:01:43,440 --> 00:01:45,480
Speaker 6: To a tech but he gets it done.

38
00:01:45,959 --> 00:01:48,880
Speaker 3: And the President tells Foxes Sean Hannity, if Musk has

39
00:01:48,920 --> 00:01:52,080
Speaker 3: any business conflicts with his work on spending cuts, he

40
00:01:52,160 --> 00:01:53,080
Speaker 3: won't be involved.

41
00:01:53,160 --> 00:01:53,559
Speaker 5: Well, Karen.

42
00:01:53,600 --> 00:01:57,279
Speaker 2: Treasury Secretary Scott Besson says Elon Musk's Department of Government

43
00:01:57,280 --> 00:02:00,200
Speaker 2: Efficiency is saving the country tens of billions of dollars

44
00:02:00,200 --> 00:02:02,160
Speaker 2: and also spoke on Fox News.

45
00:02:02,840 --> 00:02:06,280
Speaker 7: I think I saw an estimate today of about fifty billion.

46
00:02:07,120 --> 00:02:11,079
Speaker 7: So that's a very good start, and I don't think

47
00:02:11,080 --> 00:02:15,080
Speaker 7: it's unreasonable to think that we could have several percent

48
00:02:15,200 --> 00:02:18,240
Speaker 7: of GDP that we are saving.

49
00:02:18,840 --> 00:02:22,160
Speaker 2: Treasury Secretary Scott Besson also says taxpayers don't need to

50
00:02:22,200 --> 00:02:25,000
Speaker 2: worry about the security of their private data, while Elon

51
00:02:25,080 --> 00:02:28,200
Speaker 2: Musk's team seeks to make the federal government more efficient.

52
00:02:28,280 --> 00:02:31,640
Speaker 3: Well to foreign Policy Nathan, Secretary of State Marco Rubio

53
00:02:31,800 --> 00:02:34,760
Speaker 3: said the US will keep sanctions on Russia at least

54
00:02:34,840 --> 00:02:37,400
Speaker 3: until a deal is reached in the conflict in Ukraine.

55
00:02:37,600 --> 00:02:41,080
Speaker 3: Rubio spoke to European allies after joining other US officials

56
00:02:41,160 --> 00:02:43,840
Speaker 3: in Saudi Arabia for the highest level face to face

57
00:02:43,919 --> 00:02:48,440
Speaker 3: meeting with Russian counterparts since Moscow's invasion in twenty twenty two.

58
00:02:48,960 --> 00:02:51,720
Speaker 8: I came away today convinced that they are willing to

59
00:02:51,760 --> 00:02:55,280
Speaker 8: begin to engage in a serious process to determine and

60
00:02:55,320 --> 00:02:58,959
Speaker 8: how quickly and through what mechanism can and be brought

61
00:02:59,000 --> 00:03:02,200
Speaker 8: to this war. Whether we can ultimately reach that outcome

62
00:03:02,639 --> 00:03:05,720
Speaker 8: will obviously depend on every side in this conflict's willingness

63
00:03:05,919 --> 00:03:07,040
Speaker 8: to agree to certain things.

64
00:03:07,639 --> 00:03:10,160
Speaker 3: Secretary of said Rubio says an end of the war

65
00:03:10,240 --> 00:03:14,080
Speaker 3: would open quote incredible opportunities to partner with the Russians.

66
00:03:14,360 --> 00:03:18,320
Speaker 3: President Trump's Special Ukraine Envoy, Keith Kellogg, is now arrived

67
00:03:18,320 --> 00:03:20,519
Speaker 3: in Kiev, a day after the Russia talks.

68
00:03:20,680 --> 00:03:23,920
Speaker 2: Back in Washington, Karen Howard Ludnik has been confirmed and

69
00:03:24,040 --> 00:03:27,400
Speaker 2: sworn in as Commerce Secretary. As a result, he's named

70
00:03:27,400 --> 00:03:30,400
Speaker 2: his two eldest sons and three company deputies to run

71
00:03:30,440 --> 00:03:33,200
Speaker 2: the core of his business group following his resignation from

72
00:03:33,320 --> 00:03:37,160
Speaker 2: Canterer Fitzgerald. Lutnick also says he will divest his business

73
00:03:37,160 --> 00:03:39,400
Speaker 2: interests within a few months of his appointment.

74
00:03:40,000 --> 00:03:40,160
Speaker 9: Well.

75
00:03:40,200 --> 00:03:42,920
Speaker 3: Back in New York, Nathan Mayor Eric Adams will face

76
00:03:42,960 --> 00:03:45,800
Speaker 3: a federal judge in Manhattan later today. You will decide

77
00:03:45,800 --> 00:03:49,480
Speaker 3: whether to grant the Justice Department's request to dismiss corruption charges.

78
00:03:49,520 --> 00:03:53,160
Speaker 3: Just weeks before in April, trial begin more with Bloomberg's

79
00:03:53,160 --> 00:03:54,400
Speaker 3: and Keleggi in New York.

80
00:03:54,960 --> 00:03:58,280
Speaker 6: Judge Dale e Ho said the parties in the case

81
00:03:58,440 --> 00:04:01,240
Speaker 6: must be prepared to address the reasons for the government's

82
00:04:01,240 --> 00:04:05,320
Speaker 6: dismissal request. On Sunday, Adams told reporters his ability to

83
00:04:05,440 --> 00:04:07,280
Speaker 6: lead through turmoil should be noted.

84
00:04:07,440 --> 00:04:10,000
Speaker 10: Go back and doing analysis from the data I was

85
00:04:10,040 --> 00:04:12,320
Speaker 10: invited to what we have accomplished.

86
00:04:12,400 --> 00:04:16,080
Speaker 5: That is my ability to lead through turmoil, and I'm

87
00:04:16,120 --> 00:04:17,400
Speaker 5: going to continue to do that.

88
00:04:17,480 --> 00:04:20,359
Speaker 6: Adams has pleaded not guilty to charges that while in

89
00:04:20,400 --> 00:04:23,760
Speaker 6: his prior role as Brooklyn Borough president, he accepted over

90
00:04:23,800 --> 00:04:27,800
Speaker 6: one hundred thousand dollars in illegal campaign contributions and lavish

91
00:04:27,920 --> 00:04:31,159
Speaker 6: travel perks from a Turkish official and business leader seeking

92
00:04:31,200 --> 00:04:32,560
Speaker 6: to buy his influence.

93
00:04:32,800 --> 00:04:35,479
Speaker 5: Ed Kleggy Bloomberg Radio, all righted, thank you.

94
00:04:36,600 --> 00:04:39,360
Speaker 2: X is marking the spot for Elon Musk Lately, Bloomberg

95
00:04:39,440 --> 00:04:41,920
Speaker 2: News has learned Musk's social media company X is in

96
00:04:42,000 --> 00:04:45,320
Speaker 2: talks to raise money at a forty four billion dollar valuation.

97
00:04:45,600 --> 00:04:48,480
Speaker 2: That's the same price the billionaire paid three years ago

98
00:04:48,839 --> 00:04:51,200
Speaker 2: when the company was known as Twitter. The funding ground

99
00:04:51,200 --> 00:04:53,920
Speaker 2: would be a remarkable turn of fortunes for X after

100
00:04:54,000 --> 00:04:58,120
Speaker 2: Musk's takeover and overhaul caused many users and advertisers to

101
00:04:58,200 --> 00:04:59,120
Speaker 2: flee well.

102
00:04:59,160 --> 00:05:02,000
Speaker 3: Turning to the markets, now, Nathan stocks begin the trading

103
00:05:02,040 --> 00:05:05,479
Speaker 3: session in record territory irrallyan chip makers drove the S

104
00:05:05,520 --> 00:05:08,200
Speaker 3: and P five hundred to an all time high. Global

105
00:05:08,200 --> 00:05:11,280
Speaker 3: stocks have become the most popular asset class with investors,

106
00:05:11,480 --> 00:05:14,160
Speaker 3: according to a survey by Bank of America, investors are

107
00:05:14,200 --> 00:05:17,680
Speaker 3: showing the biggest willingness to take risk in fifteen years.

108
00:05:18,040 --> 00:05:21,120
Speaker 3: Fund managers cash levels fell to the lowest and twenty

109
00:05:21,200 --> 00:05:22,720
Speaker 3: ten in that survey.

110
00:05:22,520 --> 00:05:25,040
Speaker 2: And as stock Sorda records, Karen the CEO of one

111
00:05:25,080 --> 00:05:27,920
Speaker 2: of Wall Street's biggest banks, is benefiting. City Group has

112
00:05:28,000 --> 00:05:31,360
Speaker 2: lifted Jane Fraser's total compensation to thirty four and a

113
00:05:31,400 --> 00:05:34,280
Speaker 2: half million dollars for twenty twenty four. That is a

114
00:05:34,360 --> 00:05:37,920
Speaker 2: thirty three percent increase from the prior year. Jane Fraser's

115
00:05:37,960 --> 00:05:41,120
Speaker 2: pay rise comes after City Group posted record revenue in

116
00:05:41,160 --> 00:05:42,560
Speaker 2: three divisions and in.

117
00:05:42,520 --> 00:05:45,480
Speaker 3: Europe, Nathan HSBC said it will incur one point eight

118
00:05:45,520 --> 00:05:47,960
Speaker 3: billion dollars in charges over the next two years as

119
00:05:48,000 --> 00:05:51,920
Speaker 3: it embarks on a global restructuring program. Europe's largest lender

120
00:05:51,960 --> 00:05:54,440
Speaker 3: hopes the restructuring will allow it to whittle away three

121
00:05:54,480 --> 00:05:57,400
Speaker 3: billion dollars in expenses in the coming years, with about

122
00:05:57,440 --> 00:06:01,160
Speaker 3: half of that to be reinvested into priority grows both areas.

123
00:06:04,080 --> 00:06:05,400
Speaker 3: And it's time now if we're looking at some of

124
00:06:05,400 --> 00:06:07,520
Speaker 3: the other stories making news in New York and around

125
00:06:07,520 --> 00:06:09,680
Speaker 3: the world, and for that we're joined by Bloomberg's John

126
00:06:09,720 --> 00:06:11,080
Speaker 3: Tucker John, Good morning.

127
00:06:10,960 --> 00:06:14,279
Speaker 11: And good morning, Karen. Investigators that were viewing monday's crash

128
00:06:14,320 --> 00:06:17,000
Speaker 11: at that Delta Regional jet at Toronto appears in the

129
00:06:17,040 --> 00:06:20,920
Speaker 11: International Airport. The plane's cockpit voice recorder and flight DITA

130
00:06:21,000 --> 00:06:24,320
Speaker 11: recorder have now been recovered. They're also talking to passers

131
00:06:24,360 --> 00:06:26,960
Speaker 11: and crew. John Nelson was among the passengers.

132
00:06:27,360 --> 00:06:30,240
Speaker 9: We hit the runway extremely hard and we kind of

133
00:06:30,240 --> 00:06:33,040
Speaker 9: popped up and felt like we were leaning to the left.

134
00:06:33,160 --> 00:06:35,720
Speaker 9: There was a giant firewall down the side. I could

135
00:06:35,720 --> 00:06:39,400
Speaker 9: actually feel the heat through the glass, and then we

136
00:06:39,440 --> 00:06:42,000
Speaker 9: were going sideways. I'm not even sure how many times

137
00:06:42,120 --> 00:06:42,920
Speaker 9: we like tumbled.

138
00:06:43,120 --> 00:06:46,040
Speaker 11: The plane flipped over after landing. It's the fourth major

139
00:06:46,080 --> 00:06:49,679
Speaker 11: aviation accident in North America in the past three weeks.

140
00:06:49,839 --> 00:06:52,599
Speaker 11: There were nearly two dozen people injured, but all eighty

141
00:06:52,640 --> 00:06:56,240
Speaker 11: on board escaped Flight forty eight nineteen with their lives.

142
00:06:56,880 --> 00:06:59,560
Speaker 11: A blast of Arctic air has much of the nation

143
00:06:59,640 --> 00:07:02,599
Speaker 11: continueing in that deep freeze. Let's get the update this

144
00:07:02,640 --> 00:07:06,119
Speaker 11: morning from Bloomberg meteorroologist Rob Carolyn John.

145
00:07:06,160 --> 00:07:08,440
Speaker 12: Bitter cold will continue to stretch from the coat Is

146
00:07:08,440 --> 00:07:10,800
Speaker 12: into portions of Texas. It'll make its way into the

147
00:07:10,800 --> 00:07:14,000
Speaker 12: Gulf coast and eventually portions of the southeast by tomorrow.

148
00:07:14,280 --> 00:07:17,360
Speaker 12: We're looking at some spots watching their temperatures run fifty

149
00:07:17,400 --> 00:07:20,280
Speaker 12: degrees below normal today. Now at ahead of the cold here,

150
00:07:20,360 --> 00:07:22,200
Speaker 12: we've got a storm system that will bring snow to

151
00:07:22,200 --> 00:07:26,560
Speaker 12: parts of Tennessee, Kentucky, Virginia, and North Carolina today.

152
00:07:26,760 --> 00:07:30,320
Speaker 11: That's Bloomberg Meteorologist Rob Carolyn Hamas says it's ready to

153
00:07:30,400 --> 00:07:34,880
Speaker 11: exchange its remaining Israeli hostages for Palestinian prisoners. It would

154
00:07:34,920 --> 00:07:37,520
Speaker 11: come in the second phase of the Gaza Truce, leading

155
00:07:37,560 --> 00:07:40,640
Speaker 11: to what they say would be a permanent ceasefire at

156
00:07:40,680 --> 00:07:45,400
Speaker 11: Israel's full withdrawal from Gaza. Asap, Rocky dove into the

157
00:07:45,520 --> 00:07:47,920
Speaker 11: arms of Rihanna as a court clerk read the not

158
00:07:48,000 --> 00:07:50,520
Speaker 11: guilty verdict at his trial on two filain a counts

159
00:07:50,520 --> 00:07:54,080
Speaker 11: of assault with a firearm. The Los Angeles courtroom, full

160
00:07:54,080 --> 00:07:56,600
Speaker 11: of fans of the hip hop performer and is singing

161
00:07:56,680 --> 00:08:01,440
Speaker 11: superstar partner, exploded into screaming glee. After a three week trial,

162
00:08:01,560 --> 00:08:04,360
Speaker 11: the jury deliberated for just three hours to reach the

163
00:08:04,480 --> 00:08:08,760
Speaker 11: verdict that spared Rocky prison sentence. The Vatican reported the

164
00:08:08,800 --> 00:08:12,200
Speaker 11: diagnosis for the Ponta now more serious than originally thought.

165
00:08:12,600 --> 00:08:16,040
Speaker 11: Both Francis is now fighting pneumonia. The eighty eight year

166
00:08:16,040 --> 00:08:18,160
Speaker 11: old had a cat scan which showed that he now

167
00:08:18,200 --> 00:08:21,119
Speaker 11: has an infection in both of his lungs. Global News

168
00:08:21,200 --> 00:08:23,200
Speaker 11: twenty four hours Day and whenever you want it with

169
00:08:23,200 --> 00:08:24,240
Speaker 11: Bloomberg News Now.

170
00:08:24,480 --> 00:08:26,880
Speaker 5: I'm John Tucker. This is Bloomberg Karen.

171
00:08:27,240 --> 00:08:34,160
Speaker 3: All right, John, thank you time now for the Bloomberg

172
00:08:34,200 --> 00:08:37,120
Speaker 3: Sports Update, brought to you by Tri State Anti. Here's

173
00:08:37,200 --> 00:08:39,640
Speaker 3: John stash Hour, John, Good morning, Good morning, Karen.

174
00:08:39,679 --> 00:08:41,960
Speaker 10: Every baseball off season that appears to be one or

175
00:08:41,960 --> 00:08:44,000
Speaker 10: two big name free agents A couple of years ago,

176
00:08:44,000 --> 00:08:47,600
Speaker 10: Aaron Judge, Joeyotani than once sot Of, Vladimir Guerrero Junior.

177
00:08:47,640 --> 00:08:49,640
Speaker 10: Maybe not quite at that level, but he's still only

178
00:08:49,720 --> 00:08:52,360
Speaker 10: twenty six and last season in Toronto he hit three

179
00:08:52,480 --> 00:08:55,120
Speaker 10: twenty three with thirty homers forty four doubles. He had

180
00:08:55,160 --> 00:08:58,000
Speaker 10: set a deadline of yesterday to get a long term

181
00:08:58,040 --> 00:09:00,920
Speaker 10: deal done with the Blue Jays. The deadline, as Guerrero said,

182
00:09:00,960 --> 00:09:04,480
Speaker 10: they had their numbers, I had mine. He's another one

183
00:09:04,520 --> 00:09:07,640
Speaker 10: apparently betting on himself. Unless something changes, he'll be a

184
00:09:07,640 --> 00:09:09,960
Speaker 10: free agent after the upcoming season. Like Soto was, of course,

185
00:09:10,000 --> 00:09:12,000
Speaker 10: went from the Yankees to the Mets, making for high

186
00:09:12,000 --> 00:09:14,960
Speaker 10: hopes for Mets owner Steve Cohen. He was asked yesterday

187
00:09:14,960 --> 00:09:17,880
Speaker 10: in Port Saint Lucy his goals for the upcoming campaign.

188
00:09:18,320 --> 00:09:21,640
Speaker 13: Yeah, you always want to set high standards and high goals.

189
00:09:23,320 --> 00:09:25,719
Speaker 13: There's no guaranteeing anything, right, It's really hard to win

190
00:09:25,720 --> 00:09:30,480
Speaker 13: a World Series. But the thought of, you know, we're

191
00:09:30,480 --> 00:09:33,560
Speaker 13: putting together a team, not just a team good for

192
00:09:33,600 --> 00:09:36,400
Speaker 13: one year, but we want to create sustainable success. And

193
00:09:36,440 --> 00:09:38,679
Speaker 13: if we keep making the playoffs, you know, why can't

194
00:09:38,720 --> 00:09:41,800
Speaker 13: we find you know, ultimate again, know, get to the

195
00:09:41,880 --> 00:09:42,560
Speaker 13: ultimate goal?

196
00:09:43,320 --> 00:09:46,120
Speaker 10: Doone admits that with the Soto signing and others, they

197
00:09:46,160 --> 00:09:48,960
Speaker 10: blew through their budget. Saint John's only lost one since

198
00:09:48,960 --> 00:09:51,079
Speaker 10: twenty twenty five. Red Storm ranked tenth in the country.

199
00:09:51,080 --> 00:09:53,000
Speaker 10: They are a top the Big East by two games,

200
00:09:53,320 --> 00:09:56,400
Speaker 10: having won the Big East regular season since nineteen eighty six.

201
00:09:56,800 --> 00:09:59,520
Speaker 10: Play tonight at DePaul, seating all off the stunning upset

202
00:09:59,559 --> 00:10:01,359
Speaker 10: of you co on over the weekends.

203
00:10:01,559 --> 00:10:02,280
Speaker 5: Last night at.

204
00:10:02,200 --> 00:10:04,960
Speaker 10: Marquette eighty to fifty six. While the Huskies were back home,

205
00:10:05,000 --> 00:10:07,360
Speaker 10: they beat Villanova sixty six to fifty nine. The NBA's

206
00:10:07,360 --> 00:10:09,480
Speaker 10: back Tonight one game. It's a makeup in LA due

207
00:10:09,480 --> 00:10:12,080
Speaker 10: to a postponement during the fires. The Lakers play Charlotte,

208
00:10:12,240 --> 00:10:15,000
Speaker 10: third Laker game for Lukey Donsons, but Lebron James unlikely

209
00:10:15,040 --> 00:10:16,719
Speaker 10: to play, has got that ankle injury that kept me

210
00:10:16,760 --> 00:10:19,080
Speaker 10: from playing the All Star Game. Knicks are back tomorrow

211
00:10:19,120 --> 00:10:21,920
Speaker 10: at the Garden against Chicago, and also tomorrow in Boston.

212
00:10:22,000 --> 00:10:25,640
Speaker 10: It's the US and Canada the fourteen faceoff Championship game.

213
00:10:25,760 --> 00:10:28,920
Speaker 10: Several US players nursing injuries, but only one has been

214
00:10:28,960 --> 00:10:32,640
Speaker 10: ruled out. Bruins defenseman Charlie Mackabor, John Stashie, I War

215
00:10:32,720 --> 00:10:33,800
Speaker 10: Bloomberg Sports Care.

216
00:10:33,720 --> 00:10:40,520
Speaker 1: Nathan Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

217
00:10:40,640 --> 00:10:43,480
Speaker 1: and around the world on Bloomberg dot Com and the

218
00:10:43,520 --> 00:10:46,600
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

219
00:10:46,760 --> 00:10:48,080
Speaker 5: Good morning, I'm Nathan Hager.

220
00:10:48,120 --> 00:10:51,720
Speaker 2: President Donald Trump's Special Envoy to Ukraine, Keith Kellogg, has

221
00:10:51,880 --> 00:10:55,600
Speaker 2: arrived in Kiev for talks with President Vladimir Zelenski. A

222
00:10:55,679 --> 00:10:58,720
Speaker 2: day after the first high level meetings between the US

223
00:10:58,760 --> 00:11:03,000
Speaker 2: and Russia the invasion in twenty twenty two, and following

224
00:11:03,040 --> 00:11:06,240
Speaker 2: that summit in Riyad. Secretary of State Marco Rubio said,

225
00:11:06,280 --> 00:11:09,319
Speaker 2: it is important to reset the US Russia relationship.

226
00:11:09,679 --> 00:11:12,200
Speaker 8: We haven't really had much engagement with the Russians for

227
00:11:12,200 --> 00:11:16,200
Speaker 8: almost three years, and it sets the table for future conversations.

228
00:11:16,240 --> 00:11:18,200
Speaker 8: How that turns out, we'll be up to the parties

229
00:11:18,440 --> 00:11:20,360
Speaker 8: and their willingness not just to make commitments but to

230
00:11:20,360 --> 00:11:20,960
Speaker 8: live by them.

231
00:11:21,480 --> 00:11:23,880
Speaker 2: That'll be tested in the weeks to come, and for

232
00:11:24,040 --> 00:11:26,800
Speaker 2: some analysis. We are joined now by Bloomberg opinion columnist

233
00:11:26,840 --> 00:11:29,880
Speaker 2: Mark Champion. Mark, thanks so much for joining us this morning.

234
00:11:29,920 --> 00:11:34,000
Speaker 2: And also following this meeting, Secretary of State Rubio said

235
00:11:34,040 --> 00:11:37,480
Speaker 2: that sanctions will remain in place on Russia at least

236
00:11:37,600 --> 00:11:40,480
Speaker 2: until there is a deal to end the Ukraine conflict.

237
00:11:40,760 --> 00:11:43,880
Speaker 2: I guess the question is whether the conflict is going

238
00:11:43,920 --> 00:11:45,120
Speaker 2: to end quickly?

239
00:11:45,200 --> 00:11:48,360
Speaker 5: Good morning, Yes, I mean it.

240
00:11:48,880 --> 00:11:53,480
Speaker 14: At the moment, it looks as though the US is

241
00:11:53,679 --> 00:11:58,520
Speaker 14: moving very quickly to end the conflict. That is going

242
00:11:58,559 --> 00:12:03,520
Speaker 14: to be worrying much as the Ukrainians want to see

243
00:12:03,520 --> 00:12:05,640
Speaker 14: the war end, and certainly also the Europeans.

244
00:12:05,720 --> 00:12:09,160
Speaker 5: Is going to be worrying to both simply because.

245
00:12:09,600 --> 00:12:13,360
Speaker 14: You know, the the quicker you want to end it,

246
00:12:13,559 --> 00:12:17,480
Speaker 14: the easier you know, the path is that takes you

247
00:12:17,520 --> 00:12:23,920
Speaker 14: to giving concessions to to Russia and making enforcing concessions

248
00:12:23,920 --> 00:12:29,240
Speaker 14: on the weaker parties, which is both Ukraine and Europe.

249
00:12:30,080 --> 00:12:32,880
Speaker 14: And at the moment it does rather look as though

250
00:12:32,920 --> 00:12:34,800
Speaker 14: we are you know, headed in that direction.

251
00:12:36,000 --> 00:12:41,120
Speaker 2: The Ukrainian side says it wants security guarantees. The US

252
00:12:41,120 --> 00:12:45,360
Speaker 2: has said it recognizes that what could security guarantees look like?

253
00:12:46,120 --> 00:12:48,000
Speaker 14: Well, that's you know, for the Ukrainians, that's the most

254
00:12:48,000 --> 00:12:52,080
Speaker 14: worrying thing they can deal with, you know, territorial losses

255
00:12:52,120 --> 00:12:54,720
Speaker 14: at least a facto if you know, if not to jury.

256
00:12:55,600 --> 00:12:59,280
Speaker 14: But what they've always said is they have to be

257
00:12:59,640 --> 00:13:04,000
Speaker 14: as solid security guarantees because we know that the Russians

258
00:13:04,040 --> 00:13:07,320
Speaker 14: will otherwise be back. This happened after twenty fourteen, when

259
00:13:07,320 --> 00:13:12,160
Speaker 14: they made a deal that didn't include security guarantees. You know,

260
00:13:12,280 --> 00:13:18,880
Speaker 14: the original you know, Budapest memorandum that under which Ukraine

261
00:13:18,880 --> 00:13:22,160
Speaker 14: gave up its nuclear weapons also said that you know

262
00:13:22,200 --> 00:13:26,600
Speaker 14: that the various parties, including Russia, would guarantee Ukraine's borders,

263
00:13:27,040 --> 00:13:30,520
Speaker 14: but there weren't any concrete security guarantees in there. And

264
00:13:30,760 --> 00:13:34,360
Speaker 14: you've had you know, invasion of Ukraine by Russia and

265
00:13:35,280 --> 00:13:39,920
Speaker 14: you know, no Western troops into support, you know, to

266
00:13:40,760 --> 00:13:44,160
Speaker 14: follow up on the Budhapest, MEPARANDUS. So the Ukrainians have

267
00:13:44,320 --> 00:13:47,760
Speaker 14: very bitter experience about this, and they are quite united

268
00:13:47,760 --> 00:13:50,840
Speaker 14: about it actually, and you know, so I think, you know,

269
00:13:50,880 --> 00:13:52,760
Speaker 14: there is a real possibility you end up with a

270
00:13:52,840 --> 00:13:56,200
Speaker 14: situation in which the Americans say, okay, we've got a

271
00:13:56,240 --> 00:14:02,080
Speaker 14: deal with the Russians, and then the Ukrainians say, we

272
00:14:02,160 --> 00:14:05,680
Speaker 14: don't accept it. And you know, the at the moment,

273
00:14:06,160 --> 00:14:10,199
Speaker 14: both the Kremlin and President Trump yesterday and some extraordinary

274
00:14:10,280 --> 00:14:15,959
Speaker 14: remarks are pushing for elections that would get Zelensky replaced.

275
00:14:16,840 --> 00:14:20,560
Speaker 14: But I suspect that that would you know, he in

276
00:14:20,600 --> 00:14:23,600
Speaker 14: these circumstances, with such a deal being pushed on them,

277
00:14:23,600 --> 00:14:26,480
Speaker 14: if that, if that's how it goes, he might he

278
00:14:26,560 --> 00:14:29,320
Speaker 14: might well. If elections were held, it should be very

279
00:14:29,320 --> 00:14:35,880
Speaker 14: difficult and non constitutional, he might well win. And you know,

280
00:14:35,960 --> 00:14:39,320
Speaker 14: so I think it's a it's a we don't know

281
00:14:39,440 --> 00:14:41,960
Speaker 14: yet how this is going to turn out. We don't

282
00:14:42,000 --> 00:14:45,760
Speaker 14: know yet how much the US will give away with

283
00:14:46,000 --> 00:14:49,000
Speaker 14: Ukraine and Europe not at the table. They've already given away,

284
00:14:49,280 --> 00:14:52,960
Speaker 14: you know, most demands that the Russians have They said that,

285
00:14:53,480 --> 00:14:56,480
Speaker 14: you know, Ukraine will not be admitted into NATO, that

286
00:14:56,520 --> 00:14:59,560
Speaker 14: it will not get its territory back, and that the

287
00:14:59,680 --> 00:15:04,600
Speaker 14: US will you know, will not provide involved in leading

288
00:15:04,680 --> 00:15:07,560
Speaker 14: on security guarantees. And it's more or less just sort

289
00:15:07,600 --> 00:15:09,760
Speaker 14: of shrugged at shoulders and said that if Europe wants

290
00:15:09,840 --> 00:15:13,120
Speaker 14: to send He's keeping force in then that's fine by

291
00:15:13,160 --> 00:15:13,680
Speaker 14: the US.

292
00:15:14,440 --> 00:15:17,880
Speaker 5: But so far we haven't seen a lot more commitment.

293
00:15:18,120 --> 00:15:20,200
Speaker 2: So in our last minute, mark, how important are these

294
00:15:20,280 --> 00:15:24,080
Speaker 2: conversations going to be between the especially Ukraine Envoy Kellogg

295
00:15:24,560 --> 00:15:29,320
Speaker 2: and Ukraine's president a day after Ukraine wasn't included in

296
00:15:29,360 --> 00:15:30,400
Speaker 2: these Russia at tacks.

297
00:15:30,680 --> 00:15:31,400
Speaker 5: Well, that's a very.

298
00:15:31,320 --> 00:15:35,120
Speaker 14: Good question, you know, so the Ukraine envoy was not

299
00:15:35,280 --> 00:15:35,960
Speaker 14: at the talks.

300
00:15:36,040 --> 00:15:37,760
Speaker 5: Also, Kellogg was not at the talks.

301
00:15:38,760 --> 00:15:43,840
Speaker 14: You know, He's now going to try and reassure the

302
00:15:43,960 --> 00:15:46,479
Speaker 14: Ukrainians and reassure so the Europeans.

303
00:15:47,120 --> 00:15:48,280
Speaker 5: That's kind of his job.

304
00:15:49,520 --> 00:15:52,760
Speaker 14: But you know, from what we can see in terms

305
00:15:52,800 --> 00:15:56,440
Speaker 14: of who is actually you know, taking the lead, he

306
00:15:56,680 --> 00:16:01,720
Speaker 14: is not the guy. You know, it's more Steve Whitcoff,

307
00:16:02,480 --> 00:16:06,960
Speaker 14: who was the Trump Special envoy on Gaza also to

308
00:16:07,080 --> 00:16:12,160
Speaker 14: Israel and he was at the table. Seems to be

309
00:16:12,960 --> 00:16:18,240
Speaker 14: President Trump's fixer, So you know, it's yeah, it's again.

310
00:16:18,720 --> 00:16:20,320
Speaker 5: It's too early to say.

311
00:16:20,160 --> 00:16:22,440
Speaker 14: Exactly how this will turn out, but there are a

312
00:16:22,480 --> 00:16:25,960
Speaker 14: lot of signals here that are not encouraging for Ukraine.

313
00:16:26,080 --> 00:16:29,520
Speaker 3: This is Bloomberg Daybreak, your morning podcast on the stories

314
00:16:29,600 --> 00:16:32,600
Speaker 3: making news from Wall Street to Washington and beyond.

315
00:16:32,880 --> 00:16:35,280
Speaker 2: Look for us on your podcast feed by six am

316
00:16:35,320 --> 00:16:38,720
Speaker 2: Eastern each morning, on Apple, Spotify, or anywhere else you listen.

317
00:16:38,920 --> 00:16:41,760
Speaker 3: You can also listen live each morning starting at five

318
00:16:41,800 --> 00:16:44,520
Speaker 3: am Wall Street time on Bloomberg eleven three to zero

319
00:16:44,520 --> 00:16:47,440
Speaker 3: in New York, Bloomberg in ninety nine to one in Washington,

320
00:16:47,480 --> 00:16:51,440
Speaker 3: Bloomberg ninety two nine in Boston, and nationwide on serious

321
00:16:51,640 --> 00:16:53,200
Speaker 3: XM Channel one twenty one.

322
00:16:53,600 --> 00:16:56,320
Speaker 2: Plus listen coast to coast on the Bloomberg Business app

323
00:16:56,360 --> 00:16:59,160
Speaker 2: now with Apple CarPlay and Android Atto interfaces.

324
00:16:59,400 --> 00:17:02,400
Speaker 3: And don't forget to subscribe to Bloomberg News Now. It's

325
00:17:02,440 --> 00:17:05,160
Speaker 3: the latest news whenever you want it in five minutes

326
00:17:05,280 --> 00:17:08,400
Speaker 3: or less. Search Bloomberg News Now on your favorite podcast

327
00:17:08,400 --> 00:17:12,639
Speaker 3: platform to stay informed all day long. I'm Karen Moscow.

328
00:17:12,359 --> 00:17:14,879
Speaker 2: And I'm Nathan Hager. Join us again tomorrow morning. For

329
00:17:14,960 --> 00:17:16,880
Speaker 2: all the news you need to start your day right

330
00:17:16,880 --> 00:17:18,400
Speaker 2: here on Bloomberg Debreak