WEBVTT - Trump Auto Tariffs; Eric Adams Heads to Court

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

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 3>stories we're following today.

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<v Speaker 2>Karen, we begin with Donald Trump's push for tariffs. The

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<v Speaker 2>President says he will likely impose duties of around twenty

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<v Speaker 2>five percent on imports of cars, semiconductors, and pharmaceuticals. He

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<v Speaker 2>says he'll announce the new charges in April. As heard

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<v Speaker 2>here on Bloomberg Radio, Trump spoke to reporters at his

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<v Speaker 2>mar Al Lago club in Florida.

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<v Speaker 4>It'll be twenty five percent and higher, and it'll go

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<v Speaker 4>very substantially higher over a course of a year. But

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<v Speaker 4>we want to give them time to come in because,

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<v Speaker 4>as you know, when they come into the United States

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<v Speaker 4>and they have their plant or factory here, there.

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<v Speaker 5>Is no tariff. So we want to give them a

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<v Speaker 5>little bit of a chance.

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<v Speaker 2>Again, that was President Trump at mar A Lago. Now,

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<v Speaker 2>new tariffs on cars would have sweeping effects on the industry.

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<v Speaker 2>The roughly eight million passenger cars and light trucks into

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<v Speaker 2>the US last year accounted for about half of US

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<v Speaker 2>vehicle sales.

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<v Speaker 3>Well, Nathan, President Trump is promising to cut hundreds of

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<v Speaker 3>billions of dollars in waste out of the federal budget.

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<v Speaker 3>The President defended the doge effort in an interview on

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<v Speaker 3>Fox News Channel's Hannity program, alongside the man who's spearheading

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<v Speaker 3>the cost cutting drive, Elon Musk. The overall goal is

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<v Speaker 3>to try to get trillion dollars out of the deficit,

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<v Speaker 3>and if the deficit is not quote under control, America

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<v Speaker 3>will go bankrupt.

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<v Speaker 5>This is a very important thing for PreO Will to understand.

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<v Speaker 3>Elon Musk had talked about cutting two trillion dollars during

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<v Speaker 3>the campaign. President Trump heaped praise on the world's richest

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<v Speaker 3>man during the interview.

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<v Speaker 5>He's a leader. Yeah, he gets it there. You get

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<v Speaker 5>a lot of tech people, and you have people that go.

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<v Speaker 6>To a tech but he gets it done.

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<v Speaker 3>And the President tells Foxes Sean Hannity, if Musk has

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<v Speaker 3>any business conflicts with his work on spending cuts, he

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<v Speaker 3>won't be involved.

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<v Speaker 5>Well, Karen.

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<v Speaker 2>Treasury Secretary Scott Besson says Elon Musk's Department of Government

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<v Speaker 2>Efficiency is saving the country tens of billions of dollars

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<v Speaker 2>and also spoke on Fox News.

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<v Speaker 7>I think I saw an estimate today of about fifty billion.

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<v Speaker 7>So that's a very good start, and I don't think

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<v Speaker 7>it's unreasonable to think that we could have several percent

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<v Speaker 7>of GDP that we are saving.

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<v Speaker 2>Treasury Secretary Scott Besson also says taxpayers don't need to

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<v Speaker 2>worry about the security of their private data, while Elon

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<v Speaker 2>Musk's team seeks to make the federal government more efficient.

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<v Speaker 3>Well to foreign Policy Nathan, Secretary of State Marco Rubio

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<v Speaker 3>said the US will keep sanctions on Russia at least

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<v Speaker 3>until a deal is reached in the conflict in Ukraine.

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<v Speaker 3>Rubio spoke to European allies after joining other US officials

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<v Speaker 3>in Saudi Arabia for the highest level face to face

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<v Speaker 3>meeting with Russian counterparts since Moscow's invasion in twenty twenty two.

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<v Speaker 8>I came away today convinced that they are willing to

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<v Speaker 8>begin to engage in a serious process to determine and

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<v Speaker 8>how quickly and through what mechanism can and be brought

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<v Speaker 8>to this war. Whether we can ultimately reach that outcome

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<v Speaker 8>will obviously depend on every side in this conflict's willingness

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<v Speaker 8>to agree to certain things.

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<v Speaker 3>Secretary of said Rubio says an end of the war

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<v Speaker 3>would open quote incredible opportunities to partner with the Russians.

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<v Speaker 3>President Trump's Special Ukraine Envoy, Keith Kellogg, is now arrived

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<v Speaker 3>in Kiev, a day after the Russia talks.

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<v Speaker 2>Back in Washington, Karen Howard Ludnik has been confirmed and

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<v Speaker 2>sworn in as Commerce Secretary. As a result, he's named

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<v Speaker 2>his two eldest sons and three company deputies to run

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<v Speaker 2>the core of his business group following his resignation from

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<v Speaker 2>Canterer Fitzgerald. Lutnick also says he will divest his business

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<v Speaker 2>interests within a few months of his appointment.

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<v Speaker 9>Well.

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<v Speaker 3>Back in New York, Nathan Mayor Eric Adams will face

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<v Speaker 3>a federal judge in Manhattan later today. You will decide

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<v Speaker 3>whether to grant the Justice Department's request to dismiss corruption charges.

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<v Speaker 3>Just weeks before in April, trial begin more with Bloomberg's

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<v Speaker 3>and Keleggi in New York.

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<v Speaker 6>Judge Dale e Ho said the parties in the case

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<v Speaker 6>must be prepared to address the reasons for the government's

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<v Speaker 6>dismissal request. On Sunday, Adams told reporters his ability to

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<v Speaker 6>lead through turmoil should be noted.

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<v Speaker 10>Go back and doing analysis from the data I was

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<v Speaker 10>invited to what we have accomplished.

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<v Speaker 5>That is my ability to lead through turmoil, and I'm

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<v Speaker 5>going to continue to do that.

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<v Speaker 6>Adams has pleaded not guilty to charges that while in

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<v Speaker 6>his prior role as Brooklyn Borough president, he accepted over

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<v Speaker 6>one hundred thousand dollars in illegal campaign contributions and lavish

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<v Speaker 6>travel perks from a Turkish official and business leader seeking

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<v Speaker 6>to buy his influence.

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<v Speaker 5>Ed Kleggy Bloomberg Radio, all righted, thank you.

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<v Speaker 2>X is marking the spot for Elon Musk Lately, Bloomberg

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<v Speaker 2>News has learned Musk's social media company X is in

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<v Speaker 2>talks to raise money at a forty four billion dollar valuation.

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<v Speaker 2>That's the same price the billionaire paid three years ago

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<v Speaker 2>when the company was known as Twitter. The funding ground

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<v Speaker 2>would be a remarkable turn of fortunes for X after

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<v Speaker 2>Musk's takeover and overhaul caused many users and advertisers to

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<v Speaker 2>flee well.

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<v Speaker 3>Turning to the markets, now, Nathan stocks begin the trading

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<v Speaker 3>session in record territory irrallyan chip makers drove the S

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<v Speaker 3>and P five hundred to an all time high. Global

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<v Speaker 3>stocks have become the most popular asset class with investors,

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<v Speaker 3>according to a survey by Bank of America, investors are

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<v Speaker 3>showing the biggest willingness to take risk in fifteen years.

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<v Speaker 3>Fund managers cash levels fell to the lowest and twenty

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<v Speaker 3>ten in that survey.

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<v Speaker 2>And as stock Sorda records, Karen the CEO of one

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<v Speaker 2>of Wall Street's biggest banks, is benefiting. City Group has

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<v Speaker 2>lifted Jane Fraser's total compensation to thirty four and a

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<v Speaker 2>half million dollars for twenty twenty four. That is a

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<v Speaker 2>thirty three percent increase from the prior year. Jane Fraser's

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<v Speaker 2>pay rise comes after City Group posted record revenue in

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<v Speaker 2>three divisions and in.

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<v Speaker 3>Europe, Nathan HSBC said it will incur one point eight

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<v Speaker 3>billion dollars in charges over the next two years as

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<v Speaker 3>it embarks on a global restructuring program. Europe's largest lender

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<v Speaker 3>hopes the restructuring will allow it to whittle away three

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<v Speaker 3>billion dollars in expenses in the coming years, with about

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<v Speaker 3>half of that to be reinvested into priority grows both areas.

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<v Speaker 3>And it's time now if we're looking at some of

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<v Speaker 3>the other stories making news in New York and around

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<v Speaker 3>the world, and for that we're joined by Bloomberg's John

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<v Speaker 3>Tucker John, Good morning.

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<v Speaker 11>And good morning, Karen. Investigators that were viewing monday's crash

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<v Speaker 11>at that Delta Regional jet at Toronto appears in the

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<v Speaker 11>International Airport. The plane's cockpit voice recorder and flight DITA

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<v Speaker 11>recorder have now been recovered. They're also talking to passers

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<v Speaker 11>and crew. John Nelson was among the passengers.

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<v Speaker 9>We hit the runway extremely hard and we kind of

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<v Speaker 9>popped up and felt like we were leaning to the left.

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<v Speaker 9>There was a giant firewall down the side. I could

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<v Speaker 9>actually feel the heat through the glass, and then we

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<v Speaker 9>were going sideways. I'm not even sure how many times

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<v Speaker 9>we like tumbled.

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<v Speaker 11>The plane flipped over after landing. It's the fourth major

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<v Speaker 11>aviation accident in North America in the past three weeks.

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<v Speaker 11>There were nearly two dozen people injured, but all eighty

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<v Speaker 11>on board escaped Flight forty eight nineteen with their lives.

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<v Speaker 11>A blast of Arctic air has much of the nation

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<v Speaker 11>continueing in that deep freeze. Let's get the update this

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<v Speaker 11>morning from Bloomberg meteorroologist Rob Carolyn John.

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<v Speaker 12>Bitter cold will continue to stretch from the coat Is

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<v Speaker 12>into portions of Texas. It'll make its way into the

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<v Speaker 12>Gulf coast and eventually portions of the southeast by tomorrow.

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<v Speaker 12>We're looking at some spots watching their temperatures run fifty

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<v Speaker 12>degrees below normal today. Now at ahead of the cold here,

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<v Speaker 12>we've got a storm system that will bring snow to

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<v Speaker 12>parts of Tennessee, Kentucky, Virginia, and North Carolina today.

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<v Speaker 11>That's Bloomberg Meteorologist Rob Carolyn Hamas says it's ready to

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<v Speaker 11>exchange its remaining Israeli hostages for Palestinian prisoners. It would

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<v Speaker 11>come in the second phase of the Gaza Truce, leading

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<v Speaker 11>to what they say would be a permanent ceasefire at

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<v Speaker 11>Israel's full withdrawal from Gaza. Asap, Rocky dove into the

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<v Speaker 11>arms of Rihanna as a court clerk read the not

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<v Speaker 11>guilty verdict at his trial on two filain a counts

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<v Speaker 11>of assault with a firearm. The Los Angeles courtroom, full

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<v Speaker 11>of fans of the hip hop performer and is singing

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<v Speaker 11>superstar partner, exploded into screaming glee. After a three week trial,

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<v Speaker 11>the jury deliberated for just three hours to reach the

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<v Speaker 11>verdict that spared Rocky prison sentence. The Vatican reported the

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<v Speaker 11>diagnosis for the Ponta now more serious than originally thought.

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<v Speaker 11>Both Francis is now fighting pneumonia. The eighty eight year

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<v Speaker 11>old had a cat scan which showed that he now

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<v Speaker 11>has an infection in both of his lungs. Global News

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<v Speaker 11>twenty four hours Day and whenever you want it with

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<v Speaker 11>Bloomberg News Now.

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<v Speaker 5>I'm John Tucker. This is Bloomberg Karen.

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<v Speaker 3>All right, John, thank you time now for the Bloomberg

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<v Speaker 3>Sports Update, brought to you by Tri State Anti. Here's

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<v Speaker 3>John stash Hour, John, Good morning, Good morning, Karen.

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<v Speaker 10>Every baseball off season that appears to be one or

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<v Speaker 10>two big name free agents A couple of years ago,

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<v Speaker 10>Aaron Judge, Joeyotani than once sot Of, Vladimir Guerrero Junior.

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<v Speaker 10>Maybe not quite at that level, but he's still only

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<v Speaker 10>twenty six and last season in Toronto he hit three

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<v Speaker 10>twenty three with thirty homers forty four doubles. He had

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<v Speaker 10>set a deadline of yesterday to get a long term

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<v Speaker 10>deal done with the Blue Jays. The deadline, as Guerrero said,

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<v Speaker 10>they had their numbers, I had mine. He's another one

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<v Speaker 10>apparently betting on himself. Unless something changes, he'll be a

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<v Speaker 10>free agent after the upcoming season. Like Soto was, of course,

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<v Speaker 10>went from the Yankees to the Mets, making for high

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<v Speaker 10>hopes for Mets owner Steve Cohen. He was asked yesterday

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<v Speaker 10>in Port Saint Lucy his goals for the upcoming campaign.

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<v Speaker 13>Yeah, you always want to set high standards and high goals.

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<v Speaker 13>There's no guaranteeing anything, right, It's really hard to win

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<v Speaker 13>a World Series. But the thought of, you know, we're

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<v Speaker 13>putting together a team, not just a team good for

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<v Speaker 13>one year, but we want to create sustainable success. And

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<v Speaker 13>if we keep making the playoffs, you know, why can't

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<v Speaker 13>we find you know, ultimate again, know, get to the

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<v Speaker 13>ultimate goal?

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<v Speaker 10>Doone admits that with the Soto signing and others, they

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<v Speaker 10>blew through their budget. Saint John's only lost one since

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<v Speaker 10>twenty twenty five. Red Storm ranked tenth in the country.

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<v Speaker 10>They are a top the Big East by two games,

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<v Speaker 10>having won the Big East regular season since nineteen eighty six.

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<v Speaker 10>Play tonight at DePaul, seating all off the stunning upset

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<v Speaker 10>of you co on over the weekends.

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<v Speaker 5>Last night at.

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<v Speaker 10>Marquette eighty to fifty six. While the Huskies were back home,

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<v Speaker 10>they beat Villanova sixty six to fifty nine. The NBA's

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<v Speaker 10>back Tonight one game. It's a makeup in LA due

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<v Speaker 10>to a postponement during the fires. The Lakers play Charlotte,

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<v Speaker 10>third Laker game for Lukey Donsons, but Lebron James unlikely

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<v Speaker 10>to play, has got that ankle injury that kept me

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<v Speaker 10>from playing the All Star Game. Knicks are back tomorrow

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<v Speaker 10>at the Garden against Chicago, and also tomorrow in Boston.

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<v Speaker 10>It's the US and Canada the fourteen faceoff Championship game.

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<v Speaker 10>Several US players nursing injuries, but only one has been

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<v Speaker 10>ruled out. Bruins defenseman Charlie Mackabor, John Stashie, I War

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<v Speaker 10>Bloomberg Sports Care.

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<v Speaker 1>Nathan Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 5>Good morning, I'm Nathan Hager.

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<v Speaker 2>President Donald Trump's Special Envoy to Ukraine, Keith Kellogg, has

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<v Speaker 2>arrived in Kiev for talks with President Vladimir Zelenski. A

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<v Speaker 2>day after the first high level meetings between the US

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<v Speaker 2>and Russia the invasion in twenty twenty two, and following

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<v Speaker 2>that summit in Riyad. Secretary of State Marco Rubio said,

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<v Speaker 2>it is important to reset the US Russia relationship.

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<v Speaker 8>We haven't really had much engagement with the Russians for

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<v Speaker 8>almost three years, and it sets the table for future conversations.

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<v Speaker 8>How that turns out, we'll be up to the parties

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<v Speaker 8>and their willingness not just to make commitments but to

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<v Speaker 8>live by them.

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<v Speaker 2>That'll be tested in the weeks to come, and for

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<v Speaker 2>some analysis. We are joined now by Bloomberg opinion columnist

0:11:26.840 --> 0:11:29.880
<v Speaker 2>Mark Champion. Mark, thanks so much for joining us this morning.

0:11:29.920 --> 0:11:34.000
<v Speaker 2>And also following this meeting, Secretary of State Rubio said

0:11:34.040 --> 0:11:37.480
<v Speaker 2>that sanctions will remain in place on Russia at least

0:11:37.600 --> 0:11:40.480
<v Speaker 2>until there is a deal to end the Ukraine conflict.

0:11:40.760 --> 0:11:43.880
<v Speaker 2>I guess the question is whether the conflict is going

0:11:43.920 --> 0:11:45.120
<v Speaker 2>to end quickly?

0:11:45.200 --> 0:11:48.360
<v Speaker 5>Good morning, Yes, I mean it.

0:11:48.880 --> 0:11:53.480
<v Speaker 14>At the moment, it looks as though the US is

0:11:53.679 --> 0:11:58.520
<v Speaker 14>moving very quickly to end the conflict. That is going

0:11:58.559 --> 0:12:03.520
<v Speaker 14>to be worrying much as the Ukrainians want to see

0:12:03.520 --> 0:12:05.640
<v Speaker 14>the war end, and certainly also the Europeans.

0:12:05.720 --> 0:12:09.160
<v Speaker 5>Is going to be worrying to both simply because.

0:12:09.600 --> 0:12:13.360
<v Speaker 14>You know, the the quicker you want to end it,

0:12:13.559 --> 0:12:17.480
<v Speaker 14>the easier you know, the path is that takes you

0:12:17.520 --> 0:12:23.920
<v Speaker 14>to giving concessions to to Russia and making enforcing concessions

0:12:23.920 --> 0:12:29.240
<v Speaker 14>on the weaker parties, which is both Ukraine and Europe.

0:12:30.080 --> 0:12:32.880
<v Speaker 14>And at the moment it does rather look as though

0:12:32.920 --> 0:12:34.800
<v Speaker 14>we are you know, headed in that direction.

0:12:36.000 --> 0:12:41.120
<v Speaker 2>The Ukrainian side says it wants security guarantees. The US

0:12:41.120 --> 0:12:45.360
<v Speaker 2>has said it recognizes that what could security guarantees look like?

0:12:46.120 --> 0:12:48.000
<v Speaker 14>Well, that's you know, for the Ukrainians, that's the most

0:12:48.000 --> 0:12:52.080
<v Speaker 14>worrying thing they can deal with, you know, territorial losses

0:12:52.120 --> 0:12:54.720
<v Speaker 14>at least a facto if you know, if not to jury.

0:12:55.600 --> 0:12:59.280
<v Speaker 14>But what they've always said is they have to be

0:12:59.640 --> 0:13:04.000
<v Speaker 14>as solid security guarantees because we know that the Russians

0:13:04.040 --> 0:13:07.320
<v Speaker 14>will otherwise be back. This happened after twenty fourteen, when

0:13:07.320 --> 0:13:12.160
<v Speaker 14>they made a deal that didn't include security guarantees. You know,

0:13:12.280 --> 0:13:18.880
<v Speaker 14>the original you know, Budapest memorandum that under which Ukraine

0:13:18.880 --> 0:13:22.160
<v Speaker 14>gave up its nuclear weapons also said that you know

0:13:22.200 --> 0:13:26.600
<v Speaker 14>that the various parties, including Russia, would guarantee Ukraine's borders,

0:13:27.040 --> 0:13:30.520
<v Speaker 14>but there weren't any concrete security guarantees in there. And

0:13:30.760 --> 0:13:34.360
<v Speaker 14>you've had you know, invasion of Ukraine by Russia and

0:13:35.280 --> 0:13:39.920
<v Speaker 14>you know, no Western troops into support, you know, to

0:13:40.760 --> 0:13:44.160
<v Speaker 14>follow up on the Budhapest, MEPARANDUS. So the Ukrainians have

0:13:44.320 --> 0:13:47.760
<v Speaker 14>very bitter experience about this, and they are quite united

0:13:47.760 --> 0:13:50.840
<v Speaker 14>about it actually, and you know, so I think, you know,

0:13:50.880 --> 0:13:52.760
<v Speaker 14>there is a real possibility you end up with a

0:13:52.840 --> 0:13:56.200
<v Speaker 14>situation in which the Americans say, okay, we've got a

0:13:56.240 --> 0:14:02.080
<v Speaker 14>deal with the Russians, and then the Ukrainians say, we

0:14:02.160 --> 0:14:05.680
<v Speaker 14>don't accept it. And you know, the at the moment,

0:14:06.160 --> 0:14:10.199
<v Speaker 14>both the Kremlin and President Trump yesterday and some extraordinary

0:14:10.280 --> 0:14:15.959
<v Speaker 14>remarks are pushing for elections that would get Zelensky replaced.

0:14:16.840 --> 0:14:20.560
<v Speaker 14>But I suspect that that would you know, he in

0:14:20.600 --> 0:14:23.600
<v Speaker 14>these circumstances, with such a deal being pushed on them,

0:14:23.600 --> 0:14:26.480
<v Speaker 14>if that, if that's how it goes, he might he

0:14:26.560 --> 0:14:29.320
<v Speaker 14>might well. If elections were held, it should be very

0:14:29.320 --> 0:14:35.880
<v Speaker 14>difficult and non constitutional, he might well win. And you know,

0:14:35.960 --> 0:14:39.320
<v Speaker 14>so I think it's a it's a we don't know

0:14:39.440 --> 0:14:41.960
<v Speaker 14>yet how this is going to turn out. We don't

0:14:42.000 --> 0:14:45.760
<v Speaker 14>know yet how much the US will give away with

0:14:46.000 --> 0:14:49.000
<v Speaker 14>Ukraine and Europe not at the table. They've already given away,

0:14:49.280 --> 0:14:52.960
<v Speaker 14>you know, most demands that the Russians have They said that,

0:14:53.480 --> 0:14:56.480
<v Speaker 14>you know, Ukraine will not be admitted into NATO, that

0:14:56.520 --> 0:14:59.560
<v Speaker 14>it will not get its territory back, and that the

0:14:59.680 --> 0:15:04.600
<v Speaker 14>US will you know, will not provide involved in leading

0:15:04.680 --> 0:15:07.560
<v Speaker 14>on security guarantees. And it's more or less just sort

0:15:07.600 --> 0:15:09.760
<v Speaker 14>of shrugged at shoulders and said that if Europe wants

0:15:09.840 --> 0:15:13.120
<v Speaker 14>to send He's keeping force in then that's fine by

0:15:13.160 --> 0:15:13.680
<v Speaker 14>the US.

0:15:14.440 --> 0:15:17.880
<v Speaker 5>But so far we haven't seen a lot more commitment.

0:15:18.120 --> 0:15:20.200
<v Speaker 2>So in our last minute, mark, how important are these

0:15:20.280 --> 0:15:24.080
<v Speaker 2>conversations going to be between the especially Ukraine Envoy Kellogg

0:15:24.560 --> 0:15:29.320
<v Speaker 2>and Ukraine's president a day after Ukraine wasn't included in

0:15:29.360 --> 0:15:30.400
<v Speaker 2>these Russia at tacks.

0:15:30.680 --> 0:15:31.400
<v Speaker 5>Well, that's a very.

0:15:31.320 --> 0:15:35.120
<v Speaker 14>Good question, you know, so the Ukraine envoy was not

0:15:35.280 --> 0:15:35.960
<v Speaker 14>at the talks.

0:15:36.040 --> 0:15:37.760
<v Speaker 5>Also, Kellogg was not at the talks.

0:15:38.760 --> 0:15:43.840
<v Speaker 14>You know, He's now going to try and reassure the

0:15:43.960 --> 0:15:46.479
<v Speaker 14>Ukrainians and reassure so the Europeans.

0:15:47.120 --> 0:15:48.280
<v Speaker 5>That's kind of his job.

0:15:49.520 --> 0:15:52.760
<v Speaker 14>But you know, from what we can see in terms

0:15:52.800 --> 0:15:56.440
<v Speaker 14>of who is actually you know, taking the lead, he

0:15:56.680 --> 0:16:01.720
<v Speaker 14>is not the guy. You know, it's more Steve Whitcoff,

0:16:02.480 --> 0:16:06.960
<v Speaker 14>who was the Trump Special envoy on Gaza also to

0:16:07.080 --> 0:16:12.160
<v Speaker 14>Israel and he was at the table. Seems to be

0:16:12.960 --> 0:16:18.240
<v Speaker 14>President Trump's fixer, So you know, it's yeah, it's again.

0:16:18.720 --> 0:16:20.320
<v Speaker 5>It's too early to say.

0:16:20.160 --> 0:16:22.440
<v Speaker 14>Exactly how this will turn out, but there are a

0:16:22.480 --> 0:16:25.960
<v Speaker 14>lot of signals here that are not encouraging for Ukraine.

0:16:26.080 --> 0:16:29.520
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