Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning.
Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 3: stories we're following today.
Speaker 2: Karen, we begin with Donald Trump's push for tariffs. The
Speaker 2: President says he will likely impose duties of around twenty
Speaker 2: five percent on imports of cars, semiconductors, and pharmaceuticals. He
Speaker 2: says he'll announce the new charges in April. As heard
Speaker 2: here on Bloomberg Radio, Trump spoke to reporters at his
Speaker 2: mar Al Lago club in Florida.
Speaker 4: It'll be twenty five percent and higher, and it'll go
Speaker 4: very substantially higher over a course of a year. But
Speaker 4: we want to give them time to come in because,
Speaker 4: as you know, when they come into the United States
Speaker 4: and they have their plant or factory here, there.
Speaker 5: Is no tariff. So we want to give them a
Speaker 5: little bit of a chance.
Speaker 2: Again, that was President Trump at mar A Lago. Now,
Speaker 2: new tariffs on cars would have sweeping effects on the industry.
Speaker 2: The roughly eight million passenger cars and light trucks into
Speaker 2: the US last year accounted for about half of US
Speaker 2: vehicle sales.
Speaker 3: Well, Nathan, President Trump is promising to cut hundreds of
Speaker 3: billions of dollars in waste out of the federal budget.
Speaker 3: The President defended the doge effort in an interview on
Speaker 3: Fox News Channel's Hannity program, alongside the man who's spearheading
Speaker 3: the cost cutting drive, Elon Musk. The overall goal is
Speaker 3: to try to get trillion dollars out of the deficit,
Speaker 3: and if the deficit is not quote under control, America
Speaker 3: will go bankrupt.
Speaker 5: This is a very important thing for PreO Will to understand.
Speaker 3: Elon Musk had talked about cutting two trillion dollars during
Speaker 3: the campaign. President Trump heaped praise on the world's richest
Speaker 3: man during the interview.
Speaker 5: He's a leader. Yeah, he gets it there. You get
Speaker 5: a lot of tech people, and you have people that go.
Speaker 6: To a tech but he gets it done.
Speaker 3: And the President tells Foxes Sean Hannity, if Musk has
Speaker 3: any business conflicts with his work on spending cuts, he
Speaker 3: won't be involved.
Speaker 5: Well, Karen.
Speaker 2: Treasury Secretary Scott Besson says Elon Musk's Department of Government
Speaker 2: Efficiency is saving the country tens of billions of dollars
Speaker 2: and also spoke on Fox News.
Speaker 7: I think I saw an estimate today of about fifty billion.
Speaker 7: So that's a very good start, and I don't think
Speaker 7: it's unreasonable to think that we could have several percent
Speaker 7: of GDP that we are saving.
Speaker 2: Treasury Secretary Scott Besson also says taxpayers don't need to
Speaker 2: worry about the security of their private data, while Elon
Speaker 2: Musk's team seeks to make the federal government more efficient.
Speaker 3: Well to foreign Policy Nathan, Secretary of State Marco Rubio
Speaker 3: said the US will keep sanctions on Russia at least
Speaker 3: until a deal is reached in the conflict in Ukraine.
Speaker 3: Rubio spoke to European allies after joining other US officials
Speaker 3: in Saudi Arabia for the highest level face to face
Speaker 3: meeting with Russian counterparts since Moscow's invasion in twenty twenty two.
Speaker 8: I came away today convinced that they are willing to
Speaker 8: begin to engage in a serious process to determine and
Speaker 8: how quickly and through what mechanism can and be brought
Speaker 8: to this war. Whether we can ultimately reach that outcome
Speaker 8: will obviously depend on every side in this conflict's willingness
Speaker 8: to agree to certain things.
Speaker 3: Secretary of said Rubio says an end of the war
Speaker 3: would open quote incredible opportunities to partner with the Russians.
Speaker 3: President Trump's Special Ukraine Envoy, Keith Kellogg, is now arrived
Speaker 3: in Kiev, a day after the Russia talks.
Speaker 2: Back in Washington, Karen Howard Ludnik has been confirmed and
Speaker 2: sworn in as Commerce Secretary. As a result, he's named
Speaker 2: his two eldest sons and three company deputies to run
Speaker 2: the core of his business group following his resignation from
Speaker 2: Canterer Fitzgerald. Lutnick also says he will divest his business
Speaker 2: interests within a few months of his appointment.
Speaker 9: Well.
Speaker 3: Back in New York, Nathan Mayor Eric Adams will face
Speaker 3: a federal judge in Manhattan later today. You will decide
Speaker 3: whether to grant the Justice Department's request to dismiss corruption charges.
Speaker 3: Just weeks before in April, trial begin more with Bloomberg's
Speaker 3: and Keleggi in New York.
Speaker 6: Judge Dale e Ho said the parties in the case
Speaker 6: must be prepared to address the reasons for the government's
Speaker 6: dismissal request. On Sunday, Adams told reporters his ability to
Speaker 6: lead through turmoil should be noted.
Speaker 10: Go back and doing analysis from the data I was
Speaker 10: invited to what we have accomplished.
Speaker 5: That is my ability to lead through turmoil, and I'm
Speaker 5: going to continue to do that.
Speaker 6: Adams has pleaded not guilty to charges that while in
Speaker 6: his prior role as Brooklyn Borough president, he accepted over
Speaker 6: one hundred thousand dollars in illegal campaign contributions and lavish
Speaker 6: travel perks from a Turkish official and business leader seeking
Speaker 6: to buy his influence.
Speaker 5: Ed Kleggy Bloomberg Radio, all righted, thank you.
Speaker 2: X is marking the spot for Elon Musk Lately, Bloomberg
Speaker 2: News has learned Musk's social media company X is in
Speaker 2: talks to raise money at a forty four billion dollar valuation.
Speaker 2: That's the same price the billionaire paid three years ago
Speaker 2: when the company was known as Twitter. The funding ground
Speaker 2: would be a remarkable turn of fortunes for X after
Speaker 2: Musk's takeover and overhaul caused many users and advertisers to
Speaker 2: flee well.
Speaker 3: Turning to the markets, now, Nathan stocks begin the trading
Speaker 3: session in record territory irrallyan chip makers drove the S
Speaker 3: and P five hundred to an all time high. Global
Speaker 3: stocks have become the most popular asset class with investors,
Speaker 3: according to a survey by Bank of America, investors are
Speaker 3: showing the biggest willingness to take risk in fifteen years.
Speaker 3: Fund managers cash levels fell to the lowest and twenty
Speaker 3: ten in that survey.
Speaker 2: And as stock Sorda records, Karen the CEO of one
Speaker 2: of Wall Street's biggest banks, is benefiting. City Group has
Speaker 2: lifted Jane Fraser's total compensation to thirty four and a
Speaker 2: half million dollars for twenty twenty four. That is a
Speaker 2: thirty three percent increase from the prior year. Jane Fraser's
Speaker 2: pay rise comes after City Group posted record revenue in
Speaker 2: three divisions and in.
Speaker 3: Europe, Nathan HSBC said it will incur one point eight
Speaker 3: billion dollars in charges over the next two years as
Speaker 3: it embarks on a global restructuring program. Europe's largest lender
Speaker 3: hopes the restructuring will allow it to whittle away three
Speaker 3: billion dollars in expenses in the coming years, with about
Speaker 3: half of that to be reinvested into priority grows both areas.
Speaker 3: And it's time now if we're looking at some of
Speaker 3: the other stories making news in New York and around
Speaker 3: the world, and for that we're joined by Bloomberg's John
Speaker 3: Tucker John, Good morning.
Speaker 11: And good morning, Karen. Investigators that were viewing monday's crash
Speaker 11: at that Delta Regional jet at Toronto appears in the
Speaker 11: International Airport. The plane's cockpit voice recorder and flight DITA
Speaker 11: recorder have now been recovered. They're also talking to passers
Speaker 11: and crew. John Nelson was among the passengers.
Speaker 9: We hit the runway extremely hard and we kind of
Speaker 9: popped up and felt like we were leaning to the left.
Speaker 9: There was a giant firewall down the side. I could
Speaker 9: actually feel the heat through the glass, and then we
Speaker 9: were going sideways. I'm not even sure how many times
Speaker 9: we like tumbled.
Speaker 11: The plane flipped over after landing. It's the fourth major
Speaker 11: aviation accident in North America in the past three weeks.
Speaker 11: There were nearly two dozen people injured, but all eighty
Speaker 11: on board escaped Flight forty eight nineteen with their lives.
Speaker 11: A blast of Arctic air has much of the nation
Speaker 11: continueing in that deep freeze. Let's get the update this
Speaker 11: morning from Bloomberg meteorroologist Rob Carolyn John.
Speaker 12: Bitter cold will continue to stretch from the coat Is
Speaker 12: into portions of Texas. It'll make its way into the
Speaker 12: Gulf coast and eventually portions of the southeast by tomorrow.
Speaker 12: We're looking at some spots watching their temperatures run fifty
Speaker 12: degrees below normal today. Now at ahead of the cold here,
Speaker 12: we've got a storm system that will bring snow to
Speaker 12: parts of Tennessee, Kentucky, Virginia, and North Carolina today.
Speaker 11: That's Bloomberg Meteorologist Rob Carolyn Hamas says it's ready to
Speaker 11: exchange its remaining Israeli hostages for Palestinian prisoners. It would
Speaker 11: come in the second phase of the Gaza Truce, leading
Speaker 11: to what they say would be a permanent ceasefire at
Speaker 11: Israel's full withdrawal from Gaza. Asap, Rocky dove into the
Speaker 11: arms of Rihanna as a court clerk read the not
Speaker 11: guilty verdict at his trial on two filain a counts
Speaker 11: of assault with a firearm. The Los Angeles courtroom, full
Speaker 11: of fans of the hip hop performer and is singing
Speaker 11: superstar partner, exploded into screaming glee. After a three week trial,
Speaker 11: the jury deliberated for just three hours to reach the
Speaker 11: verdict that spared Rocky prison sentence. The Vatican reported the
Speaker 11: diagnosis for the Ponta now more serious than originally thought.
Speaker 11: Both Francis is now fighting pneumonia. The eighty eight year
Speaker 11: old had a cat scan which showed that he now
Speaker 11: has an infection in both of his lungs. Global News
Speaker 11: twenty four hours Day and whenever you want it with
Speaker 11: Bloomberg News Now.
Speaker 5: I'm John Tucker. This is Bloomberg Karen.
Speaker 3: All right, John, thank you time now for the Bloomberg
Speaker 3: Sports Update, brought to you by Tri State Anti. Here's
Speaker 3: John stash Hour, John, Good morning, Good morning, Karen.
Speaker 10: Every baseball off season that appears to be one or
Speaker 10: two big name free agents A couple of years ago,
Speaker 10: Aaron Judge, Joeyotani than once sot Of, Vladimir Guerrero Junior.
Speaker 10: Maybe not quite at that level, but he's still only
Speaker 10: twenty six and last season in Toronto he hit three
Speaker 10: twenty three with thirty homers forty four doubles. He had
Speaker 10: set a deadline of yesterday to get a long term
Speaker 10: deal done with the Blue Jays. The deadline, as Guerrero said,
Speaker 10: they had their numbers, I had mine. He's another one
Speaker 10: apparently betting on himself. Unless something changes, he'll be a
Speaker 10: free agent after the upcoming season. Like Soto was, of course,
Speaker 10: went from the Yankees to the Mets, making for high
Speaker 10: hopes for Mets owner Steve Cohen. He was asked yesterday
Speaker 10: in Port Saint Lucy his goals for the upcoming campaign.
Speaker 13: Yeah, you always want to set high standards and high goals.
Speaker 13: There's no guaranteeing anything, right, It's really hard to win
Speaker 13: a World Series. But the thought of, you know, we're
Speaker 13: putting together a team, not just a team good for
Speaker 13: one year, but we want to create sustainable success. And
Speaker 13: if we keep making the playoffs, you know, why can't
Speaker 13: we find you know, ultimate again, know, get to the
Speaker 13: ultimate goal?
Speaker 10: Doone admits that with the Soto signing and others, they
Speaker 10: blew through their budget. Saint John's only lost one since
Speaker 10: twenty twenty five. Red Storm ranked tenth in the country.
Speaker 10: They are a top the Big East by two games,
Speaker 10: having won the Big East regular season since nineteen eighty six.
Speaker 10: Play tonight at DePaul, seating all off the stunning upset
Speaker 10: of you co on over the weekends.
Speaker 5: Last night at.
Speaker 10: Marquette eighty to fifty six. While the Huskies were back home,
Speaker 10: they beat Villanova sixty six to fifty nine. The NBA's
Speaker 10: back Tonight one game. It's a makeup in LA due
Speaker 10: to a postponement during the fires. The Lakers play Charlotte,
Speaker 10: third Laker game for Lukey Donsons, but Lebron James unlikely
Speaker 10: to play, has got that ankle injury that kept me
Speaker 10: from playing the All Star Game. Knicks are back tomorrow
Speaker 10: at the Garden against Chicago, and also tomorrow in Boston.
Speaker 10: It's the US and Canada the fourteen faceoff Championship game.
Speaker 10: Several US players nursing injuries, but only one has been
Speaker 10: ruled out. Bruins defenseman Charlie Mackabor, John Stashie, I War
Speaker 10: Bloomberg Sports Care.
Speaker 1: Nathan 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 app. This is Bloomberg Daybreak.
Speaker 5: Good morning, I'm Nathan Hager.
Speaker 2: President Donald Trump's Special Envoy to Ukraine, Keith Kellogg, has
Speaker 2: arrived in Kiev for talks with President Vladimir Zelenski. A
Speaker 2: day after the first high level meetings between the US
Speaker 2: and Russia the invasion in twenty twenty two, and following
Speaker 2: that summit in Riyad. Secretary of State Marco Rubio said,
Speaker 2: it is important to reset the US Russia relationship.
Speaker 8: We haven't really had much engagement with the Russians for
Speaker 8: almost three years, and it sets the table for future conversations.
Speaker 8: How that turns out, we'll be up to the parties
Speaker 8: and their willingness not just to make commitments but to
Speaker 8: live by them.
Speaker 2: That'll be tested in the weeks to come, and for
Speaker 2: some analysis. We are joined now by Bloomberg opinion columnist
Speaker 2: Mark Champion. Mark, thanks so much for joining us this morning.
Speaker 2: And also following this meeting, Secretary of State Rubio said
Speaker 2: that sanctions will remain in place on Russia at least
Speaker 2: until there is a deal to end the Ukraine conflict.
Speaker 2: I guess the question is whether the conflict is going
Speaker 2: to end quickly?
Speaker 5: Good morning, Yes, I mean it.
Speaker 14: At the moment, it looks as though the US is
Speaker 14: moving very quickly to end the conflict. That is going
Speaker 14: to be worrying much as the Ukrainians want to see
Speaker 14: the war end, and certainly also the Europeans.
Speaker 5: Is going to be worrying to both simply because.
Speaker 14: You know, the the quicker you want to end it,
Speaker 14: the easier you know, the path is that takes you
Speaker 14: to giving concessions to to Russia and making enforcing concessions
Speaker 14: on the weaker parties, which is both Ukraine and Europe.
Speaker 14: And at the moment it does rather look as though
Speaker 14: we are you know, headed in that direction.
Speaker 2: The Ukrainian side says it wants security guarantees. The US
Speaker 2: has said it recognizes that what could security guarantees look like?
Speaker 14: Well, that's you know, for the Ukrainians, that's the most
Speaker 14: worrying thing they can deal with, you know, territorial losses
Speaker 14: at least a facto if you know, if not to jury.
Speaker 14: But what they've always said is they have to be
Speaker 14: as solid security guarantees because we know that the Russians
Speaker 14: will otherwise be back. This happened after twenty fourteen, when
Speaker 14: they made a deal that didn't include security guarantees. You know,
Speaker 14: the original you know, Budapest memorandum that under which Ukraine
Speaker 14: gave up its nuclear weapons also said that you know
Speaker 14: that the various parties, including Russia, would guarantee Ukraine's borders,
Speaker 14: but there weren't any concrete security guarantees in there. And
Speaker 14: you've had you know, invasion of Ukraine by Russia and
Speaker 14: you know, no Western troops into support, you know, to
Speaker 14: follow up on the Budhapest, MEPARANDUS. So the Ukrainians have
Speaker 14: very bitter experience about this, and they are quite united
Speaker 14: about it actually, and you know, so I think, you know,
Speaker 14: there is a real possibility you end up with a
Speaker 14: situation in which the Americans say, okay, we've got a
Speaker 14: deal with the Russians, and then the Ukrainians say, we
Speaker 14: don't accept it. And you know, the at the moment,
Speaker 14: both the Kremlin and President Trump yesterday and some extraordinary
Speaker 14: remarks are pushing for elections that would get Zelensky replaced.
Speaker 14: But I suspect that that would you know, he in
Speaker 14: these circumstances, with such a deal being pushed on them,
Speaker 14: if that, if that's how it goes, he might he
Speaker 14: might well. If elections were held, it should be very
Speaker 14: difficult and non constitutional, he might well win. And you know,
Speaker 14: so I think it's a it's a we don't know
Speaker 14: yet how this is going to turn out. We don't
Speaker 14: know yet how much the US will give away with
Speaker 14: Ukraine and Europe not at the table. They've already given away,
Speaker 14: you know, most demands that the Russians have They said that,
Speaker 14: you know, Ukraine will not be admitted into NATO, that
Speaker 14: it will not get its territory back, and that the
Speaker 14: US will you know, will not provide involved in leading
Speaker 14: on security guarantees. And it's more or less just sort
Speaker 14: of shrugged at shoulders and said that if Europe wants
Speaker 14: to send He's keeping force in then that's fine by
Speaker 14: the US.
Speaker 5: But so far we haven't seen a lot more commitment.
Speaker 2: So in our last minute, mark, how important are these
Speaker 2: conversations going to be between the especially Ukraine Envoy Kellogg
Speaker 2: and Ukraine's president a day after Ukraine wasn't included in
Speaker 2: these Russia at tacks.
Speaker 5: Well, that's a very.
Speaker 14: Good question, you know, so the Ukraine envoy was not
Speaker 14: at the talks.
Speaker 5: Also, Kellogg was not at the talks.
Speaker 14: You know, He's now going to try and reassure the
Speaker 14: Ukrainians and reassure so the Europeans.
Speaker 5: That's kind of his job.
Speaker 14: But you know, from what we can see in terms
Speaker 14: of who is actually you know, taking the lead, he
Speaker 14: is not the guy. You know, it's more Steve Whitcoff,
Speaker 14: who was the Trump Special envoy on Gaza also to
Speaker 14: Israel and he was at the table. Seems to be
Speaker 14: President Trump's fixer, So you know, it's yeah, it's again.
Speaker 5: It's too early to say.
Speaker 14: Exactly how this will turn out, but there are a
Speaker 14: lot of signals here that are not encouraging for Ukraine.
Speaker 3: This is Bloomberg Daybreak, your morning podcast on the stories
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