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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Lisa Matteo and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today. Karen, we begin with

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Speaker 2: an escalation in the trade war. Just a few hours ago,

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Speaker 2: China announced it was once again increasing tariffs on US goods.

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Speaker 2: Let's go to Hong Kong get the very latest with

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Speaker 2: Bloomberg's Jill Desis.

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Speaker 3: Jill, Good morning, Lisa and Karen. Yes, So, the latest

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Speaker 3: we have from China is that they will raise tariffs

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Speaker 3: and all US goods from eighty four percent to one

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Speaker 3: hundred and twenty five percent. That's starting April twelfth, and

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Speaker 3: then they say that they ultimately plan to ignore any

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Speaker 3: further increases announced by Washington. The Chinese officials actually called

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Speaker 3: the latest the Trump's administration, the latest moves a joke.

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Speaker 3: They said that have given that American goods are no

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Speaker 3: longer marketable in China under the curve teriff rates. If

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Speaker 3: the US further raises tariffs on Chinese exports, they are

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Speaker 3: just going to disregard those measures. Seem that, at least

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Speaker 3: in response to that move from Donald Trump overnight to

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Speaker 3: clarify actually that the terriff rights on Chinese goods flowing

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Speaker 3: into the United States were actually one hundred and forty

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Speaker 3: five percent if you were to take into account earlier measures.

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Speaker 3: They raise these rates this time around and then say

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Speaker 3: they are done at this point. You know, we saw

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Speaker 3: and five hundred futures fall further after this announcement. We

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Speaker 3: saw futures on the Hansang China Enterprises INEX in Hong

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Speaker 3: Kong pair gains that actually closed a little bit up

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Speaker 3: earlier today, just on bets that China would introduce more

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Speaker 3: stimulus to sort of help its economy. There's some speculation

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Speaker 3: that that may be coming down the pike at some point.

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Speaker 3: But ultimately, what we're really seeing here is this escalation

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Speaker 3: and tensions between Beijing and Washington. Neither side has really

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Speaker 3: blinked at this point. We'll have to see what ultimately

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Speaker 3: happens in Washington in response to this, but at least

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Speaker 3: from China's perspective, they're pretty much done here in Hong Kong.

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Speaker 3: This is Jill deesis Bloomberg Radio.

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Speaker 2: All right, Jill, thank you about the latest news on China.

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Speaker 2: Increasing tariffs comes after President Trump expressed optimism a deal

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Speaker 2: with Beijing. Will be reached.

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Speaker 4: We're resetting the table, and I'm sure that we'll be

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Speaker 4: able to get along very well. I have great respect

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Speaker 4: for President She's been in a true sense, he's been

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Speaker 4: a friend of mine for a long period of time,

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Speaker 4: and I think that we'll end up working on something

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Speaker 4: that's very good for both countries.

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Speaker 2: The White House confirms China now faces a one hundred

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Speaker 2: and forty five percent levy on all goods it sends

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Speaker 2: to the US well.

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Speaker 5: Karen Bloomberg News has learned top European officials are planning

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Speaker 5: to visit China later this year to discuss trade with

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Speaker 5: President Jijin Ping. A source to say European Commissioned President

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Speaker 5: Ursula Vonderline and European Council President Antonio Costa have agreed

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Speaker 5: to the summit in Beijing. The possible meeting. It comes

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Speaker 5: as Spanish Prime Minister Pedro Sanchez visited Beijing today, saying

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Speaker 5: he sees China as a partner of the EU.

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Speaker 2: Lisa Bridgewater Associates founder Ray Dalio says the tariff turmoil

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Speaker 2: has damaged the US reputation for really liability. Dollehoe spoke

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Speaker 2: with the Bloomberg's Francine lackwall.

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Speaker 6: I'm not the politician.

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Speaker 7: I'm not the negotiator.

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Speaker 6: I'm not the person to say whether that style of

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Speaker 6: handling it was better or worse. I would say that

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Speaker 6: it dramatically affected psychology and attitude about the United States' reliability.

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Speaker 2: And Dolio said that while he is pleased about Trump's

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Speaker 2: decision to pivot, he cautioned that the volatility will have

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Speaker 2: lasting effects. Here the full conversation on the latest edition

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Speaker 2: of the Bloomberg in the City podcast.

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Speaker 5: And futures are lower this morning as a turbulent week

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Speaker 5: to the markets comes to a close. Yesterday, stocks gate

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Speaker 5: back a chunk of Wednesday's massive rally. The S and

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Speaker 5: P five hundred fell three and a half percent.

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Speaker 2: Well, there's another worry for Wall Street this morning, Lisa,

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Speaker 2: as the safe haven status of US treasuries and the

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Speaker 2: dollar have come into question. We get the latest of

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Speaker 2: Bloomberg's John Tucker, John, Good morning, Good.

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Speaker 8: Morning, Karen. Normally, in periods of stress, money flows into

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Speaker 8: the perceived safety of US treasuries. They rallied during the

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Speaker 8: global financial crisis nine to eleven and even when America's

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Speaker 8: own credit rating was cut. But now as President Trump

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Speaker 8: unleashes an all out of salt on global trade. Their

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Speaker 8: status is the world safe haven is increasingly coming into question,

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Speaker 8: Henry Allen at Deutsche Bank, Whereas this could be the

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Speaker 8: start of a regime change.

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Speaker 6: It's really striking that today we have seen US treasury

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Speaker 6: sell off quite severely in response to what's going on.

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Speaker 7: So I think that does speaks that broad a confidence crisis.

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Speaker 8: As US debts sold off, yields, especially on the longer

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Speaker 8: term debt, have surged in recent days. The dollar has

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Speaker 8: also plunged, and a disconcerting pattern has emerged investors dumping

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Speaker 8: treasuries at the same time they sold stocks and other

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Speaker 8: risky assets. As former Treasury Secretary Larry Summer says, they're

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Speaker 8: trading like the debt of an emerging market country, you know, Yorkome.

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Speaker 8: John Tucker, Bloomberg.

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Speaker 5: Radio, All right, thanks John. It also remains to be

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Speaker 5: seen what impact the tariff turmoil we'll have on corporate earnings.

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Speaker 5: This morning, big banks begin to rep Let's get a

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Speaker 5: preview with Bloomberg's Shanali Bosick with JP Morgan.

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Speaker 9: Kicking off big bank earnings in the middle of an

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Speaker 9: escalating tariff war, investors will be watching out for how

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Speaker 9: much money the big banks are making at their trading

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Speaker 9: desks in the middle of historic volatility. Investors will also

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Speaker 9: be keeping an eye on how much these banks are

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Speaker 9: able to lend as consumers are becoming more wary about

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Speaker 9: potential inflation on the heels of tariffs. I'm Shanali Basic

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Speaker 9: in New York for Bloomberg Radio.

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Speaker 2: All right, Chanale, thank you well. In other news this morning,

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Speaker 2: a New York City sight seeing helicopter broke apart in

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Speaker 2: midair and crashed into the Hudson River, killing the pilot

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Speaker 2: and a family of five Spanish tourists. New York Police

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Speaker 2: Commissioner Jessica Tish explained it was only in the air

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Speaker 2: for fifteen minutes when it reached the George Washington Bridge

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Speaker 2: before turning south, then crashing shortly thereafter.

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Speaker 3: The aircraft lost control and hit the water just a

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Speaker 3: few feet off the coast of peer A.

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Speaker 6: Park in Hoboke, and.

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Speaker 2: The victims included Siemens executive August den Esco Barr. New

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Speaker 2: York City Mayor Eric Adams we.

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Speaker 10: Loss of five family members and a pilot to an

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Speaker 10: incident was still investigating their many unknowns here, but without federal, state,

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Speaker 10: and city partners. We'll find out exactly what happened.

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Speaker 2: The helicopter, identified by the FAA as a Bell two

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Speaker 2: six helicopter, was on its sixth flight of the day.

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Speaker 2: It was found upside down in the fifty degree water

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Speaker 2: when rescuers arrived at the scene, which was closer to

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Speaker 2: the New Jersey side of the Hudson River. The NTSB

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Speaker 2: and the FAA are investigating well.

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Speaker 5: Looking at the nation's capital, the House narrowly passed a

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Speaker 5: framework for a budget proposal that President Trump supported, but

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Speaker 5: it's not a done deal. Bloomberg's Amy Morris is in

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Speaker 5: Washington with what comes next.

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Speaker 11: House Speaker Mike Johnson celebrated the passage of the blueprint legislation.

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Speaker 8: Big components of the One Big, Beautiful Bill is to

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Speaker 8: ensure that we don't have the largest tax increase in

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Speaker 8: US history all at once.

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Speaker 11: Johnson says this paves the way for Republicans to cut

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Speaker 11: one and a half trillion dollars from the budget. House

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Speaker 11: Minority Leader Hakim Jeffrey says that can't happen unless you

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Speaker 11: cut medicaid.

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Speaker 5: Republicans can run from their proposal, which is the largest

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Speaker 5: Medicaid cut in American history, but we will never allow

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Speaker 5: them to hide.

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Speaker 11: Johnson has set a target of the end of May

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Speaker 11: to enact the bill. Senate Republicans talked about getting it

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Speaker 11: done by august in Washington. Amy Morris Bloomberg Radio, It's time.

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Speaker 2: Now for a look at some of their stories making

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Speaker 2: news in New York and around the world, and for

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Speaker 2: that we're joined by Bloomberg's Michael Barr Michael, Good Morning,

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Speaker 2: Good Morning, Karen.

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Speaker 7: The Supreme Court says the Trump administration must work to

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Speaker 7: bring back a Maryland man who was mistakenly deported to

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Speaker 7: El Salvador. Kilar Abrego Garcia is a Salvadoran citizen who

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Speaker 7: had an immigration court order preventing his deportation to his

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Speaker 7: native country over fears he would face persecution from local games.

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Speaker 7: The administration has conceded that it made a mistake in

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Speaker 7: sending him to El Salvador, where he is being held

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Speaker 7: in a notorious prison, but also argued that it no

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Speaker 7: longer could do anything about it. Former federal prosecutor and

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Speaker 7: Loyola Law School professor Lori Levinson.

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Speaker 12: This has been the first big pushback on the administration

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Speaker 12: by the Supreme Court, and it took the administration basically

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Speaker 12: taking a hard line that they didn't have to do

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Speaker 12: anything to bring back somebody, even though they wrongfully sent

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Speaker 12: them to a foreign country.

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Speaker 7: Loyola Law School professor Lori Levinson, a Russian American woman

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Speaker 7: freed by Moscow, has arrived back in the US as

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Speaker 7: part of a prisoner swap. A plane carrying Cassenna Carolina

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Speaker 7: landed late last night at Joint Bass Andrews, where she

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Speaker 7: was greeted by her fiancee. She was released earlier in

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Speaker 7: the day in exchange for a Russian German Man who

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Speaker 7: had been jailed in the US on smuggling charges. Carolina

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Speaker 7: was arrested last year, convicted of treason on charges stemming

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Speaker 7: from a donation of just fifty two dollars to a

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Speaker 7: charity aiding Ukraine. There are now two hundred and twenty

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Speaker 7: two reported depths in the tragic roof collapse of a

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Speaker 7: crowded nightclub in the Dominican Republic this week search for

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Speaker 7: bodies and Santo Domingo has ended, and as we have

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Speaker 7: been reporting, a New York City sight seeing helicopter broke

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Speaker 7: apart in midair and crashed into the Hudson River, killing

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Speaker 7: all six people on board. This witness saw it happen.

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Speaker 7: It was just coming down and.

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Speaker 10: At forty five angle and they went straight into the

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Speaker 10: water and it was a big splash.

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Speaker 4: It was crazy.

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Speaker 7: The five passengers were all from Spain. The pilot also

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Speaker 7: killed Global News twenty four hours a day and whenever

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Speaker 7: you want it with Bloomberg News now now Michael Barr

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Speaker 7: and this is Bloomberg Heron.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Spores update. Here's John Stshauer, John, good morning, Good

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Speaker 2: morning daring.

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Speaker 1: Not the first time Justin Rose has had a good

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Speaker 1: start to the Masters. In fact, no one has had

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Speaker 1: the first round we need more often. This is the

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Speaker 1: fifth time, one more than Jack Nicholas, who won the

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Speaker 1: Masters six times.

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Speaker 7: Rose has never won the green jacket.

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Speaker 1: Will this be the year for the forty four year

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Speaker 1: old from England who's plenty the Masters for the twentieth time.

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Speaker 1: He had a brilliant opening round a seven under sixty five.

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Speaker 1: He needed only twenty two plucks.

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Speaker 13: It was a really good day's golf on a golf

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Speaker 13: course that was a stern test. I think if you

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Speaker 13: look at the overall leaderboard, not many low scores out there,

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Speaker 13: so you had to take got a quality shots and

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Speaker 13: the light over the way played.

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Speaker 1: Three golfers trail by three, led the oberg the Canadian

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Speaker 1: Cory Connors and the defendee champion Scottie Sheffler. Rory McElroy

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Speaker 1: was four under with four roles to play, then had

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Speaker 1: two double bogies. The next in Detroit, gave three of

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Speaker 1: their top players the night off, lost one to fifteen

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Speaker 1: to one oh six Cade Cunningham thirty six points for

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Speaker 1: the Pistons, who've gone from fourteen wins last season to

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Speaker 1: forty four this year, and as the now they'd played

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Speaker 1: the Knicks in the first round of the playoffs. Although

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Speaker 1: the Knicks lead over Indiana for third in the East

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Speaker 1: is down to one game, the Rangers took out some

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Speaker 1: frustration for their disappointing season, lasting the Islanders at Ubs

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Speaker 1: Arena nine to two. Rangers scored four goals in the

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Speaker 1: first period, four more than the third. Red Sox salvaged

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Speaker 1: the game with the Blue Jays at Fenway four to three,

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Speaker 1: and Tenames the Yankees back home Tonight's Bay the Giant

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Speaker 1: Semester and Sacramento taking on the Aids. The Jets brought

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Speaker 1: in Allen Lazar because of his history catching passages from

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Speaker 1: Aaron Rodgers in Green Bay.

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Speaker 7: Rogers has gone.

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Speaker 1: Lazards stayed, but his salary was cut from eleven million

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Speaker 1: to two minds. John Stanshy, I were Bloomberg Sports.

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Speaker 5: Hey, it's about thirteen on Wall Street. Well, some more

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Speaker 5: volatility thrust into the market. Yesterday President Trump's tariffs on

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Speaker 5: China actually higher than previously announced, and now China retaliating again.

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Speaker 5: You're here to break it down for us. As Bloomberg

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Speaker 5: Senior editor Bill Farries. Bill, it's hard to keep up

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Speaker 5: with his news flow constantly changing. So now the White

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Speaker 5: House says the total tariffs and post on China now

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Speaker 5: add up to one hundred and forty five percent. And

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Speaker 5: now we're learning China is going to raise tariffs on

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Speaker 5: all US codes from eighty four percent to one hundred

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Speaker 5: and twenty five percent. I mean, how long is this

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Speaker 5: back and forth going to go on?

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Speaker 15: You know, yes, what we've been talking about all day.

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Speaker 15: Thanks for having me. There's a real question at what

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Speaker 15: point do these tariffs kind of start becoming meaningless numbers.

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Speaker 15: I mean, we know an analysis by Bloomberg Economics showed

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Speaker 15: that once you get over one hundred percent tariffs, at

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Speaker 15: least in the medium term, you basically bring an end

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Speaker 15: to bilateral trade. It's basically a complete decoupling. But even

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Speaker 15: in the short term, you know, the big question is

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Speaker 15: when do you start seeing the impacts from this, And

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Speaker 15: we're seeing it now with some companies already cutting back

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Speaker 15: on purchase orders from China. US companies cutting back on

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Speaker 15: purchase orders and a lot of uncertainty, CEOs tossing out

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Speaker 15: full your guidance, and no one really knows where this

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Speaker 15: is except that it's headed to a place we haven't

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Speaker 15: been before. But China's saying they're raising US tariffs on

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Speaker 15: the US goods till one hundred and twenty five percent,

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Speaker 15: and they added to that that they are not going

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Speaker 15: to go any further. They said they won't respond to

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Speaker 15: additional US moves because they said what the Trump administration

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Speaker 15: is doing now has quote become a joke.

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Speaker 5: Yeah, And they said they are going to ignore it.

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Speaker 5: I mean, can they do that? Can you just ignore it?

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Speaker 15: I think, you know, at some level it becomes it's

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Speaker 15: not clear that it really makes a difference. Right Once,

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Speaker 15: once you have one hundred and thirty percent or one

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Speaker 15: hundred and forty percent tariffs on something, doesn't really matter

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Speaker 15: if you go to one hundred and sixty percent. Maybe

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Speaker 15: for some companies it does, but for the vast majority

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Speaker 15: of products, if you're talking about more than a doubling

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Speaker 15: of their costs, you're probably starting to wipe out that

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Speaker 15: market for them.

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Speaker 5: Okay, Now you talked about briefly some of the corporation's

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Speaker 5: businesses how it's affecting them. Dig more into the global

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Speaker 5: impact of all of this back and forth.

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Speaker 15: Well, it's you know, it's it's obviously the biggest trading

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Speaker 15: relationship in the world, the US China trade relationship seven

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Speaker 15: hundred billion dollars in annual trade back in normal times.

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Speaker 15: But it's really it's bigger than that, because we're talking

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Speaker 15: about American companies that have supply chains that maybe go

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Speaker 15: from China into Vietnam, into another country, maybe even into

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Speaker 15: Europe than over to the US. We've already seen as

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Speaker 15: of several days ago, eleven hundred requests from American companies

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Speaker 15: seeking exemptions from some of these teriffs, because they're saying,

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Speaker 15: even if we want to produce more in the United States,

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Speaker 15: the goods we need to make that production possible to

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Speaker 15: build up that capacity are getting tariffed, so we would

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Speaker 15: like to have some of these exemptions. But you're also

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Speaker 15: seeing Europe now, European leaders planning to go to China.

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Speaker 15: You have the Spanish Prime Minister saying that the EU

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Speaker 15: may need to shift more of its attention to better

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Speaker 15: relations with China. So China is potentially going to become

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Speaker 15: a big beneficiary of all this. They have things they

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Speaker 15: can do to at least cushion the shock from the

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Speaker 15: US measures, but they certainly can't overcome.

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Speaker 7: All of it.

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Speaker 15: So we're really in a place uncharted waters we've never

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Speaker 15: been before.

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