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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 2: Karen, we begin with a possible easing of tensions between

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Speaker 2: the US and China. President Trump says a new trade

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Speaker 2: deal with China as possible, weeks after he imposed tariffs

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Speaker 2: on the country's imports. Speaking to reporters on Air Force One,

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Speaker 2: the President praised China's sshijinping.

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Speaker 4: It's possible, but well, we did a great trade deal

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Speaker 4: with China.

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Speaker 3: We did it.

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Speaker 4: Great for the farmers, great for manufacturers. They had it

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Speaker 4: by fifty billion dollars worth of our product, and we

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Speaker 4: were making them by it. The problem is that Biden

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Speaker 4: didn't push them to it. Here to it.

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Speaker 2: President Trump didn't outline the parameters of a potential deal.

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Speaker 2: Any agreement would face significant obstacles. His comments come a

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Speaker 2: day after he hinted at new global tariffs on cars, semiconductor,

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Speaker 2: and pharmaceutical imports.

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Speaker 3: Well, Nathan, President Trump appears to be earning further against

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Speaker 3: Ukrainian President Vladimir Zolensky. First, the President did not invite

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Speaker 3: the Ukraine to negotiations with Russia. On ending the war. Now,

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Speaker 3: Trump is calling Zelenski a dictator without elections after the

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Speaker 3: Ukrainian leader accused him of falling for Russian propaganda. The

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Speaker 3: president has heard here on Bloomberg Radio, discussed the war

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Speaker 3: at the Future Investment Initiative summit in Miami.

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Speaker 4: Europe has failed to bring peace, and Zolensky probably wants to.

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Speaker 4: Maybe he wants to keep the gravy train going. I

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Speaker 4: don't know what's the problem, but he hasn't been able.

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Speaker 4: He's very upset that he wasn't invited. He could have

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Speaker 4: come if he wanted to, but that he wasn't invited

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Speaker 4: to Saudi Arabia. But he's been working for three years,

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Speaker 4: has never been even meeting so phone calls to stop

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Speaker 4: this war. It's a horrible thing.

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Speaker 3: President Trump's turn against Zelensky leaves Ukraine with limited options.

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Speaker 3: He could keep fighting with assistants from Europe, or he

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Speaker 3: could accept whatever deal Trump might make with Russian President

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Speaker 3: Vladimir Putin.

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Speaker 2: Well Karen. President Trump is also defending his government cost

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Speaker 2: cutting effort at that Miami summit. He says some of

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Speaker 2: the doges savings could be passed the taxpayers.

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Speaker 4: There's even under consideration a new concept where we give

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Speaker 4: twenty percent of the DOGE savings to American citizens and

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Speaker 4: twenty percent goes to paying down debt. Because the numbers

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Speaker 4: are incredible.

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Speaker 2: They're a President Trump's DOAGE team has claimed fifty five

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Speaker 2: billion dollars in savings so far, its website only accounts

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Speaker 2: for about eight point six billion. A twenty percent dividend

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Speaker 2: on that total would amount to about eleven dollars per taxpayer.

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Speaker 3: Well, Nathan, the DOGE team can now add overhauling government

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Speaker 3: regulations to its cost cutting drive. President Trump has signed

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Speaker 3: an executive order for all agencies to review their rules

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Speaker 3: and make sure the align with the administration's policies and

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Speaker 3: the DOGE effort. The President also signed a directive eliminating

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Speaker 3: or minimizing a dozen federal agencies, including advisory Councils on

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Speaker 3: community banks and credit unions, long COVID health equity, and

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Speaker 3: Voluntary Foreign Aid, and he signed an executive action aimed

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Speaker 3: at ensuring taxpayer money does not support undocumented migrants or

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Speaker 3: encourage illegal immigration.

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Speaker 2: Looking at geopolitics now, Karen, Secretary of State Marco Rubio

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Speaker 2: is skipping the Group of Twenty Foreign Ministers meeting in Johannesburg.

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Speaker 2: The move comes after Rubio criticized Hosts South Africa's policies

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Speaker 2: as anti American. We get more from Bloomberg's antony squads

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Speaker 2: and in Johannesburg.

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Speaker 5: I think it's a huge BOQ twenties gathering of the

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Speaker 5: world's biggest economies, and the US's the biggest economy. So

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Speaker 5: it does mean that whatever's achieved, if it's without the

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Speaker 5: US will be less meaningful. It puts it afterod of.

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Speaker 2: Composition Bloomberg's antony squads, and also reports that Treasury Secretary

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Speaker 2: Scott Bessant is not going to be traveling to the

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Speaker 2: Group of twenty Finance ministers meeting in South Africa next week.

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Speaker 2: Speaking of the Treasury Secretary, we invite you to join

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Speaker 2: us at seven am Wall Street time when Scott Bessant

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Speaker 2: speaks live with Bloomberg Surveillance. You can catch that conversation

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Speaker 2: here on Bloomberg Radio and on the Bloomberg Podcasts YouTube page.

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Speaker 3: Well, Nathan is now headed to the courts. Moments after

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Speaker 3: the Trump administration said it plans to block New York

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Speaker 3: City's congestion pricing program, the MTA filed a lawsuit in

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Speaker 3: federal court. Here's New York Governor Kathy Hogel and remarks

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Speaker 3: carried live here on Bloomberg word fight mode.

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Speaker 2: Within seconds of us getting this notification, our MTA was prepared.

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Speaker 2: We knew this could come foul.

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Speaker 6: The lawsuit within minutes.

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Speaker 2: I'm very confident will be successful.

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Speaker 7: And I also want to say.

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Speaker 8: The cameras are staying on in.

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Speaker 3: Governor Kathy Hogel says the toll program will continue while

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Speaker 3: the lawsuit plays out. The congestion pricing plan charges a

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Speaker 3: nine dollars toll on most vehicles entering Manhattan neighborhoods south

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Speaker 3: of Central Park.

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Speaker 2: Well congestion tolling's not the only thing remaining uncertain this morning.

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Speaker 2: In New York, Karen So is Mayor Eric adams political future.

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Speaker 2: US District Judge Dale Hoe has yet to rule on

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Speaker 2: the Justice Department's fight to end Adam's corruption case. The

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Speaker 2: judge heard arguments from Adam's lawyer and a DOJ official

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Speaker 2: to determine whether to sign off on the dismissal and

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Speaker 2: met with opposition from Adam's political opponents and other groups.

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Speaker 2: Adams was indicted in September on charges of bribery, fraud,

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Speaker 2: soliciting illegal foreign campaign contributions. New York Governor Kathy Hochel

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Speaker 2: has stated she's going to see what the judge decides

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Speaker 2: before she makes any decisions on removing Adams from office.

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Speaker 3: We turn to the markets now, Nathan and stocks once

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Speaker 3: again begin the day in record territory. However, the four

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Speaker 3: and a half percent rally in the S and P

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Speaker 3: five hundred this year may not last long. That's according

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Speaker 3: to strategists at City Group. The firm sees more near

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Speaker 3: intermediate term downside risk rather than potential for an advance

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Speaker 3: from Trump's policy effects. They believe investors are not yet

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Speaker 3: pricing in policy disruptions to fundamentals.

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Speaker 2: And this morning, Karen, we get earnings from the nation's

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Speaker 2: largest retailer and biggest private sector employer. Bloomberg's Tom Busby

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Speaker 2: has more.

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Speaker 7: Walmart expected to report strong sales during the holiday quarter

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Speaker 7: as consumer spending rows by more than expected in December.

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Speaker 7: Key for investors, though it's full year projection for sales

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Speaker 7: and profit in light of President Trump's tariffs and the

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Speaker 7: threats of even more levies on imports. Also interest rates

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Speaker 7: that will likely remain around seven percent for some time.

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Speaker 7: Bloomberg consensus calls for revenue of one hundred and eighty

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Speaker 7: point twenty one billion dollars earnings per share of sixty

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Speaker 7: five cents. Tom buzzby Bloomberg Radio.

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Speaker 3: All right, Tom, thank you all. Another stockwerre watching this

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Speaker 3: morning is Pallenteer. Those sharers, they're down one point four

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Speaker 3: percent right now. The drought follows a rapport that Defense

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Speaker 3: Secretary Pete Hegseth plans to slash military spending. Pallenteer, which

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Speaker 3: is seen at stock Sewer by almost fifty percent this year,

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Speaker 3: is a major US defense contractor. Time now for a

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Speaker 3: look at some of the other stories making news in

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Speaker 3: New York and around the world. And for that we're

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Speaker 3: joined by Bloomberg's John Tucker. John, Good morning, and.

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Speaker 9: Good morning, Karen Hamas handed to the Red Cross the

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Speaker 9: remains of four Israelis it had taken hostage in October

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Speaker 9: of twenty twenty three. The remains were of a young mother,

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Speaker 9: her two small children, ages four and nine nine months,

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Speaker 9: and a man at his eighties. This return comes as

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Speaker 9: the shaky Ganza truce stumbles ahead. The bodies are the

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Speaker 9: first to be delivered through negotiations since the war started.

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Speaker 9: President Troup maybe edging closer to being able to fire

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Speaker 9: Federal Reserve Chairman Jerome Powell. Let's get that story this

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Speaker 9: morning from Bloomberg's Genas Cervetti.

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Speaker 8: Bloomberg Intelligence says the Federal Reserve Act requires cause for

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Speaker 8: the President to oust Jerome Powell as a Federal Reserve

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Speaker 8: Board member, but there's a good chance that the four

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Speaker 8: cause removal restriction will be held unconstitutional for intruding on

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Speaker 8: the President's executive authority. The statute says board member shall

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Speaker 8: serve fourteen year terms unless removed before that four cause

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Speaker 8: by the US President. The Bloomberg analysis goes on to

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Speaker 8: say four cause in this context is generally thought to

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Speaker 8: mean inefficiency, neglect, or malfeasance. The statute, however, articulates no

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Speaker 8: such restriction for chairs or vice chairs of the Fed Board.

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Speaker 8: Genas Cervetti Bloomberg Radio.

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Speaker 9: Delta Airlines is offering thirty thousand dollars passenger board that

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Speaker 9: regional jet that came to rest upside down after a

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Speaker 9: crash landing at Toronto Airport earlier this week. A Delta

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Speaker 9: spokesman says the payments are a good faith gesture that

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Speaker 9: have no strings attached and does not affect rights. Two

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Speaker 9: people are dead after two small planes hid in midair

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Speaker 9: north of Tucson, Arizona, yesterday. Little appears to remain one

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Speaker 9: of the aircraft expect to accept a burned wreckage on

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Speaker 9: the desert floor. One of the planes was able to land.

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Speaker 9: The NTSB and FAA are on their way to the

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Speaker 9: scene to investigate, and the Vatican says this morning, Pope

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Speaker 9: Francis is continuing his recovery from pneumonia, eating breakfast in

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Speaker 9: bed after a sixth night in the hospital. New blood

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Speaker 9: tests showed a slight improvement in some inflammation for the

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Speaker 9: eighty eight year old Pontiff Global News twenty four hours

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Speaker 9: a day and whenever you want it with Bloomberg News.

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Speaker 1: Now.

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Speaker 9: I'm John Tucker. This is Bloomberg.

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Speaker 3: Karen all right, John, thank you time Enberg Sports update

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Speaker 3: brought to you by Tri State OUTI. Here's John Stashauer, John,

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Speaker 3: good morning.

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Speaker 10: Good morning, Daron. That went for the red storm of

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Speaker 10: Saint John's. This one no surprise at DePaul forty one

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Speaker 10: points at each half and eighty two to fifty eight victory.

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Speaker 10: Kadari Richmond seventeen points, nine rebounds, five assists. Saint John's

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Speaker 10: goes to fourteen and two of the Big East Big

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Speaker 10: Game Sunday with Yukon at the Garden, where tonight it's

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Speaker 10: the Knicks and the Chicago Bulls were actually two to

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Speaker 10: zero against the next This season, NBA returned with the

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Speaker 10: game last night. It was a makeup in LA from

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Speaker 10: a postponement due to the fires and an upset. Charlotte

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Speaker 10: beat the Lakers and Lebron James did play despite that

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Speaker 10: injury and ankle, but Luka Doncic struggled, shot five of eighteen,

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Speaker 10: one of nine on three pointers, had six turnovers. Hockey

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Speaker 10: tonight in Boston, US and Canada and the Four Nations

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Speaker 10: faceoff final. Remember what happened between the two teams just

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Speaker 10: after the opening faceoff last Saturday in Montreal. Three fights

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Speaker 10: in the first nine seconds. The Rangers J. T. Miller

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Speaker 10: was in one of them.

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Speaker 6: After set the tell them if you let those guys

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Speaker 6: come out with David flying around to start the game,

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Speaker 6: I think Kennon flying around like you know, that could

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Speaker 6: become a contagious and infectious thing in that building. So

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Speaker 6: I just think that, you know, last game was a

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Speaker 6: such a unique start because we knew we have to

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Speaker 6: set the tone in the game and have our presence

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Speaker 6: in the game. You know it's different this time around,

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Speaker 6: but in a sense of intensity that won't change.

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Speaker 10: It sounds late that the Chuck brothers will both play

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Speaker 10: despite injuries in the US without defense. But Charlie mckiboy

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Speaker 10: the Long Island Day have hurt his shoulder and then

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Speaker 10: developed an infection, and his NHL team to Bruins said

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Speaker 10: to be unhappy with the treatment he got, and Yankee

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Speaker 10: camps starting Pittrick Clark Schmidt dealing with back pain. They

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Speaker 10: may need Marcus Strowman after all, at least to start

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Speaker 10: the season. They played soccer last night in Kansas City

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Speaker 10: and below zero temperatures into Miami Top Sporting and KC

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Speaker 10: in a Champions Cup Game one. Neil Lionel Messi scored

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Speaker 10: the goal. They postponed the game Tuesday through the snow.

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Speaker 10: A night later, they set a record the coldest ever

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Speaker 10: in LS game. John Stashenwer Bloomberg Sports Canada, NY.

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Speaker 1: Coast to Coast on Bloomberg Radio, nationwide, on Serious Exam

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good Morning, I'm Nathan Hager. President Trump's relations with Ukrainian

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Speaker 2: President Voladimir Zelensky may have hit a new loan. After

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Speaker 2: sidelining Ukraine from talks with Russia to end the war.

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Speaker 2: The President is now describing Zelenski this way at a

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Speaker 2: Saudi investment conference in Miami.

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Speaker 4: A dictator without elections. Zelensky better move fast, or he's

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Speaker 4: not going to have a country left. Got to move

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Speaker 4: gotta move fast, because that war's going in the wrong direction.

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Speaker 4: In the meantime, we're successfully negotiating an end to the

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Speaker 4: war with Russia.

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Speaker 2: President Trump spoke at the Future Investment Initiative Summit, as

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Speaker 2: heard here on Bloomberg Radio. From More, we are joined

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Speaker 2: by Jennifer Lawless, professor and politics chair at the University

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Speaker 2: of Virginia. Jennifer, it's great to have you back with

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Speaker 2: us on Bloomberg Daybreak. I wonder what you make of

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Speaker 2: this rhetorical shift from the President when it comes to

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Speaker 2: Ukraine's leader, what it means for the war in Ukraine.

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Speaker 2: Good morning, Good morning.

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Speaker 11: Well, I think that Donald Trump caught a lot of

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Speaker 11: people by surprise with those remarks, not only because he's

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Speaker 11: been negotiating it into the war with Russia and has

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Speaker 11: not involved Ukraine at all in these negotiations, But also

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Speaker 11: because of the way he's characterized Zelensky as a dictator

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Speaker 11: and stated that Ukraine started the war in the first place,

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Speaker 11: which is obviously not true. It's very difficult for Republicans

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Speaker 11: to back up this kind of logic. It's one thing

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Speaker 11: for them to say that they no longer support aid

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Speaker 11: to Ukraine, it's another to embrace an alternative reality, and

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Speaker 11: he's putting them in a tricky position.

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Speaker 2: Aside from the potential reaction from Republican leaders in Washington,

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Speaker 2: what's the political impact potentially for the president to take

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Speaker 2: this stand when it comes to Ukraine with American voters.

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Speaker 11: I'd say it's a difficult position with the voters as well,

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Speaker 11: for a couple of reasons. The first is that anybody

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Speaker 11: who's been paying attention and remember the initial footage coming

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Speaker 11: out of Ukraine was incredibly compelling, and it demonstrated Russia

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Speaker 11: just going in there and uprooting people. They're being asked

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Speaker 11: to suspend reality. They're also being asked to embrace a

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Speaker 11: US foreign policy that puts the United States on the

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Speaker 11: opposite side of its allies, and I think Mike Pence

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Speaker 11: actually came out yesterday and summed it up quite well

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Speaker 11: when he said that this just flies in the face

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Speaker 11: of what the American people know happened and what they

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Speaker 11: know is the right thing to do.

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Speaker 2: Aside from Mike Pence, it seems like Republicans for the

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Speaker 2: most part have been rallying behind President Trump in terms

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Speaker 2: of domestic politics, support for his cabinet nominees, that sort

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Speaker 2: of thing. You mentioned that this could lead to cracks

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Speaker 2: for Republicans when it comes to support for Ukraine. But

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Speaker 2: where do you see it going in terms of how

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Speaker 2: Republicans could continue to react to what they are hearing

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Speaker 2: from the president.

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Speaker 11: There's little to suggest that the Republicans are we to

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Speaker 11: hold the President's accountable for anything he says. So my

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Speaker 11: hunch is that several of them will say that they

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Speaker 11: don't have this shared conception of how the war began,

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Speaker 11: that they don't necessarily agree that Zelenski is a dictator,

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Speaker 11: but that none of this matters because at the end

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Speaker 11: of the day, this war has to end and Donald

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Speaker 11: Trump is going to help end it. And that's consistent

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Speaker 11: with the way they've handled a lot of domestic policy arguments.

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Speaker 11: As well. They don't necessarily think Rfk is the best

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Speaker 11: person to run HHS. They have concerns about Pete Hegseth's background,

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Speaker 11: but at the end of the day, they believe in

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Speaker 11: the overall mission and they supported the president for that reason.

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Speaker 2: In the time we have left, Jennifer, I wanted to

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Speaker 2: get your take as well on what we're seeing from

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Speaker 2: the DOJE effort, the cost cutting in Washington, d c.

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Speaker 2: And now this idea that the president's floating of a

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Speaker 2: DOGE dividend twenty percent of the savings potentially, he says

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Speaker 2: could go to tax payers. Is the President trying to

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Speaker 2: make these cuts more politically palatable.

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Speaker 11: He's literally trying to buy the support of the America

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Speaker 11: people with Elon Musk, And this wouldn't be the first

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Speaker 11: time they did this, or they tried to do this

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Speaker 11: during the campaign. What I will say is that there's

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Speaker 11: not much evidence that there's been actual savings. So if

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Speaker 11: these dividend checks are issued, it's unclear where that money

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Speaker 11: is coming from. It might be coming, for example, from

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Speaker 11: the Medicaid cuts that the President said he would not support,

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Speaker 11: that he just supported in the budget. So there's a

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Speaker 11: fixed amount of money and there's no evidence to suggest

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Speaker 11: that it's coming from government efficiency cuts, So issuing those

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Speaker 11: checks are going to be a real cost to the

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Speaker 11: American people.

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Speaker 2: Just thirty seconds left. It's been a difficult process for

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Speaker 2: federal workers certainly, But do you see support from the

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Speaker 2: American people for this cost cutting effort.

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Speaker 11: I think they'll support the cost cutting effort until they

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Speaker 11: realize some of the implications of these other policy cuts

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Speaker 11: that have happened. So in the abstract, everybody supports cutting

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Speaker 11: federal workers, everybody supports more government efficiency. It becomes trickier

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Speaker 11: for those levels of support to sustain themselves when people

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Speaker 11: are actually taking a hit in their day to day

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Speaker 11: lives and there's a land of back there.

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