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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. Markets looks set for a turnaround as President Trump

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Speaker 2: continues to send mixed messages on trade. In Oval office

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Speaker 2: remarks heard on Bloomberg, the President threatened a fifty percent

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Speaker 2: tariff on China if it doesn't pull back on a

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Speaker 2: thirty four percent US tariff. At the same time, Trump

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Speaker 2: says he is willing to negotiate.

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Speaker 4: Will be talking to China, We'll be talking to a

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Speaker 4: lot of different countries, and I think, you know, if

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Speaker 4: we can make a really fair deal and a good

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Speaker 4: deal for the United States, not a good deal for

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Speaker 4: other this is America first. It's now America first.

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Speaker 2: President Trump is not saying what a fair deal would

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Speaker 2: look like, and he didn't answer when asked if he'd

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Speaker 2: consider lowering rates below the minimum ten percent. China is

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Speaker 2: vowing to fight to the end if the US insists

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Speaker 2: on imposing higher duties that are set to kick in tomorrow.

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Speaker 3: Well, Nathan, some Wall Street Titans are expressing opposition at

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Speaker 3: Trump's tariff policy. On Bloomberg's John Tucker joins us with

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Speaker 3: the very latest John good morning, Good morning, Karen.

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Speaker 5: Billionaire Ken Griffin, a Republican mega donor, so President Donald

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Speaker 5: Trump's latest tariffs amount to a hefty tax on families

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Speaker 5: and or a huge policy mistake by the administration. Larry Fink,

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Speaker 5: head of the world's largest asset manager at Blackrock, told

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Speaker 5: a gathering of chief executives and investors in New York.

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Speaker 5: Has heard here on Bloomberg Radio, the US economy is

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Speaker 5: weakening as we speak, warning that the market turmoil triggered

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Speaker 5: by the tariffs is rippling across corporate America and the world.

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Speaker 6: I am troubled by.

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Speaker 7: That.

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Speaker 6: We are not the stabilizer as a country.

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Speaker 3: We are destabilizing, and I think this is what the

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Speaker 3: financial markets are trying to grapple with.

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Speaker 5: The highest profile break with Trump over at tariffs, maybe

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Speaker 5: Elon Musk, the Washington Post reports, has made personal appeals

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Speaker 5: to the President to end the tariffs, going over the

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Speaker 5: heads of other administration officials. Over the weekend, Musk took

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Speaker 5: aim at the administration official who's been key to developing

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Speaker 5: the tariff plans, the White House Trade Advisor, Pete Navarro,

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Speaker 5: and questioned his credentials in New York on John Tucker

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Speaker 5: Bloomberg Radio.

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Speaker 2: All right, John, thank you, and speaking of Elon Musk,

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Speaker 2: his wealth has taken a pounding over the last few months,

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Speaker 2: while a fellow billionaire has been weathering the storm. Let's

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Speaker 2: get more on that now with Bloomberg's Lisa Matteo. Good morning, Lisa, Yeah,

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Speaker 2: Good morning, Nathan. It is quite a hit for Musk.

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Speaker 8: His fortune felt almost two hundred and ninety eight billion

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Speaker 8: dollars on Monday when he lost nearly four and a

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Speaker 8: half billion dollars after Tesla stock extended its losses. Now

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Speaker 8: it's the first time his net worth has dropped below

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Speaker 8: three hundred billion since November, as his role as an

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Speaker 8: advisor for President Trump has really made Tesla his target

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Speaker 8: for protests vandalism. But Musk is still the world's richest

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Speaker 8: person despite losing nearly one hundred and thirty five billion

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Speaker 8: dollars so far this year. Now on the flo slipside,

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Speaker 8: you have Berkshire, Hathaways, Warren Buffett. He's among the rare

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Speaker 8: few winners after President's tariff's triggered this selloff. Now his

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Speaker 8: net worth has climbed eleven and a half billion dollars

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Speaker 8: this year to nearly one hundred and fifty four billion.

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Speaker 8: That's according to the Bloomberg Billionaires Index. Now, that's despite

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Speaker 8: a fourteen and a half billion dollar decline since April second,

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Speaker 8: when his net worth reached its heights level in five

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Speaker 8: years now.

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Speaker 6: Experts say it.

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Speaker 8: Really shows how the property and casualty sector remained pretty

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Speaker 8: much protected from global trade. Lisa Mateo, Bloomberg Radio, Right.

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Speaker 6: Lisa, thank you.

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Speaker 3: As for the Marcus this morning, futures are moving higher.

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Speaker 3: This follows medic Monday on Wall Street. Stock started with

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Speaker 3: another selloff, with the Nasdaq one hundred dropping four and

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Speaker 3: a half percent of the open, then it surged nine

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Speaker 3: point four percent. On his story, the White House swiftly

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Speaker 3: denied that the administration was seriously considering a delayed tariffs

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Speaker 3: to allow for negotiations. Then it fell six point two percent.

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Speaker 3: That was all in the first hour of trading. The

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Speaker 3: index end of the day up a mere to ten percent.

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Speaker 3: Keith Lerner is co chief investment Officer at Truist.

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Speaker 9: But you're going to see these swings back and forth.

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Speaker 9: Each headline is going to be over extrapolated, and there's

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Speaker 9: going to be a lot of emotions. So I think

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Speaker 9: using a prudent doll course average approach into the market,

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Speaker 9: it makes a lot of sense right.

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Speaker 6: Here, Keith Lerner at truest.

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Speaker 3: At one point yesterday, the SNP added over two and

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Speaker 3: a half trillion dollars in value during a seven minute period.

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Speaker 3: Well Karen.

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Speaker 2: Democratic Senator Elizabeth Warren is lashing out at President Trump's

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Speaker 2: tariff saying they risk throwing millions of Americans out of work.

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Speaker 2: The Massachusetts Democrat says she fears a recession because of

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Speaker 2: the tariff policy.

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Speaker 10: Look, I am really worried about whether we are already

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Speaker 10: in a recession or just right on the edge. All

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Speaker 10: of the lights are flashing red. And Larry Think points

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Speaker 10: this out, but he is not the only one. There

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Speaker 10: are a lot of folks who are starting to say

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Speaker 10: this and a lot of evidence in that direction.

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Speaker 2: Democratic Senator Elizabeth Warren made those comments on Bloomberg's Balance

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Speaker 2: of Power. You can hear the full interview on the

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Speaker 2: Bloomberg Talks podcast or watch it on the Bloomberg Podcasts

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Speaker 2: page on YouTube.

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Speaker 3: Well Nathan Chicago Fed President Austin Goulesby says there's a

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Speaker 3: lot of anxiety among business leaders about terrorists sparking supply

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Speaker 3: disruptions and inflationary pressures.

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Speaker 6: Golesby spoke with CNN.

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Speaker 11: The anxiety is if these tariffs are as big as

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Speaker 11: what are threatened on the US side, and if there's

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Speaker 11: massive retaliation, and then if there's counter retaliation again, it

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Speaker 11: might send us back to the kind of conditions that

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Speaker 11: we saw on twenty one and twenty two when inflation's

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Speaker 11: raging out of control, and it could send us back

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Speaker 11: to the supply disruptions of the format we saw in

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Speaker 11: twenty twenty beginning of COVID.

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Speaker 3: Chicago FED President Austin Goulesby and his fellow central bankers

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Speaker 3: have kept interest rates unchanged this year, waiting to see

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Speaker 3: how tariffs and government policies impact the economy.

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Speaker 2: Well, Karen is the global trade war heats up. The

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Speaker 2: European Union is cooling things somewhat. When it comes to

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Speaker 2: American bourbon it's going to London. Get the details from

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Speaker 2: bloombergs hw in parts.

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Speaker 6: Good Morning you in Nathan and Karen.

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Speaker 12: American whiskey is still on the menu in Europe, but

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Speaker 12: Donald Trump says it's not enough. The US president rejecting

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Speaker 12: the European Union's latest proposal to drop tariffs on all

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Speaker 12: bilateral trade in industrial goods, accusing the BLOCK of maintaining

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Speaker 12: other barriers to trade. In terms of the detail of

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Speaker 12: the latest EU retaliatory tariffs, while bourbon is sped, the

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Speaker 12: twenty seven EU nations arethur target US exports including motorcycles, tobacco,

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Speaker 12: house on appliances and poultry, and while further measures are

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Speaker 12: being discussed by the EU, for now, US as sillers,

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Speaker 12: at least can breathe a sigh of relief. Live in London,

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Speaker 12: I'm you in pots Splinberg.

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Speaker 6: Radio, right new and thank you.

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Speaker 3: Oil on the decline once again right now Nimex Crewede

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Speaker 3: oil is up four tenths of US percent at sixty

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Speaker 3: dollars ninety three cents of barrel. Brent is at sixty

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Speaker 3: four dollars thirty nine cents. That's up three tenths of

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Speaker 3: US percent, and Goldman sach says it could fall even further.

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Speaker 3: The firm, just fresh from cutting oil forecast twice in

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Speaker 3: a week. Save Brent has the outside potential to fall

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Speaker 3: below forty dollars a barrel under extreme outcomes as the

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Speaker 3: trade war flares and supplies rise.

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Speaker 2: Elsewhere in geopolitics, Karen. President Trump says the US is

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Speaker 2: holding direct talks with Iran and the next round will

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Speaker 2: take place this weekend. Bloomberg's Amy Morris reports from Washington.

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Speaker 2: President Trump announced the meeting.

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Speaker 4: There's a major meeting going on between US and Iran,

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Speaker 4: and that'll take place on Saturday, and it's at top level.

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Speaker 1: And a reporter asked, what happens if diplomacy fails.

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Speaker 4: I think if the talks aren't successful with Iran, I

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Speaker 4: think Iran is going to be in great danger.

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Speaker 1: It wasn't clear exactly what discussions President Trump was referring to.

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Speaker 1: Iranian officials rejected the idea of direct talks and proposed

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Speaker 1: negotiations with Oman as mediator in Washington. Amy Moore as

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Speaker 1: Bloomberg Radio, all.

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Speaker 6: Right, Amy, thank you.

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Speaker 3: On Capitol Hill, more conservative Republicans are warmington the idea

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Speaker 3: of higher taxes on millionaires to pay for President.

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Speaker 6: Trump's tax cut promises.

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Speaker 3: House Freedom cauck Is chair Andy Harris tells Bloomberg and

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Speaker 3: Who forty percent tax bracket is.

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Speaker 6: A reasonable way to do it.

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Speaker 3: Republican Senator Tom Tillis also says he'd be willing to

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Speaker 3: bring back the old top tax bracket of thirty nine

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Speaker 3: point six percent. Republicans are considering ending taxes on overtime

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Speaker 3: pay and new write offs for older Americans and car buyers.

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Speaker 3: They need to cut spending or raise taxes elsewhere to

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Speaker 3: pay for them. And it's time now for a look

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

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

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Speaker 3: by Bloomberg's Michael Barr Michael, good Morning.

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Speaker 7: Good morning here, and the Supreme Court is allowing the

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Speaker 7: Trump administration to use an eighteenth century wartime law to

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Speaker 7: deport Venezuelan migrants, but says they must get a court

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Speaker 7: hearing before they are taken from the US. In a

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Speaker 7: divided five to four decision, the Court said the administration

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Speaker 7: must give Venezuelans, who it claims are gang members, reasonable

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Speaker 7: time to go to court. Bloomberg's June Grosso.

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Speaker 13: What the Justice has said is they have to be

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Speaker 13: allowed to have this due process, and they should do

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Speaker 13: it by habeas corpus petition basically, and it should be

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Speaker 13: filed in a jurisdiction where they're being held. Well, they're

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Speaker 13: being held in Texas, and Texas immigration courts are not

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Speaker 13: as show wecha sympathetic to migrants, as courts and other jurisdictions,

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Speaker 13: for example New.

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Speaker 7: York and DC Bloomberg's June Grosso. Meanwhile, the Supreme Court

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Speaker 7: put off a midnight deadline for the government to return

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Speaker 7: a mistakenly deported Maryland man to the US from l Salvador.

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Speaker 7: That gives the court more time to consider the arguments

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Speaker 7: in the case of Kilmar Amando Abrego Garcia, who is

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Speaker 7: accused of being a gang member, which his family denies.

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Speaker 7: Health and Human Services Secretary Robert F. Kennedy Junior plans

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Speaker 7: to tell public health officials to stop recommending floridation of

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Speaker 7: drinking water. Kennedy is assembling a task force to focus

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Speaker 7: on the issue.

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Speaker 14: We have a public health crisis now in our country

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Speaker 14: like nothing that we've ever seen before.

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Speaker 3: When my uncle was president, I was a ten year

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Speaker 3: old boy.

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Speaker 14: Three percent of Americans at chronic disease at eight sixty percent.

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Speaker 7: Currently, about seventy two percent of the US population is

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Speaker 7: connected to fluoridated water systems. According to a court filing,

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Speaker 7: New York City's congestion pricing program is likely to remain

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Speaker 7: in place for the next several months. A legal wrangling

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Speaker 7: between the state officials and the Trump administration continues. President

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Speaker 7: Trump and his Transportation secretary have threatened in February to

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Speaker 7: him the tolling initiative, Global news twenty four hours a

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Speaker 7: day and whenever you wanted with Bloomberg News Now, Michael barrn,

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Speaker 7: this is Bloomberg.

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Speaker 10: Karen.

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Speaker 6: All right, Michael barr thank you.

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Speaker 3: Time now for the Bloomberg Sports update. Here's John stash Hour, John,

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Speaker 3: good morning, Good.

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Speaker 14: Morning hereon the National Championship game in San Antonio. Florida

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Speaker 14: and Houston both came in thirty five and four champions

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Speaker 14: of the SEC and Big twelve. Both outstanding defensively insure

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Speaker 14: that both teams shot under forty percent. The Cougars led

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Speaker 14: almost the entire game, but on the final possession the

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Speaker 14: Gators led by two. Houston had the ball fire starring at.

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Speaker 11: Little Richard hands it off out of USA USA on

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Speaker 11: the right hand.

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Speaker 14: Waring stopped with seven seconds because it's a choir, six

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Speaker 14: seconds to go, five seconds to sharp top of.

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Speaker 1: The key, lost the dribbles.

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Speaker 6: He's got to pick it up.

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Speaker 1: Its scripped up by Condon.

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Speaker 6: Condon secuse it and Florida found.

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Speaker 8: The way from twelve down to the school's third national

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Speaker 8: championship in then's basketball.

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Speaker 14: On Western One, Florida prevailed sixty five sixty three. They

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Speaker 14: trailed by at least nine points in the second half

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Speaker 14: of each of their last three tournament games. Walter Clayton,

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Speaker 14: a most outstanding player of the last ninety scored only

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Speaker 14: eleven points at the Garden, Rangers took a big step

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Speaker 14: towards the golf course, not the Stanley Cup playoffs. Tampa

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Speaker 14: Bay scored three times in a span of less than

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Speaker 14: two minutes of the first period, went on to win

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Speaker 14: five to one at Cityfield. More great Mets pitching two

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Speaker 14: nothing went over my amivonk Codei Singa and three relievers.

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Speaker 14: The metsad won five in a row. Their team era

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Speaker 14: is one point seven to two. Carlos Rodonzira is over five.

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Speaker 14: A second straight shaky start in frigid Detroit, the Tigers

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Speaker 14: one sixty two. The Dodgers are in DC. They went

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Speaker 14: to the White House and then Shoeotani had a single

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Speaker 14: triple and home run, but the Nationals one sixty four.

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Speaker 14: Johns stashy that we're Bloomberg Sports.

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Speaker 1: Coast to Coast on Bloomberg Radio nationwide on Sirius XM

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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. Investors are hoping to make

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Speaker 2: up some ground from three straight losing sessions on Wall

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Speaker 2: Street following President Trump's terrorf roll out last week. But

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Speaker 2: the President still keeping markets guessing when it comes to

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Speaker 2: where trade policy goes from here.

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Speaker 4: There can be permanent gariffs and there can also be

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Speaker 4: negotiations because there are things that we need beyond tariffs.

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Speaker 2: And that was the President speaking in Oval Office comments

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Speaker 2: heard on Bloomberg. Joining us this morning is Stepthany guild,

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Speaker 2: a senior director of investment strategy at robin Hood Financial.

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Speaker 2: Great to speak with you, Stephanie, as we look at

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Speaker 2: futures point to a higher open finally this morning. But

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Speaker 2: what are you hearing from the President? Sometimes he talks

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Speaker 2: about matching tariff rates from other countries. Sometimes he talks

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Speaker 2: about trade and balances. What is the message that you're hearing.

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Speaker 15: I think it's hard to decipher. As you say, I

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Speaker 15: think I was most encouraged, and I think the markets

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Speaker 15: this morning are most encouraged by the fact that there

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Speaker 15: was a political argument a Politico article that was saying

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Speaker 15: how Bissett was trying to talk him into understanding the

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Speaker 15: greater impact on markets on the and the economy. I

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Speaker 15: think there was also another couple of articles talking about

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Speaker 15: how there could be actually true legal challenges that could

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Speaker 15: win against this. So I think there's you know, starting

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Speaker 15: to feel like there's movement and enough pressure against that

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Speaker 15: perhaps it won't go as far as as originally announced,

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Speaker 15: whereas it felt like somewhat hopeless the last couple of days.

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Speaker 15: I do think Trump is quite set on making changes,

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Speaker 15: and on the other hand, if you're seeing their reaction

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Speaker 15: from other countries they are making, you know, they are

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Speaker 15: trying to come with some terms, So it's there is

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Speaker 15: some hope still. What worries me also is the hope

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Speaker 15: because for investors that is not a strategy, and you know,

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Speaker 15: you do need, I think, to have some caution with

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Speaker 15: all of these headlines because they could change on an instant.

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Speaker 2: Yeah, we've certainly seen that yesterday when just one headline

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Speaker 2: because the spike in the market before things drop back

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Speaker 2: down yesterday. How do you make a strategy when we

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Speaker 2: do have this continued mixed messaging from the white House.

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Speaker 15: I think diversification is key, you know, That's what we've

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Speaker 15: been we've been sort of talking about with our clients.

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Speaker 15: And then also we recently long robin Hood strategies, which

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Speaker 15: actually manages money on behalf of our clients. And in

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Speaker 15: that case, like we are, we are spreading across like

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Speaker 15: a couple of different ways. One is that we we

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Speaker 15: recognize that the world order may be changing a bit

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Speaker 15: and US exceptionalism may be deteriorating in the near term

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Speaker 15: because of not only tariff tariffs, but also because of

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Speaker 15: political policy. You know, other countries having a step in

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Speaker 15: where the US may have been, and as a result

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Speaker 15: of that you may get just shifting spend fiscal spending.

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Speaker 15: So we think having a diversification across the world and

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Speaker 15: not just focusing in the US market is a good idea.

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Speaker 15: And honestly, just having some extra cash on the side,

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Speaker 15: whether it's in the form of treasury bills or you know,

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Speaker 15: just earning a good yield and looking for opportunities, because

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Speaker 15: there certainly are opportunities forming in this market.

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Speaker 2: Do you see a Trump put Stephanie, Is there a

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Speaker 2: level that the president's looking at where he might back off?

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Speaker 15: I don't see it in the stock market. I do

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Speaker 15: think he's looking for it in the bond market. I

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Speaker 15: think he truly wants the dollar weaker and he wants

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Speaker 15: interest rates lower. And I think that, you know, interest

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Speaker 15: rates lower actually also helps with budget cuts because we

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Speaker 15: had you know, I think we spent a trillion dollars

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Speaker 15: last year on interest on interest alone, interest payments alone

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Speaker 15: from the government. So I think that's where you see it.

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Speaker 15: And he's certainly gotten some of that on the bond market.

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Speaker 15: But it's you know, yesterday you saw bond Ylet's go

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Speaker 15: back up a bit, because there is the other side

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Speaker 15: of this tariff coin, which is inflation. And I think

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Speaker 15: another thing to note Jamie Diamond actually put this in

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Speaker 15: his shareholder letter, which I think was published yesterday, is

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Speaker 15: that there's there is a case to be made for

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Speaker 15: when you run a deficit, you get a lot of

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Speaker 15: investment on the other side of that. And you know,

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Speaker 15: a lot of that investment has come from foreigners into

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Speaker 15: the country, and you know how if that starts to unwind,

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Speaker 15: that's that's really that's downside for in a lot of ways.

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Speaker 2: Do you see foreign investment continuing in this environment? Got

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Speaker 2: about a minute left.

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Speaker 15: I think it's going to slow, at least for the

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Speaker 15: near term. I think the same way that CEOs are

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Speaker 15: probably waiting to see what happens like I think just

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Speaker 15: some investment, whether it's domestic or international, is probably going

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Speaker 15: to be on hold while this continues.

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