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

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Can we begin with the global trade war ratcheting up.

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Speaker 3: President Donald Trump has announced a twenty five percent tariff

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Speaker 3: on all car imports into the United States. The levy

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Speaker 3: will apply to passenger vehicles and light trucks, as well

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Speaker 3: as key parts like engines, transmissions, and electrical components.

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Speaker 4: If parts are made in America and a car isn't,

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Speaker 4: those parts are not going to be text or tariff,

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Speaker 4: and we'll have very strong policing as far as that's concerned.

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Speaker 4: For the most part, I think it's going to lead

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Speaker 4: cars to be made in one location in and right now.

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Speaker 4: A car would be made here, sent to Canada, sent

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Speaker 4: to Mexico, sent to all over the place. It's ridiculous.

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Speaker 3: In remarks heard here on Bloomberg, President Trump said the

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Speaker 3: charges will take effect next Wednesday and come on top

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Speaker 3: of any other duties.

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Speaker 2: Well. Nathan reacts to the auto tariffs are pouring in

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Speaker 2: from around the world. Canadian Prime Minister Mark Kearney says

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Speaker 2: it's a direct attack on Canada's auto sector.

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Speaker 5: Due This will hurt us, but through this period, by

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Speaker 5: being together, we will emerge stronger.

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Speaker 2: And Canadian Prime Minister Mark Kearney says that tariffs are

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Speaker 2: a clear violation of the US Mexico Canada agreement that

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Speaker 2: Trump signed during his first term.

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Speaker 3: And Karen, we are seeing immediate reaction to the proposed

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Speaker 3: auto tariffs. Stilantis, which makes the Jeep Compass SUV in Mexico,

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Speaker 3: is down about six percent. We're seeing similar losses in Mercedes,

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Speaker 3: Benz Group and BMW, and the European Union is preparing

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Speaker 3: to retaliate. The EU has a range of options available,

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Speaker 3: including retaliatory tariffs, as well as the Anti Coercion Instrument,

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Speaker 3: the Enforcement Regulation targeting US technology and services companies and

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Speaker 3: restricting access to the EU market for US financial firms.

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Speaker 2: Well in the UK, Nathan Chancellor of the Exchequer Rachel

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Speaker 2: Reeves told US moments ago that there were working with

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Speaker 2: the Trump administration to make a deal on tariffs.

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Speaker 6: I do understand the concerns of the US administration about

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Speaker 6: countries that run larger, persistent surplaces with the US. The UK, though,

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Speaker 6: is not one of those countries, which is why at

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Speaker 6: the moment the UK and the US. After Prime Minister

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Speaker 6: Kia Stomer's visit to meet the US President a couple

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Speaker 6: of weeks ago, we are now in intensive discussions with

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Speaker 6: the US administration a head of the increase in tariffs

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Speaker 6: next week to try and secure an agreement.

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Speaker 2: UK Chancellor of the Exchequer Rachel Reeves added that she

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Speaker 2: believes a trade deal can be worked out between Britain

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Speaker 2: and the United States.

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Speaker 3: Now, Karen, Carmakers in Asia are getting hit this morning.

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Speaker 3: Shares of Toyota, Nissan, and Honda all fell about two percent.

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Speaker 3: Kia dropped more than three percent, Hondai was off more

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Speaker 3: than four percent. Mazda plunged six percent.

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Speaker 2: Well, Nathan, there could be a winner emerging from these

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Speaker 2: auto tariffs, and we get that part of the story

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Speaker 2: with Bloombergy's John Tucker and John Good Morning.

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Speaker 5: Good Morning, Karen. That would be Tesla, run by billionaire

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Speaker 5: Trump advisor Elon musk Is large factories in California and

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Speaker 5: taxes that churn out all the cars it sells in

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Speaker 5: the US. Now that will insulate it to a larger

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Speaker 5: degree from President Trump's new levies. Tesla itself has been

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Speaker 5: boasting this week about its US credentials of saying in

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Speaker 5: a post on Acts that its models are quote the

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Speaker 5: most American made cars. Still Elon Muss's Tesla won't go

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Speaker 5: entirely unscathed. Between sixty and seventy five percent of the

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Speaker 5: components that Tesla uses are manufactured in the US, depending

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Speaker 5: on the model. This according to filing by the US

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Speaker 5: National Highway Traffic Safety Administration, with the majority of the

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Speaker 5: remaining parts they are sourced from Mexico. Now, with the

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Speaker 5: value of the important parts kind of unclear at this point,

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Speaker 5: the financial impact on Tesla is still unknown. In the

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Speaker 5: pre market, you have shares of Tesla. They're actually down

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Speaker 5: one percent, but that's still less than General Motors down

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Speaker 5: over six percent and Ford those shares down over three percent.

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Speaker 5: I'm John Tucker, Bloomberg Radio.

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Speaker 3: Okay, John, thank you. While President Trump focuses on trade,

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Speaker 3: his administration continues to face fallout from the signal chat

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Speaker 3: that inadvertently included Atlantic journalist Jeffrey Goldberg. The magazine released

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Speaker 3: The transcript of the conversation showed Defense Secretary Pete Heigseth

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Speaker 3: giving a timetable of attacks on who they targets and Yemen,

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Speaker 3: including the weapons used during the tariff announcement, President Trump

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Speaker 3: said he's not downplaying the situation.

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Speaker 4: Well, I don't know about downplaying the press upplays and

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Speaker 4: I think it's all a witch Hunt's so I think

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Speaker 4: it's a witch hunt.

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Speaker 3: And the President says the chat did not amount to

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Speaker 3: war plans or classified information, But some Republicans, like New

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Speaker 3: York Congressman Mike Lawler, say those kinds of conversations need

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Speaker 3: to be more secure.

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Speaker 2: There is great potential, not just that somebody be mistakenly added,

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Speaker 2: but we all know you know people screen grab.

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Speaker 3: And Democratic Senator Elizabeth Warren says the incident raises even

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Speaker 3: more questions.

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Speaker 7: How many other times are they using signal and what

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Speaker 7: are they using it for? So this is a moment.

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Speaker 7: What need some of those congressional investigations. We need a

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Speaker 7: hearing in the Senate, We need a hearing in the House.

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Speaker 3: Senator Elizabeth Warren spoke with Bloomberg's David Gora. You can

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Speaker 3: hear more of their conversation in the Bloomberg Big Take podcast.

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Speaker 2: Well, we turn back to the markets now, Nathan, and

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Speaker 2: stocks and Europe and Asia are lower on the planned

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Speaker 2: Trump auto tariffs, futures and they're pretty much little changed

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Speaker 2: after tech stocks let us sell off on Wall Street.

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Speaker 2: Market strategists, including new Edge Welths Cameron Dawson, expects the

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Speaker 2: market shoppiness to continue.

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Speaker 8: We think that volatility is going to be a key

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Speaker 8: feature of the market throughout this year, simply because even

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Speaker 8: if we get that tear of clarity, we don't think

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Speaker 8: that it's being fully captured in current earnings sessments, which

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Speaker 8: are rund two hundred and seventy dollars a share for

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Speaker 8: the full year. You're also still trading at about twenty

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Speaker 8: and a half times forward, so there's not a lot

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Speaker 8: of wiggle room for incremental bad news, which we think

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Speaker 8: just translates into staying in this choppy wide range.

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Speaker 2: New Edgewelts Camra and Dawson. This so called Magnificent seven

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Speaker 2: led yesterday's to clines. They're on track for their worst

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Speaker 2: quarter in three years.

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Speaker 3: And Karen Minneapolis Fed president Neil Cashcar He says tariffs

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Speaker 3: are causing a dramatic shift in confidence. He spoke at

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Speaker 3: an event in Minnesota, been at They're Fed for ten years,

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Speaker 3: and this is the most dramatic shift in confidence that

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Speaker 3: I can recall, except for when COVID hit in March

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Speaker 3: of twenty twenty.

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Speaker 9: A lot of is uncertainty around the tariffs right now.

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Speaker 9: Nobody knows how high are the tariff's going to go,

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Speaker 9: what are they going to get applied to, what are

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Speaker 9: other countries going to do, and how long are they

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Speaker 9: going to be sustained?

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Speaker 3: And Minneapolis Fed President Neil Cashcari says the central Bank

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Speaker 3: has more work to do on lowering inflation.

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Speaker 2: Time now for a look at some of the other

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

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Speaker 2: And for that we're joined by Bloomberg's Michael Barr Michael,

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Speaker 2: good Morning.

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Speaker 10: Good Morning, Karen, and Appeals Court refused to lift an

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Speaker 10: order keeping the Trump administration from deporting migrants to l

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Speaker 10: Salvador using the Alien Enemies Act. Loyola law professor Lorie Levinson.

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Speaker 11: The court said that it would not interfere at this

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Speaker 11: point with the current band that said that, in fact,

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Speaker 11: the people being deported had a right to some type

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Speaker 11: of hearing even if they're being removed under the Alien

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Speaker 11: Enemies Act.

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Speaker 10: President Trump has been trying to use the seventeen ninety

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Speaker 10: eight law to deport hundreds of people. The administration believes

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Speaker 10: are affiliated with a Venezuelan gang. Meanwhile, a lawyer for

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Speaker 10: a Turkish national and doctoral student at Tufts University says

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Speaker 10: she has been detained by Department of Homeland Security agents

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Speaker 10: without explanation. A lawyer for the thirty year old woman

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Speaker 10: says she had just left her home in Somerville, Massachusetts,

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Speaker 10: on Tuesday when she was stopped by agents. Four US

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Speaker 10: soldiers in a vehicle went missing in eastern Lithuania, where

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Speaker 10: authorities have been carrying out a search and rescue operation

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Speaker 10: since Tuesday. The Baltic nation's Armed Forces said no deaths

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Speaker 10: had been confirmed as the effort continued. NATO Secretary General

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Speaker 10: Mark Rude had earlier signaled that the service members had died,

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Speaker 10: but a spokesperson for the alliance said he was referring

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Speaker 10: to news reports and apologized for any confusion. In Waterbury, Connecticut,

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Speaker 10: the woman accused of holding her step son captive for

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Speaker 10: decades appeared before judge. The stepmother, fifty six year old

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Speaker 10: Kimberly Sullivan, faces kidnapping and assault charges. The step son,

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Speaker 10: now thirty two years old, was reportedly held in the

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Speaker 10: home for over twenty years with little or no food,

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Speaker 10: before he reportedly set fire to his room to escape

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Speaker 10: last month. Officials say he weighed just sixty eight pounds.

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Speaker 10: After he was rescued. The man's biological mother, Tracy Valerand,

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Speaker 10: also came to the court. She spoke to reporters, including

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Speaker 10: ABC seven, What did.

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Speaker 11: You know about Kimberly Sullivan before this had happened?

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Speaker 6: Nothing? Absolutely nothing.

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Speaker 11: My son said that it started when he was around three.

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Speaker 4: That would be about the time that those two men.

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Speaker 10: Sullivan's attorney John, it is those allegations are serious.

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Speaker 12: With those allegations are made by one person, I understand

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Speaker 12: the whole world has jumped on those allegations and has

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Speaker 12: already convicted my client with the good thing about America

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Speaker 12: is that's not how we work.

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Speaker 10: Suloman received a court continuation until tomorrow. Global News twenty

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Speaker 10: four hours a day and whenever you want it with

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Speaker 10: Bloomberg News Now. I'm Michael Barrn. This is Bloomberg Karen.

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

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Speaker 2: Bloomberg Sports Update, brought to you by Tri State Audi.

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Speaker 2: Here's John Staneshauer. John, good morning.

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Speaker 13: Do you want to careen Hope Springs e turnal on

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Speaker 13: opening day, five months after the Mets and Yankee season

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Speaker 13: both ended with the loss of the Dodgers, Mets in

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Speaker 13: the NLCS, Yanks in the World Series. Big news of

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Speaker 13: the offseason was one Soto going from one New York

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Speaker 13: team to the other. Sodo's debut comes today in Houston,

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Speaker 13: also going for the Yanks to the Mets with Clay Holmes,

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Speaker 13: he was a Yankee reliever. He's the Mets opening day

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Speaker 13: starter with the Garrett Cole injury. Carlos dan starts for

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Speaker 13: the Yanks at the Stadium ents Milwaukee. The Yanks are

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Speaker 13: using Austin Wells as their leadoff hitter. Today will be

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Speaker 13: the first time in Yankee history spinning over eighteen thousand games,

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Speaker 13: that a catcher has hit leadoff. At the Guarden, Knicks

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Speaker 13: had a fourteen point lead in the first half, but

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Speaker 13: the Clippers had a forty point third quarter. LA won

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Speaker 13: one twenty six to one thirteen. James Harden scored twenty nine.

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Speaker 13: He had three straight three pointers in that third quarter.

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Speaker 13: At Barkley's, the Nets fiftieth loss, beaten by Toronto by thirty.

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Speaker 13: The Celtics won by thirty in Phoenix. The Lakers won

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Speaker 13: at Indiana on the Lebron James Tippin at the Buzzer

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Speaker 13: at Ubs, the Islanders had a two to one lead,

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Speaker 13: then lost to Vancouver five to two. The Devils won

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Speaker 13: five to three at Chicago. The NCAA Tournament resumes tonight

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Speaker 13: with doubleheaders in Newark and San Francisco. After thirty one wins,

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Speaker 13: but the Upset lost last weekend Saint John's. Looking towards

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Speaker 13: next season, the Red Storm just added Jason sen On,

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Speaker 13: transferring in after one season at Arizona State a year ago.

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Speaker 2: He was a top recruit.

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Speaker 13: Russell Wilson set court side of the next game last night.

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Speaker 13: You get good seats when you're the Giants starting quarterback.

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Speaker 14: Thankspecting him, you get started and coming here and degraded

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Speaker 14: rock and roll every day. I think, you know, it's

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Speaker 14: a bit of lead. I think this team is really

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Speaker 14: looking for somebody to lead them in every way in

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Speaker 14: terms of the process and you know, an off season,

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Speaker 14: during the season, our habits and our thought process and

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Speaker 14: how we create you know, a great winning culture and

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Speaker 14: how do we continue to establish that.

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Speaker 13: Wellson Saider's contract yesterday. The big question now the Giants

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Speaker 13: do they still draft a quarterback next month? John Stashawer

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Speaker 13: Bloomberg Sports Karen Ethan.

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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 3: Good morning, I'm Nathan Hager. As President Trump revs up

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Speaker 3: the trade war with less than a week until the

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Speaker 3: reciprocal tariff announcement, the President has signed a proclamation imposing

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Speaker 3: a twenty five percent duty on automobile imports, and he's

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Speaker 3: threatening even more on Europe and Canada if they act

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Speaker 3: against the US.

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Speaker 4: This is very exciting to me. This is the automobile

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Speaker 4: industry and this will continue to spur growth like you

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Speaker 4: haven't seen before.

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Speaker 3: And that was the President as he signed the proclamation

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Speaker 3: inside the Oval Office and remarks heard here on Bloomberg

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Speaker 3: this morning. We were joined by Bloomberg's Kevin Whitelob Kevin,

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Speaker 3: we know US automakers had lobbied against this tariff pretty hard,

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Speaker 3: but it looks now as though that has fallen on

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Speaker 3: deaf ears. So how is this twenty five percent levee

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Speaker 3: going to work? Good morning?

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Speaker 15: Well, I think you know this is still something everyone's

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Speaker 15: still trying to make sense of the levy applies to,

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Speaker 15: you know, imports of cars made outside the US and

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Speaker 15: a number of auto parts. There are some very limited exclusions,

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Speaker 15: but it goes into effect next week, which basically on

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Speaker 15: the same day that Trump has said to you, announce

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Speaker 15: another flurry of tariffs that's going to be what he's

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Speaker 15: calling reciprocal tariffs. These are ones that are supposed to

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Speaker 15: apply broadly across sectors across the globe. So there's these

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Speaker 15: layers and layers and layers of varying tariffs that are

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Speaker 15: starting to come into effect and be announced. And you know,

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Speaker 15: I think Europe and the rest of the world are

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Speaker 15: sitting here trying to figure out, so is this real

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Speaker 15: and is this going to stick? Or are there negotiations

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Speaker 15: and other conversations to be had down the line to

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Speaker 15: that point.

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Speaker 3: I mean, we've already had conversations. The EU Trade chief

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Speaker 3: was in Washington, it has been in Washington this week,

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Speaker 3: and now we have this truth social post overnight that

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Speaker 3: the European Union in Canada could face even more tariffs

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Speaker 3: if they work together against the US. How to make

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Speaker 3: sense of all this?

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Speaker 15: Kep, Yeah, I mean we know that the EU officials

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Speaker 15: were having you know, reasonably intensive conversations with folks in

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Speaker 15: the US, but it was all they came away from it,

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Speaker 15: you know, convinced that, well, they weren't going to be

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Speaker 15: able to head anything off. This was all going to

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Speaker 15: go into effects. So the conversations will obviously continue down

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Speaker 15: down the line. So I think they were a little discouraged.

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Speaker 15: But you know, I think there's still some you know,

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Speaker 15: uncertainty about just what we're going to see from these

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Speaker 15: tariffs next week. The you know, what we've heard is

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Speaker 15: the EU is expecting something in sort of double digits

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Speaker 15: by way of percentages for for what these other across

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Speaker 15: the board teriffs are going to be. But what that means,

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Speaker 15: what kinds of exclusions, how it's going to work, That

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Speaker 15: is still all entirely unclear one way.

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Speaker 10: Or the other.

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Speaker 15: If this all sticks together and sticks, you know, and

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Speaker 15: Trump sticks with it, it is going to have a

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Speaker 15: dramatic impact on US companies and European companies, on consumers

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Speaker 15: in various places, and on the economies and in the

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Speaker 15: in the short to medium term, it does look like

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Speaker 15: it's going to be disruptive and potentially painful. Trump's you know,

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Speaker 15: has said that in the long term. He thinks it's

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Speaker 15: going to help bring manufacturing and other jobs back to

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Speaker 15: the US, But it's not really clear that how much

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Speaker 15: turmoil is going to take place then and what the

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Speaker 15: what the fallout from that is, What.

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Speaker 3: Are the US trade partners considering in terms of reaction,

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Speaker 3: action or even retaliation against these tariffs.

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Speaker 15: Yeah, the EU has been working on various retaliation plans

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Speaker 15: for a while, and so we know that they've been

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Speaker 15: very closely held, so we don't know all of the details,

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Speaker 15: but we do know that they're essentially ready to go.

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Speaker 15: But because Trump is sort of rolling you know, things

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Speaker 15: out one after the other. First we had stealing aluminum tariffs,

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Speaker 15: now we have the auto tariffs. Then we're going to

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Speaker 15: have these reciprocal tariffs. He's talked about pharmaceutical tariffs. They

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Speaker 15: kind of want to wait and get a bunch of

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Speaker 15: see see what he rolls out, at least through the

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Speaker 15: next week, step back, look at it, figure out is

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Speaker 15: there a negotiation or not, and if there's not, you know,

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Speaker 15: come and hit with with some firm retaliation. And so

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Speaker 15: I think that, you know, maybe by mid month, late month,

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Speaker 15: late April, I think we'll see what the EU is

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Speaker 15: actually going to do, but it may take them a

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Speaker 15: little while. They are also trying to find ways to

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Speaker 15: not provoke a more severe reaction, and there's some more

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Speaker 15: severe steps in the first place by by Trump. Let

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Speaker 15: them get through this and then they'll come back.

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Speaker 9: With their response.

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