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Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Krisner.

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Speaker 1: Euphoria consumed the stock market today after President Trump pause,

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Speaker 1: knew reciprocal tariffs for dozens of trading partners for ninety

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Speaker 1: days now. These reciprocal duties for most nations will be

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Speaker 1: taxed at a baseline rate of ten percent, with the

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Speaker 1: exception of China. The President did raise duties on Chinese

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Speaker 1: goods to one hundred and twenty five percent. Here is

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Speaker 1: the President speaking earlier outside the White House.

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Speaker 2: Nothing changed and nothing was done about it that I

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Speaker 2: did it in my first term. I did it and

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Speaker 2: did it well. We took in hundreds of billions of

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Speaker 2: dollars from China and others, and I started the process,

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Speaker 2: but then we had to fix up from the COVID

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Speaker 2: mess caused by China.

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Speaker 1: Shortly after those comments, the President said he cannot imagine

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Speaker 1: increasing tariffs further on China. We also heard today from

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Speaker 1: Commerce Secretary Howard Lutnik explaining why the President instituted the

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Speaker 1: pause on tariffs.

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Speaker 3: What happened is the scale of those countries who want

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Speaker 3: to come and negotiate with us is so great that

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Speaker 3: it's the incredible respect and kindness of the President that says,

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Speaker 3: I want to treat these countries with great respect, and

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Speaker 3: I'm going to so let's put a pause on and

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Speaker 3: then let's negotiate with them. But you saw also how

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Speaker 3: he dealt with China, so he wasn't worried about the

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Speaker 3: market per se. What he's worried about is that China

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Speaker 3: is retaliating and has no interest of treating American fairly.

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Speaker 1: That is Commerce Secretary Howard Lutnik speaking there. Meantime, my

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Speaker 1: White House official said today's pause will not affect the

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Speaker 1: rates that currently apply for products from Canada and Mexico.

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Speaker 1: Canadian and Mexican producers for automobiles, steel and aluminum still

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Speaker 1: face twenty five percent tariffs that were put in place

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Speaker 1: by the President earlier. The stock market saw its biggest

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Speaker 1: burst of buying since two thousand and eight, with the

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Speaker 1: S and P five hundred surging nine and to half

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Speaker 1: percent and the Nasdaq composite rallying more than twelve percent.

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Speaker 1: Torsten Slock is the chief economist at Apollo Global Management.

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Speaker 4: I do think that recession risk has been removed now

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Speaker 4: because it ended up that this shock was a lot

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Speaker 4: shorter than what we expected just a few hours ago. What,

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Speaker 4: of course is still very important is that there's still

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Speaker 4: uncertainty about what will happen in ninety days.

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Speaker 1: That is Torsten slock there from Apollo Global Management. Now,

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Speaker 1: the risk of an outright trade war between the US

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Speaker 1: and China still exist. Here is Rebecca Wallser, president of

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Speaker 1: walls Are Wealth Management.

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Speaker 5: This is a setup, complete setup to one for one

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Speaker 5: have a direct trade war with China. And although that

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Speaker 5: is a very uncomfortable thing for me to say, it

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Speaker 5: is about time because you know, one thing that I

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Speaker 5: can just say universally that I think most economists would

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Speaker 5: agree on is that China is the number two largest

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Speaker 5: economy in the world, in some cases larger than America

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Speaker 5: in some certain instances, and from that perspective, they shouldn't

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Speaker 5: have what we call most Favored Nation status at the

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Speaker 5: World Trade Organization as if they were a disadvantaged country.

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Speaker 1: Rebecca Wallser there from Wolser Wealth Management. Now. Trump's decision

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Speaker 1: to raise tariffs even further on China came after Beijing

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Speaker 1: announced plans to retaliate with an eighty four percent duty

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Speaker 1: on American goods set to take effect on Thursday. On

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Speaker 1: the other hand, we're seeing shares in US steel down

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Speaker 1: by more than eleven percent in late trading. This is

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Speaker 1: after President Trump said he does not want to see

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Speaker 1: the steelmaker owned by a Japanese company. Here is Trump

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Speaker 1: speaking in the Oval Office.

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Speaker 6: We have steel mills right now that are raging. The

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Speaker 6: steel industry has gone if I didn't put the tariffs

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Speaker 6: on steel, because China was dumping massive amounts of steel

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Speaker 6: in my first term, and I put tariffs on I

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Speaker 6: saved the steel industry. But now it's gonna thrive maybe

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Speaker 6: like never before.

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Speaker 1: That is President Trump speaking earlier from the Oval Office. Now,

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Speaker 1: the Committee on Foreign Investment in the US has forty

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Speaker 1: five days to submit its final report to the President

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Speaker 1: on Nipon Steel's proposed acquisition of US. We go to

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Speaker 1: Capitol Hill next, where House leaders postponed a key vote

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Speaker 1: on President Trump's tax cut proposals and a plan to

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Speaker 1: increase the debt ceiling. Now, this delay was due to

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Speaker 1: party infighting over federal deficits. House Republican leaders failed to

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Speaker 1: get enough GOP members to agree to a Senate passed

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Speaker 1: measure because it didn't have enough spending cuts. Speaker Mike

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Speaker 1: Johnson says he hopes the House will try again tomorrow.

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Speaker 1: Here's Johnson speaking to reporters.

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Speaker 7: And the fine tuning that we're doing right now is

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Speaker 7: part of this process. It will yield a better product

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Speaker 7: in the end. Both of these chambers will work together.

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Speaker 7: We have been very cooperative today. Just most recently in

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Speaker 7: the last several hours, US, you know, Leader Thuon and

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Speaker 7: some of his committee chairs met with some of our

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Speaker 7: members and had a thoughtful dialogue. This is all part

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Speaker 7: of it. So everything is moving along just fine. We

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Speaker 7: have a little bit of room here to work and

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Speaker 7: we're going to use that.

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Speaker 1: That was House Speaker Mike Johnson. Now, the deep divisions

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Speaker 1: within the GOP stem from whether to cut medicate health coverage,

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Speaker 1: food assistants, and other parts of the social safety net.

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Speaker 1: The US Senate has confirmed Paul Atkins as chair of

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Speaker 1: the U S Securities and Exchange Commission. Atkins is expected

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Speaker 1: to cut regulation, reduce corporate disclosures, and make SEC rules

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Speaker 1: friendlier for cryptocurrency companies. And that is news when you

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Speaker 1: want it. With Bloomberg News. Now, I'm Doug Chrisner, and

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Speaker 1: this is Bloomberg