Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Can we begin with the latest developments in the trade war.
Speaker 3: This morning, China demanded that the US revoke all unilateral tariffs.
Speaker 3: Spokesman for the Chinese Ministry of Commerce says there are
Speaker 3: no talks on reaching a trade deal. This comes less
Speaker 3: than twenty four hours after President Trump said he would
Speaker 3: be willing to substantially pair back tariffs on China.
Speaker 4: We're dealing with a lot of countries right now, and
Speaker 4: it could be with China. But maybe we'll make a special,
Speaker 4: you know, a deal, and we'll see what it will be.
Speaker 4: Right now, it's one hundred and forty five percent.
Speaker 5: That's very high. It got there because of the fentanyl.
Speaker 4: They're sending massive amounts of fentanyl into our country.
Speaker 3: President Trump said he could announce tariff rates for countries,
Speaker 3: including China, over the next two to three weeks.
Speaker 2: Well Nathan stocks are coming off back to back gains
Speaker 2: after President Trump eased off on two of his frequent
Speaker 2: punching bags, China and Jerome Powell, and sources say Trump
Speaker 2: turned down his aggressive rhetoric a day after meeting with
Speaker 2: executives from Walmart, Home Depot and Target, who said important
Speaker 2: taxes could disrupt supply chains and raise the prices of goods. Meanwhile,
Speaker 2: Citadel founder Ken Griffiths said the trade war has disrupted
Speaker 2: the ability of business leaders to focus on long term growth.
Speaker 6: All of us were really looking forward to four years
Speaker 6: of having a chance to really grow our businesses, and
Speaker 6: unfortunately the trade war, which has devolved into a nonsensical place,
Speaker 6: means that we're spending time now thinking about supply chains,
Speaker 6: thinking about strategically how we're going to source goods around
Speaker 6: the world. And I'll tell you what's not going to happen,
Speaker 6: because people are not going to raise the build manufactured
Speaker 6: in America.
Speaker 2: Citadel founder Ken Griffin made the comments at the Semaphore
Speaker 2: World Economy Summit.
Speaker 7: Thank Karen.
Speaker 3: The Trump administration and is considering whether to reduce certain
Speaker 3: tariffs targeting the auto industry. We get the very latest
Speaker 3: on that now with Bloomberg's John Tucker.
Speaker 8: John and Nathan Discussions or underway after auto executives where
Speaker 8: in taris would deal as severe blow to profits and jobs.
Speaker 8: Sources tell us one proposal would spare automobiles and parts
Speaker 8: already subject to taris from facing additional duties from steel
Speaker 8: and aluminum imports. Another option being studied would fully exempt
Speaker 8: to auto parts that comply with the US Mexico Canada
Speaker 8: Trade Pact. But President Trump's tarrent policies often changed quickly,
Speaker 8: so nobody knows for sure. In the Oval Office he
Speaker 8: as today, Trump was asked if he's considering changes to
Speaker 8: auto terrace and indicated he was not well, also suggesting
Speaker 8: he might even increase levies on the Canadian auto sector.
Speaker 8: And meantime, President Trump plans to mark one hundred days
Speaker 8: in office by visiting the carmaking hub of Macomb County,
Speaker 8: Michigan that's home to facilities tied to General Motors and
Speaker 8: Stilantis in New York. I'm John Tucker, Bloomberg Radio.
Speaker 2: All right, John, thank you. Well. There's at least one
Speaker 2: company saying tariffs will benefit its business going forward. Whirlpool
Speaker 2: says the long term impact of tariffs will benefit its
Speaker 2: position in the US home appliance market. We spoke with
Speaker 2: Whirlpool CEO Mark Bitzer.
Speaker 9: No matter how you look at it, we're structuring a
Speaker 9: net winner of a tariff now, there's always two sides
Speaker 9: of equation. In a short term, there are some what
Speaker 9: I would call manageable headwinds in the form of higher
Speaker 9: component costs. We also saw quite a bit of loading
Speaker 9: by competitors into the industry. But the long term, in
Speaker 9: particular one mid term particular, once week tariffs fully kick in,
Speaker 9: we are net winner in this environment.
Speaker 2: And world pool of CEO Mark Bitzer maintained the refrigerator
Speaker 2: makers full year forecast.
Speaker 3: Well, Karen, Controversies over tariffs could be taking a slice
Speaker 3: out of President Trump's approval rating. The New York Times
Speaker 3: is reporting the rating has sunk to about forty five percent.
Speaker 3: That's down from fifty two percent one week after the
Speaker 3: president took office.
Speaker 2: Well, now, Nathan, let's get the latest on the war
Speaker 2: in Ukraine. Russia launched a barrage of missiles and drones
Speaker 2: on eight regions over including the capital Kief. At least
Speaker 2: nine people were killed more than seventy others hurt. The
Speaker 2: latest assault came hours after President Trump accused Ukrainian leader
Speaker 2: of Vladimir Zelenski of prolonging the war.
Speaker 5: I think we have a deal with Russia.
Speaker 4: We have to get a deal with Zelensky, and I
Speaker 4: hope that Selenski. I thought it might be easier to
Speaker 4: deal with Zelenski. So far it's been harder. But that's okay.
Speaker 5: It's so right.
Speaker 2: President Trump spoke from the Oval Office as heard on Bloomberg,
Speaker 2: and President Zelenski is in South Africa but now says
Speaker 2: he'll cut that visit short and return to Kiev following
Speaker 2: this latest attack.
Speaker 3: And back in this country. Karen Harvard University is indicating
Speaker 3: it wants to move quickly on its legal fight with
Speaker 3: the Trump administration over more than two billion dollars in
Speaker 3: federal funds. The university is telling a federal judge it
Speaker 3: will not ask for a temporary to block the government's
Speaker 3: funding freeze. Instead, its plans to seek a quick judgment
Speaker 3: on its central claim that the administration is threatening its
Speaker 3: independence and free speech. The White House froze two point
Speaker 3: two billion dollars in research grants this month after Harvard
Speaker 3: refused to overhe Hall its governance, hiring and diversity practices.
Speaker 2: Well, Nathan, let's turn back to the markets now and
Speaker 2: check out some stocks that are on the move this morning.
Speaker 2: Shares of IBM, they're down almost eight percent. The company
Speaker 2: said the government's cost cutting actions led Myightinlon must Department
Speaker 2: of Government Efficiency are having an effect. About fifteen of
Speaker 2: IBM's contracts with the federal government have been canceled or paused,
Speaker 2: amounting to about one hundred million dollars in future payments.
Speaker 3: And we're watching shares of Chipotle in the pre market
Speaker 3: as well, Karen. They are down four percent. The fast
Speaker 3: food chain lowered it's full your outlook after quarterly sales
Speaker 3: declined for the first time in almost five years.
Speaker 2: On the flip side, shares of Texas Instruments they are
Speaker 2: up more than five percent. The biggest maker of analog
Speaker 2: semiconductors gave a better than anticipated forecast for the current
Speaker 2: period after demand for industrial and automotive components improved.
Speaker 3: And staying in tech, Karen, After the bell, we hear
Speaker 3: from one of the magnificent seven Google parent alphabet reports,
Speaker 3: and we get a preview from Bloomberg's Tom Busby.
Speaker 10: Key to Alphabets Q one results is growth and it's
Speaker 10: Google Cloud unit, which will show whether the boom and
Speaker 10: AI technology and the company's investments in AI infrastructure are
Speaker 10: paying off. Despite being an also ran to Amazon and Microsoft.
Speaker 10: Investors also looking to see what the company says about
Speaker 10: the mounting regulatory pressures from the EU and the US
Speaker 10: about alleged monopolies in search and ad tech. Bloomberg consensus
Speaker 10: calls for total revenue of just over eighty nine billion
Speaker 10: dollars on earnings per share of two dollars and one cent.
Speaker 10: Tom busby Bloomberg Radio, and.
Speaker 2: It's time now for a look at some of the
Speaker 2: other stories making news in New York and around the world.
Speaker 2: And for that we're joined by Bloomberg's Michael Barr.
Speaker 7: Michael, Good morning, Good morning Karen. Many people lined up
Speaker 7: to see Pope Francis lying in state at Saint Peter's Basilica.
Speaker 7: The Vatican decided to keep the doors open pretty much
Speaker 7: all night. In the first eight and a half hours
Speaker 7: of public viewing, the Vaticans said more than twenty thousand
Speaker 7: people had paid their last respect yesterday. Some had waited six.
Speaker 9: Hours because of the respect that I hug for here,
Speaker 9: the great person he was, It's worth the wait.
Speaker 11: Walking in there, it was so silent, but you could
Speaker 11: feel how much people really cared about him and how
Speaker 11: much love there was for this man.
Speaker 7: Francis, who died Monday after a stroke is lying in
Speaker 7: a simple wooden coffin. Parts of New Jersey remain on fire.
Speaker 7: Wildfire continues to burn in Ocean County. The fire is
Speaker 7: expected to keep growing in size before rain is forecast
Speaker 7: on Friday. It has burned nearly twenty square miles and
Speaker 7: thousands at one point had to be evacuated. State Environmental
Speaker 7: Protection Assistant Commissioner John Cecil says the fire is forty
Speaker 7: percent contained.
Speaker 11: We had one commercial structure that was destroyed. There were
Speaker 11: a couple of smaller cabins that appears that were impacted
Speaker 11: in some vehicles.
Speaker 7: The cause of the fire is still under investigation. Meanwhile,
Speaker 7: there are air quality alerts near the fire that will
Speaker 7: include New York City. Testimony will resume today in Harvey
Speaker 7: Weinstein's retrial on rape and sexual assault charges. Opening statements
Speaker 7: began yesterday, including a newly added third claim from a
Speaker 7: former model, Kaja Sokola. The disgraced movie local is charged
Speaker 7: with forcing oral sex on her in two thousand and six,
Speaker 7: but she also accused him in a civil lawsuit of
Speaker 7: groping her against her will four years earlier, when she
Speaker 7: was sixteen. Weinstein has pleaded not guilty of the charges.
Speaker 7: New York Stop Court throughout Weinstein's twenty twenty conviction after
Speaker 7: the previous trial judge allowed prejudicial testimony about allegations separate
Speaker 7: from the case. Illinois Senator Dick Durbin, who is the
Speaker 7: number two Democrat and the ranking member of the Senate
Speaker 7: Judiciary Committee, will be leaving Congress at the end of
Speaker 7: his term in twenty twenty six. Durbin made the announcement
Speaker 7: in a social media video.
Speaker 4: The people of Illinois have honored me with this responsibility
Speaker 4: longer than anyone elected to the Senate in our state's history.
Speaker 5: I'm truly grateful.
Speaker 7: Global News twenty four hours a day and whenever you
Speaker 7: want it with Bloomberg News Now Michael Barr, and this
Speaker 7: is Bloomberg Karen.
Speaker 2: All right, Michael Barr, thank you. Time now for the
Speaker 2: Bloombergy sports update. Here's John Stanshawer. John, good morning, Good morning, Ken, Karen.
Speaker 2: The Mets are amazing.
Speaker 12: They keep getting great pitching, They keep winning at City Field.
Speaker 12: Even after the Philly scored in the top of the
Speaker 12: tenth inning, Mets came back in the bottom. Another big
Speaker 12: hit for Pete Alonzo is league leading twenty sixth RBI
Speaker 12: tied the game. Alonzo was then at second base. Darling
Speaker 12: Marte hasn't done much this season, was at the plate
Speaker 12: with two outs.
Speaker 7: And Martin Bucks wanted.
Speaker 11: The center field comes on, so Stevens's to plates.
Speaker 5: Seventh straight for New York the hell.
Speaker 7: Yes and why the call?
Speaker 12: The Mets won four to three to complete the second
Speaker 12: best home stand in team history. They won seven and zero,
Speaker 12: and in eighteen and seven, the Mets have MLB's best record.
Speaker 12: The Yankees avoided getting swept in a three game series
Speaker 12: in Cleveland that still hasn't happens since nineteen seventy Yanks
Speaker 12: one to five to one behind Carlos Rodon, who went seventies.
Speaker 12: Both the Mets and the Yanks today have their first
Speaker 12: day off in two weeks at Fenway. Seattleby at the
Speaker 12: Red Sox eight to five, and DC Nationals again beat
Speaker 12: the Orioles four to three. Home teams won in the
Speaker 12: NBA playoffs. Celtics played without the injury Jason Tatum, who
Speaker 12: got thirty six points from Jalen Brown one oh nine
Speaker 12: to one hundred over Orlando. Cleveland made twenty two to
Speaker 12: three pointers in a one twenty one, one twelve win
Speaker 12: over Miami both teams up two games to none. Houston
Speaker 12: beat Golden State one O nine ninety four. That series
Speaker 12: tied at one, as are the Knicks and Pistons. With
Speaker 12: Game three tonight in Detroit. The Knicks simply need to
Speaker 12: score more than ninety eight points in the game two loss,
Speaker 12: the fewest points they scored in the game all season.
Speaker 12: The NFL Draft is in Green Bay, Round one tonight,
Speaker 12: with Tennessee expected to kick things off by taking quarterback
Speaker 12: cam Ward. The Giants have the third pick, the Patriots
Speaker 12: the fourth the Jets. The seventh Hall of Famer Steve
Speaker 12: McMichael has passed away. He was sixty seven. He suffered
Speaker 12: from als. McMichael played thirteen season on the defensive wine
Speaker 12: in Chicago. In nineteen eighty five, he was a big
Speaker 12: part of the Bears only Super Bowl winning team. John
Speaker 12: Stanshawerd Bloomberg Sports Care.
Speaker 1: NAKA Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3: Good morning, I'm Nathan Hager. But back and forth continues
Speaker 3: at the White House over tariffs and trade after slapping
Speaker 3: China with duties totaling one hundred and forty five percent,
Speaker 3: President Trump now says he's looking forward to a deal.
Speaker 5: We're going to have a great deals.
Speaker 4: And by the way, if we don't have a deal
Speaker 4: with a company or a country, we're going to set
Speaker 4: the tariff. We just set the tariff for something that
Speaker 4: we think that will happen.
Speaker 5: I'd say over the next couple of weeks. When you say,
Speaker 5: I think so over the next two three weeks.
Speaker 3: That was the President speaking from the Oval Office. Has
Speaker 3: heard on Bloomberg But this morning, China is saying there
Speaker 3: are no talks on a trade deal and that the
Speaker 3: US should revoke all unilateral tariffs for the very latest
Speaker 3: spear joined Bloomberg News senior editor Bill Ferries and Bill,
Speaker 3: this latest rhetoric out of Beijing is coming after President
Speaker 3: Trump said he planned to be very nice with China.
Speaker 3: Does it seem like the pendulum is swinging when it
Speaker 3: comes to the rhetoric around trade between these two superpowers?
Speaker 3: Good morning, Good morning.
Speaker 11: I think absolutely, it does look like the rhetoric is
Speaker 11: kind of shifting here. President Trump kind I think offering
Speaker 11: a fig leaf here, olive branch to China to try
Speaker 11: to perhaps get negotiations that really haven't begun started here.
Speaker 11: For a while, he was saying he just wanted to
Speaker 11: hear from Xi Jinping and get a call. There's been
Speaker 11: no call. China has kind of stuck to its gun
Speaker 11: so far and is now saying that the US needs
Speaker 11: to dial back all of its unilateral tariffs as basically
Speaker 11: a precursor to getting talks going. And interestingly enough, that
Speaker 11: comes with a lot of Shi Jinping's economic aids actually
Speaker 11: in Washington this week for all of those IMF World
Speaker 11: Bank meetings that are going on.
Speaker 3: How long can China hold out around a deal with
Speaker 3: the US given the economic challenges that the country has
Speaker 3: been facing for really a couple of years now.
Speaker 11: Yeah, they've had their own issues, a real estate crisis,
Speaker 11: kind of a lack of domestic consumption. They seem to
Speaker 11: be willing to let things continue to unfold, and I
Speaker 11: think they're betting that Donald Trump hits his pain point
Speaker 11: before Shi Jinping does. There may be some opportunities for
Speaker 11: lower level staff to engage in some informal talks. I mean,
Speaker 11: there's still time for things to happen in Washington, but
Speaker 11: right now, you know, I think Beijing is trying to
Speaker 11: take a longer view. They do have the ability to
Speaker 11: unleash domestic stimulus to try to kind of overcome some
Speaker 11: of the barriers that are popping up from the lack
Speaker 11: of trade that's taking place. But I think Donald Trump's
Speaker 11: comments also signal, you know, a little bit of light
Speaker 11: at the end of the tunnel, in the sense that
Speaker 11: one hundred and forty five percent tariffs are probably what
Speaker 11: we're not going to be staring at indefinitely.
Speaker 3: Yeah, and while these talks continue, bill or at least
Speaker 3: this rhetoric goes around, we're getting some more insight, aren't
Speaker 3: we into what the president's potential pain point might have
Speaker 3: been that they could have led him to sort of
Speaker 3: dial back this rhetoric around not just China but Fed
Speaker 3: Chair Powell.
Speaker 5: Yeah.
Speaker 11: Absolutely. I mean, you know, the week started with the
Speaker 11: markets again taking a beating over the comments about both
Speaker 11: Powell and the lack of agreement with China and other countries.
Speaker 11: We've seen him dialing back to the rhetoric on both
Speaker 11: of That is interesting. Some of that came after he
Speaker 11: met with the heads of companies like Walmart, Home Depot
Speaker 11: and Target. Obviously, just like bread and butter retailers in
Speaker 11: the American economy who have been warning that the China
Speaker 11: tariffs and really the lack of trade taking place between
Speaker 11: the two countries was going to be a big problem,
Speaker 11: and that potentially you could be in a situation with
Speaker 11: the empty store shelves in a few months after stores
Speaker 11: worked through the work through their inventories. That seems to
Speaker 11: have had an impact. We also think that he's continuing
Speaker 11: to hear from a lot of people on Wall Street,
Speaker 11: channeling perhaps through Scott Bessett, Howard Lutnik, people with really
Speaker 11: strong white or Wall Street ties.
Speaker 3: Just thirty seconds left, Bill, But while the president's diling
Speaker 3: back with China, it's really fascinating to see him sort
Speaker 3: of ramping up the rhetoric and the pressure on Ukraine's
Speaker 3: president as Ukraine continues to come under fire from Russia.
Speaker 11: Yeah, Donald Trump's saying that he thinks Zelenski has been
Speaker 11: a barrier to peace so far. He's been harder to
Speaker 11: deal with than Putin. The Zelensky and the Ukrainians coming
Speaker 11: back saying, listen, we agreed to a ceasefire forty four
Speaker 11: days ago. It hasn't happened. Russia hasn't complied Russia overnight,
Speaker 11: sending more than seventy missiles of various types and a
Speaker 11: dwarm drone swarm into Ukraine.
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