February 4, 2025 • 17 mins
On today's podcast:
1) China Hits Back Against Trump’s Tariffs With Targeted Actions
2) UBS Extends Decline as Executives Discuss Capital Rules
3) Netanyahu Set for Trump Meeting With Fragile Grip on Power
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we begin with the latest developments in a trade
war now between the US and China. At midnight, the
Trump administration imposed a ten percent tariff on all Chinese goods.
This morning, China is retaliating. Bloomberg's John Tucker joins us
with the latest. John, what is the response?
Speaker 4 (00:32):
And Nathan? Beijing has imposed a fifteen percent tax on
some US energy imports and a ten percent fee in
American oil and agricultural equipment. It also put companies like
Calvin Klein owner PVH Corporation, and Illumina on a blacklist.
China also said it's going to investigate Google for alleged
to anti trust violations by targeting a handful of American
(00:57):
companies Nathan and Karen and slapping levies on some US goods.
This move does seem designed to avoid escalating tensions. The
tariffs are set to kick in February tenth, and this
potentially leaves room for negotiation and President Trump also did
signal a desire to speak with the Chinese leader Jijingping
before the tariffs take effect, so the reaction in the
(01:20):
market seems to be muted at this point. The Chinese currency,
the offshore you on little change this morning, in fact,
is up three tenths of per percent right now. And
then the Hangsang China Enterprises Index, this is of Chinese
stocks listed in Hong Kong that has rebounded. Initially, it
dove at the news of the US tariffs and the
Chinese countermeasures, and right now, in fact, it is up
(01:42):
three and a half percent. In New yorkome John Tuncker Bloomberg.
Speaker 2 (01:46):
Radio, All right, John, thank you. All tariffs on China
are moving ahead. America's neighbors are getting a reprieve. President
Trump says he's delaying twenty five percent tariffs on Canada
and Mexico for a month. Those are due to kick
in just after midnight this morning. Bloomberg's Derek to Clodes
says Canadian Prime Minister Justin Trudeau made a number of
concessions on border enforcement.
Speaker 5 (02:07):
Canada will appoint a fentanyl czar to monitor and crack
down on the trade of that drug, list the Mexican
cartels as terrorists, and ensure twenty four to seven eyes
on the border, which is part of that surveillance, which
will include drones and that sort of thing.
Speaker 2 (02:21):
Bloomberg's direct to Clode reports. Canada is also going ahead
with a nine hundred million dollar planet announced in December
to add more resources to the border security, including helicopters.
Speaker 6 (02:31):
Thank Karin.
Speaker 3 (02:31):
Mexico is also getting a thirty day delay on tariffs.
President Trump says he's gotten a similar border security agreement
from President Claudia Shanbaum.
Speaker 7 (02:39):
They've agreed to put in ten thousand soldiers permanently like
forever ten thousand soldiers at their side of the border
and stop fentanyl and illegal aliens from coming into our country.
Speaker 3 (02:52):
The President Trump's deal with Mexico similar to one from
the Biden administration. Mexico also agreed to send ten thousand
troops to its own southern border in twenty twenty one one.
President Trump says the US will negotiate now with both
Mexico and Canada over the next thirty days on a
more permanent economic deal.
Speaker 2 (03:07):
Well, Nathan, We now turned to the latest developments in
the War overseas. President Trump wants an agreement with Ukraine
to access its critical mineral resources in exchange for US
aid and its defense against Russia.
Speaker 8 (03:19):
We're telling Ukraine they have very valuable rare earth. We
want what we put up to go in terms of
a guarantee. We want a guarantee we want. We're handing
the money, handover fist. We're giving them equipment. European is
not keeping up with US.
Speaker 2 (03:37):
Ukraine has significant reserves of uranium, titanium, lithium, and graphied
which could be worth trillions of dollars, and President Vladimir
Zelenski offered Western allies access to these resources as part
of his victory plan last year.
Speaker 3 (03:50):
Well, meanwhile, Karen, President Trump is going to meet later
today with Israeli Prime Minister Benjamin Natanyahu in Washington. Bloomberg
Zamy Morris has a preview from the nation's capital.
Speaker 9 (03:59):
Israeli Prime Minister Benjamin Nettanna, who says being the first
world leader to visit the White House and meet with
the President since his inauguration sends a strong signal.
Speaker 6 (04:08):
I think it's a testimony to the strength of the
Israeli American alliance.
Speaker 9 (04:12):
The meeting comes as US and Arab mediators begin brokering
the next phase of a ceasefire agreement. Nataannahuo plans to
discuss with President Trump critical issues facing Israel and the region,
including victory over Hamas, achieving the release of the remaining
hostages in Gaza, and dealing with the Iranian access Amy
Morris Bloomberg Radio, All.
Speaker 2 (04:32):
Right, Amy, thank you. By the President has signed an
executive action to create a sovereign wealth fund for the
US Treasury Secretary Scott Bessend and Commerce Secretary nominee Howard
Lutnik will be spearheading the effort. Here's Bessend.
Speaker 10 (04:45):
Within the next twelve months, we are going to monetize
the assets side of the US balance sheet for the
American people. Where are going to put the assets to work?
And I think it's going to be very exciting. We've
study best practices has done around the world.
Speaker 2 (05:04):
And Treasury Secretary Scott Besson said the fund would be
created within the next twelve months and could be used
to facilitate the sale of TikTok.
Speaker 3 (05:11):
Well, let's turn to markets now, Karen, as we watch
futures move lower once again this morning, this time on
the China US trade WARRIS and P futures are down
about two tenths of one percent. Stocks paired their losses
yesterday after the US agreed to delay tariffs on Canada
and Mexico. The SMP closed down three quarters of one percent,
after being nearly two percent lower earlier in the session.
Speaker 2 (05:32):
Well one stock that's on the move this morning, Nathan
is Pallenteer. The shares are up more than eighteen percent.
The software company is out with the full year revenue
forecast that exceeded analyst estimates. Begin more with the Bloomberg's
Charlie Pellett.
Speaker 11 (05:46):
CEO Alex Karp cites what he calls untamed organic growth
in demand for its artificial intelligence software. Derek John is
senior investment strategist at Crane Funds.
Speaker 10 (05:58):
We see Patentier, host of Time Show, to become the
go to operating system for enterprises in the AGI world.
Speaker 11 (06:05):
A reference to artificial general intelligence, best known for its
national security work and more recently its AI platform. Palenteer
stock searched three hundred and forty percent last year in
New York. Charlie Palette, Bloomberg Radio, Thanks Charlie.
Speaker 3 (06:21):
Looking overseas, shares of UBS are down nearly six percent.
The bank beat earnings estimates, but concern persists over a
potentially substantial increase in capital requirements. In an interview with
Bloomberg CEO Sergio or Mighty Warren, markets may not fully
reflect the impact post by President Trump's tariffs.
Speaker 12 (06:39):
I can see inflationary pressure coming out of tariff tariff war,
and that in turn would mean that central banks would
need to stop their easing path, potentially even reverse something
that is not priced in the market.
Speaker 3 (06:55):
UBS CEO Sergio Ormudy also says the bank aims to
buy back up to three billion dollars of a its
own shares this.
Speaker 2 (07:00):
Year and staying in Europe, Nathan shares a Diagio are
down about eight tens of a percent. The maker of
Johnny Walker, kennel I and Casamigos is scrapping its sales
target as it deals with sluggish growth and a possible
tariff battle in the US, its biggest market. About forty
five percent of Diagio's US sales are from products made
in Canada and Mexico. Time now for a look at
(07:25):
some of the other stories making news in New York
and around the world, and for that we're joined by
Bloomberg's Michael Maher.
Speaker 6 (07:30):
Michael, good morning, Good morning, Karen, Democrats are upset about
the abrupt shutdown of the US Agency for International Development.
Republicans say they welcome to move. The independent federal agency
is approved and funded by Congress, but over the weekend
it was essentially shuttered by the Department of Government Efficiency
or DOGE, headed by billionaire Trump ally Elon Musk. Democratic
(07:54):
Senator Brian Chats of Hawaii called the move flatly illegal.
Speaker 3 (07:58):
This is about, literally, do we uphold the rule of
law in the United States.
Speaker 6 (08:04):
One of those employees was Christina Dry, a speech writer
for the agency. Dry says she was locked out of
her computer without notice.
Speaker 2 (08:13):
Literally, you put an email fixed to yourself, you put
it download any of your work, and you couldn't.
Speaker 13 (08:17):
Communicate people like me who had access to BOKES and
even get this email to not come in.
Speaker 2 (08:22):
I heard about that through the grape vine.
Speaker 6 (08:24):
Democrats are asking if Musk has the power to shut
an entire agency. Whye House Press Secretary Caroline Levitt responded.
Speaker 2 (08:32):
I can confirm he's a special government and employee. I
can also confirm that he has abided by all applicable
federal laws.
Speaker 6 (08:39):
It comes as news that DOGE now has access to
the Treasury Department's payment system. Secretary of State Marco Rubio,
visiting l Salvador, announced an offer from the country's president
to accept deportees from the US and jail violent American
criminal citizens now in prison in the US as well.
Speaker 14 (08:59):
He has agreed to except for deportation any illegal alien
in the United States who is a criminal from any nationality,
be they MS thirteen or train that Agua, and house
them in his jails.
Speaker 6 (09:11):
A US official said that Rubio spoke that the Trump
administration had no plans to try to deport American citizens,
but that the offer was significant. The US government cannot
deport American citizens. Finally, the son of billionaire New England
Patriots owner Robert Craft plans to run for mayor of Boston.
Josh Craft will formally announce his campaign later this morning.
(09:34):
Josh Craft will run against first term mayor Michelle wou.
He says his number one priority is to lower the
cost of housing. Global news twenty four hours a day,
whenever you want it with Bloomberg News Now. Why Michael
Barr and this is Bloomberg Karen.
Speaker 2 (09:47):
All right, Michael Barr, thank you time now for the
Bloomberg Sports update, brought to you by tri State out
Here's John stash Hour, John good morning, Good one up.
Speaker 13 (10:00):
The Garden Knicks and the much improved Houston Rockets, who
threw three quarters at an eleven point lead. So in
the fourth, the Knicks look to their captain Brunson against
Thompson gets inside La off the hotness, the Brunson barrage
continuers shot.
Speaker 11 (10:15):
Make it here on the fourth quarter.
Speaker 13 (10:18):
Bronson has been the catalyst.
Speaker 11 (10:19):
He's made all of bacousa a minute remaining, Brunson at
three damn tail.
Speaker 13 (10:26):
Brunsen does it again. Tied up Rockets a MSJ. Knicks
won one twenty four to one eighteen. He scored forty
six points in the fourth and seven seen of those
by Brunson, who finished with forty two. He's third and
Knicks history with now eighteen games of forty or more.
He's only in this third season with the team. Mix
wat tonight in Toronto. Rockets go to Brooklyn, top two
(10:46):
in the East, meet tonight Boston at Cleveland. The Cavs
are forty and nine and West leading Oklahoma City with
a blowout went on Milwaukee. The Thunder now thirty nine
and nine at the Guard Tonight it's red hot Saint
John's riding in an eight game winning streak, looking to
remain unb at home and taking on Marquette, top two
teams in the Big East. Baseball has fired umpire Pat Hoberg,
(11:06):
who didn't work any games in twenty twenty four due
to an investigation that determined Hoburg shared a betting account
with a friend who bet on MLB games. Holburg said
he's embarrassed, but that he never bet on baseball himself.
He can apply for reinstatement next year. Chats and Eagles
in New Orleans, so some familiar faces for Super Bowl
opening night for Patrick Mahomes and Travis Kelseats their fifth
(11:27):
Super Bowl in six years, but it's the first for
sa Kuon Barkley, who on Sunday will try to win
a Super Bowl on his twenty eight birthday. John Stasheware
Bloomberg Sports Karen.
Speaker 1 (11:36):
Nathan Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (11:49):
Good morning, I'm Nathan Hager, and the opening shots have
been fired in a new trade war between the US
and China. After President Donald Trump slapped ten percent duties
on Chinese products just after midnight East Coast time. Beijing
has responded with levies of its own on US energy
and agriculture equipment, blacklist designations for a couple of American companies,
and an anti trust investigation into Google. For the very latest,
(12:13):
we're joined by Bloomberg News Global Trade editor Brendan Murray. Brendan,
good morning. What to make of this response from China?
Is it a full tit for tat against the ten
percent tariffs?
Speaker 11 (12:23):
Good morning.
Speaker 15 (12:25):
I think the way it was characterized is right. These
are opening salvos from both sides. A ten percent tariff
on Chinese imports into the US is not really going
to change the dial all that much in terms of
trade flows between the two countries. China's retaliation is viewed
as fairly measured. They launched an anti trust investigation into Google,
(12:53):
but Google search services have been unavailable there, so you know,
they kind of sort of a paper tiger response. But basically,
this is the dance that the that the two the
world's two largest economies, will do that will bring them
to the table. President Trump will meet with President She
undoubtedly in the weeks ahead, and they'll start working out
(13:14):
a deal. If they can't, then then we will see
a trade war. And you know, to ten percent tariffs
that that Trump has put on China could become sixty percent.
And an investigation, you know, this one that we saw
into into Google, you know, could could turn it turn
its crosshairs to a company like Tesla, which you know
has a big operation in China and obviously would make
(13:37):
much more of an impact in the White House than
this than this other investigation has.
Speaker 3 (13:43):
Given what's being described as a muted response from China.
Could it have afforded to do more given the struggles
that we've seen of in the Chinese economy.
Speaker 15 (13:52):
Not really, I mean this is this is this is
Beijing's way of saying, we're ready to deal with you,
and let's let's get to the table and start and
start negotiating that if they wanted to do you know,
much harm to the to the US economy, they would
have to come with a with a whole lot more
than what they did. That's not in their interest right now.
As as you suggested, their economy is is on is
(14:14):
on the back foot, and they need to. They need
to make sure that they maintain some sort of reasonable
relationship with the US economy right now rather than cut
it off completely.
Speaker 3 (14:25):
Do we have a timeline on when Presidents Trump and
She could speak and what would the contours of a
deal between these two countries potentially look like.
Speaker 15 (14:35):
Well, if if you take the previous deal, we don't
really know the timetable. Uh. The President Trump is supposed
to meet with a number of leaders in the in
weeks in the weeks ahead, uh, and President She will
certainly be one of those. The contours of any particular deal,
you'd have to look back to the blueprint, a blueprint
that we saw five years ago when Trump announced his
(14:56):
quote unquote Phase one agreement they could go back is
something like that where China agrees to, you know, purchase,
you know a certain amount of American exports, agriculture, energy,
those kinds of things. But you know, the President Trump
is transactional. He's going to want something in return for
keeping tariffs off of Chinese imports.
Speaker 3 (15:17):
And speaking of that transactionality, in our last minute, Canada
and Mexico, we're supposed to get twenty five percent tariffs
after midnight. Now that's been delayed another month. What's that
say about the seriousness of the tariff threat from the President.
Speaker 15 (15:30):
Well, it says that he's got, you know, he's got
he's playing his poker hand pretty carefully when it comes
to those two countries there were those are obviously more
and more allies than China would be that and we're
connected the US is through through you know, a free
(15:50):
trade agreement across the North America. So it says that
he walks away with you know, a pledge to for
the for both Canada and Mexico to titan border security,
to migration and the flow of drugs. But it essentially
kicks the can down the road. In thirty days from now,
we're going to be having a similar conversation about whether
(16:12):
those threats of tariffs are more of a bluff or
they're for real.
Speaker 2 (16:15):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (16:22):
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Speaker 2 (16:28):
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Speaker 3 (16:43):
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Speaker 3 (17:00):
I'm Karen Moscow and I'm Nathan Hager. Join us again
tomorrow morning for all the news you need to start
your day right here on Bloomberg.
Speaker 4 (17:07):
Dave Ray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we begin with the latest developments in a trade
war now between the US and China. At midnight, the
Trump administration imposed a ten percent tariff on all Chinese goods.
This morning, China is retaliating. Bloomberg's John Tucker joins us
with the latest. John, what is the response?
Speaker 4 (00:32):
And Nathan? Beijing has imposed a fifteen percent tax on
some US energy imports and a ten percent fee in
American oil and agricultural equipment. It also put companies like
Calvin Klein owner PVH Corporation, and Illumina on a blacklist.
China also said it's going to investigate Google for alleged
to anti trust violations by targeting a handful of American
(00:57):
companies Nathan and Karen and slapping levies on some US goods.
This move does seem designed to avoid escalating tensions. The
tariffs are set to kick in February tenth, and this
potentially leaves room for negotiation and President Trump also did
signal a desire to speak with the Chinese leader Jijingping
before the tariffs take effect, so the reaction in the
(01:20):
market seems to be muted at this point. The Chinese currency,
the offshore you on little change this morning, in fact,
is up three tenths of per percent right now. And
then the Hangsang China Enterprises Index, this is of Chinese
stocks listed in Hong Kong that has rebounded. Initially, it
dove at the news of the US tariffs and the
Chinese countermeasures, and right now, in fact, it is up
(01:42):
three and a half percent. In New yorkome John Tuncker Bloomberg.
Speaker 2 (01:46):
Radio, All right, John, thank you. All tariffs on China
are moving ahead. America's neighbors are getting a reprieve. President
Trump says he's delaying twenty five percent tariffs on Canada
and Mexico for a month. Those are due to kick
in just after midnight this morning. Bloomberg's Derek to Clodes
says Canadian Prime Minister Justin Trudeau made a number of
concessions on border enforcement.
Speaker 5 (02:07):
Canada will appoint a fentanyl czar to monitor and crack
down on the trade of that drug, list the Mexican
cartels as terrorists, and ensure twenty four to seven eyes
on the border, which is part of that surveillance, which
will include drones and that sort of thing.
Speaker 2 (02:21):
Bloomberg's direct to Clode reports. Canada is also going ahead
with a nine hundred million dollar planet announced in December
to add more resources to the border security, including helicopters.
Speaker 6 (02:31):
Thank Karin.
Speaker 3 (02:31):
Mexico is also getting a thirty day delay on tariffs.
President Trump says he's gotten a similar border security agreement
from President Claudia Shanbaum.
Speaker 7 (02:39):
They've agreed to put in ten thousand soldiers permanently like
forever ten thousand soldiers at their side of the border
and stop fentanyl and illegal aliens from coming into our country.
Speaker 3 (02:52):
The President Trump's deal with Mexico similar to one from
the Biden administration. Mexico also agreed to send ten thousand
troops to its own southern border in twenty twenty one one.
President Trump says the US will negotiate now with both
Mexico and Canada over the next thirty days on a
more permanent economic deal.
Speaker 2 (03:07):
Well, Nathan, We now turned to the latest developments in
the War overseas. President Trump wants an agreement with Ukraine
to access its critical mineral resources in exchange for US
aid and its defense against Russia.
Speaker 8 (03:19):
We're telling Ukraine they have very valuable rare earth. We
want what we put up to go in terms of
a guarantee. We want a guarantee we want. We're handing
the money, handover fist. We're giving them equipment. European is
not keeping up with US.
Speaker 2 (03:37):
Ukraine has significant reserves of uranium, titanium, lithium, and graphied
which could be worth trillions of dollars, and President Vladimir
Zelenski offered Western allies access to these resources as part
of his victory plan last year.
Speaker 3 (03:50):
Well, meanwhile, Karen, President Trump is going to meet later
today with Israeli Prime Minister Benjamin Natanyahu in Washington. Bloomberg
Zamy Morris has a preview from the nation's capital.
Speaker 9 (03:59):
Israeli Prime Minister Benjamin Nettanna, who says being the first
world leader to visit the White House and meet with
the President since his inauguration sends a strong signal.
Speaker 6 (04:08):
I think it's a testimony to the strength of the
Israeli American alliance.
Speaker 9 (04:12):
The meeting comes as US and Arab mediators begin brokering
the next phase of a ceasefire agreement. Nataannahuo plans to
discuss with President Trump critical issues facing Israel and the region,
including victory over Hamas, achieving the release of the remaining
hostages in Gaza, and dealing with the Iranian access Amy
Morris Bloomberg Radio, All.
Speaker 2 (04:32):
Right, Amy, thank you. By the President has signed an
executive action to create a sovereign wealth fund for the
US Treasury Secretary Scott Bessend and Commerce Secretary nominee Howard
Lutnik will be spearheading the effort. Here's Bessend.
Speaker 10 (04:45):
Within the next twelve months, we are going to monetize
the assets side of the US balance sheet for the
American people. Where are going to put the assets to work?
And I think it's going to be very exciting. We've
study best practices has done around the world.
Speaker 2 (05:04):
And Treasury Secretary Scott Besson said the fund would be
created within the next twelve months and could be used
to facilitate the sale of TikTok.
Speaker 3 (05:11):
Well, let's turn to markets now, Karen, as we watch
futures move lower once again this morning, this time on
the China US trade WARRIS and P futures are down
about two tenths of one percent. Stocks paired their losses
yesterday after the US agreed to delay tariffs on Canada
and Mexico. The SMP closed down three quarters of one percent,
after being nearly two percent lower earlier in the session.
Speaker 2 (05:32):
Well one stock that's on the move this morning, Nathan
is Pallenteer. The shares are up more than eighteen percent.
The software company is out with the full year revenue
forecast that exceeded analyst estimates. Begin more with the Bloomberg's
Charlie Pellett.
Speaker 11 (05:46):
CEO Alex Karp cites what he calls untamed organic growth
in demand for its artificial intelligence software. Derek John is
senior investment strategist at Crane Funds.
Speaker 10 (05:58):
We see Patentier, host of Time Show, to become the
go to operating system for enterprises in the AGI world.
Speaker 11 (06:05):
A reference to artificial general intelligence, best known for its
national security work and more recently its AI platform. Palenteer
stock searched three hundred and forty percent last year in
New York. Charlie Palette, Bloomberg Radio, Thanks Charlie.
Speaker 3 (06:21):
Looking overseas, shares of UBS are down nearly six percent.
The bank beat earnings estimates, but concern persists over a
potentially substantial increase in capital requirements. In an interview with
Bloomberg CEO Sergio or Mighty Warren, markets may not fully
reflect the impact post by President Trump's tariffs.
Speaker 12 (06:39):
I can see inflationary pressure coming out of tariff tariff war,
and that in turn would mean that central banks would
need to stop their easing path, potentially even reverse something
that is not priced in the market.
Speaker 3 (06:55):
UBS CEO Sergio Ormudy also says the bank aims to
buy back up to three billion dollars of a its
own shares this.
Speaker 2 (07:00):
Year and staying in Europe, Nathan shares a Diagio are
down about eight tens of a percent. The maker of
Johnny Walker, kennel I and Casamigos is scrapping its sales
target as it deals with sluggish growth and a possible
tariff battle in the US, its biggest market. About forty
five percent of Diagio's US sales are from products made
in Canada and Mexico. Time now for a look at
(07:25):
some of the other stories making news in New York
and around the world, and for that we're joined by
Bloomberg's Michael Maher.
Speaker 6 (07:30):
Michael, good morning, Good morning, Karen, Democrats are upset about
the abrupt shutdown of the US Agency for International Development.
Republicans say they welcome to move. The independent federal agency
is approved and funded by Congress, but over the weekend
it was essentially shuttered by the Department of Government Efficiency
or DOGE, headed by billionaire Trump ally Elon Musk. Democratic
(07:54):
Senator Brian Chats of Hawaii called the move flatly illegal.
Speaker 3 (07:58):
This is about, literally, do we uphold the rule of
law in the United States.
Speaker 6 (08:04):
One of those employees was Christina Dry, a speech writer
for the agency. Dry says she was locked out of
her computer without notice.
Speaker 2 (08:13):
Literally, you put an email fixed to yourself, you put
it download any of your work, and you couldn't.
Speaker 13 (08:17):
Communicate people like me who had access to BOKES and
even get this email to not come in.
Speaker 2 (08:22):
I heard about that through the grape vine.
Speaker 6 (08:24):
Democrats are asking if Musk has the power to shut
an entire agency. Whye House Press Secretary Caroline Levitt responded.
Speaker 2 (08:32):
I can confirm he's a special government and employee. I
can also confirm that he has abided by all applicable
federal laws.
Speaker 6 (08:39):
It comes as news that DOGE now has access to
the Treasury Department's payment system. Secretary of State Marco Rubio,
visiting l Salvador, announced an offer from the country's president
to accept deportees from the US and jail violent American
criminal citizens now in prison in the US as well.
Speaker 14 (08:59):
He has agreed to except for deportation any illegal alien
in the United States who is a criminal from any nationality,
be they MS thirteen or train that Agua, and house
them in his jails.
Speaker 6 (09:11):
A US official said that Rubio spoke that the Trump
administration had no plans to try to deport American citizens,
but that the offer was significant. The US government cannot
deport American citizens. Finally, the son of billionaire New England
Patriots owner Robert Craft plans to run for mayor of Boston.
Josh Craft will formally announce his campaign later this morning.
(09:34):
Josh Craft will run against first term mayor Michelle wou.
He says his number one priority is to lower the
cost of housing. Global news twenty four hours a day,
whenever you want it with Bloomberg News Now. Why Michael
Barr and this is Bloomberg Karen.
Speaker 2 (09:47):
All right, Michael Barr, thank you time now for the
Bloomberg Sports update, brought to you by tri State out
Here's John stash Hour, John good morning, Good one up.
Speaker 13 (10:00):
The Garden Knicks and the much improved Houston Rockets, who
threw three quarters at an eleven point lead. So in
the fourth, the Knicks look to their captain Brunson against
Thompson gets inside La off the hotness, the Brunson barrage
continuers shot.
Speaker 11 (10:15):
Make it here on the fourth quarter.
Speaker 13 (10:18):
Bronson has been the catalyst.
Speaker 11 (10:19):
He's made all of bacousa a minute remaining, Brunson at
three damn tail.
Speaker 13 (10:26):
Brunsen does it again. Tied up Rockets a MSJ. Knicks
won one twenty four to one eighteen. He scored forty
six points in the fourth and seven seen of those
by Brunson, who finished with forty two. He's third and
Knicks history with now eighteen games of forty or more.
He's only in this third season with the team. Mix
wat tonight in Toronto. Rockets go to Brooklyn, top two
(10:46):
in the East, meet tonight Boston at Cleveland. The Cavs
are forty and nine and West leading Oklahoma City with
a blowout went on Milwaukee. The Thunder now thirty nine
and nine at the Guard Tonight it's red hot Saint
John's riding in an eight game winning streak, looking to
remain unb at home and taking on Marquette, top two
teams in the Big East. Baseball has fired umpire Pat Hoberg,
(11:06):
who didn't work any games in twenty twenty four due
to an investigation that determined Hoburg shared a betting account
with a friend who bet on MLB games. Holburg said
he's embarrassed, but that he never bet on baseball himself.
He can apply for reinstatement next year. Chats and Eagles
in New Orleans, so some familiar faces for Super Bowl
opening night for Patrick Mahomes and Travis Kelseats their fifth
(11:27):
Super Bowl in six years, but it's the first for
sa Kuon Barkley, who on Sunday will try to win
a Super Bowl on his twenty eight birthday. John Stasheware
Bloomberg Sports Karen.
Speaker 1 (11:36):
Nathan Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (11:49):
Good morning, I'm Nathan Hager, and the opening shots have
been fired in a new trade war between the US
and China. After President Donald Trump slapped ten percent duties
on Chinese products just after midnight East Coast time. Beijing
has responded with levies of its own on US energy
and agriculture equipment, blacklist designations for a couple of American companies,
and an anti trust investigation into Google. For the very latest,
(12:13):
we're joined by Bloomberg News Global Trade editor Brendan Murray. Brendan,
good morning. What to make of this response from China?
Is it a full tit for tat against the ten
percent tariffs?
Speaker 11 (12:23):
Good morning.
Speaker 15 (12:25):
I think the way it was characterized is right. These
are opening salvos from both sides. A ten percent tariff
on Chinese imports into the US is not really going
to change the dial all that much in terms of
trade flows between the two countries. China's retaliation is viewed
as fairly measured. They launched an anti trust investigation into Google,
(12:53):
but Google search services have been unavailable there, so you know,
they kind of sort of a paper tiger response. But basically,
this is the dance that the that the two the
world's two largest economies, will do that will bring them
to the table. President Trump will meet with President She
undoubtedly in the weeks ahead, and they'll start working out
(13:14):
a deal. If they can't, then then we will see
a trade war. And you know, to ten percent tariffs
that that Trump has put on China could become sixty percent.
And an investigation, you know, this one that we saw
into into Google, you know, could could turn it turn
its crosshairs to a company like Tesla, which you know
has a big operation in China and obviously would make
(13:37):
much more of an impact in the White House than
this than this other investigation has.
Speaker 3 (13:43):
Given what's being described as a muted response from China.
Could it have afforded to do more given the struggles
that we've seen of in the Chinese economy.
Speaker 15 (13:52):
Not really, I mean this is this is this is
Beijing's way of saying, we're ready to deal with you,
and let's let's get to the table and start and
start negotiating that if they wanted to do you know,
much harm to the to the US economy, they would
have to come with a with a whole lot more
than what they did. That's not in their interest right now.
As as you suggested, their economy is is on is
(14:14):
on the back foot, and they need to. They need
to make sure that they maintain some sort of reasonable
relationship with the US economy right now rather than cut
it off completely.
Speaker 3 (14:25):
Do we have a timeline on when Presidents Trump and
She could speak and what would the contours of a
deal between these two countries potentially look like.
Speaker 15 (14:35):
Well, if if you take the previous deal, we don't
really know the timetable. Uh. The President Trump is supposed
to meet with a number of leaders in the in
weeks in the weeks ahead, uh, and President She will
certainly be one of those. The contours of any particular deal,
you'd have to look back to the blueprint, a blueprint
that we saw five years ago when Trump announced his
(14:56):
quote unquote Phase one agreement they could go back is
something like that where China agrees to, you know, purchase,
you know a certain amount of American exports, agriculture, energy,
those kinds of things. But you know, the President Trump
is transactional. He's going to want something in return for
keeping tariffs off of Chinese imports.
Speaker 3 (15:17):
And speaking of that transactionality, in our last minute, Canada
and Mexico, we're supposed to get twenty five percent tariffs
after midnight. Now that's been delayed another month. What's that
say about the seriousness of the tariff threat from the President.
Speaker 15 (15:30):
Well, it says that he's got, you know, he's got
he's playing his poker hand pretty carefully when it comes
to those two countries there were those are obviously more
and more allies than China would be that and we're
connected the US is through through you know, a free
(15:50):
trade agreement across the North America. So it says that
he walks away with you know, a pledge to for
the for both Canada and Mexico to titan border security,
to migration and the flow of drugs. But it essentially
kicks the can down the road. In thirty days from now,
we're going to be having a similar conversation about whether
(16:12):
those threats of tariffs are more of a bluff or
they're for real.
Speaker 2 (16:15):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (16:22):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (16:28):
You can also listen live each morning starting at five
am Wall Street time on Bloomberg eleven three to zero
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Speaker 3 (16:43):
Plus listen coast to coast on the Bloomberg Business App
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Speaker 2 (16:49):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
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platform to stay informed all day.
Speaker 3 (17:00):
I'm Karen Moscow and I'm Nathan Hager. Join us again
tomorrow morning for all the news you need to start
your day right here on Bloomberg.
Speaker 4 (17:07):
Dave Ray
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