May 12, 2025 • 16 mins
On today's podcast:
1) Stocks soar as the U.S. and China agree to de-escalate their trade war. The US and China will temporarily lower tariffs on each other's products, with the US reducing its levies from 145% to 30% and China reducing its duties from 125% to 10%. The tariff reductions are a move to cool trade tensions and give the two countries three more months to resolve their differences, with talks potentially leading to "purchasing agreements" by China.
2) Drug stocks tumble as President Trump plans to order pharmaceutical price cuts. The declines affected European drugmakers, US drugmakers, and Asian pharmaceutical companies, with some companies experiencing their biggest one-day loss since August. The plan to lower prescription drug prices may have a significant impact on the industry's revenues, particularly for companies that depend heavily on US sales
3) Hamas says it will free its last American hostage as the president heads to the Middle East. It will release 21-year-old Israeli soldier Edan Alexander, a US citizen, as a step toward reaching a new ceasefire agreement in Gaza. The release is a result of renewed talks between the US and Hamas.
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Transcript
Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2 (00:09):
Good morning, I'm Lisa Matteo and I'm Nathan Hager.
Speaker 3 (00:12):
Here are the stories we're following today. Big moves in
the markets come as the US and China agree to
temporarily lower tariffs on each other's products. The US will
reduce levies on most Chinese imports from one hundred and
forty five percent to thirty percent, while China will drop
its duties on US goods from one hundred and twenty
five to ten percent. Treasury Secretary Scott Bessen spoke about
(00:33):
the deal this morning in Geneva.
Speaker 4 (00:35):
We have reached the an agreement on a ninety day pause.
Speaker 5 (00:46):
And substantially moved down the tariff levels.
Speaker 6 (00:52):
Both sides on the reciprocal tariffs will move their tariffs
down one hundred and fifteen.
Speaker 3 (00:58):
Percent, Treasury Secretaries god Best and added that neither side
wants to decouple. US Trade Representative Jamison Greer was also
at the news conference. It said it's imperative the US
reduced it's trade deficit.
Speaker 7 (01:10):
Person eight and our fifty billion dollar trade deficit at
the beginning of the Biden administration, so that is a
rapid an expansive increase in the trade deficit, and our
view is that this is driven in large part by
non reciprocal trade, among other things, and the result has
been offshoring of manufacturing and other negative impacts on the
US economy.
Speaker 3 (01:29):
That was US Trade Representative Jamison Greer and Treasury Secretary
Scott Besson speaking earlier at a news conference heard live
on Bloomberg Radio.
Speaker 2 (01:37):
Well, Nathan, the Chinese delegation was not at the press
conference in Switzerland. We get more from Bloomberg's deal desis
in Hong Kong.
Speaker 8 (01:43):
And we've seen, you know, quite a bit of chaos
and sort of how a lot of that has been
hammered out. Yet you've got this framing from Vessent and
Greer kind of saying, look like, you know, can we
know what we're doing, and like this is all part
of the negotiation strategy. So I thought that was a
really interesting thing to see. But then, yeah, obviously juxt
opposing that with you the very very limited amount of
information that we've gotten out of the China side. I mean,
(02:04):
you know, it's not like there was this big press
conference where both of them are coming out together. So
I do think that that kind of indicates, you know,
I'm really interested to see what the next ninety days
look like and if this is actually something that means,
you know, sort of a lasting to talk between these two.
Speaker 2 (02:17):
Bloomberg's Gilds is reporting from Hong Kong now. According to
the Shinwan News Agency, this morning, China says it committed
to the stable development of relations with US.
Speaker 3 (02:26):
And Lisa, we have an update on trade negotiations with
another Asian country. Japan's Prime Minister Shigaru Yeshiba says his
country will not accept any initial trade agreement with the
US that excludes an accord on autos. Japan will continue
to seek a reprieve from all US tariff measures and
hopes to reach some manner of agreement in June.
Speaker 2 (02:44):
Well Nathan, President Trump is vowing to cut prescription drug
prices up to eighty percent. Bloombergs John Tucker joins us
with more. John, how does he plan to do all this?
Speaker 6 (02:53):
Well, mister Trump, Lisa says in a social media post,
He's going to sign in executive order this morning, but
it'll take place at nine eastern to institute a most
Favored Nation policy. Now, he doesn't go into much detail
beyond that he claims it would drop pharmaceutical prices by
thirty to eighty percent in the US. Mister Trump didn't
(03:13):
outline potential limits on the policy, such as whether it's
going to apply only to government programs like Medicare Medicaid Now.
Americans do pay the most in the world for medicines,
fueling innovation and driving the growth of the pharmaceutical industry. Now,
drug makers have said revamping the system will slash revenue
and also stifle the development of breakthrough therapies. A pre
(03:35):
market shares a Pfizer They're down three percent, Merk shares
down one point six percent, Eli Lilly is falling down
two point six percent, and shares of Johnson and Johnson
also down two point four percent. In New York, John
Tucker Bloomberg Radio.
Speaker 3 (03:49):
All right, John, thank you. President Trump has headed to
the Middle East today. It's his first official major foreign
trip since returning you to office. The President will travel
to Saudi Arabia, Katar, and the United Area Emirates. Bloomberg's
Jumani Bressecci is in riod dozens.
Speaker 9 (04:03):
Of deals covering everything from defense and security to artificial intelligence,
rare metals, and transportation. Are expected to be signed, but
the relationship between Trump and Crown Prince MBS goes further
than deals. The recent decision by OPEI plus the oil
group led by the Saudis to raise production quickly will
also have gone down well with the US president since
(04:24):
its caused prices to drop. When it comes to foreign policy,
the Saudi Crown Prince told Trump he's ready to help
him achieve his peacemaking ambitions with Ukraine and US Special ENVOYE.
Steve Whitkoff has also been pushing for progress on a
cees Far deal in Gaza.
Speaker 3 (04:38):
Bloomberg's Jamani Verssetti adds the visit comes as Saudi Arabia
faces financial challenges due to oil prices. It's aiming to
secure deals to help boost its economy.
Speaker 2 (04:47):
An ABC News is reporting President Donald Trump's administration will
likely accept a luxury Boeing jumbo jet from Cutter's royal
family and what may be the most valuable gift ever
received from a foreign government. The network says this super
luxury Boeing seven forty seven eight jumbo jet is set
to be used as Air Force one Now. The Trump
appeared to confirm some of the reporting and a truth
(05:09):
social posts that criticized Democrats who were quick to fault
the potential deal.
Speaker 3 (05:13):
And as the President heads to the Middle East, Lisa
Hamas says it will release the last living American hostage
it's holding in Gaza. That's after renewed talks with the
US over a true deal with Israel. The freeing of
twenty one year old Israeli soldier Aidon Alexander, who is
a US citizen, is a step toward reaching a new
ceasefire agreement in Gaza, and.
Speaker 2 (05:32):
President Trump's push to end the war in Ukraine could
come to a head this week. The President is urging
Ukrainian President Vladimir Zelinsky to meet with Russia's Vladimir Putin
in Turkey this Thursday, before they've agreed to a ceasefire.
Soelinki says he'll be there and he hopes Putin won't
look for excuses for why he can't make it. Oksana
Markarova is Ukraine's ambassador to the US.
Speaker 10 (05:55):
Any day potentially could be a great day. And we
have heard loud and clear from President Trump that ceasefire
should be full and unconditional, and we have heard from
other European leaders and we have heard from President Zelenski
who always says, yes, Ukraine is radio. Nobody wants peace
more than Ukraine.
Speaker 2 (06:15):
Now. Ukrainian Ambassador Oksana Markova appeared on ABC's This Week
Heard Sundays, I'm Bloomberg Radio and Lisa.
Speaker 3 (06:22):
Tensions appear to be easing between India and Pakistan. Both
sides have agreed to a ceasefire. That's after four days
of attacks that brought the nuclear armed rivals to the
brink of full blown war. The US says it helped
mediate the agreement, but India maintains it was the result
of bilateral talks. India's High Commissioner to Singapore, Showpakambuli, says
his country does not need outside help when it comes
(06:42):
to the disputed Kashmir region.
Speaker 5 (06:44):
For US, Kashmidia' is a bilateral issue. Diplomacy does happen.
Speaker 6 (06:49):
We do speak to our counterparts, so Foreign Minister and
Foreign Secretary do speak to their counterparts. But that is
to clarify our position and what is our demand of Pakistan.
Speaker 3 (06:59):
Indian High Commissioner SHOWPOC I'm Bully, spoke with Bloomberg sus
Than Daman in Singapore. The latest tensions began April twenty second,
when gunman killed twenty six civilians in India's Jamu and
Kashmir regions. India responded two weeks later with strikes on
nine targets inside Pakistan.
Speaker 2 (07:18):
Time now for a look at some of the other
stories making news in New York and around the world.
For that, we're joined by Bloomberg's Michael bar Good Morning, Michael.
Speaker 4 (07:25):
Good Morning. Le So Transportation Secretary Sean Duffy said that
Newark Airport would see several weeks of reduced capacity as
officials grapple with continuing delays and safety lapses. Duthy on
NBC's Meet the Press, what you see.
Speaker 11 (07:39):
In Newark is going to happen in other places across
the country. It has to be fixed. And so what
we're having is some telecom issues. We're also having some
glitches in our software. As the information comes in is
overloading some of our lines and the system goes down.
So I'll just tell you specifically in Newark, we believe
we're going to have it up and running in short order.
(08:00):
We're going to be able to fix that clitch.
Speaker 4 (08:01):
Meet the Press can be heard Sundays on Bloomberg. Meanwhile,
Senate Minority Leader Chuck Schumer says it's something that needs
to be addressed by the federal government asap.
Speaker 5 (08:11):
This situation cannot last. We need all hands on deck
at the FAA. Make Newark number one, get it done,
get it done fast.
Speaker 4 (08:21):
Schumer, speaking in Queen, says, we need the FAA to
lead the final stage of jury selection for the racketeering
and sex trafficking trial of hip hop Mogul's Sean Diddy
Combs takes place later this morning. Also today, opening statements begin.
A new song by rapper Kanye West has been removed
from streaming platforms for glorifying Adolph Hitler. The rapper has
(08:42):
been accused of anti Semitism for releasing a song last
week called Hyle Hitler, which includes lyrics that praise the
Nazi dictator. Tens of thousands crowded into Vatican City to
hear the first Sunday address of the first American Pope, Leo,
with a special message for Mother, wishing them all, including
those in having a happy Mother's Day. Meanwhile, the Archbishop
(09:04):
of Chicago, Cardinal Blaze Supag, spoke on the importance for
Leo to reemphasize a message of peace in one of
the first moments of his papacy.
Speaker 12 (09:13):
It is something for him to be a voice, as
he said for peace at the very beginning of his announcement,
when you wish presented to the people.
Speaker 13 (09:23):
He cares deeply about that.
Speaker 4 (09:25):
Cardinal Soupage spoke on ABC's This Week Heart Sundays on
Bloomberg Global News twenty four hours a day and whenever
you want it with the Bloomberg News. Now, Michael Barrn,
this is Bloomberg, Lisa, Thank.
Speaker 2 (09:36):
You, Michael. Time now for our Bloomberg Sports update. For that,
we bring in John stash Hour.
Speaker 5 (09:46):
Hey there, John, Hey, Lisa.
Speaker 14 (09:47):
The Cleveland caval Leers had that great regular season, sixty
four wins most of the East, but the Calves are
in big trouble Round two of the NBA Playoffs.
Speaker 5 (09:55):
They trail Indiana three games to one.
Speaker 14 (09:56):
The Pacers after losing Game three by twenty two, one
game four by twenty the score at halftime was eighty
to thirty nine, a forty one point a half time
lead tide the playoff record. Oklahoma City won at dead
but to tie that series at two knicks with a
two to one lead, playing the Celtics huge Game four
tonight at the Gardens.
Speaker 5 (10:15):
So far, home court has meant nothing.
Speaker 14 (10:17):
In the last eight Knick playoff games have been won
by the road team. Celtics on the road thirty five
and nine, including three to zero at MSG, also tonight
in Chicago.
Speaker 5 (10:26):
It's the draft lottery.
Speaker 14 (10:28):
The winner expected to then draft the eighteen year old
duke star Cooper Flax Stanley Cup Playoffs Florida shutout Toronto
two to nothing, series, tied to two, Dallas to five
to two win over Winnipeg for two to one series lead.
Yankee spent the weekend in sack Framento. The rubber game
saw the Yanks leading the A's six to one, fifth
in eight.
Speaker 12 (10:46):
And the three to one said, deep down the right
field line, it could be got it it is. It's
a home run, a grand slam for ben Rice deep
BoNT lecburn in right field here at Sacramento. Hey, the
Yankees a blow this baby open. It is now ten
to one.
Speaker 5 (11:06):
Bombers.
Speaker 14 (11:07):
This networked to call the Yankees, who blew the lead Saturday,
won their game Friday ten to two, and won yesterday
twelve to two. The Mets also won two of three
over the weekend at City Field. They beat the cub
six to two, Eighthenny Homers by, Francisco Lindor and Brandon Neimo.
Red Sots won three to one. Of Kansas City Nationals
lost to Saint Louis six to one. Rare went for Colorado,
improving to seven and thirty three. It came after the
(11:28):
firing of Bud Black, the Rockies manager the past nine years.
Colorado on Saturday lost to San Diego twenty one to nothing.
Speaker 5 (11:36):
John stash Ellen Bloomberg Sports, Lisa and Napan.
Speaker 1 (11:43):
Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business opp This is Bloomberg Day Break.
Speaker 3 (11:54):
Good morning, I'm Nathan Hagar. With markets back in rally mode.
This morning is the US and China have a need
to cool off their trade war for ninety days. Treasury
Secretary Scott Besson says both countries will lower tariffs on
each other by one hundred and fifteen percent. He made
the announcement after two days of talks in Geneva.
Speaker 6 (12:12):
The consensus from both delegations this weekend is neither side
wants a peak.
Speaker 3 (12:19):
Cup point Treasury Secretary Scott Besson, speaking alongside US Trade
Representative Jamison Greer in Geneva this morning. Joining us now
is Bloomberg News Senior editor Derek Wallbank and Derek. Given
the fact that President Trump was talking about eighty percent
tariffs on China seeming right before these talks r underway,
now with the tariff right getting lowered to I guess
(12:40):
thirty percent seems to be a lot more than the
market was expecting.
Speaker 13 (12:44):
Good morning, Good morning, Nathan. Yeah, it was a very
large upside surprise. Remember Trump talking about eighty percent was
on the high side. There were also signals coming out
of the negotiating world that you know, we're hearing some
things about sixty percent or something like that. In conjunction
with these talks. Trump's at eighty. You know, that's well
(13:07):
more than thirty. So it is a pretty substantial beat.
I guess you would say on that it was much
better news than I think people were anticipating. You've seen
the markets reacting. This was not a number that was
priced in in any way. It is a ninety day reprieve.
The Chinese side did a similar gesture. They both took
(13:27):
down the main tariff lines by about the same amount,
so that leaves the US with thirty percent in China
with ten. The other thing I'd flag here, Nathan, is
that there were signals in the press conference on the
US side afterwards that there could be more to come.
The Greer and Bescent were asked about the fentanyl tiede
(13:50):
levees at the twenty percent that makes up a part
of that thirty and the indication was is that talks
on that issue we're progressing as well. So there is
a possibility that there could be further reductions if things
go well. What a difference we are in right now
(14:10):
from where we were just a month ago.
Speaker 5 (14:13):
So let's get into that.
Speaker 3 (14:15):
This is a possibility of more movement on fentanyl. Ninety
days are I guess underway now? What more can we
expect over the next ninety days to try to bring
this to some kind of resolution.
Speaker 13 (14:29):
Well, Nathan, there's an awful lot of uncertainty, and one
of the things is what is going to be enough
to make a deal a longer lasting deal. Scott Besson
said walking into these negotiations that this was about de
escalation and setting things up on a pathway to which
you could negotiate an agreement. So certainly that is done
(14:49):
reasonably successfully if you're looking for a de escalation. What
it's not clear yet is what the US got for this.
You know, Trump had put on the tarasee said that
there are all sorts of things at stake with the
US trade deficit. There had been concerns that China had
not fulfilled all of its obligations under the trade deal
(15:11):
made in the first Trump administration, and so we're still
going to be waiting to see what the US side
gets out of that. Certainly, this is a lot of
sound and fury, and you want to see what the
accomplishments were for that. Those details, you know, will will
remain to be seen. But certainly this is positive news
(15:35):
toward the idea of de escalation, which is best and
said ahead of time, is the precursor for talks on
a deal.
Speaker 3 (15:43):
This is Bloomberg day Break, your morning podcast on the
stories making news from Wall Street to Washington and beyond.
Speaker 2 (15:50):
Look for us on your podcast feed by six am
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Speaker 3 (15:56):
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Speaker 2 (16:10):
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Speaker 5 (16:27):
To stay informed all day long. I'm Nathan Hager.
Speaker 2 (16:30):
And I'm Lisa Matteo. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2 (00:09):
Good morning, I'm Lisa Matteo and I'm Nathan Hager.
Speaker 3 (00:12):
Here are the stories we're following today. Big moves in
the markets come as the US and China agree to
temporarily lower tariffs on each other's products. The US will
reduce levies on most Chinese imports from one hundred and
forty five percent to thirty percent, while China will drop
its duties on US goods from one hundred and twenty
five to ten percent. Treasury Secretary Scott Bessen spoke about
(00:33):
the deal this morning in Geneva.
Speaker 4 (00:35):
We have reached the an agreement on a ninety day pause.
Speaker 5 (00:46):
And substantially moved down the tariff levels.
Speaker 6 (00:52):
Both sides on the reciprocal tariffs will move their tariffs
down one hundred and fifteen.
Speaker 3 (00:58):
Percent, Treasury Secretaries god Best and added that neither side
wants to decouple. US Trade Representative Jamison Greer was also
at the news conference. It said it's imperative the US
reduced it's trade deficit.
Speaker 7 (01:10):
Person eight and our fifty billion dollar trade deficit at
the beginning of the Biden administration, so that is a
rapid an expansive increase in the trade deficit, and our
view is that this is driven in large part by
non reciprocal trade, among other things, and the result has
been offshoring of manufacturing and other negative impacts on the
US economy.
Speaker 3 (01:29):
That was US Trade Representative Jamison Greer and Treasury Secretary
Scott Besson speaking earlier at a news conference heard live
on Bloomberg Radio.
Speaker 2 (01:37):
Well, Nathan, the Chinese delegation was not at the press
conference in Switzerland. We get more from Bloomberg's deal desis
in Hong Kong.
Speaker 8 (01:43):
And we've seen, you know, quite a bit of chaos
and sort of how a lot of that has been
hammered out. Yet you've got this framing from Vessent and
Greer kind of saying, look like, you know, can we
know what we're doing, and like this is all part
of the negotiation strategy. So I thought that was a
really interesting thing to see. But then, yeah, obviously juxt
opposing that with you the very very limited amount of
information that we've gotten out of the China side. I mean,
(02:04):
you know, it's not like there was this big press
conference where both of them are coming out together. So
I do think that that kind of indicates, you know,
I'm really interested to see what the next ninety days
look like and if this is actually something that means,
you know, sort of a lasting to talk between these two.
Speaker 2 (02:17):
Bloomberg's Gilds is reporting from Hong Kong now. According to
the Shinwan News Agency, this morning, China says it committed
to the stable development of relations with US.
Speaker 3 (02:26):
And Lisa, we have an update on trade negotiations with
another Asian country. Japan's Prime Minister Shigaru Yeshiba says his
country will not accept any initial trade agreement with the
US that excludes an accord on autos. Japan will continue
to seek a reprieve from all US tariff measures and
hopes to reach some manner of agreement in June.
Speaker 2 (02:44):
Well Nathan, President Trump is vowing to cut prescription drug
prices up to eighty percent. Bloombergs John Tucker joins us
with more. John, how does he plan to do all this?
Speaker 6 (02:53):
Well, mister Trump, Lisa says in a social media post,
He's going to sign in executive order this morning, but
it'll take place at nine eastern to institute a most
Favored Nation policy. Now, he doesn't go into much detail
beyond that he claims it would drop pharmaceutical prices by
thirty to eighty percent in the US. Mister Trump didn't
(03:13):
outline potential limits on the policy, such as whether it's
going to apply only to government programs like Medicare Medicaid Now.
Americans do pay the most in the world for medicines,
fueling innovation and driving the growth of the pharmaceutical industry. Now,
drug makers have said revamping the system will slash revenue
and also stifle the development of breakthrough therapies. A pre
(03:35):
market shares a Pfizer They're down three percent, Merk shares
down one point six percent, Eli Lilly is falling down
two point six percent, and shares of Johnson and Johnson
also down two point four percent. In New York, John
Tucker Bloomberg Radio.
Speaker 3 (03:49):
All right, John, thank you. President Trump has headed to
the Middle East today. It's his first official major foreign
trip since returning you to office. The President will travel
to Saudi Arabia, Katar, and the United Area Emirates. Bloomberg's
Jumani Bressecci is in riod dozens.
Speaker 9 (04:03):
Of deals covering everything from defense and security to artificial intelligence,
rare metals, and transportation. Are expected to be signed, but
the relationship between Trump and Crown Prince MBS goes further
than deals. The recent decision by OPEI plus the oil
group led by the Saudis to raise production quickly will
also have gone down well with the US president since
(04:24):
its caused prices to drop. When it comes to foreign policy,
the Saudi Crown Prince told Trump he's ready to help
him achieve his peacemaking ambitions with Ukraine and US Special ENVOYE.
Steve Whitkoff has also been pushing for progress on a
cees Far deal in Gaza.
Speaker 3 (04:38):
Bloomberg's Jamani Verssetti adds the visit comes as Saudi Arabia
faces financial challenges due to oil prices. It's aiming to
secure deals to help boost its economy.
Speaker 2 (04:47):
An ABC News is reporting President Donald Trump's administration will
likely accept a luxury Boeing jumbo jet from Cutter's royal
family and what may be the most valuable gift ever
received from a foreign government. The network says this super
luxury Boeing seven forty seven eight jumbo jet is set
to be used as Air Force one Now. The Trump
appeared to confirm some of the reporting and a truth
(05:09):
social posts that criticized Democrats who were quick to fault
the potential deal.
Speaker 3 (05:13):
And as the President heads to the Middle East, Lisa
Hamas says it will release the last living American hostage
it's holding in Gaza. That's after renewed talks with the
US over a true deal with Israel. The freeing of
twenty one year old Israeli soldier Aidon Alexander, who is
a US citizen, is a step toward reaching a new
ceasefire agreement in Gaza, and.
Speaker 2 (05:32):
President Trump's push to end the war in Ukraine could
come to a head this week. The President is urging
Ukrainian President Vladimir Zelinsky to meet with Russia's Vladimir Putin
in Turkey this Thursday, before they've agreed to a ceasefire.
Soelinki says he'll be there and he hopes Putin won't
look for excuses for why he can't make it. Oksana
Markarova is Ukraine's ambassador to the US.
Speaker 10 (05:55):
Any day potentially could be a great day. And we
have heard loud and clear from President Trump that ceasefire
should be full and unconditional, and we have heard from
other European leaders and we have heard from President Zelenski
who always says, yes, Ukraine is radio. Nobody wants peace
more than Ukraine.
Speaker 2 (06:15):
Now. Ukrainian Ambassador Oksana Markova appeared on ABC's This Week
Heard Sundays, I'm Bloomberg Radio and Lisa.
Speaker 3 (06:22):
Tensions appear to be easing between India and Pakistan. Both
sides have agreed to a ceasefire. That's after four days
of attacks that brought the nuclear armed rivals to the
brink of full blown war. The US says it helped
mediate the agreement, but India maintains it was the result
of bilateral talks. India's High Commissioner to Singapore, Showpakambuli, says
his country does not need outside help when it comes
(06:42):
to the disputed Kashmir region.
Speaker 5 (06:44):
For US, Kashmidia' is a bilateral issue. Diplomacy does happen.
Speaker 6 (06:49):
We do speak to our counterparts, so Foreign Minister and
Foreign Secretary do speak to their counterparts. But that is
to clarify our position and what is our demand of Pakistan.
Speaker 3 (06:59):
Indian High Commissioner SHOWPOC I'm Bully, spoke with Bloomberg sus
Than Daman in Singapore. The latest tensions began April twenty second,
when gunman killed twenty six civilians in India's Jamu and
Kashmir regions. India responded two weeks later with strikes on
nine targets inside Pakistan.
Speaker 2 (07:18):
Time now for a look at some of the other
stories making news in New York and around the world.
For that, we're joined by Bloomberg's Michael bar Good Morning, Michael.
Speaker 4 (07:25):
Good Morning. Le So Transportation Secretary Sean Duffy said that
Newark Airport would see several weeks of reduced capacity as
officials grapple with continuing delays and safety lapses. Duthy on
NBC's Meet the Press, what you see.
Speaker 11 (07:39):
In Newark is going to happen in other places across
the country. It has to be fixed. And so what
we're having is some telecom issues. We're also having some
glitches in our software. As the information comes in is
overloading some of our lines and the system goes down.
So I'll just tell you specifically in Newark, we believe
we're going to have it up and running in short order.
(08:00):
We're going to be able to fix that clitch.
Speaker 4 (08:01):
Meet the Press can be heard Sundays on Bloomberg. Meanwhile,
Senate Minority Leader Chuck Schumer says it's something that needs
to be addressed by the federal government asap.
Speaker 5 (08:11):
This situation cannot last. We need all hands on deck
at the FAA. Make Newark number one, get it done,
get it done fast.
Speaker 4 (08:21):
Schumer, speaking in Queen, says, we need the FAA to
lead the final stage of jury selection for the racketeering
and sex trafficking trial of hip hop Mogul's Sean Diddy
Combs takes place later this morning. Also today, opening statements begin.
A new song by rapper Kanye West has been removed
from streaming platforms for glorifying Adolph Hitler. The rapper has
(08:42):
been accused of anti Semitism for releasing a song last
week called Hyle Hitler, which includes lyrics that praise the
Nazi dictator. Tens of thousands crowded into Vatican City to
hear the first Sunday address of the first American Pope, Leo,
with a special message for Mother, wishing them all, including
those in having a happy Mother's Day. Meanwhile, the Archbishop
(09:04):
of Chicago, Cardinal Blaze Supag, spoke on the importance for
Leo to reemphasize a message of peace in one of
the first moments of his papacy.
Speaker 12 (09:13):
It is something for him to be a voice, as
he said for peace at the very beginning of his announcement,
when you wish presented to the people.
Speaker 13 (09:23):
He cares deeply about that.
Speaker 4 (09:25):
Cardinal Soupage spoke on ABC's This Week Heart Sundays on
Bloomberg Global News twenty four hours a day and whenever
you want it with the Bloomberg News. Now, Michael Barrn,
this is Bloomberg, Lisa, Thank.
Speaker 2 (09:36):
You, Michael. Time now for our Bloomberg Sports update. For that,
we bring in John stash Hour.
Speaker 5 (09:46):
Hey there, John, Hey, Lisa.
Speaker 14 (09:47):
The Cleveland caval Leers had that great regular season, sixty
four wins most of the East, but the Calves are
in big trouble Round two of the NBA Playoffs.
Speaker 5 (09:55):
They trail Indiana three games to one.
Speaker 14 (09:56):
The Pacers after losing Game three by twenty two, one
game four by twenty the score at halftime was eighty
to thirty nine, a forty one point a half time
lead tide the playoff record. Oklahoma City won at dead
but to tie that series at two knicks with a
two to one lead, playing the Celtics huge Game four
tonight at the Gardens.
Speaker 5 (10:15):
So far, home court has meant nothing.
Speaker 14 (10:17):
In the last eight Knick playoff games have been won
by the road team. Celtics on the road thirty five
and nine, including three to zero at MSG, also tonight
in Chicago.
Speaker 5 (10:26):
It's the draft lottery.
Speaker 14 (10:28):
The winner expected to then draft the eighteen year old
duke star Cooper Flax Stanley Cup Playoffs Florida shutout Toronto
two to nothing, series, tied to two, Dallas to five
to two win over Winnipeg for two to one series lead.
Yankee spent the weekend in sack Framento. The rubber game
saw the Yanks leading the A's six to one, fifth
in eight.
Speaker 12 (10:46):
And the three to one said, deep down the right
field line, it could be got it it is. It's
a home run, a grand slam for ben Rice deep
BoNT lecburn in right field here at Sacramento. Hey, the
Yankees a blow this baby open. It is now ten
to one.
Speaker 5 (11:06):
Bombers.
Speaker 14 (11:07):
This networked to call the Yankees, who blew the lead Saturday,
won their game Friday ten to two, and won yesterday
twelve to two. The Mets also won two of three
over the weekend at City Field. They beat the cub
six to two, Eighthenny Homers by, Francisco Lindor and Brandon Neimo.
Red Sots won three to one. Of Kansas City Nationals
lost to Saint Louis six to one. Rare went for Colorado,
improving to seven and thirty three. It came after the
(11:28):
firing of Bud Black, the Rockies manager the past nine years.
Colorado on Saturday lost to San Diego twenty one to nothing.
Speaker 5 (11:36):
John stash Ellen Bloomberg Sports, Lisa and Napan.
Speaker 1 (11:43):
Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business opp This is Bloomberg Day Break.
Speaker 3 (11:54):
Good morning, I'm Nathan Hagar. With markets back in rally mode.
This morning is the US and China have a need
to cool off their trade war for ninety days. Treasury
Secretary Scott Besson says both countries will lower tariffs on
each other by one hundred and fifteen percent. He made
the announcement after two days of talks in Geneva.
Speaker 6 (12:12):
The consensus from both delegations this weekend is neither side
wants a peak.
Speaker 3 (12:19):
Cup point Treasury Secretary Scott Besson, speaking alongside US Trade
Representative Jamison Greer in Geneva this morning. Joining us now
is Bloomberg News Senior editor Derek Wallbank and Derek. Given
the fact that President Trump was talking about eighty percent
tariffs on China seeming right before these talks r underway,
now with the tariff right getting lowered to I guess
(12:40):
thirty percent seems to be a lot more than the
market was expecting.
Speaker 13 (12:44):
Good morning, Good morning, Nathan. Yeah, it was a very
large upside surprise. Remember Trump talking about eighty percent was
on the high side. There were also signals coming out
of the negotiating world that you know, we're hearing some
things about sixty percent or something like that. In conjunction
with these talks. Trump's at eighty. You know, that's well
(13:07):
more than thirty. So it is a pretty substantial beat.
I guess you would say on that it was much
better news than I think people were anticipating. You've seen
the markets reacting. This was not a number that was
priced in in any way. It is a ninety day reprieve.
The Chinese side did a similar gesture. They both took
(13:27):
down the main tariff lines by about the same amount,
so that leaves the US with thirty percent in China
with ten. The other thing I'd flag here, Nathan, is
that there were signals in the press conference on the
US side afterwards that there could be more to come.
The Greer and Bescent were asked about the fentanyl tiede
(13:50):
levees at the twenty percent that makes up a part
of that thirty and the indication was is that talks
on that issue we're progressing as well. So there is
a possibility that there could be further reductions if things
go well. What a difference we are in right now
(14:10):
from where we were just a month ago.
Speaker 5 (14:13):
So let's get into that.
Speaker 3 (14:15):
This is a possibility of more movement on fentanyl. Ninety
days are I guess underway now? What more can we
expect over the next ninety days to try to bring
this to some kind of resolution.
Speaker 13 (14:29):
Well, Nathan, there's an awful lot of uncertainty, and one
of the things is what is going to be enough
to make a deal a longer lasting deal. Scott Besson
said walking into these negotiations that this was about de
escalation and setting things up on a pathway to which
you could negotiate an agreement. So certainly that is done
(14:49):
reasonably successfully if you're looking for a de escalation. What
it's not clear yet is what the US got for this.
You know, Trump had put on the tarasee said that
there are all sorts of things at stake with the
US trade deficit. There had been concerns that China had
not fulfilled all of its obligations under the trade deal
(15:11):
made in the first Trump administration, and so we're still
going to be waiting to see what the US side
gets out of that. Certainly, this is a lot of
sound and fury, and you want to see what the
accomplishments were for that. Those details, you know, will will
remain to be seen. But certainly this is positive news
(15:35):
toward the idea of de escalation, which is best and
said ahead of time, is the precursor for talks on
a deal.
Speaker 3 (15:43):
This is Bloomberg day Break, your morning podcast on the
stories making news from Wall Street to Washington and beyond.
Speaker 2 (15:50):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (15:56):
You can also listen live each morning starting at five
am while Street time on Bloomberg eleven three to zero
in New York, Bloomberg ninety nine one in Washington, Bloomberg
ninety two nine in Boston, and nationwide on Sirius XM
Channel one twenty one.
Speaker 2 (16:10):
Plus listen coast to coast on the Bloomberg Business App
now with Apple CarPlay and Android Auto Winterfaces.
Speaker 3 (16:16):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now on your favorite podcast platform.
Speaker 5 (16:27):
To stay informed all day long. I'm Nathan Hager.
Speaker 2 (16:30):
And I'm Lisa Matteo. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
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