April 30, 2025 • 17 mins
On today's podcast:
1) President Trump marks his first 100 days in Michigan car country and hits the Fed as he defends sweeping tariffs. Trump criticized Federal Reserve Chairman Jerome Powell, saying he's "not really doing a good job" and that Trump knows more about interest rates than Powell does. He also defended his economic policies, including tariffs, which he claims will inspire economic growth and lure manufacturers back to the US.
2) Amazon says it will not display the cost of tariffs on products. Amazon will not display the cost of US tariffs on products after the White House criticized the reported move and President Donald Trump called Jeff Bezos to complain. The company said the idea was never a consideration for the main Amazon site and nothing has been implemented on any Amazon properties.
3) Microsoft and Meta release earnings after the closing bell. Investors are cautiously optimistic, but the bullish Big Tech proposition is coming under scrutiny, with four of the Magnificent Seven reporting earnings this week.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
Good morning, I'm Nathan Hagen and now I'm Laksimiteout Lisa.
We begin with a milestone in the second presidency of
Donald Trump. The President marked his one hundredth day in
office with a rally in Michigan, Automotive country.
Speaker 3 (00:22):
After decades of politicians who destroyed Detroit to build up Beijing,
you finally have a champion for workers in the White House.
And instead of putting China first, I'm putting Michigan first,
and I'm putting America.
Speaker 2 (00:37):
For President Trump told the crowd in Warren, Michigan that
his program of sweeping tariffs will unleash economic growth and
bring back manufacturing jobs that he says it's already paying off.
Speaker 4 (00:48):
And inflation is basically down, and interest rate came.
Speaker 5 (00:52):
Down despite the fact that I have a FED person.
Speaker 4 (00:55):
Who's not really doing a good job.
Speaker 6 (00:57):
But I won't say that.
Speaker 7 (00:58):
I want to be very nice.
Speaker 3 (01:00):
I want to be very nice and respectful to the FED.
Speaker 2 (01:02):
President Trump's rally came hours after he signed a bit
of relief from some of his tariffs for the auto industry,
including a two year reduction in twenty five percent duties
on foreign parts for cars made in the US Banathan.
Speaker 8 (01:15):
President Trump is sticking to his overall tariff plan, including
one hundred and forty five percent levies on Chinese imports.
In an interview with ABC News, the President said he
does not think they'll hurt American consumers.
Speaker 4 (01:27):
China probably will eat those tariffs, but at one hundred
and forty five they basically can't do much business with
the United States, and they were making.
Speaker 7 (01:34):
From US a trillion dollars a year.
Speaker 4 (01:36):
They were ripping us off like nobody's ever ripped us off.
Speaker 9 (01:40):
Well.
Speaker 8 (01:40):
Still, the President acknowledge the tariffs amount to a near
embargo on trade with China. He says Beijing deserves it
and Lisa.
Speaker 2 (01:47):
Reaction is pouring in this morning to President Trump's speech
and his first one hundred days in office. Jeanie Sheienzano
is a political contributor at Bloomberg.
Speaker 9 (01:55):
His support and approval in terms of his handling on
the economy has draped in this last one hundred days,
and that's why he's attacking the pollsters. And I think
he's really missing an important opportunity. This is his first
time on the road since he became president. His first
big rally in a swing state to explain to the
(02:15):
American public this thing that he cares so deeply about,
which is tariffs. He reiterated again to these interviewers in
the last few days, he is deeply committed to this
tariff regime.
Speaker 2 (02:27):
Bloomberg political contributor Genie Sheianzo notes the polls show voters
wary of President Trump's economic agenda in Michigan. Trump dismissed
the surveys as biased against him.
Speaker 8 (02:38):
Well, Nathan, Amazon says it will not display the cost
of US tariff's on products. That's after the White House
blasted the reported move and President Donald Trump called Jeff
Bezos to complain. Speaking outside the White House, Trump described
his call with the Amazon founder.
Speaker 3 (02:53):
Great Jeff Bezos was very nice.
Speaker 5 (02:55):
He was terrific.
Speaker 3 (02:57):
He solved the problem very quickly, and he did the
right thing, and it's a good guy.
Speaker 10 (03:03):
Well.
Speaker 8 (03:03):
That rebuke was sparked by an earlier punch Bowl News
report that the e commerce giant would soon begin displaying
the cost of US tariffs on individual products next to
the total listed price.
Speaker 2 (03:13):
Well, Lisa, we may be starting to see the cost
of tariffs on China, and now the country's factory activity
slipped into its worst contraction since December of twenty twenty three.
Economists are calling for a speedy policy boost. Some are
forecasting a significant economic slow down this quarter that could
trigger more stimulus and.
Speaker 8 (03:32):
Turning to the markets future is lower. This is after
a six straight day of gains on Wall Street and
it'll be another busy day for earnings with fifty companies
in the S and P five hundred reporting, and they
include two of the mags seven, Microsoft and Meta. Let's
get a preview from Bloomberg's tom.
Speaker 11 (03:48):
Buzby Microsoft, It's expected to post positive results, but there
are concerns that growth and it's as your cloud computing
unit could be at the low end of guidance, signaling
of further deceleration in the fourth quarter amid a slow
down a data center and AI spending. That's after it
canceled leases on new server farms and slowed construction on
landed already owns. Bloomberg consensus calls for revenue of sixty
(04:09):
eight point forty eight billion on adjusted earnings per share
of three dollars and twenty one cents. Tom buzzby Bloomberg Radio.
Speaker 2 (04:16):
Okay, Tom thank you While we wait for those Microsoft results.
Let's catch updated on some stocks on the move following earnings.
Shares of super Micro Computer are down fifteen and a
quarter percent. The server maker gave preliminary results that fell
well short of analyst estimates. Super Micro had previously been
a favorite of AI obsessed investors. Now it attributes its
underperformance to customers delaying purchases.
Speaker 8 (04:38):
And Nathan shares of Snap They're down fourteen percent. The
company's scaling back its full year target for adjusted operating expenses.
It also declined to issue a sales forecast for the
current period due to macroeconomic headwinds affecting its advertising business.
Speaker 2 (04:53):
And Lisa's. Shares of Starbucks are down more than six percent.
The coffee chain posted earnings below estimates. The same store
sales declined one percent in the quarter.
Speaker 8 (05:01):
And it's also a busy morning for earnings in Europe,
with some big banks reporting. Let's go to London and
get the very latest with Bloomberg's You on Pots, Good
Morning You on.
Speaker 12 (05:10):
Lisa, and Nathan. More big beats from Europe's big banks, Ubs, Santander,
and Barclay's all smashing estimates today. Volatility is the word
of the moment, with whip sorry markets driving returns.
Speaker 13 (05:21):
In the first quarter.
Speaker 12 (05:22):
In Switzerland, UBS Group's markets unit posted a record performance,
with equities and FX trading revenue up thirty two percent.
Here in London, Barclay's dock traders cashed in with their
best quarter in almost three years. But over in Spain,
Santander's shares lower today despite a beat on net income,
the country's biggest bank reporting a drop in net interest income,
(05:42):
perhaps the sign of things to come as the ECB
cuts rates. Lisa and Nathan now you.
Speaker 8 (05:46):
And Donald Trump's tariff's also causing some European carmakers to
scrap their guidance.
Speaker 12 (05:50):
Yeah Away from the trading desks, the mood on the
factory floors of Europe's biggest automakers is a lot gloomier.
Donald Trump's tariffs have prompted several large carmakers to withdraw
their financial guidance, jeep Onus Delantis and Germany's Mercedes Benz
Group pulling their forecast for this year, citing the duties
as they up end supply chains and drive up car
prices around the world. Volkswagen left its outlooked largely unchanged,
(06:14):
but warned its forecast doesn't factory in the impact of
the tariffs. Live in London, I'm youw and pots of
Bloomberg Radio.
Speaker 5 (06:20):
Okay you and thank you.
Speaker 2 (06:21):
Back here in the US, we're waiting for a key
reading on the economy. The government reports first quarter economic
growth before the opening bell. Economists to forecasting a sharp
slowdown in GDP due to President Trump's policy shifts disrupting activity.
The median forecast is for a drop of two tenths
of one percent.
Speaker 8 (06:42):
All right, 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 Barr.
Speaker 4 (06:48):
Hey.
Speaker 8 (06:48):
There, Michael Hey.
Speaker 10 (06:49):
Lisa, the first accuser in Disgrace movie mogul Harvey Weinstein's
sexual assault retrial, took the witness stand yesterday in Manhattan.
Miriam Haley told the jury that when she went to
meet Weinstein on the sidelines of the two thousand and
six Cans Film Festival, all she wanted was work. Haley
says Weinstein commented on her legs and asked for a massage.
(07:11):
Hailey testify that she said no. Weinstein, who is seventy
three is pleaded not guilty and deny sexually assaulting anyone.
Millions of Americans are on alert for spring storms. Severe
weather and possible tornadoes have already caused destruction in Missouri.
Outside of Springfield. Jerry Bowsow a tree fall on his
neighbour's home.
Speaker 7 (07:30):
I just kept praying that it wouldn't get as bad
as it finally got. You couldn't hardly see anything because
it was so foggy. We feel far suitent, and our
neighbors have a lot of damage, but they're all alive.
Speaker 10 (07:46):
There are also several flood threats from Missouri to Minnesota.
Over one hundred and thirty cardinals will gather at the
Vatican next week for the conclave to choose the next pope.
Vatican analysts Father Tom Reese.
Speaker 14 (07:58):
I think we're going to find someone who supported Pope Francis,
who is in touch with his legacy and wants.
Speaker 12 (08:06):
To continue it.
Speaker 14 (08:07):
But we're not going to find anybody like Pope Francis.
There's just nobody like him.
Speaker 10 (08:11):
Meanwhile, the disgraced Italian cardinal at the heart of the
Vatican's trial of the century, announced he was withdrawing from
participating in the conclave. Cardinal Angelo Bechi, who was banned
from the gathering after his twenty twenty three conviction on
finance related charges. Although he maintains his innocence, the president
of Harvard says, I'm sorry. After the university released its
(08:33):
long awaited reports on anti Semitism and anti Muslim bias.
The reports presented a scathing critique of how its students
treated each other in the aftermath of the Hombos attack
against Israel on October seventh, twenty twenty three. It comes
as the Cambridge, Massachusetts based school has fired back at
demands from the Trump administration to exert government control over
(08:54):
the school. Global News twenty four hours a day and
whenever you want it with the Bloomberg News Now, Michael
bar this Bloomberg, Lisa, Thank.
Speaker 8 (09:02):
You, Michael. Time now for our Bloomberg Sports update. For that,
we bring in John's Dash Hour.
Speaker 5 (09:12):
Thanks Lisa. Every game in this Knicks Pistons series has
been close, tough, physical, grinded out type games. More the
same game five of the Garden, both teams struggled to
score for most of the first After Troit went up
by ten in the third quarter, Knicks rallied took a
couple of narrow, short lived leads in the fourth, but
the Pistons, facing eliminations, stayed alive, winning one of six
to one oh three. The Knicks Karl Anthony Towns knows
(09:35):
nothing in this series has come easy.
Speaker 6 (09:38):
We haven't put ourselves in a position to get a
commanding win, you know, We've we've been very gritty this
whole series and physical, and it's allowed us to find
a way a lot of times to win. I think
what was the differential in Detroit, like three?
Speaker 5 (09:55):
Indeed, they won by two points and then by one,
and then last night lost by three, and the series
is going back to Detroit where the Pistons still haven't
won a playoff game in seventeen years. But if they
do win tomorrow, it'll be game seventh the Garden. On Saturday,
the Celtics await the series, winning Boston dominated the second half,
beat Orlando won twenty to eighty nine, won the series
four to one. Indiana moving on, finished overtime with an
(10:16):
eight to nothing run over the last thirty five seconds
to aus Milwaukee one nineteen one eighteen Denver beat The
Clippers won thirty one, one to fifteen. Jamal Murray scored
forty three. The season over for the Devils painful Game
five loss at Carolina, New Jersey led three to nothing,
but four minutes into the second overtime Sebastian Ajo scored.
Hurricanes won five to four, took the series in five,
(10:37):
also winning in the NHL Ottawa, Edmonton, and Vegas in overtime.
There was a point last night where the Mets and
Yankees were winning their games by a combined score of
twenty to nothing. Mets beat Arizona eight to three. They're
now thirteen and one at home. The Yankees won in
Baltimore fifteen to three. They began the game first three batters,
three solo home runs. Red Sox won ten to two
(10:58):
in Toronto. The National lost seven to sixth in Philadelphia.
John Stanshoward Bloomberg Sports, Lisa and.
Speaker 1 (11:04):
Nathan Coast to Coast on Bloomberg Radio nationwide on Sirius XM,
and around the world on Bloomberg dot Com and The
Bloomberg Business Apple. This is Bloomberg Daybreak.
Speaker 2 (11:17):
Good morning. I'm Nathan Hager. President Donald Trump has marked
his first one hundred days bank in office with a
rousing defense of his economic policies. Sweeping tariffs, cutting taxes,
and reshaping the federal government.
Speaker 13 (11:30):
We're taking back our country from a.
Speaker 3 (11:32):
Sick political class. They got rich selling America out and
bleeding America dry.
Speaker 4 (11:38):
We don't let that happen anymore.
Speaker 2 (11:40):
That was the President at a one hundred to day
rally last night in McComb County, Michigan. This morning, we
are joined by Bloomberg News Senior editor Bill Ferries.
Speaker 10 (11:49):
And Bill.
Speaker 2 (11:49):
After the flurry of activity we've seen since January twentieth
from the president, he's back in campaign mode. Now, what
did you take away from the rally last night?
Speaker 13 (12:00):
Good morning, Good morning, Nathan, Thanks for having me. Well,
really interesting thing was this is one of President Trump's
first real opportunities to get before his supporters in a
very public way. Since we've started to see the rollout
of these tariffs, we started to see a lot of
that market volatility and a lot of questions about whether
(12:21):
this is the right track. We know some of his
poll numbers are down, we know consumer confidence is down,
and things like the S and P have also weakened.
So this was a chance, as you said, for him
to have another one of these campaign style rallies and
put some of the first one hundred days in perspective,
now that we're all sort of starting to digest what
(12:42):
these policies are now.
Speaker 2 (12:43):
One element that came out last night the President said
inflations coming down, interest rates are down. Despite having a
person in the Feed he says is not really doing
a very good job. What to make of this renewed
criticism now for FED share Powell?
Speaker 13 (12:59):
Yeah, I don't think he used Jay Powell's name directly,
but everyone knows who he was talking about. I don't
think despite kind of the market volatility we saw when
people thought that maybe Trump would try to fire j Powell,
I don't think he's ever going to totally let go
of this until we see the FED cutting rates to
(13:21):
a level that Trump is comfortable with. There are a
lot of questions about the economy in the months ahead.
We've seen companies kind of ditching their forecast for the
year as this uncertainty plays out. One thing that usually
does give the economy or at least the stock market
a boost are FED rate cuts. So I think Donald
Trump would like to see that happen to help kind
(13:43):
of juice things up a little bit. While the rest
of his agenda starts to play out. He says the
tariff money is rolling in. He says the tax cuts
are coming, but he I think would like to see
the Fed do what he would argue is its part
in all this.
Speaker 2 (13:58):
Can we say that concerns about the economy could be
part of the reason why President Trump signed that little
bit of a reprieve for tariffs on the auto industry
at a time where he was appearing before the auto
industry obstensibly yeah, absolutely.
Speaker 13 (14:12):
I mean this was a speech, a rally in the
heart in Michigan, in the heart of the auto industry,
Donald Trump kind of giving another big reprieve to auto
makers basically saying he doesn't want tariffs to stack up
on them, you know, tariffs on top of tariffs on
some of those imported cars or the parts. And also
(14:33):
just stepping back really like laying out a three year
roadmap on the on tariffs for auto parts. So, you know,
I think the big fear is someone who was, you know,
shopping for a car a few months ago, going back
to the dealership and seeing something that may cost thousands
of dollars more that politically would be really really tough
for this president.
Speaker 2 (14:52):
All in although Bill where would you say the president
is when it comes to his focus on tariffs. So
we heard him talking about it at the rally and
again in an interview on ABC News, saying that he
thinks China is going to feel most of the burn
from the tariffs in place, even as we're starting to
see some major Chinese companies at least try to pass
on some of the added cost to consumers.
Speaker 13 (15:13):
Yeah, both sides are neither side really willing to blink
here so far in this fight. That Donald Trump's saying
that he thinks China is going to quote eat these tariffs,
meaning that he thinks they'll start absorbing some of the costs.
No sign from Chinese companies like Shian and Temu, big
retailers that ship directly to a lot of Americans. No
(15:35):
sign that they're really going to absorb any of that.
They're trying to pass on basically all the costs they're getting.
I think we're going to have to see how some
of these one on one trade deals work out. The
administration has said Japan and India are near the top
of the list. Until you get a little more certainty
on that front, I think the jury's going to be
out on whether these tariffs are going to do a
(15:58):
lot of damage or actually ben fit of the US
economy and manufacturing.
Speaker 2 (16:02):
This is Bloomberg Daybreak, your morning podcast on the story's
making news from Wall Street to Washington and beyond.
Speaker 8 (16:09):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (16:15):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
in New York, Bloomberg ninety nine one in Washington, Bloomberg
ninety two to nine in Boston, and nationwide on Sirius
XM Channel one twenty one.
Speaker 8 (16:29):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (16:35):
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 to stay informed all day long. I'm Nathan Hager.
Speaker 8 (16:48):
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 Nathan Hagen and now I'm Laksimiteout Lisa.
We begin with a milestone in the second presidency of
Donald Trump. The President marked his one hundredth day in
office with a rally in Michigan, Automotive country.
Speaker 3 (00:22):
After decades of politicians who destroyed Detroit to build up Beijing,
you finally have a champion for workers in the White House.
And instead of putting China first, I'm putting Michigan first,
and I'm putting America.
Speaker 2 (00:37):
For President Trump told the crowd in Warren, Michigan that
his program of sweeping tariffs will unleash economic growth and
bring back manufacturing jobs that he says it's already paying off.
Speaker 4 (00:48):
And inflation is basically down, and interest rate came.
Speaker 5 (00:52):
Down despite the fact that I have a FED person.
Speaker 4 (00:55):
Who's not really doing a good job.
Speaker 6 (00:57):
But I won't say that.
Speaker 7 (00:58):
I want to be very nice.
Speaker 3 (01:00):
I want to be very nice and respectful to the FED.
Speaker 2 (01:02):
President Trump's rally came hours after he signed a bit
of relief from some of his tariffs for the auto industry,
including a two year reduction in twenty five percent duties
on foreign parts for cars made in the US Banathan.
Speaker 8 (01:15):
President Trump is sticking to his overall tariff plan, including
one hundred and forty five percent levies on Chinese imports.
In an interview with ABC News, the President said he
does not think they'll hurt American consumers.
Speaker 4 (01:27):
China probably will eat those tariffs, but at one hundred
and forty five they basically can't do much business with
the United States, and they were making.
Speaker 7 (01:34):
From US a trillion dollars a year.
Speaker 4 (01:36):
They were ripping us off like nobody's ever ripped us off.
Speaker 9 (01:40):
Well.
Speaker 8 (01:40):
Still, the President acknowledge the tariffs amount to a near
embargo on trade with China. He says Beijing deserves it
and Lisa.
Speaker 2 (01:47):
Reaction is pouring in this morning to President Trump's speech
and his first one hundred days in office. Jeanie Sheienzano
is a political contributor at Bloomberg.
Speaker 9 (01:55):
His support and approval in terms of his handling on
the economy has draped in this last one hundred days,
and that's why he's attacking the pollsters. And I think
he's really missing an important opportunity. This is his first
time on the road since he became president. His first
big rally in a swing state to explain to the
(02:15):
American public this thing that he cares so deeply about,
which is tariffs. He reiterated again to these interviewers in
the last few days, he is deeply committed to this
tariff regime.
Speaker 2 (02:27):
Bloomberg political contributor Genie Sheianzo notes the polls show voters
wary of President Trump's economic agenda in Michigan. Trump dismissed
the surveys as biased against him.
Speaker 8 (02:38):
Well, Nathan, Amazon says it will not display the cost
of US tariff's on products. That's after the White House
blasted the reported move and President Donald Trump called Jeff
Bezos to complain. Speaking outside the White House, Trump described
his call with the Amazon founder.
Speaker 3 (02:53):
Great Jeff Bezos was very nice.
Speaker 5 (02:55):
He was terrific.
Speaker 3 (02:57):
He solved the problem very quickly, and he did the
right thing, and it's a good guy.
Speaker 10 (03:03):
Well.
Speaker 8 (03:03):
That rebuke was sparked by an earlier punch Bowl News
report that the e commerce giant would soon begin displaying
the cost of US tariffs on individual products next to
the total listed price.
Speaker 2 (03:13):
Well, Lisa, we may be starting to see the cost
of tariffs on China, and now the country's factory activity
slipped into its worst contraction since December of twenty twenty three.
Economists are calling for a speedy policy boost. Some are
forecasting a significant economic slow down this quarter that could
trigger more stimulus and.
Speaker 8 (03:32):
Turning to the markets future is lower. This is after
a six straight day of gains on Wall Street and
it'll be another busy day for earnings with fifty companies
in the S and P five hundred reporting, and they
include two of the mags seven, Microsoft and Meta. Let's
get a preview from Bloomberg's tom.
Speaker 11 (03:48):
Buzby Microsoft, It's expected to post positive results, but there
are concerns that growth and it's as your cloud computing
unit could be at the low end of guidance, signaling
of further deceleration in the fourth quarter amid a slow
down a data center and AI spending. That's after it
canceled leases on new server farms and slowed construction on
landed already owns. Bloomberg consensus calls for revenue of sixty
(04:09):
eight point forty eight billion on adjusted earnings per share
of three dollars and twenty one cents. Tom buzzby Bloomberg Radio.
Speaker 2 (04:16):
Okay, Tom thank you While we wait for those Microsoft results.
Let's catch updated on some stocks on the move following earnings.
Shares of super Micro Computer are down fifteen and a
quarter percent. The server maker gave preliminary results that fell
well short of analyst estimates. Super Micro had previously been
a favorite of AI obsessed investors. Now it attributes its
underperformance to customers delaying purchases.
Speaker 8 (04:38):
And Nathan shares of Snap They're down fourteen percent. The
company's scaling back its full year target for adjusted operating expenses.
It also declined to issue a sales forecast for the
current period due to macroeconomic headwinds affecting its advertising business.
Speaker 2 (04:53):
And Lisa's. Shares of Starbucks are down more than six percent.
The coffee chain posted earnings below estimates. The same store
sales declined one percent in the quarter.
Speaker 8 (05:01):
And it's also a busy morning for earnings in Europe,
with some big banks reporting. Let's go to London and
get the very latest with Bloomberg's You on Pots, Good
Morning You on.
Speaker 12 (05:10):
Lisa, and Nathan. More big beats from Europe's big banks, Ubs, Santander,
and Barclay's all smashing estimates today. Volatility is the word
of the moment, with whip sorry markets driving returns.
Speaker 13 (05:21):
In the first quarter.
Speaker 12 (05:22):
In Switzerland, UBS Group's markets unit posted a record performance,
with equities and FX trading revenue up thirty two percent.
Here in London, Barclay's dock traders cashed in with their
best quarter in almost three years. But over in Spain,
Santander's shares lower today despite a beat on net income,
the country's biggest bank reporting a drop in net interest income,
(05:42):
perhaps the sign of things to come as the ECB
cuts rates. Lisa and Nathan now you.
Speaker 8 (05:46):
And Donald Trump's tariff's also causing some European carmakers to
scrap their guidance.
Speaker 12 (05:50):
Yeah Away from the trading desks, the mood on the
factory floors of Europe's biggest automakers is a lot gloomier.
Donald Trump's tariffs have prompted several large carmakers to withdraw
their financial guidance, jeep Onus Delantis and Germany's Mercedes Benz
Group pulling their forecast for this year, citing the duties
as they up end supply chains and drive up car
prices around the world. Volkswagen left its outlooked largely unchanged,
(06:14):
but warned its forecast doesn't factory in the impact of
the tariffs. Live in London, I'm youw and pots of
Bloomberg Radio.
Speaker 5 (06:20):
Okay you and thank you.
Speaker 2 (06:21):
Back here in the US, we're waiting for a key
reading on the economy. The government reports first quarter economic
growth before the opening bell. Economists to forecasting a sharp
slowdown in GDP due to President Trump's policy shifts disrupting activity.
The median forecast is for a drop of two tenths
of one percent.
Speaker 8 (06:42):
All right, 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 Barr.
Speaker 4 (06:48):
Hey.
Speaker 8 (06:48):
There, Michael Hey.
Speaker 10 (06:49):
Lisa, the first accuser in Disgrace movie mogul Harvey Weinstein's
sexual assault retrial, took the witness stand yesterday in Manhattan.
Miriam Haley told the jury that when she went to
meet Weinstein on the sidelines of the two thousand and
six Cans Film Festival, all she wanted was work. Haley
says Weinstein commented on her legs and asked for a massage.
(07:11):
Hailey testify that she said no. Weinstein, who is seventy
three is pleaded not guilty and deny sexually assaulting anyone.
Millions of Americans are on alert for spring storms. Severe
weather and possible tornadoes have already caused destruction in Missouri.
Outside of Springfield. Jerry Bowsow a tree fall on his
neighbour's home.
Speaker 7 (07:30):
I just kept praying that it wouldn't get as bad
as it finally got. You couldn't hardly see anything because
it was so foggy. We feel far suitent, and our
neighbors have a lot of damage, but they're all alive.
Speaker 10 (07:46):
There are also several flood threats from Missouri to Minnesota.
Over one hundred and thirty cardinals will gather at the
Vatican next week for the conclave to choose the next pope.
Vatican analysts Father Tom Reese.
Speaker 14 (07:58):
I think we're going to find someone who supported Pope Francis,
who is in touch with his legacy and wants.
Speaker 12 (08:06):
To continue it.
Speaker 14 (08:07):
But we're not going to find anybody like Pope Francis.
There's just nobody like him.
Speaker 10 (08:11):
Meanwhile, the disgraced Italian cardinal at the heart of the
Vatican's trial of the century, announced he was withdrawing from
participating in the conclave. Cardinal Angelo Bechi, who was banned
from the gathering after his twenty twenty three conviction on
finance related charges. Although he maintains his innocence, the president
of Harvard says, I'm sorry. After the university released its
(08:33):
long awaited reports on anti Semitism and anti Muslim bias.
The reports presented a scathing critique of how its students
treated each other in the aftermath of the Hombos attack
against Israel on October seventh, twenty twenty three. It comes
as the Cambridge, Massachusetts based school has fired back at
demands from the Trump administration to exert government control over
(08:54):
the school. Global News twenty four hours a day and
whenever you want it with the Bloomberg News Now, Michael
bar this Bloomberg, Lisa, Thank.
Speaker 8 (09:02):
You, Michael. Time now for our Bloomberg Sports update. For that,
we bring in John's Dash Hour.
Speaker 5 (09:12):
Thanks Lisa. Every game in this Knicks Pistons series has
been close, tough, physical, grinded out type games. More the
same game five of the Garden, both teams struggled to
score for most of the first After Troit went up
by ten in the third quarter, Knicks rallied took a
couple of narrow, short lived leads in the fourth, but
the Pistons, facing eliminations, stayed alive, winning one of six
to one oh three. The Knicks Karl Anthony Towns knows
(09:35):
nothing in this series has come easy.
Speaker 6 (09:38):
We haven't put ourselves in a position to get a
commanding win, you know, We've we've been very gritty this
whole series and physical, and it's allowed us to find
a way a lot of times to win. I think
what was the differential in Detroit, like three?
Speaker 5 (09:55):
Indeed, they won by two points and then by one,
and then last night lost by three, and the series
is going back to Detroit where the Pistons still haven't
won a playoff game in seventeen years. But if they
do win tomorrow, it'll be game seventh the Garden. On Saturday,
the Celtics await the series, winning Boston dominated the second half,
beat Orlando won twenty to eighty nine, won the series
four to one. Indiana moving on, finished overtime with an
(10:16):
eight to nothing run over the last thirty five seconds
to aus Milwaukee one nineteen one eighteen Denver beat The
Clippers won thirty one, one to fifteen. Jamal Murray scored
forty three. The season over for the Devils painful Game
five loss at Carolina, New Jersey led three to nothing,
but four minutes into the second overtime Sebastian Ajo scored.
Hurricanes won five to four, took the series in five,
(10:37):
also winning in the NHL Ottawa, Edmonton, and Vegas in overtime.
There was a point last night where the Mets and
Yankees were winning their games by a combined score of
twenty to nothing. Mets beat Arizona eight to three. They're
now thirteen and one at home. The Yankees won in
Baltimore fifteen to three. They began the game first three batters,
three solo home runs. Red Sox won ten to two
(10:58):
in Toronto. The National lost seven to sixth in Philadelphia.
John Stanshoward Bloomberg Sports, Lisa and.
Speaker 1 (11:04):
Nathan Coast to Coast on Bloomberg Radio nationwide on Sirius XM,
and around the world on Bloomberg dot Com and The
Bloomberg Business Apple. This is Bloomberg Daybreak.
Speaker 2 (11:17):
Good morning. I'm Nathan Hager. President Donald Trump has marked
his first one hundred days bank in office with a
rousing defense of his economic policies. Sweeping tariffs, cutting taxes,
and reshaping the federal government.
Speaker 13 (11:30):
We're taking back our country from a.
Speaker 3 (11:32):
Sick political class. They got rich selling America out and
bleeding America dry.
Speaker 4 (11:38):
We don't let that happen anymore.
Speaker 2 (11:40):
That was the President at a one hundred to day
rally last night in McComb County, Michigan. This morning, we
are joined by Bloomberg News Senior editor Bill Ferries.
Speaker 10 (11:49):
And Bill.
Speaker 2 (11:49):
After the flurry of activity we've seen since January twentieth
from the president, he's back in campaign mode. Now, what
did you take away from the rally last night?
Speaker 13 (12:00):
Good morning, Good morning, Nathan, Thanks for having me. Well,
really interesting thing was this is one of President Trump's
first real opportunities to get before his supporters in a
very public way. Since we've started to see the rollout
of these tariffs, we started to see a lot of
that market volatility and a lot of questions about whether
(12:21):
this is the right track. We know some of his
poll numbers are down, we know consumer confidence is down,
and things like the S and P have also weakened.
So this was a chance, as you said, for him
to have another one of these campaign style rallies and
put some of the first one hundred days in perspective,
now that we're all sort of starting to digest what
(12:42):
these policies are now.
Speaker 2 (12:43):
One element that came out last night the President said
inflations coming down, interest rates are down. Despite having a
person in the Feed he says is not really doing
a very good job. What to make of this renewed
criticism now for FED share Powell?
Speaker 13 (12:59):
Yeah, I don't think he used Jay Powell's name directly,
but everyone knows who he was talking about. I don't
think despite kind of the market volatility we saw when
people thought that maybe Trump would try to fire j Powell,
I don't think he's ever going to totally let go
of this until we see the FED cutting rates to
(13:21):
a level that Trump is comfortable with. There are a
lot of questions about the economy in the months ahead.
We've seen companies kind of ditching their forecast for the
year as this uncertainty plays out. One thing that usually
does give the economy or at least the stock market
a boost are FED rate cuts. So I think Donald
Trump would like to see that happen to help kind
(13:43):
of juice things up a little bit. While the rest
of his agenda starts to play out. He says the
tariff money is rolling in. He says the tax cuts
are coming, but he I think would like to see
the Fed do what he would argue is its part
in all this.
Speaker 2 (13:58):
Can we say that concerns about the economy could be
part of the reason why President Trump signed that little
bit of a reprieve for tariffs on the auto industry
at a time where he was appearing before the auto
industry obstensibly yeah, absolutely.
Speaker 13 (14:12):
I mean this was a speech, a rally in the
heart in Michigan, in the heart of the auto industry,
Donald Trump kind of giving another big reprieve to auto
makers basically saying he doesn't want tariffs to stack up
on them, you know, tariffs on top of tariffs on
some of those imported cars or the parts. And also
(14:33):
just stepping back really like laying out a three year
roadmap on the on tariffs for auto parts. So, you know,
I think the big fear is someone who was, you know,
shopping for a car a few months ago, going back
to the dealership and seeing something that may cost thousands
of dollars more that politically would be really really tough
for this president.
Speaker 2 (14:52):
All in although Bill where would you say the president
is when it comes to his focus on tariffs. So
we heard him talking about it at the rally and
again in an interview on ABC News, saying that he
thinks China is going to feel most of the burn
from the tariffs in place, even as we're starting to
see some major Chinese companies at least try to pass
on some of the added cost to consumers.
Speaker 13 (15:13):
Yeah, both sides are neither side really willing to blink
here so far in this fight. That Donald Trump's saying
that he thinks China is going to quote eat these tariffs,
meaning that he thinks they'll start absorbing some of the costs.
No sign from Chinese companies like Shian and Temu, big
retailers that ship directly to a lot of Americans. No
(15:35):
sign that they're really going to absorb any of that.
They're trying to pass on basically all the costs they're getting.
I think we're going to have to see how some
of these one on one trade deals work out. The
administration has said Japan and India are near the top
of the list. Until you get a little more certainty
on that front, I think the jury's going to be
out on whether these tariffs are going to do a
(15:58):
lot of damage or actually ben fit of the US
economy and manufacturing.
Speaker 2 (16:02):
This is Bloomberg Daybreak, your morning podcast on the story's
making news from Wall Street to Washington and beyond.
Speaker 8 (16:09):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (16:15):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
in New York, Bloomberg ninety nine one in Washington, Bloomberg
ninety two to nine in Boston, and nationwide on Sirius
XM Channel one twenty one.
Speaker 8 (16:29):
Plus listen coast to coast on the Bloomberg Business app
now with Apple CarPlay and Android Auto Winterfaces.
Speaker 2 (16:35):
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 to stay informed all day long. I'm Nathan Hager.
Speaker 8 (16:48):
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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