April 28, 2025 • 16 mins
On today's podcast:
1) President Donald Trump’s tariff onslaught has roiled Washington and Wall Street for nearly a month. If the trade war persists, the next upheaval will hit much closer to home.
2) Donald Trump promised Americans a “boom like no other” if they elected him president. But based on the stock market’s performance during his first 100 days in office, it depends on what you mean by “boom.
3) Canada is holding an election on April 28, with the Liberal Party led by Mark Carney and the Conservative Party led by Pierre Poilievre as the top contenders.
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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 (00:10):
Good morning.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today. Karen, we begin with the latest
on the trade war.
Speaker 2 (00:17):
President Trump is closing in on the one hundred day
mark of his second term and he's still looking to
make deals. The President says his one hundred and forty
five percent tariffs on China will force Beijing to the
negotiating table.
Speaker 4 (00:29):
We were losing hundreds of billions of dollars a year
with China, and now they're not doing any business with us,
you know, because not because of that, because of me,
Because at.
Speaker 5 (00:40):
One hundred and forty five percent, you can't do business.
But something's gonna happen. That's gonna be possible now.
Speaker 2 (00:47):
The presidents spoke with reporters on his way back to
the White House from New Jersey this morning. China's Foreign
ministry reiterated that it is not engaged in trade talks
with the US. China's promising more support for its exporters,
including plans to direct loans to troubled firms and to
boost domestic consumption.
Speaker 3 (01:03):
Well, Nathan, the Trump administration is signaling that Asian countries
such as South Korea, Japan, and India are leading the
way in tariff negotiations. Treasury Secretary's gone Vesson says some
nations are prepared to make significant concessions to secure a deal.
Speaker 6 (01:17):
We've had several of these Asian countries that come in
and said, oh, well, we'll stop doing this, this and this.
And I look at these lists and I think, how
did we get here? How do we get here? Because
this trading system has been so unfair. And as President
Trump says, I don't blame the countries, I blame the
previous administrations. Let them get away with it.
Speaker 3 (01:38):
And Treasury Secretary's gone Besson tells ABC's This Week that
there are eighteen important trading partners, including China, which he
says is undergoing a special negotiation. And you can hear
this week every Sunday on Bloomberg Radio.
Speaker 2 (01:50):
Well, we may soon start to feel the impact of
the trade war, Karen Cargo shipments from China to the
US if plummeted by as much as sixty percent since
the US raised tariffs earlier this month. By the middle
of May, thousands of companies will need to replenish inventories.
Both Walmart and Target told the president last week that
shoppers are likely to see empty shelves and higher prices
(02:12):
and appoon The Global Management Chief economist Torsten Slock recently
warned of looming COVID like shortages and significant layoffs Well Nathan.
Speaker 3 (02:21):
In a post on Truth's Social over the weekend, President
Trump suggested that tariffs would help him reduce income taxes
for people making less than two hundred thousand dollars a year.
Trump has previously argued that tariff revenue could replace income taxes,
though economists have questioned those claims.
Speaker 2 (02:37):
And Karen is the president approaches that one hundredth day
back in office, his popularity appears to be declining. We
get that story from Bloomberg's Gena Cervetti.
Speaker 7 (02:45):
A flory of polls in recent days from NBC, CNN,
The New York Times, ABC News, and Fox News revealed
the same theme. Voters perceived Trump to be falling short
on his core campaign promise to strengthen the economy. The
president's rule up out of tariffs in early April cent
global markets into shock. A CNN poll shows that just
thirty nine percent of Americans approve of how Trump has
(03:08):
steered the economy. That's the lowest of his two terms
in the White House. An NBC News polls showed tariffs
were also deeply unpopular, with just thirty nine percent of
respondents agreeing with Trump's tariff rollout. Trump wrote the twin
issues of the economy and immigration to his November election victory,
sweeping each of the swing states and winning the popular vote.
(03:28):
Ginas Cervetti Bloomberg Radio.
Speaker 3 (03:30):
All right, Gina, thank you now to the latest on
the war in Ukraine. North Korea is acknowledging for the
first time that had sent troops to the front lines.
The official Korean Central News Agency reports North Korean forces
helped regain control of Russia's Kursk border region. President Trump
says he's hopeful that he's closer to a peace deal
after meeting at the Vatican this weekend with the Ukrainian
president Vladimir Zelenski.
Speaker 8 (03:52):
He told me that he needs more weapons, but he's
been saying that for three years. Yeah, he these more weapons,
and we're going to see what happens. I want to
see what happens with the respect to Russia, because Russia,
I've been surprised and disappointed, very disappointed that they did.
Speaker 9 (04:09):
The bombing of those places after discussion, and President Trump
has floated the idea of secondary sanctions on Russia for
firing into civilian areas in recent days.
Speaker 2 (04:21):
Karen, let's look north of the border this morning, because
Canadians are headed to the polls to vote for their
next prime minister. We get that story from Bloomberg's David
Gura in Ottawa. Prime Minister Mark Carney, the leader of
Canada's Liberal Party, called this election in March, shortly after
he succeeded Justin Trudeau. Carney's main rival is Pierre Poliev,
(04:41):
the leader of the Conservatives. For Canadians, this is a
referendum on their economic future. The country faces high inflation,
a housing crisis, and concerns over job security. But what's
front and center are President Donald Trump's aggressive trade policies,
particularly new tariffs, and comments he's made suggesting Canada should
become part of the United States. The outcome of the
(05:02):
election will determine how the country addresses these challenges and
how it positions itself on the world stage. In Ottawa,
I'm David Gura, Bloomberg Radio.
Speaker 3 (05:10):
All right, David, thank you well. Turning to the markets,
futures are lower as who begin to do trading week.
The S and P five hundred down about eight percent
since Trump's inauguration, and it's on track for its worst
run during a president's first one hundred days since Gerald
Ford in nineteen seventy four. Bob Michael as chief Investment
Officer of fixed Income at JP Morgan Asset Management, and
he says Wall Street is bracing for more uncertainty.
Speaker 10 (05:33):
The bond market's telling us watch out as things stand.
If the tariffs go through as they're currently speked out,
the ninety days passes and there's only some moderate compromise,
the US is going into recession.
Speaker 3 (05:48):
JP Morgan Asset Management's Bob Michael. Earnings will also be
in focus this week for the so called Magnificent Seven. Microsoft, Apple, Meta,
and Amazon are scheduled to report.
Speaker 2 (05:58):
And we have some deal news on this Monday morning.
Karen Germany's Merk is buying Stamford, Connecticut based spring Works
Therapeutics for three point nine billion dollars. Spring Works makes
medicines for cancer and rare diseases.
Speaker 3 (06:14):
It's time now for a look at some of the
other stories making news in New York and around the world.
And for that we're joined by Bloomberg's Michael Barr Michael,
good Morning.
Speaker 11 (06:20):
Good Morning, Karen. Murder charges have been filed against a
suspect in a weekend car ramming attack that killed eleven
people at a Filipino heritage festival in Vancouver. Hundreds attended
vigils Sunday across the city for the victims, and the
Canadian Prime Minister visited the site. Prosecutors have charged a
thirty year old man. Investigators have ruled out terrorism and
(06:42):
say he has a history of mental health issues. Mayor
Ken sim.
Speaker 12 (06:46):
He is known to please for a multitude of mental
health interactions. Now it would appear that mental health appears
to be the underlying issue here.
Speaker 11 (06:57):
Those killed were between the ages of five and sixty five.
Canada's Prime Minister Mark Kearney says all of Canada is
in mourning over the attack.
Speaker 12 (07:06):
Families lost a sister or brother, a mother, a father, a.
Speaker 6 (07:10):
Son or a daughter.
Speaker 12 (07:11):
Those families are living every family's nightmare.
Speaker 11 (07:15):
Dozens were also injured when the man drove and suv
struck people attending the Lampoo Lapool Day festival on Saturday.
We're learning a four year old and a seven year
old with the US citizenship were deported alongside their undocumented
mother to Honduras last week. It comes during the Trump
administration's immigration crackdown. The family's lawyer said the mother was
(07:38):
given no choice but to take your children. However, Trump
borders are Tom Holman denies.
Speaker 13 (07:44):
That the children aren't deported. The mother chilse to take
the children with her. When you're at their country legally,
and you know you're here illegally, and you choose have
you assistant child, that's on you. That's not on this administration.
If you choose to put your family that position, that's
on them.
Speaker 11 (07:58):
Tom Homan spoke on CBS Has Faced the Nation heard
Sundays on Bloomberg. Authorities say more than one hundred immigrants
suspected of being in the US illegally were taken into
custody during an ICE raid at an illegal after hours
nightclub in Colorado Springs, Colorado. Video posted online by the
Drug Enforcement Administration showed agents announcing their presence outside the
(08:20):
building early Sunday. The DEA says the club has been
under investigation for several months for alleged activities, including drug trafficking,
prostitution and crimes of violence, Global news twenty four hours
a day and whenever you want it with the Bloomberg News. Now,
I'm Michae Labarn. This is Bloomberg Karen.
Speaker 3 (08:38):
All right, Michael Barr, thank you time now for the
Bloomberg Sports Update. Here's John stash Hour, John, good morning,
Good morning.
Speaker 14 (08:49):
Care another wild Nick's Pistons playoff game of Detroit Game four.
So the nexs GOO from up sixteen late in the
second quarter to down eleven early in the fourth. Jalen
Brunson then return from a recurrence of his ankle injury
to bring the Knicks back they trailed by two. In
the final minute, Brunt sick one.
Speaker 5 (09:06):
On one again, shrewder left of the lake, tipots into
the lake, send to Tannanobia in the New York corner.
Speaker 2 (09:11):
Shot bag triples sends it up top for towns. Shot
bag one triple step back de threes to.
Speaker 5 (09:16):
Believe He's good.
Speaker 8 (09:18):
New York ninety four Detroit ninety three Timeout Pistons with
forty six point six to.
Speaker 5 (09:25):
Play ESPN Radio Colo on.
Speaker 14 (09:27):
The Pistons missed two shots on their final possession. The Knicks,
who won Game three by two points, won Game four
by one. Brunson scored thirty two. He had thirteen after
his return from the injury. Karl Anthony Towns twenty seven points.
That three pointer was his fifth cade. Cunning Dam again
led Detroit, and he had twenty five in a triple double.
It's three to one. Nicks Game five tomorrow with the
Guard and the Celtics are up three to one. They
(09:48):
got thirty seven from Jason Tatum and won one oh
seven ninety eight at Orlando, Indiana with an easy win
at Milwaukee for a three to one lead in Minnesota
is up three to one on the Lakers. The Devils
are down three. They lost in North to Carolina five
to two. Andre Spetnitchek had the hat trick for the Canes.
Capitals also won five to two and LP three to
one on Montreal. The Met's bullpen, which has been so good,
(10:10):
failed them. In Washington, Mets had a seven to one
lead in the seventh in a Nationals scored five and
the seventh two more than ninth to win eight to seven.
The game ended on a Pete Alonzo throwing. Their second
time in three days, the Nats have walked it off.
Series ends this afternoon at the stadium, Yankees swept too
from Toronto eleven to two and five to one after
Max Freed went to five and Oh Yanks a lot
on the three hits.
Speaker 11 (10:30):
The Nightcap hit.
Speaker 14 (10:31):
Three homers Trent Grisham leading off, and later Aaron Judge
and then j c Escara first homer of his career.
Red Sox won thirteen to three in Cleveland. John Staneshandware
Bloomberg Sports Karena Nathan.
Speaker 1 (10:44):
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 2 (10:54):
Good morning, I'm Nathan Hager. As President Donald Trump closes
in on his first one hundred days back office this week,
he says he's got China right where he wants it
on trade, and the tariffs are already having the impact
he's looking for.
Speaker 5 (11:08):
We're losing billions of dollars a day and now we're
doing great and we haven't even kicked in yet. And
eventually we'll be reducing taxes.
Speaker 8 (11:16):
Very substantially for the people of our country because the money.
Speaker 5 (11:20):
Is so great coming in from Paris.
Speaker 2 (11:22):
And that was the President speaking with reporters in New
Jersey last night for the latest onwere things stand now
in the global trade war. We're joined by Bloomberg News
Senior editor Bill Ferries. Bill, good morning. The talk we're
hearing from the White House is that one hundred and
forty five percent tariffs are going to force China to
the negotiating table.
Speaker 12 (11:42):
Is that what we're seeing at this point? Good morning,
Good morning, Nathan, Thanks for having me. I think that
is still very much an argument or a theory that's
up in the air both sides in this trade war,
kind of refusing to blink. So far, there have been
some exceptions to those high tariffs on the US side,
but by and large they're in place and seeing as
(12:04):
starting to have a big impact on trade. When you
look at the number of cargo container ships coming from China,
we know those numbers are down. We know that the
heads of companies like Walmart and Target and Home Depot
were at the White House last week arguing arguing for
this period of high terriffs to be short. I think
(12:27):
we're still waiting to see in the big economic indicators
how serious of a hit this will be for either
economy China or the US. But I think analysts say
it's that impact is going to be made clear very soon.
Speaker 2 (12:40):
But apart from the hard data, I mean, you mentioned
some of the cargo shipments being reduced already, and we're
already starting to see some of the major companies that
are consumer facing in China appearing to be passing along
a lot of these higher import taxes directly to consumers.
Speaker 12 (12:57):
Now that's right. I mean we're talking about some of
those fast fashion companies like Chian and Temu. They are
already marking up their prices for deliveries to the US
by in some cases more than two hundred percent. So
that's something that you know, people will have to think
about when they're doing some of their online orders and
(13:18):
have to think about whether that's you know, they can
replace that with either products here in the US or
products somewhere else online. But retailers are starting to feel
the pinch of the tariffs and starting to pass those
costs along. I think, is this builds up, particularly if
there are fewer cargo ships coming into the US, you're
going to have to You're going to see retailers running
(13:39):
out of some of the inventory that got built up
ahead of those tariffs ahead of Liberation Day on April second,
and that's going to start having an impact in the
economy as well.
Speaker 2 (13:49):
And there's this idea as well, particularly floated by the
Treasury Secretary, that if the US starts to get more
trade deals with some of these Asian trading partners like
South Korea and Japan, that could put more pressure on
China to come to the table as well. Are we
starting to see evidence that that's happening.
Speaker 12 (14:08):
Well, we've seen, actually we've seen some pushback from Japan
so far on trying to put restrictions on their trade
with China. I suspect that's a position a lot of
Southeast Asian nations in particular will have. Usually, the US
and China are the two biggest trading partners for most
countries in Asia, so it's going to be they don't
(14:30):
want to do without either one. But there's gonna be
a lot of scrutiny of that first or first two
trade deals that come through. We know Japan is supposedly
near the top of the list India as well, there's
gonna be a lot of scrutiny about whether whatever they
agree to is really a framework that a lot of
countries can follow, or if it's going to be very
(14:52):
much ad hoc and particular to each country. I think
one big issue so far as there's just been a
lot of confusion in terms of what country need to
do to try to keep that ninety day reprieve as
a more permanent feature of the new world of tariffs now.
Speaker 2 (15:07):
I guess there's an open question as well as to
whether investors are going to take a framework for an
agreement as enough as opposed to a broader trade deal
when the Treasury Secretary has said something like a deal
with China could take two to three years in our
last thirty seconds bill. The market reaction to this trade
war has been very tough on the president in the
(15:29):
first one hundred days.
Speaker 12 (15:30):
Yeah, we one hundred days in the SNP is looking
like it's down about eight percent since Donald Trump's inauguration.
That would be it's on track for its worst run
in the first one hundred days of a new administration
since Gerald Ford in nineteen seventy four following Nixon's resignation.
So that is not what people expected, I think when
Trump took off, as they thought there'd be more of
(15:52):
a stock market boom. We're still waiting to see that happen.
Speaker 3 (15:55):
This is Bloombergy Daybreak, your morning podcast on the stories
making news from Wall st Eat to Washington and beyond.
Speaker 2 (16:02):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (16:08):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 2 (16:22):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 3 (16:28):
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 Karen Moscow.
Speaker 2 (16:41):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Day Ray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today. Karen, we begin with the latest
on the trade war.
Speaker 2 (00:17):
President Trump is closing in on the one hundred day
mark of his second term and he's still looking to
make deals. The President says his one hundred and forty
five percent tariffs on China will force Beijing to the
negotiating table.
Speaker 4 (00:29):
We were losing hundreds of billions of dollars a year
with China, and now they're not doing any business with us,
you know, because not because of that, because of me,
Because at.
Speaker 5 (00:40):
One hundred and forty five percent, you can't do business.
But something's gonna happen. That's gonna be possible now.
Speaker 2 (00:47):
The presidents spoke with reporters on his way back to
the White House from New Jersey this morning. China's Foreign
ministry reiterated that it is not engaged in trade talks
with the US. China's promising more support for its exporters,
including plans to direct loans to troubled firms and to
boost domestic consumption.
Speaker 3 (01:03):
Well, Nathan, the Trump administration is signaling that Asian countries
such as South Korea, Japan, and India are leading the
way in tariff negotiations. Treasury Secretary's gone Vesson says some
nations are prepared to make significant concessions to secure a deal.
Speaker 6 (01:17):
We've had several of these Asian countries that come in
and said, oh, well, we'll stop doing this, this and this.
And I look at these lists and I think, how
did we get here? How do we get here? Because
this trading system has been so unfair. And as President
Trump says, I don't blame the countries, I blame the
previous administrations. Let them get away with it.
Speaker 3 (01:38):
And Treasury Secretary's gone Besson tells ABC's This Week that
there are eighteen important trading partners, including China, which he
says is undergoing a special negotiation. And you can hear
this week every Sunday on Bloomberg Radio.
Speaker 2 (01:50):
Well, we may soon start to feel the impact of
the trade war, Karen Cargo shipments from China to the
US if plummeted by as much as sixty percent since
the US raised tariffs earlier this month. By the middle
of May, thousands of companies will need to replenish inventories.
Both Walmart and Target told the president last week that
shoppers are likely to see empty shelves and higher prices
(02:12):
and appoon The Global Management Chief economist Torsten Slock recently
warned of looming COVID like shortages and significant layoffs Well Nathan.
Speaker 3 (02:21):
In a post on Truth's Social over the weekend, President
Trump suggested that tariffs would help him reduce income taxes
for people making less than two hundred thousand dollars a year.
Trump has previously argued that tariff revenue could replace income taxes,
though economists have questioned those claims.
Speaker 2 (02:37):
And Karen is the president approaches that one hundredth day
back in office, his popularity appears to be declining. We
get that story from Bloomberg's Gena Cervetti.
Speaker 7 (02:45):
A flory of polls in recent days from NBC, CNN,
The New York Times, ABC News, and Fox News revealed
the same theme. Voters perceived Trump to be falling short
on his core campaign promise to strengthen the economy. The
president's rule up out of tariffs in early April cent
global markets into shock. A CNN poll shows that just
thirty nine percent of Americans approve of how Trump has
(03:08):
steered the economy. That's the lowest of his two terms
in the White House. An NBC News polls showed tariffs
were also deeply unpopular, with just thirty nine percent of
respondents agreeing with Trump's tariff rollout. Trump wrote the twin
issues of the economy and immigration to his November election victory,
sweeping each of the swing states and winning the popular vote.
(03:28):
Ginas Cervetti Bloomberg Radio.
Speaker 3 (03:30):
All right, Gina, thank you now to the latest on
the war in Ukraine. North Korea is acknowledging for the
first time that had sent troops to the front lines.
The official Korean Central News Agency reports North Korean forces
helped regain control of Russia's Kursk border region. President Trump
says he's hopeful that he's closer to a peace deal
after meeting at the Vatican this weekend with the Ukrainian
president Vladimir Zelenski.
Speaker 8 (03:52):
He told me that he needs more weapons, but he's
been saying that for three years. Yeah, he these more weapons,
and we're going to see what happens. I want to
see what happens with the respect to Russia, because Russia,
I've been surprised and disappointed, very disappointed that they did.
Speaker 9 (04:09):
The bombing of those places after discussion, and President Trump
has floated the idea of secondary sanctions on Russia for
firing into civilian areas in recent days.
Speaker 2 (04:21):
Karen, let's look north of the border this morning, because
Canadians are headed to the polls to vote for their
next prime minister. We get that story from Bloomberg's David
Gura in Ottawa. Prime Minister Mark Carney, the leader of
Canada's Liberal Party, called this election in March, shortly after
he succeeded Justin Trudeau. Carney's main rival is Pierre Poliev,
(04:41):
the leader of the Conservatives. For Canadians, this is a
referendum on their economic future. The country faces high inflation,
a housing crisis, and concerns over job security. But what's
front and center are President Donald Trump's aggressive trade policies,
particularly new tariffs, and comments he's made suggesting Canada should
become part of the United States. The outcome of the
(05:02):
election will determine how the country addresses these challenges and
how it positions itself on the world stage. In Ottawa,
I'm David Gura, Bloomberg Radio.
Speaker 3 (05:10):
All right, David, thank you well. Turning to the markets,
futures are lower as who begin to do trading week.
The S and P five hundred down about eight percent
since Trump's inauguration, and it's on track for its worst
run during a president's first one hundred days since Gerald
Ford in nineteen seventy four. Bob Michael as chief Investment
Officer of fixed Income at JP Morgan Asset Management, and
he says Wall Street is bracing for more uncertainty.
Speaker 10 (05:33):
The bond market's telling us watch out as things stand.
If the tariffs go through as they're currently speked out,
the ninety days passes and there's only some moderate compromise,
the US is going into recession.
Speaker 3 (05:48):
JP Morgan Asset Management's Bob Michael. Earnings will also be
in focus this week for the so called Magnificent Seven. Microsoft, Apple, Meta,
and Amazon are scheduled to report.
Speaker 2 (05:58):
And we have some deal news on this Monday morning.
Karen Germany's Merk is buying Stamford, Connecticut based spring Works
Therapeutics for three point nine billion dollars. Spring Works makes
medicines for cancer and rare diseases.
Speaker 3 (06:14):
It's time now for a look at some of the
other stories making news in New York and around the world.
And for that we're joined by Bloomberg's Michael Barr Michael,
good Morning.
Speaker 11 (06:20):
Good Morning, Karen. Murder charges have been filed against a
suspect in a weekend car ramming attack that killed eleven
people at a Filipino heritage festival in Vancouver. Hundreds attended
vigils Sunday across the city for the victims, and the
Canadian Prime Minister visited the site. Prosecutors have charged a
thirty year old man. Investigators have ruled out terrorism and
(06:42):
say he has a history of mental health issues. Mayor
Ken sim.
Speaker 12 (06:46):
He is known to please for a multitude of mental
health interactions. Now it would appear that mental health appears
to be the underlying issue here.
Speaker 11 (06:57):
Those killed were between the ages of five and sixty five.
Canada's Prime Minister Mark Kearney says all of Canada is
in mourning over the attack.
Speaker 12 (07:06):
Families lost a sister or brother, a mother, a father, a.
Speaker 6 (07:10):
Son or a daughter.
Speaker 12 (07:11):
Those families are living every family's nightmare.
Speaker 11 (07:15):
Dozens were also injured when the man drove and suv
struck people attending the Lampoo Lapool Day festival on Saturday.
We're learning a four year old and a seven year
old with the US citizenship were deported alongside their undocumented
mother to Honduras last week. It comes during the Trump
administration's immigration crackdown. The family's lawyer said the mother was
(07:38):
given no choice but to take your children. However, Trump
borders are Tom Holman denies.
Speaker 13 (07:44):
That the children aren't deported. The mother chilse to take
the children with her. When you're at their country legally,
and you know you're here illegally, and you choose have
you assistant child, that's on you. That's not on this administration.
If you choose to put your family that position, that's
on them.
Speaker 11 (07:58):
Tom Homan spoke on CBS Has Faced the Nation heard
Sundays on Bloomberg. Authorities say more than one hundred immigrants
suspected of being in the US illegally were taken into
custody during an ICE raid at an illegal after hours
nightclub in Colorado Springs, Colorado. Video posted online by the
Drug Enforcement Administration showed agents announcing their presence outside the
(08:20):
building early Sunday. The DEA says the club has been
under investigation for several months for alleged activities, including drug trafficking,
prostitution and crimes of violence, Global news twenty four hours
a day and whenever you want it with the Bloomberg News. Now,
I'm Michae Labarn. This is Bloomberg Karen.
Speaker 3 (08:38):
All right, Michael Barr, thank you time now for the
Bloomberg Sports Update. Here's John stash Hour, John, good morning,
Good morning.
Speaker 14 (08:49):
Care another wild Nick's Pistons playoff game of Detroit Game four.
So the nexs GOO from up sixteen late in the
second quarter to down eleven early in the fourth. Jalen
Brunson then return from a recurrence of his ankle injury
to bring the Knicks back they trailed by two. In
the final minute, Brunt sick one.
Speaker 5 (09:06):
On one again, shrewder left of the lake, tipots into
the lake, send to Tannanobia in the New York corner.
Speaker 2 (09:11):
Shot bag triples sends it up top for towns. Shot
bag one triple step back de threes to.
Speaker 5 (09:16):
Believe He's good.
Speaker 8 (09:18):
New York ninety four Detroit ninety three Timeout Pistons with
forty six point six to.
Speaker 5 (09:25):
Play ESPN Radio Colo on.
Speaker 14 (09:27):
The Pistons missed two shots on their final possession. The Knicks,
who won Game three by two points, won Game four
by one. Brunson scored thirty two. He had thirteen after
his return from the injury. Karl Anthony Towns twenty seven points.
That three pointer was his fifth cade. Cunning Dam again
led Detroit, and he had twenty five in a triple double.
It's three to one. Nicks Game five tomorrow with the
Guard and the Celtics are up three to one. They
(09:48):
got thirty seven from Jason Tatum and won one oh
seven ninety eight at Orlando, Indiana with an easy win
at Milwaukee for a three to one lead in Minnesota
is up three to one on the Lakers. The Devils
are down three. They lost in North to Carolina five
to two. Andre Spetnitchek had the hat trick for the Canes.
Capitals also won five to two and LP three to
one on Montreal. The Met's bullpen, which has been so good,
(10:10):
failed them. In Washington, Mets had a seven to one
lead in the seventh in a Nationals scored five and
the seventh two more than ninth to win eight to seven.
The game ended on a Pete Alonzo throwing. Their second
time in three days, the Nats have walked it off.
Series ends this afternoon at the stadium, Yankees swept too
from Toronto eleven to two and five to one after
Max Freed went to five and Oh Yanks a lot
on the three hits.
Speaker 11 (10:30):
The Nightcap hit.
Speaker 14 (10:31):
Three homers Trent Grisham leading off, and later Aaron Judge
and then j c Escara first homer of his career.
Red Sox won thirteen to three in Cleveland. John Staneshandware
Bloomberg Sports Karena Nathan.
Speaker 1 (10:44):
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 2 (10:54):
Good morning, I'm Nathan Hager. As President Donald Trump closes
in on his first one hundred days back office this week,
he says he's got China right where he wants it
on trade, and the tariffs are already having the impact
he's looking for.
Speaker 5 (11:08):
We're losing billions of dollars a day and now we're
doing great and we haven't even kicked in yet. And
eventually we'll be reducing taxes.
Speaker 8 (11:16):
Very substantially for the people of our country because the money.
Speaker 5 (11:20):
Is so great coming in from Paris.
Speaker 2 (11:22):
And that was the President speaking with reporters in New
Jersey last night for the latest onwere things stand now
in the global trade war. We're joined by Bloomberg News
Senior editor Bill Ferries. Bill, good morning. The talk we're
hearing from the White House is that one hundred and
forty five percent tariffs are going to force China to
the negotiating table.
Speaker 12 (11:42):
Is that what we're seeing at this point? Good morning,
Good morning, Nathan, Thanks for having me. I think that
is still very much an argument or a theory that's
up in the air both sides in this trade war,
kind of refusing to blink. So far, there have been
some exceptions to those high tariffs on the US side,
but by and large they're in place and seeing as
(12:04):
starting to have a big impact on trade. When you
look at the number of cargo container ships coming from China,
we know those numbers are down. We know that the
heads of companies like Walmart and Target and Home Depot
were at the White House last week arguing arguing for
this period of high terriffs to be short. I think
(12:27):
we're still waiting to see in the big economic indicators
how serious of a hit this will be for either
economy China or the US. But I think analysts say
it's that impact is going to be made clear very soon.
Speaker 2 (12:40):
But apart from the hard data, I mean, you mentioned
some of the cargo shipments being reduced already, and we're
already starting to see some of the major companies that
are consumer facing in China appearing to be passing along
a lot of these higher import taxes directly to consumers.
Speaker 12 (12:57):
Now that's right. I mean we're talking about some of
those fast fashion companies like Chian and Temu. They are
already marking up their prices for deliveries to the US
by in some cases more than two hundred percent. So
that's something that you know, people will have to think
about when they're doing some of their online orders and
(13:18):
have to think about whether that's you know, they can
replace that with either products here in the US or
products somewhere else online. But retailers are starting to feel
the pinch of the tariffs and starting to pass those
costs along. I think, is this builds up, particularly if
there are fewer cargo ships coming into the US, you're
going to have to You're going to see retailers running
(13:39):
out of some of the inventory that got built up
ahead of those tariffs ahead of Liberation Day on April second,
and that's going to start having an impact in the
economy as well.
Speaker 2 (13:49):
And there's this idea as well, particularly floated by the
Treasury Secretary, that if the US starts to get more
trade deals with some of these Asian trading partners like
South Korea and Japan, that could put more pressure on
China to come to the table as well. Are we
starting to see evidence that that's happening.
Speaker 12 (14:08):
Well, we've seen, actually we've seen some pushback from Japan
so far on trying to put restrictions on their trade
with China. I suspect that's a position a lot of
Southeast Asian nations in particular will have. Usually, the US
and China are the two biggest trading partners for most
countries in Asia, so it's going to be they don't
(14:30):
want to do without either one. But there's gonna be
a lot of scrutiny of that first or first two
trade deals that come through. We know Japan is supposedly
near the top of the list India as well, there's
gonna be a lot of scrutiny about whether whatever they
agree to is really a framework that a lot of
countries can follow, or if it's going to be very
(14:52):
much ad hoc and particular to each country. I think
one big issue so far as there's just been a
lot of confusion in terms of what country need to
do to try to keep that ninety day reprieve as
a more permanent feature of the new world of tariffs now.
Speaker 2 (15:07):
I guess there's an open question as well as to
whether investors are going to take a framework for an
agreement as enough as opposed to a broader trade deal
when the Treasury Secretary has said something like a deal
with China could take two to three years in our
last thirty seconds bill. The market reaction to this trade
war has been very tough on the president in the
(15:29):
first one hundred days.
Speaker 12 (15:30):
Yeah, we one hundred days in the SNP is looking
like it's down about eight percent since Donald Trump's inauguration.
That would be it's on track for its worst run
in the first one hundred days of a new administration
since Gerald Ford in nineteen seventy four following Nixon's resignation.
So that is not what people expected, I think when
Trump took off, as they thought there'd be more of
(15:52):
a stock market boom. We're still waiting to see that happen.
Speaker 3 (15:55):
This is Bloombergy Daybreak, your morning podcast on the stories
making news from Wall st Eat to Washington and beyond.
Speaker 2 (16:02):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (16:08):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
in New York, Bloomberg in ninety nine to one in Washington,
Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 2 (16:22):
Plus listen coast to coast on the Bloomberg Business app
now with Apple CarPlay and Android auto interfaces.
Speaker 3 (16:28):
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 Karen Moscow.
Speaker 2 (16:41):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Day Ray
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