May 2, 2025 • 16 mins
On today's podcast:
1) China said it is assessing the possibility of trade talks with the US, the first sign since Donald Trump hiked tariffs last month that negotiations could begin between the two sides.
2) Apple Inc.’s much-awaited quarterly earnings report failed to soothe investor concerns about its biggest challenges, including escalating tariff costs and a slowdown in China.
3) President Donald Trump will request a record $1.01 trillion in national security spending for the fiscal year beginning Oct. 1, more than 13% over the current year’s figure, according to administration officials familiar with the matter.
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2 (00:10):
Good morning.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:15):
Karen, the move we're seeing in markets this morning comes
on optimism that trade tensions between the US and China
may be easing. China says it is assessing the possibility
of trade talks with the US. It is the first
sign since President Donald Trump hiked tariffs last month that
negotiations could begin between the two sides. We get more
from Bloomberg New senior editor Bill Ferries.
Speaker 4 (00:37):
It's really hard to know what's happening here or if
it's the market really looking for any sign of a
potential change, any sign that one side or both sides
are simultaneously starting to blink here. I mean, the China's
Commerce Ministry said on Friday that it noted the willingness
of some senior US officials to talk about harriffs. On
(01:01):
the other hand, you've had the US saying that they
want China to reach out, that China can't sustain these
tariffs for very long. This latest statement doesn't seem that
different on the Chinese side, but it is being taken
as perhaps an ALI branch that could allow both sides
to maybe save some face and start talks, even if
that's at.
Speaker 2 (01:21):
A lower level and Bloomberg's Bill Ferry says, the economic
fallout from the confrontation maybe giving new momentum to efforts
to bring both sides to the table. The US economy
contracted at the start of the year, China's factory activity
slipped into its worst contraction since December of twenty twenty three.
Speaker 5 (01:38):
Let's turn to politics now, Nathan.
Speaker 3 (01:40):
The White House is set to release its first budget
request of President Trump's second term, the so called the
Skinny Budget. We'll call for five hundred and fifty seven
billion dollars in non defense spending. That's a nearly twenty
three percent drop from current levels. National security spending, meanwhile,
would rise to a record one point zero one trillion
dollars thirteen percent increase. Administration officials say the budget includes
(02:04):
significant cuts to environmental programs, foreign aid, the Education Department,
National Institutes of Health and Housing, and urban development. The
military boost would pay for the Golden Dome missile defense,
as well as shipbuilding, border security, and a military pay raise.
It's not clear how the budget request would handle entitlements.
They represent the bulk of federal spending.
Speaker 2 (02:26):
And Karen, the president has signed an executive order to
end federal funding of public broadcasters NPR and PBS. Bloomberg's
John Tucker joins us with that part of the story.
Speaker 6 (02:36):
John and Nathan, the most shouldn't really come as a surprise.
Back in March, President Trump was asked if he had
any plans to yank funding for NPR and PBS.
Speaker 5 (02:45):
I would love to do that.
Speaker 3 (02:47):
I think it's very unfair.
Speaker 5 (02:48):
It's been very biased. The whole group, I mean the
whole group of them.
Speaker 6 (02:52):
Or Republicans have long sought to eliminate funding for NPR
and PBS, and President Trump has repeatedly criticized press coverage
of his administer. Both public media outlets do receive a
small portion of their funding from the federal sources. PBS
is set to take the larger hit. The broadcaster relies
on federal funds for about sixteen percent of its overall budget.
(03:12):
You know you yorkcome, John Tucker, Bloomberg Radio.
Speaker 5 (03:15):
All right, John, thank you a while.
Speaker 3 (03:16):
The other major story out of Washington, as a shake
up in the West wing, President Trump is naming his
national Security Advisor Mike Waltz to be the next UN ambassador.
Back in March, Waltz admitted he mistakenly added Atlantic Editor
Jeffrey Goldenberg to a signal group chat about attack plans
in Yemen. Now, if confirmed by the Senate, he'll be
moving out of the Oval Office to UN headquarters in
(03:38):
New York, began more from Bloomberg Washington reporter Tyler Kendall.
Speaker 7 (03:42):
In terms of a promotion versus a demotion, the National
Security Advisor is in the West Wing. He sees the
President every day. He gets a security detail much like
the chief of Staff that other members of the administration
don't necessarily get. He also has been at the forefront
of most of, if not all, of these foreign policy negotiations,
particularly when it comes to Ukraine and Russia. As the
(04:04):
administration tries to push forward that they are making progress.
They're announcing that a critical minerals agreement just the other day.
He was the one that went to Saudi Arabia to
kick off those talks.
Speaker 3 (04:13):
And that's Bloomberg's Tyler Kendall. The president says Secretary of
State Marco Rubio will serve as interim National Security Advisor
Rubio is also leading the US Agency for International Development
after it was targeted for cuts, and he's also acting
head of the National Archives and Karen.
Speaker 2 (04:30):
President Trump is putting new pressure on Iran. He says
he will impose secondary sanctions on nations or companies that
buy Iran's oil. The president posted on social media quote,
they will not be allowed to do business with the
United States of America in any way, shape or form.
Negotiations over Iran's nuclear program hit a wall this week.
A meeting that had been set for tomorrow was postponed,
(04:53):
and US officials said they never agreed to take part
in the latest stround of talks in the first place.
Speaker 3 (04:57):
Return to the markets now, Nathan, in futures are high.
You're following eight straight days of gains for the S
and P five hundred. As you mentioned earlier, there is
optimism the US and China will begin trade negotiations. Two
stocks that are not participating in the euphoria are Apple
and Amazon. Shares of Apple are down three percent. The
iphonemaker's earnings report failed to soothe investor concerns about its
(05:20):
biggest challenges, including escalating tariff costs and a slowdown in
China CEO Tim Cooks as sales from China fell more
than expected two point three percent to sixteen billion dollars
in the second quarter. Analysts say that shortfall is an
ominous sign for what was once a growth market.
Speaker 2 (05:37):
And here and shares of Amazon are down more than
two percent. The world's largest online retailer says it's bracing
for a tougher business climate due to tariffs and economic turmoil.
Amazon CEO and the jazz highlighted at the guaranty.
Speaker 8 (05:50):
Obviously, none of us know exactly where tariffs will settle
or when.
Speaker 5 (05:55):
We haven't seen any attenuation of demand yet.
Speaker 8 (05:58):
To some extent, we've seen some heightened buying in certain
categories that may indicate stalking up in advance of any
potential tariff impact.
Speaker 2 (06:05):
And despite the headwinds, Amazon CEO Andy Jassey reported a
nine percent increase in first quarter sales.
Speaker 3 (06:11):
In addition to earnings, Nathan, Investors will have a key
economic report to look forward to, the April Jobs report.
We get a preview with Bloomberg's Michael McKee.
Speaker 9 (06:20):
The jobs report may be the most important economic indicator
going forward, but maybe not this one. The President's big
tariff announcements came just ahead of the April survey week,
so companies likely didn't have a lot of time to react.
We may see some reduction in federal government employment, but
for the most part, the April figures should suggest private
sector hiring is on hold. Also, the FED watch is
(06:44):
the unemployment rate rather than overall job creation, and unemployment
is forecast to hold steady. Michael McKee, Bloomberg Radio.
Speaker 5 (06:52):
All right, Mike, thanks well.
Speaker 3 (06:53):
Stay with Bloomberg for special coverage as we break down
the numbers and get live expert analysis. That's at eight
thirty Wall Street time on Bloomberg Radio and the Bloomberg
podcast page on YouTube. Time now for 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.
Speaker 5 (07:13):
Michael, Good Morning, Good morning, Karen.
Speaker 10 (07:15):
Supreme Court Justice Katanjie Brown Jackson denounced what she called
relentless attacks on the federal judiciary. Jackson says efforts to
intimidate judges we're threatening the constitution and the rule of law.
She told a group of federal judges and lawyers at
a conference in Puerto Rico last night. The attacks are
not random. The Transportation Department is rolling out a new
(07:37):
plan to address a shortage of air traffic controllers across
the country. The new initiatives include financial incentives to graduates.
National Air Traffic Controllers Association President Nick Daniels says staffing
at US airports is nearing a thirty year low.
Speaker 11 (07:53):
This is a commitment to the dedicated men and women
keeping our skies safe. It's a real tangible move towards
building and sustaining the workforce that America needs.
Speaker 10 (08:04):
It's part of what caused a domino effect delaying air
traffic for several days at Newer Careport. New York Governor
Kathy Hockel join MTA officials and law enforcement to highlight
a state budget deal to make subways safer for all
riders and transit workers. Hochel, speaking from a subway station, says,
these major investments increase the presence of law enforcement and
(08:26):
make crucial safety upgrades and protective barriers and.
Speaker 2 (08:30):
May be overstated, but this is the beating heart of
this city. This is what sets us apart from all others,
gets getting people anywhere.
Speaker 5 (08:37):
They want to go within minutes. It's extraordinary.
Speaker 10 (08:41):
The State Department says Secretary Marco Rubio has spoken with
senior officials in India and in Pakistan in an effort
to cool tensions. Pakistan's ambassador to the US, Risman Sayeed Shaik,
stresses that they want peace, but his country will stand
up for itself.
Speaker 9 (08:58):
We need a peaceful neighborhood, and any allegations of that sort,
they would need evidence.
Speaker 10 (09:05):
It comes after a deadly attack on Cashmere. Detailed Army
plans for a potential military parade on President Trump's seventy
ninth birthday call for more than sixty six hundred soldiers,
at least one hundred and fifty vehicles, fifty helicopters, and
seven bands. According to the Associated Press, the planning documents
represent the army's most recent blueprint for its long planned
(09:26):
two hundred and fiftieth birthday festival on the National Mall.
June fourteenth, Global News twenty four hours a day and
whenever you want it with the Bloomberg News Now, Michael
Barrn this is Bloomberg.
Speaker 5 (09:36):
Karen.
Speaker 3 (09:37):
All right, Michael barr thank you time now for the
Bloomberg Sports Update. Here's John Staneshawer.
Speaker 1 (09:46):
John, good morning, and we want to care in wild
game to and a wild series one where the road
team won five games in a row and each of
the last four games were decided by no more than
three points. Game six of Detroit Knicks had a great start,
led by fifteen, but as was so often the case
of the series, the Pistons responded. They had the lead
by halftime, a strong third quarter, by the next they
were backhead by thirteen. Sure enough, it was the Pistons
(10:09):
turn a twenty to two run on the fourth quarter
a seven point lead, and everyone then expecting there to
be a Game seven back in New York, but the
Knicks Valley had the ball with the game tie, brusts and.
Speaker 10 (10:19):
Holding X trying to win till the ends.
Speaker 11 (10:22):
Romson pucks up the three tag, Jalen Bruson hits the
three with.
Speaker 2 (10:28):
Four point three reding of the Pistons call time out.
Speaker 1 (10:32):
And Mike Breen saves those double bangs on MSG for
really big shots. This one a series winner by Brunson,
who scored forty points as the Knicks won one sixteen,
one thirteen to take the series for two and advance
to play the heavily favored Celtics. Game one Monday, in Boston.
Detroit still winless in home playoff game since two thousand
and eight. Denver and the Clippers headed into a game seven.
(10:55):
LA won one eleven one oh five. Three teams moving
around two of the Stanley Cup playoffs. Toronto, Vegas and Edmonton,
Colorado beat Dallas. They'll play a game seven. It appears
the Rangers have their new coach contract Top said to
be advanced with fifty seven year old Mike Sullivan, drafted
by the Rangers in nineteen eighty seven, that we never
played for them. He got fired by Pittsburgh three days
(11:15):
ago after spending a decade coaching the Penguins, winning two
Stanley Cups. Just the second two game losing streak for
the Mets Arizona one at City Field, four to two too.
The two met runs were solo homers by Juan Soto,
his first two homers hit at home. Met's played tonight
in Saint Louis. Yankees are home for Tampa Bay. Toronto
beat the Red Sox for to two. The Nationals won
four to two in Philadelphia. John Stashewer Bloomberg Sports count Nathan.
Speaker 4 (11:39):
Coast to Coast on Bloomberg Radio nationwide on Sirius XM and.
Speaker 12 (11:44):
Around the world on Bloomberg dot Com and the Bloomberg
Business app.
Speaker 5 (11:48):
This is Bloomberg day Break. Good morning, I'm Nathan Hager.
Speaker 2 (11:51):
On a morning we may be seeing the first sign
of a thaw in the trade freeze between the US
and China. With one hundred and forty five sent tariff's
still an effect on Chinese exports. The Chinese Commerce Ministry
now says it is evaluating the possibility of trade talks
after getting messages from the US through relevant parties. John
(12:12):
Gong is a former consultant to the Commerce Ministry. We've
been waiting for this for a long time. I think
the statement that the Ministry of Commerce is evaluating really
means that, first of all, there's a go ahead from
the very top of the leadership in China. John Gong,
now with the University of International Business at Economics, spoke
with Bloomberg from Beijing this morning, and we're joined now
(12:32):
by Bloomberg Radio and TV anchor Kritty Gupta. So, Critty,
how to take this statement from the Commerce ministry that
they're thinking about thinking.
Speaker 5 (12:41):
About talks with the US.
Speaker 2 (12:43):
It almost feels like how the FED used to talk
about thinking about thinking about doing something with Tristrad.
Speaker 6 (12:49):
It's good morning.
Speaker 5 (12:50):
Good morning, Nathan.
Speaker 12 (12:51):
Yeah, it's a tricky one because, of course we know
a CCTV, which is media in China associated with the
Government of China earlier reported that that was kind of
happening earlier this week. So this is a confirmation now
from the government itself that this is largely being considered.
I think one guest this morning that I think summed
it up perfectly, so that this is a drizzle in
(13:12):
what's been a drought for weeks, if not months, and
I think that's one way to kind of assess perhaps
the early though that we're seeing in this terms of relationship.
Speaker 5 (13:19):
But wishure remind our audience.
Speaker 12 (13:21):
That this is just what we're hearing from China is
coming amid a backdrop of what Donald Trump has repeatedly
emphasized it needs to be the first step that comes
from China and not from Washington, d C. Whereas he's
also said in previous iterations that Shijinpin needs to contact
him directly in order to begin talks. Got best and
saying something similar, and that's up to Beijing to take
the first step to de escalate the dispute, so we
(13:43):
will actually see if China does that when they've repeatedly
asked for respect when.
Speaker 5 (13:47):
It comes to taking that step.
Speaker 2 (13:50):
Well, you had to think Critty that both sides have
sort of motivation to get to the table.
Speaker 5 (13:55):
After the GDP.
Speaker 2 (13:56):
Read we got here in the US and the shrinking
factory activity that we saw to China.
Speaker 5 (14:02):
They absolutely have motivation.
Speaker 12 (14:03):
I would argue that the push from the American side
may have to do with some of the early readings
on the tariff impact that you're already seeing. And I
think a great example in just the last twenty four
hours of that has been coming out of Apple and Amazon,
who are already seeing pressures.
Speaker 5 (14:18):
That are going to ultimately fall on the consumer.
Speaker 12 (14:20):
Nathan, if I can go there and drive some numbers
around this, sure, Apple is a great example. They're talking
about a nine hundred million dollar cost in the current
period when it comes to the effect of the planned tariffs,
and that's just on one quarter. The SZILL hasn't fully
had the full effect. Not to mention what happens when
the ninety day reciprocal tariff kind of extension happens as well.
(14:41):
Amazon is another great example, really talking about headwinds when
it comes to tariff related turmoil, and we know that
this week as well, that was something that became a
bit of an issue, as you know in Washington, DC
as well, where it was reported and then later denied
by Amazon that tariff prices may show up in some
of the kind of the the number you see at
the checkout for example when you buy something from Amazon,
(15:03):
something that did of course get the ire of Washington
and the Trump administration. Of course, Amazon pulling back on
those comments, saying that it was never going to happen.
But I think it really highlights the uncertainty that a
lot of these corporations are dealing with when it comes
to keeping the consumer engaged while also adding pressure to
the Trump administration.
Speaker 2 (15:22):
So just quickly, critty, what's the signal we could be
taking from the market with the broader market moving higher
while these big tech names are still moving lower on
some of these ongoing trade concerns.
Speaker 12 (15:32):
Well, if you do start to see green on the
screen in today, sustain into the weekend, it would be
the nine straight winning day for the S and P
five hundred. That is the biggest winning streak going back
to twenty twenty one, so we'll see if that is
ultimately a sentiment change. But again we're going into a weekend.
Anything can happen.
Speaker 3 (15:48):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (15:55):
Look for us on your podcast feed by six am
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Speaker 3 (16:01):
You can also listen live each morning starting at five
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Speaker 2 (16:15):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 3 (16:21):
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 (16:34):
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.
Speaker 2 (00:15):
Karen, the move we're seeing in markets this morning comes
on optimism that trade tensions between the US and China
may be easing. China says it is assessing the possibility
of trade talks with the US. It is the first
sign since President Donald Trump hiked tariffs last month that
negotiations could begin between the two sides. We get more
from Bloomberg New senior editor Bill Ferries.
Speaker 4 (00:37):
It's really hard to know what's happening here or if
it's the market really looking for any sign of a
potential change, any sign that one side or both sides
are simultaneously starting to blink here. I mean, the China's
Commerce Ministry said on Friday that it noted the willingness
of some senior US officials to talk about harriffs. On
(01:01):
the other hand, you've had the US saying that they
want China to reach out, that China can't sustain these
tariffs for very long. This latest statement doesn't seem that
different on the Chinese side, but it is being taken
as perhaps an ALI branch that could allow both sides
to maybe save some face and start talks, even if
that's at.
Speaker 2 (01:21):
A lower level and Bloomberg's Bill Ferry says, the economic
fallout from the confrontation maybe giving new momentum to efforts
to bring both sides to the table. The US economy
contracted at the start of the year, China's factory activity
slipped into its worst contraction since December of twenty twenty three.
Speaker 5 (01:38):
Let's turn to politics now, Nathan.
Speaker 3 (01:40):
The White House is set to release its first budget
request of President Trump's second term, the so called the
Skinny Budget. We'll call for five hundred and fifty seven
billion dollars in non defense spending. That's a nearly twenty
three percent drop from current levels. National security spending, meanwhile,
would rise to a record one point zero one trillion
dollars thirteen percent increase. Administration officials say the budget includes
(02:04):
significant cuts to environmental programs, foreign aid, the Education Department,
National Institutes of Health and Housing, and urban development. The
military boost would pay for the Golden Dome missile defense,
as well as shipbuilding, border security, and a military pay raise.
It's not clear how the budget request would handle entitlements.
They represent the bulk of federal spending.
Speaker 2 (02:26):
And Karen, the president has signed an executive order to
end federal funding of public broadcasters NPR and PBS. Bloomberg's
John Tucker joins us with that part of the story.
Speaker 6 (02:36):
John and Nathan, the most shouldn't really come as a surprise.
Back in March, President Trump was asked if he had
any plans to yank funding for NPR and PBS.
Speaker 5 (02:45):
I would love to do that.
Speaker 3 (02:47):
I think it's very unfair.
Speaker 5 (02:48):
It's been very biased. The whole group, I mean the
whole group of them.
Speaker 6 (02:52):
Or Republicans have long sought to eliminate funding for NPR
and PBS, and President Trump has repeatedly criticized press coverage
of his administer. Both public media outlets do receive a
small portion of their funding from the federal sources. PBS
is set to take the larger hit. The broadcaster relies
on federal funds for about sixteen percent of its overall budget.
(03:12):
You know you yorkcome, John Tucker, Bloomberg Radio.
Speaker 5 (03:15):
All right, John, thank you a while.
Speaker 3 (03:16):
The other major story out of Washington, as a shake
up in the West wing, President Trump is naming his
national Security Advisor Mike Waltz to be the next UN ambassador.
Back in March, Waltz admitted he mistakenly added Atlantic Editor
Jeffrey Goldenberg to a signal group chat about attack plans
in Yemen. Now, if confirmed by the Senate, he'll be
moving out of the Oval Office to UN headquarters in
(03:38):
New York, began more from Bloomberg Washington reporter Tyler Kendall.
Speaker 7 (03:42):
In terms of a promotion versus a demotion, the National
Security Advisor is in the West Wing. He sees the
President every day. He gets a security detail much like
the chief of Staff that other members of the administration
don't necessarily get. He also has been at the forefront
of most of, if not all, of these foreign policy negotiations,
particularly when it comes to Ukraine and Russia. As the
(04:04):
administration tries to push forward that they are making progress.
They're announcing that a critical minerals agreement just the other day.
He was the one that went to Saudi Arabia to
kick off those talks.
Speaker 3 (04:13):
And that's Bloomberg's Tyler Kendall. The president says Secretary of
State Marco Rubio will serve as interim National Security Advisor
Rubio is also leading the US Agency for International Development
after it was targeted for cuts, and he's also acting
head of the National Archives and Karen.
Speaker 2 (04:30):
President Trump is putting new pressure on Iran. He says
he will impose secondary sanctions on nations or companies that
buy Iran's oil. The president posted on social media quote,
they will not be allowed to do business with the
United States of America in any way, shape or form.
Negotiations over Iran's nuclear program hit a wall this week.
A meeting that had been set for tomorrow was postponed,
(04:53):
and US officials said they never agreed to take part
in the latest stround of talks in the first place.
Speaker 3 (04:57):
Return to the markets now, Nathan, in futures are high.
You're following eight straight days of gains for the S
and P five hundred. As you mentioned earlier, there is
optimism the US and China will begin trade negotiations. Two
stocks that are not participating in the euphoria are Apple
and Amazon. Shares of Apple are down three percent. The
iphonemaker's earnings report failed to soothe investor concerns about its
(05:20):
biggest challenges, including escalating tariff costs and a slowdown in
China CEO Tim Cooks as sales from China fell more
than expected two point three percent to sixteen billion dollars
in the second quarter. Analysts say that shortfall is an
ominous sign for what was once a growth market.
Speaker 2 (05:37):
And here and shares of Amazon are down more than
two percent. The world's largest online retailer says it's bracing
for a tougher business climate due to tariffs and economic turmoil.
Amazon CEO and the jazz highlighted at the guaranty.
Speaker 8 (05:50):
Obviously, none of us know exactly where tariffs will settle
or when.
Speaker 5 (05:55):
We haven't seen any attenuation of demand yet.
Speaker 8 (05:58):
To some extent, we've seen some heightened buying in certain
categories that may indicate stalking up in advance of any
potential tariff impact.
Speaker 2 (06:05):
And despite the headwinds, Amazon CEO Andy Jassey reported a
nine percent increase in first quarter sales.
Speaker 3 (06:11):
In addition to earnings, Nathan, Investors will have a key
economic report to look forward to, the April Jobs report.
We get a preview with Bloomberg's Michael McKee.
Speaker 9 (06:20):
The jobs report may be the most important economic indicator
going forward, but maybe not this one. The President's big
tariff announcements came just ahead of the April survey week,
so companies likely didn't have a lot of time to react.
We may see some reduction in federal government employment, but
for the most part, the April figures should suggest private
sector hiring is on hold. Also, the FED watch is
(06:44):
the unemployment rate rather than overall job creation, and unemployment
is forecast to hold steady. Michael McKee, Bloomberg Radio.
Speaker 5 (06:52):
All right, Mike, thanks well.
Speaker 3 (06:53):
Stay with Bloomberg for special coverage as we break down
the numbers and get live expert analysis. That's at eight
thirty Wall Street time on Bloomberg Radio and the Bloomberg
podcast page on YouTube. Time now for 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.
Speaker 5 (07:13):
Michael, Good Morning, Good morning, Karen.
Speaker 10 (07:15):
Supreme Court Justice Katanjie Brown Jackson denounced what she called
relentless attacks on the federal judiciary. Jackson says efforts to
intimidate judges we're threatening the constitution and the rule of law.
She told a group of federal judges and lawyers at
a conference in Puerto Rico last night. The attacks are
not random. The Transportation Department is rolling out a new
(07:37):
plan to address a shortage of air traffic controllers across
the country. The new initiatives include financial incentives to graduates.
National Air Traffic Controllers Association President Nick Daniels says staffing
at US airports is nearing a thirty year low.
Speaker 11 (07:53):
This is a commitment to the dedicated men and women
keeping our skies safe. It's a real tangible move towards
building and sustaining the workforce that America needs.
Speaker 10 (08:04):
It's part of what caused a domino effect delaying air
traffic for several days at Newer Careport. New York Governor
Kathy Hockel join MTA officials and law enforcement to highlight
a state budget deal to make subways safer for all
riders and transit workers. Hochel, speaking from a subway station, says,
these major investments increase the presence of law enforcement and
(08:26):
make crucial safety upgrades and protective barriers and.
Speaker 2 (08:30):
May be overstated, but this is the beating heart of
this city. This is what sets us apart from all others,
gets getting people anywhere.
Speaker 5 (08:37):
They want to go within minutes. It's extraordinary.
Speaker 10 (08:41):
The State Department says Secretary Marco Rubio has spoken with
senior officials in India and in Pakistan in an effort
to cool tensions. Pakistan's ambassador to the US, Risman Sayeed Shaik,
stresses that they want peace, but his country will stand
up for itself.
Speaker 9 (08:58):
We need a peaceful neighborhood, and any allegations of that sort,
they would need evidence.
Speaker 10 (09:05):
It comes after a deadly attack on Cashmere. Detailed Army
plans for a potential military parade on President Trump's seventy
ninth birthday call for more than sixty six hundred soldiers,
at least one hundred and fifty vehicles, fifty helicopters, and
seven bands. According to the Associated Press, the planning documents
represent the army's most recent blueprint for its long planned
(09:26):
two hundred and fiftieth birthday festival on the National Mall.
June fourteenth, Global News twenty four hours a day and
whenever you want it with the Bloomberg News Now, Michael
Barrn this is Bloomberg.
Speaker 5 (09:36):
Karen.
Speaker 3 (09:37):
All right, Michael barr thank you time now for the
Bloomberg Sports Update. Here's John Staneshawer.
Speaker 1 (09:46):
John, good morning, and we want to care in wild
game to and a wild series one where the road
team won five games in a row and each of
the last four games were decided by no more than
three points. Game six of Detroit Knicks had a great start,
led by fifteen, but as was so often the case
of the series, the Pistons responded. They had the lead
by halftime, a strong third quarter, by the next they
were backhead by thirteen. Sure enough, it was the Pistons
(10:09):
turn a twenty to two run on the fourth quarter
a seven point lead, and everyone then expecting there to
be a Game seven back in New York, but the
Knicks Valley had the ball with the game tie, brusts and.
Speaker 10 (10:19):
Holding X trying to win till the ends.
Speaker 11 (10:22):
Romson pucks up the three tag, Jalen Bruson hits the
three with.
Speaker 2 (10:28):
Four point three reding of the Pistons call time out.
Speaker 1 (10:32):
And Mike Breen saves those double bangs on MSG for
really big shots. This one a series winner by Brunson,
who scored forty points as the Knicks won one sixteen,
one thirteen to take the series for two and advance
to play the heavily favored Celtics. Game one Monday, in Boston.
Detroit still winless in home playoff game since two thousand
and eight. Denver and the Clippers headed into a game seven.
(10:55):
LA won one eleven one oh five. Three teams moving
around two of the Stanley Cup playoffs. Toronto, Vegas and Edmonton,
Colorado beat Dallas. They'll play a game seven. It appears
the Rangers have their new coach contract Top said to
be advanced with fifty seven year old Mike Sullivan, drafted
by the Rangers in nineteen eighty seven, that we never
played for them. He got fired by Pittsburgh three days
(11:15):
ago after spending a decade coaching the Penguins, winning two
Stanley Cups. Just the second two game losing streak for
the Mets Arizona one at City Field, four to two too.
The two met runs were solo homers by Juan Soto,
his first two homers hit at home. Met's played tonight
in Saint Louis. Yankees are home for Tampa Bay. Toronto
beat the Red Sox for to two. The Nationals won
four to two in Philadelphia. John Stashewer Bloomberg Sports count Nathan.
Speaker 4 (11:39):
Coast to Coast on Bloomberg Radio nationwide on Sirius XM and.
Speaker 12 (11:44):
Around the world on Bloomberg dot Com and the Bloomberg
Business app.
Speaker 5 (11:48):
This is Bloomberg day Break. Good morning, I'm Nathan Hager.
Speaker 2 (11:51):
On a morning we may be seeing the first sign
of a thaw in the trade freeze between the US
and China. With one hundred and forty five sent tariff's
still an effect on Chinese exports. The Chinese Commerce Ministry
now says it is evaluating the possibility of trade talks
after getting messages from the US through relevant parties. John
(12:12):
Gong is a former consultant to the Commerce Ministry. We've
been waiting for this for a long time. I think
the statement that the Ministry of Commerce is evaluating really
means that, first of all, there's a go ahead from
the very top of the leadership in China. John Gong,
now with the University of International Business at Economics, spoke
with Bloomberg from Beijing this morning, and we're joined now
(12:32):
by Bloomberg Radio and TV anchor Kritty Gupta. So, Critty,
how to take this statement from the Commerce ministry that
they're thinking about thinking.
Speaker 5 (12:41):
About talks with the US.
Speaker 2 (12:43):
It almost feels like how the FED used to talk
about thinking about thinking about doing something with Tristrad.
Speaker 6 (12:49):
It's good morning.
Speaker 5 (12:50):
Good morning, Nathan.
Speaker 12 (12:51):
Yeah, it's a tricky one because, of course we know
a CCTV, which is media in China associated with the
Government of China earlier reported that that was kind of
happening earlier this week. So this is a confirmation now
from the government itself that this is largely being considered.
I think one guest this morning that I think summed
it up perfectly, so that this is a drizzle in
(13:12):
what's been a drought for weeks, if not months, and
I think that's one way to kind of assess perhaps
the early though that we're seeing in this terms of relationship.
Speaker 5 (13:19):
But wishure remind our audience.
Speaker 12 (13:21):
That this is just what we're hearing from China is
coming amid a backdrop of what Donald Trump has repeatedly
emphasized it needs to be the first step that comes
from China and not from Washington, d C. Whereas he's
also said in previous iterations that Shijinpin needs to contact
him directly in order to begin talks. Got best and
saying something similar, and that's up to Beijing to take
the first step to de escalate the dispute, so we
(13:43):
will actually see if China does that when they've repeatedly
asked for respect when.
Speaker 5 (13:47):
It comes to taking that step.
Speaker 2 (13:50):
Well, you had to think Critty that both sides have
sort of motivation to get to the table.
Speaker 5 (13:55):
After the GDP.
Speaker 2 (13:56):
Read we got here in the US and the shrinking
factory activity that we saw to China.
Speaker 5 (14:02):
They absolutely have motivation.
Speaker 12 (14:03):
I would argue that the push from the American side
may have to do with some of the early readings
on the tariff impact that you're already seeing. And I
think a great example in just the last twenty four
hours of that has been coming out of Apple and Amazon,
who are already seeing pressures.
Speaker 5 (14:18):
That are going to ultimately fall on the consumer.
Speaker 12 (14:20):
Nathan, if I can go there and drive some numbers
around this, sure, Apple is a great example. They're talking
about a nine hundred million dollar cost in the current
period when it comes to the effect of the planned tariffs,
and that's just on one quarter. The SZILL hasn't fully
had the full effect. Not to mention what happens when
the ninety day reciprocal tariff kind of extension happens as well.
(14:41):
Amazon is another great example, really talking about headwinds when
it comes to tariff related turmoil, and we know that
this week as well, that was something that became a
bit of an issue, as you know in Washington, DC
as well, where it was reported and then later denied
by Amazon that tariff prices may show up in some
of the kind of the the number you see at
the checkout for example when you buy something from Amazon,
(15:03):
something that did of course get the ire of Washington
and the Trump administration. Of course, Amazon pulling back on
those comments, saying that it was never going to happen.
But I think it really highlights the uncertainty that a
lot of these corporations are dealing with when it comes
to keeping the consumer engaged while also adding pressure to
the Trump administration.
Speaker 2 (15:22):
So just quickly, critty, what's the signal we could be
taking from the market with the broader market moving higher
while these big tech names are still moving lower on
some of these ongoing trade concerns.
Speaker 12 (15:32):
Well, if you do start to see green on the
screen in today, sustain into the weekend, it would be
the nine straight winning day for the S and P
five hundred. That is the biggest winning streak going back
to twenty twenty one, so we'll see if that is
ultimately a sentiment change. But again we're going into a weekend.
Anything can happen.
Speaker 3 (15:48):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (15:55):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or many where else
you listen.
Speaker 3 (16:01):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Speaker 2 (16:15):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 3 (16:21):
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 (16:34):
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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