April 16, 2025: Trump on US-Japan Trade Talks, Powell Tariff Remarks, More

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Episode Transcript

Speaker 1 (00:01):
News when you want it with Bloomberg News Now, I'm
Doug Chrisner. Dozens of nations that trade with the US
are seeking either reductions or exemptions from President Trump's tariffs,
and we are told that in exchange for doing so,
the White House is set to ask them to take
steps to limit China's manufacturing might. Today President Trump met

(00:22):
with a Japanese trade delegation. Isabelle Reynolds is Bloomberg's Tokyo
bureau chief.

Speaker 2 (00:27):
From the Japanese side, obviously, the ask is very obvious.
They want all these tarifs removed, the subject at the
moment to the minimum ten percent tariff. Also, the vital
car industry is subject to twenty five percent tariffs already,
and of course they want to get away from the
prospect of having twenty four per cent tariffs across the board.

Speaker 1 (00:43):
That is Isabelle Reynolds, Bloomberg's Tokyo Bureau chief.

Speaker 3 (00:46):
Now.

Speaker 1 (00:47):
After the meeting, President Trump said negotiators made big progress,
and from the Japanese side, the country's Economic Revitalization Minister
said Japan wants a broad agreement as soon as possible.
No discussion of the Japanese currency. Today's FED speak was
a little on the hawkish side. Chary J. Powell once
again said the FED must ensure tariffs do not trigger

(01:09):
more persistent inflation. Here is Powell at the Economic Club
of Chicago.

Speaker 4 (01:14):
Trade now is the focus, and the effects of that
are likely to move us away from our goals. So
unemployment is likely to go up as the economy slows
in all likelihood, and inflation is likely to go up
as tariffs find their way and some part of those
tariffs come to the come to be paid by the
public now.

Speaker 1 (01:33):
Powell also emphasized the need to keep longer term inflation
expectations well anchored. We also heard today from the head
of the Cleveland Fed, Beth Hammock. She suggested that FED
should hold rates steady until there is more clarity on
the impact of those tariffs. The Bank of Korea held
its benchmark interest rates steady today after an unexpected increase
in consumer inflation. The BOK held its policy rates steady

(01:57):
at two point seventy five percent. The same time, the
BOK is trying to foster stability for the Korean one.
Bloomberg Executive editor for Asian Markets Paul Dobson tells us
the currency was trading at a sixteen year low against
the dollar as a result of US tariffs.

Speaker 5 (02:14):
Well, so we saw the one has been very volatile.
It got pushed to extremely weak levels and then rebounded
extremely strongly last week as well. That level of volatility
blaze the investment outlook across asset classes more difficult.

Speaker 1 (02:32):
That is Bloomberg's Paul Dobson now. In its statement, the
BOK said growth weakened more than expected due to the
impacts of US trade policy as well as domestic political uncertainty.
Democratic Senator Chris van Holland of Maryland met today with
the vice president of El Salvador and pushed for the
release of Kilmar Abrego Garcia. Brego Garcia was wrongly deported

(02:54):
from Maryland to El Salvador's most notorious prison. Van Holland
asked why Brego Garcia is still being held if there's
no evidence that he's a gang member.

Speaker 6 (03:04):
His answer was that the Trump administration is paying the
government of Al Salvador to keep him at Seacock, Maryland.

Speaker 1 (03:15):
Senator Chris van Holland there he was denied a chance
to meet or speak with Abrego Garcia. Meantime, the White
House was quick to slam the senator's visit after it
was revealed that Abrego Garcia's wife petitioned for an order
of protection following two incidents of domestic violence back in
twenty twenty one. Here's White House Press Secretary Caroline Levitt.

Speaker 7 (03:36):
Kilmar Abrego Garcia is an illegal alien MS thirteen gang
member and foreign terrorist who was deported back to his
home country. And when Abrego Garcia was originally arrested, he
was wearing a sweatshirt with rolls of money covering the
ear's mouth and eyes of presidents on various currency denominations.
This is a known MS thirteen gang symbol. Here no evil,

(04:00):
Speak no evil, See no evil.

Speaker 1 (04:02):
That was White House Press Secretary Caroline Levitt. California Governor
Gavin Newsom is suing to halt President Trump's tariffs. The
state is challenging the President's use of emergency powers to
enact broad tariffs against Mexico, Canada, and China. Hears Newsom.

Speaker 3 (04:18):
No state is poised to lose more than the state
of California. So that's our state of mind. That's why
we're asserting ourselves on behalf of forty million Americans, and
I imagine if you caucus those forty million Americans, you'd
find few I don't care where they were in the
last election that are celebrating this uncertainty, that are celebrating

(04:39):
the largest tax increase in modern US history.

Speaker 1 (04:43):
That is California Governor Gavin Newsom, speaking earlier in Sacramento.
By the way, the state's Attorney General, Rob Bonta is
joining Newsom in seeking a court order to immediately block
these levies. Newsom warned the tariffs would lead to a
dip in economic growth as well as an increase in
our employment and higher inflation. And that is news when
you want it. With Bloomberg News. Now, I'm Doug Prisner,

(05:06):
and this is Bloomberg