March 11, 2025: 25% Metals Tariffs Tonight, Stopgap Funding Passes House, More

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Episode Transcript

Speaker 1 (00:01):
News when you wanted with Bloomberg News. Now I'm Doug Prisner.
Tariffs of twenty five percent on all imported steel and
aluminum will take effect tonight at twelve oh one a m.
Eastern time. President Trump spoke earlier just outside the White House.

Speaker 2 (00:15):
Our country had to do this. We had to go
and do this. They've taken away other countries have taken
away our business, They've taken away our jobs. I did
it initially very strongly against as you know, China and
some others in the first term, and it was a
very successful term. We had no inflation, We had the
greatest economy in the history of our country.

Speaker 1 (00:36):
Meantime, Trump walked back plans to double tariffs on Canadian
steel and aluminum to fifty percent. This is after Ontario
Premier Doug Ford suspended a twenty five percent surg charge
on electricity sent to the US.

Speaker 3 (00:50):
As you know, there's a.

Speaker 2 (00:50):
Very strong man in Canada who said he was going
to charge a surch charge or a tierfon electricity coming
into Ocougin called and he said he's not going to
do that. Okay, he's not going to do that, And
it would have been a very bad thing. If he did,
and he's not going to do this.

Speaker 4 (01:07):
I respect that.

Speaker 1 (01:08):
Earlier Tuesday, Trump threatened to increase tariffs on Canadian auto
parts and to shut down auto manufacturing in Canada if
Ottawa does not drop tariffs on dairy products and other
US goods. Canada, by the way, is the main source
of aluminum for the US auto industry, and the plants
Trump is threatening to shut down are owned by American automakers.

(01:30):
The House of Representatives has passed a stopgap funding bill.
Republicans approved the measure with a two seventeen to two
thirteen vote, putting them one step closer to averting a
government shutdown. Now, the bill goes to the Senate, where
it will likely need the support of at least eight
Democrats to become law. Here is Bloomberg's Billy House.

Speaker 4 (01:50):
This is now being sent over to the Senate with
a shutdown of a Saturday deadline. They do something by
Friday midnight. So Democrats under Schumer, the minority leader from
New York, will have to decide whether just kind of
let this go or requires lawmakers and everybody to come
back and try to deal with the shutdown.

Speaker 1 (02:11):
That is Bloomberg's Billy House. Former US Treasury Secretary Larry
Summers says there's nearly a fifty to fifty chance of
the US tipping into recession this year. Summer cited the
Trump administration's policies on immigration, federal government layoffs, and the
damage to US competitiveness as the result of tariffs. Here
is Summers speaking earlier to Bloomberg.

Speaker 3 (02:33):
I've watched economic forecast for a long time, and one
thing I've observed is when they start being revised in
a direction, there tends to be momentum, and all the
revisions are going one way at this point, which is
towards less growth. So I think we've got a real

(02:54):
uncertainty problem.

Speaker 1 (02:56):
That is Bloomberg contributor Larry Summers there, and he went
on to say that even if policymakers wanted to adopt
a protectionist framework, the current plans for tariffs are counterproductive
because they raise the cost of inputs that American factories
need to geopolitics. Next, Ukraine has accepted a US proposal
for a thirty day truce with Russia as part of

(03:17):
a deal to lift a freeze on military aid and intelligence.
The agreement laid out in a joint statement follows eight
hours of talks in Saudi Arabia on Tuesday. The two
nations also agreed to conclude a deal on sharing Ukraine's
mineral development as soon as possible. Here is US Secretary
of State Marco Rubio speaking with reporters in Jedda. We'll

(03:40):
take this offer and out of the Russians, and we
hope that they'll say yes, that they'll say yes to peace.

Speaker 4 (03:44):
The balls now in their court.

Speaker 1 (03:47):
But again, the President's objective here is number one above
everything else. He wants the war to end. And I
think today Ukraine has taken a concrete step in that regard.
We hope the Russians will reciprocate the US Secretary of
State Marco Rubio there now. The US and Ukraine also
discussed the need to conduct prisoners swaps with Russia during
the truce. US Mid East Envoy Steve Whitcoff is due

(04:08):
to meet with Russian President Vladimir Putin in Moscow later
this week. Tiger Woods announced that he had less invasive
surgery for a ruptured achilles tendon on Tuesday. Yes, this
is another injury and it will likely keep the golf
legend out of the Masters, and possibly other major championships
this year. Woods made the announcement on social media, and

(04:30):
he didn't give a timeline for his return to play.
And that is news when you want it. With Bloomberg
News Now, I'm Doug Prisner, and this is Bloomberg