March 9, 2025: Canada's Carney to Succeed Trudeau, Lutnick on Tariffs, More

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Speaker 1 (00:01):
News when you wanted with Bloomberg News. Now, I'm Doug Chrisner.
Mark Carney has won the race to become Canada's Liberal
Party leader and the country's next Prime Minister. Carney is
a former Governor of the Bank of Canada. He is
set to be sworn in as PM within days. He
is also a former Governor of the Bank of England,
the first non citizen to run the BOE, Carney will

(00:22):
be replacing PM Justin Trudeau, and he'll be taking over
at a time when many fear will be in a
protracted global trade war. Here is Carney speaking after the vote.

Speaker 2 (00:33):
The Canadian government has rightly retaliated and is rightly retaliating
with our own tariffs that will have maximum impact in
the United States and minimum impact here in Canada. My
government will keep our tariffs on until the Americans show
us respect.

Speaker 1 (00:49):
That is Mark Carney.

Speaker 3 (00:50):
There.

Speaker 1 (00:51):
Meantime, in the state's Commerce Secretary, Howard Lutnix, is expecting
twenty five percent tariffs for steel and aluminium imports to
take effect Wednesday. Now. Those tariffs announced earlier by President
Trump applied to imports from Canada and Mexico. However, Lutinix
says the tariffs could be lifted if the flow of
undocumented migrants and illegal drugs into the US stops. Lutnix

(01:14):
spoke earlier to NBC's Meet the Press.

Speaker 4 (01:16):
The changes to USMCA and beyond they start on April second.
So on April second, we are going to revisit again
the fentanyl issues, and we are going to revisit again
the trade, the general trade issues of reciprocality. Remember Canada
pass is supposed to have a free trade agreement with US. Yeah,
two hundred and fifty percent of dairy products. It's outrageous,

(01:38):
and you know the President's going to respond to it.

Speaker 1 (01:40):
That is Commerce Secretary Howard Lutnik. There we go to
Europe next to where EC President Ursula Vonderline says there
is no reason to de risk Europe's relationship with the US.
Now the EU finds itself reeling from major policy pivots
from the Trump administration. Vonderline spoke on Sunday in Brussels.

Speaker 5 (02:00):
They have been for more than eighty years, our closest
ally and in the face of adversity, the US and
Europe have always been stronger together. And yes there are differences,
but we might have different views on some topics, but
if you look at the common interest that we have,
they always outweigh our difference.

Speaker 1 (02:21):
Ursula Vonderline, speaking to reporters earlier in Brussels, she went
on to say Washington's decisions to suspend AID and INTEL
to Ukraine was a very strong wake up call for
Europe to boost its defense capabilities. Now, EU leaders are
pushing ahead with a security proposal that could mobilize eight
hundred billion euros worth of additional spending. Meantime, the US

(02:44):
and Ukraine are planning to meet in Saudi Arabia next
week for direct talks. This has the two sides aimed
to reach a framework for a peace agreement and an
initial cease fire. Now, President Trump says he is expecting
to eventually reach a natural resources deal with you Krainian
President Volodimir Zelenski. Trump spoke earlier on Fox News Sunday
Morning Futures.

Speaker 4 (03:05):
It was like taking candy from a baby.

Speaker 5 (03:07):
What he did.

Speaker 6 (03:08):
He's a smart guy, and he's a tough guy, and
he took money out of this country under Biden like candy.

Speaker 5 (03:17):
From a baby. It was so easy.

Speaker 6 (03:20):
With that same attitude and I just don't think he's grateful.

Speaker 1 (03:24):
President Trump there, speaking on Fox News Sunday Morning Futures Now.
The White House says the proposed deal on critical minerals
represents a US economic commitment to Ukraine security. The Trump
administration says it's canceling four hundred million dollars in federal
grants and contracts to Columbia University. More from Bloomberg's Charlie Pellett.

Speaker 3 (03:44):
The administration cites civil rights complaints against the Ivy League
school my Jewish Students. A joint task force of federal
agencies says the move represents the first round of action
against schools for their alleged failure to address anti Semitism
on campus, and the additional measures may follow. Columbia has
more than five billion dollars in federal grant commitments. Columbia

(04:08):
says it is reviewing the announcement and is pledging to
work with the government to restore the funding. In New
York Charlie Paddot's Bloomberg Radio.

Speaker 1 (04:16):
Meantime, the IRS is reportedly drafting plans to cut as
much as half of its ninety thousand person workforce. More
from Bloomberg's Amy Morris.

Speaker 6 (04:25):
Sources tell the Associated Press the plans include a mix
of layoffs, attrition, and incentivized buyouts. Former IRS Commissioner John
Coskin and says cutting that many workers would render the
IRS dysfunctional. More than six thousand have already been fired
back in February. This is the agency that collects the
money and finds the tax fraud and abuse. And the

(04:45):
White House says doze workers still want access to IRS
taxpayer data. It's all part of the Trump administration's efforts
to shrink the size of the federal workforce. In Washington,
Amy Moore as Bloomberg Radio Engulf.

Speaker 1 (04:57):
The Arnold Palmer Invitational in Orlando, Florida has wrapped up.
Georgia native Russell Henley has won with a score of
eleven under par. Colin Morikawa and Canada's Corey Connors placed
second and third with ten under and nine under, respectively.
And that is news when you want it with Bloomberg News. Now,
I'm Doug Chrisner, and this is Bloomberg