May 11, 2025: US-China Trade Talks Progress, Hamas to Release Hostage, More

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Episode Transcript

Speaker 1 (00:01):
News when you want it with Bloomberg News Now Dan Schwartzman.
Officials say the US and China made substantial progress during
trade talks in Geneva, Switzerland. Treasury Secretary Scott Bestin's and
US Trade Representative Jamison Greer spoke after hours of meetings
with Chinese Vice Premier Holly Fung. Here's bessant.

Speaker 2 (00:19):
First, I want to thank our Swiss host. The Swiss
government has been very kind in providing us this wonderful venue,
and I think that led to a great deal of
the productivity we've seen. We will be giving details tomorrow,
but I can tell you that the talks were productive.

Speaker 1 (00:40):
Asian stocks and US equity index futures rose as a
result of the trade talks in Switzerland. We got reaction
from Raj Singh, portfolio manager at Principal Asset Management.

Speaker 3 (00:50):
Market is liking it, and market is digesting this uncertainity
quite well, and that we can see that since the
libration day, most of the markets, how would all the losses,
In fact, most of the markets on green. Whether you
look at US, you look at Europe, you look places
in Asia. So I would say that the risk sentiments
are getting lifted.

Speaker 1 (01:11):
Here that was Raj Singh of Principal Asset Management HAMAS
says it will be releasing the last living American it
is holding hostage in Gaza Iden, Alexander. After holding direct
talks to the US regarding a ceasefire with Israel, President
Trump is in the Middle East this week meeting with
regional leaders. An FAA equipment failure prompted another temporary groundstop
at Newark Liberty International Airport on Sunday. The agency released

(01:34):
a statement calling it a telecommunications issue at the Philadelphia
area facility, which guides planes in and out of Newark Airport.
New York Senator Chuck Schumer held a press conference to
talk about the latest outage. This situation cannot last. We
need all hands on deck at the FAA. Make Newark
number one.

Speaker 4 (01:53):
Get it done, Get it done fast.

Speaker 1 (01:56):
That's New York Senator Chuck Schumer. Meantime. US Transportation Secretary
Sean Duffy says Newark may see quote several weeks of
reduced capacity as officials grapple with spiraling delays and safety
lapses at one of the country's busiest hubs. Duffy spoke
earlier to NBC's Meet the Press.

Speaker 5 (02:13):
What you see in Newark is going to happen in
other places across the country. It has to be fixed.
And so what we're having is some telecom issues. We're
also having some glitches in our software as the information
comes in is overloading some of our lines and the
system goes down. So I'll just tell you specifically at Newark,
we believe we're going to have it up and running
in short order. We're gonna be able to fix that glitch.

Speaker 1 (02:34):
Transportation Secretary Sean Duffy, speaking to NBC, the Federal Aviation
Administration says it will be holding tons with airline officials
on May fourteenth in Washington. President Trump says on social
media he will be signing an executive order at nine
am Monday morning which will cup prescription drug prices by
mandating that the US would pay the same price for
drugs as whichever country pays the lowest prices in the world.

(02:57):
Trump predicts the move will lower prices by thirty to
eighty percent. The President did not, though, give specifics, such
as whether the order would be just for government programs
such as Medicare, Medicaid or across the board. A ceasefire
between Indian and Pakistan appeared to be holding after four
days of clashes that brought the two nuclear armed nations
close to full blown war. This comes after President Trump

(03:17):
untruth social declared that both countries had reached a quote
full and immediate ceasefire. We have more from Bloomberg's Swatty Pandy.

Speaker 6 (03:25):
Some Indian officials also told Bloomberg reporters on condition of anonymity,
that they were completely caught off god by Trump's truth
social post. So there is that feeling that India and
Pakistan were put on an equal footing by the US,
which India wants to reject.

Speaker 1 (03:42):
That was Bloomberg's Swaddi Pandy. The conflict has raised concerns
about the potential for future violence, with both sides having
crossed quote red lines. The legislative push for President Trump's
tax package begins in earnest this week, Bloomberg's Amy Morris
supporting from Washington.

Speaker 4 (03:56):
The House Ways and Means and Energy and Commerce committees
will be and considering their respective portions of the tax
package on Tuesday. Energy and Commerce lawmakers are responsible for
finding eight hundred and eighty billion dollars in savings over
the next decade that could spark a fiery debate, especially
over cuts to Medicaid. Republicans are still debating expanding the
state and local tax deduction and restricting the estate tax.

(04:20):
Gob leaders have said a vote on the entire tax
and spending package will happen by the end of this month.
In Washington, Amy Morris, Bloomberg Radio in.

Speaker 1 (04:28):
Sports, Sepstraca has won the truest Championship, shooting a sixteen
hundred part acclaim his second title the PGA Tour season.
And that's news when you want it with Bloomberg News Now,
I'm Dan Schwartzman, and this is Bloomberg