May 12, 2025 • 5 mins
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Speaker 1 (00:01):
News when you want it with Bloomberg News Now, I'm
Doug Prisner. The equity market celebrated a truce in the
US China trade war today, b S and P five
hundred jumping three point three percent, and the Nasdaq one
hundred pushed back into a bull market.
Speaker 2 (00:14):
Now.
Speaker 1 (00:14):
These gains came after the US and China said they
will temporarily lower tariffs on each other's products, and they've
allotted three months to work toward a broader trade agreement.
At the same time, President Trump said China has agreed
to remove non tariff barriers to US imports. Later, during
an executive order signing, the President said he may speak
with Chinese President Chi chin Ping before the end of
(00:37):
the week.
Speaker 3 (00:38):
Both sides now agreed to reduce the tariffs imposed after
April second to ten percent for ninety days as negotiators
continue in the largest structural issues. And I want to
tell you that a couple of things. First of all,
that doesn't include the tariffs center already on that are
our tariffs, and it doesn't include tariffs soon cars, steel, aluminum,
(01:02):
things such as that.
Speaker 1 (01:03):
Trump offered no specific details on which barriers the Chinese
had agreed to dismantle, and he acknowledged the discussions ahead
would only be more complicated. And Trump warned tariffs could
still increase if talks failed to secure an agreement within
those ninety days. Even so, he said the US would
not raise tariffs back to one hundred and forty five percent. Earlier,
(01:24):
speaking to Bloomberg, US Treasury Secretary Scott Besson said it's
implausible tariffs on Chinese goods would go below ten percent.
Here's Bessant.
Speaker 4 (01:33):
The levels have come down to the Paul's level, and
what I would say is thirty four, which is their
assigned April second level would be a ceiling, which is
what I went out and told people on April second.
Speaker 1 (01:48):
US Treasury Secretary Scott Besson, speaking earlier to Bloomberg, now,
Bessant and US Trade rep Jamison Greer led talks with
their Chinese counterparts in Geneva over the weekend. Meantime, the
US cover and said it has collected a record sixteen
billion dollars in customs duties revenue in April. That's a
one hundred and thirty percent increase from the same month
(02:09):
a year before, and according to Bloomberg Data, it's the
biggest monthly take for customs in at least a decade now.
The tariff news did spark a rally in the stock
market and in big cap tech in particular. Meantime, in
the treasury market, prices we're downforcing yields higher across the curve,
especially at the short end. Markets are now betting on
(02:29):
only two FED rate cuts this year. Kathy Jones is
chief fixed income strategist to Charles Schwab. She says, the
worst case scenario has been avoided for now.
Speaker 5 (02:40):
The markets are so forward looking that they'll probably recalibrate
the expectations down the road. But yeah, what I'm really
concerned about is the CPI number. So we're expecting a
pretty modest number, and that's what the inputs tell us
right now. But the wild card is how much did
tariffs or anticipation of tariff's feed through in ways that
(03:00):
we haven't seen, that are below the surface, and they
suddenly show up in CPI.
Speaker 1 (03:04):
Kathy Jones there from Charles Schwab. Republicans on the House
Tax Committee have released details of a multi trillion dollar
tax cut bill. It aims to cut taxes by more
than four trillion dollars and reduce federal spending by at
least one and a half trillion over a decade. It
also raises the state and local tax cap to thirty
(03:24):
thousand dollars for individuals. New York Congressman Mike Lawler says
he does not support the draft tax bill.
Speaker 2 (03:30):
Salt was a pay for for other provisions of the
Tax Cuts and Jobs Act, and so to somehow try
to play both sides of this and say, well, it's
a pay for, but you have to pay for the
pay for, that's a joke. The fact is that putting
a cap in place serves as a pay for, so
we don't have to find a dime for it. What
(03:53):
we are putting in place with a cap helps pay
for other provisions within the tax bill.
Speaker 1 (03:58):
That is New York Congressman Mike Lawler. There now, this
plan will take a big step forward when the House
Ways and Means Committee begins debates on Tuesday. We go
to the Middle East next. Tomas is freed American Israeli
hostage e Doon Alexander in a hastily announced move ahead
of President Trump's visit to the Middle East. His mother
l Alexander, spoke on the phone with her twenty one
(04:21):
year old son. It just really a photo of you.
You look unbelievable.
Speaker 4 (04:26):
Wow, you look beautiful.
Speaker 1 (04:28):
I love it so much. Meantime, Bloomberg's Nick Wadham says
the deal and others puts a question mark over the
relationship between President Trump and Israeli Prime Minister Benjamin Necnyahu.
Speaker 6 (04:40):
US and the Houthis agreed to stop attacking each other.
Didn't say anything about the Houthis and Israel, and same
with Iran. I mean, yes, there had been indirect talks
between the US and Iran, but I think there's a
lot of concern in Israel that the Trump administration is
going to be willing to do a deal and not
consult Israel, and then that's going to leave them in
a potentially weaker play POSI.
Speaker 1 (05:00):
That is Bloomberg's Nick wadhams in Washington.
Speaker 4 (05:02):
Now.
Speaker 1 (05:02):
President Trump arrives in Saudi Arabia on Tuesday before heading
to Cutter and the United Arab Emirates. He hasn't planned
a stop in Israel. And that is news when you
want it. With Bloomberg News. Now, I'm Doug Prisner, and
this is Bloomberg
News when you want it with Bloomberg News Now, I'm
Doug Prisner. The equity market celebrated a truce in the
US China trade war today, b S and P five
hundred jumping three point three percent, and the Nasdaq one
hundred pushed back into a bull market.
Speaker 2 (00:14):
Now.
Speaker 1 (00:14):
These gains came after the US and China said they
will temporarily lower tariffs on each other's products, and they've
allotted three months to work toward a broader trade agreement.
At the same time, President Trump said China has agreed
to remove non tariff barriers to US imports. Later, during
an executive order signing, the President said he may speak
with Chinese President Chi chin Ping before the end of
(00:37):
the week.
Speaker 3 (00:38):
Both sides now agreed to reduce the tariffs imposed after
April second to ten percent for ninety days as negotiators
continue in the largest structural issues. And I want to
tell you that a couple of things. First of all,
that doesn't include the tariffs center already on that are
our tariffs, and it doesn't include tariffs soon cars, steel, aluminum,
(01:02):
things such as that.
Speaker 1 (01:03):
Trump offered no specific details on which barriers the Chinese
had agreed to dismantle, and he acknowledged the discussions ahead
would only be more complicated. And Trump warned tariffs could
still increase if talks failed to secure an agreement within
those ninety days. Even so, he said the US would
not raise tariffs back to one hundred and forty five percent. Earlier,
(01:24):
speaking to Bloomberg, US Treasury Secretary Scott Besson said it's
implausible tariffs on Chinese goods would go below ten percent.
Here's Bessant.
Speaker 4 (01:33):
The levels have come down to the Paul's level, and
what I would say is thirty four, which is their
assigned April second level would be a ceiling, which is
what I went out and told people on April second.
Speaker 1 (01:48):
US Treasury Secretary Scott Besson, speaking earlier to Bloomberg, now,
Bessant and US Trade rep Jamison Greer led talks with
their Chinese counterparts in Geneva over the weekend. Meantime, the
US cover and said it has collected a record sixteen
billion dollars in customs duties revenue in April. That's a
one hundred and thirty percent increase from the same month
(02:09):
a year before, and according to Bloomberg Data, it's the
biggest monthly take for customs in at least a decade now.
The tariff news did spark a rally in the stock
market and in big cap tech in particular. Meantime, in
the treasury market, prices we're downforcing yields higher across the curve,
especially at the short end. Markets are now betting on
(02:29):
only two FED rate cuts this year. Kathy Jones is
chief fixed income strategist to Charles Schwab. She says, the
worst case scenario has been avoided for now.
Speaker 5 (02:40):
The markets are so forward looking that they'll probably recalibrate
the expectations down the road. But yeah, what I'm really
concerned about is the CPI number. So we're expecting a
pretty modest number, and that's what the inputs tell us
right now. But the wild card is how much did
tariffs or anticipation of tariff's feed through in ways that
(03:00):
we haven't seen, that are below the surface, and they
suddenly show up in CPI.
Speaker 1 (03:04):
Kathy Jones there from Charles Schwab. Republicans on the House
Tax Committee have released details of a multi trillion dollar
tax cut bill. It aims to cut taxes by more
than four trillion dollars and reduce federal spending by at
least one and a half trillion over a decade. It
also raises the state and local tax cap to thirty
(03:24):
thousand dollars for individuals. New York Congressman Mike Lawler says
he does not support the draft tax bill.
Speaker 2 (03:30):
Salt was a pay for for other provisions of the
Tax Cuts and Jobs Act, and so to somehow try
to play both sides of this and say, well, it's
a pay for, but you have to pay for the
pay for, that's a joke. The fact is that putting
a cap in place serves as a pay for, so
we don't have to find a dime for it. What
(03:53):
we are putting in place with a cap helps pay
for other provisions within the tax bill.
Speaker 1 (03:58):
That is New York Congressman Mike Lawler. There now, this
plan will take a big step forward when the House
Ways and Means Committee begins debates on Tuesday. We go
to the Middle East next. Tomas is freed American Israeli
hostage e Doon Alexander in a hastily announced move ahead
of President Trump's visit to the Middle East. His mother
l Alexander, spoke on the phone with her twenty one
(04:21):
year old son. It just really a photo of you.
You look unbelievable.
Speaker 4 (04:26):
Wow, you look beautiful.
Speaker 1 (04:28):
I love it so much. Meantime, Bloomberg's Nick Wadham says
the deal and others puts a question mark over the
relationship between President Trump and Israeli Prime Minister Benjamin Necnyahu.
Speaker 6 (04:40):
US and the Houthis agreed to stop attacking each other.
Didn't say anything about the Houthis and Israel, and same
with Iran. I mean, yes, there had been indirect talks
between the US and Iran, but I think there's a
lot of concern in Israel that the Trump administration is
going to be willing to do a deal and not
consult Israel, and then that's going to leave them in
a potentially weaker play POSI.
Speaker 1 (05:00):
That is Bloomberg's Nick wadhams in Washington.
Speaker 4 (05:02):
Now.
Speaker 1 (05:02):
President Trump arrives in Saudi Arabia on Tuesday before heading
to Cutter and the United Arab Emirates. He hasn't planned
a stop in Israel. And that is news when you
want it. With Bloomberg News. Now, I'm Doug Prisner, and
this is Bloomberg
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