Targeted Trump Tariffs; US Discussions on Ukraine-Russia

Bloomberg Audio Studios, Podcasts, radio News. 0:00:10.000 --> 0:00:13.160 Good morning, I'm Nathan Hager and I'm Karen Moscow. Here 0:00:13.200 --> 0:00:15.440 are the stories we're following today. Karen. 0:00:15.480 --> 0:00:19.600 The lift in futures comes as signs of tariff optimism 0:00:19.720 --> 0:00:23.080 kick in two start the week. Sources say the next 0:00:23.200 --> 0:00:26.360 round of President Donald Trump's tariffs is poised to be 0:00:26.440 --> 0:00:29.600 more measured than previously suggest it. We get more from 0:00:29.640 --> 0:00:31.720 Bloomberg Markets reporter Valerie Titel. 0:00:32.800 --> 0:00:34.600 The thing that the market is picking up on is 0:00:34.600 --> 0:00:36.960 in the headlines both from Bloomberg and in the Wall 0:00:37.000 --> 0:00:41.199 Street Journal. They use this word targeted and narrow, and 0:00:41.240 --> 0:00:44.120 I think that's the positivity the market is reacting too. 0:00:44.240 --> 0:00:47.480 But honestly, you read the gut of both of those 0:00:47.560 --> 0:00:50.920 articles and it still sounds quite hawkish when it comes 0:00:50.960 --> 0:00:54.120 to what Trump can announce on April second. Yes, they 0:00:54.160 --> 0:00:57.840 say that it might be targeted to fifteen nations, but 0:00:57.920 --> 0:01:01.040 those top fifteen nations with the big trade deficits with 0:01:01.080 --> 0:01:04.399 the US make up most of the US's trade imbalances 0:01:04.400 --> 0:01:06.640 and most of the US's foreign trade. 0:01:07.040 --> 0:01:10.560 It's Bloomberg's Valarie Titel official say President Trump will announce 0:01:10.560 --> 0:01:13.880 widespread reciprocal tariffs on nations or blocks, but is set 0:01:13.920 --> 0:01:16.880 to exclude some, and as of now, the administration is 0:01:16.920 --> 0:01:20.440 not planning separate sector specific tariffs to be unveiled at 0:01:20.480 --> 0:01:23.639 the same event, as Trump had once teased Well Nathan. 0:01:23.800 --> 0:01:27.000 Senate Democratic Leader Chuck Schumer is sounding a warning as 0:01:27.040 --> 0:01:30.120 President Trump continues to clash with federal judges on a 0:01:30.200 --> 0:01:31.199 number of fronts. 0:01:31.480 --> 0:01:36.759 If Donald Trump should defy the courts public, the public 0:01:37.600 --> 0:01:41.920 will rise up. We will Democrats will fight it in 0:01:42.120 --> 0:01:43.440 every single way. 0:01:43.840 --> 0:01:46.560 Senator Schumer appeared on NBC's Meet the Press as the 0:01:46.600 --> 0:01:49.880 Trump administration continues to clash with a federal judge who 0:01:49.960 --> 0:01:53.320 ordered a deportation flight with alleged Venezuela and gang members 0:01:53.360 --> 0:01:56.919 to turn around. White House Borders Are. Tom Homan says 0:01:57.200 --> 0:01:59.440 that case is still playing out in court. 0:02:00.080 --> 0:02:02.840 Cases and litigation through the Alien Enemies Act, and we'll 0:02:02.880 --> 0:02:06.960 abide by the court order as litigated. But Mike quote was, 0:02:07.440 --> 0:02:12.040 despite what he thinks, We're gonna keep targeting the worst 0:02:12.040 --> 0:02:14.000 of the worst, which we've been doing since day one 0:02:14.080 --> 0:02:17.040 in reporting from the United States to the various laws on. 0:02:17.000 --> 0:02:20.040 The books and White House Borders Are. Tom Homan was 0:02:20.080 --> 0:02:22.360 a guest on EBC's this week, you can hear Meet 0:02:22.360 --> 0:02:25.520 the Press and this week every Sunday on Bloomberg Radio. 0:02:25.720 --> 0:02:26.200 And on this. 0:02:26.200 --> 0:02:29.200 Monday morning, Karen US and Russian officials have begun talks 0:02:29.200 --> 0:02:31.800 in Saudi Arabia, a day after a meeting between US 0:02:31.840 --> 0:02:36.040 and Ukrainian teams. White House National Security Advisor Mike Waltz says, 0:02:36.080 --> 0:02:38.600 all sides are getting down to the nitty gritty toward 0:02:38.600 --> 0:02:39.200 a ceasefire. 0:02:39.639 --> 0:02:42.560 This started with President Trump talking to both leaders back 0:02:42.600 --> 0:02:46.440 to back. We then Secretary of State Rubio and I 0:02:46.520 --> 0:02:51.400 engage the Russians, engaged the Ukrainians at our level, and 0:02:51.480 --> 0:02:55.119 now we have technical teams actually with Ukrainians and Russians 0:02:55.160 --> 0:02:58.200 in the same facility conducting proximity talks. 0:02:58.320 --> 0:03:01.400 National Security Advisor Mike Waltz told CBS's Face the Nation 0:03:01.520 --> 0:03:03.800 the talks will focus on a potential ceasefire in the 0:03:03.840 --> 0:03:06.640 black seat on the way to a broader and permanent piece. 0:03:06.919 --> 0:03:09.840 You can hear Face the Nation every Sunday on Bloomberg Radio. 0:03:10.440 --> 0:03:13.680 Well Nathan to the latest on geopolitical tensions with China. 0:03:13.919 --> 0:03:18.160 Montana Republican Senator Steve Danes says China must halt the 0:03:18.200 --> 0:03:23.079 flow of fentanyl ingredients into the US before any trade negotiations. 0:03:23.400 --> 0:03:28.119 It'll be difficult to have any conversation about tariffs and 0:03:28.760 --> 0:03:34.000 non tariff barriers until the FEMO precursor. 0:03:33.720 --> 0:03:37.640 Issue is resolved. Republican Montana Senator Steve Danes, who met 0:03:37.640 --> 0:03:39.960 with Chinese officials over the weekend, made the comments in 0:03:40.000 --> 0:03:41.960 an interview with Bloomberg on Sunday. 0:03:42.240 --> 0:03:45.080 In Canada, Karen Prime Minister Mark Carney has called foreign 0:03:45.080 --> 0:03:48.560 election on April twenty eighth. Polls show a close contest 0:03:48.560 --> 0:03:52.400 between Carney's Liberal party and the Conservatives, as Canada faces 0:03:52.440 --> 0:03:56.200 a trade war and taunts about its sovereignty from President Trump. 0:03:56.840 --> 0:04:04.720 President Trump claims the Canada isn't a real country. He 0:04:04.840 --> 0:04:11.440 wants to break us, so America can own us. We 0:04:11.520 --> 0:04:15.840 will not let that happen. We're over the shock of 0:04:15.880 --> 0:04:19.960 the betrayal, but we should never forget the lessons. 0:04:20.680 --> 0:04:23.360 It's been only ten days since Mark Karney became Canada's 0:04:23.360 --> 0:04:25.799 Prime minister. The sixty year old took over the governing 0:04:25.839 --> 0:04:28.640 Liberals after winning the race to succeed Justin Trudeau. 0:04:29.160 --> 0:04:33.000 Well Nathan Turkey has jailed President Erdowan's main political rival 0:04:33.080 --> 0:04:37.320 on corruption charges. Ekronmmo glu, Istanbul's mayor, was detained by 0:04:37.360 --> 0:04:41.320 police last Wednesday, but only formally arrested yesterday. He's the 0:04:41.320 --> 0:04:44.440 most prominent person to be apprehended in a recent wave 0:04:44.480 --> 0:04:49.440 of detentions and investigations against opposition figures, which have prompted 0:04:49.520 --> 0:04:53.279 mass protests in major cities. If A Mooglu's detention has 0:04:53.360 --> 0:04:57.000 caused turmoil on Turkey's financial markets, sparking selloffs in the 0:04:57.080 --> 0:04:58.920 Lira and equities. 0:04:58.520 --> 0:05:02.680 Turning back to markets Karen the jackmawbacked Ant Group is 0:05:02.720 --> 0:05:06.680 touting an AI breakthrough with Chinese chips. Bloomberg News has 0:05:06.720 --> 0:05:10.440 learned the company use Chinese made semiconductors to develop techniques 0:05:10.440 --> 0:05:13.560 for training AI models that would cut costs by twenty percent. 0:05:14.040 --> 0:05:17.359 The models mark Ant's entry into a race between Chinese 0:05:17.440 --> 0:05:21.360 and US companies that has accelerated since Deep Seek demonstrated 0:05:21.400 --> 0:05:24.200 how capable models can be trained for far less than 0:05:24.240 --> 0:05:27.720 the billions invested by OpenAI and Alphabet's Google. 0:05:28.120 --> 0:05:31.159 Well, in the US, Nathan DNA testing company twenty three 0:05:31.200 --> 0:05:34.240 and Me has found for bankruptcy. The Chapter eleven plan 0:05:34.680 --> 0:05:36.919 is the latest and the saga of the company that 0:05:37.000 --> 0:05:39.240 was valued at three and a half billion dollars when 0:05:39.279 --> 0:05:42.000 it won public in twenty twenty one. Co founder an 0:05:42.000 --> 0:05:44.920 Wijitski is also stepping down. Her efforts to take the 0:05:44.960 --> 0:05:48.799 struggling company private were rejected by a committee earlier this month. 0:05:49.000 --> 0:05:51.120 I have some deal news this morning. Karen's shares of 0:05:51.240 --> 0:05:54.920 AZEC Companies are up about sixteen percent in early trading. 0:05:54.920 --> 0:05:57.720 The Chicago based home decking company agreed to be bought 0:05:57.760 --> 0:06:02.360 by Ireland's James Hardy for eight and three quarter billion dollars. 0:06:02.480 --> 0:06:05.760 And a programming note Nathan. Atlanta FED president Raphael Bostik 0:06:05.800 --> 0:06:09.719 speaks exclusively with Bloomberg's Michael McKee about his FED outlook, 0:06:09.960 --> 0:06:14.560 including future interest rate moves, inflation concerns, and the economic 0:06:14.600 --> 0:06:17.320 impact of tariffs. That's at one forty five pm Wall 0:06:17.360 --> 0:06:21.000 Street Time on Bloomberg Radio, Bloomberg Television, and the Bloomberg 0:06:21.080 --> 0:06:27.200 Podcast page on YouTube. Time now for a look at 0:06:27.200 --> 0:06:29.039 some of the other stories making news in New York 0:06:29.080 --> 0:06:30.680 and around the world. And for that we're joined by 0:06:30.720 --> 0:06:32.080 Bloomberg's Michael Barr. 0:06:32.120 --> 0:06:35.679 Michael, Good Morning, Good morning. Karen. Israel killed two members 0:06:35.720 --> 0:06:39.200 of hamasa's de facto cabinet in the Gaza Strip on Sunday. 0:06:39.600 --> 0:06:42.159 It brings to eleven the death toll within the twenty 0:06:42.240 --> 0:06:45.960 person forum during a renewed Israeli offensive aim at destroying 0:06:45.960 --> 0:06:50.560 the Palestinian faction as a military and governing force. According 0:06:50.560 --> 0:06:53.919 to the Israel Defense Forces, they were hit in South 0:06:54.000 --> 0:06:57.040 Gasa by air strikes which resumed last week after a 0:06:57.120 --> 0:07:00.880 truce expired. Bloomberg's Dan Williams has more Jerusalem. 0:07:01.040 --> 0:07:04.520 What's happening in Gaza is The Israelis appear to be focusing, 0:07:04.560 --> 0:07:09.200 among other things, on the civilian government of Hamas. Keep 0:07:09.240 --> 0:07:12.840 in mind that Israel's objectivists to destroy Hamas completely and 0:07:12.920 --> 0:07:15.280 to prevent it using a cease fire or a lull 0:07:15.320 --> 0:07:17.720 in fighting to rebuild its capabilities. 0:07:18.240 --> 0:07:22.800 Bloomberg's Dan Williams in Jerusalem. Former US Representative Mea Love 0:07:22.920 --> 0:07:26.360 of Utah, a daughter of Haitian immigrants who became the 0:07:26.360 --> 0:07:30.400 first Black Republican woman elected to Congress, has died. Love 0:07:30.560 --> 0:07:33.760 had been undergoing treatment for brain cancer prior to her death. 0:07:34.080 --> 0:07:37.840 Mea Love was forty nine. Senator Bernie Sanders says the 0:07:37.840 --> 0:07:41.360 aim of his Fighting Oligarchy tour is to oppose an 0:07:41.400 --> 0:07:47.240 authoritarian society undermining the Constitution. Sanders speaking to ABC, pointed 0:07:47.280 --> 0:07:50.920 a finger at Democrats, led in the Senate by Minority 0:07:51.000 --> 0:07:54.720 leader Chuck Schumer for allowing passage of the GOP spending bill. 0:07:55.560 --> 0:07:58.800 Not just Chuck Truma, it's not Chuck Schumer, it is 0:07:58.840 --> 0:08:02.400 you got a Democratic haughty in general that is dominated 0:08:02.440 --> 0:08:08.240 by billionaires. Justice and Republican Party is that operates under 0:08:08.280 --> 0:08:11.360 the leadership of a bunch of inside the Beltway consultants, 0:08:11.680 --> 0:08:14.080 very well paid for are way out of touch. 0:08:14.840 --> 0:08:18.480 Meanwhile, Senator Schumer says he won't resign his post despite 0:08:18.560 --> 0:08:21.800 pressure from some in his party. Thousands of postal workers 0:08:21.800 --> 0:08:26.000 stage rallies across the country yesterday. They are protesting proposed 0:08:26.040 --> 0:08:29.560 Trump administration job cuts and a merger with the US 0:08:29.600 --> 0:08:33.320 Postal Service with the Commerce Department. Mayor Brandon Johnson spoke 0:08:33.360 --> 0:08:35.400 at the Chicago rally from. 0:08:35.240 --> 0:08:37.959 Sea to Shining Sea, we are going to make sure 0:08:38.200 --> 0:08:42.000 that we protect all of our public accommodations, whether it's 0:08:42.040 --> 0:08:46.760 the mail, whether it's education, whether it's justice, whether it's environment. 0:08:47.040 --> 0:08:50.680 We are fighting for the working people of this country. 0:08:51.240 --> 0:08:55.000 And he moved. Merged the Postal Service with Commerce Department 0:08:55.120 --> 0:08:58.240 may not be possible without an Act of Congress. Global 0:08:58.240 --> 0:09:00.680 News twenty four hours a day and whenever you want 0:09:00.679 --> 0:09:03.680 it with Bloomberg News Now Michael Barr, and this is 0:09:03.720 --> 0:09:04.640 Bloomberg Carrot. 0:09:04.679 --> 0:09:11.680 All right, Michael Barr, thank you time now for the 0:09:11.679 --> 0:09:14.880 Bloomberg Sports Update, brought to you by Tri State Oudie. 0:09:14.920 --> 0:09:17.800 Here's John Stashauer. John, Good morning, de Norny Karen. 0:09:17.880 --> 0:09:20.439 With the exception of Saint John's losing Saturday eight to 0:09:20.520 --> 0:09:22.960 ten seed at Arkansas, things in this NCAA tournament had 0:09:22.960 --> 0:09:26.240 surprisingly gone according to form eight games yesterday, higher seated 0:09:26.240 --> 0:09:29.400 team won seven. The only exception was Ole Miss beating 0:09:29.480 --> 0:09:32.760 Iowa State ninety one to seventy eight. Ole Miss one 0:09:32.800 --> 0:09:36.680 of four SEC teams to win. Yesterday. Florida unseated two 0:09:36.720 --> 0:09:40.200 time defining GM yukon closer game than expected seventy seven 0:09:40.200 --> 0:09:43.400 to seventy five. Kentucky took out Illinois eighty four seventy five. 0:09:43.720 --> 0:09:46.199 Alabama beet Saint mary He's eighty to sixty six. The 0:09:46.280 --> 0:09:49.240 one seeds all still the live. Second straight easy win 0:09:49.320 --> 0:09:52.439 for Duke eighty nine sixty six over Baylor. Tyreech practor 0:09:52.960 --> 0:09:56.040 hit seven three scored twenty five. Caleb Love twenty nine 0:09:56.080 --> 0:09:59.320 points for Arizona in eighty seven eighty three went over Oregon. 0:09:59.360 --> 0:10:02.720 Michigan State took out New Mexico seventy one sixty three. 0:10:02.720 --> 0:10:06.720 That's the sixteenth Sweet sixteen per Spartan's coach Tom Izzo. 0:10:06.840 --> 0:10:09.839 Game of the day was in Seattle's well seated Colorado 0:10:09.920 --> 0:10:12.160 State led Maryland most of the day. Hit a late 0:10:12.200 --> 0:10:15.760 go ahead three pointer. The Terrapinze bounded with three seconds 0:10:15.760 --> 0:10:15.960 to go. 0:10:16.520 --> 0:10:19.040 Gillespie, looking to throw it in, gets it up top. 0:10:19.080 --> 0:10:21.880 Two queens dribbling left, fix step down the lane runner 0:10:21.920 --> 0:10:28.880 for the whim baked Hate Hate Maryland is one. Maryland 0:10:28.960 --> 0:10:33.760 is going to the Sweet sixteen Derek Queen with a 0:10:33.920 --> 0:10:36.280 runner left of the lane Bagdad. 0:10:36.240 --> 0:10:38.360 Now Western one. This will be Maryland's first trip to 0:10:38.520 --> 0:10:42.480 twenty sixteen. Four days after Texas lost its NCAA game, 0:10:42.559 --> 0:10:45.719 The Xavier the Long Words fired coach Rondy Terry and 0:10:45.800 --> 0:10:48.959 will reportedly replace him with Xavier coach Sean Miller. Victor 0:10:48.960 --> 0:10:50.959 Hoblin won the Vals for Golf by one shot over 0:10:51.160 --> 0:10:54.600 Justin Thomas. Heartbreaking story the death of fourteen year old 0:10:54.600 --> 0:10:57.960 Millard Gardner, son of longtime Yankee out with the Brett Gardner. 0:10:58.000 --> 0:11:00.960 He became ill well on a family vacation, John Stashcheller, 0:11:01.000 --> 0:11:02.719 Bloomberg's Boards, Karen Nathan. 0:11:04.920 --> 0:11:09.120 Coast to coast on Bloomberg Radio, nationwide on Sirius XM. 0:11:09.200 --> 0:11:12.040 And around the world on Bloomberg dot Com and the 0:11:12.080 --> 0:11:13.280 Bloomberg Business app. 0:11:13.600 --> 0:11:15.160 This is Bloomberg Daybreak. 0:11:15.280 --> 0:11:15.680 Good morning. 0:11:15.720 --> 0:11:18.800 I'm Nathan Hager. Liberation Day. It is a phrase we 0:11:18.840 --> 0:11:21.640 have heard a lot from President Donald Trump when it 0:11:21.640 --> 0:11:25.440 comes to his promise of reciprocal tariffs across the board. 0:11:25.920 --> 0:11:29.839 April second is liberation Day for our country because we're 0:11:29.880 --> 0:11:31.360 going to finally be taking in money. 0:11:31.440 --> 0:11:32.600 We're already doing it. 0:11:32.800 --> 0:11:34.920 And that was the President speaking just a week ago. 0:11:35.080 --> 0:11:37.360 But this morning Bloomberg News has learned the across the 0:11:37.400 --> 0:11:41.160 board tariffs that Trump's talked about maybe more targeted than 0:11:41.280 --> 0:11:44.040 previously thought and for more. We're joined now by Bloomberg 0:11:44.080 --> 0:11:47.520 News Senior editor Derek Wallbank. Derek, good morning. What have 0:11:47.679 --> 0:11:50.319 we heard when it comes to the President's tariff plans 0:11:50.320 --> 0:11:53.439 at this point, Well, Nathan, you and I. 0:11:53.440 --> 0:11:56.520 Have talked at some length in prior conversations on how 0:11:56.559 --> 0:12:01.479 there kind of is an arbitrage moment between Donald Trump's 0:12:01.520 --> 0:12:05.720 maximalist threats and what actually gets done now. We have 0:12:05.920 --> 0:12:10.720 talked also about that a maximalist reading of what Trump 0:12:10.720 --> 0:12:14.239 has talked about with reciprocal tariffs would be an absolute 0:12:14.320 --> 0:12:19.480 administrative chore right to go through on thousands of product 0:12:19.800 --> 0:12:22.880 lines across more than one hundred countries and try and 0:12:22.960 --> 0:12:25.520 figure out who gets what and where all things are 0:12:25.559 --> 0:12:29.080 going for for not just reciprocal on tariffs but also 0:12:29.320 --> 0:12:32.160 non tariff things. It would be an absolute ton And 0:12:32.200 --> 0:12:37.760 so what we're given to understand is that Trump's coming 0:12:37.800 --> 0:12:40.800 wave of tariffs may be more targeted than what he 0:12:40.880 --> 0:12:47.640 had previously threatened. And we're still waiting for what details 0:12:47.640 --> 0:12:49.800 of that will look like. But you're already seeing a 0:12:49.800 --> 0:12:51.040 positive market. 0:12:50.720 --> 0:12:55.640 Response absolutely, with futures firmly in the green this morning. 0:12:55.800 --> 0:13:00.120 So what could this mean when it comes to future negotiation. 0:13:00.400 --> 0:13:04.600 We've seen Senator Danes of Montana in China over the 0:13:04.600 --> 0:13:07.840 weekend word that there are going to be negotiations all 0:13:07.880 --> 0:13:11.959 week long between the Assistant Trade Representative and Indian officials 0:13:12.000 --> 0:13:14.040 as well. Is it going to be a scramble ahead 0:13:14.080 --> 0:13:15.680 of this April second announcement? 0:13:17.360 --> 0:13:19.800 Well, you know, I do think that every country is 0:13:19.840 --> 0:13:22.560 looking forward to see what they can do and who 0:13:22.600 --> 0:13:25.120 they can meet with and where they can go. You know, 0:13:25.640 --> 0:13:29.680 I'm sat here in Asia right now, and Australia is 0:13:29.720 --> 0:13:32.600 trying to find a way forward to see how they 0:13:32.640 --> 0:13:38.480 can leverage their investments, including in planes and other things, 0:13:38.520 --> 0:13:43.560 to try and offset some other tariffs that would be 0:13:43.720 --> 0:13:47.600 you know, potentially considered. You know, so we're seeing a 0:13:47.600 --> 0:13:49.640 lot of those. I mean, I would note as well. 0:13:49.679 --> 0:13:53.559 You know, we pushed a story overnight Your Time about 0:13:54.000 --> 0:13:58.199 Christy Nome is going to Central and South America. One 0:13:58.200 --> 0:14:01.160 of those stops, she's going to meet with President of Mexico. 0:14:01.280 --> 0:14:03.960 I would imagine something like this will come up, not 0:14:04.160 --> 0:14:08.280 just talk about deportations and border security. So every single 0:14:08.360 --> 0:14:13.360 one of these opportunities that world leaders have is going 0:14:13.400 --> 0:14:15.680 to be a moment for them to press their case. 0:14:15.920 --> 0:14:19.920 We're seeing still a lot of uncertainty from those world 0:14:20.000 --> 0:14:23.360 leaders on how to engage the Trump administration. They go 0:14:23.440 --> 0:14:27.480 from a sort of elbows up mentality that comes from 0:14:27.480 --> 0:14:31.560 ice hockey that Canada is using, to a more kind 0:14:31.640 --> 0:14:36.960 of conversational, non confrontational push that Mexico is using. Everyone's 0:14:37.000 --> 0:14:39.040 trying to take notes from each other and see what 0:14:39.120 --> 0:14:39.920 might work best. 0:14:40.720 --> 0:14:42.880 So what could this mean when it comes to the 0:14:42.880 --> 0:14:46.240 idea of tariff's being a major revenue raiser. If we 0:14:46.480 --> 0:14:49.160 have a more targeted approach, will it be able to 0:14:49.240 --> 0:14:52.520 replace income taxes like President Trump has talked about in 0:14:52.560 --> 0:14:53.880 the past. Got about a minute left. 0:14:54.880 --> 0:14:56.640 Well, that is a bit of a catch twenty two, 0:14:56.680 --> 0:14:58.760 isn't it. Because the simple math says that the fewer 0:14:58.800 --> 0:15:01.600 tariffs that you actually levy, the less tariff revenue you're 0:15:01.640 --> 0:15:05.640 going to get. And so if Trump levy's less in 0:15:05.640 --> 0:15:07.880 the way of tariffs, he's going to get less revenue. 0:15:07.880 --> 0:15:11.440 That will give less revenue available for his domestic priorities. 0:15:11.480 --> 0:15:15.640 And remember, Republicans in Congress are already trying to figure 0:15:15.640 --> 0:15:18.880 out how to craft a big, beautiful bill, as the 0:15:18.880 --> 0:15:22.280 President has said, for some of his domestic priorities, as 0:15:22.320 --> 0:15:26.040 well as to extend his tax cuts as well as 0:15:26.120 --> 0:15:30.360 additional tax cuts that he has promised, all without exploding 0:15:30.360 --> 0:15:35.160 the deficit anymore. And that is a very very tall 0:15:35.400 --> 0:15:39.360 order indeed. So it's a lot of difficult decisions. We've 0:15:39.360 --> 0:15:41.480 had a lot of rhetoric, but there's going to be 0:15:41.520 --> 0:15:45.360 a lot of difficult decisions that have cost offsets attached 0:15:45.360 --> 0:15:45.760 to them. 0:15:45.920 --> 0:15:49.320 This is Bloombery Daybreak, Your Morning podcast and the stories 0:15:49.400 --> 0:15:52.440 making news from Wall Street to Washington and beyond. 0:15:52.680 --> 0:15:55.080 Look for us on your podcast feed by six am 0:15:55.120 --> 0:15:58.520 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:15:58.720 --> 0:16:01.560 You can also listen live each morning starting at five 0:16:01.600 --> 0:16:04.320 am Wall Street Time on Bloomberg eleven three to zero 0:16:04.320 --> 0:16:07.240 in New York, Bloomberg ninety nine to one in Washington, 0:16:07.280 --> 0:16:11.240 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:11.440 --> 0:16:13.000 XM Channel one twenty one. 0:16:13.400 --> 0:16:16.120 Plus listen coast to coast on the Bloomberg Business app 0:16:16.160 --> 0:16:19.000 now with Apple CarPlay and Android Atto interfaces. 0:16:19.200 --> 0:16:22.240 And don't forget to subscribe to Bloomberg News Now. It's 0:16:22.240 --> 0:16:24.960 the latest news whenever you want it in five minutes 0:16:25.080 --> 0:16:28.200 or less. Search Bloomberg News Now in your favorite podcast 0:16:28.240 --> 0:16:32.400 platform to stay informed all day long. I'm Karen Moscow. 0:16:32.160 --> 0:16:34.680 And I'm Nathan Hager. Join us again tomorrow morning for 0:16:34.760 --> 0:16:36.680 all the news you need to start your day right 0:16:36.720 --> 0:16:38.320 here on Bloomberg Day Ray