EU Retaliates as Trump Trade War Heats Up; Ukraine Ceasefire Proposal Puts Onus on Putin

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:10.240 --> 0:00:13.440 Good morning, I'm Nathan Hager and I'm Karen Moscow. Here 0:00:13.440 --> 0:00:15.760 are the stories we're following today, Karn. 0:00:15.640 --> 0:00:18.560 We begin with the global trade war heating up. The 0:00:18.600 --> 0:00:23.440 European Union is responding. Just hours after President Donald Trump's 0:00:23.440 --> 0:00:26.440 twenty five percent tariffs on steel and aluminium imports came 0:00:26.480 --> 0:00:30.960 into force, the EU launched countermeasures with its own duties 0:00:30.960 --> 0:00:34.560 on more than twenty eight billion dollars worth of American goods. 0:00:34.880 --> 0:00:37.560 We get more from Bloomberg's Rosalind Matheson and London. 0:00:37.840 --> 0:00:41.080 Obviously, they're going to target US steel and aluminum products, 0:00:41.080 --> 0:00:44.640 but they're also going to look at textiles, agricultural products, 0:00:44.680 --> 0:00:47.760 and home appliances, and they're going to look back at 0:00:47.760 --> 0:00:50.640 some of the products that got hit in previous trade 0:00:50.720 --> 0:00:52.959 tensions with Donald Trump. And that's some of the kind 0:00:53.000 --> 0:00:57.120 of big name a US products, including bourbon and motorbized. 0:00:57.160 --> 0:00:59.520 I mean, the EU describes this in the statement as 0:00:59.560 --> 0:01:02.760 strong but a portionate, but certainly coming out of the 0:01:02.800 --> 0:01:03.680 gate pretty hard. 0:01:03.880 --> 0:01:07.880 This morning, Bloomberg's Ross Matheson reports the EU will immediately 0:01:07.920 --> 0:01:11.959 begin consultations with member states adoption of the tariffs. Is 0:01:12.000 --> 0:01:13.839 expected in the middle of next month. 0:01:14.160 --> 0:01:17.199 Well, Nathan. Before these new tariffs took effect, President Trump 0:01:17.200 --> 0:01:20.880 had threatened to double duties on Canadian steel and aluminum 0:01:20.920 --> 0:01:24.240 to fifty percent. The President walked that back after the 0:01:24.240 --> 0:01:27.520 Province of Ontario back down from plans for a surcharge 0:01:27.560 --> 0:01:30.319 on energy it sends to the US. At the White House, 0:01:30.360 --> 0:01:32.800 Trump was asked if he's worried about tariffs leading to 0:01:32.840 --> 0:01:33.479 a recession. 0:01:34.000 --> 0:01:35.720 I think this country's going to boom. 0:01:36.120 --> 0:01:37.800 But as I said, I can do it the easy 0:01:37.840 --> 0:01:38.720 way of the hard way. 0:01:39.160 --> 0:01:41.600 The hard way to do it is exactly what I'm doing. 0:01:41.640 --> 0:01:44.160 But the results are going to be twenty times greater. 0:01:44.560 --> 0:01:47.319 And later and remarks hear it here on Bloomberg. President 0:01:47.319 --> 0:01:51.200 Trump told executives at the business Roundtable more tariffs are coming, 0:01:51.520 --> 0:01:54.520 but they'll pay off if they bring more operations into 0:01:54.520 --> 0:01:55.000 the US. 0:01:55.200 --> 0:01:58.160 Well Karen billionaire Ray Dallyos comparing the trade wars to 0:01:58.280 --> 0:02:02.480 Germany in the nineteen thirty Speaking at a CNBC conference 0:02:02.520 --> 0:02:05.440 in Singapore, the Bridgewater co founder warned that tariffs could 0:02:05.480 --> 0:02:08.720 lead to fighting between countries, which will have consequences. He 0:02:08.840 --> 0:02:13.000 emphasized the importance of understanding the mechanics of the situation. Meanwhile, 0:02:13.000 --> 0:02:16.320 in an exclusive interview on Bloomberg Radio, Queen's College, Cambridge, 0:02:16.360 --> 0:02:20.840 president and Bloomberg Opinion columnist mohammedl Arian said US exceptionalism 0:02:20.919 --> 0:02:24.800 is under threat from uncertainties around President Trump's political and 0:02:24.880 --> 0:02:29.320 economic policies. Alarian also talked about concerns over a recession. 0:02:29.800 --> 0:02:33.240 Companies are just waiting to see what's happening before they 0:02:33.240 --> 0:02:36.320 commit to major expenditure. The problem is if they wait 0:02:36.360 --> 0:02:41.440 and see and if consumers start feeling income insecure, then 0:02:41.639 --> 0:02:45.440 we could easily fork ourselves or weigh ourselves during recession. 0:02:45.560 --> 0:02:49.600 Bloomberg Opinion columnist Mohammedlaran says predictability and the rule of 0:02:49.720 --> 0:02:52.280 law give the US its edge. Without them, he says 0:02:52.320 --> 0:02:54.840 America could lose ground with the rest of the world. 0:02:55.320 --> 0:02:58.520 Well, Nathan Moore fallout this morning from the global trade war. 0:02:58.760 --> 0:03:01.440 A major Wall Street firm is cutting its forecast for 0:03:01.480 --> 0:03:03.240 the S and P five hundred, and we get the 0:03:03.360 --> 0:03:06.399 very latest from Bloomberg's John Tucker, John, Good Morning. 0:03:06.320 --> 0:03:09.360 Good morning, Karen Goldman Sachs cutting it's er end target 0:03:09.440 --> 0:03:12.760 for the most widely watched stock index to sixty two 0:03:12.880 --> 0:03:16.160 hundred from sixty five hundred. The firm cites the sharp 0:03:16.280 --> 0:03:20.080 recent decline of the Magnificent seven stocks. The download revision 0:03:20.120 --> 0:03:24.400 also reflects the recently reduced GDP growth forecast of Goldman's 0:03:24.440 --> 0:03:28.000 economics team, a high resumed tariff rate, and a higher 0:03:28.080 --> 0:03:32.080 level of uncertainty. Meantime at Charles Schwab, las Ane Sanders says, 0:03:32.120 --> 0:03:35.200 the fuller story what's going on is under the surface 0:03:35.200 --> 0:03:35.920 of the index. 0:03:36.240 --> 0:03:38.040 At the average member level. 0:03:38.360 --> 0:03:40.680 The maximum drawdown the shore is fourteen percent. 0:03:40.920 --> 0:03:42.920 It's more than thirty percent for the Nasdaq. 0:03:43.040 --> 0:03:44.960 Well, the S and P five hundred yesterday did slip 0:03:45.000 --> 0:03:48.280 another three quarters of a percent. It continues to flirt 0:03:48.320 --> 0:03:51.560 with correction. The Nasdaq one hundred firmly in correction. That's 0:03:51.600 --> 0:03:54.480 down close to thirteen percent from its peak. And then 0:03:54.480 --> 0:03:57.800 the VIX gage of stock volatility is near its highest 0:03:57.920 --> 0:04:01.119 since August. In New York on John Tucker Bloomberg Radio. 0:04:01.080 --> 0:04:03.680 Thank you, John. Tariffs aren't the only thing on investors' 0:04:03.760 --> 0:04:06.360 minds this morning. We get a key reading on inflation 0:04:06.560 --> 0:04:09.480 before the opening bell. Bloomberg's Michael McKee has more on 0:04:09.520 --> 0:04:11.440 the February consumer price end ax. 0:04:11.800 --> 0:04:14.480 With tariff's on their way, inflation may take a back 0:04:14.520 --> 0:04:17.240 seat today, but it will be important to the FED 0:04:17.520 --> 0:04:21.279 and in the longer run to the economy. As forecast February, 0:04:21.279 --> 0:04:24.800 CPI would represent only modest progress toward the Fed's two 0:04:24.839 --> 0:04:28.159 percent target, but it would be progress. That's what the 0:04:28.160 --> 0:04:30.839 central bank wants to see as it contemplates how it 0:04:30.920 --> 0:04:34.159 may have to react to price increases stemming from taxes 0:04:34.200 --> 0:04:39.160 on imports. If inflation is contained, policymakers can leave rates unchanged. 0:04:39.160 --> 0:04:43.000 This month, the central bankers will be watching categories including airfares, 0:04:43.080 --> 0:04:48.080 auto insurance, and as always housing. Michael McKee, Bloomberg Radio. 0:04:48.279 --> 0:04:50.159 All right, Michael, thank you well. One stock on the 0:04:50.200 --> 0:04:53.279 move this morning is Intel. It's up eight percent. Reuters 0:04:53.320 --> 0:04:56.640 is reporting that TSMC has pitched in Nvidia Advanced micro 0:04:56.680 --> 0:04:59.920 Devices and Broadcom about taking stakes in a joint vent 0:05:00.120 --> 0:05:02.600 sure that would operate Intels factories. 0:05:02.920 --> 0:05:04.960 Karen, we have new developments this morning. In efforts to 0:05:05.040 --> 0:05:07.880 end the war in Ukraine, the US and Ukraine have 0:05:07.920 --> 0:05:11.239 agreed to a thirty day ceasefire in the war with Russia. 0:05:11.360 --> 0:05:15.640 The deal now awaits approval from Russian President Vladimir Putin. 0:05:15.680 --> 0:05:19.440 Here's Ukraine's President Vladimir Zelenski speaking through an interpreter. 0:05:19.520 --> 0:05:21.240 Grain that's bring my suproposy. 0:05:21.520 --> 0:05:25.320 Ukraine accepts this proposal. We consider it positive. We are 0:05:25.360 --> 0:05:27.920 ready to take such a step, and the United States 0:05:27.920 --> 0:05:31.680 of America must convince Russia to do the same. That is, 0:05:31.880 --> 0:05:35.520 we agree, and if the Russians agree, silence will take 0:05:35.520 --> 0:05:37.159 effect at that very moment. 0:05:37.400 --> 0:05:39.920 And in return for Ukraine's acceptance of the US proposal, 0:05:39.920 --> 0:05:42.920 the Trump administration agreed to lift its freeze on military 0:05:42.960 --> 0:05:44.760 and intelligence aid to Kiev. 0:05:45.440 --> 0:05:48.359 Well back in Washington, Nathan the House has approved a 0:05:48.400 --> 0:05:51.320 stop gap spending bill to keep the government open past 0:05:51.400 --> 0:05:55.159 to shut down deadline. On Saturday. Just one Democrat joined 0:05:55.160 --> 0:05:58.080 with Republicans in favor of the bill. One Republican voted 0:05:58.120 --> 0:06:00.560 against it. The bill now heads to this Senate, where 0:06:00.640 --> 0:06:03.719 Majority Leader John Thune will need at least eight Democrats 0:06:03.760 --> 0:06:04.320 to pass it. 0:06:04.680 --> 0:06:07.080 At this point, there's really one solution on the table. 0:06:07.400 --> 0:06:08.720 It keeps the government funded, It. 0:06:08.680 --> 0:06:11.160 Addresses the core issues I think a lot of Democrats 0:06:11.200 --> 0:06:13.039 care about in terms of programs that they want to 0:06:13.040 --> 0:06:15.240 have funded through the end of the year, and we 0:06:15.279 --> 0:06:17.119 think it represents the best solution at the moment. 0:06:17.440 --> 0:06:20.520 And the bill increases security and immigrations, spending, and cuts 0:06:20.560 --> 0:06:24.080 the IRS. It also contains no new limits on DOGE 0:06:24.240 --> 0:06:27.400 or agency heads to fire federal workers or canceled grants 0:06:27.400 --> 0:06:31.039 and contracts. Pennsylvania a Democrat, John Fetterman, has said he'll 0:06:31.040 --> 0:06:34.600 support the bill. Other moderate Senate Democrats have not said 0:06:34.640 --> 0:06:35.600 which way they'll go. 0:06:35.800 --> 0:06:38.520 Well, Karen, major cuts are coming to the US Department 0:06:38.560 --> 0:06:41.120 of Education. It is pushing to terminate half of its 0:06:41.120 --> 0:06:44.240 more than four thousand employees. It is the Trump administration's 0:06:44.240 --> 0:06:47.280 first major step to dismantle an agency that it has 0:06:47.360 --> 0:06:49.520 targeted to shutter completely. 0:06:53.040 --> 0:06:54.320 Time now for a look at some of the other 0:06:54.400 --> 0:06:56.720 stories making news in New York and around the world. 0:06:56.800 --> 0:06:59.400 And for that we're joined by Bloomberg's Michael Barr. Michael, 0:06:59.400 --> 0:07:00.320 good Morning, Good. 0:07:00.200 --> 0:07:02.680 Morning, Karen. A federal judge in New York behold a 0:07:02.760 --> 0:07:06.839 hearing today to determine whether the Trump administration can port 0:07:07.040 --> 0:07:11.560 a green card holder. Mack Mode Khalil, a Columbia University graduate, 0:07:11.680 --> 0:07:15.400 was arrested by Ice over the weekend after organizing pro 0:07:15.520 --> 0:07:21.200 Palestinian demonstrations there last year. White House spokeswoman Caroline Lovett 0:07:21.400 --> 0:07:24.680 says that Secretary of State Marco Rubio has the authority 0:07:24.760 --> 0:07:28.080 to detain those who engage in behavior that goes against 0:07:28.120 --> 0:07:29.120 American interests. 0:07:29.400 --> 0:07:34.600 Secretary Rubio reserves the right to revoke the visa of 0:07:34.720 --> 0:07:35.560 Mamood Khalil. 0:07:36.080 --> 0:07:39.200 New York Mayor Eric Adams weighing in on the Ice arrest. 0:07:39.400 --> 0:07:41.680 But we don't know the full scope of this investigation, 0:07:41.800 --> 0:07:44.840 and as a former law enforcement person, I know that 0:07:45.040 --> 0:07:48.880 their pause of an investigation that's beyond our understanding. 0:07:49.280 --> 0:07:50.679 Let the process take its course. 0:07:50.800 --> 0:07:54.160 That's why the federal government is in charge of deportation, 0:07:54.600 --> 0:07:56.520 and they should be in charge of deportation. 0:07:56.640 --> 0:08:01.480 I believe that former federal prosecutor and Loyola professor Lori Levinson. 0:08:02.000 --> 0:08:04.840 The judge's decision today is on what we call a 0:08:04.840 --> 0:08:08.960 petition for rid of habeas corpus. So the lawyers representing 0:08:09.000 --> 0:08:12.200 Khalil have gone to federal court and said that he's 0:08:12.240 --> 0:08:17.280 been held unconstitutionally. He's been punished for exercising his First 0:08:17.320 --> 0:08:21.240 Amendment rights. And even though Khalil is only a Green 0:08:21.280 --> 0:08:25.360 card holder, even non citizens have First Amendment rights in 0:08:25.400 --> 0:08:26.880 the United States. 0:08:26.760 --> 0:08:30.120 Professor Levinson, there are signs of ruling to come soon 0:08:30.240 --> 0:08:33.800 from the judge wing the Justice Department's request to dismiss 0:08:33.840 --> 0:08:38.120 corruption charges against New York Mayor Eric Adams. US District 0:08:38.200 --> 0:08:41.960 Judge Dale Hoe canceled a hearing scheduled for Friday, saying 0:08:42.000 --> 0:08:44.840 he does not believe that an oral argument is necessary 0:08:44.880 --> 0:08:48.040 at this time. In the written order, Judge Hoe said 0:08:48.120 --> 0:08:51.080 he has reviewed filings from the parties involved, all of 0:08:51.160 --> 0:08:54.880 whom favor dismissal. Health and Human Services Secretary Robert F. 0:08:54.960 --> 0:09:00.040 Kennedy Jr. Says therapeutic drugs should be intensively tested on 0:09:00.040 --> 0:09:03.760 on US poultry flocks infected with bird flu. Kennedy on 0:09:03.800 --> 0:09:07.720 Fox News argued that the medications could help identify treatments 0:09:07.760 --> 0:09:11.040 for human cases. Global News twenty four hours a day 0:09:11.080 --> 0:09:13.480 and whenever you want it with Bloomberg News Now. I'm 0:09:13.520 --> 0:09:15.680 Michael Barr, and this Bloomberg Karen. 0:09:15.800 --> 0:09:23.040 Michael Barr, thank you time now for the Bloomberg Sports 0:09:23.080 --> 0:09:25.520 up date. Bronk to you by Tri State Oudie. Here's 0:09:25.559 --> 0:09:27.760 John Stashauer. John, good morning, Good morning care. 0:09:27.800 --> 0:09:31.480 Another Tiger Wood's injury. He ruptured his achilles while training 0:09:31.559 --> 0:09:34.680 at home. This comes after several back surgeries and the 0:09:34.720 --> 0:09:38.199 serious leg injuries suffered the car accident in twenty twenty one. 0:09:38.320 --> 0:09:40.679 NBA and Cleveland make it fifteen wins in a row 0:09:40.720 --> 0:09:43.079 for the Calves, who also won their first fifteen. They 0:09:43.080 --> 0:09:45.520 came from eighteen down in the second half, beat the 0:09:45.520 --> 0:09:47.880 Nets one on nine, one O four. Rangers lost in 0:09:47.960 --> 0:09:50.840 Winnipeg two to one. Islanders fell to the Kings four 0:09:50.880 --> 0:09:52.679 to one. The Devil's a three gold first period of 0:09:52.679 --> 0:09:55.160 five to three win over Columbus Bruins with three in 0:09:55.200 --> 0:09:57.000 the third a top Florida three to two. In the 0:09:57.040 --> 0:10:00.680 Capital's a seven to four win at Anaheim, ally Svechkin 0:10:01.040 --> 0:10:04.280 settling for three assists no goals to move closer to 0:10:04.320 --> 0:10:07.040 the all time record four more schools. When a conference 0:10:07.080 --> 0:10:11.880 tournament Kenzaga, North Carolina, Wilmington, Robert Morris and Saint Francis 0:10:11.880 --> 0:10:15.160 of Pennsylvania in Tampa. Clark Schmidt first out into the spring, 0:10:15.200 --> 0:10:16.839 it had back issues and gave up a three run 0:10:16.880 --> 0:10:18.960 homer to Baltimore's Ryan Mountcastle. 0:10:19.000 --> 0:10:20.079 The Yanks will need. 0:10:19.960 --> 0:10:23.480 Schmidt with Luis Heal injured, of course, Garrett Cole out 0:10:23.520 --> 0:10:26.280 for the season. Yankee gentlemen er Brian Cashman was asked 0:10:26.520 --> 0:10:29.080 if he thought the Coal injury was coming, since he 0:10:29.080 --> 0:10:30.400 also heard his elbow. 0:10:30.080 --> 0:10:32.400 A year ago, he start to forget a little bit 0:10:32.440 --> 0:10:35.640 about you know, the longer you go the and the 0:10:35.720 --> 0:10:38.800 less of a no complaints and good performance, you start 0:10:38.840 --> 0:10:41.240 forgetting about, you know, things that have happened in the past. 0:10:41.280 --> 0:10:43.079 It's always in the back of your mind, regardless for 0:10:43.120 --> 0:10:46.120 any pitcher, because, as I said, your one pitch away 0:10:46.120 --> 0:10:49.480 from having your whole landscape changed, and that obviously occurred here. 0:10:49.679 --> 0:10:51.960 In his last outing, Cashman was on the S Network. 0:10:51.960 --> 0:10:54.360 He said he doubts he'll be adding a big name 0:10:54.440 --> 0:10:57.920 pitcher at least anytime soon. NFL free agent signings going 0:10:58.000 --> 0:11:01.600 back to Kobe Brissett headed to Arizona. Whinde out DeAndre Hopkins. 0:11:01.600 --> 0:11:05.200 The Baltimore pass rusher Joey Bosso got released by the Chargers, 0:11:05.520 --> 0:11:07.680 is going to play for Buffalo. The Giants have added 0:11:07.760 --> 0:11:10.960 six free agents, five of them play on the defensive side. 0:11:11.040 --> 0:11:12.920 Johns Stashedward Bloomberg Sports Yeah. 0:11:12.800 --> 0:11:13.359 Nathan. 0:11:15.440 --> 0:11:19.840 Coast to Coast on Bloomberg Radio nationwide, on Serious Exam. 0:11:19.760 --> 0:11:22.600 And around the world on Bloomberg dot Com and the 0:11:22.640 --> 0:11:23.840 Bloomberg Business app. 0:11:24.120 --> 0:11:25.720 This is Bloomberg Daybreak. 0:11:25.840 --> 0:11:29.600 Good morning, I'm Nathan Hager. The trade war is intensifying 0:11:29.760 --> 0:11:32.280 this morning. President Donald Trump has followed through on his 0:11:32.320 --> 0:11:36.080 promise twenty five percent tariffs on global steel and aluminum. Now, 0:11:36.120 --> 0:11:39.120 the European Union is retaliating with duties of its own 0:11:39.240 --> 0:11:42.560 on twenty eight billion dollars in US goods. But European 0:11:42.600 --> 0:11:45.560 Commissioned President Ursula vonder Lyine says it doesn't have to 0:11:45.600 --> 0:11:46.120 be this way. 0:11:46.640 --> 0:11:53.240 In a world fraud, with geoeconomic and political uncertainties, it 0:11:53.320 --> 0:11:57.479 is not in our common interest to burden our economies 0:11:57.840 --> 0:11:59.920 with such TARIFFSCB. 0:12:00.080 --> 0:12:03.240 President Ursula vonder Lyine spoke this morning in Strasbourg. We 0:12:03.320 --> 0:12:06.000 are joined now by Bloomberg's news director for Europe, the 0:12:06.000 --> 0:12:10.360 Middle East and Africa, Rosalind mathieson Roz Good morning. What 0:12:10.440 --> 0:12:12.800 does retaliation look like from the EU? 0:12:14.120 --> 0:12:15.920 Well, as you say in the EU has come out 0:12:15.960 --> 0:12:18.720 pretty quickly on the back of this, and they're announcing 0:12:18.800 --> 0:12:21.280 plans to impose their own duties all up at about 0:12:21.280 --> 0:12:24.320 twenty six billion euros twenty eight billion US dollars worth 0:12:24.320 --> 0:12:29.120 of American goods. This will come in a phased approach 0:12:29.160 --> 0:12:32.040 that does still allow room for negotiations. So there were 0:12:32.240 --> 0:12:35.720 existing tariffs that had been suspended on the US. Those 0:12:35.720 --> 0:12:37.880 are due to snap back, as they say at the 0:12:38.000 --> 0:12:39.839 end of March, and it sounds like they'll just let 0:12:39.880 --> 0:12:43.920 them return. And it's interesting to see that they're very 0:12:44.000 --> 0:12:48.679 much targeting certain products that are produced in certain states 0:12:49.120 --> 0:12:53.120 politically sensitive states, shall we say, in Republican lead areas. 0:12:53.120 --> 0:12:57.200 So that include soybeans from in Louisiana, for example, Bourbon, 0:12:58.280 --> 0:13:04.000 aluminium and steel obviously, but also products like boats and motorbikes, 0:13:04.040 --> 0:13:06.640 and some of these are produced very much in Republican 0:13:07.160 --> 0:13:10.080 led states like Nebraska and Kansas. So it seems to 0:13:10.120 --> 0:13:14.760 be very deliberate, very targeted. We know that they're looking 0:13:14.800 --> 0:13:18.960 at additional tariffs by mid April, that's after the reciprocal 0:13:19.000 --> 0:13:22.680 tariffs from Donald Trump has set to potentially come into force. 0:13:22.880 --> 0:13:25.959 So we are seeing the EU come out swinging today. 0:13:26.000 --> 0:13:28.640 I mean, they call it a calibrated response for a 0:13:28.640 --> 0:13:31.880 proportional one, but certainly it's interesting to see that the 0:13:31.920 --> 0:13:36.040 EU has decided to announce retaliation when other countries today 0:13:36.120 --> 0:13:37.560 are seemingly holding fire. 0:13:37.880 --> 0:13:38.120 Yeah. 0:13:38.200 --> 0:13:41.640 Interesting as well to hear the EU coming out saying 0:13:41.679 --> 0:13:46.000 they're targeting Republican led states in particular. It almost sounds 0:13:46.040 --> 0:13:49.000 like it mirrors the First trade War when they made 0:13:49.240 --> 0:13:54.160 a similar move like that in terms of political targeting. 0:13:55.320 --> 0:13:55.720 Very much. 0:13:55.720 --> 0:13:57.320 So you can look at the list of what was 0:13:57.360 --> 0:14:01.760 targeted by the EU doing Trump's first administration. Number one 0:14:01.840 --> 0:14:07.760 was bourbon and whiskey, but also iron, steel, aluminum, agricultural products. 0:14:07.800 --> 0:14:12.319 So again soy, motorcycles, you know, boats even, but very 0:14:12.400 --> 0:14:15.400 much some of the music are kind of, you know, 0:14:15.800 --> 0:14:20.480 almost mythical names in the US Levi Strauss, Genes, Harley Davidson, 0:14:21.080 --> 0:14:25.160 motorbikes and again so very much associated with brand America 0:14:25.680 --> 0:14:28.400 and also in these Republican states. And the message the 0:14:28.400 --> 0:14:32.200 EU is sending there in allowing these these tariffs to 0:14:32.240 --> 0:14:36.240 snap back on and to potentially have additional tariffs on top, 0:14:37.200 --> 0:14:39.480 is that they know that the impact of tariff's has 0:14:39.520 --> 0:14:42.240 really felt in the US in a way on the 0:14:42.360 --> 0:14:46.640 US consumer and the impact potentially on US growth, on 0:14:46.800 --> 0:14:50.680 US inflation. And obviously, if you have Americans who say 0:14:50.680 --> 0:14:54.600 they're feeling squeezed by this, companies are changing their behavior, 0:14:54.680 --> 0:14:57.560 people are saying that they're feeling the impact of inflation. 0:14:57.680 --> 0:14:59.720 Does that put the pressure back on Donald Trump to 0:15:00.080 --> 0:15:03.840 stically to rethink some of these actions, because obviously, for him, 0:15:04.160 --> 0:15:06.480 a number one thing is going to be any impact 0:15:06.480 --> 0:15:09.160 on the US economy and whether the pressure on him 0:15:09.200 --> 0:15:13.080 grows internally over that. So very much sending a message 0:15:13.120 --> 0:15:14.040 today from the EU. 0:15:14.520 --> 0:15:16.680 So all this rise, of course, is coming ahead of 0:15:16.720 --> 0:15:20.560 the reciprocal tariffs that President Trump has promised you're going 0:15:20.600 --> 0:15:23.680 to be coming on April second. In our last thirty seconds, 0:15:23.680 --> 0:15:27.080 what kind of consultations or negotiations should we expect or 0:15:27.120 --> 0:15:31.160 should we expect to try to cool things down here? 0:15:32.280 --> 0:15:34.720 Well, certainly, even in doing this, the EU is signaling 0:15:34.880 --> 0:15:37.000 that there's a phased approach and they're very much wanting 0:15:37.000 --> 0:15:39.840 to negotiate. I mean, the EU Trade chief was in 0:15:39.920 --> 0:15:43.640 Washington last month offering various things. Didn't seem to get 0:15:44.080 --> 0:15:45.880 a lot of traction. And the question, and really the 0:15:45.960 --> 0:15:49.200 challenge for Europe is who's able to engage with Donald 0:15:49.200 --> 0:15:52.600 Trump's administration on it, who can get his ear It 0:15:52.600 --> 0:15:56.840 doesn't seem as low urschela vonderline. The EU chief necessarily 0:15:56.880 --> 0:15:59.640 has that direct link. So do you see other European 0:15:59.720 --> 0:16:02.280 leaders start to reach out directly to try and get 0:16:02.320 --> 0:16:05.160 some traction there. But certainly the message and all this 0:16:05.360 --> 0:16:07.720 still is that the EU is very much ready to 0:16:07.800 --> 0:16:11.120 negotiate and to adopt this stuff in stages in order 0:16:11.120 --> 0:16:11.480 to do so. 0:16:11.960 --> 0:16:15.360 This is Bloomberg Daybreak, your morning podcast on the stories 0:16:15.440 --> 0:16:18.480 making news from Wall Street to Washington and beyond. 0:16:18.720 --> 0:16:21.120 Look for us on your podcast feed by six am 0:16:21.160 --> 0:16:24.560 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:16:24.760 --> 0:16:27.640 You can also listen live each morning starting at five 0:16:27.680 --> 0:16:30.280 am Wall Street Time on Bloomberg eleven three to zero 0:16:30.400 --> 0:16:33.280 in New York, Bloomberg in ninety nine to one in Washington, 0:16:33.360 --> 0:16:37.280 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:37.480 --> 0:16:39.040 XM Channel one twenty one. 0:16:39.440 --> 0:16:42.160 Plus listen coast to coast on the Bloomberg Business app 0:16:42.240 --> 0:16:45.040 now with Applecarplay and Android auto interfaces. 0:16:45.280 --> 0:16:48.280 And don't forget to subscribe to Bloomberg News Now. It's 0:16:48.280 --> 0:16:51.040 the latest news whenever you want it in five minutes 0:16:51.120 --> 0:16:54.240 or less. Search Bloomberg News Now on your favorite podcast 0:16:54.280 --> 0:16:58.440 platform to stay informed all day long. I'm Karen Moscow. 0:16:58.240 --> 0:17:00.760 And I'm Nathan Hager. Join us again tomorrow morning for 0:17:00.800 --> 0:17:02.720 all the news you need to start your day right 0:17:02.760 --> 0:17:04.240 here on Bloomberg Daybreak