China Slaps Further Tariffs on US; Deadly NYC Helicopter Crash

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:09.960 --> 0:00:13.239 Good morning, I'm Lisa Matteo and I'm Karen Moscow. Here 0:00:13.240 --> 0:00:16.000 are the stories we're following today. Karen, we begin with 0:00:16.040 --> 0:00:19.120 an escalation in the trade war. Just a few hours ago, 0:00:19.239 --> 0:00:22.720 China announced it was once again increasing tariffs on US goods. 0:00:22.960 --> 0:00:24.680 Let's go to Hong Kong get the very latest with 0:00:24.680 --> 0:00:25.919 Bloomberg's Jill Desis. 0:00:26.040 --> 0:00:29.200 Jill, Good morning, Lisa and Karen. Yes, So, the latest 0:00:29.200 --> 0:00:31.760 we have from China is that they will raise tariffs 0:00:31.760 --> 0:00:34.519 and all US goods from eighty four percent to one 0:00:34.600 --> 0:00:38.440 hundred and twenty five percent. That's starting April twelfth, and 0:00:38.479 --> 0:00:41.080 then they say that they ultimately plan to ignore any 0:00:41.120 --> 0:00:45.880 further increases announced by Washington. The Chinese officials actually called 0:00:46.040 --> 0:00:48.720 the latest the Trump's administration, the latest moves a joke. 0:00:49.040 --> 0:00:51.120 They said that have given that American goods are no 0:00:51.159 --> 0:00:54.400 longer marketable in China under the curve teriff rates. If 0:00:54.400 --> 0:00:57.960 the US further raises tariffs on Chinese exports, they are 0:00:58.000 --> 0:01:01.000 just going to disregard those measures. Seem that, at least 0:01:01.200 --> 0:01:03.840 in response to that move from Donald Trump overnight to 0:01:03.880 --> 0:01:07.559 clarify actually that the terriff rights on Chinese goods flowing 0:01:07.600 --> 0:01:09.960 into the United States were actually one hundred and forty 0:01:10.040 --> 0:01:13.360 five percent if you were to take into account earlier measures. 0:01:13.400 --> 0:01:16.240 They raise these rates this time around and then say 0:01:16.440 --> 0:01:18.640 they are done at this point. You know, we saw 0:01:18.920 --> 0:01:22.600 and five hundred futures fall further after this announcement. We 0:01:22.640 --> 0:01:25.800 saw futures on the Hansang China Enterprises INEX in Hong 0:01:25.920 --> 0:01:28.720 Kong pair gains that actually closed a little bit up 0:01:28.840 --> 0:01:32.040 earlier today, just on bets that China would introduce more 0:01:32.080 --> 0:01:35.080 stimulus to sort of help its economy. There's some speculation 0:01:35.200 --> 0:01:37.720 that that may be coming down the pike at some point. 0:01:37.720 --> 0:01:40.960 But ultimately, what we're really seeing here is this escalation 0:01:41.040 --> 0:01:44.479 and tensions between Beijing and Washington. Neither side has really 0:01:44.480 --> 0:01:46.800 blinked at this point. We'll have to see what ultimately 0:01:46.800 --> 0:01:48.920 happens in Washington in response to this, but at least 0:01:48.920 --> 0:01:52.880 from China's perspective, they're pretty much done here in Hong Kong. 0:01:52.920 --> 0:01:54.520 This is Jill deesis Bloomberg Radio. 0:01:54.680 --> 0:01:57.240 All right, Jill, thank you about the latest news on China. 0:01:57.360 --> 0:02:01.400 Increasing tariffs comes after President Trump expressed optimism a deal 0:02:01.440 --> 0:02:02.920 with Beijing. Will be reached. 0:02:04.120 --> 0:02:08.840 We're resetting the table, and I'm sure that we'll be 0:02:08.880 --> 0:02:11.240 able to get along very well. I have great respect 0:02:11.240 --> 0:02:14.600 for President She's been in a true sense, he's been 0:02:14.639 --> 0:02:16.519 a friend of mine for a long period of time, 0:02:17.120 --> 0:02:20.280 and I think that we'll end up working on something 0:02:20.280 --> 0:02:22.679 that's very good for both countries. 0:02:23.000 --> 0:02:25.680 The White House confirms China now faces a one hundred 0:02:25.760 --> 0:02:28.760 and forty five percent levy on all goods it sends 0:02:28.800 --> 0:02:29.760 to the US well. 0:02:29.800 --> 0:02:33.000 Karen Bloomberg News has learned top European officials are planning 0:02:33.000 --> 0:02:35.960 to visit China later this year to discuss trade with 0:02:36.040 --> 0:02:39.600 President Jijin Ping. A source to say European Commissioned President 0:02:39.720 --> 0:02:43.640 Ursula Vonderline and European Council President Antonio Costa have agreed 0:02:43.680 --> 0:02:46.680 to the summit in Beijing. The possible meeting. It comes 0:02:46.720 --> 0:02:50.480 as Spanish Prime Minister Pedro Sanchez visited Beijing today, saying 0:02:50.560 --> 0:02:54.160 he sees China as a partner of the EU. 0:02:54.280 --> 0:02:57.880 Lisa Bridgewater Associates founder Ray Dalio says the tariff turmoil 0:02:57.880 --> 0:03:01.399 has damaged the US reputation for really liability. Dollehoe spoke 0:03:01.440 --> 0:03:03.320 with the Bloomberg's Francine lackwall. 0:03:03.600 --> 0:03:04.880 I'm not the politician. 0:03:05.040 --> 0:03:06.320 I'm not the negotiator. 0:03:06.840 --> 0:03:10.040 I'm not the person to say whether that style of 0:03:10.120 --> 0:03:14.000 handling it was better or worse. I would say that 0:03:14.240 --> 0:03:22.400 it dramatically affected psychology and attitude about the United States' reliability. 0:03:22.919 --> 0:03:25.200 And Dolio said that while he is pleased about Trump's 0:03:25.200 --> 0:03:27.840 decision to pivot, he cautioned that the volatility will have 0:03:28.000 --> 0:03:31.119 lasting effects. Here the full conversation on the latest edition 0:03:31.240 --> 0:03:33.240 of the Bloomberg in the City podcast. 0:03:33.639 --> 0:03:36.120 And futures are lower this morning as a turbulent week 0:03:36.160 --> 0:03:39.080 to the markets comes to a close. Yesterday, stocks gate 0:03:39.120 --> 0:03:41.920 back a chunk of Wednesday's massive rally. The S and 0:03:41.920 --> 0:03:43.960 P five hundred fell three and a half percent. 0:03:44.720 --> 0:03:47.480 Well, there's another worry for Wall Street this morning, Lisa, 0:03:47.560 --> 0:03:50.520 as the safe haven status of US treasuries and the 0:03:50.680 --> 0:03:53.240 dollar have come into question. We get the latest of 0:03:53.320 --> 0:03:56.000 Bloomberg's John Tucker, John, Good morning, Good. 0:03:55.840 --> 0:03:59.040 Morning, Karen. Normally, in periods of stress, money flows into 0:03:59.120 --> 0:04:02.480 the perceived safety of US treasuries. They rallied during the 0:04:02.560 --> 0:04:06.560 global financial crisis nine to eleven and even when America's 0:04:06.560 --> 0:04:09.600 own credit rating was cut. But now as President Trump 0:04:09.760 --> 0:04:12.800 unleashes an all out of salt on global trade. Their 0:04:12.880 --> 0:04:16.440 status is the world safe haven is increasingly coming into question, 0:04:16.839 --> 0:04:19.200 Henry Allen at Deutsche Bank, Whereas this could be the 0:04:19.279 --> 0:04:20.839 start of a regime change. 0:04:21.520 --> 0:04:24.760 It's really striking that today we have seen US treasury 0:04:24.839 --> 0:04:28.600 sell off quite severely in response to what's going on. 0:04:28.720 --> 0:04:30.920 So I think that does speaks that broad a confidence crisis. 0:04:31.240 --> 0:04:34.200 As US debts sold off, yields, especially on the longer 0:04:34.279 --> 0:04:36.920 term debt, have surged in recent days. The dollar has 0:04:37.000 --> 0:04:40.960 also plunged, and a disconcerting pattern has emerged investors dumping 0:04:41.040 --> 0:04:43.880 treasuries at the same time they sold stocks and other 0:04:44.000 --> 0:04:47.920 risky assets. As former Treasury Secretary Larry Summer says, they're 0:04:47.960 --> 0:04:51.400 trading like the debt of an emerging market country, you know, Yorkome. 0:04:51.480 --> 0:04:52.720 John Tucker, Bloomberg. 0:04:52.440 --> 0:04:55.000 Radio, All right, thanks John. It also remains to be 0:04:55.120 --> 0:04:58.160 seen what impact the tariff turmoil we'll have on corporate earnings. 0:04:58.240 --> 0:05:00.800 This morning, big banks begin to rep Let's get a 0:05:00.839 --> 0:05:03.960 preview with Bloomberg's Shanali Bosick with JP Morgan. 0:05:04.040 --> 0:05:06.320 Kicking off big bank earnings in the middle of an 0:05:06.480 --> 0:05:10.120 escalating tariff war, investors will be watching out for how 0:05:10.200 --> 0:05:12.480 much money the big banks are making at their trading 0:05:12.560 --> 0:05:16.720 desks in the middle of historic volatility. Investors will also 0:05:16.839 --> 0:05:19.600 be keeping an eye on how much these banks are 0:05:19.640 --> 0:05:23.640 able to lend as consumers are becoming more wary about 0:05:23.680 --> 0:05:27.880 potential inflation on the heels of tariffs. I'm Shanali Basic 0:05:28.000 --> 0:05:29.560 in New York for Bloomberg Radio. 0:05:29.839 --> 0:05:32.560 All right, Chanale, thank you well. In other news this morning, 0:05:32.680 --> 0:05:35.960 a New York City sight seeing helicopter broke apart in 0:05:36.040 --> 0:05:39.479 midair and crashed into the Hudson River, killing the pilot 0:05:39.600 --> 0:05:42.559 and a family of five Spanish tourists. New York Police 0:05:42.600 --> 0:05:45.320 Commissioner Jessica Tish explained it was only in the air 0:05:45.440 --> 0:05:48.320 for fifteen minutes when it reached the George Washington Bridge 0:05:48.560 --> 0:05:52.280 before turning south, then crashing shortly thereafter. 0:05:52.480 --> 0:05:55.680 The aircraft lost control and hit the water just a 0:05:55.760 --> 0:05:58.640 few feet off the coast of peer A. 0:05:58.920 --> 0:06:00.120 Park in Hoboke, and. 0:06:00.480 --> 0:06:04.000 The victims included Siemens executive August den Esco Barr. New 0:06:04.080 --> 0:06:06.279 York City Mayor Eric Adams we. 0:06:06.400 --> 0:06:11.960 Loss of five family members and a pilot to an 0:06:12.000 --> 0:06:17.799 incident was still investigating their many unknowns here, but without federal, state, 0:06:17.920 --> 0:06:21.120 and city partners. We'll find out exactly what happened. 0:06:21.440 --> 0:06:24.360 The helicopter, identified by the FAA as a Bell two 0:06:24.560 --> 0:06:27.120 six helicopter, was on its sixth flight of the day. 0:06:27.279 --> 0:06:29.760 It was found upside down in the fifty degree water 0:06:29.880 --> 0:06:33.040 when rescuers arrived at the scene, which was closer to 0:06:33.160 --> 0:06:36.200 the New Jersey side of the Hudson River. The NTSB 0:06:36.400 --> 0:06:38.640 and the FAA are investigating well. 0:06:38.680 --> 0:06:41.480 Looking at the nation's capital, the House narrowly passed a 0:06:41.520 --> 0:06:44.880 framework for a budget proposal that President Trump supported, but 0:06:45.120 --> 0:06:47.720 it's not a done deal. Bloomberg's Amy Morris is in 0:06:47.920 --> 0:06:49.360 Washington with what comes next. 0:06:49.920 --> 0:06:53.920 House Speaker Mike Johnson celebrated the passage of the blueprint legislation. 0:06:54.080 --> 0:06:56.000 Big components of the One Big, Beautiful Bill is to 0:06:56.160 --> 0:06:58.840 ensure that we don't have the largest tax increase in 0:06:59.000 --> 0:06:59.960 US history all at once. 0:07:00.480 --> 0:07:03.440 Johnson says this paves the way for Republicans to cut 0:07:03.520 --> 0:07:06.359 one and a half trillion dollars from the budget. House 0:07:06.440 --> 0:07:10.000 Minority Leader Hakim Jeffrey says that can't happen unless you 0:07:10.120 --> 0:07:10.800 cut medicaid. 0:07:11.000 --> 0:07:16.360 Republicans can run from their proposal, which is the largest 0:07:16.440 --> 0:07:19.240 Medicaid cut in American history, but we will never allow 0:07:19.360 --> 0:07:20.400 them to hide. 0:07:20.560 --> 0:07:22.520 Johnson has set a target of the end of May 0:07:22.680 --> 0:07:25.760 to enact the bill. Senate Republicans talked about getting it 0:07:25.920 --> 0:07:33.680 done by august in Washington. Amy Morris Bloomberg Radio, It's time. 0:07:33.600 --> 0:07:35.400 Now for a look at some of their stories making 0:07:35.480 --> 0:07:37.160 news in New York and around the world, and for 0:07:37.240 --> 0:07:39.840 that we're joined by Bloomberg's Michael Barr Michael, Good Morning, 0:07:39.960 --> 0:07:40.800 Good Morning, Karen. 0:07:40.880 --> 0:07:43.720 The Supreme Court says the Trump administration must work to 0:07:43.800 --> 0:07:47.000 bring back a Maryland man who was mistakenly deported to 0:07:47.120 --> 0:07:51.800 El Salvador. Kilar Abrego Garcia is a Salvadoran citizen who 0:07:51.920 --> 0:07:55.640 had an immigration court order preventing his deportation to his 0:07:55.800 --> 0:07:59.600 native country over fears he would face persecution from local games. 0:08:00.040 --> 0:08:03.120 The administration has conceded that it made a mistake in 0:08:03.240 --> 0:08:05.880 sending him to El Salvador, where he is being held 0:08:05.920 --> 0:08:09.280 in a notorious prison, but also argued that it no 0:08:09.440 --> 0:08:13.000 longer could do anything about it. Former federal prosecutor and 0:08:13.120 --> 0:08:15.480 Loyola Law School professor Lori Levinson. 0:08:16.040 --> 0:08:19.480 This has been the first big pushback on the administration 0:08:19.760 --> 0:08:24.320 by the Supreme Court, and it took the administration basically 0:08:24.520 --> 0:08:28.080 taking a hard line that they didn't have to do 0:08:28.240 --> 0:08:31.720 anything to bring back somebody, even though they wrongfully sent 0:08:31.840 --> 0:08:33.360 them to a foreign country. 0:08:33.840 --> 0:08:37.680 Loyola Law School professor Lori Levinson, a Russian American woman 0:08:37.760 --> 0:08:40.360 freed by Moscow, has arrived back in the US as 0:08:40.400 --> 0:08:44.160 part of a prisoner swap. A plane carrying Cassenna Carolina 0:08:44.360 --> 0:08:47.480 landed late last night at Joint Bass Andrews, where she 0:08:47.600 --> 0:08:50.839 was greeted by her fiancee. She was released earlier in 0:08:50.960 --> 0:08:53.840 the day in exchange for a Russian German Man who 0:08:53.920 --> 0:08:57.320 had been jailed in the US on smuggling charges. Carolina 0:08:57.480 --> 0:09:00.800 was arrested last year, convicted of treason on charges stemming 0:09:01.000 --> 0:09:03.959 from a donation of just fifty two dollars to a 0:09:04.120 --> 0:09:07.520 charity aiding Ukraine. There are now two hundred and twenty 0:09:07.559 --> 0:09:10.120 two reported depths in the tragic roof collapse of a 0:09:10.160 --> 0:09:14.120 crowded nightclub in the Dominican Republic this week search for 0:09:14.240 --> 0:09:17.400 bodies and Santo Domingo has ended, and as we have 0:09:17.520 --> 0:09:20.920 been reporting, a New York City sight seeing helicopter broke 0:09:21.000 --> 0:09:24.280 apart in midair and crashed into the Hudson River, killing 0:09:24.320 --> 0:09:26.760 all six people on board. This witness saw it happen. 0:09:27.080 --> 0:09:28.120 It was just coming down and. 0:09:28.120 --> 0:09:30.199 At forty five angle and they went straight into the 0:09:30.240 --> 0:09:31.600 water and it was a big splash. 0:09:32.400 --> 0:09:33.280 It was crazy. 0:09:33.480 --> 0:09:36.319 The five passengers were all from Spain. The pilot also 0:09:36.440 --> 0:09:39.319 killed Global News twenty four hours a day and whenever 0:09:39.400 --> 0:09:41.760 you want it with Bloomberg News now now Michael Barr 0:09:41.840 --> 0:09:43.480 and this is Bloomberg Heron. 0:09:43.640 --> 0:09:50.959 All right, Michael Barr, thank you time now for the 0:09:50.960 --> 0:09:54.160 Bloomberg Spores update. Here's John Stshauer, John, good morning, Good 0:09:54.160 --> 0:09:54.640 morning daring. 0:09:54.720 --> 0:09:56.880 Not the first time Justin Rose has had a good 0:09:56.880 --> 0:09:59.240 start to the Masters. In fact, no one has had 0:09:59.280 --> 0:10:01.360 the first round we need more often. This is the 0:10:01.520 --> 0:10:04.599 fifth time, one more than Jack Nicholas, who won the 0:10:04.679 --> 0:10:05.760 Masters six times. 0:10:05.880 --> 0:10:08.040 Rose has never won the green jacket. 0:10:08.120 --> 0:10:10.480 Will this be the year for the forty four year 0:10:10.480 --> 0:10:13.000 old from England who's plenty the Masters for the twentieth time. 0:10:13.040 --> 0:10:16.000 He had a brilliant opening round a seven under sixty five. 0:10:16.040 --> 0:10:17.880 He needed only twenty two plucks. 0:10:18.920 --> 0:10:21.560 It was a really good day's golf on a golf 0:10:21.600 --> 0:10:23.360 course that was a stern test. I think if you 0:10:23.400 --> 0:10:25.920 look at the overall leaderboard, not many low scores out there, 0:10:26.000 --> 0:10:28.360 so you had to take got a quality shots and 0:10:28.640 --> 0:10:29.960 the light over the way played. 0:10:29.920 --> 0:10:33.000 Three golfers trail by three, led the oberg the Canadian 0:10:33.040 --> 0:10:36.840 Cory Connors and the defendee champion Scottie Sheffler. Rory McElroy 0:10:37.320 --> 0:10:39.800 was four under with four roles to play, then had 0:10:39.880 --> 0:10:42.559 two double bogies. The next in Detroit, gave three of 0:10:42.600 --> 0:10:44.760 their top players the night off, lost one to fifteen 0:10:44.760 --> 0:10:47.319 to one oh six Cade Cunningham thirty six points for 0:10:47.400 --> 0:10:50.719 the Pistons, who've gone from fourteen wins last season to 0:10:51.080 --> 0:10:53.280 forty four this year, and as the now they'd played 0:10:53.320 --> 0:10:55.040 the Knicks in the first round of the playoffs. Although 0:10:55.440 --> 0:10:57.880 the Knicks lead over Indiana for third in the East 0:10:58.240 --> 0:11:00.160 is down to one game, the Rangers took out some 0:11:00.280 --> 0:11:04.160 frustration for their disappointing season, lasting the Islanders at Ubs 0:11:04.240 --> 0:11:06.800 Arena nine to two. Rangers scored four goals in the 0:11:06.920 --> 0:11:09.720 first period, four more than the third. Red Sox salvaged 0:11:09.760 --> 0:11:11.480 the game with the Blue Jays at Fenway four to three, 0:11:11.520 --> 0:11:14.040 and Tenames the Yankees back home Tonight's Bay the Giant 0:11:14.080 --> 0:11:17.160 Semester and Sacramento taking on the Aids. The Jets brought 0:11:17.200 --> 0:11:19.800 in Allen Lazar because of his history catching passages from 0:11:19.840 --> 0:11:21.000 Aaron Rodgers in Green Bay. 0:11:21.440 --> 0:11:22.280 Rogers has gone. 0:11:22.360 --> 0:11:25.480 Lazards stayed, but his salary was cut from eleven million 0:11:25.520 --> 0:11:28.240 to two minds. John Stanshy, I were Bloomberg Sports. 0:11:28.000 --> 0:11:34.880 Kenny Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:35.160 --> 0:11:38.120 and around the world on Bloomberg dot Com and the 0:11:38.240 --> 0:11:41.640 Bloomberg Business Ad. This is Bloomberg Daybreak. 0:11:42.679 --> 0:11:44.840 Hey, it's about thirteen on Wall Street. Well, some more 0:11:45.000 --> 0:11:48.280 volatility thrust into the market. Yesterday President Trump's tariffs on 0:11:48.400 --> 0:11:53.360 China actually higher than previously announced, and now China retaliating again. 0:11:53.440 --> 0:11:55.120 You're here to break it down for us. As Bloomberg 0:11:55.200 --> 0:11:58.680 Senior editor Bill Farries. Bill, it's hard to keep up 0:11:58.760 --> 0:12:02.440 with his news flow constantly changing. So now the White 0:12:02.480 --> 0:12:04.760 House says the total tariffs and post on China now 0:12:04.800 --> 0:12:07.000 add up to one hundred and forty five percent. And 0:12:07.200 --> 0:12:09.240 now we're learning China is going to raise tariffs on 0:12:09.280 --> 0:12:12.480 all US codes from eighty four percent to one hundred 0:12:12.480 --> 0:12:14.760 and twenty five percent. I mean, how long is this 0:12:14.840 --> 0:12:15.800 back and forth going to go on? 0:12:16.800 --> 0:12:19.000 You know, yes, what we've been talking about all day. 0:12:19.080 --> 0:12:21.640 Thanks for having me. There's a real question at what 0:12:21.840 --> 0:12:25.120 point do these tariffs kind of start becoming meaningless numbers. 0:12:25.200 --> 0:12:28.760 I mean, we know an analysis by Bloomberg Economics showed 0:12:28.840 --> 0:12:32.200 that once you get over one hundred percent tariffs, at 0:12:32.320 --> 0:12:35.640 least in the medium term, you basically bring an end 0:12:35.720 --> 0:12:39.960 to bilateral trade. It's basically a complete decoupling. But even 0:12:40.000 --> 0:12:42.160 in the short term, you know, the big question is 0:12:42.200 --> 0:12:45.360 when do you start seeing the impacts from this, And 0:12:45.440 --> 0:12:48.840 we're seeing it now with some companies already cutting back 0:12:49.000 --> 0:12:52.120 on purchase orders from China. US companies cutting back on 0:12:52.200 --> 0:12:56.439 purchase orders and a lot of uncertainty, CEOs tossing out 0:12:56.480 --> 0:12:59.559 full your guidance, and no one really knows where this 0:12:59.720 --> 0:13:02.600 is except that it's headed to a place we haven't 0:13:02.600 --> 0:13:05.920 been before. But China's saying they're raising US tariffs on 0:13:05.960 --> 0:13:08.000 the US goods till one hundred and twenty five percent, 0:13:08.480 --> 0:13:10.200 and they added to that that they are not going 0:13:10.280 --> 0:13:12.559 to go any further. They said they won't respond to 0:13:12.640 --> 0:13:16.120 additional US moves because they said what the Trump administration 0:13:16.320 --> 0:13:18.080 is doing now has quote become a joke. 0:13:18.559 --> 0:13:20.559 Yeah, And they said they are going to ignore it. 0:13:20.720 --> 0:13:23.040 I mean, can they do that? Can you just ignore it? 0:13:24.040 --> 0:13:27.199 I think, you know, at some level it becomes it's 0:13:27.280 --> 0:13:29.440 not clear that it really makes a difference. Right Once, 0:13:29.960 --> 0:13:31.840 once you have one hundred and thirty percent or one 0:13:31.880 --> 0:13:34.440 hundred and forty percent tariffs on something, doesn't really matter 0:13:34.480 --> 0:13:37.040 if you go to one hundred and sixty percent. Maybe 0:13:37.120 --> 0:13:39.640 for some companies it does, but for the vast majority 0:13:39.679 --> 0:13:42.400 of products, if you're talking about more than a doubling 0:13:42.480 --> 0:13:45.480 of their costs, you're probably starting to wipe out that 0:13:45.679 --> 0:13:46.400 market for them. 0:13:46.720 --> 0:13:49.360 Okay, Now you talked about briefly some of the corporation's 0:13:49.400 --> 0:13:53.240 businesses how it's affecting them. Dig more into the global 0:13:53.360 --> 0:13:55.199 impact of all of this back and forth. 0:13:56.240 --> 0:13:59.800 Well, it's you know, it's it's obviously the biggest trading 0:14:00.000 --> 0:14:03.960 relationship in the world, the US China trade relationship seven 0:14:04.040 --> 0:14:07.160 hundred billion dollars in annual trade back in normal times. 0:14:08.080 --> 0:14:12.640 But it's really it's bigger than that, because we're talking 0:14:12.720 --> 0:14:17.719 about American companies that have supply chains that maybe go 0:14:17.960 --> 0:14:21.760 from China into Vietnam, into another country, maybe even into 0:14:21.840 --> 0:14:26.120 Europe than over to the US. We've already seen as 0:14:26.200 --> 0:14:30.360 of several days ago, eleven hundred requests from American companies 0:14:30.680 --> 0:14:34.600 seeking exemptions from some of these teriffs, because they're saying, 0:14:34.880 --> 0:14:37.960 even if we want to produce more in the United States, 0:14:38.480 --> 0:14:41.400 the goods we need to make that production possible to 0:14:41.520 --> 0:14:45.520 build up that capacity are getting tariffed, so we would 0:14:45.600 --> 0:14:47.920 like to have some of these exemptions. But you're also 0:14:48.080 --> 0:14:52.280 seeing Europe now, European leaders planning to go to China. 0:14:52.920 --> 0:14:55.840 You have the Spanish Prime Minister saying that the EU 0:14:56.000 --> 0:14:58.920 may need to shift more of its attention to better 0:14:59.040 --> 0:15:02.960 relations with China. So China is potentially going to become 0:15:03.280 --> 0:15:06.560 a big beneficiary of all this. They have things they 0:15:06.640 --> 0:15:08.920 can do to at least cushion the shock from the 0:15:09.040 --> 0:15:12.080 US measures, but they certainly can't overcome. 0:15:11.720 --> 0:15:12.080 All of it. 0:15:12.280 --> 0:15:16.000 So we're really in a place uncharted waters we've never 0:15:16.080 --> 0:15:16.560 been before. 0:15:16.840 --> 0:15:19.760 This is Bloomberg day Break, your morning podcast on the 0:15:19.840 --> 0:15:23.280 stories making news from Wall Street to Washington and beyond. 0:15:23.600 --> 0:15:26.080 Look for us on your podcast feed by six am 0:15:26.240 --> 0:15:30.200 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:15:30.440 --> 0:15:33.280 You can also listen live each morning starting at five 0:15:33.320 --> 0:15:35.960 am Wall Street Time on Bloomberg eleven three to zero 0:15:36.040 --> 0:15:38.920 in New York, Bloomberg in ninety nine to one in Washington, 0:15:39.040 --> 0:15:42.920 Bloomberg ninety two nine in Boston, and nationwide on serious 0:15:43.160 --> 0:15:44.680 XM Channel one twenty one. 0:15:45.080 --> 0:15:45.360 Plus. 0:15:45.440 --> 0:15:48.160 Listen coast to coast on the Bloomberg Business App now 0:15:48.200 --> 0:15:51.000 with Applecarplay and Android auto interfaces. 0:15:51.440 --> 0:15:54.480 And don't forget to subscribe to Bloomberg News Now. It's 0:15:54.480 --> 0:15:57.240 the latest news whenever you want it in five minutes 0:15:57.320 --> 0:16:01.000 or less. Search Bloomberg News Now in your favorite platform 0:16:01.040 --> 0:16:04.480 to stay informed all day long. I'm Karen Moscow and. 0:16:04.520 --> 0:16:07.480 I'm Lisa Matteo. Join us again tomorrow morning for all 0:16:07.560 --> 0:16:09.800 the news you need to start your day right here 0:16:09.920 --> 0:16:11.080 on Blueberg Daybreak