Stocks Rebound as Traders Await Tariff Clarity; China Vows to Retaliate

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:10.039 --> 0:00:10.600 Good morning. 0:00:10.640 --> 0:00:13.440 I'm Nathan Hager and I'm Karen Moscow. Here are the 0:00:13.480 --> 0:00:14.960 stories we're following today. 0:00:15.320 --> 0:00:18.440 Karen. Markets looks set for a turnaround as President Trump 0:00:18.440 --> 0:00:22.280 continues to send mixed messages on trade. In Oval office 0:00:22.280 --> 0:00:25.640 remarks heard on Bloomberg, the President threatened a fifty percent 0:00:25.720 --> 0:00:28.200 tariff on China if it doesn't pull back on a 0:00:28.240 --> 0:00:31.360 thirty four percent US tariff. At the same time, Trump 0:00:31.440 --> 0:00:33.120 says he is willing to negotiate. 0:00:33.640 --> 0:00:37.559 Will be talking to China, We'll be talking to a 0:00:37.560 --> 0:00:40.800 lot of different countries, and I think, you know, if 0:00:41.720 --> 0:00:44.720 we can make a really fair deal and a good 0:00:44.760 --> 0:00:46.680 deal for the United States, not a good deal for 0:00:46.720 --> 0:00:50.440 other this is America first. It's now America first. 0:00:50.720 --> 0:00:53.080 President Trump is not saying what a fair deal would 0:00:53.120 --> 0:00:55.400 look like, and he didn't answer when asked if he'd 0:00:55.440 --> 0:00:59.040 consider lowering rates below the minimum ten percent. China is 0:00:59.120 --> 0:01:01.960 vowing to fight to the end if the US insists 0:01:02.000 --> 0:01:05.080 on imposing higher duties that are set to kick in tomorrow. 0:01:05.480 --> 0:01:08.640 Well, Nathan, some Wall Street Titans are expressing opposition at 0:01:08.640 --> 0:01:11.959 Trump's tariff policy. On Bloomberg's John Tucker joins us with 0:01:12.000 --> 0:01:14.319 the very latest John good morning, Good morning, Karen. 0:01:14.360 --> 0:01:18.520 Billionaire Ken Griffin, a Republican mega donor, so President Donald 0:01:18.520 --> 0:01:21.760 Trump's latest tariffs amount to a hefty tax on families 0:01:22.120 --> 0:01:26.399 and or a huge policy mistake by the administration. Larry Fink, 0:01:26.440 --> 0:01:29.240 head of the world's largest asset manager at Blackrock, told 0:01:29.280 --> 0:01:32.160 a gathering of chief executives and investors in New York. 0:01:32.360 --> 0:01:35.560 Has heard here on Bloomberg Radio, the US economy is 0:01:35.720 --> 0:01:39.800 weakening as we speak, warning that the market turmoil triggered 0:01:39.800 --> 0:01:43.480 by the tariffs is rippling across corporate America and the world. 0:01:43.640 --> 0:01:46.040 I am troubled by. 0:01:47.319 --> 0:01:47.559 That. 0:01:47.720 --> 0:01:49.760 We are not the stabilizer as a country. 0:01:49.880 --> 0:01:52.880 We are destabilizing, and I think this is what the 0:01:52.880 --> 0:01:54.640 financial markets are trying to grapple with. 0:01:54.680 --> 0:01:57.400 The highest profile break with Trump over at tariffs, maybe 0:01:57.440 --> 0:02:01.360 Elon Musk, the Washington Post reports, has made personal appeals 0:02:01.400 --> 0:02:03.800 to the President to end the tariffs, going over the 0:02:03.840 --> 0:02:07.160 heads of other administration officials. Over the weekend, Musk took 0:02:07.200 --> 0:02:10.080 aim at the administration official who's been key to developing 0:02:10.120 --> 0:02:13.360 the tariff plans, the White House Trade Advisor, Pete Navarro, 0:02:13.760 --> 0:02:16.919 and questioned his credentials in New York on John Tucker 0:02:16.960 --> 0:02:17.880 Bloomberg Radio. 0:02:18.040 --> 0:02:20.320 All right, John, thank you, and speaking of Elon Musk, 0:02:20.440 --> 0:02:23.720 his wealth has taken a pounding over the last few months, 0:02:23.720 --> 0:02:26.960 while a fellow billionaire has been weathering the storm. Let's 0:02:26.960 --> 0:02:30.000 get more on that now with Bloomberg's Lisa Matteo. Good morning, Lisa, Yeah, 0:02:30.120 --> 0:02:32.640 Good morning, Nathan. It is quite a hit for Musk. 0:02:32.680 --> 0:02:35.320 His fortune felt almost two hundred and ninety eight billion 0:02:35.400 --> 0:02:37.760 dollars on Monday when he lost nearly four and a 0:02:37.800 --> 0:02:41.679 half billion dollars after Tesla stock extended its losses. Now 0:02:41.680 --> 0:02:44.440 it's the first time his net worth has dropped below 0:02:44.639 --> 0:02:47.600 three hundred billion since November, as his role as an 0:02:47.639 --> 0:02:50.240 advisor for President Trump has really made Tesla his target 0:02:50.280 --> 0:02:54.600 for protests vandalism. But Musk is still the world's richest 0:02:54.600 --> 0:02:57.680 person despite losing nearly one hundred and thirty five billion 0:02:57.720 --> 0:03:00.440 dollars so far this year. Now on the flo slipside, 0:03:00.480 --> 0:03:03.560 you have Berkshire, Hathaways, Warren Buffett. He's among the rare 0:03:03.720 --> 0:03:07.280 few winners after President's tariff's triggered this selloff. Now his 0:03:07.440 --> 0:03:10.520 net worth has climbed eleven and a half billion dollars 0:03:10.520 --> 0:03:13.360 this year to nearly one hundred and fifty four billion. 0:03:13.400 --> 0:03:16.600 That's according to the Bloomberg Billionaires Index. Now, that's despite 0:03:16.639 --> 0:03:19.800 a fourteen and a half billion dollar decline since April second, 0:03:19.880 --> 0:03:22.919 when his net worth reached its heights level in five 0:03:23.080 --> 0:03:24.000 years now. 0:03:24.040 --> 0:03:24.720 Experts say it. 0:03:24.720 --> 0:03:27.600 Really shows how the property and casualty sector remained pretty 0:03:27.680 --> 0:03:32.360 much protected from global trade. Lisa Mateo, Bloomberg Radio, Right. 0:03:32.280 --> 0:03:33.000 Lisa, thank you. 0:03:33.080 --> 0:03:36.560 As for the Marcus this morning, futures are moving higher. 0:03:36.600 --> 0:03:39.520 This follows medic Monday on Wall Street. Stock started with 0:03:39.560 --> 0:03:42.160 another selloff, with the Nasdaq one hundred dropping four and 0:03:42.200 --> 0:03:44.640 a half percent of the open, then it surged nine 0:03:44.680 --> 0:03:47.240 point four percent. On his story, the White House swiftly 0:03:47.320 --> 0:03:51.360 denied that the administration was seriously considering a delayed tariffs 0:03:51.400 --> 0:03:54.880 to allow for negotiations. Then it fell six point two percent. 0:03:54.960 --> 0:03:57.480 That was all in the first hour of trading. The 0:03:57.520 --> 0:03:59.960 index end of the day up a mere to ten percent. 0:04:00.520 --> 0:04:03.560 Keith Lerner is co chief investment Officer at Truist. 0:04:03.760 --> 0:04:05.960 But you're going to see these swings back and forth. 0:04:06.040 --> 0:04:09.200 Each headline is going to be over extrapolated, and there's 0:04:09.200 --> 0:04:10.800 going to be a lot of emotions. So I think 0:04:11.000 --> 0:04:13.960 using a prudent doll course average approach into the market, 0:04:14.640 --> 0:04:15.960 it makes a lot of sense right. 0:04:15.800 --> 0:04:17.800 Here, Keith Lerner at truest. 0:04:17.839 --> 0:04:20.280 At one point yesterday, the SNP added over two and 0:04:20.320 --> 0:04:23.560 a half trillion dollars in value during a seven minute period. 0:04:23.720 --> 0:04:24.240 Well Karen. 0:04:24.320 --> 0:04:28.000 Democratic Senator Elizabeth Warren is lashing out at President Trump's 0:04:28.040 --> 0:04:31.599 tariff saying they risk throwing millions of Americans out of work. 0:04:31.960 --> 0:04:35.520 The Massachusetts Democrat says she fears a recession because of 0:04:35.560 --> 0:04:36.480 the tariff policy. 0:04:37.040 --> 0:04:41.000 Look, I am really worried about whether we are already 0:04:41.000 --> 0:04:44.960 in a recession or just right on the edge. All 0:04:45.000 --> 0:04:48.800 of the lights are flashing red. And Larry Think points 0:04:48.800 --> 0:04:51.040 this out, but he is not the only one. There 0:04:51.040 --> 0:04:53.719 are a lot of folks who are starting to say 0:04:53.720 --> 0:04:56.239 this and a lot of evidence in that direction. 0:04:56.600 --> 0:04:59.840 Democratic Senator Elizabeth Warren made those comments on Bloomberg's Balance 0:04:59.880 --> 0:05:01.840 of Power. You can hear the full interview on the 0:05:01.839 --> 0:05:05.560 Bloomberg Talks podcast or watch it on the Bloomberg Podcasts 0:05:05.600 --> 0:05:06.600 page on YouTube. 0:05:07.000 --> 0:05:09.960 Well Nathan Chicago Fed President Austin Goulesby says there's a 0:05:09.960 --> 0:05:13.720 lot of anxiety among business leaders about terrorists sparking supply 0:05:13.880 --> 0:05:16.080 disruptions and inflationary pressures. 0:05:16.360 --> 0:05:18.000 Golesby spoke with CNN. 0:05:18.360 --> 0:05:22.520 The anxiety is if these tariffs are as big as 0:05:22.720 --> 0:05:25.839 what are threatened on the US side, and if there's 0:05:25.960 --> 0:05:30.640 massive retaliation, and then if there's counter retaliation again, it 0:05:30.720 --> 0:05:34.120 might send us back to the kind of conditions that 0:05:34.160 --> 0:05:37.160 we saw on twenty one and twenty two when inflation's 0:05:37.240 --> 0:05:39.920 raging out of control, and it could send us back 0:05:39.960 --> 0:05:42.880 to the supply disruptions of the format we saw in 0:05:43.040 --> 0:05:44.600 twenty twenty beginning of COVID. 0:05:45.040 --> 0:05:48.360 Chicago FED President Austin Goulesby and his fellow central bankers 0:05:48.360 --> 0:05:51.320 have kept interest rates unchanged this year, waiting to see 0:05:51.360 --> 0:05:54.040 how tariffs and government policies impact the economy. 0:05:54.160 --> 0:05:56.520 Well, Karen is the global trade war heats up. The 0:05:56.560 --> 0:05:59.840 European Union is cooling things somewhat. When it comes to 0:05:59.880 --> 0:06:03.240 American bourbon it's going to London. Get the details from 0:06:03.240 --> 0:06:04.600 bloombergs hw in parts. 0:06:04.640 --> 0:06:06.720 Good Morning you in Nathan and Karen. 0:06:06.760 --> 0:06:09.560 American whiskey is still on the menu in Europe, but 0:06:09.600 --> 0:06:12.960 Donald Trump says it's not enough. The US president rejecting 0:06:13.000 --> 0:06:16.040 the European Union's latest proposal to drop tariffs on all 0:06:16.120 --> 0:06:20.120 bilateral trade in industrial goods, accusing the BLOCK of maintaining 0:06:20.200 --> 0:06:23.080 other barriers to trade. In terms of the detail of 0:06:23.120 --> 0:06:26.599 the latest EU retaliatory tariffs, while bourbon is sped, the 0:06:26.640 --> 0:06:31.480 twenty seven EU nations arethur target US exports including motorcycles, tobacco, 0:06:31.600 --> 0:06:35.000 house on appliances and poultry, and while further measures are 0:06:35.000 --> 0:06:37.800 being discussed by the EU, for now, US as sillers, 0:06:37.800 --> 0:06:40.960 at least can breathe a sigh of relief. Live in London, 0:06:40.960 --> 0:06:42.480 I'm you in pots Splinberg. 0:06:42.120 --> 0:06:43.520 Radio, right new and thank you. 0:06:43.600 --> 0:06:47.719 Oil on the decline once again right now Nimex Crewede 0:06:47.760 --> 0:06:50.119 oil is up four tenths of US percent at sixty 0:06:50.200 --> 0:06:53.360 dollars ninety three cents of barrel. Brent is at sixty 0:06:53.400 --> 0:06:56.039 four dollars thirty nine cents. That's up three tenths of 0:06:56.120 --> 0:06:59.400 US percent, and Goldman sach says it could fall even further. 0:06:59.480 --> 0:07:02.560 The firm, just fresh from cutting oil forecast twice in 0:07:02.600 --> 0:07:05.600 a week. Save Brent has the outside potential to fall 0:07:05.600 --> 0:07:08.919 below forty dollars a barrel under extreme outcomes as the 0:07:08.960 --> 0:07:11.600 trade war flares and supplies rise. 0:07:11.600 --> 0:07:14.800 Elsewhere in geopolitics, Karen. President Trump says the US is 0:07:14.840 --> 0:07:18.080 holding direct talks with Iran and the next round will 0:07:18.080 --> 0:07:21.920 take place this weekend. Bloomberg's Amy Morris reports from Washington. 0:07:22.240 --> 0:07:23.800 President Trump announced the meeting. 0:07:23.920 --> 0:07:28.280 There's a major meeting going on between US and Iran, 0:07:28.920 --> 0:07:31.840 and that'll take place on Saturday, and it's at top level. 0:07:31.960 --> 0:07:35.280 And a reporter asked, what happens if diplomacy fails. 0:07:35.720 --> 0:07:40.320 I think if the talks aren't successful with Iran, I 0:07:40.320 --> 0:07:42.160 think Iran is going to be in great danger. 0:07:42.480 --> 0:07:46.200 It wasn't clear exactly what discussions President Trump was referring to. 0:07:46.480 --> 0:07:50.600 Iranian officials rejected the idea of direct talks and proposed 0:07:50.640 --> 0:07:54.560 negotiations with Oman as mediator in Washington. Amy Moore as 0:07:54.560 --> 0:07:55.760 Bloomberg Radio, all. 0:07:55.760 --> 0:07:56.520 Right, Amy, thank you. 0:07:56.560 --> 0:08:00.440 On Capitol Hill, more conservative Republicans are warmington the idea 0:08:00.480 --> 0:08:03.840 of higher taxes on millionaires to pay for President. 0:08:03.400 --> 0:08:05.280 Trump's tax cut promises. 0:08:05.640 --> 0:08:08.440 House Freedom cauck Is chair Andy Harris tells Bloomberg and 0:08:08.480 --> 0:08:10.560 Who forty percent tax bracket is. 0:08:10.520 --> 0:08:11.800 A reasonable way to do it. 0:08:11.960 --> 0:08:15.360 Republican Senator Tom Tillis also says he'd be willing to 0:08:15.440 --> 0:08:18.520 bring back the old top tax bracket of thirty nine 0:08:18.520 --> 0:08:22.600 point six percent. Republicans are considering ending taxes on overtime 0:08:22.680 --> 0:08:26.040 pay and new write offs for older Americans and car buyers. 0:08:26.320 --> 0:08:29.200 They need to cut spending or raise taxes elsewhere to 0:08:29.200 --> 0:08:34.559 pay for them. And it's time now for a look 0:08:34.559 --> 0:08:36.280 at some of the other stories making news in New 0:08:36.320 --> 0:08:38.080 York and around the world. And for that we're joined 0:08:38.080 --> 0:08:40.240 by Bloomberg's Michael Barr Michael, good Morning. 0:08:40.320 --> 0:08:42.680 Good morning here, and the Supreme Court is allowing the 0:08:42.679 --> 0:08:46.480 Trump administration to use an eighteenth century wartime law to 0:08:46.480 --> 0:08:50.320 deport Venezuelan migrants, but says they must get a court 0:08:50.320 --> 0:08:53.040 hearing before they are taken from the US. In a 0:08:53.080 --> 0:08:56.280 divided five to four decision, the Court said the administration 0:08:56.480 --> 0:09:00.839 must give Venezuelans, who it claims are gang members, reasonable 0:09:00.920 --> 0:09:03.559 time to go to court. Bloomberg's June Grosso. 0:09:04.000 --> 0:09:06.520 What the Justice has said is they have to be 0:09:07.080 --> 0:09:09.559 allowed to have this due process, and they should do 0:09:09.600 --> 0:09:12.800 it by habeas corpus petition basically, and it should be 0:09:12.880 --> 0:09:15.600 filed in a jurisdiction where they're being held. Well, they're 0:09:15.600 --> 0:09:20.160 being held in Texas, and Texas immigration courts are not 0:09:20.440 --> 0:09:25.400 as show wecha sympathetic to migrants, as courts and other jurisdictions, 0:09:25.440 --> 0:09:26.360 for example New. 0:09:26.280 --> 0:09:31.160 York and DC Bloomberg's June Grosso. Meanwhile, the Supreme Court 0:09:31.200 --> 0:09:34.000 put off a midnight deadline for the government to return 0:09:34.040 --> 0:09:37.679 a mistakenly deported Maryland man to the US from l Salvador. 0:09:38.080 --> 0:09:40.640 That gives the court more time to consider the arguments 0:09:40.640 --> 0:09:44.120 in the case of Kilmar Amando Abrego Garcia, who is 0:09:44.160 --> 0:09:46.880 accused of being a gang member, which his family denies. 0:09:47.440 --> 0:09:51.440 Health and Human Services Secretary Robert F. Kennedy Junior plans 0:09:51.440 --> 0:09:55.120 to tell public health officials to stop recommending floridation of 0:09:55.320 --> 0:09:59.160 drinking water. Kennedy is assembling a task force to focus 0:09:59.200 --> 0:09:59.880 on the issue. 0:10:00.160 --> 0:10:02.920 We have a public health crisis now in our country 0:10:03.040 --> 0:10:04.800 like nothing that we've ever seen before. 0:10:05.960 --> 0:10:07.880 When my uncle was president, I was a ten year 0:10:07.880 --> 0:10:08.280 old boy. 0:10:08.400 --> 0:10:12.000 Three percent of Americans at chronic disease at eight sixty percent. 0:10:12.360 --> 0:10:15.120 Currently, about seventy two percent of the US population is 0:10:15.160 --> 0:10:19.240 connected to fluoridated water systems. According to a court filing, 0:10:19.360 --> 0:10:22.720 New York City's congestion pricing program is likely to remain 0:10:22.760 --> 0:10:25.680 in place for the next several months. A legal wrangling 0:10:25.720 --> 0:10:29.520 between the state officials and the Trump administration continues. President 0:10:29.559 --> 0:10:33.480 Trump and his Transportation secretary have threatened in February to 0:10:33.640 --> 0:10:36.719 him the tolling initiative, Global news twenty four hours a 0:10:36.800 --> 0:10:40.319 day and whenever you wanted with Bloomberg News Now, Michael barrn, 0:10:40.400 --> 0:10:41.120 this is Bloomberg. 0:10:41.160 --> 0:10:41.439 Karen. 0:10:41.559 --> 0:10:42.800 All right, Michael barr thank you. 0:10:47.800 --> 0:10:51.200 Time now for the Bloomberg Sports update. Here's John stash Hour, John, 0:10:51.240 --> 0:10:51.960 good morning, Good. 0:10:51.840 --> 0:10:54.800 Morning hereon the National Championship game in San Antonio. Florida 0:10:54.920 --> 0:10:58.319 and Houston both came in thirty five and four champions 0:10:58.320 --> 0:11:02.080 of the SEC and Big twelve. Both outstanding defensively insure 0:11:02.160 --> 0:11:04.960 that both teams shot under forty percent. The Cougars led 0:11:05.360 --> 0:11:07.920 almost the entire game, but on the final possession the 0:11:08.000 --> 0:11:12.200 Gators led by two. Houston had the ball fire starring at. 0:11:12.080 --> 0:11:14.880 Little Richard hands it off out of USA USA on 0:11:14.920 --> 0:11:15.319 the right hand. 0:11:15.360 --> 0:11:17.719 Waring stopped with seven seconds because it's a choir, six 0:11:17.800 --> 0:11:20.160 seconds to go, five seconds to sharp top of. 0:11:20.200 --> 0:11:21.640 The key, lost the dribbles. 0:11:21.720 --> 0:11:22.640 He's got to pick it up. 0:11:22.760 --> 0:11:23.960 Its scripped up by Condon. 0:11:24.200 --> 0:11:26.719 Condon secuse it and Florida found. 0:11:26.480 --> 0:11:32.559 The way from twelve down to the school's third national 0:11:32.960 --> 0:11:35.880 championship in then's basketball. 0:11:35.360 --> 0:11:38.480 On Western One, Florida prevailed sixty five sixty three. They 0:11:38.520 --> 0:11:40.839 trailed by at least nine points in the second half 0:11:40.920 --> 0:11:43.880 of each of their last three tournament games. Walter Clayton, 0:11:43.960 --> 0:11:46.079 a most outstanding player of the last ninety scored only 0:11:46.120 --> 0:11:48.880 eleven points at the Garden, Rangers took a big step 0:11:48.920 --> 0:11:52.040 towards the golf course, not the Stanley Cup playoffs. Tampa 0:11:52.080 --> 0:11:54.320 Bay scored three times in a span of less than 0:11:54.360 --> 0:11:56.320 two minutes of the first period, went on to win 0:11:56.440 --> 0:11:59.160 five to one at Cityfield. More great Mets pitching two 0:11:59.240 --> 0:12:02.200 nothing went over my amivonk Codei Singa and three relievers. 0:12:02.200 --> 0:12:04.000 The metsad won five in a row. Their team era 0:12:04.600 --> 0:12:08.320 is one point seven to two. Carlos Rodonzira is over five. 0:12:08.440 --> 0:12:11.920 A second straight shaky start in frigid Detroit, the Tigers 0:12:11.960 --> 0:12:14.200 one sixty two. The Dodgers are in DC. They went 0:12:14.240 --> 0:12:17.040 to the White House and then Shoeotani had a single 0:12:17.120 --> 0:12:19.840 triple and home run, but the Nationals one sixty four. 0:12:20.120 --> 0:12:22.160 Johns stashy that we're Bloomberg Sports. 0:12:24.000 --> 0:12:28.040 Coast to Coast on Bloomberg Radio nationwide on Sirius XM 0:12:28.280 --> 0:12:31.079 and around the world on Bloomberg dot Com and the 0:12:31.160 --> 0:12:34.240 Bloomberg Business app. This is Bloomberg Daybreak. 0:12:34.360 --> 0:12:37.280 Good morning, I'm Nathan Hager. Investors are hoping to make 0:12:37.400 --> 0:12:40.640 up some ground from three straight losing sessions on Wall 0:12:40.679 --> 0:12:43.319 Street following President Trump's terrorf roll out last week. But 0:12:43.400 --> 0:12:46.240 the President still keeping markets guessing when it comes to 0:12:46.280 --> 0:12:48.200 where trade policy goes from here. 0:12:48.720 --> 0:12:51.400 There can be permanent gariffs and there can also be 0:12:51.520 --> 0:12:54.360 negotiations because there are things that we need beyond tariffs. 0:12:54.720 --> 0:12:57.439 And that was the President speaking in Oval Office comments 0:12:57.520 --> 0:13:00.640 heard on Bloomberg. Joining us this morning is Stepthany guild, 0:13:00.679 --> 0:13:03.600 a senior director of investment strategy at robin Hood Financial. 0:13:03.960 --> 0:13:06.440 Great to speak with you, Stephanie, as we look at 0:13:06.480 --> 0:13:09.719 futures point to a higher open finally this morning. But 0:13:09.960 --> 0:13:12.320 what are you hearing from the President? Sometimes he talks 0:13:12.360 --> 0:13:17.240 about matching tariff rates from other countries. Sometimes he talks 0:13:17.280 --> 0:13:21.080 about trade and balances. What is the message that you're hearing. 0:13:23.440 --> 0:13:26.400 I think it's hard to decipher. As you say, I 0:13:26.480 --> 0:13:29.080 think I was most encouraged, and I think the markets 0:13:29.240 --> 0:13:32.600 this morning are most encouraged by the fact that there 0:13:32.679 --> 0:13:36.760 was a political argument a Politico article that was saying 0:13:37.000 --> 0:13:40.000 how Bissett was trying to talk him into understanding the 0:13:40.480 --> 0:13:45.079 greater impact on markets on the and the economy. I 0:13:45.160 --> 0:13:47.959 think there was also another couple of articles talking about 0:13:48.000 --> 0:13:52.080 how there could be actually true legal challenges that could 0:13:52.120 --> 0:13:55.280 win against this. So I think there's you know, starting 0:13:55.360 --> 0:13:58.040 to feel like there's movement and enough pressure against that 0:13:58.160 --> 0:14:01.640 perhaps it won't go as far as as originally announced, 0:14:01.679 --> 0:14:04.800 whereas it felt like somewhat hopeless the last couple of days. 0:14:05.400 --> 0:14:10.679 I do think Trump is quite set on making changes, 0:14:10.880 --> 0:14:13.520 and on the other hand, if you're seeing their reaction 0:14:13.600 --> 0:14:17.960 from other countries they are making, you know, they are 0:14:18.200 --> 0:14:21.120 trying to come with some terms, So it's there is 0:14:21.280 --> 0:14:24.480 some hope still. What worries me also is the hope 0:14:24.680 --> 0:14:28.160 because for investors that is not a strategy, and you know, 0:14:28.360 --> 0:14:31.040 you do need, I think, to have some caution with 0:14:31.200 --> 0:14:33.760 all of these headlines because they could change on an instant. 0:14:34.040 --> 0:14:37.200 Yeah, we've certainly seen that yesterday when just one headline 0:14:37.240 --> 0:14:40.560 because the spike in the market before things drop back 0:14:40.680 --> 0:14:46.520 down yesterday. How do you make a strategy when we 0:14:46.640 --> 0:14:50.200 do have this continued mixed messaging from the white House. 0:14:52.280 --> 0:14:55.760 I think diversification is key, you know, That's what we've 0:14:55.800 --> 0:14:57.920 been we've been sort of talking about with our clients. 0:14:58.000 --> 0:15:02.160 And then also we recently long robin Hood strategies, which 0:15:02.400 --> 0:15:07.080 actually manages money on behalf of our clients. And in 0:15:07.200 --> 0:15:10.960 that case, like we are, we are spreading across like 0:15:11.120 --> 0:15:13.000 a couple of different ways. One is that we we 0:15:13.160 --> 0:15:15.680 recognize that the world order may be changing a bit 0:15:15.840 --> 0:15:20.040 and US exceptionalism may be deteriorating in the near term 0:15:20.240 --> 0:15:24.920 because of not only tariff tariffs, but also because of 0:15:26.240 --> 0:15:30.520 political policy. You know, other countries having a step in 0:15:30.600 --> 0:15:32.640 where the US may have been, and as a result 0:15:32.720 --> 0:15:35.360 of that you may get just shifting spend fiscal spending. 0:15:35.960 --> 0:15:39.560 So we think having a diversification across the world and 0:15:39.720 --> 0:15:41.960 not just focusing in the US market is a good idea. 0:15:42.560 --> 0:15:46.200 And honestly, just having some extra cash on the side, 0:15:46.240 --> 0:15:48.640 whether it's in the form of treasury bills or you know, 0:15:48.880 --> 0:15:53.040 just earning a good yield and looking for opportunities, because 0:15:53.080 --> 0:15:55.360 there certainly are opportunities forming in this market. 0:15:55.840 --> 0:15:57.880 Do you see a Trump put Stephanie, Is there a 0:15:58.000 --> 0:16:01.480 level that the president's looking at where he might back off? 0:16:03.000 --> 0:16:05.760 I don't see it in the stock market. I do 0:16:06.200 --> 0:16:08.840 think he's looking for it in the bond market. I 0:16:08.920 --> 0:16:11.840 think he truly wants the dollar weaker and he wants 0:16:12.560 --> 0:16:16.480 interest rates lower. And I think that, you know, interest 0:16:16.560 --> 0:16:19.760 rates lower actually also helps with budget cuts because we 0:16:19.880 --> 0:16:21.640 had you know, I think we spent a trillion dollars 0:16:21.720 --> 0:16:26.200 last year on interest on interest alone, interest payments alone 0:16:26.280 --> 0:16:29.240 from the government. So I think that's where you see it. 0:16:29.360 --> 0:16:32.400 And he's certainly gotten some of that on the bond market. 0:16:33.200 --> 0:16:35.280 But it's you know, yesterday you saw bond Ylet's go 0:16:35.400 --> 0:16:37.480 back up a bit, because there is the other side 0:16:37.520 --> 0:16:42.080 of this tariff coin, which is inflation. And I think 0:16:42.120 --> 0:16:44.480 another thing to note Jamie Diamond actually put this in 0:16:44.560 --> 0:16:48.200 his shareholder letter, which I think was published yesterday, is 0:16:48.400 --> 0:16:51.280 that there's there is a case to be made for 0:16:52.800 --> 0:16:55.000 when you run a deficit, you get a lot of 0:16:55.080 --> 0:16:57.680 investment on the other side of that. And you know, 0:16:57.800 --> 0:17:00.800 a lot of that investment has come from foreigners into 0:17:00.840 --> 0:17:04.680 the country, and you know how if that starts to unwind, 0:17:04.840 --> 0:17:08.400 that's that's really that's downside for in a lot of ways. 0:17:09.200 --> 0:17:12.159 Do you see foreign investment continuing in this environment? Got 0:17:12.160 --> 0:17:13.000 about a minute left. 0:17:15.280 --> 0:17:17.000 I think it's going to slow, at least for the 0:17:17.080 --> 0:17:19.320 near term. I think the same way that CEOs are 0:17:19.359 --> 0:17:22.399 probably waiting to see what happens like I think just 0:17:22.560 --> 0:17:26.760 some investment, whether it's domestic or international, is probably going 0:17:26.800 --> 0:17:29.879 to be on hold while this continues. 0:17:30.280 --> 0:17:33.200 This is Bloomberg day Break, your morning podcast and the 0:17:33.280 --> 0:17:36.720 stories maybe news from Wall Street to Washington and beyond. 0:17:37.080 --> 0:17:39.440 Look for us on your podcast feed by six am 0:17:39.520 --> 0:17:42.880 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:17:43.119 --> 0:17:45.960 You can also listen live each morning starting at five 0:17:46.000 --> 0:17:48.640 am Wall Street time on Bloomberg eleven three to zero 0:17:48.720 --> 0:17:51.600 in New York, Bloomberg ninety nine to one in Washington, 0:17:51.680 --> 0:17:55.600 Bloomberg ninety two nine in Boston, and nationwide on serious 0:17:55.840 --> 0:17:57.360 XM Channel one twenty one. 0:17:57.800 --> 0:18:00.200 Plus listen coast to coast on the Bloomberg Bus. 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