Equity Optimism on Shutdown Talks; US Tightens Russia Sanctions

Bloomberg Audio Studios, podcasts, radio news. 0:00:10.119 --> 0:00:10.600 Good morning. 0:00:10.640 --> 0:00:13.200 I'm Stephen Carroll and I'm Karen Moscow. Here are the 0:00:13.240 --> 0:00:14.720 stories we're following today. 0:00:15.080 --> 0:00:18.160 Karen, The rise in futures comes in part on signs 0:00:18.200 --> 0:00:21.400 the US will avoid a government shutdown. That's because Senate 0:00:21.400 --> 0:00:24.200 Democratic Leader Chuck Schumer is opted not to block a 0:00:24.239 --> 0:00:27.720 Republican spending bill. The decision was made despite a growing 0:00:27.800 --> 0:00:31.000 number of Democrats wanting to use their limited leverage to 0:00:31.080 --> 0:00:34.760 restrain Elon Musk's cost cutting efforts. Addressing the Senate, Schumer 0:00:34.800 --> 0:00:37.479 explained why he decided to walk back the threat of 0:00:37.520 --> 0:00:38.120 a shutdown. 0:00:38.720 --> 0:00:42.800 A shutdown would give Donald Trump an Elon Musk carte 0:00:42.840 --> 0:00:48.400 blanche to destroy vital government services at a significantly faster 0:00:48.600 --> 0:00:51.200 rate than they can right now. 0:00:52.200 --> 0:00:55.279 Republicans likely need seven other Democrats to join Schumer, who 0:00:55.320 --> 0:00:58.000 wouldn't say if there were now enough votes within his 0:00:58.200 --> 0:00:59.880 party to overcome a fellibuster. 0:01:00.800 --> 0:01:03.120 Well, Stephen. The lift of the markets this morning comes 0:01:03.160 --> 0:01:06.800 after the S and P five hundred slipped into correction territory. 0:01:06.880 --> 0:01:10.040 The index is down ten percent from its all time high. 0:01:10.360 --> 0:01:12.880 The tech heavy Nasdaq one hundred index is also in 0:01:12.920 --> 0:01:15.880 a correction and the Dow Jones Industrial average is nine 0:01:15.920 --> 0:01:20.600 point three percent below its last record in December. Lauren Goodwin, 0:01:20.680 --> 0:01:23.520 the chief market strategist at New York Life, says tariff 0:01:23.560 --> 0:01:26.240 worries are rattling Wall Street, but there is no. 0:01:26.319 --> 0:01:29.720 Doubt that the volatility that we've seen in the market 0:01:29.760 --> 0:01:33.440 over the last couple of weeks is about policy uncertainty. 0:01:33.640 --> 0:01:37.400 It's not about economic fundamentals. And what's so interesting about 0:01:37.440 --> 0:01:40.560 that is typically when we see drawdowns of this size, 0:01:40.720 --> 0:01:44.000 it's the other way around. There's a concern implicit in 0:01:44.040 --> 0:01:47.080 the economy about growth or employment, et cetera. This time 0:01:47.160 --> 0:01:50.800 it's uncertainty causing the concerns about growth and employment. 0:01:51.240 --> 0:01:54.880 New York Lives Lauren Goodwin believes markets will remain volatile 0:01:55.040 --> 0:01:57.840 until some of the policy uncertainty clears. 0:01:58.480 --> 0:02:01.000 Investors are the most bullish on tree treasuries relative to 0:02:01.040 --> 0:02:03.680 stocks for at least three years. That's the findings of 0:02:03.720 --> 0:02:07.400 the latest Bloomberg Markets Live Pulse survey. US bonds are 0:02:07.440 --> 0:02:10.760 expected to deliver a better volatility adjusted return over the 0:02:10.840 --> 0:02:13.560 next month than equities, according to a survey of more 0:02:13.560 --> 0:02:17.000 than five hundred market participants conducted this week, and it's 0:02:17.040 --> 0:02:21.200 not even close, with seventy seven percent backing treasuries. That's 0:02:21.200 --> 0:02:24.040 the highest level ever in the survey data going back 0:02:24.080 --> 0:02:25.160 to twenty twenty two. 0:02:25.639 --> 0:02:29.600 Well Steven. Former Treasury Secretary Stephen Manuchen advised investors not 0:02:29.800 --> 0:02:33.320 to overreact to the current sell off inequities and discounts 0:02:33.400 --> 0:02:36.440 risks of a US recession. In an interview with Bloomberg, 0:02:36.480 --> 0:02:40.040 Manuchin attributes the market correction to a natural correction in 0:02:40.080 --> 0:02:42.520 the market fueled by massive tech spending. 0:02:42.880 --> 0:02:45.760 We came in with the market being fully priced, so 0:02:45.880 --> 0:02:48.840 I think a five to ten percent correction on the 0:02:49.000 --> 0:02:52.440 s and per the NESTAC actually makes sense. The market's 0:02:52.480 --> 0:02:56.040 been really fueled by massive amounts of tech spending, particularly 0:02:56.080 --> 0:02:59.440 around AI. So some of this is a natural correction 0:02:59.520 --> 0:03:01.600 in the market, and some of this is the market 0:03:01.680 --> 0:03:04.600 worrying about tariffs and the impact on tariffs. 0:03:05.360 --> 0:03:09.040 Former Treasury Secretary Stephen Manuchin also discounted risks of a 0:03:09.120 --> 0:03:12.640 US recession. To hear the full conversation, get the Bloomberg 0:03:12.680 --> 0:03:15.760 Talks podcast or watch it live on the Bloomberg podcast 0:03:15.840 --> 0:03:17.040 page on YouTube. 0:03:17.440 --> 0:03:20.000 Karen as for the global trade war. President Trump is 0:03:20.040 --> 0:03:23.760 threatening a two hundred percent tariff on European wine, champagne, 0:03:23.800 --> 0:03:27.359 and other alcoholic beverages. Trump says he'll impose the tariffs 0:03:27.400 --> 0:03:31.200 if the European Union does not immediately remove its countermeasures 0:03:31.320 --> 0:03:34.800 against his twenty five percent tariffs on steel and aluminum. 0:03:34.920 --> 0:03:37.520 In an interview heard right here on Bloomberg Radio, Commerce 0:03:37.520 --> 0:03:40.960 Secretary Harold Lutnik says the EU duties are disrespectful. 0:03:41.320 --> 0:03:46.480 The President has made it crystal clear that he finds 0:03:46.600 --> 0:03:52.080 this tit for tat really abusive and aggravating. Right, his 0:03:52.200 --> 0:03:56.600 objective is steel and aluminum tariffs. Let him build his 0:03:56.720 --> 0:03:59.880 steel and aluminum business in America, because that's import. 0:04:01.240 --> 0:04:04.200 Commerce Secretary Harold Lutnik added he's thankful the UK and 0:04:04.440 --> 0:04:08.240 Mexico refrained from engaging in tit for tat tariff hikes 0:04:08.600 --> 0:04:12.800 and weren't trading partners that upset President Donald Trump opened 0:04:12.800 --> 0:04:14.120 themselves to severe reaction. 0:04:14.840 --> 0:04:17.360 Well, Stephen, the president of the European Central Bank, is 0:04:17.440 --> 0:04:20.440 warning of severe global fallout from a trade war with 0:04:20.480 --> 0:04:23.240 the US. Here's what Christine Laguard told the BBC. 0:04:23.600 --> 0:04:26.640 If we were to go to a real trade war 0:04:27.200 --> 0:04:33.120 where trade would be dumpened significantly, that would have severe consequences. 0:04:33.160 --> 0:04:35.000 It would not be calls for concern. It would be 0:04:35.040 --> 0:04:39.479 severe consequences as growth around the world and for prices 0:04:39.520 --> 0:04:42.240 around the world, but particularly in the United States, but. 0:04:42.240 --> 0:04:43.000 Also in Europe. 0:04:43.040 --> 0:04:44.920 It would push Europe into recession. 0:04:44.520 --> 0:04:45.040 Wouldn't they. 0:04:45.160 --> 0:04:48.840 You know what it's doing at the moment, stirring European energy. 0:04:49.200 --> 0:04:52.440 It's a big wake up call for Europe. Maybe this 0:04:52.520 --> 0:04:54.760 is a European moment yet again. 0:04:55.080 --> 0:04:57.680 And the Guard also told the BBC that Brussels had 0:04:57.720 --> 0:05:01.599 no choice but to retaliate against the following its decision 0:05:01.640 --> 0:05:04.880 to implement twenty five percent tariffs on global steel and 0:05:04.920 --> 0:05:05.960 aluminium imports. 0:05:06.600 --> 0:05:09.080 Well, Karen, if investors think the FAD will step in 0:05:09.200 --> 0:05:12.360 if tariff's damage the economy, they may be wrong. That's 0:05:12.400 --> 0:05:15.080 according to former New York Fed President William Dudley. 0:05:15.320 --> 0:05:17.599 I think the problem is that clares are bad for 0:05:17.680 --> 0:05:21.240 growth and bed for inflation, which puts the FED in 0:05:21.279 --> 0:05:24.919 a buying Basically, they're missing by more on both sides 0:05:24.960 --> 0:05:27.080 of their mandate. So I think in the near term 0:05:27.160 --> 0:05:30.480 the Feds could basically be on hold waiting for more information. 0:05:31.480 --> 0:05:34.240 Well Dudley, now Bloomberg opinion columnist, says the FED could 0:05:34.240 --> 0:05:36.640 be in a bind if tariffs lead to slower growth 0:05:36.720 --> 0:05:40.400 and higher inflation expectations. Read more in his latest column 0:05:40.400 --> 0:05:43.680 at Bloomberg dot com slash opinion or opi and go 0:05:43.920 --> 0:05:45.000 on the Bloomberg terminal. 0:05:45.240 --> 0:05:46.960 Well, now, Stephen, we have the latest on the war 0:05:47.000 --> 0:05:50.400 in Ukraine. Russian President Vladimir Putin says he wants to 0:05:50.400 --> 0:05:54.400 discuss a proposed ceasefire in Ukraine with President Trump. However, 0:05:54.480 --> 0:05:57.440 Putin said any truce should lead to a long term 0:05:57.600 --> 0:06:00.600 resolution of the war. Trump says he hopes that Russia 0:06:00.640 --> 0:06:02.200 agrees to the ceasefire deal. 0:06:02.360 --> 0:06:04.960 We're talking about humanity, We're not talking about the money. 0:06:04.960 --> 0:06:07.440 But then you add the money to it, and you know, 0:06:07.560 --> 0:06:10.920 hundreds of billions of dollars is being spent and really wasted, 0:06:11.320 --> 0:06:13.520 so unnecessarily it should have never happened. 0:06:14.000 --> 0:06:17.120 Meanwhile, the US is titaned sanctions on Russia by restricting 0:06:17.160 --> 0:06:21.520 payments for energy, even as it pursues peace negotiations with Putin. 0:06:25.400 --> 0:06:26.640 Time now for a look at some of the other 0:06:26.720 --> 0:06:28.880 stories making news in New York and around the world. 0:06:28.880 --> 0:06:31.559 For that were joined by Bloomberg's Michael Barr or Michael 0:06:31.560 --> 0:06:32.039 good morning. 0:06:32.160 --> 0:06:35.760 Good morning. Karen, an American Airlines passenger Jed diverted to 0:06:35.839 --> 0:06:40.839 Denver after reporting engine vibrations last evening. The plane landed safely, 0:06:40.880 --> 0:06:44.600 but while taxing to the gate, an engine caught fire. 0:06:44.960 --> 0:06:48.679 Passengers were evacuated using the aircraft's slides, including this woman. 0:06:49.040 --> 0:06:51.400 It was just a bunch of panicky people around me, 0:06:51.480 --> 0:06:54.200 and the gentleman right next to me was a fireman, 0:06:54.640 --> 0:06:56.880 so he was trying to calm everybody down. 0:06:57.640 --> 0:07:02.119 The FAA says an investigation is under. Columbia University says 0:07:02.120 --> 0:07:05.040 it has expelled or suspended some students who took over 0:07:05.120 --> 0:07:09.920 a campus building during pro Palestinian protests last spring, and 0:07:10.160 --> 0:07:14.080 temporarily revoked the diploma diplomas of some students who have 0:07:14.200 --> 0:07:17.880 since graduated. The university said in a campus wide email 0:07:17.960 --> 0:07:21.880 that its judicial board brought a range of sanctions against 0:07:22.000 --> 0:07:25.560 dozens of students who occupied Hamilton Hall based on its 0:07:25.600 --> 0:07:30.160 evac evaluation of the severity of behaviors. Meanwhile, New York 0:07:30.200 --> 0:07:33.960 City police arrested almost one hundred protesters after demonstrators from 0:07:34.000 --> 0:07:37.000 a Jewish group filled the lobby of Trump Tower on 0:07:37.120 --> 0:07:40.640 Fifth Avenue in Manhattan. They are protesting the ice arrest 0:07:40.680 --> 0:07:44.560 of Columbia grad student Makmud Khalil. He organized a pro 0:07:44.600 --> 0:07:50.040 Palestinian demonstration against Israel at Columbia last year. The demonstrators 0:07:50.040 --> 0:07:53.600 from Jewish Voice for Peace or Red Shirts reading Jews 0:07:53.640 --> 0:07:57.480 say stop arming Israel. In YPD Chief John Shell. 0:07:57.760 --> 0:08:03.120 In two hours, what our secret service pond is in? 0:08:03.160 --> 0:08:06.520 Trump Security had this situation cleared up. 0:08:08.000 --> 0:08:09.080 With no issues. 0:08:09.760 --> 0:08:13.920 Audio courtesy of News for There were tense exchanges when 0:08:14.000 --> 0:08:17.480 Republican Congressman Chuck Edwards return to his North Carolina district 0:08:17.760 --> 0:08:21.120 for a town hall with constituents. Many presidents say they 0:08:21.160 --> 0:08:24.920 are not happy with Republicans and President Trump with how 0:08:25.040 --> 0:08:27.440 they are running the country. We've got a lot to 0:08:27.520 --> 0:08:30.320 be proud of in this country. 0:08:30.920 --> 0:08:32.720 I happen to agree with a lot of the things 0:08:32.760 --> 0:08:33.360 that's going. 0:08:33.200 --> 0:08:34.880 On in Washington, DC right now. 0:08:34.920 --> 0:08:41.760 I know many of you are not. Congressman Edwards face 0:08:41.840 --> 0:08:45.880 questions from people including possible cuts to Social Security, federal layoffs, 0:08:46.120 --> 0:08:49.960 and Elon Musk's Department of Government Efficiency. Global News twenty 0:08:49.960 --> 0:08:51.840 four hours a day and whenever you want it with 0:08:51.840 --> 0:08:54.240 Bloomberg News Now now, Michael Barn, this is Bloomberg. 0:08:54.280 --> 0:09:01.440 Karen, all right, Michael Barn, thank you. That is time 0:09:01.520 --> 0:09:03.679 down for the Bloombergy Sports update brought to you by 0:09:03.880 --> 0:09:08.200 Try a State Outie. Here's John stash Hower Good Friday Morning. 0:09:08.040 --> 0:09:11.360 John, Good Morning, Karen March. Madness on display at several 0:09:11.440 --> 0:09:15.640 conference tournaments. At the ACC, Louisville avoided an upset by 0:09:15.640 --> 0:09:18.120 scoring at the buzzer to beat Stanford by two. At 0:09:18.120 --> 0:09:21.200 the SEC, Kentucky scored with a half second on the 0:09:21.200 --> 0:09:23.360 clock for a one point win over Oklahoma that came 0:09:23.400 --> 0:09:26.920 after Texas's double overtime upset of Texas A and M. 0:09:27.120 --> 0:09:29.480 There was double overtime at the Big East. Creighton trailed 0:09:29.520 --> 0:09:31.800 most of the night at one point by seventeen, but 0:09:31.960 --> 0:09:34.720 got by DePaul Saint John's began the day easy, went 0:09:34.760 --> 0:09:37.400 over Butler seventy eight to fifty seven Red Store and 0:09:37.400 --> 0:09:40.679 bring their twenty eight and four record nineteen to zero 0:09:40.720 --> 0:09:43.320 at home to a semifinal game tonight at the Garden 0:09:43.320 --> 0:09:46.600 against Marquette. Six days ago in Milwaukee, the Johnny's one 0:09:46.840 --> 0:09:49.360 on a basket at the buzzer of overtime. Speaking of 0:09:49.400 --> 0:09:52.360 ot that's where the Rangers were in Minnesota. 0:09:52.920 --> 0:09:59.040 Jack Jones boots upon shop, sit back, Tanaron picks it up. 0:10:01.040 --> 0:10:06.640 Baneran leaves at per Miller back to Paneron Indeed drop 0:10:06.720 --> 0:10:09.000 to back, Snider pick Saboon. 0:10:09.120 --> 0:10:12.880 Back, Henry's car on MSJ Brayden Schneider wins at three 0:10:12.920 --> 0:10:15.360 to two after earlier goals by Vincent Trocheck and Johnny 0:10:15.360 --> 0:10:18.080 Brazinski and the Rangers and their four game losing streak. 0:10:18.120 --> 0:10:21.000 They also got good news when Columbus lost, The Rangers 0:10:21.080 --> 0:10:23.760 and Blue Jackets tied for the last playoff spot on 0:10:23.760 --> 0:10:25.280 the east of the Rangers, who played one more game. 0:10:25.320 --> 0:10:28.160 Devils beat Edmonton three to two. Bruins lost in Ottawa 0:10:28.200 --> 0:10:30.959 six to three. The Nets lost in Chicago won sixteen 0:10:31.000 --> 0:10:32.559 to one, ten three way time the lead. After the 0:10:32.600 --> 0:10:35.600 opening round of the Players Championship. Americans Lucas Glover and 0:10:35.679 --> 0:10:39.440 JJ Spahn both shot six understor did Camillo Viegas. Rory 0:10:39.480 --> 0:10:42.280 mcklroy shot four under Scotty Scheffer's minus three. The Tampa 0:10:42.280 --> 0:10:44.480 Bay Rays, who have long sought a new stadium, finally 0:10:44.520 --> 0:10:47.280 had plans to build one for one point three billion, 0:10:47.320 --> 0:10:49.719 but then came Hurricane Milton. It damaged the current home 0:10:49.720 --> 0:10:53.000 Trafficcanna Field. It's the reason Ray's owner Stu Sternberg says 0:10:53.240 --> 0:10:55.240 they couldn't come up with a seven hundred million dollar 0:10:55.320 --> 0:10:58.200 payment that was due. The Rays have now scrapped plans 0:10:58.679 --> 0:11:02.439 for the new stadium. Stashowards Bloomberg Sports Card and Stephen. 0:11:04.720 --> 0:11:08.880 Coast to Coast on Bloomberg Radio, nationwide on Sirius Exam 0:11:09.040 --> 0:11:11.880 and around the world on Bloomberg dot Com and the 0:11:11.920 --> 0:11:15.480 Bloomberg Business app. This is Bloomberg Daybreak. 0:11:17.200 --> 0:11:20.360 Five twelve on Wall Street. Those features pointing higher as 0:11:20.400 --> 0:11:22.480 Senate Democrats have pulled back on their threat of a 0:11:22.520 --> 0:11:25.679 government shutdown, Chuck Schumer ultimately choosing not to block the 0:11:25.760 --> 0:11:29.520 Republican written stop gap funding Baill. Let's discuss now at 0:11:29.559 --> 0:11:32.360 Terry Haynes, founder of Pangaea Policy. Terry, great to talk 0:11:32.440 --> 0:11:34.040 to you. Do you see the risk of a shutdown 0:11:34.040 --> 0:11:34.680 completely gone? 0:11:34.760 --> 0:11:39.360 Now, Stephen, good morning, and no, not completely. I'll get 0:11:39.480 --> 0:11:42.880 they'll usually give you five percent for lightning striking, and 0:11:43.520 --> 0:11:46.760 you know, and there's also there's always a possibility that 0:11:47.000 --> 0:11:52.760 enough Democrats vote here to block temporarily. But you know, 0:11:53.120 --> 0:11:57.760 Schumer's abdication on this is a very positive sign and 0:11:57.880 --> 0:11:59.800 kudos to him. By the way, if you've got a 0:11:59.800 --> 0:12:01.679 bit at hand, the best thing to do is fold, 0:12:01.679 --> 0:12:02.520 and he certainly did. 0:12:03.400 --> 0:12:06.400 But look, is there a question of leverage being lost here? 0:12:06.480 --> 0:12:08.720 That was part of the reasoning that some Democrats did 0:12:08.760 --> 0:12:11.760 want to get involved in blocking this, is there is 0:12:11.800 --> 0:12:13.880 there something the Democrats have lost and making this call. 0:12:15.679 --> 0:12:18.440 You know a lot of the Democratic interest groups will 0:12:18.440 --> 0:12:21.680 say that they've lost things, but I'm not so sure 0:12:21.720 --> 0:12:25.400 about that. You know, you can't win and revive your 0:12:25.440 --> 0:12:29.480 party without without a strong message and without unity, and 0:12:29.559 --> 0:12:34.000 right now the Democrats don't have either. So much smarter 0:12:34.120 --> 0:12:38.720 political play for the Democratic leader to live to fight 0:12:38.760 --> 0:12:39.720 another day here, I. 0:12:39.600 --> 0:12:42.600 Think does this project the image of unity that Chuck 0:12:42.640 --> 0:12:44.680 Schumer wanted though, if there's going to be those on 0:12:44.720 --> 0:12:47.000 the sidelines that we're going to complain about this decision? 0:12:50.160 --> 0:12:54.120 No, well, it doesn't really project a unity message at all. 0:12:54.320 --> 0:12:57.240 It projects quite the opposite that there that they're split 0:12:57.280 --> 0:12:59.760 on it. You have just kind of the thin end 0:12:59.760 --> 0:13:03.480 of the wedge. Here is Senator Fetterman of Pennsylvania who 0:13:03.559 --> 0:13:05.680 already was going to vote with with the with the 0:13:05.720 --> 0:13:09.520 Republicans on this, and there's you know, easily half the 0:13:09.600 --> 0:13:13.880 caucus who thought that there were it was it was 0:13:13.920 --> 0:13:17.040 better to continue to be on the side of keeping 0:13:17.040 --> 0:13:19.440 the government open even with the results that they didn't 0:13:19.440 --> 0:13:20.160 particularly like. 0:13:20.840 --> 0:13:22.839 So this needs giving futures a bit of optimism. I 0:13:22.880 --> 0:13:25.120 had to today's trading session, but of course the trade 0:13:25.200 --> 0:13:30.079 tension still playing in the background as well. What's your 0:13:30.200 --> 0:13:32.959 view on the question of escalation from here? It seems 0:13:33.000 --> 0:13:36.120 to be all going in one direction in what sense? 0:13:37.000 --> 0:13:39.360 Well that we're talking about Trump adding, you know, threatening 0:13:39.360 --> 0:13:43.360 two hundred percent tariffs on European wine and champagne. You 0:13:43.400 --> 0:13:45.040 know is are we going to see further fight back 0:13:45.040 --> 0:13:45.680 from the EU on this? 0:13:46.480 --> 0:13:49.080 Well, I think you're going to see continued tit for tat. Sure, 0:13:49.440 --> 0:13:52.280 there's two kinds of tariffs here. One is the but 0:13:52.400 --> 0:13:55.720 I will think I was the geopolitical tariffs Canada and 0:13:55.760 --> 0:13:59.920 Mexico negotiations underway for for better border security and drugs, 0:14:00.040 --> 0:14:03.280 that sort of thing. The other is the tit for 0:14:03.360 --> 0:14:07.560 tet reciprocals that are probably coming in April. But you know, 0:14:07.600 --> 0:14:10.800 the ultimate goal here, and I know markets aren't convinced 0:14:10.840 --> 0:14:13.720 by this, but the ultimate goal here both Bessant and 0:14:14.240 --> 0:14:17.840 Lutnik talked about this yesterday, are frankly to have tariffs 0:14:17.880 --> 0:14:21.000 go away. The idea is to remove tariff barriers, and 0:14:21.440 --> 0:14:23.560 you know, of course that benefits the United States probably 0:14:23.560 --> 0:14:26.680 more than it benefits of other countries. But that's where 0:14:26.680 --> 0:14:29.000 the administration is going and that's what they seek to do. 0:14:30.240 --> 0:14:32.760 Are the winners being created from this as well? I 0:14:32.760 --> 0:14:35.600 mean kaya Kalas, the East top diplomat, telling Bloomberg that 0:14:35.720 --> 0:14:39.480 China's laughing at these escalations of tensions between the US 0:14:39.520 --> 0:14:40.040 and the EU. 0:14:41.240 --> 0:14:43.880 I'm always interested, you know, and I have great respect 0:14:43.920 --> 0:14:48.640 for miscalous and at the same time and know very 0:14:48.640 --> 0:14:52.880 well the you know that she's looking right into the 0:14:52.920 --> 0:14:55.880 teeth as a bear, so to speak, in Estonia. And 0:14:55.960 --> 0:14:58.520 at the same time, I think there probably needs to 0:14:58.560 --> 0:15:02.000 be more of an acknowledgment from the European Union about 0:15:02.040 --> 0:15:07.880 the geopolitical strategy that's implicit in the economic strategy. The 0:15:07.920 --> 0:15:10.520 big reason why Trump is going after this with such 0:15:10.560 --> 0:15:13.760 alacrity really is that he's trying to turbo charge of 0:15:13.760 --> 0:15:19.480 the United States economy, frankly, to build geopolitically the strongest 0:15:19.520 --> 0:15:24.240 economy and frankly phil holes in the United States ability 0:15:24.280 --> 0:15:28.200 to defend itself manufacturing and other things, they. 0:15:28.080 --> 0:15:31.040 Says Bloomberg Daybreak Your Morning podcast on the stories making 0:15:31.040 --> 0:15:33.520 news from Wall Street to Washington and beyond. 0:15:33.640 --> 0:15:36.400 Look for us on your podcast feed at six am 0:15:36.440 --> 0:15:40.120 Eastern each morning, on Apple, Spotify, and anywhere else you 0:15:40.160 --> 0:15:41.280 get your podcasts. 0:15:41.320 --> 0:15:43.640 You can also listen live each morning starting at five 0:15:43.680 --> 0:15:46.320 am Wall Street Time on Bloomberg eleven three to zero 0:15:46.360 --> 0:15:48.680 in New York, Bloomberg ninety nine to one in Washington, 0:15:48.720 --> 0:15:52.040 Bloomberg ninety two nine in Boston, and nationwide on serious 0:15:52.200 --> 0:15:55.720 XM Channel one twenty one. Plus listen coast to coast 0:15:55.720 --> 0:15:58.840 on the Bloomberg Business app now with Apple CarPlay and 0:15:58.840 --> 0:16:00.480 Android Auto into Faces. 0:16:00.600 --> 0:16:03.760 Our flagship New York station is also available on your 0:16:03.800 --> 0:16:08.840 Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty. 0:16:08.600 --> 0:16:11.120 And don't forget to subscribe to Bloomberg News Now. It's 0:16:11.120 --> 0:16:13.920 the latest news whenever you want it In five minutes 0:16:14.080 --> 0:16:17.160 or less. Search Bloomberg News Now on your favorite podcast 0:16:17.160 --> 0:16:19.120 platform to stay informed all day. 0:16:19.360 --> 0:16:22.480 I'm Stephen Carol and I'm Karen Moscow. Join us again 0:16:22.520 --> 0:16:25.280 tomorrow morning for all the news you need to start 0:16:25.320 --> 0:16:40.120 your day right here on Bloomberg Day bare eighth