Carney Wins Canada's Election; President Trump's First 100 Days

Bloomberg Audio Studios, Podcasts, radio news.
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Karen, we begin with politics north of the border. In Canada,
Mark Carney's Liberal Party is projected to win a fourth
consecutive election. Despite the victory, it is likely the Liberals
will fall short of the one hundred and seventy two
seats needed for an outright majority in the House of Commons.
The narrow margin means the former Central banker will need
to work with other parties to pass legislation as he
navigates trade hostilities to the south with the Trump administration.
Mark Carney took aim at the US and his victory speech,
which has been edited due to some technical difficulties with
the broadcaster.
At the event, our old.
Relationship with the United States, a relationship based on steadily
increasing integration, is over. The system of open global trade
anchored by the United States, a system that Canada has
relied on since the Second World War, a system that
will not perfect, has helped deliver prosperity for a country
for decades is over.
We are over the shock.
Of the American betrayal but we should never forget the lessons.
The former head of Canada's and the UK's Central Banks,
Mark Carney, became the Liberal leader just last month. On
March ninth, he called an election. Just two weeks later.
He campaigned as a tough opponent to President Trump, who
has repeatedly suggested Canada should become a US state.
Well, Nathan, let's turn too politics on the US side
of the border. President Trump is headed to the heart
of auto country, Warren Michigan to mark his first one
hundred days back in office tonight. Ahead of that, he's
planning a trade reprieve for the auto sector. The White
House said the President will reimburse automakers for tariffs on
foreign parts and cars made in the US, and imported
vehicles will get a break from separate tariffs on steel
and aluminum so that multiple duties won't be stacked on
top of each other. The changes will come just before
the twenty five percent tariff on foreign auto parts is
said to take effect this Saturday. And you can hear
President Trump's remarks on a special extended edition of Bloomberg
Balance of Power that starts at five pm Wall Street
Time on Bloomberg Radio Bloomberg Television and the Bloomberg Podcast
page on YouTube.
Meanwhile, Karen, trade tensions persist between the US and China,
and China and the peers to be holding firm. We
get the latest from Bloomberg's mind Menlo in Hong Kong.
Wang e the four minutes of China essentially saying in
the Brick's meeting in Brazil that any country that compromises
with the US is only going to see the bully
trying to take further advantage. And that doesn't sound like
a desk litory tone from China. We also see how
China in the press briefing yesterday announcing all these measures
to help its exporters shoulder the pain of these tariffs,
which shows that China is prepared to tie to this
for a protected wall and they're not in any agency.
To resolve this. Bloomberg's men Menlow reports.
These latest comments from China's foreign minister come after Treasury
Secretary Scott Bessen told CNBC it's up to China to
de escalate and that the US has an escalation ladder
that it's anxious not to use.
Nathan, the Treasury Secretary has set a July fourth goal
to pass President Trump's multi trillion dollar tax cut package.
Congressional leaders have set different timelines, with House Speaker Mike
Johnson aiming to pass legislation by the end of May
and Senate Party leaders targeting a vote by August. Nathan Dean,
a senior government analyst for Bloomberg Intelligence, there.
Are going to be some tax cuts in this bill.
I mean, so what they're talking about is a five
point three trillion dollar reconciliation bill. There's about one point
five trillion earmarked in therefore tax cuts. Primarily, what we're
thinking is no taxes on tips, no taxes on overtime,
and for you know, no taxes on social Security.
Those are like the three main priorities.
Bloomberg Intelligence and It's Nathan Dean says. The push for
a tax bill comes as pool show Americans disapproving of
Trump's handling of the economy.
In Europe, this morning, Karen Spain and Portugal are returning
to some semblance of normal This morning. The powers back
to nearly one hundred percent capacity in Spain and it's
been fully restored in Portugal. This follows one of Europe's
worst blackouts in years. Across the Iberian Peninsula. We get
more from Bloomberg's Rodrigo or a Whala in Madrid.
We don't exactly know what sparked this outage, so there
was an explanation that it had something to do with
the frequency of the tension on the system, but that
came from the grid operator early in the afternoon. The
government subsequently, the Prime Minister himself subsequently said that all
theories are still on the table and nothing has been dismissed.
So the answer to how this happened hasn't been offered
yet and until that comes, I don't think anybody will
be able.
To say what are the solutions?
In Bloomberg Rodrigo or Whala says the blackout has raised
questions about the reliability of Spain's power grid. It is
really increasingly reliant on renewable energy and the outage may
have an immediate impact on Spain's economy.
Let's stay in Europe, Nathan, where it's a very busy
morning for earnings. We go to London and get the
recap with the Bloomberg's un parts.
You and good morning, Karla, Nathan.
A volatile quarter of a markets has proved fruitful for
Germany's biggest lender, Deutsche Bank's trading unit, reporting record revenue
in the first quarter, with gains of seventeen percent in
its fixed income and currencies business. Europe's most valuable bank, HSBC,
also comfortably beating estimates, with first quarter profit coming in
at nine point four eight billion dollars. The London based
lender is to buy back three billion dollars of shares,
one billion more than its previous program, but the uncertainty
from the US proving a headwind for Schneider Electric, with
first quarter revenue missing estimates despite strong demand for data
center infrastructure. Shares currently down more than seven percent. In Paris.
Live in London, I'm you in pots of Bloomberg Radio.
Ian thank you. It's also a busy day for earnings
here in the US.
Forty four companies in the S and P five hundred
report this day alone, and this morning we hear from
General Motors.
Bloomberg's Tom Busby has a preview.
The big focus for investors is whether GM, like some
of its rivals, will suspend its full year guidance because
it imports nearly half the vehicles sold in the US
from Canada, Mexico and South Korea. All this amid the
uncertainty around the impact of the President's tariff, some of
which are already in place, some more aggressive levies on
autos and auto parts set to go into effect on
May third. Bloomberg Consensus calls for earnings per share of
two dollars seventy three cents, net revenue of forty three
point zero three billion tom busby Bloomberg Radio.
Tom thank you.
Grounded.
American Airlines says it has ended discussions with JEB Blue
to revive a packed for the two airlines to team
up again. The previous Northeast partnership was halted by the
former Biden administration after a federal appeals ruling concluded the
Packed violated antitrust laws. The failure to revive their partnership
could now leave the door open for one of American's
rivals to work, which at Blue, which has been engaged
in talks on tie ups with more than one airline.
Way Beyond the Sky's Karen, Amazon's first batch of production
satellites is in orbit. The craft are the first in
a plan of more than thirty two hundred satellite constellation
Amazon intends to use to sell Internet connectivity to consumers
as well as corporate and government clients. That business today
dominated by Elon Musk's SpaceX and its Starlink unit.
Time now for look at some of the other stories
making news in New York and around the world, and
for that we're joined by Bloomberg's Michael Barr Michael, good Morning,
Good Morning Karen.
New York Governor Kathy Oakle says she reached a deal
with the legislative leaders on a two hundred and fifty
four billion dollar budget that would raise payroll taxes on
employers local during a news conference Monday, compared to goals
with their January State of the State address, I.
Vowed to address the affordability crisis by putting thousands of
dollars back in New Yorker's pockets. I vowed to make
common sense changes to our discovery life to keep dangerous
criminals from walking free over frivolous, frivolous tactical layrors.
The governor also secured a ban on smartphones in public
schools and lower barriers to involuntarily committing people with serious
mental illnesses into treatment. New York City's congestion pricing toll
generated one hundred and fifty nine million dollars in revenue
in its first three months. The MTA says the program
is expected to raise five hundred million dollars this year.
Pakistan's army said it has shot down an Indian spy
drone along with their disputed border in the Kashmir region,
as tensions rise over last week's militant attacks that killed
twenty six people. According to pakistan state run TV channel,
the unmanned drone breached the so called line of control
in Kashmir, a northern region claimed by both countries. President
Trump ordered the Justice Department to launch a program including
free legal assistance from law firms to police officers accused
of wrongdoing. Trump said in an executive order the program
will provide legal resources and identification to law enforcement officers
who unjustly incur expenses and liabilities for actions taken during
the performance of their official duties to enforce the law.
Amnesty International's annual State of the World's Human Rights Report
details what it calls a global human rights crisis, which
it blames in part on President Trump. The organization says
the outlook for human rights around the world is bleak.
Amnesty's Secretary General Anyas Kalmar.
Nationally around the world, we are seeing witnessing an escalation
of authoritarian practices. So it is an alarming picture. This
is a warning.
Global news twenty four hours a day and whenever you
want it with Bloomberg News Now now Michael Barr, and
this is Bloomberg Care.
All right, Michael Barr, Thank you, Ti Off of the
Bloomberg Sports Update.
Here's Don Stashauer, John, good morning, Good morning, Aaron.
First place Yankees, last place Orioles in Baltimore, Ryan O'Hearn
a three run homer thirty and off Will Warren. The
Oriels hat four nothing, held on to win four to three.
Yanks were just four and six in series openers. The
Mets were just south of there, finishing the series in DC.
One Met in particular led them to an easy victory.
Here any slams. This went to deep right field, that
goes cruise back to the wall and it's out of hair.
A grand slam for Brandon Nimmo.
A two home run seven RBI day for Nimmo, eleven
and nothing.
New York on sn Y and the Mets weren't done,
nor was Nimmo. He added a two run double for
the thirteenth nine RBI game in baseball history. The Mets
beat the Nets nineteen to five, speaking the blowout's fourth
most lopsid had win an NBA playoff history. Cleveland won
at Miami one thirty eight to eighty three. The Cavs
sweep the series much closer in San Francisco, with the
Warriors got Jimmy Butler back from injury. He played forty
minutes scored twenty seven points. Golden State beat Houston one
O nine, one oh six and now up three one
in the series. That's the NIXT lead on Detroit heading
to Game five tonight at the Garden. The Celtics are
up three to one. They'll host Orlando. If the Knicks
and Celtics both win tonight, it's onto a second round
series that would start this weekend in Boston. Stanley got
playoffs Game four of the End State Battlesaw Florida be
Tampa Bay, Florida to the Lightning scored their goals eleven
seconds apart second period, and then the Panthers came back
and did the same thing late in the third. The
defending Stanley Cup champs up three games to one. Dallas
beat Colorado six' to two for a three to two series.
Lead pittsburgh Fired Mike. Sullivan Winning this coach In penguin's
history won Two Stanley. Cups rangers are looking for a new.
Coach they could very well be interested in Hiring. Sullivan
john Stashanwa Bloomberg Sports.
Coast To coast On Bloomberg, radio nationwide On SIRIUS, xm and.
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App this Is Bloomberg Day. Break good, Morning I'm Nathan.
Hager it is the morning after a winning election night
For Mark carney and The liberals In. Canada the new
and now Continuing Prime minister says he has a mandate
to stand up TO Us President Donald. Trump who's ready
to stand up For canada with? Me Was Liberal Prime
Minister Mark carney at his victory speech last. Night joining
us From quebec this, morning just across the river From canada's, Capital,
Ottawa Bloomberg news Correspondent David, gera the host of The
Big take. Podcast it has to be, Said, david this
was a narrow victory for The, liberals but still quite
the turnaround from where this party stood under Former Prime
Minister Justin trudeau just a few short months.
Ago good, Morning good, Morning. Nathan let's start where things.
Stand so we know that The Liberal party has one
hundred and sixty eight seats and the threshold that it
needs to form a majority government is one hundred and seventy.
Two so this is razor thin AND i suspect we'll
see some changes to those. Numbers is the hours way
off by where? On and we get into to the.
Morning but this was inconceivable few months, ago AND i
think we should underscore that if you go back to
the end of last, year When Justin trudeau was still
in power as the leader of The Liberal party and
The prime minister of this, Country liberals were not doing.
Well they were losing To conservatives by twenty percent in
public opinion. Polls that changed really radically because of two.
Things the emergence Of Mark karney is the new leader
of that, party And Donald trump returned to The White
house In, washington D. C and that provided the kind
of contour or driving message of this, campaign not just
for The Liberal party but for The Conservative party as
well as some of these other smaller. Parties the challenge
of having to deal with what was has been a
long standing ally where we saw the tone change on
the economic and trading relationship that's been so crucial to
these two countries in these threats To canadian sovereignty as.
Well and so you heard that From Mark carney last,
night i should say early in the morning as he
took to the stage In ottawa, again a recognition of,
that a renewed seriousness having to deal with that, threat
and him articulating his plans for whenever that meeting happens
between him And President. Trump and what he said during
the campaign was shortly after this election should he, win
that's when the, conversation the real conversation can take place
about what this relationship looks like going.
Forward, NATHAN i want to talk a little more about that.
Conversation we've got breaking news this morning from The Canadian
Broadcasting corporation that The conservative Leader Pierre pauliev is projected
to lose his. Seat how does that potentially underscore where
The conservatives stand?
Now this is incredible news for The conservative. Peer polievs
a young, politician he's forty five and he's held this.
Seat he's held that riding that district for twenty years
and so to hear that he hasn't won. It that's
the riding Of, carleton about thirty five miles away from From.
Ontario From, Ottawa ontario is. Astonishing and if you look
at the past that the leaders of parties that have
lost have stepped down from that leadership role pretty shortly.
Thereafter so that's something we'll be watching here. Too does
he stay on in that. Position but it's a story
that's also true of The New Democratic, party one of
these smaller parties that performed much worse THAN i think
its supporters hoped it, would and so it gained about
seven seats over the course of this election it had
twenty four before, that and it puts it in a
very difficult position going forward here because it's not going
to have the of parliamentary recognition that it had with more.
Seats the reason all this is important is If Mark
carney is governing a federal minority, government he's going to
need these parties to help him and so that'll be
a thing that will be really fascinating to follow. Again
should he be in a minority, position how he begins
to cobble together some sort of agreement or coalition among
these parties to support his legislative. Agenda his background as a,
technocrat of, course a central bank, governor he just embraced
politics over the last few. Weeks how he navigates that
success will be something very very interesting to, Watch, nathan.
Only about thirty seconds.
Left but where does this Position Mark carney now in
this standoff that he now says he's been forced into
with THE.
Us, well he Says canada's sovereignty is not.
Negotiable nathan AND i think that he's drawn that line
in the sand and that'll remain the. Case but he's
talked a lot about the way That canada is going
to get through, this the sacrifices That canada's going to
need to, make the economic. Sacrifices we'll see sort of
what the contours of that program look like in the
weeks to come. Here but he's proposed a lot of
new fiscal, spending particularly on housing here to Insulate canada's
economy and to get it going once. Again that's what
we'll be watching here now that he has become and
will be, REMAINED i should, say the twenty Fourth Prime
minister Of.
Canada this Is Bloomberg Day, Break Your morning podcast on
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Hager join us again tomorrow morning for all the news
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