Trump Tariffs On 'All Countries'; DOGE Sinking Musk's Wealth

Bloomberg Audio Studios, Podcasts, radio news. 0:00:10.360 --> 0:00:13.159 Good morning, I'm Nathan Hager and I'm John Tucker. Here 0:00:13.200 --> 0:00:14.760 are these stories we're following today. 0:00:14.880 --> 0:00:15.080 John. 0:00:15.120 --> 0:00:17.319 The drop in stocks we're seeing around the world comes 0:00:17.360 --> 0:00:21.360 ahead of President Donald Trump's planned announcement of tariffs on Wednesday. 0:00:21.520 --> 0:00:24.360 White House officials had insisted earlier this month the levies 0:00:24.360 --> 0:00:27.479 would be more targeted, with some nations being excluded, but 0:00:27.520 --> 0:00:30.360 on Air Force One last night, the President pushed back 0:00:30.360 --> 0:00:31.000 on that idea. 0:00:32.440 --> 0:00:35.360 You'd start with all countries, so let's see what happens. 0:00:35.680 --> 0:00:39.680 There are many countries. I haven't heard a rumor about 0:00:39.680 --> 0:00:40.839 fifteen countries, ten. 0:00:40.880 --> 0:00:42.839 Or fifteen those countries. 0:00:43.720 --> 0:00:47.160 Essentially all of the countries that we're talking about wouldn't 0:00:47.200 --> 0:00:49.360 be talking about all countries and. 0:00:49.400 --> 0:00:50.120 Not a cutoff. 0:00:50.680 --> 0:00:54.080 President Trump's indicated the plan will go beyond matching tariffs 0:00:54.120 --> 0:00:57.000 that other countries slap on US imports to include things 0:00:57.040 --> 0:01:00.240 like value added taxes and regulations. At the White how 0:01:00.320 --> 0:01:01.720 caes is unfair. 0:01:01.720 --> 0:01:05.280 And President Trump also threatening secondary terraces on buyers of 0:01:05.360 --> 0:01:08.920 Russian oil if Vladimir Putin doesn't agree to a ceasefire 0:01:08.920 --> 0:01:12.040 with Ukraine. In an interview with NBC News, the President 0:01:12.080 --> 0:01:15.040 said he was very angry with Putin for questioning Ukrainian 0:01:15.080 --> 0:01:19.000 President Filadimir Zelenski as a negotiating partner, but he's softened 0:01:19.080 --> 0:01:21.760 his tone with Putin on Air Force One. 0:01:22.080 --> 0:01:23.839 I don't think he's going to go back in this squad. 0:01:23.920 --> 0:01:26.920 I've known him for a long time. We've always gotten 0:01:26.920 --> 0:01:31.960 along well. He considered Zliski not credible. He's supposed to 0:01:32.000 --> 0:01:33.800 be making a deal with him, whether you like him, 0:01:33.800 --> 0:01:35.680 where you don't like him, So I wasn't. 0:01:35.440 --> 0:01:36.039 Happy with that. 0:01:36.400 --> 0:01:39.080 At the same time, President Trump pressuring Zelenski to agree 0:01:39.080 --> 0:01:42.360 to a deal on critical resource access, saying if Ukraine 0:01:42.480 --> 0:01:45.959 backs out of the Rare Earth's deal, he's got quote big, 0:01:45.959 --> 0:01:47.440 big problems and John. 0:01:47.520 --> 0:01:50.600 President Trump's push for a ceasefire in Ukraine's drawing praise 0:01:50.640 --> 0:01:53.920 from his allies on Capitol Hill. Republican Senator Mark Wayne 0:01:54.000 --> 0:01:56.480 Mullen reacted on NBC's Meet the Press. 0:01:56.360 --> 0:02:00.520 President Trump makes very clear where his positions are on 0:02:00.600 --> 0:02:03.840 all situations, but he's wanted to go through diplomacy first 0:02:03.960 --> 0:02:07.160 before anything else takes place. So him having a friendship 0:02:07.280 --> 0:02:10.079 or trying to have a relationship with Russia before this 0:02:10.160 --> 0:02:12.799 goes to this place was a right move. Now he's 0:02:12.800 --> 0:02:13.720 saying he's done. 0:02:13.960 --> 0:02:16.600 That was Republican Senator Mark Wayne Mullen of Oklahoma on 0:02:16.720 --> 0:02:18.920 NBC's Meet the Press, which you can hear every Sunday 0:02:18.960 --> 0:02:20.000 on Bloomberg Radio. 0:02:20.200 --> 0:02:23.000 And President Trump also were refusing to rule out running 0:02:23.040 --> 0:02:26.480 for a third term. He told the NBC there are 0:02:26.720 --> 0:02:29.120 methods that would allow him to rug in. When I 0:02:29.120 --> 0:02:31.560 asked about it on Air Force One, the President had 0:02:31.600 --> 0:02:33.679 this to say, you want to talk about. 0:02:33.440 --> 0:02:35.760 It, I'm just telling you I have had more people 0:02:36.639 --> 0:02:39.600 say please run again. I said, we have a long 0:02:39.639 --> 0:02:41.400 way to go before we even think about that. 0:02:42.400 --> 0:02:45.880 The twenty second Amendment to the Constitution limits presidents to 0:02:46.000 --> 0:02:48.320 just two terms. It was an act at after Franklin 0:02:48.320 --> 0:02:51.519 Delano Roosevelt was elected to a fourth term in nineteen 0:02:51.600 --> 0:02:52.160 forty four. 0:02:52.520 --> 0:02:55.200 Turned back to markets now, John, As we said, futures 0:02:55.240 --> 0:02:57.799 and stocks around the world are sliding as we begin 0:02:57.840 --> 0:03:01.360 a new trading week. In Japan, the nik correction territory, 0:03:01.400 --> 0:03:03.720 and as you mentioned, gold once again is trading at 0:03:03.720 --> 0:03:06.560 a record heading into today's session, the S and P 0:03:06.720 --> 0:03:09.560 five hundred is down more than five percent. That's in 0:03:09.639 --> 0:03:12.880 contrast to stocks in Europe. They are higher by twelve 0:03:12.960 --> 0:03:16.520 percent for the quarter. Bloomberg Intelligence Diructor of Equity Research, 0:03:16.639 --> 0:03:19.200 Tim craighead has more on the divergence. 0:03:19.880 --> 0:03:25.760 After years clearly of a tech driven tech lad rally 0:03:25.760 --> 0:03:29.720 in the US outperforming basically everything, this has been a 0:03:29.720 --> 0:03:34.320 three month period where we've had deep seek meet a 0:03:34.760 --> 0:03:41.400 German bazouka in terms of spending, meets Donald Trump tariffs, 0:03:41.720 --> 0:03:45.320 and it's those three factors that have turned tech on 0:03:45.440 --> 0:03:50.720 its head, have ignited optimism that we're not going to 0:03:50.840 --> 0:03:53.480 let this crisis in Europe go to waste, and we're 0:03:53.520 --> 0:03:58.320 actually going to get some collaboration and integration and movement. 0:03:59.120 --> 0:04:02.640 That's Tim Craig of Bloomberg Intelligence. The risk of tarifflink 0:04:02.760 --> 0:04:04.960 damage has propelled the S and P five hundred to 0:04:05.000 --> 0:04:08.480 its worst quarter since twenty twenty two, wiping five trillion 0:04:08.520 --> 0:04:11.280 dollars off its value from a record high in. 0:04:11.240 --> 0:04:14.480 February, and Nathan Goldman Sachs is cutting its S and 0:04:14.480 --> 0:04:17.000 P five hundred target for a second time this month. 0:04:17.279 --> 0:04:21.120 They're citing higher recession risk and towerf related to uncertainty. 0:04:21.360 --> 0:04:24.000 The team, led by David Costin now sees the benchmark 0:04:24.080 --> 0:04:28.160 to ending the year around five seven hundred points versus 0:04:28.160 --> 0:04:31.360 their previous estimate of sixty two hundred. The new target 0:04:31.360 --> 0:04:34.360 implies gains of just two percent from Friday's clothes. It's 0:04:34.360 --> 0:04:37.440 among the lowest on Wall Straight, according to data compiled 0:04:37.440 --> 0:04:38.039 by Bloomberg. 0:04:38.120 --> 0:04:39.960 Of course, John one of the hardest hits stocks during 0:04:39.960 --> 0:04:42.719 the recent selloff has been Tesla, and at a town 0:04:42.760 --> 0:04:46.200 hall event in Wisconsin, the CEO Elon Musk acknowledged his 0:04:46.360 --> 0:04:48.719 job as head of President Trump's effort to cut the 0:04:48.720 --> 0:04:51.160 size of government is having an impact. 0:04:51.800 --> 0:04:53.920 It's costing me a lot to be in this job. 0:04:54.120 --> 0:04:57.640 What they're trying to do is put massive pressure on me, 0:04:57.800 --> 0:05:01.520 and I has I guess to to you know, I 0:05:01.560 --> 0:05:04.600 don't stop doing this. Well, you know, my Tesla stock 0:05:04.640 --> 0:05:06.920 and the stock of everyone who hostess has gone went 0:05:07.000 --> 0:05:08.800 roughly in half. I mean it's a big deal. 0:05:09.600 --> 0:05:11.800 Elon Musk's personal wealth has dropped by more than one 0:05:11.839 --> 0:05:14.679 hundred billion dollars this year as Tesla shares have slumped 0:05:14.720 --> 0:05:18.280 forty five percent from last year's peak. Musk spoken Wisconsin 0:05:18.320 --> 0:05:20.680 ahead of a state Supreme Court election tomorrow. 0:05:21.080 --> 0:05:25.440 And finally, the head of France's National Rally Party, Marie Leapin, 0:05:26.080 --> 0:05:29.200 has been convicted of embezzlement by a Poaris court and 0:05:29.240 --> 0:05:32.039 it threatens the far right leaders possible twenty twenty seven 0:05:32.080 --> 0:05:34.920 bid for president. She and her party are found guilty 0:05:34.960 --> 0:05:38.520 of diverting millions of euros in EU funds to finance 0:05:38.560 --> 0:05:43.120 activities related to their domestic agenda. Lapan denys wrongdoing, claims 0:05:43.120 --> 0:05:47.080 the prosecution is seeking her political death. As she puts it, 0:05:47.400 --> 0:05:50.520 the judges still reading out their decision this morning. If 0:05:50.560 --> 0:05:53.120 she enters the race, Lapen would currently be the leading 0:05:53.160 --> 0:06:01.720 candidate to replace Emmanuel mccron in twenty twenty seven, five 0:06:01.839 --> 0:06:03.760 h seven Right now at Wall Street, and it's time 0:06:03.800 --> 0:06:05.680 for a look at some of the other stories making 0:06:05.680 --> 0:06:07.960 news in New York and around the world. And for 0:06:08.000 --> 0:06:11.320 that we're joined by Bloomberg's Michael Barr. Michael, good morning, 0:06:11.400 --> 0:06:12.200 Good morning John. 0:06:12.360 --> 0:06:15.600 The death toll from the seven point seven magnitude earthquake 0:06:15.600 --> 0:06:18.880 that hit me and mar has passed seventeen hundred as 0:06:19.000 --> 0:06:21.719 more bodies have been pulled from the rubble. A government 0:06:21.760 --> 0:06:24.560 spokesman says that another thirty four hundred have been injured 0:06:24.920 --> 0:06:28.800 and more than three hundred are missing. The earthquake occurred 0:06:28.839 --> 0:06:32.960 Friday near the country's second largest city. The World Food 0:06:33.080 --> 0:06:36.760 Programs Director in me and Mar Michael Dunford is calling 0:06:36.839 --> 0:06:40.880 on the world to help with urgent and immediate humanitarian services. 0:06:41.360 --> 0:06:44.320 This isn't a country that already was experienced a humanitarian 0:06:44.320 --> 0:06:49.160 catastrophe because of an ongoing civil conflict, a civil war 0:06:49.360 --> 0:06:53.839 that has been raging now for four years. Muslim organization 0:06:53.920 --> 0:06:57.479 says seven hundred worshipers who were in mosques for Friday's 0:06:57.480 --> 0:07:00.800 prayers during the holy month of Ramadan killed and some 0:07:00.920 --> 0:07:05.440 sixty mocks collapsed or were damaged. A tragic car crash 0:07:05.480 --> 0:07:07.520 in Brooklyn, New York, over the weekend is throwing the 0:07:07.520 --> 0:07:12.000 spotlight on habitual speeders, with multiple states now considering ways 0:07:12.000 --> 0:07:15.440 to crack down that includes installing devices and cars that 0:07:15.520 --> 0:07:19.520 prevent them from exceeding the speed limit. Police say thirty 0:07:19.560 --> 0:07:23.320 two year old Miriam Uremi was behind the wheel when 0:07:23.360 --> 0:07:25.600 she rear into a car and then struck and killed 0:07:25.640 --> 0:07:29.160 thirty four year old Natasa Sodra and her two daughters, 0:07:29.200 --> 0:07:32.520 ages five and eight. Sadra's son is in critical condition. 0:07:32.920 --> 0:07:36.520 Police say Uremi was driving with a suspended license, and 0:07:36.640 --> 0:07:40.360 records show she racked up more than ninety tickets in 0:07:40.400 --> 0:07:44.320 the past, and that includes fifteen school zone speeding tickets 0:07:44.360 --> 0:07:47.119 and red light tickets. In just the last year, loane 0:07:47.920 --> 0:07:51.680 storms brought freezing rain and down trees and snapped power 0:07:51.720 --> 0:07:55.880 lines in Indiana, Michigan, Minnesota, and Ontario, Canada. More than 0:07:56.000 --> 0:08:00.640 nine hundred thousand electricity customers lost power on Sunday. Utah 0:08:00.800 --> 0:08:04.080 is now the first date demand fluoride in drinking water. 0:08:04.560 --> 0:08:08.040 A recent foreign study brings the debate that claims too 0:08:08.160 --> 0:08:13.240 much fluoride could be harmful to children's cognitive development. Toxicologist 0:08:13.360 --> 0:08:15.040 doctor Stephanie Whitmer, the. 0:08:14.960 --> 0:08:18.200 CDC has conducted high quality research that tells us fluoride 0:08:18.240 --> 0:08:21.080 is really great for our dental health. Dental hygiene. It 0:08:21.120 --> 0:08:25.160 strengthens enamel, It remineralizes our teeth, prevents de kay, it 0:08:25.320 --> 0:08:29.200 combats cavities, it fights bacterial growth. We know fluoride is 0:08:29.240 --> 0:08:29.960 good for our teeth. 0:08:30.480 --> 0:08:33.920 Doctor Whitmer says matting fluoride and drinking water may impact 0:08:33.960 --> 0:08:36.839 low income families who may not have access to high 0:08:36.960 --> 0:08:40.360 quality dental care. Global News twenty four hours a day 0:08:40.440 --> 0:08:43.120 and whenever you want it with Bloomberg News Now Michael 0:08:43.160 --> 0:08:44.480 Barr and this is Bloomberg. 0:08:44.520 --> 0:08:50.920 John All right, Michael, thanks very much. Yeah, that brings 0:08:51.000 --> 0:08:53.800 us to find ten all springtime. Now for the Bloomberg 0:08:53.880 --> 0:08:57.280 Sports Update and for that, Good morning, Dan Schwartzman. 0:08:56.960 --> 0:08:58.960 Good morning, John and Nathan. For the first time since 0:08:58.960 --> 0:09:00.880 two thousand and eight, and for just a second time 0:09:00.920 --> 0:09:04.040 since the NCAA tournament expanded to sixty four teams back 0:09:04.080 --> 0:09:07.080 in nineteen eighty five, all four number one seeds reaching 0:09:07.120 --> 0:09:10.880 the final four. Yesterday, Houston dominated Tennessee sixty nine to 0:09:10.920 --> 0:09:13.960 fifty to win the Midwest Region, while Auburn outlasted Michigan 0:09:14.000 --> 0:09:15.520 State seventy to sixty four. 0:09:16.120 --> 0:09:17.319 We shall talk at fifteen. 0:09:17.720 --> 0:09:22.600 Thanker listens straight music on a three ref You called 0:09:22.600 --> 0:09:25.880 it right there. That's courtesy of CBS. Auburn winning the 0:09:25.920 --> 0:09:28.480 South Region. Both teams joined Florida and Duke, who both 0:09:28.520 --> 0:09:31.920 advanced On Saturday. Yankees improved to three and oh. Yankee 0:09:31.960 --> 0:09:34.719 bats continue to slug home runs in another dominated and 0:09:34.840 --> 0:09:35.840 win over the Brewers. 0:09:36.200 --> 0:09:39.600 Free to count on arn Judge. One man out, driven 0:09:39.640 --> 0:09:43.160 deep to leftfield. He's done it again, see ya, A 0:09:43.480 --> 0:09:47.160 monster two run home run. Can't keep him in the park. 0:09:47.520 --> 0:09:48.439 Two to one, Yanks. 0:09:49.040 --> 0:09:51.839 That's courtesy of Yes Yanks. Knock off the Brewers twelve 0:09:51.920 --> 0:09:54.000 to three. Yankee bats hit four more home runs in 0:09:54.040 --> 0:09:56.640 the game. They now have fifteen on the season. Aaron 0:09:56.760 --> 0:09:58.960 Judge another big game, hitting that three run homer, his 0:09:59.000 --> 0:10:01.320 fourth homer in the past two games. Match with an 0:10:01.360 --> 0:10:03.200 off day, they open up a three game set versus 0:10:03.240 --> 0:10:06.680 the Marlins tonight Miami. Elsewhere, Nationals beat the Phillies five 0:10:06.720 --> 0:10:09.040 to one, Red Sox lose at the Rangers three to two. 0:10:09.280 --> 0:10:11.360 Orioles fall to the Blue Jays three to one. While 0:10:11.400 --> 0:10:14.040 padre startered Nick Pavetta gives up just one hit in 0:10:14.120 --> 0:10:17.280 seven innings in San Diego's five nothing win over the Braves. 0:10:17.640 --> 0:10:21.040 NBA Action Nick's Pete Portland one ten to ninety three Warriors. 0:10:21.080 --> 0:10:23.679 They've now gone eighteen and five since acquiring Jimmy Butler. 0:10:23.720 --> 0:10:26.120 Golden State dominates the Spurs one hundred and forty eight 0:10:26.320 --> 0:10:29.719 to one oh six, and the NHL Alexevechkin scoring is 0:10:29.800 --> 0:10:32.040 eight hundred and ninetieth goal in the Capital's eight to 0:10:32.080 --> 0:10:34.920 five loss to the Sabers. Ovi's now just five goals 0:10:34.960 --> 0:10:37.520 away from passing Wayne Gretzky as a league's all time 0:10:37.600 --> 0:10:41.120 leading goal scorer. That's your Bloomberg Sports Update. I'm Dan Schwartzman, 0:10:41.200 --> 0:10:42.199 John and Nathan. 0:10:44.120 --> 0:10:48.280 Coast to coast on Bloomberg Radio, nationwide on Sirius Exam 0:10:48.400 --> 0:10:51.240 and around the world on Bloomberg dot Com and the 0:10:51.280 --> 0:10:54.360 Bloomberg Business app. This is Bloomberg Day Break. 0:10:54.600 --> 0:10:57.280 Good morning, I'm Nathan Hager. With two days to go 0:10:57.400 --> 0:11:01.840 until President Trump's promised Liberation Day of reciprocal tariffs, he 0:11:01.880 --> 0:11:04.800 is now saying all countries need to be unnoticed, tamping 0:11:04.840 --> 0:11:07.360 down some of the speculation that the tariffs WI announced 0:11:07.360 --> 0:11:10.079 on April second could be limited in scope. 0:11:10.320 --> 0:11:13.360 They ripped us off like no countries ever been ripped 0:11:13.400 --> 0:11:18.160 off in history, and we're going to be much nicer 0:11:18.200 --> 0:11:21.160 than they were to us. But it's substantial money for 0:11:21.200 --> 0:11:22.440 the country, NEVERTHELEDS. 0:11:22.480 --> 0:11:24.680 And that was the President speaking of Board Air Force 0:11:24.800 --> 0:11:27.439 one last night. For the very latest, we are joined 0:11:27.440 --> 0:11:30.480 by Bloomberg's Kevin Whitelaw. Kevin, of course, there has been 0:11:30.840 --> 0:11:34.160 so much messaging around whatever the President is going to 0:11:34.200 --> 0:11:37.680 announce on Wednesday, This talk from Treasury Secretary Scott Besson 0:11:37.760 --> 0:11:39.520 that there might be a focus on what he's called 0:11:39.559 --> 0:11:43.360 the Dirty fifteen. Now it seems the President is kind 0:11:43.360 --> 0:11:45.480 of walking even that back a little bit. Good morning, 0:11:46.200 --> 0:11:46.800 Good morning. 0:11:47.240 --> 0:11:47.440 Yeah. 0:11:47.520 --> 0:11:50.760 Obviously, this is something where I think there are two 0:11:50.760 --> 0:11:54.080 different dynamics going on. One is there is a tussle 0:11:54.120 --> 0:11:57.960 within the administration itself over exactly how to proceed. There's 0:11:57.960 --> 0:12:01.320 a clamp within the Trump orbit that wants to go 0:12:01.480 --> 0:12:03.800 super hard, super big on tariffs, and then there are 0:12:03.840 --> 0:12:06.280 others that are very worried about the market impacts and 0:12:06.360 --> 0:12:12.600 want to do a more gradual and incremental kind of approach. Obviously, 0:12:12.600 --> 0:12:15.880 Trump's instincts seem to be to go big, but you know, 0:12:16.000 --> 0:12:18.360 look until we actually see it, until we understand it, 0:12:18.440 --> 0:12:20.720 until we see the numbers and exclusions and everything else, 0:12:20.800 --> 0:12:22.559 you know, we're not going to really know. I think 0:12:22.559 --> 0:12:24.880 the other dynamic is, frankly, the market just wants to 0:12:24.880 --> 0:12:26.840 believe it isn't going to be too big, and so 0:12:26.920 --> 0:12:28.520 I do think there's just a sort of a sense 0:12:28.559 --> 0:12:30.960 of people out there that just want to believe that 0:12:31.000 --> 0:12:33.840 this isn't going to be as dramatic and disruptive a 0:12:33.920 --> 0:12:36.040 shift as Trump seems to be promising. 0:12:36.400 --> 0:12:40.080 How much is the president watching the market reaction based 0:12:40.080 --> 0:12:45.560 on what he's been saying in his public commentary, Yeah, 0:12:45.760 --> 0:12:46.360 I don't think we. 0:12:46.360 --> 0:12:48.160 Know for sure, but we do know that he does 0:12:48.280 --> 0:12:52.360 frequently gauge you know, his you know, sort of his 0:12:52.800 --> 0:12:55.000 the market does matter to him as a benchmark, and 0:12:55.280 --> 0:12:57.640 there are times where he's very concerned about it. So 0:12:57.840 --> 0:13:00.319 you know, you could see something where if so, if 0:13:00.320 --> 0:13:03.200 he goes big in the market really really does tank, 0:13:03.280 --> 0:13:05.319 he could end up adjusting it. I mean, keep in mind, 0:13:05.400 --> 0:13:08.000 we have seen this before. He announces big things, he 0:13:08.080 --> 0:13:11.000 does big things and then walks them back and adds 0:13:11.040 --> 0:13:14.280 exclusions and everything else, or you know, does a temporary 0:13:14.280 --> 0:13:17.240 suspension or so you know. Again, I think there are 0:13:17.280 --> 0:13:18.960 still a set of people that are hoping this is 0:13:19.280 --> 0:13:21.920 a negotiation or are hoping that if there really is 0:13:21.960 --> 0:13:24.800 a big negative reaction that Trump will recalibrate. Both of 0:13:24.800 --> 0:13:27.840 those things are possible. But you know, Trump has shown 0:13:27.840 --> 0:13:31.959 that he's really does seem to believe broadly and deeply 0:13:32.000 --> 0:13:34.920 in the idea of tariffs, and you know, he could 0:13:34.920 --> 0:13:38.199 be trying to do something that's sort of a longer 0:13:38.320 --> 0:13:40.880 term shift than I think maybe the market is fully 0:13:40.920 --> 0:13:41.360 prepared for. 0:13:41.800 --> 0:13:45.360 And does that idea that the president sees tariffs as 0:13:45.360 --> 0:13:48.520 a negotiating tactic play into some of the comments that 0:13:48.559 --> 0:13:52.520 we've been hearing from him around the Russia Ukraine ceasefire, 0:13:52.600 --> 0:13:56.560 talking about secondary tariffs on Russian oil buyers if Vladimir 0:13:56.600 --> 0:14:00.160 Putin doesn't come to a deal with Vladimir's Lenska. 0:14:00.200 --> 0:14:02.200 Well, you know, it is interesting you are getting a 0:14:02.240 --> 0:14:05.840 sense that that suddenly his frustration is building with Moscow 0:14:05.920 --> 0:14:08.880 in a way we really haven't seen that much yet. 0:14:09.000 --> 0:14:11.200 Most of his ire up to now has been directed 0:14:11.240 --> 0:14:15.760 towards towards Ukraine's Vladimir Zelensky. But this time, you know, 0:14:15.840 --> 0:14:18.679 he's I think feeling tested by by Putin, and I 0:14:18.720 --> 0:14:21.800 think he's realizing that that his ambitions of a quick 0:14:22.000 --> 0:14:24.840 cease fire i e. You know, in the next few 0:14:24.840 --> 0:14:28.720 weeks are slipping away. Is as Putin just doesn't seem 0:14:28.760 --> 0:14:30.960 to be all that interested in it. And obviously I 0:14:31.000 --> 0:14:33.800 think that a lot of other people watching this say that, 0:14:34.360 --> 0:14:36.760 you know, the the you know, Trump has done so 0:14:36.880 --> 0:14:41.320 many things that essentially encourage Putin to take a hard 0:14:41.360 --> 0:14:43.520 line that it is going to be very difficult for 0:14:43.600 --> 0:14:45.640 him to move him off of that. 0:14:46.080 --> 0:14:50.800 And in our last minute, Kevin, what's the political consequence 0:14:50.840 --> 0:14:55.120 potentially of some of this latest commentary from President Trump 0:14:55.240 --> 0:14:58.360 that he's not ruling out the idea of seeking out 0:14:58.360 --> 0:15:01.000 a third term, which in the the least the twenty 0:15:01.040 --> 0:15:04.760 second Amendment of the Constitution seems to be a non starter. 0:15:05.600 --> 0:15:08.400 Yeah, I think the Constitution is really quite clear on this, 0:15:08.840 --> 0:15:11.080 and I think everyone has gone back at various points 0:15:11.120 --> 0:15:12.840 in the past couple of months to look at it 0:15:12.880 --> 0:15:17.240 to understand it. So it's very, very hard to understand 0:15:17.280 --> 0:15:20.280 what he's saying, other than you know, perhaps the constitutional amendment, 0:15:20.320 --> 0:15:23.080 which you know is clearly not going to happen. That 0:15:23.240 --> 0:15:25.920 is something Democrats have the easy ability to block and 0:15:25.960 --> 0:15:29.840 the Congress, let alone in the States, So it's not 0:15:30.560 --> 0:15:33.000 you know, I don't think he's ever explained what he's 0:15:33.040 --> 0:15:35.240 meant by this. He has toyed with this before, and 0:15:35.880 --> 0:15:37.680 you know, I don't think we know. It's hard to 0:15:37.680 --> 0:15:43.400 tell whether he's just enjoying sort of gaslighting the news 0:15:43.400 --> 0:15:46.680 media and Democrats on this one, or if there's something 0:15:46.680 --> 0:15:48.240 that he just hasn't explained anybody. 0:15:48.280 --> 0:15:51.520 This is Bloomberg Daybreak here morning podcast on the stories 0:15:51.600 --> 0:15:54.440 making news from Wall Street to Washington and beyond. 0:15:54.760 --> 0:15:57.160 Look for us on your podcast feed by six am 0:15:57.200 --> 0:16:00.560 Eastern each morning, on Apple, Spotify or manywhere else you listen. 0:16:00.640 --> 0:16:03.120 You can also listen live each morning starting at five 0:16:03.160 --> 0:16:05.640 am Wall Street Time. I'm Bloomberg eleven three to zero 0:16:05.560 --> 0:16:08.040 in New York, Bloomberg ninety nine to one in Washington, 0:16:08.280 --> 0:16:12.520 Bloomberg ninety two nine in Boston, and nationwide serious XAM 0:16:12.600 --> 0:16:14.320 Channel one twenty one. 0:16:14.160 --> 0:16:16.840 LUs listen coast to coast on the Bloomberg Business app 0:16:16.920 --> 0:16:19.840 now with Apple CarPlay and Android auto interfaces. 0:16:19.880 --> 0:16:22.560 And don't forget to subscribe to Bloomberg News Now. It's 0:16:22.600 --> 0:16:25.360 the latest news whenever you want it in five minutes 0:16:25.480 --> 0:16:29.760 or less. Search Bloomberg News Now. Your favorite podcast platform 0:16:29.920 --> 0:16:31.920 is Stay informed all day long. 0:16:32.200 --> 0:16:34.800 I'm John Tucker and I'm Nathan Hager. Join us again 0:16:34.840 --> 0:16:36.960 tomorrow morning for all the news you need to start 0:16:37.000 --> 0:16:39.120 your day right here on Bloomberg Day Brain