Trump's Reciprocal Tariffs Plan; TikTok Returns to Apple and Google

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:10.240 --> 0:00:10.799 Good morning. 0:00:10.840 --> 0:00:13.680 I'm Nathan Hager and I'm Karen Moscow. Here are the 0:00:13.720 --> 0:00:15.160 stories we're following today. 0:00:15.360 --> 0:00:17.759 Karen, we begin with what could be a major change 0:00:18.040 --> 0:00:21.119 to President Donald Trump's trade war. The President has signed 0:00:21.160 --> 0:00:24.639 an executive order to consider reciprocal tariffs on a whole 0:00:24.680 --> 0:00:26.080 host of trading partners. 0:00:26.600 --> 0:00:30.080 I have decided, for purposes of fairness, that I will 0:00:30.160 --> 0:00:34.400 charge a reciprocal tariff meeting. Whatever countries charged the United 0:00:34.440 --> 0:00:39.040 States of America, we will charge them no more, no less. 0:00:39.560 --> 0:00:42.680 President Trump's directive calls for the US Trade Representative and 0:00:42.720 --> 0:00:45.239 the Commerce Secretary to propose new levies on a. 0:00:45.240 --> 0:00:46.599 Country by country basis. 0:00:46.640 --> 0:00:49.519 Commerce Dominie Howard Lutnick says the review could be complete 0:00:49.560 --> 0:00:53.320 by April first, and Trump could act immediately after. The 0:00:53.360 --> 0:00:55.720 White House memo says the levies could offset not just 0:00:55.840 --> 0:00:59.960 other countries tariffs, but non tariff barriers like unfair subsidies, regulations, 0:01:00.240 --> 0:01:01.560 and value added taxes. 0:01:02.200 --> 0:01:05.679 Well, Nathan, The latest salvo on tariffs came as Trump 0:01:05.720 --> 0:01:08.959 and India's Prime minister and aarrender of Mody met in Washington. 0:01:09.240 --> 0:01:12.240 The two leaders agreed to begin negotiations to address what 0:01:12.280 --> 0:01:16.520 Trump described as long running disparities in their trade relationship. 0:01:17.120 --> 0:01:20.440 It has been to US just about the highest tariff 0:01:20.840 --> 0:01:23.959 nation anywhere in the world. They've been very strong on tariffs, 0:01:23.959 --> 0:01:26.479 and I don't blame them necessarily, but it's a different 0:01:26.520 --> 0:01:27.760 way of doing business. 0:01:27.520 --> 0:01:29.200 It's very hard. 0:01:28.920 --> 0:01:32.080 To sell into India because they have their trade bears 0:01:32.480 --> 0:01:33.480 very strong tariffs. 0:01:33.760 --> 0:01:36.560 The President's comments came as an aarrendera Mody said the 0:01:36.600 --> 0:01:39.440 two men had agreed to more than double bilateral trade 0:01:39.440 --> 0:01:41.800 to five hundred billion dollars by twenty thirty. 0:01:42.000 --> 0:01:44.160 I mean, well, Karen, there's been a legal setback for 0:01:44.200 --> 0:01:47.080 the President in his effort to freeze funds for foreign 0:01:47.120 --> 0:01:50.320 assistance programs. We get the very latest on that with 0:01:50.440 --> 0:01:52.400 Bloomberg's John Tucker, Good Morning. 0:01:52.200 --> 0:01:56.520 John, and Nathan Offendel. Johns temporarily blocked the Trump administration 0:01:56.640 --> 0:02:02.080 from enforcing that broad freeze. USAID Judge Amir Ali determined 0:02:02.080 --> 0:02:05.520 that the Trump administration's blanket suspension of foreign aid funding 0:02:05.920 --> 0:02:09.720 had a catastrophic impact for thousands of nonprofits who rely 0:02:09.880 --> 0:02:12.160 on the aid to carry out their work abroad, and 0:02:12.280 --> 0:02:13.360 was likely illegal. 0:02:13.880 --> 0:02:15.000 The judges ruling. 0:02:14.760 --> 0:02:18.520 Came after The US Agency for International Development saw thousands 0:02:18.520 --> 0:02:21.480 of staff fired or put on leave, and its name 0:02:21.560 --> 0:02:25.079 was actually stripped off its Washington headquarters. A report by 0:02:25.080 --> 0:02:28.560 the agency's inspector General estimated that nearly five hundred million 0:02:28.600 --> 0:02:33.079 dollars of emergency food assistants is at risk of being ruined. Well, 0:02:33.120 --> 0:02:36.119 that inspector general was fired after that report came out. 0:02:36.560 --> 0:02:39.640 Dozens of lawsuits have been filed challenging the slew of 0:02:39.720 --> 0:02:43.880 executive orders issued by President Trump. I'm John Tucker Bloomberg Radio. 0:02:44.440 --> 0:02:46.760 All right, John, thank you all. Even with the legal setbacks, 0:02:46.760 --> 0:02:49.440 that Trump administration is moving ahead with its effort to 0:02:49.440 --> 0:02:53.359 shrink the federal workforce. This time, probationary workers are unnotice. 0:02:53.440 --> 0:02:56.480 Bloomberg News has learned the Office of Personnel Management has 0:02:56.520 --> 0:03:00.800 told multiple government agencies to lay off their probationary employees, 0:03:00.880 --> 0:03:04.120 with some exceptions. As of last year, about ten percent 0:03:04.120 --> 0:03:07.120 of federal workers were under a probationary period, most of 0:03:07.160 --> 0:03:10.520 them in defense and veterans affairs. Meanwhile, a government union 0:03:10.600 --> 0:03:13.760 chief tells Bloomberg Law the Department of Housing and Urban 0:03:13.800 --> 0:03:17.760 Development plans to cut half its workforce. The official says 0:03:17.760 --> 0:03:21.480 the cuts affect employees who enforce civil rights law, compile 0:03:21.600 --> 0:03:25.680 housing data, and rebuild after disasters overseas Karen. 0:03:25.760 --> 0:03:26.840 Vice President JD. 0:03:27.040 --> 0:03:30.160 Vance is set to meet with Ukrainian President Vladimir Zelenski 0:03:30.240 --> 0:03:33.600 today on the sidelines of the annual Munich Security Conference. 0:03:33.680 --> 0:03:35.760 Bloomberg Zamy Morris reports. 0:03:35.800 --> 0:03:38.760 Vice President Vance and Secretary of State Marco Rubio are 0:03:38.760 --> 0:03:41.560 set to sit down with Zelenski to discuss President Trump's 0:03:41.560 --> 0:03:45.440 intensifying push for Ukraine and Russia to begin negotiations to 0:03:45.560 --> 0:03:49.200 end the war. President Trump says, Russia President Vladimir Putin 0:03:49.360 --> 0:03:50.000 wants peace. 0:03:50.320 --> 0:03:51.320 I know him very well. 0:03:51.720 --> 0:03:52.960 Yeah, I think he was peace. 0:03:53.320 --> 0:03:55.560 I think you would tell maybe it's not a question 0:03:55.600 --> 0:03:59.000 of liking Russia or not liking Russia was the gaight, 0:03:59.080 --> 0:04:00.800 And you know, I said, what are you doing? 0:04:00.880 --> 0:04:01.240 You guys? 0:04:01.280 --> 0:04:04.600 All you talk about is Russia and they should be sitting. 0:04:04.400 --> 0:04:04.960 At the table. 0:04:05.120 --> 0:04:07.880 The meeting comes just two days after Trump spoke separately 0:04:08.040 --> 0:04:11.400 with Putin and Zelenski. Trump says he and Putin agreed 0:04:11.440 --> 0:04:15.119 it was time to start negotiations. Amy Moore as Bloomberg Radio. 0:04:15.000 --> 0:04:17.760 All right, Amy, thank you well. Jamie Diamond says JP 0:04:17.880 --> 0:04:21.960 Morgan Chase will scale back spending on some diversity initiatives 0:04:21.960 --> 0:04:24.240 that he sees as a waste of money. At the 0:04:24.240 --> 0:04:27.039 same time, he also reiterated the bank's commitment to working 0:04:27.080 --> 0:04:31.560 with Black, Hispanic and LGBTQ communities. Meantime, Diamond was in 0:04:31.680 --> 0:04:34.920 Washington for a roundtable on de banking, which has been 0:04:34.920 --> 0:04:38.159 a hot topic after President Trump accused some big banks 0:04:38.400 --> 0:04:42.200 of not doing business with conservatives. Diamond says JP Morgan 0:04:42.240 --> 0:04:45.880 does not debank people for their political affiliations, but. 0:04:45.839 --> 0:04:47.200 There are a lot of things that canna be fixed 0:04:47.440 --> 0:04:48.559 and we should fix them. 0:04:48.720 --> 0:04:51.560 The rules and the requirements are so onerous, and it 0:04:51.600 --> 0:04:54.479 does course people be debanked through my opinion, should not 0:04:54.560 --> 0:04:55.200 be debanked. 0:04:55.560 --> 0:04:59.400 Diamond pointed to anti money laundering and financial crime rules 0:04:59.440 --> 0:05:01.320 as a cup forty banking. 0:05:01.240 --> 0:05:04.719 Stay with Banking Karen HSBC is planning a new round 0:05:04.760 --> 0:05:07.480 of job cuts next week. Bloomberg News has learned the 0:05:07.560 --> 0:05:11.400 changes to the investment banking workforce will affect employees globally, 0:05:11.520 --> 0:05:12.360 starting in Asia. 0:05:12.960 --> 0:05:14.120 Well Nathan Apple. 0:05:13.880 --> 0:05:17.200 And Google had both restored TikTok to their mobile app store. 0:05:17.279 --> 0:05:20.359 Sources say the iPhone maker made the move following a 0:05:20.440 --> 0:05:24.360 letter from US Attorney General Pam Bondi both companies had 0:05:24.400 --> 0:05:26.960 removed TikTok in the US to comply with the law 0:05:27.040 --> 0:05:28.000 passed last year. 0:05:28.279 --> 0:05:30.280 Let's check some stocks on the move this morning, Karen, 0:05:30.360 --> 0:05:31.800 starting with Applied Materials. 0:05:31.839 --> 0:05:33.680 Those shares are down five percent. 0:05:33.880 --> 0:05:37.160 The largest US maker of chip manufacturing equipment gave a 0:05:37.240 --> 0:05:38.640 lukewarm revenue. 0:05:38.279 --> 0:05:39.640 Forecast for the current period. 0:05:39.839 --> 0:05:42.760 A Matt expects a four hundred million dollar revenue hit 0:05:42.920 --> 0:05:45.599 in fiscal twenty twenty five due to export rules. 0:05:46.279 --> 0:05:48.719 On the flip side, Nathan shares of Intel are on 0:05:48.800 --> 0:05:51.920 track for their biggest weekly gain in twenty five years. 0:05:52.000 --> 0:05:54.320 The stock is that more than three and a half 0:05:54.320 --> 0:05:57.799 percent this morning and twenty five percent for the week earlier. 0:05:57.839 --> 0:05:59.200 This week, Baird. 0:05:59.120 --> 0:06:01.840 Noted talk that the US government could get involved with 0:06:01.839 --> 0:06:06.320 the plan involving both Intel and Taiwan semiconductor manufacturing. 0:06:06.560 --> 0:06:09.480 Shares of Airbnb Karen R up fourteen percent. 0:06:09.600 --> 0:06:12.120 The company issued an upbeat forecast for the first three 0:06:12.160 --> 0:06:15.279 months of twenty twenty five, citing continued strong demand after 0:06:15.320 --> 0:06:17.520 a strong holiday travel season. 0:06:17.680 --> 0:06:20.440 And Nathan shares a game stopper, up almost seven percent. 0:06:20.760 --> 0:06:24.480 CNBC is reporting the video game retailer is considering investing 0:06:24.520 --> 0:06:27.680 in bitcoin and other cryptocurrencies. 0:06:26.839 --> 0:06:28.599 On the flip side in a big way. 0:06:28.680 --> 0:06:33.000 Karen shares of Informatica are plunging nearly thirty five percent. 0:06:33.240 --> 0:06:40.719 The software company's revenue forecast trailed analyst estimates it. 0:06:40.520 --> 0:06:41.760 It's time now for a look at some of the 0:06:41.800 --> 0:06:44.320 other stories making news in New York and around the world, 0:06:44.360 --> 0:06:46.560 and for that we're joined by Bloomberg's Michael Barr. 0:06:46.600 --> 0:06:48.400 Michael, good Morning, Good morning, Karen. 0:06:48.480 --> 0:06:53.440 Manhattan's top federal prosecutor, Danielle Sassoon, and five high ranking 0:06:53.640 --> 0:06:57.240 Justice Department officials have resigned after she refused an order 0:06:57.279 --> 0:07:01.400 from the Trump Department of Justice to drop corruption charges 0:07:01.440 --> 0:07:04.279 against New York City Mayor Eric Adams so as soon 0:07:04.320 --> 0:07:07.200 a Republican accused the Department of a quid pro quo, 0:07:07.960 --> 0:07:11.840 namely dropping the case to insure Adam's help with Trump's 0:07:11.840 --> 0:07:15.800 immigration agenda, and she said she was confident Adams committed 0:07:15.800 --> 0:07:19.240 the crimes in his indictment. And even more, a Texas 0:07:19.320 --> 0:07:22.200 judge has fined a New York doctor for prescribing abortion 0:07:22.360 --> 0:07:25.160 pills to a woman near Dallas, and one of the 0:07:25.160 --> 0:07:29.480 first challenges in the US to shield laws enacted in 0:07:29.560 --> 0:07:33.400 Democratic controlled states where abortion is legal the ruling was 0:07:33.440 --> 0:07:36.160 handed down. On the same day, New York Governor Kathy 0:07:36.200 --> 0:07:40.720 Hokeel rejected a request from Louisiana to extradite the same doctor. 0:07:41.240 --> 0:07:44.960 Never under any circumstances will I sign an extradition agreement. 0:07:45.200 --> 0:07:49.200 Doctor Maggie Carpenter was charged in Louisiana with prescribing abortion 0:07:49.280 --> 0:07:52.920 pills to a pregnant minor. The Stonewall National Monument and 0:07:53.040 --> 0:07:56.920 New York City Stonewall in continued to celebrate the transgender community, 0:07:57.280 --> 0:08:01.040 but the National Park Service web Pagel's a different story. 0:08:01.480 --> 0:08:04.600 The page has removed all mention of the transgender community 0:08:04.600 --> 0:08:07.520 from its website, the latest effort by the Trump administration 0:08:07.640 --> 0:08:11.520 to demand that the federal government recognize only two genders. 0:08:11.880 --> 0:08:15.600 City Council co Chair of the LGBTQ Caucus Eric Bacher, 0:08:16.200 --> 0:08:16.840 the gay and. 0:08:16.760 --> 0:08:22.880 The lesbian New Yorkers are sticking with our transgender siblings. 0:08:22.880 --> 0:08:24.680 We're not going to abandon them. We're going to fight 0:08:24.720 --> 0:08:25.680 alongside them. 0:08:26.200 --> 0:08:28.720 New York Governor Holkel, calling the decision by the Trump 0:08:28.720 --> 0:08:33.200 administration cruel and petty. Robert F. Kennedy Junior was officially 0:08:33.200 --> 0:08:36.839 President Trump's new Secretary of Health and Human Services head. 0:08:37.400 --> 0:08:41.080 He sworn in yesterday in the Oval Office after the 0:08:41.120 --> 0:08:44.400 Senate confirmed him on a fifty two to forty eight 0:08:44.559 --> 0:08:45.880 vote earlier in the day. 0:08:46.280 --> 0:08:49.400 President Trump, He's a fierce advocate for the health of 0:08:49.440 --> 0:08:52.720 our children and for the values of free speech, democracy 0:08:52.760 --> 0:08:53.280 and peace. 0:08:53.559 --> 0:08:56.439 Mitch McConnell of Kentucky, the former Senate majority leader, was 0:08:56.480 --> 0:08:59.640 the only Republican to vote against Kennedy. Global News twenty 0:08:59.640 --> 0:09:01.680 four hours a day and whenever you want it with 0:09:01.679 --> 0:09:04.880 Bloomberg News Now. I'm Michael BARRN. This is Bloomberg Karen. 0:09:05.080 --> 0:09:11.640 All right, Michael barr thank you time now for the 0:09:11.679 --> 0:09:14.840 Bloomberg Sports Update, brought to you by Try State OUTI 0:09:14.960 --> 0:09:16.280 here's John Stashauer. 0:09:16.400 --> 0:09:18.960 John, good morning, Good morning, Karen. The Giants were born 0:09:19.080 --> 0:09:22.199 one hundred years ago and Tim Merhra put up five 0:09:22.280 --> 0:09:25.080 hundred dollars. Tish family came aboard in nineteen ninety one 0:09:25.160 --> 0:09:27.920 face seventy five million for fifty percent. John Marraw and 0:09:27.920 --> 0:09:30.640 Steve Tish control the team, who put out a statement 0:09:30.679 --> 0:09:32.760 last night that they are putting in an ownership stake 0:09:32.880 --> 0:09:35.640 of up to ten percent up for sale. They've hired 0:09:35.679 --> 0:09:37.720 a banker, perhaps with an eye of the NFL. Now 0:09:37.760 --> 0:09:41.880 allowing private equity firms in on partial ownership. Forbes has 0:09:41.960 --> 0:09:44.720 valued the Giants at seven point three billion. 0:09:45.040 --> 0:09:45.480 As for the. 0:09:45.440 --> 0:09:48.000 Jets, now official Aaron Rodgers will not be back for 0:09:48.080 --> 0:09:51.640 salary cap reasons. He won't be officially cut until June first, 0:09:51.640 --> 0:09:53.680 but he can signed with another team before then. Rodgers 0:09:53.760 --> 0:09:56.680 hasn't decided whether he wants to keep playing or retired. 0:09:56.760 --> 0:10:00.319 Travis Kelcey also hasn't decided. The Chiefs have told then 0:10:00.360 --> 0:10:02.600 they need to know by March fourteenth, when they're due 0:10:02.640 --> 0:10:05.520 to pay him twelve million. Four nations face off Hockey 0:10:05.640 --> 0:10:07.839 US against Finland. This was one to one with three 0:10:07.880 --> 0:10:09.680 minutes left in the second period, but the US with 0:10:10.000 --> 0:10:12.880 two goals in a span of eleven seconds opening rid 0:10:12.920 --> 0:10:16.040 of the third. When they would later add to the league. 0:10:16.920 --> 0:10:20.040 Using his stick, with Liddell able to recover get back 0:10:20.640 --> 0:10:24.960 in front of the finnishnitt Ikoda Waretzky, he takes. 0:10:24.800 --> 0:10:26.440 The show loose scores. 0:10:27.880 --> 0:10:33.320 Here's another bits as Montreal. 0:10:32.920 --> 0:10:35.360 Which met Canada, they called two goals from Matthew to 0:10:35.440 --> 0:10:37.920 Chuck and two more for his brother Brady. US one 0:10:38.080 --> 0:10:40.760 six to one will play Canada tomorrow and I clearly 0:10:40.760 --> 0:10:43.640 more attention to this tourney than what the NHL would 0:10:43.640 --> 0:10:45.760 have added with a high scoring All Star game. The 0:10:45.920 --> 0:10:48.920 NBA also looking for more interest as a new format 0:10:49.280 --> 0:10:51.880 for Sunday Night in San Francisco, four teams with a 0:10:51.960 --> 0:10:54.559 roster of eight playing games of first to forty. The 0:10:54.640 --> 0:10:57.920 Nick's being represented by Jalen Brunston, Karl Anthony Towns Big 0:10:57.960 --> 0:11:01.600 College Game tomorrow, Top frank Auburn visiting second rank at 0:11:01.600 --> 0:11:04.640 in state rivaled Alabama. Saint John's the Garden Sunday to 0:11:04.720 --> 0:11:06.640 play Creighton. That's the first place in the Big East. 0:11:06.880 --> 0:11:09.440 John Stanshedwer Bloomberg Sports Karendy Nathan. 0:11:11.640 --> 0:11:15.800 Coast to Coast on Bloomberg Radio nationwide on Serious Exam 0:11:15.920 --> 0:11:18.760 and around the world on Bloomberg dot Com and the 0:11:18.800 --> 0:11:21.920 Bloomberg Business app. This is Bloomberg Daybreak. 0:11:22.080 --> 0:11:23.600 Good Morning. I'm Nathan Hager. 0:11:23.679 --> 0:11:25.880 It is a move that could up end decades of 0:11:25.960 --> 0:11:29.199 trade policy that the US helped to shape after World 0:11:29.200 --> 0:11:32.920 War II. President Trump is ordering his administration to consider 0:11:32.960 --> 0:11:36.760 reciprocal tariffs on a country by country basis. The President 0:11:36.800 --> 0:11:39.280 says it's all about writing the trade balance. 0:11:39.800 --> 0:11:43.440 So, in other words, they charge US tex or tariff 0:11:44.160 --> 0:11:47.920 and we charge them the exact same texts or terriff 0:11:48.040 --> 0:11:51.960 for simple nobody knows what that number is unless you 0:11:52.000 --> 0:11:53.439 go by the individual country. 0:11:53.880 --> 0:11:56.400 That was the President as he signed the executive order 0:11:56.400 --> 0:11:58.640 in the Oval Office joining us this morning. For more 0:11:58.679 --> 0:12:02.480 is Bloomberg News Senior editor Derek Wallbank. Derek, the President says, 0:12:02.480 --> 0:12:05.520 it's simple you go country by country, But it really 0:12:05.800 --> 0:12:10.840 is something that would completely shape the trade landscape around 0:12:10.880 --> 0:12:11.520 the world, isn't it. 0:12:11.559 --> 0:12:15.120 Good morning, Yeah, yeah, Nathan, You're exactly right. It is 0:12:15.200 --> 0:12:18.239 going to be a very difficult thing to figure out 0:12:18.280 --> 0:12:21.120 how this is going to get levied country by country, 0:12:21.160 --> 0:12:24.200 item by item, sector by sector. There is a lot 0:12:24.240 --> 0:12:27.200 of work to do. That's why this White House has 0:12:27.240 --> 0:12:32.160 been given until at least April to figure out how 0:12:32.240 --> 0:12:35.480 these would be levied, where they would be levied, on 0:12:35.679 --> 0:12:38.679 whom and in what amount. And I say that level 0:12:38.720 --> 0:12:42.400 of vagueness because it's really important when you're considering markets. 0:12:42.840 --> 0:12:46.240 There was some view by some that this was going 0:12:46.280 --> 0:12:49.440 to be some version of an on off switch. That 0:12:49.600 --> 0:12:53.800 is not what happened. The delay was something that was 0:12:54.240 --> 0:12:56.920 a respite for a lot of traders. You saw a 0:12:56.960 --> 0:13:00.360 lot more green than would have seen otherwise, and you 0:13:00.360 --> 0:13:02.600 saw a little bit of an unwinding of some of 0:13:02.640 --> 0:13:05.520 those risk positions. The other part of that that's really 0:13:05.559 --> 0:13:11.120 critical is that markets are starting to think of the 0:13:11.160 --> 0:13:14.160 word delay or the word sort of like a time 0:13:14.200 --> 0:13:19.000 window in the terms of negotiation. Right. Trump was talking 0:13:19.000 --> 0:13:23.440 through his sectoral tariffs on steal and aluminum about maybe 0:13:23.520 --> 0:13:26.000 there could be a way that Australia could pull an exemption. 0:13:26.520 --> 0:13:29.360 He put on a ten percent China tariff that's short 0:13:29.400 --> 0:13:32.240 of sixty. He put on the twenty five percent against 0:13:32.240 --> 0:13:36.160 Canada and Mexico and then suspended that for a month. 0:13:36.559 --> 0:13:39.880 So there really is a certain sentiment in markets that 0:13:39.960 --> 0:13:42.800 saying maybe there's a little bit of breathing room, even 0:13:42.840 --> 0:13:45.319 as the President is saying there will not be exceptions 0:13:45.360 --> 0:13:45.560 to this. 0:13:46.200 --> 0:13:51.280 Derek is April first enough time, given how much the 0:13:51.480 --> 0:13:54.520 Commerce Department and the USTR are being told they need 0:13:54.559 --> 0:13:56.760 to look at not just tariffs on a country by 0:13:56.800 --> 0:13:59.120 country basis, but non tariff barriers as well. 0:13:59.520 --> 0:14:02.000 Yeah, you think it's quite a lot there, and then 0:14:02.080 --> 0:14:06.680 once once those are figured out, you could imagine that 0:14:06.720 --> 0:14:10.240 there's going to be a case for time to implementation. Right, 0:14:10.280 --> 0:14:13.160 you have to tell people exactly what's going to be levied, 0:14:13.200 --> 0:14:15.680 how it's going to be levied, et cetera. So it's 0:14:15.800 --> 0:14:19.240 very possible that April, and I wouldn't even say April 0:14:19.280 --> 0:14:21.840 one is a firm deadline, but it's possible that April 0:14:21.920 --> 0:14:24.680 is the sort of starting point for something else. But 0:14:24.760 --> 0:14:27.080 I do think back to your original point, this is 0:14:27.120 --> 0:14:29.880 a really major move to sort of up end the 0:14:29.920 --> 0:14:33.280 way that trade goes. And Trump is pitching this as simple, right. 0:14:33.560 --> 0:14:36.920 Trump is basically saying, look, whatever you do, we're going 0:14:37.000 --> 0:14:39.640 to do back. It's going to be that easy. And 0:14:39.680 --> 0:14:43.040 we've even seen some countries. India was a great example 0:14:43.440 --> 0:14:47.160 near Andromodi was at the White House yesterday, but India, 0:14:47.320 --> 0:14:51.040 walking into that visit had already started changing their own 0:14:51.120 --> 0:14:55.280 tariffs on certain goods to try and get a little 0:14:55.320 --> 0:14:57.280 bit closer into Trump good rasis. 0:14:57.720 --> 0:15:00.920 On top of the trade moves, Derek, we've seen and 0:15:00.960 --> 0:15:05.000 continued to follow, the President making moves to a certain 0:15:05.280 --> 0:15:09.640 pretty sweeping control over the federal government, among them to 0:15:10.320 --> 0:15:13.520 cut off foreign aid to administered under US A I D. 0:15:13.720 --> 0:15:17.280 A federal judge has just blocked that effort. Where do 0:15:17.320 --> 0:15:18.480 you see this going from here? 0:15:18.520 --> 0:15:18.760 Now? 0:15:19.800 --> 0:15:22.240 I think right exactly where you were saying is about 0:15:22.240 --> 0:15:25.120 where everyone's expected this was going is to the courts 0:15:25.120 --> 0:15:27.680 to figure out what they're allowed to do. But look, 0:15:27.720 --> 0:15:30.600 make no mistake, this is something that the that the 0:15:30.640 --> 0:15:33.040 Trump campaign said that it was going to do, that 0:15:33.080 --> 0:15:36.320 it was going to be very aggressive. That they had, 0:15:36.600 --> 0:15:39.400 They had spent the four years in the political wilderness, 0:15:39.480 --> 0:15:42.520 so to speak, figuring out what they might do as 0:15:42.560 --> 0:15:45.600 and when Trump got back in and they were they 0:15:45.600 --> 0:15:48.400 were ready to go. There is a certain shock and 0:15:48.520 --> 0:15:51.440 all idea to it. If you sort of listen to 0:15:51.520 --> 0:15:56.520 someone like Steve Bannon, the sort of long time whisper 0:15:56.600 --> 0:16:00.240 of the maga right. Bannon has argued for a while, 0:16:00.600 --> 0:16:04.440 you go absolutely maximally and even if you can't get 0:16:04.480 --> 0:16:08.040 everything eventually, you'll still get a lot because you'll overwhelm 0:16:08.160 --> 0:16:11.440 your opposition. And indeed, we are seeing a lot of 0:16:11.520 --> 0:16:15.360 discontent on the left trying to figure out how to 0:16:15.480 --> 0:16:19.280 res with and having some trouble being able to not 0:16:19.400 --> 0:16:22.680 just respond at scale, but at the swiftness that some 0:16:22.720 --> 0:16:23.880 of these actions are coming. 0:16:24.040 --> 0:16:26.960 This is Bloomberg day Break, your morning podcast on the 0:16:27.040 --> 0:16:30.560 stories making news from Wall Street to Washington and beyond. 0:16:30.800 --> 0:16:33.200 Look for us on your podcast feed by six am 0:16:33.240 --> 0:16:36.640 Eastern each morning on Apple, Spotify, or anywhere else you listen. 0:16:36.840 --> 0:16:39.680 You can also listen live each morning starting at five 0:16:39.720 --> 0:16:42.440 am Wall Street Time on Bloomberg eleven three to zero 0:16:42.440 --> 0:16:45.360 in New York, Bloomberg in ninety nine to one in Washington, 0:16:45.400 --> 0:16:49.360 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:49.560 --> 0:16:51.280 XM Channel one twenty one. 0:16:51.520 --> 0:16:54.240 Plus listen coast to coast on the Bloomberg Business app 0:16:54.280 --> 0:16:57.080 now with Apple CarPlay and Android auto interfaces. 0:16:57.320 --> 0:17:00.360 And don't forget to subscribe to Bloomberg News Now. It's 0:17:00.360 --> 0:17:03.080 the latest news whenever you want it in five minutes 0:17:03.200 --> 0:17:06.320 or less. Search Bloomberg News Now and your favorite podcast 0:17:06.359 --> 0:17:10.520 platform to stay informed all day long. I'm Karen Moscow. 0:17:10.280 --> 0:17:11.280 And I'm Nathan Hager. 0:17:11.400 --> 0:17:13.480 Join us again tomorrow morning for all the news you 0:17:13.520 --> 0:17:16.080 need to start your day right here on Bloomberg Day 0:17:16.119 --> 0:17:16.239 Ray