Ceasefire On 'Life Support'; High Stakes Trump-Xi Meeting

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, the seasfire between the US and Iran has reached
a precarious moment. President Trump says he has rejected Tehran's
latest peace proposal and the truce is, in his words,
unbelievably weak.
I would say the seasfire is on massive life support,
where the doctor walks in and says, sir, your loved
one has approximately a one percent chance of living.
President Trump spoke in the Oval Office at an event
with medical professionals. We get more from Bloomberg's Jumana Borsecci
in Dubai.
He also went on to describe the Iranian counter proposal
as it quotes piece of garbage. Probably, you know, a
bit of an exaggeration there. But at the same time,
he also seemed to insinuate that the Iranians are planning
on handing over the nuclear dust. That is, of course,
we've not heard any indication from the Iranian side that
that is the case. But then he went on to
say that a diplomatic solution is still in sight. So
multiple different narratives coming out from President Trump. During the
course of that press conference.
Yesterday, blombergs Jumana Barssetci reports Iran demanded a lifting of
the US naval blockade and sanctions relief in its latest counterproposal,
while maintaining some control over the Strait of Hormus. President
Trump is not indicating whether he will resume military attacks
on Iran, but he told Fox News he could revive
a plan to escort ships through the strait, known as
Project Freedom.
Well Nathan, to help ease the burden of higher prices
at the Palm. President Trump said he is seeking to
suspend the federal eighteen point four cent a gallon tax
on gasoline. According to independent budget analyst, that would cost
the federal government about three and a half billion dollars
a month in lost gasoline and diesel tax revenue. The
president's proposal would require an Act of Congress.
And Karen The War will be the backdrop of President
tr Trump's trip to China, but several other topics will
be on the agenda as well, including Taiwan. Bloomberg Zamy
Morris reports from Washington.
The White House says deals spanning aerospace, energy, and agriculture
industries are expected from the president's meeting with Chinese leader
Shi Jinping, and Trump says he'll also discuss whether the
US should continue arm sales to Taiwan.
Well, I'm going to have that discussion with presidential President.
She would like us not to.
Trump's comments could ruffle feathers in Congress, where a bipartisan
group of senators urged the President to advance a fourteen
billion dollar arms package for Taiwan. In Washington, Amy Moore
as Bloomberg Radio.
Right, Amy, thank you, Well. Several Wall Street Titans will
be accompanying the President on his China trip. One notable absence,
though in Video CEO Jensen Wong Well more than a
dozen other top executives, including Apple's CEO Tim Cook and
Tesla's Elon Musk, made the cut for the business delegation.
A White House official says wog was not among those invited.
Wong's absence maybe a potential setback for him, and has
bid to sell on Video's Ai chips to China.
Karen the mayor of an affluent Los Angeles suburb, has
resigned after agreeing to plead guilty to acting as an
unregistered foreign agent for China Eileen Wog admitted to posting
pro China propaganda at the direction of Chinese government officials.
Wang was the mayor of Arcadia. That's a city of
about fifty five thousand, about fifteen miles northeast of downtown.
La Well, let's go to politics overseas, Nathan. Keir Starmer
is facing growing pressure to step down as Britain's Prime minister.
Let's go live to London and get the very latest
of Bloomberg. James Wilcock, Good morning, James.
Karen, Nathan. This increasingly looks like Kiir Starmer's endgame. Twenty
percent of his Labour Party MPs have now publicly called
on the UK leader to go. Bloomberg understands last night
so of Starma's closest cabinet allies told him to set
out his exit plans. He has gathered his cabinet in
the past hour in Number ten, Downing Street and told
them he intends to stay on. Now we wait to
see what they're verdict on his leadership is in London.
James Wilcock, Blue big Idea.
All right, James, thank you. Now the latest on that
cruise ship struck by a deadly haunt of virus outbreak.
All the passengers who are aboard the Envy Hantius have
disembarked and boarded planes to more than twenty countries to
be quarantined. Fifteen Americans who are exposed to the disease
are being isolated at the University of Nebraska. One is
infected and being treated in a biocontainment unit. Another who
developed symptoms but has not tested positive, is at Emory
University in Atlanta. President Trump says he is hopeful the
virus can be contained.
I help, it's five. All I can do is everything
that a president can do, which is which is actually
somewhat limited. But it seems like it is not easy
to spread.
President Trump, again, speaking from the Oval Office. Three cruise
passengers died. Six others with confirmed or suspected cases are
being quarantined. Health officials say this is the first haunt
of virus outbreak on a cruise ship.
Let's turn two of the markets now Nathan, where South
Korea's Cosby indag shed more than three hundred billion dollars
in value in just ninety seven minutes today. The sharp
sell off followed a proposal from a top South Korean
policymaker to introduce a so called citizen's dividend using taxes
on AI profits. The cost b which at one point
was down five percent, closed down more than two percent.
Time now for a 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.
A terrifying scene near Harvard University Monday afternoon, A shooting
near Boston has left two people with life threatening injuries.
The gunfire erupting in Cambridge sent pedestrians running for cover
and drivers swerving to avoid the bullets near Memorial Drive
and River Street. Middlesex District Attorney Mary and Ryan That
says the suspected gunman, Tyler Brown, began shooting into traffic
with an assault style rifle, and.
He was actively firing a wrap fashion at various.
Vehicles along the road.
In the course of doing that, two males in vehicles
separately were struck by gunfire. D A.
Ryan says Brown was stopped when he was shot by
a Massachusetts state trooper and a Marine veteran who stepped
in to stop the shooter. Brown was placed under arrest
and taken to a hospital. The US Supreme Court is
temporarily extended and order that maintains nationwide access to the
abortion pill mithipristone by mail and through telehealth visits. A
lower federal appeals court ruling prohibited health providers from dispensing
the abortion pill by mail. Women's health expert and chief
medical officer for Hers, doctor Jessica Shepherd.
Physicians use this medication more than just for abortion, and
for women who actually need to have a pregnancy and
have a pregnancy loss and need to find a way
to have that taken care of medically. These are the
types of medications that we've use for decades.
Activists say nearly one third of the abortions in the
US each year are done through telehealth. President Trump will
visit Walter Reed Military Medical Center on May twenty sixth
for his annual dental and medical evaluations. According to a
White House statement, this will include the President's routine annual
dental and medical assessments as part of his regular preventative
health care. Global News twenty four hours a day and
whenever you want it with the Bloomberg News Now, I'm
Michael Barr and this is Bloomberg Karen. Thanks Michael.
Time now for our Bloomberg Sports update, and for that
we bring in John stash Hour.
Thanks Karin.
The Cleveland Cabaliers and the NBA playoffs. Yet to win
on the road, yet to lose a home. The Cavs
beat Detroit one twelve to one oh three. They score
the first twenty three points of the second half. That
series is tied at two. Another series suite for Oklahoma City.
That thunderbeat the Lakers one fifteen to one to ten
and what may have been the final game of Lebron
James's career. The full NFL schedule comes out Thursday night,
but the NFL and now Week one Sunday night game
will be Dallas at the Giants.
That's you their Bloomberg Sports update.
Stay with us.
More from Bloomberg Daybreak coming up after this.
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
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Bloomberg Business app. This is Bloomberg Daybreak. Good morning.
I'm Nathan Hager on Massive Life Support. That's how President
Trump's describing the ceasefire with Iran after getting its response
to the latest US peace offer unbelievably.
Wick I always say I would call it the weakest.
Right now, the President says he didn't even bother to
finish reading Iran's counterproposal. He spoke from the Oval Office
joining us this morning from Dubai. His Bloomberg Middle East
correspondent to Birabu Omar Maverir. What's the President objecting to here?
Why did he reject the proposal? Good morning, Good morning, Nathan.
So look, I mean, the President did reject the offer
that came from Iran over the weekend, calling it, as
you've just heard or as you just mentioned, quote, a
piece of garbage, and saying that the ceasefire that was
agreed upon on April eighth is on massive life support. Now,
what it comes down to is the fact that the
resolution that Iran had put through, or the proposal that
Iran had put through in response to what President Trump
had given them, which is a gradual reopening of the
strait of her moves over the next month, is Iran
has asked for what the US has previously called maximalist demands. Right,
So that includes the fact that Iran wants to delay
nuclear talks that Iran wants its oil sales unsanctioned and
that it wants its assets abroad to be unfrozen. That
is something that the US has not agreed on, something
that President Trump has called a piece of garbage, as
we have mentioned earlier. Obviously, all of this has led
to Brent Crude doing what Brent Crude has been doing
over the past seventy days or so, which is climbing
above one hundred and seven dollars at this point due
to this impasse between as the United States and Iran, Well,
what are.
The potential next steps here?
Abier?
We heard the President tell Fox News that he might
consider the Project Freedom escort service through the Strait of
Horror moves that he put in place for just the
day last week. If that were to happen, what impact
would that have?
So, yeah, you're absolutely right. I mean he fell short,
first of all to Fox News, but by signaling that
a resumption of military attacks on Iran is not something
that the US is looking for right now, that a
diplomatic solution is still very possible. That is something he
also said, so not totally negative on that front as well,
and he did suggest that a revival of the US
Navy escorting ships down the Strait of Her Moves is possible.
That is, as you have mentioned Project Freedom that came
into effect last Monday and was paul very shortly afterwards,
So that may suggest a few ships here and there
going through the Strait of Her Moves. Now that Project
Freedom as it was called, only happened for a day
or so, so we couldn't really see a full impact
of what could have happened out of it. But look,
shipping traffic in the Strait of Her Mooves remains pretty
much at a standstill as of today. A fraction of ships,
a fraction of LG and oil shipments are going through
the Strait of Her Moves and it really really is
at the heart of this conflict. If Iran and the
US were to come to a resolution suggesting or including
the reopening of the Strait of Her Moves over the
next month or so, that could be the first glimpse
of light that we see towards the end or a
resolution to this conflict that's been going on for more
than ten weeks at this point.
With the lack of a resolution here, we still see
on the schedule from the White house a beer. President
Trump headed to Beijing for the summit with China's shi Jinping.
How much of a shadow is Iran going to cast
over that summit. We've got just about a minute left.
Yeah, look, I mean that is one thing that I
mentioned this morning. President Trump's long awaited meeting with President
Hijhi Ping is happening towards the end of this week. Now,
Iran's foreign minister and passage actually had met with his
Chinese counterpart, and we understand from that meeting that China
did come out and urge a resolution. So we understand
that Iran, the conflict in the Middle East could take
a chunk of the meeting between the two, especially as
the economic damage that was left on China. Its inflation
levels because of the energy disruptions that we're seeing out
of the region really take a toll on the economy there.
So that conflict, or this conflict in the region and
the impact of it has left this relationship between the
US and China even in more tatters than than before.
So it's possibly going to be at front and center
in that meeting happening later this week.
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