China Hits Back Against Trump’s Tariffs; Netanyahu-Trump Meeting

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:10.240 --> 0:00:13.440 Good morning, I'm Nathan Hager and I'm Karen Moscow. Here 0:00:13.440 --> 0:00:15.200 are the stories we're following today. 0:00:15.640 --> 0:00:18.120 Karen, we begin with the latest developments in a trade 0:00:18.160 --> 0:00:21.759 war now between the US and China. At midnight, the 0:00:21.800 --> 0:00:26.000 Trump administration imposed a ten percent tariff on all Chinese goods. 0:00:26.360 --> 0:00:30.560 This morning, China is retaliating. Bloomberg's John Tucker joins us 0:00:30.640 --> 0:00:32.639 with the latest. John, what is the response? 0:00:32.840 --> 0:00:36.879 And Nathan? Beijing has imposed a fifteen percent tax on 0:00:37.080 --> 0:00:40.440 some US energy imports and a ten percent fee in 0:00:40.479 --> 0:00:44.760 American oil and agricultural equipment. It also put companies like 0:00:44.840 --> 0:00:49.720 Calvin Klein owner PVH Corporation, and Illumina on a blacklist. 0:00:50.240 --> 0:00:52.839 China also said it's going to investigate Google for alleged 0:00:52.840 --> 0:00:57.360 to anti trust violations by targeting a handful of American 0:00:57.440 --> 0:01:01.120 companies Nathan and Karen and slapping levies on some US goods. 0:01:01.480 --> 0:01:05.959 This move does seem designed to avoid escalating tensions. The 0:01:06.000 --> 0:01:09.039 tariffs are set to kick in February tenth, and this 0:01:09.160 --> 0:01:13.280 potentially leaves room for negotiation and President Trump also did 0:01:13.319 --> 0:01:16.160 signal a desire to speak with the Chinese leader Jijingping 0:01:16.640 --> 0:01:20.039 before the tariffs take effect, so the reaction in the 0:01:20.040 --> 0:01:23.800 market seems to be muted at this point. The Chinese currency, 0:01:23.840 --> 0:01:26.800 the offshore you on little change this morning, in fact, 0:01:26.959 --> 0:01:29.600 is up three tenths of per percent right now. And 0:01:29.640 --> 0:01:33.400 then the Hangsang China Enterprises Index, this is of Chinese 0:01:33.400 --> 0:01:37.200 stocks listed in Hong Kong that has rebounded. Initially, it 0:01:37.319 --> 0:01:39.440 dove at the news of the US tariffs and the 0:01:39.520 --> 0:01:42.560 Chinese countermeasures, and right now, in fact, it is up 0:01:42.640 --> 0:01:46.440 three and a half percent. In New yorkome John Tuncker Bloomberg. 0:01:46.040 --> 0:01:49.080 Radio, All right, John, thank you. All tariffs on China 0:01:49.160 --> 0:01:52.920 are moving ahead. America's neighbors are getting a reprieve. President 0:01:52.920 --> 0:01:55.840 Trump says he's delaying twenty five percent tariffs on Canada 0:01:55.880 --> 0:01:58.400 and Mexico for a month. Those are due to kick 0:01:58.440 --> 0:02:01.600 in just after midnight this morning. Bloomberg's Derek to Clodes 0:02:01.640 --> 0:02:04.920 says Canadian Prime Minister Justin Trudeau made a number of 0:02:05.000 --> 0:02:06.840 concessions on border enforcement. 0:02:07.400 --> 0:02:10.960 Canada will appoint a fentanyl czar to monitor and crack 0:02:11.000 --> 0:02:13.600 down on the trade of that drug, list the Mexican 0:02:13.639 --> 0:02:16.960 cartels as terrorists, and ensure twenty four to seven eyes 0:02:17.040 --> 0:02:19.000 on the border, which is part of that surveillance, which 0:02:19.040 --> 0:02:20.839 will include drones and that sort of thing. 0:02:21.120 --> 0:02:24.280 Bloomberg's direct to Clode reports. Canada is also going ahead 0:02:24.280 --> 0:02:27.480 with a nine hundred million dollar planet announced in December 0:02:27.520 --> 0:02:31.280 to add more resources to the border security, including helicopters. 0:02:31.360 --> 0:02:31.800 Thank Karin. 0:02:31.840 --> 0:02:34.720 Mexico is also getting a thirty day delay on tariffs. 0:02:34.720 --> 0:02:37.640 President Trump says he's gotten a similar border security agreement 0:02:37.680 --> 0:02:39.200 from President Claudia Shanbaum. 0:02:39.360 --> 0:02:44.520 They've agreed to put in ten thousand soldiers permanently like 0:02:44.680 --> 0:02:47.880 forever ten thousand soldiers at their side of the border 0:02:47.919 --> 0:02:51.840 and stop fentanyl and illegal aliens from coming into our country. 0:02:52.080 --> 0:02:54.400 The President Trump's deal with Mexico similar to one from 0:02:54.400 --> 0:02:57.600 the Biden administration. Mexico also agreed to send ten thousand 0:02:57.639 --> 0:03:00.120 troops to its own southern border in twenty twenty one one. 0:03:00.480 --> 0:03:02.960 President Trump says the US will negotiate now with both 0:03:03.040 --> 0:03:05.920 Mexico and Canada over the next thirty days on a 0:03:05.919 --> 0:03:07.360 more permanent economic deal. 0:03:07.840 --> 0:03:10.120 Well, Nathan, We now turned to the latest developments in 0:03:10.160 --> 0:03:13.400 the War overseas. President Trump wants an agreement with Ukraine 0:03:13.440 --> 0:03:16.960 to access its critical mineral resources in exchange for US 0:03:17.000 --> 0:03:19.079 aid and its defense against Russia. 0:03:19.200 --> 0:03:24.400 We're telling Ukraine they have very valuable rare earth. We 0:03:24.440 --> 0:03:28.040 want what we put up to go in terms of 0:03:28.080 --> 0:03:31.560 a guarantee. We want a guarantee we want. We're handing 0:03:31.600 --> 0:03:35.400 the money, handover fist. We're giving them equipment. European is 0:03:35.440 --> 0:03:36.600 not keeping up with US. 0:03:37.080 --> 0:03:42.160 Ukraine has significant reserves of uranium, titanium, lithium, and graphied 0:03:42.200 --> 0:03:44.840 which could be worth trillions of dollars, and President Vladimir 0:03:44.920 --> 0:03:48.640 Zelenski offered Western allies access to these resources as part 0:03:48.680 --> 0:03:50.280 of his victory plan last year. 0:03:50.360 --> 0:03:52.520 Well, meanwhile, Karen, President Trump is going to meet later 0:03:52.560 --> 0:03:56.440 today with Israeli Prime Minister Benjamin Natanyahu in Washington. Bloomberg 0:03:56.520 --> 0:03:58.800 Zamy Morris has a preview from the nation's capital. 0:03:59.080 --> 0:04:02.320 Israeli Prime Minister Benjamin Nettanna, who says being the first 0:04:02.360 --> 0:04:05.040 world leader to visit the White House and meet with 0:04:05.120 --> 0:04:08.240 the President since his inauguration sends a strong signal. 0:04:08.720 --> 0:04:11.240 I think it's a testimony to the strength of the 0:04:11.280 --> 0:04:12.560 Israeli American alliance. 0:04:12.680 --> 0:04:15.720 The meeting comes as US and Arab mediators begin brokering 0:04:15.800 --> 0:04:19.279 the next phase of a ceasefire agreement. Nataannahuo plans to 0:04:19.320 --> 0:04:23.160 discuss with President Trump critical issues facing Israel and the region, 0:04:23.400 --> 0:04:26.960 including victory over Hamas, achieving the release of the remaining 0:04:27.000 --> 0:04:30.640 hostages in Gaza, and dealing with the Iranian access Amy 0:04:30.680 --> 0:04:32.280 Morris Bloomberg Radio, All. 0:04:32.240 --> 0:04:34.240 Right, Amy, thank you. By the President has signed an 0:04:34.279 --> 0:04:37.279 executive action to create a sovereign wealth fund for the 0:04:37.400 --> 0:04:41.839 US Treasury Secretary Scott Bessend and Commerce Secretary nominee Howard 0:04:41.920 --> 0:04:44.960 Lutnik will be spearheading the effort. Here's Bessend. 0:04:45.320 --> 0:04:50.480 Within the next twelve months, we are going to monetize 0:04:50.560 --> 0:04:53.200 the assets side of the US balance sheet for the 0:04:53.240 --> 0:04:58.159 American people. Where are going to put the assets to work? 0:04:58.760 --> 0:05:01.599 And I think it's going to be very exciting. We've 0:05:01.680 --> 0:05:04.400 study best practices has done around the world. 0:05:04.520 --> 0:05:07.200 And Treasury Secretary Scott Besson said the fund would be 0:05:07.200 --> 0:05:09.440 created within the next twelve months and could be used 0:05:09.480 --> 0:05:11.200 to facilitate the sale of TikTok. 0:05:11.480 --> 0:05:13.719 Well, let's turn to markets now, Karen, as we watch 0:05:13.800 --> 0:05:16.479 futures move lower once again this morning, this time on 0:05:16.600 --> 0:05:19.800 the China US trade WARRIS and P futures are down 0:05:19.839 --> 0:05:22.760 about two tenths of one percent. Stocks paired their losses 0:05:22.839 --> 0:05:25.880 yesterday after the US agreed to delay tariffs on Canada 0:05:25.920 --> 0:05:29.240 and Mexico. The SMP closed down three quarters of one percent, 0:05:29.520 --> 0:05:32.120 after being nearly two percent lower earlier in the session. 0:05:32.920 --> 0:05:35.480 Well one stock that's on the move this morning, Nathan 0:05:35.560 --> 0:05:39.600 is Pallenteer. The shares are up more than eighteen percent. 0:05:39.680 --> 0:05:41.880 The software company is out with the full year revenue 0:05:41.880 --> 0:05:45.840 forecast that exceeded analyst estimates. Begin more with the Bloomberg's 0:05:45.880 --> 0:05:46.640 Charlie Pellett. 0:05:46.880 --> 0:05:51.159 CEO Alex Karp cites what he calls untamed organic growth 0:05:51.160 --> 0:05:55.400 in demand for its artificial intelligence software. Derek John is 0:05:55.480 --> 0:05:58.039 senior investment strategist at Crane Funds. 0:05:58.240 --> 0:06:01.320 We see Patentier, host of Time Show, to become the 0:06:01.360 --> 0:06:05.479 go to operating system for enterprises in the AGI world. 0:06:05.240 --> 0:06:09.480 A reference to artificial general intelligence, best known for its 0:06:09.560 --> 0:06:13.720 national security work and more recently its AI platform. Palenteer 0:06:13.839 --> 0:06:18.000 stock searched three hundred and forty percent last year in 0:06:18.080 --> 0:06:21.239 New York. Charlie Palette, Bloomberg Radio, Thanks Charlie. 0:06:21.320 --> 0:06:24.599 Looking overseas, shares of UBS are down nearly six percent. 0:06:24.680 --> 0:06:28.760 The bank beat earnings estimates, but concern persists over a 0:06:28.760 --> 0:06:32.479 potentially substantial increase in capital requirements. In an interview with 0:06:32.520 --> 0:06:36.200 Bloomberg CEO Sergio or Mighty Warren, markets may not fully 0:06:36.240 --> 0:06:39.080 reflect the impact post by President Trump's tariffs. 0:06:39.480 --> 0:06:44.760 I can see inflationary pressure coming out of tariff tariff war, 0:06:45.440 --> 0:06:48.600 and that in turn would mean that central banks would 0:06:48.640 --> 0:06:53.320 need to stop their easing path, potentially even reverse something 0:06:53.360 --> 0:06:55.240 that is not priced in the market. 0:06:55.560 --> 0:06:58.159 UBS CEO Sergio Ormudy also says the bank aims to 0:06:58.160 --> 0:07:00.120 buy back up to three billion dollars of a its 0:07:00.120 --> 0:07:00.960 own shares this. 0:07:00.920 --> 0:07:04.480 Year and staying in Europe, Nathan shares a Diagio are 0:07:04.600 --> 0:07:06.720 down about eight tens of a percent. The maker of 0:07:06.800 --> 0:07:11.120 Johnny Walker, kennel I and Casamigos is scrapping its sales 0:07:11.160 --> 0:07:14.200 target as it deals with sluggish growth and a possible 0:07:14.280 --> 0:07:17.440 tariff battle in the US, its biggest market. About forty 0:07:17.480 --> 0:07:20.520 five percent of Diagio's US sales are from products made 0:07:20.560 --> 0:07:25.840 in Canada and Mexico. Time now for a look at 0:07:25.880 --> 0:07:27.680 some of the other stories making news in New York 0:07:27.680 --> 0:07:29.320 and around the world, and for that we're joined by 0:07:29.360 --> 0:07:30.679 Bloomberg's Michael Maher. 0:07:30.720 --> 0:07:33.840 Michael, good morning, Good morning, Karen, Democrats are upset about 0:07:33.840 --> 0:07:37.600 the abrupt shutdown of the US Agency for International Development. 0:07:38.160 --> 0:07:42.040 Republicans say they welcome to move. The independent federal agency 0:07:42.120 --> 0:07:44.920 is approved and funded by Congress, but over the weekend 0:07:45.320 --> 0:07:48.840 it was essentially shuttered by the Department of Government Efficiency 0:07:49.000 --> 0:07:54.240 or DOGE, headed by billionaire Trump ally Elon Musk. Democratic 0:07:54.280 --> 0:07:58.040 Senator Brian Chats of Hawaii called the move flatly illegal. 0:07:58.480 --> 0:08:02.760 This is about, literally, do we uphold the rule of 0:08:02.880 --> 0:08:04.360 law in the United States. 0:08:04.800 --> 0:08:08.480 One of those employees was Christina Dry, a speech writer 0:08:08.600 --> 0:08:11.440 for the agency. Dry says she was locked out of 0:08:11.440 --> 0:08:12.880 her computer without notice. 0:08:13.240 --> 0:08:15.200 Literally, you put an email fixed to yourself, you put 0:08:15.280 --> 0:08:18.160 it download any of your work, and you couldn't. 0:08:17.800 --> 0:08:20.880 Communicate people like me who had access to BOKES and 0:08:21.040 --> 0:08:22.480 even get this email to not come in. 0:08:22.560 --> 0:08:24.280 I heard about that through the grape vine. 0:08:24.360 --> 0:08:27.480 Democrats are asking if Musk has the power to shut 0:08:27.520 --> 0:08:32.240 an entire agency. Whye House Press Secretary Caroline Levitt responded. 0:08:32.040 --> 0:08:34.880 I can confirm he's a special government and employee. I 0:08:34.920 --> 0:08:37.880 can also confirm that he has abided by all applicable 0:08:37.880 --> 0:08:38.640 federal laws. 0:08:39.160 --> 0:08:42.200 It comes as news that DOGE now has access to 0:08:42.280 --> 0:08:46.760 the Treasury Department's payment system. Secretary of State Marco Rubio, 0:08:46.880 --> 0:08:50.680 visiting l Salvador, announced an offer from the country's president 0:08:51.040 --> 0:08:55.800 to accept deportees from the US and jail violent American 0:08:55.840 --> 0:08:59.000 criminal citizens now in prison in the US as well. 0:08:59.280 --> 0:09:04.120 He has agreed to except for deportation any illegal alien 0:09:04.160 --> 0:09:07.360 in the United States who is a criminal from any nationality, 0:09:07.400 --> 0:09:10.200 be they MS thirteen or train that Agua, and house 0:09:10.240 --> 0:09:11.120 them in his jails. 0:09:11.720 --> 0:09:14.760 A US official said that Rubio spoke that the Trump 0:09:14.760 --> 0:09:18.800 administration had no plans to try to deport American citizens, 0:09:19.160 --> 0:09:22.160 but that the offer was significant. The US government cannot 0:09:22.200 --> 0:09:26.720 deport American citizens. Finally, the son of billionaire New England 0:09:26.760 --> 0:09:30.640 Patriots owner Robert Craft plans to run for mayor of Boston. 0:09:31.000 --> 0:09:34.400 Josh Craft will formally announce his campaign later this morning. 0:09:34.760 --> 0:09:38.320 Josh Craft will run against first term mayor Michelle wou. 0:09:38.520 --> 0:09:40.680 He says his number one priority is to lower the 0:09:40.679 --> 0:09:43.120 cost of housing. Global news twenty four hours a day, 0:09:43.120 --> 0:09:45.360 whenever you want it with Bloomberg News Now. Why Michael 0:09:45.400 --> 0:09:47.439 Barr and this is Bloomberg Karen. 0:09:47.640 --> 0:09:54.120 All right, Michael Barr, thank you time now for the 0:09:54.160 --> 0:09:57.280 Bloomberg Sports update, brought to you by tri State out 0:09:57.360 --> 0:10:00.719 Here's John stash Hour, John good morning, Good one up. 0:10:00.679 --> 0:10:03.600 The Garden Knicks and the much improved Houston Rockets, who 0:10:03.600 --> 0:10:06.200 threw three quarters at an eleven point lead. So in 0:10:06.240 --> 0:10:10.360 the fourth, the Knicks look to their captain Brunson against 0:10:10.360 --> 0:10:14.520 Thompson gets inside La off the hotness, the Brunson barrage 0:10:14.600 --> 0:10:16.160 continuers shot. 0:10:15.960 --> 0:10:17.400 Make it here on the fourth quarter. 0:10:18.080 --> 0:10:19.840 Bronson has been the catalyst. 0:10:19.960 --> 0:10:23.840 He's made all of bacousa a minute remaining, Brunson at 0:10:23.880 --> 0:10:26.280 three damn tail. 0:10:26.559 --> 0:10:30.760 Brunsen does it again. Tied up Rockets a MSJ. Knicks 0:10:30.800 --> 0:10:33.520 won one twenty four to one eighteen. He scored forty 0:10:33.559 --> 0:10:36.000 six points in the fourth and seven seen of those 0:10:36.040 --> 0:10:38.640 by Brunson, who finished with forty two. He's third and 0:10:38.720 --> 0:10:41.880 Knicks history with now eighteen games of forty or more. 0:10:41.920 --> 0:10:43.400 He's only in this third season with the team. Mix 0:10:43.480 --> 0:10:46.640 wat tonight in Toronto. Rockets go to Brooklyn, top two 0:10:46.640 --> 0:10:49.000 in the East, meet tonight Boston at Cleveland. The Cavs 0:10:49.040 --> 0:10:52.160 are forty and nine and West leading Oklahoma City with 0:10:52.200 --> 0:10:55.120 a blowout went on Milwaukee. The Thunder now thirty nine 0:10:55.160 --> 0:10:56.959 and nine at the Guard Tonight it's red hot Saint 0:10:57.040 --> 0:10:59.360 John's riding in an eight game winning streak, looking to 0:10:59.360 --> 0:11:02.360 remain unb at home and taking on Marquette, top two 0:11:02.400 --> 0:11:06.440 teams in the Big East. Baseball has fired umpire Pat Hoberg, 0:11:06.679 --> 0:11:08.880 who didn't work any games in twenty twenty four due 0:11:08.920 --> 0:11:12.800 to an investigation that determined Hoburg shared a betting account 0:11:12.800 --> 0:11:15.520 with a friend who bet on MLB games. Holburg said 0:11:15.520 --> 0:11:18.800 he's embarrassed, but that he never bet on baseball himself. 0:11:18.800 --> 0:11:21.600 He can apply for reinstatement next year. Chats and Eagles 0:11:21.640 --> 0:11:24.520 in New Orleans, so some familiar faces for Super Bowl 0:11:24.559 --> 0:11:27.440 opening night for Patrick Mahomes and Travis Kelseats their fifth 0:11:27.480 --> 0:11:29.760 Super Bowl in six years, but it's the first for 0:11:29.800 --> 0:11:31.960 sa Kuon Barkley, who on Sunday will try to win 0:11:32.000 --> 0:11:35.240 a Super Bowl on his twenty eight birthday. John Stasheware 0:11:35.280 --> 0:11:36.720 Bloomberg Sports Karen. 0:11:36.520 --> 0:11:43.520 Nathan Coast to coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:43.800 --> 0:11:46.640 and around the world on Bloomberg dot Com and the 0:11:46.640 --> 0:11:49.720 Bloomberg Business app. This is Bloomberg Daybreak. 0:11:49.840 --> 0:11:52.200 Good morning, I'm Nathan Hager, and the opening shots have 0:11:52.320 --> 0:11:54.960 been fired in a new trade war between the US 0:11:55.040 --> 0:11:58.679 and China. After President Donald Trump slapped ten percent duties 0:11:58.679 --> 0:12:02.600 on Chinese products just after midnight East Coast time. Beijing 0:12:02.720 --> 0:12:05.240 has responded with levies of its own on US energy 0:12:05.280 --> 0:12:09.160 and agriculture equipment, blacklist designations for a couple of American companies, 0:12:09.440 --> 0:12:13.400 and an anti trust investigation into Google. For the very latest, 0:12:13.400 --> 0:12:17.319 we're joined by Bloomberg News Global Trade editor Brendan Murray. Brendan, 0:12:17.400 --> 0:12:20.320 good morning. What to make of this response from China? 0:12:20.480 --> 0:12:22.920 Is it a full tit for tat against the ten 0:12:22.960 --> 0:12:23.800 percent tariffs? 0:12:23.800 --> 0:12:24.280 Good morning. 0:12:25.080 --> 0:12:28.760 I think the way it was characterized is right. These 0:12:28.800 --> 0:12:32.400 are opening salvos from both sides. A ten percent tariff 0:12:32.480 --> 0:12:36.079 on Chinese imports into the US is not really going 0:12:36.120 --> 0:12:39.600 to change the dial all that much in terms of 0:12:40.080 --> 0:12:44.720 trade flows between the two countries. China's retaliation is viewed 0:12:44.800 --> 0:12:53.120 as fairly measured. They launched an anti trust investigation into Google, 0:12:53.120 --> 0:12:58.200 but Google search services have been unavailable there, so you know, 0:12:58.280 --> 0:13:03.880 they kind of sort of a paper tiger response. But basically, 0:13:03.920 --> 0:13:05.720 this is the dance that the that the two the 0:13:05.720 --> 0:13:08.719 world's two largest economies, will do that will bring them 0:13:08.720 --> 0:13:11.200 to the table. President Trump will meet with President She 0:13:11.679 --> 0:13:14.520 undoubtedly in the weeks ahead, and they'll start working out 0:13:14.520 --> 0:13:17.880 a deal. If they can't, then then we will see 0:13:17.880 --> 0:13:20.560 a trade war. And you know, to ten percent tariffs 0:13:20.600 --> 0:13:24.200 that that Trump has put on China could become sixty percent. 0:13:24.480 --> 0:13:27.280 And an investigation, you know, this one that we saw 0:13:27.559 --> 0:13:30.520 into into Google, you know, could could turn it turn 0:13:30.559 --> 0:13:33.760 its crosshairs to a company like Tesla, which you know 0:13:33.800 --> 0:13:36.480 has a big operation in China and obviously would make 0:13:37.120 --> 0:13:40.199 much more of an impact in the White House than 0:13:40.920 --> 0:13:43.040 this than this other investigation has. 0:13:43.280 --> 0:13:46.280 Given what's being described as a muted response from China. 0:13:46.320 --> 0:13:49.040 Could it have afforded to do more given the struggles 0:13:49.080 --> 0:13:52.040 that we've seen of in the Chinese economy. 0:13:52.559 --> 0:13:54.760 Not really, I mean this is this is this is 0:13:55.040 --> 0:13:57.440 Beijing's way of saying, we're ready to deal with you, 0:13:57.840 --> 0:14:00.200 and let's let's get to the table and start and 0:14:00.240 --> 0:14:03.720 start negotiating that if they wanted to do you know, 0:14:03.880 --> 0:14:06.080 much harm to the to the US economy, they would 0:14:06.120 --> 0:14:07.719 have to come with a with a whole lot more 0:14:07.760 --> 0:14:10.600 than what they did. That's not in their interest right now. 0:14:10.679 --> 0:14:14.000 As as you suggested, their economy is is on is 0:14:14.080 --> 0:14:16.679 on the back foot, and they need to. They need 0:14:16.720 --> 0:14:21.000 to make sure that they maintain some sort of reasonable 0:14:21.040 --> 0:14:24.440 relationship with the US economy right now rather than cut 0:14:24.440 --> 0:14:25.200 it off completely. 0:14:25.600 --> 0:14:29.040 Do we have a timeline on when Presidents Trump and 0:14:29.080 --> 0:14:32.160 She could speak and what would the contours of a 0:14:32.200 --> 0:14:34.560 deal between these two countries potentially look like. 0:14:35.400 --> 0:14:38.680 Well, if if you take the previous deal, we don't 0:14:38.680 --> 0:14:42.760 really know the timetable. Uh. The President Trump is supposed 0:14:42.760 --> 0:14:44.200 to meet with a number of leaders in the in 0:14:44.480 --> 0:14:46.960 weeks in the weeks ahead, uh, and President She will 0:14:47.000 --> 0:14:50.120 certainly be one of those. The contours of any particular deal, 0:14:50.440 --> 0:14:52.680 you'd have to look back to the blueprint, a blueprint 0:14:53.080 --> 0:14:56.680 that we saw five years ago when Trump announced his 0:14:56.920 --> 0:15:00.200 quote unquote Phase one agreement they could go back is 0:15:00.200 --> 0:15:03.720 something like that where China agrees to, you know, purchase, 0:15:04.120 --> 0:15:08.280 you know a certain amount of American exports, agriculture, energy, 0:15:08.360 --> 0:15:12.040 those kinds of things. But you know, the President Trump 0:15:12.080 --> 0:15:14.720 is transactional. He's going to want something in return for 0:15:15.040 --> 0:15:17.360 keeping tariffs off of Chinese imports. 0:15:17.520 --> 0:15:20.840 And speaking of that transactionality, in our last minute, Canada 0:15:20.880 --> 0:15:23.640 and Mexico, we're supposed to get twenty five percent tariffs 0:15:23.680 --> 0:15:26.560 after midnight. Now that's been delayed another month. What's that 0:15:26.640 --> 0:15:29.960 say about the seriousness of the tariff threat from the President. 0:15:30.320 --> 0:15:35.360 Well, it says that he's got, you know, he's got 0:15:35.400 --> 0:15:38.600 he's playing his poker hand pretty carefully when it comes 0:15:38.640 --> 0:15:42.760 to those two countries there were those are obviously more 0:15:42.840 --> 0:15:46.400 and more allies than China would be that and we're 0:15:46.400 --> 0:15:50.560 connected the US is through through you know, a free 0:15:50.560 --> 0:15:54.320 trade agreement across the North America. So it says that 0:15:54.600 --> 0:15:58.000 he walks away with you know, a pledge to for 0:15:58.040 --> 0:16:01.520 the for both Canada and Mexico to titan border security, 0:16:02.720 --> 0:16:06.720 to migration and the flow of drugs. But it essentially 0:16:06.800 --> 0:16:09.160 kicks the can down the road. In thirty days from now, 0:16:09.560 --> 0:16:11.800 we're going to be having a similar conversation about whether 0:16:12.040 --> 0:16:14.760 those threats of tariffs are more of a bluff or 0:16:14.800 --> 0:16:15.320 they're for real. 0:16:15.760 --> 0:16:19.200 This is Bloomberg Daybreak, your morning podcast on the stories 0:16:19.280 --> 0:16:22.320 making news from Wall Street to Washington and beyond. 0:16:22.560 --> 0:16:24.960 Look for us on your podcast feed by six am 0:16:25.000 --> 0:16:28.400 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:16:28.600 --> 0:16:31.440 You can also listen live each morning starting at five 0:16:31.480 --> 0:16:34.200 am Wall Street time on Bloomberg eleven three to zero 0:16:34.200 --> 0:16:37.120 in New York, Bloomberg ninety nine to one in Washington, 0:16:37.160 --> 0:16:41.120 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:41.320 --> 0:16:43.040 XM Channel one twenty one. 0:16:43.280 --> 0:16:46.000 Plus listen coast to coast on the Bloomberg Business App 0:16:46.040 --> 0:16:48.880 now with Apple CarPlay and Android auto interfaces. 0:16:49.080 --> 0:16:52.120 And don't forget to subscribe to Bloomberg News Now. It's 0:16:52.120 --> 0:16:54.840 the latest news whenever you want it in five minutes 0:16:54.960 --> 0:16:58.080 or less. Search Bloomberg News Now and your favorite podcast 0:16:58.120 --> 0:16:59.880 platform to stay informed all day. 0:17:00.640 --> 0:17:03.760 I'm Karen Moscow and I'm Nathan Hager. Join us again 0:17:03.800 --> 0:17:05.880 tomorrow morning for all the news you need to start 0:17:05.920 --> 0:17:07.600 your day right here on Bloomberg. 0:17:07.680 --> 0:17:08.040 Dave Ray