Trump Defends Tariff Plan in Bloomberg Interview; Chip Stocks Walloped

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Good morning, I'm Nathan Hager and I'm John Tucker. Here are these stories we're following today.

John, we begin with a conversation with Donald Trump. The former president sat down with Bloomberg News editor in chief John Mickelthwaite at the Economic Club of Chicago, giving a spirited defense of his economic policy, focused heavily on tariffs.

To me, the most beautiful word in the dictionary is tariff, and it's my favorite word. It needs a public relations firm to help to miss your most beautiful word.

And Donald Trump argued that obnoxious tariffs and his words would force companies to bring manufacturing to the US to avoid levies, and he dismissed the idea they would disrupt supply chains or squeeze small business where.

The former president also discussed the FED and sidestep a question about whether he tried to remove Jay Powell as chairman, but he'd mocked the job of running the FED.

I think it's the greatest job in government. You show up to the office once a month and you say, let's say, flip a coo, and everybody talks about you like your god. Oh, what will he do.

Trump says it's fair game to talk to the Fed shairman about where interest rate should be, but that doesn't mean the president should mandate the decision.

And John Former President Trump also declined to confirm a report in Washington Post journalist Bob Woodard's new book that he has spoken with Russian President Vladimir Putin several times since he left office.

Well, I don't comment on that, but I will tell you that if I did, it's a smart thing. If I'm friendly with people, If I have a relationship with people, that's a good thing, not a bit I think in terms of a country.

And Trump also said he would accept the result of next month's election if it's a fair process. He downplayed the violence on January sixth, twenty twenty one, saying, quote, a lot of strange things happen. You can listen to the full sixty minute conversation with Bloomberg editor in chief John Mickelwaite on the Bloomberg Talks podcast. We will have much more from the interview from the Economic Club of Chicago throughout the morning.

Meanwhile, Katala Harris also too to the airwave. She was in Detroit for a town hall with radio hosts Charlemagne to God, pressing her case for more black men, especially to support her, Harris says it would she would work to decriminalize marijuana.

My pledge is, as president, I will work on decriminalizing it because I know exactly how those laws have been used to disproportionately impact certain populations and specifically black men.

Harris also said financial reparations for Black Americans needs to be studied.

And Harris and Trump, meanwhile john remain neck and neck in the race with less than three weeks to go. The latest nationwide survey conducted by the Marquette Law School shows Harris leading Trump forty eight to forty seven percent among likely voters. That one point difference is within the poll's four point seven percent margin of error.

Well, Harris may be leading in political donations. Trump has picked up some big name support. Elon MSS poured seventy five billion dollars into the Super Political Action Committee he created earlier this year. Billionaire Miriam adels inpoured ninety five million dollars into her super pack supporting Trump. Adventure capitalist Mark Andrewsen and Ben Horowitz each donated two and a half million dollars to a pro Donald Trump Super Political

Now let's turned to the latest from the Middle East. The Biden administration is warning Israel it must improve aid to Gaza. We get more from Bloomberg Middle East anchored Jimana Borsecci.

A letter was leaked yesterday and this wasn't actually it was intended for the public to see that the Biden administration had sent to Israel warning that they would need to improve an increasingly dirish humanitarian crisis in the Gaza Strip within thirty days, and that if they did not do that then they could in theory cut the flow

Bloomberg's Jamani Barsati says less than one hundred trucks per day have been entering Gaza.

And turning to the markets, Big Banks earnings wrap up this morning with Morgan Stanley reporting before the open, Alison Williams covers the banks for Bloomberg Intelligence.

For Morgan Stanley, we expect to see a top line boosted by the very robust markets that we've seen in the past few months, similar to what we've seen at the other large US banks. Strength and equities training especially place to Morgan Stanley's business model, as they are more skewed toward that business versus fixed income. Trading fee growth will also be a highlight. Finally, for Morgan Stanley, the key thing we'll be focusing on is the trend in

Bloomberg Intelligences Alison Williams says to look for those Morgan Stanley earnings around seven thirty Wall Street time.

Well, we're also looking john at chipstocks this morning after a combined four hundred twenty billion dollars in market value as erased from that sector. A slower outlook from key equipment supplier ASML Holding sparked a global route. The warning from the Netherlands based company put an abrupt end to

And Nathan, we're also seeing LVMH shares under pressure. They're down more than five percent. Shares of the fashion retailer, whose brands include Louis Vuitton and Kristin Dior a film for the first time since the pandemic.

And sticking in Europe, John UK inflation has slipped below the Bank of England's two percent target for the first time in three and a half years, a fall that sets the stage for a second interest rate cut from the BOE next month. Consumer prices rose one point seven percent in September compared to a year prior, and is.

Now five oos siviled on Wall Street Time 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, John, and Atlanta judge has blocked a last minute moved by the Georgia State Election Board to require a hand count of ballots across local precincts statewide in the November presidential race. Last night, Fulton County Superior Court Judge Robert McBurney signed with challengers who argued the Republican majority election board risks introducing confusion and delays into the process by adopting the handcount rule so

We need a food safety agency, not just a part of the FDA, that will guarantee the supply chain, the manufacture, the shipping, and everything associated with food, because there are literally thousands of contaminated products on the market every year, and they can cause sickness and even death.

A total of fifty nine people have been infacted and hospitalized across nineteen states so far. The cleanup and recovery efforts continue in parts of Florida that we're hit hard by Hurricane Milton. Governor Ron DeSantis and Zephyr Hills said power is being restored quickly.

We've now had over four million accounts restore to power since Hurricane Milton came. That is the fastest that's ever been done for that many accounts.

At least twenty three people have died from the storm in Florida. Former Clark County Public Administrator Robert Tullis, who has found guilty of murdering Las Vegas Review General investigative reporter Jeff Jerman, is set to be sentenced today. The jury already sentenced tell Us to lifetime in prison at wherever the judge could lessen the sentence. 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.

John. Michael, thank you, and that brings us to five h nine on Wall Street Time down for the Bloomberg Sports ub Day, brought to you by Tri State Aldi under bad Chris John Stashauer.

All right John.

The Yankees halfway towards winning the ALCS would be the first time in two thousand and nine's the second since oh one at the stadium the RBI doubles and Alex Dugos second, and in Anthony Rizzo and the sixth, and then in the seventh. Something that usually happens off but lately is not.

Judge.

It's a high fly at a center Backos Thomas on the track near the wall. She's gone, Aaron Judge hit the ball so high you wonder it came down in Monument Park. HiT's a Judge in glass all rise, Here comes the Judge.

F an had it Judges first home in the moost three ways. Yanks beat the Guardian sixty three. Geric cole nodded at his best, gave up six hits, four walks with the Yankee bullpen's been outstanding. Tim Hill got five outs, Tommy Cainley got four of The Yanks go to Cleveland up two nothing, Game three Tomorrow, Game three NLCS Tonight City Field, Mets and Dodgers died at one. Luis Severino against Walker Buehler, the one time Dodger Ace, who's had

John Stasheware, Bloomberg Sport John.

Naven Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.

Good morning.

I'm Nathan Hey.

You're bringing you more now from our conversation with the former President of the United States, Donald Trump, the twenty twenty four Republican presidential candidate, spoke with Bloomberg News Editor in chief John Mikelfwaite at the Economic Club of Chicago in a wide ranging discussion covering a slop of economic topics. Let's listen in If you.

Add up all the promises you've made and your plans would add seven point five trillion dollars to the debt. It's more than twice the total for Vice President Harris. This is a very business like audience. YEA, why should they trust you with that?

Because we're about growth. She's got no growth whatsoever, and we're all about growth. We're going to bring companies back to our country. You look at even today as I was driving over, I see these empty, old, beautiful like steel mills and factories that are empty and falling down. Some have been converted to senior citizens' homes. But that's not going to do the trick. And we're going to

Beautiful word and the tariffs. Do you think that will bring in the revenues to use another bipartisan group, Yeah, Peace and Institute. They said, I only bring in two hundred billion dollars that is, yeah, only that's barely the cost of two of your promises.

Yeah, but that's like for what company you're talking about. Okay, look, I've I've brought in with tariffs and I was just getting started. Then COVID came and we had a which you know, because I tell you what, I did a very good job in COVID. Nobody knew what the hell it was. I call it the China virus because I like being a little more accurate. But when that came, but we got hundreds of billions of dollars just from China alone, and I hadn't even started yet. But tariffs

The markets are looking at the fact you are making all these promises. Latest one was Carlo, you're flooding the thing with giving giveaways. But I was. I was actually quite kind to you. I used seven trillion, the upper estimates fifteen trillion. People like a Wall Street Journal who's hardly a communist organization, but you don't. They have criticized you on this as well. You are running an enormous debt.

What is the Wall Street Journal? Now I'm meeting with them tomorrow. What is the Wall Street Journal? That they've been wrong about everything? So have you? By the way, you've been wrong.

You're trying to turn this. You're trying to turn this you've been wrong. No, you're trying to turn You're trying to turn this into debate.

There are business people.

You're wrong. You've been wrong. You've been wrong all your life on this stuff. You've been No, let me tell you about currency. You're going to You know, you're going jumping a lot of a lot of different subjects, sticking to the subject back their reserve currency. That's where you start. You'll go to third world status in this country. Because you take a look at the way things are running. If a country tells me, sure, we like you very much, but we're going to no longer adhere to being in

You say you don't want interest rates to go higher, You've gone backwards and forwards. About depends whether you want to keep whether you want to keep your own powerll as chair at the Federal Reserve. His term as chair runs on to May twenty twenty six. Would you seek to remove, remove or demote him.

I think it's the greatest job in government. You show up to the office once a month and you say, let's see flip a coal, and everybody talks about you like your god, Oh what will he do? I mean, before the guy used to walk into my office, he was like the beg in host he was.

Fine, did you did? You talked about removing him once?

I did, because he was keeping the reads too high him and I was right, and you would do that again. I was threatening to terminate him. There was a question as to whether or not you could. And there was an article on the New York Times two half pages one page that I can do it by lawyers, one half page that I couldn't. And that was enough for him, and he dropped the hell out of the rates. He dropped them too much, he went. So he dropped them

This is Bloomberg Daybreak. Here morning podcast on the stories making news from Wall Street to Washington and beyond.

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