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Good morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with copper trading at a record, as Bloomberg News has learned US tariffs on copper imports could be coming within weeks. That would be months earlier that expected. The news comes as President Trump told Newsmax there could be limited exceptions to his tariff.
Push, not too many exceptions.
Now.
I don't want to have too many exceptions. Look, we've been ripped off for forty five years by other countries, fifty years more. We always were soft and weak. It's almost like we had people that didn't know what they were doing. We were just ripped as a country like nobody has ever seen before.
It was President Trump speaking on Newsmax. Analysts to Goldman, Sachs and City Group and Notes have said they expect the US will impose a twenty five percent copper tariff by year's end.
Well, Nathan, President Trump is also saying more about the signal chat that Atlantic journalist Jeffrey Goldberg was allowed into as top officials discussed plans to bomb Yemen in the Newsmax interview, the President suggested a lower level stafford, a national security advisor Mike Waltz, invited Goldberg into the chain.
Somehow this guy ended up on the call. Now it wasn't classified, as I understand that there was no classified information. There was no problem, and the attack was a tremendous success.
President Trump says his administration is investigating how Goldberg was added, but Mike Waltz says the mistake is on him.
I take responsibility.
I built the I built the group.
Okay, So.
But look, that's the part that we have to figure out, and that's the part that we were embarrassing.
Yes, National Security Advisor Mike Waltz tells Fox News he's spoken with Elon Musk about the incident. Jeffrey Goldberg did not reveal actual attack plans in his article about the apparent breach, but did say Defense Secretary Pete Hegseth at one point shared operational details of forthcoming strikes on Yemen.
Speaking of forthcoming, Karen, the US Treasury Department is the latest target of Elon Musk's forthcoming do JE effort. Let's get the very latest one that from Bloomberg's John Tucker, John, I assume we're talking about job cuts.
Yes, we are, and.
The Treasury says it's planning to lay off what it calls, quote, a substantial number of employees. The Treasuries finalizing the plans in response to President Trump's executive order implementing the Department of Government Efficiency, led by billionaire Elon Musk. The Treasury has more than one hundred thousand employees across several different viewers, including the Internal Revenue Service. The disclosure comes from a Treasury human resources official as part of a collection of
sworn affidavits filed in court. The Trump administration has been required to certify to a federal judge that's complying with a temporary restraining order. I'm John Tucker, Bloomberg Radio.
All right, John, thank you. Meanwhile, Republican leaders say they are getting close to agreeing on a plan to pass an extension of President Trump's twenty seventeen tax cuts and an increase to the death ceiling.
The plan is to approve.
An economic package by the end of May, with House lawmakers aiming to move even quicker before the Memorial Day weekend.
Well, caeren Now we get to the latest developments in the war in Ukraine. The US says Russia and Ukraine have agreed to a cease fire in the Black Sea. The Kremlin has confirmed the agreement but says it's conditional on lifting sanctions on banks and companies involved in agricultural exports. Ukraine's president Vladimir Lenski says his forces will observe the partial truth immediately, but in a video post on x he also sounded this warning, Alik, sure if.
This agreement fails, if Russia does not fulfill the terms of today's agreement and instead tries once again to pressure the US, Europe and Ukraine, then I believe this should be only response. Definitely new sanctions.
Ukrainian President Vladimir Selenski, speaking through an interpreter on x and in the Newsmax interview, President Trump conceded Russian President Vladimir Putin may be delaying a full cease fire agreement.
I think that Russia wants to see an end to it, but it could be the dragon, the feed I've done it over the years. Yeah, I don't want to sign a contract. I want to sort of stay in the game. But maybe I don't want to do it quite I'm not sure, but no, I think Russia would like to see it end, and I think so Lensky would like to see it end.
At this point, Bloomberg News has learned the Trump administration is aiming to reach a full cease fire as soon as April twentieth. The Ukrainian and European officials have called that timeline overly ambitious.
We turn to the markets now, Nathan futures they're lower, following three straight days of gains on Wall Street. Jim Bianco, president and founder at Bianco Research, thinks the worst is over.
We have more.
Uncertainty now than we did during the COVID shutdown during nine to eleven or during the financial crisis. Now is more than a certain period. It isn't we're overdoing it right now. So I don't understand why we're getting ourselves all worked up that this isn't just a ten percent correction in the stock market. But this is the end of the American experience right now. So this is the type of environment where bottoms are made in markets.
Jim Bianco of Bianco Research stocks that bounced back in recent days as the Winehouse signaled plans to take a more targeted approach to the tariffs coming next week.
We have this just crossing the Bloomberg terminal, Karen, it was a good year to work on Wall Street. The average annual bonus rose by almost a third in twenty twenty four to almost two hundred and forty five thousand dollars. Total payouts jumped to a record forty seven and a half billion, the largest since at least nineteen eighty seven, when these records began, as revenue gains from trading and underwriting fueled a near doubling of Wall Street Bank profits.
Well not a company news nathan An Apple CEO Tim Cook has paid a visit to the hometown of China's Deep Seek. That's the company that shocked the world with its artificial intelligence models built at a fraction of the cost of American rivals. Cook met with developers at Xeijog University and Hangjau. The city is home to some of China's most revered tech firms, including Ali Baba and A.
Stock on the move in a big way this morning, Karen is Game Stop. The shares of the video game retailer are up more than twelve and a half percent in early trading. Of course, GameStop was a favorite of retail traders during the meme fre frenzy. Now, GameStop says its board has approved a plan to add bitcoin as a treasury reserve asset.
Time now for 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. President Trump signed an executive order that aims to overhaul the election system. One of the order's requirement is to require voters to show proof of citizenship before they can register for federal elections. Loyola Law School professor Jessica Levinson says Trump's action will likely face a vigorous legal challenge.
Estimates are that almost ten percent of US citizens of voting age, which is over twenty one million people, don't have proof of citizenship. They're readily available. Who are we talking about here when it comes to people who lack proof of citizenship that's readily available. Sometimes we're talking about married women who have changed their names and their birth certificates list their maiden names.
Loyola Law School professor Jessica Levinson spoke to CBS. There's growing concern about DNA held by a testing firm. New York Attorney General Letitia James is joining a chorus of voices warning millions of users to delete their data and destroy DNA samples held by twenty three and Me. It comes after twenty three and Me declared bankruptcy, raising concerns of whether the genetic testing company can protect its customers.
Vice president JD. Van said that he would join a delegation visiting Greenland this week, and said he would join the trip on Friday, which was already slated to include his wife.
There was so much excitement around Usha's visit to Greenland this Friday that I decided that I didn't want her to have all that fund by herself, and so I'm going to join her.
The trip has smart criticism from local leaders in the Danish territory that President Donald Trump has suggested should come under American control. New York Governor Kathy Hokeel asked the federal government to increase its funding contribution to the Metropolitan Transportation Authority in a March twenty fourth letter. The MTA carries forty three percent of the nation's mass transit writers but receives only seventeen percent of federal funding, which Hoko
calls a fundamental misalignment. Transportation Secretary Sean Duffy called the request outrageous, adding in a social media post, Governor hokel is asking for more money for the horribly run MDA Global News twenty four hours a day and whenever you want it with Bloomberg News. Now. I'm Michael Barr, and this is Bloomberg Kevin.
All right, Michael Barr, thank you time now for the Bloomberg Sports Update, brought to you by Tri State OUTI here's John Stanshawer, John, good morning.
Norning, Karen a wake Ago. Tommy DeVito was the only quarterback on the Giants roster. Then last Friday they added Jameis Winston. Now four days later, Russell Wilson has become a Giant. Just a one year deal. He can make up to twenty one million, about half that guaranteed.
Wilson is thirty six.
They're not getting the nine time pro bowler from his days in Seattle. He struggled in Denvery with subbar down the stretch this past season with Pittsburger. Wilson's career record as a starting QB is forty four games over five hundred. This puts the Giants out of the running to get Aaron Rodgers, but the feeling is it does not mean they won't also draft a quarterback next month.
They've got the third pick.
The Patriots signed veteran white out Stefan Diggs the Garden.
Triple Double Knight.
Karl Anthony Towns twenty six points, Josh Hart scored sixteen. They both add twelve rebounds and eleven assists for Hart his ninth triple double this season, breaking Clyde Fraser's team record. Teammates with triple doubles had never been done before in next history. They made Dallas one twenty eight to one thirteen. The coach his tump him out.
Uh the way, you know Josh was going to another triple double, breaking the record, you know, great accomplishment, and then tab Kat do it as well. That's pretty special. But uh Ogi was terrific throughout. I thought McHale gave us really good minutes and then our point guard play between Cam and Tyler was was also very good.
Jennen and I'll be team high thirty five points. Not g Marshall scored thirty eight for the Mass Rangers in La scored first JT. Miller early second perioded, but it was their only goal. They lost to the King three to one.
John Stashiel went Boomberg Sports.
Karennath Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the bloom Burg Business app. This is Bloomberg Daybreak.
Good morning. I'm Nathan Hager, and we now stand a week away from President Trump's promised liberation day of country by country tariffs around the world. After hinting earlier this week that some countries could get breaks, the President now says he does not want too many exceptions.
All we're going to do it's reciprocal. We're just going to be reciprocal. In fact, I'll probably be more lenient than reciprocal, because if I was reciprocal, that would be very tough for people.
President Trump spoke on Newsmax as Bloomberg News has learned, the President may impose copper tariffs within weeks, months ahead of deadline. For the very latest, we are joined by Bloomberg News Senior editor Bill Ferries. Bill, what is the President considering when it comes to copper tariffs.
What have we learned?
Hey, good morning, Nathan, Thanks for having me. So what we do know is when President Trump called on the Department of Commerce to look into the possibility of tariffs on copper imports, that investigation could have taken up to nine months. Now it seems like the administration their probe is moving very quickly. They expect to have a report
on the President's desk very shortly. So nine months has gone down to possibly days or weeks before a report is ready and the President makes a decision with people in the administration. Administration suggesting that the President has largely made up his mind that there will likely be tariffs on copper imports. And you saw that affecting the markets.
Today absolutely, with copper trading close to if not at a record. Why the apparent rush here, Bill, I mean, it took several months, didn't it for steal into aluminum tariffs to be finalized?
It did?
I think? You know, I think the President has just identified this as another one of his priorities. It's a way to it's a way to, in his mind, I think, help boost domestic mining, domestic manufacturing, try to get more of that in here. The reality is what we're seeing with a lot of products, including metals, is that shippers are trying to get that into the US before anything
takes effect. But as you know, and people who are listening every day, no on this show, every day, we have a slightly different news when it comes to tariffs. So what we're talking about today, there's still a lot of time for things to change before copper tariffs come and before this April second Liberation Day that the President keeps talking about.
And to that point, the President keeps talking about whether some countries could get exceptions, whether he even wants to see exceptions. What is the messaging that we're getting from the President at this point when it comes to what we could get on this coming Wednesday, Well.
What we expected, I think a few weeks ago was perhaps a wall of tariffs coming down on all imported goods from all countries. It looks like that perhaps is a bit of a stretch in terms of being able to do that for every country. The administration has repeatedly talked about a narrower list of countries. We don't know
how many countries are in a narrower list. That certainly opens the door for a lot of lobbying by different countries, and I think what we heard in your clip there is the President pushing back on some of those efforts. But we know the countries he's talked quite a bit about. They include Canada and Mexico obviously already under a lot of tariffs. There's China, There's India, who he said has very high tariffs, even Ireland, So a lot of European
countries likely facing some of these tariffs as well. So it's just universally, there's not going to be a lot of clarity until we wake up on April second.
While the market's focused on what could be coming a week from today, there's also a lot of focus in Washington still Bill on this signal chat that Atlantic journalist Jeffrey Goldberg got into about Yemen plans. What's the latest on.
That, Well, we're seeing a real circling of the wagons there, the President saying that they're going to be looking into how this journalist was added to that text, but largely defending his National security advisor Michael Waltz for the work he's done so far there, Michael saying that he doesn't know how Jeffrey Goldberg got into that chat group. He said he took responsibility, but he's not sure how that happened.
And then you had the D and I director Tulsea Gabbard and John Ratcliffe, head of the CIA, up on the Hill yesterday, up on the Hill today. So far their line has been there's not been classified information shared, but of course we haven't seen that full text message because Goldberg decided not to publish it.
This is Bloomberg day Break, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg day Break