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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 the latest on the trade war.
President Trump is closing in on the one hundred day mark of his second term and he's still looking to make deals. The President says his one hundred and forty five percent tariffs on China will force Beijing to the negotiating table.
We were losing hundreds of billions of dollars a year with China, and now they're not doing any business with us, you know, because not because of that, because of me, Because at.
One hundred and forty five percent, you can't do business. But something's gonna happen. That's gonna be possible now.
The presidents spoke with reporters on his way back to the White House from New Jersey this morning. China's Foreign ministry reiterated that it is not engaged in trade talks with the US. China's promising more support for its exporters, including plans to direct loans to troubled firms and to boost domestic consumption.
Well, Nathan, the Trump administration is signaling that Asian countries such as South Korea, Japan, and India are leading the way in tariff negotiations. Treasury Secretary's gone Vesson says some nations are prepared to make significant concessions to secure a deal.
We've had several of these Asian countries that come in and said, oh, well, we'll stop doing this, this and this. And I look at these lists and I think, how did we get here? How do we get here? Because this trading system has been so unfair. And as President Trump says, I don't blame the countries, I blame the previous administrations. Let them get away with it.
And Treasury Secretary's gone Besson tells ABC's This Week that there are eighteen important trading partners, including China, which he says is undergoing a special negotiation. And you can hear this week every Sunday on Bloomberg Radio.
Well, we may soon start to feel the impact of the trade war, Karen Cargo shipments from China to the US if plummeted by as much as sixty percent since the US raised tariffs earlier this month. By the middle of May, thousands of companies will need to replenish inventories.
Both Walmart and Target told the president last week that shoppers are likely to see empty shelves and higher prices and appoon The Global Management Chief economist Torsten Slock recently warned of looming COVID like shortages and significant layoffs Well Nathan.
In a post on Truth's Social over the weekend, President Trump suggested that tariffs would help him reduce income taxes for people making less than two hundred thousand dollars a year. Trump has previously argued that tariff revenue could replace income taxes, though economists have questioned those claims.
And Karen is the president approaches that one hundredth day back in office, his popularity appears to be declining. We get that story from Bloomberg's Gena Cervetti.
A flory of polls in recent days from NBC, CNN, The New York Times, ABC News, and Fox News revealed the same theme. Voters perceived Trump to be falling short on his core campaign promise to strengthen the economy. The president's rule up out of tariffs in early April cent global markets into shock. A CNN poll shows that just thirty nine percent of Americans approve of how Trump has steered the economy. That's the lowest of his two terms
in the White House. An NBC News polls showed tariffs were also deeply unpopular, with just thirty nine percent of respondents agreeing with Trump's tariff rollout. Trump wrote the twin issues of the economy and immigration to his November election victory, sweeping each of the swing states and winning the popular vote. Ginas Cervetti Bloomberg Radio.
All right, Gina, thank you now to the latest on the war in Ukraine. North Korea is acknowledging for the first time that had sent troops to the front lines. The official Korean Central News Agency reports North Korean forces helped regain control of Russia's Kursk border region. President Trump says he's hopeful that he's closer to a peace deal after meeting at the Vatican this weekend with the Ukrainian president Vladimir Zelenski.
He told me that he needs more weapons, but he's been saying that for three years. Yeah, he these more weapons, and we're going to see what happens. I want to see what happens with the respect to Russia, because Russia, I've been surprised and disappointed, very disappointed that they did.
The bombing of those places after discussion, and President Trump has floated the idea of secondary sanctions on Russia for firing into civilian areas in recent days.
Karen, let's look north of the border this morning, because Canadians are headed to the polls to vote for their next prime minister. We get that story from Bloomberg's David Gura in Ottawa. Prime Minister Mark Carney, the leader of Canada's Liberal Party, called this election in March, shortly after he succeeded Justin Trudeau. Carney's main rival is Pierre Poliev, the leader of the Conservatives. For Canadians, this is a referendum on their economic future. The country faces high inflation,
a housing crisis, and concerns over job security. But what's front and center are President Donald Trump's aggressive trade policies, particularly new tariffs, and comments he's made suggesting Canada should become part of the United States. The outcome of the election will determine how the country addresses these challenges and how it positions itself on the world stage. In Ottawa, I'm David Gura, Bloomberg Radio.
All right, David, thank you well. Turning to the markets, futures are lower as who begin to do trading week. The S and P five hundred down about eight percent since Trump's inauguration, and it's on track for its worst run during a president's first one hundred days since Gerald Ford in nineteen seventy four. Bob Michael as chief Investment Officer of fixed Income at JP Morgan Asset Management, and he says Wall Street is bracing for more uncertainty.
The bond market's telling us watch out as things stand. If the tariffs go through as they're currently speked out, the ninety days passes and there's only some moderate compromise, the US is going into recession.
JP Morgan Asset Management's Bob Michael. Earnings will also be in focus this week for the so called Magnificent Seven. Microsoft, Apple, Meta, and Amazon are scheduled to report.
And we have some deal news on this Monday morning. Karen Germany's Merk is buying Stamford, Connecticut based spring Works Therapeutics for three point nine billion dollars. Spring Works makes medicines for cancer and rare diseases.
It's 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. Murder charges have been filed against a suspect in a weekend car ramming attack that killed eleven people at a Filipino heritage festival in Vancouver. Hundreds attended vigils Sunday across the city for the victims, and the Canadian Prime Minister visited the site. Prosecutors have charged a thirty year old man. Investigators have ruled out terrorism and say he has a history of mental health issues. Mayor Ken sim.
He is known to please for a multitude of mental health interactions. Now it would appear that mental health appears to be the underlying issue here.
Those killed were between the ages of five and sixty five. Canada's Prime Minister Mark Kearney says all of Canada is in mourning over the attack.
Families lost a sister or brother, a mother, a father, a.
Son or a daughter.
Those families are living every family's nightmare.
Dozens were also injured when the man drove and suv struck people attending the Lampoo Lapool Day festival on Saturday. We're learning a four year old and a seven year old with the US citizenship were deported alongside their undocumented mother to Honduras last week. It comes during the Trump administration's immigration crackdown. The family's lawyer said the mother was given no choice but to take your children. However, Trump borders are Tom Holman denies.
That the children aren't deported. The mother chilse to take the children with her. When you're at their country legally, and you know you're here illegally, and you choose have you assistant child, that's on you. That's not on this administration. If you choose to put your family that position, that's on them.
Tom Homan spoke on CBS Has Faced the Nation heard Sundays on Bloomberg. Authorities say more than one hundred immigrants suspected of being in the US illegally were taken into custody during an ICE raid at an illegal after hours nightclub in Colorado Springs, Colorado. Video posted online by the Drug Enforcement Administration showed agents announcing their presence outside the
building early Sunday. The DEA says the club has been under investigation for several months for alleged activities, including drug trafficking, prostitution and crimes of violence, Global news twenty four hours a day and whenever you want it with the Bloomberg News. Now, I'm Michae Labarn. This is Bloomberg Karen.
All right, Michael Barr, thank you time now for the Bloomberg Sports Update. Here's John stash Hour, John, good morning, Good morning.
Care another wild Nick's Pistons playoff game of Detroit Game four. So the nexs GOO from up sixteen late in the second quarter to down eleven early in the fourth. Jalen Brunson then return from a recurrence of his ankle injury to bring the Knicks back they trailed by two. In the final minute, Brunt sick one.
On one again, shrewder left of the lake, tipots into the lake, send to Tannanobia in the New York corner.
Shot bag triples sends it up top for towns. Shot bag one triple step back de threes to.
Believe He's good.
New York ninety four Detroit ninety three Timeout Pistons with forty six point six to.
Play ESPN Radio Colo on.
The Pistons missed two shots on their final possession. The Knicks, who won Game three by two points, won Game four by one. Brunson scored thirty two. He had thirteen after his return from the injury. Karl Anthony Towns twenty seven points. That three pointer was his fifth cade. Cunning Dam again led Detroit, and he had twenty five in a triple double. It's three to one. Nicks Game five tomorrow with the
Guard and the Celtics are up three to one. They got thirty seven from Jason Tatum and won one oh seven ninety eight at Orlando, Indiana with an easy win at Milwaukee for a three to one lead in Minnesota is up three to one on the Lakers. The Devils are down three. They lost in North to Carolina five to two. Andre Spetnitchek had the hat trick for the Canes. Capitals also won five to two and LP three to one on Montreal. The Met's bullpen, which has been so good,
failed them. In Washington, Mets had a seven to one lead in the seventh in a Nationals scored five and the seventh two more than ninth to win eight to seven. The game ended on a Pete Alonzo throwing. Their second time in three days, the Nats have walked it off. Series ends this afternoon at the stadium, Yankees swept too from Toronto eleven to two and five to one after Max Freed went to five and Oh Yanks a lot on the three hits.
The Nightcap hit.
Three homers Trent Grisham leading off, and later Aaron Judge and then j c Escara first homer of his career. Red Sox won thirteen to three in Cleveland. John Staneshandware Bloomberg Sports Karena Nathan.
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 Hager. As President Donald Trump closes in on his first one hundred days back office this week, he says he's got China right where he wants it on trade, and the tariffs are already having the impact he's looking for.
We're losing billions of dollars a day and now we're doing great and we haven't even kicked in yet. And eventually we'll be reducing taxes.
Very substantially for the people of our country because the money.
Is so great coming in from Paris.
And that was the President speaking with reporters in New Jersey last night for the latest onwere things stand now in the global trade war. We're joined by Bloomberg News Senior editor Bill Ferries. Bill, good morning. The talk we're hearing from the White House is that one hundred and forty five percent tariffs are going to force China to the negotiating table.
Is that what we're seeing at this point? Good morning, Good morning, Nathan, Thanks for having me. I think that is still very much an argument or a theory that's up in the air both sides in this trade war, kind of refusing to blink. So far, there have been some exceptions to those high tariffs on the US side, but by and large they're in place and seeing as starting to have a big impact on trade. When you look at the number of cargo container ships coming from China,
we know those numbers are down. We know that the heads of companies like Walmart and Target and Home Depot were at the White House last week arguing arguing for this period of high terriffs to be short. I think we're still waiting to see in the big economic indicators how serious of a hit this will be for either economy China or the US. But I think analysts say it's that impact is going to be made clear very soon.
But apart from the hard data, I mean, you mentioned some of the cargo shipments being reduced already, and we're already starting to see some of the major companies that are consumer facing in China appearing to be passing along a lot of these higher import taxes directly to consumers.
Now that's right. I mean we're talking about some of those fast fashion companies like Chian and Temu. They are already marking up their prices for deliveries to the US by in some cases more than two hundred percent. So that's something that you know, people will have to think about when they're doing some of their online orders and have to think about whether that's you know, they can replace that with either products here in the US or
products somewhere else online. But retailers are starting to feel the pinch of the tariffs and starting to pass those costs along. I think, is this builds up, particularly if there are fewer cargo ships coming into the US, you're going to have to You're going to see retailers running out of some of the inventory that got built up ahead of those tariffs ahead of Liberation Day on April second, and that's going to start having an impact in the economy as well.
And there's this idea as well, particularly floated by the Treasury Secretary, that if the US starts to get more trade deals with some of these Asian trading partners like South Korea and Japan, that could put more pressure on China to come to the table as well. Are we starting to see evidence that that's happening.
Well, we've seen, actually we've seen some pushback from Japan so far on trying to put restrictions on their trade with China. I suspect that's a position a lot of Southeast Asian nations in particular will have. Usually, the US and China are the two biggest trading partners for most countries in Asia, so it's going to be they don't want to do without either one. But there's gonna be a lot of scrutiny of that first or first two
trade deals that come through. We know Japan is supposedly near the top of the list India as well, there's gonna be a lot of scrutiny about whether whatever they agree to is really a framework that a lot of countries can follow, or if it's going to be very
much ad hoc and particular to each country. I think one big issue so far as there's just been a lot of confusion in terms of what country need to do to try to keep that ninety day reprieve as a more permanent feature of the new world of tariffs now.
I guess there's an open question as well as to whether investors are going to take a framework for an agreement as enough as opposed to a broader trade deal when the Treasury Secretary has said something like a deal with China could take two to three years in our last thirty seconds bill. The market reaction to this trade war has been very tough on the president in the first one hundred days.
Yeah, we one hundred days in the SNP is looking like it's down about eight percent since Donald Trump's inauguration. That would be it's on track for its worst run in the first one hundred days of a new administration since Gerald Ford in nineteen seventy four following Nixon's resignation. So that is not what people expected, I think when Trump took off, as they thought there'd be more of a stock market boom. We're still waiting to see that happen.
This is Bloombergy Daybreak, your morning podcast on the stories making news from Wall st Eat 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 Ray