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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 what could be a major change to President Donald Trump's trade war. The President has signed an executive order to consider reciprocal tariffs on a whole host of trading partners.
I have decided, for purposes of fairness, that I will charge a reciprocal tariff meeting. Whatever countries charged the United States of America, we will charge them no more, no less.
President Trump's directive calls for the US Trade Representative and the Commerce Secretary to propose new levies on a.
Country by country basis.
Commerce Dominie Howard Lutnick says the review could be complete by April first, and Trump could act immediately after. The White House memo says the levies could offset not just other countries tariffs, but non tariff barriers like unfair subsidies, regulations, and value added taxes.
Well, Nathan, The latest salvo on tariffs came as Trump and India's Prime minister and aarrender of Mody met in Washington. The two leaders agreed to begin negotiations to address what Trump described as long running disparities in their trade relationship.
It has been to US just about the highest tariff nation anywhere in the world. They've been very strong on tariffs, and I don't blame them necessarily, but it's a different way of doing business.
It's very hard.
To sell into India because they have their trade bears very strong tariffs.
The President's comments came as an aarrendera Mody said the two men had agreed to more than double bilateral trade to five hundred billion dollars by twenty thirty.
I mean, well, Karen, there's been a legal setback for the President in his effort to freeze funds for foreign assistance programs. We get the very latest on that with Bloomberg's John Tucker, Good Morning.
John, and Nathan Offendel. Johns temporarily blocked the Trump administration from enforcing that broad freeze. USAID Judge Amir Ali determined that the Trump administration's blanket suspension of foreign aid funding had a catastrophic impact for thousands of nonprofits who rely on the aid to carry out their work abroad, and was likely illegal.
The judges ruling.
Came after The US Agency for International Development saw thousands of staff fired or put on leave, and its name was actually stripped off its Washington headquarters. A report by the agency's inspector General estimated that nearly five hundred million dollars of emergency food assistants is at risk of being ruined. Well, that inspector general was fired after that report came out. Dozens of lawsuits have been filed challenging the slew of
executive orders issued by President Trump. I'm John Tucker Bloomberg Radio.
All right, John, thank you all. Even with the legal setbacks, that Trump administration is moving ahead with its effort to shrink the federal workforce. This time, probationary workers are unnotice. Bloomberg News has learned the Office of Personnel Management has told multiple government agencies to lay off their probationary employees, with some exceptions. As of last year, about ten percent of federal workers were under a probationary period, most of
them in defense and veterans affairs. Meanwhile, a government union chief tells Bloomberg Law the Department of Housing and Urban Development plans to cut half its workforce. The official says the cuts affect employees who enforce civil rights law, compile housing data, and rebuild after disasters overseas Karen.
Vice President JD.
Vance is set to meet with Ukrainian President Vladimir Zelenski today on the sidelines of the annual Munich Security Conference. Bloomberg Zamy Morris reports.
Vice President Vance and Secretary of State Marco Rubio are set to sit down with Zelenski to discuss President Trump's intensifying push for Ukraine and Russia to begin negotiations to end the war. President Trump says, Russia President Vladimir Putin wants peace.
I know him very well.
Yeah, I think he was peace.
I think you would tell maybe it's not a question of liking Russia or not liking Russia was the gaight, And you know, I said, what are you doing?
You guys?
All you talk about is Russia and they should be sitting.
At the table.
The meeting comes just two days after Trump spoke separately with Putin and Zelenski. Trump says he and Putin agreed it was time to start negotiations. Amy Moore as Bloomberg Radio.
All right, Amy, thank you well. Jamie Diamond says JP Morgan Chase will scale back spending on some diversity initiatives that he sees as a waste of money. At the same time, he also reiterated the bank's commitment to working with Black, Hispanic and LGBTQ communities. Meantime, Diamond was in Washington for a roundtable on de banking, which has been a hot topic after President Trump accused some big banks
of not doing business with conservatives. Diamond says JP Morgan does not debank people for their political affiliations, but.
There are a lot of things that canna be fixed and we should fix them.
The rules and the requirements are so onerous, and it does course people be debanked through my opinion, should not be debanked.
Diamond pointed to anti money laundering and financial crime rules as a cup forty banking.
Stay with Banking Karen HSBC is planning a new round of job cuts next week. Bloomberg News has learned the changes to the investment banking workforce will affect employees globally, starting in Asia.
Well Nathan Apple.
And Google had both restored TikTok to their mobile app store. Sources say the iPhone maker made the move following a letter from US Attorney General Pam Bondi both companies had removed TikTok in the US to comply with the law passed last year.
Let's check some stocks on the move this morning, Karen, starting with Applied Materials.
Those shares are down five percent.
The largest US maker of chip manufacturing equipment gave a lukewarm revenue.
Forecast for the current period.
A Matt expects a four hundred million dollar revenue hit in fiscal twenty twenty five due to export rules.
On the flip side, Nathan shares of Intel are on track for their biggest weekly gain in twenty five years. The stock is that more than three and a half percent this morning and twenty five percent for the week earlier.
This week, Baird.
Noted talk that the US government could get involved with the plan involving both Intel and Taiwan semiconductor manufacturing.
Shares of Airbnb Karen R up fourteen percent.
The company issued an upbeat forecast for the first three months of twenty twenty five, citing continued strong demand after a strong holiday travel season.
And Nathan shares a game stopper, up almost seven percent. CNBC is reporting the video game retailer is considering investing in bitcoin and other cryptocurrencies.
On the flip side in a big way.
Karen shares of Informatica are plunging nearly thirty five percent. The software company's revenue forecast trailed analyst estimates it.
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.
Manhattan's top federal prosecutor, Danielle Sassoon, and five high ranking Justice Department officials have resigned after she refused an order from the Trump Department of Justice to drop corruption charges against New York City Mayor Eric Adams so as soon a Republican accused the Department of a quid pro quo, namely dropping the case to insure Adam's help with Trump's immigration agenda, and she said she was confident Adams committed
the crimes in his indictment. And even more, a Texas judge has fined a New York doctor for prescribing abortion pills to a woman near Dallas, and one of the first challenges in the US to shield laws enacted in Democratic controlled states where abortion is legal the ruling was handed down. On the same day, New York Governor Kathy Hokeel rejected a request from Louisiana to extradite the same doctor.
Never under any circumstances will I sign an extradition agreement.
Doctor Maggie Carpenter was charged in Louisiana with prescribing abortion pills to a pregnant minor. The Stonewall National Monument and New York City Stonewall in continued to celebrate the transgender community, but the National Park Service web Pagel's a different story. The page has removed all mention of the transgender community from its website, the latest effort by the Trump administration to demand that the federal government recognize only two genders.
City Council co Chair of the LGBTQ Caucus Eric Bacher, the gay and.
The lesbian New Yorkers are sticking with our transgender siblings.
We're not going to abandon them. We're going to fight alongside them.
New York Governor Holkel, calling the decision by the Trump administration cruel and petty. Robert F. Kennedy Junior was officially President Trump's new Secretary of Health and Human Services head. He sworn in yesterday in the Oval Office after the Senate confirmed him on a fifty two to forty eight vote earlier in the day.
President Trump, He's a fierce advocate for the health of our children and for the values of free speech, democracy and peace.
Mitch McConnell of Kentucky, the former Senate majority leader, was the only Republican to vote against Kennedy. Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Michael BARRN. This is Bloomberg Karen.
All right, Michael barr thank you time now for the Bloomberg Sports Update, brought to you by Try State OUTI here's John Stashauer.
John, good morning, Good morning, Karen. The Giants were born one hundred years ago and Tim Merhra put up five hundred dollars. Tish family came aboard in nineteen ninety one face seventy five million for fifty percent. John Marraw and Steve Tish control the team, who put out a statement last night that they are putting in an ownership stake of up to ten percent up for sale. They've hired a banker, perhaps with an eye of the NFL. Now
allowing private equity firms in on partial ownership. Forbes has valued the Giants at seven point three billion.
As for the.
Jets, now official Aaron Rodgers will not be back for salary cap reasons. He won't be officially cut until June first, but he can signed with another team before then. Rodgers hasn't decided whether he wants to keep playing or retired. Travis Kelcey also hasn't decided. The Chiefs have told then they need to know by March fourteenth, when they're due to pay him twelve million. Four nations face off Hockey
US against Finland. This was one to one with three minutes left in the second period, but the US with two goals in a span of eleven seconds opening rid of the third. When they would later add to the league.
Using his stick, with Liddell able to recover get back in front of the finnishnitt Ikoda Waretzky, he takes.
The show loose scores.
Here's another bits as Montreal.
Which met Canada, they called two goals from Matthew to Chuck and two more for his brother Brady. US one six to one will play Canada tomorrow and I clearly more attention to this tourney than what the NHL would have added with a high scoring All Star game. The NBA also looking for more interest as a new format for Sunday Night in San Francisco, four teams with a
roster of eight playing games of first to forty. The Nick's being represented by Jalen Brunston, Karl Anthony Towns Big College Game tomorrow, Top frank Auburn visiting second rank at in state rivaled Alabama. Saint John's the Garden Sunday to play Creighton. That's the first place in the Big East. John Stanshedwer Bloomberg Sports Karendy Nathan.
Coast to Coast on Bloomberg Radio nationwide on Serious Exam and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.
Good Morning. I'm Nathan Hager.
It is a move that could up end decades of trade policy that the US helped to shape after World War II. President Trump is ordering his administration to consider reciprocal tariffs on a country by country basis. The President says it's all about writing the trade balance.
So, in other words, they charge US tex or tariff and we charge them the exact same texts or terriff for simple nobody knows what that number is unless you go by the individual country.
That was the President as he signed the executive order in the Oval Office joining us this morning. For more is Bloomberg News Senior editor Derek Wallbank. Derek, the President says, it's simple you go country by country, But it really is something that would completely shape the trade landscape around the world, isn't it.
Good morning, Yeah, yeah, Nathan, You're exactly right. It is going to be a very difficult thing to figure out how this is going to get levied country by country, item by item, sector by sector. There is a lot of work to do. That's why this White House has been given until at least April to figure out how these would be levied, where they would be levied, on whom and in what amount. And I say that level of vagueness because it's really important when you're considering markets.
There was some view by some that this was going to be some version of an on off switch. That is not what happened. The delay was something that was a respite for a lot of traders. You saw a lot more green than would have seen otherwise, and you saw a little bit of an unwinding of some of those risk positions. The other part of that that's really critical is that markets are starting to think of the word delay or the word sort of like a time
window in the terms of negotiation. Right. Trump was talking through his sectoral tariffs on steal and aluminum about maybe there could be a way that Australia could pull an exemption. He put on a ten percent China tariff that's short of sixty. He put on the twenty five percent against Canada and Mexico and then suspended that for a month.
So there really is a certain sentiment in markets that saying maybe there's a little bit of breathing room, even as the President is saying there will not be exceptions to this.
Derek is April first enough time, given how much the Commerce Department and the USTR are being told they need to look at not just tariffs on a country by country basis, but non tariff barriers as well.
Yeah, you think it's quite a lot there, and then once once those are figured out, you could imagine that there's going to be a case for time to implementation. Right, you have to tell people exactly what's going to be levied, how it's going to be levied, et cetera. So it's very possible that April, and I wouldn't even say April one is a firm deadline, but it's possible that April
is the sort of starting point for something else. But I do think back to your original point, this is a really major move to sort of up end the way that trade goes. And Trump is pitching this as simple, right. Trump is basically saying, look, whatever you do, we're going to do back. It's going to be that easy. And
we've even seen some countries. India was a great example near Andromodi was at the White House yesterday, but India, walking into that visit had already started changing their own tariffs on certain goods to try and get a little bit closer into Trump good rasis.
On top of the trade moves, Derek, we've seen and continued to follow, the President making moves to a certain pretty sweeping control over the federal government, among them to cut off foreign aid to administered under US A I D. A federal judge has just blocked that effort. Where do you see this going from here?
Now?
I think right exactly where you were saying is about where everyone's expected this was going is to the courts to figure out what they're allowed to do. But look, make no mistake, this is something that the that the Trump campaign said that it was going to do, that it was going to be very aggressive. That they had, They had spent the four years in the political wilderness, so to speak, figuring out what they might do as and when Trump got back in and they were they
were ready to go. There is a certain shock and all idea to it. If you sort of listen to someone like Steve Bannon, the sort of long time whisper of the maga right. Bannon has argued for a while, you go absolutely maximally and even if you can't get everything eventually, you'll still get a lot because you'll overwhelm
your opposition. And indeed, we are seeing a lot of discontent on the left trying to figure out how to res with and having some trouble being able to not just respond at scale, but at the swiftness that some of these actions are coming.
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 Ray