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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 President Donald Trump's address to a joint session of Congress, as heard live on Bloomberg Radio. It began with a bold statement from the President, America is back.
Six weeks ago, I stood beneath the dome of this capital and proclaimed the dawn of the Golden Age of America. From that moment dawn, there's been nothing but swift and unrelenting action to usher in the greatest and most successful era in the history of our country.
President Trump touted one of the biggest actions he's taken, plans for sweeping tariffs on allies and adversaries alike.
Tariffs are about making America rich again and making America great again. And it's happening, and it will happen rather quickly. There'll be a little disturbance, but we're okay with that.
And while economists of warren tariffs will raise prices for consumers, President Trump blamed his predecessor Joe Biden for inflation.
Their policies drove up energy prices, pushed up grocery costs and drove the necessities of life out of reach for millions and millions of Americans if never had anything like it.
President Trump also touched on the war in Ukraine. After his blow up with President Vladimir Zelensky in the Oval Office, Trump said he received a letter from Zelensky offering to sign the natural resources deal that was scrapped last week.
I appreciate that he sent this letter, just goid it a little while ago. Simultaneously, we've had serious discussions with Russia and have received strong signals that they are ready for peace.
Wouldn't that be beautiful?
And Trump taudy the government cost cutting and downsizing effort led by Elon Mosk, who was in the House chamber last night. The President read a long list of government programs and grants that he called examples of waste.
Many more have been found out and exposed and swiftly terminated by a group of very intelligent, mostly young people, headed up by Elan and we appreciated.
And Democrats frequently jumped in to reject the claims. Some of them held up protest signs like Musk steals and falls. One Democratic Congressman Algreen of Texas was removed from the House Chamber during the president's record setting one hundred minute speech.
And after the Speechkaren, it was the Democrat's chance to respond. Michigan Senator Elissa Slotkin criticized Trump's economic agenda, accusing him of targeting social Security and other benefits to give trillions of dollars to the wealthiest Americans.
President Trump is trying to deliver an unprecedented giveaway to his billionaire friends. He's on the hunt to find trillions of dollars to pass along to the wealthiest in America, and to do that, he's going to make you pay in every part of your life.
Michigan Senator Alyssa Slotkin argued, high grocery and home prices will be exacerbated by the president's tariffs.
Well, Nathan, we're getting more reaction this morning to President Trump's one hundred minute speech. Genie she had Zeno is a political contributor for Bloomberg.
The reality is is that by the time the speech ended, many Democrats had already left the floor out of protest, you know, and the President engaged with them. We heard him use an unfortunate term to refer to the Senator from Massachusetts, Elizabeth Warren. And so it was a very very contentious speech, and I think it speaks to how divided the American public is.
In addition to Genie she had Zeno, we also cut up with Bloomberg Politics contributor Rick Davis.
Tariffs are going to be a regime that Donald Trump uses to punish countries that don't do his bidding, to settle scores when it comes to trade, to equalize these reciprocal tariffs in order to equalize it and lower our trade deficits, and to take some pressure off American taxpayers who he is intent on lowering the burden of taxes.
And Bloomberg Politics contributors Rick Davis and Genie she Henza no the comments on a special edition of Balance of Power covering Trump's speech and.
Karen The address also included a call to end a key program from the Biden administration. Let's get the details on that from Bloomberg's John Tucker. John, which program are we talking about here?
Well, he took aim at the Chips Act. That's the fifty two billion dollars semiconductor subsidy that enjoyed bipartisan support.
Your Chips Act is a horrible, horrible thing. We give hundreds of billions of dollars and it doesn't mean a thing. They take our money and they don't spend it.
In fact, the Chips Act has spurred over four hundred billion dollars in investments from companies like Time on semiconductive manufacturing and Intel. It's intended to revital lies American semiconductor manufacturing and encourage chip research and development. The President argued that tariffs would achieve the same thing. At the very least. Republicans want to repeal the laws, labor friendly regulations, and environmental requirements. I'm John Tucker, Bloomberg Radio.
All right, John, thank you well. President Trump's trade war against America's three biggest trading partners drew immediate retaliation from Canada and China. Trump imposed twenty five percent taxes on Mexican and Canadian imports that we limited the levy to ten percent on Canadian energy. Prime Minister Justin Trudeau spoke to the American public yesterday.
We don't want this. We want to work with you as a friend and ally, and we don't want to see you hurt either. But your government has chosen to do this to you.
Canadian Prime Minister Justin Trudeau aims to put tariffs on more than one hundred billion dollars of American goods.
Well this morning, Karen, there's some optimism that the White House may walk back some of it's tariffs. Commerce Secretary Howard Lutnick spoke to Fox late yesterday.
Both the Mexicans and the Canadians were on the phone with me all day today trying to show that they'll do better, and the president's listening, because you know, he's very, very fair and very reasonable. So I think he's going to work something out with them. It's not going to be a pause, none of that pause stuff. But I think he's going to figure out you do more, and I'll meet you in the middle some way, and we're going to probably be announced in that tomorrow.
Of course, tomorrow now is today, and Commerce Secretary Howard lutnox comments followed a turbulent day on Wall Street. Stocks plunged at first, then recovered before closing down one point two percent this morning. Futures are pointing to a recovery. Stay with Bloomberg for a special conversation with Commerce Secretary Howard Lutnik.
It happens live at eight am Wall Street Time on.
Bloomberg Radio, Bloomberg Television, and the Bloomberg Podcasts page on YouTube.
Well Nathan, New York FED President John Williams said he anticipates tariffs we'll contribute to inflation. Williams spoke at the Bloomberg invest Conference in New York.
The talk of tariffs, the sense that there's higher prices you know out there, is clearly influencing how people are thinking about inflation this year. I'm not seeing as much of an indication in most of these surveys that that's about long run inflation or inflation in the future, but more about inflation in the New York term, and clearly, you know, people are experiencing some higher prices.
New York Fan president John Williams also said monetary policy isn't a good place and that he does not see the need to change borrowing costs right away.
Well, despite a possible trade war with the US, Karen, China has set an economic growth goal of about five percent for this year. Chinese Premier Lee Chiang announced that target during the opening session of the National People's Congress in Beijing. It marks the third straight year China set this goal. We get more from Bloomberg Chief North Asia correspondent Steven Engel in Beijing.
It's the same target that they set last year and met by the end of the year. And that's without a Trump trade war. So everyone is kind of saying, well, with this trade pressure coming and tariffs, where are they going to find that growth?
Well, that's why.
They did lift the fiscal deficit target to four percent of GDP from three percent.
Bloomberg Steven Engel says investors are expecting Chinese officials to unleash more stimulus later this year to help meet those economic goals.
Well, back here in the US, Nathan, job cuts are coming to Disney, and we get the latest from Bloomberg's Lisa Matteo.
Lisa, what's going on?
Hey there, Karen? Well, according to an internal memo, it's about six percent or two hundred jobs those are being eliminated at Walt Disney's ABC and Entertainment TV networks. So here's the breakdown. Okay, the biggest portion of the cuts that will affect the ABC News division in New York production units, including ABC News Studios, twenty twenty Nightline.
They will be consolidated, but.
Disney has eliminated more than eight thousand rolls since twenty twenty three. It's all part of an effort to cut about seven and a half billion dollars of annual costs now affected workers. They will be notified today Disney shares checking with them. They're up nearly one percent. Lisa Matteo, Bloomberg Radio.
Okay, Lisa, thank you, and a programming note this morning. This is day two of the Bloomberg invest Conference, convening deal makers and investors from.
Around the globe.
Today's highlights include former Treasury Secretary Stephen Mnushan, KKR CO CEOs Joseph Bay and to A soon to Brown Duckett, President and CEO of TIAA. We take you to Bloomberg invest Live starting at ten am Wall Street time on Bloomberg Radio and the Bloomberg Podcast YouTube page.
And it's 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. They were protests coast to coast over President Trump and Elon Musk's overhaul of the federal government in San Francisco, chance of no dictatorship were heard. In Washington, a protest was held alongside members of Congress labor leaders. Rallying outside the Office of Personnel Management building was there also Democratic Senator Chris van Holland of Maryland.
Donald Trump has given Elon Musk the keys to federal agencies, and there are dismantling services that are important to every American family.
A rally was also in Manhattan in support of Ukraine. The protests were held before President Trump gave his address before a joint session of Congress, where he defended his tariff plan, saying it would raise trillions. Powerful storms have killed two people in Mississippi, torn the roofs off an apartment building and a nursing home in Oklahoma, and threatened
communities across the nation. Tuesday's large system brought blinding dust storms to the Southwest, blizzards with whiteout conditions to the Midwest, and raised fears of wildfires in New Orleans. High winds forced some changes to Marty Group. The city short in the celebration's two biggest parades to wrap them up before high winds moved in. Dozens of people in Texas have been sickened and a measles outbreak, with health officials fearing this could spread at a high rate among the unvaccinated.
Baylor College of Medicine's top vaccine researcher, doctor Peter Hotez Warren. Measles has an incubation period of twelve days to three weeks, meaning someone can have it that long before symptoms showed, and it can infect others without knowing it.
We're going to still be in this for at least another two weeks, and the fact that this is continuing to accelerate suggests.
To me that it's going to be around for quite some time.
Last week, an unvaccinated child died in Texas from the illness. As of now, almost one hundred and sixty people have been infected, with close to two dozen people hospitalized. Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr. This is Bloomberg.
Hearent all right, Michael Barr, thank you time now for the Bloomberry Sports update, brought to you by Tri State Outie. Here's John stash Hour, John, good morning, Good.
Morning, care and Steph Curry has been coming to the Garden with the Golden State Warriors. Since twenty ten, he's only lost once, raised his personal record at MSG to twelve and one. Curry got hot in the second half, one on.
One with heart working around for Post Green hands Curry.
Three for Steph Curry, Dante the call. Curry scored twenty of his twenty eight points. After halftime, the Warriors went from down ten to up twelve. They beat Tom Thibodeauz next one fourteen, one oh two.
Low energy coming out to start to third, so they made up that ground real fast. Then we fought back and went back and forth and then uh, you know, a couple of mental errors left wide open three point shooters and against the team that's not good. You just came to the no.
Jenninobi led the next twenty nine points. Jalen Brunson scored twenty five. Nicks played without Karl Anthony Towns not an injury, it was for personal reasons. Nets lost in San Antonio, won twenty seven, one to thirteen. The Lakers a blowout win of New Orleans. They won seventeen to the last twenty. Lebron James moved over fifty thousand career points when you combine regular season and the playoffs. Good win for the Islanders three to two over a Winnipeg who has the
NHL's best record. Tough lost for the Devils in Dallas, they rallied to tie. The Stars scored with five seconds left to win four to three. The Bruins lost to Nashville six to three. Down goes number one. In college basketball, Auburn lost at Texas A and m Rutgers lost at Purdue by twenty nine.
The Super Bowl.
Champion Eagles ever awarded Saquon Barkley for his historic season, tacking two more years onto the three year contract he signed a year ago.
He'll make more than any running back ever has.
The Jets acquired Devonte Adams to catch passes from the former teammate Aaron Rodgers, where the Rogers not returning. No surprise, neither will Adams. The Jets had a ton of money by releasing them. John stash Atward Bloomberg Sports caaren.
Me 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.
President Donald Trump said he is leading what he calls a common sense revolution as he appeared before a joint session of Congress last night. And while the President admitted his plan to slash taxes and government spending and raised revenue through tariffs could cause, in his words, a little disturbance, he had this to say to Democrats.
These people sitting right here will not clap, will not stand, and certainly will not cheer for these astronomical achievements. They won't do it no matter what.
President Trump, speaking before that joint session of Congress, has heard live on Bloomberg Radio this morning after we are joined by doctor Lindsay Newman, geopolitical risk analyst and calumnist at Gezeromedia. Thanks for being with us this morning. You could certainly hear some of the tension from the President last night directed at Democrats. We saw that returned to him as well. What stood out to you from the House chamber last night?
Morning, Nathan, Thanks for having me on. Well for anyone hoping to catch their breath at the sort of six week mark that we're currently at, the message is that Trump is full steam ahead, and that's what stood out for me. You know, he said in his own words, the agenda has been swift and unrelenting. I can confirm as somebody who analyzes his moves that is absolutely correct, correct, and his administration is just getting started. It was a
speech sort of in two parts. The first half of the speech really focused on what he has seen as his accomplishments, his successes in the first forty three days. It was a staggering He identified his one hundred executive actions that he signed and four hundred additional presidential actions we know these. He went through them in detail, around border security, withdrawing from Paris, climate, the freezes on federal hiring,
the freeze on four and aid. He went through a very long list of what he and the Doge see as fraudulent money that was being spent. And then the second half of the speech really looked at what is on the to do list, building that golden dome that he has on his mind, resurrecting you, a shipbuilding, he had a call out for Greenland. I think what was interesting also is just how he approached the question that got him elected, which was are you better off today
than you were four years ago? And as you said, he said, look, there might be some disturbance on this path to the Golden Age. Please bear with me. Reciprocal tariffs are coming on April second. This is going to in his mind, make America Richigan. Taxes across the board are coming, energy and liquid gold is coming. And as you rightfully said, you know this is he's seen this as the common.
Sense revolutions, remains to be seen. What kind of impact, real world impact a lot of these promises that the President is making are going to have.
What did you make of some of the defense.
Of the policies that he's put in place so far, particularly around tariffs.
Yeah, so on tariffs, you know, Trump has essentially doubled and tripled down. I mean literally, they obviously said the tariffs are going to be going ahead on Canada and Mexico. He increased them, increased the tariffs on China. We know overnight there's been some discussion, as you shared earlier from Secretary Lutnik, that there might be some positive news today about a deal with Canada and Mexico that wouldn't just
be a pause but could actually resolve the issue. But Trump has made clear that tariff policy is an integral part of his trade policy. His administration believes this will ultimately deliver the US economy that they're looking to deliver. And his message is, you know, somewhat straightforward, if you don't produce goods in the US, if you're not producing in America, you are going to face tariffs. It's going to be reciprocal tariffs. It's going to be additionally, non
tax measures. Well, there's going to be reciprocity around. And he said specifically last night, it's not just going to be foes like China or potential foes like China. It's going to be friends. He called out specifically India, Canada, the European Union, even South Korea. So everybody is on notice that this is the policy ahead.
Did we hear a little bit of a warming of the tensions that we saw with Ukraine last week in the Oval Office with the President reading that letter from President Zelenski last night.
Yeah, So all of us who were tuning in from a sort of geopolitical foreign policy space, we're looking for some clarity around what Liza head after a tumultuous set of weeks that really began with JD. Vance's speech at Munich Security Conference and was bookended by the somewhat disastrous meaning between Zelenski and Trump on Friday. You know, I
think there was very little clarity offered. Trump's certainly did seem to really appreciate what he called the important letter by Zelensky that really gave that seemed to hear what Trump was looking for, right, So, Zelensky said he wants peace, he appreciates the US. That was a big sticking point on Friday when things went off the rails, and he said again he's ready to sign the mineral agreement. But a big question remains about where does the US stand on this war. Is it going to be with its
traditional allies in Europe. The news about halting funding US military funding to Ukraine on Monday certainly continue to dial up the heat and panic across Europe. He has also said he was continued to have good conversations with Russia and Putin and thinks the signals there are also positive
for peace. So, you know, betting markets are sort of all over the place about whether we're going to have a ceasefire agreement in the next couple of months, but you have to think that it's more likely now than I want to say six months to a year ago.
In the last thirty seconds, lindsay your thoughts on the Democratic response not only within the chamber but the actual speech last night.
Yeah.
Sure. You know, obviously it was half passive in the sense that there was no support for what Trump was saying, but then also active with Representative Green's sort of demonstrative remarks and removal. We know that there are protests across
the country. You know, what we're seeing overall from Democrats is they're still just essentially finding their footing after what was a very difficult moment in November, and you know, they have not yet approached the answer here to how they're going to reconcile with the realities of the Trump administration.
This is Bloomberg Daybreak, 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 Daybreak