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Good morning, I'm Nathan Hager and I'm John Tucker. Here are these stories we're following today.
John.
The drop in stocks we're seeing around the world comes ahead of President Donald Trump's planned announcement of tariffs on Wednesday. White House officials had insisted earlier this month the levies would be more targeted, with some nations being excluded, but on Air Force One last night, the President pushed back on that idea.
You'd start with all countries, so let's see what happens. There are many countries. I haven't heard a rumor about fifteen countries, ten.
Or fifteen those countries.
Essentially all of the countries that we're talking about wouldn't be talking about all countries and.
Not a cutoff.
President Trump's indicated the plan will go beyond matching tariffs that other countries slap on US imports to include things like value added taxes and regulations. At the White how caes is unfair.
And President Trump also threatening secondary terraces on buyers of Russian oil if Vladimir Putin doesn't agree to a ceasefire with Ukraine. In an interview with NBC News, the President said he was very angry with Putin for questioning Ukrainian President Filadimir Zelenski as a negotiating partner, but he's softened his tone with Putin on Air Force One.
I don't think he's going to go back in this squad. I've known him for a long time. We've always gotten along well. He considered Zliski not credible. He's supposed to be making a deal with him, whether you like him, where you don't like him, So I wasn't.
Happy with that.
At the same time, President Trump pressuring Zelenski to agree to a deal on critical resource access, saying if Ukraine backs out of the Rare Earth's deal, he's got quote big, big problems and John.
President Trump's push for a ceasefire in Ukraine's drawing praise from his allies on Capitol Hill. Republican Senator Mark Wayne Mullen reacted on NBC's Meet the Press.
President Trump makes very clear where his positions are on all situations, but he's wanted to go through diplomacy first before anything else takes place. So him having a friendship or trying to have a relationship with Russia before this goes to this place was a right move. Now he's saying he's done.
That was Republican Senator Mark Wayne Mullen of Oklahoma on NBC's Meet the Press, which you can hear every Sunday on Bloomberg Radio.
And President Trump also were refusing to rule out running for a third term. He told the NBC there are methods that would allow him to rug in. When I asked about it on Air Force One, the President had this to say, you want to talk about.
It, I'm just telling you I have had more people say please run again. I said, we have a long way to go before we even think about that.
The twenty second Amendment to the Constitution limits presidents to just two terms. It was an act at after Franklin Delano Roosevelt was elected to a fourth term in nineteen forty four.
Turned back to markets now, John, As we said, futures and stocks around the world are sliding as we begin a new trading week. In Japan, the nik correction territory, and as you mentioned, gold once again is trading at a record heading into today's session, the S and P five hundred is down more than five percent. That's in contrast to stocks in Europe. They are higher by twelve percent for the quarter. Bloomberg Intelligence Diructor of Equity Research, Tim craighead has more on the divergence.
After years clearly of a tech driven tech lad rally in the US outperforming basically everything, this has been a three month period where we've had deep seek meet a German bazouka in terms of spending, meets Donald Trump tariffs, and it's those three factors that have turned tech on its head, have ignited optimism that we're not going to let this crisis in Europe go to waste, and we're actually going to get some collaboration and integration and movement.
That's Tim Craig of Bloomberg Intelligence. The risk of tarifflink damage has propelled the S and P five hundred to its worst quarter since twenty twenty two, wiping five trillion dollars off its value from a record high in.
February, and Nathan Goldman Sachs is cutting its S and P five hundred target for a second time this month. They're citing higher recession risk and towerf related to uncertainty. The team, led by David Costin now sees the benchmark to ending the year around five seven hundred points versus their previous estimate of sixty two hundred. The new target implies gains of just two percent from Friday's clothes. It's among the lowest on Wall Straight, according to data compiled by Bloomberg.
Of course, John one of the hardest hits stocks during the recent selloff has been Tesla, and at a town hall event in Wisconsin, the CEO Elon Musk acknowledged his job as head of President Trump's effort to cut the size of government is having an impact.
It's costing me a lot to be in this job. What they're trying to do is put massive pressure on me, and I has I guess to to you know, I don't stop doing this. Well, you know, my Tesla stock and the stock of everyone who hostess has gone went roughly in half. I mean it's a big deal.
Elon Musk's personal wealth has dropped by more than one hundred billion dollars this year as Tesla shares have slumped forty five percent from last year's peak. Musk spoken Wisconsin ahead of a state Supreme Court election tomorrow.
And finally, the head of France's National Rally Party, Marie Leapin, has been convicted of embezzlement by a Poaris court and it threatens the far right leaders possible twenty twenty seven bid for president. She and her party are found guilty of diverting millions of euros in EU funds to finance activities related to their domestic agenda. Lapan denys wrongdoing, claims the prosecution is seeking her political death. As she puts it,
the judges still reading out their decision this morning. If she enters the race, Lapen would currently be the leading candidate to replace Emmanuel mccron in twenty twenty seven, five h seven Right now at Wall Street, and it's 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.
The death toll from the seven point seven magnitude earthquake that hit me and mar has passed seventeen hundred as more bodies have been pulled from the rubble. A government spokesman says that another thirty four hundred have been injured and more than three hundred are missing. The earthquake occurred Friday near the country's second largest city. The World Food Programs Director in me and Mar Michael Dunford is calling on the world to help with urgent and immediate humanitarian services.
This isn't a country that already was experienced a humanitarian catastrophe because of an ongoing civil conflict, a civil war that has been raging now for four years. Muslim organization says seven hundred worshipers who were in mosques for Friday's prayers during the holy month of Ramadan killed and some
sixty mocks collapsed or were damaged. A tragic car crash in Brooklyn, New York, over the weekend is throwing the spotlight on habitual speeders, with multiple states now considering ways to crack down that includes installing devices and cars that prevent them from exceeding the speed limit. Police say thirty two year old Miriam Uremi was behind the wheel when she rear into a car and then struck and killed thirty four year old Natasa Sodra and her two daughters,
ages five and eight. Sadra's son is in critical condition. Police say Uremi was driving with a suspended license, and records show she racked up more than ninety tickets in the past, and that includes fifteen school zone speeding tickets and red light tickets. In just the last year, loane storms brought freezing rain and down trees and snapped power lines in Indiana, Michigan, Minnesota, and Ontario, Canada. More than
nine hundred thousand electricity customers lost power on Sunday. Utah is now the first date demand fluoride in drinking water. A recent foreign study brings the debate that claims too much fluoride could be harmful to children's cognitive development. Toxicologist doctor Stephanie Whitmer, the.
CDC has conducted high quality research that tells us fluoride is really great for our dental health. Dental hygiene. It strengthens enamel, It remineralizes our teeth, prevents de kay, it combats cavities, it fights bacterial growth. We know fluoride is good for our teeth.
Doctor Whitmer says matting fluoride and drinking water may impact low income families who may not have access to high quality dental care. Global News twenty four hours a day and whenever you want it with Bloomberg News Now Michael Barr and this is Bloomberg.
John All right, Michael, thanks very much. Yeah, that brings us to find ten all springtime. Now for the Bloomberg Sports Update and for that, Good morning, Dan Schwartzman.
Good morning, John and Nathan. For the first time since two thousand and eight, and for just a second time since the NCAA tournament expanded to sixty four teams back in nineteen eighty five, all four number one seeds reaching the final four. Yesterday, Houston dominated Tennessee sixty nine to fifty to win the Midwest Region, while Auburn outlasted Michigan State seventy to sixty four.
We shall talk at fifteen.
Thanker listens straight music on a three ref You called it right there. That's courtesy of CBS. Auburn winning the South Region. Both teams joined Florida and Duke, who both advanced On Saturday. Yankees improved to three and oh. Yankee bats continue to slug home runs in another dominated and win over the Brewers.
Free to count on arn Judge. One man out, driven deep to leftfield. He's done it again, see ya, A monster two run home run. Can't keep him in the park. Two to one, Yanks.
That's courtesy of Yes Yanks. Knock off the Brewers twelve to three. Yankee bats hit four more home runs in the game. They now have fifteen on the season. Aaron Judge another big game, hitting that three run homer, his fourth homer in the past two games. Match with an off day, they open up a three game set versus the Marlins tonight Miami. Elsewhere, Nationals beat the Phillies five to one, Red Sox lose at the Rangers three to two.
Orioles fall to the Blue Jays three to one. While padre startered Nick Pavetta gives up just one hit in seven innings in San Diego's five nothing win over the Braves. NBA Action Nick's Pete Portland one ten to ninety three Warriors. They've now gone eighteen and five since acquiring Jimmy Butler. Golden State dominates the Spurs one hundred and forty eight to one oh six, and the NHL Alexevechkin scoring is eight hundred and ninetieth goal in the Capital's eight to
five loss to the Sabers. Ovi's now just five goals away from passing Wayne Gretzky as a league's all time leading goal scorer. That's your Bloomberg Sports Update. I'm Dan Schwartzman, John and Nathan.
Coast to coast on Bloomberg Radio, nationwide on Sirius Exam and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Day Break.
Good morning, I'm Nathan Hager. With two days to go until President Trump's promised Liberation Day of reciprocal tariffs, he is now saying all countries need to be unnoticed, tamping down some of the speculation that the tariffs WI announced on April second could be limited in scope.
They ripped us off like no countries ever been ripped off in history, and we're going to be much nicer than they were to us. But it's substantial money for the country, NEVERTHELEDS.
And that was the President speaking of Board Air Force one last night. For the very latest, we are joined by Bloomberg's Kevin Whitelaw. Kevin, of course, there has been so much messaging around whatever the President is going to announce on Wednesday, This talk from Treasury Secretary Scott Besson that there might be a focus on what he's called the Dirty fifteen. Now it seems the President is kind of walking even that back a little bit. Good morning, Good morning.
Yeah.
Obviously, this is something where I think there are two different dynamics going on. One is there is a tussle within the administration itself over exactly how to proceed. There's a clamp within the Trump orbit that wants to go super hard, super big on tariffs, and then there are others that are very worried about the market impacts and
want to do a more gradual and incremental kind of approach. Obviously, Trump's instincts seem to be to go big, but you know, look until we actually see it, until we understand it, until we see the numbers and exclusions and everything else,
you know, we're not going to really know. I think the other dynamic is, frankly, the market just wants to believe it isn't going to be too big, and so I do think there's just a sort of a sense of people out there that just want to believe that this isn't going to be as dramatic and disruptive a shift as Trump seems to be promising.
How much is the president watching the market reaction based on what he's been saying in his public commentary, Yeah, I don't think we.
Know for sure, but we do know that he does frequently gauge you know, his you know, sort of his the market does matter to him as a benchmark, and there are times where he's very concerned about it. So you know, you could see something where if so, if he goes big in the market really really does tank, he could end up adjusting it. I mean, keep in mind,
we have seen this before. He announces big things, he does big things and then walks them back and adds exclusions and everything else, or you know, does a temporary suspension or so you know. Again, I think there are still a set of people that are hoping this is a negotiation or are hoping that if there really is a big negative reaction that Trump will recalibrate. Both of
those things are possible. But you know, Trump has shown that he's really does seem to believe broadly and deeply in the idea of tariffs, and you know, he could be trying to do something that's sort of a longer term shift than I think maybe the market is fully prepared for.
And does that idea that the president sees tariffs as a negotiating tactic play into some of the comments that we've been hearing from him around the Russia Ukraine ceasefire, talking about secondary tariffs on Russian oil buyers if Vladimir Putin doesn't come to a deal with Vladimir's Lenska.
Well, you know, it is interesting you are getting a sense that that suddenly his frustration is building with Moscow in a way we really haven't seen that much yet. Most of his ire up to now has been directed towards towards Ukraine's Vladimir Zelensky. But this time, you know, he's I think feeling tested by by Putin, and I think he's realizing that that his ambitions of a quick cease fire i e. You know, in the next few weeks are slipping away. Is as Putin just doesn't seem
to be all that interested in it. And obviously I think that a lot of other people watching this say that, you know, the the you know, Trump has done so many things that essentially encourage Putin to take a hard line that it is going to be very difficult for him to move him off of that.
And in our last minute, Kevin, what's the political consequence potentially of some of this latest commentary from President Trump that he's not ruling out the idea of seeking out a third term, which in the the least the twenty second Amendment of the Constitution seems to be a non starter.
Yeah, I think the Constitution is really quite clear on this, and I think everyone has gone back at various points in the past couple of months to look at it to understand it. So it's very, very hard to understand what he's saying, other than you know, perhaps the constitutional amendment,
which you know is clearly not going to happen. That is something Democrats have the easy ability to block and the Congress, let alone in the States, So it's not you know, I don't think he's ever explained what he's meant by this. He has toyed with this before, and you know, I don't think we know. It's hard to tell whether he's just enjoying sort of gaslighting the news media and Democrats on this one, or if there's something that he just hasn't explained anybody.
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