News when you want it with Bloomberg News Now, I made Kleggi. President Trump's ten percent baseline tariffs on US trading partners around the world came into effect on Saturday as he plowed ahead with his strategy to encourage domestic investment by companies eager to avoid import taxes. While the baseline charge has kicked in, higher duties on some countries, which replace rather than add to, the ten percent rate,
are due to start on April ninth. Countries are weighing how to respond to Trump's latest levees, which raised US tariffs to their highest level in more than a century and battered the post World War II world trading system, as he has long decried as unfair. Elon Musk says he hopes for a zero tariff system between the US and Europe that would effectively create a free trade zone. We get more in this from Bloomberg's Denise Pellegrini.
Musk says ideally Europe and the United States should move to a zero tariff situation, effectively creating a free trade zone between Europe and North America. He told Italy's deputy Prime minister that's what he hopes occurs. The CEO of Tesla and head of President Trump's Doge cost cutting efforts, commented at a gathering of the right wing League Party in Florence, where he also said he hoped for a deeper partnership between the US and Europe and greater mobility
for those wishing to work in either region. Denise Pellgritty Bloomberg Radio.
Senate Republicans took a major step toward enacting President Trump's tax cut agenda and increasing the US debt ceiling, potentially injecting a small degree of certainty into financial markets royaled
by the President's tariff policies. The Senate early Saturday morning passed the budget resolution by a fifty one forty eight March and after an overnight marathon of votes on amendments to Republican Senator Susan Collins of Maine and Rand pull of Kentucky joined all Democrats in opposing the budget resolution.
An Israeli official says Prime Minister Benjamin Netanyahu will meet Monday with President Trump in Washington to seek a better tariff deal for Israel and to discuss the war in Gaza, the situation in Syria, and the Iranian nuclear Netanyahu was in the Hungarian capital of Budapest, where he was warmly welcomed by Prime Minister Victor Orbon in defiance of an arrest warrant issued against Natanyahu by the International Criminal Court
in November over Israel's conducting Gaza. The Israeli official, who spoke on condition of anonymity, said Orban and Netanyaho jointly phone Trump and on the call, the Israeli later raised the seventeen percent tariff the US is due to impose in some Israeli goods. Israel hope to escape tariffs by announcing it in to all remaining tariffs some of the US in advance, but that failed to work. Diane Swank, chief economists at kpmgtails Bloomberg that they've adjusted their economic forecast call.
We have. In fact, we have now moved to a little bit worse in our worst case scenario, and that's because the tariffs now are likely if they even with some rollback and some negotiation, they could easily hit the highest level since the early nineteen hundreds that with more retaliation, would get us into a recession.
KPMG chief economist Diane Swank on Bloomberg Television UK automaker Jaguar land Rover is pausing shipments of its cars to the US following the introduction of tariffs by Donald Trump's government. The company is putting these exports on hold this month as it looks at ways to address the new trading terms. The US government introduced a twenty five percent tariff on
imported cars, which went into effect on Thursday. The Jaguar land Rover move is the latest example of the global fallout from the policy, with other automakers also rethinking their business strategies. Elon Musk's DOGE government cost cutting effort maybe giving big tech companies a way to get even bigger. In Washington, Bloomberg's Nathan Hager explains from Washington.
Amazon and Google may be using IT to break Microsoft's long running stranglehold on the government software business. DOGE has identified software as a potential source of waste in the federal government. Now, Bloomberg News has learned lobbyists for Amazon and Google are working through trade groups it's like net Choice to make the case to Congress and federal agencies that they should get a piece of the IT contract. Pie in Washington, I'm Nathan Hager, Bloomberg Radio.
So called hands off protests held around the US Saturday, with a variety of grievances. Along the mall in Washington, Maryland Representative Jimmy Raskin spoke about attempts to prevent judges from stopping President Trump's executive orders.
Let's tell mega what democratic movements all over the world tell the dictators of the world. Hands off the courts, Hands off the courts.
Join us for a special weekend edition of Bloomberg Surveillance this Sunday, Jonathan Ferroll and Lisa Obramowitz will take you through the market turmoil and what's ahead for the trading week. Starts at five pm Eastern on Bloomberg Radio, Bloomberg Television, and the Bloomberg Podcasts page on YouTube. That's news when you want it with Bloomberg News Now. I made KLEGGI. This is Bloomberg