News when you wanted with Bloomberg News. Now I'm Doug Krisner. We are seeing a cratering in risk assets across the globe. This is after the Trump administration indicated those sweeping US tariffs would be kept in place. US stock index futures are sliding. The S and P five hundred contract is down more than three percent, the Nasdaq one hundred contract is down four percent. The Dow contract off by more than two and a half percent. Earlier, President Trump said
he was not intentionally fueling a market selloff. However, he did say he will not claw back those US tariffs unless deals were to eliminate the US trade deficit. Here is Trump speaking to reporters aboard Air Force one.
We have massive surplus countries that we're dealing with. We have massive deficits. We've got to straighten that out because you can't continue to be there. It's been that way for years now and it can't go on any longer. And with the piggyback, we have all the advantages. Forget park kage for a second. We have all the advantages. We'll get it straight out. We're going to become a wealthy nation again, wealthy like never before.
That was President Trump speaking there. Now these comments are the latest in a parade of defiant signals from members of the administration. It was just earlier today the Treasury Secretary Scott Besson struck a defiant tone in the face of sharp declines in global markets. Besson said the new US tariffs were necessary, and he rejected the idea they would cause a US recession. Here is Besson, speaking earlier to NBC's Meet the Press.
Look, we get these short term market reactions from time to time. The market consistently the underestimates Donald Trump. I remember that in two thousand and sixteen, the night President Trump won, the market crash. Market crashed, and it turned out he was going to be the most pro business president in over a century, maybe in the history of the country.
That is Treasury Secretary Scott Besson speaking to NBC's Meet the Press. Last Friday in China, despite a national holiday, the government announced retaliatory measures against all US imports, imposing a thirty four percent tariff as of April tenth, and then over the weekend, Beijing announced the restriction on rare earth imports. Nurial Rabini is the chief executive officer at Rabini Macro Associates, he is expecting President Trump's trade war
to escalate with China. Here is Robini speaking earlier on a special edition of Bloomberg Surveillance.
The point about the I think that she's in king as more leverage he doesn't face as an election next year. He can use monetary policy, fiscal policy, and currency policy and structural policy to strengthen domestic demands. And it's not going to give She puts a signal he is going to start to negotiate until Trump is early serious about
the escalating. It looks like Trump doesn't want to de escalate with China because he wants to corner China and to ridical reduction on the trade imbalance between US and China.
That is Uriel Rabini of Rabini Macro Associates, speaking earlier to Bloomberg. After a brutal week for the US equity market, investors are now looking ahead to a batch of earnings. We have a preview from Bloomberg's Charlie Pellett.
JP, Morgan Chase, and Morgan Stanley are expected to report slower investment banking growth Friday, and deepening economic unease will be a dominant theme Mirror pandit is Global Market Strategistic JP Morgan Investment Management.
We probably will see more choppiness around some of those announcements as businesses today are thinking about how to cut back on capex and hiring to prepare for a potentially higher tariff environment if things do go through as planned.
Delta, CarMax, and Constellation brands will be discussing the impact of tariffs on their customers and supply chains during earnings calls in New York. Charlie Pellett Bloomberg Radio.
Also reporting this week, we'll hear from Wells Fargo, Bank of New York, Mellon and Blackrock. Senate Republicans have taken a major step toward enacting President Trump's tax cut agenda and increasing the US debt ceiling. More from Bloomberg's Denise Pellegrini.
The Senate has passed a budget resolution that allows for the extension of President Trump's twenty seventeen tax cuts and a five trillion dollar increase to the federal borrowing limit. The measure permits one and a half trillion dollars in new tax cuts over a decade and calls for one hundred and fifty billion dollars in new funds for the military, one hundred and seventy five billion for immigration efforts. The
budget resolution heads to the House this coming week. It may face challenges there from fiscal hawks and other Republicans who want more spending cuts. Some Democrats, meantime, call it part of a gop agenda where billionaires when an American families lose. Denise Pellegrine Bloomberg Radio, we go to.
Sports next to where hockey history has been made.
We're going to try to force it till if he's open here, here's all Bridge gets.
Such piston fisty.
Alex Ovechkin has passed Wayne Gretzky's record for NHL career goals. The audio there courtesy of TNT Sports, as Ovechkin scored his eight hundred ninety fifth goal as his Washington Capitals faced the New York Islanders. Wayne Gretzky, by the way, set a record eight hundred ninety four career goals back in nineteen ninety nine. And Yukon is back on top of women's college basketball. The Huskies won their twelfth national championship today by routing defending champion South Carolina eighty two
to fifty nine. And that is news when you want it with Bloomberg News. Now, I'm Doug Chrisner, and this is Bloomberg