Bloomberg Daybreak: US Edition

On today's podcast: 1) President Trump's optimism on trade is lifting stocks following yesterday's selloff on Wall Street. Positive signals from initial US-Japan trade talks stirred optimism agreements can be reached to avoid higher levies on American trading partners. 2) Fed Chair Jay Powell says tariffs make a challenging scenario for the Federal Reserve. Powell on Wednesday signaled a wait-and-see approach to tariffs, pushing back on hopes the central bank would act quickly to soothe investor fears. His comments, along with concerns over the impact of tariffs on the tech sector, helped end a two-day consolidation in stocks. 3) Harvard continues to push back against pressure from the White House. Harvard University's refusal to comply with a Trump administration deal to require it to reform its governance and end diversity programs is resulting in retribution. The administration's freezing funding of 2.2 billion dollars of multiyear grants, accusing Harvard of mishandling antisemitism on campus. President Trump says the school should lose its tax-exempt status and several outlets reported that the IRS is considering the issue See omnystudio.com/listener for privacy information.

On today's podcast: 1) Nvidia slides after it warns Trump's curbs on China chips will cost it billions. The US government has restricted Nvidia from selling its H20 chip in China, escalating the tech battle between Washington and Beijing. Restrictions and trade war concerns are expected to negatively impact chip-sector earnings and China's ambitions to compete on the global tech stage. 2) China says it is open to trade talks if President Trump's Administration shows more respect. China wants the US to show more respect by reining in disparaging remarks by members of Trump's cabinet before agreeing to trade talks. Beijing also wants a more consistent US position and a willingness to address China's concerns around American sanctions and Taiwan. 3) Investors await a key speech by Fed Chair Jay Powell. Powell is making a speech in Chicago as traders look for hints on how the Fed will manage rates as President Trump aims to implement his tariff policy, and they're also following retail sales data today. See omnystudio.com/listener for privacy information.

On today's podcast: 1) China orders a halt to Boeing jet deliveries in another salvo of the US-China trade war. China ordered its airlines to stop taking deliveries of Boeing jets and to halt purchases of aircraft-related equipment and parts from US companies. The standoff is a setback for Boeing, which relies heavily on the Chinese market, and could impact the company's sales and supply chains. 2) US Treasury Secretary Scott Bessent downplays the recent bond market selloff in an exclusive discussion with Bloomberg. He says the Treasury has a lot of tools it could use should it need to step in, but says there's no signs it needs to right now. 3) Harvard fights back against President Trump's $9 billion funding fight. University President Alan Garber rejected the Trump administration's demands to combat antisemitism, citing threats to academic freedom and interference in higher education. In response, a government task force plans to freeze $2.2 billion of multiyear grants to Harvard, which could impact the university's research, medicine, and public health programs. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Trump warns his pause on import duties on phones, computers and popular consumer electronics are just temporary. The president has exempted certain electronics from tariffs, but says it's a temporary measure and that a different tariff will be applied to the sector soon. Trump plans to announce a tariff rate for semiconductors in the coming week and is open to discussing the scope of the tariff with companies. 2) Bank Earnings continue with Goldman Sachs reporting this morning. Despite the strong trading revenue, investors are concerned about the impact of tariffs and recession fears on all of the big banks' performance, and executives are expected to continue to strike a cautious tone. 3) Jeff Bezos' Blue Origin is launching an all-women crew on its New Shepard rocket, including Katy Perry, Bezos' fiancée Lauren Sánchez, and other notable women, on a roughly 11-minute trip to the edge of space. This launch is Blue Origin's 11th human spaceflight, following recent successes and challenges, including a workforce See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week. See omnystudio.com/listener for privacy information.

On today's podcast: 1) China will raise tariffs on all US goods from 84% to 125% starting April 12 and will ignore any further US tariff increases. It comes as President Trump’s dramatic U-turn on tariff threats has isolated China as the primary target of his trade offensive, significantly narrowing Beijing’s options for immediate de-escalation. Areas of US-China trade that could be next in line for Chinese retaliation include education, travel, financial services, computing services, and films and entertainment. 2) Billionaire Ray Dalio tells Bloomberg the tariff turmoil has damaged the US reputation for reliability, but that's not one of his primary concerns about the US economy and outlook for a recession. While the Bridgewater founder considers a US recession likely, geopolitical tensions and potential for diplomatic breakdowns are a global threat in Dalio's eyes. 3) New York City officials investigate a deadly helicopter crash in the Hudson River. The sightseeing helicopter crashed into the Hudson River, killing all six people on board, including three children from Spain and the pilot. The crash is the latest in a string of incidents that has rattled confidence in US aviation safety, following a deadly midair collision last year and other helicopter crashes around New York City. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Donald Trump’s dramatic U-turn on tariff threats has isolated China as the primary target of his trade offensive, significantly narrowing Beijing’s options for immediate de-escalation. 2) European stocks opened sharply higher, tracking Wall Street’s late-Wednesday rally, after President Donald Trump paused most of his sweeping tariff hikes. US equity futures fell, however, suggesting the euphoria is already dissipating. 3) Five gut-wrenching days after Donald Trump’s America-versus-the-world trade war threw stock and bond markets around the world into disarray, he backpedaled and, in the process, pulled the financial system back from the brink. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Donald Trump’s so-called reciprocal tariffs are now in place, dealing a thunderous blow to the world economy as he pushes forward efforts to drastically reorder global trade. 2) China hasn’t immediately responded to the new US tariffs, a departure from the last two episodes when President Donald Trump hiked duties and Beijing hit back within minutes. 3) A vicious sell-off in what are supposed to be the world’s safest assets has investors grasping for reasons behind the steep declines in Treasuries which accelerated Wednesday. See omnystudio.com/listener for privacy information.

On today's podcast: 1) Stocks staged a modest recovery as investors looked for dip-buying opportunities while awaiting clarity on how President Donald Trump’s trade policies will play out. 2) China pledged to retaliate against Donald Trump’s latest tariff threat and stepped up efforts to support the market, raising the risk of a prolonged trade war between the world’s two largest economies. 3) Billionaire Ken Griffin said President Donald Trump’s latest tariffs amount to a hefty tax on families and are a “huge policy mistake” by the administration. See omnystudio.com/listener for privacy information.

On today's podcast: 1) The carnage in financial markets unleashed by President Donald Trump’s tariffs is continuing unabated as equities get pummeled and US stock futures show that last week’s $5 trillion wipeout isn’t over. 2) President Donald Trump and his economic team dismissed investors’ fears of inflation and recession, offering no apologies for the market turmoil sparked by sweeping global tariffs and defiantly insisting a boom is on the horizon. 3) Traders expect the Federal Reserve to slash interest rates another five times this year as the US administration’s trade tariffs ignite fears of a global recession. See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Trump says he's open to tariff cuts in return for phenomenal offers. President Trump indicated that more tariffs are on the way, specifically mentioning pharmaceuticals, and reiterated his willingness to offer tariff relief for China if Beijing approves the sale of TikTok's US operations. 2) Investors await a jobs report and a speech on the economy by Fed Chair Jay Powell. US hiring likely remained healthy last month with the unemployment rate holding steady at a historically low level of 4.1%. 3) Republicans consider a higher rate for millionaires in their sweeping tax cut bill. Senate Republicans unveiled a budget blueprint that would fast-track a renewal of President Donald Trump's tax cuts and an increase to the nation's borrowing limit. See omnystudio.com/listener for privacy information.

The “America First” trade is unraveling in the sweeping turmoil in global markets, with stocks acutely exposed to the US economy sinking alongside the dollar. As Wall Street’s rebellion against Donald Trump’s tariff war intensifies, traders are rushing into fixed-income havens. About $2 trillion was erased from the S&P 500, with the gauge down about 5%. The Russell 2000 of smaller firms extended its plunge from a 2021 all-time high to 20% on speculation the president’s trade offensive will stunt the American economy. The greenback slid 1.5%, reigniting the debate about its haven reputation during challenging times as the euro, yen and Swiss franc surged. Oil joined a selloff in commodities. All in, the much-vaunted America-first trade — buying up assets that win when the US outperforms the rest of the world — is reversing on concern that the steepest increase in American tariffs in a century will hammer economic growth. That’s driving a fierce rally in global bonds, sending the yield on benchmark Treasuries briefly below the closely-watched 4% level. Most other yields also tumbled as money markets priced in a 50% chance of the Federal Reserve delivering four quarter-point rate reductions this year. Trump has embraced tariffs as a tool to assert US power, revive manufacturing at home and extract geopolitical concessions. Economists say the near-term result of his measures will likely be higher US prices and slower growth, or perhaps even a recession. Listen for comprehensive coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Carol Massar and Tim Stenovec. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Donald Trump imposed the steepest American tariffs in a century as he steps up his campaign to reshape the global economy, sparking threats of retaliation and a selloff in markets around the world. 2) Donald Trump’s shake-up of the global trading system is hurting US assets more than those in many of the big economies he has just slapped with additional tariffs. 3) Treasury Secretary Scott Bessent urged US trading partners against taking retaliatory steps against President Donald Trump’s new set of retaliatory tariffs. See omnystudio.com/listener for privacy information.

President Donald Trump is imposing tariffs on US trading partners worldwide, his biggest assault yet on a global economic system he has long bemoaned as unfair. Trump said Wednesday he will apply a minimum 10% tariff on all exporters to the US and slap additional duties on around 60 nations with the largest trade imbalances with the US. That includes substantially higher rates on some of the country’s biggest trading partners, such as China — which now faces a tariff of at least 54% on many goods — the European Union and Vietnam. “For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it’s our turn to prosper,” Trump said during an event in the White House Rose Garden. The higher “reciprocal” rates targeting nations the Trump administration labels the worst offenders are based on a government tally of the levies and non-tariff barriers those countries impose on US goods. Under Trump’s plan, those countries facing higher, customized rates will be hit with a levy equal to one-half of that calculated amount. Listen to special coverage from Bloomberg TV and Radio, featuring Treasury Secretary Scott Bessent, Evercore ISI senior managing director Sarah Bianchi and Ontario Premier Doug Ford. See omnystudio.com/listener for privacy information.

On today's podcast: 1) Voters in Wisconsin push back on Elon Musk and Republicans in Florida fend off Democrats. Elon Musk-backed candidate, Brad Schimel, lost a Wisconsin judicial race despite Musk pouring millions into the campaign, with Susan Crawford winning 55% to 45%. Republicans held onto two House seats in Florida, winning about 57% of the vote in both districts, but with smaller margins than in the November general election. 2) The world waits as President Trump's tariff announcement comes down to the wire. President Trump's team is finalizing plans for reciprocal tariffs to be unveiled on Wednesday, with multiple proposals under consideration, including a tiered tariff system and a customized reciprocal plan. The tariffs are expected to take immediate effect, with countries able to negotiate to bring rates down, and could apply widely, even to countries with which the US doesn't have a trade imbalance. 3) The SALT tax deduction could get a boost in Republicans' massive tax bill. Republicans are drafting a tax bill that includes increasing the state and local tax deduction to up to $25,000 for an individual, a major victory for swing-district House Republicans. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Donald Trump will announce his reciprocal tariff push on Wednesday during an event in the White House Rose Garden, his top spokeswoman said. 2) President Donald Trump initially criticized Russian President Vladimir Putin, but then shifted his criticism to Ukrainian President Volodymyr Zelenskiy, accusing Ukraine of trying to renegotiate an economic deal with the US. 3) In a quarter marred by tariff uncertainty, US government spending cuts and the threat of recession, it is fears about a bubble brewing in artificial intelligence that have dealt the latest blow to the Nasdaq 100. See omnystudio.com/listener for privacy information.

Check out the new Stock Movers Podcast from Bloomberg. Subscribe for five-minute episodes on today's winners and losers in the stock market. Listen on Apple: https://apple.co/4kJ43ON Listen on Spotify: https://tinyurl.com/mr385jv6 Listen on other platforms: https://link.podtrac.com/h0zn7xir See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Trump says he plans to start his reciprocal tariff push with all countries. Trump's tariffs are set to be unveiled on April 2 and will aim to rebalance global trade and boost US manufacturing. The Trump administration has not yet outlined what tariffs are coming, how they'll be calculated, or what countries will need to do to secure exemptions. 2) The president threatens Russian oil penalties if Vladimir Putin refuses a ceasefire with Ukraine. Trump said he was "very angry" at Vladimir Putin and threatened "secondary tariffs" on buyers of Russian oil if Putin refuses a ceasefire with Ukraine. Trump also threatened to punish Tehran with unspecified "secondary tariffs" and raised the threat of bombing Iran until it signs a deal that renounces nuclear weapons. 3) Elon Musk says his role at DOGE is costing him a lot in terms of his job as CEO of Tesla. Musk's political activities have led to a 45% drop in Tesla shares since their peak last year, causing his personal wealth to decline by over $100 billion this year. See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week. • In the US – a preview of US March jobs and a look at the potential impact of auto tariffs. • In the UK – an assessment of NATO's position amid growing global tensions. • In Asia – a preview of the Reserve Bank of Australia's next rate decision. See omnystudio.com/listener for privacy information.