April 23, 2025 • 16 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) President Donald Trump said he had no intention of firing Federal Reserve Chair Jerome Powell despite his frustration with the central bank not moving more quickly to slash interest rates.
(2) US Treasury Secretary Scott Bessent told a closed-door investor summit Tuesday that the tariff standoff with China cannot be sustained by both sides and that the world’s two largest economies will have to find ways to de-escalate.
(3) Federal Reserve Governor Adriana Kugler said tariffs will likely put upward pressure on prices and have a bigger economic effect than previously expected.
(4) The head of International Monetary Fund warned that the chances of global recession will rise if uncertainty over a US-led trade war continues to drag.
(5) UK Chancellor of the Exchequer Rachel Reeves will make a personal appeal for a trade deal to US Treasury Secretary Scott Bessent in Washington this week, aiming to “defend British interests” and secure preferential treatment on tariffs.
(6) Elon Musk vowed to pull back “significantly” from his work with the US government to concentrate on Tesla, easing concerns of investors who lamented his time in Washington as a distraction.
(7) Podcast conversation: Unwind Like a Boss
Illustration: Bloomberg/Getty
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the Bloomberg dba Q podcast, available every morning
on Apple, Spotify or whatever you listen. It's Wednesday, the
twenty third of April in London.
Speaker 3 (00:17):
I'm Caroline Hepka and I'm Stephen Carroll. Coming up today.
Donald Trump says he never had plans to remove the
head of the Federal Reserve, but still wants your Own
Powell to cut interest rates.
Speaker 2 (00:27):
The US president says China tariffs will come down substantially
as the IMF WARN's trade uncertainty raises the risk of
a global recession.
Speaker 3 (00:36):
Plus shock therapy. Elon Musk says he will devote more
time to Tesla as the automaker suffers from slumping sales
and rising costs.
Speaker 4 (00:45):
Let's start with a roundup of our top stories.
Speaker 3 (00:48):
President Donald Trump says he never had any intention of
firing Federal Reserve charge your own Pale, after the prospect
triggered a sharp sell off in US assets. The apparent
walkback comes just days after the President posted on social
media that Powell's termination cannot come fast enough, and his
National Economic Council director told reporters that Trump was exploring
(01:10):
whether he had the authority to remove the FED chair,
but when asked directly on Tuesday if he wanted to
remove Powell, Trump had this to say.
Speaker 5 (01:19):
Never did the press runs away with things now? I
have no intention of firing him. I would like to
see him be a little more active in terms of
his idea to lower interest rate. It's just a perfect
time to lower interest rate. If he doesn't is at
the end. No, it's not.
Speaker 3 (01:37):
Trump's decision to reverse his previous comments on Powell eased
tensions in financial markets, with stocks and the dollar both gaining. Meanwhile,
Federal Reserve Governor Adrianna Kugler warned that Trump's tariff plans
could drive prices higher and have a more significant economic
impacts than previously expected.
Speaker 6 (01:55):
The economy is facing heightened uncertainty, with side reads to
inflation and downside REGs to employment. This month, we learned
that the tariff increases are significantly larger than previously expected.
As a result, the economic effects of tariffs and the
associated uncertainty are also likely to be larger than we anticipated.
Speaker 3 (02:21):
Avanna Kogler. We're speaking as a majority of Fed officials
continue to signal support for holding interest rates steady until
inflation risks begin to ease well.
Speaker 2 (02:31):
The apparent easing of White House pressure on the Federal
Reserve comes as President Trump indicates a willingness to dial
down tariff tensions with China. Speaking to reporters, he said
he plans to be very nice to China in any
trade negotiations, and that tariffs could be reduced if the
two countries reach a deal.
Speaker 5 (02:51):
One hundred and forty five percent is very high, and
it won't be that high. Not going to be that high.
It got up to there. We were talking about Fentonol
where you know, veryvarious elements built it up to one
hundred and forty five. No, it won't be anywhere near
that high. It'll come down substantially, but it won't be zero.
It used to be zero. We were just destroyed. China
(03:15):
was taking us for a ride, and it's not going
to happen.
Speaker 2 (03:19):
Toump's comments echo earlier remarks from Treasury Secretary Scott best Sent,
who said that the standoff between the world's two largest
economies is unsustainable. Top Chinese officials, including the Central Bank
governor and finance minister, are in Washington for World Bank
and IMF meetings this week. It's understood that the gatherings
could offer a key opportunity for US and Chinese officials
(03:40):
to reconnect and revive trade discussions.
Speaker 3 (03:44):
The International Monetary Fund has slashed its global growth forecast
and warrants that the trade war could spark even more
economic pain. The IMF now expects global GDP to grow
by two point eight percent versus its three point three
percent estimate previously. Will be the worst year for the
economy since COVID and the financial crash. It's the IMF's
(04:05):
managing director, Kastleina georgie Eva, told Bloomberg the risk of
a global recession is growing.
Speaker 7 (04:11):
If we have this cloud of uncertainty coming lower and lower,
making it difficult for the business community and for households
to take decisions, we could have a self inflicted injury
that I guarantee you we would regret.
Speaker 3 (04:31):
The IMF cut China and the US's growth outlooks more
than most countries. Britain also saw a bigger down grade
than its European peers, as the Fund judged the UK's
high bond yields and inflation pose a fiscal risk.
Speaker 2 (04:46):
UK Chancellor of hel Reeve says that she will defend
British interests when she meets her US counterparts, got best
sent for the first time. The pair are set to
discuss a trade agreement and the new US tariffs on
the side lines of those IMF meetings.
Speaker 4 (05:02):
Bloomberg's James Walcock has.
Speaker 8 (05:03):
More London has long hoped its close relationship with the
US and trade deficit will give them a boost in talks.
We're starting to see how that's shaping up. The UK
is hoping for changes to car and drugs levies, which
will hit a quarter of all their exports to America,
and The Wall Street Journal report Washington wants changes to
(05:24):
UK food safety rules. That's the same demand that collapsed
trade talks in Trump's first term, But the journal adds
that the negotiating position may yet change and the final
call will come from the US President himself. In London,
James Wilcock The Mug Radio.
Speaker 3 (05:43):
The Financal Times reports that Russian President Vlasimir Putin offered
to freeze the war in Ukraine along current front lines
during a recent meeting with Trump Envoy Steve Whitcalf. European
officials remain wary, warning it could be a tactic to
draw Trump into broader Russian demands. The report comes in US,
European and Ukrainian officials meet in London today to discuss
(06:04):
Ukraine's future with Trump's envoy Keith Kellarg representing the US.
Ukrainian President Vladimir Zelenski is also seeking a meeting with
Trump at the Vatican on Saturday during the Pope's funeral.
Trump has warned he may walk away if no deal
is reached.
Speaker 2 (06:20):
Elil Musk is vowed to devote more time to Tesla
and step back from his stint leading the US Department
of Government Efficiency. The news follows calls from investors and
analysts for the CEO to refocus on the electric car company,
which is struggling with stomping sales and rising costs. Musk
says his workload with the Government Department will decrease starting in.
Speaker 4 (06:44):
Next month May. My time allegation to do it will
drop significantly.
Speaker 3 (06:50):
I'll have to continue doing it well, I think the
remainder of the President's term, just to make sure that
the waste and fraud that we start does not come
roaring back.
Speaker 2 (07:00):
The CEO Elon Musk, speaking there to analyss yesterday. Now,
the stock rose on the news and extended New York
trading rallying from an initial lukewarm reaction to the carmaker's
first quarter results. Tessa reported adjusted earnings of twenty seven
cents per cheer for the first quarter, below the average
analyst estimate, while backing off its earlier prediction that sales
(07:22):
would return to growth this year.
Speaker 3 (07:25):
Intel has expected to announce plans to cut over twenty
percent of its staff this week. Bloomberg understands the chip
maker is aiming to eliminate bureaucracy as part of new
CEO Lip Boutan's turnaround plan. The cutbacks follow on effort
last year to slash about fifteen thousand jobs. Round of
layoffs announced in August. Intel has struggled to keep up
with rivals, including Nvidio, after three straight years of sales declines.
Speaker 2 (07:49):
Those are top stories for you this morning. Look at
the market is President Trump's softening on China tariffs and
Jerown Powell puts risk back on the front foot. The
S and P five hundred e many futures this morning
are up by one and a half percent. European equity
futures also one point seven percent. Now. The hang Saying
Index in Hong Kong jumping two point five percent, the
(08:11):
NIK two two five up by one point seven percent,
the US dollar jump the most in two weeks yesterday,
arising half of one percent, and we add to that overnight,
we're up another tenth of one percent this morning. Treasury's
rally thirty yield dropped eight basis points earlier this morning.
That's the biggest drop in yields in three weeks. And
gold has retraced. And we were talking yesterday about powering
(08:32):
through those record highs in the early session, but actually
this morning were down another one percent after a one
point three percent decline yesterday.
Speaker 4 (08:39):
So those are the markets.
Speaker 3 (08:40):
In a moment, we'll bring you more on what Donald
Trump has said that's given market some cause for relief.
Plus look at the details of what we learned from
Tesla's earnings. But if the rain in London this morning
is perhaps making you think of Sunnier Shores as a
great piece from It's a late installment of the CEO
Diet series by our food editor Kate Crater, which talks
to company by is about their favorite travel destinations. Some
(09:02):
great picks in there. The boss of the Swiss chocolat
Ledak talking about Maracus Bay and Trinidad as being his
favorite place to visit. He goes when he's visiting their
cocoa farms in Trinidad. Talks about swimming in the great
beaches there, but also the local bake and shark a
fried fish sandwich.
Speaker 6 (09:22):
Yeah.
Speaker 2 (09:23):
We often see Kate Crader in the corridors here at Bloomberg,
and she's always.
Speaker 4 (09:26):
Got a fantastic tale of Yes, absolutely, but her piece
is always so lovely. Yeah.
Speaker 2 (09:33):
And George Graham of the fashion platform Wolf and Badger
picking of course, where Elf where else but Venice?
Speaker 1 (09:41):
Yeah?
Speaker 3 (09:41):
And some tips to avoid the tourist crowds and venus
as well, very useful too. You'll find a link to
the story in the show notes for the Bloomberg day
Break Here podcast.
Speaker 2 (09:50):
Now, Donald Trump has stepped back from previous comments targeting
jerown power, saying that he has no intention of firing
the FED chair on news desk editor DSIs Jones is
now for more.
Speaker 4 (10:02):
Good Morning, Jill.
Speaker 2 (10:02):
How much of a softening of the position is this
by President Trump?
Speaker 9 (10:08):
Good morning, Well, it's hard to see what he's just
said about how he never had any intention of firing him,
and then not just look back to what Trump was
saying last week, when he was writing on his Truth
social platform that Powell's termination cannot come fast enough. He
was calling Powell a major loser. So it does feel
like certainly a pretty dramatic shift in tone from where
(10:31):
we stood at the end of last week. We also,
at that time had the director of the National Economic
Council for Trump, Kevin Hassett, tell reporters that Trump was
studying the question of whether he was able to fire Powell.
So regardless of whether something happened to kind of shift
Trump's mindset a little bit, it does seem like he's
certainly toned down some of that rhetoric, at least for
(10:51):
the time being on Powell news.
Speaker 3 (10:53):
That's been welcomed by markets, who were also getting some
relief from President Trump's comments that he said he plans
to be very nice to China and trade talks. How
much is that going to help to de escalate the
trade war?
Speaker 9 (11:05):
Well, the big question is what that actually means and
how that actually sort of, you know, renders itself as
a trade relationship between the United States and China. So
as of right now, Trump has placed one hundred and
forty five percent duties on Chinese shipments. You know, China
has you know, fairly substantial duties and response that it's
put on US goods being shipped, So you ultimately do
(11:26):
have these incredibly high tariffs right now, although I would
point out that there are certainly several exceumptions, including some
exceptions for computers popular consumer electronics, So you know, I mean,
at least from like sort of an industry by industry basis,
you already do have some attempts to kind of pair
back some of those really big headline tariffs. Now in
(11:46):
terms of what Trump's actually talking about when it comes
to being nice to China, I mean, he's suggested that
the tariff rates would come down substantially, but it wouldn't
be zero. I mean, at this point, I think it
really does matter how these talks actually go and what
kind of agreement these two countries can ultimately come to,
because as we've heard from Trump, I mean, he's really
really big on rhetoric. You know, we'll have to see
(12:07):
whether he actually sticks with that or how exactly these
negotiations go.
Speaker 2 (12:11):
Yeah, indeed, so more uncertainty there. I Meanwhile, the IMF
warning of the economic impact of tariffs.
Speaker 4 (12:16):
How bad does that look?
Speaker 9 (12:18):
Well, I mean I think, you know, as we were
talking about in this program just a bit ago, you know,
this idea of really slashing that global growth forecast is
pretty significant, right, I mean, looking at global growth at
about two point eight percent for twenty twenty five, you know,
under the three point three or so percent that we
were essentially looking at. I mean, these are pretty substantial
cuts in terms of what we're actually trying to weigh
(12:40):
for when it comes to these types of tariffs. I mean,
the you know, and I think, just as Georgieva said
that if you're looking at losses in places like you know,
China and the United States, the world's too because economy
is becoming even larger in twenty twenty six and beyond.
I mean that ultimately would have some pretty strong reverberations
throughout the rest of the world. So again, I really
think the IMF, they're really warning, as many economists have,
(13:05):
that the impact from tariffs can be incredibly substantial if
we don't see some kind of significant shift over the
next you know, I mean, at this point less than
ninety days, as we see a lot of these countries
kind of come to the table and try to negotiate something.
Speaker 3 (13:18):
Okay. Our newest desk editor, Jill Lisas, thank you very much.
Elon Musk has vowed to pull back from his work
and the Trump administration from next month to focus on Tesla.
That's after his electric carmaker reported earnings that came in
below what analysts had been expecting. Shares some Tesla rosen
after I was trading on Bluebrig's Charlie Wells is here
with more so the story from Tesla missing on key
(13:40):
metrics in the first quarter, but the share price reaction
Is this all about Musk?
Speaker 1 (13:44):
It is? And you know the numbers tell that story.
Because for any other company missing on revenue by such
a wide margin, missing on earnings per share, I mean
the expectation had been forty three cents they brought in
twenty seven, or any other company, this would have spelled
doom in the stock market. But it was those comments
from us about peeling back work on Doge and refocusing
(14:08):
on Tesla that really helped the share price extend gains
in that late trading. And this is something the analysts
had been asking for, right They've been talking, you know,
kind of leading up to this earnings call about how
he needed to come back, he needed to kind of
step away from some of the political positions that he's
been taking that have really prompted backlash to the products.
Speaker 2 (14:28):
Well, will Musk refocus on Tessa. Will that be enough
to turn the business around, because it's not as if
he said he was walking away from DOGE and she has,
as we know, many business interests.
Speaker 1 (14:41):
Yeah. I mean, if you look back, not just to
some of the indicators on Tesla's performance during DOGE, but
even stepping back a couple years, you can see, say
in California, which is kind of traditionally maybe not so
much anymore, but traditionally Tesla's heartland, registrations of evs for
(15:01):
Tesla had been ticking down over the years, I think,
going back to maybe twenty twenty two to twenty twenty three,
slowly but surely, And I think that might speaks to
that might speak to our kind of degradation of the
Tesla brand, but also an increase in competition. Right, you
have mainstream car manufacturers, you have competitors, startups coming into
the EV space in a way that they just hadn't before.
(15:23):
So I think what Musk might have up his sleeve
as he refocuses on Tuesla. That's really difficult to say
right now, but he's got stiff competition.
Speaker 3 (15:32):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (15:38):
Look for us on your podcast feed every morning on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 3 (15:44):
You can also listen live each morning on London Dab Radio,
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Speaker 2 (15:50):
Our flagship New York station, is also available on your
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Speaker 4 (15:58):
I'm Caroline Hipka and
Speaker 3 (15:59):
I'm Stephen Y'll join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg day Break Europe
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the Bloomberg dba Q podcast, available every morning
on Apple, Spotify or whatever you listen. It's Wednesday, the
twenty third of April in London.
Speaker 3 (00:17):
I'm Caroline Hepka and I'm Stephen Carroll. Coming up today.
Donald Trump says he never had plans to remove the
head of the Federal Reserve, but still wants your Own
Powell to cut interest rates.
Speaker 2 (00:27):
The US president says China tariffs will come down substantially
as the IMF WARN's trade uncertainty raises the risk of
a global recession.
Speaker 3 (00:36):
Plus shock therapy. Elon Musk says he will devote more
time to Tesla as the automaker suffers from slumping sales
and rising costs.
Speaker 4 (00:45):
Let's start with a roundup of our top stories.
Speaker 3 (00:48):
President Donald Trump says he never had any intention of
firing Federal Reserve charge your own Pale, after the prospect
triggered a sharp sell off in US assets. The apparent
walkback comes just days after the President posted on social
media that Powell's termination cannot come fast enough, and his
National Economic Council director told reporters that Trump was exploring
(01:10):
whether he had the authority to remove the FED chair,
but when asked directly on Tuesday if he wanted to
remove Powell, Trump had this to say.
Speaker 5 (01:19):
Never did the press runs away with things now? I
have no intention of firing him. I would like to
see him be a little more active in terms of
his idea to lower interest rate. It's just a perfect
time to lower interest rate. If he doesn't is at
the end. No, it's not.
Speaker 3 (01:37):
Trump's decision to reverse his previous comments on Powell eased
tensions in financial markets, with stocks and the dollar both gaining. Meanwhile,
Federal Reserve Governor Adrianna Kugler warned that Trump's tariff plans
could drive prices higher and have a more significant economic
impacts than previously expected.
Speaker 6 (01:55):
The economy is facing heightened uncertainty, with side reads to
inflation and downside REGs to employment. This month, we learned
that the tariff increases are significantly larger than previously expected.
As a result, the economic effects of tariffs and the
associated uncertainty are also likely to be larger than we anticipated.
Speaker 3 (02:21):
Avanna Kogler. We're speaking as a majority of Fed officials
continue to signal support for holding interest rates steady until
inflation risks begin to ease well.
Speaker 2 (02:31):
The apparent easing of White House pressure on the Federal
Reserve comes as President Trump indicates a willingness to dial
down tariff tensions with China. Speaking to reporters, he said
he plans to be very nice to China in any
trade negotiations, and that tariffs could be reduced if the
two countries reach a deal.
Speaker 5 (02:51):
One hundred and forty five percent is very high, and
it won't be that high. Not going to be that high.
It got up to there. We were talking about Fentonol
where you know, veryvarious elements built it up to one
hundred and forty five. No, it won't be anywhere near
that high. It'll come down substantially, but it won't be zero.
It used to be zero. We were just destroyed. China
(03:15):
was taking us for a ride, and it's not going
to happen.
Speaker 2 (03:19):
Toump's comments echo earlier remarks from Treasury Secretary Scott best Sent,
who said that the standoff between the world's two largest
economies is unsustainable. Top Chinese officials, including the Central Bank
governor and finance minister, are in Washington for World Bank
and IMF meetings this week. It's understood that the gatherings
could offer a key opportunity for US and Chinese officials
(03:40):
to reconnect and revive trade discussions.
Speaker 3 (03:44):
The International Monetary Fund has slashed its global growth forecast
and warrants that the trade war could spark even more
economic pain. The IMF now expects global GDP to grow
by two point eight percent versus its three point three
percent estimate previously. Will be the worst year for the
economy since COVID and the financial crash. It's the IMF's
(04:05):
managing director, Kastleina georgie Eva, told Bloomberg the risk of
a global recession is growing.
Speaker 7 (04:11):
If we have this cloud of uncertainty coming lower and lower,
making it difficult for the business community and for households
to take decisions, we could have a self inflicted injury
that I guarantee you we would regret.
Speaker 3 (04:31):
The IMF cut China and the US's growth outlooks more
than most countries. Britain also saw a bigger down grade
than its European peers, as the Fund judged the UK's
high bond yields and inflation pose a fiscal risk.
Speaker 2 (04:46):
UK Chancellor of hel Reeve says that she will defend
British interests when she meets her US counterparts, got best
sent for the first time. The pair are set to
discuss a trade agreement and the new US tariffs on
the side lines of those IMF meetings.
Speaker 4 (05:02):
Bloomberg's James Walcock has.
Speaker 8 (05:03):
More London has long hoped its close relationship with the
US and trade deficit will give them a boost in talks.
We're starting to see how that's shaping up. The UK
is hoping for changes to car and drugs levies, which
will hit a quarter of all their exports to America,
and The Wall Street Journal report Washington wants changes to
(05:24):
UK food safety rules. That's the same demand that collapsed
trade talks in Trump's first term, But the journal adds
that the negotiating position may yet change and the final
call will come from the US President himself. In London,
James Wilcock The Mug Radio.
Speaker 3 (05:43):
The Financal Times reports that Russian President Vlasimir Putin offered
to freeze the war in Ukraine along current front lines
during a recent meeting with Trump Envoy Steve Whitcalf. European
officials remain wary, warning it could be a tactic to
draw Trump into broader Russian demands. The report comes in US,
European and Ukrainian officials meet in London today to discuss
(06:04):
Ukraine's future with Trump's envoy Keith Kellarg representing the US.
Ukrainian President Vladimir Zelenski is also seeking a meeting with
Trump at the Vatican on Saturday during the Pope's funeral.
Trump has warned he may walk away if no deal
is reached.
Speaker 2 (06:20):
Elil Musk is vowed to devote more time to Tesla
and step back from his stint leading the US Department
of Government Efficiency. The news follows calls from investors and
analysts for the CEO to refocus on the electric car company,
which is struggling with stomping sales and rising costs. Musk
says his workload with the Government Department will decrease starting in.
Speaker 4 (06:44):
Next month May. My time allegation to do it will
drop significantly.
Speaker 3 (06:50):
I'll have to continue doing it well, I think the
remainder of the President's term, just to make sure that
the waste and fraud that we start does not come
roaring back.
Speaker 2 (07:00):
The CEO Elon Musk, speaking there to analyss yesterday. Now,
the stock rose on the news and extended New York
trading rallying from an initial lukewarm reaction to the carmaker's
first quarter results. Tessa reported adjusted earnings of twenty seven
cents per cheer for the first quarter, below the average
analyst estimate, while backing off its earlier prediction that sales
(07:22):
would return to growth this year.
Speaker 3 (07:25):
Intel has expected to announce plans to cut over twenty
percent of its staff this week. Bloomberg understands the chip
maker is aiming to eliminate bureaucracy as part of new
CEO Lip Boutan's turnaround plan. The cutbacks follow on effort
last year to slash about fifteen thousand jobs. Round of
layoffs announced in August. Intel has struggled to keep up
with rivals, including Nvidio, after three straight years of sales declines.
Speaker 2 (07:49):
Those are top stories for you this morning. Look at
the market is President Trump's softening on China tariffs and
Jerown Powell puts risk back on the front foot. The
S and P five hundred e many futures this morning
are up by one and a half percent. European equity
futures also one point seven percent. Now. The hang Saying
Index in Hong Kong jumping two point five percent, the
(08:11):
NIK two two five up by one point seven percent,
the US dollar jump the most in two weeks yesterday,
arising half of one percent, and we add to that overnight,
we're up another tenth of one percent this morning. Treasury's
rally thirty yield dropped eight basis points earlier this morning.
That's the biggest drop in yields in three weeks. And
gold has retraced. And we were talking yesterday about powering
(08:32):
through those record highs in the early session, but actually
this morning were down another one percent after a one
point three percent decline yesterday.
Speaker 4 (08:39):
So those are the markets.
Speaker 3 (08:40):
In a moment, we'll bring you more on what Donald
Trump has said that's given market some cause for relief.
Plus look at the details of what we learned from
Tesla's earnings. But if the rain in London this morning
is perhaps making you think of Sunnier Shores as a
great piece from It's a late installment of the CEO
Diet series by our food editor Kate Crater, which talks
to company by is about their favorite travel destinations. Some
(09:02):
great picks in there. The boss of the Swiss chocolat
Ledak talking about Maracus Bay and Trinidad as being his
favorite place to visit. He goes when he's visiting their
cocoa farms in Trinidad. Talks about swimming in the great
beaches there, but also the local bake and shark a
fried fish sandwich.
Speaker 6 (09:22):
Yeah.
Speaker 2 (09:23):
We often see Kate Crader in the corridors here at Bloomberg,
and she's always.
Speaker 4 (09:26):
Got a fantastic tale of Yes, absolutely, but her piece
is always so lovely. Yeah.
Speaker 2 (09:33):
And George Graham of the fashion platform Wolf and Badger
picking of course, where Elf where else but Venice?
Speaker 1 (09:41):
Yeah?
Speaker 3 (09:41):
And some tips to avoid the tourist crowds and venus
as well, very useful too. You'll find a link to
the story in the show notes for the Bloomberg day
Break Here podcast.
Speaker 2 (09:50):
Now, Donald Trump has stepped back from previous comments targeting
jerown power, saying that he has no intention of firing
the FED chair on news desk editor DSIs Jones is
now for more.
Speaker 4 (10:02):
Good Morning, Jill.
Speaker 2 (10:02):
How much of a softening of the position is this
by President Trump?
Speaker 9 (10:08):
Good morning, Well, it's hard to see what he's just
said about how he never had any intention of firing him,
and then not just look back to what Trump was
saying last week, when he was writing on his Truth
social platform that Powell's termination cannot come fast enough. He
was calling Powell a major loser. So it does feel
like certainly a pretty dramatic shift in tone from where
(10:31):
we stood at the end of last week. We also,
at that time had the director of the National Economic
Council for Trump, Kevin Hassett, tell reporters that Trump was
studying the question of whether he was able to fire Powell.
So regardless of whether something happened to kind of shift
Trump's mindset a little bit, it does seem like he's
certainly toned down some of that rhetoric, at least for
(10:51):
the time being on Powell news.
Speaker 3 (10:53):
That's been welcomed by markets, who were also getting some
relief from President Trump's comments that he said he plans
to be very nice to China and trade talks. How
much is that going to help to de escalate the
trade war?
Speaker 9 (11:05):
Well, the big question is what that actually means and
how that actually sort of, you know, renders itself as
a trade relationship between the United States and China. So
as of right now, Trump has placed one hundred and
forty five percent duties on Chinese shipments. You know, China
has you know, fairly substantial duties and response that it's
put on US goods being shipped, So you ultimately do
(11:26):
have these incredibly high tariffs right now, although I would
point out that there are certainly several exceumptions, including some
exceptions for computers popular consumer electronics, So you know, I mean,
at least from like sort of an industry by industry basis,
you already do have some attempts to kind of pair
back some of those really big headline tariffs. Now in
(11:46):
terms of what Trump's actually talking about when it comes
to being nice to China, I mean, he's suggested that
the tariff rates would come down substantially, but it wouldn't
be zero. I mean, at this point, I think it
really does matter how these talks actually go and what
kind of agreement these two countries can ultimately come to,
because as we've heard from Trump, I mean, he's really
really big on rhetoric. You know, we'll have to see
(12:07):
whether he actually sticks with that or how exactly these
negotiations go.
Speaker 2 (12:11):
Yeah, indeed, so more uncertainty there. I Meanwhile, the IMF
warning of the economic impact of tariffs.
Speaker 4 (12:16):
How bad does that look?
Speaker 9 (12:18):
Well, I mean I think, you know, as we were
talking about in this program just a bit ago, you know,
this idea of really slashing that global growth forecast is
pretty significant, right, I mean, looking at global growth at
about two point eight percent for twenty twenty five, you know,
under the three point three or so percent that we
were essentially looking at. I mean, these are pretty substantial
cuts in terms of what we're actually trying to weigh
(12:40):
for when it comes to these types of tariffs. I mean,
the you know, and I think, just as Georgieva said
that if you're looking at losses in places like you know,
China and the United States, the world's too because economy
is becoming even larger in twenty twenty six and beyond.
I mean that ultimately would have some pretty strong reverberations
throughout the rest of the world. So again, I really
think the IMF, they're really warning, as many economists have,
(13:05):
that the impact from tariffs can be incredibly substantial if
we don't see some kind of significant shift over the
next you know, I mean, at this point less than
ninety days, as we see a lot of these countries
kind of come to the table and try to negotiate something.
Speaker 3 (13:18):
Okay. Our newest desk editor, Jill Lisas, thank you very much.
Elon Musk has vowed to pull back from his work
and the Trump administration from next month to focus on Tesla.
That's after his electric carmaker reported earnings that came in
below what analysts had been expecting. Shares some Tesla rosen
after I was trading on Bluebrig's Charlie Wells is here
with more so the story from Tesla missing on key
(13:40):
metrics in the first quarter, but the share price reaction
Is this all about Musk?
Speaker 1 (13:44):
It is? And you know the numbers tell that story.
Because for any other company missing on revenue by such
a wide margin, missing on earnings per share, I mean
the expectation had been forty three cents they brought in
twenty seven, or any other company, this would have spelled
doom in the stock market. But it was those comments
from us about peeling back work on Doge and refocusing
(14:08):
on Tesla that really helped the share price extend gains
in that late trading. And this is something the analysts
had been asking for, right They've been talking, you know,
kind of leading up to this earnings call about how
he needed to come back, he needed to kind of
step away from some of the political positions that he's
been taking that have really prompted backlash to the products.
Speaker 2 (14:28):
Well, will Musk refocus on Tessa. Will that be enough
to turn the business around, because it's not as if
he said he was walking away from DOGE and she has,
as we know, many business interests.
Speaker 1 (14:41):
Yeah. I mean, if you look back, not just to
some of the indicators on Tesla's performance during DOGE, but
even stepping back a couple years, you can see, say
in California, which is kind of traditionally maybe not so
much anymore, but traditionally Tesla's heartland, registrations of evs for
(15:01):
Tesla had been ticking down over the years, I think,
going back to maybe twenty twenty two to twenty twenty three,
slowly but surely, And I think that might speaks to
that might speak to our kind of degradation of the
Tesla brand, but also an increase in competition. Right, you
have mainstream car manufacturers, you have competitors, startups coming into
the EV space in a way that they just hadn't before.
(15:23):
So I think what Musk might have up his sleeve
as he refocuses on Tuesla. That's really difficult to say
right now, but he's got stiff competition.
Speaker 3 (15:32):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (15:38):
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and anywhere else you get your podcasts.
Speaker 3 (15:44):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (15:50):
Our flagship New York station, is also available on your
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Speaker 4 (15:58):
I'm Caroline Hipka and
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I'm Stephen Y'll join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg day Break Europe
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