April 15, 2025 • 26 mins
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.
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm John Tucker and I'm Karen Moscow. Here
are the stories we're following today and Karen.
Speaker 3 (00:15):
Boeing may be caught either cross hears of the US
China trade war. Bloomberg News has learned China has ordered
eas Airlines not to take any further deliveries of Boeing jets,
and Bloomberg Aviation reporter Danny Lee is following the story
this morning.
Speaker 4 (00:30):
This is really quite a blow for Boeing in a sense.
Then we have seen more companies increasingly being caught up
and caught in by this for top trade war between
Washington and Beijing button increasingly where some like Boeing is
increasingly marginalized in such a thriving aviation market.
Speaker 3 (00:48):
And Bloomberg Aviation reporter Danny Lee says China is forecast
to make up to twenty percent of global aircraft demand
over the next two decades. In at twenty eighteen, nearly
a quarter of Boeing's output ended up there. Shares of
Boeing this morning down two point seven percent in early trading.
Speaker 2 (01:05):
Well, John, President Trump's administration is pressing forward with plans
to impost tariffs on semiconductor and pharmaceutical imports by initiating
trade probes led by the Commerce Department. And we get
more on that with Bloomberg's trades are Brandan Murray.
Speaker 5 (01:19):
The Trump administration wants semiconductors to be made in the
US rather than in mostly in Asia and places like
Taiwan and China. This is going to be especially important
with the next generation of chips, the ones that power
artificial intelligence. The other issue, and this was one that
came up during the pandemic, was the drugs production and
(01:40):
the pharmaceutical issue. Both of these are the Trump administration
is seeking to ground them in the legal rationale of
national security.
Speaker 2 (01:49):
And Bloombergy trades are Brandan Murray says. President Trump is
also floating up potential pause in auto tariffs, and that
has shares of Nissan, Toyota, and other auto stocks on
the rise this morning, and.
Speaker 3 (02:00):
Karen the near daily flow of tariff announcements adding to
the confusion for companies and countries trying to navigate President
Trump's evolving trade policies. Speaking exclusively to Bloomberg's and Mary
hor Dern, the Treasury Secretary, Scott Benz Besson was asked
how many of these deals he expects to have signed
by the end of the pause.
Speaker 6 (02:19):
I think there will be advantage to our allies, especially
in a first mover advantage. Usually the first person that
makes the deal gets the best deal. So if you
think will be first, it's their choice.
Speaker 7 (02:34):
Is there a handful of countries that you expect to
have a deal before the ninety days is up.
Speaker 6 (02:39):
Oh, I think there could be numerous countries, and it
may not be the actual trade document, but we will
have an agreement in principle and be able to move
forward from.
Speaker 3 (02:51):
Their Treasury Secretary Besson also playing down the recent sell
off in the bond market, rejecting speculation but foreign nations
were dumping their holdings, well flagging that he's a department
has the tools to address dislocation if needed, and you
can hear the full conversation on the Bloomberg Talks podcast
feed or watch it on the Bloomberg podcast page on YouTube.
Speaker 2 (03:12):
Well John Former Treasury Secretary Jennie Yellen is criticizing the
Trump administration's trade policy. She says the entire approach is muddled.
Speaker 8 (03:21):
The objective's unclear, the rationale for the tariffs that have
been announced really unclear and not at all sensible. Steps
toward removing the tariffs lowering them are positive, but we're
in a world of tremendous uncertainty.
Speaker 2 (03:43):
Despite uncertainties, Yellen told Bloomberg's Balance of Power, the US
economy is still strong and does not see a need
for a Central Bank intervention.
Speaker 3 (03:51):
And another major story we're following this morning, Harvard University
fighting dock against President Trump's demands for what he calls
reforms at the school. Let's get tails this morning from
Bloomberg's Lisa Matteo. Lisa, good morning, Good morning John.
Speaker 9 (04:04):
The university's president, Alan Garber, says that the requests posed
threats to academic freedom and also interfere in higher education
a government task force on anti Semitism, while they responded
saying it plans to freeze two point two billion dollars
of multi year grants, which could impact the school's research, medicine,
public health programs, US agencies, while they've previously said they're
(04:25):
reviewing about nine billion dollars of Harvard's grants and contracts,
and the university's rejection of the demands, it's winning the
support from Democratic lawmakers, alumni, including former President Barack Obama.
Now already the government has canceled four hundred million dollars
in funding to Columbia University. They pause funds to Northwestern
and Cornell, and suspended money for Princeton, claiming that they're
(04:47):
not doing enough to fight anti semitism on campus. Now.
Unlike those institutions, however, Harvard the richest university with a
fifty three billion dollar endowment, but the school does say
about seventy percent of the annual distribution is restricted by
donor terms says specific programs, departments, or purposes. Lisa Matteo,
Bloomberg Radio.
Speaker 2 (05:06):
All right, Lisa, thank you. Let's start to the markets
now and futures. They're higher this morning. Following gaines on
Wall Street to kick off the trading week, the S
and P five hundred and Dow gain nearly eight tens
of a percent. David Sowerby, managing director and portfolio manager
at Encora, says, it's a good time to buy for
long term investors.
Speaker 6 (05:24):
This is my twelfth bear market.
Speaker 10 (05:26):
Sadly, it's not going to be my last, and I
think with the effort, stock now trading at a free
cash flow yield to six percent.
Speaker 7 (05:33):
That compares very favorably.
Speaker 6 (05:36):
To the ten year treasury.
Speaker 3 (05:37):
So if you're willing to buy and be a little
wrong before you ultimately very right, you should be in
there selectively buying in courus.
Speaker 2 (05:46):
David Sowerby notes the S and P five hundred is
down eight percent so far this year, and.
Speaker 3 (05:50):
Investor is going to get another batch of bank earnings
this morning. Let's get more from Bloomberg Intelligence senior analysts
Alison Williams.
Speaker 11 (05:58):
For Bank of America and City Group, we expect to
see similar trends as we've seen for their peers, Goldman Sachs, JP,
Morgan Morgan Stanley, and Wells Fargo. And that is strength
and equities trading powering the top line risk to investment
banking fees related to uncertainty, and strength in buybacks really
(06:19):
representing a benefit to lesser regulation expected on the capital front.
A key thing we'll be focusing on is the health
of clients. Bank of America is likely to give us
a view into the US consumer, while the City Group
has relatively more exposure to the card business.
Speaker 3 (06:39):
And Bloomberg Intelligence senior analyst Alison Williamess is look for
a bank of America earning six forty five city group.
Speaker 6 (06:46):
At eight am Wall Street.
Speaker 2 (06:47):
Time, John the Federal Trade Commission's anti trust trial seeking
a break up Meta Platforms continues today. Mark Zuckerberg testifind
in federal court yesterday about Facebook's acquisition of Instagram. Again
more from j for Ree of Bloomberg Intelligence.
Speaker 12 (07:02):
The allegation is that for both of those companies, Facebook
at the time called Facebook and not Meta, was concerned
that they would grow or be bought by a Google
or somebody likes some other big tech platform and become
a real competitor to Facebook and give them a tough
time in social networking, and so they bought them instead.
It's sort of what they call a buy and barry,
although they didn't bury strategy, and they're saying that just
(07:24):
those acquisitions that itself was anti competitive.
Speaker 2 (07:28):
Jennifer reea of Bloomberg Intelligence says if the FTC prevails,
a spinoff of Instagram and WhatsApp would undo years of
integration between the apps. The trial is expected to last
about two months.
Speaker 6 (07:42):
Time.
Speaker 2 (07:42):
Now for 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.
Speaker 13 (07:49):
Morning Karen, President Donald Trump's top advisors and El Salvador's
president saying that they have no basis for the small
Central American nation to return a Maryland man who was
wrongly deported there. Last month. The Supreme Court has called
for the Trump administration to facilitate the return of Kilmar
Abrego Garcia from the US to a notorious from the
(08:10):
Notorious Prison Family attorney Benjamin Assurio.
Speaker 10 (08:14):
Our Department of State works with other countries all the
time for detained US citizens, so this is not a
new thing that we're asking the government to do.
Speaker 4 (08:20):
We're just asking them to follow the Supreme Court's order.
Speaker 13 (08:23):
President Neebukele, who has been a vital partner for the
Trump administration and its deportation efforts, said, of course he
will not release him back to US soil. Another Columbia
student has been detained by immigration officials. Moshin mcdowick, a
permanent resident of the US and student at the university,
(08:44):
was arrested after attending his naturalization interview in Vermont. Court
documents claim the Palestinian refugee led protests on campus along
with Mackmood Khalil, another international student now facing possible removal.
Investigators are working to under cut under the uncover the
motive behind in arson fire last weekend at Pennsylvania Governor
(09:06):
John Shapiro's mansion, the latest act of political violence in
the US. Cody Balmer was detained denied bail Monday after
a brief court appearance. Authorities also say Balmer had planned
to beat Governor Shapiro with a hammer if he encountered him.
Early Sunday, Judge Ester Salas sounded the alarm about the
new threats. The judge's son, Daniel, was killed in twenty
(09:28):
twenty at their New Jersey residence and a deliberate attack.
Speaker 1 (09:32):
We're in unprecedented times. I think we can look to
statements that are coming out from our leaders and these
positions of power and say we're in new territory when
we see members of Congress calling for the impeachment of
judges for doing their jobs.
Speaker 13 (09:52):
Global news twenty four hours a day and whatever you
wanted with Bloomberg News. Now, I'm Michael Barr in this
is Bloomberg Karn.
Speaker 2 (09:58):
All right, Michael Barr, thank you time now for the
Bloomberg sports Update. Here's John Stashower.
Speaker 10 (10:07):
John, Good morning, Good morning care, and it's early in
the baseball season. A Yankee fans quick to point out
that so far, their number twenty two Ben Rice has
better numbers, more production than the Mets number twenty two
one Soto. Rice has a seven hundred thousand dollars contract.
Soto has a seven hundred million dollar contracts So in
the Matts ten Minnesota, the Mets led three to one
(10:28):
with a man on in the seventh in.
Speaker 6 (10:31):
A Soto's over for three.
Speaker 3 (10:32):
Today is fourth straight at bat with a runner at
scoring position, unable to come through the first three times.
He lifts this one out to right.
Speaker 10 (10:40):
Center field pretty well, hit back, goes Buckston back near the.
Speaker 6 (10:43):
Wall, and it's out of here. A two one Hobar
for one Sodo.
Speaker 10 (10:49):
His second home brought us a Mets and the Mets
extended laid the fire to one and that was the
final lesson Why to call twins at only three hits
at the stadium the Royals at only two, it's the Yanks.
He's hit four home runs, included one by Rice. Also
Jazz Chisholm, Trent Grisham, and Austin Wells. They make Kansas
City four to one. The Red Sox lost at Tampa
Bay sixteen to one. Taylor Al gave up the first twelve.
(11:12):
The National has lost in Pittsburgh ten to three. The
first player named to play for Team USA in next
year's World Baseball Classic Aaron Judge, and like with the Yankees,
he'll be the team captain. Rangers won five to three
at Florida. Their season will end on Thursday. The NBA
play in begins tonight Atlanta at Orlando, Memphis at Golden State.
The winners advanced. The losers play another game on Friday.
(11:34):
Phoenix Suns fired coach Mike Budenholzer. Dallas Wings took Yukon
Star Page Beckers with the first pick of the WNBA.
Speaker 6 (11:41):
Draft, John Stanshewer, Blue Ricks Sports Karen Johns.
Speaker 3 (11:44):
That brings us to five thirteen this morning. In a
breaking news story, another salvo in the trade war, China
has ordered its airlines not to take any further deliveries
of Boeing aircraft. Blowing Bloomberg Aviation reporter Danny Lee joins
US Now this morning from Hong Kong to walk us
through this story. Danny, China has been reducing its reliance
(12:06):
on Boeing in recent years, but this still has to
be a big blow for the company.
Speaker 4 (12:11):
This still stings for Boeing, and this directive is you know,
given how important still Boeing plays and the Chinese aviation sphere.
It still provides around forty to forty five percent of
all jets into the Chinese aviation market, and it's a
huge market as well. So Boeing is more broadly, yet
(12:33):
another company that is caught up in this ongoing tip
for trade war between Washington and Beijing.
Speaker 3 (12:39):
What specifically has Beijing said?
Speaker 4 (12:42):
So, Beijing has ordered the carriers not to take any
further deliveries, as you said, and also on top of that,
they have asked the airlines not to take any orders
of any plane related equipment or parts from US companies.
Quite a broad mandate that they're asking of. And you
(13:03):
know this came at a time last week, in fact,
when China retaliated against against the US with its own
tariffs of one hundred and twenty five percent on Chinese goods.
And when you think just purely on the economic terms
of when you buy an aircraft, that kind of double
the cost of an aircraft over its lifetime and you know,
it becomes unrealistic for an airline to take delivery of
(13:25):
and you know this broader headache that airlines are worried
about of tariffs and the cost that they may have
to fut in terms of these hike and tariffs around
the world.
Speaker 3 (13:36):
Is there any indication this could be reversed if there's
some progress in talks with the United States, Well, it.
Speaker 4 (13:44):
Does remain to be seen. While on the China side,
at the very least they haven't backed down on the
tariffs that it has responded to from the US, whereas
in terms of Washington there has been some kind of
of rowback on some potes of some of the tariffs
and particularly related to Chinese made iPhones. So it does
(14:06):
we do have to wait and see whether there will
be any high level talks between China and the US
so there can be some de escalation. But for the moment,
all this does mean it does catch these prestige companies
in the middle.
Speaker 6 (14:21):
It doesn't.
Speaker 3 (14:21):
It seems like Boeing just can't get a break lately.
Speaker 4 (14:24):
Right, No, true, and given how it's Boeing has come
so far in China, where China used to be one
of its most important foreign markets, selling billions and billions
of aircraft into the country every year, and over the
last several years, it has not won a single major
aircraft order, and it does come against the backdrop of
(14:44):
how China is pursuing its own aviation planemaking developments, so slowly, ever, slowly,
Boeing is getting squeezed out in one of the world's
biggest aviation markets.
Speaker 3 (14:55):
And those shares were down over two percent re market.
Bloomberg Aviation Reporter any lead with us this morning from
Hong Kong, Danny, Thanks, Karen well John.
Speaker 2 (15:04):
We want to turn our attention now to our interview
with US Treasury Secretary of Scott Bess and he sat
down in Buenos Aires exclusively with Bloomberg's and Marie hor
Dern for a wide ranging discussion. They talked about making
trade deals with countries following President Trump's tariff rollout, negotiating
with China, and whether he's concerned about rising yields and
(15:24):
a week dollar. Let's go to part of their discussion.
Speaker 6 (15:27):
Oh, I think there could be numerous countries, and it
may not be the actual trade document, but we will
have an agreement in principle and be able to move
forward from there.
Speaker 7 (15:40):
So are we talking about a dozen or seventy plus?
Speaker 6 (15:44):
I think it's going to depend. But we're going to
move with all deliberate speed. And again it's going to
be a process. It's going to be USTR who just
has mountains of data that they've been collecting over the years.
Because in a funny way, the terriffs are the easiest part.
(16:05):
So a country with high tariffs you can just say, okay,
this is get rid of it. It's the non tariff
trade barriers that are more insidious, more difficult to spot,
and it's probably going to take a little little longer
to exercise those demons.
Speaker 7 (16:20):
China's Commerce Ministry came out when the tariff rates were
going above one hundred percent and called it, quote a joke.
Has there been negotiations on any level between Beijing and
Washington right now?
Speaker 6 (16:32):
Well, look it'll come from the top. President Trump, Chairman
Shee have a very good relationship, and I wouldn't say
that these are not a joke. I mean these are
big numbers. I think no one thinks they're sustainable, wants
them to remain here, but it's far from a joke.
Speaker 7 (16:51):
Well, they just say that the rate is so high
it's become a joke. Basically, does it just stop trade
between Washington and Beijing altogether? Do you see a decoupling
of these two economies?
Speaker 6 (17:02):
Well, maybe the trade minister has a different sense of humor.
I do, but I don't see anything funny about it.
Speaker 7 (17:07):
Do you see a decoupling though, between Washington and Beijing?
Speaker 6 (17:11):
There doesn't have to be. There could be. There's a
big deal to be done at some point. But look
what is different with China. That is different in the
history of trade that normally if you go back to
the big trade deals or the currency deals in the eighties,
Applausa Accord, the Louver Accord, the Reagan Auto deals, were
(17:37):
our leading economic competitors, were our military allies. China is
both our biggest economic competitor and our biggest military rival.
So that's going to require a special kind of formula.
Speaker 7 (17:52):
So shifts in TARFF policies has had markets on edge.
Even the President recently re marked the bond market was
quote queasy, do you have a sense of who is
dumping US assets? Who's been dumping US treasuries?
Speaker 6 (18:06):
I don't think there's a dumping and I think we
saw in the TIC data either today or Friday, that
actually foreign ownerships picked up. We had two, we had
three big auctions last week, and on the longer end
auction ten year, thirty year, we saw increase foreign competition.
So I actually think this is one of those occasional
(18:29):
varshocks that you get in the trading community. I think
a lot of people got very leverage, maybe out over
their skis, and then you combine that with some real
money selling and you get these moves.
Speaker 7 (18:42):
So you don't think it's sovereigns. Potentially it's hedge funds unwinding.
Speaker 6 (18:46):
I have no evidence that it's sovereigns, and look emery,
not you. But the nature of journalism is to create
a headline that ten days ago when ten year yields
hit three ninety said, well, Secretary Besson got what he wanted.
He got ten year yields down. But it's the wrong reason.
(19:09):
Now I forget what they hit on Friday, maybe for
forty something.
Speaker 7 (19:13):
We saw a fifty basis move last week and ten
year yield at the same time that the dollar was
weakening nearly three percent. How do you simultaneously look at
that situation. It feels like investors are dumping US assets.
Speaker 6 (19:27):
Well, look, I've learned that not to look at what
happens over a week. I, for better or worse, have
lived through a lot of these things, and trading in
one's personal trading history is the scar tissue that sticks
with you the most. I can tell you exactly where
I was standing in nineteen ninety eight when the long
(19:50):
term capital the backle happened. That had nothing to do
with anything other than a bunch of geniuses up in
Greenwich who had too much leverage.
Speaker 5 (19:58):
So you're not.
Speaker 7 (19:59):
Concerned at this moment about the US dollar or the
US Treasury losing safe haven asset.
Speaker 11 (20:05):
No.
Speaker 7 (20:05):
Look, we're still a global reserve card.
Speaker 6 (20:07):
We are still a global reserve currency that we have
a strong dollar policy. The dollar can go up and
down to go and look back at President Trump's first term.
I don't remember the exact number, but the dollar in
twenty seventeen went down I can't remember seven eight nine percent,
(20:29):
and then once the tax bill was done, took off,
took off for the remainder of his term.
Speaker 7 (20:35):
Have you spoken to the Fed at all about contingency plans?
Speaker 10 (20:38):
Though?
Speaker 7 (20:39):
If financial stability risks flare.
Speaker 6 (20:41):
Up, Chair Powell and I have breakfast every week and
we discuss a wide range of things, and you know,
our staffs are always in contact. We have a market's room,
they have a market's room. But specifically, did we discuss
some kind of a break the glass? I think we're
(21:02):
a long way from that.
Speaker 7 (21:03):
So when was the last time you guys spoke? We
had breakfast last week?
Speaker 6 (21:06):
We had breakfast last week and it was an away game.
I was over at the Fed.
Speaker 7 (21:11):
And no concern so far from the Fed chair and
what he saw on the treasury market.
Speaker 6 (21:15):
I think we would have heard from the Fed chair.
I think we heard from Governor Collins of Boston on Friday.
We heard from Governor Weller today on his thoughts on
what tariffs means. So seems like business as usual.
Speaker 3 (21:31):
Secretary Scott Besson speaking with Bloomberg Televisions and Marie Hord
during Catch the full interview on the Bloomberg Talks podcast.
Subscribed to hear all of our high profile discussions anywhere
you get your podcasts.
Speaker 2 (21:42):
John repeating some of our top stories this morning. China
has ordered as Airlines not to take any further deliveries
of Boeing jests as part of the tit for tat
trade war.
Speaker 3 (21:50):
Now the Trump administration moving forward with plans to impose
tarifs on semiconductor and pharmaceutical imports. The Booth threatens to
broaden the President's sweeping trade war.
Speaker 2 (22:00):
And Harvard University is rejecting the Trump Administration's demands to
make sweeping changes on campus. The university science threats to
academic freedom and interference and higher Education. Will have more
in those stories coming up on Bloomberg Daybreak. And now
we turn to another discussion with a former US Treasury Secretary,
now Jennet Yellen. She joined Bloomberg TV's Kaylee Lines yesterday
(22:21):
on Bloomberg's Balance of Power discussing President Trump's tariff policy
and the outlook for US markets as well as the
health of the US economy.
Speaker 6 (22:28):
Let's listen in it.
Speaker 8 (22:30):
Was suggested that these reciprocal tariffs are in response to
unfair trade practices. That clearly wasn't the case, and for example,
with the European Union, the trade.
Speaker 7 (22:44):
Barriers are very very low.
Speaker 8 (22:46):
So I must say I'm confused about what the Trump
administration we'll be looking for. With Vietnam, for example, we
actively encouraged Vietnam to begin to produce goods that we
were dependent on China for for national security purposes, we
(23:09):
wanted diversification of supply chains.
Speaker 11 (23:13):
I don't think there.
Speaker 8 (23:14):
Was anything unanticipated or inappropriate about having a trade deficit
with Vietnam. I find it very difficult to know what
the Trump administration will be looking for or expecting well,
And of course China.
Speaker 14 (23:32):
Xi Jinping himself was discussing trade with Vietnam today on
the subject of Shei and of the Chinese government, which
of course you had many conversations with over your tenure
as Treasury Secretary. You made tracks to Beijing yourself. Given
your interactions with China and the way in which they
have responded to the tariffs the administration has levied on
(23:54):
Chinese imports, do you see them as willing to come
to the table on this one or are we stuck
in a dangerous gain of chicken.
Speaker 8 (24:00):
Well, I think they've made clear that they would like
to de escalate this conflict and remove their own trade
barriers the retaliation they have announced and see our trade
barriers come down as well. I think they're tremendously damaging
(24:21):
there at levels that are almost prohibit of trade, and
I think it would be beneficial for both sides. I
will say, in the case of China, and I've made
this clear during my own visits there, we have legitimate
grievances with some of the policies that China has followed
(24:46):
to massively subsidized its export sector, its manufacturing sector, particularly
advanced manufacturing, and its overall macroeconomic strategy, which places unusually
low emphasis on consumer spending as a source of demand
(25:08):
and really relies on flooding the world with Chinese goods.
I think this is legitimately damaging to the US economy
and something that we were discussing, and I think there
should be dialogue in an attempt by the Trump administration
(25:28):
to pursue this issue. Working together with our allies, I
think would have been a desirable approach. It's one that
we were committed to. But now the Trump administration is
really engaged in some very antagonistic initiatives relative to our
(25:51):
closest allies, and that looks like a less promising approach
than I would have hoped.
Speaker 2 (25:58):
This is Bloombergy Daybreak morning podcast on the stories making
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Speaker 3 (26:05):
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Speaker 2 (26:11):
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Speaker 3 (26:45):
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on Bloomberg day Break
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm John Tucker and I'm Karen Moscow. Here
are the stories we're following today and Karen.
Speaker 3 (00:15):
Boeing may be caught either cross hears of the US
China trade war. Bloomberg News has learned China has ordered
eas Airlines not to take any further deliveries of Boeing jets,
and Bloomberg Aviation reporter Danny Lee is following the story
this morning.
Speaker 4 (00:30):
This is really quite a blow for Boeing in a sense.
Then we have seen more companies increasingly being caught up
and caught in by this for top trade war between
Washington and Beijing button increasingly where some like Boeing is
increasingly marginalized in such a thriving aviation market.
Speaker 3 (00:48):
And Bloomberg Aviation reporter Danny Lee says China is forecast
to make up to twenty percent of global aircraft demand
over the next two decades. In at twenty eighteen, nearly
a quarter of Boeing's output ended up there. Shares of
Boeing this morning down two point seven percent in early trading.
Speaker 2 (01:05):
Well, John, President Trump's administration is pressing forward with plans
to impost tariffs on semiconductor and pharmaceutical imports by initiating
trade probes led by the Commerce Department. And we get
more on that with Bloomberg's trades are Brandan Murray.
Speaker 5 (01:19):
The Trump administration wants semiconductors to be made in the
US rather than in mostly in Asia and places like
Taiwan and China. This is going to be especially important
with the next generation of chips, the ones that power
artificial intelligence. The other issue, and this was one that
came up during the pandemic, was the drugs production and
(01:40):
the pharmaceutical issue. Both of these are the Trump administration
is seeking to ground them in the legal rationale of
national security.
Speaker 2 (01:49):
And Bloombergy trades are Brandan Murray says. President Trump is
also floating up potential pause in auto tariffs, and that
has shares of Nissan, Toyota, and other auto stocks on
the rise this morning, and.
Speaker 3 (02:00):
Karen the near daily flow of tariff announcements adding to
the confusion for companies and countries trying to navigate President
Trump's evolving trade policies. Speaking exclusively to Bloomberg's and Mary
hor Dern, the Treasury Secretary, Scott Benz Besson was asked
how many of these deals he expects to have signed
by the end of the pause.
Speaker 6 (02:19):
I think there will be advantage to our allies, especially
in a first mover advantage. Usually the first person that
makes the deal gets the best deal. So if you
think will be first, it's their choice.
Speaker 7 (02:34):
Is there a handful of countries that you expect to
have a deal before the ninety days is up.
Speaker 6 (02:39):
Oh, I think there could be numerous countries, and it
may not be the actual trade document, but we will
have an agreement in principle and be able to move
forward from.
Speaker 3 (02:51):
Their Treasury Secretary Besson also playing down the recent sell
off in the bond market, rejecting speculation but foreign nations
were dumping their holdings, well flagging that he's a department
has the tools to address dislocation if needed, and you
can hear the full conversation on the Bloomberg Talks podcast
feed or watch it on the Bloomberg podcast page on YouTube.
Speaker 2 (03:12):
Well John Former Treasury Secretary Jennie Yellen is criticizing the
Trump administration's trade policy. She says the entire approach is muddled.
Speaker 8 (03:21):
The objective's unclear, the rationale for the tariffs that have
been announced really unclear and not at all sensible. Steps
toward removing the tariffs lowering them are positive, but we're
in a world of tremendous uncertainty.
Speaker 2 (03:43):
Despite uncertainties, Yellen told Bloomberg's Balance of Power, the US
economy is still strong and does not see a need
for a Central Bank intervention.
Speaker 3 (03:51):
And another major story we're following this morning, Harvard University
fighting dock against President Trump's demands for what he calls
reforms at the school. Let's get tails this morning from
Bloomberg's Lisa Matteo. Lisa, good morning, Good morning John.
Speaker 9 (04:04):
The university's president, Alan Garber, says that the requests posed
threats to academic freedom and also interfere in higher education
a government task force on anti Semitism, while they responded
saying it plans to freeze two point two billion dollars
of multi year grants, which could impact the school's research, medicine,
public health programs, US agencies, while they've previously said they're
(04:25):
reviewing about nine billion dollars of Harvard's grants and contracts,
and the university's rejection of the demands, it's winning the
support from Democratic lawmakers, alumni, including former President Barack Obama.
Now already the government has canceled four hundred million dollars
in funding to Columbia University. They pause funds to Northwestern
and Cornell, and suspended money for Princeton, claiming that they're
(04:47):
not doing enough to fight anti semitism on campus. Now.
Unlike those institutions, however, Harvard the richest university with a
fifty three billion dollar endowment, but the school does say
about seventy percent of the annual distribution is restricted by
donor terms says specific programs, departments, or purposes. Lisa Matteo,
Bloomberg Radio.
Speaker 2 (05:06):
All right, Lisa, thank you. Let's start to the markets
now and futures. They're higher this morning. Following gaines on
Wall Street to kick off the trading week, the S
and P five hundred and Dow gain nearly eight tens
of a percent. David Sowerby, managing director and portfolio manager
at Encora, says, it's a good time to buy for
long term investors.
Speaker 6 (05:24):
This is my twelfth bear market.
Speaker 10 (05:26):
Sadly, it's not going to be my last, and I
think with the effort, stock now trading at a free
cash flow yield to six percent.
Speaker 7 (05:33):
That compares very favorably.
Speaker 6 (05:36):
To the ten year treasury.
Speaker 3 (05:37):
So if you're willing to buy and be a little
wrong before you ultimately very right, you should be in
there selectively buying in courus.
Speaker 2 (05:46):
David Sowerby notes the S and P five hundred is
down eight percent so far this year, and.
Speaker 3 (05:50):
Investor is going to get another batch of bank earnings
this morning. Let's get more from Bloomberg Intelligence senior analysts
Alison Williams.
Speaker 11 (05:58):
For Bank of America and City Group, we expect to
see similar trends as we've seen for their peers, Goldman Sachs, JP,
Morgan Morgan Stanley, and Wells Fargo. And that is strength
and equities trading powering the top line risk to investment
banking fees related to uncertainty, and strength in buybacks really
(06:19):
representing a benefit to lesser regulation expected on the capital front.
A key thing we'll be focusing on is the health
of clients. Bank of America is likely to give us
a view into the US consumer, while the City Group
has relatively more exposure to the card business.
Speaker 3 (06:39):
And Bloomberg Intelligence senior analyst Alison Williamess is look for
a bank of America earning six forty five city group.
Speaker 6 (06:46):
At eight am Wall Street.
Speaker 2 (06:47):
Time, John the Federal Trade Commission's anti trust trial seeking
a break up Meta Platforms continues today. Mark Zuckerberg testifind
in federal court yesterday about Facebook's acquisition of Instagram. Again
more from j for Ree of Bloomberg Intelligence.
Speaker 12 (07:02):
The allegation is that for both of those companies, Facebook
at the time called Facebook and not Meta, was concerned
that they would grow or be bought by a Google
or somebody likes some other big tech platform and become
a real competitor to Facebook and give them a tough
time in social networking, and so they bought them instead.
It's sort of what they call a buy and barry,
although they didn't bury strategy, and they're saying that just
(07:24):
those acquisitions that itself was anti competitive.
Speaker 2 (07:28):
Jennifer reea of Bloomberg Intelligence says if the FTC prevails,
a spinoff of Instagram and WhatsApp would undo years of
integration between the apps. The trial is expected to last
about two months.
Speaker 6 (07:42):
Time.
Speaker 2 (07:42):
Now for 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.
Speaker 13 (07:49):
Morning Karen, President Donald Trump's top advisors and El Salvador's
president saying that they have no basis for the small
Central American nation to return a Maryland man who was
wrongly deported there. Last month. The Supreme Court has called
for the Trump administration to facilitate the return of Kilmar
Abrego Garcia from the US to a notorious from the
(08:10):
Notorious Prison Family attorney Benjamin Assurio.
Speaker 10 (08:14):
Our Department of State works with other countries all the
time for detained US citizens, so this is not a
new thing that we're asking the government to do.
Speaker 4 (08:20):
We're just asking them to follow the Supreme Court's order.
Speaker 13 (08:23):
President Neebukele, who has been a vital partner for the
Trump administration and its deportation efforts, said, of course he
will not release him back to US soil. Another Columbia
student has been detained by immigration officials. Moshin mcdowick, a
permanent resident of the US and student at the university,
(08:44):
was arrested after attending his naturalization interview in Vermont. Court
documents claim the Palestinian refugee led protests on campus along
with Mackmood Khalil, another international student now facing possible removal.
Investigators are working to under cut under the uncover the
motive behind in arson fire last weekend at Pennsylvania Governor
(09:06):
John Shapiro's mansion, the latest act of political violence in
the US. Cody Balmer was detained denied bail Monday after
a brief court appearance. Authorities also say Balmer had planned
to beat Governor Shapiro with a hammer if he encountered him.
Early Sunday, Judge Ester Salas sounded the alarm about the
new threats. The judge's son, Daniel, was killed in twenty
(09:28):
twenty at their New Jersey residence and a deliberate attack.
Speaker 1 (09:32):
We're in unprecedented times. I think we can look to
statements that are coming out from our leaders and these
positions of power and say we're in new territory when
we see members of Congress calling for the impeachment of
judges for doing their jobs.
Speaker 13 (09:52):
Global news twenty four hours a day and whatever you
wanted with Bloomberg News. Now, I'm Michael Barr in this
is Bloomberg Karn.
Speaker 2 (09:58):
All right, Michael Barr, thank you time now for the
Bloomberg sports Update. Here's John Stashower.
Speaker 10 (10:07):
John, Good morning, Good morning care, and it's early in
the baseball season. A Yankee fans quick to point out
that so far, their number twenty two Ben Rice has
better numbers, more production than the Mets number twenty two
one Soto. Rice has a seven hundred thousand dollars contract.
Soto has a seven hundred million dollar contracts So in
the Matts ten Minnesota, the Mets led three to one
(10:28):
with a man on in the seventh in.
Speaker 6 (10:31):
A Soto's over for three.
Speaker 3 (10:32):
Today is fourth straight at bat with a runner at
scoring position, unable to come through the first three times.
He lifts this one out to right.
Speaker 10 (10:40):
Center field pretty well, hit back, goes Buckston back near the.
Speaker 6 (10:43):
Wall, and it's out of here. A two one Hobar
for one Sodo.
Speaker 10 (10:49):
His second home brought us a Mets and the Mets
extended laid the fire to one and that was the
final lesson Why to call twins at only three hits
at the stadium the Royals at only two, it's the Yanks.
He's hit four home runs, included one by Rice. Also
Jazz Chisholm, Trent Grisham, and Austin Wells. They make Kansas
City four to one. The Red Sox lost at Tampa
Bay sixteen to one. Taylor Al gave up the first twelve.
(11:12):
The National has lost in Pittsburgh ten to three. The
first player named to play for Team USA in next
year's World Baseball Classic Aaron Judge, and like with the Yankees,
he'll be the team captain. Rangers won five to three
at Florida. Their season will end on Thursday. The NBA
play in begins tonight Atlanta at Orlando, Memphis at Golden State.
The winners advanced. The losers play another game on Friday.
(11:34):
Phoenix Suns fired coach Mike Budenholzer. Dallas Wings took Yukon
Star Page Beckers with the first pick of the WNBA.
Speaker 6 (11:41):
Draft, John Stanshewer, Blue Ricks Sports Karen Johns.
Speaker 3 (11:44):
That brings us to five thirteen this morning. In a
breaking news story, another salvo in the trade war, China
has ordered its airlines not to take any further deliveries
of Boeing aircraft. Blowing Bloomberg Aviation reporter Danny Lee joins
US Now this morning from Hong Kong to walk us
through this story. Danny, China has been reducing its reliance
(12:06):
on Boeing in recent years, but this still has to
be a big blow for the company.
Speaker 4 (12:11):
This still stings for Boeing, and this directive is you know,
given how important still Boeing plays and the Chinese aviation sphere.
It still provides around forty to forty five percent of
all jets into the Chinese aviation market, and it's a
huge market as well. So Boeing is more broadly, yet
(12:33):
another company that is caught up in this ongoing tip
for trade war between Washington and Beijing.
Speaker 3 (12:39):
What specifically has Beijing said?
Speaker 4 (12:42):
So, Beijing has ordered the carriers not to take any
further deliveries, as you said, and also on top of that,
they have asked the airlines not to take any orders
of any plane related equipment or parts from US companies.
Quite a broad mandate that they're asking of. And you
(13:03):
know this came at a time last week, in fact,
when China retaliated against against the US with its own
tariffs of one hundred and twenty five percent on Chinese goods.
And when you think just purely on the economic terms
of when you buy an aircraft, that kind of double
the cost of an aircraft over its lifetime and you know,
it becomes unrealistic for an airline to take delivery of
(13:25):
and you know this broader headache that airlines are worried
about of tariffs and the cost that they may have
to fut in terms of these hike and tariffs around
the world.
Speaker 3 (13:36):
Is there any indication this could be reversed if there's
some progress in talks with the United States, Well, it.
Speaker 4 (13:44):
Does remain to be seen. While on the China side,
at the very least they haven't backed down on the
tariffs that it has responded to from the US, whereas
in terms of Washington there has been some kind of
of rowback on some potes of some of the tariffs
and particularly related to Chinese made iPhones. So it does
(14:06):
we do have to wait and see whether there will
be any high level talks between China and the US
so there can be some de escalation. But for the moment,
all this does mean it does catch these prestige companies
in the middle.
Speaker 6 (14:21):
It doesn't.
Speaker 3 (14:21):
It seems like Boeing just can't get a break lately.
Speaker 4 (14:24):
Right, No, true, and given how it's Boeing has come
so far in China, where China used to be one
of its most important foreign markets, selling billions and billions
of aircraft into the country every year, and over the
last several years, it has not won a single major
aircraft order, and it does come against the backdrop of
(14:44):
how China is pursuing its own aviation planemaking developments, so slowly, ever, slowly,
Boeing is getting squeezed out in one of the world's
biggest aviation markets.
Speaker 3 (14:55):
And those shares were down over two percent re market.
Bloomberg Aviation Reporter any lead with us this morning from
Hong Kong, Danny, Thanks, Karen well John.
Speaker 2 (15:04):
We want to turn our attention now to our interview
with US Treasury Secretary of Scott Bess and he sat
down in Buenos Aires exclusively with Bloomberg's and Marie hor
Dern for a wide ranging discussion. They talked about making
trade deals with countries following President Trump's tariff rollout, negotiating
with China, and whether he's concerned about rising yields and
(15:24):
a week dollar. Let's go to part of their discussion.
Speaker 6 (15:27):
Oh, I think there could be numerous countries, and it
may not be the actual trade document, but we will
have an agreement in principle and be able to move
forward from there.
Speaker 7 (15:40):
So are we talking about a dozen or seventy plus?
Speaker 6 (15:44):
I think it's going to depend. But we're going to
move with all deliberate speed. And again it's going to
be a process. It's going to be USTR who just
has mountains of data that they've been collecting over the years.
Because in a funny way, the terriffs are the easiest part.
(16:05):
So a country with high tariffs you can just say, okay,
this is get rid of it. It's the non tariff
trade barriers that are more insidious, more difficult to spot,
and it's probably going to take a little little longer
to exercise those demons.
Speaker 7 (16:20):
China's Commerce Ministry came out when the tariff rates were
going above one hundred percent and called it, quote a joke.
Has there been negotiations on any level between Beijing and
Washington right now?
Speaker 6 (16:32):
Well, look it'll come from the top. President Trump, Chairman
Shee have a very good relationship, and I wouldn't say
that these are not a joke. I mean these are
big numbers. I think no one thinks they're sustainable, wants
them to remain here, but it's far from a joke.
Speaker 7 (16:51):
Well, they just say that the rate is so high
it's become a joke. Basically, does it just stop trade
between Washington and Beijing altogether? Do you see a decoupling
of these two economies?
Speaker 6 (17:02):
Well, maybe the trade minister has a different sense of humor.
I do, but I don't see anything funny about it.
Speaker 7 (17:07):
Do you see a decoupling though, between Washington and Beijing?
Speaker 6 (17:11):
There doesn't have to be. There could be. There's a
big deal to be done at some point. But look
what is different with China. That is different in the
history of trade that normally if you go back to
the big trade deals or the currency deals in the eighties,
Applausa Accord, the Louver Accord, the Reagan Auto deals, were
(17:37):
our leading economic competitors, were our military allies. China is
both our biggest economic competitor and our biggest military rival.
So that's going to require a special kind of formula.
Speaker 7 (17:52):
So shifts in TARFF policies has had markets on edge.
Even the President recently re marked the bond market was
quote queasy, do you have a sense of who is
dumping US assets? Who's been dumping US treasuries?
Speaker 6 (18:06):
I don't think there's a dumping and I think we
saw in the TIC data either today or Friday, that
actually foreign ownerships picked up. We had two, we had
three big auctions last week, and on the longer end
auction ten year, thirty year, we saw increase foreign competition.
So I actually think this is one of those occasional
(18:29):
varshocks that you get in the trading community. I think
a lot of people got very leverage, maybe out over
their skis, and then you combine that with some real
money selling and you get these moves.
Speaker 7 (18:42):
So you don't think it's sovereigns. Potentially it's hedge funds unwinding.
Speaker 6 (18:46):
I have no evidence that it's sovereigns, and look emery,
not you. But the nature of journalism is to create
a headline that ten days ago when ten year yields
hit three ninety said, well, Secretary Besson got what he wanted.
He got ten year yields down. But it's the wrong reason.
(19:09):
Now I forget what they hit on Friday, maybe for
forty something.
Speaker 7 (19:13):
We saw a fifty basis move last week and ten
year yield at the same time that the dollar was
weakening nearly three percent. How do you simultaneously look at
that situation. It feels like investors are dumping US assets.
Speaker 6 (19:27):
Well, look, I've learned that not to look at what
happens over a week. I, for better or worse, have
lived through a lot of these things, and trading in
one's personal trading history is the scar tissue that sticks
with you the most. I can tell you exactly where
I was standing in nineteen ninety eight when the long
(19:50):
term capital the backle happened. That had nothing to do
with anything other than a bunch of geniuses up in
Greenwich who had too much leverage.
Speaker 5 (19:58):
So you're not.
Speaker 7 (19:59):
Concerned at this moment about the US dollar or the
US Treasury losing safe haven asset.
Speaker 11 (20:05):
No.
Speaker 7 (20:05):
Look, we're still a global reserve card.
Speaker 6 (20:07):
We are still a global reserve currency that we have
a strong dollar policy. The dollar can go up and
down to go and look back at President Trump's first term.
I don't remember the exact number, but the dollar in
twenty seventeen went down I can't remember seven eight nine percent,
(20:29):
and then once the tax bill was done, took off,
took off for the remainder of his term.
Speaker 7 (20:35):
Have you spoken to the Fed at all about contingency plans?
Speaker 10 (20:38):
Though?
Speaker 7 (20:39):
If financial stability risks flare.
Speaker 6 (20:41):
Up, Chair Powell and I have breakfast every week and
we discuss a wide range of things, and you know,
our staffs are always in contact. We have a market's room,
they have a market's room. But specifically, did we discuss
some kind of a break the glass? I think we're
(21:02):
a long way from that.
Speaker 7 (21:03):
So when was the last time you guys spoke? We
had breakfast last week?
Speaker 6 (21:06):
We had breakfast last week and it was an away game.
I was over at the Fed.
Speaker 7 (21:11):
And no concern so far from the Fed chair and
what he saw on the treasury market.
Speaker 6 (21:15):
I think we would have heard from the Fed chair.
I think we heard from Governor Collins of Boston on Friday.
We heard from Governor Weller today on his thoughts on
what tariffs means. So seems like business as usual.
Speaker 3 (21:31):
Secretary Scott Besson speaking with Bloomberg Televisions and Marie Hord
during Catch the full interview on the Bloomberg Talks podcast.
Subscribed to hear all of our high profile discussions anywhere
you get your podcasts.
Speaker 2 (21:42):
John repeating some of our top stories this morning. China
has ordered as Airlines not to take any further deliveries
of Boeing jests as part of the tit for tat
trade war.
Speaker 3 (21:50):
Now the Trump administration moving forward with plans to impose
tarifs on semiconductor and pharmaceutical imports. The Booth threatens to
broaden the President's sweeping trade war.
Speaker 2 (22:00):
And Harvard University is rejecting the Trump Administration's demands to
make sweeping changes on campus. The university science threats to
academic freedom and interference and higher Education. Will have more
in those stories coming up on Bloomberg Daybreak. And now
we turn to another discussion with a former US Treasury Secretary,
now Jennet Yellen. She joined Bloomberg TV's Kaylee Lines yesterday
(22:21):
on Bloomberg's Balance of Power discussing President Trump's tariff policy
and the outlook for US markets as well as the
health of the US economy.
Speaker 6 (22:28):
Let's listen in it.
Speaker 8 (22:30):
Was suggested that these reciprocal tariffs are in response to
unfair trade practices. That clearly wasn't the case, and for example,
with the European Union, the trade.
Speaker 7 (22:44):
Barriers are very very low.
Speaker 8 (22:46):
So I must say I'm confused about what the Trump
administration we'll be looking for. With Vietnam, for example, we
actively encouraged Vietnam to begin to produce goods that we
were dependent on China for for national security purposes, we
(23:09):
wanted diversification of supply chains.
Speaker 11 (23:13):
I don't think there.
Speaker 8 (23:14):
Was anything unanticipated or inappropriate about having a trade deficit
with Vietnam. I find it very difficult to know what
the Trump administration will be looking for or expecting well,
And of course China.
Speaker 14 (23:32):
Xi Jinping himself was discussing trade with Vietnam today on
the subject of Shei and of the Chinese government, which
of course you had many conversations with over your tenure
as Treasury Secretary. You made tracks to Beijing yourself. Given
your interactions with China and the way in which they
have responded to the tariffs the administration has levied on
(23:54):
Chinese imports, do you see them as willing to come
to the table on this one or are we stuck
in a dangerous gain of chicken.
Speaker 8 (24:00):
Well, I think they've made clear that they would like
to de escalate this conflict and remove their own trade
barriers the retaliation they have announced and see our trade
barriers come down as well. I think they're tremendously damaging
(24:21):
there at levels that are almost prohibit of trade, and
I think it would be beneficial for both sides. I
will say, in the case of China, and I've made
this clear during my own visits there, we have legitimate
grievances with some of the policies that China has followed
(24:46):
to massively subsidized its export sector, its manufacturing sector, particularly
advanced manufacturing, and its overall macroeconomic strategy, which places unusually
low emphasis on consumer spending as a source of demand
(25:08):
and really relies on flooding the world with Chinese goods.
I think this is legitimately damaging to the US economy
and something that we were discussing, and I think there
should be dialogue in an attempt by the Trump administration
(25:28):
to pursue this issue. Working together with our allies, I
think would have been a desirable approach. It's one that
we were committed to. But now the Trump administration is
really engaged in some very antagonistic initiatives relative to our
(25:51):
closest allies, and that looks like a less promising approach
than I would have hoped.
Speaker 2 (25:58):
This is Bloombergy Daybreak morning podcast on the stories making
news from Wall Street to Washington and beyond.
Speaker 3 (26:05):
Look for us on your podcast feed by six am.
Eastern each morning on Apple, Spotify, or anywhere else you listen.
Speaker 2 (26:11):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 3 (26:26):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (26:32):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now and your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 3 (26:45):
I'm John Tucker. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg day Break
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