April 2, 2025 • 17 mins
On today's podcast:
1) Voters in Wisconsin push back on Elon Musk and Republicans in Florida fend off Democrats. Elon Musk-backed candidate, Brad Schimel, lost a Wisconsin judicial race despite Musk pouring millions into the campaign, with Susan Crawford winning 55% to 45%. Republicans held onto two House seats in Florida, winning about 57% of the vote in both districts, but with smaller margins than in the November general election.
2) The world waits as President Trump's tariff announcement comes down to the wire. President Trump's team is finalizing plans for reciprocal tariffs to be unveiled on Wednesday, with multiple proposals under consideration, including a tiered tariff system and a customized reciprocal plan. The tariffs are expected to take immediate effect, with countries able to negotiate to bring rates down, and could apply widely, even to countries with which the US doesn't have a trade imbalance.
3) The SALT tax deduction could get a boost in Republicans' massive tax bill. Republicans are drafting a tax bill that includes increasing the state and local tax deduction to up to $25,000 for an individual, a major victory for swing-district House Republicans.
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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 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Caarent we begin with election results in two key states.
We'll start in Wisconsin, where voters picked a state Supreme
Court justice in a race that billionaire Elon Musk poured
roughly twenty million dollars into. With ninety eight percent of
the votes counted, Musk's preferred candidate, Brad Schimmel, lost to
Democrat backed Susan Crawford fifty five to forty five percent.
Speaker 4 (00:35):
Wisconsin's stood up and said loudly that justice does not
have a price. Our courts are not for sale.
Speaker 3 (00:44):
Susan Crawford's campaign did raise twenty four point six million
dollars that was more than double shimmeles hall. Shimmel told
his supporters that he called Crawford to concede.
Speaker 5 (00:53):
We will rise again. We'll get up to fight another day.
But this wasn't our day.
Speaker 3 (00:58):
Brad Shimmel's defeat heaps of four to three liberal majority
in place in Wisconsin Supreme Court. The result could have
implications and cases on abortion rights and labor laws, along
with congressional redistricting ahead of next year's midterm election.
Speaker 2 (01:11):
Well Nathan Republicans had a better night in Florida. They
held onto two House seats and special elections to replace
former Congressman Matt Gates and Mike Waltz and Walts's sixth district.
Randy Fine defeated Democrat Josh will by a fourteen percentage
point margin fifty six points seven to forty two percent.
That was Bubbalo Walts's thirty three point margin of victory
in November, but Fine says it's a result that counts.
Speaker 5 (01:35):
It's a special election. You have to look at the turnout.
Speaker 3 (01:37):
I mean, there were twice as many people that voted.
Speaker 5 (01:39):
I don't think you can read much into it. We
won by double digits. Were super excited.
Speaker 2 (01:43):
And a lot with Randy Fine. Republican Jimmy Patronis be
Democrat Gay Vallamont and Matt Gates's old first district. Patronis
told his supporters there's one takeaway from the race.
Speaker 6 (01:53):
This election is a reminder that Florida pay and Hando
will forever be read and it will be forever Trump country.
Speaker 2 (02:00):
Jimmy Petrons won by nearly seventeen points over Vlamont fifty
six point nine to forty two point three percent, and
Gates defeated Vellamont in November by a thirty two point margin.
Speaker 3 (02:09):
Well, now, Karen, let's get to the story that the
world is bracing for. President Trump's team is finalizing plans
for reciprocal tariffs. They're set to be unveiled after the
close of today's trading. We begin our global team coverage
with Bloomberg Trades are Brendan Murray.
Speaker 7 (02:23):
There's a range of options that the administration is still weighing.
It starts with a very simple flat rate for all
countries across the board. Twenty percent has been thrown around.
Then there's a tiered system where you divide countries into
say three groups, and in each group gets a different
tariff rate, or there's the customized each country gets its
(02:46):
own tariff rate route that the president could go. He's
got all these options on the table. From what we
hear from his advisors is he hasn't made that decision yet.
Speaker 3 (02:57):
Bloomberg's Brandan Murray says the tariffs are expected to take
immediate effect, with countries able to negotiate to bring rates
down A Trump trade advisor says the President say mcdrey
seven hundred billion dollars a year in tariff revenue.
Speaker 2 (03:09):
Well, Nathan, how will the world react to the Trump tariffs?
The European Union is expected to be one of the
hardest hit by the US Bloombers Oliver Crook continues our
Global team coverage in Berlin.
Speaker 8 (03:20):
We I think, unfortunately for the EU, just like everybody else,
you know, everybody knows what it's called Liberation Day, but
they don't know what's in it, So that what they've
got to do is sort of produce a menu of
different options given what the potential moves of the truff
indipation could be, and basically be ready to deploy them,
you know, as soon as possible. They have been taking
a slightly more measured approach than the EU has in
the past in terms of these trading discussions with the
(03:41):
Trump administration.
Speaker 5 (03:43):
They want to take a measured response.
Speaker 8 (03:44):
You know, we heard from Ursula vonder lyon the President
of the U Commissioned yesterday saying that basically, you know
what we've heard from the EU from the very beginning.
We didn't start this, we don't want this, We want
to negotiate.
Speaker 5 (03:54):
A deal, but at the end of the day, we.
Speaker 8 (03:56):
Will respond, and we will respond powerfully if we if
we have to.
Speaker 2 (04:00):
Bloomberg's Oliver Kruk says one of the most extreme retaliations
by the EU could be the first ever use of
its anti coercion instrument, which could lead to restrictions beyond
trade and services.
Speaker 3 (04:11):
And Karen Asia is also anxiously awaiting the tariff announcement.
Bloomberg Steven Engle has that angle. As we continue our
global team coverage from Hong Kong.
Speaker 9 (04:20):
Right now, we know that President she Jenping has essentially
instructed his bureaucras to remain calm through this period wait
to hear what those reciprocal tariffs will do to China tariffs, which,
of course the Trump administration Version two point zero has
added twenty percent because of the fentanyl issues. So they're
bracing for the worse and the better outcomes. The problem
(04:43):
is there hasn't been a lot of high level negotiations
or even discussions between the two sides.
Speaker 3 (04:50):
Bloomberg Steven Engl in Hong Kong says China thinks the
tariffs already in place are unjustified.
Speaker 10 (04:56):
Well.
Speaker 2 (04:56):
Nathan Canada is also bracing for the extent of Trump's
terar riffs. Bloomberg's Derek da Kluid wraps up our global
team coverage from Toronto.
Speaker 11 (05:05):
I'd say the mood right now in the country and
from what we can tell in the government, is both
anxiety and a little bit of curiosity because there has
not been a lot of information flow from the White
House to his trading partners about how this is going
to work. So Trump has said a lot of different
things about Canada and in his second term so far.
(05:27):
How high will these tariffs be and what will the
carve outs be? Will they go after Canadian oil? For example,
Canada has got a lot more at stake here than
almost every other country.
Speaker 2 (05:38):
Bloomberg's Derek Dakluid reporting from Toronto, and stay tuned for
Bloomberg's alive coverage a President Trump's tariff announcement. We'll have
Kim Bleed coverage on Bloomberg Radio, Bloomberg Television, and on
the Bloomberg podcast page on YouTube.
Speaker 3 (05:52):
Along with the tariffs. Camera're keeping an eye on this.
President Trump has said for months that the US will
take over Greenland one way or another. Now that rhetoric
may be turning into policy. According to The Washington Post,
the White House is drawing up a cost estimate to
take over the Arctic territory. The report says one option
being considered is to offer a sweeter deal to Greenland's
(06:13):
government than Denmark. The NATO ally currently subsidizes the island
to the tune of six hundred million dollars a year.
Speaker 2 (06:19):
Nathan Republican lawmakers are in the process of drafting a
new tax bill behind closed doors that includes an increase
in the state and local tax deduction or salt. Bloomberg's
Amy Morris as the latest.
Speaker 12 (06:31):
Sources tel Bloomberg, the bill includes a salt cap increase
of twenty five thousand dollars for an individual, a sizeable
increase from the current ten thousand dollars limit that would
be a big political victory for swing state House Republicans
representing the New York City area and southern California. Sources
say the plan also includes a renewal of President Trump's
twenty seventeen tax reductions, with possibly offsetting the increase by
(06:55):
reducing the deduction's corporations can claim. The plan is still
in the process of being drafted, it is not yet
final in Washington, Amy Moore as Blueberg Radio.
Speaker 3 (07:04):
Amy, thank you. We now move to markets where futures
are lower. This morning, yesterday stock seek out gains as
we kicked off the second quarter.
Speaker 5 (07:12):
And Maletti is.
Speaker 3 (07:13):
Head of Active Equity at all Spring Global Investments. She's
bullish on stocks long term.
Speaker 13 (07:17):
In this environment, it's looking for opportunity instead of risk.
I would say three months ago, we were looking for
where the risks were in the market, and that was
in concentration and speculation in a lot of those other areas.
Now it's looking for opportunities. And you know, we believe
investors should stay invested in equities. It's been the long
term place to be to win. So if you're going
(07:39):
to stay, where do you want to be And it's
outside of those momentum concentration speculation areas.
Speaker 3 (07:46):
All Springs and Maletti ads so the Trump Administration's tariffs
will cause disruption that will lead to investment opportunities.
Speaker 2 (07:52):
Well, Nathan Tesla has certainly been one of the hardest
hits so far this year, and today investors will be
getting an update on how business is fair. We had
the latest of the Bloomberg's John Tucker, John Good morning,
Good morning, Karen.
Speaker 14 (08:04):
About nine am Wall Street Time, Tesla's going to report
how many vehicles it delivered during the first three months
of this year. Elon Musk Company has had a brutal
start of the year, with vandalized showrooms, paused production lines,
and tanking sales overseas. With bush handalyst Dan i'ves telling
clients in a recent note the anti Musk and brand
issues are clearly at play in a major factor. Analysts
(08:27):
expect Tesla delivered about three hundred and ninety thousand cars
in the first quarter, potentially it's worst quarter in a year.
Pre market Tesla shares down one percent. I'm John Tucker,
Bloomberg Radio.
Speaker 2 (08:41):
Nice time now for a 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 morning, Karin.
Speaker 15 (08:50):
Democratic Senator Corey Booker of New Jersey broke the record
for the longest floor speech and recorded Senate history. I
yield the flour after more than five hours, Booker best
at Senator strom Thurman's filibuster of the Civil Rights Act
of nineteen fifty seven. Booker's speech was meant to highlight
what he called a looming constitutional crisis in the many
(09:12):
early actions taken by President Donald Trump in the first
weeks of his term.
Speaker 16 (09:17):
We have a government now, as I said earlier, that
isn't asked not what your country can do for you,
but what you can do for your country. We have
a country now where a president says, ask not what
your country can do for you, ask what you can
do for Donald Trump.
Speaker 15 (09:30):
Senator Booker invoked the late Congressman John Lewis, who organized
during the Civil Rights movement. Val Kilmer has died. The
versatile actor played Flying Ace iceman opposite Tom Cruise and
Top Gun.
Speaker 3 (09:43):
You are still dangerous.
Speaker 5 (09:49):
You can be my wingman anytime.
Speaker 15 (09:51):
Kilmer also played Batman and Batman Forever and singer Jim
Morrison in the biopic The Doors. Kilmer's daughter says he
died in Los Angeles from pneumonia. He had been diagnosed
with throat cancer in twenty fourteen. Val Kilmer was sixty five.
US Attorney General Pam Bondi says she has directed federal
prosecutors to seek the death penalty against Luigi Mangioni, the
(10:12):
man accused of gunning down United Healthcare CEO Brian Thompson
outside of Manhattan Hotel on December fourth. Angioni, who was
twenty six, faces separate federal and state murder charges for
the killing. The federal charges include a charge of murder
through the use of a firearm, which carries the possibility
of the death penalty. Global News twenty four hours a
(10:33):
day and whenever you want it with Bloomberg News Now.
I'm Michael Barr. This is Bloomberg Carron.
Speaker 2 (10:37):
All right, Michael Barr, thank you time now for the
Bloomberg Sports Update brought to you. For that, we bring
in John Stash Howard, John, good morning.
Speaker 5 (10:49):
Good morning Caring.
Speaker 10 (10:49):
The Yankees, looking for a four and ah start to
the season, took a four to two lead to the
eighth inn in Arizona. To that point had only one hit,
but they scored. Aron had the bases loaded as Gino's
Suarez faced Mark Lighter.
Speaker 6 (11:02):
Yankee Stadium proud on its feet. Lighters two to two,
hit high and deep left field, felling ser to the
track to the wall.
Speaker 13 (11:11):
He leaves.
Speaker 5 (11:13):
It's gone. It's a Grand Slam for sours and.
Speaker 9 (11:19):
The Diamondbacks take US seven.
Speaker 10 (11:21):
Four League on TNT they won seven to five in defeat.
Three more Yankee home runs, all from youngsters Jason Dominguez,
Anthony Volfi, and Ben Rice With the Yanks, he had
only two other hits. They've hit eighteen homers in their
first four games. That's a major league record in Miami.
A game with all the story in the first four innings.
Marlins beat the Mets four to two. Nationals lost in
(11:41):
Toronto five to three at the guard of the next
played without Karling Anthony Towns and again their top three
point guards still completed a season sweep of Philadelphia one
oh five ninety one. Ogonanovi scored twenty seven. It'll be
tougher for the Knicks tonight in Cleveland and Boston. Alex
Loveetchkin with career goal number eight ninety one on Ken.
He scored four more times in the Capitol's last eight
(12:04):
games and break Wayne Gretzky's career scoring record this season.
The Caps won four to three, sixth Greight loss, with
the Islanders beaten by Tampa Bay FOURDA won the Rangers
playoff hopes dealt of law with wins by both Montreal
and Columbus. From College Hoops Buzz Williams leaving Texas A
and M to be the new coach at Meryland, replacement
Kevin Willard, who left for Villanova John Stashed.
Speaker 5 (12:24):
We're Bloomberg Sports.
Speaker 10 (12:25):
Karen and Nathan.
Speaker 1 (12:28):
Coast to coast on Bloomberg Radio nationwide on Serious Exam
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 5 (12:39):
Good morning, I'm Nathan Hager.
Speaker 3 (12:40):
It is the morning after the first major elections since
President Donald Trump's return to the White House. Voters in
Wisconsin and Florida delivered a split decision for the national parties.
Republicans held onto a pair of House seats in the
Sunshine State, while Democrats scored a win backing Susan Crawford
in a Wisconsin Supreme Court race that pitted her against
Brad Shimmel and about twenty million dollars in spending by
(13:01):
Elon Musk Wisconsin.
Speaker 4 (13:03):
I spended off an unprecedented attack on our democracy.
Speaker 3 (13:08):
That was Susan Crawford in her victory speech last night
in Wisconsin. Joining us this morning from Washington, Terry Haines,
the founder of Pangaeopolicy, Terry course that was the message
that Susan Crawford wanted to send. What was the message
that you received from the Wisconsin vote last night?
Speaker 5 (13:22):
Morning?
Speaker 6 (13:23):
Hi, good morning, Nathan. It's a split decision, as you say,
and you know, the expected results happened. So Uh, these
things are usually touted by the established parties and their workers, Uh,
you know, to to provide a sense of direction overall.
Speaker 2 (13:43):
Uh.
Speaker 6 (13:43):
If I were Democrats, I wouldn't be taking much of
anything from this.
Speaker 2 (13:48):
Uh.
Speaker 6 (13:49):
Uh miss Crawford wanted in Wisconsin. Uh, the Minnesota sor
excuse me, the Wisconsin Supreme Court stays as it is.
The ballance in Florida stays as it is. And with
one hundred excuse me, with half the votes in one district,
for example, the Republicans still won by almost sixty percent,
(14:10):
So you know, net it's a draw. But more importantly,
this says nothing about the direction of travel in Washington.
Speaker 3 (14:20):
Well, what does it save, Terry about the brand of
Elon Musk style politics? Point tens of millions of dollars
and you know, giving away money to voters in some
of these races, does that still have legs on a
national level?
Speaker 6 (14:33):
Well, you know, it's both parties do this. Musk is
a relatively new and high profile adherent to this, but
there are lots and lots of similar Democrat organizations that
do much of the same thing. They do it with
a little less splash than Musk does. But you know,
I think the parties will continue to welcome those kinds
(14:56):
of donors. Dark money is still out there, baxed owners
are still out there. These kinds of things have frankly
the maximum effect in special elections such as this, which
is precisely why you can't really read much of anything
about the public reaction from special elections of this kind.
Speaker 3 (15:18):
And the special elections in Florida, Republicans did hold onto
those House seats, but by narrower margins than in November.
Speaker 5 (15:24):
Should that be a concern for Republicans?
Speaker 6 (15:27):
You know, I wouldn't be. I would always be concerned
about new members going from a special into their first
major race. The midterms in twenty twenty six are going
to be a very different environment than a special election,
and so those candidates need to be brought in and
they need to be frankly stood up and made into
(15:49):
better candidates.
Speaker 3 (15:52):
Just thirty seconds, Terry, but we're hearing President Trump's tariff
decisions coming down to the wire before the four pm
Wall Street Time announcement.
Speaker 5 (15:59):
Are we going to ge clarity this afternoon?
Speaker 6 (16:02):
Yeah? I think you will. I think what you get
from it is dove tailing with your reporting. The overall
goal here is to lower things. This is the start
of a negotiating process. Treasury Secretary Besson is confirmed that
these things are going to be a cap and going forward,
this is going to be a negotiating process that says
best and says path dependent. It's depending on what other
(16:23):
other folks do. So what's going to happen here, I
think is markets react well to clarity and they're going
to get some and they're also going to see that
the United States and other countries both are committed to
lowering tariffs rather than continuing to raise it.
Speaker 2 (16:38):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (16:45):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (16:51):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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XM Channel one twenty one.
Speaker 3 (17:05):
Plus listen coast to coast on the Bloomberg Business App
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Speaker 2 (17:11):
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 on your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 5 (17:24):
And I'm Nathan Hager.
Speaker 3 (17:25):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg Day
Ray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Caarent we begin with election results in two key states.
We'll start in Wisconsin, where voters picked a state Supreme
Court justice in a race that billionaire Elon Musk poured
roughly twenty million dollars into. With ninety eight percent of
the votes counted, Musk's preferred candidate, Brad Schimmel, lost to
Democrat backed Susan Crawford fifty five to forty five percent.
Speaker 4 (00:35):
Wisconsin's stood up and said loudly that justice does not
have a price. Our courts are not for sale.
Speaker 3 (00:44):
Susan Crawford's campaign did raise twenty four point six million
dollars that was more than double shimmeles hall. Shimmel told
his supporters that he called Crawford to concede.
Speaker 5 (00:53):
We will rise again. We'll get up to fight another day.
But this wasn't our day.
Speaker 3 (00:58):
Brad Shimmel's defeat heaps of four to three liberal majority
in place in Wisconsin Supreme Court. The result could have
implications and cases on abortion rights and labor laws, along
with congressional redistricting ahead of next year's midterm election.
Speaker 2 (01:11):
Well Nathan Republicans had a better night in Florida. They
held onto two House seats and special elections to replace
former Congressman Matt Gates and Mike Waltz and Walts's sixth district.
Randy Fine defeated Democrat Josh will by a fourteen percentage
point margin fifty six points seven to forty two percent.
That was Bubbalo Walts's thirty three point margin of victory
in November, but Fine says it's a result that counts.
Speaker 5 (01:35):
It's a special election. You have to look at the turnout.
Speaker 3 (01:37):
I mean, there were twice as many people that voted.
Speaker 5 (01:39):
I don't think you can read much into it. We
won by double digits. Were super excited.
Speaker 2 (01:43):
And a lot with Randy Fine. Republican Jimmy Patronis be
Democrat Gay Vallamont and Matt Gates's old first district. Patronis
told his supporters there's one takeaway from the race.
Speaker 6 (01:53):
This election is a reminder that Florida pay and Hando
will forever be read and it will be forever Trump country.
Speaker 2 (02:00):
Jimmy Petrons won by nearly seventeen points over Vlamont fifty
six point nine to forty two point three percent, and
Gates defeated Vellamont in November by a thirty two point margin.
Speaker 3 (02:09):
Well, now, Karen, let's get to the story that the
world is bracing for. President Trump's team is finalizing plans
for reciprocal tariffs. They're set to be unveiled after the
close of today's trading. We begin our global team coverage
with Bloomberg Trades are Brendan Murray.
Speaker 7 (02:23):
There's a range of options that the administration is still weighing.
It starts with a very simple flat rate for all
countries across the board. Twenty percent has been thrown around.
Then there's a tiered system where you divide countries into
say three groups, and in each group gets a different
tariff rate, or there's the customized each country gets its
(02:46):
own tariff rate route that the president could go. He's
got all these options on the table. From what we
hear from his advisors is he hasn't made that decision yet.
Speaker 3 (02:57):
Bloomberg's Brandan Murray says the tariffs are expected to take
immediate effect, with countries able to negotiate to bring rates
down A Trump trade advisor says the President say mcdrey
seven hundred billion dollars a year in tariff revenue.
Speaker 2 (03:09):
Well, Nathan, how will the world react to the Trump tariffs?
The European Union is expected to be one of the
hardest hit by the US Bloombers Oliver Crook continues our
Global team coverage in Berlin.
Speaker 8 (03:20):
We I think, unfortunately for the EU, just like everybody else,
you know, everybody knows what it's called Liberation Day, but
they don't know what's in it, So that what they've
got to do is sort of produce a menu of
different options given what the potential moves of the truff
indipation could be, and basically be ready to deploy them,
you know, as soon as possible. They have been taking
a slightly more measured approach than the EU has in
the past in terms of these trading discussions with the
(03:41):
Trump administration.
Speaker 5 (03:43):
They want to take a measured response.
Speaker 8 (03:44):
You know, we heard from Ursula vonder lyon the President
of the U Commissioned yesterday saying that basically, you know
what we've heard from the EU from the very beginning.
We didn't start this, we don't want this, We want
to negotiate.
Speaker 5 (03:54):
A deal, but at the end of the day, we.
Speaker 8 (03:56):
Will respond, and we will respond powerfully if we if
we have to.
Speaker 2 (04:00):
Bloomberg's Oliver Kruk says one of the most extreme retaliations
by the EU could be the first ever use of
its anti coercion instrument, which could lead to restrictions beyond
trade and services.
Speaker 3 (04:11):
And Karen Asia is also anxiously awaiting the tariff announcement.
Bloomberg Steven Engle has that angle. As we continue our
global team coverage from Hong Kong.
Speaker 9 (04:20):
Right now, we know that President she Jenping has essentially
instructed his bureaucras to remain calm through this period wait
to hear what those reciprocal tariffs will do to China tariffs, which,
of course the Trump administration Version two point zero has
added twenty percent because of the fentanyl issues. So they're
bracing for the worse and the better outcomes. The problem
(04:43):
is there hasn't been a lot of high level negotiations
or even discussions between the two sides.
Speaker 3 (04:50):
Bloomberg Steven Engl in Hong Kong says China thinks the
tariffs already in place are unjustified.
Speaker 10 (04:56):
Well.
Speaker 2 (04:56):
Nathan Canada is also bracing for the extent of Trump's
terar riffs. Bloomberg's Derek da Kluid wraps up our global
team coverage from Toronto.
Speaker 11 (05:05):
I'd say the mood right now in the country and
from what we can tell in the government, is both
anxiety and a little bit of curiosity because there has
not been a lot of information flow from the White
House to his trading partners about how this is going
to work. So Trump has said a lot of different
things about Canada and in his second term so far.
(05:27):
How high will these tariffs be and what will the
carve outs be? Will they go after Canadian oil? For example,
Canada has got a lot more at stake here than
almost every other country.
Speaker 2 (05:38):
Bloomberg's Derek Dakluid reporting from Toronto, and stay tuned for
Bloomberg's alive coverage a President Trump's tariff announcement. We'll have
Kim Bleed coverage on Bloomberg Radio, Bloomberg Television, and on
the Bloomberg podcast page on YouTube.
Speaker 3 (05:52):
Along with the tariffs. Camera're keeping an eye on this.
President Trump has said for months that the US will
take over Greenland one way or another. Now that rhetoric
may be turning into policy. According to The Washington Post,
the White House is drawing up a cost estimate to
take over the Arctic territory. The report says one option
being considered is to offer a sweeter deal to Greenland's
(06:13):
government than Denmark. The NATO ally currently subsidizes the island
to the tune of six hundred million dollars a year.
Speaker 2 (06:19):
Nathan Republican lawmakers are in the process of drafting a
new tax bill behind closed doors that includes an increase
in the state and local tax deduction or salt. Bloomberg's
Amy Morris as the latest.
Speaker 12 (06:31):
Sources tel Bloomberg, the bill includes a salt cap increase
of twenty five thousand dollars for an individual, a sizeable
increase from the current ten thousand dollars limit that would
be a big political victory for swing state House Republicans
representing the New York City area and southern California. Sources
say the plan also includes a renewal of President Trump's
twenty seventeen tax reductions, with possibly offsetting the increase by
(06:55):
reducing the deduction's corporations can claim. The plan is still
in the process of being drafted, it is not yet
final in Washington, Amy Moore as Blueberg Radio.
Speaker 3 (07:04):
Amy, thank you. We now move to markets where futures
are lower. This morning, yesterday stock seek out gains as
we kicked off the second quarter.
Speaker 5 (07:12):
And Maletti is.
Speaker 3 (07:13):
Head of Active Equity at all Spring Global Investments. She's
bullish on stocks long term.
Speaker 13 (07:17):
In this environment, it's looking for opportunity instead of risk.
I would say three months ago, we were looking for
where the risks were in the market, and that was
in concentration and speculation in a lot of those other areas.
Now it's looking for opportunities. And you know, we believe
investors should stay invested in equities. It's been the long
term place to be to win. So if you're going
(07:39):
to stay, where do you want to be And it's
outside of those momentum concentration speculation areas.
Speaker 3 (07:46):
All Springs and Maletti ads so the Trump Administration's tariffs
will cause disruption that will lead to investment opportunities.
Speaker 2 (07:52):
Well, Nathan Tesla has certainly been one of the hardest
hits so far this year, and today investors will be
getting an update on how business is fair. We had
the latest of the Bloomberg's John Tucker, John Good morning,
Good morning, Karen.
Speaker 14 (08:04):
About nine am Wall Street Time, Tesla's going to report
how many vehicles it delivered during the first three months
of this year. Elon Musk Company has had a brutal
start of the year, with vandalized showrooms, paused production lines,
and tanking sales overseas. With bush handalyst Dan i'ves telling
clients in a recent note the anti Musk and brand
issues are clearly at play in a major factor. Analysts
(08:27):
expect Tesla delivered about three hundred and ninety thousand cars
in the first quarter, potentially it's worst quarter in a year.
Pre market Tesla shares down one percent. I'm John Tucker,
Bloomberg Radio.
Speaker 2 (08:41):
Nice time now for a 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 morning, Karin.
Speaker 15 (08:50):
Democratic Senator Corey Booker of New Jersey broke the record
for the longest floor speech and recorded Senate history. I
yield the flour after more than five hours, Booker best
at Senator strom Thurman's filibuster of the Civil Rights Act
of nineteen fifty seven. Booker's speech was meant to highlight
what he called a looming constitutional crisis in the many
(09:12):
early actions taken by President Donald Trump in the first
weeks of his term.
Speaker 16 (09:17):
We have a government now, as I said earlier, that
isn't asked not what your country can do for you,
but what you can do for your country. We have
a country now where a president says, ask not what
your country can do for you, ask what you can
do for Donald Trump.
Speaker 15 (09:30):
Senator Booker invoked the late Congressman John Lewis, who organized
during the Civil Rights movement. Val Kilmer has died. The
versatile actor played Flying Ace iceman opposite Tom Cruise and
Top Gun.
Speaker 3 (09:43):
You are still dangerous.
Speaker 5 (09:49):
You can be my wingman anytime.
Speaker 15 (09:51):
Kilmer also played Batman and Batman Forever and singer Jim
Morrison in the biopic The Doors. Kilmer's daughter says he
died in Los Angeles from pneumonia. He had been diagnosed
with throat cancer in twenty fourteen. Val Kilmer was sixty five.
US Attorney General Pam Bondi says she has directed federal
prosecutors to seek the death penalty against Luigi Mangioni, the
(10:12):
man accused of gunning down United Healthcare CEO Brian Thompson
outside of Manhattan Hotel on December fourth. Angioni, who was
twenty six, faces separate federal and state murder charges for
the killing. The federal charges include a charge of murder
through the use of a firearm, which carries the possibility
of the death penalty. Global News twenty four hours a
(10:33):
day and whenever you want it with Bloomberg News Now.
I'm Michael Barr. This is Bloomberg Carron.
Speaker 2 (10:37):
All right, Michael Barr, thank you time now for the
Bloomberg Sports Update brought to you. For that, we bring
in John Stash Howard, John, good morning.
Speaker 5 (10:49):
Good morning Caring.
Speaker 10 (10:49):
The Yankees, looking for a four and ah start to
the season, took a four to two lead to the
eighth inn in Arizona. To that point had only one hit,
but they scored. Aron had the bases loaded as Gino's
Suarez faced Mark Lighter.
Speaker 6 (11:02):
Yankee Stadium proud on its feet. Lighters two to two,
hit high and deep left field, felling ser to the
track to the wall.
Speaker 13 (11:11):
He leaves.
Speaker 5 (11:13):
It's gone. It's a Grand Slam for sours and.
Speaker 9 (11:19):
The Diamondbacks take US seven.
Speaker 10 (11:21):
Four League on TNT they won seven to five in defeat.
Three more Yankee home runs, all from youngsters Jason Dominguez,
Anthony Volfi, and Ben Rice With the Yanks, he had
only two other hits. They've hit eighteen homers in their
first four games. That's a major league record in Miami.
A game with all the story in the first four innings.
Marlins beat the Mets four to two. Nationals lost in
(11:41):
Toronto five to three at the guard of the next
played without Karling Anthony Towns and again their top three
point guards still completed a season sweep of Philadelphia one
oh five ninety one. Ogonanovi scored twenty seven. It'll be
tougher for the Knicks tonight in Cleveland and Boston. Alex
Loveetchkin with career goal number eight ninety one on Ken.
He scored four more times in the Capitol's last eight
(12:04):
games and break Wayne Gretzky's career scoring record this season.
The Caps won four to three, sixth Greight loss, with
the Islanders beaten by Tampa Bay FOURDA won the Rangers
playoff hopes dealt of law with wins by both Montreal
and Columbus. From College Hoops Buzz Williams leaving Texas A
and M to be the new coach at Meryland, replacement
Kevin Willard, who left for Villanova John Stashed.
Speaker 5 (12:24):
We're Bloomberg Sports.
Speaker 10 (12:25):
Karen and Nathan.
Speaker 1 (12:28):
Coast to coast on Bloomberg Radio nationwide on Serious Exam
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 5 (12:39):
Good morning, I'm Nathan Hager.
Speaker 3 (12:40):
It is the morning after the first major elections since
President Donald Trump's return to the White House. Voters in
Wisconsin and Florida delivered a split decision for the national parties.
Republicans held onto a pair of House seats in the
Sunshine State, while Democrats scored a win backing Susan Crawford
in a Wisconsin Supreme Court race that pitted her against
Brad Shimmel and about twenty million dollars in spending by
(13:01):
Elon Musk Wisconsin.
Speaker 4 (13:03):
I spended off an unprecedented attack on our democracy.
Speaker 3 (13:08):
That was Susan Crawford in her victory speech last night
in Wisconsin. Joining us this morning from Washington, Terry Haines,
the founder of Pangaeopolicy, Terry course that was the message
that Susan Crawford wanted to send. What was the message
that you received from the Wisconsin vote last night?
Speaker 5 (13:22):
Morning?
Speaker 6 (13:23):
Hi, good morning, Nathan. It's a split decision, as you say,
and you know, the expected results happened. So Uh, these
things are usually touted by the established parties and their workers, Uh,
you know, to to provide a sense of direction overall.
Speaker 2 (13:43):
Uh.
Speaker 6 (13:43):
If I were Democrats, I wouldn't be taking much of
anything from this.
Speaker 2 (13:48):
Uh.
Speaker 6 (13:49):
Uh miss Crawford wanted in Wisconsin. Uh, the Minnesota sor
excuse me, the Wisconsin Supreme Court stays as it is.
The ballance in Florida stays as it is. And with
one hundred excuse me, with half the votes in one district,
for example, the Republicans still won by almost sixty percent,
(14:10):
So you know, net it's a draw. But more importantly,
this says nothing about the direction of travel in Washington.
Speaker 3 (14:20):
Well, what does it save, Terry about the brand of
Elon Musk style politics? Point tens of millions of dollars
and you know, giving away money to voters in some
of these races, does that still have legs on a
national level?
Speaker 6 (14:33):
Well, you know, it's both parties do this. Musk is
a relatively new and high profile adherent to this, but
there are lots and lots of similar Democrat organizations that
do much of the same thing. They do it with
a little less splash than Musk does. But you know,
I think the parties will continue to welcome those kinds
(14:56):
of donors. Dark money is still out there, baxed owners
are still out there. These kinds of things have frankly
the maximum effect in special elections such as this, which
is precisely why you can't really read much of anything
about the public reaction from special elections of this kind.
Speaker 3 (15:18):
And the special elections in Florida, Republicans did hold onto
those House seats, but by narrower margins than in November.
Speaker 5 (15:24):
Should that be a concern for Republicans?
Speaker 6 (15:27):
You know, I wouldn't be. I would always be concerned
about new members going from a special into their first
major race. The midterms in twenty twenty six are going
to be a very different environment than a special election,
and so those candidates need to be brought in and
they need to be frankly stood up and made into
(15:49):
better candidates.
Speaker 3 (15:52):
Just thirty seconds, Terry, but we're hearing President Trump's tariff
decisions coming down to the wire before the four pm
Wall Street Time announcement.
Speaker 5 (15:59):
Are we going to ge clarity this afternoon?
Speaker 6 (16:02):
Yeah? I think you will. I think what you get
from it is dove tailing with your reporting. The overall
goal here is to lower things. This is the start
of a negotiating process. Treasury Secretary Besson is confirmed that
these things are going to be a cap and going forward,
this is going to be a negotiating process that says
best and says path dependent. It's depending on what other
(16:23):
other folks do. So what's going to happen here, I
think is markets react well to clarity and they're going
to get some and they're also going to see that
the United States and other countries both are committed to
lowering tariffs rather than continuing to raise it.
Speaker 2 (16:38):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (16:45):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (16:51):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
in New York Bloomberg ninety nine to one in Washington,
bloom ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 3 (17:05):
Plus listen coast to coast on the Bloomberg Business App
now with Apple CarPlay and Android Atuto interfaces.
Speaker 2 (17:11):
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 on your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 5 (17:24):
And I'm Nathan Hager.
Speaker 3 (17:25):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg Day
Ray
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