Bloomberg Audio Studios, Podcasts, radio News.

Bloomberg Audio Studios, Podcasts, radio News.

Good morning, I'm Lisa Matteo and I'm Karen Moscow. Here are the stories we're following today.

Good morning, I'm Lisa Matteo and I'm Karen Moscow. Here are the stories we're following today.

Karen, what a difference of day makes well? The market moves this morning follows a monumental day on Wall Street. US docks had their best day since two thousand and eight, with the S and P five hundred rallying nine and a half percent, and then as that one hundred staring twelve percent. Now, it all happened after President Trump ordered a ninety day pause on non retaliating countries and is lowering reciprocal tariffs to ten percent, effective immediately, while raising duties on China to one hundred and twenty five percent. I thought that people were jumping a little bit out of line.

Karen, what a difference of day makes well? The market moves this morning follows a monumental day on Wall Street. US docks had their best day since two thousand and eight, with the S and P five hundred rallying nine and a half percent, and then as that one hundred staring twelve percent. Now, it all happened after President Trump ordered a ninety day pause on non retaliating countries and is lowering reciprocal tariffs to ten percent, effective immediately, while raising duties on China to one hundred and twenty five percent. I thought that people were jumping a little bit out of line.

They were getting yippie, you know, they're getting a little bit yippy, a little bit afraid.

They were getting yippie, you know, they're getting a little bit yippy, a little bit afraid.

Well, the President says, countries want to make a tariff deal.

Well, the President says, countries want to make a tariff deal.

We don't want to hurt countries that don't need to be heard, and they all want to negotiate.

We don't want to hurt countries that don't need to be heard, and they all want to negotiate.

The only problem is, you know, you can only do so many at one time.

The only problem is, you know, you can only do so many at one time.

It's like it's we want to do it right, We want to get it right.

It's like it's we want to do it right, We want to get it right.

Well, that tactic pooks Trump on a collision course with Chinese President Jijinping, whose government has vowed to fight to the end in any confrontation and looks to shore up ties with trade partners to resist Trump.

Well, that tactic pooks Trump on a collision course with Chinese President Jijinping, whose government has vowed to fight to the end in any confrontation and looks to shore up ties with trade partners to resist Trump.

Well, Lisa, the Wall Street rally is spreading overseas. Our first stop is Asia, where stocks in Japan's sword. Let's go to Hong Kong now and get the very latest with the Bloomberg stal desa Istal, Good morning.

Well, Lisa, the Wall Street rally is spreading overseas. Our first stop is Asia, where stocks in Japan's sword. Let's go to Hong Kong now and get the very latest with the Bloomberg stal desa Istal, Good morning.

Good morning Karen and Lisa. Yes, we've seen surges pretty much across the board. Stocks in South Korea rallied by the most in five years. Japan's equities recorded the biggest gain since August. We also saw some pretty significant numbers in Taiwan, where the Taiyak surged, really helped by TSMC, the big chip maker there. Even in China, we did see some increases in Hong Kong's Hansang Index. The Shanghai Composite courted some modest gains earlier today. That's despite that one hundred and twenty five percent tarif that remained. Part of this really comes down to sentiment that a lot of these tariffs are being delayed. Maybe there's room for negotiation elsewhere. Obviously we'll have to ultimately see what happens, but certainly the sentiment in Asia is that investors are breathing the sigh of relief. We've already started to see some responses from various nations that were impacted by these tariffs, particularly in Vietnam, which was set to receive a forty six percent tariff from Trump. Obviously that now called off because of this ninety day reprieve. But yeah, certainly the mood is obviously incredibly euphoric here. But again with this ninety day reprieve still on the table, and it's still being very unclear as to how any of these tariffs would actually be negotiated, there's a lot left over the coming weeks that we'd have to dig into in Hong Kong. This Jill deeseis Bloomberg Radio.

Good morning Karen and Lisa. Yes, we've seen surges pretty much across the board. Stocks in South Korea rallied by the most in five years. Japan's equities recorded the biggest gain since August. We also saw some pretty significant numbers in Taiwan, where the Taiyak surged, really helped by TSMC, the big chip maker there. Even in China, we did see some increases in Hong Kong's Hansang Index. The Shanghai Composite courted some modest gains earlier today. That's despite that one hundred and twenty five percent tarif that remained. Part of this really comes down to sentiment that a lot of these tariffs are being delayed. Maybe there's room for negotiation elsewhere. Obviously we'll have to ultimately see what happens, but certainly the sentiment in Asia is that investors are breathing the sigh of relief. We've already started to see some responses from various nations that were impacted by these tariffs, particularly in Vietnam, which was set to receive a forty six percent tariff from Trump. Obviously that now called off because of this ninety day reprieve. But yeah, certainly the mood is obviously incredibly euphoric here. But again with this ninety day reprieve still on the table, and it's still being very unclear as to how any of these tariffs would actually be negotiated, there's a lot left over the coming weeks that we'd have to dig into in Hong Kong. This Jill deeseis Bloomberg Radio.

All right, thank you, Jill. In Europe, we have stocks surging the most since twenty twenty. Let's get there very latest with Bloomberg, Zoo and Pots in London. Good morning you in.

All right, thank you, Jill. In Europe, we have stocks surging the most since twenty twenty. Let's get there very latest with Bloomberg, Zoo and Pots in London. Good morning you in.

Karen and Lisa. An update for you on the roller coaster that his markets this week. Stocks surging as European investors respond to the US president's tariff's roeback. The Stox one hundred currently up five percent, just pairing some of the gains at the start of the session, but still the biggest surge since the beginning of the pandemic. Banks up nearly eight percent and technology stocks up seven percent. Currently the top gain is but a lot of green on screens today, with five hundred and eighty six companies higher on the stock six hundred today. Live in London, I'm you in Pot's been by.

Karen and Lisa. An update for you on the roller coaster that his markets this week. Stocks surging as European investors respond to the US president's tariff's roeback. The Stox one hundred currently up five percent, just pairing some of the gains at the start of the session, but still the biggest surge since the beginning of the pandemic. Banks up nearly eight percent and technology stocks up seven percent. Currently the top gain is but a lot of green on screens today, with five hundred and eighty six companies higher on the stock six hundred today. Live in London, I'm you in Pot's been by.

Grade year, all right, youwan? Thanks, Well, it was quite a wild day on Wall Street with President Trump executing one of the biggest economic policy reversals in modern presidential history. We get the recap with Bloomberg's John Tucker, John, good morning and.

Grade year, all right, youwan? Thanks, Well, it was quite a wild day on Wall Street with President Trump executing one of the biggest economic policy reversals in modern presidential history. We get the recap with Bloomberg's John Tucker, John, good morning and.

Good morning Karen. Well. In the end, it was the wild market swings that force the president's hand. Jay Pulaski is with TPW Investment.

Good morning Karen. Well. In the end, it was the wild market swings that force the president's hand. Jay Pulaski is with TPW Investment.

Thank goodness for independent financial markets, which I believe bounded and forced the president and his team to reverse themselves.

Thank goodness for independent financial markets, which I believe bounded and forced the president and his team to reverse themselves.

And that's a view shared by Professor Niropalma Rao at the University of Michigan.

And that's a view shared by Professor Niropalma Rao at the University of Michigan.

Legislator or how to Relege that you can dictate terriffs, but you can't dictate how market to respond to terriffs.

Legislator or how to Relege that you can dictate terriffs, but you can't dictate how market to respond to terriffs.

On the floor of the New York Stock Exchange, murmurs at first turned into a roar as the news of the TARRFF for versal hit. One trader said it was total shock and awe. The floor erupted. The S and P five hundred ended the day up nine and a half percent. But Francis Donald at RBC reminds investors, tariffs haven't totally gone away.

On the floor of the New York Stock Exchange, murmurs at first turned into a roar as the news of the TARRFF for versal hit. One trader said it was total shock and awe. The floor erupted. The S and P five hundred ended the day up nine and a half percent. But Francis Donald at RBC reminds investors, tariffs haven't totally gone away.

To me.

To me.

Last week, I thought America's cut off both its arms.

Last week, I thought America's cut off both its arms.

Today one arm.

Today one arm.

Well.

Well.

Trump he implemented the three month pause after a frenetic meeting with Economic aids. The decision came as they were watching the bond market. The ten year treasury saw the biggest three day jumps since two thousand and one. The president was confronting a worst case scenario. Voters who had returned him to the White House because of inflation now faced both increased prices and higher barring costs. As the President then said, people were getting a little queasy in New York. I'm John Tucker Bloomberg Radio.

Trump he implemented the three month pause after a frenetic meeting with Economic aids. The decision came as they were watching the bond market. The ten year treasury saw the biggest three day jumps since two thousand and one. The president was confronting a worst case scenario. Voters who had returned him to the White House because of inflation now faced both increased prices and higher barring costs. As the President then said, people were getting a little queasy in New York. I'm John Tucker Bloomberg Radio.

Thank you John. While Goldman sax economists have rescinded their forecast for a US recession. We had that story from Bloomberg's Charlie Pellett.

Thank you John. While Goldman sax economists have rescinded their forecast for a US recession. We had that story from Bloomberg's Charlie Pellett.

The call came after President Trump announced a ninety day pause on most of his previously announced tariffs. The deal's going to be made with China.

The call came after President Trump announced a ninety day pause on most of his previously announced tariffs. The deal's going to be made with China.

The deal's going to be made with every one of them, and they'll.

The deal's going to be made with every one of them, and they'll.

Be fair deals. I just want fair. Goldman Chief economist Jan Hatzias said, we are now reverting to our previous non recession baseline forecast. Goldman economists initially called for a US recession, but rescinded it after the President announced the pause. In New York, Charlie Pellett's Bloomberg Radio.

Be fair deals. I just want fair. Goldman Chief economist Jan Hatzias said, we are now reverting to our previous non recession baseline forecast. Goldman economists initially called for a US recession, but rescinded it after the President announced the pause. In New York, Charlie Pellett's Bloomberg Radio.

All right, Charlie, thank you well. In addition to all the tariff talk, investors will have a key economic report on the docket this morning. We get the CPI report for the month of March. In a preview with the Bloomberg's Michael McKee.

All right, Charlie, thank you well. In addition to all the tariff talk, investors will have a key economic report on the docket this morning. We get the CPI report for the month of March. In a preview with the Bloomberg's Michael McKee.

Consumer prices are forecasts who have been relatively tame in March, with the annual rates of headline and core inflation falling, but investors will be looking hard for signs of impending teriff price increases. Goods prices which had fallen since the pandemics end, have suddenly reversed course. It's possible buying ahead of Trump's import taxes pushed up the cost of some of those items. Electronics, toys, and furniture are categories to watch. As for Fed officials, they'll watch too, but given the taraphor has just begun, they'll wait for further months data before considering any policy change. Michael McKee, Bloomberg Radio.

Consumer prices are forecasts who have been relatively tame in March, with the annual rates of headline and core inflation falling, but investors will be looking hard for signs of impending teriff price increases. Goods prices which had fallen since the pandemics end, have suddenly reversed course. It's possible buying ahead of Trump's import taxes pushed up the cost of some of those items. Electronics, toys, and furniture are categories to watch. As for Fed officials, they'll watch too, but given the taraphor has just begun, they'll wait for further months data before considering any policy change. Michael McKee, Bloomberg Radio.

Thanks Mike, and metals rebounding this morning to halt their longest run of daily losses in twenty five years. Copper up five percent, aluminum higher by three percent, and ten that's surging more than six percent.

Thanks Mike, and metals rebounding this morning to halt their longest run of daily losses in twenty five years. Copper up five percent, aluminum higher by three percent, and ten that's surging more than six percent.

Lisa shares of US Steel they are down eleven and a half percent in early trading. The drop comes after President Trump said he does not want to see the steelmaker owned by a Japanese company. US Steel and Japan's Nippon Steel have been trying to save their fourteen billion dollar deal after former President Joe Biden blocked it on national security grounds. And it's 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.

Lisa shares of US Steel they are down eleven and a half percent in early trading. The drop comes after President Trump said he does not want to see the steelmaker owned by a Japanese company. US Steel and Japan's Nippon Steel have been trying to save their fourteen billion dollar deal after former President Joe Biden blocked it on national security grounds. And it's 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, Karen. House Speaker Mike Johnson says he will try again today to pass the Senate approved Republican budget blueprint. The speaker canceled a Wednesday evening vote after opposition from about a dozen holdouts.

Good morning, Karen. House Speaker Mike Johnson says he will try again today to pass the Senate approved Republican budget blueprint. The speaker canceled a Wednesday evening vote after opposition from about a dozen holdouts.

We're having very productive conversations with a good subset of the House Republican Conference. Everybody has the same idea and mission and goal in mind, and that is we want to deliver the one big beautiful bill.

We're having very productive conversations with a good subset of the House Republican Conference. Everybody has the same idea and mission and goal in mind, and that is we want to deliver the one big beautiful bill.

Time is running out. Members are slated to go on recess tomorrow for over two weeks. The death toll from Tuesday's nightclub roof collapse and the Dominican Republic is now at one hundred and eighty four. The search for survivors is over and victim recovery efforts are underway. Heavy machinery, cranes and crews are on top of what used to be the jet Set nightclub across the street. Hundreds of family members are desperate for word on their loved ones who are still missing. There's more support for the Maryland man who was allegedly deported by accident to El Salvador by the Trump administration, the family of Abrego Garcia, and the members of the Hispanic Caucus called for his release and returned to the US on Capitol Hill as the case works its way through the courts. His wife, Jennifer Vasquez Sura, was among the speakers.

Time is running out. Members are slated to go on recess tomorrow for over two weeks. The death toll from Tuesday's nightclub roof collapse and the Dominican Republic is now at one hundred and eighty four. The search for survivors is over and victim recovery efforts are underway. Heavy machinery, cranes and crews are on top of what used to be the jet Set nightclub across the street. Hundreds of family members are desperate for word on their loved ones who are still missing. There's more support for the Maryland man who was allegedly deported by accident to El Salvador by the Trump administration, the family of Abrego Garcia, and the members of the Hispanic Caucus called for his release and returned to the US on Capitol Hill as the case works its way through the courts. His wife, Jennifer Vasquez Sura, was among the speakers.

Kill Ma, if you can hear me, I'm still fighting for you, your brother, your mother, her children are still fighting for you.

Kill Ma, if you can hear me, I'm still fighting for you, your brother, your mother, her children are still fighting for you.

Maryland Senator Chris van Holland joined at Brego Garcia's family.

Maryland Senator Chris van Holland joined at Brego Garcia's family.

We demand that Kilmar be returned home.

We demand that Kilmar be returned home.

Now.

Now.

What has happened here should never happen in the United States of America.

What has happened here should never happen in the United States of America.

That Brego Garcia was taken into custody nearly a month ago. It comes as the Department of Homeland Security confirms that the Trump administration will keep deporting alleged gang members to the notorious prison in El Salvador. Global News twenty four hours a day and whenever you want it with the Bloomberg News.

That Brego Garcia was taken into custody nearly a month ago. It comes as the Department of Homeland Security confirms that the Trump administration will keep deporting alleged gang members to the notorious prison in El Salvador. Global News twenty four hours a day and whenever you want it with the Bloomberg News.

Now.

Now.

I'm Michael Barrn. This is Bloomberg hern all.

I'm Michael Barrn. This is Bloomberg hern all.

Right, Michael barr thank you time now for the Bloomberg Sports some date. Here's John Stanshower. John, good morning.

Right, Michael barr thank you time now for the Bloomberg Sports some date. Here's John Stanshower. John, good morning.

Do you want to care of the Master's eighty ninth editions. He's off this morning. Augusta Nash Little clear skies in the forecast. Another chance for Roy McElroy to win a major. He won four and four years, but now none in the last decade. Despite so many close calls twenty one top ten finishes seven of them at the Masters, He's become an expert at trying to overcome I mean, you know, sure.

Do you want to care of the Master's eighty ninth editions. He's off this morning. Augusta Nash Little clear skies in the forecast. Another chance for Roy McElroy to win a major. He won four and four years, but now none in the last decade. Despite so many close calls twenty one top ten finishes seven of them at the Masters, He's become an expert at trying to overcome I mean, you know, sure.

It's something that I'm really proud of.

It's something that I'm really proud of.

You know.

You know.

Yeah, Look, you have satbox and you have disappointments. But as long as you can learn from them and move forward and try to put those learnings into practice, I think is very very important. I feel like I've I've showed that quite a lot over the course of my career.

Yeah, Look, you have satbox and you have disappointments. But as long as you can learn from them and move forward and try to put those learnings into practice, I think is very very important. I feel like I've I've showed that quite a lot over the course of my career.

Rory T's off one twelve this afternoon. Scottie Scheffler ten to fifteen this morning. He's trying to join Jack Nicholas the only golfers to win three Green Jackets in the four year span. Mets and Yankees had series ending Mattinees. Mets held the two Hits, suffered their first city field defeat. Miami won five nothing. Mets played tomorrow in Sacramento against the A's. Yankees will be back home for the Giants. The Salvage won in Detroit four to three. The New Yankee Ace Max Fried superb seven scorele Citians. The New Yankee closer Devin Williams not so good, gave up three and the ninth had to be taken out Toronto for the third straight night. One in Boston two to one to eleven is the Dodgers Salvage. One in Washington six to five. At the Garden, Rangers lost to Philadelphia eight to five or nine goals scored in the third period. The Flyers Tyson Forster had a hat trick in Dallas the return of Luca Donzich. He scored forty five points thirty one in the first half.

Rory T's off one twelve this afternoon. Scottie Scheffler ten to fifteen this morning. He's trying to join Jack Nicholas the only golfers to win three Green Jackets in the four year span. Mets and Yankees had series ending Mattinees. Mets held the two Hits, suffered their first city field defeat. Miami won five nothing. Mets played tomorrow in Sacramento against the A's. Yankees will be back home for the Giants. The Salvage won in Detroit four to three. The New Yankee Ace Max Fried superb seven scorele Citians. The New Yankee closer Devin Williams not so good, gave up three and the ninth had to be taken out Toronto for the third straight night. One in Boston two to one to eleven is the Dodgers Salvage. One in Washington six to five. At the Garden, Rangers lost to Philadelphia eight to five or nine goals scored in the third period. The Flyers Tyson Forster had a hat trick in Dallas the return of Luca Donzich. He scored forty five points thirty one in the first half.

The Lakers beat the match.

The Lakers beat the match.

John Stashevard Bloomberg Sports Okay.

John Stashevard Bloomberg Sports Okay.

Host to Coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app.

Host to Coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app.

This is Bloomberg Daybreak.

This is Bloomberg Daybreak.

All right, It's coming up at five thirteen on Wall Street. President Trump's dramatic u turn on Taras sent equity soaring yesterday. The President says he's bringing countries to the table for negotiation while singling out China as his administration exerts maximum pressure on the world's second largest economy.

All right, It's coming up at five thirteen on Wall Street. President Trump's dramatic u turn on Taras sent equity soaring yesterday. The President says he's bringing countries to the table for negotiation while singling out China as his administration exerts maximum pressure on the world's second largest economy.

They all want to make a deal.

They all want to make a deal.

Somebody had to do what we did, and I did a ninety day.

Somebody had to do what we did, and I did a ninety day.

Pause for the people that didn't retaliate, because they told him, if you retaliate, we're going to double it.

Pause for the people that didn't retaliate, because they told him, if you retaliate, we're going to double it.

And that's what I did with China because they did retaliate.

And that's what I did with China because they did retaliate.

All right, for more on the next steps for President Trump's tariff strategy, we want to bring in Bloomberg News Trades are Brendan Murray. Brendan, thanks for joining us this morning. I want to start with this ninety day pause. I mean, what do you think pushed the president to pivot? You had Treasury Secretary Scott Besen said it was driven by strategy. I mean, where who was he facing this pre from?

All right, for more on the next steps for President Trump's tariff strategy, we want to bring in Bloomberg News Trades are Brendan Murray. Brendan, thanks for joining us this morning. I want to start with this ninety day pause. I mean, what do you think pushed the president to pivot? You had Treasury Secretary Scott Besen said it was driven by strategy. I mean, where who was he facing this pre from?

It was mainly the financial markets that were flashing signs that this was going to go from a stock market collapse to a problem for Wall Street, to a problem from Main Street, a credit crunch, the treasury market. You know, it was throwing off signals that things were getting a little bit disorderly and that you know, spells trouble for you know, all sorts of ways that you know, finances transmitted through the banking system. So the president surely listened to some of his advisors who said, look, we might have gotten that out ahead of our skis on this bitten off more than we can chew when it comes to doing trade wars with pretty much everybody in the world, why don't we scale it back and let's focus on the real target here, which is China. And that's what they did, and they rolled back all these high terraffs for everyone else except for China. China's tariff one to one hundred and twenty five percent, which over time will essentially decouple the US economy from the Chinese economy if if they're if they're allowed to persist. So there's a lot of pressure on China economically to uh, to try to diffuse the situation. But China says, hey, look, we don't. We don't respond to threats. You want to you want to talk with us, you have to come to the table with you know, a more as they would say, you know, respectful attitude. So we're the real impass here. And uh, there's no telling what the next uh what what the next shots are going to be fired economically between the two. But it's if it portends a rough couple of months, if if if neither side is willing to budge.

It was mainly the financial markets that were flashing signs that this was going to go from a stock market collapse to a problem for Wall Street, to a problem from Main Street, a credit crunch, the treasury market. You know, it was throwing off signals that things were getting a little bit disorderly and that you know, spells trouble for you know, all sorts of ways that you know, finances transmitted through the banking system. So the president surely listened to some of his advisors who said, look, we might have gotten that out ahead of our skis on this bitten off more than we can chew when it comes to doing trade wars with pretty much everybody in the world, why don't we scale it back and let's focus on the real target here, which is China. And that's what they did, and they rolled back all these high terraffs for everyone else except for China. China's tariff one to one hundred and twenty five percent, which over time will essentially decouple the US economy from the Chinese economy if if they're if they're allowed to persist. So there's a lot of pressure on China economically to uh, to try to diffuse the situation. But China says, hey, look, we don't. We don't respond to threats. You want to you want to talk with us, you have to come to the table with you know, a more as they would say, you know, respectful attitude. So we're the real impass here. And uh, there's no telling what the next uh what what the next shots are going to be fired economically between the two. But it's if it portends a rough couple of months, if if if neither side is willing to budge.

So how is this going to war on the Chinese economy specifically, Well.

So how is this going to war on the Chinese economy specifically, Well.

It's going to hurt their exporters, number one. Their exporters already operate on very thin margins and that they're going to have to find other customers if if the American market is closed off to them with these high tariffs. So, uh, the China is already actively you know, trying to uh develop better ties with with with with countries in in Latin America and Africa and Europe, and you know they're gonna they're gonna they're already less dependent on the US market than they were, say five years ago during the Trump's first term. But they're going to have to diversify a lot more very quickly if they if they want to avoid any big economic headwind from the tariffs that President Trump has put on them.

It's going to hurt their exporters, number one. Their exporters already operate on very thin margins and that they're going to have to find other customers if if the American market is closed off to them with these high tariffs. So, uh, the China is already actively you know, trying to uh develop better ties with with with with countries in in Latin America and Africa and Europe, and you know they're gonna they're gonna they're already less dependent on the US market than they were, say five years ago during the Trump's first term. But they're going to have to diversify a lot more very quickly if they if they want to avoid any big economic headwind from the tariffs that President Trump has put on them.

Now they haven't stepped up to the negotiating table yet, will they, I mean dig more into how much leverage China does have.

Now they haven't stepped up to the negotiating table yet, will they, I mean dig more into how much leverage China does have.

Well, China can can cut off, China can cause a lot of pain you know, but on the separate from tariffs, they can they can limit the amount of raw materials and machinery and critical minerals that American companies need to uh to produce what they produce. So China would that would be one way they could cut things off. They could target US companies and operate in China. They could make life difficult through regulations and and taxes and other other sort of ways to to to you know, to make make life difficult for for American companies in China. And you know, generally they can just uh, they can try to negotiate with other countries to you know, to team up with them rather than with the US. The US is uh, you know, whether you support President Trump's trade approach or not, He's made a lot of friends friends, he's made a lot of enemies of former friends in the in the first two three months when it comes to trade. So China would be going around saying, hey, look, we're the reliable partner. Now you can trust us.

Well, China can can cut off, China can cause a lot of pain you know, but on the separate from tariffs, they can they can limit the amount of raw materials and machinery and critical minerals that American companies need to uh to produce what they produce. So China would that would be one way they could cut things off. They could target US companies and operate in China. They could make life difficult through regulations and and taxes and other other sort of ways to to to you know, to make make life difficult for for American companies in China. And you know, generally they can just uh, they can try to negotiate with other countries to you know, to team up with them rather than with the US. The US is uh, you know, whether you support President Trump's trade approach or not, He's made a lot of friends friends, he's made a lot of enemies of former friends in the in the first two three months when it comes to trade. So China would be going around saying, hey, look, we're the reliable partner. Now you can trust us.

Uh.

Uh.

The US is unpredictable and unreliable, so you know, team up with us and that you know, that's another way that China can hit back.

The US is unpredictable and unreliable, so you know, team up with us and that you know, that's another way that China can hit back.

Yeah, I want to get more into that. So is there this deeper meaning to this isolation? I mean, is it puts putting the pressure on other countries and their relationship with China.

Yeah, I want to get more into that. So is there this deeper meaning to this isolation? I mean, is it puts putting the pressure on other countries and their relationship with China.

Well, I think that's one of the reasons, among many why the Trump administration did the u turn that it did yesterday. It said, look, we can't, we can't. We need our allies if we're going to stand up to China, and if we put these high tariffs on everybody, then we're gonna you know, then we're just kind of we're working against ourselves here. So as Treasury Secretary Besson said, you look, if we can put together some deals with our allies, that way we could we could stand up much more strongly against China than we could if we're going it alone.

Well, I think that's one of the reasons, among many why the Trump administration did the u turn that it did yesterday. It said, look, we can't, we can't. We need our allies if we're going to stand up to China, and if we put these high tariffs on everybody, then we're gonna you know, then we're just kind of we're working against ourselves here. So as Treasury Secretary Besson said, you look, if we can put together some deals with our allies, that way we could we could stand up much more strongly against China than we could if we're going it alone.

Yeah, and Beson did say, you know, we can probably reach a deal with our allies. At the end of the day, is ninety days enough.

Yeah, and Beson did say, you know, we can probably reach a deal with our allies. At the end of the day, is ninety days enough.

Ninety days is a flash in the pan when it comes to negotiating trade agreements. Trade agreements take I think the renegotiation of NAFTA, which was really just a rebranding exercise, took two years. So that was you know, that was a trade deal. The North American Free Trade agreement. It was renegotiated in Trump's first term, and that renegotiation took two years in itself. Trade agreements take years and years, some take decades and before because there's this so much detail that needs to be hammered out. There are thousands and thousands of pages of legal ease. And so if the president president likes to say that he you know, he operates at you know, at at warp speed. So we'll see if that can be done in any meaningful way with trading partners who are first of vine, those are Japan, South Korea, Vietnam, and India. Are are keen to sit at the table first?

Ninety days is a flash in the pan when it comes to negotiating trade agreements. Trade agreements take I think the renegotiation of NAFTA, which was really just a rebranding exercise, took two years. So that was you know, that was a trade deal. The North American Free Trade agreement. It was renegotiated in Trump's first term, and that renegotiation took two years in itself. Trade agreements take years and years, some take decades and before because there's this so much detail that needs to be hammered out. There are thousands and thousands of pages of legal ease. And so if the president president likes to say that he you know, he operates at you know, at at warp speed. So we'll see if that can be done in any meaningful way with trading partners who are first of vine, those are Japan, South Korea, Vietnam, and India. Are are keen to sit at the table first?

All right, thank you very much. Bloomberg's Brendan Murray.

All right, thank you very much. Bloomberg's Brendan Murray.

Let's bring in our next guest. This morning sent you up for the trading day. We saw nine and a half percent surage, you know, the S and P five hundred after the Tara pause was announced by the president. This morning, though US futures point to a lower open. Let's join Dan Morris, now the chief market strategist at BNP Paraba Asset Management. Dan, first off, let me just get your reaction. What was going through your head yesterday?

Let's bring in our next guest. This morning sent you up for the trading day. We saw nine and a half percent surage, you know, the S and P five hundred after the Tara pause was announced by the president. This morning, though US futures point to a lower open. Let's join Dan Morris, now the chief market strategist at BNP Paraba Asset Management. Dan, first off, let me just get your reaction. What was going through your head yesterday?

Well, you know, it's it's you want to be able to say you expected it all along. Though nonetheless, our view initially had been that the terrors were negotiating tactic which adjusted at some point depending on the response that you had from the US trading partners. There would be a response for the administration. You just didn't exactly when or what or how. But the fact that we did get one eventually from that point of view, wasn't necessarily a surprise.

Well, you know, it's it's you want to be able to say you expected it all along. Though nonetheless, our view initially had been that the terrors were negotiating tactic which adjusted at some point depending on the response that you had from the US trading partners. There would be a response for the administration. You just didn't exactly when or what or how. But the fact that we did get one eventually from that point of view, wasn't necessarily a surprise.

Is the market reaction a reflex or a return to risk appetite?

Is the market reaction a reflex or a return to risk appetite?

But I don't think we're quite that far yet. I mean we I guess if you think about what's happening in the futures right now. For all the reduction in the reciprocal tariffs that we had for most countries, of course you still have ten percent terras, which is a non trivial change that the market still needs to assess. There's all the uncertainty about how these negotiations go. As your previous guests mentioned, this is not going to happen overnight. And of course there's China, which is still a significant trading partner for the US. Even if we know the size or the trade isn't commensurate on both sides. It still matters and this is going to have an impact on companies in both markets.

But I don't think we're quite that far yet. I mean we I guess if you think about what's happening in the futures right now. For all the reduction in the reciprocal tariffs that we had for most countries, of course you still have ten percent terras, which is a non trivial change that the market still needs to assess. There's all the uncertainty about how these negotiations go. As your previous guests mentioned, this is not going to happen overnight. And of course there's China, which is still a significant trading partner for the US. Even if we know the size or the trade isn't commensurate on both sides. It still matters and this is going to have an impact on companies in both markets.

Yeah, well, let's talk about the impact with the first quarter results coming through. What are you going to be looking for for the results of companies?

Yeah, well, let's talk about the impact with the first quarter results coming through. What are you going to be looking for for the results of companies?

Well, I think at this point, you know, it's going to be nice to know how things were in the first quarter, but it's not going to tell us too much about the future. You're going to want to be looking at the guidance, and in fact, already over the last you know, a couple months, guidance has been a bit weak, though historically that tends to be the case around this time of the year, so it's hard to say that it's necessarily any worse than it has been historically. I think the dilemma is going to be both for investors and for companies, is you know, no one's really going to feel like they have a clear view on the future, So the guidance, you know, may be a lot of wait and see as opposed a definitive view on we think profits are going to go up or we think they're going to go.

Well, I think at this point, you know, it's going to be nice to know how things were in the first quarter, but it's not going to tell us too much about the future. You're going to want to be looking at the guidance, and in fact, already over the last you know, a couple months, guidance has been a bit weak, though historically that tends to be the case around this time of the year, so it's hard to say that it's necessarily any worse than it has been historically. I think the dilemma is going to be both for investors and for companies, is you know, no one's really going to feel like they have a clear view on the future, So the guidance, you know, may be a lot of wait and see as opposed a definitive view on we think profits are going to go up or we think they're going to go.

Down, As in so many cases like this, in moments of crisis, it is the bond vigilantes who kind of ride to the rescue in quotes, there is that the case that we saw yesterday.

Down, As in so many cases like this, in moments of crisis, it is the bond vigilantes who kind of ride to the rescue in quotes, there is that the case that we saw yesterday.

I don't know that that's so clear that there was strict by the bond market. I mean, even with you know, we've had obviously big moves in treasury yields, but if you look at the absolute level of yields, they're not all that extreme. And we obviously had fallen quite a bit previously when you were mor rid about the growth impact. But at the same time, you know, treasury yields had gotten up to nearly five percent not so long ago. So we're still honestly within that range. So I think the impact of the market on the decision, I think is debatable. Who knows what the actual mental maschinations were, but so far, again we're in that range. It's trying to assess the impact on growth, the impact on inflation policy moves from the Fed. But you know, compared to where you were prior to the election, it's not so different.

I don't know that that's so clear that there was strict by the bond market. I mean, even with you know, we've had obviously big moves in treasury yields, but if you look at the absolute level of yields, they're not all that extreme. And we obviously had fallen quite a bit previously when you were mor rid about the growth impact. But at the same time, you know, treasury yields had gotten up to nearly five percent not so long ago. So we're still honestly within that range. So I think the impact of the market on the decision, I think is debatable. Who knows what the actual mental maschinations were, but so far, again we're in that range. It's trying to assess the impact on growth, the impact on inflation policy moves from the Fed. But you know, compared to where you were prior to the election, it's not so different.

All right, C plus G plus I that adds up to growth and GDP each of those components.

All right, C plus G plus I that adds up to growth and GDP each of those components.

What do you see, Well, consumption clear you know, always for the US is the key one. I think it was important that retail sales in February bounced back. Of course, now we're April and February seems like ancient history, but we certain they do want to keep an eye on how we see consumer demand holding up. What is going to be the impact again, even of those ten percent tariffs. Now, of course that doesn't mean everyone pays ten percent more. You're going to have people looking for alternative products and so on. But clearly that's going to be crucial. The investment honestly should pick up. But I also appreciate that's not immediate. And you know, we all know a new auto factor in the US isn't going to happen next month, So perhaps more positive for the outlook in the median term, you know, for a second quarter, first quarter GDP is not going to be too meaningful.

What do you see, Well, consumption clear you know, always for the US is the key one. I think it was important that retail sales in February bounced back. Of course, now we're April and February seems like ancient history, but we certain they do want to keep an eye on how we see consumer demand holding up. What is going to be the impact again, even of those ten percent tariffs. Now, of course that doesn't mean everyone pays ten percent more. You're going to have people looking for alternative products and so on. But clearly that's going to be crucial. The investment honestly should pick up. But I also appreciate that's not immediate. And you know, we all know a new auto factor in the US isn't going to happen next month, So perhaps more positive for the outlook in the median term, you know, for a second quarter, first quarter GDP is not going to be too meaningful.

And what is the signal from the markets this morning? I mean, futures are lowering after yesterday's surge.

And what is the signal from the markets this morning? I mean, futures are lowering after yesterday's surge.

Well, gosh, volatility is the name of the game, so at any point you can see things swing quite a bit. And I think it's now trying to assess on one hand, the relative improvement in the outlook with the suspension of the reciprocal tariffs, but one trying to assess not only the impact of the current level of tariffs both from China and the US, how long are these going to stay?

Well, gosh, volatility is the name of the game, so at any point you can see things swing quite a bit. And I think it's now trying to assess on one hand, the relative improvement in the outlook with the suspension of the reciprocal tariffs, but one trying to assess not only the impact of the current level of tariffs both from China and the US, how long are these going to stay?

There?

There?

Is their scope for negotiation? How is that going to come about? And again, there's just as much uncertainty today as or was yesterday.

Is their scope for negotiation? How is that going to come about? And again, there's just as much uncertainty today as or was yesterday.

Is ninety days even a realistic timeframe.

Is ninety days even a realistic timeframe.

In terms of getting actual deals?

In terms of getting actual deals?

Probably not that.

Probably not that.

I don't think that necessarily is going to be the factor that Trump is going to look at in terms of determining how the terrorists progress from here. I think he's going to be looking for dialogue, and if he, I would imagine one doesn't want to conjecture, but one would I guess at least hope that if there's a dialogue, that's going to be sufficient, hopefully to mean the reciprocal tariff's stay off the table.

I don't think that necessarily is going to be the factor that Trump is going to look at in terms of determining how the terrorists progress from here. I think he's going to be looking for dialogue, and if he, I would imagine one doesn't want to conjecture, but one would I guess at least hope that if there's a dialogue, that's going to be sufficient, hopefully to mean the reciprocal tariff's stay off the table.

And at this point, what are you telling clients? Is this a market you can get into or was it a false dawn yesterday?

And at this point, what are you telling clients? Is this a market you can get into or was it a false dawn yesterday?

Well, in our multi asker portfolios, we're still a bit cautious. I think we would like a bit more certainty and a bit more sense of how things are going to involve with China. I mean you can't dismiss it and assume that everything is going to be positive now. So we're still pre pretty neutral in terms of allocations between inequities and bonds before feeling we have enough certainty to take a more leverage suit me a higher risk position in either market.

Well, in our multi asker portfolios, we're still a bit cautious. I think we would like a bit more certainty and a bit more sense of how things are going to involve with China. I mean you can't dismiss it and assume that everything is going to be positive now. So we're still pre pretty neutral in terms of allocations between inequities and bonds before feeling we have enough certainty to take a more leverage suit me a higher risk position in either market.

Is there enough certainty at this point to give us some sort of recession call or non call.

Is there enough certainty at this point to give us some sort of recession call or non call.

We weren't too There was always possibility of a recession, but that was in the assumption that the previous stair of state in place and definitely and we always thought there was a low probability of that, if not zero. So given that that's not the case, we would anticipate that they come back. We don't see a meaningful reception risk.

We weren't too There was always possibility of a recession, but that was in the assumption that the previous stair of state in place and definitely and we always thought there was a low probability of that, if not zero. So given that that's not the case, we would anticipate that they come back. We don't see a meaningful reception risk.

And as far as here and call for the S and P five, I know that's unfair, but I'm going to put you.

And as far as here and call for the S and P five, I know that's unfair, but I'm going to put you.

On the spot.

On the spot.

Nonetheless, if we do come to an agreement with China, I think you would interstrate US growth and continuing to be positive, and that should lead to higher earnings and overtime higher equity prices.

Nonetheless, if we do come to an agreement with China, I think you would interstrate US growth and continuing to be positive, and that should lead to higher earnings and overtime higher equity prices.

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