Targeted Trump Tariffs; US Discussions on Ukraine-Russia
16:49 Share

When you have bars in the sky, onboard showers and award-winning in-flight entertainment, it's no surprise that Emirates was recently named the best airline in the world. We fly you to over 140 destinations and with partners across the globe, we connect you to another 1,700 cities across six continents. So when we say we're also the largest international airline, what we really mean is...

If you're going there, so are we. Book now on emirates.com. Fly Emirates. Fly better.

Thank you.

Ready to bring your visions to life? Learn how at AmazonBusiness.com. This is an ad by BetterHelp. Let's talk numbers. Traditional in-person therapy can cost anywhere from $100 to $250 per session.

And that adds up fast. But with BetterHelp Online Therapy, you can save up to 50% per session and pay a flat fee for weekly sessions, making therapy more affordable and easier to fit into your life. Therapy should feel accessible, not like a luxury. BetterHelp connects you with licensed professionals who can help with everything from anxiety to everyday stress at a price that makes sense. Your mental health is worth it. And now,

It's within reach. Whether you're facing big life changes or just need support, therapy provides the tools to navigate it all. With over 30,000 therapists and 5 million people served globally, BetterHelp is the world's largest online therapy platform.

It's convenient, flexible, and you can switch therapists anytime. Your well-being is worth it. Visit BetterHelp.com slash podbusiness to get 10% off your first month. That's BetterHelp.com slash podbusiness. Bloomberg Audio Studios. Podcasts. Radio. News.

Good morning, I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Karen, the lift in futures comes as signs of tariff optimism kick in to start the week. Sources say the next round of President Donald Trump's tariffs is poised to be more measured than previously suggested. We get more from Bloomberg Markets reporter Valerie Teitel.

The thing that the market is picking up on is in the headlines, both from Bloomberg and in the Wall Street Journal, they use this word targeted and narrow. And I think that's the positivity the market is reacting to. But honestly, you read the gut of both of those articles and it's still significant.

sounds quite hawkish when it comes to what Trump can announce on April 2nd. Yes, they say that it might be targeted to 15 nations, but those top 15 nations with the biggest trade deficits with the U.S. make up most of the U.S.'s trade imbalances and most of the U.S.'s foreign trade.

That's Bloomberg's Valerie Teitel. Officials say President Trump will announce widespread reciprocal tariffs on nations or blocs, but is set to exclude some. And as of now, the administration is not planning separate sector-specific tariffs to be unveiled at the same event as Trump had once teased. Well, Nathan, Senate Democratic Leader Chuck Schumer is sounding a warning as President Trump continues to clash with federal judges on a number of fronts. If Donald Trump should defy the courts...

public, the public will rise up. We will rise. Democrats will fight it in every single way. Senator Schumer appeared on NBC's Meet the Press as the Trump administration continues to clash with a federal judge who ordered a deportation flight with alleged Venezuelan gang members to turn around. White House border czar Tom Homan says that case is still playing out in court. This case is in litigation through the Alien Enemies Act, and we'll abide by

the court order as litigated, but my quote was, despite what he thinks, we're going to keep targeting the worst of the worst, which we've been doing since day one in deporting from the United States, through the various laws on the books.

And White House border czar Tom Homan was a guest on ABC's This Week. You can hear Meet the Press and This Week every Sunday on Bloomberg Radio. And on this Monday morning, Karen, U.S. and Russian officials have begun talks in Saudi Arabia a day after a meeting between U.S. and Ukrainian teams. White House National Security Advisor Mike Waltz says all sides are getting down to the nitty-gritty toward a ceasefire. This started with President Trump talking to both leaders back-to-back.

We then, Secretary of State Rubio and I engaged the Russians, engaged the Ukrainians at our level. And now we have technical teams actually with Ukrainians and Russians in the same facility conducting proximity talks. National Security Advisor Mike Waltz told CBS's Face the Nation the talks will focus on a potential ceasefire in the Black Sea on the way to a broader and permanent peace. You can hear Face the Nation every Sunday on Bloomberg Radio.

Well, Nathan, to the latest on geopolitical tensions with China, Montana Republican Senator Steve Daines says China must halt the flow of fentanyl ingredients into the U.S. before any trade negotiations. It'll be difficult to have any conversation about tariffs and non-tariff barriers until the

fentanyl precursor issue is resolved. Republican Montana Senator Steve Daines, who met with Chinese officials over the weekend, made the comments in an interview with Bloomberg on Sunday. In Canada, Karen, Prime Minister Mark Carney has called for an election on April 28th. Polls show a close contest between Carney's Liberal Party and the Conservatives as Canada faces a trade war and taunts about its sovereignty from President Trump. President Trump claims that Canada is

isn't a real country. He wants to break us so America can own us. We will not let that happen. We're over the shock of the betrayal, but we should never forget the lessons. It's been only 10 days since Mark Carney became Canada's prime minister. The 60-year-old took over the governing liberals after winning the race to succeed Justin Trudeau.

Well, Nathan, Turkey has jailed President Erdogan's main political rival on corruption charges. Ekrem İmamoğlu, Istanbul's mayor, was detained by police last Wednesday, but only formally arrested yesterday. He's the most prominent person to be apprehended in a recent wave of detentions and investigations against opposition figures.

which have prompted mass protests in major cities. Ibn Mughlu's detention has caused turmoil on Turkey's financial markets, sparking sell-offs in the lira and equities. Turning back to markets, Karen, the Jack Ma-backed Ant Group is touting an AI breakthrough with Chinese chips. Bloomberg News has learned the company used Chinese-made semiconductors to develop techniques for training AI models that would cut costs by 20%.

The models mark Ant's entry into a race between Chinese and U.S. companies that has accelerated since DeepSeek demonstrated how capable models can be trained for far less than the billions invested by OpenAI and Alphabet's Google. Well, in the U.S., Nathan, DNA testing company 23andMe has filed for bankruptcy. The Chapter 11 plan is the latest in the saga of the company that was valued at $3.5 billion when it went public in 2021.

Co-founder Ann Wojcicki is also stepping down. Her efforts to take the struggling company private were rejected by a committee earlier this month. I have some deal news this morning, Karen. Shares of AZEC companies are up about 16 percent in early trading. The Chicago-based home decking company agreed to be bought by Ireland's James Hardy for $8.75 billion.

And a programming note, Nathan, Atlanta Fed President Raphael Bostick speaks exclusively with Bloomberg's Michael McKee about his Fed outlook, including future interest rate moves, inflation concerns, and the economic impact of tariffs. That's at 1.45 p.m. Wall Street time on Bloomberg Radio, Bloomberg Television, and the Bloomberg podcast page on YouTube.

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. Israel killed two members of Hamas's de facto cabinet in the Gaza Strip on Sunday. It brings to 11 the death toll within the 20-person forum during a renewed Israeli offensive aimed at destroying the Palestinian faction as a military and governing force.

According to the Israel Defense Forces, they were hit in South Gaza by airstrikes, which resumed last week after a truce expired. Bloomberg's Dan Williams has more from Jerusalem. What's happening in Gaza is the Israelis appear to be focusing, among other things, on the civilian government of Hamas. Keep in mind that Israel's objective is to destroy Hamas completely and to prevent it using a ceasefire or a lull in fighting to rebuild its capabilities.

Bloomberg's Dan Williams in Jerusalem. Former U.S. Representative Mia Love of Utah, daughter of Haitian immigrants who became the first black Republican woman elected to Congress, has died. Love had been undergoing treatment for brain cancer prior to her death. Mia Love was 49.

Senator Bernie Sanders says the aim of his fighting oligarchy tour is to oppose an authoritarian society undermining the Constitution. Sanders, speaking to ABC, pointed a finger at Democrats led in the Senate by Minority Leader Chuck Schumer for allowing passage of the GOP spending bill. It's not just Chuck Schumer. It's not just Chuck Schumer. It is you've got a Democratic Party in general that is dominated by billionaires, just as the Republican Party is.

that operates under the leadership of a bunch of inside-the-beltway consultants, very well-paid, who are way out of touch.

Meanwhile, Senator Schumer says he won't resign his post despite pressure from some in his party. Thousands of postal workers staged rallies across the country yesterday. They are protesting proposed Trump administration job cuts and a merger with the U.S. Postal Service with the Commerce Department. Mayor Brandon Johnson spoke at the Chicago rally. From sea to shining sea, we are going to make sure that we protect all of our public accommodations, whether it's the mail or the mail.

whether it's education, whether it's justice, whether it's environment. We are fighting for the working people of this country. Any move to merge the Postal Service with the Commerce Department may not be possible without an act of Congress. Global News 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg, Karen. All right, Michael Barr, thank you.

When you have bars in the sky, onboard showers and award-winning in-flight entertainment, it's no surprise that Emirates was recently named the best airline in the world. We fly you to over 140 destinations and with partners across the globe, we connect you to another 1,700 cities across six continents. So when we say we're also the largest international airline, what we really mean is...

If you're going there, so are we. Book now on Emirates.com. Fly Emirates. Fly better.

Every business starts with an idea. How can you go from daydreamer to industry leader? Amazon Business accelerates your journey. With smart business buying, get everything you need to grow in one familiar place, from office supplies to IT essentials and maintenance tools. Amazon Business takes the buying experience you know and love from Amazon, plus tools that help you save costs and make insights-based decisions.

Ready to bring your visions to life? Learn how at AmazonBusiness.com. Deep domain expertise, strong relationships, broad capabilities. It's what makes Stifel one of the industry's leading providers of M&A and capital-raising services in the middle market.

But don't just take anyone's word for it. IFR has named Stiefel U.S. Mid-Market Equity House of the Year five times in the last 10 years. When it comes to investment banking, Stiefel is the name you should know. To learn more about how Stiefel can help you address your most complex investment banking needs, visit StiefelInstitutional.com. Stiefel, Nicholas & Company, Inc., member SIPC and New York Stock Exchange.

Time now for the Bloomberg Sports Update brought to you by Tri-State Audi. Here's John Stachauer. John, good morning. Good morning, Karen. With the exception of St. John's losing Saturday to 10-seeded Arkansas. Things in this NCAA tournament have surprisingly gone according to form. Eight games yesterday, higher seeded team won seven. The only exception was Ole Miss beating Iowa State 91-78.

Ole Miss, one of four SEC teams to win yesterday. Florida, unseeded, two-time defending champ. UConn, closer game than expected, 77-75. Kentucky took out Illinois, 84-75. Alabama beat St. Mary's, 80-66. The one seeds.

All still alive. Second straight easy win for Duke. 89-66 over Baylor. Tyrese Proctor hits 7-3. He scored 25. Caleb Love, 29 points for Arizona in 87-83. Win over Oregon. Michigan State took out New Mexico 71-63. That's the 16th Sweet 16 for Spartans coach Tom Izzo. Game of the day was in Seattle. 12th seeded Colorado State. Led Maryland most of the day. Hit a late go-ahead three-pointer. The Terrapins inbounded with three seconds to go.

Gillespie looking to throw it in. Gets it up top to Queen. Dribbling left. Big step down the lane. Runner for the win. Faked it. And Berlin has won. Berlin is going to the Sweet 16.

Now Westwood won. This will be Maryland's first trip since 2016. Four days after Texas lost its NCAA game to Xavier, the Longhorns fired coach, Randy Terry, and will reportedly replace him with Xavier coach, Sean Miller. Victor Hovland won the Vals for golf by one shot over Justin Thomas. Heartbreaking story, the death of 14-year-old Miller Gardner, son of longtime Yankee outfielder Brett Gardner. He became ill while on a family vacation. John Staschauer, Bloomberg Sports, Karen Nathan.

Coast to coast on Bloomberg Radio. Nationwide on Sirius XM. And around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Liberation Day. It is a phrase we have heard a lot from President Donald Trump when it comes to his promise of reciprocal tariffs across the board. April 2nd is Liberation Day for our country because we're going to finally be taking in money. We're already doing it.

And that was the president speaking just a week ago. But this morning, Bloomberg News has learned the across the board tariffs that Trump's talked about may be more targeted than previously thought. And for more, we're joined now by Bloomberg News senior editor Derek Walbank. Derek, good morning. What have we heard when it comes to the president's tariff plans at this point?

Well, Nathan, you and I have talked at some length in prior conversations on how there kind of is an arbitrage moment between Donald Trump's maximalist threats and what actually gets done. Now, we have talked also about that.

a maximalist reading of what Trump has talked about with reciprocal tariffs would be an absolute administrative chore, right? To go through on thousands of product lines across more than 100 countries and try and figure out who gets what and where all things are going for not just reciprocal on tariffs, but also non-tariff things. It would be an absolute ton. And so what we're given to understand is that

Trump's coming wave of tariffs may be more targeted than what he had previously threatened. And

We're still waiting for what details of that will look like, but you're already seeing a positive market response. Absolutely, with futures firmly in the green this morning. So what could this mean when it comes to future negotiations? We've seen Senator Daines of Montana in China over the weekend, word that there are going to be negotiations ongoing.

all week long between the assistant trade representative and Indian officials as well. Is it going to be a scramble ahead of this April 2nd announcement?

Well, you know, I do think that every country is looking forward to see what they can do and who they can meet with and where they can go. You know, I'm sat here in Asia right now, and Australia is trying to find a way forward to see how they can leverage their investments, including in planes and other things, to try and offset some other tariffs that that

would be potentially considered. So we're seeing a lot of those. I mean, I would note as well, we pushed a story overnight your time about Kristi Noem is going to Central and South America. One of those stops, she's gonna meet with the president of Mexico. I would imagine something like this will come up, not just talk about deportations and border security. So every single one of these opportunities that,

that world leaders have is going to be a moment for them to press their case. We're seeing still a lot of uncertainty from those world leaders on how to engage the Trump administration. They go from a sort of elbows up, uh,

mentality that comes from ice hockey that Canada is using to a more kind of conversational, non-confrontational push that Mexico is using. Everyone's trying to take notes from each other and see what might work best. So what could this mean when it comes to the idea of tariffs being a major revenue raiser? If we have a more targeted approach, will it be able to replace income taxes like President Trump has talked about in the past? Got about a minute left.

Well, that is a bit of a catch-22, isn't it? Because the simple math says that the fewer tariffs that you actually levy, the less tariff revenue you're going to get. And so if Trump levies less in the way of tariffs, he's going to get less revenue. That will give less revenue available for his domestic priorities. And remember, Republicans in Congress are

already trying to figure out how to craft a big, beautiful bill, as the president has said, for some of his domestic priorities, as well as to extend his tax cuts, as well as additional tax cuts that he has promised

all without exploding the deficit anymore. And that is a very, very tall order indeed. So it's a lot of difficult decisions. We've had a lot of rhetoric, but there's going to be a lot of difficult decisions that have cost offsets attached to them.

This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify, or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121.

Plus, listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces. 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. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.

This is LeVar Arrington from Two Pros and a Cup of Joe. The Toyota Tundra and Tacoma are designed to outlast and outlive, backed by Toyota's legendary reputation for reliability. So get in a Tundra with the available i-Force Max Hybrid engine, delivering exceptional torque and towing capacity. Or check out a Tacoma with available off-road features like

We'll be right back.

Get yours today. Visit buyatoyota.com for deals and more. Toyota, let's go places. This podcast is supported by BetterHelp, offering licensed therapists you can connect with via video, phone, or chat. Here's BetterHelp Head of Clinical Operations, Hesu Jo, discussing who can benefit from therapy. I think...

A lot of people think that you're supposed to be going to therapy once you're like having panic attacks every day. But before you get to that point, I think once you start even noticing that you feel a little bit off and you can't maintain this harmony that you once had in relationships, that could be a sign that maybe you want to go talk to somebody.

There's always a benefit in talking to someone because we can all benefit from improved insight about ourselves and who we are and how we behave with other people. So if you're human, that's like a good indicator that you could benefit from talking to somebody. Find out if therapy is right for you. Visit BetterHelp.com today.

That's betterhelp.com. Thrivent can help you plan your finances for the people, causes, and community you love. What makes Thrivent different? Financial services and generosity programs are combined to help you build a financial roadmap for the future while also creating opportunities to give back along the way. Visit Thrivent.com to learn more. Thrivent, where money means more.