US Support for Ukraine Stalls; Trump Readies for Tariffs on Allies
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Good morning, I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Karen, we begin with the Oval Office feud that drew global attention and concern from American allies. Ukrainian President Volodymyr Zelensky left the White House without a minerals deal Friday after that public clash with President Trump and Vice President J.D. Vance.

Zelensky expressed doubt about Trump's effort to negotiate with Russia. Trump accused Zelensky of disrespecting the U.S. Director of National Intelligence Tulsi Gabbard told Fox News Sunday mending ties with Zelensky won't be easy.

There's going to have to be a rebuilding of any kind of interest in good faith negotiations, I think, before President Trump is going to be willing to reengage on this. Those comments from Tulsi Gabbard heard here on Bloomberg Radio were echoed by Secretary of State Marco Rubio. He says Zelensky needs to come to the realization that America is trying to help.

Responding to a question from the BBC in London, President Zelensky said he is willing to meet President Trump again if invited. Perhaps there is a need in time to analyze certain things, but I would just want Ukrainian position to be heard.

Speaking through an interpreter there, President Zelensky added Ukraine is ready to sign the natural resources deal that was put on hold last week. Well, over the weekend, Nathan, UK Prime Minister Keir Starmer and other European leaders used a security summit in London to demonstrate broad support for Ukraine. But behind the scenes, they were pushing to get Volodymyr Zelensky back to the table with President Trump.

Speaking after the summit, Starmer said the UK and France are now working on a plan to secure Ukraine after any U.S.-brokered ceasefire. It's time to act, time to step up and lead, and to unite around a new plan for a just and enduring peace.

And Keir Starmer's comments came as French President Emmanuel Macron said the two leaders are working on a plan to secure a one-month truce in Ukraine. In an interview with Le Figaro newspaper, Macron said the potential truce would include ground and maritime operations as well as energy infrastructure. Also happening in geopolitics, Karen, President Trump will soon place 25% tariffs on most imports from Canada and Mexico and double an existing 10% levy on China.

Those new tariffs are due to kick in tomorrow. Commerce Secretary Howard Lutnick tells Fox News President Trump could yet change his mind on Mexico and Canada.

He's sort of thinking about right now how exactly he wants to play it with Mexico and Canada, and that is a fluid situation. There are going to be tariffs on Tuesday on Mexico and Canada, exactly what they are. We're going to leave that for the president and his team to negotiate. Commerce Secretary Ludnick says Canada and Mexico have done a lot to address issues like immigration and drug trafficking.

Meanwhile in D.C., Nathan, this promises to be a busy week in the U.S. Capitol, especially tomorrow. And Bloomberg's Amy Morris has more from Washington. The Supreme Court is expected to hear arguments over gun violence liability. The Mexican government is suing for billions of dollars in damages and changes to American firearms regulation. But Tuesday night, President Trump will address a joint session of Congress.

Technically, it won't be a State of the Union because Trump wasn't president last year. Listen out for results on the government efficiency efforts in effect for the past several weeks. And a potential government shutdown is now just two weeks away. In Washington, Amy Morris, Bloomberg Radio. All right, Amy, thank you. And you can hear President Trump's remarks to Congress with a special edition of Bloomberg Balance.

power starting tomorrow at 8 p.m. Wall Street time here on Bloomberg Radio and on the Bloomberg podcast page on YouTube. Well, Karen, crypto recouped some of its losses from last week with a Sunday post from President Trump. Let's get more on what the president had to say from Bloomberg's John Tucker. Good morning, John. Good morning, Nathan. Trump once again talked up his plan for a strategic crypto reserve.

A truth social, the president said his January executive order on crypto directed the presidential working group to move forward on a crypto strategic reserve that includes more tokens like Sol, XRP and ADA. Trump also said Bitcoin and Ether would be included in the reserve, helping those coins recover some of last week's steep declines.

A lot of the details of the president's plan are unknown, including how much the government will actually buy and how the purchases would be funded. The Bloomberg Galaxy crypto index that sank 28 percent in February, its worst month since the crypto winter of 2022. Bitcoin this morning down two and a half percent, just over.

In New York, I'm John Tucker, Bloomberg Radio. All right, John, thank you. Well, Andrew Cuomo has made it official. He's running for mayor of New York City. We get more now from Bloomberg's Kimberly Adams. The former three-term governor of New York who resigned in 2021 amid multiple allegations of sexual harassment joined an already crowded field of challengers vying to unseat incumbent Mayor Eric Adams ahead of the June 24th Democratic primary. I know what needs to be done and I know how to do it.

And I will give it my all to get the job done. And it will get done. Cuomo's decision to run, rumored for more than a year, upends the race to lead the biggest U.S. city. Several polls have shown him leading the field, which includes Adams, city comptroller Brad Lander, former comptroller Scott Stringer, and former hedge fund manager Whitney Tilson.

In New York, Kimberly Adams, Bloomberg Radio. All right, Kim, thank you. Meanwhile, in the Middle East, Israel says it is blocking all humanitarian aid into Gaza after the first stage of the ceasefire with Hamas expired early yesterday. Hamas has rejected a U.S.-led proposal to extend the truce till the middle of next month. Saudi Arabia and Egypt are both criticizing Israel. They say aid should not be used for, quote, collective punishment.

Well, over in Europe, Nathan, former Barclays chief Jess Staley will begin a legal showdown today over his friendship with sex offender Jeffrey Epstein and Bloomberg's Tiwa Adebayo is more. Staley will go to court to challenge a lifetime ban from the UK finance industry and findings that he recklessly misled regulators about his links to Epstein. It will be the former CEO's first public testimony about the event since his resignation in 2021.

Up to this point, Staley has maintained he cut direct contact with the financier before taking his post. Witnesses who could be called include some of the sector's most eminent figures, Bank of England Governor Andrew Bailey and Barclays Chairman Nigel Higgins. In London, Tiwa Adebayo, Bloomberg Radio. All right, Tiwa, thank you. We've got some news from space this morning. Firefly Aerospace has successfully landed its first robotic spacecraft on the

moon. It marks the second time a commercial lander has pulled off the feet as more companies try to reach the lunar surface ahead of future human landings. Following the launch January 15th, Firefly's Blue Ghost lander touched down early yesterday morning. The spacecraft is carrying 10 tools and experiments built by NASA, including a drill that will bury itself into the lunar soil to test the moon's temperature.

And finally, Nathan and Nora has dominated the 97th Academy Awards, winning five honors, including Best Picture. The film's star, Mikey Madison, took home a Best Leading Actress award and thanked Sean Baker, who won Best Director. This is a dream come true. I'm probably going to wake up tomorrow. Thank you so much, Sean. I adore you.

And alongside Madison, Adrian Brody picked up his second career Oscar for Best Leading Actor in The Brutalist. And for those streaming the ceremony, Disney's Hulu experienced technical difficulties preventing tens of thousands of paying customers from accessing the service. The issue was resolved after about two hours.

Time now for another look at some 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. More on the Oscar. Zoe Saldana, one best supporting actress delivering a heartfelt speech thanking her family. I am the first American of Dominican origin to accept an Academy Award, and I know I will not be the last.

Kieran Culkin won for Best Supporting Actor. During his acceptance speech, Culkin said his wife promised they'd have a fourth child if he won an Oscar. She said, I will give you four when you win an Oscar. I held my head, she shook it, and I have not brought it up once until just now. The ceremony also honored the men and women who battled the recent Los Angeles wildfires. Morgan Freeman took the stage to introduce an in-memoriam segment with a tribute to his friend, the late Gene Hackman.

The 95-year-old two-time Oscar winner and his wife were found dead alongside one of their dogs at their Santa Fe home last week. Their bodies were found at least nine days after their deaths based on Hackman's pacemaker activity. Both tested negative for carbon monoxide poisoning, but medical toxicologist Dr. Stephanie Whitmer says an autopsy will be needed to rule out carbon monoxide.

The longer that time goes by without carbon monoxide being tested, the less likely it is to show up. It may have diffused out of the body. Emergency medicine physician Dr. Stephanie Widmer.

Crews battled wildfires in North and South Carolina amid dry conditions and gusty winds as residents were forced to evacuate in some areas. In South Carolina, Governor Henry McMaster declared a state of emergency to support the response effort and a statewide burning ban remained in effect.

This woman says it has been a surreal experience. And then they get them under control, and then it starts up again. It just keeps going. Like, they get them down, the fires, but you see the smoke, and then within hours later, it relights again. In North Carolina, evacuations for the town of Tryon remained in effect. 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.

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It is time now for the Bloomberg Sports Update brought to you by Tri-State Audi. Here's John Stashower. John, good morning. Good morning, Karen. What a weekend for the Knicks. Friday in Memphis, they trailed almost the whole game. Came from 12 down, won by a point. Last night in Miami, they didn't take their first lead until there were three minutes to go in regulation. They had one point trailed by 19. The Knicks in heat went to overtime. They got to hurry to get it across midcourt, though. And he does with Bridges. Inside to Ananobi. He slams it.

Four point lead. No timeouts for Miami. Hero with ten. Spins away from Hart. Adebayo has to launch. Can't connect. Rebound Towns. Clock winding down. Dribbles it. That's pulled off there.

off their biggest comeback win of the season. On MSG, 116-112, the finals. Jalen Brunson scored 31 points, and O.G. Onanobi added 23. The Knicks are now 40-20. Cleveland is 50-10. The Cavs' 10th straight win came from 18 down. Beat Portland. That was also an OT. Battle of the NBA's last two champions. Celtics beat Denver 110-103. Lakers beat the Clippers. Luka Donson scored 29.

At the Garden, a shutout for Jonathan Quick. Rangers blanked Nashville 4-0. Devils got shut out. 2-0 loss in Vegas. And the Bruins were blank. Lost 1-0 at Minnesota. The Washington Commanders this past season went from four wins to 14. And now they've given their young quarterback, Jaden Daniels, a nice weapon. Acquiring wideout Debo Samuel from the 49ers.

For a fifth-round draft pick, the trade will become official next week. In Palm Beach, Joe Highsmith with a second straight round of 64 won the Cognizant Golf by two shots. It's his first PGA Tour victory. Jake Knapp, who had that 59 in the opening round, still had the lead until the 11th hole when he put two shots in the water and had a triple bogey. John Staschauer, Bloomberg Sports, County Macon.

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. After last week's Oval Office blow-up between President Trump and Ukrainian President Volodymyr Zelensky, European nations are racing to assemble what they're calling a coalition of the willing to support Ukraine and bring in peacekeeping troops in the event of a ceasefire with Russia.

Canadian Prime Minister Justin Trudeau says his nation is willing. We're going to continue to be there to support Ukraine as necessary with whatever it takes for as long as it takes because Ukraine is not just defending its own territories, defending the very principles and values that underpin all of our democracies. Canadian Prime Minister Justin Trudeau spoke at a weekend security summit in London. And for more, we're joined this morning by Bloomberg News senior writer Stephanie Baker, the author of the book Punishing Putin.

Stephanie, good morning. I guess the big question now is whether the U.S. can be part of a coalition of the willing after that blow up. What's it going to take to get everyone back on the same page after what we saw in the Oval Office last Friday?

Right. Well, you see U.K. Prime Minister Keir Starmer and French President Emmanuel Macron trying to reset relations. They tried to arrange for the Ukrainian President Volodymyr Zelensky to go back to Washington this weekend. That did not work. Trump administration officials are insisting on an apology. Zelensky is saying he doesn't see any need to apologize.

Zelensky has also rejected proposals from Emmanuel Macron and Keir Starmer for a one-month

month ceasefire for air, sea and infrastructure in Ukraine. I think there's a fundamental difference here between how Zelensky sees these peace negotiations going ahead and how the Trump administration does. Zelensky believes that a mere ceasefire that stops the fighting without security guarantees leaves Ukraine vulnerable to another attack.

from Russia. I think Trump thinks a quick deal where they stop the fighting is worth going ahead with, and has been very vague and back and forth on security guarantees. He's not been explicit about his willingness to provide that U.S. backstop that Starmer really wants for any kind of European peacekeeping force in Ukraine. And that is the fundamental problem here.

Yeah, it seems as though President Trump is indicating that the economic buy-in might be enough in terms of the U.S. having some kind of skin in the game. After the security conference, though, in Europe, is this potentially pitting the European side against the U.S. now?

It is, you know, revealing the divisions. And I think Europe is realizing that they need to get their act together and start investing in defense because they can't be relying on the U.S. anymore. Zelensky has said he is willing to sign this deal with the U.S., this mineral rights deal with the U.S.,

I think there was a line added to that agreement, to the revised version of that agreement, that provided some language on security guarantees, although it's really quite vague.

I mean, remember, just the fact that there is U.S. economic or business interests in Ukraine is not a real security guarantee. Just think of Kuwait. Iraq invaded Kuwait when there were U.S. oil companies operating there. That did not provide a real security guarantee. And I think Zelensky is right to be

skeptical that that would be enough to deter Putin from trying to launch another invasion or violate the ceasefire. 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.

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