Trump Tariff Global Reaction; Trump Backs Away from Criticizing Putin
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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 a tariff announcement that is now just one day away. For weeks, President Trump has touted April 2nd as a liberation day for the country. Now, White House Press Secretary Caroline Leavitt says the president will usher it in with an event at the White House Rose Garden tomorrow afternoon.

The president will be announcing a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades. He's doing this in the best interest of the American worker. White House spokeswoman Caroline Levitt says the tariffs will be country-based. And while President Trump is also committed to imposing sector-based duties, she says those won't be part of tomorrow's event.

Leavitt also is not saying how high the tariffs will be or which countries will be hit, but she says there won't be exemptions at this time. Treasury Secretary Scott Besson told Fox News that the tariff announcement will be held tomorrow at 3 p.m. Wall Street time, and we will have complete coverage on Bloomberg Radio and Television and on the Bloomberg Podcasts page on YouTube.

Well, Nathan, while the world awaits the extent of the White House's tariffs, reaction is pouring in around the world. European Commission President Ursula von der Leyen spoke earlier this morning in France. So many Europeans feel utterly disheartened by the announcement from the United States. Let me be clear. Europe did not start this confrontation. We think it is wrong. But my message to you today is...

that we have everything we need to protect our people and our prosperity. And European Commission President Ursula von der Leyen says the EU is considering a range of retaliatory options, including using its anti-coercion instrument to restrict trade and services and intellectual property rights. Along with the push for tariffs, Karen, President Trump is also pushing for a ceasefire in Ukraine. And to that end, he is dialing back criticism...

of Vladimir Putin. That's after Trump told NBC News over the weekend he might impose secondary tariffs on Russian oil if Putin slow walks a ceasefire deal with Ukraine. I want to make sure that he follows through and I think he will. I don't want to go secondary tariffs on his oil, but I think, you know, it's something I would do if I thought he wasn't doing the job.

In Oval Office remarks heard here on Bloomberg, the president accused Ukrainian President Volodymyr Zelensky of trying to change the terms of a minerals deal with the U.S. I haven't spoken to them yet, but through you I heard that they're now saying, well, I'll only do that deal if we get into NATO or something to that effect.

President Trump says NATO membership was never discussed and Russia would never accept it. Ukraine's top diplomat says officials are pressing ahead with the U.S. for an acceptable economic accord. Ukraine is concerned that the current deal would undermine its bid to join the European Union.

Well, Nathan, back here in the U.S., a couple of key elections today. Voters in Wisconsin will decide the balance in the state Supreme Court, and Bloomberg's Amy Morris has more from Washington. There's a lot riding on this race. It can help determine control of the state's high court. That could impact rulings on abortion rights, congressional maps, and shake up control of Congress.

It's officially a nonpartisan contest, but the Brennan Center for Justice reports about $81 million from both Republicans and Democrats have been poured into this race, including from Elon Musk, who gave more than $20 million to the contest to back conservative Brad Schimel. He also gave million-dollar checks to two voters, a move Democrats challenged as illegally buying votes.

Amy Morris, Bloomberg Radio.

And in Mike Waltz's 6th district, Republican State Senator Randy Fine is running against Democratic school teacher Josh Weil. President Trump won both these districts in 2024 with about two-thirds of the vote.

Well, Nathan, Bloomberg News has learned the U.S. CHIPS Act is in limbo this morning, and we get the latest with Bloomberg's John Tucker. John, good morning. Good morning, Karen. Sources tell us Commerce Secretary Howard Lutnick could withhold the already promised CHIPS Act grants. He wants firms that won awards for the 2022 CHIPS and Science Act to follow the example of Taiwan Semiconductor Manufacturing, which recently announced it's going to invest another $100 billion in U.S. plants.

At the same time, Ludnick has expressed interest in expanding a separate 25% tax credit, although that would require an act of Congress. President Trump, who was called on Congress to repeal the CHIPS law, signed an executive order yesterday focused in part on what he says is

negotiating much better chips act deals than the previous administration. In New York, I'm John Tucker, Bloomberg Radio. Thanks, John. Let's turn to markets now. Futures are mixed as we kick off the new quarter. It was not a good start to the year for investors. The Nasdaq 100 plunged 8.3% for its worst quarter in nearly three years. Brian Belsky is chief investment strategist at BMO Capital Markets.

We don't know exactly when this is going to stop or change, and it all could change to the positive as well. What we know is the markets have corrected more than 10%, so we're in correction zone. That's what we know. We also know that this is the fastest correction that we've seen in multiple decades, if not ever, especially since 1990.

But at the end of the day, I do believe that America has the best companies in the world. And this is the time where you want to start a shopping list because we're seeing some quite exacerbated moves to the downside.

BMO Capital Markets, Brian Belsky there, taking a look at some high-tech stocks. Chipmaker NVIDIA has seen its shares tumble 28% from their January peak. Broadcom's down 33% from a record in December. Microsoft, Amazon, Alphabet, and MetaPlatforms have all fallen 20% or more from their own records.

Well, in Europe, Nathan Marine Le Pen is criticizing a court ruling barring her from running for elected office for five years, ruling out a 2027 presidential run. The French far-right leader, who was convicted of embezzlement, claimed the decision was politically motivated in an interview with French station TF1.

There are millions of French people who are outraged, outraged to an unimaginable point, seeing that in France, in the country of human rights, judges have put in place practices that one would think are reserved for authoritarian regimes.

Maureen Le Pen, speaking there through an interpreter, has been a top contender for the presidency in recent polls. In addition to the five-year electoral ban, she was sentenced to two years in prison with two more suspended. And Karen, Elon Musk's SpaceX has launched the first human spaceflight mission over the Earth's polar regions. It is funded and commanded by crypto investor Chun Wang. Four.

3, 2, 1, ignition and liftoff. This mission is called FRAM-2. It's named after a Norwegian polar expedition ship that operated in the late 1800s and early 1900s. This mission took off on a Falcon 9 rocket carrying a crew of four private astronauts. Over three to five days, they will fly over and observe Earth's north and south poles and conduct research on the impact of spaceflight on human health.

It is 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. In Thailand, it is a race against time to save victims of Friday's 7.7 earthquake in Southeast Asia. The death toll in Myanmar has passed 2,000. Relief workers say there is an urgent need for food and clean water as the country is in the middle of a civil war. Mohamed Rias is the director for the International Rescue Committee. This

Relief efforts are also hampered by power outages.

The Trump administration admits in a court filing it deported a Maryland father who had protected status. And there's nothing the courts can do to bring him back. The government says ICE was aware Kilmar Abrego Garcia, a native of El Salvador, was protected. But he was deported to a Salvadorian mega prison because of an administrative error. Loyola Law School professor Jessica Levinson says this is a nightmare scenario.

Government has said to the judge, basically, you have no power here. You have no jurisdiction and you shouldn't act.

The question, of course, is what, if anything, the Trump administration on its own will do to remedy this problem. First reported in the Atlantic, Garcia was protected from deportation because a judge determined gangs in El Salvador would likely attempt to cause him harm if he was sent back. Harvard University has become the latest target in the Trump administration's approach to fight campus anti-Semitism.

The federal government is reviewing billions of dollars in grants and contracts with the Ivy League College, saying it will ensure the school is following civil rights laws. President Trump signed an executive order targeting ticket scalping. The order directs the FTC and other agencies to ensure competition laws are enforced to prevent ticket resellers from gouging consumers. Musician Kid Rock joined President Trump in the Oval Office for the signing. They've tried this in some places in Europe, and it seems to be the only thing that's

us as artists be able to get the tickets into the hands of the fans at the prices we set. Global News 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr. 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...

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Time now for the Bloomberg Sports Update, and we bring in John Stashower. John, good morning. Good morning, Karen. The Mets bats were quiet in Houston. They scored only five runs in three games. Those bats came alive last night in Miami. Again, the 3-2. In the air, deep right center, back toward the gap. Myers near the wall. Alonzo, grand slam! First home run of the year for Alonzo, his fourth career grand slam, and it's 6-1.

We'll be right back.

Hit for the cycle, the first to ever do that in March. It's the most runs allowed in a home opener since 1925. The UConn women off to another Final Four, 24th in school history. They've gone to 16 of the last 17. Certainly helped by USC not having its injured star, Juju Watkins. The Huskies beat the Trojans 78-64. The UConn star, Paige Beckers,

Scored 31, Texas beat TCU 58-47, first final four for the Longhorns since 2003. Celtics finished off their first ever 6-0 road trip, 117-103 in Memphis. The Nets won in Dallas, 113-109, 40th win for the Devils, 3-2 in a shootout over Minnesota. Stanford has named former NFL coach Frank Reich as its coach only for next season. John Stasiewicz, Bloomberg Sports, Karen Newberry.

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. President Trump has touted it as Liberation Day for weeks. Now the reciprocal tariff announcement is one day away. And White House Press Secretary Caroline Leavitt says the president will head to the Rose Garden to send the world a message.

Any country that has treated the American people unfairly should expect to receive a tariff in return on Wednesday. That was White House spokeswoman Caroline Leavitt previewing tomorrow's event. This morning, we are joined for more of a preview by Bloomberg News senior editor Derek Walbank. And Derek, just to have this announcement in the Rose Garden sends a message of just how important President Trump sees this announcement. What do we know about what is going to be announced tomorrow? Good morning.

Morning, Nathan. Well, you know, look, there is a lot of unknown, as you allude to as we walk into this announcement. It is going to be a little bit less than Donald Trump had initially suggested it might be in the way of reciprocal tariffs, but it should be quite substantial. And I think –

Any sort of commentary about how this may be less than originally anticipated still has to raise in the idea that this is going to be a landmark tariff announcement across the board. Trump has said that all countries will be involved in this initially, although this could be the jumping off point for negotiations.

to lower this further. We are expecting that this will focus in some way on the 15 economies, what Scott Besson has called the dirty 15, that together make up about 75% of U.S. trade that all sort of have...

significant either tariff or non-tariff barriers. The White House has said that this will not just be about you tariff us, we tariff you back exactly, but we'll take into account non-tariff barriers as well. At the same time, Trump has said that he intends for his retaliatory tariffs to go lighter on other countries than he sees them going on the U.S. All of that comes together around

a number, and it's too early yet to say what that number will be per country. Along with the Liberation Day event tomorrow, this is an election day in Wisconsin and Florida. We know Elon Musk has poured a lot of time and resources into this Wisconsin state Supreme Court race. What is the issue here in Wisconsin, Derek?

Well, in Wisconsin, you have a very straightforward state Supreme Court race that's essentially for control of the state Supreme Court. Currently, justices that leave liberal have a 4-3 advantage in the swing state of Wisconsin. And if they are able to maintain that, there is some thought that there will be some major cases coming up, including potentially on redistricting. Musk had told conservatives that

that it was possibly at stake the control of the U.S. House, emphasizing the role that a state Supreme Court and a redistricting case can play in those challenges. Currently, Republicans hold a 6-2 advantage in the Wisconsin congressional delegation. At the same time, there's also two races in Florida, two U.S. House races we can't forget about.

One is up in the Florida Panhandle. That's Matt Gaetz's old seat. The other one is around Daytona Beach. That's Mike Waltz's old seat. Both of these are reliably Republican races. Nathan, we're talking two to one wins by those Republican candidates in the November election.

But now, five months later, there are some whispers among Republican allies of the president that maybe the Daytona area seat that Waltz once held is not as secure as it could be. There were some suggestions even that the Republican candidate might have been trailing in some private polls. We'll see how this goes. This is a very Republican seat. But if the Republicans cannot go two for two

in those House special elections, it would be a big problem that you would imagine spook House Republicans, not least of which also shrink the majority that they are currently working with. 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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