Trump Tariffs On 'All Countries'; DOGE Sinking Musk's Wealth
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Bloomberg Audio Studios. Podcasts. Radio. News. Good morning. I'm Nathan Hager. And I'm John Tucker. Here are the stories we're following today. John, the drop in stocks we are seeing around the world comes ahead of President Donald Trump's planned announcement of tariffs on Wednesday. White House officials had insisted earlier this month the levies would be more targeted, with some nations being excluded. But on Air Force One last night, the president pushed back on that idea.

You'd start with all countries, so let's see what happens. There are many countries. Rumor about 15 countries, 10 or 15. So you're starting with all countries? Essentially, all of the countries that we're talking about would be talking about

All countries, it's not a good one. President Trump's indicated the plan will go beyond matching tariffs that other countries slap on U.S. imports to include things like value-added taxes and regulations that the White House sees as unfair. And President Trump also threatening secondary tariffs on buyers of Russian oil if Vladimir Putin doesn't agree to a ceasefire with Ukraine.

In an interview with NBC News, the president said he was very angry with Putin for questioning Ukrainian President Volodymyr Zelensky as a negotiating partner. But he softened his tone with Putin on Air Force One. I don't think he's going to go back in this world. I've known him for a long time. We've always gotten along well. He considers Zelensky not credible.

supposed to be making a deal with him whether you like him or you don't like him so i wasn't happy with that at the same time president trump pressuring zelinski to agree to a deal on critical resource access saying if ukraine backs out of the rare earths deal he's got quote big big problems and john president trump's push for a ceasefire in ukraine's drawing praise from his allies on capitol hill republican senator mark wayne mullen reacted on nbc's meet the press

President Trump makes very clear where his positions are, and he's tough on all situations, but he's wanting to go through diplomacy first before anything else takes place. So him having a friendship or trying to have a relationship with Russia before this goes to this place was the right move. Now he's saying he's done.

That was Republican Senator Mark Wayne Mullen of Oklahoma on NBC's Meet the Press, which you can hear every Sunday on Bloomberg Radio. And President Trump also refusing to rule out running for a third term. He told NBC there are methods that would allow him to run again. When asked about it on Air Force One, the president had this to say. I'm just telling you, I have had more people say, please run again. They said we have a long way to go before we even think about it.

The 22nd Amendment to the Constitution limits presidents to just two terms. It was enacted after Franklin Delano Roosevelt was elected to a fourth term in 1944. Let's turn back to markets now, John. As we said, futures and stocks around the world are sliding as we begin a new trading week. In Japan, the Nikkei entered correction territory. And as you mentioned, gold once again is trading at a record.

Heading into today's session, the S&P 500 is down more than 5%. That's in contrast to stocks in Europe. They are higher by 12% for the quarter. Bloomberg Intelligence Director of Equity Research Tim Craighead has more on the divergence.

After years, clearly, of a tech-driven, tech-led rally in the U.S. outperforming basically everything, this has been a three-month period where we've had deep-seek meet,

a German bazooka in terms of spending meets Donald Trump tariffs. And it's those three factors that have turned tech on its head, have ignited optimism that we're not going to let this crisis in Europe go to waste and we're actually going to get some collaboration and integration and movement.

That's Tim Craig, head of Bloomberg Intelligence. The risk of tariff-linked damage has propelled the S&P 500 to its worst quarter since 2022, wiping $5 trillion off its value from a record high in February. And Nathan Goldman Sachs is cutting its S&P 500 target for a second time this month. They're citing higher recession risk and tariff-related uncertainty. The team led by David Koston now sees the benchmark to ending the year

around 5,700 points versus their previous estimate of 6,200. The new target implies gains of just 2% from Friday's close. It's among the lowest on Wall Street, according to data compiled by Bloomberg. Of course, John, one of the hardest hit stocks during the recent sell-off has been Tesla. And at a town hall event in Wisconsin, the CEO, Elon Musk, acknowledged his job as head of President Trump's effort to cut the size of government is having an impact.

It's costing me a lot to be in this job. What they're trying to do is put massive pressure on me and Tesla, I guess, to, you know, I don't know, stop doing this. But, you know, my Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half. I mean, it's a big deal.

Elon Musk's personal wealth has dropped by more than $100 billion this year as Tesla shares have slumped 45% from last year's peak. Musk spoke in Wisconsin ahead of a state Supreme Court election tomorrow. And finally, the head of France's National Rally Party, Marine Le Pen,

Thank you.

LePan denies wrongdoing, claims the prosecution is seeking her political death, as she puts it. The judge is still reading out their decision this morning. If she enters the race, LePan would currently be the leading candidate to replace Emmanuel Macron in 2027.

I'm 507 right now on Wall Street, and it's time 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, John. The death toll from the 7.7 magnitude earthquake that hit Myanmar has passed 1,700 as more bodies have been pulled from the rubble. A government spokesman says that another 3,400 have been injured and more than 300 are missing.

The earthquake occurred Friday near the country's second largest city. The World Food Program's director in Myanmar, Michael Dunford, is calling on the world to help with urgent and immediate humanitarian services. This isn't a country that already was experiencing humanitarian catastrophe because of an ongoing civil conflict, a civil war that has been raging now for four years.

A Muslim organization says 700 worshippers who were in mosques for Friday's prayers during the holy month of Ramadan were killed and some 60 mosques collapsed or were damaged. A tragic car crash in Brooklyn, New York over the weekend is throwing the spotlight on habitual speeders with multiple states now considering ways to crack down. That includes installing devices in cars that prevent them from exceeding the speed limit.

Police say 32-year-old Miriam Yerimi was behind the wheel when she rear-ended a car and then struck and killed 34-year-old Natasha Sadra and her two daughters, ages 5 and 8. Sadra's son is in critical condition. Police say Yerimi was driving with a suspended license, and records show she racked up more than 90 tickets in the past, and that includes 15 school zone speeding tickets and red light tickets in just the last year alone.

Storms brought freezing rain and downed trees and snapped power lines in Indiana, Michigan, Minnesota, and Ontario, Canada. More than 900,000 electricity customers lost power on Sunday. Utah is now the first state to ban fluoride in drinking water.

A recent foreign study brings the debate that claims too much fluoride could be harmful to children's cognitive development. Toxicologist Dr. Stephanie Whitmer. The CDC has conducted high-quality research that tells us fluoride is really great for our dental health, dental hygiene. It strengthens enamel. It remineralizes our teeth, prevents decay. It combats cavities. It fights bacterial growth. We know fluoride is good for our teeth.

Dr. Widmer says matting fluoride in drinking water may impact low-income families who may not have access to high-quality dental care. Global News, 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg, John. All right, Michael, thanks very much.

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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And that brings us to 510 on Wall Street. Time now for the Bloomberg Sports Update. And for that, good morning, Dan Schwartzman. Good morning, John and Nathan. For the first time since 2008 and for just the second time since the NCAA tournament expanded to 64 teams back in 1985, all four number one seeds reaching the final four. Yesterday, Houston dominated Tennessee 69-50 to win the Midwest region, while Auburn outlasted Michigan State 70-64. Shot clock at 15. Baker!

That's it. String music on a three. You called it right there. That's courtesy of CBS. Auburn winning the South Region. Both teams joined Florida and Duke, who both advanced on Saturday. Yankees improved to 3-0. Yankee bats continue to slug home runs in another dominating win over the Brewers. 3-2 count on Aaron Judge. One man out. Driven deep to left field. He's done it again. See ya. A monster two-run home run. Can't keep him in the park.

2-1 Yanks.

Elsewhere, Nationals beat the Phillies 5-1. Red Sox lose at the Rangers 3-2. Orioles fall to the Blue Jays 3-1, while Padres starter Nick Pavetta gives up just one hit in seven innings. And San Diego's 5-0 win over the Braves. NBA action. Knicks beat Portland 110-93. Warriors, they've now gone 18-5 since acquiring Jimmy Butler. Golden State dominates the Spurs 148-106. And the NHL, Alex Ovechkin scoring his 890th goal in a Capitals 8-5 loss to the Sabres.

Ovi's now just five goals away from passing Wayne Gretzky as the league's all-time leading goal scorer. That's your Bloomberg Sports Update. I'm Dan Schwartzman, John and 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 with two days to go until President Trump's promised Liberation Day of reciprocal tariffs. He is now saying all countries need to be on notice, tamping down some of the speculation that the tariffs he'll announce on April 2nd could be limited in scope.

They ripped us off like no country's ever been ripped off in history.

We're going to be much nicer than they were to us, but it's substantial money for the country nevertheless. And that was the president speaking aboard Air Force One last night. For the very latest, we are joined by Bloomberg's Kevin Whitelaw. Kevin, of course, there's been so much messaging around whatever the president is going to announce on Wednesday. This talk from Treasury Secretary Scott Besson that there might be a focus on what he's called the Dirty 15. Now it seems the president is kind of walking even that back a little bit. Good morning.

Good morning. Yeah, obviously, this is something where I think there are two different dynamics going on. One is there is a tussle within the administration itself over exactly how to proceed. There's a clamp within the Trump orbit that wants to go super hard, super big on tariffs. And then there are others that are very worried about the market impacts and want to do a more gradual and incremental kind of

obviously Trump's instincts seem to be to go big. But, you know, look, until we actually see it, until we understand it, until we see the numbers and exclusions and everything else, you know, we're not going to really know. I think the other dynamic is, frankly, the market just wants to believe it isn't going to be too big. And so I do think there's just a sort of a sense of people out there that just want to believe that this isn't going to be as dramatic and disruptive a shift as Trump seems to be promising.

How much is the president watching the market reaction based on what he's been saying in his public commentary? Yeah, I don't think we know for sure, but we do know that he does frequently gauge, you know, his, you know, sort of his the market does matter to him as a benchmark. And there are times where he's very concerned about it. So, you know, you could see something where if it go if he goes big in the market,

really does tank. He could end up adjusting it. I mean, keep in mind, we have seen this before. He announces big things, he does big things, and then walks them back and adds exclusions and everything else, or, you know, does a temporary suspension. So, you know, again, I think there are still a set of people that are hoping this is a negotiation or are hoping that if there really is a big negative reaction that Trump will recalibrate. Both of those things are possible. But, you know, Trump has shown that he really does seem to believe that

broadly and deeply in the idea of tariffs. And, you know, he could be trying to do something that's a sort of a longer term shift than I think maybe the market is fully prepared for. And does that idea that the president sees tariffs as a negotiating tactic play into some of the comments that we've been hearing from him around the Russia-Ukraine ceasefire, talking about secondary tariffs on Russian oil buyers if Vladimir Putin doesn't come to a deal with Vladimir Zelenskyy?

Well, you know, it is interesting. You are getting a sense that suddenly his frustration is building with Moscow in a way we really haven't seen that much yet. Most of his ire up to now has been directed towards Ukraine's Vladimir Zelensky. But this time, you know, he's, I think, feeling tested by Putin. And I think he's realizing that his ambitions of a quick

ceasefire, i.e., you know, in the next few weeks are slipping away as Putin just doesn't seem to be all that interested in it. And obviously, I think that a lot of other people watching this say that, you know, Trump has done so many things that are essentially encourage Putin to take a hard line that it is going to be very difficult for him to move him off of that.

And in our last minute, Kevin, what's the political consequence potentially of some of this latest commentary from President Trump that he's not ruling out the idea of seeking out a third term, which in at least the 22nd Amendment of the Constitution seems to be a nonstarter?

Yeah, I think the Constitution is really quite clear on this. And I think everyone has gone back at various points in the past couple of months to look at it, to understand it. So it's very, very hard to understand what he's saying other than perhaps a constitutional amendment, which is clearly not going to happen. That is something Democrats have the easy ability to block in the Congress, let alone in the states.

So it's not you know, I don't think he's ever explained what he's meant by this. He has toyed with this before. And, you know, I don't think we know. It's hard to tell whether he's just enjoying sort of gaslighting the news media and Democrats on this one or if if there's something that he just hasn't explained anybody.

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 Bloomberg 99.1 in Washington.

and nationwide at SiriusXM 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 John Tucker. 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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