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cover of episode Trump's Temporary Tariff Reprieve; Blue Origin Launch

Trump's Temporary Tariff Reprieve; Blue Origin Launch

2025/4/14
logo of podcast Bloomberg Daybreak: US Edition

Bloomberg Daybreak: US Edition

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Bloomberg Audio Studios. Podcasts. Radio. News. Good morning, I'm John Tucker. And I'm Karen Moscow. Here are the stories we're following today. And Karen, we're going to bring you the latest on tariffs and the markets in a moment. But first, let's begin with history at Augusta. Rory McIlroy is one of the masters to complete a career Grand Slam competition.

at the very latest with Bloomberg Sports reporter John Stashera this morning. And, John, was it easy for Rory? Yeah, certainly not, John. It was one of the most memorable Sundays at the Masters. Perhaps no champion endured such a rollercoaster of emotions on the final day, but on the first hole of the playoff with Justin Rose, Rory McIlroy stood over a three-foot birdie putt. The long journey is over.

McElroy has his masterpiece. On CBS, that putt came shortly after McElroy missed a five-footer on the same 18th hole that would have won it in regulation. He had earlier blown what was briefly a five-shot lead on the back nine, but the green jacket is his, and so is that career grand slam. Only the sixth to have won all four majors. It was McElroy's first major victory in 11 years. We'll be back a little later in sports with Reaction. John Staschauer, Bloomberg Radio.

All right. Sounds good. Thanks, John. Well, turning now to the markets and tariffs, the lift in stocks comes after President Trump announced that popular consumer electronics, including phones and laptops, would be exempt from the planned 125 percent tariffs on Chinese goods and 10 percent global levies. However, yesterday, the president said it's a temporary measure and that a different tariff will be applied to the sector soon. He spoke to reporters on board Air Force One.

The tariffs will be in place in the not distant future because, as you know, like we did with steel, like we did with automobiles, like we did with aluminum, which are now fully on, we'll be doing that with semiconductors, with chips and numerous other things. And that'll

That'll take place in the very near future. What rate? The semiconductor tariff? I'm going to be announcing it over the next week. And the exemptions are a temporary reprieve for companies like Apple. And that stock is up more than 5% this morning. NVIDIA, Broadcom and Intel are up more than 2%. Stick with Bloomberg for the latest on tariffs. We have an exclusive interview with Treasury Secretary Scott Besant. That's at 4.45 Wall Street time on Bloomberg Radio, Bloomberg Television and the Bloomberg podcast page on YouTube.

And Karen, the latest tariff moves from the U.S. come as new data shows China's exports surged last month. Exports, this is in dollar terms, far exceeded all forecasts to rise 12.4%, with a near 9% rise in goods being sent to the U.S. So these figures suggest that a lot of companies were front-loading orders in March to get ahead of the looming tariffs. The data also reveals that Chinese exports to Southeast Asia reached their second highest level on record.

Well, John, J.P. Morgan Asset Management's Bob Michael believes treasuries may have hit their price low and yield high due to robust foreign demand and expected Fed support. He spoke with Bloomberg yesterday on a special edition of Bloomberg Surveillance.

I think we've seen three soft policy responses. The first came from the administration you already went through. They gave us a 90-day reprieve. That's fine. And they took some of the tariffs off of electronics for the time being. That's okay. That's backing up. The second came from Congress.

where the House passed the Senate budget resolution. So Congress, in a way, gave us something. And then I'm going to say the third is Susan Collins finally sending us home over the weekend saying, yeah, the Fed's watching this. We got this.

And JPMorgan Asset Management's Bob Michaels' comments come after Treasuries suffered their biggest slump since 2001 last week. Checking Treasuries right now, the yield on the 10-year is at 4.46%, the 2-year yield 3.92%, the 30-year yield 3.87%. And hear the full conversation on the Bloomberg Surveillance Podcast feed or watch it on the Bloomberg Podcast page on YouTube. And we're also following the price of gold right now. The precious metal is trading at...

At $3,245 an ounce, two Wall Street firms also expected to go higher. Goldman Sachs and UBS issued another round of bullish calls for gold. It was stronger than expected central bank demand, and the metals roll as a hedge against recession and geopolitical risk. Goldman now sees gold rallying to $3,700 an ounce by the end of this year, with prices set to hit $4,000 an ounce by mid-2026.

Well, John, Wall Street also awaits another round of bank earnings. This morning we hear from Goldman Sachs. And we get more with Bloomberg Intelligence' Alison Williams. We're expecting to see trading strength at Goldman Sachs, especially following the strong results that we got from J.P. Morgan and Morgan Stanley, 45 to 50 percent gains in equity trading. We expect Goldman is going to share in these results. They're typically the trading leader in that business.

Fees have come in a little bit weaker so far. We expect that Goldman Sachs may tell us a little bit about CEOs wanting to stay on the sidelines given all of this volatility. So volatility helping trading, it's hurting fees. We're also going to be looking at what the bank is doing on its staffing levels. Bloomberg News has reported about...

about potential cuts in the investment banking staffing. And we think that is going to be the truest look in terms of what the bank thinks is going to happen with fees in the months ahead. And that's Alison Williams of Bloomberg Intelligence, who says look for Goldman earnings around 7.30 a.m. Wall Street time.

And Karen, that brings us to our next story right here on Bloomberg Radio. And the Federal Aviation Administration says the helicopter tour company was sightseeing chopper broke apart in flight and crashed in New York, killing the pilot and a family of five visitors from Spain.

is shutting down operations immediately. The FAA, in a statement posted on X, also said it would launch an immediate review of New York Helicopter Tour's operating license and safety record. Senate Benarty leader Chuck Schumer of New York is calling for tighter restrictions on helicopter companies.

I'm demanding the FAA increase what are called ramp inspections at other helicopter tour companies. A ramp inspection is a surprise inspection. They show up unannounced. Schumer also said other regulations should include limits on aircraft age, greater pilot experience requirements and stronger financial standards to prevent cost-cutting on safety.

And finally, John Blue Origin is set to launch a high-profile all-women crew on its flagship space tourism rocket later today. It'll be bringing crew members, including pop star Katy Perry and Jeff Bezos' fiancée Lauren Sanchez, to the edge of space and back. And Perry previewed the flight on a post to Instagram. I do believe this. I'm not going to say I can't believe I'm here. I do believe this because I think that believing your dreams and saying that

is actually how you make your dreams come true. And the flight is set to launch at 9.30 a.m. New York time from West Texas on a roughly 11-minute trip for a quick experience of weightlessness. The other members on board are CBS's Gayle King, producer Carrie Ann Flynn, former NASA scientist Aisha Bowe, and Amanda Nguyen, bioastronautics research scientist and advocate for survivors of sexual violence.

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. A man is facing charges after authorities say he broke into the Pennsylvania governor's mansion overnight Sunday, set a fire that left significant damage and forced Governor Josh Shapiro and his family and guests to evacuate the house. It happened during the Jewish holiday of Passover. No injuries were reported, but a significant portion of the mansion was damaged. Late

Later Sunday, Governor Shapiro spoke to reporters. I'm going to do my best to be your governor and right now to be a good husband and father to my family who

were obviously traumatized by what occurred here last night. Authorities have identified the suspect as 38-year-old Cody Balmer of Harrisburg and say he was arrested later in the day. The NTSB is investigating another aircraft fatality, this one in a rural part of upstate New York in Copacabana County.

Over the weekend, a small plane departed from Westchester County Airport, but it crashed in a wooded area. NTSB investigator Albert Nixon shared the last communication the airport had with the pilot before the crash. The pilot reported a missed approach. He requested vectors for another approach, and as he was being vectored, the radar indicated a low-altitude alert.

It is said one of the victims included Karina Groff, who recently was named the NCAA Woman of the Year. Russian missile attacks struck the heart of the Ukrainian city of Sumy as people gathered to celebrate Palm Sunday. Officials say the strike killed at least 34 people. Ukrainian President Volodymyr Zelensky says he wants President Trump to come see how the war has impacted his country before making any major decisions amid talk of a potential deal to end Russia's ongoing war.

Come, look, and then let's move with the plan how to finish the war. You will understand with whom you have a deal. Zelensky spoke to CBS's 60 Minutes. 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.

Thrivent can help you plan your finances for the people, causes, and community you love. What makes Thrivent different? A combination of financial services and generosity programs. Thrivent offers advice, investments, insurance, banking, and generosity, as well as resources to fund service projects or direct dollars to causes you care about. With more than 120 years serving clients, you can plan your finances with confidence. Visit Thrivent.com to learn more. Thrivent.

where money means more. Time now for the Bloomberg Sports Update. Here's John Staschauer again. John, good morning. Good morning, Karen. What a Sunday it was at the Masters. Rory McIlroy was ahead and then behind and then back ahead, even at one point by five shots on the back nine. He blew that lead, got it back with a birdie, a near eagle on 15. He missed a putt on the last hole that would have won him the green jacket. So after waiting 11 years to win a major, he had to wait a little longer, but he came back on that same 18th hole in the playoff

with Justin Rose and this time the putt went in and Mapperoy's long major drought was over with his first Masters victory. You know, there were points in my career where I didn't know if I would have this nice garment over my shoulders but uh

I didn't make it easy today. I certainly didn't make it easy. I was nervous. It was one of the toughest days I've ever had on the golf course. The victory completes the career Grand Slam. Six to have won all four. He joins Gene Sarazin, Ben Hogan, Jack Nicklaus, Gary Flair, and Tiger Woods. It's the second Masters Grand Slam.

playoff defeat for Rose, who made a furious charge to get in. Defending champ Scotty Scheffler finished fourth. At the stadium, Yankees led the Giants 3-1, 6-11. Jung-Hoo Lee hit a three-run homer. He had hit a solo shot earlier. Both came off Carlos Boudin. Giants won 5-4. Yankees have lost four of the last six. Mets beat the A's in Sacramento 8-0. They scored all eight.

Over the last four innings, Kodai Senga hurled seven scoreless, allowed just four hits. The Nationals lost in Miami 11-4. Red Sox beat the White Sox 3-1. Islanders topped the Devils 1-0. The Knicks playoff opener will be Saturday 6 o'clock at the Garden against Detroit. The Knicks finished 51-31. They sat out their starters, still beat the Nets 113-105. The Clippers won at Golden State in overtime. That means the Warriors have to play Memphis in the play-in game tomorrow. John Staschauer, Bloomberg Sports.

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 John Tucker. President Trump says applause on tariffs for certain electronics is only temporary, insisting in his words that nobody is getting off the hook. Well, this comes after what sounded like an exemption. To the extent we can, we're going to get some clarity this morning. We're joined by Bloomberg News senior editor Bill Ferrys. Trade policy, Bill, sounds a little ad hoc. What do we know for sure?

Well, yeah, I think if you look at what we've all been through over the last week, the administration is really pushing back on this idea that they're stepping away from the strategy of tariffs, despite having put a 90-day pause on those reciprocal tariffs that were briefly in place last week.

And then over the weekend, basically saying that they are holding off on the 145 percent tariffs on a lot of consumer electronics and other things like that coming in from China. President Trump saying over the weekend that nobody's off the hook, that he is simply coming up with a different bucket of tariffs that he plans to apply to things with semiconductor

and chips in them. So, there is a reprieve for companies like, let's say, Apple and Samsung and Nvidia that were bringing in devices with chips, but it's not clear how long of a reprieve they will ultimately get here. Is this reprieve, if you want to call it that, an indication that the products may soon be subject to a completely different tariff?

It is. I mean, the way the administration is talking is they're talking about putting this in a different bucket, just like they've essentially done with steel and aluminum tariffs, which face steel and aluminum imports, which face a set tariff coming in. Automobiles, they've talked about doing something like this with lumber that comes in largely from Canada.

having those set up to a separate number, basically, from the other goods that come in from the country. Now, we don't know what that number is going to be. Ultimately, it would presumably be less than 145%. Howard Lutnick over the weekend saying that the administration plans to make an announcement in the Federal Register this week.

essentially, which would essentially lay out some of the details that are really lacking right now and presumably give a couple months for comments. And of course, perhaps lobbying from the different sectors and companies would be affected by it. So the range right now, as I understand it, is the bottom would be 10 percent. The top would be 125 percent. So what we're looking at is somewhere in between that going forward for this.

Somewhere in between that. But even when you get around it, it's a pretty vast range. And it makes it very hard for companies to make any long-term plans if you're thinking about how many cargo containers you're going to need six months down the road. That's a very difficult thing to imagine at this point. But even that 10% tariff, the flat rate that President Trump has put on, he said that in some cases he may be willing to negotiate

over that as well. So it could go lower either for some countries or some specific companies or sectors. So the clarity has really not increased, although I think what we've seen for some companies, you think about a company like Apple or Nvidia, for instance, they're certainly breathing a little easier than they were perhaps

you know, 96 hours ago. 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. I'm John Tucker. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak. There are presentations.

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