Trump Targets Powell, Traders Dump US Assets, $2 Trillion Tariff Hit
Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) President Donald Trump warned the US economy may slow if the Federal Reserve does not move to immediately reduce interest rates, in his latest broadside against Fed Chair Jerome Powell.(2) Stocks and bonds fluctuated, and a gauge of the dollar headed for a fourth day of losses as little progress in tariff negotiations and growth concerns about the US prompted investors to pare bets in a volatile market.(3) Bloomberg Economics estimates President Trump's "liberation day" tariffs will shave about $2 trillion off global output by the end of 2027, relative to a scenario where border taxes had stayed unchanged. Policy uncertainty (it's still not clear where tariffs will settle) and modelling uncertainty (the shocks have no precedent in the post World War II data) mean the error band around that forecast is wide.(4) The US set new duties as high as 3,521% on solar imports from four Southeast Asian countries, delivering a win for domestic manufacturers while intensifying headwinds already threatening the country’s renewable power development.(5) The College of Cardinals will meet in Conclave in about two weeks to elect Francis' successor, with about 135 cardinals having the vote. The election could threaten Francis' legacy as a reforming pope, as the church could swing away from his positions on issues such as LGBTQ rights.(6) Podcast conversation : Building a Better ManosphereSee omnystudio.com/listener for privacy information.
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16:51
Daybreak Weekend: Tesla Results, Europe Earnings, China Tariff Reaction
Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to home sales data and Tesla earnings. In the UK – a look ahead to how companies across Europe and beyond are preparing to share their latest financial performances with the market. In Asia – a look ahead to how some Chinese companies are looking to skirt U.S President Donald Trump’s tariffs. See omnystudio.com/listener for privacy information.
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39:27
$800 Billion China Risk, Powell Holds Line, No Rush to Russia
(1) US investors could be forced to offload around $800 billion of Chinese equities “in an extreme scenario” of financial decoupling between the world’s two largest economies, Goldman Sachs Group Inc. estimates.(2) The Trump administration is preparing to pressure nations to curb trade with China in negotiations over US tariffs, according to people familiar with the matter. (3) Federal Reserve Chair Jerome Powell again stressed the central bank must ensure tariffs don’t trigger a more persistent rise in inflation. Powell said policymakers would balance their dual responsibilities of fostering maximum employment and stable prices. (4) Economic data just confirmed what anecdotal evidence had suggested: Consumers are rushing to make major purchases of cars, electronics and appliances in an attempt to get ahead of tariffs that could raise prices. (5) Gold hit another all-time high as warnings from Federal Reserve Chief Jerome Powell about the impact of the trade war fueled volatility on Wall Street, leading to sharp declines in stocks and the dollar.(6) Vladimir Putin has ordered his government to draw up a new legal framework for companies seeking to invest in Russia. It’s the most concrete sign yet that Moscow is preparing for a day when it believes sanctions will be lifted and some investment welcomed back. But, said one Kremlin official, “nobody is knocking on the door yet” underlining the tentative nature of the approaches taken by companies — some of whom never fully left — to restoring their operations in the country, as US President Donald Trump pushes for a deal to end Russia’s war in Ukraine.See omnystudio.com/listener for privacy information.
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19:04
China Growth Surprise, US Bearing Tariff Pain, Europe’s Investor Appeal
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) China’s economy showed surprising strength in early 2025 with a sharp uptick in March, though a trade impasse with Donald Trump has prompted calls for stimulus to offset the tariff shock. (2) President Donald Trump called on China to reach out to him in order to kick off negotiations aimed at resolving the escalating trade fight between the world’s two largest economies. (3) President Donald Trump’s administration has barred Nvidia from selling its H20 chip to China, an escalation of Washington’s tech battle with Beijing that will cost the company billions of dollars and hamstring a product line it explicitly designed to comply with previous US curbs. (4) Import prices for March came in soft – but not soft enough. Bloomberg Economics's calculations of tariff-inclusive import prices indicate that, two months into Trade War 2.0, US importers have borne the brunt of almost all the tariffs so far. (5) Americans are increasingly looking for jobs in Britain amid President Donald Trump’s funding cuts and a darkening economic outlook. (6) Donald Trump's push to reshape global trade and security has shocked European markets into life, driving investors to assets from stocks to bonds and the euro, in a way few could have imagined even 6 months ago.See omnystudio.com/listener for privacy information.
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19:46
Chips & Drug Probes, Tariffs Double Prices, Harvard Funding Freeze
Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) “The president has been very clear that he’s willing to talk to his counterpart,” US Trade Representative Jamieson Greer tells Fox News about Donald Trump and Chinese leader Xi Jinping.(2) President Donald Trump’s administration pressed forward with plans to impose tariffs on semiconductor and pharmaceutical imports by initiating trade probes led by the Commerce Department. (3) Treasury Secretary Scott Bessent played down the recent selloff in the bond market, rejecting speculation that foreign nations were dumping their holdings of US Treasuries, while flagging that his department has tools to address dislocation if needed.(4) European Commissioner for Trade and Economic Security Maros Sefcovic met with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer today in DC, “seizing the 90-day window for a mutual solution to unjustified tariffs,” he says in a post on X. (5) UK households increased their spending in March as consumer demand defied an imminent rise in household bills, according to reports from the British Retail Consortium and Barclays.(6) The Trump administration followed through on its threat to pull federal funding from Harvard University hours after the oldest and richest US college refused to agree to a list of government demands.See omnystudio.com/listener for privacy information.
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