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This is a special edition of the Bloomberg Daybreak: US Edition podcast.
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On today's episode:
President Donald Trump imposed the steepest American tariffs in a century as he steps up his campaign to reshape the global economy, sparking threats of retaliation and a selloff in markets around the world.Trump announced Wednesday he will apply at least a 10% tariff on all exporters to the US, with even higher duties on some 60 nations, to counter large trade imbalances with the US. That includes some of the country’s biggest trading partners, such as China — which now faces a tariff of well above 50% on many goods — as well as the European Union, Japan and Vietnam.“For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense,” Trump said during an event in the White House Rose Garden to unveil the so-called reciprocal tariffs. “Now it’s our turn to prosper.”The move marks a dramatic escalation in Trump’s trade war, one that risks triggering retaliation from other countries and upends calculations for businesses and consumers at home. China and the EU, America’s largest trading partner, both said they were preparing to take countermeasures in response.The US president has embraced tariffs as a tool to assert US power, revive manufacturing at home and exact geopolitical concessions — counter to the decades-old consensus that lower trade barriers help to foster ties among nations and prevent conflicts. Economists say the near-term result of his measures will likely be higher US prices and slower growth — or perhaps even a recession.Global financial markets were hit by a sweeping selloff after Trump’s announcement, with US equity futures slumping as much as 4%.Gold hit an all-time high and the traditional haven Japanese yen soared, while China maintained its daily support of the yuan. Ten-year Treasury yields fell toward the closely-watched 4% level, their lowest since October.Read More: Fear Grips Markets as Trump Tariffs Raise Risks to Global GrowthLess than three months after returning to the White House, Trump has already erected trade barriers that are bigger by some measures than those imposed in the notoriously protectionist 1930s. Bloomberg Economics calculates that the effective tax rate the US now charges on more than $3 trillion of imported goods may climb to around 23% — higher than any point in more than a century.A statement published Wednesday by the United States Trade Representative explained the Trump administration calculated its raft of new tariffs primarily based on existing trade balances. Countries running a trade surplus with the US faced a flat 10% rate regardless, as did nations where trade was roughly even.There’s a small difference in the tariff rates first announced by Trump and more than a dozen of those listed in the annex that accompanied the White House executive order. For countries like South Korea, Myanmar, Pakistan and India, the rates in the annex are about 1 percentage point higher than the initial announcement.The 10% baseline charge on everyone takes effect after midnight Saturday. The higher duties on targeted countries — which replace, rather than add on top of the 10% rate — are due to kick in on April 9, the White House said.Read More: List of Reciprocal Tariffs by CountryFor now, the new measures don’t include Canada and Mexico, which are embroiled in a separate on-and-off tariff dispute with the US. They also won’t apply to some products that are subject to separate duties tied to so-called Sec. 232 investigations such as autos, semiconductors and lumber.The reciprocal tariffs were “much worse than we feared,” said Mary Lovely, a senior fellow at the Peterson Institute for International Economics. There’ll be “huge implications for rerouting of trade,” she said.The president, who’s sought to frame his trade plans as a boost for his blue-collar voters, was joined in the Rose Garden by union members and workers from various industries — including a retired autoworker who spoke on stage. Later, Trump brandished large boards during his 48-minute address to display each nation’s new rate.See omnystudio.com/listener for privacy information.
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President Donald Trump imposed the steepest American tariffs in a century, stepping up his campaign to reshape the global economy and unnerving investors who see a trade war as a risk to US growth. Trump announced Wednesday he will apply at least a 10% tariff on all exporters to the US, with even higher duties on some 60 nations to counter large trade imbalances with the US. That includes some of the country’s biggest trading partners, such as China — which now faces a tariff of well above 50% on many goods — as well as the European Union, Japan and Vietnam. We get reaction from Bloomberg's Shawn Donnan, Senior Economics Writer for Bloomberg News in Washington.
Treasury Secretary Scott Bessent is urging US trading partners against taking retaliatory steps against Trump’s new set of tariffs. He spoke with Bloomberg's Annmarie Hordern following the tariff announcement.
Plus - China vowed to retaliate after being hit with Donald Trump’s biggest tariffs yet, which threaten to decimate trade between the world’s largest economies. The Chinese Ministry of Commerce condemned the US levies and pledged to hit back with unspecified measures in a statement Thursday, adding that the sweeping tariffs threatened the stability of global supply chains. We speak with Jenni Marsh, China EcoGov Team Leader for Bloomberg News.
See omnystudio.com/listener for privacy information.
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President Donald Trump’s deliberations over his plans to impose reciprocal tariffs are coming down to the wire, with his team said to be still finalizing the size and scope of the new levies he is slated to unveil on Wednesday afternoon. Asian stocks edged lower as traders grapple with how to position themselves ahead of the planned 4pm Eastern time White House announcement. We speak with David Finnerty, Bloomberg FX and Rates Strategist in Singapore.
Plus - how those new tariffs may stand to affect the risk landscape in emerging markets. We get some perspective from Jeff Grills, Head of EM Debt at Aegon Asset Management.
See omnystudio.com/listener for privacy information.
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On today's episode, a discussion on how the latest bouts of market volatility ahead of new reciprocal tariffs from the Trump White House may be giving investors pause. We speak with Brad Bernstein, Managing Director at UBS Private Wealth Management.
Plus - how the rollout of those tariffs later this week may drive emerging-market volatility, and why Asian markets may be at risk given the large trade imbalance with the United States. We hear from Aoifinn Devitt, Chief Global Market Strategist at Moneta Group Investment Advisors.See omnystudio.com/listener for privacy information.
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Apple CEO Tim Cook visited China last week for his first visit of the year, amid a burgeoning trade war with the US. He met with officials in Beijing, stopped by a local Apple store and visited students in Hangzhou, among other events. The trip could serve as a case study in how multi-national corporations will navigate business across the Pacific. We explore how Apple's deep business ties in China may be impacted by upcoming reciprocal tariffs with Catherine Thorbecke, Bloomberg Opinion Columnist in Tokyo.
Plus - we look at how this week's tariffs and a number of other key economic events may resonate through global markets. We're joined by James Abate, Managing Director & Chief Investment Officer at Centre Asset Management.
See omnystudio.com/listener for privacy information.
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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 preview of US March jobs and a look at the potential impact of auto tariffs.
• In the UK – an assessment of NATO's position amid growing global tensions.
• In Asia – a preview of the Reserve Bank of Australia's next rate decision.See omnystudio.com/listener for privacy information.
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On today's episode, we explore how concerns about the upcoming ‘reciprocal tariffs’ from the US and a widening trade war are weighing on investors’ appetite for risk. Willem Sels, Global CIO at HSBC Global Private Banking and Wealth, joins us from Hong Kong fresh off of HSBC's Global Investment Summit.
Plus - a discussion on how trade risks are weighing on the Federal Reserve's fight against inflation. We speak with Gene Goldman, Chief Investment Officer at Cetera Financial Group.
See omnystudio.com/listener for privacy information.
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On today's episode, Asian equities declined at the open Thursday after President Donald Trump’s latest trade salvo scuppered demand for riskier investments. Shares of Toyota Motor Corp. and Hyundai Motor Co. were among automakers slumping in Asia after Trump unveiled a new 25% tariff on all automobiles imported into the United States. We speak with Mary Nicola, Bloomberg MLIV Strategist in Singapore.
Plus - a look at how this expanding global trade war is being digested by Wall Street. Robert Schein, Chief Investment Officer at Blanke Schein Wealth Management, joins the program.See omnystudio.com/listener for privacy information.
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On today's episode, we dissect the forces driving volatility in Chinese tech stocks. Despite the recent pullback in Chinese equities, some Wall Street investors remain bullish. Morgan Stanley strategists raised their 2025 year-end index targets for Chinese stock indexes, after seeing signs of fourth-quarter earnings beats. Similarly, strategists at Goldman Sachs expect more fundamental upside to the recent rally as more positive earnings revisions should be coming. We speak with Shuli Ren of Bloomberg Opinion for a closer look.
Plus - Asian stocks posted modest gains on Wednesday as investors searched for a clear direction amid weaker US consumer confidence, tariff uncertainty and a late rally in US equities. We get some insights on the American economy from Bill Campbell, Global Bond Portfolio Manager at DoubleLine.
See omnystudio.com/listener for privacy information.
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On today's episode, Federal Reserve Bank of Atlanta President Raphael Bostic says he now sees just one interest-rate cut as likely this year, rather than two, with tariff hikes impeding progress on disinflation. We unpack the reaction from Asian markets with Rahul Chadha, Chief Investment Officer at Shikhara Capital. He speaks with Bloomberg's Paul Allen in Sydney.
Plus - Asian stocks rose after US equities had one of their best sessions of the year, fueled by signs that President Donald Trump's trade sanctions will be narrower than feared. We discuss the latest tariff headlines with Tim Pagliara, Chief Investment Officer at CapWealth.
See omnystudio.com/listener for privacy information.
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Stock Movers is a new, five-minute podcast on today's winners and losers in the stock market. Listen for analysis on the companies making news in markets.
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See omnystudio.com/listener for privacy information.
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On today's episode, we bring you a conversation with Australian Treasurer, Jim Chalmers. He warns that the new US administration's policies will have a "seismic" impact on the global economy. Chalmers speaks with Bloomberg's Ben Westcott ahead of the country's national budget on Tuesday.
Plus - a look at how volatility is shaping the trading week ahead for global markets. Marc Nachmann, Global Head of Asset & Wealth Management at Goldman Sachs, speaks to Bloomberg's Haidi Stroud-Watts and Paul Allen in Sydney.
See omnystudio.com/listener for privacy information.
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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 preview of U.S CPI and PCE data, along with a look at the impact of tariffs on housing. In the UK – a preview of UK Chancellor Rachel Reeves’ spring statement. In Asia – a preview of Chinese EV Maker BYD’s earnings.See omnystudio.com/listener for privacy information.
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On today's episode, Asia markets are cautious after equity market weakness in the US due to uncertainty around President Donald Trump's next trade war salvo. We speak to Olivier d'Assier, Head of Investment Decision Research, APAC at SimCorp.
Plus, we take you to the world of digital currencies. Earlier today, President Trump reiterated support for stablecoin legislation, saying it will help expand the dollar's dominance. We speak to Peter Chung, Head of Research at Presto ResearchSee omnystudio.com/listener for privacy information.
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On today's episode, we explore the fallout of the Federal Reserve and the Bank of Japan decisions. The Fed held rates steady today. We speak to Mark Cranfield, Bloomberg MLIV Strategist.
Plus- The Federal Reserve Chair Jerome Powell cited the potential for the impact of tariffs on inflation to be “transitory.” The jump in stocks, the biggest for any Fed day since July, follows a bruising four-week stretch in which the S&P 500 slid into a correction. We speak to Jamie Cox, Managing Partner at Harris Financial Group.
See omnystudio.com/listener for privacy information.
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On today's episode, Peter McGuire, CEO at Trading.com Australia, gives us his outlook on what to expect from the Federal Reserve's decision tomorrow.
Plus, the US equity market declined on signs investors are reducing exposure to US risk assets. We explore that with Rob Williams, Chief Investment Strategist at Sage Advisory.See omnystudio.com/listener for privacy information.
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On today's episode, Asian stocks rose, driven by optimism about China's economy and US data that eased recession concerns and renewed bets on Chinese tech companies. We speak to Mark Konyn, Chief Investment Officer at AIA Group.
Plus- US stocks closed higher in the Monday session -- despite weakness in some tech mega caps. For a look at the markets, we speak to Eric Sterner, Chief Investment Officer at Apollon Wealth Management.
See omnystudio.com/listener for privacy information.
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On today's episode, we discuss China's plan to revive consumption by boosting people's incomes. That is according to the official Xinhua News Agency. This is part of Beijing's plan that adds to recent pledges by the government to support demand in an economy threatened by President Donald Trump’s tariffs. We speak to Paul Dobson, Bloomberg's Executive Editor for Asia Markets
Plus we take a look at how Trump's trade salvo will shape US markets with Joy Yang, Head of Index Product Management & Marketing at MarketVector Indexes.See omnystudio.com/listener for privacy information.
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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 preview of next week’s Fed decision and earnings from FedEx. In the UK – a preview of Morgan Stanley’s European Financials Conference. In Asia – a preview of Tencent earnings and the next BOJ decision.See omnystudio.com/listener for privacy information.
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On today's episode, we track the trading action following the S&P 500 entering correction as President Trump's trade war escalates. We speak with Mary Nicola, Bloomberg MLIV Strategist in Singapore.
Plus, a look at how Trump's policies on trade shape global markets. We speak to Sandi Bragar, Chief Client Officer at AspiriantSee omnystudio.com/listener for privacy information.
- Visa fler
