Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill. Wat...
Trump Sparks a Global Trade War: Here's the Latest from Bloomberg
President Donald Trump delivered on his threat to hit Canada and Mexico with sweeping import levies and doubled an existing charge on China, spurring swift reprisals that plunged the world economy into a deepening trade war. This podcast brings you the latest details and analysis, from Nathan Hager and Karen Moskow on Bloomberg Daybreak: US Edition. You can subscribe to the Bloomberg Daybreak podcast here: Apple: http://bit.ly/3DWYoAN Spotify: http://spoti.fi/45IG5LR The US new tariffs — 25% duties on most Canadian and Mexican imports and raising the charge on China to 20% — impact roughly $1.5 trillion in annual imports, an expansive move signaling to markets that the Republican president is committed to wielding import duties to obtain fresh revenue and create domestic manufacturing jobs. Canada hit back with phased levies on $107 billion worth of US goods while China imposed tariffs of as high as 15%, mainly on American agricultural shipments. Mexican President Claudia Sheinbaum on Monday said her government would await Trump’s decision before reacting with any retaliatory measures and is expected to address reporters on Tuesday morning local time. The moves mark a new phase in Trump’s broadening economic and diplomatic reset of America’s place in the world. Confirmation of the levies lays to rest doubts the US president would actually follow through on his repeated threats to upend global economic ties to counter what he casts as imbalanced trade. “We are in a new era where the mantra is to protect markets and the US is leading in this,” said Alicia Garcia Herrero, chief Asia-Pacific economist at Natixis. “China retaliated focusing on Trump’s staunchest voters in the agriculture sector. But that is not going to stop him.” The tariffs bring American import levies to their highest average level seen since 1943, according to the Budget Lab at Yale. That would lead to as much as $2,000 in additional costs for US households. It also will mean significantly slower economic growth in the US, especially if other countries retaliate, according to a report published Monday. And Trump has indicated more tariffs are to come, including in April reciprocal tariffs on all US trading partners that have their own levies or other barriers on American products, as well as sectoral taxes of 25% on cars, semiconductors and pharmaceuticals. Those tariffs are also poised to be cumulative — in addition to any across-the-board tariff on a particular nation. Trump has also said a 25% tariff is in the works for the European Union and is investigating levies on copper and lumber imports. Steel and aluminum tariffs are also set to take effect on March 12, further impacting Canada and Mexico.Financial markets largely took the moment the tariffs came into effect in stride — with Chinese stocks even climbing intraday. In the run-up to the deadline, though, US equities tumbled the most this year, while Treasury yields earlier fell to the lowest in four months and oil dropped to a three-month low. The Canadian government late Monday announced it will proceed with a sweeping package of counter-tariffs against US-made products. The first stage is 25% tariffs on about C$30 billion ($20.6 billion) worth of goods from US exporters to go into effect at the same time as the US levies. A second round of tariffs at the same rate will be placed on C$125 billion of products in three weeks — a list that will include big-ticket items like cars, trucks, steel and aluminum. “Canada will not let this unjustified decision go unanswered,” Prime Minister Justin Trudeau said in a statement. The retaliation plan is the same as the one he announced in February after Trump signed his executive order for broad tariffs. See omnystudio.com/listener for privacy information.
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Canada, Mexico Face US Tariff Deadline
Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with: Managing Director of Policy and Advocacy at the Groundwork Collaborative Liz Pancotti about President Donald Trump's latest tariff announcement. Beacon Global Strategies Managing Director Michael Allen about the latest developments from Ukraine following Friday's meeting between Trump and Ukrainian President Volodymyr Zelenskiy. Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino ahead of Trump's address to a joint session of Congress Tuesday night. See omnystudio.com/listener for privacy information.
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39:03
Trump, Zelenskiy Meeting Turns Into Argument; Mineral Deal Falls Through
Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. Plans to sign a critical minerals deal between the US and Ukraine were scrapped after Donald Trump’s meeting Friday with Volodymyr Zelenskiy quickly devolved into a fiery exchange over the Ukrainian leader’s doubts that the US president’s efforts to broker a deal with Russia would yield lasting peace. Zelenskiy departed the White House following the public spat, and a planned signing ceremony and press conference were canceled. US officials said the minerals deal - which Trump had cast as a necessary step to repay American support as he sought to broker a deal with Russia’s Vladimir Putin - was not signed before Zelenskiy’s departure. “He disrespected the United States of America in its cherished Oval Office. He can come back when he is ready for Peace,” Trump said in a social media post shortly before Zelenskiy’s departure. The Ukrainian leader angered Trump and US Vice President JD Vance when he said he did not believe the planned deal would do enough to deter further Russian aggression. “Putin will never stop and will go further and further,” Zelenskiy said, adding that the Russian leader “hates Ukrainians” and wanted to destroy the country. “We can do it, but it’s not enough,” he added of the deal. On this special edition of Balance of Power, Joe and Kailey get instant reaction and analysis to the dramatic moment between Trump and Zelenskiy in the Oval Office with: Nick Wadhams, Bloomberg US National Security Team Lead Daniel Fried, Distinguished Fellow at the Atlantic Council/Former-US Ambassador to Poland/Former-Assistant Secretary of State for Europe Rick Davis, Partner at Stonecourt Capital and Bloomberg Politics Contributor & Jeanne Sheehan Zaino, Senior Democracy Fellow with the Center for the Study of the Presidency & Congress and Bloomberg Politics Contributor Kelly Grieco, Senior Fellow with the Stimson Center’s Reimagining US Grand Strategy Program See omnystudio.com/listener for privacy information.
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49:51
UK's Starmer Visits the White House
Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with: Greenwich Media Strategies Founder Hagar Chemali as UK Prime Minister Keir Starmer visits the White House for meetings with President Donald Trump. Bloomberg Politics Contributor Jeanne Sheehan Zaino and Republican Strategist Chapin Fay about peace options between Ukraine and Russia. Bloomberg Senior Editor for Technology and Strategic Industries Michael Shepard about US export controls following Nvidia's earnings report. See omnystudio.com/listener for privacy information.
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31:35
Trump Holds First Cabinet Meeting
Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with: Bloomberg's Tyler Kendall from Capitol Hill about Tuesday's House budget resolution vote. Former US Congressman for Texas's 8th congressional district and Spokesman for the Alliance for Competitive Taxation Kevin Brady about the tax policy negotiations between the House and the Senate. Bloomberg Politics Contributor Jeanne Sheehan Zaino and Republican Strategist Maura Gillespie about President Donald Trump's first cabinet meeting Wednesday at the White House. Republican Congressman Troy Downing of Montana about his vote last night and what happens next in Congress. See omnystudio.com/listener for privacy information.
Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill. Watch us LIVE on YouTube: http://bit.ly/3vTiACF.
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