Bloomberg Surveillance

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Matt Hornbach and Tim Adams. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Jason Thomas, Head: Global Research & Investment Strategy at the Carlyle Group- Adewale Adeyemo, Former Deputy Secretary at the US Treasury Department- Adena Friedman, Chair and CEO of Nasdaq Inc.- Nathan Sheets, Managing Director: Citi Research We are broadcasting from Washington as the IMF Spring Meetings come to a close. Jason Thomas, Head: Global Research & Investment Strategy at the Carlyle Group, joins for a discussion on the outlook for the US equity market as trade negotiations continue. Adewale Adeyemo, Former Deputy Secretary at the US Treasury Department, discusses recent market gyrations and what the Treasury is capable of doing to help support the economy. Adena Friedman, Chair and CEO of Nasdaq, talks about recent earnings and the IPO outlook. Nathan Sheets, Managing Director: Citi Research, offers his market outlook for 2025.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 25th, 2025Featuring:1) Bob Michele, CIO: Fixed Income at JPMorgan Asset Management, joins for an extended discussion on the bond market, the Fed, and outlook for markets. The dollar strengthened in early trading, while the yen and Swiss franc retreated, as investor demand for non-US haven assets waned amid signs of progress in the White House's engagement with major trading partners.2) Tim Adams, CEO for the Institute of International Finance, joins for an extended discussion on his talks with US Treasury Secretary Scott Bessent this week and conversations from the IMF. Bessent called for a course correction for the International Monetary Fund and World Bank, saying they serve "critical roles" and the Trump administration is willing to work with them.3) Meghan Graper, Global Head: Debt Capital Markets at Barclays Capital, talks about the bright side of so much uncertainty: investment grade credit. Currently, markets favor a quarter-point cut in June and a total of three such reductions by year-end, with some experts predicting slow and bumpy progress in US-China relations but possible net positive newsflow via trade deal announcements.4) Leslie Palti-Guzman, founder at Energy Vista, talks about the liquid natural gas (LNG) being used as a key strategic favor and retaliation in tariff and trade negotiations. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ Story on why baby strollers are getting hit the hardest by China tariffs and the New York Times report on ChatGPT costs.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Daniel Tannebaum & Anna Wong. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Ed Yardeni, President at Yardeni Research- Nicolai Tangen, CEO of Norges Bank Investment Management- Philip Lane, Chief Economist at ECB- Jenny Johnson, CEO of Franklin Templeton Investments Ed Yardeni, President at Yardeni Research, discusses his equity outlook, whether he's revising his S&P 500 target as tariffs continue to be negotiated, and if he believes the US will enter a recession. Nicolai Tangen, CEO of Norges Bank Investment Management, discusses the global economic outlook as globalization and US tariffs reshape global investing. Philip Lane, Chief Economist at ECB, joins to talk about whether investors are turning bullish on Europe despite trade uncertainty with the US. Jenny Johnson, CEO of Franklin Templeton Investments, discusses asset allocation as the investing and business environment remains highly uncertain and volatile.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 24th, 2025Featuring:1) Jean Boivin, Head of the BlackRock Investment Institute, joins for an extended discussion on the global economic transformation and how US trade policy is just one piece of the broader geopolitical global economic transformation. As China calls on the US to revoke unilateral tariffs, the country warns of the threat of ongoing frictions to trust in the global economic system and emphasize the need for cooperation to prevent the global economy from sliding into a track of "high friction, low trust".2) Brian Kingston, President & CEO at the Canadian Vehicle Manufacturers’ Association, discusses how President Trump's tariffs will affect Canadian manufacturing, whether a leadership change in Canada will help, and how it could all change if the president backs off on 25% tariffs on car parts. The Financial Times is reporting that rump plans to spare carmakers from some of his most onerous tariffs.3) Daniel Tannebaum, Partner at Oliver Wyman, joins from the IMF Spring Meetings in DC to discuss what he's hearing about tariffs and developments in a Ukraine-Russia deal. It comes as President Trump is pressuring Ukrainian President Zelenskiy to accept a peace deal, accusing him of prolonging the war, and says he hopes to meet with Russian President Putin soon. The US has proposed a deal that would effectively freeze the conflict, acknowledge Russia's occupation of Crimea, and ease sanctions on Moscow, but Ukraine and Europe want assurances of a ceasefire and security guarantees before any agreement.4) Tina Fordham, founder at Fordham Global Foresight, discusses the geopolitical outlook amid an entirely unclear trade war and how policy is shaping markets, or vice versa. Many experts and leaders have called for policy certainty, with Citadel founder Ken Griffin most recently saying President Trump's trade war has derailed business leaders' plans to focus on growth for the next four years.5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a Business Insider report on Costco shoppers cashing in on company rewards and a WSJ report on college graduates facing a tough job market.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Gina Martin Adams & Huw van Steenis. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI- Joachim Nagel, President at Deutsche Bundesbank- Torsten Slok, Chief Economist at Apollo Management- Dan Ives, Head Global Technology at Wedbush Securities Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, offers his S&P 500 outlook amid further uncertainty about tariffs and corporate earnings. Joachim Nagel, President at Deutsche Bundesbank, joins from the IMF Spring Meetings to talk about the outlook for European and global economies as the US levies global tariffs. Torsten Slok, Chief Economist at Apollo Management, talks about the outlook for a US recession this year. Dan Ives, Head Global Technology at Wedbush Securities, breaks down Tesla earnings.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 23rd, 2025Featuring:1) Huw van Steenis, Vice Chair at Oliver Wyman, joins in studio for an extended discussion on Nixonian elements of Trump admin, global corporate and business confidence, and how it's all intersecting with what he sees in the financial and banking sectors. Markets and the economy are facing increased uncertainty, with President Trump most recently saying he has no intention of firing Federal Reserve Chair Jerome Powell, despite his frustration with the central bank not moving more quickly to slash interest rates. Trump wants Powell to lower interest rates, saying it's a "perfect time" to do so, and would like to see the chairman be "early or on time, as opposed to late".2) Dan Ives, Global Head: Technology at Wedbush Securities, breaks down Tesla earnings. CEO Elon Musk says he will devote more time to Tesla starting next month, scaling back his work with the US government, which has been a concern for investors. Tesla's stock jumped 7% despite missing analysts' estimates for revenue and earnings, with the company citing weakness in its core automotive business and tariff headwinds.3) Chris Grisanti, Chief Equity Strategist at MAI Capital Management, brings us into the market open and what lower corporate earnings will mean for equities. Stocks and bonds rose as global markets reacted positively to the Trump administration's easing of tensions, including President Trump's statement that he has no intention of firing Federal Reserve Chair Jerome Powell.4) Mick Mulroy, co-founder of the Lobo Institute, joins to discuss turmoil at the Defense Department. Defense Secretary Pete Hegseth has been courting controversy, including sharing sensitive details about an impending US attack on Houthi militants on an unsecured commercial chat platform and purging some of his handpicked staff. Despite calls for Hegseth to be fired, President Donald Trump remains supportive, attributing the controversies to "disgruntled employees" and saying Hegseth is "doing a great job."5) Lisa Mateo joins with the latest headlines in newspapers across the US, including WSJ's story on fashion in Little League and Bloomberg's report on the hottest amenity at US airports.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Jeff deGraaf & Brian Belski. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Krishna Guha, Vice Chariman at Evercore ISI- Rob Sockin, Director: Research at Citi- Bill Dudley, Bloomberg Opinion columnist and former NY Fed President- Alex Nowrasteh, VP: Economic & Social Policy Studies at The Cato InstituteKrishna Guha, Vice Chariman at Evercore ISI, offers his outlook for markets and the US economy amid a brutal April for markets. Rob Sockin, Director: Research at Citi, discusses the risks to markets both from President Trump's tariff policy and should the president fire Fed Chair Jay Powell. Bill Dudley, Bloomberg Opinion columnist and former NY Fed President, discusses Fed independence, tariffs, and the outlook for the US economy. Alex Nowrasteh, VP: Economic & Social Policy Studies at The Cato Institute, talks about the future of Fed independence and Chair Jay Powell.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney April 22nd, 2025Featuring:1) Jeff deGraaf, Chairman and Head: Technical Research at Renaissance Macro Research, joins for a discussion on Jay Powell, market risks, and tariffs. US stocks were higher in futures trading this morning as equities are set to bounce back from Monday's losses as investors weigh progress on trade talks with India and Tesla's upcoming earnings.2) Brian Belski, Chief Investment Strategist at BMO Capital Markets, brings us into the market open and discusses whether he remains a US equity bull. President Trump's demands on Jerome Powell to cut rates have raised concerns about the president's willingness to meddle with central bank policy and the impact on the economy.3) Alicia Garcia-Herrero, Chief Economist for Asia Pacific at Natixis, joins for a discussion on the dollar as the globe's reserve currency and how the trade war will harm China and the US. This morning, gold topped $3,500 for the first time, and other markets such as stocks, currencies, and commodities experienced mixed movements amid ongoing trade tensions and uncertainty.4) Warwick McKibbin, non resident Senior Fellow at the Peterson Institute for International Economics, talks about his piece from the fall outlining the costs of Trump's tariff and deportation policies as well as his newest analysis released today on the US revenue implications of Trump's tariff plan. 5) Margaret Franklin, CEO of the CFA Institute, joins from our DC studio to discuss the CFA program, how it's evolving, and the impact of AI on the investing profession.6) Lisa Mateo joins with the latest headlines in newspapers across the US, including a Financial Times report on the marketing campaign of plant-based eggs and the Washington Post's look into the changing economics of college football and how it's affecting the NFL draft.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Liz Ann Sonders & Damian Sassower. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Cam Dawson, CIO at NewEdge Wealth- Terry Haines, founder at Pangaea Policy- Leland Miller, CEO at China Beige Book- Barbara Doran, CEO and CIO at BD8 Capital PartnersCam Dawson, CIO at NewEdge Wealth, joins for a discussion on her 2025 outlook and whether equities could rebound amid volatility in the first quarter of the year. Terry Haines, founder at Pangaea Policy, discusses President Trump's tariff policies and turmoil for Defense Secretary Pete Hegseth and the Defense Department. Leland Miller, CEO at China Beige Book, discusses the outlook for the Chinese economy in an intensifying trade war with the US. Barbara Doran, CEO and CIO at BD8 Capital Partners, discusses the outlook for markets amid comments from President Trump for a desired change at the Fed.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 21st, 2025Featuring:1) Julia Coronado, President/Founder of Macropolicy Perspectives, joins to discuss the precarious position the Fed is put in amid incoming tariffs and the possibility of higher inflation, and when or if Jay Powell will cut rates this year. The dollar weakened sharply as traders reacted to the possibility that President Donald Trump will try to remove Federal Reserve Chairman Jerome Powell. 2) Meghan Clark, professor at St. John's University, talks about the death of Pope Francis. He encouraged Catholics to embrace a more compassionate view on many issues but found it difficult to close the book on past abuses by clergy. He was 88, and passed away 7:35 a.m. Monday in Rome, the Vatican said in a statement. He had been hospitalized in Rome in mid-February with bronchitis, which progressed to pneumonia in both lungs — the last in a litany of respiratory and other medical challenges he had faced. On Sunday, he had met with US Vice President JD Vance. 3) Gautam Mukunda, Bloomberg Opinion contributor and Yale School of Management professor, joins for a discussion on politics and the forces pushing back or accepting certain norms being challenged by the Trump administration. President Trump is continuing his calls for a change at the head of the Fed, and there's growing pressure on US Defense Secretary Pete Hegseth amid reports of turmoil at the Pentagon.4) Drew Matus, Chief Market Strategist at Metlife Investment Management, brings us into the market open and discusses the prospect of a recession as the US enters "trade war hell."5) Lisa Mateo joins with the latest headlines in newspapers across the US, including The Boston Globe looking into the best places to eat along the route of the Boston Marathon and Business Insider's story on men are getting cosmetic treatments and anti-aging procedures.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Amanda Lynam & Anastasia Amoroso. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Mohamed El-Erian, President of Queens' College, Cambridge- Kelly Ann Shaw, Partner at Hogan Lovells US- Jean Boivin, Global Head: Research & Investment Institute at BlackRock- Lauren Goodwin, Chief Market Strategist at New York Life Investment Management Mohamed El-Erian, President of Queens' College, Cambridge and Bloomberg Opinion columnist and Jean Boivin, Global Head: Research & Investment Institute at BlackRock, discuss the outlook for stocks and US economic growth, as well as concerns signaled from the bond market. Kelly Ann Shaw, Partner at Hogan Lovells US, discusses President Trump's political and economic priorities as tariff negotiations continue. Lauren Goodwin, Chief Market Strategist at New York Life Investment Management, offers her outlook for stocks and the US economy.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 17th, 2025Featuring:1) Amanda Lynam, Head of Macro Credit Research at Blackrock, talks about signals from the bond market, corporate credit spreads, and whether the market just experienced a tariff tantrum or whether deeper problems lie underneath. Following bond market turmoil triggered by the announcement of broad US levies earlier this month, investors are focusing more on developments in country-specific trade negotiations.2) Anastasia Amoroso, Chief Investment Strategist at iCapital, brings us into the market open and discusses her outlook for growth in equities and the US economy. President Donald Trump said there was “big progress” in talks to strike a deal for Japan, which stocks responded to positively in pre-market trading ahead of the holiday weekend.3) Jay Timmons, CEO and President of National Association of Manufacturers, joins to discuss manufacturing regulations and red tape, strengthening the manufacturing workforce, and whether tariffs and other Trump admin policies could actually revitalize manufacturing labor. Manufacturing output increased 5.1% in the first quarter, the most since late 2021, as customers boosted orders before tariffs hikes took effect. Despite the gain, manufacturing faces headwinds from higher material costs, trade policy uncertainty, and tariffs, which may impact production and investment plans this year and next year.4) Ali Mortell, Director of Research at Blue Rose Research, joins to discuss Blue Rose's presentation that's made waves through Democratic politics, highlighting support President Trump garnered in 2024, how Democrats could claw back some voters, and what is the identity of the Democratic party.5) Whitney Tilson, former hedge fund manager and NYC Mayoral candidate, discusses his candidacy and policy proposals, how he plans to gain support over Cuomo and Adams, and what the identity of the Democratic party should be. Billionaire hedge fund manager Bill Ackman donated $250,000 to a super PAC supporting former New York Governor Andrew Cuomo in New York City's mayoral race after Ackman hosted a fundraiser for Tilson's bid earlier this year.6) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story Costco's Kirkland brand bringing customers to the beer aisle and a New York Times report on possible signs of life on a distant planet.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Dan Ives & Matt King. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Alicia Levine, Head of Investment Strategy and Equities at BNY Wealth- Rick Rieder, CIO: Global Fixed Income at BlackRock- Eric Cantor, Vice Chairman at Moelis & Co- John Kirby, CEO at United Airlines Alicia Levine, Head of Investment Strategy and Equities at BNY Wealth, discusses her outlook for equities and whether she believes they'll end the year in positive territory amid tariff policy uncertainty. Rick Rieder, CIO: Global Fixed Income at BlackRock, discusses warning signals from the bond market. Eric Cantor, Vice Chairman at Moelis & Co, talks about President Trump's economic policies and how economic and political policies will be shaped in Washington in the coming months. John Kirby, CEO at United Airlines, discusses his company and the state of the industry.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 16th, 2025Featuring:1) Wei Li, Global Chief Investment Strategist at BlackRock, joins for an extended discussion on the market backdrop amid the US tariff pause and the near- and long-term risks of a financial accident. Investors get hints of economic sentiment today with Federal Reserve Chair Jerome Powell giving a speech in Chicago and the release of March retail sales today.2) Dan Ives, Global Head of Technology at Wedbush Securities, on the Nvidia chip restrictions. Technology stocks fell due to new US government restrictions on Nvidia chip exports to China and a disappointing report from ASML Holding NV, wiping out $155 billion in market value.3) Matt King, founder at Satori Insights, brings us into retail sales and talks about why the US could be on the cusp of a crisis. The fallout of US Nvidia chip curbs are one factor affecting growth: it could weigh on chip-sector earnings and set back China's ambitions to compete on the global tech stage, with economists scaling back their forecasts for GDP growth worldwide.4) Rebecca Patterson, former Chief Investment Strategist at Bridgewater Associates, joins for an extended discussion on the US dollar, Treasuries, and US exceptionalism. The demand dynamic for US Treasuries is shifting, with foreign demand declining, and the relationship between the US dollar and Treasury yields is weakening, leading to concerns about the dollar's haven status and the US deficit.5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a Bloomberg story on the boom in ultra-luxury ships and WalletHub's findings on cities with the most affordable rent.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Jurrien Timmer & Constance Hunter. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Glenn Youngkin, Governor of Virginia- Priya Misra, Portfolio Manager at JPMorgan Asset Management- Terry Haines, founder at Pangaea Policy- Ken Leon, Director of Equity Research at CFRA Republican Virginia Governor Glenn Youngkin sits down with Surveillance to discuss his policy initiatives for the state, how the Republican party is functioning in a second Trump term, and his response to the president's economic and political priorities. Priya Misra, Portfolio Manager at JPMorgan Asset Management, discusses signals from the bond market and whether there is broader concern of a rotation away from US assets. Terry Haines, founder at Pangaea Policy, discusses whether President Trump's tariff policy could change amid its 90-day pause. Ken Leon, Director of Equity Research at CFRA, reacts to today's bank earnings.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 15th, 2025Featuring:1) Constance Hunter, Chief Economist at EIU, talks about whether the US is staring down a financial crisis as President Trump negotiates trade deals with other countries. While stocks are getting a boost as President Trump floats a potential pause in auto tariffs, ongoing trade tensions and concerns remain about the impact of tariffs on the economy.2) Christopher Maher, CEO of OceanFirst Bank, discusses how inflation and tariffs are affecting how he operates his business and how clients are responding to changing conditions. Investor sentiment toward the economy is the most negative in three decades, with fund managers expecting the global economy to weaken and planning to reduce exposure to US equities, which is causing increasing challenges for business operators.3) Sebastien Page, head of Global Multi-Asset and Chair of the Asset Allocation Steering Committee at T. Rowe Price, talks about his new book and demonstrating leadership in a growing uncertain market. Markets are showing signs of consolidating as Trump’s tariff exemptions haved raised hopes there may be room for negotiations after the president’s reciprocal levies this month wiped $10 trillion off global equities and spurred a rout in Treasuries. At the same time, the US is pressing forward with plans to impose tariffs on semiconductor and pharmaceutical imports by initiating trade probes led by the Commerce Department. 4) Scott Stringer, Former NYC Comptroller & NYC Mayoral Candidate, joins as part of our NYC mayoral race coverage to discuss New York City, Mayor Eric Adams' leadership, city finances, congestion pricing, and other issues.5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ report on Netflix's market cap target and Business Insider's story on iPhone tricks to avoid increased costs.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Steve Chiavarone & Lori Calvasina. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Peter Tchir, Head: Macro Strategy at Academy Securities- Nela Richardson, Chief Economist at ADP- Henrietta Treyz, co-founder and Managing Partner at Veda Partners- David Ellison, Portfolio Manager at Hennessy Funds Peter Tchir, Head: Macro Strategy at Academy Securities and ADP's Nela Richardson discuss the outlook for equities and potential for further market volatility amid uncertain tariff policy from the Trump administration. Henrietta Treyz, co-founder and Managing Partner at Veda Partners, discusses President Trump's tariffs and the GOP tax plan. David Ellison, Portfolio Manager at Hennessy Funds, reacts to Goldman Sachs earnings.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 14th, 2025Featuring:1) Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets, joins for an extended discussion on the outlook for equities and where her S&P target stands. Stocks jumped once President Trump paused import duties on consumer electronics, boosting sentiment. Despite the reprieve, volatility in markets is expected to continue.2) Gargi Chaudhuri, Chief Investment Strategist, Americas at BlackRock, discusses the outlook for equities, and whether there's a bull case in the market given the concern. While the Dollar has struggled, yen optimism is spreading and the euro is emerging as a prime beneficiary of greenback weakness as investors reassess the dollar’s role in the global financial system.3) Penny Foley, Portfolio Manager for the TCW Emerging Markets Group, on what she expects from the emerging markets environment given uncertain US policy. The Bloomberg Dollar Spot index fell for a fifth day, touching the lowest levels since October, on concern over the Trump administration's tariff policy, and its effects are expected to ripple throughout emerging markets.4) Henrietta Treyz, co-founder at Veda Partners, joins to discuss on again, off again tariffs and newfound urgency for the tax bill. President Trump is prioritizing extending the 2017 Tax Cuts and Jobs Act this year, with Republicans in Congress agreeing on a framework to make the cuts permanent.5) Lisa Mateo joins with the latest headlines in newspapers across the US, including Dubai dethroning Heathrow as the world's busiest international airport and why there may be fewer outdoor dining spots in New York City this year.See omnystudio.com/listener for privacy information.

Investors are on edge as rapid tariff headlines inject unprecedented volatility across global markets. Bloomberg Surveillance hosts Jonathan Ferro and Lisa Abramowicz set the stage for the week ahead with insight and commentary from some of the biggest names on Wall Street. - Bob Michele, Global Head of Fixed Income at JPMorgan Asset Management- Libby Cantrill, Managing Director & Head of Public Policy at PIMCO- Stuart Kaiser, Head of Equity Trading Strategy at CitigroupSee omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Savita Subramanian & Jordan Rochester. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Christopher Wright, US Energy Secretary- Sarah Hunt, Chief Market Strategist at Alpine Woods Capital Investors- Savita Subramanian, Head: US Equity & Quantitative Strategy- Tony Crescenzi, Exec VP and Generalist Portfolio Manager at PIMCOUS Energy Secretary Christopher Wright discusses the Trump administration's energy strategy amid a trade war with China and the outlook for energy and gas prices. Sarah Hunt, Chief Market Strategist at Alpine Woods Capital Investors, discusses equity gyrations and if market volatility is set to continue amid a growing trade war with China. Savita Subramanian, Head: US Equity & Quantitative Strategy, talks about her S&P 500 outlook amid growing policy uncertainty. Tony Crescenzi, Exec VP and Generalist Portfolio Manager at PIMCO, talks about this week's bond market moves and if it's offering other warning signs today.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney April 11th, 2025Featuring:1) Jordan Rochester, Head: FICC Macro Strategy EMEA at Mizuho, on rapid de-dollarization as the trade war with China heats up. China is raising tariffs on all US goods from 84% to 125% starting April 12, in response to the US's latest tariffs. The escalating trade war has led to a decline in global financial markets, with S&P 500 futures and European stocks falling, and the dollar extending its decline.2) Kathy Jones, Chief Fixed Income Strategist at Charles Schwab, joins to discuss the bond market's pushback this week and what it's signaling and President Trump pushes ahead with his trade war with China. Investors are flocking to bunds as a safe-haven asset after the US Treasuries' historically bad week, leaving German yields largely unchanged, while the rate on the US 10-year debt has surged more than 40 basis points.3) Savita Subramanian, Head: US Equity & Quant Strategy at Bank of America, brings us into PPI and discusses the outlook for inflation and equities in the US amid a growing China trade war. The inflation slowdown reflected is yesterday's CPI showed a decline in energy costs, used vehicles, hotel stays, and airfares, with the cost of motor vehicle insurance also retreating. Some experts still warn that higher inflation may be coming due to tariffs, with the impact expected to be felt in the May CPI report.4) Jennifer Lee, Senior Economist at BMO Capital Markets, joins to discuss why the Fed's breathing easier today, but why the market volatility isn't over yet. US-China trade tensions escalated, causing a slide in futures, the dollar, and oil, with investors rushing to assess the impact on companies and growth.5) Erica Groshen, former Commissioner of the United States Bureau of Labor Statistics, on disruption in federal statistics, modernizing federal statistics, and preserving data integrity. A Labor Department report released in December showed the US Bureau of Labor Statistics needs to revamp its culture and improve how it disseminates key economic data.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Ian Lyngen & Anna Wong. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Russ Koesterich, Portfolio Manager at BlackRock- Dr. Amrita Sen, founder and Director of Research at Energy Aspects- Erika Najarian, Equity Research Analyst at UBS- Torsten Slok, Chief Economist at Apollo Russ Koesterich, Portfolio Manager at BlackRock, discusses the equity rebound following President Trump's tariff reversal and whether the market could continue its climb from here. Dr. Amrita Sen, founder and Director of Research at Energy Aspects, discusses the outlook for crude oil and energy prices as market concerns due to a US-China trade war persist. Erika Najarian with UBS previews big bank earnings and talks about the health of the financial sector. Torsten Slok, Chief Economist at Apollo, talks about the US economic outlook following extreme market gyrations from President Trump's tariff reversal.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 10th, 2025Featuring:1) Patrick Armstrong, CIO at Plurimi Wealth, Tiffany Wilding, Economist: North America at PIMCO, and Greg Boutle, Head of US Equity & Derivative Strategy at BNP Paribas, react to CPI and discuss the outlook for bonds and equities following President Trump's tariff reversal. Strategists have warned investors against buying the dip in equities due to the risks ahead, with some advising caution amid extreme market volatility.2) Ian Lyngen, Head of US Rates at BMO Capital Markets, joins to discuss signals from the bond market before and after President Trump's tariff reversal and the outlook for US rates amid the current US economic backdrop. Trump's tariff reversal decision was driven in part by the chaos in financial markets, as well as outreach from other countries making concessions, and he is now considering exemptions for companies facing severe consequences from tariffs.3) Nancy Tengler, CEO & CIO at Laffer Tengler Investments, talks "amateur hour" at The White House and why markets need a better policy rollout to sustain a rally after Trump's tariff pause. After a frenetic meeting with economic aides, President Trump implemented a three-month pause on expanded tariffs on dozens of countries, excluding China, and raised tariffs on the world's second-largest economy. It comes after the president promised that his policies would "never" change.s4) Jordan Rochester, Head: FICC Macro Strategy at Mizuho, on the bond market signals to President Trump and market risks from here. The dollar weakened to begin Thursday as concern reemerges about potential longer-term damage to the global economy from conflict over trade.5) Kona Haque, Head of Commodities Research at ED&F Man, on the commodity turnaround on Trump's tariff reversal and how softs will fare as trade deals are renegotiate. It comes as the flow of oil from the world’s biggest producer to its largest importer is set to thin to virtually zero as a trade war between the two powerhouse economies escalates.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Ira Jersey & Pat Haskell. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Chris Harvey, Head: Equity Strategy at Wells Fargo- Sheila Kahyaoglu, Managing Director: Equity Research at Jeffries- Richard Bernstein, CEO and CIO at Richard Bernstein Advisors- Ruchir Sharma, CIO at Breakout Capital Partners Chris Harvey, Head: Equity Strategy at Wells Fargo, joins to discuss whether equities could fall further now that President Trump's tariffs have taken effect. Sheila Kahyaoglu, Managing Director: Equity Research at Jeffries, talks about guidance and earnings from airlines and how tariffs could affect profit margins. Richard Bernstein of Richard Bernstein Advisors discusses the outlook for equities and bond amid recent selloffs. Ruchir Sharma, CIO at Breakout Capital Partners, talks about how public policy is reshaping markets and talks about the US economic outlook this year.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 9th, 2025Featuring:1) Viktor Hjort, Global Head of Credit Strategy at BNP Paribas, joins to discuss the global bond selloff and whether the Fed will have to step in. The yield on 30-year US Treasuries briefly surpassed 5%, fueling the biggest selloff since 2020, with investors worried about President Donald Trump's tariffs and their potential impact on the economy and inflation.2) Constance Hunter, Chief Economist at EIU, joins for an extended discussion on tariffs, the US economy, and outlook for inflation and stagflation. Theories abound about the cause of the bond selloff, including foreign selling of US debt, hedge funds unwinding positions, and a re-evaluation of US government debt by global reserve managers, with some predicting the Federal Reserve may need to step in to stabilize the bond market.3) Greg Peters, Co-CIO at PGIM Fixed Income, discusses the bond market rout this morning. China retaliated to US tariffs with new levies of its own, causing a global market selloff, with US equity futures falling over 2% and European stocks plunging 4%. The selloff has affected various markets, including currencies, cryptocurrencies, bonds, and commodities, with oil prices falling to around $55 a barrel and the dollar weakening.4) Ernie Tedeschi, Director of Economics at Yale Budget Lab, talks about their latest report on tariffs now that they've been implemented. Trump's reciprocal tariffs are now in place, imposing levies on China and 60 other trading partners with trade surpluses with the US. The tariffs have raised concerns about a full-blown trade war, with Asian countries bearing the brunt, and have led to a selloff in Treasuries and a decline in Asian and European shares.5) Amanda Agati, CIO: Asset Allocation at PNC, on her equity outlook given tariffs and cracks emerging in the credit market. The US stock index has plunged nearly 19% since its February peak and is flirting with bear market levels, with the benchmark closing below the 5,000 level for the first time in nearly a year.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Dr. Paul Krugman & Libby Cantrill. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Stephen Miran, Chair of the Council of Economic Advisers- Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI- Skylar Montgomery-Koning, FX Strategist at Barclays- Nancy Lazar, Chief Global Economist at Piper Sandler & Co.Stephen Miran, Chair of the Council of Economic Advisers at The White House, joins to discuss President Trump's tariff strategy. Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, joins for a discussion on the outlook for US equities and whether the market will rebound should it get clarity on tariff policy. Skylar Montgomery-Koning, FX Strategist at Barclays, discusses a weakening US dollar and how currencies are being reshaped by President Trump's economic policy. Nancy Lazar, Chief Global Economist at Piper Sandler & Co., joins to discuss whether the US could enter a recession in 2025 and risks to the market.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 8th, 2025Featuring:1) Dr. Paul Krugman, economist and long time NY Times columnist, joins for an extended discussion about tariffs, trade wars, and DOGE. Investors remain on edge over tariff policy, inflation, and potential labor disruptions, as President Trump recently threatened to impose an additional 50% import tax on China if it doesn't pull back from its plan to impose retaliatory levies on American goods.2) John Stoltzfus, Chief Investment Strategist at Oppenheimer & Co., joins to discuss lowering his highest-on-Wall Street S&P target and whether he believes equities will bounce back in 2025. Investors remain flummoxed after President Trump's recent remarks and those of his advisers have created confusion and volatility in markets, with investors struggling to understand his negotiating criteria and the lack of a streamlined process for considering exceptions to the tariffs.3) Ellen Wald, Senior Fellow - Atlantic Council, discusses oil dropping below $60 a barrel, hitting a four-year-low, and outlook for global energy. Goldman Sachs analysts recently estimated that Brent oil could fall below $40 a barrel in late 2026 under "extreme" outcomes, including a global GDP slowdown and a full unwind of OPEC+ cuts.4) Libby Cantrill, Managing Director: Public Policy at PIMCO, discusses the Trump administration's tariff policies and the components that are here to stay. Anxiety is growing on Wall Street that Donald Trump's actions might break the economy and key parts of the financial markets. Despite a slight easing of the US stock selloff, there are few signs of optimism, and investors are desperate for any sign of tariff relief.5) James Steel, Chief Commodities Analyst at HSBC, joins for an extended discussion on gold's record rise and whether it will be the safe haven amid tariff uncertainty. With volatility surging as $10 trillion wiped off global equities after the US unveiled sweeping tariffs last week, gold pushed higher yesterday.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Damian Sassower & Lori Calvasina. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets- Justin Wolfers, University of Michigan Professor of Public Policy- Ed Mills, Washington Policy Analyst at Raymond James- Meghan Graper, Global Co-Head: Debt Capital Markets at Barclays Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets, talks about the market selloff and whether the meltdown in equities is set to continue as long as tariffs stay in place. Justin Wolfers with the University of Michigan talks about whether negotiating with other countries on tariffs would be an effective economic strategy. Ed Wills of Raymond James discusses President Trump's commitment to tariffs. Meghan Graper, Global Co-Head: Debt Capital Markets at Barclays, discusses what debt markets are telling investors about rising risks in the economy.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 7th, 2025Featuring:1) Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets, discusses her note this morning on why full recession pricing could send the S&P to 4,200. The RBC team led by Calvasina writes in note that the concern of many financial market participants seemed to rapidly swing from stagflation to recession on Thursday and Friday. They add that the value/growth ratio within the Russell 1000 has gotten close to the 2024 lows, “making us wonder whether that trade may soon get to a potential inflection point.”2) Michael Purves, CEO at Tallbacken Capital Advisors, discusses his recent note "The Express Train to 4,800" and why he believes the S&P could fall as low as 4,000. Traders have increased expectations for the Federal Reserve to cut interest rates this year, with markets pricing 125 basis points of easing by year end. Economists at JPMorgan Chase & Co. and Goldman Sachs Group Inc. expect the US economy to fall into a recession this year, with the Fed cutting interest rates in response.3) Henrietta Treyz, co-founder at Veda Partners, talks about tariff policy, where the GOP stands on tax cuts, and how policy could change in the coming days and months. President Trump's tariff hikes increase the urgency of the Republican tax-cut package, but threaten to undermine its boost to business and consumer confidence. The tariffs could tip the economy into a downward spiral, making it tough for tax cuts and deregulation to reverse, and may lead to a recession this year.4) Keith Lerner, Co-CIO at Truist, talks about investors being on the defensive as stocks have more room to decline. As President Trump remains defiant on tariffs, markets were set for another tough week, with US equity futures plunging Sunday, following a 10% drop in the underlying index in two days, and economists predicting a recession this year.5) Sonali Basak, Wall Street reporter with Bloomberg News, on JPMorgan CEO Jamie Dimon and the JPMorgan annual shareholder letter. Dimon urged a quick resolution to the uncertainties sparked by President Donald Trump's tariffs, warning against a potentially "disastrous" fragmentation of America's long-term economic alliances.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Neil Dutta & Kate Moore. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Mohamed El-Erian, President of Queens' College, Cambridge- Stephanie Roth, Chief Economist at Wolfe Research- Jeffrey Rosenberg, Portfolio Manager - Systematic Multi-Strategy Fund at BlackRock- Michael Zezas, Global Head: Public Policy and Fixed Income at Morgan StanleyMohamed El-Erian, President of Queens' College, Cambridge and Bloomberg Opinion columnist, Jeffrey Rosenberg with BlackRock, and Wolfe Research's Stephanie Roth react to the March jobs report. Michael Zezas, Global Head: Public Policy and Fixed Income at Morgan Stanley, discusses the Trump administration's tariff plan as the GOP weighs how it will extend tax cuts this year.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 4th, 2025Featuring:1) Claudia Sahm, Chief Economist at New Century Advisors, Neil Dutta, Head: US Research at Renaissance Macro Research, and Jamie Patton, Co-Head of Global Rates at TCW, react to today's jobs figures and discuss the outlook for the Fed and Jay Powell. Traders have increased their expectations for the Federal Reserve to cut interest rates this year, with money markets now showing 100 basis points of reductions by year-end.2) Dan Ives, Global Head of Technology at Wedbush Securities, discusses the "worse than worse case scenario" tariff announcement as it relates to tech. President Trump announced sweeping tariffs on imports from virtually every US trading partner, affecting tech companies like Dell, Apple, Sonos, and HP. The tariffs will increase costs, slow demand, and strain global supply chains, with levies ranging from 10% to 46% on imports from countries like China, Taiwan, and South Korea.3) David Blanchflower, economics professor and labor economist at Dartmouth University, on labor and wages in a high tariff America. As tariffs set into the American economy, it's unclear how they will affect wages and the labor market. It comes as Republicans are considering creating a new tax bracket for those earning $1 million or more, with a top rate of around 39% to 40%, to offset the costs of their tax bill.4) Gautam Mukunda, professor at Yale University School of Management and Bloomberg Opinion columnist, on the short and long-term political impact of tariffs. It comes as a new poll shows President Trump's approval rating slipping ahead of his tariff announcement.5) Lisa Mateo joins with the latest headlines in newspapers across the US, including the Wall Street Journal story on the domino affect from the trade war and the New York Times' look at the grocery aisle and the impact of tariffsSee omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Holger Schmieding & Ed Yardeni. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Howard Lutnick, US Commerce Secretary- Jim Zelter, President at Apollo Global Management- Terry Haines, founder at Pangaea Policy US Commerce Secretary Howard Lutnick joins for an extended discussion on President Trump's tariff announcement. Jim Zelter, President at Apollo Global Management, talks about how markets will react to President Trump's tariffs. Terry Haines, founder at Pangaea Policy, discusses the political calculations behind President Trump's tariff decision.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 3rd, 2025Featuring:1) Doug Irwin, professor at Dartmouth University, on the reset of the global trade order and whether countries will just move on without the US. The tariffs are expected to have significant economic implications, including higher US prices, slower growth, and possibly even a recession, with many countries likely to end up in a recession if the tariff rate stays on for an extended period of time. Ed Yardeni, president at Yardeni Research, talks about lowering his S&P target yet again and whether there's more even more market risks now that tariffs have been announced. Global financial markets experienced a sweeping selloff after President Trump's bid to remake the world trading order proved more aggressive than expected. The tariff announcements threaten to extend the S&P 500's recent weakness.2) Bob Michele, CIO: Fixed Income at JPMorgan Asset Management, on signals from the bond market in the US and whether a recession is now likely. Gold hit new highs amid investors’ flight to haven assets on the tariff announcement, while 10-year Treasury yields dropped to the lowest level in more than five months and the yen strengthened. 3) Tina Fordham, founder at Fordham Global Foresight, discusses President's Trump's geopolitical reset and America "going it alone." President Trump's move marks a dramatic escalation in Trump's trade war, sparking threats of retaliation from other countries and causing a selloff in global financial markets.4) Elizabeth Economy, professor at Stanford University, talks about China getting hit hard by Trump's tariffs and whether they affect China's geopolitical strategy is being reshaped by Trump's approach. China has vowed to retaliate against Donald Trump's tariffs, which have increased by 34%, putting the world's largest economies on a collision course that risks decimating bilateral trade and upending supply chains.See omnystudio.com/listener for privacy information.

This is a special edition of the Bloomberg Daybreak: US Edition podcast.     Subscribe to the show:     on Apple: http://bit.ly/3DWYoAN     on Spotify: http://bit.ly/3jGRYiB     Anywhere: http://bit.ly/3J1bct9On 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.