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Bloomberg Surveillance: Jobs and Tariffs

Bloomberg Surveillance: Jobs and Tariffs

Bloomberg04-04-2025
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney April 4th, 2025 Featuring: 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 tariffs
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MAGA world erupts over Trump's defense of Bondi amid Epstein files fallout
MAGA world erupts over Trump's defense of Bondi amid Epstein files fallout

Fox News

time6 minutes ago

  • Fox News

MAGA world erupts over Trump's defense of Bondi amid Epstein files fallout

MAGA supporters are nor pleased with President Donald Trump following his full-throated defense of Attorney General Pam Bondi, whose Department of Justice denied the existence of a Jeffrey Epstein client list after years of Trump surrogates vowing to reveal the disgraced financier's secrets. Longtime conservatives and supporters of Trump sounded off on social media this weekend, as well as in person during a convention in Florida, with various messages pledging that the Epstein scandal will not "go away." The DOJ determined that Epstein committed suicide in 2019 and that there is no list detailing the names of the world's elite who allegedly took part in Epstein's history of sexual deviancy. ".@realDonaldTrump please understand the EPSTEIN AFFAIR is not going away," retired Lt. Gen. Mike Flynn, Trump's national security advisor from his first administration, posted to X on Saturday. "If the administration doesn't address the massive number of unanswered questions about Epstein, especially the ABUSE OF CHILDREN BY ELITES (it is very clear that abuse occurred), then moving forward on so many other monumental challenges our nation is facing becomes much harder." The DOJ and FBI said in a joint memo obtained by Fox News last week that the two agencies had no further information to share with the public about Epstein's case and death. That led to FBI Deputy Director Dan Bongino clashing with Bondi over "lack of transparency" and threatening to resign over the matter, Fox News reported. Epstein was a notorious predator who pleaded guilty to procuring underage girls for prostitution in 2008, before he was arrested in 2019 on new federal charges of sex trafficking minors and conspiracy to engage in sex trafficking of minors. Epstein, who had rubbed elbows with the world's elites stretching from Bill Gates to being photographed with Trump long before his presidency, was found dead in his New York City jail cell in August 2019 by apparent suicide. Many MAGA supporters, however, have claimed Epstein did not hang himself, and the death was allegedly part of a bigger cover-up protecting elites allegedly involved in his sexual abuse of minors. Trump took to Truth Social on Saturday evening and offered a strong endorsement of Bondi as conservatives demanded answers over the long-running scandal. "What's going on with my 'boys' and, in some cases, 'gals?' They're all going after Attorney General Pam Bondi, who is doing a FANTASTIC JOB," Trump wrote in a lengthy post on Truth Social on Saturday. "We're on one Team, MAGA, and I don't like what's happening." He referred to Epstein as the "guy who never dies," adding, "For years, it's Epstein, over and over again." Trump questioned why people were "giving publicity to Files written by Obama, Crooked Hillary, Comey, Brennan, and the Losers and Criminals of the Biden administration." "They created the Epstein Files, just like they created the FAKE Hillary Clinton/Christopher Steele Dossier that they used on me, and now my so-called 'friends' are playing right into their hands," Trump wrote. "Why didn't these Radical Left Lunatics release the Epstein Files? If there was ANYTHING in there that could have hurt the MAGA Movement, why didn't they use it?" "LET PAM BONDI DO HER JOB – SHE'S GREAT! The 2020 Election was Rigged and Stolen, and they tried to do the same thing in 2024 – That's what she is looking into as AG, and much more," he wrote. "One year ago our Country was DEAD, now it's the 'HOTTEST' Country anywhere in the World. Let's keep it that way, and not waste Time and Energy on Jeffrey Epstein, somebody that nobody cares about." Trump supporters repeatedly posted on X that the Epstein scandal will not simply dissipate after years of high-profile Trump allies, including Bondi, Bongino and FBI Director Kash Patel, previously vowing to expose the corruption surrounding Epstein, his alleged client list and the alleged crimes that played out on his notorious island, Little Saint James. "We cannot allow pedophiles to get away. I don't personally care who they are or what elite or powerful position they hold. They must be exposed and held accountable!!!" Flynn continued in his X post. Activist and Trump ally Laura Loomer also slammed Bondi over her leadership, while taking a swipe at the president as well. "President Trump says he thinks Blondi is 'doing a Fantastic job' as AG in a post he posted on Truth Social today…." Loomer posted to X on Saturday, accompanied by screenshots of his Truth Social post praising Bondi. "People make their own choices and decisions, but mark my word, the lack of actual results at the DOJ and lack of transparency that translates into incompetence will cost the GOP House and Senate seats. Don't say I didn't warn you," she added in a follow-up post on Saturday. Robby Starbuck, another longtime Trump supporter and conservative social media personality, railed online that the "age of secrets" must come to an end – beginning with Epstein. "People want truth, they want the rapists exposed and brought to justice, they want to break the deep state, they want the 100 year storm of lies from government to end and they want to end the two tiered system of justice. People want peace, safety, justice and sanity," Starbuck posted in a lengthy message on Saturday. "They want their country back. This case became a symbol for all of that. Fair or unfair, that's the truth. President Trump rarely loses touch with what's happening among the base but he's missing the pulse on this one. Saying so doesn't mean disloyalty or hatred, it means that this matters so much that we must remind him why it matters so much. We want President Trump to succeed on EVERYTHING he ran on. To do so requires disclosure and transparency on every issue. We need to end the age of secrets," he continued. Amid the fallout surrounding the DOJ's Epstein findings, Turning Point USA is holding its Student Action Summit in Tampa Bay, Florida, where some conservative allies spoke out against the DOJ and Trump over the lack of answers regarding Epstein. "I think that these people – and I don't know, for whatever reason, there could be reasons – but I don't think they're telling us the truth about Epstein," podcaster Brandon Tatum said during the convention. "I think that that guy was involved in something nefarious that implicates a whole lot of people. And my guess is that the whole lot of people may have, may happen to be some of our allies and some people that we don't want to have a bad relationship with." "Trump is losing his touch," former Republican Florida state Rep. Anthony Sabatini said, according to NBC. "Bad personnel are undermining him left and right. We need a full reset." The lack of additional details on Epstein has also spurred liberals to call on the Trump administration to release the files surrounding Epstein. "Dear Donald Trump and Pam Bondi: Release the Epstein files. What ever happened to 'Promises Made, Promises Kept?'" Democratic New York Rep. Ritchie Torres posted to X. Officials in Trump's orbit, including those who ultimately rose to high-level positions within the administration, had vowed to uncover alleged details and corruption that had not yet been made public or confirmed both before and after the high-stakes 2024 election. Patel told conservative social media personality Benny Johnson in 2023, before he became FBI director under Trump's second administration, that Republicans at the time could easily obtain Epstein's alleged client list with subpoena, while adding in another interview that year that Trump should "roll out the black book" containing Epstein's alleged client list on "day one." Patel also doubled down during his Senate confirmation hearing that he would assist lawmakers in investigating Epstein's alleged web of the world's elite involved in his sex crimes. "Child sex trafficking has no place in the United States of America," Patel told Tennessee Sen. Marsha Blackburn when asked about investigating Epstein during his Senate confirmation hearing this year. "And I will do everything, if confirmed as FBI director, to make sure the American public knows the full weight of what happened in the past and how we are going to counterman missing children and exploited children going forward." Patel on Saturday posted to X that the "conspiracy theories" weren't and have never been true, but it was unclear if he was referring to Epstein or reports that he intended to step down if Bongino did. "The conspiracy theories just aren't true, never have been. It's an honor to serve the President of the United States @realDonaldTrump – and I'll continue to do so for as long as he calls on me," he posted. Bondi has landed in hot water over her comments during a February Fox News interview when she was asked about the Epstein files, and said it was "sitting on her desk." The Epstein investigation came as the DOJ also readied to release files on former President John F. Kennedy's assassination and Martin Luther King Jr.'s assassination. "It's sitting on my desk right now to review," Bondi told "America Reports" in February when asked about Epstein's alleged client list. "That's been a directive by President Trump." Bondi argued during a Cabinet meeting this month that she was referring to files on Epstein, "along with the JFK, MLK files" when she told Fox News that "it's sitting on my desk." Trump slammed a reporter for asking about Epstein during the Cabinet meeting, calling Epstein a "creep" who should not take media attention away from other tragic news stories, such as the devastating flooding that rocked Texas' low country this month. "Are you still talking about Jeffrey Epstein?" Trump said to a reporter on July 8. "This guy's been talked about for years. You're asking.… We have Texas, we have this, we have all of the things. And are people are still talking about this guy, this creep?" Trump asked. "That is unbelievable." Fox News Digital reached out to the White House, DOJ and FBI on Sunday morning regarding some MAGA allies criticizing the administration over the handling of the Epstein case but did not immediately receive responses.

Is the Stock Market Underestimating President Trump's Tariffs?
Is the Stock Market Underestimating President Trump's Tariffs?

Yahoo

time21 minutes ago

  • Yahoo

Is the Stock Market Underestimating President Trump's Tariffs?

The president has extended his tariff pause until Aug. 1. His administration also sent letters to many countries letting them know what their tariff rates will be on Aug. 1 -- and many of these rates are high. Trump's announcement of high tariffs crushed the market in early April. With the market nearing all-time highs, are investors being too complacent? These 10 stocks could mint the next wave of millionaires › The 90-day pause on President Donald Trump's sweeping "Liberation Day" tariffs was supposed to expire on July 9. But before then, Trump announced that the pause would extend through Aug. 1. Since the original pause went into effect, Trump has forged a few trade agreements with major trading partners. However, the president also recently sent letters to other countries letting them know what their new tariff rates will be on Aug. 1 if nothing else changes. Some of these tariff rates are quite high, equal to or not far off from the rates Trump initially set in early April. Yet the market (as of July 11) isn't far off from its all-time high, and it doesn't seem to be poised for the same explosive sell-off that occurred in early April. Is the stock market underestimating Trump's tariffs? In early April, Trump's tariff rates -- and the way the administration calculated them -- stunned investors, who had largely been expecting 10% tariffs across the board. China was looking at 34% reciprocal tariffs (on top of tariffs imposed on them earlier this year), while other major trading partners were looking at rates in the 20% to 40% range. Many analysts and experts said such steep tariffs would lead to intense inflation or tip the economy into a severe recession. Fast-forward to the present, and the few deals that have been announced may look a little better than rates set on "Liberation Day," but they're still much higher than the 10% blanket level. For instance, Trump announced a deal with China that looks to put tariffs at 55%, which is not far from what they were on "Liberation Day" when you include the 25% tariffs placed on China during Trump's first term. Meanwhile, an agreement with Vietnam places tariffs at 20%. Trump also announced a deal with the United Kingdom that maintains the 10% blanket tariff on imports for now but potentially lowers some of the auto and steel tariffs. More recently, Trump sent out letters to 14 countries announcing their new tariff rates to start on Aug. 1: Bangladesh -- 35% Bosnia and Herzegovina -- 30% Cambodia -- 36% Indonesia -- 32% Japan -- 25% Kazakhstan -- 25% Laos -- 40% Malaysia -- 25% Myanmar -- 40% Serbia -- 35% South Africa -- 30% South Korea -- 25% Thailand -- 36% Tunisia -- 25% Those are still extremely high rates and fairly similar to what was imposed on "Liberation Day." Trump has also said there will be no extensions beyond Aug. 1, and countries that assist the BRICS nations (including Brazil, Russia, India, and China, among others) could face an additional 10% levy. Tariffs on copper will also be 50%. While Trump's tariff hikes plunged the S&P 500 and Nasdaq Composite indexes briefly into a bear market in April, Wall Street's response has been much more muted in the wake of the latest announcements. One obvious explanation is that investors still don't think Trump will actually implement these high rates but is rather using them to pressure other countries to make concessions to the U.S. during any negotiations. Trump initially said the Aug. 1 deadline wasn't 100% firm, but then he changed his tune and said there would be no extensions after Aug. 1. With the stock market near all-time highs, it's possible Trump feels he has some breathing room to take a tough stance. The yield on the U.S. 10-year Treasury note also retreated from higher levels in May, although it has started to climb again in recent days. Additionally, early data hasn't indicated that tariffs are significantly increasing prices for consumers, so perhaps the administration feels it has leverage while market conditions are favorable. I certainly think the latest tariff rates Trump has threatened to levy against various trading partners in his letters will not come to fruition, but investors should at least be prepared for another round of increased volatility. Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $427,709!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $40,087!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $671,477!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of July 7, 2025 Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Is the Stock Market Underestimating President Trump's Tariffs? was originally published by The Motley Fool

A Soap Opera of Trade Deals
A Soap Opera of Trade Deals

Wall Street Journal

time24 minutes ago

  • Wall Street Journal

A Soap Opera of Trade Deals

'Asian Allies Seek Wiggle Room on Tariffs' (U.S. News, July 9) shows how tangled trade policy has become. For American companies working in Asia, the soap opera of President Trump's trade deals isn't merely a diplomatic sideshow; it's changing the way companies operate on the ground. U.S. multinationals face a growing backlash in Asia, sometimes explicitly in reciprocal tariff arrangements, but also more subtly implied through future regulatory or market-access decisions. At the same time, for every overture U.S. executives make to their Asian stakeholders, they're required to reassert their commitment to the White House and American jobs. Every decision—from where to invest to how to price products—risks upsetting someone.

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