CC-Transcript

• 00:00We begin this hour with our top story, the world awaiting President Trump’s incoming tariff announcement. Bloomberg’s Mike Shepherd joins us now with the latest from washington. Shep, that’s what’s amazing about this moment. We don’t know and apparently based on our reporting, they don’t know either. They don’t know either, and they are still deliberating over which path to take. And I think Anne-Marie outlined a really clear cut set of options for the president and his advisers. But the question is which door and which path do they ultimately decide to take? And of course, that opens up a whole other series of questions. How do these levees, when they’re announced, fit in with some of the other terrors that we’ve already seen the administration impose on autos? Those take effect tomorrow on steel and aluminum. They’ve already kicked in. And then how about our other major trading partners, Canada, China and Mexico? They’re all facing levies over the fentanyl, trade and immigration that Donald Trump imposed weeks and weeks ago, and that remain a sore point. It even came up overnight in conversations with China’s foreign minister, expressing chagrin over those fentanyl tariffs, saying, look, if you want to talk about trade with us, those have to come off first. Mike, when it comes to what the White House currently is thinking, this quote in Politico Trump likes the shock and awe each country needs to panic and call. Trump wants to hear you grovel and say you’ll cut a deal when it comes to trading partners right now. Where do they stand with maybe cutting a deal with this administration? Well, it’s a great question and it really is the question of the moment. And it’s a tough one to answer because we’ve seen the administration really take a much more elbows out approach when it comes to long, long time allies and trading partners, especially in Europe. The European Union has looked upon with some disdain by members of the administration who object to regulation, who object to some of the things like the value added tax and digital service taxes that they see as trade barriers and trade impediments for US exporters in U.S. goods. And likewise, in in these other trading partners, they’re also seeing impediments, for example, in Taiwan. They Donald Trump has blamed Taiwan for essentially taking away US manufacturing in semiconductors. So each of them comes with a bit of baggage that Donald Trump will keep in mind as he is negotiating. And they have tried to take, as we have seen already so far, a maximalist position and whether they’re willing to actually concede and and conduct those negotiations in a good faith way remains to be seen.