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Apollo Global Management President Jim Zelter Talks Tariffs Apr 03, 2025

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Apollo Global Management President Jim Zelter says tariffs announced by President Donald Trump should not come as a surprise and sees US recession odds at “50% or higher depending what happens on the ninth.” He is joined by Bloomberg's Jonathan Ferro and Lisa Abramowicz.

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Trump Tariffs: Everything You Need to Know Apr 03, 2025

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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.

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Treasury Secretary Scott Bessent Talks New Global Tariffs Apr 02, 2025

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Treasury Secretary Scott Bessent urged US trading partners against taking retaliatory steps against President Donald Trump’s new set of retaliatory tariffs.

“I wouldn’t try to retaliate,” Bessent said in an interview Wednesday with Bloomberg Television. “As long as you don’t retaliate this is the high end of the number.”

Bessent spoke shortly after Trump unveiled a 10% universal baseline tariff for many trading partners, with much higher surtaxes on others — including a 34% rate for China and 20% levy on the European Union.

He spoke to Bloomberg's Annmarie Hordern.

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Former US Treasury Secretary Lawrence H. Summers Talks Tariffs Apr 02, 2025

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Former US Treasury Secretary Lawrence H. Summers sits down with Bloomberg's David Westin to discuss the impending tariffs, what's at stake and what to expect. They also cover the actions taken against certain universities.

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Roblox CEO David Baszucki Talks Google Partnership, New Parental Controls Apr 02, 2025

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Roblox CEO David Baszucki discusses a slew of announcements, including a partnership with Google and new parental controls, as shares soar. Roblox CEO David Baszucki spoke with Bloomberg's Caroline Hyde.

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Former US Council of Economic Advisers Chairman Jason Furman Talks Tariffs Apr 02, 2025

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Jason Furman, Professor of the Practice of Economic Policy at Harvard University, discusses his recent New York Times opinion piece on why he believes tariffs are such a terrible idea. Furman spoke with Bloomberg's Tom Keene and Paul Sweeney.

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Colorado Governor Jared Polis Talks Trump Tariff Impact Apr 01, 2025

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Governor Jared Polis (D) Colorado discusses how President Donald Trump's tariffs will impact the economy and trade. He spoke to Bloomberg's Joe Mathieu and Kailey Leinz.

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Former Rep. Kevin Brady (R) Texas Talks Tariffs, Budget Plan Apr 01, 2025

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Former Rep. Kevin Brady (R) Texas discusses President Donald Trump's tariff plans. He spoke to Bloomberg's Joe Mathieu and Kailey Leinz.

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Rivian CEO RJ Scaringe Talks Auto Tariffs Apr 01, 2025

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Rivian CEO RJ Scaringe and Eclipse Ventures Partner Jiten Behl discuss how they are adjusting tariff uncertainty. They speak with Bloomberg's Caroline Hyde.

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PIMCO's Richard Clarida Talks 'Stagflation' in US Economy Apr 01, 2025

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Richard Clarida, global economic advisor at Pacific Investment Management Co. (PIMCO), and former Federal Reserve Vice Chairman, says there is “already at least a whiff of stagflation right now” in the US economy, but he doesn’t expect the Federal Reserve to act pre-emptively to cut rates and sees the central bank waiting until tariff policies negatively impact economic data. He speaks with Bloomberg's Tom Keene and Paul Sweeney.

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