Bloomberg Businessweek

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Dr. Rebecca Homkes, Lecturer at the London Business School and author of "Survive, Reset, Thrive," joins to discuss the broader impacts of tariffs on companies and how they can work through the uncertainty. We continue to talk tariffs and their economic impacts with Peter Atwater, President of Financial Insyghts and Adjunct Professor of Economics at William & Mary. Tracie McMillion, Head of Global Asset Allocation Strategy at Wells Fargo Investment Institute, discusses the markets and gives her investment outlook amid current conditions. And we Drive to the Close with Mace McCain, Chief Investment Officer at Frost Investment Advisors. 

Hosts: Carol Massar and Tim Stenovec. 

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The “America First” trade is unraveling in the sweeping turmoil in global markets, with stocks acutely exposed to the US economy sinking alongside the dollar. As Wall Street’s rebellion against Donald Trump’s tariff war intensifies, traders are rushing into fixed-income havens.

About $2 trillion was erased from the S&P 500, with the gauge down about 5%. The Russell 2000 of smaller firms extended its plunge from a 2021 all-time high to 20% on speculation the president’s trade offensive will stunt the American economy. The greenback slid 1.5%, reigniting the debate about its haven reputation during challenging times as the euro, yen and Swiss franc surged. Oil joined a selloff in commodities.

All in, the much-vaunted America-first trade — buying up assets that win when the US outperforms the rest of the world — is reversing on concern that the steepest increase in American tariffs in a century will hammer economic growth.

That’s driving a fierce rally in global bonds, sending the yield on benchmark Treasuries briefly below the closely-watched 4% level. Most other yields also tumbled as money markets priced in a 50% chance of the Federal Reserve delivering four quarter-point rate reductions this year.

Trump has embraced tariffs as a tool to assert US power, revive manufacturing at home and extract geopolitical concessions. Economists say the near-term result of his measures will likely be higher US prices and slower growth, or perhaps even a recession.

Listen for comprehensive coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Carol Massar and Tim Stenovec.

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Google Cloud Chief Information Security Officer Phil Venables discusses cybersecurity considerations for open-source large language models and risk mitigation. He speaks with Bloomberg's Carol Massar and Tim Stenovec. 

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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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Spencer Soper, Bloomberg Technology & E-Commerce Reporter, discusses Amazon's last minute bid to acquire TikTok. Dave Brown Vice President, AWS Compute & Networking, breaks down the state of AI, computing and innovation. Ava Benny-Morrison, Bloomberg News Legal Reporter, explains a federal judge's ruling to dismiss corruption charges against Eric Adams. And we Drive to the Close with Noah Hamman, Founder & CEO of AdvisorShares. 

Hosts: Carol Massar and Tim Stenovec. 

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GoDaddy CFO Mark McCaffrey joins to discuss the company's transformation post-IPO and to give his outlook on the small business sector. He speaks with Bloomberg's Carol Massar and Tim Stenovec. 

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Sean Tucker, Editor at Kelley Blue Book, joins to discuss the latest on Tesla and the tariff impact. Brad Carson, President of Americas for Responsible Innovation, continues the tariff conversation and the impact on data centers and AI infrastructure. Bloomberg Health Reporter Madison Muller and Bloomberg Intelligence Senior Pharmaceutical Analyst Sam Fazeli discuss the tariff threats to the health sector and pharmaceuticals. And we Drive to the Close with Ross Mayfield, Investment Strategist at Baird Private Wealth Management.

Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

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Jenni Troutman, Director of AWS Training & Certification, discusses the AI gender and skills gap. Fred Thiel, CEO of MARA, discusses the business of Bitcoin mining and the US energy supply.
Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

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Bloomberg News Technology Reporter Kurt Wagner discusses Elon Musk acquiring the social network formerly known as Twitter for the second time in three years.
Musk, the world’s richest person, on March 28 used his artificial intelligence startup, xAI, to purchase his social media platform in an all-stock deal that values X at $33 billion, not including debt. The new joint entity, which will be called XAI Holdings, has a value of more than $100 billion, again excluding debt, Bloomberg News reported.
The deal was a surprise, but not necessarily shocking: The two businesses have worked together closely since xAI’s founding in 2023, including on data licensing and product distribution for xAI’s chatbot, Grok. They also share many of the same investors, and in some cases, employees even share office space in Palo Alto, California.
The transaction valued xAI at $80 billion, Musk said — a jump from a valuation of about $50 billion in November, the last time the company raised money from investors. The $33 billion equity value of X in the deal is about the same as its valuation in a recently closed funding round, and also close to Musk’s take-private price in 2022, which also counted $12 billion in debt.
Chris Brigati, Chief Investment Officer at SWBC, talks about avoiding panic-trading in volatile markets. Jacqui Canney, Chief People & AI Enablement Officer at ServiceNow, explains why today’s leaders need to be building an AI-first workforce. And we Drive to the Close with Vinny Catalano, Chief Markets Strategist at Stuyvesant Capital Management.
Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

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Sean West, Co-Founder of Hence Technologies, discusses his book Unruly: Fighting Back when Politics, AI and Law Upend the Rules of Business.
Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

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