Bloomberg Businessweek

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Bloomberg News Senior Technology Reporter Dana Hull discusses Tesla sales plunging in some of the world’s biggest EV markets, and protesters and vandals are targeting the company’s stores. She also explains how Tesla's China-made wholesale deliveries fell to the lowest in more than 2 1/2-years last month, adding to a troubling slide in global sales at a time Chief Executive Officer Elon Musk is increasingly distracted by politics. Bloomberg International Economics and Policy Correspondent Michael McKee shares the details of the Fed Beige Book ADP jobs data and breaks down the latest on US tariffs on Canada and Mexico. Bloomberg Businessweek Europe Editor David Rocks provides the details of the Businessweek Magazine story Greenland Voters Weigh Election’s Most Important Issue: Trump. Emmanuel Metais, Dean of EDHEC Business School and Bloomberg News Senior Editor Dimitra Kessenides discuss why more American are going to Europe to study. And we Drive to the Close with Aaron Kennon, CEO at Clear Harbor Asset Management.
Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

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NYSE Global Head of Capital Markets Michael Harris explains how the exchange is adapting to meet the demands of issuers, institutional investors, and global markets. Raj Dhanda, Global Head of Wealth Management at Ares Management, discusses how private credit is evolving as traditional banks pull back from lending.
Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

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President Donald Trump acknowledged there may be an “adjustment period” as his tariffs take effect, but defended his push to remake the US economy and declared “momentum is back” in a primetime speech to Congress on Tuesday night.

“Tariffs are about making America rich again and making America great again. And it’s happening, and it will happen rather quickly,” Trump said in the longest-ever presidential address to a joint session. “There’ll be a little disturbance, but we’re okay with that. It won’t be much.”

Trump’s address comes at a pivotal moment. Data shows new strains on the economy as factory activity stagnates, inflation simmers, consumer confidence ebbs, and stocks lag behind equity markets in other countries.

Stocks swung wildly Tuesday following Trump’s most recent tariff actions against the US’s largest trading partners, with the S&P 500 Index closing at its lowest level since before the president’s election last year. Commerce Secretary Howard Lutnick hinted the administration might announce a pathway for tariff relief for goods from Mexico and Canada — two of the countries hit — that are covered by a free trade agreement as soon as tomorrow.

For instant reaction and analysis to President Donald Trump's joint address to Congress, plus Michigan Democratic Senator Elissa Slotkin's speech in response, Bloomberg Balance of Power hosts Joe Mathieu and Kailey Leinz along with Bloomberg Surveillance cohost Annmarie Hordern speak with:

• • Bloomberg politics contributors Rick Davis and Jeanne Sheehan Zaino
  • US Secretary of Energy Chris Wright
  • US Secretary of Housing and Urban Development Scott Turner
  • Senator Adam Schiff of California

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Meena Flynn, Co-Head of Global Private Wealth Management at Goldman Sachs, discusses advising ultra-high-net-worth individuals. John Roese, Global Chief Technology Officer at Dell Technologies, talks about driving long-term enterprise growth through AI, cloud computing, and edge infrastructure. Bloomberg International Economics and Policy Correspondent Michael McKee breaks down the economic impact of US tariffs. Schonfeld CEO & CIO Ryan Tolkin shares his thoughts on navigating market volatility.
Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

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Russia agreed to assist President Donald Trump’s administration in communicating with Iran on issues including the Islamic Republic’s nuclear program and its support for regional anti-US proxies, according to people familiar with the situation.
Trump relayed that interest directly to President Vladimir Putin in a phone call in February and top officials from his administration discussed the matter with their Russian counterparts at talks in Saudi Arabia days later, people familiar with the matter in Moscow said, declining to be identified because of the sensitivity of the issue. 
White House officials did not immediately respond to a request for comment. Neither Russia nor Iran have publicly confirmed or denied the request. 
Kremlin spokesman Dmitry Peskov said in response to questions sent by Bloomberg that “Russia believes that the United States and Iran should resolve all problems through negotiations” and that Moscow “is ready to do everything in its power to achieve this.” 
A spokesman for Iran’s foreign ministry, when asked if Russia had offered to mediate between Tehran and Washington, said only it was “natural” for countries to offer their assistance. 
“Given the significance of these matters, it’s possible that many parties will show good will and readiness to help with various problems,” the spokesman, Esmaeil Baghaei, said during a televised press conference Monday in Tehran. “From this perspective, it’s natural that countries will present an offer of help if it’s needed.” The ministry didn’t respond to questions from Bloomberg News. 
Since taking office about six weeks ago, Trump has tried to restore relations with President Vladimir Putin, which the US severed after Russia’s 2022 full-scale invasion of Ukraine. As Trump seeks to broker an end to that war directly with Putin — including a Feb. 12 phone call between the two leaders — both sides have signaled they’re open to cooperating on other geopolitical interests, including trade routes and resources in the Arctic. 
Top US and Russian officials, including Secretary of State Marco Rubio and Foreign Minister Sergei Lavrov, discussed Washington’s interest in Moscow helping with Iranian issues, during a Feb. 18 meeting in Riyadh, according to people with knowledge of the situation, asking not to be identified as not all details of those talks have been made public. 
Russia’s Lavrov later shared details about the US meeting with his Iranian counterpart Abbas Araghchi when they met in Tehran, Araghchi said in a televised press conference after the meeting.

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Jeff Krumpelman, Chief Investment Strategist at Mariner Wealth Advisors, shares his thoughts on where markets are headed amid volatility and uncertainty. Louise Phillips Forbes, Broker at Brown Harris Stevens, discusses navigating the current real estate environment. Michael Shvo, CEO of SHVO, talks about seeing development growth in San Francisco commercial real estate.
Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

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President Donald Trump delivered on his threat to hit Canada and Mexico with sweeping import levies and doubled an existing charge on China, spurring swift reprisals that plunged the world economy into a deepening trade war.     

This podcast brings you the latest details and analysis, from Nathan Hager and Karen Moskow on Bloomberg Daybreak: US Edition.     

You can subscribe to the Bloomberg Daybreak podcast here:   
Apple: http://bit.ly/3DWYoAN   
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The US new tariffs — 25% duties on most Canadian and Mexican imports and raising the charge on China to 20% — impact roughly $1.5 trillion in annual imports, an expansive move signaling to markets that the Republican president is committed to wielding import duties to obtain fresh revenue and create domestic manufacturing jobs. 
Canada hit back with phased levies on $107 billion worth of US goods while China imposed tariffs of as high as 15%, mainly on American agricultural shipments. Mexican President Claudia Sheinbaum on Monday said her government would await Trump’s decision before reacting with any retaliatory measures and is expected to address reporters on Tuesday morning local time. 
The moves mark a new phase in Trump’s broadening economic and diplomatic reset of America’s place in the world. Confirmation of the levies lays to rest doubts the US president would actually follow through on his repeated threats to upend global economic ties to counter what he casts as imbalanced trade. 
“We are in a new era where the mantra is to protect markets and the US is leading in this,” said Alicia Garcia Herrero, chief Asia-Pacific economist at Natixis. “China retaliated focusing on Trump’s staunchest voters in the agriculture sector. But that is not going to stop him.” 
The tariffs bring American import levies to their highest average level seen since 1943, according to the Budget Lab at Yale. That would lead to as much as $2,000 in additional costs for US households. It also will mean significantly slower economic growth in the US, especially if other countries retaliate, according to a report published Monday. 
And Trump has indicated more tariffs are to come, including in April reciprocal tariffs on all US trading partners that have their own levies or other barriers on American products, as well as sectoral taxes of 25% on cars, semiconductors and pharmaceuticals. Those tariffs are also poised to be cumulative — in addition to any across-the-board tariff on a particular nation. 
Trump has also said a 25% tariff is in the works for the European Union and is investigating levies on copper and lumber imports. Steel and aluminum tariffs are also set to take effect on March 12, further impacting Canada and Mexico.
Financial markets largely took the moment the tariffs came into effect in stride — with Chinese stocks even climbing intraday. In the run-up to the deadline, though, US equities tumbled the most this year, while Treasury yields earlier fell to the lowest in four months and oil dropped to a three-month low. 
The Canadian government late Monday announced it will proceed with a sweeping package of counter-tariffs against US-made products. The first stage is 25% tariffs on about C$30 billion ($20.6 billion) worth of goods from US exporters to go into effect at the same time as the US levies. A second round of tariffs at the same rate will be placed on C$125 billion of products in three weeks — a list that will include big-ticket items like cars, trucks, steel and aluminum. 
“Canada will not let this unjustified decision go unanswered,” Prime Minister Justin Trudeau said in a statement. The retaliation plan is the same as the one he announced in February after Trump signed his executive order for broad tariffs. 

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Bloomberg News Auto Reporter Keith Naughton explains how impending tariffs on Canada and Mexico may increase US car prices by up to $12,000, squeezing consumers and disrupting automotive supply lines. Bloomberg News Managing Editor for Crypto stacy-marie ishmael discusses President Trump's announcement that the US will include three lesser-known digital tokens in its strategic crypto reserve, which was greeted with skepticism in the industry as investors question the project’s merits with Adam Sullivan, CEO of Core Scientific. And we Drive to the Close with Alexis Browne Roberts, COO at Alexis Investment Partners.
Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek."
Hosted by Carol Massar and Tim Stenovec

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University of Michigan Professor Greta Uehling discusses her book Decolonizing Ukraine: The Indigenous People of Crimea and Pathways to Freedom.
Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

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