Bloomberg Daybreak: US Edition Trump's Next Steps with China Trade War; Canada Election Day
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Apr 28, 2025 Michael Barr, a Bloomberg reporter keeping tabs on breaking news, dives deep into the current U.S.-China trade war and President Trump's imposing tariffs. He discusses the potential local upheaval if tensions escalate, and the stock market's mixed reaction to Trump's promises of an economic boom. Barr also touches on the Canadian election, highlighting the competition between Mark Carney’s Liberal Party and Pierre Poilievre’s Conservatives, exploring the political stakes and implications on both sides of the border.
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Trade War Impact Emerging
- President Trump's tariffs on China aim to force Beijing to negotiate by making business with the US prohibitive.
- Cargo shipments from China to the US have dropped by 60%, signaling early trade war impact.
Tariffs Impact Retail Prices
- Retailers like Walmart and Target warn that tariffs cause empty shelves and higher prices.
- Fast fashion companies are already marking up prices by over 200%, passing tariff costs to consumers.
Trump's Economic Promise vs Reality
- President Trump's promise of an economic boom contrasts with a stock market decline in his first 100 days.
- Polls show declining approval on his economic management and unpopular tariff rollouts among voters.