Bloomberg News Now April 23, 2025: Trump & Bessent on China Tariffs, IBM Results Disappoint, More
Apr 24, 2025
Dive into the complexities of the U.S.-China trade war and the latest thoughts on tariffs from top officials. Discover how changes in tariffs are impacting the automotive industry. Hear about IBM's disappointing earnings and what the Federal Reserve's Beige Book reveals about the economic outlook. This discussion is packed with insights on both corporate performance and international trade dynamics.
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Long Road to Trade Rebalancing
- Treasury Secretary Scott Bessent doubts a quick resolution of US-China trade tensions without reciprocal tariff cuts.
- He suggests that full trade rebalancing could take two to three years, emphasizing joint effort toward a more balanced trade relationship.
US Tariff Stance Remains Tough
- President Trump hinted China may face a new tariff rate within weeks, tied to concerns about fentanyl imports.
- He dismissed reports of easing auto tariffs, emphasizing continuing tough stances on key imports.
IBM Sales Growth Mixed Signals
- IBM's Q1 sales rose modestly but failed to excite due to a shift toward hardware, less consulting, and weaker software performance.
- Profit concerns emerged from costly government contract cancellations impacting the company's outlook.