Bloomberg Daybreak: Europe Edition

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) President Donald Trump delivered on his threat to hit Canada and Mexico with sweeping import levies, imposing one of the largest increases in US tariffs since the 1930s in a dramatic escalation of a trade war that stands to upend ties with major economic partners.(2) China imposed tariffs as high as 15% on US goods and banned exports to some defense companies in retaliation for the Trump administration’s new levy, escalating a trade war between the world’s two largest economies.(3) President Donald Trump said the US would impose tariffs on “external” agricultural products starting on April 2, adding another layer of threats to impose trade barriers on imported goods.(4) Equities fluctuated as President Donald Trump’s tariffs on Canada, Mexico and China went into effect. Oil extended losses.(5) President Donald Trump ordered a pause to all military aid to Ukraine, turning up the heat on Volodymyr Zelenskiy days after an Oval Office blowup with the Ukrainian president left support from his country’s most important ally in doubt.See omnystudio.com/listener for privacy information.

European leaders rally for Ukraine's support while President Zelensky seeks a new dialogue with Trump. The looming tariffs on Canada, Mexico, and China could reshape economic ties and provoke inflation. As tensions rise, China's economic resilience faces a crucial test with potential fallout from U.S. decisions. Legal troubles for Jes Staley bring high-profile names into the spotlight. Finally, the Oscars shine a light on Zoe Saldaña's stellar performance, marking a memorable night for cinema lovers.

Mary Ross Gilbert, a Senior Equity Analyst at Bloomberg Intelligence, shares insights on Macy's and Gap's Q4 results, highlighting shifts in consumer spending and branding strategies. Swati Pandey, an Asia EcoGov reporter, discusses Australia's economic landscape, revealing the implications of the recent RBA rate cut amidst a resilient labor market. They also touch on the upcoming February jobs report and the ripple effects it could have on Federal Reserve policy, making for a captivating analysis on global economic trends.

Global stock markets are feeling the heat as President Trump’s new tariffs trigger a selloff, sparking fears of escalating trade tensions with China. UK Prime Minister Starmer makes strides in talks with Trump for a new trade deal, even as he faces challenges over Ukraine's security concerns. Meanwhile, the chocolate industry braces for turbulence due to rising cocoa prices, forcing chocolatiers to make tough choices. From geopolitics to sweet treats, today's briefing covers it all in a succinct morning recap.

Nvidia's latest earnings have investors feeling underwhelmed, as the chipmaker struggles to meet high expectations despite the AI boom. Trade tensions rise as President Trump’s tariff proposals on Canada, Mexico, and the EU create uncertainty. Meanwhile, UK PM Keir Starmer seeks to strengthen alliances and support Ukraine in talks with Trump. In a twist, central banks are turning to social media to better connect with Gen Z, aiming to build trust and improve communication about economic policies.

Ukraine and the US are joining forces to develop valuable mineral resources, a major step for both nations. President Trump is pushing for potential copper tariffs that could shake up global supply chains. Meanwhile, a controversial program offering residency for $5 million aims to attract wealthy investors. In the UK, troubling allegations of misconduct and a toxic culture at Foxtons are on the rise, sparking demands for accountability. The podcast dives into the overlaps of geopolitics, economics, and corporate responsibility.

Trump's recent shift in foreign policy raises eyebrows as he aligns more with Russia on the Ukraine conflict. Meanwhile, talks in Germany hint at a robust defense spending plan. In tech news, the U.S. tightens semiconductor controls, putting pressure on China. On a cultural note, musicians like Kate Bush release a silent album to protest AI copyright laws, igniting conversations about artist rights and the future of music. The global financial landscape also feels the tremors from these geopolitical tensions.

Friedrich Merz, the newly elected Conservative opposition leader in Germany, discusses his plans for coalition formation following a pivotal election. He highlights the far-right Alternative for Germany's unexpected rise to second place, raising questions about Germany's political landscape. Merz also tackles the shifting fiscal policies expected after the election, hinting at increased spending. Additionally, insights are shared on the financial strains UK families face with private school fees amidst changing economic dynamics.

Jenny Marsh, a Team leader for Greater China EcoGov, shares her insights on the complex landscape of U.S.-China relations and the impact of U.S. tariffs on China's economy. They discuss the evolving dynamics in trade tensions, the optimism within China's tech sector, and the significance of the upcoming G20 summit. Jenny highlights how tariffs and trade policies shape international relations and consumer markets, emphasizing the pivotal role these elements play in global economic strategies.

In this discussion, guest Nick Leeson, the former rogue trader behind the Barings Bank collapse, shares his insights on current financial ethics and the increasing calls for deregulation. He reflects on the lessons from his past, emphasizing the importance of compliance and risk management today. Rosalind Matheson, Bloomberg’s EMEA News Director, analyzes the shifting dynamics of US-Russian relations amidst sanctions and the war in Ukraine, adding context to recent geopolitical tensions involving Israel and Hamas.