Bloomberg Businessweek

Angela Stent, a Senior Fellow at the Brookings Institution and expert on Russia, analyzes President Trump's evolving rhetoric on Ukraine and its peculiar alignment with Kremlin narratives. Nathan Dean, a Bloomberg Intelligence analyst, discusses the stakes of proposed tax cuts and the challenges ahead for reconciliation as midterms loom. Esha Dey, Bloomberg News reporter, shares insights on Trump's first 100 days marked by significant market volatility, reflecting broader economic uncertainties. Together, they delve into the intricate dance of politics and economics shaping today's landscape.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."Hosted by Carol Massar and Tim StenovecHear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BWSee omnystudio.com/listener for privacy information.

Mike McKee, an economics correspondent, dives into market trends influenced by tech giants as Zach Wasserman shares insights on Huntington Bank's performance amid tariff uncertainties. Wealth reporter Devin Pendleton discusses ultra-rich investment habits, while Adrianne Yamaki offers strategic advice for navigating market fluctuations. The conversation covers consumer sentiment fears, potential fallout from U.S.-China trade relations, and how political uncertainties shape business operations, offering a comprehensive look at today's economic climate.

Caroline Pham, the Acting Chair of the Commodity Futures Trading Commission, dives deep into the current state of commodities and derivatives markets amidst volatility. She discusses the effectiveness of margin reforms and the prospect of continuous 24/7 trading. Pham also highlights the importance of regulatory collaboration between the CFTC and SEC for clearer cryptocurrency frameworks. Additionally, she addresses the challenges of maintaining market integrity in an evolving digital asset landscape, including the scrutiny of new cryptocurrencies.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump said his administration was talking with China on trade, after Beijing denied the existence of negotiations on a deal and demanded the US revoke all unilateral tariffs. “They had a meeting this morning,” Trump said Thursday during a meeting with Norway’s prime minister when a reporter asked about the Chinese statement. Pressed on which administration officials were involved in discussions, the US president said, “it doesn’t matter who ‘they’ is. We may reveal it later, but they had meetings this morning, and we’ve been meeting with China.” The exchange exposed the ongoing disconnect between Washington and Beijing, as President Xi Jinping’s government maintains a defiant stance despite Trump’s recent suggestion he could lower tariffs on China. Separately, the US will demand that Russia accept Ukraine’s right to develop its own, adequately equipped, army and defense industry as part of a peace agreement, according to people familiar with the matter, pushing back on Russia’s insistence that the country largely demilitarize as a condition to end the war. Meanwhile Google parent Alphabet and Intel reported quarterly earnings after the close of US trading Thursday. Alphabet reported first-quarter revenue and profit that exceeded analysts’ expectations, buoyed by continued strength in its search advertising business. First-quarter sales, excluding partner payouts, were $76.5 billion, the company said Thursday in a statement. Analysts had expected $75.4 billion on average, according to data compiled by Bloomberg. Net income was $2.81 per share, compared with Wall Street’s estimate of $2.01. Alphabet needs to ensure momentum in its internet search advertising and cloud businesses in order to justify its heightened investment in the artificial intelligence race. Competition is prompting the company and its rivals to spend heavily on infrastructure, research and talent. While Google benefits from AI startups spending on its cloud and business tools, it’s also racing to present an answer to popular conversational AI chatbots, which consumers are beginning to think of as an alternative to using Google Search. Intel Corp., the chipmaker attempting a comeback under new Chief Executive Officer Lip-Bu Tan, gave a weak forecast for the current period and said it’s cutting workers to bring costs in line with the business’s smaller size. Second-quarter revenue will be between $11.2 billion and $12.4 billion, the company said in a statement Thursday. That was well short of the $12.9 billion average analyst estimate. The cost-cutting plan will involve “eliminating management layers” to enable it to make faster decisions, Intel said. The company doesn’t yet have an estimate for the one-time expenses associated with the cuts, but expects operating costs to be reduced to about $17 billion this year and $16 billion in 2026. Bloomberg News reported this week that Intel is planning to slash its employee ranks by more than 20%. Today's show features: Ed Price, Senior Fellow (non-resident) at New York University and Former British Trade Official Sheila Kahyaoglu, Jefferies Managing Director in Equity Research Mark Douglas, MNTN President and CEO and Mandeep Singh, Bloomberg Intelligence Senior Tech Industry Analyst, on Alphabet earnings Ed Ludlow, Bloomberg Technology Co-Host, on Intel earnings See omnystudio.com/listener for privacy information.

Mandeep Singh, Senior Tech Industry Analyst at Bloomberg Intelligence, unpacks Alphabet's impressive quarterly performance, with revenue surpassing expectations thanks to strong search advertising. He discusses Google's strategic pivots in the face of AI competition and how the company is adapting to maintain profitability. The conversation highlights Google's robust growth in cloud computing and the implications for its financial outlook, emphasizing the ongoing evolution of advertising dynamics in a rapidly changing tech landscape.

Marc Bitzer, CEO of Whirlpool Corporation, shares insights on navigating global tariffs and their potential benefits for U.S. manufacturing. He discusses Whirlpool's strong quarterly earnings, maintaining a financial outlook amidst economic uncertainty. Bitzer emphasizes the importance of domestic production capabilities and critiques loopholes that hinder local manufacturers. He humorously relates household chore frustrations to broader economic anxieties, reflecting on how businesses must prepare for unpredictability in the market.

Joining the conversation are Brent Thill, Senior Technology Research Analyst at Jefferies, discussing IBM's strategic shift toward software; Katy Kaminski, Chief Research Strategist at Alpha Simplex Group, who provides insight into the bond market amidst economic fluctuations; and Ross Gerber, CEO of Gerber Kawasaki, sharing his thoughts on Tesla and the evolving EV market. They tackle topics like U.S.-China trade dynamics, the impact of tariffs on the economy, and Tesla's challenges against the backdrop of shifting public perceptions.

Joshua Ballard, CEO of USA Rare Earth, sheds light on the crucial yet challenging landscape of rare earth materials in the U.S. He details the heavy reliance on China for processing and the implications of recent export controls. Discussion points also include the intricacies of building a domestic supply chain, efforts to establish a pilot plant in Texas, and the strategic shift towards magnet manufacturing. Ballard emphasizes the pressing need for the U.S. to develop its capabilities in this vital sector, especially amidst rising geopolitical tensions.

Ross Gerber, President and CEO of Gerber Kawasaki, shares his expertise on Tesla and the challenges it faces, including tariffs and a changing consumer base. Tony Roth, Chief Investment Officer at Wilmington Trust, discusses rising recession fears impacted by trade policies, warning of significant effects on small businesses. They delve into Boeing's asset sale strategy to improve financial health and examine the competitive electric vehicle landscape, particularly Tesla's struggles against BYD in Mexico City.