RUSH TRANSCRIPT Pres Trump ░░░░░░░░ the same time we ░░░░░░░░ establish a minimum baseline ░░░░░░░░ of 10 That will ░░░░░░░░ on other countries to ░░░░░░░░ rebuild our economy and ░░░░░░░░ cheating We will be ░░░░░░░░ severe on the people ░░░░░░░░ the gate that watch ░░░░░░░░ tariffs and product coming ░░░░░░░░ because there s been ░░░░░░░░ lot of bad things ░░░░░░░░ at the gate Kailey ░░░░░░░░ Trump just moments ago ░░░░░░░░ the White House announcing ░░░░░░░░ long awaited plan on ░░░░░░░░ tariffs Welcome back to ░░░░░░░░ of power an extended ░░░░░░░░ on bloomberg TV and ░░░░░░░░ Joining us is CEO ░░░░░░░░ chief strategist at qi ░░░░░░░░ Just to reiterate what ░░░░░░░░ learned a 10 blanket ░░░░░░░░ applied to U S ░░░░░░░░ partners although there is ░░░░░░░░ exemption for Canada and ░░░░░░░░ On top of that ░░░░░░░░ reciprocal tariff rate on ░░░░░░░░ largest trading partners The ░░░░░░░░ on Chinese goods will ░░░░░░░░ 34 How close to ░░░░░░░░ worst case scenario is ░░░░░░░░ Danielle Thank you for ░░░░░░░░ me on this afternoon ░░░░░░░░ think that because there ░░░░░░░░ nothing truly consistent about ░░░░░░░░ rollout each country truly ░░░░░░░░ affected differently and to ░░░░░░░░ higher degree than what ░░░░░░░░ thought many were factoring ░░░░░░░░ I think this is ░░░░░░░░ a spectrum towards the ░░░░░░░░ end We are seeing ░░░░░░░░ in the price of ░░░░░░░░ in the benchmark 10 ░░░░░░░░ treasury yield as well ░░░░░░░░ companies like restoration hardware ░░░░░░░░ is now down 23 ░░░░░░░░ aftermarket s trading Joe ░░░░░░░░ does this mean for ░░░░░░░░ that don t know ░░░░░░░░ how to react It ░░░░░░░░ unclear how long these ░░░░░░░░ will be in place ░░░░░░░░ you start moving supply ░░░░░░░░ Do you start investing ░░░░░░░░ reshoring manufacturing facilities What ░░░░░░░░ you hear from companies ░░░░░░░░ the long impact Danielle ░░░░░░░░ saw a rash of ░░░░░░░░ Reserve surveys and all ░░░░░░░░ them showed depressed capital ░░░░░░░░ plans That s a ░░░░░░░░ reversal from what we ░░░░░░░░ as recently as December ░░░░░░░░ s such a high ░░░░░░░░ of uncertainty that I ░░░░░░░░ many American companies are ░░░░░░░░ paralyzed right now rightly ░░░░░░░░ right now We hope ░░░░░░░░ hear less carrot and ░░░░░░░░ stick from Treasury secretary ░░░░░░░░ Bessent We hope something ░░░░░░░░ to reduce the fear ░░░░░░░░ among many companies The ░░░░░░░░ S economy has survived ░░░░░░░░ consumption in the past ░░░░░░░░ we have never not ░░░░░░░░ into a recession Joe ░░░░░░░░ clarify what detail did ░░░░░░░░ miss from the president ░░░░░░░░ I think we missed ░░░░░░░░ longevity how long these ░░░░░░░░ are going to last ░░░░░░░░ prior to begin confirmed ░░░░░░░░ secretary bessent stipulated there ░░░░░░░░ be a several year ░░░░░░░░ ramp period during which ░░░░░░░░ companies were given a ░░░░░░░░ period to re shore ░░░░░░░░ cannot up a factory ░░░░░░░░ overnight It takes a ░░░░░░░░ time to move supply ░░░░░░░░ There would be more ░░░░░░░░ if American companies new ░░░░░░░░ would be a continuation ░░░░░░░░ policies such that they ░░░░░░░░ continue the developments they ░░░░░░░░ in Canada and Mexico ░░░░░░░░ We got the formal ░░░░░░░░ sheet sent from the ░░░░░░░░ House It reads in ░░░░░░░░ these tariffs will remain ░░░░░░░░ effect until such a ░░░░░░░░ that President Trump determines ░░░░░░░░ the threat posed by ░░░░░░░░ trade deficit is satisfied ░░░░░░░░ or mitigated I guess ░░░░░░░░ timeline is unclear if ░░░░░░░░ of the terms we ░░░░░░░░ think about these tariffs ░░░░░░░░ down What effect would ░░░░░░░░ anticipate these tariffs would ░░░░░░░░ in the immediate term ░░░░░░░░ the more medium term ░░░░░░░░ the frontloading and building ░░░░░░░░ inventories in anticipation of ░░░░░░░░ announcement like this Danielle ░░░░░░░░ logistic managers index released ░░░░░░░░ showed there is an ░░░░░░░░ inventory built The ism ░░░░░░░░ many companies were beginning ░░░░░░░░ cancel orders or delay ░░░░░░░░ My greatest fear is ░░░░░░░░ because of the known ░░░░░░░░ is we are going ░░░░░░░░ see higher input costs ░░░░░░░░ the unknown we don ░░░░░░░░ know what our pricing ░░░░░░░░ is companies will continue ░░░░░░░░ be preemptive in cutting ░░░░░░░░ ahead of these tariffs ░░░░░░░░ imposed We saw an ░░░░░░░░ of private sector layoffs ░░░░░░░░ we see companies continue ░░░░░░░░ try and protect their ░░░░░░░░ preemptively that is going ░░░░░░░░ manifest in further job ░░░░░░░░ Joe How nimble is ░░░░░░░░ stock market if we ░░░░░░░░ better news in the ░░░░░░░░ ahead that countries targeted ░░░░░░░░ reciprocal tariffs offer concessions ░░░░░░░░ this a market that ░░░░░░░░ nimble enough to respond ░░░░░░░░ I don t think ░░░░░░░░ the immediate term that ░░░░░░░░ market will be nimble ░░░░░░░░ was a lot of ░░░░░░░░ covering going into this ░░░░░░░░ announcement and we are ░░░░░░░░ now that there is ░░░░░░░░ worse than expected a ░░░░░░░░ and wider than expected ░░░░░░░░ of tariffs that are ░░░░░░░░ to be imposed For ░░░░░░░░ the markets remain very ░░░░░░░░ I would venture to ░░░░░░░░ we will see another ░░░░░░░░ term decline in the ░░░░░░░░ market Kailey We are ░░░░░░░░ seeing that if you ░░░░░░░░ at the etf s ░░░░░░░░ track the major indexes ░░░░░░░░ after hours Qqq down ░░░░░░░░ This puts the Federal ░░░░░░░░ in a tough position ░░░░░░░░ ve seen difficulty dancing ░░░░░░░░ the tariff question from ░░░░░░░░ Powell Do they have ░░░░░░░░ choice except to wait ░░░░░░░░ see what happens longer ░░░░░░░░ that risk that whatever ░░░░░░░░ they make next it ░░░░░░░░ up being too late ░░░░░░░░ 66 of Americans actually ░░░░░░░░ as of University of ░░░░░░░░ s final read expect ░░░░░░░░ rising unemployment rate We ░░░░░░░░ seen five straight months ░░░░░░░░ Americans anticipating a rising ░░░░░░░░ rate Through the prisms ░░░░░░░░ two long established surveys ░░░░░░░░ Americans expect a rising ░░░░░░░░ rate At some point ░░░░░░░░ Fed may have to ░░░░░░░░ its eye off the ░░░░░░░░ matter of tariffs and ░░░░░░░░ attentive to its second ░░░░░░░░ labor Joe Great to ░░░░░░░░ you with us CEO ░░░░░░░░ strategist at qi research ░░░░░░░░ are keeping our eyes ░░░░░░░░ the markets.