Tariff Uncertainty, AI Unease Rattle Tech Shares
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This is Bloomberg Tech. Coming up, President Trump looks to rebuild his tariff trade policy after the Supreme Court struck it down, reviving market jitters. Plus, Bitcoin not immune to those tariff anxieties, sliding below $65,000 at one point for the second time this month. And today's the day for Paramount Skydance to submit its best and final offer for Warner Brothers Discovery. We'll discuss what to expect. Let's turn our attention, though, to, well, the anxieties that beat up the Nasdaq 100 to the extent that it's at session lows as we speak. We're currently off by 1.3 percent. You're seeing anxiety, whether it's AI once again playing into those software names, whether it's the tariff jitters and what that means in terms of long term uncertainty for these businesses.
We are pulling back on our risk on attitude, certainly in the world of crypto as well. Down 2.9 percent, even as gold gets a little bit of a reprieve. Ed, what are you watching underneath the hood? Yeah, let's get to our top story. President Trump is looking to rebuild his tariff trade policy after the Supreme Court struck down his use of the International Emergency Economic Powers Act, or IEPA, to impose sweeping global tariffs. In response, his administration signed an executive order to impose a 10% tariff on imports using an alternative legal authority. And over the weekend, the president announced on Truth Social that he intends to raise that rate to 15%, or quote, a much higher tariff and worse.
Let's get the latest with Bloomberg senior tech editor, Mike Shepard. Shep, what's the state of play as of right now? Well, Ed, it is moving pretty quickly now. The administration is really trying to ensure that all of the trade agreements that it reached with trading partners around the world over the past year don't come undone. They spent the weekend really insisting that the EU and other trade blocs and nations must abide by those agreements. And they tried to offer some assurance that the setback that was dealt to the administration on Friday was temporary. and that this 15% tariff we heard the president talk about on Saturday by Truth Social was really just going to be a bridge to more lasting tariffs that would be imposed eventually through other authorities.
Now, those authorities are going to take months to investigate and to actually execute and carry out. And that is going to add a whole lot of uncertainty for those trading partners, including the European Union, which is indicating that it's holding off on final approval and ratification by the parliament of the deal it struck with Trump last year. And India, which had just reached a hard-fought agreement with the administration a few months ago, they are now holding off on a meeting that was scheduled for later this week to iron out final details there.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:01–7:32
2
What impact does tariff uncertainty have on tech shares?
7:32–12:09
3
How is President Trump's tariff policy evolving post-Supreme Court ruling?
12:09–32:59
4
What are the implications of AI disruption for tech stocks?
32:59–37:20
5
How are companies navigating the current trade and investment uncertainty?
37:20–48:28
Speakers
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