On today's podcast:

1) President Trump is expected to unveil a limited trade deal with the UK this morning and hints at a new tension point in trade talks with China. The UK deal is likely to focus on reducing tariffs on cars and steel, and may include discussions on tech, AI, and digital trade, but will come with significant caveats and may not be a comprehensive trade pact.

2) Fed Chair Jay Powell says he won't be rushed into lowering interest rates. Powell says he won't lower borrowing costs until there's more certainty on the direction of trade policy, which will have to come from the White House. The Federal Open Market Committee held interest rates steady and said the risks of seeing higher inflation and unemployment had risen due to uncertainty over trade policy and tariffs.

3) The White House plans to get rid of Biden-era chip export restrictions. The repeal would provide fresh opportunities for other countries to negotiate their own chip access, influenced by investment promises or broader trade and diplomatic considerations, while measures targeting China would remain in place.

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On today's podcast:
1) US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel later this week to Switzerland for trade talks with China led by Vice Premier He Lifeng, seeking to de-escalate a tariff standoff that has threatened to hammer both economies.
2) India conducted targeted military strikes against Pakistan, which said it retaliated in expected tit-for-tat blows after a militant attack last month in Kashmir that killed 26 people.
3) Former US President Joe Biden said the Donald Trump administration is appeasing Kremlin leader Vladimir Putin by pressuring Ukraine to give up territory as part of a potential peace deal to end Russia’s invasion.

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On today's podcast:

1) Scott Bessent walked on stage at the largest gathering in months of Wall Street’s champions of global trade, aiming to explain why President Donald Trump is putting up hurdles to global trade.

2) Canadian Prime Minister Mark Carney said he’ll meet with US President Donald Trump in Washington on Tuesday, their first face-to-face encounter since he won an election in part because of an anti-Trump message.

3) Ford Motor Co. suspended its full-year financial guidance and said President Donald Trump’s auto tariffs will take a toll on profit, joining rivals stung by volatile global trade policies.

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On today's podcast:
1) President Donald Trump suggested that his administration could strike trade deals with some countries as soon as this week, offering the prospect of relief for trading partners seeking to avoid higher US import duties.
2) Warren Buffett picked the final minute of his 60th shareholder meeting to drop a long-awaited announcement that was still completely surprising for his fans, most of his board and even his successor.
3) Elon Musk called the US government inefficient and said artificial intelligence should be used to replace the functions currently done by some public workers, according to a person who attended the closed-door session at the Milken Institute Global Conference.

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Financial analysts were far more prepared than most CEOs for the US tariffs announced on April 2. Analysts, who serve as a proxy for the financial markets, anticipated tariffs would soon be an enormous issue, mentioning the topic 62% more often than did CEOs during Q1 earnings calls. That’s the conclusion of the second edition of the CEO Radar—a tool to help CEOs determine which issues truly deserve their time and attention. It unpacks the leading topics discussed on almost 4,900 earnings calls worldwide in Q1 2025, enabling chief executives to compare their agendas to those of their peers, and to the market’s expectations. On this episode of the CEO Radar Podcast, Edward Adams of Bloomberg Media Studios is joined by BCG Global Chair Rich Lesser and Michael Brigl, Head of BCG’s Central European practice, to discuss how tariffs are likely to have a long-term effect on corporate operations.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to next week’s Fed decision and earnings from Walt Disney.
• In the UK – a look ahead to the challenges facing Germany’s next Chancellor.
• In Asia – a look ahead to a look ahead to economic data in China.

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On today's podcast:

1) China said it is assessing the possibility of trade talks with the US, the first sign since Donald Trump hiked tariffs last month that negotiations could begin between the two sides.

2) Apple Inc.’s much-awaited quarterly earnings report failed to soothe investor concerns about its biggest challenges, including escalating tariff costs and a slowdown in China.

3) President Donald Trump will request a record $1.01 trillion in national security spending for the fiscal year beginning Oct. 1, more than 13% over the current year’s figure, according to administration officials familiar with the matter.

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On today's podcast:

1) Microsoft Corp. shares jumped after the company reported stronger-than-expected quarterly sales and profit growth, suggesting customer demand for cloud services has held steady despite a wave of tariffs and economic turbulence.

2) Meta Platforms Inc. quelled Wall Street concerns about the impact of the Trump administration’s trade war on advertising sales, reporting first-quarter revenue that beat expectations and forecasting additional spending.

3) The US and Ukraine reached a deal over access to the country’s natural resources, offering a measure of assurance to officials in Kyiv who had feared that President Donald Trump would pull back his support in peace talks with Russia.

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