April 2, 2026: Bondi Out as Attorney General, US Adjusts Tariffs for Broad Metals, More

Today's show is brought to you by Vanguard.

To all the financial advisors listening, let's talk bonds for a minute.

Capturing value and fixed income is not easy.

Bond markets are massive, murky, and let's be real.

Lots of firms throw a couple flashy funds your way and call it a day.

But on Vanguard,

at Vanguard, institutional quality isn't a tagline.

It's a commitment to your clients.

We're talking top grade products across the board of over 80 bond funds,

actively managed by a 200-person global squad of sector specialists,

analysts, and traders.

These folks live and breathe fixed income.

So if you're looking to give your clients consistent results year in and year out,

go see the record for yourself at vanguard.com slash audio.

That's vanguard.com slash audio,

all investing in subject to risk vanguard marketing corporation distributor.

Today, in a post on Truth Social President,

Trump said Bondy will transition to a new job in the private sector.

Deputy AG Todd Blanche will serve as Acting Attorney General,

and we are told President Trump has discussed

nominating EPA Administrator Lee Zeldin as a successor.

Here is Matthew Selegman, founder of Greyhawk Law.

Well, I think it's telling that Lee Zeldin's name is being floated right now.

When Todd Blanche is the Acting Attorney General,

he's been in the Department of Justice since the beginning of the second term.

He's served President Trump in a private capacity during the criminal prosecutions

of President Trump, and yet the obvious choice, perhaps,

is not being floated as the next choice.

The reason why I think that's telling is because Todd Blanche,

who is a very good lawyer, is also not a TV personality.

And something that we've seen across President Trump's first and second term

is that what he wants out of his cabinet officials is not only

the execution of his policies and his priorities,

but also a certain type of ability to present on TV and before Congress.

That is Matthew Selegman, founder of Greyhawk Law.

meantime, President Trump is reportedly weighing more changes to members of his cabinet.

Politico reports Trump has expressed frustration and disappointment

with Commerce Secretary Howard Lutnik and Labor Secretary Lori Chavez-Deremer.

According to Politico, Trump is very angry,

and he's going to be moving people.

The Trump administration is reshaping its tariff policy on steel, aluminum, and copper.

A tariff of 50 percent will be maintained on many imported steel, aluminum, and copper products.

And at the same time, goods made with total steel, aluminum, or copper content below 15 percent

will effectively be exempted.

And some other derivative goods will be subject to a lower 25 percent rate

if they are deemed to be substantially made of one of those metals.

Here is Henry Editres of Veda Partners.

The president is being sued by hundreds of companies

for the changes that he made to steal aluminum tariffs,

impacting downstream derivatives since last year.

And it's because he violated the Administrative Procedures Act,

which is he provided an undue burden to so many companies

with the constant changing of tariffs that they sued him for.

And they were potentially going to win that lawsuit.

And that's why the USTR is coming out and Commerce

coming out with a blanket understanding of where the tariff rates are going to be.

That is Henry Editres of Veda Partners.

Now at the same time, the Trump administration will impose tariffs on certain imported medicines

with rates of as much as 100 percent to pressure drug makers to manufacture more in the US.

President Trump issued fresh threats today on Iranian infrastructure in a bid to pressure

to run in negotiations.

In a post-on-truth social, Trump said the biggest bridge in Iran

was destroyed by airstrikes.

Now Trump's comments and the continued strikes on Iran

are complicating efforts by the US and partners

to broker a deal with the Islamic Republic

that will include reopening the straight-of-form moves.

Meanwhile, the UK convened more than 40 US allies

to discuss plans to reopen the straight.

International allies are threatening Iran with more sanctions.

If it does not agree to unblock this critical shipping lane,

here is British Foreign Secretary Yvette Cooper.

Now that we are facing these reckless Iranian attacks

on international shipping, affecting countries from across the globe

who played no part in this conflict

and more than 40 countries coming together

for these discussions today,

we're clear that we need the diplomatic pressure, the economic pressure

and also the work that's being done separately by military planners

on how to keep shipping safe for the long term

when the conflict concludes.

That is British Foreign Secretary Yvette Cooper

meantime three oil tankers broadcasting a money ownership

appeared to enter the straight-of-form moves

by hugging the coastline of their home country.

Meantime Iran is reportedly drafting a protocol

with Oman to monitor traffic through the straight.

Iran's deputy foreign minister told Russian state media

that shippers would be required to pay tolls

to the Islamic Republic.

SpaceX has boosted its target IPO valuation

above $2 trillion.

The world's most valuable startup

is gearing up to pitch investors

in potentially the biggest ever market debut.

We are told the company and its advisors are floating

the $2 trillion figure to prospective investors

ahead of meetings in the coming weeks.

Now Bloomberg News has already reported

that SpaceX filed confidentially for an IPO

that could take place in June.

President Trump's new White House ballroom

has received final design approval from a key commission

more from Bloomberg's Amy Morrison, Washington.

The approval comes after a federal judge

ordered a halt to construction

unless Congress approves the project.

A spokesperson for the National Capital Planning Commission

which Trump has packed with allies

says the judge's ruling affects construction activities

not planning.

Still, the judge is ruling

and the legal fight over the ballroom

could stall progress on the project

that Trump once completed before his term ends in early 2029.

The ballroom is estimated to cost $400 million

and has faced opposition and legal challenges.

In Washington, Amy Morris, Bloomberg Radio.

The U.S. Environmental Protection Agency

has proposed adding microplastics and pharmaceuticals

to its list of drinking water contaminants.

Now this could lead to regulations of those compounds.

The EPA's announcement begins a process

to consult with scientists.

It also opens a public comment period.

The regulatory process would likely take several years.

Here is Health Secretary Robert F. Kennedy, Jr.

This is not a rare exposure, this baseline.

We are not dealing with a distant or theoretical risk.

We are dealing with a measurable and growing presence

inside the human body.

The Trump administration touted the move

as a win for the Make America Healthy Again movement.

And that is news when you want it with Bloomberg News Now.

I'm Doug prisoner and this is Bloomberg.

Today's show is brought to you by Vanguard.

To all the financial advisors listening,

let's talk bonds for a minute.

Capturing value and fixed income is not easy.

Bond markets are massive, murky, and let's be real.

Lots of firms throw a couple flashy funds

your way and call it a day.

But not Vanguard.

At Vanguard, institutional quality isn't a tagline.

It's a commitment to your clients.

We're talking top grade products across the board

of over 80 bond funds, actively managed

by a 200 person global squad

of sector specialists, analysts, and traders.

These folks live and breathe fixed income.

So if you're looking to give your clients

consistent results year in and year out,

go see the record for yourself at vanguard.com slash audio.

That's vanguard.com slash audio.

All investing is subject to risk

Vanguard Marketing Corporation distributor.

Hello, I'm Stephen Carroll.

I'm in Brussels where many of Europe's

biggest decisions get made.

And I'm Caroline Hepkin in London

with the hosts of the Bloomberg Daybreak Europe podcast.

We're up early every week day,

keeping an eye on what's happening

across Europe and around the world.

We do it early so the news is fresh, not recycled.

And so you know what actually matters

as the day gets going.

From Brussels, I'm following the politics,

policy, and the people,

shaping the European Union right now.

And from London, I'm looking at what all that means

for markets, money, and the wider economy.

We've got reporters across Europe

and around the globe feeding in as stories break.

So whether it's geopolitics, energy,

tech or markets, you're hearing it while it happens.

It's smart, calm, and to the point.

And it fits into your morning.

You can find new episodes of the Bloomberg Daybreak Europe

podcast by 7 a.m. in Dublin or 8 a.m. in Brussels,

Berlin and Paris.

On Apple, Spotify, YouTube,

or wherever you get your podcasts.