Bloomberg News Now: US Fires on Iran Targets as Trump Demands Deal from Tehran

0:00 News when you want it with Bloomberg News now.

0:03 I'm Nathan Harger.

0:05 And I'm Alexis Christopher.

0:06 Here are the stories we're following today.

0:08 Alexa's tensions are building once again between the U.S.

0:12 and Iran, as the world waits for Iran's response to a US peace offer.

0:16 Overnight, the U.S.

0:17 attacked missile and drone launch sites inside Iran

0:20 that it says were used to attack three U.S.

0:22 warships in the Strait of Hormuz.

0:24 It's after Iran accused the U.S.

0:26 of targeting two of its oil tankers and striking

0:28 civilian areas along its southern coast and Castrum Island.

0:31 But President Trump says the cease fire is still intact.

0:35 They trifled with us today.

0:37 We blew them away.

0:39 They tried what they call that a trifle.

0:41 I'll let you know where there's no cease.

0:43 You won't have to know.

0:44 And President Trump's threatening to hit Iran

0:46 even harder if it doesn't reach a deal.

0:48 We get more from Bloomberg's German embassy in Dubai.

0:51 There is a strong push from the U.S.

0:53 side to get a deal across the line,

0:55 but we are still in this period where we're waiting to hear back

0:58 from the Iranians officially about the a 14.1 page proposal that the U.S.

1:04 has put forward.

1:04 As you were reporting earlier in the week, some of the demands that the US have.

1:09 Have put on that paper are deemed to be quite maximalist from Iran's standpoint.

1:13 So it is unclear at this point whether there can be some form of a compromise,

1:17 and indeed whether you can get to a compromise over a 30 day period.

1:21 Bloomberg's amount of research reports Iran is still expected to respond

1:24 to the US offer through Pakistani mediators in the next two days.

1:29 President Trump is moving ahead with plans

1:31 to hold a summit with his Chinese counterpart, XI Jinping, next week in Beijing,

1:35 and he's bringing some big name guests along with him.

1:38 Bloomberg's Tom Busby reports from New York.

1:40 The president bringing a who's who of American

1:43 business leaders for next week's summit in China,

1:46 despite there being no resolution to the U.S.

1:48 war against Iran.

1:49 Now among those planning to attend Blackstone CEO Steve Schwarzman,

1:53 Citigroup CEO Jane Frazier,

1:54 with semaphore reporting that the administration also

1:57 plans to invite Kelly or Berg of Boeing, Jensen Huang of Nvidia and others.

2:01 Trump and XI, slated for a sit down meeting May 14th and 15th at summit,

2:06 has already been postponed once due to the war.

2:09 Tom Busby, Bloomberg Radio.

2:11 Tom, thanks.

2:11 It's kind of politics in the UK now.

2:13 The Labour government is taking heavy losses

2:16 as the first wave of local election results comes in.

2:20 For more, let's go to London and get the latest with Bloomberg's James Woolcock.

2:24 Good morning James.

2:25 Nathan Alexis Prime Minister Keir Starmer says the results are very tough.

2:30 There's no sugarcoating it and that he takes responsibility for the losses.

2:34 We're still waiting on the majority of results, but the early signs are it is

2:38 a disastrous election for the governing Labour Party.

2:41 The right wing populist reform UK party are

2:43 set to pick up hundreds of seats already.

2:46 They've taken control of two councils and elections in England.

2:49 And as we wait for the rest of the day,

2:51 we are still waiting on Wales and Scotland elections

2:54 two where Labour rules are set to perform very poorly.

2:57 The question now for markets and people in the UK is does

3:01 the Labour Party decide that Keir Starmer needs to be a change in leader,

3:06 as well as someone who is election loser in London?

3:09 James Allcock, Bloomberg Radio Thanks James and President Trump says he's giving

3:13 the European Union until July 4th to ratify its trade agreement with the U.S..

3:18 Bloomberg's Juan Ponce reports from London.

3:20 Having previously threatened to hike tariffs

3:23 on auto imports as soon as this week,

3:25 Donald Trump has extended his deadline for the EU to ratify its trade deal.

3:30 The move comes after Trump spoke

3:32 to European Commission President Ursula von der Leyen.

3:34 Negotiators from the European Parliament and member states

3:37 discussed potential amendments to the deal earlier this week.

3:40 But we're told it didn't reach any conclusive decisions.

3:43 In London, um, you imports Bloomberg Radio.

3:46 You and thanks.

3:47 A major piece of President Trump's effort

3:49 to rebuild his tariff walls just been declared unlawful.

3:51 A federal trade courts invalidated the president's 10% global

3:55 tariffs under section 122 of the 1974 Trade Act.

3:59 That law had never been invoked before to impose tariffs,

4:02 but the president used it back in February after

4:05 the Supreme Court struck down his sweeping emergency tariffs.

4:07 The court says the ruling against section 122 only

4:10 applies to the group of small businesses that challenged it,

4:13 along with Washington state.

4:15 It's unclear what the ruling will mean for other importers

4:18 that have been paying those duties and turning to the markets now,

4:21 futures or higher ahead of today's key jobs report.

4:25 Economists are expecting a slowdown in hiring in April.

4:28 The median forecast is for a gain of 65,000 jobs,

4:31 and the unemployment rate to hold steady at 4.3%.

4:34 Bloomberg's Michael McKee reports it's a one number

4:37 increase as far as economists and investors are concerned.

4:41 With immigration near zero, the labor force isn't growing much,

4:44 which means headline job growth is going to be a lot smaller.

4:48 That's why the fed will pay attention to the unemployment rate.

4:51 If it's not rising, it's not signaling

4:53 problems for the employment side of their mandate.

4:55 A near-record low jobless claims suggest unemployment is stable.

4:59 There will be some focus on average hourly earnings, which are forecast to rise.

5:04 Policymakers are looking for any signs labor shortages or rising

5:08 costs of things like gasoline are pushing up on inflation.

5:11 Michael McKee Bloomberg Radio.

5:13 And that's news when you want it with Bloomberg News now.

5:16 I'm Alexis for us.

5:18 I'm Nathan Hager and this is Bloomberg.