Trump Defends Tariffs & Germany's Debt Brake Reform Plan | Daybreak: Europe 05/03/2025

Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins.

On today's show, President Donald Trump has defended his use of tariffs in a primetime presidential address to a joint session of Congress.
Trump warned of 'a little disturbance' from the levies, after his tariffs against the US's largest trading partners sent markets swinging. This as China has set its economic growth goal at about five percent for 2025, amid the opening salvo of a trade war with the US. Premier Li Qiang announced the target at the meeting of the National People's Congress, one day after President Trump doubled tariffs on China. Meanwhile, Europe's biggest economy is taking a major step to bolster its defense capabilities. Berlin is amending its constitution to exempt defense and security outlays from limits on fiscal spending.

Today's Guests: Laura Wang, Chief China Equity Strategist at Morgan Stanley & Ravi Mhatre, Co-founder and Partner at Lightspeed.

Chapters:
00:00:00 - Daybreak Europe
00:03:27 - Trump Congress Speech
00:04:13 - Trump Defends Tariffs
00:06:11 - Trump Hails Letter From Zelenskiy
00:07:49 - Lutnick Hits At Tariff Relief
00:09:36 - Bunds Slump As Germany Steps Up Defense
00:10:16 - China NPC Recap
00:10:45 - China Sets Bullish Growth Goal of About 5%
00:17:18 - Laura Wang, Chief China Equity Strategist at Morgan Stanley
00:23:38 - Goldman Job Cuts
00:28:19 - Trump Tax Cuts
00:30:51 - Germany’s Debt Brake Reform Plan
00:34:31 - China Targets Record Deficit
00:38:12 - Ravi Mhatre, Co-founder and Partner at Lightspeed
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