Trump: War To End Within 2-3 Weeks; Birthright Citizenship Hearing

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2:27Bloomberg Audio Studios. Podcasts. Radio. News. Good morning. I'm Nathan Hager. And I'm Alexis Christophorus. Here are the stories we're following today. Alexis, we are seeing a relief rally in markets on the prospect of the U.S. ending the war with Iran soon. President Trump says he could see the conflict ending in two to three weeks as it enters its second month. I had one goal. They will have no nuclear weapon. And that goal has been attained. They will not have nuclear weapons. But we're finishing the job. And I think within maybe two weeks, maybe a couple of days longer to do the job. In remarks from the Oval Office heard live on Bloomberg Radio, President Trump said it's still possible Iran reaches a deal in that time frame.

3:14Secretary of State Marco Rubio says the U.S. has had four objectives to destroy Iran's offensive missiles, destroy its missile production, destroy its navy, and assure it never has a nuclear weapon. We are on or ahead of schedule on each of those four objectives, and we can see the finish line. It's not today, it's not tomorrow, but it is coming. We are going to get to the point where our military will have achieved all of its objectives in this mission, and they're doing so with extraordinary efficiency. Secretary of State Rubio made those comments on Fox News. But there's one goal that the Trump administration is leaving unsaid, as we hear from Bloomberg Middle East correspondent Jumana Bersechi in Dubai.

3:50There was no real objective link to the reopening of the streets. And in fact, when he was asked about it, he said that they can leave it up to other people and pointed to other countries, such as the likes of China, who obviously benefit from the lion's share of the energy products that pass through the streets, and that it would sort of be something that can be dealt with at a later stage. So not an explicit objective per se anymore. Bloomberg's Jumana Bersechi reports President Trump has expressed frustration with US allies for not helping reopen the strait. This morning, the president told the UK's Telegraph newspaper he's strongly considering pulling the US out of NATO after it failed to join the war, telling the paper it's, quote, beyond consideration.

4:32In the meantime, Iran continues to launch attacks, including at an oil tanker off Qatar and cruise missiles targeting the United Arab Emirates. And a third U.S. carrier group, the USS George W. Bush, is on its way to the Middle East. The White House says President Trump will deliver a primetime address on the war tonight that's set for 9 p.m. Wall Street time. You can hear it live here on Bloomberg Radio or watch on Bloomberg Television and the Bloomberg Business app. Well, Alexis, oil is falling on the latest war developments, even as the strain of hormones remains largely closed. Right now, Brent is down 1.4 percent, trading at$102.49 a barrel.

5:08West Texas Intermediates at 99.34. Stephen Stepchinsky leads Bloomberg's team covering energy in Asia. There is a new risk premium for oil going through the Middle East and gas going through the Middle East that is going to have to be sort of figured out going forward. Because even if everything were to end, if the Strait of Hormuz were to open, if all the infrastructure were to be repaired, there are still going to be fears in the back of the minds of traders, buyers, even sellers, as to how safe everything is going forward. What are the chances that something could flare up again? What are the chances of insurance rates increasing as well?

5:46Bloomberg's Stephen Stepchinsky says while Brent dipped under$100 a barrel, it is still about 37 percent higher than before the war began. And Nathan, we are seeing stocks rally around the world this morning on optimism. The war will end. Stocks in Japan soared more than 5 percent. The euro stocks 50 is up more than 2%. And this follows yesterday's Wall Street rally, which saw the S &P 500 climb 2.9%. The Nasdaq surged 3.8%. Lauren Sanfilippo is a senior investment strategist at Bank of America. I think this is a little bit of a relief rally here. Now it's headline to headline, if this is really all clear.

6:24But I think this at least gives us a sense of how the markets would react when we really do find the end to this. Bank of America senior investment strategist Lauren Sanfilippo. Despite yesterday's rally, the S &P 500 still fell 4.6 percent in the first quarter, while the Nasdaq dropped more than 7 percent. Right now, we've got S &P futures up, Nathan, about four-tenths of one percent. Back in Washington, Alexis, the Supreme Court is set to hear arguments this morning over the legality of President Trump's executive order that ends automatic citizenship for children born to parents who are in the U.S.

6:54on a temporary visa or illegally. Bloomberg's Amy Morris reports from the nation's capital. President Trump's executive order stipulates the government will no longer recognize birthright citizenship for children born to undocumented immigrants. The move up ends more than a century of legal precedent. The case, Trump versus Barbara, tests a long-settled interpretation of the Constitution that has governed citizenship for generations. The ACLU arguing that the executive order violates the 14th Amendment, the Trump administration arguing that jurisdiction refers to political allegiance. A final decision by the Supreme Court is expected in late June or early July.

7:32In Washington, Amy Morris, Bloomberg Radio. Thanks, Amy. President Trump says he will attend those Supreme Court hearings this morning. In another development, the president has signed an executive order intended to make it harder for voters to cast mail-in ballots. That's a practice used by millions of Americans. The order requires a Homeland Security secretary to prepare a list of U.S. citizens eligible to vote in each state and the Postal Service to only send absentee ballots to voters on the approved list. The cheating on mail-in voting is legendary. It's horrible what's gone on. And it's very clearly covered, very, very clearly.

8:09So I think this will help a lot with elections. We'd like to have voter ID. We'd like to have proof of citizenship. And that'll be another subject for another time. The move is likely to draw legal challenges with legal experts saying President Trump has virtually no authority to outlaw voting by mail himself without a change in law. Here's a move we haven't seen in more than a half century, Alexis. NASA is preparing to send astronauts on a journey around the moon. The Artemis 2 mission will send four astronauts on a trip to the moon and back. If successful, it'll help clear the way for astronauts to walk on the moon again, maybe two years' time.

8:47Bloomberg's Ed Ludlow is in Florida for the launch. This is the great next step in America's ambition to have humans back on the moon. In this mission, Artemis II, they're basically doing a flyby or a fly around the moon. So they travel deep into space, 285 ,000 miles, go around the moon and come back. But it's the great dress rehearsal for the technology, essentially, that's planned to get humankind and driven by NASA America back to the moon, maybe 2028. 2028. Bloomberg's Ed Ludlow notes the launch window opens tonight at 624 Wall Street time. We will have live coverage of Liftoff right here on Bloomberg Radio.

9:33All right, very exciting. Now back here on Earth, specifically Wall Street, shares of Nike, they are plunging this morning, more than 9%. The retailer gave a surprisingly gloomy outlook for the year ahead. Nike's facing headwinds around the globe, including elevated inventories in Europe and the Middle East and traffic disruption from the war. Well, OpenAI's valuation keeps going up like a rocket, Alexis. It now stands at$852 billion after the chat GPT maker completed a deal to raise$122 billion from investors. The bulk of the financing came from three big tech companies, Amazon, NVIDIA, and SoftBank.

10:08And Anthropic inadvertently released source code for its popular clawed AI MyAgent, the leak of basic source code, the second slip up in just a week, triggered a discussion in the community around new revelations of how Anthropic's popular coding agent works. Several experts are also raising concerns about potential security vulnerabilities in light of the unintended exposure. And a programming note, Alexis, markets may close on Fridays, but the world does not. And that's why we're bringing you a live radio and TV show. It's brand new and it's called Bloomberg This Weekend. looks beyond the daily headlines to focus on the bigger themes driving politics, business, and culture.

10:44So join David Gura, Christina Ruffini, and Lisa Matteo for smart conversations and in-depth interviews that help make sense of the week that's been and what comes next. Get Bloomberg This Weekend Live, Saturdays and Sundays from 7 a.m. Eastern on Bloomberg Radio, TV, and the Bloomberg Business App. 510 on Wall Street. Time now for a look at some of the other stories making news in New York and around the world. For that, we're joined by Bloomberg's John Tucker. Good morning, John. Good morning, Alexis. The federal judge has ordered the Trump administration to suspend construction of the$400 million East Wing Ballroom.

11:18Let's get details this morning from Bloomberg's Monica Ricks. U.S. District Judge Richard Leon in Washington granted a preservationist group's request for a preliminary injunction to halt the project. He concluded that the National Trust for Historic Preservation is likely to succeed on the merits of its claims because no statute comes close to giving the president the authority he claims to have. The Republican-nominated judge said in his order, the president of the United States is the steward of the White House, not the owner. Crews have long since torn down the East Wing, radically transforming the look and feel of the historic grounds.

11:52Monica Ricks, Bloomberg Radio. In another case, a win for public broadcasting. A federal court ruled President Trump's anti-media funding executive order is unlawful. The court granting a permanent injunction for the government implementing or enforcing the executive order's instructions to cease funding for National Public Radio and PBS. Judge Randolph Moss wrote the president can't use governmental power to direct federal agencies to bar grants in retaliation for saying things he does not like. The First Amendment, he said, doesn't tolerate viewpoint discrimination and retaliation. Governors of six New England states backing their regional commitment to explore advanced nuclear technologies.

12:34Governors of Massachusetts, Connecticut, Maine, Rhode Island, New Hampshire, and Vermont have signed into a statement to explore steps to deploy advanced nuclear generation. Connecticut Governor Ned LeMond cites data showing electricity consumption in New England is expected to increase more than 40 percent in the next 20 years. And the Department of Agriculture will lead dozens of American farm companies to the Philippines It's a trade mission this month, aiming to expand access to the Southeast Asian nation. The U.S. is seeking to expand agricultural trade ties with the Philippines, a key defense ally in Asia.

13:09Global News, 24 hours a day, and whenever you want it with Bloomberg News Now. I'm John Tucker. This is Bloomberg. Alexis. Thanks, John. Time now for our Bloomberg Sports Update, and for that, we bring in John Stashauer. We've learned of four names that are going to the Basketball Hall of Fame. longtime NBA coach Doc Rivers, ex-Nick and Phoenix son Amari Stoudemire, and Candice Porter and Elena Deledon, who starred in the WNBA. Tiger Woods put out a statement saying he's stepping away from golf to seek treatment and focus on his health. It comes four days after his latest car accident. Tiger hasn't been in a PGA event in almost two years, but he had not ruled out playing the upcoming Masters.

13:46That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. Everyone has been there. Your team's feedback is scattered across emails, chats, and sticky notes. It's a mess. But PDF Spaces and Adobe Acrobat gives you one collaborative workspace to streamline every file and comment. So, if you need six departments to finally agree on a proposal, do that with Acrobat. Need to turn a mountain of feedback into one plan of action? Do that with Acrobat. Want to stop searching for files and finally get everyone on the same page? Do that, do that, do that with Acrobat.

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15:05But on public, you just type in a prompt and their AI screens thousands of stocks and build a one-of-a-kind index. You can even backtest it against the S &P 500. it. Then you can invest in a few clicks. Go to public.com slash market and earn an uncapped 1 % bonus when you transfer your portfolio. That's public.com slash market. And paid for by Public Holdings. Brokered services by Public Investing, member FINRA SIPC. Advisory services by Public Advisors, SEC registered advisor. Crypto services by ZeroHash. Sample prompts are for illustrative purposes only, not investment advice. All investing involves risk of loss.

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16:53This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Two weeks, maybe three. That's the new timeline that President Trump has set out for the U.S. to end its war with Iran after nearly five weeks of conflict, more than five weeks. President says he has largely achieved his goal of ensuring Tehran never attains a nuclear weapon. We've had regime change. We're dealing with people that are much more rational, and it's amazing what we've done. President Trump and Oval Office remarks heard live on Bloomberg Radio. And joining us from Dubai once again this morning is Bloomberg Middle East correspondent Jumana Bersechi, the anchor of Bloomberg Horizons.

17:31Jumana, good morning. We've heard the president say that the US has largely achieved its goals. It raises the question whether it has. Good morning. Good morning, yes. So Mark is certainly reacting to the comments coming through from President Trump last night, suggesting that there is a time frame after which they would start to wind down their military operations. So he's suggesting two to three weeks is how much longer they anticipate it's going to take for them to fully achieve these military objectives. He also said that the main objective, which is ensuring that Iran doesn't go on to develop a nuclear weapon, has largely been achieved as well.

18:10And I think one other thing that really stood out from his comments yesterday is there was no linkage whatsoever between their perhaps anticipation that they're going to be winding down military operations in the next few weeks versus a reopening of the Strait of Hormuz. And he seemed to suggest that that is gonna be or become a broader global issue as opposed to an issue or a term that the US will insist on should Iran actually come to the negotiating table. So we've sort of delinked in the last 24 hours the fate of the strait from the military operations that the US and Israel are conducting in Iran.

18:51It speaks to fresh comments that we've heard from President Trump in an interview just this morning with the UK's Telegraph newspaper, some of his strongest comments yet saying that he's strongly considering leaving NATO as well, saying it's beyond consideration. These are pretty forceful words from the president this morning. Yeah, that's right. He said he was disappointed in NATO, that this was a test for NATO. they're going to remember that they didn't stand, that he will remember that NATO didn't stand by the US. But I think he's referring to the fact that several European nations have said that the US cannot be using some of their air bases, the likes of Italy and Spain.

19:39But at the same time, what many of these European countries have said is they would look perhaps to be part of a coalition to secure safe passage in the strait. But once the risk to vessels calms down and once there is sort of a de-escalation in terms of the ongoing military strikes and military attacks that are taking place in the region. So it's not as though they've completely ruled it out. And in fact, Mark Rutte, who enjoys a good relationship with President Trump, did suggest last week that they're working on some form of a multilateral, multinational solution or coalition vis-a-vis the straits.

20:22But asking NATO members and asking European allies to get involved militarily in the war is deemed to be one step too far for them because it's not a war that they started. And you have to wonder whether that kind of effort to secure the strait could fit into the president's two to three week window when we continue to see Iran carrying out drone and missile attacks across the Middle East even this morning. Yeah, I think one of the big questions that still remains unanswered coming out of President Trump's comments yesterday is what this means for number one, ongoing Israeli operations as well.

21:02And there has been once again an intensification of attacks and counterattacks in the last 48 hours. And the second question is whether Iran would actually seize those attacks on the Gulf states. So whether in this case, US protection or US security guarantees are still going to be valid for some of those key Gulf allies in the region as well. So a lot of question marks still. And then the other thing that I would just remind people is there has been a significant amount of troop deployment to the region. We spoke about this earlier this week. The first Marine Expeditionary Unit arrived on Friday.

21:39Bloomberg reporting overnight that another aircraft carrier is also making its way from California to the region as well. They're expected to arrive in another two to three weeks. And so you've got to think that the reason, there is a reason for this additional military armada being deployed to the region, if they're not going to use it, then is it for deterrence? And if it is for deterrence, does that also benefit the Gulf states as well? And if the idea is that the objective of preventing Iran from ever obtaining a nuclear weapon is largely achieved, the president hasn't said that it has definitively been achieved yet.

22:18Could we see a possible ground action to try to seize Iran's uranium? That's something that's been spoken about as well. Absolutely. And it didn't come up at all yesterday. There was no mention at all of that enriched uranium stockpile. And Iran is thought to be sitting on a stockpile of worth of 1 ,000 pounds or 400 kilograms worth of this enriched uranium. And earlier reporting seemed to suggest that if there were going to be a targeted raid conducted by some of these new troops being deployed to the region, one of the options would be to send them inland to find to somehow be able to extract this enriched uranium stockpile.

22:58Obviously, a very risky operation to undertake. But the fate as well of that enriched uranium, I think, is one that is going to hang over the world over the next couple of weeks because it all goes back to the premise from this war at the very outset. The whole objective, what Trump says, is to ensure that Iran don't go on to develop a nuclear weapon. And so if they're still sitting on this 1 ,000 pounds worth of enriched uranium, how is that pushing out the threats of their ability to develop a nuclear weapon? So this is one of the questions that's going to have to be resolved, I think. One of many questions still to be resolved.

23:41Thank you for this, Jumana. We'll be checking back with you throughout the morning. That is Jumana Bersechi, the anchor of Bloomberg Horizons, with us this morning once again from Dubai. Alexis. Thanks, Nathan. And recapping some of our top stories this morning, stocks are rallying, crude oil is sinking on optimism the war could end soon. The S &P 500 saw its biggest one-day gain since last May yesterday on President Trump's talk of leaving the war. President Trump plans to be in the courtroom as the Supreme Court takes up his bid to end birthright citizenship. Arguments on the president's executive order are set for 10 a.m.

24:13Wall Street time. And the countdown is on for NASA's first manned moon mission in more than half a century. If all goes well, liftoff for the 10-day flyby for Artemis II is set for 624 this evening from Cape Canaveral, Florida. More on those stories coming up on Bloomberg Daybreak. Nathan? Okay, Alexis, thank you. We're at 522 now on Wall Street. We want to take a broader look at the market impact from this more than a month of war with Iran and the prospect of a resolution. if we do see the U.S. stick to the president's new time frame of two to three weeks to end the conflict. Joining us now is Jane Foley, head of FX Strategy at Rabobank.

24:52Great to speak with you this morning, Jane. Of course, we've seen the dollar really perform as a big hedge during this conflict, a flight to cash. What's the impact if we do see a quick resolution to this conflict? Good morning. Good morning. It's a pleasure to be here. Well, of course, we've already seen a taste of that today. The market is all about optimism today. It's really focusing on that two to three week timeline that President Trump was talking about yesterday. And that, of course, means that it's been ignoring all of those other factors that Jemima has just been talking about. The uranium, the rich uranium, for instance, around stockpiles of that.