Bloomberg News Now: Stocks Rise on Targeted US Tariffs, Geopolitical Updates

US Tariffs and Market Reaction

• 📈 Stocks gained as optimism grew around President Trump's upcoming tariffs, which are expected to be more targeted and measured than initially feared.
• 🎯 Despite the 'targeted' nature, the underlying sentiment remains hawkish, with potential tariffs affecting nations representing a significant portion of US trade imbalances.
• 🚫 The administration is reportedly not planning separate sector-specific tariffs to be unveiled alongside the broader reciprocal tariffs.

Political and Legal Developments

• ⚖️ Senate Democratic leader Chuck Schumer warned of public backlash if President Trump defies court orders.
• ✈️ The clash with federal judges includes a case involving a deportation flight for alleged Venezuelan gang members, with officials stating they will abide by court orders while continuing to target individuals for deportation.

Geopolitical Engagements

• 🤝 US and Russian officials met in Saudi Arabia to discuss a potential ceasefire in the Black Sea, following earlier talks with Ukrainian teams.
• 🇨🇦 Prime Minister Mark Carney called an election for April 28th amidst trade war tensions and sovereignty concerns raised by President Trump.
• 🇹🇷 Turkey's financial markets experienced turmoil, with selloffs in the lira and equities, following the arrest of President Erdogan's main political rival, Ekrem Imamoglu, on corruption charges.
• 💊 Montana Senator Steve Daines stated that China must halt the flow of fentanyl ingredients into the US before any trade negotiations or discussions on tariffs can occur.

Technological Advancements

• 💡 Ant Group, backed by Jack Ma, announced an AI breakthrough using Chinese-made semiconductors, which could cut AI model training costs by 20%.
• 🚀 This development places Ant Group in a race with US companies, accelerating the development of AI models following DeepMind's demonstration of cost-effective training methods.