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HR on one epic platform. Donald Trump has already changed the way we think about the U.S. economy.

Now he's back in the White House and Bloomberg's Trumponomics

podcast is here to help. I'm Stephanie Flanders, head of government and economics at Bloomberg.

Whatever the big question of the week is, we'll have something interesting to tell you about it

in a lively conversation with the reporters and analysts closest to the action.

Listen to new episodes every Wednesday

and follow Trumponomics on Apple Podcasts, Spotify, or wherever you listen.

Bloomberg Audio Studios.

Podcasts, Radio, News.

This is the Bloomberg Surveillance Podcast.

I'm Jonathan Ferro, along with Lisa Abramwitz and Anne-Marie Hordern.

Join us each day for insight from the best in markets, economics and geopolitics.

From our global headquarters in New York City, we are live on Bloomberg Television

weekday mornings from 6 to 9 a.m. Eastern. Subscribe to the podcast on Apple, Spotify or

anywhere else you listen. And as always, on the Bloomberg Terminal and the Bloomberg Business

app. We begin this out with stocks lower, much lower. Global equity slammed as investor worries

over China-AI startup Deepseek lead to questions about US tech leadership and valuations.

Victoria Fernandez of Crossmarked global investments with this to say.

We expect high levels of volatility as markets try to find a broader footing than the highly concentrated environment of just a handful of tech names.

There appears to be little room for error as we enter the new year with elevated sentiment

...