her life. that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ ♪ good tuesday morning. let's get straight into the headlines at this hour. first today, european equities opened higher after a session state side, the dow hitting a fresh record high, but tech stocks weigh on the nasdaq and s&p 500. former fed official robert kaplan says powell's next move comes down to the nft data. >> if that job report is weak, they'll go 50. if it is stronger than people are expecting, which is a

possibility, then i think they will go 25. plus, the changing of the guard at apple. the cfo hands over to kevin perez as the tech giant focuses on succession planning while announcing its next iphone event on september 9th. also today, the world's largest bhp beats the street and double it down on copper. the ceo mike henry telling cnbc chinese government support could be a boon for steal. >> we expect we could see a turn around for the property sector in the year ahead. in terms of the overall impact on steel, we should keep in mind steel is still running and we're calling for over a billion tons of steel production in the year ahead. china hits out at canada's decision to hike tariffs on evs, saying it will undermine the global economic system after prime minister justin trudeau becomes the latest leader of accusing china of not playing fair on green tech.

>> actors like china have chosen to give themselves an unfair advantage in the marketplace, compromising our critical industries and displacing canadian autos and metal workers. great to have your company this tuesday morning. welcome into the program as we get you set up for the u.s. trading day ahead and get you across the latest in europe. let's begin with how we saw markets close out the day on wall street. we saw the dow hitting a fresh intraday and record closing high on monday, but are sliding tech stocks pressuring the s&p 500 and nasdaq? investors seem caught between optimism and uncertainty surrounding key events for nvidia. analysts have head a disappointing read could hit market sentiment, so watch that space. i have to flag for you the owner of temu falling by a record.

it was the biggest one-day share price tumble since 2018, impacting sentiment and direction state side. of course, traders looking out for inflation data for clues for the path to come. the dow ekes out a modest gain, again, a record here better by 65 points. a live look at treasuries right now as well. bond yields under pressure from expectations that the fed will cut interest rates soon. trade is now pricing in about 100 basis points total of easing this year, and as a result we've seen the curve shifting on the expectations. right now the ten-year at 3.82%. here is a look at u.s. equity futures heading into the resumption of wall street trade. the dow up 40 points, nasdaq by 33 and the 500 up by 6. meanwhile, the san francisco fed president mary daly says she believes it is time to cut

rates. in an interview with bloomberg, daly said the fed has been ready to adjust for several months but, quote, the time to adjust policy is upon us. when asked about the size of the september move, daly suggested a 25 basis point cut would be appropriate if future data comes in as expected, but if the fed sees signs of labor market weakness it would be appropriate to move more aggressively. expecting 28.5% chance of it happening is expected, versus a roughly 35% probability after powell's speech at jackson hole. markets have priced in about 100 basis point of easing by the end of the year as i mentioned. we have, of course, been speaking to top economists about the central bank's next move. listen in. the view in the marketplace is this is a single-mandate fed, the only thing the fed is worried about is higher unemployment.

that's why you have had this very aggressive of cuts evaluated. if that occurs it is because something went wrong in the economy. >> if that job report is weak, they'll go 50. if it is stronger than people are expecting, which is a possibility, then i think they will go 25 and they will do that in order to move more deliberately and be able to control the pace. >> our assumption is that the august employment report will look better than the july report. maybe some of those temporary lay-offs in july come back so that the unemployment rate comes down and job growth we think is trending closer to 150 than the 114 we saw last month. if that's right, then i feel pretty confident that the fmoc will go ahead with the 25 basis point cut. they're not thinking in terms of 50 just yet. if i'm wrong and the august employment report is worse than we think, then i think a 50 basis point cut would be likely. >> so all eyes are, of course, on the data, but whether or not

it is 50 or 25 you really do get the sense that equities globally are being very well supported by expectations that we will see the u.s. federal reserve cutting rates in september. here in europe we are seeing market momentum continue to trend to the upside. stock 600 now better by .3 percent at 519. here is a market break down for you as well and it is firmly green on screen across the continent today with the exception of the smi, which is just trading on the flat light. the footsie coming back to life after the bank holiday yesterday, better by .7%. germany rising all .3%. that is even after we saw the gdp data coming in at 0.1% in the second quarter. so more growth in germany, perhaps adding to the bear case, but markets putting that to one side. the spanish ibx .4% stronger. breaking it down in terms of sectors, you can see here it is

actually the minors that have been giving a boost across the region today. copper prices at their highest level in six weeks due to optimism over potential u.s. interest rate cut, and we have seen some momentum out of the oil industry but you get the industry is up. retail is down 0.24%. we have to mention what is happening in the fx landscape after we saw the dollar index hit a 15-month low on monday. sterling trading at 1.32. the dollar kbrun falling around the 145 level, and you can see the aussie dollar buying 67 u.s. cents. here is the head of economics and cross strategy. welcome to the program. great to have you today.

walk me through overall market sentiment. i flagged we are seeing optimism about a rate cut hitting global markets and showing green on screen but is it sustainable and where to from here? >> good morning, dan. thank you for having me and the company. look, as you summarized very well, you know, the situation right now at this point is very difficulty guess for investors because you only have flats to take. bonds have done very well this summer. equities have recovered and back to their highs in the u.s. so you sigh it is now a leap of faith either way. i guess, you know, what your presenters or you are saying about the labor market in the u.s. as a major driver to what is coming next i think is a fair assessment in our view. you have to take a bet now about where the u.s. economy is heading and that will dictate

the pace of rate cuts, you know. but as it was said, i truly think that the more rate cuts you get, the likelihood that this is coming with negative data and hence weakening earnings momentum is a high likelihood, you know. so it is difficulty think to be too optimistic, and at the end of the day the focus of the market has been on the rate cuts, but look at what has been driving the markets for the last 18 months. it has been technology. so the market couldn't care less about interest rates, it went up anyway with big tech. so what is going to happen this week with nvidia is critical. >> absolutely. so what do you expect to happen with nvidia, given current valuations in the technology space, and how do you want to be positioned broadly as we see this new easing cycle starting next month? >> so first on nvidia, look, i think we've had tremendous volatility in the stock over the recent month, telling you how -- you know, how risky the stock

is, you know. indeed, this is a $3 trillion company and going 150% this year. so you have a train of people owning stock and possibly pressing the sell button if the numbers are disappointing. what i think is over the last 18 months, quarter after quarter, although the company has been doing extremely well, you see that the consensus adjustments have been smaller and smaller. so the risk is really that you have in-line numbers, and if you do i think that would be a very bad signal for the share price and for the whole technology segments. so now to your question about positioning, well, so far, you know, what we have been locating is to be cautious into the u.s. election. we have a very different possible outcome, and one is of negative with the tax hike. that's the harris scenario with

the congress. another one is pretty uncertain, but i would say a trump scenario is perceived by the markets as a positive one for equities. it is true that there is one thing to own if trump wins, that's u.s. equities. so with that in mind, you know, the world is positioned massively into u.s. stocks, and that's an uncertainty then. so you want to be caution into that event, that's what we're advocating. so more into emerging markets, with neutral europe stocks, underweight u.s. stocks and still overweight on fixed income. >> i thought it was fascinating looking over some of your latest research. you are pinpointing certain areas of the market that could ultimately be impacted by the sentiment shift we are witnessing when it comes to the possibilities on the u.s. election outcome. you say the small caps, usd and equity sectors like autos, bank and tech facing a critical test

in the coming weeks. can you expand on that? >> yes. so what we've9 noticed is that the days when it is suggested that the probability for trump will increase you see small mid cap, autos and financials particularly in the u.s. do extremely well and outperform the market. so it seems pretty clear that, you know, for investors a trump win would favor those kind of companies. again, it makes sense because if trump goes ahead with the very protectionist agenda you want to be invested in the u.s., you would be better off invested in the u.s. than anywhere else. i don't know if it would be good for the whole world, but better protected invested in the u.s. if harris wins on the other hand, she has a more global agenda and probably less interventionist as we've seen with biden. so probably this would favor the rest of the world.

you know, the fed would probably be able to cut interest rates more if harris wins, and if she increases corporate tax rate for u.s. companies, of course, this is a one-off -- straight one-off big negative impact on u.s. companies. >> talk to me about the translation into europe. across these markets you want to stay a little more defensive. why? >> well, because, you know, we have been at issue -- cautious, you know, in the u.s. economy you see weakening labor markets. so far this weakening labor market is having very little impact on the consumer and the economy. the interest rates, you know, are pressuring part of the economy that is very interest rate sensitive. overall what we've been saying is your risk to get negative surprises on a lot of cyclical

companies, even the good companies that i've been enjoying the last two years i would say that are not too interest rate sensitive because somehow the fall-off inflation is a straight wind to margin companies. so we've been cautious on the hot parts of the markets and advocating the less sexy part of the markets, more bond proxies and defensive companies. the food and beverage the case in point that is very late at this stage in the bond proxies that we've seen this summer. >> speaking of bonds, within portfolios it is time to extend bond duration but avoid high-yield credit. why? >> well, because we are at the stage where essentially it is the monetary policy that is going to drive -- you want your returns on fixed income and credit spreads are already very, very site. so there's no need to chase, you know, high yield, and you will be better off owning investment

grade bonds straightaway basically. >> okay. we will leave it there. appreciate the conversation today. thanks so much. that is head of economics and strategy at kepler cheuvreux. paramount shares falling in premarketplace as the media mogul walks away from his bid to buy the company, paving the way for sky dance media to take control. he was a last minute bidder for paramount during a go-shop window for the media company to explore deals. paramount expects the sky dance deal to close in first half of 2025 pending regulatory approval. meanwhile, apple announced that the cfo will step down from his role on the first of jap january, moving to a reduced position where he will oversee i.t. and development. he will be replaced by kevin prague, an apple insider who

first downed the company in 2013. apple announced it will hold a press event at its headquarters on september 9th where it is expected to announce new iphone and apple watch models. the impact of a.i. features on iphone sales will be closely watched as the tech giant looks to drive a fresh upgrade cycle with sales falling 1% on the year in the third quarter. this will be really, really interesting to watch. of course, apple under pressure here not just to deliver on the new iphone where it has been, at least according to some tech insiders, at least according to the market, perhaps a little bit behind on the a.i. race here. exactly what it is going to announce on that a.i. development trajectory is going to be critical for the market, given the laser focus investors have right now on the tech space and developments in a.i. at the same time it is also likely that the transition in the cfo office is unlikely to be

material, at least mid to long term, but the question is will it market a shift in strategy in the upper echelons of apple? that, of course, remains to be seen. coming up on the show, france's arrest of telegram ceo prompts accusations from russia. we will bring you the latest on the other side of this. stay with us. we are back in two minutes. to duckduckgo on all your devie

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♪ ♪ welcome back. industrial profit growth in china picked up pace in july, up 4.1% on the year, boosted by high-tech manufacturing which grew nearly 13%. the data comes as a boost to authorities with sluggish domestic demand still weighing on the world's second largest economy as it struggles to regain ground after the pandemic. quantum strategy president david roach spoke to cnbc about the chinese economic growth outlook and what he called a lack of action to address structural failings. >> presence domestically and the problem is they are missing the one thing which you can really never measure in economics and that is confidence.

the good burgers are not buying flats. they're not buying things in a greater amount. we've seen rather disappointing even internet sales. so essentially china is going -- has to completely go through a restructuring of its economy and it is not doing it because it would politically be necessary to acknowledge that the past has been a series of huge mistakes. none of the politics worked. >> meanwhile, shares of chinese e-commerce saw their biggest one-day drop since 2018, wiping nearly $55 billion off its market cap. the firm which operates the temu missed expectations. kate rooney has the story. >> pvd today losing nearly a third of its value and it is not a small company market cap, well

over $100 billion but dropping today, of course. it is a giant player in chinese e-commerce and it owns the temu app which has become popular here in america and i know around the world. today it is hitting the stock, worries over slowing growth and lower profitability as well. the ceo saying on the air and called the competition is, quote, here to stay and is expected to intensify in our industry. also says that the company is in investment mode. investing in trust and safety and then improving the merchant ecosystem and, quote, we are prepared to accept short-term sacrifices and potential declines in profitability, not something investors love hearing. you can see it reflected in the shares today. it is only the latest chinese e-commerce company hit by a change in consumer and behavior. alibaba also reporting disappointing results, those shares lower. back to you. here is a look at other

chinese e-commerce names, with allie baub awe down and jd.com losing. moving on, pavel durov, ceo of telegram was arrested. the move prompted outrage by some and speculation by many as details are thin on the ground. first, in a statement released monday the paris prosecutor said durov can be held until wednesday as part of a broader investigation into an unnamed person on charges of complicity from crimes from organized fraud to distributing child pornography. telegram said it is absurd to claim a platform or its owner are responsible for abuse of the platform. x owner elon musk and whistleblower snowden criticized the decision. also, it was alleged this

morning that washington stands behind durov's arrest after a french paper shared a photo reportedly from a russian military photo with a missile 'em blazoned with for durov. emmanuel took to x to call out false information concerning the arrest saying it is up to the judiciary and independents to enforce the law. a postdoctoral researcher at the university of zurich told cnbc the arrest is unprecedented. >> we have seen before only founders, ceos, owners of platforms explicitly made for organized crime being arrested. so like we can think the silk road case for example or other darkness marketplaces. we have not seen owners of popular communication platforms, as you said, telegram has almost

a billion users worldwide that are made first and foremost for communication even though, of course, the platform is also used for criminal activities. we have not seen such arrests in the past, so it is something really new and i think it is something new in terms of the platform governance and in terms of how the governments can put pressure on the platforms to moderate their content, to cooperate with the governments and so on. >> meanwhile, uni lever is reportedly putting two up for sale. sky news reports the consumer goods giant hired advisers to explore the sale of kate summerville and rand, both of which were acquired in 2015. they told cnbc, we do not make comment on market speculation or rumors. airline stocks are taking off in early tray on bullish

commentary from michael o'leary who says he no longer sees a risk of double percentage falls in fares this summer amid a leveling out in sector weakness. bundle has hiked guidance for the year saying it expects -- a jump of 7%. the board says it now expects to announce a share buy back of around 200 million pounds in its preliminary full-year reports. uk shop prices fell on an annualized basis in august first time since 2021. the figures show a 1.5 annual decline in the price of nonfood goods, the largest decline in over three years. bmw and toyota are reportedly set to upgrade their fuel cell alliance according to a nikkei asia report which says the two automakers will sign a

memorandum of understanding for the partnership next week. a toyota spokesperson said nikkei's report was not based on its announcement. up next on the program, bhb topping analysts forecasts following the failed angelo bid. we will bring that up next. we will live you with a live look at oil. stay with us. we are back in two minutes. what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com. you didn't start a business just to keep the lights on. you're here to sell more today than yesterday. you're here to win. lucky for you, shopify built the best converting checkout on the

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welcome back to the program. dan murphy with you. let's recap the top stories. european equities opened higher after a split session state side, the dow hitting a fresh record, but tech stocks weigh on the nasdaq and s&p 500. former fed official robert kaplan says powell's next move comes down to the data. >> if that job report is weak, they will go 50. if it is stronger than people are expecting, which is a possibility, then i think they will go 25. also a changing of the guard at apple. the cfo hands over to kevin

perez as the second giant focuses on succession planning while announcing the next iphone event on september 9th. paramount slumped premarket as the media mogul walks away from his bid to buy the company, leaving sky dance uncontested in the takeover battle. and the world's largest miner hitting the streets and doubling down on copper after the failed bid for angelo american. chinese government support also could be a boon for steel. >> we expect we could see a turn around for the property sector in the year ahead. in terms of the overall impact on steel, we should keep in mind steel is still running and we are calling for over a billion tons of steel production in the year ahead. ♪ ♪ welcome back to the program. we want to bring you live pictures coming into the newsroom from beijing where we are seeing a really critical

meeting now underway between sullivan and wang ye. it has been fascinating. we have seen the ft lifting a lid on this really interesting u.s.-china back channel involving the two top diplomats. it involved secret meetings in hotels in vienna, malta and beyond. what we want to know is after this, where does the u.s.-china relationship stand today. of course, given strategic tensions, talking about issues like taiwan, for example, on top of the list, issues in the south china sea, china's ties to russia, u.s. export controls. the list goes on. what can we realistically expect the biden administration to achieve from jake sullivan's visit to beijing, and for sullivan himself, also quite a critical trip as well as we look at the progress and the shift in sentiment on the u.s. elections state side as well. how is china weighing a trump

versus harris presidency? these are all issues that we hope to probe with our guests later on in the program as well. so we'll continue to follow the headlines. we'll monitor these live pictures coming in from beijing. it does appear that wang yi is speaking there. we will work to get a translation as soon as possible. in the meantime, let's bring you across what is moving in the markets. it is going on screen in europe, london coming back to life after the bank holiday yesterday, rising more than half of 1% now, better by almost 50 points. a really strong gain coming through. the paris also .4% stronger alongside germany, up by.33. the underperformer is in switzerland with the smi swinging between gains and losses there. also, we will be continuing to look at what is happening in the 4x market as well. with regards to what we're seeing here, of course, it is not just the equity space that's been capturing a lot of attention. dollar-yen also moving down

today, 145 is the level. so we are seeing a .36% move on the dollar/yen. the ought ee dollar interesting to watch given the gain in gold and copper, the commodity-linked currency. euro/dollar stalling at 1.32. critical week ahead. we saw the dow hit a fresh intraday and closing market high on monday. that slide in tech stocks pressuring the s&p srp and the nasdaq. all eyes on what nvidia reports later on in the week. it is the bellwether for tech and a.i. and analysts said a disappointing read could hit market sentiment. the nasdaq is up by 50 points. looking at what is happening with oil as well, nwti posted the biggest daily gain in two weeks in monday trade amid continued fears of conflict in

the middle east and the shutdown of key libyan oil fields as well. prices are pulling back today as investors reassess the outlook for oil markets with goldman sachs actually reducing its price range by $5 a barrel, now sitting between $70 and $85, citing upside surprises to inventories. right now brent at 81.21 a barrel, down by .22%. wti down by .43 as well. the energy firm said lower production costs help to off side the impact of weaker prices. woodside announcing down 80 cents per share in previous years. the ceo meg o'neil told cnbc she was satisfied with performance in the underlying buses. >> what pleases me is the

strength of the base business. very strong l & g reliability, 90% reliability at on our operated plants. fantastic work by the team to control production costs, so unit production costs are down first half versus first half last year. again, really impressive in an inflationary environment. project delivery has been the highlight. we reported first oil at our project offshore senegal in june, and in july we hit full production rate, 400 barrels a day. pleased with the strength of the business. >> bhp shares are higher after the biggest underlying came in. however it was related to the write down of the nickel operations. it will focus on growing the copper business after it walked away from its $49 billion bid to buy rival angelo america earlier

this year. the ceo said he was optimistic the company could overcome external market volatility. >> the underlying business operationally is running really well. we had a number of production costs across the business, both in iron ore and copper. second year running with record production with iron ore, and we are up only 3% where inflation is running 4% externally. importantly, we stretched our lead in that business. so underlying business going well. externally of course is a bit of market volatility out there, specifically in respect to china, steel demand under a bit of pressure from the property sector but other sectors performing well. and our business is continuing to run well and certainly set up to be able to deal with the external volatility. >> this was interesting as well. henry also outlined his

expectations for china in particular, the country's property sector. >> we're seeing uneven growth. and i know that the property sector because of its impact on steel and iron ore gets a lot of focus, at least in respect of our sector, but it only makes up about 20% of steel demand. there are a lot of other sectors in china that contribute to steel demands and that are growing healthy including automobiles and shipping and so on. the weak point is property where we have seen sales and new starts running at levels substantially below where they were historically. having said that, the government has enacted policies recently meant to support the property sector, and that includes a government program to acquire some of the excess inventory and, secondly, relaxation of some of the constraints on purchasing in china. so we expect we could see a turnaround in the property sector in the year ahead. with analysis we turn to rob stein, head of resources at

mcquarry group, joining me live. how is the chp performing through the cycle? >> bhp active t1 in nature, so we've got a way of business beyond business in western australian which as i said lowest cost and to its advantage. really can weather volatility better than most and i think we are seeing that over the last few weeks with iron ore processes declining, it is outperforming. but when we look at its other businesses it has, its coal business in queensland, its copper business in chile and scattered around the world, these are low-cost businesses, large, they're expandable. they all have the embedded optionality that can ride through the cycle and come out the other side well. >> rob, looking at the numbers it is iron ore that dominates the earning contribution but we are seeing bhp getting more and more vocal about the pivot to copper because of the macros we

see within that sector and within that space, particularly after its failed angelo bid as well. does it add to the investment case in your view? >> it does. so copper is one of those commodities, it is a bit of a dilemma. so on one hand it is attractive, it is hard to get really good projects, but then the company is trying to invest in it they also fails those headwinds. so really it is how a company looks to add value through a cycle which is important. we saw the bid for angelo which got pushed back by the management team. so really what their focus is on the organic pipeline that he they have. they have announced pretty growth targets which has strained the copper business which expanded through the old transaction recently. certainly expense is important there. you would have seen recently the transaction that's currently underway with moon beam, another

potential t1 it is looking to invest in. bhp is taking the time and effort to invest in copper as are its rivals. really what has happened over the future is how well they can unlock the copper assets for the load intensity. >> indeed. that's the challenge moving forward. rob, also on the macros here, of course, the u.s. dollar tracking around a 13-month low. that's been really supportive of things like gold for example, but also you could probably add copper to the list as well. so what is the commodity pricing outlook from here and do you see any key risks on the horizon that commodity investors might need to be aware of. >> i think the key risk everyone is sort of looking towards as mike henry outlined in china property, and you could say it is a scene air ye where a poor chinese break out could make way for stimulus which would be

bullish to commodities. similarly, with protectionist policies coming out of the u.s. and how it plays with trade relations with china also will be very important. i think investors over the past year have sought gold as a safe haven, and gold equities certainly have outperformed in that environment. but similarly copper, which has sold off on a little bit of over supply and demand worries is well placed over the next few years. notwithstanding there is a bit of a supply break coming, but if you can look through that it is a commodity we have been a deficit looking at toward the end of the decade and that's what the big money companies are looking at when they make investment decisions. >> let me probe you on the china growth as well. mike henry saying it is a weak .4 steel demand. are you as concerned as him or as optimistic as he also sounds about how the government is responding to that challenge? what do you see as the key risk, the key headline there when it comes to the china growth story

moving forward? >> so i think things never as bad or as good as they seem when it comes to chinese steel. we're sitting currently over a billion tons of steel consumption. i think it is fairly static looking forward, and really the case that is happening in the iron ore sector per se is the supply coming out of west africa and also by the resources. i think that is the biggest risk for bhp, rare intake, skewing it going forward is the supply growth outlook. will we see the growth numbers out of the steel industry like we experienced over the last ten years? i doubt it. china is reaching maturity but it doesn't mean that the cash generated from the iron ore businesses being funneled into other growth projects like the copper projects bhp has outlined today but similarly also the project it that others outlined, they would be the way these companies look to grow into the

future. but that's the key opportunity. >> look, rob, can i also get your reaction to what the chinese said this morning regarding the canadian policy response? china is saying canada has moved to impose tariffs on imports of steel and aluminum products, and i quote here, will disrupt the stability of global industrial and supply chains. do you have a view on what it means for the sector? >> not at this stage. what i would say creating protectionism is a theme we have to get used to over the coming year. what that means is that the supply chains will be disrupted and commodity pricing will increase. the companies that will do the best will be the ones with the lowest cost assets, highest quality assets, and they will realize the benefits from the disrupted supply chains as commodity flow tightens. >> thank you for joining today. appreciate you coming on to talk about the latest for the company and sector. rob stein head of resources at

macquarie group. next up, jake sullivan meeting with china's foreign minister right now as he kicks off a key visit to the country. we will tell you more of what to expect on th e

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welcome back. french president emmanuel macron says he will not name a prime minister from the left wing coalition that secured the most votes in the country's snap election. in a statement, it was said that discussions on monday and friday had been, quote, fair, sincere and useful but hadn't been able to deliver a solution with more talks due today. macron alleges the new popular front coalition wouldn't be able to govern effectively and would immediately face a vote of no confidence. meanwhile, canada announced it will impose a 100% tariff on chinese electric vehicles following the lead of the united states and the eu. prime minister justin trudeau announced a 25% tariff on steel and aluminum imported from china. shares in tesla closed down more than 3% with the canadian government concerning that the

duties will apply to all evs exported from china including tesla's. the canadian prime minister also said the measure is aimed to tackle china's unfair advantage in the global marketplace. >> we are transforming canada's automotive sector to be a global leader in building the vehicles of tomorrow, but actors like china have chosen to give themselves an unfair advantage in the global marketplace, compromising the security of our critical industries and displacing dedicated canadian autos and metal workers. >> china has, of course, hit out against canada's move to impose tariffs on the imports of chinese-made electric vehicles as well as steel and aluminum products. a commerce industry spokesperson said the measures will disrupt supply chains and seriously china-canada trade relations. meanwhile u.s. national

security adviser jake sullivan met with wang yi after landing in beijing. sullivan said the two will talk about areas of agreement and disagreement and that biden has been clear on his desire to manage the two nations' relationship responsibly. speaking in beijing, sullivan said the u.s.i

where does harris stand, where does trump stand on this relationship moving forward? is it along those lines? >> absolutely. i am often asked, what is coming next, and, you know, i'm not clairvoyant but there are ways of taking past precedent say from biden's administration with harris as vice president or the trump administration, saying, look, the last trump administration looked a lot at protectionist actions so they might use these regulations, these laws that are already

existing to make these changes to reduce the import of steel into mexico for use in cars allowed under nafta. there are these kind of adjustments that could be made. harris on the other hand high school been focused on keeping critical technology in the united states, limiting exports, limiting chinese investment and protecting that for the united states. that's likely to continue in a harris administration. >> really fascinating insights. we are out of time. i have to leave it there. thank you for coming today. that is reed whitten, the managing partner of sheppard mullin. stay with us on cnbc. i'm dan murphy here in london. stay with us.

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it is 5:00 a.m. at cnbc headquarters. 23 and counting futures are higher since the first record close in july and the 23rd this year. but the rotation out of tech gaining traction why our jim crammer said this move is just getting started. just weeks ahead of the next iphone release, apple is making moves at the top, replacing