♪ critics coming up on "bloomberg best", the stories that shaped the week in business around the world. ceos turn on president trump who lashes back. >> their leaving out of embarrassment. >> anger and frustration in an alliance that there is an agenda. >> ceos will be reluctant to get too close to trump because who knows when the next outburst will be. >> if this was not enough to get you to withdraw, what would be? >> their romance with big business is done. >> trade issues moved to the front as tracks -- as talks commence. >> investors spend hours figuring out attention bank best

potential bank best -- >> basically there is a consensus within the fed which said if we see any sign that things are going back to normal or tight -- >> germany both and china's growth, and a risk of nuclear war, the week's best conversations. >> they do not want to have the grand coalition it is not good for democracy. >> we have to wait for the chinese to implore the world -- >> that is not the biggest risk out there. >> plus, the earnings drumbeat takes a pounding. >> look at the big picture, this was a good report for walmart. >> what they are now doing better is monetizing the user base. >> that is one word takeaway, affirmation. >> that is all straight ahead on "bloomberg best". >>♪ ♪

>> hello and welcome, i'm anna edwards and this is the work best, your weekly review of the most important business news, analysis and interviews from bloomberg television around the world. the week began in an atmosphere of turmoil following days of heated rhetoric over north korea's nuclear ambitions and violent protest in the weekend. monday on with positive economic data from japan. japan's gdp expanded at its fastest pace in two years and the second quarter expanding -- extending this prolonged rid of expansion, especially in our around dustin all-around positive trend? probablytely, this is a very decisive confirmation of final for long-lasting transition away from relying solely on external demand and really a transition that i think is hopefully more sustainable to

domestic demand. i think a lot of people forget that domestic demand makeover two thirds of japanese gdp. it is super critical that this larger part of the economy starts to gain traction and we're seeing evidence that it finally is. >> it was a shakeup from washington and wall street this morning. merck ceo resigning from sayingnt trump council -- american leaders must honor our fundamental values by rejecting expressions of hatred, pegida them and white supremacy which counter our ideals. president trump fired back on twitter saying that now that kenneth frazier has resigned from the president's manufacturing council he will have more time to lower ripoff drug prices. >> president trump has come under increasing criticism over the way he has handled the protest in charlottesville. we are now hearing that the ceo of under armour kevin plank is in fact leaving that counsel. >> within the last 30 minutes or

so the intel ceo has become the latest ceo to abandon the latest counsel. we're talking about brian krzanixh who says he is quitting because it is divided. >> another business leader resigning from trump's manufacturing counsel. the president for the alliance of american manufacturing, which makes it all the more interesting. he treated, i am resigning from the initiative because it is the right wing to do -- the right thing to do. president trump responded, for every ceo who dressed out i have many to take their place -- who dropped out, i have many to take their place. >> these ceos are looking at the headline risk associated with doing business with president trump and they have arrived at the conclusion that it is better for business not to be on these councils. >> some of the folks that will leave, they are leaving out of

embarrassment because of they make their products outside, and i have been lecturing them about being. it back to this country that is what i want. i want to manufacturing back in the united states, so that american workers can benefit. >> president donald trump saying, he is disbanding two advisory groups of american :usiness leaders tweeting rather than putting pressure on these people, i am ending them both. thank you all. afternnouncement comes several ceos quit from the manufacturing counsel following blowback over his remarks over violence in virginia. >> donald trump is not unfamiliar with divorce, just divorced big business today. at least he did not have to do it in a courtroom. for administration that heralded its relationship with business, at its beginning, it is quite striking how he is basically saying, it is over, that the romance with big business is

done. >> i think the biggest damage to him, i would put it under the category of credibility. he set up these councils saying that he wanted to hear from them and then made it impossible for them to stay on an associate themselves with some of the comic he has made particularly at the press conference yesterday. i think people will be reluctant to get too close to trump because who knows when the next outburst could be? does not wantrump a fresh coat of paint on the american free trade agreement, he was to strip the house down to its studs. that was the main takeaway on the first day of talks with mexico and canada to revive the 23-year-old nafta agreement. >> i want to be clear that he is not interested in a near tweaking of provisions and a couple of updated chapters. >> the united states came out swinging and canada and new mexico took a different approach to read set the scene for us there, in terms of the approach? >> i don't think anyone is

surprised in terms of the bluster and the rhetoric, i think it was anticipated going into the meeting. the question really is, what is the valley of leicester in washington today, -- the value of bluster in washington today, and certainly on the canadian side and must possibly on the mexican side, that cooler heads will prevail, that is the view in the talks themselves. there is plenty of rhetoric but there is still a lot of optimism that things can get done. >> moments ago we got the minutes from the feds july meeting, and among the takeaways, september is in place for a balance sheet announcement but no timetable was mentioned. most officials are expecting inflation to pick up in the next couple of years and stabilize around 2%. staythought that it may below that level for a longer time than anticipated. some officials see the scope for rate height delays leading to

inflation overshoot. >> one thing that caught my eye in the minutes when they said they would get back to 2% in the course of years, i checked the previous minutes and they have not used to that length of time in the past. i think basically there is a consensus within the fed that if things start to go back to normal, they will hike. it doesn't mean we have to get back to 2% but we start -- it will be enough to tell us that this is the effect. of the day, the terror attack in barcelona where police are putting 13 people dead and over 100 injured after a van rammed into a side work in ramblasna's iconic las area, slamming into pedestrians. >> similar to what happened last year in france. kmh,ke speed, about 80 plowing into the crowds.

the driver jumped out and run away and he is to let large. the s&p 500 second worst drop of the year, not only barcelona but rumors that gary cohn will be resigning as president trump top advisor. attack thater the killed at least 13 people in barcelona, spanish police say they have killed the perpetrators during a terror raid in cambrils a coastal town some 120 kilometers away. for tourists are dead and one presume injured. >> we saw a quick reaction by spanish authorities. but, there is a larger question here, and that is, are we creating a hostile environment for the ideology of groups like isis? the reaction while on the law enforcement side, and by police has been quick, but there has been a slower reaction in our ability to stop recruitment from happening. that is where we must turn our

attention. white house chief strategist steve bannon is out! quote, white house chief of staff john kelly and steve button have -- steve bannon have agreed today to be his last day. we are grateful for his service and we wish him the best writ what is the aftermath? >> it is a huge win for john kelly, the new chief of staff. everyone was watching to see if this four-star marine general would actually impose some order on the white house. for kelly to be able to ease steve bannon aside, i think people will view it as a sign of a chance of more stability inside the white house. >> in terms of actually changing think we tend to overstate what this means for donald trump and his policymaking. he things like steve bannon, the echo each other, and -- they echo each other and as long as

steve bannon has access to a telephone they will talk all the time. and i think ultimately this probably will not have a lot of effect on the lessee making aself, i think it signals greater discipline on the part of the chief of staff that he has been able to impose on this white house. but he has not shown an ability to do that with the president himself and that is the key thing. >> still ahead, much more on the strange relationship between donald trump and the business community. with frank opinions from larry summers. exclusive reports from china, on walmart, cisco and others. up next, more of the weeks top business headlines. shoppers can get just about anything they want on amazon and now in texas, they can get more. are able to get it at the 4% range, you can deduct that and it is compelling on the capital standpoint.

>> this is bloomberg. ♪

♪ and: this is bloomberg best, i am anna edwards you read let's continue our global tour of the world's top stories with the president's order in washington that could have serious on -- serious repercussions in beijing. >> at this hour president trump is set to take on china. he signed a memo directing the u.s. trade representative to consider launching a formal investigation into china's a legend theft of intellectual property. >> we will safeguard the copyrights, patents trademarks trade secrets and other intellectual property that is so vital to our security and to our prosperity. >> we are still a long way from the trade war that we thought we would have at the start of the

year, this seems like another play in a wider geopolitical issue that is going on around north korea. president trump is using trained as a stick with china and in fact he has said as much. there is a significant source of grievance here among companies not just american but around the world but nonetheless, we're still a long way from the trade war that donald trump promised at the start of the year. >> the united kingdom government published the first in a series of papers aimed at smoothing its divorce from the eu. the uk's request for an interim union being met by some resistance as the eu said -- friction less trade is impossible. >> the future relationship between the united kingdom and the eu, there is a streamlined system where requirements on exporters and importers are kept

at smooth and frictionless as possible. the other is for a sort of system where there is a customs ander but in fact exports imports coming into the eu and destined to the united kingdom are treated by the eu according to the united kingdom roles and -- u.k. rules and vice versa. it is not quite clear how that would work in practice it would mean that customs official would have to deal with two different systems for two different regimes. >> seven companies alone have issued more than 108 billion dollars worth of bonds with at&t so far at $23.6 billion. the focus now is on amazon. they have issued $16 billion in debt for paying for his acquisition of whole foods which includes a 40 year security and the yield of 4.5 percentage points at treasury.

as amazon comes to market, these are companies with really strong valuations in the market. i just wonder why they are choosing to come to the debt market is that of raising equity. why is that? >> i think that a lot of these guys historically are very theirs about leaving shareholders because shares are part of their compensation package which helped save cash flow for both of these companies. tesla saving cash flow is important, as well as amazon which has a lot of cash strapped overseas. again, if you're able to find paper in the mid-4% range and the duct that, it is compelling from the capital standpoint. no signs of -- more signs of life for the european economy, gdp increasing overall by 0.6% matching analysts estimates writ what is your key takeaway? been showing aas

broad-based recovery. the breath of the recovery has been quite impressive. but if you break it down, italy was strong, netherlands was very strong germany strong as well. from a growth perspective, that breadth will be something and that isthe ecb something they want to see reflected in inflation, especially wages. we have not seen that yet but i think even the growth dynamic we are seeing, it will give the ecb some encouragement that hopefully they will start to see some higher wages. super sizing is its presence in china, planning to open 2000 and mainland stores over the next five years in a strategic partnership with eight run conglomerates such as carlyle group. 2022 planere is a2 about opening thousands of

stores in five years. why such an ambitious plan? >> to start with, china is a large country and if you look at ,ur competitors, such as yum they already have 5000 kfc stores in china. >> right. >> as you know mcdonald's is the number one brand around the world but in china, in terms of store numbers they are a distant second. we feel there is a lot of room to grow. consideringid to be charging clients $40,000 a year for access to. basic equity research. that is according to people with knowledge of the matter. of new all in the wake rules from the european union that require money managers to separate the trading commissions they pay from investor research fees, what is also known as m ----- >> we are not only talking about

price to read it feels like these banks are testing the waters here, we're five months out of this and some of this information is leaking out, people are testing to see what the market will bear. itwill not really know what will bear until this is really an effect. and until clients really start to see what they are getting for this money. that is why i think you are seeing a bit of a range here. it also feels like some of these banks may be putting out some prices to see of they can gain some market share. this will be a very different competitive landscape for them. >> the ecb brings out there can't of their last meeting. that theyadline is expressed concern over the risk of the euro overshooting. theou wanted a message for fx market, here it is, this is the most explicit reference to the euro yet over the last five months from the ecb, isn't it? >> very much so. moderately strong words,

alluding to it in the press conference. this is a little more explicit and we can see the accounts of the meeting. there is concern generally that financial conditions have heightened a little bit over recent weeks over the run-up to that meeting and that is something that will be waiting on policymakers might as they head towards the september 7 decision when they may or may not, decide what to do with tapering or push that often october -- push that off until october. >> 6%, after the ceo quit as ceo. what do we know? >> this comes as a surprise, sika had been installed to help them make progress to some of the changes in the industry, it has been more challenging for its fear -- years in the industry. he had a dispute with the founders of the company, about a

number of issues including his pay and compensation. the fact that he spends most of his time in hell alto, instead of india. he has been seen as a experienced guiding hand in these troubled times. ♪

♪ anne: welcome back to bloomberg best, i am anna edwards. the disbandment of several white house advisory groups was one of the week's most romantic stories. in an op-ed the former treasury secretary larry summers applauded ceos who chose to resign from the president's council. he went a step further in an interview with bloomberg television's david westin. >> given the moral imperative you see so clearly, let's talk about gary: for a minute, or for

that matter steve mnuchin. that he wasseen very dissatisfied as he stood there next to the president yesterday to read given what you know right now, should gary cohn resign? because frankly if ceos leaving his counsel leaving the president, if he resigned it would have a much more powerful effect? >> if i was working for the president of the united states, who equated those marching for civil rights with white hademacist, some of whom passed connections to the american nazi party, i would resign that day. calculus,is my moral i cannot walk in another man's shoes, i cannot make the judgments of effectiveness, the judgments of ambition, the , thatnts of prudence others have to make so i am not

going to prescribe for gary cohn or any other particular official. what i would say is that i find disturbing but there have been no resignations the politicalrom appointees in this administration. i am someone who was worried about the excesses of identity politics. argued and have some scars to show for the importance of being supportive of the business community in democratic administrations. but there are some places where you have to draw the line. ceos who would ask the

have chosen to remain, and i would ask the officials, in the administrations, not the ones in the national security area who really do have a huge obligation to maintain sanity in our policy, but the political ones, the communications once the legislative ones. i would ask them to ask the question, if this is not enough to get you to withdraw, what would be? is your position that you will stay close to the flame of power? no matter what happens? linewould it take, what would have to be crossed for you to step away? >> coming up, more of these weeks most compelling conversations. if you are uncertain about the german election, this official offers is right. if you are concerned about itnese debt, this one puts

in perspective. and if you're worried about the threat of new clear war, you may be reassured by this one. this is bloomberg. ♪

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♪ meal kit services. >> i think competitions which is casual dining especially at the company like amazon gets into this case -- this game as well? >> the great thing about the it isector, is that something that you are going to do, at least two or three times a day, no matter what and you will do it for the rest of your life, two or three times a day. sometimes five or six times a day! so it is a great time to be in, a great category to be an end because people are so interested in food right now, rather than having the choice i had growing up which was the one to eat at

home, which always went shopping for food in your supermarket and cooking from scratch, today, there are 10,000 ways you could eat at home. it is not just pizza and chinese food delivery, you could get a meal kit where someone shops for you and send it by mail. i know there is a fair number of people who would like to dine that way. i like shopping for food and i like cookbooks but i think it is probably here to stay. >> that was danny meyer, founder and ceo of union square hospitality group discussing the disruption in the dining business, this week with bloomberg television's scarlet fu. now, elections in germany kicked off this week with angela merkel seeking a fourth term. guy johnson spoke with a board member of the opposition party about the core issues that germans will be voting on. about, is this election

what is it that germany is deciding upon? >> i think we have to see that the german situation is very good to read we have the highest numbers of employed people in the history of our country. we have the developing of wealth, we have developing of a great situation in our country and our refugee question is under control. therefore, people think that in this time of disarray in the world, there is a quiet leader like angela merkel, with all of her experience, she would be the right person to lead our country for the next four years. >> is that stability the product of the grand coalition? and therefore would germans be happy to see another grand coalition taking place or is that stability, does it let them bring that liberals back or generate another sort of outcome when it comes to the coalition that could be formed subsequently to this election? >> i think the stability is

combined with mrs. merkel, i think germans do not want to have a grand coalition again, it is not good for democracy. two big parties leading together, i think they would prefer that the coalition of thecrats with the green or liberals or both together, that would be better for all democracy and i think the figures will show that what we do not know the figures about that. it might be a very small margin at the moment. therefore no one can estimate the result. >> there was also plenty of conversation about china this week. we visit three exclusive interviews. was a growthhere outlook for china released and in the report it was warned that the rising debt poses a significant risk. imfthan ferro asked the deputy director about the nation's daunting debt load. >> what is your advice to china at the moment?

byt do they need to get done 2022 to ensure the number is not going to be a huge problem for the stability of their economy? >> we have seen the senior leadership in china come together already and decide and define financial stability and the building risks in the financial sector as a matter of concern of national importance. i think that is the first thing. have also taken the first steps in credit cost to read we have seen a major tightening of financial supervision. the economy is quite strong right now and i think we need to see two things. we need the tightening of financial supervision to be sustained, not just for a few months but for a few years. in the face of a slowdown of course as a result, in the face of some credit event, as a result of the tightening, to keep going despite it becoming more and more difficult is one thing, but the second and more

important thing is that china has defined new sources of growth that can bring the economy back. but in a new way, not from public investment and debt creation but from private sector growth. that is a huge agenda we have outlined in the report, even more access to private investment, domestic and abroad in many domestic areas of the economy which are still state-controlled. >> what is your strategy in asia? how important is asia to everything? >> asia to travel is a big thing. ofhave been in a number countries, singapore, australia, we are ubiquitous red you're probably west -- most well-known in that country. we have been investing in china, chinese travelers are going all around the world and they are the fastest-growing segment and number one spenders in international travel. we are running a big campaign of their as well and groups in singapore and australia, as a result of chinese travelers

easing airbnb, -- using airbnb, there are growing. merging with another company, today has over 450,000 listings and growing. you are a company with more flair than them. >> there was a lot of competition in china, focused on the mystic travel. our focus has been on international travel. we have been marketing airbnb for the weight for the chinese to explore the world and we have over a million homes in 21 countries. none of the local homes and china -- none of that local companies and china have that. we try not to engage in any direct competition. >> a lot of chinese companies have obviously in the last few years, rushed to buy overseas land and assets may be getting around. some of the capital controls that were in place. do you have such ambitions. s.

the want to use that to buy overseas brands? our main focus is on the chinese markets. we have been actively looking for good opportunities over's these but we will only consider mergers and acquisitions in the same sports as business rather than crossing over into irrelevant industries. i believe there will definitely be opportunities for us to make m&a deals in the global market. >> how about growing your own brand overseas? you still trail fila, nike, adidas. fila is more known then anta in china. >> our goal in the next 10 years is to become an international company, through either m&a or introducing our products to the wider market. share in the international market and we think it will be higher than it is at present. >> can you jump over under

armour? >> i believe we do have an opportunity to move up, i am confident. >> concerns about u.s. clement tensions with north korea -- u.s. diplomatic tensions with north korea continue to simmer. our expert on foreign events, sat down with our reporter the expert is the theme--nassim taleb who told him that there are more dangerous things to worry about. >> nuclear is very bad but that is not the greatest risk out there. because nuclear is confined to a region, i do not think will have nuclear war with anyone. bad, thethe shema was worst you can think of is fukushima. -- you comparing risks

would kill vastly more people with a biological agent or by poisoning the water supply than you would with a dirty bomb in new york. the dirty bomb will kill a lot of people of course, and it would be horrible but it would definitely, it would make sure it does not happen but the biggest risk is not the nuclear it is too much on the radar screen. to think that it will harm you, is something that is not on the radar screen. >> so how should people be thinking of kim jong-un and north korea? me, i don't know if he wants to commit suicide or something, i do not spend time on it, it makes life easy for me. [laughter] haven, of course you will but rattling with them desperate work so you do not think we will have nuclear war? >> with china? >> know, with north korea. >> how can you call it war?

let's say you have 1000 woves attacking onewolf, is it war, or would you give it another name? >> because the outcome on one side is very catastrophic? >> exactly, they are very small. one thing, we are very good at that kind of stuff. nuclear war, we know the risks and we are very good at it. it is something where good at, the military is good at that, all as well as russia. how horrible there turns out to be is fighting malicious, terrorists to read that, we are not good at. >♪

♪ anna: you're watching

bloomberg best to rid retailers shared the spotlight for a busy week of corporate earnings reports. we begin with results from walmart. >> walmart gives a lukewarm forecast for the third quarter but the largest retailer -- the world's largest retailer is trying to outspend amazon and it is taking its toll. it posted its best resales growth in 10 years, and their accounts for more than half of its revenue. >> is not quite as strong as investors were hoping for but i think if we zoom out and look at the picture it is a good report for walmart. they have been on this study and a-- study streak great growth in e-commerce. it is mainly charged by two things. strategic acquisitions such as bonobos,jet and that is added to the total pie. but they have also extended their own assortment online.

they have 67 million places where they are offering shoppers more product and that is being off too? >> target boosting its forecast for the rest of the year after second order sales topped estimates. retailersbig-box improving retail. >> they have really enhanced their margins, focusing very much on apparel and home categories. baby and kid areas as well as upgraded the brands, their house brands in particular. that has all been helping to drive more sales and in the same time they have done a good job with their mobile site, with their e-commerce desktop site and that has helped to drive sales as well. prices have come down a little bit and the are trying to stabilize on that level. generally, they had a good quarter and the consumer is looking for some value and they are now finding it at target. >> shares of dates sporting

goods fell more than 80 -- 18% this morning after the company cuts its four-year forecasts. there are expecting low single-digit sales for the year in store. >> you saw this stock down almost 20%, near the lows of the session. said, there for your forecast earning has been cut versus earlier estimates of $375 a share. that same-store guidance of single digits that one to 3% growth is also having some impact on its suppliers if you well. under armour gets almost 10% of its revenue from dix, and nike gets about 3%. sees the sales falter, it's playing into their shares. chinaech company from

reporting monster growth. 19 --supporting by its 960 million users. they also have sales from online games that jumped 39%. what do you pull from the report? >> if you look at that we chat numbers, 963 million, they also have another social media platform with more than one billion users and what they are doing better is monetizing that qiuqiuse inwechat and to drive mobile gaming and creating an ecosystem for that. we saw mobile gaming revenue surpassed that for desktop gaming and that has always been there juggernaut, mobile gaming. they added services and mobile gaming makes up about 71% of $.10 revenue. now -- tencent's revenue.

they are growing. . alibaba shares are on the rise today after e-commerce giant topped earnings and sales estimate. china's largest online marketplace had revenue growth of 66% in the last quarter helped by improvement in at -- advertising algorithms. >> one takeaway is affirmation. we have been noting accelerating trends in there and alibaba's position is very strong as you noted. they have been seeing some very notable modernization improvement combined with good volume growth and a high-margin business model, the product is the result of what we saw today . m> online shopping mall jd.co posting a wider quarterly loss after raising running to drive sales. a shortfall of $74 million is almost twice that of a year ago

despite a 44% jump in sales. they are spending so much in marketing, what is behind this? >>jd usually wraps up spending in the fourth or fifth court -- third or fourth quarters when it has sales promotion days. the june quarter is what they promotion, and the underlying reason for this ending is to attract traffic in asers because it is pitched battle with alibaba for chinese online shoppers. as long as it can maintain its online growth, if i remember it longin at 40-40 5%, as it as it can sustain that growth momentum, i think investors are not too much worried about the pace of ending. >> cisco announced its earnings after the bell yesterday after it narrowly beat earnings estimates. nevertheless, the stock turned down. this may be because of the major

turnaround in the networking that cisco has undertaken, moving from hardware to software. are theany's machines backbone of the internet and revenue might fall as much as 3%. is it being successful in the turnaround and why isn't the market recognizing it? >> we said we would begin to move our business model into the software model and we have made unbelievable progress. this past quarter, 31% of our revenues were from recurring, up four points from the last year. we have a software-deferred revenue, growing 50% and increasing $5 billion for the first time. and of moving rapidly, our software business, 51% of our software business now, is actually from subscription. so, we have made a great deal of progress and i think that the strategy we laid out is actually

working and i am very comfortable with where we are and i am pleased with what our team has accomplished. >> farmers has reported a full year income estimate, -- but it missed estimates. home base, u.k.'s home-improvement store with interest in whole mining, chemical and fertilizer production, only ask you first of all about the possibility of a sale of your resources business to read it is the headline sticking out at me from bloomberg this morning. you say you are pursuing strategic options. this kind of things typically lead to sales, is that a possibility? >> yes, it is a possibility, we have been looking at that for a while, we made an increase profit in business last year -- this year which has been great for growth. we have been talking to various parties for a positive outcome and there is a possibility that andight sell the coal mine

we're interested in another one. >> in the pre-markets, 1.5%, the airline reporting its first worst half yearly loss in a decade due to the declining passenger numbers it is facing its first back-to-back annual loss in its history. out ar, the ceo rules budget feature saying that he would like to concentrate on airport lounges and better food. >> earnings came out worse than i think everybody was expecting. a lot of us -- it is the biggest loss, as you mentioned in the first half term in almost two decades. we do not have data going beyond that so is at least 20 years. a lot of losses from hedging losses continuing for cathay and

we saw pressure on passenger yields going on. we saw one-time things like fines that they had to pay for cargo, fixed pricing for cargo that eu has rolled against them. so there were a lot of operating factors but they're also some nonoperating factors that have affected bending at obviously, the reports out there, the earnings reports seem worrying going forward. ♪

♪ >> i just want to bring up the bloomberg function where you can find out pretty much everything there is to know about this. bloomberg.go on you can click on the various menus on the left, lots of different explanations here. this is really cool, i have done this, you can subscribe to news alerts which means you get all of the stories coming through to ii.with mifid >> there are about 30,000 functions on bloomberg and we enjoy showing your favorite. maybe they will become your favorites too. here is my which givesic go you contest and fast insight into a timely topics. here is a quick take from this week. >> it is impossible to ignore

america's opioid epidemic anymore. the numbers are staggering, nearly 500,000 americans a they used heroin in the last 30 days. overdoses have tripled between 2010 and 2014 and deaths from overdoses including her wing are now approaching death from car crashes. how did we get here? pain. grim connection between opioid painkiller addiction and her when addiction in this country. in the 90's, doctors turned to opioid drugs like percocet and oxycontin to use them for widespread treatment for chronic pain. wentumber of prescriptions from 79 million in 1992 to 2012, 217 million. as the numbers skyrocketed, the federal government forced drugmakers to make prescription drugs harder to abuse. at the same time, heroine from

mexico and china became cheaper and more available. the result is an increase in drug users in the u.s.. now here is the argument, president donald trump appointed a commission in august to advise him on opioid addiction to rapidly expand treatment. >> capacity among other measures it is a national emergency. we will spend a lot of time and effort on a lot of money -- and a lot of money on it though. crisis. >> he says he is focused on cutting off the apply rather than focusing on treatment like the commission had recommended. the health care bill passed by house republicans that he supported drop the requirement that drug treatment he covered by medicaid. nearly every state has lost related to drug abuse including targeting doctors and pharmacists who overprescribed hills. they have -- overprescribed pills.

meanwhile, advocates for patients with chronic pain worry that the rush to solve the addiction crisis may leave those who truly need opioids with needless suffering. ♪ anna: that was one of the many quick takes's you can find on bloomberg. you can also find them at bloomberg.com along with related business news and analysis 24 hours a day to read that will be all for "bloomberg best" this week. then for watching, i am anna edwards. this is bloomberg. ♪

>> brilliant ideas, powered by sunday motor. ideas ♪ >> the oven this. fantastic risk taking. >> she was the first ever black woman to have a solo show at a whitechapel gallery. the first black woman to see acquired by the tape collections. recently, shockingly, still the first black woman to become a royal --