♪ >> 7:00 a.m. here in hong kong. i am yvonne man. the come to daybreak asia, talking trade. yvonne: president trump confirms his stances. are offering ars robust defense of globalization. from the global headquarters, i am betty lou in new york. betty: central banks make the headlines, the boj governor quashes speculation about imminent normalization and all change at the fed, jay powell is asfirmed in the last hour

chair. fed the janet yellen era has come to an end. >just a few more weeks and janet yellen is out of there. are piling in, they stocks, thatn with ripped in the u.s. permeated the emerging markets, some are trying to figure out who was meeting who but i want show you one indicator here, this chart that gives you a sense that the and may be coming soon. 2717 measures the breath of the stocks. about 80% of the s&p 500 stocks are now trading above their 50 day moving average, that is usually a sign that bull run may

be ending. you can see that this has happened a few times during this bull run. we have not seen any and to u.s. stocks. you just ignore the technical's, we have seen these red alarms before and we see rallies continuing on forward. people say 2018 is that risk where we see these trade tensions escalate and we did see that from the president today. >> let's check the u.s. markets and how they close in reaction to others headlines, you had the snp of about 2/10 of 1%, the dow trading unchanged, the nasdaq getting tech momentum earnings, that is likely to continue in asia. still looking little green, 7352 for the kiwi. dollar, hitting 90.

the lowest we have seen since 2014. we continue to see a weak throughout this asian session. 7995 for the aussie, 284 the 10 year yield on the aussie fixed income side. look at japan, we have trade numbers coming out which is quite crucial given these trade discussions, these ramped up tensions, we have seen equities with a pullback, the dollar-yen has been gyrating, 110.27. boj is ready for planning for some exit policy this year. perhaps there is a stall in this rally so far in the yen. let's catch up with jessica summers in new york. jessica: the world's political and corporate elite have delivered a robust defense of globalization as they await the arrival of president trump. he will deliver his vision of

the future of trade after delivering tariffs saying that the u.s. will not be disadvantaged anymore. the president may face a tough audience at the world economic forum as a champion of global trade. i think there will be some corrective measures, negotiations but i don't see anything that will be leaving to a heavy, significant protection. >> jay powell has been confirmed as the next fed chairman. the senate voted 85-12 for him to succeed janet yellen when her term ends on january 3. this comes with a broader leadership changes. the trump administration is affecting changes. president willd dudley quit in the coming months. japan has crossed speculation

that tightening is on his agenda, they said not so fast. is in no position to consider changing current policy given that inflation is a long way from the 2% target. the governor says nothing will change for this foreseeable future. beensessions has interviewed by investigators for robert mueller, making him the most senior official interviewed. his investigation included whether donald trump obstructed justice when he fired james comey inmate. a democrat offered to give president trump more money than he wanted for his border wall, it is now off the table. chuck schumer rescinded the offer which he says was part of a package. republicans say border securities are essential for them to agree to protect young undocumented migrants for deportation.

president trump has tweeted that everyone will be trying to reach a deal. day,l news, 24 hours a powered by one and 27 hundred journalists and analysts in more than 120 countries, i am jessica summers, this is bloomberg. let's take a closer look at that latest u.s. close, you saw strong earnings and that really set the tone for that bullish mood in the market, the stoxx here in asia also got a charge from president trump's tariff announcement. lots of movers today. >> earnings are coming in phenomenally well, better than many expected, that is powering the movement there. you will notice the s&p 500 closing at a record and the tech heavy index within the nasdaq, haveifth straight game, we the dollar declining, copper not on there, this is the inventory search, they had moved higher to 64 but thus -- $64 a barrel.

gold is educated higher as well. the we go into some of spotlight stocks, so stocks are on there, you will notice that many had gains much bigger than you see, six and 5% there. some powers want of the -- wanted the copies to be hard. as many of the companies figure out what the tariff means for them, the general takeaway is not as bad as originally thought, particularly for a lot of the asian solar panel company's. the big question for the market if we are ready for a pullback. you saw a technical indicator, robert same that we are set for a 5% pullback. we haven't had one in a long time. if i had to go back to november , 2016 a 3% pullback. go to the bloomberg, you see another bunch of indicators. this is a peak in the citigroup, economic surprises on the top

and this is in the federal reserve budgetary policy. both of those indicate a change in sentiment and reversal and investors optimistic views and setting us up for a big caution flag. many investors are not really prepared for a pullback since we haven't had one in such a long time. >> let's look at some of the earning stories, talking about verizon. after-hours we are seeing tech businesses have shares drop. >> texas instruments disappointing on the midterms in terms of their outlook. they are the largest maker of analog chips and visit components with every electronic advice -- device out there, this could have an impact on the wednesday tech trade.

this will be about a dollar and one cent per share. again, they disappointed on the midpoint and shares fell as much as 7% or more after-hours. big,on communications are positive news, they say their tax windfalls of about 4 billion, with a short of the balance sheet? check out these bloomberg chart ensures -- charted shows. there was very positive news for united airlines. that is that the power of pricing has returned, busy a lot stronger pricing going forward for 2018. they also came in higher on you see somethough weakness in the stock after-hours, it is a pretty strong recovery going into january. >> joining us live from new york. of that some of 30% may be lower

than many companies had feared. get more from brian who covers solar and clean energy for bloomberg news and i guess it is not a big surprise that we tariffs but this was that were brought reaching from president trump and not targeted at any specific countries. how does this fit into the america first policy? >> good question, trump has talked about trying to find ways to have america be advantaged and one of the arguments from two companies that lead this effort, sunny and so the world, manufacture way to in the u.s.. u.s. manufacturing in the is so minimal, it is a big industry, it is growing, it is becoming more mainstream but the one piece that has not come

along is manufacturing. imposingem is that by tariffs or making solid workers expensive, that may discourage the pace of development which is mostly accelerated from the prior year. thate president is saying this will really bring jobs back to america, some of these companies will ramp up manufacturing in the u.s., what is the effect long-term on these tariffs? >> they will be in place for four years and they will decline in your two and your four and even in the first year, there is a big exemption incoming, imported. it would probably be minimal, the soul industry was saying for months that it would be leading to tens of thousands of job losses. yesterday's announcement from trump really puts it at 23,000 according to the leading solar trade groups. >> this really seems like it is the first of many moves by trump.

what is next on his agenda? brian: he is going to davos this week. globals the confederation response to this? there could be a possible trade were but that said, these tariffs are relatively modest, will china respond in kind? in the past when it has been so tariffs imposed by the u.s., china has responded, this might lead to china finding ways to fortariffs on u.s. imports solar and other products for talking about global settlements where all of the many trade dispute involving solar might come to the table and find a way to have some sort of global accord. >> it is interesting, it is troubling but as you mentioned, modest and also quite narrow in these tariffs. thank you so much, thank you brian of bloomberg.

we will have much more on this story on daybreak asia when we talk protectionism with a former deputy of u.s. trade ambassador word on the transpacific partnership. presidentr since the withdrew from the tpp, find out what taiwan is surging to the forefront of green technology innovation. this is bloomberg. ♪

♪ >> we all know there could be some decisions that could slow down the economy. protectionism does nothing in for trade and the growth of the world. >> it is clear that the biggest risk in our view is trade and trade in a number of ways. i think fundamentally, i would questioning the kind of global trade that has been marking this global economy for so long? i think that is probably the biggest risk out there at the moment. >> for us it will not change our

approach, we generally agree with free trade but it is not going to change our directions in developing solar projects. >> trade has now become the hot topic there at davos. this is trade and protectionism at the world economic forum. for now -- more now on the terrace that trump put in place yesterday, let's get to wendy cutler, the managing director and former acting derivative -- deputy u.s. trade ambassador now joining us from seoul. so over in asia, we mentioned earlier that you had helped negotiating ttd in the u.s. before the u.s. pulled out of this and i can't help but say this is perfect timing for we got the news out that looks as if those negotiations that the 11 nations are on their way to is good in march which for those who talk about globalization, still, without china,. and without

doesn't lose some teeth with all of the talk about tariffs in the u.s.? for me it is just amazing, a year after the united states exited from tpp, the remaining 11 countries under japan's leadership came together on the year anniversary to announce that they will put the deal into effect without the united states. this is going to hurt united states, it will hurt our companies and our workers who will not have preferential access to these markets. a seat at the table to try and help shape the rules for asia so it is a big week on trade and our negotiators are now in montreal in the sixth round of the nafta negotiation. confusing imagine how this will be for each and every country, you have tpp that looks to be on its way to being signed, you have nafta not continuing to be negotiated and

you have president trump who is throwing on tariffs on solar panels and washing machines and possible retaliation from south korea and others. curious, when you are in a trade office in the u.s. or another country, how do you sort all of this out russian mark -- out? >> it is import into sort all of it out. of this newased report in the asian society and what we've is that as the u.s. is retreating from economic engagement in asia, the rest of asia is moving forward aggressively to conclude deals among themselves. not just the tpp deal but also japan and the eu have concluded a deal, australia and peru have concluded a deal, there are a lot of deals. the key is to make sure that these deals are not conflicting and at some point, maybe can be merged together as we look ahead

but i think that is a long way off. >> just talking about is tariffs, this is coming at a time when the u.s. was negotiating with korea on for us. this is a time when tensions have used a bit leading up to the winter convicts. why slap these tariffs and cause these frictions with lg and samsung? does it make sense to you? >> u.s. petitioners under u.s. law came forward and asks for these tariffs and the procedure was followed in the administration has taken that show terror action for solar panel imports and with respect to washington -- washington -- washing machine imports. korea doesn't think we follow the wto procedures correctly. this new action

will remain limited and both sides will keep calm and that the course negotiations will .eep separate what i worry about is that petitioners in the united states are watching and they are seeing that this president has agreed to embrace that petitions and to impose tariffs. i suspect many other u.s. companies are going to get in line asking for import protection. i think that is a troubling sign. >> most people have said that this is low hanging fruit, the president has picked when it comes to solar panels or washing machines. you think is more likely that we could see copper action on steel, aluminum, even intellectual property in china? >> the steel and aluminum

reports have been submitted to the president, he has 90 days to decide what if any action to take. very competent because if you help the steel industry, by definition you may be hurting the auto industry. these decisions are very complicated. is whataction to watch the u.s. is going to do with 301ect to their section investigation on chinese intellectual property protection and just last week, the administration came out with a report saying that the previous administration had made a mistake by letting china into the wto. i think the administration is laying the groundwork for some strong action against china because of the unfair trade practices on intellectual property protection. who is leading these trade policy discussions? we have been reporting about how the president they have some conflict or tension with wilbur ross. the peter navarro's that

are influencing the white house at the moment russian mark -- moment? that this is the person that has the president's year. i have worked for many u.s. trade representative's and that has been the case in the past. i think we make a lot of who is saying what but i think my sense is that particularly with respect to these trade actions withespect with what to do china on the chain for -- trade front, there is a unified administration voice. ask at what point would you say that we are in a crisis point in trade? are we there yet? when do you think that we will be at the tipping point? >> we will know it when we see it. we are not at that point yet and i think that it is in everyone's interest not to allow all of these disputes to escalate and

have a full-fledged trade war. it hasn't worked in the -- it has not worked in the past. it will hurt the global economy and i think people recognize that. i think we will see increasing friction with a new and ministration that has the view that there is a lot of unfair actors in the international trading arena and we are going to go after them. that is their policy and we will have to see how that shakes out and how our trading partners respond to u.s. actions. >> on a very practical matter, i am curious, with what happened over the last one for hours, you could say how that affects those who goes into the negotiations with nafta for instance, being that you have been behind the scenes on these types of negotiations, how does that change the dynamic russian mark >> i don't know if it is as much as the solid tariffs and the washing machine tariffs that will be on our negotiators mind

but i think the nafta negotiators -- what will be on their mind is a successful coat -- conclusion of the tpp 11 negotiation. i think that will make canada and mexico a lot more confident in this negotiation as they want to become dependent on the u.s. market should the u.s. withdraw from nafta. i think that will become a very interesting dynamic. i am hoping the tpp 11 negotiations will provide important momentum for the nafta negotiations. i think it is important that we find a way to successfully conclude the nafta talks, i think it would be unfortunate if the united states withdrew and i think that would backfire against the united states, against our economy, our companies and our workers. is a very pivotal ground in montreal that just started. >> thank you very much, wendy. that was the asian society vice president and managing director joining us live from saul.

20 more to come on daybreak asia, this is bloomberg. ♪

♪ this is daybreak asia, i am betty lou. mann in hongyvonne kong. this adds to a wave of disposal by this billionaire to raise cash that is -- at his formally inquisitive conglomerate. the sale was imminent, the exchange filing did not provide any further details on specific assets or sales. >> a unit in china's plans to buy retail access as part of the conglomerate organization, this may sell shares to find purchases after banks reportedly froze unused hna credit lines on this payments, they have been suspended since november, training at five other hna

agents have been pending a major announcement. much more ahead, including foreign analysis on the boj, it looks like they are staying there. we will go live to tokyo. we use our phones and computers the same way these days.

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leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. ♪ 7:30 a.m. wednesday in hong kong. we are just minutes away from asia's first major market opening. betty: quite a balmy tuesday year in new york. the markets are also warmer. we saw the s&p climbed up 2/10 of 1%. tech shares on the move up, i am betty lou in new york. mann in hongyvonne kong. let's go to jessica summers. trumpa: president positive trade areas may resume the nafta talks. he repeatedly threatened to

dumped it court and may expand on tariffs when he arrives at the world economic forum in davos. the biggest impact will be on china, washing machine duties mainly affects south korea. the 11 remaining embers of the transpacific partnership have reached an agreement on a revised deal. it is inspected to be signed by early march. this came just hours after president trump proposed tariffs washing panels and machines in asia. meanwhile, the population in beijing has fallen for the first time in 17 years, suggesting official attempts to attack the choking pollution and internal migration may be working. state media says the number of residents in the city dropped by 22,000-21.7 million, as if all of a 10th of 1%.

the most active volcano in the philippines burst into life early wednesday, sending thousands of lava -- into the sky. for the 56,000 people have been --ed away from my aunt and in fears of an even more violent corruption. localized earthquakes with superheated gas vaporizing everything in the area. news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries, i am jessica summers, this is bloomberg. >> we are counting down to the market open in tokyo. let's go to selfie. -- sophie. we are hearing the voices of davos warning of complacency. >> market tightens say that this is like a crisis of enthusiasm that we have had, we have had trade tensions simmering, the

question is if this risk can stick. we had investors brushing off concerns yesterday after trump's latest trade talks, global stocks are trading at franchise with that solid earnings season continuing, and what the economy is the strongest it has been since 2011, we had are many tpp members agreeing to look to sign a deal by early march, that might reaffirm this track toward this trail as opposed to u.s. protections and that he met has dried on the dollar, you can see on g #btv 3487, the dollar tumbling, dropping to and 83 year low. that is the white on this chart. theking of the lows for year, i guess that we have the yen making broad games. it has not lost its taste for stimulus and is more confident about economic growth. that could help temper fears that the central banks will pull away faster than anticipated. the current effect may stop with

a touch to japanese equities with the end toward just 1/10. we are checking in on futures and we do have the setup for a weaker open. will have some day this issue on today, we have the december trade surplus, forecasts have narrowed and in an hour we will have the pulmonary read for this month. thus, the earnings trade on japan checking the board on some stocks to watch. that is due to report this afternoon, it is the best from a stock but it may come under pressure after reporting a third quarter miss, also watched sony cut the stock to mutual and nissan they move amid reports that its partners to her brother taxes. >> let's look ahead toward earnings. it is official, jay powell has been confirmed to be the next head of the u.s. federal reserve, bloomberg global economics and policy editor

kathleen hays is joining us from tokyo. we have been talking about how jay powell is the janet 2.0, what is next for powell and the feds? >> we know one thing for sure, he has been confirmed as chair of the federal reserve, he will sit in that seat for the next four years, and broad, bipartisan vote of 85-12 to pass this confirmation and make it an official -- make it official, jay powell be taking over -- taking over. he as -- is seen as supportive of a gradual rate hike pass. someone dovish as our bloomberg ego team points out in the sea, noting that there may be more slack in the labor markets, more room to run as this falls below 4%, suggesting he will not be going too fast to pull the trigger on rate hikes, interesting that this confirmation among is very broad set of leadership changes, who

will be the next president of the new york. went throughiend his confirmation hearing, he faced tough really by democrats, he is nominated to be on the board of governors. that you havesaid it wrong. you are wrong mr. goodfriend. much wrong with you. he is onboard now, he says the fed is on the right path. they will head to that 2% inflation target. we will see how it goes. >> let's move on to the bank of japan. governor kuroda left no doubt that there will be no change in policy now and not even tweaks which is what split some of the bonds and stocks investors. >> this is persistent monetary easing.

he basically a must and this is it, we will not do anything, also very important because this is the january not unexpected bond cut purchases. it was technical, don't worry about it but especially currency traders jump to think this could be the beginning of the moved to the exit, also here, governor kuroda said bond buying operations don't have policy implications. he said the deal just target is the yield curve, it is not the he is purchasing in the past, the more bonds we own, the pure we have to buy to keep that you'll curve, the 10 year jgb at zero, a lot of stress on wage growth, that is what japan has to do. this is btv 8489. telling the story, as you can see, we have the yellow line which is their key measure inflation. growth,e line is wage it is on a little bit of an

uptrend, it has flattened out. the negotiation is very important for the boj and all japanese, prime minister abe would like to three through sc 3% on average. >> we are also expecting trade numbers, japan trade numbers. , howts are so important important is that to the boj? >> what boj watchers say is going into that person was and coming out of it, he is even talking about an eventual as it theoretically because he doesn't want to say anything to boost the end, hurt exports, her growth and slow his path, his goal of getting inflation up to that 2% target in japan, trade bounces coming out, we will be watching exports in particular. the trade balance rising to $35 basisn on an unadjusted falling a bit. but surpluses are expected to bey in place, we will also

giving the nikkei, japan, purchasing managers, another for look at japan's economy, that is coming out as well. >> thank you so much, our bloomberg policy editor. this is u.s. and asia, after president trump imposed those new tariffs, china and south korea your tainted by bloomberg's new energy finance, they say beijing is unlikely to be seriously threatened by this, let's get more on this with ramy inocencio. ramy: while china is the words -- world pause biggest producer of solar panels, it is also the biggest user. check out my bloomberg terminal chart. at all the red bubbles, this represents all of the solar panel plants in the world.

you can see the bubbles are pretty small in the united states. the biggest number is 689, we are talking about the solar power plants that provide something like 40 megawatts of power which could power a small village, 25 megawatts in the shape of a panda up in the north you may is really why not be seriously threatened. let's look at the board because china according to his ministry of congress is dissatisfied, also investors are dissatisfied. these are asian solar shares trading on u.s. suppository receipts. ja solar, you can see all this down. check also is down by 8%, hitting a july love. is not a chinese solar, this is korean solar, a testament saying that these possible tariffs, these ones that will be coming out will not affect just china but other exporters out there.

let's flip over to the side of the screen and i will show you the second bloomberg terminal chart and this one is talking about the game for u.s. solar, everyone has been saying it will be first solar, it has been. the first time we saw talk about this trade dispute was back in late april, ever since then it is up by about 150%. here, case was ruled in the united states saying that there was hurt in middle september to u.s. firms and we saw the shares climb even further. remember this chart because there is one more chart to show. yellow. first solar in but how it is outperforming everything one of its peers. is the b.i. index for large solar energy, there are 16 on here, it has been flat over the course of this term and for green energy, that is the worst performer, down nearly 35%, i was talking about janco soldier -- solar.

this is a normalized basis but still not being able to compete against first solar. finally, just to bring this all into perspective in terms of renewables versus nonrenewable is, is talk about #-- #btv. 150% from by about the start of 2016 but ever since the cost of the price of solar is down by about 40%. possibly thishat could keep on going higher. one going well for consumers. charts.e your bloomberg as we talk about more on the solar and washing machines and all these trade tariffs. >> ramy inocencio there. in a moment, let the trade take the string, this will be the this for high-speed india, is bloomberg.

♪

♪ >> this is daybreak asia, i am yvonne man in hong kong. betty: i am betty lou here in new york. india could be one of the first nations to get the bullet train from japan. bloombergan spoke to at the world economic forum in davos.-- dave us -- >> we are talking about india's high-speed ballet to mumbai. this is one of the first ones in india. this a moreaking clear path for the high-speed train, the indian government has localsed the various

men's capabilities. this is a typical example. >> in southeast asia, this is a big growth. if you take a perspective of three or five years, what kind of sales target would be realistic? >> asian countries, it is not this is a area, different way to think of the business. the recenting at thing with asia. that is a big country. the number is also a very exciting nation. issuesre the political but from the viewpoint of the -- ness, it is very

thean't you quantify target? >> quantify? >> china is the biggest one. >> any number? about 10 million u.s. dollars and it is approximately five or $6 million, we would like to make a double there. >> that was the chairman davos.ng with haslinda in .ou can look at all the stories bloomberg subscribers can go on your terminals, it is also available on your mobile. you can customize your settings if you look at the news and assets that you care about.

up next, -- >> we call it the tesla of scooters. they have a novel approach to battery life. i will explain in more detail, coming up. ♪

>> breaking news coming out of japan, exports missing estimates at 920 -- 9.3% for last month. this is a 10% gain here, also 14.9% growth for imports year-over-year which is a beast from what the analysts were expecting a 12.4%, both numbers edging lower here. we have seen much of 2017, the big question is the strength of the yen, where does that actually change the dynamic for the tray bishop in japan? >> as we have are near that $110, what is going to push it

.- that $110-yen level these export and import are all resulting in the smaller trade surplus in japan, all of this , it is just affecting a lot of the countries in asia including japan and south korea and others. a taiwanese letter scooter maker plans to al gore launch a trial of its swappable battery life. there disrupted fossil fuel power, moped manufacturers in taiwan by selling more than 50,000 you scooters in just two years. stephen engle reports from taipei. engle: they call this the scooter waterfall, this is

taiwan, nearly 14 million two wheelers, noisy, obnoxious and necessary modes of transport. taiwan is banning fossil fuel engines by 2035. sure, that is a long without but this is a pretty big head start, bounded by the form innovation chief, this is called the tesla of scooters. silent, car connected and just by panasonic. >> for about 10 years, the taiwan government has been ,ushing for electric scooters to turn this very dirty mode of transportation to clean transportation. this has the equivalent of go cc and is and is as i can 0-50, is for our in 4.5 seconds, let's give it a go. the top speed is 100 commoners

for hour with it will 10 kilometer range. when the batteries are zapped, swap them out. 30,000 batteries are exchanged every day. >> what change the game was the way we feel the vehicle. in, they evaluate whether or not there is anything wrong with the vehicle, they talk to the server, the program a new battery. it takes minutes, not hours. >> another green tech company not wasting time turning the status quo on its head is many ways. profitable now for the last four years. it turns it into some 1200 recycled materials whether it is window shades or discarded circuit boards or tiles from nike shoes and apparel. what drives us is anger, with all this new intelligence, all of this ai and software we can i feel like there

aren't many people doing what we can do for the environment. >> they want to get toxicity out of our increasingly crowded cities. bloomberg news, taipei. now from taipei, good morning to you, very interested in these scooters, there been a lot of them in taipei. japan has been interested as well, we saw them in european countries, where else could we see them pop up? have a platform or business in paris and berlin, they are looking for a program in southern japan, it's why would an open mouth but also they are looking at the big cities of southeast asia and 2018 will be a key year for getting ready to go abroad. taiwan and taipei have been a

great testbed to get the product just right, they are looking at ho chi minh city, indian cities, even china down the road. you mentioned this will be a critical year, tell us what will be on tap exactly, what that means for its expansion plan. year from critical the local market, they said in that report, they will be banning fossil fuels and scooters by 2035, that is a long way down the road. the government also was to build out the infrastructure to promote you scooter use and that means building on the network of government led stations, charging stations. but they haven't figured out is the standards, the models with which to use. there are 21 different scooters and motorcycles makers. one of them is an upstart and that is for that -- that is

that ist -- status -- the proprietary status. they did not like that, the decision is on hold but that could be a big boon for them if the government chooses to swap out battery technology as the standards and the others would have to follow suit and pay royalties. >> that would be pretty interesting, swapping batteries instead of charging them. they mentioned these were the first in the technologies, who is the competitor at the moment? >> the big rival is kim cup. that is the brand name of the scooter maker in taiwan. there are many merck & co. is the big one. they are like number five in the world.

soon, they will be announcing an evite as well. -- e-bike as well. it will face the challenge. in taipei. so much let's get a check of how asian markets are trading. we are heading to the major open in south korea. they are carrying that risk on trade for the u.s., you can see new zealand shares up to shares of 1%. the kiwi is higher as well. over in australia, that risk on trade continuing and some good news there in australia with the tpp looking forward to being signed in march, of about 2/10 of 1%, we had all those japan trade numbers, this is on the escorts i, the surplus, the boj, that is always going to confuse the situation for the boj. ony said they were staying tap with stimulus.

much more ahead on the next hour of daybreak asia, we ask president trump's protectionist -- if it will have any effect on the markets, this is bloomberg. ♪

♪ 8:00 a.m. here in hong kong, live from bloomberg's asian headquarters. i am yvonne man, welcome to "daybreak asia." president trump confirms new tariffs, says that will look at and aluminum. trade partners are not impressed. political and corporate leaders offering of defense of globalization. betty: i am betty liu. it is just after 7:00 here in tuesday -- on tuesday. jay powell is confirmed at the fed as the janet yellen era comes to an end. the boj governor quashes stimulus discussions.

we will be live in tokyo in just a few moments. ♪ yvonne: of course we have been talking about the trade tensions, trade numbers coming out of japan, as well. it was a disappointment when it comes to the trade balance side, shrinking in the month of december. a lot of moves have been indicated by the dollar-yen and the strength we have seen in the dollar-yen. we were talking to our strategist. he said, look, you have to see how china imports are doing. , what we do see is, exports from japan actually follow the currency of the renminbi, against the yen. what we have seen, exports may have dune -- may have done

better, given we have seen the renminbi strengthening against the yen for much of last year. we will see how things go. this will influence dollar-yen dynamics. certainly, trade is the big story here today. extremely important when it comes to japan trade data. in just the last couple days, what has been interesting to see is how much of that yen strength is owing to that dollar weakness, which continues to rebound. investors, currency traders, particularly as jay powell is about to take over the fed, why the dollar keeps falling, and the u.s. continues its rate hiking cycle. yvonne: we will see if it actually does edge lower. not seen these level since 2014. let's get the latest on the market open from sophie kamaruddin, watching what happens with the dollar. sophie: the dollar trading at

the lowest since 2017. the yen edging closer to the 110 handle. the yen in focus, the boj saying it will not take away the punch bowl anytime soon. this morning, japanese stocks under pressure. we did have the latest trade coming in narrow when it came to the trade surplus. the focus will be on japan wereents to china, which 58% on a yearly basis. in seoul, the kospi down 0.2%. check the kospi, led lower by tech and discretionary stocks this morning. materials gaining ground, the kospi down 0.1%. on the earnings front, keeping an eye on costs go.

let's look ahead of those numbers. risingatching samsung, after reporting a fourth quarter be. sliding. patent woe.johnson the board will check in. we do have samsung biologics in focus. trading warms up in tokyo. let's check in on the nikkei 225. pacific metals leading the charge. climbing about 1.3%. we do have on the back foot, sony losing ground after j.p. morgan cut the stock to neutral. we have a factory automation player under pressure.

we of course have a earnings rolling into japan. thanks so much, sophie kamaruddin. let's get to first word news with jessica summers. >> the world's political and arporate elite have delivered robust defense of globalization, as they await president trump his vision, just days after imposing tariffs, saying the u.s. will not be this advantage anymore. he may face a tough audience. i think they are going to be here in their. some renegotiation of existing contracts. but i do not see anything leading to [indiscernible] any significant -- any significant [indiscernible] jay powell succeeding janet

yellen. his confirmation comes as part of broader changes. the trump administration still assessing vice chairman. bill dudley quit the coming months. has underlined the importance of elon musk by granting him a $2.6 billion award that can make him a 55 billion dollars, if fully vested over a decade. it is part of tesla's plan to become one of the biggest countries in the world and perhaps make moscow one of the richest persons. it is typical of elon musk, moonshot gold, but little details. philippines, fountains of law that -- into the country. awaypeople had been moved amid fears of an even more violent irruption. they are warning that localized earthquakes and the cloud could

ruin everything in the area. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers, this is bloomberg. betty: thank you so much. onsident trump's decisions tariffs of solar cells and washing machines, the white house seems confident it won't spark a transpacific trade war. to discuss this, our bloomberg editor. we are nowhere near a trade war but seemed to be heading toward something like that. what does this mean for the trump agenda, going forward? >> he is getting a lot of pushback both in the u.s. from republican senators, as well. but also on the world stage. is all about globalization. but in the u.s., his own party is concerned what this could do that to the economy.

there has been an economic growth burst in the past year. they are really afraid this could hurt domestic manufacturers as well. there is a lot of concern here. interestingly, the solar industry says it could have been worse. the 30% tariff was not as bad as it could have been. there is a fear, a muted sigh of relief. among world leaders and capitol hill, there is concern. betty: it could have been worse, it was not, but it is still heading in the wrong direction. this trade action, how much does this put the u.s. at risk? jodi: not only does it somewhat but the u.s. at risk, and the economic boom at risk, it is also further isolating the u.s. from the world stage. this is not the first trade action president trump has made that does that.

shortly after taking office, he said the u.s. would not participate in the transpacific partnership. other by the way, the 11 nation say they will go ahead with. they will try to make this work without the u.s. also, pulling out of the climate accord and other things, had to go it alone with the u.s. on the world stage. this is yet another indication of that. he had said in the campaign he was going to take action against what he viewed as unfair trade practices. now he has done it just before another important meeting. yvonne: i cannot help but contrast the speech president xi made it last year, the defender of globalization, quite remarkable, and what trump is going to say. what expectations do we have? jodi: it is interesting because it is such a different system we

heard from the chinese president last year and from other leaders. we heard from prime minister trudeau, the canadian prime minister. in indiafrom modi talking about the benefits of globalization and how important trade is. that is a typical message at davos. and here we have the american president going against that, saying we still need to impose tariffs, even though i don't want to hurt my economy. clearly, he made a political calculation it was more important to do this, to act tough. once he gets to davos, maybe he will soften that message. but going in there, it was an america first action. yvonne: it certainly was. if a you, our bloomberg editor on these trade tensions. let's bring in our next guest,

daniel morris with bnp paribas. thank you so much for joining us. --looks like markets have are taking trade tensions in stride, so far. have we been focus too much on tax reform and earnings upgrades that we are at risk of protectionism coming back? we thought about all the risks for 2017 and trade was at the top of the list. turned out to be not the case. it seems to be the fly in the soup right now. not a very positive economic environment. but we have to put it in perspective. previous admission -- administrations, it has not been significant yet. it is not in a direction investors want the administration to be going, but so far it is more symbolic. yvonne: it seems to be very targeted to a certain sector at the moment. but not necessarily any country,

a blanket kind of tariff. the canon erode the synchronize global growth story we have been talking about come up pulling out of the markets for much of this year already? daniel: certainly not come more symbolic than anything else. the other point, two countervailing forces. we talked about the speech from president xi at davos. the u.s. is one of the more economies compared to china or the e.u. if this pushes those countries to be more beneficial -- also, trump and the administration has talked about increasing access for u.s. exports. that is positive from a macro economic point of view. is on the margin it negative, but there is positive in all of this. betty: how does this play into the u.s. dollar story, which has been confounding for investors,

seeing it continue to weaken, as the rate hike passes? the dollar continues to hit new lows. we are generally speaking, negative on the dollar, anyway. the dollar to for depreciate against most currencies, against the euro, fundamentally because the dollar seems to be overvalued. and the u.s. economy has a current account deficit. it needs to close that. one way that happens is by the dollar depreciating. we think that trend will continue. if anything, trade actions would make it worse. i do not think it would be significant in terms of the impact on the dollar. those factors will continue. betty: they are, but do you think it represents a split in psychology? you have equities in the u.s. roaring ahead. on the other hand, currency

traders that seem like they are down on the economy. the two different factors driving the markets on the equity side, certainly we are looking at earnings and the effect of the tax cuts. the u.s. is not a very export-dependent economy. even if you get a boost to exports it will not be a key factor. they have benefited at the expense of long caps so far. and for emerging markets, a weaker dollar is a little bit more challenging. time, it probably would reduce pressure for them from interest rates and inflation. on balance, it is good for emerging markets. wety: daniel, stay with us, will talk about the emerging markets. air asia says it is growing so fast it needs more planes. our interview is coming up later this hour. yvonne: no surprise, jay powell

is confirmed as the next fed chairman. the leadership shakeup at the central bank. this is bloomberg. ♪

♪ ."onne: this is "daybreak asia i am yvonne man in hong kong. betty: i am betty liu. finished 2017 with a bang. the fed getting a new chairman. let's bring in kathleen hays in tokyo. we are referring to the senate confirmation of jay powell, which was all but expected. certainly, he is entering a global economy that is quite in sync. but the u.s., walking this tightrope. kathleen: absolutely, betty. it is certainly true that jay powell will have a lot on his plate if he looks at the world. things do get more complicated

when you look at trade because that is an important source of stability, an important source of everything the fed chair has to watch. let's start with japan. i want to look at this more than 9% year-over-year growth in exports. solid, this is important to governor corrode and the bank of japan. it is an important engine of japanese growth. this is something they are watching closely. chooseed mr. kuroda to his words carefully. the surplus have narrowed, but the most important thing for japan is the source of growth. oda's press mr. kur conference, this is most important -- no exit, not now. we need persistent monetary easing. factbuying operations, the

the boj unexpectedly cut them on january 9, forget about it. he said there were no indications -- keeping the 10 year jgb above zero. he says the rest of it does not matter. wages are what he is watching very closely. saying, this is the key to consistently rising and sustainable inflation, keeping focus on the free trade negotiations coming up. betty: there is certainly a lot on the plate for the fed and jay powell. we have notresting, had the news out on the fed vice chairman. isn't that expected at any point now? kathleen: absolutely. moore that the white house can move ahead and make a decision, the more the senate and house or nay to say yea

whoever is chosen. jay powell is confirmed. he will be taking over as soon as he is sworn in. that is when janet yellen says she will step down. gradual rate hikes, falling in her footsteps. a lot of other balls in the air when it comes to the fed. bill dudley has been -- bill will step down this year. the search committee looking hard for someone to replace him. democrats tore into --. republicans,ow the how they decide. obviously, they want the majority. if they want marvin good friend dfriend confirmed. yvonne: kathleen hays, thank you. joining us live from tokyo. let's check back with our guest,

daniel morris. the boj going nowhere. but you have seen the markets, it is interesting, with the dollar dynamics. we see treasury yields breaking away from the correlation with dollar-yen, where we continue to see treasury yields going higher. lowerllar-yen is seeing and weakening. what we make of these correlations going down? daniel: the performance for japanese equities, despite you have depreciation. in japanesemance equities. we are expecting that to continue this year. dollar view, over the course of the year. the bank of japan is going nowhere, fast. trying to keep the yen relatively weak. as you said, big forces moving on the currency front. nonetheless, positive for japanese equities versus the u.s. at the same time, even with fields going higher in the u.s.,

a reflection of higher inflation and higher growth. yvonne: at what point should we worry about the stronger yen? at what point does it become an equities story? daniel: i do not think we are anywhere near that yet. part ofping back on the the bank of japan, you would have potential for a more significant depreciation. trying to remove all the speculation, that should keep it from going too far. yvonne: i have a chart that shows the etf purchases the boj has embarked on, g #btv 4238. they now own 3/4. there is a correlation to what the boj is buying, to the s&p and nikkei 225. globalueling these equity markets. a what point do you think this is a distortion? they are not exactly selecting stocks.

they are buying everyone and everything at the moment. does that lead to more distortion? daniel: that is already the case in terms of developed market bond assets for any government. treasuries, those markets started other programs, quantitative easing. it is a slightly different version with purchases. yes, it is not ideal, from an investor's perspective. but it is what we have to live with. we have to invest in them environment. it will continue that way for some time. we have to allocate appropriately. betty: i want to talk at large not on japan itself, but on all emerging markets, which is the exact same thing we see. we see the u.s. markets rally, but it is interesting to see how much the emerging markets have rallied in january. i want to pull up a chart, g #btv 1004, which it shows you the earnings represented by the yellow line i finally in line

with the forward earnings estimates. aroundlook at the period 2009, 2010, the same thing happened. markets took off even more. some see it as a bullish sign. they are relatively cheap, comparatively? daniel: that relative profitability is something we need to focus on. if you compare emerging markets, one reason you saw emerging markets underperformed developed, is because they did not do as well as well. that has changed over the past two years. we have seen outperformance of emerging markets. but it is such a long period, where they underperformed. there is potential for outperformance for the rest of the year. betty: thank you so much, daniel morris, strategist with b.n.p. paribas. this is bloomberg. ♪

♪ yvonne: a quick check of the latest business flash headlines. in because of a shutdown. they deferred the 2018 sales target of the 78 million barrels equivalent. an austrian unit cost expected to rise. they reported a 14% jump in december quarter revenue. a china group agreed to sell police some of its property projects in australia, after a wave of asset disposals to raise overseas cash. bloomberg reported last week's it -- the sale was imminent. they did not provide further details on specific assets or a sales price.

don't forget, you can find in-depth analysis of the day's big newsmakers on bloomberg radio. tune in to bloomberg asia. you can also download the app. this is bloomberg. ♪

♪ yvonne: it is 8:30 in singapore. look at the skies. half an hour away from the open of trading in the lion city. i am yvonne man in hong kong. betty: county and in as being jealous. a miserable raining day in new york. i am betty liu. you are watching "daybreak asia ." new tradent trump's barriers may keep more pressure on the nafta talks when they resume later this week. impact canadall and mexico. the president has repeatedly and hened to dump nafta,

will go to the economic forum in davos. >> we are working hard to make sure our neighbor to the south understand how important nafta is and how it has benefited not just our economy, but his economy and the world economy. toare also very much open more trade deals involving more people, as long as it is in the best benefit of all of our citizens. the 11 remaining members of the transpacific partnership have come to a deal, believed to be signed in early march. the accord was reached after days of talks in tokyo, just hours after president trump imposed tariffs on solar panels and washing machines from asia. it would have originally covered 40% of the global economy. the bank of japan quashed speculation tightening is on its agenda, eventually saying, not so fast. governor kuroda says the bank is

in no position to consider sinceng current policy, inflation remains far away from the 2% target. 8-1 to remain stimulus. the governor says nothing will change for the foreseeable future. >> the price increase momentum for japan is weaker than that of the u.s. and europe. we are still far from reaching 2% inflation target. we are not at the stage to discuss any exit policy at this moment. we are firmly keeping our powerful easing policy for some time. >> the population of beijing has fallen for the first time in 17 years, suggesting official attempts to tackle gridlock, choking -- choking pollution and migration may be move -- may be working. of 0.1%, compared to a surge of 59% in 2015. global news 24 hours a day, powered by more than 2700

journalists and analysts in more than 120 countries. i am jessica summers, this is bloomberg. ♪ jessica, thanks. time to see how the asian markets are shaping up this morning. it has all been about the trade tensions escalating with president trump slapping those tariffs on solar panels and washing machines. let's get the latest with sophie kamaruddin. sophie: a lot of moves from the dollar, this one down 0.1%, trading at a three-year low. we have the yen at a high, putting pressure on stocks for tokyo. when you take a look at the mood in sydney and seoul, we are seeing gains for those markets. to don mind, the nikkei -- thelding above the holding above the

43,000 level. peak for the the iphone x has arrived earlier than expected. and checking on lg household. that stocks lighting for a third day. the biggest drag on the kospi, the company's fourth-quarter profits missed estimates. lg electronics, the company has to decide whether to raise product prices. we will check on some gainers in seoul. lg display extending gains after plans to invest 9 trillion yuan in all of its businesses of this year. lg display was upgraded to outperform, and reached overweight. rising.sdi we returned to jpmorgan's outlook for iphone demand.

jpmorgan cut the stock to itsral, in anticipation business will weaken. another, downgraded to sell following its fourth-quarter miss. fanuc flipping earnings. falling after being downgraded to underweight. at initia. last look this is a machinery component maker. we have seen those stocks that have a bright start to the year coming under pressure this week. betty: thank you so much, sophie kamaruddin with an early look at the markets. if you are watching the currency markets, as well. china has indicated its irritation with president protectionist rise. observers are waiting to see if

beijing will retaliate against washington. analysts say they would have plenty of options and targets. malcolm scott joins us. malcolm, what could china possibly do to respond to the u.s.? malcolm: the list is long. let's take a look at what they did say. yesterday, this is a misuse of trade remedies, they are disappointed, and hope for restraint on the part of americans. what they can do, let's look at history and what they have done the past. they really don't hold back in oftencounter punches, very swiftly. last year, with korea, missile shields put in place, then we see action, tour groups band to korea. banned to korea.

we saw reactions to lotte. it goes further back to 2010 when the nobel prize went to a chinese citizen. all of a sudden, we saw a plunge in norwegian salmon sales to china. the list goes on. china is increasingly a big market for the globe. economists expect it will be the biggest importer. it is already the biggest exporter. but the biggest importer in five years. a long list of potential action. betty: certainly a lot of options. no one is saying outright trade war. but will this look like a lot of tit-for-tat, going forward? that this is a new era of trade between the u.s. and china? malcolm: absolutely right, this is not a trade war yet. these measures are contained. this is not new. president obama picked a bit of

a fight with china over this some years ago. this is a reopening of that battle. remember a year or so ago people were worried about 45% tariffs on imports from china. this is a long way from that. two very isolated cases, washers and solar panels. the big question is, does this spread out? yvonne: the big question for wall street and analysts as well is, is china going to reconsider their market access and open the markets a little bit for foreign companies after trump's visit to china? a lot of questions. bloomberg'st, editor. -- offer a shield from trump's protectionist push. we have been talking about the shift in world order here.

it is going to strain relationships we have seen since world war ii. >> the u.s. security relationships throughout asia, japan, korea, philippines, thailand in particular, all treaty allies. these measures hit china but also korea, with washing machines. the same for thailand and the philippines. strategically they are putting out documents for the defense department saying, china and russia are strategic competitors for us. at the same time, they are doing things that push allies closer into china's orbit. moste: korea, we have seen of the retaliation coming from governments there. it is interesting coming at a time when they are renegotiating these talks. we do see tensions between the north and south perhaps the winter olympics have eased it a bit.

why now? will it cause more of a wedge here. daniel: i am sure in seoul they're asking the same question, why now? it is appointed point that has been strained, relations have been strained since trump came to office. if mona once a dialogue to succeed, there have been tensions with that. trump has opposed dialogue. the u.s. has been skeptical about the latest round of talks. they are doing everything to prevent north korea from driving a wedge in the alliance. then they areme, slapped with tariffs. if you are moon jae-in, [indiscernible] of some ofou think what we have heard out of the u.s. and in these tariffs may have pushed countries in asia in particular to seal the deal for tpp? inadvertently it pushes asian allies to come together. the timing was very

interesting yesterday. these talks were going on in tokyo anyway. the fact they suddenly disagreed -- agreed to put their differences aside, this was coming signature thing into office. he pulled out of the tpp, he railed against it. even u.s. defense analysts said, this is a mistake. we are trying to prevent china from being able to coerce different countries in asia. if you pull out of tpp, it is an opportunity to create more economic ties between these countries, make them less dependent on china, going forward. what trump has done with these measures is essentially give them no option. what we saw in japan, still a strong push by japan, australia and others to do this, and basically wait out trump. maybe the next u.s.

administration will find a way to endorse it. you, our asia government editor in hong kong. our guest says oil is still in a honeymoon period. this is bloomberg. ♪

>> true autonomy for every single case is the way. what we bring to them is our developing autonomy. we will have autonomous cars on the road, i believe within the next 18 months. not as a test case but a real case out there. extremelys are interested today. for example, the large companies like uber or the likes of uber is one example. but also you have a large

company like alibaba, amazon, who are very interested also. some big newsmakers talking to bloomberg from the world economic forum in davos on the future of technology in the auto sector. asiag onto airplanes, air -- are rising oil prices still manageable, despite a 5% jump this year? our guest says he is not a big believer in fuel hedging. rushing in by doing the right thing at the right time. now focusing on group structure and two airlines that analysts always give a hard time our little gems, the philippines, indonesia, thailand. the big surprise has been india. added and i think that is looking very good. what is going on for us, at the

right time, it is about not rushing, doing it right. we will take our time. there must be some kind of plan. how many planes are you planning in china? >> china could have hundreds of planes. >> is that the plan? >> we will have hundreds of planes, as well. china could go either way. it could be a big burden on us, it could be successful. we are proceeding carefully. >> short of aircraft, does that mean you bring forward deliveries? >> airbus would be great for that. [indiscernible] >> not at the moment. at the onset, it is not a one trick pony.

we are not just in malaysia, we have expansion everywhere. robust.s very, very we will have to look at in order at some point. not presently. howou talk about india and an ipo is not too far away. what is the plan? you are still in losses. and under indian regulations you are required to have three profitable years before you can ipo. >> there are many ways of doing an ipo and getting to the stock exchange, as well. along with other ceos, a wonderful dinner with mr. modi. the message was, foreign investment, transparency, building a digital india, and so forth. many leaders could take a leaf

out of him. here, a leader who was welcoming expansion. india has been very close for many years. it is refreshing to see a leader talk the way he is in terms of open market transparency. >> an ipo in india, you said there are many years. the you planning on doing one outside of india? >> we will have to wait and see. i am not a financial expert. >> you are the ceo. >> we will have to wait and see. it is one of many options. what i was trying to highlight, while many analysts will say we are in india, we have a fantastic operation. wee we get to 20 aircraft, can play national expansion into our base, in southeast asia. never had connectivity, international connectivity.

what we were able to do was open jobs.o >> we have about a minute. you talked about how you want to sell your unit, the jewel in the crown for air asia. the deadline was a supposed to be march. is that still on track? >> very much so. i have been saying we have three tools of growth in air asia. thise big believers in fantasticand creating joint ventures and other assets through our data and asset. we sold 50% of our ground handling in singapore. it is an opportunity for us to catch up. that was haslinda amin with the airasia ceo in davos.

don't miss the premier of our new program, bloomberg big decisions. james quincey joins david westin did discuss big issues of global decision-makers and business leaders. they go into the impact of the global tax overhaul on trade, and how he thinks the first year on the job has gone at coke. it reviews at the times on your screen that you see right now. up next, rags to riches. accompanied making products from everyday rubbish. this is bloomberg. ♪

♪ ."onne: this is "daybreak asia betty: i am betty liu here in new york. foxconn thinking about injecting its new iphone business in shanghai this year. they will seek approval at a shareholders meeting next week, listing networking services and cloud computing operations under the name, foxconn industrial internet. they say china capital may be a lead underwriter. yvonne: tencent taking the challenge to alibaba by in a french

supermarket. tencent will strengthen its position in traditional brick-and-mortar grocery stores. they will work together on data collection, market sales, global payments, and shopping analysis. last year, they had a similar deal. betty: bloomberg said they are uber said it is putting scandal behind it. the ceo says he expects the company to reap the rewards of investment in self driving cars and greater efficiency. moving out of the way would be a great movement. they had been losing billions of dollars a year. is a business, but core business, the ridesharing business, can be profitable within three years. we will continue to make very aggressive investments in building out autonomy, because we think it is a terrific

opportunity. united continental slumped in extended trading are forecasting capacity growth of up to 6% this year. that would increase supply just as investors urge airlines to raise fares. the stock plunge renews pressure on the company president, facing wall street criticism last year for lowering fares to fight discounters and regain market shares. the taiwanese recycler miniwiz is opening up the database for all green innovators to use. they created some 1200 products from taiwan's tech trash, such as iphone -- cell phone screens. stephen engle has more. are -- and is a lot of waste coming from the product, from apparel all the way

tissues. all the way to fibers from manufacturing, the soles off issues, cotton. you can turn that into different versions. >> is this soundproofing? >> this is architecture soundproofing. is taking off the sound. >> made from nike shoes? >> nike shoes fiber. >> i love this, can you guess what this is? >> this is made from cigarette butts. we turned it into a beautiful architectural material. it feels like travertine. >> countertops? >> yes, for countertops, product display. it can become an ashtray, for example. >> how many cigarette butts is this? >> 2000.

cigarettes i have seen. how wasteful a species are we, and how wasteful is taiwan? of countries.oad we are too wasteful. all the consumption going on, now going down. especially with all the packaging, all the disposable goods we are creating, all the fast fashion and how fast we are changing. we have to envision that moore trashes coming. but we must -- we have to envision that more trash is coming. we have to create a circular loop. >> what drives you? >> what drives us is anger, actually. what you were mentioning when you're talking about being wasteful. i am very angry that we are not

doing anything about that. especially with all this new intelligence come all this ai and new software we can play ash, i feel there are not many people doing what we can do for the environment. the founder and ceo speaking with stephen engle in taiwan. a fascinating story with huang. he is in a lot of partnerships with nike, iphone cases, a lot of opportunities on this front. betty: certainly a disruptor there. that is it. our market coverage continues. this is bloomberg. ♪

♪ rishaad: president trump firming -- confirming new tariffs. rivals are not impressed. he is now having to dabble during. it could be a tough crowd here surprise,ely no one's the janet yellen era is coming to an end. i'm rishaad salamat. haidi: and i am haidi lun in sydney. the races on to clean up on the streets. the green machines of taiwan. this is bloomberg markets asia. ♪