familiar with the situation. one idea reportedly would seem to have mueller concluded his probe within 60 days from the date of the interview. shkreli was sentenced to seven years in prison. of lying tocted investors in his hedge fund. prosecutors have sought a sentence of 15 years for securities fraud while the defense asked for as little as a year. a federal court he was embarrassed and ashamed saying he got in the sick people mixed up in his conduct saying this is my fault. the european union is seeking clarity from washington about whether the 20th nation bloc will be excluded from the tariffs that president trump

signed yesterday. >> we have not been in talks with american friends to explain concern, this the is not the right way to deal with it. it is certainly not the right way to exclude europe in that. we are friends and allies. we cannot possibly be a threat to international security in the u.s.. she warned if the issue in her wordsolved we will have to protect our industry with rebalancing measures. the american civil liberties union has filed a class-action lawsuit accusing the u.s. government of separating immigrant families seeking asylum. advocates accuse the trump

administration of systematically separating parents and children seeking asylum to deter people from coming from the united states. -- to the knotted states. they say they do not have a broad policy. mitt romney is walking a fine line in utah where he is campaigning for a senate seat. trumpded with president during his presidential campaign after calling him a phony con man, making a point to avoid new attacks on the president. he is applauding some move like lowering taxes. he says he and mr. trump are two men who call things like they see them. by 2700ews powered journalists and analysts in 120 countries. this is bloomberg.

>> live from headquarters in new york, i'm julia chesley. >> scarlet and joe weisenthal are off today. julia: we are 30 minute from the close of trading in the united states. near session highs after headline numbers in the jobs report. yields, -- but the question is what'd you miss? wage gainsed up but cooled off quelling fears the fed will step up its pace for raising rates for now. goldman sachs could see a changing of the guard. set to stepein is down as soon as the end of this year. president trump agreed to meet with kim jong-un by may of this tor in a high-stakes gamble denuclearize the regime.

>> robust hiring but muted wage growth. 313,000 jobs were added to the economy last month beating the consensus by 100,000. the data quelling concerns they would have to accelerate rate hikes this year. discuss, i have to ask about wages. what happened? >> economic data doesn't go in a straight line. sign ofthink this is a a reversal of the trend we have seen. wages are slowly going higher. there is that discussion that we have slag in the labor market. -- we are still seeing a tighter and tighter labor market. number in whopping terms of job ads. can we think the president?

>> for important -- for investors it is an important point. if physical peak comes it will be the middle of this year. we peak fiscal impact, should expect to see the labor market continue to do well. the question is what going on when you see the rollover of gdp for the labor market it is clear this is a strong number. suggesting companies have been reacting. >> is it at the economy -- is it coming up the cost of wage rises? , youare having this debate have to start paying people more to get people you want. but if this is bringing and perhapsople can we not look at this as a one-month blip?

>> there is an important problem there. you don't have the bargaining power you used to have. the labor market will continue to look at other things. the number of people who voluntarily quit their jobs at the moment is the highest level since 2006. mabel -- maybe people have little bargaining power but another opportunity comes around and people have a higher tendency to leave their job. maybe we just get a faster turn in the labor market. the number ofat jobs created at the lower income distribution that you saw, it did well. we are getting more workers into the market and that is why enema wages are going up. basically telling you the labor market is getting tighter for

people with skills and less skills. julie: is a portion of the psychological? people have the bargaining power but it is realizing they have that bargaining power and pushing back. when do we see that realization in the cycle? that is why job openings, how many job openings are there, what is the hiring rate, those indicators suggest there is a lot of heat that continues to combined with antidotes, this is what the fed is trying ideay, this comes from the the labor market moves slowly. the business cycle gets hotter and hotter, closer and closer to overheating. >> you are running to catch up

after it. is the fed going to have to do 4 increases this year? today now saw signaling maybe we do need to hike four times. also it gave some of the signals this week. the spectrum is moving more in the direction of maybe we should be living more cautious. finally we have some basic things. those things suggest it will not potentiallys, but coast cpi trending slowly higher. not fars the 3% growth off site? type e cfc go. you click on

quarterly, the quarterly profile is indeed we will probably get close to 3% in the first quarter. closer in the second quarter. then i will start to roll off. this is an illustration that you should see the fiscal boost. earnings boosted the coming in the first half of this year and you should start to worry about what the impact on earnings is. >> there are two words you have not said. trade war. >> that is certainly a risk. a significant bullet point, if we just spoke about this, we had point, memberlet

when the dollar goes down it lives inflation. we have a long list of bullet points. we are getting more and more word about the inflation outlook. somewhatoday were good. when we get into the coming months we could have a reverse of this. quantify if we stick to tariffs on aluminum and steel? points on inflation. >> what matters more as the dollar goes down, the reaction of foreigners saying is this the start of a new trade war? ?hat is the retaliation

what will the rest of the world do? is this just the start or is this one thing and it is only cosmetic? it becomes a debate of what is the next steps? >> as the dollar goes down the administration gets what it wants without additional tariffs. of whatis the question inflation is doing. >> many impacts to consider. thank you as always for joining us. the intersection of nafta talks and tariffs.

>> canada next go are the only nations exempted from president trump's steel and aluminum tariffs. we spoke to the former secretary under president george w. bush and chair of the alt-right stonebridge group to discuss the significance of the tariffs on the nafta negotiations. >> tariffs are never good but this is a better outcome than had he done all of the countries. japan wantswill be an exclusion, european union, others. this is going to get messy. but it is never a good thing to slap on tariffs using national security is a reason. other countries will do it. said european union has they will retaliate. while the initial step is not as bad as it could've been it is still a step in the direction of

a trade war. nafta, beforet to we had this, how were negotiations going? through some of the chapters but they have a long way to go. >> they have done six chapters out of 30. three months ago i was saying it was going poorly. the u.s. was leaving tough issues until the end. there was no agreement. so they had the sunset clause can which has been turned into let's sit down and talk about nafta once every five years. the idea of a dispute settlement , which the u.s. still wants to get rid of, and mexico wants to have a world bank a mechanism. the big issue is rules of origin for automobiles. odd,.s. wanted something

rules of origin for the u.s. national rules of origin in an agreement. negotiating now, taking the 62%, the number today a little higher. so the regional rules of content are strengthened or increased. slapping tariffs on aluminum and steel and away is a national rules of origin. i'm sure the president will use this to gain leverage in the negotiation. but i have heard mexico and canada say they will not allow this to be leveraged because it is like negotiating with a gun to your head. you had responsibility for u.s. trading relations around the world. you look at this move on

tariffs, how you rate the danger , the overall trade mechanism globally taking this unilateral act? of anti-dumping cases. we did it at the same time against china. those were always backed up by where we could prove they were dumping. in this case the argument, the justification is national security. if it is national security how can the president have this authority to waive? steelhat mean european impacted national security? it was a threat to national security several months ago but it is not now?

how do you justify on the basis of the initial claim, which is steel imports and are national security? that is the sticking point, the part the rest of the world may say if you can do something on the basis of national security, so can we. that makes this different. used often. been it is an up skier mechanism. -- and up secure mechanism. undern you served president bush there were tariffs on. this is a surge. at the time, it was pulled you could not do it. looking back now, did it work? held relatively stable for the first six months or so. then they started to decline

again. just one more example that we had in our own economic history that shows protectionism does not protect. the only thing that protects is being more competitive of being better than the other companies come of able to compete in the world market. if the 2001 is an example or model we are going to look at, i don't think this is going to one a serious impact material impact on jobs. that was chair of the albright stonebridge group earlier today on bloomberg. time for our stock of the hour. bests are higher for the two-day gain since february 2016. abigail joins us to discuss.

>> that was the impetus for yesterday. today it is a different story. the owner of universal entertainment, a japanese company, he used to be a shareholder and former director in wynn. there were allegations he made improper payments to the philippine government as a result. he was kicked off of the board at that point. there has been this ongoing court case. he has been made whole and has been given an additional $486 million. 5242 is popping higher. it has been a topsy-turvy year. they are back above the 50 day moving average and almost back where it had been prior to the

steve when scandal allegations around sexual misconduct. julie: what was positive? >> this was an overhang on the company. many thought the jury would not side with when resorts around this. perhaps it would be a bigger issue. this is the amount of the payment making this whole is pretty fair. it is a solid outcome for the company. universal entertainment, you talked about steve when the what next? you lane winint is and steve when owning so much of the company. we can see they own a good chunk . 21% between the two of them.

they've raised the dividend. he is receiving a raise dividend. the gave him the ability to raise shares. there may be some reason for him to do that if investigations suggest it. elaine wynn is trying to have the ability to sell her shares without steve wynn's approval. some say this clears the way for the company to sell itself. julia: great work with that. the trade war with china would likely weigh on tech and industrials. we have the charts you can't miss. this is bloomberg. ♪

the anniversary of

the bull market. we saw the bottom on a closing basis march 9, 2009. the ninth anniversary of the bull market. you might be surprised by the group that has done the best. consumer discretionary. it ain't tech. take is up there as well. in. looks at the groups consumer discretionary is in blue. technology is gaining. it is interesting because they had been the leader in the prior crisisrket pre-financial but you have to dig into this a little bit. discretionary,r we are not just talking stuff that you buy. netflix is the best performer in that discretionary index. ultra beauty as well. wyndham worldwide. and amazon is on that list as

well. julia: tech is one of the sectors i'm looking at. what about the prospects of a trade war with china? prices. import it would make the likes of consumer goods, technology very vulnerable. comment from wilbur the cuten i asked about in the deficit. cameat was a report that from washington. i was not directly involved in any such call. i only know from the sources that you have. julia: that is interesting. that was the hundred billion

dollar deficit cut. isn't that interesting? we have the market close, next. take a look at the last session of the week. ♪

prospects of ahe ossible trade war. julia: we welcome you to our closing bell coverage every week day from 4:00 to 5:00 eastern. >> c.e.o. of goldman sachs might be stepping down as soon as the end of the year. he is responding in tweet form. he says, if the "wall street journal's" announcement, i feel ike listening to his own eulogy. not exactly a denial, but a light-hearted reputation. julia: a little bit precipitous,

but perhaps a pleasant one. interesting response. neither confirming nor denying. >> goldman sachs' shares did ok. -- ok at stocks that rows rose quite a bit. it's the only of the three pay jor averages that has re-attained its record level and saw the best single session going back to february 14. so it has been three weeks since we have had this size of a gain r the nasdaq and the dow and s&p. industrials, energy, materials, consumer discretion finished lower. if you look at the individual stocks we were watching, speaking of records, amazon at a record as well as those shares

gained by 2% and consumer discretionary stock doing well. amazon is one of the best performer in the s&p. and we didn't get a chance to talk about this because of a lot of other things going on, the owe baum ashave signed a -- obamas signed a deal with netflix. julia: very interesting. gives them an interesting platform but not for political reasons and not a bad thing. >> not a bad thing for netflix. and goldman sachs, that report in the "wall street journal" that the c.e.o. could be stepping down at the end of the year. and actually finishing near the highs of the session there. and i wanted to point out the fallout we are seeing that toys

'r us are going to be liquidating. and wal-mart and target being the two largest and trading well on the day. and one brand you don't think in the toy industry but makes things like car seats and strollers and relies on toys 'r us for one of its selling channels and those shares are trading lower. let's look at the bond market. we saw some selling there that pushed up yields up, four basis points, 2.89% in the 30-year yield rising the same amount. look at the bloomberg quickly as the yields curve. and but when you look at it on a longer basis, it doesn't look quite as steep. you see the bounce. that's what it was, a steepening

bounce in the yield curve rather than any kind of big reversal. julia: i'm showing you some of the commodity surnsies. the general direction is for risk assets stronger. i think they pulled higher in large part by the rally that we saw, the largest gain. and i'll talk about that in a few moments. the strongest performance in the g-10 relative to the u.s. dollar. it helps the oils and commodities rally. but as you can see, risk is definitely the name of the gain. the canadian dollar getting a boost by the finance minister saying to exempt canada and mexico would help the nafta negotiations. that is the performance over the

last few months. we see a brief reprieve. for as long as it lasts. is oin -- oh, we do, this the one-month performance. and taking a hit in the session today. and regulatory skernings on bit coin has a minute-by-minute impact. right now trading just below that 9,000 level. quick look at the performance. as i mentioned, oil is there as well. the largest daily gain. some of the information supported as far as payroll is concerned. supported of demand going forward and that helps the performance. this is interesting in light of what we have heard and seen as

far as potential steel tariffs. i'm showing you the one-year chart. but still had a pretty bad week. that wasn't meant to happen, was it? d and as a result of the tariffs, 25% tariff stoking concerns. now watch it back into the global market. >> oh, dear. julia: those are today's market minutes. >> the bull market entering its ninth year and to talk about this the chief strategist at quad group. and something that i didn't mention in that list and that is goldman sacks. we got a tweet making light of a "wall street journal" report that he will be stepping down. you two are both on the board.

i don't know if you know him, but i wanted to ask you what your view is. >> thanks for being here. unemployment number day after the close so i can get everything totally right since there is no more trating for this week. lloyd was on the board of robin hood. he is a great person. in this business, sometimes you are a little wishy, washy, he is a person who is generous, gracious and thoughtful. and you can see that at goldman sachs, on the forefront of their policies related to all the different issues that have been going around lately. you haven't heard that at goldman and that comes with leadership. and the other people and potential replacements are fantastic. he is an a-plus person.

julia: would you be surprised hat it is time for him to step away after become being at goldman sachs for 12 years? >> if you think where the equity price was following the financial crisis and look where it is today at record highs, i think that's pretty good timing and his health issue, he has recovered. his kids are great. his wife is great. so i think he deserves time and obviously, he has enough resources. life is to enjoy and should enjoy it. julia: speaking of enjoying life, what do you make of today's numbers? >> it's a round trip to nowhere since the last unemployment number. julia: all that excitement. >> when i was here last time, you shouldn't panic and they

have go from 29 to 26 and everybody is throwing a party. you have to look at the markets. look beneath, if you look at the 10-year, we did not make new highs. that's telling you something. the yield curve is not steepening but getting flatter and its trend, if you look at some of the commodity markets. you buy the rumor and sell the fact and overall, the tariffs and some of these other issues, it's a tax on consumers. o a lot of the impact of the budget deal and the tax cuts are now going to be offset by tightening monetary policy and adding taxes to consumers and will be an interesting tug-of-war. >> we were talking about the economic effect of the tariffs

and there was talk about the effect of the dollar that we have seen. and seeing the trend of the dollar and exacerbated on all of this. and when does it become a problem for companies and consumers when we see inflation where it's getting more problematic. >> we are on the other side, which has led the dollar to strengthen. one month from the euro and where it has been to today, it has rallied against the pound. oil had a big increase today but exxonmobil, worst performing stock in the dow today. go back to your chart of energy since the low of 2009, the deflagseary pressures are building up. so you have seen it has sold off there in the last month. the lack of inflationary

pressures tell us that the more likely outcome is these deflationary pressures and we saw that today in some of the commodities selling off hard. look at iron ore and the other prices that have come down dramatically over this period of time. it definitely leads us to be very, very concerned. yeah, so one day, great rally, new highs in the nasdaq and math works. amazon, netflix, they cannot compound at the same rate of speed where they will be the only stocks left and we would be out of a job and the unemployment number today was strong. so they have to stall or they have to correct. if you look at the distance, for example, from their 200 moving average, it continues to get away further. we are economic historian.

i'm a strategist. what is the probability? the probability is the risk-reward is take risk off the table. the hardest thing in the world is to readjust a portfolio. julia: what is the structure what you are seeing, tie it all together? what's the trade here? >> we don't go into too specifics on it in individual names. insectors, irronically the dollar has a risk reward. if you think about the components of g.d.p. and the net imports, the dollar is going to get stronger because we are reducing the cost of -- for foreigners in terms of that competition. that will dollars at home. at the same time, we have to finance the flip side of the trade deficit is a capital

surplus in foreign countries that re-invest. they will have to pay more, fewer dollars. if they want to rei have invest, hey have to pay higher prices. policies are adding to supply. and we don't see demand picking up. julia: great chance for you to talk to us. goldman sachs, get ready, the ..e.o. is planning to step down candidates are now down to two. we will bring you to it next. ♪

>> new law raises the minimum wage age to buy rifles from 18-21 and extends a three-day waiting period. and bans bump stocks, the devices that allow guns to mimic fully oughtic fire. australian prime minister -- despite the withdrawal, trade ministers from the 11 nations signed the agreement to streamline trade and slash tariffs before president trump announced plans to impose tariffs on world and steel.

>> this will provide additional access for australian exports in all the other countries, 11 nations, including our own. and the fact is because the deal is now signed, it is something to which the u.s. could return at some point in the future and to which other countries can join. u.k. has expressed interest. >> he is looking to have australia to be exempted from the tariff. the human rights chief at the united nations suggested today that the philippine president should consider some sort of psychiatric he valuation. he is demanding that the human rights council takes strong action after his recent criticisms. the president accused some u.n.

staff of being communists and criticized u.n. experts who raised concerns about the thousands killed in his anti--drug crackdown. powered by more than 2,700 journalists and analysts in over 120 countries. this is bloomberg. "what'd you miss," roy blank preparing to step down by the end of the year. he has a different. he tweeted a while ago, if the "wall street journal's" announcement, not mine. eulogy.ike my own deficient and, what do you make of all of this as you are trying to make an investment conclusion, is he going, is he staying? what is your reaction?

>> i guess we will get more details. but that is the key thing. julia: we were looking at the market reaction. iran investigators aren't in favor but they didn't believe this story? >> i think investors that we have spoken with thus far believe there might be something

there and clearly, lloyd has been the face of the firm, 12 years as c.e.o., 36 years within a company is on a long run. he is very good with clients and very deep roots. that is one point. but the bigger point is goldman has a deep bench and people that are being discussed that could succeed him very competently. that's why the market is comfortable with whatever the announce mnlt could be and when that could come but people are embracing there will be a change here. so i don't think people will be surprised. >> you have a market rating. whether it is him sticking around a little long or sole o'mon or schwartz taking over, what do they need to be doing? >> we are seeing an evolution here and a lot of us like to

talk about trading and investment banking and the historic strengths of the firm. but we are seeing a lot of leading changes within goldman around digitizing the many platform. they are pushing hard into lending and focusing on ways to interact with resale customers and that is a big change for the firm. if you think where the company is today and where it might be in 10 years, it could look quite a bit different. but these are not things that are instant gratification and will take time to play out. they are captured in their revenue targets that they have for the next few years. but i do think there is quite a bit of change going on there underneath the surface. julia: there was reported earlier that he is asking to join and perhaps it ruffled a

few feathers and whether or not she has the right qualifications to be on the management committee. how is that use of that connection back to the white house? >> i know that is a difficult question. those are things they have to think in terms of who is best suited for different roles within the firm. but goldman obviously has deep roots -- there have been a number of people that left the firm to go over there and you think about the relationship with not just the u.s. government but governments across the world. they are very deep and strong. i'm sure they think about ways to improve that and there might be people that can help expand those. but i think the starting point, you have to think they are already in a great spot there. >> thank you so much for joining

us and giving us your perspective on his possible exit from goldman sachs. julia: gary cohn tirneded his resignation. peter navarro is on the rise. an outsider who was side lined in the white house for months, navarro seems to have the president's ear. we have the editor from 's business week." how has he side lined the other issues that he was dealing with, health care or tax reform and superseded his core interests? >> trade took a back seat to the first attempt to repeal obamacare and then attempt to cut taxes.

20818 rolled around and trump had time to focus on an issue he cared about all along. and for that reason, navarro was well positioned. but he was side lined. his office was subsumed under gary cohn's national economic council where he was required to copy cohn on his emails and not invited on the trip to china and china is his number one issue. and wasn't until this year when trump gave orders to john kelly to take his office back out from under gary conan then the final ct is when cohn tendered his resignation. ross, navarro along with the nationalist voice has come to the floor. julia: peter navarro was not involved in the chinese negotiations and spoke to a

commerce secretary. as much as you talk about the rise of procksist element, they seem to be segregating them from the chinese. >> they have been, but you are e -- going to see that changing. navarro and ross have the president's ear. this is what president trump's inclination is. fromot being restrained as some of the globalist figures in the white house. >> it could be a reflection of the way this white house is run generally, not necessarily specifically with regards to these gentlemen. i want to play something that navarro told us with regard to whether he would be replaced when he spoke to bloomberg. >> i'm not on that list. let me be clear and the president is going to have a

long list. i'm here to serve the president. i'm here to defend working men and women and i have a very full plate. in addition to doing a lot of stuff on trade, i do a lot on the defensive base and i take those duties very seriously. >> disingenuous? >> i think he means that. he is on that issue. and the national economic council does much more than that. some of those issues aren't quite as interesting to him. whether trump wants him for the job is another question. >> how is the community? >> he is on the outskirts of mainstream economics because he is very skeptical of free trade and takes more of a nationalist -- defense is his big issue.

he is so concerned about china. on china as well, that's another issue. he is a self-made expert. but doesn't speak chinese and little bit outside a vacuum as well. he is comfortable with the role of being an outsider and embraces that. julia: he has a phd from harvard and has changed his mind. >> back in the early 1980's, he wrote a book where he talked about the virtues ff free trade and he was a democrat. he was concerned about things like overdevelopment in san diego where he lives and here he is working for the most famous real estate developer. >> thank you so much. economics editor for "bloomberg

businessweek." president trump planning to meet with kim jong un. ♪

>> the white house says no meeting will take place between the u.s. and north korea without, quote, concrete actions that are made by north korea. word of a spring summit between president trump and north korean leader. the united nations welcome the news. >> the secretary general is encouraged by the announcement of an agreement between the united states and the democratic peoples republic of korea to hold a summit. and commends all concerned and supports all efforts towards the peaceful of the denuclearization

of the korean peninsula. >> and reiterated the secretary general's offer to do whatever e can to help facilitate the process. says he intended to defile a subpoena. and he now says he worked for hours to produce thousands of emails and other communications and calls the whole affair a teachable moment. metetary of state tillerson in nairobi and praised the news and airobi's president sparked turmoil and there was electoral fraud.

tillerson said on saturday, he will honor the people who died in the 1988 embassy bombing. >> i will pay my respects to those who died 20 years ago in the u.s. embassy attacks. tragically, we still are confronted with the face of terrorism. during our meeting today, we discussed threats facing kenya, and the global community. >> tillerson added that the united states appreciates our security partnership with kenya and shared fight against terrorism. britain's armed forces arrived in salisbury to help police nvestigate the nerve poison. counterterrorism detectives asked for military help to remove vehicles and objects

related to sunday's attack. the u.k. defense secretary said the armed forces had the right people with the right skills to assist in the investigation. global news 24 hours a day powered by more than 2,700 journalists and analysts in over 120 countries. this is bloomberg. julia: give you a sense of where equities traded. what has been a pretty volatile hoppy news headline. nd ends the week in positive territory. 1.8% for the dow jones. and across the board gains.

>> the president hopes he can reach a deal. here to talk about the risks and rewards is the senior director of the career society and associate professor at columbia university. we have talked with you all along as this north korea tension has been heating up. and now a meeting. what does this meeting look like? >> it's a historic break through. but it looks like trump is trying to have his nixon-china q e.t to be reaganes

if they are able to sit down and face-to-face, it completes a new level where committee with deescalate tensions and talk away the nuclear capability and missile threat. julia: you called it. you said, this time it feels different for many different reasons, whether it's the intensification, shifting relationship between all the key players here. conceptics look at this and say what did the united states get. this is recognition of this dictator coming to the table now for negotiations and wants everything. what is america getting here? >> a de-escalation and no conflict. what america gets is its support for prime allies, south korea. and peace in the region, first and second and third largest economies in this world. to avoid that disruption and

that's the alternative. we were looking at military conflict as the likely outcome. julia: what does he have to do to protect the regime? >> no one knows for certain. it seems to be his strongest card. on the other hand, he has a two-track policy and economic modernization and he knows with an isolated country, he has to perform. julia: economic survival at this stage. leaders both american and otherwise believe they can solve a problem and that appears to be at least somewhat in play where the president thinks he can negotiate with with kim jong un. how receptive -- we don't know an enormous amount about him, but is he going to be reaccepttive to that kind of

personality? >> in his meeting with its south korean delegation, he seemed to be frank and seemed to know the score. and it seems there has been with this maximum pressure campaign both about sanctions and the military buildup and the proximity to north korea. but for president trump, he is a transactional figure and sees the opportunity to perhaps strike a deal. he wants to be a transitional president. he wants to make a big step. though the skep particulars are throwing water on it, we should wait and see and see if there aren't legs to this. and that's what the south korean president has been doing. julia: domestically with those concerns, i think even less concerned about the threat of the nuclear risk versus what from future great economic support from the south koreans

will mean domestically and give money to the south koreans. is that a concern do you think and a pressure point for the south korean president that they will have to provide economic support? i'm not talking about unification. >> that is a real concern because the south korean taxpayer would have a this $3 trillion burden. if the president pulls this off and gets them to the table, give him a nobel peace prize. china has been instrumental. china has stepped up in terms of sanctions enforcement since the fourth nuclear test. the white house has given it great credit and even the trading companies and the smaller banks are hesitating because the carrying costs are

too high. so china is doing a lot here. some people say the last six months have been different and sanctions are biting. the white house want the president and the chinese to continue on this path. that's what perhaps the north koreans will get to. and fr allowed. julia: one of the fascinating aspects is the secretary of state's role or nonrole in this organization. and he was in africa during these negotiations. do you think he has played any role in this at all? yesterday, he was contradicted that perhaps the negotiations could go as far as a face-to-face meeting. does that matter? >> he has urged diplomacy as has defense secretary mattis but may

have been caught up. we have a capacity issue. we need more talent on that and will be a lot to do in two short months before negotiations and that is a short period of time. but the fact they struck at a timetable cuts that they are serious and hopefully will see hat comes. causeous optimism. y interview with home deo -- depot's. ♪

julia: huge growth since the financial crisis and medium-sized baverages pulling out. deregulation could change that. i spoke with brian sullivan to discuss the company's approach to what the future holds. >> we have been fortunate by the crisis and i don't mean that in a negative way but the ability to capture market share and banks have retreated and it has been more and more complex because of the dodd-frank regulation. and with our direct fran chigse to capture now being 2% of the

overall market. julia: you are the second biggest lender. how does that happen online where we have seen huge growth and a local presence? ? at differentiates to someone >> we have taken a hybrid approach. the business started out as a direct model to ourl contact centers and online and retail franchise and there is a local presence that matters. having that ability to capture customers both online and the local presence where retail loan officers are there and have the ability to guide them is really important. it's making sure the customer, we are agnostic how a customer comes into us but having the ecosystem is really different. julia: the ones you reach online

. >> you would think that more of the younger cohort would be interested in the direct channel. and surprisingly enough, a lot of them like having that local presence and face-to-face contact and probably going to their first or second transaction. and an older cowhort who have done transactions before, that will be different. julia: what about your business model and you are pushing now to integrated model where you connect the real estate brokers d home loans and introduce customers. that went so far. why is it coming back? >> during the financial crisis,

you had people that focused on mortgage, auto finance or student loans. and what we're seeing from customers is they are looking for a one-stop shop and doing their home-buying needs through e and connecting them with a ability to once they have done a purchase transaction do a home improvement through a loan or home equity loan and if they are looking to refinance when interest rates are cashed out. julia: the bigger banks have pulled out of this market in lot of the financial crisis and the regular layings we got as a result of that fallout. that's going to change. regulation is going to be pulled out. does that present a challenge because you have these market share and will lose that?

>> i don't think he we will lose market share because we are pulling from both sides of it. obviously the competition that may come from banks as they look to continue and expand will be there. but it has always been there. our top 3com petors, we are the fifth largest retail competitor and there is the smaller side of this market which is becoming more and more complex for a loan to get done. and without scale, these smaller competitors have a more difficult time. julia: there will be more consolidation as a result of banks coming back into the market? >> i do believe so and scale will help insulate us with the smaller shares out there. julia: that was my interview with brian sullivan. wilbur ross, u.s. commerce secretary, talking jobs and

trade next. ♪

julia: the president's demand on tariff on steel imports led to his chief economist adviser. but the white house is saying it will boost the community and wilbur ross, u.s. commerce secretary talked about the benefits. >> it isn't a question of them being as such a security threat. the major question is the ports overall constituting a

security threat. that's the difference between the two. t isn't that we think the e.u. isn't necessarily going to use steel against us. it's a different kind of a question because section 232 of the 1962 act, which is the legal basis for what we're doing defines national security as much broader than just military security. it talks about the effect on the economy. talks about the effect on individual industries' employment, it talks about supplying material to critical infrastructure industries. it goes on and on and on. it isn't that we're saying that the e.u. is a direct military threat to the united states. julia: so does it cover unfair

trade practices, too? because the president made a great deal about unfair trade practices and there are those that believe that you undermined your own argument. are you saying unfair trade practices are covered under this section? >> no. part of the problem in both seal and aluminum and part of the reason why it can't be a very pinpointed set of remedies is do iolating countries transshipment, so if we put a regular tariff under normal w.t.o. procedures, it has to be very precise as to the product and very precise as to the country. so what happens in the real world is that country then transships it to another country against which we don't have a trade action. d may transship it with some

further processing or transship it without further processing. so that's where the unfair trade practices play in. the other fundamental problem is that people keep building the capacity even though there's grotesque amount of oversupply globally and that is technically an unfair trade practice but what has contributed to the problems we are facing right now. julia: there has been outcry in the united states. are you expecting litigation from companies in the united states that this will impact them and delays these tariffs in the interim? >> well, first of all, the impact on the u.s. economy, even if there were no exceptions ever granted to anyone would be pretty trivial.

it is tiny frasks less than half a penny a can on soup, much less tuna alf a penny a can on fish, beer, soft drinks, things of that sort. so it's very, very small in terms of its direct impact. even cars. it's only a fraction of 1%. julia: you are not expecting litigation? >> i don't know. in america, it's easy for people to legitimate. i wouldn't want to say that it's possible anyone will. but we do have in addition for a country's exclusions, we also have individual product exemptions available and that's a process that commerce will manage. the country exclusions are at

the discretion of the president. julia: that was our interview with commerce secretary wilbur ross. he said there were countries ready to negotiate in that 15-day period. that confusion of with what is the reasoning, national security or unfair trade practices, have they undermined their own argument. china is the critical thing. he acknowledged that he wasn't involved in the discussions with china in reducing china's deficit. it was precipitated by the president's tweets. and peter navarro didn't go to china. >> the question is who is leading them now? julia: the protectionists are in charge and tells me about the trade war. unless maybe, but right now, that tells me something about the fact that the protectionists are now in charge of the

critical chinese negotiations. i see that as a positive thing. >> we'll see. what you need to know about gearing up for the week ahead. ♪

>> "what'd you miss" a record close for the nasdaq and nasdaq 100 recuping all of the losses they experienced in february. the snap not quite there. but inching it up. jobs report, all about the jobs report. and next week, the numbers for c.p.i. come out on tuesday at 8:30. alisa: you are watching

"bloomberg technology" and here is a check of first world news. the white house says there will be no summit meeting between the u.s. and north korea without

concrete actions that match the promises made by pyongyang. sarah sanders also says washington made zero concessions in agreeing to the meeting. signed arick scott school safety bill passed by the florida legislature in response to the apartment school shooting. it raises the minimum age to buy rifles from 18 to 21 and extends a three-day waiting. for hamptons to include long guns and bands devices for automatic fire. president trump's legal team wants a special counsel with robert neil or, setting a person familiar with discussions. involve an interview with the president to be used as leverage to expedite a conclusion into the russia investigation. aide samump campaign number of art -- arrived in federal court after he mocked testifying to the grand jury in a