♪ emily: i am emily chang and this is "the best of bloomberg technology." coming up, the google ceo testifies before the house judiciary committee, facing tough questions. we will talk to two lawmakers who took part. plus, apple suppliers may consider moving iphone production away from china if tariffs rise. what does it mean for the supply

chain and will other companies follow? glossier is disrupting the half trillion dollar beauty market. first, our top story, the google ceo face more than three hours of questions on capitol hill. lawmakers pressed him on how google protected user privacy , what the search engine plans to do in china, and whether the platform is biased against conservative views. it was a tutorial for just how google works. >> if you google the word "idiot" under images, a picture of donald trump comes up. i just did that. how would that happen? how does search work? >> we have gone out and crawled and copied billions of pages and

in our index and we take the keyword and match it against the pages and rank them based on our signals. >> it is not some little man behind the curtain figuring out what we are going to show the user? it is basically a compilation of what users are generating. emily: not some little man, indeed. we caught up with the democrat from rhode island who asked a series of questions about china. >> i was not satisfied. i was disappointed with his answers. it is inconceivable that google could launch in china and, at the same time, honor its commitment to universal human rights and to be sure they are a force for good. they will be used by the government tohinese collect information, to engage in censorship, human rights organizations have come out against this. what i hoped he would say is google does not intend to do it

, but he did not say that. he continued to say it was an internal discussion, but it is alarming that in a repressive place such as china with a disrespect of human rights, no free press, that google could become an enabler and facilitate repressive activities and surveillance inconsistent with their core mission and values. i am disappointed he did not shut it down completely and that this secret project is going to continue. emily: he did not rule out plans to get back into china. he did not deny they've had conversations with government officials. there are 100 employees working on that project. so it doesn't sound like this china experiment is going away. in that case, what other questions do you have? >> we have to continue to be sure that we are watching this closely. he committed to engaging with

congress on this issue as they move forward. we have to look at some regulatory, legislative solutions. we should not allow an american company to facilitate what could be human rights violations, to become a propaganda tool of a repressive government. if it can happen in china, it can happen in other places around the world. we are seeing a rise of powerit authoritarian throughout the world. an american company should not be facilitating that or helping that happen in china. we will continue to engage with google. we have to determine other solutions that prevent this from happening. emily: what actions would you take, given what you heard, to rein in the power of google? >> well, i mean, the other issue i raised with respect to google is their discriminatory behavior, whether they are favoring their own products in their search processes.

the european union found they were and imposed a hefty fine. i asked him directly if you can commit to not engaging in discriminatory behavior which disadvantages competitors. he said it is not occurring and took issue with the finding of the european union. but this is a really important issue that we are going to get to in the judiciary committee, how to make sure the internet remains open and free and there are not anticompetitive behaviors by the thick technology platforms that are the gatekeepers into this space. i think this is an issue which we are going to focus on in the antitrust subcommittee, making sure the internet remains open and free from discrimination that favors these dominant platforms. emily: you are likely to take over the antitrust subcommittee. what hearings do you have planned? >> well, i think we will begin with a top to bottom review of the existing antitrust laws. we will bring in expert

have some goodho ideas about the way we can respond to this increasing concentration of economic power and these huge technology platforms that really are that gatekeepers, and how can we be sure that we are preserving access to reliable, trustworthy information on the internet. so doing a lot of careful study, bringing in people who have expertise, listen to what some of the smartest technologists suggests as ways to move forward, and i hope we can work in a collaborative way with the big technology companies. this has sort of been like the wild, wild west, which in the early years of the internet was necessary, but now we are in a place where we need to have regulation so that we can diminish consequences of this economic power in these huge technology platforms. emily: would you call or will

you call the google ceo back to testify again? mark zuckerberg, do you want to hear more from them? >> absolutely. i hope this is just the beginning of an ongoing discussion between these leaders in congress so we can work together to develop the best solutions to these very pressing problems. it will require more conversations and testimony before committees. emily: when it comes to more regulation on google, where would you like to see that applied? >> we have to be sure we're doing this right. we want to make sure we do not impede the free, open internet , and make sure we are doing it in a way that advances consumer rights and privacy interests. some of the things i am hoping we will have in this phase is a competition-based solution so that people, portability, so that people can move from platform to platform with their social graph, so that there will be some incentive for technology companies to enhance their privacy protections and the market can drive some of that. but i think we need some clear

legislation or regulations that makes it clear that data belongs to the consumer. they ought to have full control of what happens to their data. they ought to consent to the use of that data by a third party. i think these competition-based solutions are part of it. but again, i think there are not easy answers to these things, but we need to bring in people who have the best thinking and ideas who have worked in this space and really begin to shape protect theat represen constituents we represent. emily: the congressman of rhode island. we also speak with bob goodlatte who led tuesday's hearing. >> i think it was a very good hearing. i thought members on both sides of the aisle asked a lot of good questions. on this issue of bias, the

google ceo was not helpful of determining whether or not when they rely on third parties, the southern poverty law center has , that has labeled some groups that are not racist as racist and has been sued by one entity and had to pay a multimillion dollar judgment, that indicates to me this is a problem that google is still wrestling with, has not resolved. when you see the california republican party labeled by google, when it is labeled ideology and they bring up nazism, or a north carolina senator when her photograph is placed, below that it says she bigot.g ge whether it is systemic bias or simply a flaw is a serious

problem that they do need to address. there were other issues we talked about as well. emily: how does google square the other perception problem, that because its workforce is largely left-leaning, that it is biased no matter what he says? >> they have to work overtime to gain the confidence of a large percentage of the american population who want to be assured that when they conduct search or search for particular things on youtube, they are going to get fairly treated and unbiased information about what it is they are searching for. emily: now we heard several republican say things along the 'i do not want to , regulate you, but.' which is it? do the republicans want to regulate google or not? >> overwhelmingly, they do not. the problem they find themselves in, google does, is they have an exemption under the law of the communications decency act that allows them to censor objectionable material without

facing the kind of liability laws that others, for example, organizations that they rely upon, are subject to. and just like your news organization or a radio station or newspaper are subject to be heldbel laws and can liable for falsehoods, this exemption that technology companies have, given the fact they have moved from simply providing a platform on which anybody can post whatever they want, therefore they are saying, we are like a phone company. we cannot control what people do. they have become editors of that content and therefore, the congress does need to take a close look at how these companies are regulating themselves. again, i am not saying that the government should regulate them. but, if they are subject to libel laws, you do not need

regulations because media companies that are subject to libel laws take great pains to make sure they are not sued. for libel. if that same standard were applied to technology companies, that might be a self-regulatory influence. emily: so if democrats brought antitrust legislation, how would republicans respond? >> i think you would have to see what the legislation does. our antitrust laws are important with regard to google because they control about 90% of the searches in this country. i think that youtube has about 75% of the adult population and close to 95% of the 18 to 24-year-olds using it. so they are definitely an important market power. they have grown to that position because they have provided services people want and need. and when you go in and try to use antitrust laws, i am not

opposed to doing that, but you have to do it in a way that takes great pains to make sure you do not have a result that takes away from people the kinds of things they count on for google to provide them. the other thing this hearing helped with the american consumer was to make them more aware than they might already be about how much information google has about you. if you have an android device on your person, and the majority of americans do, they know when you bend over, when you go from the first to second floor. they know the temperature in the room that you are in, and you couple that with the information they gain by the things you search for, they know a tremendous amount about people , and they have to work overtime to make sure they continue to have the trust of the people and american people, and i think

they are losing that right now, and that is why after months of trying, we were fortunate that their ceo did agree to come forward and talk to us about this. emily: congressman bob goodlatte, chair of the house judiciary committee. coming up, morgan stanley and goldman sachs bidding war over uber ascom to an end. if you like bloomberg news, check us out on the radio. you can listen through the bloomberg app, bloomberg.com, and in the u.s. on sirius xm. this is "bloomberg." ♪

♪ emily: now to a bloomberg scoop. days after filing for an ipo, uber has said to select morgan stanley to lead its public offering. the news marked another big win

for morgan stanley, which has brought several tech companies to the market and can expect to receive a large portion of the fees which come with the ipo. with a listing valued at $120 billion, uber's ipo could be one of the largest at all time. eric newcomer joined us to discuss. >> morgan has helped uber on a lot of its debt fund raising rounds. some of them have been controversial. so that has helped develop the relationship. michael grimes has played a big role and established himself and , and that is the bank that has been in the room, writing the prospectus. not too surprising then that they are going to lead the offering. emily: when you published the story, i could not help thinking back to facebook's ipo, which morgan stanley also led, and the opening day was kind of a disaster. as i understand it, morgan stanley carried a bit of baggage from that. are those days behind us? >> i think so. two ipo to the top

bankers. plenty of companies think they are. facebook did turn out to be a highly valuable company. perhaps, they underpriced it if the goal was to pop but looking back now, they were not crazy to say that facebook was valuable, that investors should have paid more for. emily: what does it mean for goldman? is it a big loss? >> i think the fact that this is morgan singularly leading the ipo, and ok, goldman will have a not down the road, it is the position they want. even if it was morgan stanley leading this, the fact it is not both of them hand-in-hand, is not great for goldman sachs. because this is the defining ipo of the time. and also because j.p. morgan had the opportunity to lead lyft. so you are in this awkward situation where there is team of uber, which has a huge pile of

money, and then there is team lyft where you have an opportunity to run and goldman is stuck in the middle. emily: and goldman held out for uber and it did not work out. had goldman been courting uber as aggressively as morgan stanley had? >> for a long time, there were senior goldman executives throughout uber's ranks. it was very much a goldman company in terms of recruiting. and obviously some of those people have left. their old head of finance another startup, so yeah, i think that relationship is not as deep as morgan stanley but we will have to see. it is not necessarily over for them. there is plenty of work to be done before uber goes public. we will have to see what goldman takes on. emily: any updates on timing? >> i would love to have them. i still think for both uber and lyft, first half of the year, lyft has talked about march or april, and now it is how quickly they can get ready. so there are just some variables that are unknowable to tell you

when it will be. but six months of next year is first my bet. emily: bloomberg's eric newcomer there. bel, softbank is said to planning to sell its stake in nvidia. the company could make about $3 billion off the sale. no final decision has been made. the report comes as nvidia and along with several other semiconductors continue feeling the impact of rising trade tensions between the u.s. and china as well as slowing demand. coming up, robin hood is rolling out a new perk for its customers. they talked to bloomberg about the company's growth. this is "bloomberg." ♪

♪ emily: robin hood financial rolled out its version of a bank account to customers this week. it will offer checking and saving account options with 3% interest. that is higher than the rates offered by goldman sachs and social finance. both have taken its shot at traditional banks with improved interest rates with little game. julie sat down with the robinhood co-ceo to ask how they can offer this substantially higher rate. take a listen. >> the way that robinhood offers this is we take customers' cash that is held in their checking and savings balances and we invest them in government grade assets. so think u.s. treasuries. the you we earn on those treasuries, we pay back to customers and we believe that long-term it will be a profitable business for us, so we are very excited about it. >> and you also mentioned there would be checking and savings. will the checking come with a

debit card or you can make the interchange fee offer that? >> correct. we are offering a debit card. there are four designs and it is issued in partnership with mastercard. we have a commercial agreement that we share in the interchange revenue, which is the other way this product makes money. >> since you guys are able to go out and invest in other products, i assume this is different than a typical checking account i would get at jpmorgan where they are lending this money and it is not fdic insured. explain this and should customers have any concerns that the money is going to be safe when depositing it into this account? >> robin hood checking and savings is offered by robin hood financial, which is our broker-dealer and it is it is insured up to a quarter million dollars, which is the same insurance amount offered through traditional fdic insured accounts. so it has a lot of similarities

to fdic insured accounts, but is offered through our broker-dealer, which is a financially regulated entity as well. >> after offering free trader to customers, you have done things like get into crypto and options trading, like this, so it was not super surprising to me when i did my piece last weekend a and a lot of people said you guys are an ipo candidate for 2019. does that seem too early, or is it a possibility? >> first things first, we announced robinhood five years ago this week, in 2013, with the stated mission that our goal was to democratize the financial system in our country. so a very lofty goal. we stated the way we were going to do this was by building a company that is insanely focused on customer experience and that did things a little bit differently, in that we made long-term investments in our own infrastructure by building an engineering company. -firstso you have seen what that has yielded for robin hood over the last five years.

a major step along the way we announced a month ago which was clearing by robinhood,the first fully self-clearing broker-dealer in quite a while, and checking and savings is the first product we built on top of it. so we are continuing to make long-term investments in our business and building a company that we hope is around 30 or 40 years from now. we see this as steps along the path that we have set forward for the company. we are definitely considering an ipo. the timeline, we cannot talk about just yet. but as we announced about a week ago, we have also hired a cfo who comes to us from amazon. so we are continuing to build the business and we are incredibly excited about the trajectory. emily: got it. last question. something we've all been noticing lately, the markets have been more volatile than the last two years. what impact has that had on customer behavior? i am sure you guys see a live in the data you have, how often people are trading, how often

they are logging in, and other things? >> right. so one of the things that has always been unique about robinhood's customers is we tend to have customers we view as more contrarian. by that what i mean is that on market dips, we tend to see more buying than selling behavior. we have continued to see that over the last small bit of turbulence we have had in the market. that being said, as we look forward, we continue to be bullish on the state of the economy as a whole. unemployment is still very low. yeah, we have behavior that's in line with what we've seen before. emily: that was the robinhood co-ceo. coming up, fallout from the trade standoff between the u.s. and china. apple suppliers are now considering moving iphone production out of china, possibly creating supply chain chaos. and bloomberg technology live streaming on twitter. be sure to follow our global breaking news network tictoc on

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♪ emily: welcome back to "the best of bloomberg technology." increasing trade tensions between the u.s. and china have apple suppliers prepping for unfavorable scenarios that could mean moving production out of china if terrorists rise to 25%. president trump told the wall street journal that tariffs could be slapped on smart phones and laptops made in china. we talked about this. >> at this point, it does not appear to be likely. quite frankly, we will get more clarity as we know how much longer this administration is going to last, whether the next administration is going to continue these tariffs.

if we see them going into place. these are plan b, plan c, and plan d scenarios that the company is weighing right now. what we are told, this is a report from our colleague, right now, if tariffs are around 10%, if those go into place, there is not much room for panic. it will not make any rash decisions. if discussions begin of a 25% tariff on iphones, exporters from china to the united states, there might be contingency plans going into effect. emily: does this mean that apple views the tariff issue as more serious than we thought? >> it is not just white knuckle for apple but for investors. this is something why cook has tried to make sure this does not heat up because apple is front and center in terms of bullseye. the likelihood here is small we could see a better chance of man going on mars than apple moving

their factories out of china. this is a nerve-racking situation, both on the demand and supply chains and the stock reflects it. emily: tim cook has been to washington several times and he has met up with the president's daughter. if apple moves production out of china, where would they move it? >> i love the -- it is more likely we will have a man on mars than apple moving production out of china. other places are malaysia, thailand and vietnam other , countries in asia that have similar labor practices and the ability to keep costs down. i do not see a time when the iphone is produced locally in the united states. i think this'll be more of a wait and see. i think apple is going to wait this out. you see the stock price, this is a real problem, a real issue, a real concern for investors.

it is not real in practice but it is clearly real for markets. emily: the ban on iphones in china right now, the result of this dispute with qualcomm, how serious is that? continueas been -- we -- from everything we see in china, it is the older version. we have yet to separate that from ios-12 from pre-ios 12. we think only about 10% to max 15% of the phones in china are impacted. qualcomm is trying to focus on the core, trying to force their hand in terms of apple and this is something, look, china is key to apple's growth prospects. the last thing you needed was some sort of further worries around china and that is why investors are watching this as the last thing you want to see is the further dent in terms of china demand from this latest

court issued. -- court issue. emily: the huawei cfo being granted bail, how concerned are you about this having a broader impact? >> apple has a bull's-eye on its back. i think that is where the worry is. you look at the u.s. technology companies and they are the ones that are worried, not just from the demand but from the supply chain. i do not see too many u.s. tech ceos running to book their flights to china and this next week's. call, you'll see how this goes between the u.s. and china but the huawei cfo situation throws a wrench in it and you see it impacting stocks . that has been a black cloud over , specifically apple.

it doesn't help the situation. emily: we do have the google ceo not ruling out plans to get back into china with a censored search engine. as a result of his testimony on capitol hill, you have lawmakers calling for more regulation. are you concerned about the impact on the tech sector more broadly if congress takes a harder line on big tech? >> it was a concern if you go back to march and april. we went through the hearings with zuckerberg and that was where there was an investor concern. it is still a risk but now it is more in the background in terms of big tech and some sort of regulatory risk. right now, it has been added to a overhang on the stocks and you've seen on the faang names, univac the less year or you two, never had regulatory risk and that is being factored into the multiples and investors are keeping a close eye on it in terms of what comes out.

emily: dan ives of wedbush securities and mark gurman. meantime gopro is trying to minimize the impact of having its products on any tariffs list. the camera maker plans to move production out of china by next summer. the cfo says " today's political environment requires agility." hasng up, y combinator nearly 2000 investments in their portfolios. we will ask partners which trends to watch in the year ahead. that is next. d company glossier tripled in size last year and now, it shares new numbers about how fast it is growing this year, only on bloomberg. that is next. this is "bloomberg." ♪

emily: when it comes to startups, an investment from the seed accelerator y combinator is an entrepreneur's dream come true. earliested some of the tech successes. since 2005, y combinator has provided leadership to over 1900 startups today. with 2018 coming to an end, they are gearing up for their next round of funding with two big rounds of investment. they join me to discuss. at the growth stage the trends we saw in double down on were in financial services, we made a big investment in drugs. we see more innovation on the digital banking side, credit card side and i think we will

continue to see that. second b2b, there is a big focus , on smes. one of our portfolio companies focused on payroll but offering more services. i think you will continue to see that trend. we saw in mobility, trucking, we also saw micro mobility, like in scooters. a lot of capital went into these categories. emily: we always talk about the obvious companies, airbnb, what is the next generation? >> some of the next generation is building off of what she said. we have seen a drop in cameras as well as the pricing in radar. we see a lot of hard tech become acceptable. we see companies using that and they are going to be able to put in ai. we have many companies larger , companies go into china to

build cashier-less stores. you can walk in, buy your groceries, and leave. we are also seeing this next generation -- we have heard about ai a lot and we are doing ai for insurance or this but now we're seeing we are starting with a problem. we are doing a store that uses computer vision and putting ai on top of that to figure out what are the trends that people are buying. that is kind of some of the things we are seeing. we are also seeing the trend that the next generation will continue to be global. emily: i did not realize how big yc had gotten a broad and you have launched an operation in china. what are you doing? >> in china, we hired a microsoft executive and the premier ai expert. we want to be as accessible to founders around the world. we want to track founders who

are solving the hardest problems and that is not just in one country. we decided to open up in china. >> and there were a lot of invitations from international companies. 40% of our startups were international. i think we're seeing more applications from international companies. emily: i have been following you for a long time, almost as far back as when it was graham and livingston. 1900 startups. can you provide that many startups quality support? >> some of the things we're doing is we take batches and break them up into smaller groups. we have grown the partnership larger. 36% are female and we help make the batch smaller, about 25 to 30 companies and make it the same as it was before so they can get that advice and attention they need. emily: diversity is something

yc has been criticized about. you have made it a focus and have made it. what are you doing? >> we all need to work on the numbers more. in the last batch, 28% of founders were female. 12% were black and latino. we are putting efforts not just in terms of founders who are applying but before that. we have startup school that is a step before the accelerator program, more than aspiring 10,000 founders. we want to get more female founders and people of color into the system. i think the best part of it is the university for startups and if we can help support founders from various backgrounds we will , see more. emily: traditional venture capital firms are raising massive amounts of money. you have nontraditional investors like softbank coming

in. your focus of the earlier stage in growth, but does that mean more competition? >> one of the beautiful things and one of the reasons i joined is it is super focused on helping the founder at all stages of the company. you can come up with an idea and we have a startup school for you. we have the accelerator program for you. we have a series a program we launched as well as the growth program with continuity. i see it as much, much more than a vc fund. it's a place to learn, grow, and apply in building got even their companies. >> we have this batch, we received around 11,000 applications. they accept less than 2%. there are a lot more founders globally starting companies because tech is no longer just about tech. emily: we have been talking a

lot about techlash and the backlash against big tech in general, big vision these , promises to make the world a better place when these companies are making money. do you expect that to continue and will that trickle down? >> i think that the founders that are starting companies are truly aspiring to solve a problem and hoping to make experiences better. as we talked about, tech is now entering many different industries. what i do notice in the change the way founders are thinking is they do think about what will be the impact of the product or service multiple years long and what sort of impact do they want to have. if things work things scale , quickly and it is hard to figure out what exactly are the impacts we are having.

sure enough we have both positive and impacts. negativewe are seeing founders paying more attention to that. emily: what is going to be big and 2019 end up it? >> voice. >> micro mobility may not be as big as we thought. scooters. i think b2b and financial services and international companies coming to the u.s. will be a trend. emily: that was y combinator. coming up, glossier is shaking up the makeup industry with an almost entirely online business. now with an additional $52 million raised last year the beauty company is entering phase two. ceo emily weiss tells us about glossier's social commerce vision, next. this is bloomberg. ♪

emily: when it comes to the beauty industry, the glossier founder emily weiss says the customer experience is broken. she started a beauty blog that evolved into a rising social commerce star that is shaking up the $445 billion beauty market. glossier has raised $86 million in venture capital, dropping new products every few weeks. we spoke to the ceo about surpassing more than $100 million in sales this year. >> beauty is undergoing an incredible transformation. it is a $445 billion market. it is going to be $750 billion in six years. why is that? millennial consumers are not trusting experts anymore.

80% of millennials look to platforms like instagram to make their fashion and beauty shopping decisions. as we think about glossier's growth and that 70% of our customers have come through word-of-mouth, we are focused on facilitating that by having these connections with customers and introducing them to one another. emily: i know you said you tripled in size last year. this has been a big year. just how big? >> we are set to cross the $100 million revenue mark in 2018. emily: this year? >> this year. 2018 in total. the thing we're most excited about are our one million new customers this year. when you think about the direct to consumer brand landscape, another thing we are optimistic about is the fact that almost 50% of our monthly revenue comes from repeat purchases. we've had a million new

customers this year, but also 1.3 million repeat transactions. about non-endemic categories mattresses or even , clothing, it is unusual. emily: i want to hear more about the vision. it started off all online. now you have two permanent stores. you have got pop-up shops and i've seen the lines that go on. what is the vision for how much of this becomes a physical presence and how much remains online? >> what is unique about glossier is the fact we have this one-to-one connection with every consumer and not many companies can say that. you look at some of the incumbent companies who rely on retail channels and partners to communicate with their customers. we have this direct connection with every single person. we stoke the flames for having off-line experiences where we connect them with one another

and we create this community flywheel that leads to growth. emily: you would never sell to a department store, to amazon? >> those are not part of our plans. emily: how do you calculate the threat of amazon? obviously there are beauty products on amazon. they have the 12 days of deals yesterday was beauty and skin , care products. >> 20 think about amazon, what i think is so interesting, they have created a playbook for e-commerce to date. when you think about e-commerce and roughly 10% of commerce is happening online in the united states, that is nothing. there are other experiences that people want in particular with fashion and beauty categories. these are emotional categories. over 50% of people walking into multibrand stores who take out their iphones and go on to google to search for products. while amazon makes it easy to consume, it does not make it

easy to connect and when we think about the future, we think about that emotional commerce and the social utility we can build. emily: a lot of acquisitions and e-commerce lightly. walmart, obviously. there have been rumors about an ipo. is that something you have a plan for? would you be interested in m&a? >> we have a lot of runway ahead of us. we have been incredibly intentional about our growth and we believe when you look at the beauty landscape and you look at beauty incumbents, in 10 years time, with the way consumer behavior is going, those may not be the most dominant players and we believe glossier has every ability to fill in that space. emily: i think about the museum of ice and glossier is a visual brand. how do you maintain the buzz?

>> we do not think about us needing to maintain the buzz. what we think about is how do we provide the tools or the digital conduits for connection for women to write their own stories. no woman is buying all one brand today and yet every woman has , the ability to influence the people around her to create her own beauty routine. as we look towards the future we think about giving voice through the lens of beauty and we think that opportunity is infinite. emily: you hired a product head who worked at instagram, facebook, oculus. what does that social commerce women telling their own stories look like? >> we think a lot about the ability to create a platform that is around social utility, not necessarily social network. when you think about social network, you think about large players that are not about a particular interest.

beauty is something all of us touch every day. beauty is something every consumer is affected by and we want to use glossier, both our digital platform and physical products to activate more passive beauty consumers and encourage her to use her voice. emily: what is the plan to take this more global? >> we have launched several markets including the u.k., france, and canada. next year we are focused on growing this markets. we are focused on intentional growth and a high-quality connection with customers. emily: glossier ceo emily weiss. that does it for this edition. we will bring you the latest on tech throughout the week. tune in every day. 5:00 p.m. in new york and 2:00 p.m. in san francisco. check us out and follow our global breaking news at tictoc on twitter.

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♪ carol: welcome to "bloomberg businessweek." i'm carol massar. jason: i'm jason kelly. we are joining you from bloomberg headquarters in new york. carol: the u.s. and china continue to talk trade, but are they making real progress? jason: it is the one-year anniversary of president trump's tax bill. the big cuts came with big promises, but the jury is out on what they have done for the economy. carol: theresa may promised there would be a vote in parliament this weekend.