we are in the best house in the neighborhood. higher yield and greater stability. the s&p 500 of 18 point the nasdaq coming up high. >> a turnaround for the nasdaq in particular. services really led the way and really pushed the index much higher than the s&p in the dow. off the charts here and is slightly higher than the 20 day average. it was pretty much below the average in line. >> all right. still with us is the managing director at ubs as well as an asset reporter. we are waiting president trump as he makes comments shortly.

globally and the prospect of her weakness overseas coming a drag on the us economy. doesn't work that way? >> it certainly does. at the world is catching the ammonia, at best we are going to catch the sniffles if something not a little bit worse. the fact remains gdp growth will still be positive next year, probably in the ballpark of 1.3% or 1.4%. assuming we get a trade deal i think you'll see acceleration earnings to mid single digits. a lot of business owners we talked to say their decisions have been put on hold until he understand where the goal posts are, which keep on moving. once a understand exactly what they're dealing with with respect to trade, i think they loosen their purse strings. i think we can extend the economic cycle longer. >> what you make about the dollar move today, we saw treasury selling, we saw stock trailing, risk and day.

but really substantial gains for the bloomberg dollar index. >> its pretty weird. if you look at s&p 500, biggest game -- biggest gain since march. indexrsus msci country also the best day for that. this is a weird trend in 2019, the opposite of 2018 and on days when trade tensions are perceived to have eased, it is a boon for u.s. denominated assets relative to global assets. i cannot tell you why, but i can tell you this is -- has been going on for at least a few big sessions when trade has been on the headlines and perceived to be the main driver of markets. >> but bonds selling off. jason, your perspective on where we go in terms of bond yields, and u.s. bond yields in particular. every now and then we to get a

bout of buying. >> you have $17 trillion of negative debt around the world, so the path of least resistance is to our meager yield. that keeps a lid on long-term rates for the foreseeable future. >> i have to ask you about short-term rates per the repo market seems to have calmed down a little bit. there are concerns out there, the former minneapolis fed president says he is worried about it, he thinks the guys in charge of it, the fed, should be keeping a closer eye on it. right now it is still prey operational, that is what people say. d -- it is still very operational, do you think there is potential it could spell over . because liquidity concerns are liquidity concerns. >> i have not been asked by any client about the issue of the repo market. but it is something i focus on everyday since the news broke. because i still have the battle scars and wounds healing from the crisis we lived through. is not aew, this crisis of confidence. this is a liquidity issue.

banks because of regulations are holding onto a lot of securities, government denominated u.s. treasuries. the fact is we are seeing the government issue more debt than they redeem. quantitative easing put all the cash into the system and by virtue of slowing that down, we are quantitative tightening, thus there is less liquidity. i think the fact that the fed has these temporary facilities in place, is something that is going to calm the markets. and i think the fed saw this coming. they do not know exactly the inflection coin -- inflection point we would have but they some handwriting on the wall. >> speaking of repo, i think most people at this point except the general idea that the issue is technical, not indicative of some deeper problem that is going to grow. still is not obvious there's a silver bullet to fix it and what are people saying about the challenges of putting in place some a permanent solution, or at least from the fed's perspective of getting a handle on how any reserves -- amish reserves are

needed in the system? >> that is the interesting point because even if the fed thinks we've reached the point where in normal times we have the right level of reserves, time to resume organic balance sheet growth, that's not a race the issue of what about abnormal times, what about quarter and what about when the treasury is rebuilding its cash balances a.k.a. what has been happening and what is going to happen. so there is the idea that you do need something more permanent. however the big thing that has changed recently and a lot of people i talk to in the market are happy about, $30 billion was not enough market told you in terms of a term repo to get you through quarter end. so what does the new york fed do? i think i'm going to need a bigger boat, doubled it. that is something that shows there at least very much watching and attuned to these concerns and the ways people were worried that they were going to be persistently behind the curve on this a week ago. >> it is a bit of a double edged sword however because markets have muscle memory.

they liked the fact that the safety net is there, it allows markets to function normally. but then when you take the safety net away, it is going to be interesting to see how markets react. >> testing come you have been fixated upon a by your client had not been to an extent what are they calling you about at the moment. >> politics. you> pacifically because cannot predict anything. >> people have strong, of years they asked about should there be a change of the guard, should be 70 on the far left of the democratic party. for thes that mean financials. what is that mean for health care. we manage money for wealthy people. what does that mean for taxation , for people of my net worth. i would say that is by far -- our number one subscribed publication ubs is the washington weekly. that is what people have been focused on the for the last year. >> what you tell them. >> what i tell them is similar to what i said before.

these things are hard to handicap, save have to look a few cars ahead of you and not five blocks down the road. >> intersectionality. >> -- interesting analogy. speaking up local sectors, if you look at what is done well, obviously defensive sectors. with the exception of health care which has last clay defensive characteristics, the worst-performing of the major s&p groups. is that the kind of sector where maybe people continue to be too pessimistic about the next turn of this group policy wise, and that there is opportunity or should people stay away as they wait for more information on whether medicare fraud is coming -- whether medicare for all is coming. >> it is hard to look past the few areas of the market with complaint valuations, financial, health care. at the time not to silly overweight, though sectors. i will say the defensive trades are getting crowded.

anecdotally, people are seeking yield. in some cases in all the wrong places. people do not know the consequence of higher rates and what that means for bond proxies. we advocate people instead of reaching for yield focus more on dividend oriented equities. we do not suggest people keep large hordes of cash for the long-term. that is proven to be a bad strategy. but cash is not trash. the tax effective yield on short-term treasuries, given the flat or inverted yield curve, is not the worst alternative if you're going to de-risk a little bit. >> i feel we have not talked about peleton enough. we work has sucked out all the oxygen when you talk about ipo. our people worried about telling peleton?orried about a natural going to be

degree of skepticism on ipo's. i keep thinking more about the - peloton of food that's coming out with amazon. >> the food network. >> burn and consume the calories simultaneously. ipohe big picture from the market is telling us, is this a sign that peak risk appetite as we have already seen it for this cycle, or is this a sign of health that, you know what, this is a market that discriminates good companies versus bad companies, and it does not treat everyone of them in the same bucket. >> the latter of the two i think what is happening recently with respect to the ipo market is very healthy when i started in the business, a lot of the reason someone would want to work with you is your access to ipo's.

that would make or break your entree into certain relationships. in many ways, people are deterred from that now. they want a holistic relationship. i like the fact that people recognizing all these late stage companies coming to market, you have to have a much greater discerning eye for how you valuation before you jump in. and privatedirector wealth advisor at ubs, jason katz,. and bloomberg asset reporter. thank you both. bloombergfor "what'd you miss?" we are keeping an eye out for president trump's statement and will keep you posted as soon as he appears at the podium. this is bloomberg. erg.

>> we are live from bloomberg headquarters in new york. here's a snapshot of how u.s. markets managed to shrug off the white house risk and rally up a percentage point. >> impeachment drama, confidential documents on the infamous call with ukraine's leader. while wall street ignores the drama in washington, the s&p a three-day slide on tensions easing. in the u.k., prime minister boris johnson try to force a general election as a cases the biggest political crisis of his career. -- as he faces. >> and breaking news. kb large u.s. homebuilder

reporting shares moving lower in after-hours trading. they appear to be a lot of their metrics regard to net orders up 24%. if yes coming in at $.73, both of those beating revenue coming billion the$1.16 estimate was for $1.17 billion in their conference call coming up at the hour. if you haveyou know mark's lunation as to the shares are down. >> the white house this morning releasing a rough transcript of the july 25 phone call between u.s. president donald trump and ukraine president zelinski. the phone call at the center of a with a blower complaint, now the object of a formal impeachment inquiry by committees in the house of representatives over whether trump overstepped his exec at powers and how he discussed investigations related to, arrival joe biden. on president now trump.

one that rough transcript or memo came out, it was like the olympics of a confirmation bias. because everyone read into that what they saw. critics said, i cannot believe it so damming, and conservatives and trump defender said there is nothing in there. how does the white house feel about the reaction in the first bit of evidence in the story. >> to quote the reelection campaign, they just set a record fundraising number. they have been fundraising off of this and raised millions of dollars per i spent all down capitol hill where i was talking to staffers on both sides of the aisle and speaking to lawmakers as well on both sides of the out. it is just as you paraphrased it. when i'm watching for us to see whether or not there are's republican dissent, whether you start to see the flanks of the republic and party break away from the president. with the exception of senator mitt romney which did not say he

was support impeachment, just had yet concerned, there has not been any republican breaking away from the president. that is the main thing because were tohappens, -- happen, this becomes a largely political story, and it transforms into a constitutional story. right now is still the plug around. >> earlier we were seeing the cranium president where all of this furor started on the 20 so shall i and a phone call in a press conference with president trump. they were laughing it off to a certain extent, better to be out on television then on the phone. what are we going to learn in this press conference that was different than the questions already thrown trump way earlier today. get president trump and freewheeling press conference, it will be hard to protect what will come out he will come out strong and say the credit's have nothing against him and it just shows that he was raising issues of corruption with the government of ukraine and that is part of his job as president. but what i think in terms of

next steps and going from here, the kind of thing we will have to look at is this transcript is not the last document we are going to see. there's going be a lot of demand for excellent nation from the state department, white house national security council, what happened. what other document are related to this, what did you do to prepare the president for this phone call, and what was your mission when you came out of it. but, specific were we telling our basset or or other officials to do as a result of this discussion? there's a lot more paperwork people are going to want to see now that the transcript is out. kevin, in addition to hearing trump speak shortly we are also waiting tomorrow testimony from joan mcguire, acting director of national intelligence. what is he expected to tell the house intelligence committee with regard to what we learned today echo-- ? the whistleblower complaint been made public or at least transmitted to committees in the house or senate.

-- there could be a hearing with the was a blower as early as this week and that was a lower complaint could be transmitted to the various intelligence committees a both chambers by the end of the week so that is at least a working assumption on that regard. in addition to that hearing tomorrow before the house intelligence committee chaired by adam schiff -- it is going to be engulfed by this story, completely. i think the broader take away here is whether or not there is going to be any impact on a host of different policy areas and initiatives. i was doing some digging up on capitol hill earlier today, and the collective agreement is that despite an impeachment inquiry, despite the latest flash headlines with regard to this, that there still will be some bipartisan work that will get done, maybe even on things like armor suitable and drug pricing. that said the floor time and the

calendar time especially as it relates to usmca is a different calculation. ever the clinton impeachment was kind of straightforward, there was like one committee looking at it and both sides heather main lawyers and they brought people in. it seems like off the start this is not going to be nearly as organized. know, and he think you see the herding cats response ability that comes with being a speaker the house at this point. six committees were already pursuing varies arms of this investigation. though six committees will keep going. i think we do expect that to whittle down to focus. but for right now there's going to be a lot of potential committees calling for witnesses, seeking documents. this might be a lot of work at the white house trying to deal with those requests. >> the markets today largely shrugged this off. they were looking at movement between china and the u.s.. you are telling us what might get done in terms of lawmaking amidst this impeachment

turbulence. what about the way in which trump now handles overseas tensions and perhaps becomes more hawkish or less so, as time evolves as he suffers more problems at home shall we say. is also a- and this note, it is incredibly where to have a conversation -- rare to have a conversation between a sitting president of the united states and a counterpart around the world, to have that released publicly in a matter of months. and there was a real apprehension, not just on republicans but also on democrats about the precedent that sets, that everyone-there is a debate as to whether this is a transcript or not. but the intelligence community had, was consulted, before this was released. because, again, of that president in terms of when individual's and global counterparts are talking to a president, they want to believe that that conversation is not going to be made public.

it is our understanding that ukrainians were consulted with regard to this release. but there is that issue. to your point about as a relates to foreign policy. that, on the notion of whether or not things can get done. and whether or not things to get accomplished with just 13 months until the next election. and now with the issue of impeachment, i want to pick up on something which is that yes, there are six committees joe, as you mention, looking into this. but they have been looking into this for months. what speaker plus he did in the last 24 hours was to say hey, the reason we are looking into this is because it could lead to impeachment. is notsident had not -- republicans among and speaker plus he has unified her party peered from a broader standpoint, the last point i will make is senator elizabeth warren in a poll is now leading joe biden in a democratic paul pierce she also surpassed him in a monmouth university poll in iowa and sheet surpassed him in

new hampshire. we have been hearing from president trump tweeting three minutes ago. goptweet says i'm informed leader kevin mccarthy and republicans in the house that i fully support transparency on whistle blower information but also insist on transparency from joe biden and his son hunter on the millions of dollars that has been quickly and easily taken out of ukraine and china. additionally i demand transparent see from the democrats that went to ukraine and attempted to force the new president to do things that they wanted under the form of political threat. he has been busy on twitter today. we want to take -- to say thank you to kevin and bill. and we are waiting and watching for president trump's news conference likely to get underway in york city and moments. we will bring you that life when it happens. catch up on the nal liv

>> breaking news here. the whistleblower complaint. the united states surrounding the phone call between the president of the united states and the president of ukraine, that was a blower complaint has been delivered to congress. this according to richard burr, senator -- senate intelligence committee chairman, the republican who heads the committee says it has been delivered by hand. this is the complaint surrounding the phone call between the two presidents. that whistleblower expected to testify at some point this week before congress. let's turn to some of the market reaction we have had with regard to the political goings-on. u.s. stocks still rising to a fresh high. away, diverting attention from the formal impeachment inquiry. here's our bloomberg markets

nadal -- know it all. for all the hubbub, and there are serious issues politically, we do not see much about negative market reaction. >> i would not go so far as market know it all. but we did not see much of any market reaction in lou of what lieuve seen going on - in of cueaw stocks taking their moving higher after the administration talk about getting a trade deal sooner than thought you do not see much negativity roiling markets whatsoever. >> with not talk about the new home sales number which was looking solid. that bolsters the idea that it is hard to envision going into a recession if you have momentum in housing. >> absolutely. this is what the narrative has

been you have all this noise whether trade which can evolve into more than just noise, whether it is talk of impeachment. but when it comes down to is the fundamentals. and sure, yesterday you saw a drop in consumer confidence but still historically it is at relatively high levels you hope that does not continue and trend lower. but housing never have been pretty strong. evers in the united states are not falling apart. they're not telling a story of her session. if you look out for estimates in the future, many are still expecting that monetary policy will act with a lag but you will see growth pickup at the beginning of next year. so why should stocks roll over when things are not going to come to an end. indeed. you coming up, all new york fed has been boosting the size of today's repo operation, we discussed the move as the bank continues to respond to people. will also keep you abreast of that trump press conference in

new york. this is bloomberg. ♪ >> we are taking you live to the press conference. >> i want to thank the secretary general. it has been really encredible what has been taking place. he has been a fantastic host to

a lot of countries. the meetings i had on a bilateral or close were prettyw

deals like with japan for farmers. we have a tremendous trade deal with japan. that doesn't get covered because you waste your time on nonsense. he p.m.i. manufacturer's index has gone substantially up, which was incredible. larry, please stand up. he just gave me these numbers. existing new home sales are through the roof, just came out. oil prices have gone down ever since the saudi arabia incident, and they have gone down very substantially, so we have plenty of oil. but those numbers were surprising, and the extent of

the increase. is that a correct statement? so letang you larry kudlow. i think we will make this little announcement to you because it is the so-called whistle blower, the one that didn't have any first class, or first rate or second tier information from what i understand. you will have to figure that out for yourself. but i have spoken with leader keith mccarthy and the represents, many of them, and we were going to do this anyway, but i have informed them, all of the house members, that i fully support transparency on the so-called whistle blower information, even though it was supposedly second-hand information, which is sort of interesting. and other things have come out about the whistle blower that are also maybe even more

interesting. but also insist on transparency from david jacoby and his son hunter on the millions of dollars that have been quickly and easily taken out of ukraine and china. millions and millions of dollars taken out very rapidly while he was vice president. i think they should have transparency for that. i have informed the leader about that. additionally,, i demand transparency from democrats who went to ukraine and attempted to force the person, who is an outstanding person, who i just met, got elected on the basis of corruption, wants to end corruption in ukraine, and i think that's great. but they went there, and they wanted to force the new president to do things that they wanted under the form of political threat. they threatened him if he

didn't do things. that is what they are accusing me of, but i didn't do it. i didn't threaten anybody. in fact, the press was asking questions of the president of ukraine, and he said no pressure. i used the word pressure, he used the word push, but it is the same thing. no push, no pressure, no nothing. it is all a hoax, folks, all a big hoax. the sate thing about this hoax is we worked so hard with all of these countries, and i mean really hard. i have been up from early in the morning until late in the evening meeting with different countries, all for the good of our country, and the press doesn't even cover all of this. it is really disappointing also to those countries that are with us and spend so much time with us. so we want transparency. we have informed kevin mccarthy about transparency, and we said vote foe it. so i think you will have close

to 100% of the republican votes, i hope. it got almost no attention, but in may cnn reported that three senators wrote a letter to ukraine's prosecutor general expressing concern at the closing of four investigations they said were critical. in the letter they implied that their support for u.s. assistance to ukraine was at stake, that if they didn't do the right can't, they wouldn't get any assistance. doesn't that sound familiar? doesn't that sound familiar? and cris murphy, who i have been dealing with on guns, so nice. he says no, we want to work it out. but they are too busy wasting their time on the witch hunt. so senator cris murphy terally threatened the

president of ukraine that if he doesn't dough things right, they won't have democratic support in congress. you can look all of this up. one other thing. i am just going off certain notes and elements of what we have been doing over the last three days, but this just came up a few minutes ago. the amazon "washington post" just put out a fake article that acting director of national intelligence, joseph maguire, who i have gotten to know, and he is a tough cookie. i was shocked to hear this -- was going to quit, blaming the white house for something that they wouldn't let him talk openly or freely. i know joe, and he is tough, and i was surprised to hear he was going to quit. before i could talk to him or

anybody else, he put out a statement. he said at no time have i considered resigning my position. in other words, the story in the "washington post" was a fake. at no time have i considered resigning my position since assuming this role on august 16th, 2019. i have never quit anything in my life, and i am not going to start now. i am committed to leading the intelligence community to address the diverse and complex threats facing our nation. that is from the acting director of national intelligence, a very good man, joseph maguire. so we are having a great period of time. our country is the strongest it has ever been economically. our numbers are phenomenal. wilbur, thank you, larry, everybody. the numbers are phenomenal. our economy is the strongest in the world. we are the largest economy in the world. had my opponent won we would be second right now because china

was camping us so rapidly we would have been second by this time. unless somebody does a very poor job as president, we are going to be first for long way. we picked up trillions and trillions of dollars of value and worth in our country, and china has lost trillions of dollars and millions of jobs and their supply chain. and they want to make a deal. this year america came to the united nations stronger than we have ever been before. since my election, the united brought our t only economy to a level that we have never seen, the most jobs that we have ever had. you know evans heard me say it many times, african-american, asian american, hispanic-american, the best unemployment numbers we have ever had, and the best employment numbers.

160 million, very close to that number, in jobs. we have never been anywhere close. wages are up. inequality is down. something that people don't like writing about. wages are up. i used to speak during the campaign, and i used to talk about wages where people were making less money three years ago than they were making 21 years ago or 22 years ago. they would have two jobs and three jocks. when i say three years ago, i am talking into the area of sometime prior to the election. they were doing very badly, and now for the first time in many years, wages are up, and employment is up, and unemployment is down, and it's a beautiful thing to watch. in a week of active and ambitious diplomacy here at the united nations, america renewed our friendships. we advanced our values greatly and made clear to everyone that

the united states will always defend our citizens. to promote prosperity, i met with prime minister boris johnson at length from the united kingdom, continuing our discussions on a magnificent new bilateral trade deal. we will see what happens with respect to brexit, but i suspect we will have a fantastic deal with the u.k. it should be much bigger than it has been over the last number of years, over the last 20 years frankly. it should be a much bigger deal. that is true with many countries. we are going to have much bigger trade deals with a lot of country that have' done. they all want to do business with the united states, especially now. earlier today i stood alongside the prime minister of japan, friend of mine, a freight gentleman. he had a great re-election. we signed a terrific new trade deal which tremendously helps , and rmers and ranchers

technology. the technology companies are really big beneficiaries. we head productive conversations with leaders of pakistan, india and many other nations on achieving stronger ties of fair and reciprocal trade. with respect to india, we talked about kashmir and whatever help i can be. i offered whether arbitration, media or whatever it has to be, i will do whatever i can, because they are at very serious odds right now. hopefully that will get better. you look at the two gentlemen heading those two countries, two good friends of mine. i said fellas, just work it out. those are two nuclear countries. they have got to work it out. this week we also made incredible strides on national ecurity with president duda of poland. we signed a joint decoration of

defense cooperation. crucially, poland has agreed to put up 100% of the money, something i don't think you have ever heard said before. but they are going to put up 100% of the money of hosting additional u.s. military personnel that we will be taking from various other countries. we won't have more over. we will be moving them around. poland is building us phenomenal new facilities. they are spending everything, and they are going to really do a job. but we will be moving a few thousand soldiers, and poland will be paying for it. together with prime minister li of singapore, i signed an agreement extending our defense cooperation. this hasn't been changed in many years. yesterday i met with prospective members of the middle east strategic alliance, which is a group i know very well. i know all of them.

through this effort, the nations of the middle east are taking more responsibility for securing their own future and their own naped. they are also reimbursing us and paying us for a lot of the military work that we incredibly do. but because we are now independent energy-wise, we are energy independent, we have very few boats going over tot middle east. we used to have them going through the straits all the time. you probably noticed that every once in a while they go after somebody else's. they haven't gone after us yet. if they do, they have big problems. but we have very few botas over there. the other day they said they have never attacked an american boat. i am not asking for trouble, but if they do, they know they have far bigger trouble. but they say we don't see many american boats over here

anymore. this week brought extraordinary progress to nations of our own hemisphere. in recent days we have achieved historic asylum aim green-beckhams with el salvador, guatemalan honduras. we were with el salvador today. a great young gentleman became the president. he is strong and tough, and he is taking care of crime. he was really something today. i was very impressed with him. and likewise with honduras, who we met. we signed a cooperation agreement with beth -- with both, and also with guatemala. we are working with our partners in central america to assure that asylum seekers can secure leave as close to home as possible. that will make a tremendous difference at our southern border. mexico, i have to say, the president has been outstanding, an outstanding partner, and he is doing a great job in mexico.

he cartels are way down, and way, bers are way down, way down. we are doing that without the help of congress, meaning the democrats in congress who won't give us a single vote to take care of loopholes. we have lopez holes that are still horrible and should be fix the. they know they should be fixed, but they don't want to give trump any credit. it is all about the election. they don't care about the country. they care about the election. the sad part is with all the work we have done this weekend, whether it is with the secretary minuchen or secretary pompeo oh. with all this tremendous work we have done, the press doesn't even cover it. the democrats did this hoax during the united nations week.

it is perfect because it takes away from the tremendous achievements that we are taking care of doing, that we are involved in, in new york city at the united nations. that was all planned. like everything else, it was all planned. the witch hunt continues. but they are getting hit hard on this witch hunt because when they look at the information, it is a joke. impeachment for that? when you have a wonderful meeting or a wonderful phone conversation? i think you should ask -- actually that was the second conversation. i think you should ask for the figurs conversation also. i can't believe they haven't, although i heard there is a rumor out they want the first conversation. it was beautiful. just a perfect conversation. but i think you should do that. think you should ask for v.p. pence's conversation because he had a couple of conversations

also. i can save you a lot of time. they were all perfect. nothing was mentioned of any import other than congratulations. but the word is they are going to ask for the first phone conversation. you can have it any time you need it. and also mike pence's conversations, which i think there were one or two of them. they were all perfect. it is very sad what the democrats are doing to this country. hey are dividing, they are blilts and demeaning our country. someone came up and said sir, what you have gone through no president should ever go through, and it is so bad for your country. people laugh at the stupidity of what they have asked for. we could do asylum quickly. we could do loopholes, get rid of them. instead, we actually make deals with mexico and guatemala, el salvador, honduras, and we are

doing it with them instead of with our congress. but we are doing it. we get it done. the wall is being built, by the way. it got little coverage. i went to the border. it is going up in new mexico, going up in arizona. it is going up in california, believe it or not. they really wanted that wall in california in san diego. as soon as it was completed, they said we don't want a wall. they were begging me for a wall. i should take it out and move it to another location. we were with -- the governor, attorney f tex, cruze, f texas, ted and we are building an incredible wall. number one, it is going to look great, and it is going to be virtually impossible to quiros unless you are one hell of a mountain climber. it is going to be very tough to

get people and drugs over those walls because they are the real deal. i went to the secretary of homeland security, and he got all those people to go. said give me four walls, your optimum, every single thing included, and they gave me 20% less, 20% less and 20% less, meaning less cost. they came back and said this is the wall, this would be the best. they have the anti-climb panels on top. we have a different design for different area, but the anti-climb is very tough. we had people going out, real climbers, telling us which is the toughest to climb. but these are anti-climb panels. very tough to get across. and the wall is going up, many miles a week. we hope to have over 400, but maybe as much as 500 miles, which will pretty much do it

because you have a lot of natural barriers. you have mountains, really rough rivers and land that you can't cross very easily. so they search as the natural walls. but we will have we think over 400, but we could even have 500 malice, combat the corruption of the venezuelan and other dictatorships. today i issued a proclamation against entering the united states by senior regime officials. on monday i was proud to be the first president in history to host a meeting at the united nations. i am so surprised. the first president for this. i can't believe that i am first. i spoke to franklin graham about that. i can't believe that, at the united nations on protecting rajonous freedom and liberty for people around the -- region us freedom and liberty for people around the world.

bureaucrats in washington may choose to fight every day against the interests and beliefs of the american people, my administration is standing up for the american people like no administration has in many, many years. you forgot the american people. you totally forgot the american people. can week -- every week i say of my presidency, we are standing up for american prosperity, marron security and e american way -- american security and the american way of life. we are building a more presseyful and prosperous future. we have a tremendous relationship with a lot of nations that are very happy with what is going on, and that includes in south america where they have been so helpful, where nobody thought this would be possible. the relationship with mexico is an example, or el salvador, or

honduras or guatemala. nobody even knew about it, yet we accept them hundreds of millions of dollars, and all we got back was caravans of people pouring in. we had tremendous -- it was terrible. we have got that stopped, and the countries are now helping us. and we stopped those payments, by the way. we don't pay those countries that money anymore. but i will tell you, if they are as good as they seem to be, they are really doing a job on crime and stopping the wrong people from leaving and coming to the united states. we will be helping them a lot with economic development projects and other things. so with that, we had a tremendous three days. it was beautiful to see. we made a lot of new friends. i read you a list of all the countries i saw. pretty much one-on-one. it has been very busy, but it has been very, very fruitful. we could take a couple of questions.

i would love some questions on some of the things that we accomplished instead of the phony witch hunt questions, which i know that is what you want to ask because it is probably better for you, but it is not better for the country. so maybe we will take a few questions, please? >> thank you, mr. president. i suggested that you didn't do anything wrong in the course of your conversations with the ukrainian president, but can you explain to the american people why it is appropriate for an american president to ask a foreign leader for information about a political rival and what you would have said if you discovered that brach obama had asked a foreign leader for information about you in your campaign? >> well, that is what he did, isn't it really when you think about it. that whole witch hundred was starred, and hopefully that will come out. there have been some fantastic books written that just came out. whether you look at greg jared,

or mccarthy's book that just came out recently. a lot of books are coming out. when you read those books, you see what they did to us. what they did to this country is a disgrace. no other president should have to go through what i have gone through. the new president of ukraine is looking to stop corruption. there is a lot of corruption going on, and there was corruption. i just told you about senators that threatened him with votes and no money coming into ukraine if they do thing. that is really what people are trying to say that i did, but the only difference is i didn't do it. you take a look at that call, i didn't do it. .here was no quid pro quo there was with biden and the senators. they threatened. they said you do this or do that, we are not going to give you votes. that is the real deal. we have an honest group of

people that have been maligned. a lot of people i will do even better. i am very happy. yesterday i guess we had a 53 poll, and a lot of people say add 10 points to anything. any time you get a poll, you can add 10 points, seven points or six points. take it any way you want. i don't know if i consider that to be a compliment, but in one way it is a compliment. i guess that is what happened in the last election. far more people came to vote than anybody thought possible. >> so why should the person people be comfortable with an american president asking a foreign leader for information about an american citizen? >> you can look at your senators, and biden and the other people. what we are looking for is corruption. an investigation started called the russian witch hunt affectionately, and it was a total phony scam. it was set up by people within the government to try and stop somebody from getting elected. and after that person, namely

e, won and convincingly won at 306-223 in the electoral college. which by the way, when you run a race, if you go by the electoral college, that is a much different race than running popular vote. it is like the 100 yard dash or the mile. you train differently. i can't help it that my opponent didn't go to wisconsin and should have gone much more to michigan and pennsylvania and other places, but that is the way it is. we won an election convincingly , and then you had the text message on well, if she didn't win, we have got an insurance policy. how bad was that? you know the insurance policy? that is sort of what has been taking place over the last number of years, the insurance policy. there are a lot of very dishonest people. we are the ones that played it straight. the millions of people out there that are looking at what

is going on, those people understand it. they see it, and they think it is disgusting. our people are being hurt and our country is being hurt when a nancy pelosi allows her position to be taken over by radical far left socialists or worse. that is pretty bad, especially when the senators and all of these other people have actually done what they are accusing me of doing, which i didn't do. i am going to have mike pompeo say a couple of words, steve say a couple of words, and then we will do a couple of more questions. >> mr. president, i thought i would start by talking about iran. we had a productive win. europe took positions with respect to the attacks on saudi arabia. jtpa said the existing

framework is not working. it is not going to create middle east peace. the president joined for a meeting of the gcc where we talked again about how we can help deter. we want piece, a peaceful ress solution with the islamic represent in iran. in the end it will be up to the iranians to make that decision, whether they will choose violence and hate. we hope we can get the opportunity to negotiate "with all due respect" them and get an utah come that is good for both them, for the united states to make sure they never have a nuclear weapon, and they missiles.hat with we have made real progress on that over the past few days. >> as secretary pompeo said on iran, we had very good discussions with all of our allies about the sanctions program, which is the maximum

pressure and unity. the europeans made it clear they would not do anything without our consent. on the economic front, we had the entire commim team here for all the meetings. secretary ross, larry kudlow, and the ambassador left to go back to d.c. he is working hard on trying to get usmca passed. but we had a lot of productive discussions. the japanese trade deal, and a lot of discussions on investing in the u.s., more jobs in the u.s. and more trade. thank you. >> go ahead, please. >> thank you. i want to focus on markets, and i will leave it to everybody else to talk about impeachment. after you spoke about china, and that it would happen sooner , yet you have the foreign minister of china saying that they have no intention of unseating the united states. yet they are investing in

infrastructure and military. >> not anymore. and maybe they just said that. >> what is different this time, the fact you are saying it is progressing? >> i think it is progressing. i think they want to make a deal. they are losing their supply chain. >> do you have anything specific 13? >> dow don't want to say that. these two men -- i don't want to say that. these two were were having some very specific conversations. another group is coming in. so we have a lot of talks going on, also by telephone. they want to make a deal. do you know why they want to make a deal? because they are losing their job and because their supply chain is going to hell. companies are moving out of china and they are moving to lots of other places, including the united states. that is not good. that is far worse than they thought. in the meantime, we are taking in billions and billions of dollars in tariffs, tremendous numbers in tariffs, and we are helping our farmers who got

targeted. now china is starting to buy our agricultural product again. they are starting to go with the beef and all of the different things, pork. very big on pork. but if you look and you see, and they actually put out a statement, but they are starting very heavy to buy our ag again. they want to make a deal, and they should want to make a deal. the question is if we want to make a deal. >> and a half take, is that passing enthusiastic congress? >> you know how i feel about and a half take. i think of his 29 worst trade deal ever made. the world trade organization was not one of the greats. that was a creation of china and it went like a rocketship from the day it was signed. that was terrible. we are going to find out. that is going to be a very interesting question with nancy, chuck and all of these people fg