♪ welcome to "bloomberg technology." we are standing by, waiting for a press conference at the rose garden to start with president trump. that is scheduled to start any minute. i want to turn first to some breaking headlines out of moderna. a new study has shown that the vaccine candidate they have been working on produced antibodies in all 45 of the patients

tested. this is promising news. the production says it proves that -- the production does not prove that it is effective but it is certainly a step forward. the final stage of the trial is scheduled to start july 27. this data coming out in the new england journal of medicine. it appears that moderna in the lead with its vaccine candidate, producing antibodies in all 45 of the patients tested. i mentioned we are standing by for president trump. the press conference scheduled to start any moment now. we are told that the south china sea and ongoing relations with china will be the focus along with potentially rising cases of covid-19 across the country. meantime, taking a look at how this impacted the markets. volatility again the word of the day. i want to bring in abigail

doolittle, who has been following all of this. abigail: volatility is certainly the word of the day and really the word of the last month. the s&p 500 yesterday unable to take out its high after the february-march crash. so that resistance kicking in, that choppiness, uncertain the on the part of investors. aat news from modano could be game changer tomorrow. but today, at the end of the day, we had stocks higher, but that is not the way we started. investors working through, just trying to figure out what is going on here. the federal reserve's balance sheet shrinking a little bit. we did not have any virus news that was worse than before. at the end of the day, the bulls did ring out. the faang index at one point

down greater than 2%. that has been a bit of a rocket ride this year. some investors taking chips off the table. amazon down sharply earlier. story on the day, not really a bullish case, interesting some of the big banks report today, jp morgan beat estimates. they also said that there trading did extremely well but for did set aside $10.5 future loan losses. wells fargo actually posted their first quarterly loss since 2008 they reduced their dividend from $.51. the reason it is important, it is a look ahead to the fact that the issues, the uncertain the around the pandemic is not over. they are setting aside lots of

money, billions of dollars for the possibility that loans will not be paid back. emily: definitely a bit of a rough start for bank earnings. i know that jamie dimon talked about a much murkier picture ahead. moderna shares spiking after our on news that they are seeing some early success of the vaccine candidate. what about other earnings coming up that you are looking out for? morgan ceo jamie dimon really is a voice of reason and he has been appropriately cautious around all of this. i think they also talk about the fact that the unemployment rate is likely to be in the double digits until the first half of next year. as far as other earnings coming up, other big banks, goldman , bank of america on thursday.

of course, watching to see the size of the loan loss provisioning as well, given their focus on the consumer. thursday, we have netflix. we will be talking about this perhaps more tomorrow. the big deal there is whether or not they can hit the whispered number of some -- of subscribers for the next quarter. some even looking for 12. over the past few days, netflix down almost 4%, some jitters i had of that earnings report. emily: thank you so much. theseant to recap headlines coming out of moderna, that moderna's vaccine candidate produced antibodies in all 45 of the patient's tested. some of these patients did have side effects but they were not severe enough to vend moving

forward. you have the vast majority of study,ients in this 18-55 years old, they are still working on results, focused on patients that are older than that. again, these antibodies don't prove that the vaccine will be effective, but it is a huge, very important early step in testing. they will move into the final stage starting july 27. going back live to that press conference we are waiting to start at the rose garden any moment. i want to bring in our bloomberg government reporter, who has been following this. we are hearing that the focus will be china. what are you hearing? >> we are waiting to hear what this could be. it could be china. we have heard news about hong kong and china today. lately, we have seen a lot of hills coming from china --

coming from congress trying to put limits on chinese officials. you have seen trump be more bullish on that as well and you have seen china respond. meantime, obviously we are talking about the continued rising cases, new records for deaths set in florida, oklahoma, and other states. cbs slatedview with , the decisionoday tonot reopen schools, going online only starting in the fall because of this surge of cases. what could we hear from the president today about the outbreak? >> the president has been very outspoken on this point. education secretary betsy devos was talking this weekend about the need to have schools open,

to have kids go back to school. it is interesting, whether or not schools open, that is not really a national issue. they could do something with funding in that regard. but schools have always been a very local and state issue. i think he saw that hit home recently with the administration today deciding to withdraw their plan to send international college students home if colleges and universities do not reopen. today, the trump administration just took a step back and said, you know what, we are not going to do that, and leaving colleges and universities to their own decision. emily: meantime, we are getting more details about what president trump is expected to do any moment now, as this press conference is expected to get underway. he could sign the china sanctions bill. obviously, we know that tensions have been rising with china. the administration has been

taking a harsher line on china about the south china sea, of which china has historically laid claim to natural resources across a vast majority of that waterway. what would the significance be if president trump indeed signed the sanctions bill today? >> there has been a bunch of bills that president trump has signed that have levied sanctions on tariffs. we even saw secretary of state mike pompeo come out and diminish chinese president xi jinping. we have seen it slowly rise over time, mostly with the coronavirus. i am sure if we do see action today, it probably will not be the last action we will see for a while. we will also see beijing respond to a lot of washington's attempts. some otherthere are

interesting developments that have been happening. the administration asking hospitals to bypass the cdc in putting data on cases and deaths into a central washington database. you have hospitals who are sort of wary of this decision. this back and forth between the administration and dr. fauci. talk about where we are right now. >> it is a sort of interesting talents, where the cdc has put out guidance and then criticized by the trump administration for the guidance. a similar thing happened with schools comedy cdc put out guidance, the trump administration said this is too serious, we need something else. there has been a bit of a disconnect between what you are hearing from the white house and then the cdc where those two entities are usually a little bit more in step with one another. with hospitals right now,

particularly in california and other states where we are seeing a spike in coronavirus cases. even though we have now had coronavirus in the u.s. for several months, there still is this struggle to try and figure out what the best way to move forward is and what the best processes are to keep everyone safe. emily: thank you so much for that update. we are standing my for president trump to take the podium any moment. while we wait, i want to add some more context to the ongoing situation between the u.s. and china has tensions continue to ratchet up. bloomberg's shery ahn has been following all of this. uphave seen tensions ratchet with the administration's position on the south china sea. you had secretary of state like pompeo saying china has been

elitenothing short of other states in this area. the question, what is the trump administration going to do about it or how will the trump administration act on this new stance. give us some context into how this plays into the overall dynamic? shery: so much has happened in the last 24 hours. let's not forget the sanctions on lockheed martin with their deal to provide missile parts to taiwan. you mentioned the south china sea. this is a 1.4 million square mile waterway between china and indonesia. this has really become a central mckee issue, and a point where you see once again the trump administration really doing away with past u.s. traditional foreign policy. in the past, the u.s. had only

called for protecting the freedom of navigation in the waterway but really not taken a specific vision when it comes to these territorial claims. all of that changed with secretary pompeo now saying that they are making it clear that claims to resources across most of the south china sea are completely unlawful. a unitedeen in 2016 nations tribunal siding with the philippines, saying that it does not comply with the u.n. conventions on the law of the sea. it is not just an argument between china and the philippines, but also with vietnam, brunei, also taiwan. emily: meantime, we are hearing that the president is expected to sign the china sanctions bill. he is facing a deadline to sign that by midnight tonight.

we expect him to sign this at the press conference happening any moment. of course, this plays into the relationship between the u.s. and hong kong. the new national security law that china has imposed on hong kong has been controversial and only served to ratchet up tensions between the u.s. and china. have seen president trump now take more direct action against china's human rights issues. we have seen him sign the weaker human rights act last month. interesting with those sanctions was that when they were applied to chinese officials over human rights issues, the u.s. administration did not use specifically that sanctions bill that was passed almost unanimously by congress

but they made use of the magnitsky human rights accountability act. this gives the u.s. broad onhority to put sanctions foreign officials. yesterday, we had china imposing sanctions on u.s. officials including senator ted cruz and marco rubio. the big question, what happens if we get sanctions now over hong kong. this is potentially what we could hear over president trump, the signing of the autonomy act. this could be more severe because this would not only affect individuals but would also analyze banks doing business with officials who implement this new national security law. mean?oes that we will have to see the details but it could perhaps even undermine hong kong's status as a financial hub if businesses

get caught in the middle of this. emily: we are still waiting for president trump to take the podium here. so, appreciate all this context. while way has been another issue playing into this. just in the past few days, we have seen u.k. banning huawei from its networks, something that the united states has tried to convince them to do. for prime minister boris johnson. what is the latest on this? . shery: really interesting that this comes at this time. we have seen relations souring between china and the u.k. with the u.k. accusing beijing of going back on their promise in .hat 1984 treaty they have of course already said that about 40% of hong kong citizens could actually get a path to citizenship.

now, we are hearing from the u.k. that they have banned huawei from their 5g network. this is a huge u-turn, as you said, for boris johnson because in january had actually given the green light for that to proceed and huawei to do business within the u.k.. but now, that seems to have changed and all equipment already installed in the u.k. will have to be removed from 5g infrastructure by 2027. the full fiber broadband networks, they will consult with the industry but they should have a decision within two years. of course, this coming at a time when the u.k. really had to reassess their business with huawei. it is also win the u.s. is applying more and more pressure. in may, the u.s. banned huawei of sourcing microchips with american technology.

then you had the u.k. cybersecurity sensor concluding that huawei could actually end up using insecure technology. so you are now seeing the pressure from the trumpet and attrition directly playing into perhaps this international effort to pressure huawei. secretary pompeo coming out with this tweet, saying today's decision by the u.k. to ban advances transatlantic security in the 5g era while protecting citizens privacy, national security, and free world values. meantime, you have china: this disappointing and wrong. they said similar things about the u.s. ban as well. all of this ratcheting up the pressure and what has already been a tense relationship between the u.s. and china. in an interview with cbs

scheduled to air later today, president trump said he is not interested in talking with china about another trade deal. how did these actions sort of change the playing field going forward in what has become an increasingly dramatic tit-for-tat? we have seeny: president trump hold macon moore severe actions against china. twosaying that the phase trade deal is not a priority. he said that the trade relationship is now severely damaged. there was not a lot of high hope when it came to a phase two trade deal, especially with the u.s. election timeline, but this really puts into perspective where this relationship is going. within china, whether it is

president trump winning another four years or a democrat coming into office, chinese officials on the ground do not think the relationship between the u.s. and china will improve that much. they expect relations to deteriorate. we have seen sort of or consensus within washington as well. we have seen it both in the uighurs human rights act, not to mention the hong kong autonomy act. both passed almost unanimously -- ofh both chambers of congress. we could see more pressure on other countries like canada that has to make a decision on whether or not to include huawei on their 5g networks. also, pressure mounting on germany to make a decision. emily: what does this all mean for hong kong's ability to

continue to operate as a major international financial hub? all of this back and forth could have major implications on the actual way that business has been done across the u.s.-hong kong, u.s.-china border? shery: when it comes to business between the u.s. and hong kong, we have seen this special status established for hong kong. this has led to each year billions of dollars of goods to be traded between hong kong and the u.s.. now, with this national security law going into effect in hong kong, the u.s. has taken action with not only this hong kong autonomy act, but they have made it harder to export sensitive technology to hong kong and special treatment to the territory. we have heard from the trump administration that they will take further action to eliminate

hong kong's special status. this new national security law implemented by beijing really capturing a shadow on the future of hong kong as a financial hub. we have seen other countries in the region try to step up their efforts to lure in more companies. we have seen the first debate happening in japan by the ruling japanese democratic party to try to make japan more competitive and appealing for financial companies as well. this security law can be interpreted very vaguely. it really depends a lot on how aging interprets the law. right now, with we know it goes across 66 articles, 18 pages, it allows for potential life sentences on crimes such as subversion or collusion with a foreign power.

this applies not only to hong kong residents but people anywhere around the world which makes not only businesses but individuals in kong and around the world potentially criticizing beijing or the communist party very nervous. emily: standby. we did get the two-minute warning the white house that president was set to take the podium but that was several minutes ago. we are hearing that he is expected to sign the china sanctions bill at this press conference. shery has been talking about the importance of this, ratcheting up the tensions between the united states and china. statee seen secretary of mike pompeo take a harder line on the position when it comes to the south china sea, a large waterway that china has laid claim to the geordie of for many years.

the united states now taking a harder line, saying that china is doing nothing short of bullying other countries in this area including the philippines and vietnam. you have rising cases of covid-19 across the country, new records being set for deaths in florida, utah, oklahoma. ofdid get some headlines out an interview that the president -- with cbs earlier today, that he called the decision on not reopening schools a terrible decision. we know that school districts in los angeles, atlanta, san diego voting unanimously to do online only schooling, which has huge implications for parents, students, and workers who cannot go back to work full-time, if there companies are accepting workers back to work full-time. so, several knock on effects.

meantime, the administration today has backtracked, largely walked back a plan that would have stripped international students of their visas if their classes were online only, meaning that if the students could not go to school, they would potentially have to leave the country. harvard university and m.i.t. suit, and those students will now be able to stay in the country if their classes are online only. we are continuing to standby. we are also getting some new numbers out of texas. cases of covid-19 in texas setting a new daily record, 10,745 cases in texas in a single day. we have new news coming out of modano. huge progress -- of moderna. huge progress in the testing of

their vaccine candidate. moderna shares up after hours almost 20%, after we learned that a moderna vaccine candidate produced antibodies in all of the candidates tested. that does not mean the vaccine will work for sure but it is a huge step. i want to get back to emily wilkins, or bloomberg congressional reporter. we got to the two-minute warning but that felt like it was almost 15 minutes ago. not particularly unusual when it comes to a press conference with president trump. he can be fairly unpredictable holding manyt been of these. what can we expect to hear today? >> to be totally honest, as a reporter who covers politics in washington, i am very much used to waiting for people to come to the mic and start speaking. i am sure he will be there soon.

expectingdefinitely news today about potentially china. we are expecting the president i think to address coronavirus in some shape or form. it is the elephant in the room at this point. it is a trump press conference. they sometimes tend to be very wide and varied in what topics are discussed. some: we are getting headlines about justice ruth bader ginsburg, who has been hospitalized with a possible infection. she underwent a procedure earlier today at johns hopkins. she is going to be staying in the hospital for a few days. we know that she has had some problems with her health but has been continuing to serve in her position as justice. talk to us about what is at stake at this moment in time as you have the president pushing for states across the country to

reopen and certain states seeing huge amount -- huge outbreaks and certain state leaders like governor gavin newsom saying not so fast. very quick onch a the news about justice ginsburg, it was something that, if the worst should happen, if something was to happen to any justice, senator mitch mcconnell, the majority leader of the senate, has pledged to fill that spot as quickly as he can. , a lot ofat is why news even if a justice is going in for something more routine or more minor. to fill a spot at the supreme court several months out from an election, it would have everyone's attention. you are right, coronavirus, things of the u.s. have not been looking good. we have seen outbreaks including

in florida. remember, florida is the state where republicans move their convention after deciding to leave north carolina and we are seeing an outbreak in that state as well. emily: talk to us about the school's ankle. it feels like it is just hitting in the last 24 hours with all of the schools deciding that in the fall, things will be online only for an indefinite period of time. almost as if people are starting to realize this is not going to be over anytime soon. still planning to hold the national convention in a couple of weeks in florida where cases are through the roof. how does that impact the >> well the president has been very consistent throughout the last several months that he wants the economy to reopen, he

wants kids to go back to school emily, hang on. the president is walking up to the podium. take a listen. president trump: i hope it is not too warm. thank you. so, we have had a big day on the stock market. verys are coming back rapidly, sooner than people thought. people are feeling good about our country, feeling good about possible therapeutics and vaccines. we are going to go over quite a bit and maybe at the end we will take westerns we have time. not too hot. today, i signed legislation and an executive order to hold china's -- china accountable for the oppressive actions against the people of hong kong. the hong kong autonomy act,

which assigned this afternoon, passed unanimously through congress. gives powerful new tools to hold responsible the individuals and entities involved in extinguishing hong kong's freedom. their freedom has been taken away, their rights have been taken away and with it does hong kong, in my opinion. a lot of people will be leaving hong kong and we will do a lot more business because of because we have just lost one competitor , a very serious competitor. we are incentivized to take a lot of business and do well and we gave them a lot of business doing what we did. it gave them a big edge over and they have done tremendous business, far bigger

than anybody would have thought far years ago when we did this gift of freedom. today, i also signed an executive order ending u.s. preferential treatment for hong kong. hong kong will now be treated the same as men land -- mainland china. no special treatment and no import of sensitive technologies. placing an, we are have placed very large tariffs on china, the first time that has ever happened china. and ins have been paid given quite a bit to the farmers and ranchers of our country because they were targeted. that has been going on for three years. first time anybody has ever done anything like that. prior to the plague pouring in from china, they were having the

worst years and 67 years. and i don't want them to have a bad year, but they were taking advantage of the united states for many many years and that is stopping. then the virus came in and the world was a different place, but we are now getting back in one of the reasons the market is -- it's almost at the point it was at prior to the plague. almost, it has been a great thing, an amazing thing when our people have done and what they have endured. no administration has been tougher on china than this administration. weimposed historic tariffs set up to china's intellectual cachety theft at a local level nobody has ever come close. we confronted chinese technology and telecom providers. we convinced many countries, and i did this myself, for the most , because to use huawei

we think it is an unsafe security risk. and ia big security risk topped many countries out of using it. i believe the u.k. announced they will not be using. that was up in the air for a long time, but they decided. look at italy and many other countries. we withdrew from the china-dominated lua show and fully rebuilt the united states military. who and fully rebuilt united states military. we were playing -- paying millions per year and china had too much say. hard, whichit very was a bad thing done by our past administration. i was asking, why are we paying

so much more than china? china has 1.4 billion people. 325 million, approximately. it's hard to get an exact count but you have many illegals who have come into the country, but you could say 325-350,000,000 as opposed to 1.4 billion people. and world trade is terrible. that deal is terrible. .orld health is a terrible deal we have been tough on the world trade organization, as tough as you can get on world health. we withdrew our money and although we were getting out. maybe someday we will get back in they have set a lot of bad things about what to do and how to do it and they turned out to be wrong.

they were really a popular china. -- puppet of china. make no mistake, we hold china responsible for unleashing the virus upon the world. they should have stopped it and it would have been very easy to do when it happened. in contrast, joe biden's entire career has been a gift to the chinese party and to the calamity of errors they have made. and itde so many errors has been devastating for the american worker. china has taken out hundreds of billions of dollars a year from , gaveand we rebuilt china them all the credit in the world. i don't give credit to the people who used to stand here because they allowed this to happen, where hundreds of billions were taken out the united states treasury in order to rebuild china.

there is no company and no country in the world has ever ripped off the united states like the incredible job that they did on this country and of people that ran it. possibly it is one of the reasons, certainly one of the big reasons. trade and things related to trade that i got elected for in the first place. joe biden supported china's entry into the world trade organization, one of the greatest geopolitical and economic disasters in world history. if you look at china and the moment they joined world trade, they were flatlining for years and years and decades. they joined the wto and it went like a rocketship.

they were given advantages and considered a developing country. they got tremendous advantages over the united states and other tookries and they advantage of those advantages and then some. biden personally led the effort to give china a most favored nation status, which is a tremendous status for entries to have. few countries have it, the united states does not have it. forably never even asked it, because they didn't know what they were doing. vice president biden was a leading advocate of the paris climate accord, which was unbelievably expensive to our country. it would have crushed american manufacturers while allowing china to pollute the atmosphere with impunity. yet one more gift from biden to the chinese communist party. they took all the advantage of a from us.

we would have had to close up tremendous amounts of our energy to qualify eventually not too far into the future. we would have had to do things that would have been unbelievably destructive to our country. including the possible closing of 25% of our businesses. us hundreds to cost of millions of dollars for the privilege of being involved in being that in the paris climate accord. at what have to look took place this year in paris and france where money was being sent to countries all over the world and the people of france didn't want to take it and they didn't and they did a lot of writing. -- rioting. we would have had to raise their taxes and it would have been a disaster.

i take a lot of credit for what i did there because it took a certain amount of courage. the paris climate accord, as it wasn't -- but it wasn't good for us at all. america lost 10,000 factories while joe biden was president. he wrote something today and made a statement today that i wrote down that's pretty accurate. biden was here for 47 years. -- for 8 years. not long ago, he said miles of our highways are still important in. but why didn't he fix them three years ago? why didn't he fix them? tens of thousands of bridges are in disrepair and on the verge of collapse. that's probably not a right number, we have bridges that should have been fixed. why didn't he fix them? he was there for eight years

with president obama. why did they fix them? this is what he wrote. we want high-speed broadband. why did they get it? three years is not a long time and he didn't do any of the things. says he's going to do all the things he did do. he never did anything except make very bad decisions especially on foreign policy. so joe biden and president obama freely allowed china to pillage our factories, under our communities and steal our most precious secrets. and itopped it largely wasn't easy. you talk about a certain power of the telephone where they would call and say we don't want to do that and call on behalf of

china, but i did what has to be done. he just take a look at what has gone on and the numbers where they devalued their current. now, the democratic party is calling for the defunding of our military. think about that. they want to defund our military when china is building a massive military. biden wants to defund our military and the world needs american strength right now more than ever. we have got as all this equipment comes in the newest, most incredible weapons anywhere in the world with the best tanks the best ships, missiles, rocket. we have the best of everything. the best fighter jets. all of these assets are being built.

tankers, incredible tankers. i hope we don't have to use them. but we have the most incredible military. when i came in, the military was totally deflated. it was just at a level that was absolutely incredible. i made the statements before i told you what generals told me about our military and i will make them again if somebody needs them. very well documented. opposedpresident, biden tariffs and he was standing up for china. he didn't want to do anything to disrupt the relationship with china even though china was taking us to the cleaners. he opposed my very strict travel ban on chinese internationals to stop the spread of the china buyers. he was totally against it. xenophobic he called me.

a month later he admitted i was right. we would have that -- have had thousands of people additionally die if we had let them come in from china but we stopped it. nancy pelosi was dancing in the streets of chinatown in san francisco a month later. thought what i did was a terrible mistake. dr. fauci said we would have lost thousands of additional people if president trump hadn't you that and i was a crowd of one because even experts didn't want to do it. and then i did europe, when i started seeing what was going on , i did a banspain on people coming in from europe. that would have been disastrous for our country. we saved tens of thousands of lives but we also save millions of lives by closing up.

potentially millions of lives, could be. could be a number we are actually working on it could be 2-3,000,000 mimes. million lives. had millions of people dead from this curse that came, but we did what we have to do and now we will put out the flames as it happened. that happens. -- as it happens. a lot of people want to do it for political reasons. biden,we listened to joe thousands of additional lives would have been lost and if we look at the job he did for , they got very bad marks for the job they did on swine. h1n1.

they had very poor marks from gallup on the job they did for swine flu and they stopped testing very early on. stop there didn't would have needed all the headlines because we are showing cases and we have just about the lowest mortality rate. testing, andn't do set testing over 40 million testing,e did have to we would have half the cases. if you cut that in half, again half of that. the testing is always a good thing and at the same time it is falling -- fodder for the fake news to report more cases. plus are doing 40 million and when i turn on the news i see cases, cases, cases. they don't talk about debts

being cut down to a level being cut down tenfold. i use that from one of the respectful media. cut tenfold, but they don't talk about that. they talk about cases, the cases are created because we do tremendous testing. we make tremendous testing we now make ventilators for the world. country, people needed a ventilator and didn't get it because we mobilized to a level that nobody thought possible. nothing has happened like that since world war ii. our task force has done a great job. mike pence work so hard and get so little credit and the governor would be on the phone with 50 other governors who all

tell us what a great job. then they go to the media and say they didn't do such a great job, we did a great job. we made a lot of governors look fantastic what we did in new york was one of the most incredible things. we moved in our great hospital to los angeles and we could have used that for our senior citizen we could have used it for other people. we could have used it instead of sending our seniors back into nursing homes where you lost thousands of people. thousands of people in new york died because of poor management by the governor and it is a very sad thing to see and sad thing to watch. have an incredible center that we built with thousands of beds already to go and they

could have sent people there or they could have sent senior citizens there. after all of that work in , the job thene army corps of engineers did was incredible. when it was all completed, everybody was there. man it, so wen't said we will man it, and woman it, and so that's what we did. we said where are the people? very few people came in. they could have sent them in to the hospital ship, which was virtually unused, but we were there. by contrast, my administration acted very early to ban travel from china from europe, saving all of these lives. incredible.

and i want every citizen to know that we are using the full power of the federal government to fight the china virus and to keep our people safe. through operation warp speed we will deliver a vaccine in record-breaking time. we have many different vaccines being studied right now, many of which are looking really good and we are ready to distribute the vaccine when we are getting. taking the economic risk of preparing for delivery. logistically, we have our military ready to go. our generals will distribute things, hopefully a vaccine. well andng out really i think you are going to have some good news very quickly. with manyo working countries on the vaccine. nationsnleashing our

scientific genius to kill the virus. just side witht china on the virus. he called me xenophobic. that's what he said. chinacribed the rise of as quote a very positive development. it wasn't. he said the idea that china is our competition is really bizarre. he is really bizarre. he said china is not a problem. nobody has ripped us off more than china over the last 25-30 years. he says china is not a problem. now he takes it back and wants to be mr. tough guy. he never camers, out against china. just the opposite. he will make hundreds of thousands of dollars, maybe millions.

he walked out with 1.5 billion. i asked one of the biggest people on wall street if that was possible. he said he has never seen it. they don't do that. but where is hunter? hunter biden walked out with 1.5 billion and i guess an upfront payment of $3 million. so he went from not having a drop to $83,000 a month with a lot of money paid out from to work for burisma. and you will know about burisma. happens, nobody cares. he was forced to leave the military, forced to leave. all of a sudden he is making a fortune but nobody talks about that. indeed, biden expressed more anning about china on

ordinary day then about america. on the fourth of july last independence day, biden attacked the united states and said quote we never lived up to the ideals of our fathers, forefathers, or founding fathers. and yet, he enthusiastically stated that china is a great nation and we should hope for its continued expansion. we all wish well to china, but what china has unleashed on the world, it's hard to even fathom. i see friends of mine. they walk up and want to say hello and they are all covered up like you are all covered up with face masks. it's a different world, we are coming out on top. biden sides of china over america time and time again he

said on the fourth of july american history is no fairytale and yet blindly celebrates china saying few nations in history have come so far so fast. he is so proud of them. aw joe biden is pushing platform that would demolish the u.s. economy. economyilt the greatest in the history of our country, greatest in the history of the world, a few months ago. best unemployment numbers ever. asianor african-american american, hispanic american. best for women cannot best for everybody. best for young people who didn't have a diploma. diploma they were really in good shape. we built the greatest ever stock market the highest ever in history. days of all-time stock

market highs in years and we had to close it down because we did the right thing and save millions of lives. saying this is incredible's going on. china was, for the first time respecting the unit. -- united states. now they want to do something that is much different. we watched this with great interest. we are building our economy again in the stock market went up almost 500 points that. stock market went up almost 500 points today. we are at a level where before the most important election ever of november 3, we were close to records again and the nasdaq hit

an all-time high for the 16th time. that one, think about of the markets already reached an all-time high. today, joe biden gave a speech in which he said that the core of his economic engine is a hard left crusade against american energy. he wants to kill american energy. who wants to enter the unfair, one-sided cares climate accord -- paris climate accord, which will destroy us. it was actually drawn to take advantage of the united states. just like so many other deals are done to take advantage of the fools running the united states. this would do nothing for the environment but would cripple american industry while greatly helping china. he wants to oppose massive entergy texas to eliminate

carbon from the united states economy. let him define the word carbon because he won't be able to. obliterating american oil, clean coal, natural gas in the natural energy resources that supply countless american jobs. put aoc, a young woman , not talented in many ways, in charge of his energy plan and the environment. essentially her and bernie sanders, who ran a lot of times as president couldn't make it. , they want to approve the green new deal. when i thought, i thought it was a joke. i thought this would destroy our country and make us

noncompetitive. don't forget we are in competition with china in many countries around the world. tremendous economic competition. was formed tonion take advantage of the united states. i know that. they know i know that but other presidents have no idea. last week, joe biden released his unity platform developed with socialist bernie sanders describing what he would do if elected. is the most extreme platform of any major party nominee by far in american history. i think it is worse than bernie's platform it has gone so far right and he is doing that because he is begging for that vote. things i asked my people to do is to draw up

quickly some of the things we have been hearing about over the last couple of weeks and these are actual key elements of the biden standards unity platform. abolish immigration detention. no more detention. stop all deportations. so if we get an ms three k member we have taken out of our country by the thousands, you can't do that anymore. el salvador. can't do that anymore. stop all deportations. we will take all of these people. many of whom are in prison for rape, murder, lots of things. end prosecution of illegal border crossings. support the deadly sanctuary cities, where many of these people are protected better than american citizens.

incentivize illegal alien child smuggling. if you look at what they are saying, that's exactly what they do. incentivize illegal alien child smuggling. that's what this plan calls for. expand asylum for all new illegal aliens. how about that one? all new illegal aliens. expand asylum. cancel all asylum cooperation agreements in the western hemisphere. well, we have agreements with hunters, watermelon, will we have great agreements. when biden and obama used to bring killers out, they would say don't bring the back to the country, well they have to. you are watching a press conference by president trump.