vaccine is the best way to beat the virus as the delta variance birds. president biden: we just have to keep going, and it is simple. get vaccinated, please. it is safe, it works. we will save lives, maybe your life. i said before, this is the pandemic of the unvaccinated. please get vaccinated. mark: mr. biden also praised july's expectations being jobs reports, saying it shows his economic policies are working. parts of china are taking new steps to stem the spread of covid-19. an eastern city, which has become the new epicenter of delta spread in the country,

suspended passenger train service today. officials are hoping to prevent infection from overflowing into the rest of china. separately, china has pledged to provide 2 billion doses of vaccines to other countries this year. the european union this year will likely discuss reintroducing travel restrictions from visitors from the united states this week. bloomberg has learned the u.s. has reached a threshold to be included on the list of non-eu countries allowed to have unrestricted travel into the bloc. the eu lifted restrictions on the u.s. in june. more trouble for governor andrew cuomo. the sheriff's office in albany says a woman who accused him of groping her has filed a criminal complaint. cuomo is facing possible criminal investigations in four new york counties after the attorney general released a report finding the governor sexually harassed 11 women and created a climate of fear in his offices.

global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ amanda: i'm amanda lang. welcome to bloomberg markets. matt: i'm matt miller. we welcome both our bloomberg and bnn bloomberg audiences. here are the top stories we are following for you from around the world. more reaction and analysis of the july u.s. jobs report with julia coronado, founder of macropolicy perspectives. plus, i am excited. we have henrik fisker, famed car designer and maker of the fisker, as well as the bmw z80.

he will talk about president biden's executive order that calls for half of all vehicles sold in the u.s. to be electric by 2030. and the senate sets up a weekend vote to pass the infrastructure package. we will discuss its impact on the steel industry with the ceo of schnitzer steel, tamara lundgren. amanda: we have a bit of next action on the markets, strong job stated in the u.s.. it was expected that would move the markets, it was not clear which way, but in this case pretty solid numbers. that will play into the expectation that the fed's hawkish tone will stay in place. the 10-year yield rose briefly above 1.29. we do, though, have the nasdaq as a weak place as a result. growth stocks getting some of the wind taken out of their sales. financials solidly in the

driver's seat today. materials and energy is strong. it is really the growth and faang stocks that are weak to negative for the s&p 500. jobs data on the side of the border, per capita about the same. but it was below expectations for the markets. a weaker picture here than in the u.s., in terms of what analysts were looking for. julia coronado is with macropolicy perspectives. i want to start with that u.s. data and how strong it was. across-the-board strong. anything in it that you didn't like? julia: there was really nothing not to like. both household and payroll numbers showed really big employment gains, upward revisions to prior months, broad-based across sectors. solid but not scary wage gains. narrowing disparities, falling unemployment. good news across-the-board. matt: are we then positioned for

really good numbers when we get kids going back to school, when we get the end of unappointed benefits, at the end of the summer when people will be more motivated to get jobs? julia: we will definitely be in this range for a couple months. i think we are already seeing that, we saw participation improve in july. participation increased in july, too. we do expect those forces that you cited to be additional tailwinds to the recovery in labor force, recovery in jobs. two areas that we saw strong, state and local governments, teachers in particular, leisure and hospitality workers. those two sectors still have room to run and this is the season they do their hiring into the fall. it should be good news for a few more months.

matt: i know a lot of this is regional, but here in new york, banks are pushing back to return to work plans. if i walk up and down lexington avenue, stores are not just close, they are empty. that may be specific to new york city because of wall street but we cannot really get back to work completely until the container store, h&m, j.crew are opened up again. julia: you are highlighting an important dynamic. the recovery all along has been tied to the pandemic. we have the delta variance urging, delaying the return to office across the country. it leaves a lot of uncertainty in the air. i don't think that will derail the job recovery but it may be a dampening force. it does highlight we are moving out of the peak surge of reopening, fiscal support, moving into a new phase of the

recovery, so we are trying to find the new normal. we don't know what that looks like. as long as the pandemic is with us, have to alter our operations, there is uncertainty around business operations, travel, office space, location preferences. we have to go forward to the new world, and what that world looks like depends importantly on the recovery of the pandemic. amanda: of course, these big, broad data points sometimes obscure the reality for people. we just showed one that highlights it. for people that are more educated, tend to be in white-collar jobs, professionals, this pandemic has not been much of a blow, if one at all. people in the service sector, people without high school or university, it has been a big blow.

how much iniquity has been laid bare? how should that shape the thinking for policies going forward? julia: certainly, the fed put a lot more emphasis on that than they did before, they track those disparities closely. we saw some good news in the july report, we saw black, white, hispanic differentials narrow. we are seeing low-wage workers get the biggest wages, but they are extremely concentrated in those service sectors you cited, which tend to be lower wage. that is good news, those workers hardest hit in the pandemic are seeing the strongest job and wage gains. some progress, but as you cite, a long way to go. i think that keeps the fed methodically normalizing policy, rather than rushing for the exit. matt: great to get your

perspective, julia coronado. kicked off your career at the federal reserve, through wall street, until you found macropolicy perspectives. thanks for joining us. president biden bets big on electric vehicles. we will speak with legendary car designer henrik fisker, ceo of fisker, who designed the bmw z8, among others. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller with amanda lang. resident biden announced an ambitious goal yesterday, signing an executive order that would have half of all vehicles

sold in the usb admissions for you by 2030. president biden: the future of the automobile industry that is electric. battery electric, plug-in electric, fuel cell electric. it is electric and there is no turning back. matt: for more on the future of ev's, henrik fisker joins us, ceo of fisker, famed car designer at bmw, aston martin. thanks for joining us. what do you think of the possibility? you know firsthand how difficult it can be to sell these vehicles. can we meet the goal? henrik: absolutely. i think we will reach 50% of electric vehicles by 2030, in fact, it could be more. the difference is, it will not be the same players that have the same markets that they have today.

i think a company like us, fisker, we will have a large part of that market share. we are coming out with vehicles that are frankly lower-priced and even some of the cars coming out from the big three. our first vehicle starts at $37,500 before incentives. we have another that will start under $37,000. we are really going for the high volume. i think you will see a change in who are the major players by the time this comes out. matt: if the administration really wants to reach this goal, it's interesting the only invited general motors, ford, and chrysler to the white house yesterday. do administration officials reach out to companies like yours? henrik: they don't, really. we are obviously still in the mode that we are developing the vehicle and coming out with it next year. they are here to support the

current jobs and the effort, and that is fine. i don't really need to get invited to the white house. i know that biden has been a big supporter in the past of fisker. what is important for us is that the consumer gets incentivized to buy an ev, it doesn't matter from us or somebody else. two things that we need. we need the incentive to be applied directly to the price of the vehicle and we need a much better charging infrastructure for this to happen. amanda: your path to an affordable vehicle, one that you may be able to lease as well, a novel approach, your partnership with foxconn is hugely important. characterize where you are with it today and where that takes you to? henrik: this is a really radical business model. i was a bit inspired by apple actually, foxconn, when they

came out and disrupted the mobile phone industry with the iphone. i kind of came up with a concept which is a radical concept for a vehicle that i think is a game changer. foxconn was a perfect company to build the car with. we are going to build it here in the u.s. the challenge i have for myself is how can we create a completely new type of vehicle that actually fits into how the consumer lives in the urban environment today. most cars are designed for the way that we used cars 50 years ago. how do we design a car for the future? what type of technology goes into it? we plan to make at least 150,000 of this vehicle. we are planning initially about 60,000, going up to 100,000 a year. those are both high-volume vehicles. people are looking for some

sexy, cool vehicles that they can afford. matt: we are showing video of the ocean. it looks cool. you are designing cars that you want to be in the mass-market. president biden has a corvette with a 427 and it. you designed the z8, aston martins with big v8 engines in them. are you going to be able to do things for car guys as well? henrik: i think all of our cars are for car guys. to that point, i think we can get any supercar guy out of their v-8, v-12. they are the most difficult because they are so ingrained, the last ones to hold on, don't want to get into an electric car. i don't want to do just another mid-engine electric car.

the vehicle i do has to be sexier than any car in the market today. we are not quite ready to show it yet, but a bit of a reveal. matt: so you are designing a successor to the karma essentially? henrik: yes, but it will be a lot cooler, a concept that does not really exist today. either in gasoline or electric car. amanda: great to have you with us today. one question on infrastructure. they will be a lot of spending happening today, you may not want to invite to the white house, but if you had the president's ear on where to spend on infrastructure for ev, what would you say? henrik: you can mandate that any new apartment buildings that are put up have to have 50% electric chargers in the parking lot. you can mandate every gas

station has to have at least two chargers. there are a lot of things that we can do without spending a ton of taxpayer money on it. it is really about committing to change our infrastructure. let's not forget the gasoline car would never have happened if the government did not build roads or than to drive on. we have to look at the charging infrastructure as roads. if we want that big shift, we need people to feel comfortable they can go in any direction, anywhere, and charge their electric vehicle. amanda: great to have you with us. henrik fisker, appreciate your time. coming up, still with the infrastructure bill, steel is maybe one industry that benefits. we are speaking to tamara lundgren, the ceo of schnitzer steel. this is bloomberg. ♪

amanda: welcome back.

this is bloomberg markets. i'm amanda lang alongside matt miller. perhaps in the final endings of a trillion dollar stimulus package for infrastructure as the senate continues to vote on this, wrapping up debate and moving ahead. it is expected to have big implications across many sectors, certainly for some driven by commodities, including steel. with us now is tamara lundgren, ceo of schnitzer steel. i want to start with the implications for your industry. because of global demand, forces of the pandemic, we have seen high prices on commodities. how does this influence what you expect to happen with that price? tamara: thank you for having me in today. i'm delighted to be here. the infrastructure bill is a multiyear bill. the new funding of $550 billion -- a rule of thumb that we use

in the industry is 100 billion dollars of infrastructure investment will typically lead to about 5 million tons of incremental demand for steel. that is separate for demand from copper, aluminum, other metals that are important. matt: i wonder about steel prices and the inflation you are experiencing, the pricing power you have. how has it been, what difference will this bill make? tamara: there will be incremental demand as we see a rule for improvements in roads, bridges, tunnels, broadband, and the like. it will lead to higher demand for a variety of metals. as the steel industry has improved over time -- pre-pandemic, it had gotten back on its feet. more investment has gone into the u.s. steel industry. we anticipate more capacity coming online over the next year. as this bill rolls out, i

anticipate the u.s. industry will keep pace with that demand. matt: i think there is a provision here they have to buy u.s. steel, unless the price is more than 25% above for competitors. does that make sense to you? tamara: you are talking about the buy american provisions. that has been a part of infrastructure packages for a long time. matt: 75 years. tamara: it is important to have a strong steel industry in the u.s. we are too diverse a company, and you see what happens when we have weak supply chains.the semiconductor problem is a good example of that. that lack of strength in the supply chains is needed to rebuild if we are going to see the transition to electric vehicles and other technologies that are necessary to transition to a low carbon world. amanda: getting bipartisan

support for this bill and others that have come around the pandemic is important. do you worry about things that may show up in the end that will be less constructive for business and capital flows? we see that when we have these bills, choice tidbits get stuck in there. tamara: i think this bill has tremendous potential. the first thing we have to do is think the president and the bipartisan group of senators for reaching an agreement on a once in a generation opportunity here. there are several elements in the bill that bode well for success. nothing will be perfect from every person's perspective, but i think the bipartisan approach that the senators utilized led to very constructive negotiations, created compromise, and a compelling bill. i also think the focus is important. a long-term focus is really important. because this bill is not limited

to paving over last year's potholes. this bill is about investing in our infrastructure for the long-term, to make it safer, more competitive, to make what we do and how we live more sustainable. i will also say, it has widespread support, the other element that is quite unique. republicans and democrats, labor, and business all supporting this bill. matt: we all want better roads, ports, airports, more jobs, better pay. thank you so much for joining us. appreciate you coming into the studio to visit us. tamara lundgren, the ceo of schnitzer steel. for amanda lang, i'm matt miller. this is bloomberg. ♪

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mark: i'm mark crumpton with bloomberg first word news. the u.s. senate is heading toward a weekend vote on its $550 billion infrastructure legislation.

senators met on and off on the floor to discuss final changes to the bill, which is 2700 pages long. even if the bill passes, it faces an uncertain future in the house. the biden administration says a moratorium on addictions in parts of the country hardest hit by covid-19 is necessary. the justice department asked a federal judge in washington today to uphold the new ban as the delta variant spreads around the country. two landlord groups are trying to block the moratorium. it comes after a previous nationwide one expired. singapore will take advantage of having one of the best vaccination rates in the world. they announced plans to ease covid restrictions on daily life. it will also begin slightly loosening border controls. two thirds of singapore's population is now fully vaccinated. the u.s. central command says evidence in last week's