>> don't miss out on the bigger picture here. fundamentals are good. >> it's possible to go faster and things are wrong and therefore it goes higher. >> inflation is going to get worse before it gets better. but we are going to see these supply chain issues easing. >> we are a long way from stagflation. >> this is "bloomberg surveillance." tom: we are on radio and television and it's a different hour of surveillance.

we will speak with mary barra larry and the -- later in the hour. john, total chaos in washington. no other way to put it. jonathan: let's see if they can actually get something wrapped up down there. wall street, looking at the earnings or corporate america, it's been a day grace for mcdonald's, coca-cola. coca-cola is a nice read through with elevated commodity prices from them. the asynchronous global recovery, starting to see that as a bigger feature in the corporate earnings with the slowdown captured by mcdonald's earlier. tom: a 7% dividend increase of note as well. we've got to get to tech. yesterday, we were looking at tomorrow. this is a historic moment for the country where tech just looms exceptionally large. jonathan: jeffries, barclays,

they all followed suit. the line out of market -- the line from microsoft was interesting, digital technology a reflationary force in a digital economy where they see themselves as a part of the solution. jonathan: it's -- tom: it's remarkable. it looks like global wall street removed from what we see in the regular political debate. lisa: and frankly from a labor economy that has room to catch up. it's a lack of agreement with that feeling that we are heading into a positive place. but john's point, though, about the disinflationary measure right now in an inflationary environment, but i find interesting is how much business are big caps taking from small caps? you talked about this, before, tom. how much can big tech weather the storm better? tom: it's extremely important to understand if they drink brandy with water or gladstone sherry?

i don't believe that sumac will have a beverage of choice. the moment for brexit in the united kingdom? jonathan: the chancellor delivering the autumn budget. look at the growth from the office of budget responsibility for next year, that's interesting, six handles in the u.k., four handles in america. even though growth could slow globally, these are still decent levels. tom: let's get to the data before we get to the former chancellor and exchequer. red and green on the screen? jonathan: record highs, that's the way to frame this. equity futures are softer. yields on the long end, lower. front-end, higher. the curve is flatter. chairman powell wednesday news conference, payrolls next friday, next week. tom: democrat or republican, all

agreed that the gentleman movie producer from goldman sachs rose to the occasion, the former chancellor exchequer of the united states in riyadh. he joins us now with a conversation with chancellor mnuchin. good morning. >> hey, tom. for once it's not all happening in new york. people from around the world to come out here to riyadh and one of them of course is steven mnuchin, the founder of liberty strategic capital. thank you so much for joining us , mr. secretary. give me an overview on the meetings that you have been having. >> first of all it's great to be with you in great to be back in the region. my focus here is to be supportive to the economic transformation of the region. it's very important i think for economic stability that all these countries transform their economies and expand them away

from just energy. >> you raised 2.5 billion dollars in private equity investments. some of it come from the likes of the public investment on? >> i can't comment on that but i can comment on what we are focused on, cybersecurity with national security david of privacy, an area i focused on when i was treasury secretary, i was responsible for cyber for all the financial services and it's a big risk, so we want to make sure that companies and governments are taken care of and protected. >> getting to that macro story for a moment, more data has come through. how is your view evolved? >> i was worried because i thought we would see inflation and we have seen it. we are running at 4% to 5%

inflation and my guess is we will stabilize closer to 3.5, but that's still a significant issue. for a long time the reserve was concerned to be couldn't get inflation up to 2% but now given the enormous amount of fiscal monetary support, i'm very concerned that we will see higher interest rates with an impact on consumers. >> 10 year treasury yields still at 3.5? >> that's my prediction. >> what about the ability of the united states to get out of the debt from the massive amount of money they have had to borrow after pandemic? >> there's no question that during the crisis we needed massive support and i'm very proud of the bills we passed in the senate. $4 trillion, i never thought we would say those words.

spending the money with a global depression, not recession. another $2 trillion, more money, i'm very concerned about the size of the national debt. i worry it could go up to $32 trillion on a 23 trillion dollar economy, it's quite concerning. >> staying on the fiscal side for a moment, the democratic tax plan has been controversial to some. the billionaire tax as it's also called. do you think it's a good plan that will pass congress? >> let me say that i think that now is the wrong time to raise taxes on anybody, billionaires or average consumers. we have done plenty of spending. the problem with the billionaire tax is that it probably won't raise much money since a lot will be given away to foundations, so it won't be taxed. the other issue is it's probably

unconstitutional and third, it creates very bad incentives. how do you tax public securities and not private securities? think about it, it's a complete disincentive to grow your business. to say that every year the government will take away a little bit more of your business? that's not the right incentive for long-term investments. >> shout out to tom keene for this question, will there be an opportunity for republicans in 2020 42 reassert a calmer policy out of the present chaos? -- 2024 two reassert a calm are -- palmer -- calmer policy out of the chaos? >> we need less spending with national debt that's sustainable. >> we have seen a u.s. ban on

certain chinese problems. we would have thought that some tensions might have eased with a new administration and new approach, but it certainly doesn't seem to be happening at all. have you been surprised? >> let me just say that the ambassador and i spent a lot of time going back and forth and we had 20 different meetings with the vice premier and we are proud of the work we did on the phase one. my own opinion is that more work needs to be done and that there should be more dialogue. as it relates to telecom, look, there are certain areas that are national security areas as it relates to certain telecom equipment and without commenting on specifics, we want to make sure that the data integrity, but on the other hand these are large economies that have to coexist and i think that work needs to continue to be done on trade.

china has always had the opportunity to have the u.s. market open and we need to make sure we have the same reciprocal opportunities. >> thank you for your time, steven mnuchin. jonathan: thank you very much, as always, catching up with the former treasury there, steven mnuchin. the tax that won't raise money that's being given away, unconstitutional and dangerous, creating dangerous incentives. what is the incentive to grow? a response to the billionaire tax proposal coming from the former republican treasury secretary. jonathan: well, what i would suggest, looking at these 107 pages of this document, sometime in the vicinity of 4 p.m. this afternoon, you may actually start to see some very careful detailed questioning about this

preliminary document. i mean, we really haven't seen anything yet, even though there are 107 pages. jonathan: you guys are better at this than me, you especially, lisa. unconstitutional, what's your response? lisa: especially given the composition of this court, the more likely chance is that it will swing against this type of tax. a lot of people saying it won't pass, but this is one of the big questions. how much is this a messaging issue versus something that could come to fruition. jonathan: high corporate taxes were part of the outlook for so many in the equity market on wall street. tom: and lisa was dead on. still stunning. sarah, stunning last time with her last too short visit, you are looking for a catalyst. what's the next catalyst into

2022? what is the to do and what is the to be? >> the next catalyst is what we are challenged with right now. there's one look there at october where valuations have gone upwards and we don't have that to look forward to going forward and earnings season has been strong, intensity by mid single digits, but what's the catalyst going forward looking at 2022? we think markets will be more challenged going forward with a couple of rate hikes priced in by the markets with a yield curve that is flattening. we have to rely on hard economic data that translates into mid single digits earnings growth that should be supportive for the markets but given the valuation, it's more likely that the market takes a breather because for the rest of 2021, drama, it's hard to find the catalyst to take the market higher.

jonathan: you are a phenomenal stock picker. who is executing well and getting it done? >> we like the med tech sector around covid with vaccines coming into play, that sector really starts to ramp up. zimmer, a company that had negative revenue growth, down 12% in 2020. the industry should be growing at margin expense but now that they have incorporated manufacturing and expenses to put in place because of covid, the demographic is aging for this company that is orthopedics and it should be positive. we talked about tech a lot this morning and we saw a shift from advertising to e-commerce and amazon being a laggard for a good amount of this year and we think that going forward the investment in logistics should be positive in this company could have a catch-up trade. lisa: how much is the larger company complex better equipped

to deal with supply chain disruptions over small caps? >> scale is an advantage for larger companies. we talked about this with amazon, companies like nike that should have scale advantages. but small caps have been interesting, outperforming and staying at plus or -10% this year at the top of the range and they could break out as interest rates increase with inflation, normally good for small caps that are nimble. small caps are the area that we like it going forward. jonathan: if you want a longer conversation, i have a show at 9:00. lisa: seriously? jonathan: live on the show. she comes on with me now and again. tom: i don't. and she has been accurate, that helps. jonathan: she has been. you are holding onto 2%? tom: i'm sorry, it's a big deal,

and frankly, folks, i don't care, but john and lisa do. curve flattening. is it, is, i never get it straight, john, the up-and-down of yields, is this a bowl or a bear flattening? or is it pharaoh? jonathan: [laughter] it depends. [laughter] i guess you could call that able flat led by what's happening on the long end. that makes sense. it's a bowl flatten or -- bowl flatten her with a bearish tilt. does that help? [laughter] tom: ira goes that's accurate. jonathan ferro knows. a flattened curve with a -- of a rate hike at the front-end and may some hopes, some hopes with cold water on them about the future on the long end. tom: have another sherry. jonathan: wouldn't you love

that, just an alcoholic beverage in the morning? markets and booze? bonds and booze? we could be sponsored by a beverage. tom: excuse me, look at the rates yesterday. [laughter] jonathan: this is bloomberg. ♪ laura: i'm laura wright and on capitol hill democrats have unveiled two new taxes that they hoped would help to pay for the president biden social spending package. one of them would target billionaire assets and those who earned $100 million a year for three years in a row. the other is a minimum tax for corporations for companies that report over $1 billion in profits to pay at least 15% in tax rates, even if they qualify for tax breaks. china flouting u.s. efforts to boost taiwan's participation in united nations. beijing says that the island has no rights to join the u.s. half a century after it is kicked out

. antony blinken has called on other countries to join the u.s. in pushing to give taiwan a greater role at the u.n. and it's another blockbuster deal involving tesla with uber drivers in the u.s. offering services for tesla electric vehicles that were rented from hertz starting next week and meanwhile, hertz signed up carvana to dispose of rental cars and no longer wants and earlier this week, hertz purchased 100,000 cars from tesla. global news 24 hours per day, global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. ♪ ountries. this is bloomberg. ♪

tom: we welcome all of you on

radio and television. we are earnings focused and really on the extraordinary performance of technology, america. we will continue on that but now we sharply digressed. david rubenstein joins us, with peer-to-peer conversations with him, i really want to focus on the hockey player from belmont hills. for those of you not in the know, that's really good prep school hockey, then on to princeton and rotc. david rubenstein, the path of general miley to the top of the pecking order for miley was original, wasn't it? david: it was. we never had a joint chiefs of staff server with an undergraduate from the ivy league and he didn't expect to spend his career in the military, but it worked out that way. he's from a military family but interestingly his father didn't want him in the military. his father really try to keep them out.

how is his service -- tom: how is his service cover -- colored by the fact that his father was truly on the shores of iwo jima? david: his father knew the horrors of military combat from world war ii and tried to keep his son from going to west point. he went to princeton on effectively a hockey scholarship but he got into rotc and ultimately stayed in the military. it's an unusual story and he has obviously become one of the most visible of all of the chairman of the joint chiefs of staff because of the trump administration and what happened. lisa: china was front and center during this interview. what's the nature of this rivalry, this potential cold war, given the fact that this strategic nature, china effectively provides so much to the united states by the way of goods? david: he said the biggest security threat to the country

is china. russia is still a threat, and it was historical when i was growing up, but in the end he says china has the money and the manpower and the technology skills to be a complete rival to us and he was very worried about the hypersonic missile for which there was a test not long ago. we are presumably developing our own. it hasn't been discussed publicly but it's a missile that could launch a nuclear weapon on us without any real defense. lisa: so how separate are the military concerns the u.s. has with respect to china from the business concerns, given the growing number of corporations in america trying to increase footprints in beijing and in the mainland? jonathan: well, that is -- david: well, the business community is interested in developing those relationships but we have to be careful, we recognize that china is making it more difficult for american companies to invest or operate their. certainly more difficult than it

was a couple of years ago. the military is more concerned about china as a threat and getting into china rather than making sure that china doesn't get into the united states. tom: in talking to the general and in your own view, one of the great missed calls we've had is the dearth of intelligence on russia when the soviet union collapsed. do we actually have good intelligence on the chinese military? david: i think it's probably not as good as people would like it to be. i don't really know the intelligence community assessment. the ability to know what's going on in north korea is limited, china is better but not necessarily with the chinese military because it is difficult to infiltrate, so you have to rely on technology and things like that and sometimes that is hard, to get technology to pick up exactly what's going on in china and as you did out, we

underestimated some of the things going on inch russia and over met -- overestimated others and have had a lot of technology failures in the middle east regarding what's really going on in iraq. lisa: and that question really dovetails the two issues of the business community in the military. there are people who represent the united states in some way, shape, or form there. how much of it is a concern with the executives you speak with in terms of how much surveillance they are under and what type of regulation there might be from the government because of that suspicion that they have to know the information, one way or another? david: the business community has been warned that as they operate in china, everything could be bugged or stolen in terms of intellectual property and the business community is wary, but on the other hand there are a lot of customers and businesses there and people are warned, they try to be careful but nobody can be perfect in

terms of the ability to protect certain information. jonathan: with your success -- tom: with your success and this peer-to-peer conversation coming before the national archives, you brought the magna carta to america, the 1297 document itself. tell us a little bit about that, quickly. what was it like to gift to america the magna carta? david: there are 17 extant copies, one of them in australia. this was the only one in private hands and i put it there on permanent display and loan and essentially it's a document that was a forerunner of the declaration of independence so in many ways it had more impact in this country ironically than it did in england, which is why i thought it should stay here. tom: unbelievable. the british library museum, just extraordinary. jonathan: wonderful, love it

there. david, thank you so much. catch the full fascinating interview with general milley on the david rubenstein show, peer-to-peer conversation tonight, 9 p.m. eastern new york time. those comments on china, fascinating. tom: stunning, stunning. hypersonic. this is eli and -- elon musk and the rest of it, going at mach 5, 3800 miles per hour or more. that's fast. but what is so important here is its directional. that's the big difference. jonathan: yep, into space, hard to detect, then you land. you land where you want to hit. what did they say? 10 miles away from may be where it was meant? 10 miles with a nuclear weapon on top of it? you hit, haven't you? tom: my book of the summer touches on this. jonathan: your equity market,

holding on to all-time highs in the united states of america. from new york, heard on radio, seen on tv, this is bloomberg. ♪

jonathan: live from new york city to our audience worldwide. good morning. no equity markets, unchanged on the essence the. all-time highs coming into wednesday. he is coming in couple basis points to 150 134. economic data to get to. 158.34. economic data to get to. you have a tax increase, you don't do it, and then you can call it a tax cut. there was an increased tax increase on alcohol, canceled it, and they call it equal to a tax cut. on fuel taxes come as well, some of the same thing, holding back on that.

that is when they fill up the tank and they fill up the -- and they are not hiking taxes. tom: a tank of gas is seven dollars plus in the u.k.? jonathan: my mom told me it was -- per gallon. tom: which got it on the corporate tax, didn't we? lisa: we might get a tax hike or not. tom: let's look at this economic data. i am looking at it as a bit of revision and a little bit of tepid this -- a little bit of tepidness. it is more data that will filter into our gdp estimates and through the inventory dynamics. jonathan: they're expected to be lighter, little bit softer. capital goods, it isn't upside.

tom: -- capital goods, decent upside. tom: we are looking at advanced goods trade balances we never imagined. we are to a -$96 billion statistic which i would suggest is never framed. diane, we have not talked about net exports, exports, imports. we have a good streets balance unimaginable. what is that signal? -- what does that signal? >> it is strong demand in the u.s. relative to the rest of the world. one of the interesting things that will subtract from growth in the third quarter even if durable goods add to growth, investment is strongest in technology and intellectual property we have seen since the

1940's. it really is going to be the weakest growth of the quarter the -- will be the biggest growth since the onset of the pandemic recovery. we are now starting to gain more traction as the delta wave fades and piercing that already in credit card data coming in for the month of october. as we go into november, the biggest strain is going to be shortages and price hikes. tom: rebecca patterson was on earlier and she would demand we ask are we in a demand shock or a supply shock? rebecca patterson of bridgewater says this is a demand shock. diane: it is all of the above. there's no question there is a demand shock out there. we had demand shock with the last round of stimulus checks. we have excess savings that is being drained down, depending on how much we get the right sector to pick up the baton from the federal government as we get

from the fourth quarter into 2020 do two and see job gains pickup. i think that will pickup -- into 2022 and see job gains pickup. i think that will pickup. the inflation numbers should taper off in 2022. i think they will be residual he higher than the fed will be comfortable with and they will be in the top position of determining whether or not efficient we enduring in 2022 is in fact going to be -- is going to get into the economy more. that is something they are going to have to act on. my concern is that we do see companies doubling up on inventory, doubling up on orders to hedge against what are the supply chain shocks. that won't abate inflation until 2023. that is too long for the fed to wait. lisa: let's get into the politics of the economics. the idea of the demand-side chakra versus the supply-side

shock prickly is in the republican talking points where they are saying it is because we pass these bills earlier in the year and last year that gay people checks. we are sinking a man shot we are seeing -- we are seeing demand shock. the difficulties of turning off an economy and expecting it to happen without friction, how much of it is that? diane: this is like when a spaceship comes back in and you hope it doesn't earn up. it is a lot of friction, friction in the labor market. we will see more come back into the labor force in the fourth quarter. you cannot expect to turn up a global economy and that -- turn off a global economy and rampant backup overnight. many producers think when we turned the lights off in much

2020, it would take quite a while to ramp up. because we recorded spending as we needed to, as we pay people to go home for work, that created an unusual dynamic. it is not to be surprised that we are going through this. that said, it is hard to disentangle the politics and economics. economics are all of the above. we are having a demand shock because consumers cannot spend on certain things and when they do they are trying to run through the door at the same time. your seeing pricing on airfares the minute consumers come back. in addition to climate change and extreme weather events, everyone forgets hurricane ida exacerbated prices at the pump in october. lisa: you're talking about friction upon reentry, when do we know we have reentered? what economic signals to look at to know we have reached the new normal rather than just the waiting period for everything to equalize?

diane: that is the million-dollar question. or maybe million-dollar question. -- billion-dollar question. there is some stabilizing in underlying inflation pressures. one of the things we will be dealing with in 2022 is a lag on shelter and that could -- even as some of the energy price and a surge pricing we're seeing right now, as we get that fiction going, that will cool down but not enough. i don't think we will see anything about what this economy is really like outside of a pandemic and into an endemic until 2023 because we are talking about not being able to vaccinate the world which is key. tom: what is so important here,

and you truly have national leadership on this, is don't forget the third coast. it is all about the east coast and west coast and there is one big flyover, o'hare and chicago. that is a bunch of baloney. what is the tech revolution in the third coast of america? away from amazon and microsoft, what is the tech revolution across these time zones? diane: we are seeing a major tech spread out across the country and this is interesting. your seeing tech hubs in places like boise, charlotte, austin, obviously. we also have some in chicago. it is stunning to see what is going on here and where the high-end building and high-end housing is going up and high-end housing for office space is tech related. what you are seeing is tech inc. spread across the nation. what we have seen is the

pandemic accelerate the digitization of the american economy. your seeing it in the car industry, electric cars coming out not just from tesla but from the traditional automakers with a lot more options. they are worried about how they're going to get dealers to sell electric vehicles. the bottom line is demand is driving some of the movement on electric vehicles. dealers' models are being updated as we move to buy online even cars and homes. it is a different world. that digitization creates the gaps and inequalities. people try to apply for jobs are not used to having to apply totally online which is where all of the jobs are listed now. they are in broadband dead zones. we need to expand broadband to increase the access of those people who needed jobs and better match them to people who are looking for workers. that is difficult, both in urban

and rural areas. this really is a massive change that the pandemic accelerated. it will deliver a lot of productivity growth. problem is it is not evenly distributed. tom: diane, looking forward to catching up next week around the fed decision. let's talk about a stock we will never talk about again, let's talk about a brewer in the u.k. i used to love budget day in the u.k. because you get these moves. his stock is up three or 3% or 4%. the pubs are valuing because joseph sooner is not going through with this tax hike on -- just a little bit of a lift. the chancellor knows how to speak to the heart of the british people sometimes. tom: a lot of americans, including me, are interested in this.

this is carlsberg marstons, a beer company. i think copenhagen owns a lot of bars in the u.k., right? jonathan: this is the independent broker, the. does the independent brewer, though -- this is the independent brewer, though. you could bring some technical analysis to us on it. tom: how come you can drink outside in the u.k.? jonathan: can you not hear? -- can you not here? tom: no. lisa: you need to tell the story of united kingdom to tom keene. jonathan: are we going to go to london? tom: the desk patrol is out looking for a desk. jonathan: that is the only reason you won't come? tom: it would look good. lisa: take a greyhound. jonathan: we will work on it.

two london? -- to london? lisa: [laughter] jonathan: kathy jones is coming up. before that, mary from gm offers decent numbers from general motors. heard on radio and seen on tv, this is bloomberg. ♪ >> in london we may be rushing to the pubs after work, in the u.s., democrats are trying a new approach to taxation to pay for president biden's agenda. that would affect around 700 people, those with at least a billion dollars in assets. meanwhile, a separate -- to pay at least 15% tax rate. president biden is zeroing in on

whether to nominated jerome powell for another term. the president met with treasury aids to review candidates. he is not settled on a choice and it is unclear whether he is leaning towards reappointing powell or replacing him. xi jinping is calling for breaking new ground in western development. he told a military conference china must establish a modern management system for the defense industry. that comes after both the u.s. and china are rebalancing their forces for what the biden administration has called strategic publications -- strategic complications. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪

tom: good morning, everyone.

always important entering earnings season to find out what industrial america is doing. what is advantageous is david westin and i looking at the second-generation corvette. we said something we will own one of those. there is a new one, too. david says -- david: we are joined by mary barra, thank you for joining us. he did better than most people thought he would do. i don't want to take anything away from that, but can you give us a sense of financing? used car sales and also that bold recall? >> it was all of those things. we saw in light of the current environment, our china equity earnings were strong.

the real story is how well we performed from trucks and full-size suvs. we are selling every vehicle we can make and i think that along with the overall environment is what allowed us to have a beat for the quarter. it shows the strength of our underlying business. i am proud of the team and everything they accomplished. david: the magical words were everything you can make because you cannot make all of them you want to because of supply chain problems. i know it is continuing into next year. is there anything at this point that can be done to speed up the time you can get the microchip you need? david: -- mary: we are seeing improvements in the fourth quarter. we indicated q3 would be the toughest for us and it was further impacted by covid. we are seeing a stronger performance now. q1 will be better than q4. it will linger into next year and our feeling is we will be in

a better shape and the second half of 2022. we are also taking steps over the medium-term to make sure we are never seeing this kind of constraint, whether it is critical materials for the overall supply chain. we have an aggressive growth strategy in front of us and we will make sure we can execute it. it is a near-term problem we will work through. lisa: -- david: are there places you can save some cost? advertising, if you can't sell as many vehicles, maybe you don't need to advertise as much? mary: it is a great point. we are saving across the board. we are adjusting what we are doing to match the fact that we are selling every vehicle we can. through covid and through this crisis with semiconductors, we have found ways to make the business more efficient. we are working with dealers to drive an increase of profitability for them.

across the board, we are driving efficiencies and that is any underlying strength of our organization and supports the strong earnings. david: talk about the longer-term, aggressive -- longer-term, that is electric vehicle some gushy letter vehicles, something do embrace aggressively. i'm a you have been dubious about fleet sales because the margins get down. where are you one fleet sales for electric vehicles? are there different? are you looking at fleet sales for electric vehicles? mary: if you look at the commercial fleet and what we can do from a light commercial vehicle perspective with bright drop and the whole ecosystem that it will support, i think it is a huge opportunity and that is some of the most profitable of fleet sales. we are looking at many different opportunities because with electric vehicles you can reframe how the sales will be.

we are looking at a number of opportunities. what we have announced around right drop, i'm very excited about that. david: we should not rule out the possibility that general motors might have a similar hurts deal down the road? mary: in the past we have -- our rental cars. we reimagined how the business will look. we will not rule anything out. david: since we talked last there have been more vaccine mandates. is that affecting general motors' operations? mary: i don't think it will. we will continue to encourage our employees to get the vaccines. we continue to provide them the information from cdc and other like organizations. we will work to understand how to implement executive order from the president but to do so in a way that our employees and unions agree.

what we know the details, we will work the execution plan. i don't foresee it being an issue for general motors as we look at overall labor availability. david: you have an important relationship with the unions, do you see a -- happening from the union side? mary: we're working with them to provide information and encourage our employees to make the decision with the right information. that is what we will continue to do and we will look at what the specifics are of the mandate and figure out how to implement. david: it seems like it is getting better in the u.s. is it affecting gm operations on the sales side or demand-side? mary: the biggest impact for us right now is semi conductors. we have seen recovery from the impact in q3 from some of our supply base that caused deeper

impacts. i am optimistic we are through the worst of it. we shared our safety protocols with our supply base around the world. that is what gives me confidence we will see a stronger q4 and a stronger q1. as we get to the second half of next year, continued improvements. david: as you have the getting function with semiconductors, are you seeing inflation in the costs you are paying or costs you can pass along to consumers? mary: we are seeing commodity prices increasing as well as the cost of logistics which is impacting almost every industry. we are working and managing that right now. because our product portfolio is so strong, i believe it is the strongest crossovers we have had in my 40 year career. that is what's allowing us to have strong pricing. we have strong receptivity from the customers. david: appreciate you spending

time with us today. that is the general motors chair and ceo. tom: thank you so much. 1962 is the corvette that changed everything. the wedge tailed and decide postings. david: it was the year before the stingray. i like it because it is the last one and because of route 66. tom: it is like the romance one. david: yeah, for me. tom: did you tour this thing around? david: every weekend. it is a simple general motors car. i love it. tom: i was trying to channel my inner matt miller, did i do okay? david westin, thank you so much. lisa, what an interesting set up we have on tomorrow's tech earnings. lisa: that interview shows how high the bar is. they raised their forecast, shares down more than 3%.

tom: and identifying some of the risks lowered on ev. stay with us through the day. the battle in washington will be addressed at 12:00. this is bloomberg. ♪

moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving.

jonathan: all-time highs coming into wednesday this morning, good morning. equity futures up 1/10 of 1%. it has been raised across the

board but most of the earnings for corporate america today. the countdown to the open starts right now. >> everything you need to get start -- to get set for the start of u.s. trading, this is open bloomberg of the open" with jonathan ferro -- this is "bloomberg the open" with jonathan ferro. jonathan: from new york, we begin with a big issue, democrats looking to wrap up a deal. >> it does not excite me that much. >> it is going to be lower than $3.5 trillion. 50% of that. >> we are in that ballpark. >> the trick is how to pay for it. >> corporate taxes may be off the table. >> how are they going to pay for this? >> other tax possibilities. >> it concerns me. >>