i'm margaret brennan in washington. this week on "face the nation" climate change, the global economy and war in eastern europe all come to a head, as president biden prepares for an

overseas summit with nato allies. record-breaking heat is driving americans to seek cooler temperatures, even president biden hit the beach over the weekend to recharge before he left for europe. climate change is just one of the challenges facing the world. we spoke exclusively with treasury secretary janet yellen from beijing about her efforts to lower tension between the world's two largest economies, even as trade disputes ramp up. the war in ukraine reached the 500 day mark as president biden made what he called a difficult decision to send controversial cluster bombs to help defeat the russians. delaware democrat senator chris coons and ukrainian ambassador to the u.s. oksana markarova will join us. we'll take a look at a new push by the nation's governors to help children's mental health with utah's republican governor spencer cox. after a brutal week of blistering temperatures, can it get any hotter?

the answer is yes. nasa's chief scientist kate calvin will be here to explain why. it's all just ahead on "face the nation." ♪ good morning and welcome to "face the nation." we're going to take a closer look at the brutal heat that has settled in across the country during a later point in this broadcast, but this spoiler alert, the extreme weather is expected to intensify. another issue that's heating up, trade disputes between the u.s. and china. janet yellen is the second cabinet secretary to make a goodwill mission to beijing in the last few weeks. we spoke with her exclusively before she departed china. at the top of your meeting with the chinese vice premiere he acknowledged one of those awkward moments and mentioned the chinese spy balloon. he called it an airship.

can you say at this point that tension has been smoothed over? >> what i can tell you is i had a very constructive visit. i received a warm welcome and had very substantive series of meetings. i would say we had substantive conversations about the global economy, developments in our own economies, financial markets and last of concerns that each of us brought to the table that we agreed to follow up on over time. >> understood. the u.s. ambassador to china, nick burns, told me just l last montnth that four or five different american companies had been experiencing intimidation at the hand of chinese authorities, and he pointed towards an espionage law that had recently been rolled out. did you get assurances that american firms won't be intimidated? >> well, that certainly is one

of the concerns that i expressed. i had the chance to meet with american businesses and to hear about their concerns, but -- and certainly in my meetings, that is a concern that i raised. it's something that we will have further conversations about and try to address over time. >> the administration has taken some targeted national security focused measures that do impact trade and the economy, including some restrictions on high-end technology sales. the administration is reportedly also considering restrictions on computer chips related to artificial technology and cloud computing. do you have a sense of what the retaliation will be from china when the u.s. does this? >> well, an objective of my trip was to explain that national security is something that we

can't compromise about, and we will protect and we will do so even if it harms our own narrow economic interest rates. but that when we take such actions, which do have an effect on the chinese economy, that we will make sure that they are transparent, narrowly targeted, and well explained. this is a point that i tried to make in my conversations with chinese counterparts. i would point out that the chinese also protect their own national security through export controls and other similar devices, including controls on outbound investment. i explained that president biden is examining potential controls on outbound investment in

certain very narrow, high-tech areas, and that if we go forward with these, they will be, indeed, very narrowly targeted and not -- should not be something that will have a significant impact on the investment climate between our two countries. >> you're talking there, i think, about the long-delayed executive order that would put some restrictions on what american companies can do when it comes to investing in china. >> that's right. >> did you hear anything in your meetings that would make you tweak it, change it, pull back on it? >> mainly i tried to explain what it is that we're contemplating. it's still something being discussed in the administration, and the timing of it is not yet

certain. >> this a chance that biden administration will drop it and they won't issue this executive order? >> well, to final decision has been made, but as i've said previously this is something we're looking at very carefully. >> you did mention there an action china took with regard to export controls, meaning they have a stranglehold on a lot of critical minerals and they just blocked the export of two of them that are really essential for computer chips. how should people understand this? is this a warning shot? is this beijing saying, look at what we can do and if you take further restrictions, we'll ramp it up from here? >> well, i certainly expressed concern about this action, and contrasted it with the actions we've taken. our own actions are narrowly targeted to address national security concerns, and it's not

clear that the actions that the chinese took are similarly narrowly targeted at their national security concerns. so this is an area that i expressed concern about. >> do you mean -- are you suggesting there that it was just a retaliatory action? >> well, potentially. >> are you concerned that this is the beginning of an escalation? >> well, my purpose is to make sure that we don't engage in a series of unintended escalatory actions that will be harmful to our overall economic relationship with one another. we have had very little contact, both senior officials and also just the american people and the chinese people, have had very little contact with one another over the last several in part

because of covid, and that's a situation where misunderstanding can develop. we have a new team on the economic side in beijing, that it's important to establish person-to-person relationships and to open ongoing channels of communication where concerns can be aired and discussed. i do think my trip has been successful in forging those relationships and creating the opportunity for a deeper set of more frequent contacts at our staff levels. >> i was just in china. i know how much concern there is there about the slowing of the economy. are you concerned that the slowdown in china will have a negative impact and drag u.s. growth? >> well, that is a topic that i discussed with my chinese counterparts. we talked about the policy

actions that they think -- see as appropriate to stimulate their economy and promote what they describe as high quality growth, and i was able to better understand the actions that they do think are appropriate. >> how significant are the problems in the chinese economy? >> you know, i think that they've opened up their economy following its closure from covid, and are working through a series of issues relating to issues in the property sector, in real estate, and consumer spending there has rebounded a little bit less. consumers are showing more caution and saving more than many commentators expected, many economic forecasts expected, but

my counterparts talked about their perspective on this in the actions that they're taking. >> before i let you go, i do want to ask you about the economy here at home. what signals should americans at home be looking for to understand that economic growth will be back at a point like it was before the pandemic? >> it's my hope that -- and believe that there is a path to bring inflation down in the context of the healthy labor market and the data that i've seen suggests that we're on that path. >> the jobs number did suggest a little bit of slowdown there. is the risk of recession completely off the table from your point of law. >> -- point of view? >> it's not completely off the table, but we would expect with the job market as strong as it is now, to see a slower pace of

ongoing job gains. prime age labor force participation is at the highest level in several decades, so we've seen this strong job market. it tracked workers back to it, but as that stabilizes as a high level we should expect the monthly job gains to be coming down toward a more normal level. >> and you can see our full conversation with secretary yellen on our website or our youtube channel. we turn now to delaware democratic senator chris coons. good morning. >> great to be on set with you. >> i want to start with china. america's reliant on its greatest adversary for key things, missiles, for computer chips, electric vehicles. do we need a domestic industrial policy? why don't we have one? >> we do have one. that's what the chips and science bill that president biden signed into law last year, that the congress moved forward

on a bipartisan basis, has delivered. tens of millions of dollars of new investments in onshoring semiconductor chip manufacturing. a record number of new advanced manufacturing sites in the united states. there is more work for us to do on this in this congress and senator schumer and republicans in the senate are leading work on that. we have turned a corner on having an industrial policy in the united states that brings back manufacturing. that's the core of bidenomics. of rebuilding our economy from the middle out. >> we were talking about with the treasury secretary, august 1st china will stop the export of key minerals. to make those chips you need what china has. where do you get those from? >> china is in a commanding position on the processing of strategic critical minerals. the administration has a plan, has a program under way with a dozen countries around the world that are our allies and partners, who have untapped resources. i was just on a bipartisan trip to europe. we visited norway, which has

critical minerals in abundance, several of them that we need that china currently has. there is a plan and a path forward, and as long as we sustain our bipartisan support for it, i think there is a clear path to the transitional way from what is currently a dangerous dependency on china for the strategic minerals. >> i want to ask about europe. president biden is leaving today on this trip that will involve a stop at nato. i know that you have signed on to efforts to help sweden get into nato, but turkey is standing in the way. you've said you're fine withholding f-16s, those military equipment provisions to turkey, until they back down. are they going to? >> we'll have to see. president biden is directly personally engaged in this diplomacy. the greeks need and deserve security reassurances that lessening of tensions with turkey will continue. we are continuing to provide cutting-edge equipment like the f-35 to our critical nato

partner greece, as long as greece is reassured sweden has taken the steps to address turkey's concerns. i remain hopeful there will be a resolution of this before the summit. we have 31 members of nato today. there should be 32. adding finland and sweden to nato is a strategic defeat for putin. it means that no matter the outcome on the ground in ukraine, he has failed in his objective to divide and weaken nato because of president biden's leadership, nato is the strongest its ever been. >> you have another applicant, ukraine, as you know. the president gave an interview which he says he doesn't think ukraine is ready to join nato. have you talked to him about it and what does he need to see? they've been waiting since 2008. >> we can't admit ukraine to nato right now. there's a war going on that has to be resolved, that has to end with ukrainian victory. i was just on a bipartisan trip, as i mentioned, with senator murray, chair of appropriations,

to meet with eu and nato leaders. it's important to keep in mind that what the ukrainians are fighting for is full membership in europe and they are on track to join the eu. joining the eu also means improving their transparency, their rule of law, their civil society, which lays the foundation for nato membership in the future. >> president zelenskyy has said he knows it's in the future. it's not drawing the united states into a war, in other words, if he were to get in this week, which the white house said he won't. the president also said something about an israel-style assurance of defense for ukraine. that sounds very open-ended. we give billions of dollars to israel. what does that mean for ukraine? >> there has to be a security guarantee for ukraine going forward. >> for them -- >> for them to be conceivably admissble to nato, their equipment, their training, their military has to be up to nato standards. we are moving them in that direction. but i'll remind you, back in 1994 in budapest, the u.s., uk,

and russia, persuaded ukraine to give up their nuclear weapons. >> yes. >> in exchange for a commitment to a territorial security guarantee. some sort of security guarantee for ukraine has to be on the far side of this war, where so many ukrainians are fighting and dying bravely to push back out the russian aggressors who are occupying 20% of ukraine today. >> but you don't expect any firm assurances out of this week's summit? no timeline, no specifics? >> that's a decision for 31 nato members to make. my hunch is they'll make real progress on sweden and they'll make progress on sustaining our critical support in the middle of this counteroffensive but i don't think they'll leave with a specific timeline. >> president biden said that ukraine's military is running out of ammunition and that was a factor in his decision to green light providing cluster munitions. do you think that morally justified his decision to do this? >> i do. this was a very hard decision.

the president really -- he listened to all sides -- >> did you speak to him about it? >> i did not speak directly to him about this decision. i weighed in indirectly through folks in his core team but he looked at core factors -- first we are running out of 155 artillery munitions. they are burning through them 6 to 8,000 a day. that's a million a year. we have a plan to bring back online the manufacturing of 155 shells at scale, but that won't happen for months. they are at risk of losing this counteroffensive if they run out of those shells. we have a large stockpile of 15 a shells that are cluster munitions. it's the ukrainians asking to be able to use these on their own soil and they've committed to monitoring their use, remediating them after the war and they will be tactically helpful against dug-in russian troops behind large mine fields. so weighing all of those factors the president made a tough call that i will support. >> you will support. i want to ask you as well about

iran. the president'sen voy to aaron iran, his name is rob malley, he told cbs he's on leave pending a review of his security clearance. he's so central to the nuclear talks and also the point of contact for the hostage families. have you been briefed on what's happening? >> i have not. >> is there -- >> his security situation i have not. >> in your key role on senate foreign relations i would imagine there is some oversight? there is reporting that the fbi is now involved. are you concerned? how should people understand this? >> look, i can't share anything about the fbi and what they are or are not doing with regard to the special envoy, but there is a lot of concern and interest in congress on that committee and potential negotiation with iran. the iranians are providing the russians critical drones and munitions for their aggression in ukraine. i think that puts even greater tension on any possible

conversations between the united states, our regional allies and iran, and i think we need a briefing to update the members of congress. >> on this matter as well as the talks? >> yes. >> do you think that the president should meet with the families of those hostages in iran? they have been asking for some time. >> you know i'm an advocate for the hostages broadly speaking, jason resian held in an iranian prison came home and received an irs bill in the mail as a result for unpaid taxes. i introduced a bipartisan bill to get rid of those undue, unexpected and unreasonable harms. yes, i think the president should meet with hostage families. he has a lot on his plate. he has been a strong advocate for recovering americans from overseas. as you know his administration led the return of brittney griner. i am hoping that there will also be movement in the case of a "wall street journal" reporter who is unjustly prisoned in russia as well.

>> evan gershkovich. >> do you have reason to believe that is moving forward? >> i have reason to believe the administration is working tirelessly on trying to return all americans unjustly detained. >> thank you foror y your time morning. >> thank you. >> "face the nation" will be baback in a momoment. stay witith us. you hope the more you give the less they'll miss. but eveven if yourur teen ws vaccccinated against t meningitisis in thet theyey may be mimissing vaccccin for meningngitis b. although uncommon, up to 1 1 in 5 survivivors f meningngitis will l have longng term consnsequences. now as y you're t thinking at all the vavaccines youour tn might neneed make s sure you asask your dor if youour teen is s missing meningngitis b vacaccinatio. i'm sholeh, and i lost 75 pounds with golo.

i went from a size 20 to a size 6. before golo, nothing seemed to work. i was exercising for over an hour every day. it was really discouraging. but golo's so easy, the weight just falls off. now to the latest in ukraine. senior foreign correspondent charlie d'agata is in kharkiv with more. >> reporter: this morning, a tribute by president volodymyr zelenskyy and the polish president in western ukraine marking the world war ii massacre of tens of thousands of polls at the hands of ukrainian nationalists now united in memory of the victims. zelenskyy, marked day 500 of the invasion yesterday in a visit to turkey to bring back home the commanders of ukrainian's brigadade. having sururrendered to the russians after the siege of

maririupol under a deal they we to remain in turkey until the end of the war. instead, a hero's welcome ceremony in lviv and a vow to go right back to the fight. the specter of a major nuclear disaster has re-emerged at the zaporizhzhia nuclear power plant. both sides accusing each other of plotting to attack it. ukraine says russia is exploiting the threat as a deterrence to the counteroffensive, which has become a relentless grind against an entrenched enemy. the commander tells us it's been tough. the enemy doesn't sleep. in the year or so that they invaded us, he says, they have learned how to fight. it's one reason ukraine requested the controversial cluster munitions to help break through russian defenses, but ukrainians know firsthand the devastating effect they have on the civilian population. the prosecutor's office in

kharkiv has collected a mountain of russian missiles and rockets allegedly used against civilian targets here. we're told this is one of many russian cluster bombs found here in the kharkiv area, as it descends, it opens up ejecting smaller bombs expanding across a wide area. they're the same kind of weapons suspected in yesterday's shelling in the eastern city of lehman. at least 8 civilians killed, many more wounded. those cluster munitions will likely come up among nato partners in lithuania this week. for ukraine, they're, obviously, hoping for continued support and ultimately a path towards nato membership. margaret? >> charlrlie d'agatata, thank y. wewe'll be rigight back.

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we'll be right back with a lot more "face the nation" including a closer look at the extreme weather. stay with us.

this is the "cbs overnight news." >> good evening, everyone, thank you for joining us, jericka is