little. this is boom broad covering the booms and busts in the world of business and finance and the impact upon us all again in washington d.c. we're glad you're on board straight ahead on today's program the u.s. and china are trading blows again as china has retaliated with its own tariffs adding another layer to the ever growing trade saugus argy correspondent alex mahela bichon tom and don't be a pre-birth just by natural join us to break down what the moves mean for our world

plus big pharma is back under fire as strong companies are facing heat for alleged price gouging barrows contributor to america's lawyer to him to sift through the scandal and finally the world of blank chain is meeting in new york at the consensus conference then we're on the ground harvey producer brant job or is there and he'll bring us interviews from some of the top names and blocking development all of that is directly ahead but 1st we die straight into from headline. and a turn from talks to more tariffs in the u.s. china trade relationship leads our global report today as china retaliates with their own levies on $60000000000.00 worth of u.s. exports to china the list of china's targets for new tariffs of 25 percent matching the new level of the trunk tears from last friday includes nearly $2500.00 items while u.s. president donald trump seemed to claim on twitter that chinese tears would not. or

should not increase prices for u.s. consumers white house economic spokesperson larry kudlow notably one off message in a television interview both sides will suffer from the latest trend toward more terrorists mr kudlow conceded now for a more in-depth look at the current trans-pacific trades also we are joined by our correspondent alex milledge from toronto alex welcome. thank you. alex 1st of all china's heading back heading back big what's the latest. as you mentioned 60000000000 in tariffs as of retaliatory measure for the 200000000000 the u.s. put up against china when you break it down we're looking at terrorist between 5 and 25 percent on everything from spinach to batteries that are supposed to kick in on june the 1st let's be frank when you have 2 countries of this magnitude these economies 2 of the biggest in the in the world we're going to see ripples throughout the world economy beyond these 2 nations so simply put this isn't good

use but as we mentioned the last time we spoke about this this isn't quite over yet president trump and said these talks are ongoing so we might see some movement in the next couple weeks simply because we're getting to a stage that you know when you're pumping these tariffs up higher and higher it's not good for anyone and you know terms of impact here we know donald trump is looking very carefully at some of the impact on farmers who are a lot of us ag exports go to china and a lot of those those farmers are a key political constituency as well for donald trump it looks like donald trump's idea to blunt the effects of chinese tariffs is to sort of buy up the food buy up some of these at will add products i should say not all of it is food for humans but buy up some of these products and ship it elsewhere what's what are the details on that is going to work. yeah hello this is everybody not everybody but trying to make this sound like a humanitarian effort to feed the world the fact of the matter is you have to feed

your farmers 1st and that's why you want 15 $1000000000.00 going to u.s. farmers to help them out during these this time of need during a trade war this is going to be added to another $12000000.00 that's a ready or so i should say 12000000000 so we're looking at 15000000000 on top of another 12000000000 that's already been put aside for this so let's feed the u.s. farmers that's number one it's costing u.s. taxpayers look at who is going to be big for us farmers is going to be u.s. taxpayers just as they're paying for these tariffs anything comes from china it's the u.s. taxpayer that is paying for it we heard last week of those numbers going up anywhere between $500.00 and now i'm hearing $800.00 per u.s. family it costs going up because of this trade war now the flip side of this is what donald trump is trying to say here's a tweet from donald trump. tariffs will bring in far more wealth to our country then even a phenomenal deal and the traditional kind also much easier and quicker to do our farmers will do better faster and starving nations can now be helped waivers on

some products will be guaranteed or story granted or go to new source so i had a bit of a time reading that because they just couldn't it's written anywhere you look at it though the us government say that agricultural products would be bothered by that by the american government and said to these countries need now this is what donald trump and saying i should say the u.s. government this is a pretty difficult thing to do there's a go of the whole bunch of hoops that you have to jump through to make this actually happen a b donald trump has said in the past you know what i'm not a big fan of these programs that we have that feed to other parts of the world so i don't know how this actually comes into play or passes the trump litmus test because he's basically going against what he said in the past and also as you mentioned off the top a lot of this food is not slated for human consumption it's for livestock so you're kind of stuck between a rock and

a hard place here can this really happen not very likely and at the same time you're going to have a lot of stuff a whole billions of dollars worth of stuff that should be exported sitting around how they're going to move this product what are it was the u.s. government going to do maybe nothing maybe they won't have to do anything because maybe they'll come to a deal with china before we really get to that sticky situation now it's very interesting there in the tweet he seems to say that u.s. farmers are just better off with the tariffs than even the best deal with china so if that's the case what was the point here of this months long process why didn't he just do the terrorists to begin with if that was always the better option for the u.s. economy and for farmers. anyway maybe maybe maybe maybe we should delve too deeply into twitter for answers but our correspondent alex a meal that always brings insight from toronto thanks for joining us. thank you for having me. and the quake of the new terrace has moved markets around the world causing mounting issues here to give another perspective and break down even

further as tom gandalf the founder and c.e.o. of 3 bridges financial group tom welcome to the show good afternoon now again let's get a glance at the markets what's been the reaction here the dow jones i know is down more than 500 points today i believe that's the worst day for the dow this year how are markets reacting and what can we expect going forward this week. well it was definitely a rough day in the markets and. it's no secret that wall street is not a fan of trump's tariff allah sees so the reaction we saw was really to be expected but i would challenge and consider that this may have been an overreaction there will be difficulties if the trade deal doesn't get done but the difficulty is what necessarily affect every sector of the market and really everything was said today . now what about specifically agriculture you know there is this bottleneck you

know even if you bought some of the surplus agricultural supply that's not going to china and call it food aid a lot of it is for animals you can't just necessarily take this soil meal or make a meal out of for a person what is what is the long lingering effect for agriculture markets here. long term i think that the farmers will certainly benefit if the deal gets done the program the trungpa suggested with the buying the products and shipping them to needy countries or whatever that's that's fine as a band-aid i believe i don't think it's a long term solution and i think it probably suggests that long term the administration feels that a deal will get done which i know. so you think a deal will get done but for now what do you think brought us to this point of apparent failure where the talks are not just moving there are moving backwards and they're actually us collating the threats. well certainly the terms of the deal from a financial perspective are important but really what we're looking at here is there

is a systematic any cultural difference between china and the u.s. and the u.s. economy is one that's built upon capitalism and it's dominated by private business on the other hand the chinese economy is a state run economy and it's veiled in protectionism so we've got doing cultures doing systems and i think really that's probably at the root of the struggles and the challenges you heard last week that the admitted. grayson suggested that perhaps china backtracked or reneged on some of the agreements that have been made previously and i think that as information flows i think we'll find out that probably some of the agreements are just not acceptable within china's political system which makes this a tough road to hope. and know that china has retaliated we see you know larry kudlow as we mentioned sort of conceding going off message from the president conceding that there will be both sides u.s.

and china will feel pain from this fight are there any winners here we assume that the u.s. and china will both feel some pain who is poised now i guess to more specifically to take up the chinese role. or perhaps the u.s. role of exporting to china of the chinese role exporting the united states if these tensions escalate. there's quite a bit to unpack there but i think 1st of all. your initial question there's probably not any short term winners in any trade war we've seen over and over again the trade wars don't really do a whole lot of good in short term however. the deal that's in place or the lack of a deal that's in place i should say between the u.s. and china right now is very one sided and ultimately of something gets done that's a little bit more even keeled i think that there could be winners and losers in the trade deal. out of this began back in 2017 november 2017 in fact when trying to gauge with india and japan with tried idles tried out all series of meetings that

he did and i think some of the foundation for this was originally set back then i would expect that if this trade work continues to drag on and agreement is not made i think that companies wall that we wind up shifting production if it's too expensive to do business in china they'll look at other options such as india the philippines south korea vietnam i think that ultimately this will. work itself out in the market will. certainly satisfy whatever needs it has i think it would be best if it winds up being a deal that's worked out between the u.s. and china but if it doesn't happen that way there are other possibilities it's interesting multi-polar world we're seeing develop tom gandalf the c.e.o. and founder of 3 bridges financial group thanks so much for your insight thanks for having me today. time now for a quick break but hang here because when we return big pharma is back under heavy fire as drug companies are facing heat for alleged price gouging molly barrows

contributor to america's lawyer says the hand to step through the scandal and later the world of black chain is meeting in new york at the consensus conference and we are on the ground with our producer brant job or will bring this interview is free from some of the top names and watching developments. what politicians do. they put themselves on the line they get accepted or rejected . so when you want to be president and. want to be. the 2 going to be 1st this is like them before 3 of them or 10 people. interested always in the water. we've got an amazing situation developing here in america one of our politicians

has it openly admitted to congress that the u.s. dollar is that spread from. us to the previous stage of my career was over everyone wondered what i was going to do next the ball different clubs on one hand it is logical to go from fields where everything is familiar on the other i wanted a new challenge and the fresh perspective i'm used to surprising. if you think. i'm going to talk about football not or else you can think i was going to the. by the way what is that that's like here.

welcome back the energy minister of saudi arabia says that 2 saudi oil tankers came under attack near the strait of hormuz the minister says the attack occurred off the coast of joy one of the united arab emirates oil prices spiked briefly on the new. news of the alleged attack the saudi foreign minister said the attack presented a quote dangerous threat to the safety and navigation and effects negatively regional and international security the saudi energy minister claimed that in addition to damage from choo choo ships from a direct attack to other ships or damaged by what saudi officials claimed was sabotage security officials from the united arab emirates say they will not name a suspect until an investigation is completed iranian leaders called the attack a worrisome development and blamed the alleged incidents on quote groups whose interests lay in making the region and secure. in pakistan the government of prime minister imran khan has reached an agreement on terms for

a $6000000000.00 loan from the international monetary fund the pakistani leader is seeking help and tell me economic troubles that include a precarious shortage of foreign exchange and forced currency devaluations that have a race 20 percent of the rupees value over the past 12 months mr khan rebooted his economic team before the i m f agreement was reached among the changes the leader seems to have made to secure the 8 is the installation of reza but here a former high level i am a bureaucrat as governor of pakistan central bank now the i.m.f. says the delivery of the promised aid will be quote subject to time the implementation of prior actions and confirmation international partners as financial commitments but the substance and status of pakistan's previous commitments to the i.m.f. are unclear opposition parties in pakistan have demanded briefings on the terms of the i.m.f. agreement. and nearly every state in the united states is now part of a lawsuit filed against leading drug companies over alleged over an alleged price

fixing scheme state prosecutors say the company's inflated generic drug prices by as much as 1000 percent legal journalist molly barrows contributor for 2 americas lawyers more molly just quickly which companies are involved in this law. lawsuit sounds good. yes hi daniel there are a number of companies involved and just to name a few t.v. pfizer novartis and milan mylan rather all queues of an industry wide scheme that prosecutors say affected the prices of more than 100 generic drugs some of those drugs include ones to treat hiv asthma cancer contraceptives as well as antidepressants so $44.00 states are part of the sausage and here's how attorneys general say this game worked the states allege that dozens of these generic drug companies as well as specific individuals executives and sales marketing and pricing deliberately avoided written records of their price fixing plans so they wouldn't get caught in what prosecutors say was

a scheme that they knew was illegal instead the lawsuit says the execs made their plans together at industry networking events like meals parties other outings and as a result they basically divvied up the market agreed on prices and started raising them on generic drugs sometimes as much as a 1000 percent so these competitors allegedly had an agreement to cooperate so they could quote get their fair share of the market and that's according to the lawsuit daniel and according to the lawsuit from the state how long has this been going on . you know about a year and a half so they say most of the efforts went on from july 2013 to january 2015 they say that's when tiva raise prices on many of those generic drugs that we mentioned a few earlier and that the companies were working together to raise these prices on as many drugs as possible so tiva pharmaceuticals usa is mentioned a lot seems to bear the brunt of the complaints in the complaint but it also points out that this game was pervasive an industry wide and as i mentioned earlier

a number of executives are also individually mentioned in the lawsuit for this kind of behavior tiva for its part denies these accusations says that it would not engage in this kind of conduct but since that lawsuit was filed last week the new york stock exchange shows tiva stock daniel has drawn. more than 15 percent and the israeli drug maker is one of the world's largest manufacturers of generic medicines and you know when you talk about spur of a sort of and systemic abuses here what was the effect then for consumers on the when they go to the drug counter. well to a great extent some of these prosecutors are saying it's just outright cruel that a lot of these people were paying for medications that were actually helping them and then it was priced out of their reach so t.v. for example criticized last year for charging more than $18000.00 for a bottle of $100.00 pills for a rare medical condition known as wilson disease milan also generated some criticism for raising the price of a 2 injection epi-pen from $100.00 bucks to $600.00 so this lawsuit comes as drug

companies are already facing widespread scrutiny from lawmakers especially when they're dealing with issues and problems with health care plan states as well as federal they say this not only hurts the individual but it's also hurting basically states across the country as well as the federal government and the economy where these state health care plans and these federal health care programs are impacted by these prices rising they're also calling it a violation of antitrust laws and again going back to how it's hurting the national economy by hurting state federal health care plans which as you know it's certainly been in the news a lot is how we're going to address that and drug prices are a big part of that problem people need it they can't afford it some cut some cases they're choosing between their utility bills and their drugs in some terrible choices being imposed on on american consumers for life saving products here you know pretty good at sizing up these cases when they come along as a separate legal observer since they don't have records in this case they must have to rely on one witness statements i imagine what is the case look like just quickly

here what do you think the prospects are for these states and attorneys general succeeding with this to. well it seems to me that they must be pretty confident again the climate is right this comes on the heels of another lawsuit that's been filed by other states attorneys general in order. going after you know various problems that they say are similar to this whether it's a price fixing this came or you know other medical companies that are not cooperating to bring prices down for consumers so it's going to be interesting to see where it goes but i can't imagine 44 states would pursue something that didn't have at least a possibility of settling very interesting we'll keep an eye on it molly barrows contributor america's lawyer thanks for joining us. thanks. and we talk very often on this program about block chain and its many potential uses well this week consensus 2019 kicked off in the big apple new york city and

boom bust is on the ground to cover it the crypto winter is over and that could lead to huge gains for bitcoin in the future brant bore spoke with fred shabazz co-founder of hide the ax dot com to discuss the crypto spring and the trouble crypto traders face with financial institutions. the market sort of boring as well so it's pretty a lot of activity as well as some interesting dynamics around how you know i think coins are launching with them raising money so we're really getting to that i think is a lot of interesting things in terms of some of the projects they've been building for a long time in terms of what they're actually delivering now and i think that's really interesting and i'm really going to get into that and you were talking about the the market kind of thaw out right now. is people who follow the cryptocurrency world though we just came through crypto winter and now we're in a crypto spring you're seeing back up over 6000 obviously the most well known cryptocurrency why are we seeing that what is the future right now i think we're

a very depressed you know we were we were right down there i think you know everyone had sold out basically and then it sort of was left with people who are just not interested in selling and then you get the sort of everyday usage of people using it for certain things and i think that's what started to. again and then as a sudden sort of to grow back out then people start going oh this is not going to die it's going to continue on and that's what's sort of seeing what also happened bob is a lot of the alternative coins have sort of i would say they're relatively repressed to compared to because it becomes almost about 58 percent right now which is massive compared to you know it's only a little bit lower than that and so those coins potentially could see a rise and a lot of people looking at those things like. you know. things like that the coins nearby we're also seeing a lot of still activity around the stable coin. market and that's very interesting some of the table coins are actually under priced and now this will come back up to

being to parity which is always very interesting that dynamic between you know stable coins and. i would i would say that you know we cracked the 7300 mark we went through the i think we touch 7500 i think 8000 is that next to the big number i think that's a really really interesting if you go to the 8000 i think it easier to 10 are we going to see another time when we're at 20000 again i think we will do it and started are up but do you think that we will see a time when it's 20000 and it will stay stable at 20000 not not go hit that mark again and then we see a plummet i think you're going to see i don't think it's always going to shoot up and then pull back and shoot up and it's a new currency to new coin right you know it's 10 years old took a long time for stocks in the stock market to get that to be a lady and even forex markets took a long time for that to get that stability as well and because there are different right it's going to keep if you look at high levels do without it just keep having these big waves so you think a long time before all the coins in mind and then once is less coins coming out of

think that you're going to start to see the range and volatility start to decrease a little bit and then you know. if you go to 20000 we're going to go way. like shoot way past and then pull back i don't know where we're back to i'm not sure but i don't thing. going to see like 3000 a long time one of your big things is making sure that people in the crypto currency. because banking such a hard issue with kind of that it's on regular but there are. portions of it what are what are people facing when it comes to being d.-bag and having proper banking services in the crypto currency market yes i guess a lot of banks feel there's a lot of risk in taking on clients that are using their bank account for to currency. transactions and because of that what's what's sort of happening is they get their account suddenly closed down. and this is happening a lot all around the world so what we've been doing is providing bank accounts you

know i've been working with a bank in this rather small bank and they've been basically banking people to helping them get currency accounts and one of these once once they have that they've been sort of checked and validated they have it so the process is actually a very very low you know fraud and all this kind of stuff actually it's actually quite stable in compared to a lot of the systems of the banking you know credit cards like you know they're the ones that look pretty much getting attacked all the time but actually the amount of work now and regulation that's in front of a critter currency exchange means that the people have to be vetted and even before they get through doing any sort of banking they've been checked entirely way more than a bank would you know it's i think it's easy to get a bank account than it is to get under proper currency exchange these days. and because of that what we're actually seeing is that the actual fraud rates are actually quite low but it's just people don't understand how to deal with crypto currency they just see that word and i mean the inside of bank is probably you know

an internal memo that says close that account and so now that you're seeing a little bit of success because you're working with australia big on this are you seeing more banks being open to the idea of opening these accounts for cryptic or are people dealing with that no i don't think so that definitely in fact. closing down more counts is right now and we're seeing that demand is still quite strong. there are some banks in the united states that are actually getting friendly there also there's actually a few in in europe but not in the u.k. and so it makes it very difficult. what's your alternative so if you want to deal with a trillion dollars then you know there's only really one bank to go to and so if i mean what is the future then if you know i mean as we talked about earlier the volatility of the crypto market well if people have bank accounts it's not going to be able to keep a stable market right well i think that's why there's also before the thing stable coins have dramatically taken off the market cap of those being massively increased

and we're seeing a lot of clients actually go through and buy stable coins all the time which is unusual right it wasn't as much of a thing before you'd always sort of stain because but then what it also means is that when people got so many you know stable coins banked up they can very quickly buy because and so the movement of big and the price moves could be even more violent because you can just one click go straight through you have to wait for a bank to transfer money and the exchange to approve it is just sitting on the sidelines so this huge amounts of money just waiting to just jump back in and that's why i think you can see it coming. and that's it for today's show see you next time.

it's up to us to see on his attorney one name for you to get help or one who knows a little. bit more which. is a real if they give you. the guts to know people you see posting its limits to see what's good. that's the ticket. if. that's their finish if you give.

something seemed wrong but old rules just don't call. me old yet to say proud disdain comes to consecrate and engagement equals betrayal. when so many find themselves worlds apart we choose to look for common ground. in 2040 you know bloody revolution to tikrit the demonstrations went from being relatively peaceful political protests to be creasing the violent revolution is always spontaneous or is it just a lawyer here i mean you are liz put video through to me in the neighbor lose out on the school and you go to the ukrainian president recalls the events of 2014. of those who took part in this today over 5000000000 dollars to assist ukraine in

these and other goals that will ensure a secure and prosperous and democratic. politicians do you think. they put themselves on the line to get accepted or rejected. so when you want to be president i'm sure. some want to. have to try to be close with what the full story of the boy can't be good. i'm interested always in the waters about how. this should. washington reportedly considers sending 120000 troops to the middle east in the event around regimes its nuclear program becomes the u.s. secretary of state goes to russia to thrash out as a solution to the escalating.