geoffrey chaucer joins that's a way end. we've also recently agreed to work toward a $100000000000.00. 2 way trade agreement. president is meeting with turkey's president everyone and he says that he wants to vastly hurt their increase trade between the 2 countries so we're investigating what trade is already taking place and how much of the increase trade is actually military weapons we have a packed show today so let's get to it. and we begin today with the new talks about some kind of trade deal being reached between china and the u.s. we've been talking about this for months now but now the report is that china and the u.s. are holding in-depth discussions on phase one of those trade talks but to get that done china says there has to be there must be a cancellation of tariffs as recently as tuesday president trump said that a deal was close but didn't give specifics right now everything is hinged on terror of c. president trump has threatened tariffs of 15 percent and about $156000000000.00

worth of chinese goods those tariffs in theory would take effect on december 15th and yes they would hit video game consoles computer monitors christmas decorations all the stuff you care about plus thousands of other items so let's talk about this for a 2nd because kristie if december 15th ok is when these tariffs take effect and when the big question for a lot of people is isn't that too late to really affect christmas we're talking about black friday has already passed by then cyber monday is already passed by then. with this kind of squeeze in everything for christmas or we still get hit by this you actually start to hit by because while got a lot of shopping does take place during black friday and cyber monday now increasingly more as more sales go online 30 percent of annual sales actually take place between black friday and christmas and almost over half of the shoppers don't even finish their christmas shopping until late in december so this will actually be a huge chunk out of the retailers are names that they need this holiday spending in order to make their year and numbers and furthermore this is going to be.

particularly bad because there's 6 less days than there were in 2018 plus one less weekend altogether so this is going to impact the entire shopping season for all of these retailers and take a huge chunk out of there aren't because we haven't seen this since 2013 that we had 6 plus days and 2013 was one of the worst years for retailers securities a lot of days but let's also be clear about this so the american retailers they're obviously going to take the hit them from what you're saying based on christmas so they really have to make one of 2 choices right choice number one is you either raise the price on those items so that the consumers have to carry that cost or as a retailer you don't want to anger the consumers so you simply eat the cost yourself. with what they're left with or both actually because they have to rely on both aspects in order to make their margins work and right now all the amazon sellers have been feeling this and 72 percent of them have actually increased the price of their goods furthermore the latest market surveys show that while 60 percent of american consumers say that they are worried about terrorists when asked about their actual behavior of what they will do 70 percent of them responded that

they will not increase their budget meaning that they will not increase in order to catch up to the rate hikes which ultimately mean that they will end up buying fewer goods overall ok so here we are with the u.s. retailers say the 15 percent tariff comes along u.s. retailers get hurt at christmas time but the chinese retailers they will actually hurt into next year right into next year which is why this year this didn't really impact manufacturing because manufacturers are they got their orders for the holiday season from the retailers however these tariffs are not going to extend into 2020 and then after that they're not going to see any more purchasing orders and that's what's going to really hurt chinese manufacturing in 2020 and beyond ok well there you go so there you have it so what is the line here if this is one deal does not get done then the chinese are saying that in order to get things one done again they say the u.s. has to cancel tariffs already president because impose tariffs on billions of dollars of chinese goods to force a major change. as in china's trade and industrial policy.

the german economy narrowly avoided a technical recession with an unexpected point one percent print in the 3rd quarter manufacturing has become the achilles heel over the past 18 months as rags and the china us trade wars has disrupted manufacturing and deeply rooted supply chains that have been built up over the past decade investor confidence is souring and despite this positive print german officials have stressed that it is a mistake to only consider total economic growth when evaluating the help of the economy acknowledging that there are some structural issues that need to be addressed in order to stabilize the economy to give us the latest we're joined by hillary for which board member of the british american business association hi harry so * while not in technically a recession german numbers right now still remain weak and they've been dragging for the better part of this year so why is germany still cling to this montra of

black syrup and its commitment to a balanced budget or couple of factors that precede number 2 on the i mean that's cultural the germans of being fiscally conservative forever that's probably never going to change a couple of things that affect the numbers though this year easter fell rather late so you have the slowdown effect was not just from march it kind of went over and struggled into april so it affected not just the 1st quarter but the 2nd quarter and also it was a very mild wind winter in that part of europe so just in germany all the construction issues and lots of things that would have factored into into q 2 already you've seen that build up in q one also i would say long term the germans look at things big picture on the long term think about this the germans actually have sovereign debt low cost low cost of debt this is the any other european country and that is sensible and that is going to keep the german economy economy steady because they have such low cost of debt so i vision germany's diskin to remain stable no mustn't go through. to me regulations for that sort of course is

already beginning to because a lot of german companies that supply chain is being sort of lay down and disrupted so you have to look at the commitment i guess to this fiscal policy generally is admirable and certainly makes sense especially if you're an austrian school of economics that's what you're going to believe but at the same time does not put germany at somewhat of a disadvantage compared to what everyone else is doing having that looser attitude towards that but some people might say that germany is a sucker here because they're holding on to these principles why everyone else's is spinning spinning spinning really where the money money's there or not but i think a lot of people actually bank could learn from not spend spend spend that's why the germans always remain steady and and effectual calling me big picture i think again this lower cost of debt means you don't have all those overheads that were little we're doing in the u.s. look how much money we spend actually is bigger than any other agency spend any other benefits spends any other social spends any of the military spends is our cost of national debt so i actually think in the long run that being sensible you

don't have to follow and be a sheep and follow like everybody else does a much greater issue is what are their manufacturers are going to do when the united kingdom is making all their deals with canada the us and australia that's going to be a bigger issue but many actually in dragging like this what's actually going to be the catalyst to actually stop their manufacturing activity and hence their growth overall one of the things they're doing and that's actually taking a lot of activity is trying to transition from diesel manufactured cars to electric imo they give books manufacturing and all of the sort of what their production lines a lot of investment is going into ai and renovation that's where they're initiating most of their spend that's where they're going to have to spend more as well keep up with the current economy you know obviously european markets looking a little bit today because of this back and forth between the u.s. and china and at this point europe is kind of like in the middle of the middle right between the spread between the u.s. and china at what point do we see europe being able to pull through this and the deal getting done here that doesn't come. continue to drag on everyone because some

people who are as you know would say there is no actual win here this is all political theater and that ultimately it's going to be much ado about nothing so at what point we just move on for a bit and everybody declare victory well i think that's what politicians are going to do anyway the long road right i thought as if they were trying to save your i'm president of the us i'm not but i'm not president of the world he's going to just get a look at things in the u.s. i think either way has to declare victory she has to declare victory whatever happens with bricks it and i think what you're going to see is you're going to see on december 12th after the vote it looks like the conservatives obviously in a strong position i think what you're going to see is you're going to see the tower of the chinese in a far more desperate stance than the u.s. is and i think in the long run you're going to see definitely the u.s. will declare victory with the u.k. and the chinese are going to find some way to have to say that too i think also one of the victories coming out of asia recently is that tokyo's recently named the number one high tech city in the world i think you're seeing a lot of technology sort of center in asia that you never saw before the growth

there is astronomical a lot of that is the move to that they're in the front of but really there is no winner in overall tariff war so how are you going to determine who wins in this. depends by the just a game you are which board member with the british american business is always going to have you think so much pleasure in. brazil russia india china and south africa the group of emerging markets known as brics are backing the idea of developing a common payment system russia annexed brics peers have been looking for ways to decrease their dependence on the u.s. dollar and have been advocating using their national currencies in mutual trade the 5 brics nations have also discussed potentially creating a common crypto currency for payments as well these discussions of the dollar rising are accelerating in the face of u.s. protectionist policies as countries fear the us weaponize ing the dollar to the dominance of the network the us has previously used this west as a weapon before in 2014. when it blocked russian banks out of the network and

recently the us also threatened to block china as well tensions between china and the us are mounting once again after phase one appears to be far from complete president xi jinping reiterated in effect council that protectionism and bullying are harming the global economy and hurt international trade and investment and it intensified pressure on the global economy that is already calling from lack growth . and far more on this on the latest from the brics i met r t correspondent files this report from barea. summit in brazil is done and dusted the us of brazil russia india china and south africa by the way the combined g.d.p. of all these stations amounts to about a 3rd of the global g.d.p. and that share is growing i was going to say that the heads of the station spent 2 days in the capital of brazil and we were supposed to see for instance one of our

putin and paying at the apec summit which was supposed to take place in the capital of chile but this gathering is not happening at all at least for the time being although with brazil's new president also naro being very keen as it seems to strengthen his country's ties with the u.s. and allies there had been worries that brazil might lose interest in some of the brakes projects which could in turn undermine the group however i just heard from the russian leader vladimir putin who could be considered one of the founding fathers of the group that brazil's brics commitments are there to stay now apart from the huge investment and trade ambitions in between all the members the brics nations are looking forward to create a common haven system now this is. being done to somehow

do business in the country's own currencies and i can tell you that dethroning the dollar is something that the brics leaders have been talking about of for a while although something completely groundbreaking an idea that we heard here and brazilian was the creation of a common crypto currency the journalist heard about it from one of russia's bo senior economic officials which is a real surprise given some of the attitude that we have known about in the past from the authorities of china and russia towards cryptocurrency now of course a great deal of attention was given to the speech of the man in charge of the biggest economy of grace that is china and of course i'm talking about the chinese leader xi jinping his partial trade deal with the american president donald trump yes talking about the trade wars once again is hanging in the balance but the

chinese leader made no mention of it whatsoever during his speech here in the capital of brazil does that mean that there were no messages from him to the u.s. absolutely not she jingping made it clear that he believes that protectionism and bullying is something that is hurting the international economy look most at this point and clearly this was a signal for someone that is outside the brics club. time now for a quick break but hang in there because when we return president visits at the white house where they talk about trade ties between the u.s. and turkey but what and how much do they actually trade and as we go to break here are the numbers of the close.

the tense situation in venezuela is still all over the news the problem in venezuela is not that socialism has been poorly implemented but that socialism has been played only implement inside venezuela things look different we're going to announce sanctions against. the venezuela so as you. have a supplement to. the tempest and political battle to move the people

of the moment the focus of the who story isn't new makes him cold in henry kissinger to tell him that it would not be tolerated in latin america an alternative economic and social system could take hold and therefore the policy would be to make. the economy scream so wants to make you economy of venezuela screed. most people think just stand out in this business you need to be the 1st one on top of the story or the person with the loudest voice of the biggest race in truth to stand out of this is just the dance the right questions and demand the right answer .

question. time after time called parisian to repeat the same mantra sustainability. it's accelerating the transition to sustainable transport sustainability. more equitable and sustainable well. they claim their production is completely hama's. companies want us to feel good about products while the damage is being done far away this is just going to. look. so good and.

welcome back just a couple blocks from where we're sitting right now president trump has been meeting with turkey's president to one what got our attention was president trump's discussion of trade between turkey and the u.s. listen here to what the president said during a news conference on wednesday we're grateful to president early gun and to the citizens of turkey for their cooperation in the constant struggle against terrorism he fights it like we do. key to our security collaboration is our trade defense and military equipment program american foreign military sales to turkey total many billions of dollars and turkey supplies component parts to many american defense programs they make parts of the frame as an example for the f. 35 in the future hopefully so brother drum went on to say this that coming up in the next few years he wants to see the trade between turkey and the united states increase to about $100000000000.00 a year which he says would be

a 4 fold increase from where it is right now not quite true actually it's only about $10000000000.00 a year do we have that sound bite by that one. he but it could be many times larger and turkey would like to see that and it would also be good for the united states so we intend to bring it up to about $100000000000.00 that would be 4 times what it is right now. our goal is to expand commerce between the united states and turkey reduce our trade deficit and ensure a truly fair and research the relationship thank you. ok so you heard it there $100000000000.00 which he says is 4 times what it is now it's not quite true but one of the things we want to look at was what does the u.s. trade with turkey and vice versa $12800.00 trade with turkey was actually just a little over $10000000000.00 and take a look at this of the top 10 imports from turkey into the u.s. number one carpets and woven floor coverings that motor vehicles gasoline jewelry antiques and actually granite and marble rounded out the top to in the top exports

from the u.s. to turkey include civilian aircraft parts scrap iron and steel cotton plastics sugar starch residues and of course whenever the president talks about a trade relationship he always goes back to military spending the president also complained that turkey had purchased sophisticated military equipment from russia saying so and said that the state department and the white house will work to resolve that situation as the 2 countries. work toward that $100000000000.02 way trade agreement. walk train technology is going i.p.o. but is traditional finance willing to accept this new fin tech that is basically encroaching on their territory can uncreate of the mining giant had just reduced expected i feel valuation to 100 $1000000.00 previous estimates were in the $200.00 to $300000000.00 range given the company

a fully diluted market value of $1400000000.00 this raise is now way down from previous filings last year when it was looking to raise 1500000000 so this begs the question as it keeps on going lower in lowering in the range is traditional finance market ready to accept it now to help us answer this we bring in. director of the american institute for economic research so geoffrey we just saw a canon downsizing and now another soft bank portfolio company is looking to i.p.o. and list on the nasdaq the chinese spend one connect the block an arm of pain and china's largest insurance company is now targeting $100000000.00 raise for the i.p.o. now previously soft bank funded this company 2018 bring the valuation up to $7800000000.00 so what kind of validation are we looking now in the public market and doesn't even make sense given its revenues or lack there of an ip. well look we're living to a time in which blocks and technology is going. right and with that comes good

things and bad things comes good in the sense of the technology is beautiful everyone connected to the has got awesome technology $50000.00 transactions per person you know with that with permission of. effortless beautiful results patients are all across every kind of industry that's beautiful with that comes all kinds of hysteria is. bubble. ells and frenzies and wild speculations so yeah the revenues not there yet but you know that's way markets do they always look into the future and they are always making mistakes too so it just goes with the territory for me personally i'm just delighted that 10 years in chamber tech has is now being looked at you know all over the all over the world in this i.p.o. actually a very to me a very exciting thing isn't just the future it's actually the present now actually owns the 2nd highest number of patents in china and this is pretty significant

given the call to action earlier this week i'm sure you saw from president g. so what are they planning on using the i.p.o. proceeds for and what sectors do you know that they intend to focus on. the minimally applications and the 1st load up patients payment processing right i mean it's settlement is the functions that banks have in the past i was done and central banks that transaction settlements and that's that's great because you have a massively reduced kind of party risk and getting unbanked involved and also you know many payments around the world are not actually using banks right now they're using the social media apps that sort of thing so it's a matter of making the speeding them up and making them better reducing kind of party risk and that's beautiful but the applications of block itself are much go much beyond this it's a matter of documenting ownership rights and so if you can think of any kind of industry in which you need really efficient technology for a document the ownership rights to go beyond just old fashioned databases we're

talking about real estate insurance or automobiles you know anything that requires titling. a clear application of provenance which could include everything from from from art to really to anything that involves property ownership chain is an application the next generation of documentation technologies so so this makes the room. wild and look we're just at the beginning of seen companies like this a multi $1000000000.00 companies involved in building blocks as a lot of this is going to be end up a waste you don't have many friends in this industry a lot of it you tell me that they go to work instead of their hands and and receive a. 6 figure salaries for doing absolutely nothing i mean this is markets work right there's there's frenzies there's history is i know i know the world really well but

out of this is going to come many many awesome things among which i believe is going to challenge. the american had germany over over world finance actually and i think it's very interesting that some of the biggest and most important innovations of the sector are coming not from the united states for from asia and i think right now the u.s. is sitting in a sit in of course on its usual have dramatic relations over the world we're going to see it slip away over the next 5 or 10 years thanks to block chain technology and that i think is very exciting now one kind i previously did try to i.p.o. in hong kong but they failed to raise its target of $1000000000.00 out of $8000000000.00 valuation now they're blocking companies such as mining giants that maining can uncreate also previously tried to live in hong kong but they all failed so why is that obviously as you pointed out has a tremendous interest and watch chain and a huge appetite for it so why did all these i.p.o.'s fail to take in hong kong. got

2 words for you trading fees right there too high in hong kong that's what it comes down to and there's got to change this has such potential with this with this i.p.o. market to to to to to make things more wonderful than they can be in new york which is a very clogged up regulated system but these trading fees of hong kong are killing the i.p.o. after i.p.o. and something's got to be done to change this and i think they will be and that's the whole reason for the failure that's it you know you want to look at failures like this you know you have to look at these kind of these kind of mandates of regulations these fees and the just too high and they really do cut into efficiency of markets geoffrey one more question for you before we go soft bank we've got to talk about this here because after the we work implosion we're billions of dollars of value we're just destroyed in a vacuum evaporated softening came under fire with many people calling this the now a ponzi scheme some are even calling it the next in iran they pump up startups to

insane valuations and then exit with an i.p.o. we've seen this with so many failures if we work door dash and so many others what's your take on it i get it but but ponzi scheme goes too far what i would say is that central plain and planning in private markets is just as likely to fail as it is the public markets you can't anticipate what's going to work and what's not going to work you've got investors following this one company around like one of the funny one of the funny would take my money take my money and that's going to work over the long term like i say markets are never perfect but i think they're better than the alternative but central planning doesn't work in this company is as become a central player central planner of the newest coolest thing and it's not working out for the moment that much is clear jacki ducker appreciate having you as always . my pleasure to get of which we work it just gets worse more bad news as the office space startup is now reporting a loss of $1250000000.00 in the 3rd quarter as expenses have far outpaced revenue growth in fact investors were also told that occupancy rates are at 79 percent

which is the lowest they have been since 2017 a lot of this is due to the rapid expansion plan that was put into place by the now former c.e.o. adam newman it's worth mentioning by the way that we work would have run out of cash completely by the end of october had it not been for the 5000000000 dollars bailout from its largest investor softbank that company which is searching for a new c.e.o. says the new direction of the company would be to lease to larger enterprise customers. that's it by this time you think i must that you tube dot com flood us our take the next time. the last one sings a joke because my. point is not to be good at them you see

i want to go out and see the last. of the so-called individual i suppose in this not. a strong democratic society and the freedom of the individual. i match kaiser with more of my guide to financial survival this is the hedge fund it's a device used by professional scallywags to earn money. that's right these hedge funds are simply not accountable and we're just adding more and more to them. totally destabilize the global economy you need to protect yourself and get in for a while because we put.

your government and our government and all the other major governments of the world know what's going to them when it's gone. but they haven't told you and they haven't told me they haven't and they'll. imagine something as big as the earth is going to cause tidal waves earthquakes volcanoes are going to wrapped and it's going to chill. so we're in for a while right. right great. grandfather's. nobody would care about the law or prison so you'd have wallace though she would have. a terrible life between now and the. if.

i was. this hour's headlines stories a mob of hong kong government activist besieged territories justice ministry leaving her badly shaken. also ahead in the program a high school shooting in los angeles leaves 2 teenagers dead 3 others injured and the very morning the suspect turned 16. and child abuse in the u.k. linked to beliefs including witchcraft is on the rise with many saying.