this is boom bust one business show you can't afford to miss french born washington coming up. or disagree to creating. and conditions for implementing the phase one tiny u.s. trade agreement the spotlight is back on china u.s. trade as the people's republic has waived tariffs on some imports from the united states straight ahead we bring you expert analysis into what lies in store for the world's 2 largest economies plus tesla is defying california orders and has reopened operations within the state what does this mean for the auto giant we have

a boom bust panel on hand to break it down got a packed show today so let's dive right in. and china announced tuesday a new set of u.s. products eligible for waivers from salvatore tariffs put in place amid the height of the trade war between the world's 2 largest economies now the chinese foreign ministry issued a statement saying the waivers on $79.00 products will be put in place on the 19th of may and expire in may of 2021 the new list of products with waivers includes ores of rare earth metals gold ores so wars and concentrates as part of the phase one trade deal between the 2 countries signed in january china agreed to increase imports of u.s. goods by over $200000000000.00 over 2 years now the 2 sides held a call last week to discuss implementation of the phase one following a threat from u.s. president donald trump to pull out of the deal if beijing did not meet their commitments now the chinese foreign ministry on tuesday spoke of the importance of

upholding this agreement. then the 1st phase of the economic and trade agreement between china and the united states you wouldn't is that china the united states and the world both parties should. in mutual respect and jointly implement the agreement both parties agree to creating favorable atmosphere and conditions for implementing the phase one china u.s. trade agreement and for more on this let's bring in expert analysis from todd horwitz chief strategist at bubba trading and tobin smith c.e.o. of transformative research thank you both for being here with us today so but i want to dive right in here is there any significance to these tariff waivers we're seeing out of china and what does this mean for the overall trade deal between the u.s. and china. well you know brant the chinese can read polls in the poll say that the angry orange man is not going to be there after november so clearly if from china's perspective throw a bone here i mean number one number 2

a by the way before we had the pen demick they had their swine flu and i lost about 70 percent of their pigs and poultry so they need our poultry at the same time we have too many pigs that we can't deliver so this is about the the nothing it's nothing concession i've ever heard this is geopolitics at its best chinese plate much better than we do because there are strategic will they have one tactic you get a tariff you get a tariff well guess what chinese just one this one this little round right now but i want to i want to hit on this as well with you now amid the pandemic that we actually anticipate both sides will adhere to the deal and more importantly with the economic situation worldwide is there any chance of phase 2 coming in the near future and the early who holds all the cards i mean to tobin's point when it comes to more trade deals between the u.s. and china. well i couldn't disagree more with coal but i mean 1st of all i think the trouble be here for another 4 years so that's the 1st part sounds like

a part of this deal i'm not going. a lot of good china has never honored a deal in their history yeah but you have $1000.00 i'm good ok. at the end of the day i think you've got a market that it will never end here this deal china's not here do a deal in their history why would we expect it to now they've already got the w.h.o. and the w t o trying to lean their way yet they can't when we could pull out and they need us a heck of a lot more than we need them and of course when you look at the big picture we're going to shut down and we can we can exist right here without them we don't need them as part of our economy. i'm sorry but i'm going to let you respond at this point. i don't know you're smoking over there but want to share some look at china is going to have a 4 percent g.d.p. we're going to negative 8 percent g.d.p. china buys all of our electronic if you don't want to chat is not going to open hellbent tell but you're talking you're talking rhetoric you're talking b.s. look let's see what the real numbers are china is the draw of all they've got more

issues than we do they do need food they need a lot of things that they're not going to be able to get they're not going to have their biggest customer who buys more product than anybody else so let's let's not get into these semantics of what's going on where ok at the end of the day china is the us more than we need them and that's really what it comes out now but i want to let tobin respond let's try not to interrupt too much i do want to get both your opinions here so go ahead and finish your thought up there well deployed is strategically china needs our electronics as much as they need our food number one number 2 they believe and i can they can read a poll just like i can't believe bubba just closed his eyes a little bit on that stuff that the big orange man is way behind he's losing on every one of his key states so their move is build a fence now and then when a new president comes in they start again that's classic chinese i've spent a lot of time in china i know how it works right now guys i know we can continue this conversation for the rest the segment above i want to i want to move on to

another point here now saudi aramco announced tuesday a 25 percent drop in 1st quarter net profit as the pandemic has ravaged the oil demand now opec members are of course pledged deeper cuts which helped push prices up a little bit on tuesday what's the future outlook for oil at this point. when our oil is up to go trying to rally it's up you know in some around the $30.00 level and again will it will it stay here look at the end of the day if we get the economy open and we get the economy flowing and we start increasing demand then yes . we get oil can start to walk now will it go back to 50 i don't think so i don't see major high prices until we can get fully open and start to use completely but the meantime we're going to cut back on what you make here saudi arabia there everybody's going to cut back and try to create a supply shortage we've got such a glut to begin with that it could be a long time to go through what you already have in stock in what we have stockpiled

but you know again i think if we have a smooth and this thing continues and we start to open and get more action than i can certainly they'll be a demand for oil and prices will resume to be more of a somewhat normal but again if we have any issues along the road you could see another negative for an oil before it's all over if something happens and now tobin as we talk about oil 'd being you know crushed right now we've seen movement by the saudi government since 2016 to diversify their investment we even saw the saudi vision fund take a $500000000.00 stake in live nation the concert promoter recently what are they doing to diversify the economy and are there concerns are there concerns with the saudi government buying up pieces of companies worldwide especially american companies. well i again saudi arabia is a as a country within a country the people who have the money has about 5000 people what i know exists i have saudi arabian investors in my funds some are subscribers i talk to them all the time they're the worst market timers in the world if saudi arabia is putting

money in live intent i would short that stock because they've shown time and time again that they don't understand business cycles because they never have one there they don't understand valuation because they don't care and so when they get real active in the markets to try to quote unquote diversify dude they've got to have $80.00 oil to pay all the people all the money that they promised and all the bonuses the nice stuff to keep the you know the keep the people settled these type investments are nothing to them and they're going to turn out to be nothing they've lost $2100000000.00 in the softbank quote unquote you know a mystery find and they're probably to lose another $5000000000.00 and maybe somebody's head rolls at the bottom but the people at the top say hey let's 5000000000. so ben smith and bubba horowitz thank you both for the expert analysis much appreciate it.

and let's take another global look at the trends and spread of the coronavirus with r.t. correspondent site savage or so i where we today so brian looking globally there are numerous countries looking to live for instructions and we're obviously seeing that here in the u.s. against even against the advice from health officials that are pleading to the government and to the public to maintain some sort of plan to avoid and new wave of infections because this pandemic is far from over and we're seeing a lot of new cases daily specifically here in the u.s. who are now topping the rest of the world in new cases and then in fact in russia now places them among the top 3 countries in the world that are affected by the deadly disease and now just in the last 24 hours russia reported over $10000.00 and you cases and more than half of those new cases reported are in the capital

city in moscow yet the country's death rate is still still relatively low at under 2100 but critics are calling those numbers into question as are remains far lower than other countries now the u.k. for example which has about the same number of cases both countries have having over 220000 cases yet the u.k. has more than 32000 deaths but the kremlin claims that the spike in new cases is because of a testing program that was carried out about a 6000000 test in the last couple of days and the lower death toll is because the same program has allowed medical staff to quickly identify those needing medical care but at taking a look at the following countries right here. looking at the u.s. russia brazil india u.k. peru saudi arabia pakistan turkey and chile these will all come from newquay says

just within the last 24 hours a so taking a look at all these numbers just show you how much they're growing within just the last 24 hours which again shows that this pandemic is far from over you know so i want to go back to the economy here though this pandemic has obviously slowed global commerce to a crawl but where what are countries doing to help me through their economies. so even before this crisis many countries already have very high debt levels ride which is why so many world powers are doing anything they can to prop up their economies during this downturn now let's start with china the world's 2nd largest economy now during 822008 financial crisis spent about half a trillion dollars on a stimulus package and so china has roughly doubled as government dead to about 60 percent right now and many analysts don't think that they actually can afford to spend so aggressively again they get china has given about $80000000000.00 to

struggling businesses and is planning to cut interest rates in the months ahead now germany who had doubled their nearly 59 percent dead of g.d.p. in $21000.00 has spent about $50000000000.00 yours or about 10 percent of their g.d.p. to prop up their economy then a looking at the u.k. who has about 86 percent debt at 2019 as they were negotiating a pro post with the e.u. has now could add another 5 to 10 percent out of their kind of me and in 2020 and so far britain has spent about 400000000000 pounds or about 15 percent of their g.d.p. to rescue their economy then to us at about 100. and 6 percent dead 2 their g.d.p. purchased a 2 trillion treasury bond and on the fiscal side also passed 2 trillion stimulus package to get the us economy through the crisis lastly japan was already at

a 238 percent debt to their g.d.p. in 2019 there responded with a massive relief package worth one trillion dollars to help the country through one of its most challenging periods in recent history brandt arky correspondents thanks for keeping us up to date. time now for a quick break here because when we return. the lockdown rules in california as the calls for economic reopening continue in the country we'll break it all down with a boom bust battle in just a bit as we go to break here the numbers at the close. seem

wrong. to shape out these days. and in. the trail. when so many find themselves worlds apart.

yeah it's. just that you see it when you do you think you could take you to go to egypt and i would do it if you could. just go to someone that's honest and that doesn't you want to. listen to these. cues and. there's. just so you can. use. my handgun ban you from your mind because i wanted to be you know more. pleasant.

tesla founder and c.e.o. elon musk has found a new role over the past few weeks leading the tech resistance to government shutdowns now musk has announced that tesla will defy local orders and it is starting its california for fremont california factory the announcement came monday on twitter and its supercharged a standoff over government orders that the company's california plant remain closed as part of efforts to slow the spread of coppa 19 now joining us now to discuss this and other stories is boom bust co-hosts christy i and ben swan a bet i want to start with you musk says he is going to do this and really they kind of have despite orders for tesla to stay home what is the value in this move for test lot and a lot of musk. well i'm not sure what the value is necessarily tesla other than getting its operations back up and running which i guess would be valuable for any business owner what's interesting about this story is that obviously the last few weeks really has been kind of as you said there the head of this kind of tech

resistance so you have companies like facebook and google that are rival kind of lockstep with government orders and musk is taking the opposite position saying that this is the united states and we shouldn't be under these kinds of of lockdowns and so he's been very defiant from the beginning virtually now he has restarted production lines at that fremont california plant we also know that he tweeted out that after monday he said a good day's work and thank you for everyone for being here we know that on tuesday about 3 o'clock eastern time a letter was sent from the sheriff's department to tesla and their chief safety officer telling them to shut down and that the sheriff's department was mandating they shut down because apparently alameda county the county that the plant is in has more strict guidelines than the state of california has and so must actually sued over that saying that he should be able to operate under california's guidelines not under the more stringent local county guidelines so that's kind of

where the battle has been so far and so far musk says he's going to be on the operating line working with workers and if someone gets arrested he says it should be him. away i'm sorry go ahead christi i know you're all jacked up to talk about this yet because i'm like absolutely fine if he actually is the leader or the face of the tech resistance if that's what he want to position himself to be but if he really was doing that then where was he joining us and have been quite resistance where was he trained net neutrality he never took any position on any of those things but now when it's something that's affecting his business his line of work oh now he's all up in arms about it till that actually makes him a big hypocrite in my book because right now he's basically saying hey california thank you so much for that. subsidies thank you so much for those tax breaks and everything i'm going to take my headquarters and move over to nevada or texas is basically what he posted in a sense to lead a tweet so that he is only upset because this is a this is affecting his business directly and this is out making extreme backlash

in california which is one of his main demographics and consumer population so they are the ones who is previously praising him for being thinking that oh musk it's going to be the genius that saves the world from carbon emissions and everything now it seems to be finally that california is taking a stance and being like we are tired of this antics and if it actually fairness we don't stand and we just get this in fairness and i think this in and christine knows me and she knows i'm all about ideology right that that it's not about your own personal situation if you have this belief system it should be true so i agree with what you're saying about that but in fairness to us as with most people there are many people who are not passionate about their own freedom and they're not passionate about you know these ideas or ideals of what it means for limited government and having freedom until your own is taken away it's easy to not worry about it when it's someone else if it takes this for someone like you or many millions of americans across across the country or people around the world to say wait a minute why are these rules in place and do these rules make sense and why is it

that company is essential while i'm non-essential it might take this for some people to awaken i'm not saying the law must has been awakened i'm not saying he's been as a term goes read till him saying it might take that for somebody to wake up to see their own livelihood being threatened all right but i mean but i think christie i know this is what you're saying but i mean essentially he's got this huge high profile as a as a tech entrepreneur as an auto expert nor is the space entrepreneur now and it doesn't seem like he's fighting for other tech companies he's fighting for musk he's fighting for his bottom line and i don't know if it's necessarily even his bottom line as much as it's his ego where he's actually trying to make sure he can push those. vehicles out to keep getting them on the road i mean which does affect his bottom line but obviously you know he's made $10000000000.00 what in the last year based on the valuation of tesla so he's doing all right. here's to your point earlier to me do you think this could actually affect sales if he were to fully

pull out of california do you think this could actually affect sales because california is the most equipped to handle tesla's there's charging stations everywhere there's actually tesla dealerships there are more than there are anywhere else in the country you think that could affect his bottom line in the place where probably the most houses are sold here in the united states. it absolutely will affect his bottom line and that's probably why he deleted that tweet threatening to pull out of california and it probably also has to do with the fact that we just got numbers coming out of shanghai so if you remember last year we there was. basically exploded because the gigafactory finally opened up in shanghai and was ready for production well sales figures just came out in china and shanghai especially the entire city has been reopened everybody is at maximum production capacity there is no strain on production so coming off the line there are $12000.00 vehicles produced in the month of march only $3000.00 got sold and that's a 70 percent decline month over month so that already shows that the hype factor of the clout factor that i had last year is already gone and that's fine * because to

chase that name brand recognition likes to chase the clouds so to speak and in china where the market actually moves fast and brands are only in and out for months at a time the sales cycle is much much faster pace than that in the us and tells us finding that out the hard way that their vehicles are no longer competitive with a lot of the cheaper e.-v. alternatives that are coming out of asia now guys i want to do take a quick turn because i want to follow up on something we talked about monday we waited to see what would happen with the price of big oil and as a result of that having now been it turned out to be kind of a non event then why is that. well ultimately what we didn't see was a huge spike in the price of a coin it's up about 2 percent today 2 and a half percent but we did not see a huge spike but what you people have to remember is that there's a lot of fixation on round numbers you know 10000 being this round number that everyone's looking at when in reality because it has continued to do well it continues to hover in a strong place and with everything going on around here all right now just watch it

carefully because you're going to see currencies being disregarded and you're going to see more movement towards those currencies and real quick about the long must he might just pick up a whole other demographic of people outside of california who in the past thought he was a commie who now suddenly say well maybe this guy does like freedom even if it's just about himself and i know we could have done a lot more on the having there kristie so i apologize that you didn't get the way in there but we are sadly out of time boom bust co-host ben swan and kristie i thank you both for joining us today. and disney is hoping that it is on the road to recovery after reopening the 1st of its 6 international resorts in shanghai china the move is being a lot it as an important baby step for the global tourism industry which has been ravaged by the kobe 1000 pandemic r.t. correspondent alex mileage is following the story and filed this report. it's what disney fans in china have been waiting for.

after a hiatus that lasted nearly 2 and a half months many of the familiar sights and sounds are back in shanghai disney resort. disneyland was the 1st of the company's theme parks to shut down due to covert 90 but the disease is a little business. like. and now it is the 1st to be back in business to ensure social distancing measures can be met the park is restricting visitor numbers to only 20 percent of its daily limit or about 16000 people and it doesn't . and there. well park goers look excited to be back at the magic kingdom other than capacity limitations it is obvious some things have changed the way. the crushing measures are good at disneyland people need to keep a certain distance between each other just all crowds from forming popular parades and fireworks shows have been shelves for the time being you know addition disney

is insisting that all park go words were based masks and go through temperature checks employees will be taking added disinfection measures at the resort. while for the people it's all about fun for disney the reopening of the shanghai resort is an important step in recovering from virus lock downs which have cost the company an estimated $1400000000.00 in pretax profit the good news is if the 1st day of reopening indicates anything it is that disney is as popular as ever when tickets went on sale for opening day in 3 minutes but shanghai disney isn't out of the woods yet and neither is china in general china has seen new cases of covert 19 in recent days adding to the fear that another wave of the corona virus could be on its way and that means that the doors of disney could be forced to close once again . while experts predict future ups and downs with covered 19 for today this is the only kind of roller coaster ride visitors at shanghai disney are concerned about

a little disney magic to remind them of better times and hopefully a sign of brighter days ahead for boom bust smile of it. and that's it for the catch boom bust on the brand new portable t.v. up a veil on smartphones through google play on the apple app store by searching portable t.v. and as always you can check it out on youtube dot com slash boom bust r.t. so you next time. during the vietnam war u.s. forces also bombs neighboring laos it was a secret war. and for years the american people did not know. how much anticipation had rebound country per capita. human history millions of unexploded bombs

still in danger lives in this small agricultural country jordyn wieber. even today kids in laos full victims of bombs dropped decades ago is the u.s. making amends for the tragedy in laos what helped to the people need in that little land on my. back geysers financial survival. housing bubble. oh you mean there's a downside artificially low mortgage rates don't get carried away that's cause report. but is the. police. in the operation in.

some of the wealthier neighborhoods it's far more contained and the numbers are much lower than some of them or a neighborhood star. if you think we're working with can source outside of the state is there just so 'd it is so unlike anything that it is. greetings and salutations since the start of the pandemic amazon dot com has quickly become one of the most essential tools of survival during these bizarre and brutal stay at home times from groceries to face masks to board games you can damn near find anything you may need or desire to help you survive and get through

living in these sequestered in this sequestered era but apparently one thing not a bailable the order of the on line giant is workers' rights and a little thing called courage at least that's according to top engineer and now former amazon vice president tim brady the washington post reports that he was giving up his job and forgoing a paycheck that could top $1000000.00 because he no longer felt comfortable working for a company that is comfortable firing whistleblowers with legitimate concerns and just what were these whistle blower concerns well you know the little things like oh workers' safety climate change issues and the need to unionize in fact the guardian is now reporting that at least 6 amazon workers who have participated in protests or vocally advocated for improvements to worker safety and condition. have been fired during the penn demick in one of these incidents leaked amazon memos revealed that p.r. executives in a meeting attended by the grand poobah himself the world's richest man jeff bezos

plan to publicly character assassinate of fired warehouse employee christian smalls were simply organizing a small walkout over employees safety concerns so one former vice president amazon tim bray writes that the firing of whistleblowers isn't just a side effect but that it's evidence of a bane of toxicity running through the company culture is it really that big of a surprise i mean who can blame bay's oser amazon for treating their warehouse workers like easily replaceable cogs in the machine i mean after all we are living in a society that is right now right now as i speak seriously fighting for the right to sacrifice who we can elderly just so the gods of wall street can start making money off of all of our indentured servitude backs again. it's a good place to start watching the horrors. she will discover in a city street.