as the u.s. economy was booming growing numbers of people. you can work 40 hours in a week and still not have enough to get housing everybody believes america still has the lead up to the reality of it we're not. living minimum wage many people. know there's been a problem with the cd bruno's to the rich and poor is doing well i mean isn't the whole existence of the food that there is no it's because it's the records at least . in abandoned on the streets to become invisible. this is boom bust the one business show you can't afford to miss i'm sorry say over

in washington coming out new unemployment claims the united states drop below 1000000 for the week as we look to find the bottom of the pandemic coverage and there are a lot of headlines about trade tension between the u.s. and china don't forget the u.s. and the european union well they still have trade issues of their own have a lot to get to so let's get started. it's thursday which means u.s. unemployment numbers were released weekly jobless claims fell to 963000 last week now this is the 1st time the numbers are below 1000000 since mid march that was when the coronavirus was declared a pandemic in late march u.s. filings hit nearly 6900000 in a single week while the better than expected numbers come as president donald trump issued an executive order that provides an extra 4 $100.00 a week of unemployment that's down from the original $600.00 of insurance but those

by. that may not show up for weeks and employment rate fell to 10.2 percent last month this was after peaking near 15 percent in april now even though 1800000 jobs were added in july the unemployment rate is still well above the prepared to make level of 3.5 percent on numbers and the state of the u.s. economy we are joined by the host of news with rick sanchez our team is rick sanchez himself rick let's get started thanks for being with us today let's start with this overall the numbers are poor here always a pleasure a lot a lot still to be done far from recovery here some of the biggest drops came from your home state of florida also new york and texas added to those drops is this a small step in the right direction. yeah but you have to always weigh it against what's going on in terms of the pandemic and so because if we're creating jobs at the expense of ending lockdowns in places where health officials would argue they

should not be ended as fast or as abruptly as they are 1 then what is the actual trade here and florida unfortunately here's what i wish we could report right if you were in a perfect world you and i would go on the air today and say the surge of cases. of coal that my team are down oh and by the way employment is up yeah unfortunately we only are able to attach ourselves to half of that story which is employment is looking like it's starting to go up by the way and when we say you know comparatively speaking because yeah better. let's not let's not set off as my mother would say any fireworks yet but if we're playing with. a little tiny bit but we're still seeing kobe 1000 cases go up in places like florida then you

know. most health experts would say it's not a good trade off some economists would say ok politicians depending on their party would say yeah we love that let's keep doing it so that's kind of what's going on right now in places like florida and arizona and others it's a little bit of a glimmer of a hope but still that volatility that we're going to see in the markets and many people are still expecting employment rate to still go down even more people are still going to be losing their jobs we have to remember that a lot of places aren't even open at 100 percent capacity nor will they be in the next year or 2 rick i want to read you a headline from the wall street journal here it reads harris joins by it and take it wall street sighs in relief aren't the democrats opposed to be the party that holds big corporations accountable and in check here at least that's what they base their platform on at this point no matter who wins in november are we going to see a big divide in the divide continue between wall street and the average american.

well 1st of all the idea that the democrats are supposed to hold wall street accountable and the republicans are not or that the republicans are supposed to be more apt to get us into wars than the democrats are i could go on and on with this game but those rules are only effective today in if you go back in a time machine to like the 1950 s. and sixty's or if you're living in the planet jupiter in other words that's not the case anymore essentially republicans and democrats are the same party when it comes to dealing with these kinds of things and as far as what we're looking at ahead sarah i think you may have just alluded to that you know there's still a real question about what's going to happen when a lot of these helicopter money as we like to call it when a lot of these government programs and i mean when forbearance and i mean i've got some forbearance numbers here that are going to blow you away 5100000 americans have asked for forbearance i mean they've they've asked to not. pay their their

mortgages right right $890000000000.00 in unpaid principal let me say that enough kid there is right now in the united states $890000000000.00 in unpaid principal that means 800 $90000000000.00 of people who have not paid their mortgages and that's that not right what's missing 64 percent i'm sorry i misspoke 6.4 percent of fannie mae mortgagees are paying 11 percent of h. a v.a. mortgagees are not paying so what's going to happen when this forbearance sounds what's going to happen when people have to make their tenants pay their rent what's going to happen when people have to pay their mortgages and what's going to happen with that $400.00 i was supposed to be $600.00 which now is only going to come through the states agree with the white house to actually go through with it doesn't happen or is delayed now these are all things that we're seeing now that could happen within the next month if those things happen within the next month these rosy numbers that we're seeing which as you alluded to aren't so rosy they

could certainly get a lot darker and they definitely can because like you said those 300 actually it will the 400 turn into 300 because that's only what the federal government will provide the 100 will have to come from the state if the state even agrees to fund them which who knows whether the states are going to get this money from to to give these unemployed people the extra $100.00 rick you spoke of mortgage rates a little bit president trump signed an executive order actually asking extending that of action was i want to play you a sound bite of what he said earlier this week. we're stopping evictions we're stopping of actions we're not to let that happen and also we are going to people we're not going to let people the democrats maybe they don't care but i care and we signed an executive order for you know executive order you know that right and we're not letting people be evicted this is ok many groups here are saying the order act. he doesn't provide interactive for anyone to stop them i'm going to read

you a quote of what that executive order we need to identify available federal funds that could provide temporary financial aid for a struggling run turns and homeowners. this is this is preposterous what the president is saying this is a law enforcement issue it's not a white house deal it's not really even a political deal unless they are able to come up with some portion of money here let's make this more rudimentary let's just call this rick and sarah right so rick and sarah are landlords right they have 3 homes and they have it rented out to 3 families in east l.a. or hialeah florida or phoenix arizona wherever and all of a sudden we have realized that our tenants are not paying us now the government program is over the assistance to homeowners who've lost their jobs that

would be me and you perhaps is over so you're telling me i have no assistance i have no job i have no income i have no forbearance and somehow i have to let those people live on my properties for free says who the president or nancy pelosi you know it just doesn't add up i mean it's a great political speech but in the end you know you have to you have to do x.'s and o's right you have to do what the money says and if the big should notices are dealt by police departments which is what usually the people the sheriff's offices all over the united states county offices that usually handle these things i can see where a politician in washington or anywhere else for that matter can tell the policymakers or the prosecutors in any particular county what's happening they have to stop doing their job right under what law and under what mandate and what assistance are sarah and rick going to get to be a. to pay their bills and that's

a rough part of forcing families and happen to families you see a lot of people migrating a lot of people leaving for example manhattan there are a lot of millennial as are certain generations that are moving back in with their parents to save on it because they lost their jobs they can't afford rent either those are the lucky ones who have somewhere to go and a home that they can go to rick you mentioned government aid a little bit ago let's go into some sectors here and really what's driving the markets what are some you see barely surviving those who are thriving then those who are just going to be kicked to the curb because they're basically dying or have already collapsed i mean the government wants to help but they can't bail out every single sector. well some of it is surprising and some of it is obvious you and i were on the phone earlier this morning talking and sharing ideas about what's going on with the economy and i think one of us mentioned that you don't need a degree in economics from the university of pennsylvania or any other prestigious

school to be able to figure out what's going on you just need to get your car and drive around and you're going to see it the interesting thing is homes are selling like hotcakes 1000000 explanations for it we're not going to get into it that's for another segment cars selling like hotcakes they can't keep them on the lot apparently when they start making cars in the in the world for 2 months the inventory was depleted and now everybody has a high demand form and i think for a long time people were bored. and they were shopping for cars thinking they weren't going to buy one but at least they could look and they ended up being convinced that they could actually lower their payments if they got into a new car so whatever. health care huge sector right now and some of the reasons are obvious managed care something i know a little bit about is doing very well because it essentially is designed to protect people over the age of 65 who are the people right now who are more apt to get hit with overnight team people over the age of 65 so that's kind of a locked in and then of course anybody having anything. to do with. you know the

treatment and obviously the vaccine the problem of course is that here's the obvious one man if you ever want to buy clothes cheap go because retail rosales adults people aren't shopping people are going on sale sales shettles yeah you know that could be a transformational thing that was already going on protocol that mode team would go but my team is just stuck that dagger man in that balloon and now it looks like i don't see that sector coming back and like you should rent in places like new york city where people have to be in elevators and go on higher floors forget about it i look trying to run you know high rise over the next 5 years and i wonder how long it will be before prices prices are mortgages go down in manhattan obviously that's going to take years before we see something like that but even here in the nation's capital some apartments their rents have gone significantly down so it really is

interesting to see how all this plays out that was rick sanchez host of the news with rick sanchez always a pleasure thanks again for making time to be with us today. the u.s. announced it will hold off on its plan to impose additional tariffs on the european union in june the u.s. threatened duties on a $3100000000.00 worth of goods which now they say they will hold off on while the u.s. will keep the $7500000000.00 tax that was issued late last year on good such as whiskey wine cheese and even olives last year the u.s. already raise tariffs on more than $100.00 items including single malt whiskies and even wine while u.s. trade representative robert light hisor said the e.u. and member states have not taken the actions necessary to come into compliance with w t o decisions going on to say the united states however is committed to obtaining a long term resolution to this dispute well the move comes as both countries they attempt to end that 16 year trade battle over the subsidies for. playmakers of

airbus and boeing before we are joined by hilary hilary thank you so much for being here we really appreciate you coming on to talk about this let's start with the obvious question here the trump administration said it will be dropping some tariffs of goods from greece and some from the u.k. including certain greek and german cheeses but they're adding tariffs to other goods like popular fruit jams from france and germany why the move here. you're right absolutely about everything you said about the tariffs and there are some people in the u.k. of course was celebrating the fact that shortbread is no longer going to sort of penalize with the tariffs and so there are those across europe that are celebrating and those of course that are being hit hard the reason for this is really because of the stance of washington takes on a number of issues the french have been threatening for quite some time and there's a lot of talk about this digital global tax which would drastically affect u.s. tech companies so this is punishment for sort of that move for the french and in terms of the germans you know the president has really been very good to calling

out those european nations that have not met the nato support percentage that they were supposed to or the european nations that are protected by nato are supposed to contribute 2 percent of their g.d.p. the germans don't even really come close to one percent so that is what this is about is really punishing the french and the germans not really an issue to do with jam it is that they happened to be the major producers of jam and also president trump and his trade representative lighthouse are in negotiations with the u.k. trade secretary at the moment so what he's trying to do is to really sort of soften and work that deal with the u.k. meanwhile i think it's a good thing to make sure that those european countries that have not met their contribution to nato they should be doing so and this isn't this year this isn't last year this is been going on basically since the 2nd world war and trump is the 1st president to really call that out on the half of the american public and the american. taxpayer although hillary there was a bipartisan push actually

a group of senators here in the u.s. who asked the trade representative's office to remove all of the tariff that were imposed last year they noted that imports on scotch whiskey fell nearly 33 percent i mean these countries are already being hit pretty badly by the pandemic what it not be wise to just remove them yeah actually you're right about that bipartisan bill is a but no it's not a bipartisan approach is actually a letter to the u.s. . u.s. trade representatives and i think a couple of things 1st of all we must all say i don't know of anybody who wouldn't say that having 7 republican and 6 democratic senators unite on anything is wonderful so there is a lot of bipartisan support for this what they really stalking about is that talk about specifically actually the licas unwinds in a lot of european products you're totally right they want the lifted i think 2 things here number one they're right because there is a huge stockpiling all over all of these products and that's really due to code 19

of course the restaurant industry has been you know obviously pummeled it's projected that 85 percent of independently owned u.s. restaurants are going to file for bankruptcy and be out of business so this is stockpiling all these goods from europe and that's why i think the senators from across the nation on both parties both sides of the obf and both parties have raised this issue which i do think is an issue however we need to have a trading stance and we need to make sure that you know europe realizes that some of these things that they're undertaking as well as contributing to nato i think that we have to stand by our principles and see these tyrants through so that we can make positive change for the long run not the short term on my highs or it is that he's prepared to star negotiations to talk to does not term of all of the tariffs already in place and even in late july airbus actually said that it reached an agreement to pay the interest of the french and spanish governments for the funds that were used to develop its long haul. 350 chance in the u.

commission says that there is no reason now that the tariffs should even remain now the e.u. they're going to tell you on their own because that according to that they can't that's not coming till this fall how bad could it get here you're right about the autumn the fall in america i think what you're going to see is you're going to see that if we pursue and continue to pursue these tie ups you will see them imposed from europe however what i would say is that currently the is pretty much in dire straits their economy has suffered way more than we have all the u.s. economy and g.d.p. has not suffered nearly as much as those countries across europe so i think what you will find is they really want to do business with the u.s. and i think by the fall by this fall by autumn you will see a relaxation of tower us if the french relax their. digital times and if the germans do step up for their contribution to nato that's what it takes and i think there will be pressure from the restaurant industries across europe as well

and also that don't look at tourism as being hit drastically to some a lot of reports about the tourism numbers being down a bit tricky because of all the nordic countries in the u.k. of course they can't travel south to the countries and i think you're going to see that pressure from european countries to work with the u.s. issues the holding back an agreement and risk remain don't forget don't forget the issue with their boss this is been going on for 16 years as a president right as the 1st to really try to move the needle 60 years is a very long time and we definitely don't want to see another trade war we had enough with the u.s. trying to trade war and with this pandemic really is suffering hilary for which of the british american business association thanks for making time for us and being with us today thank you sarah pleasure. time now for a quick break here because when we return 6 months ago the united states and china were praising phase one of their trade deal but now we may be at a new low in relations between the 2 countries we'll break it down with the dean of miami her business. as we go to break cannot break up but.

join me every thursday on the alex salmond show and i'll be speaking to us from the world of politics sports business i'm show business i'll see you then. summer solutions that's right we solve all the problem with bringing in the biggest geniuses we know that have ever been on the show today we're going to talk about a very scary d.

word and that of course is. joining us former tech entrepreneur jeff good he's the author of the price of tomorrow why deflation is the kid to an abundant future this book has caught fire amongst the community the communities it's really a fantastic book. and illegal takeover of a government by a small group. rather than revolution result. small group the operations when you have a tiny group of people who have all the power you have to have some means to make sure they don't get together and take it back. these are sacrificing. places that capitalism exploited and destroyed for profit and left behind misery poverty environment. devastation and so you see things

like voter suppression building more prisons you see gerrymandering all sorts of democratic practices are well in the world are well into the world and there's no question that the critical. it was just 6 months ago when virtually every single headline surrounding the u.s. and china focused on face one of the trade deal now only 6 months later not only is a trumpet ministration saying that china is not living up to its end of the trade deal that u.s. turner relations are at their lowest point in decades well joining us now to

discuss the harvard business school. and boom bust co-host and investigative journalist ben swan ben let's start with a breakdown of the back and forth between the united states and china over this trade deal what's a trump administration saying about china's failure to keep up their end of the deal sara obviously this is a huge issue for the u.s. and china but remember all the way back 6 months ago we actually talked about this very issue on this show and we talked about the fact that china at the time was agreeing to buy far more imports from the united states than we thought they would actually be able to buy it was a very generous on the chinese part however having said that if we take a look at the numbers between january and july of this year we are seeing a significant change in terms of what the chinese promise to do versus what they're actually doing in fact consider the fact that 3.5 percent of imports are down compared to where they were just a year ago if i take a look at these numbers here because if you look at. we have here in 2020

purchasing was 63900000000 more manufactured agricultural in energy products that's what they promised as well as 12800000000 more services compared 227000 levels in 2021 they were buying 98200000000 of goods that's what they promise to do from those 3 categories and 21500000000 in services on top of the 27000 levels but if you look at the 1st half of this year again this is january into july they're sure by more than have only about 30 to 40 percent of those commitments have actually been fulfilled well what about the issue did both the us and china and go into a phase one deal with unrealistic expectations on what the chinese would be importing from the u.s. i mean ben went through some of the numbers. well the deal of course was prieto vivid and what the deal said was that china in 20202021 would buy $200000000000.00 extra of u.s. goods and services on top of the 2 $12017.00 purchase level and that was

distributed $77000000000.00 extra in 202123 1000000000 extra in 2021 next year so obviously as ben said with covais would it's been impossible for china to ramp up its purchases the fact that it's only down 3.5 percent you know it strikes me as being not that bad a result given the level of disruption and it is true that china has done a pretty good job in purchasing agricultural products but for example energy related products away below where they were supposed to be i do think though if there is a v. shaped recovery in china which is still a possibility for the 2nd half of the year and if the u.s. comes back in 2021 it's possible to me. the last ground is definitely possible

and much like you said they're surprised because this is the one thing that that's still kind of holding on by a thread here between the united states and china but dean quality in terms of this macro issue here that we're looking at the u.s. going and to visit taiwan to help build that relationship what do you make of this move by the by the u.s. to kind of shore up its relationship with taiwan at a moment what tensions with china are so high taiwan's afraid that they're going to be the next hong kong. well of course there is as i think a division of opinion within taiwan on that issue there is certainly one part of the electorate is very welcoming of us support another part of the electorate sees its future more aligned in accommodation with china secretary. is in taiwan and part of the reason for justifying that visit i think is

that taiwan has done a pretty good job with respect to coping with cove it taiwan is not a player in the world health organization but it could be and an ascent should be based on its performance in dealing with cove it so there's an opportunity here for the health and human services secretary to make a point about. the same time as pushing perhaps for their admission into the w.h.o. i do believe however that has been very careful in referring to taiwan as being a jurisdiction rather than as a separate country well as continue to need to do so but we're going to continue to follow this these these tensions because they're probably not going anywhere dean john quality of the miami harvard business school and the west coast and of us get a journalist spence on thank you both for your time. that's all the time we have

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