number in the tpp.i think on economic ground -- scott is also right that when you have an fda you have specific negotiations of certain sectors of the us will benefit. articulate the service areas. many years ago both the peterson institute in the government officer estimated that there would be a small next benefits to the us. on the security realm signing the fda also make sense because this will help overcome or offset some of the triple whammy that i just talked about, particularly the diplomatic isolation and security threat for taiwan as a major economic player on the world stage and will also possibly prevent the further gravitation of the taiwanese economy to the mainland china. think about this that in the 80s taiwan's economy was already bent toward the east which means the united states and with china's opening to the outside world and economic incentive in the '90s and 2000 the taiwanese economy was already engineered toward the west but with the election last year the taiwanese have actuall

tpp had its own bowels of the time. tpp 12 is what resulted.we may be at a better situation because we know exactly what we're talking about. we have been able to figure out what many of these disciplines mean, and what we want to achieve with them, but i don't necessarily think that the concessions that mexico made at the table in tpp will necessarily be identical or will be just transferred from tpp to nafta. i really think that they will need to be part of the whole package. and in terms of competitiveness, while i think that nafta 2.0 gives us an amazing opportunity to increase the region competitiveness through the energy markets, i really think that the liberalization of the energy sector in mexico and the energy that can do brings to the table, that the u.s. brings and that the mexican economy opens a result of the reform could be the most important used for the region. when nafta can do is walk in those reforms. i think that if we really think there's some factors that could boost competitiveness in the region, it may be having the inte

tpp 12 is what resulted. we may be at a better situation right now because we know exactly what we are talking about. we have been able to figure out what many of these disciplines mean and what do we want to achieve with them? i don't think the concessions mexico made at the table will necessarily be identical or will be transferred from tpp to nafta. i think they will need to be part of the whole package and in terms of competitiveness, i think that nafta 2.0 gives a new opportunity to increase competitiveness through the energy markets. i think the liberalization of the energy sector in mexico and the energy trends canada brings to the table and the u.s. brings to the table and the mexican economy has as a result of the reform could be the most important boost for the region. if nafta can lock in those reforms, i think if we really think there's some factors that could boost competitiveness in the region, it could be having the integration of the entergy markets. host: thank you. francisco. >> thanks. i wa

tpp was an important initiative tpp 11, even without the u.s., without i want in it would be helpful in that regard, but job number one is limiting the destructive consequences of china's movement into other parts of the supply chain through subsidizing its industries and forcing technology transfer. that's never one for everybody. the second, and riley touched upon this but not in much detail, the biggest foreign economic policy initiative of the president tsai gum is new southbound policy. i was in taiwan in june for a week doing research on it with two colleagues whenever report coming out in the fall on it and although assisting off the ground, the new southbound policies actually have the potential to be quite helpful to taiwan's economy. it promotes expand economic ties with countries in east asia, south asia, south east asia as well as australia and new zealand. some are more promising than others but ther there's real men the bones in that, in helping to modify taiwan's economic structure and expanding people to people ties, particularly in areas of education. so although the

mexico and canada should work with japan and others to keep the tpp alive. do a tpp 11. that's more of the united states. now you have mexico korea free trade. all these things that would adversely affect the united states. there a concept called competitive liberalization, which says that as countries liberalized towards each other, they generate huge incentives for other countries to emulate or join the party or otherwise protect themselves against having new preferences disadvantage them. that applies here. people generally thought of it as the u.s. putting pressure on areas around the world, but it goes the other way as well. with the tpp, with the pacific alliance, with those bilateral being negotiated, keep all that going because that inevitably has a very important effect on thinking in the united states, hopefully in the white house, certainly in the business communities and labor community, about what happens if we don't maintain and strengthen the trade agreements we have. a few thoughts. the best outcome, obviously, is a traditional trade type negotiation that

negotiators on a lot of stuff out of that tpp.e you going to give them those positions right at the outset? and also the japanese have said we want to do n-november. how much did you as mexico or canada take to that tivo? >> the question there in the first round. >> thank you. did you marshal a transnational strategy. thank you for this very interesting discussion. i wanted to see if we could drive up we could draw the pain a lot on an issue they discuss a little bit that is an interesting key to good and that is the impact of north america integration may make in the three countries were competitive with respect to the challenge of china. here where the economics of that that changes all the time depending on many, many fact there's. that's an issue candidate trump himself discussed when he was in mexico during the campaign. wonder why he said that in a one year if some of the advisers and i just wonder if we could maybe analyze that a little bit further. >> thank you very much. ambassador hill of 30 recognized. garrity one about

>> full up question on tpp. so the president withdrew from tpp, us farmers are missing out on the benefits you are supposed to get. what is your stance on possible japan/us/58 how serious is the trump administration thinking about that? >> i haven't spoken to donald trump but i think hearing him talk about future trade treaties with other countries, very possible, we are hoping other countries are interested in having those conversations. i would hope being open to that discussion of bilateral treaty between the country and the us. >> do we have anyone still on the phone who wants to ask a question? >> we do have a question from the line of ellen ferguson from cq rollcall, please proceed with your question. >> thank you for having the conference. i want to ask about supply management, that has been a big concern of us dairy farmers. it seems to be an area that canada has not -- has said it will defend. do you see any -- is their potential canada might accept and changes to supply management? >> our government ha

yes, sir. >> a follow-up question on tpp for the u.s. tpp,resident withdrew from so i think u.s. farmers are missing out on the benefits you are supposed to get from tpp. what is your response on the possible u.s.-japan fta and what the trump administration is thinking about? trump,ink president obviously i haven't spoken directly to him, but hearing him speak about future trade treaties with other countries, i think it is possible. we are hoping other countries are interested in having those conversations. i would hope japan would be open to that discussion of having a bilateral treaty between your country and u.s. >> operator, do we have anyone still on the phone who wants to ask a question? >> we do have a question coming from the line of ellen ferguson from cq roll call. these proceed with your question. >> thank you all for having the conference. i wanted to ask about supply management. that has been a big concern particularly for u.s. dairy farmers. poultry folks are also concerned. that seems to be an area it says it will defend. do you see, is there a potential canada mig

yes, sir. >> the japanese newspaper, april up on tpp, the president withdraw from the tpp side, they are missing out. what is your stance on fta and what about the seriousness of trump and the administration? >> obviously i haven't spoken directly to him and hearing him talk about future trade treaties with other countries, very possible, we are hoping other countries are interested in having those conversations and i would hope japan would be open to that discussion of a bilateral treatment treaty. >> anyone still on the phone that wants to ask a question? >> we have a question from the line of ellen ferguson from cq rollcall, please proceed with your question. >> i wanted to ask about supply management, that has been a big concern with us dairy farmers but they are concerned, that seems to be an area, it will depend, do you see, is there a potential they might accept >>s to supply management? >> our government has been very clear stating they are going to defend supply management and we stand behind that and one things the three of us when we talk about putting together a joint sta

negotiators want a lot of stuff out of tpp. are you going to give them those concessions right at the outset or hold in reserve? the japanese said they want to do tpp 11. thatuch to you take to able? ? -- that table? >> thank you for this interesting discussion a. of north american integration on making the three countries more competitive with respect to the challenge from china. we are aware of the economics from that, the huge change depending on many factors. candidate issue that trump discussed while he was in mexico during the campaign. that.er why he discussed could you analyze that further? >> before we turn to our panelists, i would like to point out to former u.s. ambassador's to mexico are flanking her. if we could use you as our advance guard on the negotiations. >> thank you. the political timing is evidently not the best. we are at the end of a administration that has a done a lot. it delivers a lot in terms of movements it does in terms of opening the economy. energy. why is it the worst political time, it is the

don't know whether you have seen the tpp file. tpp is 5,500 pages. then divided into 30 chapters.we already talk to the americans, starting from the easiest topic, the ecommerce, because our two positioners are close to each other, and later we set up something called def, digital economy forum. every 'er we have a conference, one year the taipei, one year in washington. easy targeting point. if we -- easy starting point. if we pursuing the fta with the united states. think a better stop here if you have questions or comments, i would more than happy to address them. thank you so much. [applause] >> thank you, ambassador. we have final for a couple of questions. here in the back. >> if you could please identify yourself and your unconstitution. >> robert chin from houston, texas. ambassador, i like to raise up some question. the one china policy and the taiwan relationship to me compliment each other. so from your professional point of view, what kind of labor difference between them? >> i think you have to go back to see the original language in the joint communique between the u

parties to the tpp are seeking to do deals amongst themselves. they will leave us behind. once these international supply chains are set, it is tough to break back in. i'm very concerned not just on the economic front, but on the geopolitical front as well. rejecting the tpp means, particularly those countries in southeast asia, we want them to be in our trade orbit. we are giving them little choice now. those pacific rim countries, they are looking elsewhere for trade partnerships. we have to get away from the idea that we are the only game in town. we are not. we can harness free-trade and make it to our benefit, as it has been over the past several decades, but if we reject these trade agreements, the administration has said they want to go forward with bilateral trade agreements -- great, do them. bilateral trade agreements usually grow out to be multilateral trade agreements. i am concerned about that. with regard to nafta, prior to nafta, our total trade with mexico was between $50 billion and $60 billion a year. now it is over $500 billion a year. the administration

the tpp, the u.s. forgot something very important. when you're the strongest you have the most to give in trade. u.s. used trade relationships to build alliances to bring countries close to them. tpp was a way of aligning all of the southeast asia, whole region around china with the u.s.. and the way that happened was by giving access to the u.s. market. the return, also trading with the region. now that tpp is gone china is expanding their own trade agreement right. i think the long-term loss for the u.s. will definitely in that space be the growth for china. it was a self-inflicted wound. >> kris, a couple seconds left. what in the next six months should we be looking for short term as far as our relationship with china? >> i think, of course, short term a lot of it is bound up in a lot of foreign policy, et cetera. >> sure. >> i think that will slow it down, everybody will figure it out. nobody wants a real conflict with north korea. the grandstanding is done so i think you should look at the raw numbers. china is the world leader

get back whaty to they have previously obtained in the tpp negotiation.ow i look at this starting of nafta renegotiation start -- renegotiations. is this going to be a real renegotiation? or is it going to be donald trump being seen to renegotiate with some added, up-to-date elements, or will it essentially all looker, warts and at the treaty? thatok, i certainly concur the tone of the guidance the u.s. administration provided to congress on their negotiating objectives was fairly moderate. i think we're looking at primarily an update and a modernization of the nafta agreement. however, i think it is important to keep in mind that there are a couple of contentious issues which could be quite difficult to resolve. for instance, the united states has indicated it would like to remove chapter 19 of nafta. chapter 19 allows companies to appeal trade sanctions to independent, binational panels rather than national courts. i can tell you from experience, this was extremely important to canada, and also very important to mexico, as well. the trump administration

facebook recognizes its very serious responsibilities, and australia's trade minister insists that tppork without the united states. up next, more of the week's top business headlines. a controversial memo making waves in silicon valley. >> our lack of ideological diversity has actually hurt our product. rishaad: this is bloomberg. ♪ ♪ rishaad: this is "bloomberg west," i am rishaad salamat. let's continue our global tour of the week's top business stories with a double dose of economic data from china. >> china's exports moderated in july with exports rising 7.2% in dollar terms, adding to the uncertainty that the possibility of a trade route with the u.s., as president trump continues to talk tough. imports, exports, they all missed estimates on dollar terms. they are so much lower than we had expected. so what is going on here? >> quite a big miss compared to estimates, as you say. a 7.2% increase in exports in the month of july, compared to that forecast of an 11% increase. imports falling more while they increased, but below estimates 11% in the month of july, below estimates of a

the mexican senate was working on the tpp that we had just rejected. their efforts were moot in that regard. at around that same time the chinese president and russian president were in south america telling these countries that would have been part of the tpp "we are here." that says something about where we need to go. that we are going to be left behind if we do not aggressively look for these trade arrangements. >> thank you. let's talk about something closer to home. a fifth generation arizonan. you grew up in a ranching family so you know water is important to the lifeblood of arizona. we are fortunate to have you as the subcommittee chair for water and power. a be you could talk about your efforts to reserve water in arizona. sen. flake: thank you for all you do. it has been wonderful to fly over northern arizona from back east to see all of the greenery. whenever i fly over northern arizona i can pick out snowflake. facility.the from that over to my parent's house and our ranch. i only see myself on a horse riding mile after mile. i never remem

that is the uniquely trumpian gift to the tpp debate. a hairstylist in iowa told politico, if the farmers have a bad year, we all have a bad year. if the farmers have a good year, we all have a good year. bad years are coming to american agriculture because of the cancellation of tpp. american agriculture long ago began producing more food than america can consume, profit for american farmers is almost entirely dependent on exports to foreign countries. so when president trump made noises early in his administration about using executive actions to try to pull out of nafta, iowa corn farmers panicked since their profit mar yin is dependent on exports to mexico. donald trump won the electoral college by whiching the votes of some people who did not want him to do some of the things that he promised to do. and that is one of the reasons he is the weakest president in the history of polling at this point in his presidency. it's because so many of his voters did not vote for all of the trump agenda. they were registering a protest vote, many

i think exiting the tpp will have long-term consequences we'll regret. >> charlie: the tpp. >> the trans-pacific partnership. it will have ramifications on our economy because it would have opened new markets for us but also has geopolitical implications. countries need to be part of it and china is moving on every front. i had a previously scheduled trip i took to mexico city. in talking to the mexican government about trade and nafta, for example. at the time we were meeting is when president trump said we're going exit tpp. the mexican senate was talking about going forward with tpp and it made it moot. at the same time the chinese president and russian president were in chile and peru saying already, if america won't deal with you we will. we're losing markets. once you get out of those supply chains it takes a while to get back in and there's detriments long in the future. >> charlie: on climate we also pulled out of the climate accord. do you support the president for doing that? >> i think the goals set -- >> charlie: the goals being met -- >> because of innovations and because of the exp

the tpp willng have long-term consequences that we will regret. charlie: the tpp? sen.: the transpacific partnership. it will have ramifications on our economy because it would have opened up new markets for us, but also has geopolitical implications as well. countries in southeast asia need to be part of our trade orbit, not just china. and he's dealing with china on a one-to-one basis. sen. flake: china is moving on every front. after the election, i had a scheduled trip to mexico city, and talking to the mexican government about trade and nafta, for example, and at that time we were meeting his when president trump said we will t tpp. the mexican senate was talking about going for it with tpp. at the same time, the chinese president and russian president saying ifile and peru america won't deal with you, we will. we are losing markets that way. the way international supply chain's work, once you get out, it takes a while to get back in. climate, we also pulled out of the climate accord. do support the president for doing that? sen. flake: i think that the met because

the mexican senate, while i was down there, was working on the tpp that we had just rejected. their efforts were moved in that regard -- were moot in that regard but at the same time the russian and chinese presidents were both in southern america telling these countries that would have been part of the tbb that we are here. -- tpp that we are here. about us beingng left behind if we do not aggressively look for these trade agreements. >> thank you. let us talk about something that is closer to home. you grew up in a wrenching family in arizona, so you know very well that water is important and is the lifeblood of arizona. you sit on the committee for energy, and we appreciate your areort for srp there we talk about your efforts to preserve what are in arizona? question,ciate the thank you for all that you do there. it has been wonderful to fly over northern arizona when i fly from back east and a.c.l. of the greenery -- when i fly from back east and ice he all of the greenery -- i see all of the greenery. when i get over to my parents house and our ranch, i always see myself

. ♪ >> australia and yourself are due to host the next round of the tpp negotiations.long and was dealt such a blow with the u.s. withdrawal. what are you hoping to achieve from this? >> certainly, we would like to tpp to have come into effect with the united states and we were disappointed but not surprised by the u.s. decision. president trump did flag for quite some time that he was withdrawing the united states. that has required the remaining 11 parties to come together. there are other jurisdictions now that have expressed interest in joining the tpp and we have to work through it methodically and fundamentally. there are still good gains to come from a tpp 11 and that is what i am trying to implement if we possibly can. >> i am curious whether the more tense relations between the u.s. and china, how you are watching that in australia and how big of an impact that will have on you? >> certainly with allies, we have had really constructive engagement since he became the united states trade representative. we have met on a number of occasions. i found him warm. i f

while i was down there, the mexican senate was working on the tpp that we had just rejected. their efforts were moved in that regard, but right around that same time, the chinese president and the russian president were both in south america, telling these countries that would have been part of the tpp, were here. that says something about where we need to go, and that we are going to be left behind if we don't aggressively look for these trade arrangements. mike: thank you. let's talk about something closer to home. you are a fifth-generation arizonan, so you know very well that water is important in the life blood to arizona. we are fortunate that we have you as subcommittee chair for water and power. we appreciate the support. if you could talk a little about your efforts to preserve water in arizona. sen. flake: srp knows all about water. thank you for all you do there. it has been wonderful to fly over northern arizona when i fly from back east, to see all the greenery. whenever i fly over northern arizona, i can pick out snowflake. i can see what was a tomato facility,

. >> you mentioned about tpp being a base. i'm not sure i would call it a base but it outlines the scope of a modern trade agreement. the idea of using it as a base for the market, the market dynamics have changed, so it would be very difficult to accept that as a base going forward for top i think talking about the scope and some of the issues that were discussed might be something that is looked at but i can't it being used as a base. >> there is a lot of areas tpp was interested and excited about, so hopefully there will be bits and pieces that could be used, but thinking the treaty would be used as a race, i don't think that will be what would happen, but we hope they pick up on the modernization of the treaty and ring it to the modernization of nafta. >> more questions from the floor? >> a follow-up question on tpp for the u.s. the president with draw from tvp and i think u.s. farmers are offended -- missing out on the benefits you are supposed to get. it's the response on the possible u.s. and japan fta and what the trum

tpp to havelike the come into effect with the united states. disappointed but not surprised by the u.s. decision, president trump did flag for some time that he would withdraw the united states. that required the remaining 11 to come together to have a chat about what we think the tpp will look like. there are other jurisdictions that have expressed interest in joining a tpp. just need to work through topically, fundamentally, there are good gains and benefits to come from a tpp 11 and that is what i am trying to implement if we can. >> last week we saw renewed tensions with china. they are house saying looking further into abuses of intellectual property and other trade rights or infractions on trading. so i am curious whether the more tense relations between the u.s. and china -- how you are watching that in australia and how big of an impact it will have on you? >> certainly with u.s. -- and i engagements since he became trade representative. i found him warm, i found his commitment to try to do good deals to be very positive, and from austr

the mexican senate, while i was down there, was working on the tpp that we had just rejected. their efforts were moot in that regard but at the same time the russian and chinese presidents were both in southern america telling these countries that would have been part of the tpp that we are here. it says something about us being left behind if we do not aggressively look for these trade agreements. mike: great, thank you. let us talk about something that is closer to home. you grew up in a ranching family in arizona, so you know very well that water is important and is the lifeblood of arizona. you sit on the committee for energy, and we appreciate your support for srp there we are talk about your efforts to preserve what are in arizona? sen. flake: i appreciate the question, thank you for all that you do there. it has been wonderful to fly over northern arizona when i fly from back east and a.c.l. of the -- when i fly from back east and ice he all of the greenery -- i see all of the greenery. when i get over to my parents house and our ranch, i always see myself on a horse, w

tpp was the scene is a good quality template. that nafta would pick some of that tpp.oking at that and ask how they all come together. towant to see them converge this day, trade-given growth machine. >> do you think it is hypocritical the u.s. pulled out tpp as and now are using a jumping point for nafta negotiations? >> i do economics. it surprised us -- why would into? it is negotiated primarily from the u.s. on tpp. it looks advantageous to the u.s. president obama positioned nafta as a way of competing with china. do you expect president trump to take the same approach? in some stage of the negotiations there are three economies that will say, it is not just us against one another, it is us against our trading partners, particularly north america against east asia. those issues are going to come up. is positioned as a political feature, not an economic one. there is a combined auto industry against asian exporters. >> i want to go to china. -- doent trump has said see a trade war between the u.s. and china, given trump's position? >> no. but we all know the risks.

pacific rimom 11 countries are meeting in sydney to revise the tpp.re aimed to reach an overall agreement to be signed in november. president trump pulled the u.s. out of the pack soon after taking office, saying his favors first policy one-on-one deals rather than multinational agreement such as tpp. president trump preparing for one of his most important sales pitches, getting voters fired up about rewriting the tax code. however, there is precious little to sell at the moment. basic questions about changes and tax brackets and levels have yet to be addressed. steven mnuchin predicted the bill would be passed by august. to he won't commit completing it by the end of this year. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> a check on the markets, risk off this session. set for then stocks first monthly drop in 2017, and korean asset during the brunt of today's selloff. the kospi set to lose over 1% this as the won drops by the most in two weeks. korean bonds are on the

and officials are meeting in sydney to revise the tpp.ks aim to reach an agreement to be signed in november. president trump pulled the u.s. out of the talks after taking office, saying his america first policy favors one and one deals rather than multinational agreements like that he the -- ise the tpp. president trump preparing for a sales pitch, getting voters fired up about rewriting the tax code. there is little to sell at the moment. changes, taxut bracket sent business levels have yet to be addressed. steve mnuchin predicted the bill would be here by august. now, he won't commit to conceding it this year. the european union's chief brexit negotiator accused the u.k. of not being serious about its withdrawal and called on britain to be more clear about its position. the two sides opened a third round of talks in brussels. he expressed frustration at the slow progress made so far with key eu leader summits just weeks away. global news 24 hours a day, powered by more than 2700 journalists in more than 120 countries. this is bloomberg.

but seriously renegotiating nafta, not just some kind of a rewrite of tpp. we need a serious effort. most people out there, to look at what has happened with regard to trade deals overtime, feel like they are left out. workers are let out of the negotiation room. working family to don't have a voice in that room need to be included. we believe the administration should negotiate in an open and transparent manner, that the public should be regularly given detailed information about the negotiations so they know what is at stake at every step of the negotiations. the united states trade representative staff should hold town hall meetings open to the public in at least 10 different states to discuss specific nafta priorities before any draft can be finalized. the american people and congress must know what the administration seeks to achieve in the agreement before and throughout the negotiations. that is critical. that process is critical. in addition to that, we talk about nafta. we have to make sure that we americaong buy standards and that we have strong, e

in january, trump formally scrapped tpp — a flagship trade deal with 11 asia—pacific countries — blamingb losses in the us. he also promised he'd withdraw from the paris climate deal. and injune the president fulfilled that promise, saying the deal "punished" the us and — again — would cost millions of americanjobs. and nothing has been achieved when it comes to tax reform. congress is struggling to agree on how to fund lower taxes on individuals and corporations. one of his major campaign promises was to rework the trade agreement between the us, canada and mexico. trump made it clear that he didn't want tweaks, he wanted major changes. with me isjoseph sternberg, wsj europe 0pinion editor. when we look at what the president has achieved so far, has he done well enough on delivering the promises or are we expecting too much? you don't generally see a huge number of deliverable promises because things take time in washington but the big problem for trump is you have much less prospect there ever will be deliverables. some of the things you've did. such as the tra ns—pacific some of the t

very concerned not just on the economic front, but on the geo-political front as well rejecting the tpp means particularly the countries in southeast asia. we want them in our orbit not just in china's and we're giving them little choice now in the pacific rim countries. they are looking elsewhere for trade partnerships and we have to get away from the idea that we're the only game in town. we're not. and so we can harness free trade and make to it our benefit as it has been over in the past couple of decades. several decade but if we reject the trade agreements, the administration is said that they want to go forward with bi lateral trade agreements. great do them. they usually grow up to be multi-lateral trade agreements in this day and age but we can't reject these, so i am concerned about that. with regard to nafta. nafta, prior to nafta our total trade with mexico was between 50 and 60 billion dollars a year. 25 years ago. now it's over 500 billion dollars a year. the administration seems to fixate on this trade deficit we have of about 50 billion dollars and we'll take it if you'r

but seriously renegotiating nafta, not just some kind of a rewrite of tpp. we need a serious effort. i think most people out there who look at what has happened with regard to trade deals over time feel like they are left out. workers are let out of the -- left out of the negotiation room. we believe the administration should negotiate in an open and transparent manner, that the public should be regularly given detailed information about the negotiations so they know what is at stake at every step of the negotiations. the united states trade representative staff should hold town hall meetings open to the public in at least 10 different states to discuss specific nafta priorities before any draft can be finalized. the american people and congress must know what the administration seeks to achieve in the agreement before and throughout the negotiations. that is critical. that process is critical. in addition to that, we talk about nafta. we have to make sure that we have strong buy america standards and that we have strong, enforceable labor standards and wage

. >> you are somebody who voted to fast-track the tpp. you are pro-trade. >> engage in globally has been positive for our citizens. our problem with our historical approach to trade is we engage globally, which is the right thing to do, but we knew people would be hurt by it. right? we knew it through it we do a damn thing to help them. when i was supporting president obama with his efforts to pursue the tpp, which by the way, if we had that agreement in place, i think we'd have better bargaining with the chinese over north korea. people don't like to talk about that. they think these things are about economics. they are not. they are about our role in the world and how much leverage we have. but what i really push the white house to do is do this as part of an infrastructure program. >> delaney authored a bipartisan infrastructure bill in the house, public-private model. and he tackled the third rail of politics, social security. putting forward a bipartisan bill designed to extend the solvency of social security by 75 years. >> people w

by cutting out tpp he said he could cut better deals with the countries. my question is, is the bilateral approach a productive approach in an age like this? >> and is it sufficient? this is a good final question for each of you and stick it -- and take it where you want to take it. if there issues you want to cover that we did not cover, please go ahead. >> i will answer jane's question in a roundabout way and start with something madeleine albright said. if i get it wrong, please stand up and correct me as you are free to do. americans do not much like multilateralism. it has too many syllables and ends with an "ism." [laughter] and that is the problem. look, we all grew up in the cold war era. we had the rules-based international order in our bones. we understood what happened in world war ii and the cold war. and how important that was in era of peace and prosperity it ushered in. people now don't have that shared experience and we are not teaching them that history and they do not understand what we've really in our bones. -- what we feel in our bones

david and you spoke about it when i was member of president's transport council i was for tpp and tpa we have 350 billion-dollar surplus with china. we have to do something. my approach enter the tpp and have us trade with 11 countries not including china, build better relationships with that. that being said if you're not going down that path which we're not going down you have to make sure we're tough on trade. i would continue to watch the dollar. i think it was melissa said it earlier. we're at, i don't know 15-month low on the dollar. i think it will be very interesting to see where trade goes with the dollar. david: actually low dollar does help our own exports but, heather, what concerns me more than trade imbalance, we've done very well when we had years with trade imbalance is this intellectual theft and rehaves engineering china is so famous for. where does it go from here? beyond the talk what kind of sanctions would stop that? >> well, i think we're targeting china. obviously we want fairtrade, not just free trade because if you look at the past interventions, past 200, 25

so iowa farmers who produce a lot of pork and a lot of corn are looking at trump with drawing from tppand asia is putting together a pact and trade alliances throughout the united states, and it's directly impacting them negatively. >> i want to get both of your takes on this very quickly. the president starts day 200 of his presidency today. he has these self-congratulatory tweets, of course. and then on his facebook page, there is the latest video kind of new-style report. some people are calling it trump tv. i'm going play you just a little clip of it. >> more great economic news on friday. the july jobs report added a better than expected 209,000 jobs. overall, since the president took office, president trump has created more than 1 million jobs. the unemployment rate is at a 16-year low, and consumer confidence is at a 16-year high. all while the dow jones continues to break records. president trump has clearly steered the economy back in the right direction. >> i meant to go on the facebook page and check how many people had liked it or whatever. maybe somebody in the control roo