which is pressing for free and fair trade. to the extent that china is willing to open up their markets which they are making the right directions on. if they open up their markets, it's an enormous opportunity for u.s. companies. >>chris: of course the fear is that's not going to be the way they respond. the fear is the response to the tariffs is a trade war with china and the day after the president announced his tariffs, china announced plans to impose its own tariffs on $3 billion on u.s. export and the possibility of billions of dollars more in u.s. exports whether it's soybeans or boeing jets. i know you spoke with the chinese vice premier yesterday. what according to the chinese news agency said that china is prepared to defend its interests.do you really believe beijing will blank? >> it's not a question of

he said he wanted fair trade. free, fair trade. but you've heard from many of market watchers here that they don't like this idea. that this could snowball, used a dam johnson's word. to something much worse. we'll see how the political panel thinks. how this will resonate in america, next. mvo: you're not doing work to help somebody, you're gaining something from meeting mr. adderley. it's a calling to not only everybody in this neighborhood in miami, but to the nation how great we are. and how great we can be. ♪ ♪ i'll stand by you. ♪ i'll stand by you. ♪ and i'll never desert you. ♪ i'll stand by you. he gets the best deal on the perfect hotel by using. tripadvisor! that's because tripadvisor lets you start your trip on the right foot... by comparing prices from over 200 booking sites to find the right hotel for you at the lowest price. saving you up to 30%! you'll be bathing in savings! tripadvisor. check the latest reviews and lowest prices. sure. momwhat's up, son?alk? i can't be your it guy anymore. what? you guys have xfini

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i think president trump is trying to say we need to have a fair trade policy where our citizens who loseglobal trade are made up for. but we have to have more trade to get close to the frontier. we need more trade but we need fair trade. lou: and point in fact, the president is saying exactly that. i love it when e talks about fair trade and reciprocal trade, balanced trade. >> that was the message at davos, wasn't it? lou: are you kidding me? davos didn't mean a thing it ever said. >> that was president trump's message at davos. lou: you mean his message? >> yes. lou: i was going to say, the globalists at davos, their ears are still ringing. >> american industry has to pick up the bill too. think of all of these great industrial companies from the past that lost their way. they decided they wanted to be more like banks. i can name some of them. that was a giant mistake we all can't be gol goldman sac. if we make autos, focus on making autos. that's what the germans do and the germans have giant trade surpluses despite the fact their labor is just as costly if not costlier than ours. lou

we're all for free trade but at the end of the day it needs to be fair trade.his will stem the flow of

we are trying to get free and fair trade and hope other countries will join in. reporter: paul ryan is pleading with the president to reverse course. is there no way to reverse course? ms. sanders: the president said he wasn't backing down but in terms of the specifics, i'm not going to get into that. reporter: possible that some of the details will change. ms. sanders: haven't rolled out all of the details. reporter: he said 25% tariff on teel imports and 10% tariff on aluminum imports on everybody -- ms. sanders: i'm not going to go any further. reporter: secretary pruitt is under scrutiny for his taxpayers and secretary carson is under scrutiny for the $31,000 dining set. can you talk about that? after media scrutiny. can you explain the white house view and taking all three of those and how you believe this fits the pattern of draining the swamp? ms. sanders: all of those individual secretaries travel are under review and i can't speak to that further as that it is going. reporter: how is this behavior consistent with the president's directive to drain the sw

donald trump says he is fixing a broken system to make sure trade is fair. trade war: trump against the world. that is our title today. he says there will be a limited economic and the superpower, the u.s., can afford trade wars. says president trump does not understand the complexity of trade and global markets. and it is a pleasure to welcome andreas kluth to the program. he's the editor in chief of handelsblatt. he says donald trump is behaving ake a preschool bully in sandbox and that europe must not rise to his provoking movements. steal the bank is a perennial topic during trade discussions, not only for the u.s. and this administration. this is hardly the first time the u.s. has imposed protective tariffs. so, why is this time any different or worse? >> you're right, this is a classic move and other presidents have done it. we know from studies that it almost always backfires economically because america --thes american economy suffers tariffs imposed on others. i hope this blows over because of you have noticed, donald trump is a man of bluster and his dar

. >> you need access between countries, it is called fair trade. is talk all of about trade wars, i think it is overdone. >> i don't think donald trump will do anything ridiculous. davidavid: and, canadian prime minister justin trudeau insists that his country will continue pushing back against protectionism. >> we will continue to push against it in a firm and polite way, because you are canadians. david this is all straight : ahead on "bloomberg best." ♪ david: hello, and welcome. i am david westin. this is "bloomberg best," your weekly review of the most important business news and analysis and interviews on bloomberg television from around the world. on friday last week, it was reported on the wall street journal that lloyd blankfein would step down as ceo of goldman sachs at the end of 2018. he immediately brushed off reports via twitter, but on monday, a move that goldman brought the succession story back to the fore. >> more on the line of succession at goldman sachs. david solomon is now the co-president and coo at the firm, putting him in l

it is called fair trade.should be keeping somebody else more or less out while they get to go in. it is not fair. so i think we need -- >> so we need a more level playing field? >> we need a level playing field, and the best products and services win. and i think that is all that is trying to be accomplished. this will take some period of time, but responsible, intelligent people know that this is something that is going to have to be done. it should be done in an orderly and thoughtful way and i am hopeful that that will be the case. >> not to belabor the point, but if not tariffs, steve, what other levers could be pulled to level the playing field? >> there are lots of levers to get somebody's intention. my sense is that attention has been gotten, and we should be moving on to an execution phase, which would be good for everyone. ♪ ♪ david: you are watching "bloomberg best." i am david westin. let's return now to our round of of the week's top business stories. broadcom's bid for qualcomm met it's end this

the president believes in free and fair trade but he wants reciprocal trade deals.go forward with the 232, there is a mechanism that will be able to deal with these issues. kevin the folks who said this or this raising costs might hurt economic growth, they cite that is a concern. what is your response to that, those who feel that these tariffs could ultimately offset some of the economic gains that have been made as a result of tax policy? >> as of a year ago, we were sitting at 2% gdp. so many people lined up and said we would never get to 3% gdp. we said all along our goal is to have 3% sustained gdp. we've had two quarters of it. we are not there on a constant basis yet, but the president is very focused on growth. that is our number one objective. >> does this administration feel that americans, his supporters will actually rally behind this proposal? >> absolutely. i think the americans understand that the president is for free .rade, but free and fair trade he wants to get good deals. he is the salesman in chief for american business. e tariffs, like the ones

the president believes in free and fair trade but he wants reciprocal trade and fair deals.ith the 232, there is a mechanism that will be able to deal with these issues. >> so folks who say this could end up raising cost are folks that say this could hurt economic growth. a site that is a concern some of , them, even republicans. what is your response to those saying it could offset the gains? >> a year ago we were sitting at 2% gdp. lots of people lined up and said we would never get to 3% gdp. we have said all along that our goal is to have 3% sustained gdp. we have had two quarters of it. the president is focused on growth. that is our number one objective. >> does this administration feel americans will rally behind this proposal? >> absolutely. i think americans understand that the president is were free trade. but free and fair trade. he wants to get good deals. he is the salesman in cheap for american business. ♪ >> are tariffs like the ones on steel and aluminum progrowth for the economy overall? >> yes sir they are. if you look at the experience last month with the

we love free trade but it's basically has to be fair trade.aria: right. >> so he's doing some right things. i think negotiating points that maybe we can get some things done and make it a fairer environment. maria: "the wall street journal" op-ed page was pretty hard on him. >> they're very hard on him. but i think when they really look at how the other countries treat us, they're taking advantage of us and i totally agree with the viewpoint of the administration. maria: so do you still believe that over the long term the stock market is the best way to create wealth? >> yes. and the reason is this. it's the only place i can point to that has continuous growth. when a company -- for instance, apple, perfect example. started with one little device. it grew to two, three, it grow in all of its thousands of things that flourished, so it grow every year, every year, every year over 20, 25 years. same with, let's say mcdonald's, started with one hamburger shop, two, four, eight, ten, that's called growth. that's what you want to look for. and the o

trade deal. yes, balanced, fair, reciprocal trade has begun. the president's top trade adviser peter navarro joins me here next. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. new trade deal with south korea today boosting america's auto exports, limiting imports of south korean steel. the original trade deal with south korea, which was created by former president obama, former secretary of state hillary clinton back in 2012 has been nothing short of disastrous. the u.s. trade deficit with south korea has soared since then from 16 billion to nearly 23 billion last year. my next guest says the original south korea trade deal is one of the worst in american history an

we are talking about fair trade, and everybody in america is for fair trade.his fair trade hasn't worked out well for americans or american jobs. >> it has already been out there, the president denies it, but there is cast at the white house. as the president noted, he likes conflict, he likes different points of view, diversity of thought is something that is supposed to be a virtue, obviously. right now he is facing a lot of criticism, and it was rains raie focus should be on the results that the president is getting, shannon. spirit all right, ed henry in washington, thank you very much, ed. and this is a fox news alert, the department of justice denied launching a major lawsuit against the state of california, alleging deliberate interference with federal immigration policy. the doj is seeking an injunction to immediately block enforcement of three controversial new state laws here and the lawsuits are already sparking angry responses from prominent californians tonight. trace gallagher joins us now. trace? >> it has certainly been building for a while, bu

china is there something to that argument and to the idea that free trade is by no means always fair trade well it is tackling the w t o has been dead for he is decades and that's the reason why they have been so much. down to get bit by a natural almost multilateral trade treaties going like for example the. p.-p. transpacific trade agreement. yes then signed on to tip which was the trade agreement between the united states and europe so that was already the reaction to the time of the w t o doesn't work and of close to going back to your question it is undoubtedly in fact the china does not comply to the rules. in the sense that they always pay stub so these two goods that they want to export on the grand scale for example steel that is always cheap steel all solar panels but that's something the united states as well as the you have reacted to for example is already tariffs on solar panels coming from china it is not the case that either you peons are the united states do not react and what is different now is that is not targeting specifically china saying you are paying subsidies and

grow here in america, reduce those tariffs and bring in some of their products that's how free and fair trade should be done in this country. maria: that's an important point to look at japan, philippines and vietnam. i'll ask peter navarro about that coming up because of course he's working on the u.s. trade policies there but you just said something interesting that you've been investigating chinese practices. up were going to announce that this week are you going to come out with the details of that investigation in this upcoming week? >> yeah, we continue to look at the areas that we're going to investigate so the way that we're looking at it now, maria, is first and foremost, we're looking at the military footprint and potential military footprint that china's trying to put around the globe so this didn't get a lot of fanfare because there's so much attention being paid to the russian fiasco and russian collusion but in the meantime the chinese just opened up a base, a military base in jabuti, at the entrance "red sea in heart of the middle east and the independent ran ocean along way aw

we need free and fair trade. were is anybody surprised, including the market that he is doing exactly what he would do? is this another wall street overreaction? here is moody's chief economist john lonski, and scott martin and our own nicole petallides down on the floor floor the nys. we're recovering a bit. are investors waking up to the idea perhaps they overreacted? >> actually the mood on wall street it was overreaction big picture. basically we had nothing less than a 300 point day all week long. we had other pieces of news, including what our new fed head, jay powell said about being obviously moving forward with gradual rate hikes. we're looking at three or four rate hikes. as far as reaction what we saw pertaining to tariffs from steel and aluminum, there was concerns about boeing, caterpillar, raw material costs. big picture, international trade war, walking around on the trading floor, they seem to think it's a negotiating tactic. there is still uncertainty about the whole thing. they're not really wor

trade deal. yes, balanced, fair, reciprocal trade has begun. the president's top trade adviser peter navarro joins me here next. ♪yea, you can be the greatest ♪you can be the best ♪you can be the king kong ♪bangin on your chest ♪you can beat the world you can beat the war♪ ♪you can talk to god while bangin on his door♪ ♪you can throw your hands up you can beat the clock♪ ♪you can move a mountain you can break rocks♪ ♪you can be a master don't wait for luck♪ ♪dedicate yourself and you can find yourself♪ ♪standin in the hall of fame ♪and the world's gonna know your name♪ [message notification] projections need to be... [message notification] tornado? next thursday? seriously? thursday? can't do that. uh-uh. this is really inconvenient. i have yoga that day. i have no time for this. so... i can't do thursday, but i can do friday. [arguing over each other] narrator: disasters don't plan ahead. you can. talk to your loved ones about how you're going to be ready in an emergency. don't wait. communicate. new trade deal with south korea today boosting

i believe in free trade, but it has to be fair trade. in order to make sure we have fair trade, we have to punish those people in breach of contract. i appreciate your administration working forward and i want to say thank you. i am not going to target you come i just want to say thank you. sec. ross: i am pretty familiar with the indian situation. i had an office there in mumbai, so i understand quite a bit about india. >> thank you. mr. rice, you are recognized. >> thank you for being here today and thank you for taking on this job. your experience and your intelligence in pursuing this is certainly to the benefit of our country and the american middle class. i focus on american competitiveness and on the obviouslass and it is when you look at the numbers that the american middle class about the and makes same amount of money today as they did in 1990. i think a lot of that problem is because we allowed our country to become competitive. we worked on the tax code and the trade policy. i applaud you for it. i know people are concerned a

trade deal. yes, balanced, fair, reciprocal trade has begun. the president's top trade adviser peter navarro joins me here next. allergies with sinus congestion and pressure? you won't find relief here. go to the pharmacy counter for powerful claritin-d. while the leading allergy spray relieves 6 symptoms... claritin-d relieves 8, including sinus congestion and pressure. claritin-d relieves more. are finding themselves morin a chevroletple for the first time. trying something new can be exciting. empowering. downright exhilarating. see for yourself why chevrolet is the most awarded and fastest growing brand, the last four years overall. switch into a new chevy now. current qualified competitive owners and lessees can get this 2018 chevy equinox for around $199 a month. chevrolet. find new roads. where we're changing withs? contemporary make-overs. then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today. book now at lq.com. on the only bed that adjusts on both sides to you

and i was going to ask you about the fair trade element and sourcing.of my biggest suppliers in them? one of my biggest suppliers in the us, i went to their factory last year. they have a policy on child labour, sustainability, organic and fair trade. you have to look at that if you want to be entirely partisan and transparent. we have had quite a few tweets today on easter and chocolate. we have had one tweet from gerry mayhew says if you need to set a budget for easter, something is wrong. christmas and birthdays, yes, but easter?” something is wrong. christmas and birthdays, yes, but easter? i think people come into the store looking for one egg and come out with real four because they are mesmerised.” tweeted about the fact that our producer spent £20 on egg which he ate quickly. one viewer says, £20 on an egg? did it come with a free car?! many of you feel that an easter egg is something that should be £3.99. in a supermarket, that is fine. but like anything, i still eat mainstream chocolate and i still enjoy a cadbury‘s mini egg. mainstream chocol

massive trade imbalances, driven by unfair and nonreciprocal trade to a world where we have free and fair tradeere trade is balanced with the help of the wto, that's the vision we're going to. it's the man behind me in that house who is responsible for that. >> peter, you mentioned the washing machine and solar tariffs, looking at aluminum and steel tariffs and now broader potential tariffs on klein fchi. how much of this is narrowing that trade deficit and encouraging more companies to invest here stateside. >> one of the benefits of imposing these tariffs has been new foreign direct investment in the country. but the goal really depends on what the target is for example, with the aluminum and steel industries, let's be clear about that the president says correctly that we can't have a country without an aluminum and steel industry there's 20 countries flooding this market with steel 15 countries flooding it with aluminum those industries here domestically need defense from that for national security purposes that's the purpose there the 201 with the solar panels and washing machines that was

companies and our workers the way our markets are open for them, the president plays in free and fair tradents reciprocal trade and recep will pair deals, that is why we go forward with the 232, there is a mechanism that will be held to do with these issues. >> the folks who said this could end up raising costs of people is a this might hurt economic growth and they cite that as a concern, what is your response to them who feel that these tariffs could ultimately offset some of the economic gains that have been made? >> we're sitting at 2% gdp. as of people lined up and said we would never get to 3% gdp. we said all along our goal is to have 3% sustained judy a. we've had two quarters of it. we are not there on a constant basis yet. the president is very focused on growth. that is our number one objective. >> does menstruation feel that americans will actually his wares will rally behind this proposal? >> absolutely. i think americans understand that the president is for free trade. but free and fair trade. he wants to get good deals. he is the salesman in chief for american business. the t

saying we support free and fair trade, import tariffs on steel and aluminum will drive up costs forll products made with these raw materials, regardless of origin. additionally a punitive retal retaliatory tariff on tarly davidson motorcycles in any market would have significant impact about 16% of harley's sales are from europe. as far as material costs, only about 7% of its costs of goods are related to metals. the analyst says since harley sources most material domestically, the likely hit would be about tone cents. >>> last night john farreola argued though china is not a top exporter of steel to the u.s., the company is part of the larger picture and will be impacted >> the reason you cannot only poke us on china is because of the spill overeffect china sends product all over the world. they then send it into the united states or the chinese steel so overwhelms the steel industries of other countries that they're forced to send into the united states. >> nucor shares are flat in premarket. >>> nordstrom rejecting initial offer from its founding family to take the department sto

this is a president that absolutely believes in free trade, but once free and fair trade. very clear since our first meeting with president xi that the trade deficit has to be addressed, that they need to open up their markets to our companies, and that's fair and free reciprocal trade. >> chris: to press my point, are the markets wrong to be afraid of the president's tariffs and the impact it will have on the economy? >> secretary mnuchin: i don't expect to see a big impact on the economy. we've been very careful in how we are doing this and what we are doing, but again, i think what we're doing is long-term very good for the economy, which was pressing for free and fair trade and to the extent that china is willing to open up their markets, which they are making all the right directions on. if they open up their markets it's an enormous opportunity for u.s. companies. >> chris: the fear is that that's not going to be the way they respond. the fear is that the response to the president's tariffs is going to be a trade war with china and the day after the president announc

it's a president who believes in free trade but wants free and fair trade. ar since our first meeting of mar-a-lago that the trade deficit has to be addressed. they need to open up to our companies and it's free and reciprocal trade. >> chris: are the markets wrong to be afraid of the tariffs and the impacts it will have on the economy? >> i don't expect to see a big impact on the economy. were very careful on what were doing. i think long-term it's very good. expressing for free and fair trade. china is willing to open up the markets which the make of the right directions on. but if they open it up it's an enormous opportunity for u.s. companies. >> chris: the fear is that's not how they will respond. the response to the tariffs will be a trade war with china and the day after the president announced his tears china announced plans to impose its own tariffs on u.s. exports and the possibility of billions of dollars more whether it's american soybeans or buoying chats. you spoke with the chinese vice premier yesterday who according to the chinese news agency

and the objective is free and fair trade so the president is very focused on creating better opportunitiesor u.s. companies and that's going to lead to more growth so we've had very direct conversations with china that's obviously our biggest trade deficit. we're very focused on nafta. so the president is very focused on just as we were during tax reform and making sure that american business was competitive on taxes now making sure we have a fair deal on trade. >> but what gives you the confidence that there won't be effects from tariffs like this not just on the end users of the products and potential for the price going up but more importantly, as many discussed, the possibility of our allies in this, for example, the eu or china, not an ally necessarily, responding in kind and, therefore, an escalation of a trade war perhaps that really doesn't does impact the economy. >> we have to analyze the risks any time we do anything. but if you want to move forward with the agenda for american companies, you have to be willing to take certain risks. and i would say let's look at this situation

what is trying to bring about is a way in which focuses on free markets, fair trade and reciprocal tradeng the president does every morning he goes to work is all centered around driving economic growth and creating jobs. not just here in america but around the world. maria: a rough week for stocks. dow industrials down five and two thirds%. yet again on friday, all three major indices fall. in europe, futures indicating also higher. update quarter of a percent. of two thirds of 1%. in asia overnight, stocks were mixed mostly higher. nikkei average of three quarters of a percent and japan. shanghai and china was down. bias at the top. lindsey graham calling for a second special counsel to be named sandy fbi needs to be held accountable. we are sorry facebook ceo taken out a full-page ad across the globe file in the cambridge analytic scandal. is it

japan's fair trade commission is rated amazon's tokyo quarters in pursuit of an anti-trust investigation of the online retailer the commission says the raid was prompted by complaints from suppliers that amazon pressured them to shoulder the burden of discounts amazon is also reportedly suspected of demanding a collaboration fee essentially a tax on the value of each item to cover discounts the fair trade commission previously cited amazon for demanding that suppliers price their products on amazon at the same level or lower compared to all other sellers japan is the world's third largest e-commerce market and amazon's second largest market outside of the united states. and bad boy bank wells fargo remains in the hot seat as it's reported today that a federal investigation extends beyond the unlawful tactics in the retail banking practice and now includes the wealth management business the u.s. department of justice and the securities and exchange commission are conducting the investigation and agents from the federal bureau of investigation have been interviewing some wells fargo wealth

we are talking about fair trade. free trade has not worked out well.not about jobs or main street. this is about wall street pushing back and main street, those are the people who voted for donald trump, respecting that and coming through on the commitment he made to make sure we are treated fairly throughout the world. heather: some members of the steel industry are plotting the proposal. foreign product impacts on the market of 70%, 30% left for domestic supplies, based on all the company situated in the united states we are not able to compete with those prices. sticking to west virginia, school back in session today is west virginia teachers get the pay raise they demanded. estate lawmaker voting unanimously to grant a 5% raise and other state employees. kept more than a quarter million students out of class. we will talk about this on "fox and friends". the time is 9 minutes after the top of the hour. potential diplomatic breakthrough. kim jong un willing to talk about giving up his nukes but is at all smoke and mirrors. >> hopefully a peaceful be

still believes in free and fair trade. rgue that there are number of trading relationships, and policies around the world that are not necessarily in keeping with free and fair trade. i believe that this is a u.s. attempt to try and encourage other trading partners to engage in more free trade. the head of the npc talked about a number of frink measures that they could -- freeing measures that they could engage in. that's exactly what these policies are aimed at, and it seems to me already that a desirable response that animated -- emanating from china. should have become used to buy now the ebb and flow of communication, and the fact is notere we end up necessarily demonstrated by these early skirmishes. matt: we see the same thing out of europe. earlier last week, juncker was saying that maybe we should think about lowering eu tariffs on u.s. goods. he did not say that as an olive branch, but clearly that is what europe is waiting for -- aiming for. does that mean this is a buying opportunity? on a day like today when we

we'll have fair trade. we'll hopefully promote manufacturing in america. what he campaigned on. what the american people understood. and i had hoped it would be phased in. we battled, i testified in front of the international trade commission against tariffs on samsung washers. melissa: sure. >> he phased it in. and you know, it's, i think this is a meeting of the minds. i think long term he is doing what is best for the country and i think most congressman i talked with, after they thought about it, seeing the results will be, are, you know, will take it and we'll do the best we can wit. hopefully spur manufacturing on. melissa: what he said was countries have 15 days to get their act together. canada, mexico, as long as the nafta talks are going on they won't be subject to this tariff that they have to come to an agreement that he likes on nafta. then he won't impose the tariff on them. for china, who said happily well, only 2% of steel comes from us, he pointed out the fact that he does understand they route steel into the country through other means. so he is sort of you have

we believe in free and fair trade. f youdoubt want to create wealth, free trade is an important driver. if you look at the example of the mining business, it is absolutely essential. we have two key drivers for business. gdp and the other is trade. the me give you an example. 80%-90% of our product at rio tinto is moving from one country to another. trade is essential. the recent announcement of last night, clearly if you are going to ask me if i am concerned about this, we are at -- we are watching this carefully. both china and the usa are great trading nations. i am sure that if we understand hope andof trade, i i believe common sense will prevail at the end of the day. i hope these countries sit down together and work out their differences. are we concerned? i stiller is, yes but believe common sense will prevail at the end of the day. let us see what happens in the next 45-60 days. they will be essential. international the stability of the trading system, it is critical that china stops dealing in -- stealing inter