the oecd was protection is much trade barriers could derail progress. trade is finally a back as an engine of growth. and so impediments to trade worth right now would be. and you know will not be welcome nothing. imposingng tariffs importt e ststeelers on the memedium o the u.u. s.. the decision so it stays a blowout trade war off the european commission bounce retaliated by the time if. i stake is a welcome attentional monitise the world's economy. about four percent growth rates for the the world again which is like that historical average when the with the economy is doing well. the full cost increasing economic growth is leads the priests that's expected from tax cuts in the u. s. and increase public spending by germany's new coalition governments. are expected in almost every country except for russia the u. k. was also singled out for its low projected performance. the oecd second sentence you have a brexit whistling investments undergrowth. not full interview at the ocr business editor stephen carroll broadcasting people in profit. first layer f

in the year 2000, with that same rate, we were seventh highest in the oecd. what happened there was that the oecd members in the world have reduced their corporate statutory tax rate since 2000. with the single exception of hungary. they raised it from 18% to 19%. we are the only country that did not. if you look at the u.s. again in 2017, we had a global tax system rather than territorial. the u.s. was the single country in the oecd that had a global system rather than a territorial system. just to give you a flavor of what that means, if a u.s. company is competing with a german company in ireland and both make $100 in profit, both companies were obligated to pay the irish government will .5%. for the german company that was the end. for the u.s. company, after paying 12.5%, they were then required to pay an additional 22.5% to the u.s. government in addition to the 12.5%. this bill gets rid of the global tax system and territoriality is now the thing for the u.s. here. [laughter] [applause] it is huge. corporateopped her tax rate from 35% to 21%. that is a

core g25aintain the and keep theg-7 oecd. especially when we have variousnist powers of kinds, those core democratically institutions should be preserved. way to expander cooperation. the china can do more than the oecd. hard question we're going to have to case by case that one. ones we knowg the that share common democratic values >> taiwan has a particular problem in international organizations of course. the united states does not taiwan as a sovereign country. control't recognize prc of taiwan. nether land. what the u.s. has done significantly is to be taiwan'se of participation. w.h.o. meaningful participation. leadership and chinese pretty hard to get over that bar. what united states has done as calledtaiwan has done is global cooperative frame work. taiwannited states and sponsored wide range of in taiwanmeetings which they invite people from region to come. they are on women's equality or women's -- things which taiwan for can makeurces itself player but doesn't have to reach the level that u.n. demands. u.s. has be

the ocd came up just the oecd 3.9%.a report, as a result, they are changing the way they are talking about the economy, instead of the member countries giving their own forecast. they are going to talk about what the risk factors are and try to identify those again ahead of them. the u.s. and its trade stamped, one of the risk factors. they are going to talk about infrastructure and the need for continued building out so the world does not fall behind. you're talking about the possibility of facebook and regulation. there is a proposal to tax internet companies. that is going to be high on the agenda, as well. david: michael mckee is going to be covering it. along with g20's meeting, we are doing something meetings. general powell is meeting as a chairman this week. there may not be much suspense this week. people are watching carefully to get a sense of where they are going from here. one of our favorite charts. it shows that the median., the green line there shows the anticipating three hikes this year but some people

but i also think it has benefit for the oecd. it can easy by be viewed as a northern hemisphere kind of thing. i think it's really important that southern countries around the world also find their own places in organizations like this. and so i would encourage you in that way. >> thank you. >> ms. royce, let me just put a pet issue of mine on the table for your new job, and that is in the area of education exchanges. of course we have a crown jewel education system, fulbright scholarships. i worry when we talk about education we dis career and technical education. i think there is an opportunity for exchanges in this case. if you apply for a pell grant in this country, you can use it on a college campus but you can't use it as an apprenticeship or career in a technical. if you're in the military like any son, you get a tuition assistance benefit. you can use it as a college campus. you can't use it to take a welding certification exam if you're an ordinance officer. we had a presidential scholars program for 50 years that recogn

colombia's desire and ambition to become a part of oecd and become a community of nations that believe in normative standards and are willing to pruf that they're capable of it is a great sign that they are prepared to move forward. our trade relationship with them now has as its framework a trade cooperation agreement which has resulted in a trade, a fairly good trade balance and it's one of the best in the world. a trade in goods of about -- sorry, $23 billion a year and it varies depending upon a number of factors, but also that trade agreement and the desire to join oecd has provided an impetus for a continuation in progress on standards, on labor standards and on resolving conflicts that exist that have to do with protection of intellectual property and the access to the market of u.s. companies. u.s. companies have expressed, and continue to a great desire to invest in colombia. colombia is a country of 48 million people. it has a prominent role in the region and has ready access to other marks and it is really at a point where it should be developing in a very expansive way in t

the oecd, as you said, said that put us at the bottom of the g20 list of industrialised nations growthe. for every 0.i% germany, behind france. for every 0.1% of growth that you lose, that's lower tax revenues, lower government income and that's less room for manoeuvre for spending on health, and for defence and head education which is what philip hammond will wa nt to which is what philip hammond will want to do when it comes to the big event, the budget, in the autumn. kamal ahmed there, our economics editor. a brief look at some of the day's other news stories: the leader of telford and wrekin council in shropshire is calling on the home secretary to order an independent public inquiry into cases of child sexual exploitation in the town. it follows reports claiming that hundreds of girls may have been abused in the town since the early 1980s. a teenager on trial for the attack at parsons green underground station in london has admitted leaving a device on a train but said he never intended to kill anyone. 18—year—old ahmed hussan said it became a ‘fantasy‘ for him when he was ‘very

the rate of gun violence in this country is 20 times, 20 times higher than average in the oecd. so we got remember that when we try to craft a public post response, you can't just be about school shootings. you are much more likely to die from anel accidental gunshot thn you are in a school shooting. and so we got to be comprehensive in our approach, which is why the fix nics act just isn't good enough. i'm proud that senator cornyn and i come in many others in this body, came together to put forward a piece of legislation that will temper the background check system. it will make sure more people should buy guns are not able to buy guns. but it's a relatively modest,, relatively. it is a modest change. in fact, it's really just about making sure that people who were in law enforcement and inside the system comply with existing law. doesn'ts actually add any new background checks. doesn't solve the internet loophole. so my hope is that we can bring this bill before the senate but then we can have a debate on other measures that might enjoy bipartisan support that will do ten tim

on that one, on the oecd, the organization of economic cooperation and development, international energy agency which flows from it, i'm a bit of a hard liner. i think you need to be a transparent society to be in those organizations. i would stick to that. there are probably ways to have association and mechanisms for cooperation with china but i would maintain the core g-20 is fine but keep the g-7, keep the oecd. i think especially when we have revisionist powers of various kinds, those core democratdemocy oriented institutions should be preserved. we will find ways to expand cooperation. it's a hard question. i think we have to case by case that one. i'm for preserving the ones we know share common democratic values. >> taiwan has a particular problem in international organizations, of course. the united states does not recognize taiwan as a sovereign country but it doesn't recognize prc's control of taiwan or prc's sovereignty over taiwan. it's in this kind of nether land. what the u.s. has done is be supportive of taiwan's meaningful participation in w.h.o., meaningful participatio

also that both the trade agreement is the desire to join oecd provided an impetus for continuation in progress on standards. on labor standards on resolving conflicts that exist that have to do with protection of intellectual property, the access to the market of u.s. companies. u.s. companies have expressed continue to a great desire to invest in colombia. colombia is a country of 48 million people. it has a prominent role in the region and has ready-access to other markets. it should be developing in an expansive way in terms of a larger global footprint. there are issues yet to be resolve the. there are hopes they can be resolved in short order and it is under a concentrated review by the u.s. trade representative by the labor department and by the department of commerce. i spoke with commerce and labor about the issues. this is a serious and on-going conversation and will continue because there are elements of the colombian economy that continue involve directly issues such as child labor. i don't know as in cutting the lawn on the weekend. i mean the misuse of children in our lab

the calculations based on oecd data show from 2010 that americans are 51 times more likely to be killed by gunfire than people in the uk. most american gun owners say a major reason they own a gun is for personal protection according to pew study, however, the majority of firearms-related deaths are attributable to self-harm. gun-related suicidesre are eight times higher in the united in high-income nations.-income thinkingne of douglas high scho, we all think what drove this young man to kill, there's not one single reason but there's no excuse for congress and lawmakers and states to remain frozen and fail to act to try to stop future shooting from happening. if anything, it should be the impetus for us to move forward onor many fronts, on many front, take many actions to support our children and support our communities, so more lives are not lost in such a violent way. we cannot allow the stories of these shootings to end like all the others in recent history, we should have taken action after three students were killed and five wounded in december 1997 at a high school in west paduc

some people propose letting china into the oecd so there is an incentive for china to share data. the organization for economic cooperation and development and the international energy agent circumstances i am a hard liner, i think that we need to get democratic countries in that organization and i would stick to that, there are probably ways to have mechanisms for cooperation with china but i would maintain the g 7 and the oecd, especially when we have revisionist powers of various kinds. then we find other ways to expand cooperation. it's a hard question and i have to go case by case on that one. the ones that we know share common democratic values. >> taiwan has a problem with the international organizations. the united states does not recognize taiwan as a sovereign country but it does not recognize control over taiwan, what the united states has done is be very supportive of taiwan's parption in the who -- participation in the who. even the leadership in china, it's hard to get over the bar, what the united states has done, effect ifl as far as -- effectively, as far as that,

and aluminium in global markets is already under consideration in the global forum for steel, in the oecdt conversation involves a loss of actors who have to discuss and figure out the solution for this. that conversation, by the way, i have been saying this for a long time, the way out of this is to have a conversation, is to have a dialogue, put everybody around the table, and to find a solution. a dialogue yes, but you said this the other day in the press, you said quote "unilateral actions could lead to a global trade war". so, today, as you look at what donald trump has done, we talked about steel and aluminium, but we can talk about the bilateral measures taken against china, do you feel more worried that unilateral actions could lead to a global trade war? i said that one. there is no reason to take it back. i think unilateral actions can take us in that direction. do you characterise donald trump's actions as unilateral. i do not characterise anybody‘s actions. they know what they are. what i am concerned about... it doesn't matter. you seem to be abdicating any responsibility to

the accountancy firm pwc says that reducing the gender pay gap could boost oecd nations by $6 trillions that women could play a greater role in the labour market through increased skills and a reduction injoblessness. italy appears to be heading for a hung parliament, with exit polls suggesting that no group has won a majority in the country's general election. but as ever, one of the most pressing issues is the financial state of europe's fourth largest economy. that was on the minds of many who went to the polls. since the global financial crisis hit a decade ago, the economy has struggled to keep up with the rest of the eurozone and suffered two big recessions. but things picked up last year with growth of 1.6%. one of the biggest election concerns for young voters has been unemployment. it unexpectedly rose last week to 11.1% as more people started looking for work. that's well above the eurozone average and amounts to nearly 3 million people. federico sa nti, europe analyst at eurasia group. welcome to the programme. what's your take on the results we have got, the five star movem

the oecd brought it into sharp relief.uld be at the bottom of the g20 leading industrialised nations. we used to be at the top. that is the big challenge for philip hammond, growth thatis challenge for philip hammond, growth that is not as strong as it used to be. less income for the government. less ability to spend money on those big challenges of health, defence and the police. thank you. a teenager accused of planting a bomb on a tube train at parsons green in london has said it became a fantasy for him when he was bored during the school holidays. ahmed hassan admitted building the device that partially detonated last september, but denies attempted murder. he told the court the idea of being chased by police was "very attractive" and he wanted attention. two victims of the serial sex attackerjohn worboys have taken their case to the high court. they're challenging a decision by the parole board to release the former taxi driverfrom prison. worboys has served 10 years in jail for attacks on 12 women in london. tom bur

terms of patents, in terms of innovation we're down somewhere around 13th to 14th according to the oecd, right around slovenia. whereas we used to be number one. and people say, well, yeah, you know, but there's been technology and globalization. yeah. well, sweden in 2016 had a gdp that grew twice as much as the u.s. did. and sweden has very strong government component. so we live in an era not only where government is weaker, but government is skewed toward the benefit of the very few. and this is our position today, and how we got there, in a sense, is the story of this book. thank you very much. [applause] >> and now for something completely different. [laughter] >> i just want to thank david for his book, and i am hoping that i'm going to be able to get down there and get one in time after this, because i think it will be the perfect tonic to my own research. and as i was reading about david's book, i realized that my husband -- who was born in 1952 -- is the last of your grouping. and he regularly talks about what it meant to him to come from a blue collar, chicago, working class

we will go over that with the oecd acting chief economist next.to her colleagues tom keene and jonathan ferro and then ti pimm fox joins the conversation. they can be heard all across the united states on sirius xm radio. live from new york, this is bloomberg. ♪ kailey: i'm kailey leinz in the hewlett-packard enterprise greater. ising up as th the portfolio manager. ♪ kailey: and now to your bloomberg business flash. amazon is now trying to people leaving and the present tweeting he has not done yet. he says he likes to embrace conflict and even chaos. he seems to be a couple sing that, but there's not a lot of continuity. i'm: really interesting and very curious to see what winds up happening with rex tillerson and where he goes. i want to point out what the markets are doing. i do not know if it's related to the headline or what's going on what the market, but i do want to point out what's moving. you do have yields around the lows of the session at 223% on a 10 year is how we print. we have equities moving to the lows of the session and the dol

the oecd has a mechanism for dealing with overproduction. that's the road i would recommend.ear that republicans are not behind this, lawmakers on the democratic side are not behind this either. so who is this for? >> i think that the president is talking to a group of workers that are concerned about their jobs and my heart goes out to those workers, but i do think that we should deal with improving the economy and helping them take the jobs that are generated. >> president trump has made a lot about the trade surplus that china has with the u.s. more cosco consider buying u.s. agriculture food or other products as a way of addressing that in balance? >> i think costco has been trying very hard to serve that purpose, and if you recall, november last year, president xi and president trump, the signing ceremony of a trade memorandum between cosco and adm, to buy u.s. soybeans. >> is that something you are counseling the chinese government against, using the soybean trade as part of these tensions? >> i don't think president trump will do anything ridiculous enough to really ma

management has put our budget in a very strong position and our economy is growing pastor than about 30 oecd nations. what we call asset repsyching. we looked at what assets the government had and could we involve the private sector more in owning those assets or leasing them over a period of time. in so doing, we've raised net more than $30 billion in the last three or four years. in addition to that, it's really strengthened our budget position. that's meant we've been able to invest that into our infrastructure pipelines. we have no government debt on our books. a growing balance sheet of over 40% over the -- an industry pipeline of $80 billion worth for a state of 8 billion people. we're building a new metro in greater sidney. major roads, schools, hospitals because of our financial approach. in addition, we're seeing innovative approaches to infrastructure because we're building so much at the one time. we're really learning how to manage that growth. and i'd be interested to share -- to share experiences of other states because i know infrastructure is very topical at the moment in the

jersey secretary steven mnuchin theing in holding off and oecd has been a study saying we cannot figuret way to do it yet so we need a couple of years to work through the various possibilities and what the u.s. would like to see is the g20 decide to wait before any of its members start to impose taxes. this would have a major impact on american tech companies above all else, especially those like amazon. david: there are two things you suggested, and the reason for resistance, is it because we don't understand it well enough and will take a couple of years or is it because it is going to hurt our industry more than it is going to hurt your industry in europe? michael: it is both. politics is often driven by the interest of its members and for the u.s., they have to watch out or the american tech companies were heavily involved in this. china also with alibaba and other companies like that. they may not end up on this insight but other countries don't have a robust president are saying we lose money because normally sales taxes would be collected where you bought the item. we can't affor

when the opec country started the oil cards, the whole idea was to bring inventory levels down to the oecd average. were 250 million barrels above the five-year level. by the end of september we got million barrels. at the end of the year we were at 60 million barrels above the average. by this year we will be at the five-year average, which means that oil is more or less in equilibrium at that point. i think these levels are ok. less: does that make oil of a catalyst or an important factor for regional assets? to like it to stop talking about it? . can never stop talking about oil in this part of the world. from a hedge fund point of view they are looking to make any off of it. at a nicevel, you are equilibrium level. you do not need to belong or be an asset. in terms of the macroeconomic conditions for this part of the world, 62 works just fine. --'t forget, every dollar every extra dollar ads 10 billion saudi riyals to the saudi revenue. year -- 62 this year that works fine. tracy: let's talk about an alternative catalyst for regional assets. they were boosting their foreign ownership l

and the oecd has a mechanism, a withfor dealing overproduction.is the road i would recommend. -- it's quitelear clear that republicans are not behind this, lawmakers on the democratic side aren't exactly behind us, either. so who is this for? think the president is talking to a group of workers that are concerned about their jobs. and my heart goes out to those workers, but i do think better that we deal with improving the economy and help them take the jobs that are generated. we -- in reaction to our tariffs. example, in the agricultural industry, they will be devastated. and the users of steel, they will be hurt. will lose more jobs than we will ever conceivably create. >> that his former u.s. trade representative carla hill speaking earlier about the threat of a global trade war. it is now time for the bloomberg business flash, a look at the biggest business stories in the news right now. in the u k, gkn has rejected a sweetened $11 million bid from -- industry. they say the price is too low and doesn't reflect the value of the plant. the prop

they have been booming because global trade is incredibly robust just the other day the oecd upgradedok for the global economy, upgraded every one of the g20 economies in terms of their economic performance except for russia. that's great news. what could kill it is trade barriers so we'll have to keep a close eye on that. we are think they're worth the risk clearly they're facing an intense risk environment here in the next month with those trade sanctions. >> how about this. if we got more tariffs, let's say the president goes forward, he ignores larry, goes forward and does this. are global earnings strong enough to mitigate any potential slowdown from those tariffs should we get them >> i like to think so. the global growth backdrop is the strongest it's been in a decade, but it depends on the size and scope of tariffs. if it's targeted in the tech sector, 30, $60 billion of products targeted, sure. if it's a blanket tariff across all chinese tariffs, something that might invite retaliation, that's more of a challenge and will make this wall of worry more slippery to climb >> the

quarter >> yeah, the -- it's hard to forget the whole world it does seem like, if you look at the oecd confidence indexes, they've generally been high all over the major countries of the world. why is that? i can only speculate one thing is that the recession is leaving us. it's starting to fade in our memory the world financial crisis was almost a year ago. and people are changing their leadership, and they're becoming more nationalistic maybe that goes on with some confidence, you know, patriotic conference in one's own country. for a while we're looking good it's a mood thing that's not that substantial confidence is high but it's not a revolution it could change. >> professor, do you think the longer it takes for a recession to materialize, the more severe one would be when it actually hits >> well, i'm trying to think of history. i think of the roaring '20s as a basically expansionary period for something like nine years. that was followed by the great depression but i don't know if that's a strong tendency that one can -- the 1990s was a strong period. but -- and that led to the

you know, the oecd has a forum where there is a global overproduction and wouldn't it be wonderful ifad on that and to find a solution china -- >> ambassador? >> yes, sir? >> i want you to get to pause a moment we have an update on the news from the white house about the president's expected action later. >> yeah, jon i want to emphasize it's a very unsettled situation here at the white house. nobody seems to really know exactly what it is the president's going to be doing at 3:30 the president just said in the cabinet meeting he will be announcing his decision at 3:30. i'm told just by one official, bear in mind this is just one official talking, but one official saying that what the president will sign today is legal paper enacting the president's objectives here and also laying out dates and time frames for those objectives to be met now we're going to have to parse that a little bit. what is meant by legal paper, i'm not entirely clear kinlt get t i can't get the dates for you right now. sounds like we're talking about something lower down the poll than an executive order. but som

oecd rates china as the least transparent of all of the g20 countries.se are the kind of things that need to change. he asked about oil and gas. with that possibly that might be in the mix. you pressuring the chinese to import more oil and gas? what amounts and timeframe are we looking at? lena: president trump visited for, there were mou's sign major deals on liquid natural that from alaska and from other places as well. they a big pollution problem here. we can help improve the air quality for the chinese through that. another area is ethanol. in tvrica we eliminated years ago because it pollutes the groundwater, and there are still using it here in china. is that they want to be 10% ethanol by the year 2020. those are just a couple of examples where we can help improve the only of life and air polity and groundwater polity in china at the same time reducing the trade deficit. these of the kind of things to me that make a lot of sense. next there are reports that soybeans are being discussed to ensure they are included in chinese retaliatory measures.

when you look at corporate tax rates in colombia, we are above the average of oecd member countries and and the world average. part of the things i am proposing is to eliminate unnecessary spending, do a reform in central government so we can be more efficient, use but a technology, and eliminate duplicity's in many work that we have among agencies, and also fighting tax evasion on corporate taxes. we can lower the rate, increased investment, and make that the trigger of productivity and new formalization and job creation. scarlet: when it comes to the tax cuts, are the trump or bush or reagan tax cuts a model for you to look at? ivan: i don't think you could have a one-size-fits-all agenda cuts, but what we should do it to libya is become more competitive in tax rates for corporations because they are the generators of a formal labor force. if you ask me about a competitive rate, it should be below 30%. as we have seen in other countries in latin america. chile has taken a reduction, and also peru. we should follow that trend to get the economy and investment reactivated and be able to

to work with allies like the e.u., japan, korea and use multilateral fora such as the g20, g7 and oecd to develop a coordinated strategy. do you agree with that? >> i believe we do have a coordinated strategy. i believe i've tried to describe it. the exclusion process is intended to do the fine tuning that is necessary to make sure that we minimize any unintended consequences. >> you met with commissioner wahlstrom from the e.u. recently and they feel like there is a coordinated strategy happening? >> yes. i think the actions we've taken will produce coordination with other countries. you probably solve the press release that she and i put out after our meeting and one that we put out the day before jointly with my counterparts in germany. we think that the e.u. in a whole variety of different ways as part of the problem. still the constant in the form of an automobile from germany is every bit as much a problem as steel that comes in as steel. >> a couple quick questions. i have a technical question for you. the president ultimately decided on tariffs of 25% for stealing 10% for leban

the calculations based on the oecd data show from 2010 that americans are 51 times more likely to be killed by gunfire than people in the u.k. most american gun owners say a major reason they own a gun is for personal protection, according to the pew study. however, the majority of firearms-related deaths are attributable to self arm. gun-related suicides are eight times higher in the united states than in high income nations. thinking of stone hill douglas high school, we all wonder out loud what drove this young man to kill indiscriminately. there's no one single reason, but that is no excuse for congress and lawmakers and all of our states to remain frozen and fail to act to try to stop a future shooting from happening. if anything, it should be the impetus for us to move forward on many front, on many fronts and take many actions to support our children and support our communities so more lives are not lost in such a violent way. we cannot allow the stories of this shooting to end like all the others in recent history. we should have taken action after three students were killed

trade negotiators but in the case of finance and right after that we supported mexico to join the oecd the sort of club largely developed in wealthier economies. >> we decided that in the bush administration. wayne: and it took place in 1996, i think. and then still in the early 2000's we had very good discussions among the financial and trade both but it was a little more quite a bit more distant with foreign ministry. the former ambassador of mexico is here today and i have actually talked about this and written a piece on it somehow through the 2000 we gradually expanded our cooperation in foreign policy areas and in other types of international work together and then the big jump forward was the creation of the narrative -- of the maritime initiative in 2008. that was under george bush and president called the rhÔne -- and president calderon. and for the first time, not that there had not been cooperation before, but it set up a formal program where we weren't just having law enforcement people work to track down this criminal or that criminal but we were working together to improv

the economy is doing very well, not only in oecd country, in the rest of the world.h that, there will be a healthy demand, that is our projection >> are you actively hiring u.s. services companies to come to saudi arabia to help grow your production >> companies from the u.s. have been there for the last 50 years. halliburton, slumbergy and baker hughes are major four players in the service sectors. supporting saudi aramco for the last 50 years, as i say. >> i should have phrased it, sir, more as are you growing your business with them? we are cnbc. they're major companies with stocks are they getting more business from saudi aramco. >> their business is growing with our growth. ge is also with the latest merger with baker hughes, is also playing a major, in terms of services in the kingdom their business is expanding big time as we are adding more rigs and more services, as we are expanding our upstream business, especially in the gas sectors, we look at 2015 to the next ten years. we're almost doubling our gas production that required a lot of services from all of

and right after that, we started, we supported mexico joining the oecd, for example, the sort of club of largely developed and wealthier economies. >> we decided that in the bush administration. >> but it took place in '96, i think, as it takes awhile to get there. then still in the early 2000s we had very good discussions among the financial and trade folk but it was a little more distant. quite a bit more distant with the foreign ministry. arturo is here today, the former ambassador to mexico and i have talked about this and written a piece about it how through the 2000s we gradually expanded our cooperation in foreign policy areas, in other types of international work together, and then sort of the big jump forward was the creation of the merit initiative in 2008. and that was under george bush the son, and president calderon, and what that did for the first time, not that there hadn't been cooperation but it set up a formal program where we weren't just having law enforcement people work to track down this criminal or that criminal, but we were actually working together to improve

oecd and mann of the now it is citigroup. saying when do we let these combinations go? when do we let demand. desolate them and. -- let them end. when does government step in? >> that is a tricky question. we have been living in a world of increasing concentration. amazon is the primary example. when they start worrying about bad spillover effects for the consumer and pricing -- too much pricing power. the irony in this world is with technology, firms like amazon haven't been raising prices, they have been putting downward pressure on prices. tom: is in the call competition? julia: amazon is getting bigger and bigger and yet it is not reducing inflation. tom: this is fascinating because the forms of business, i don't think this is what you learn in the industry. julia: it is a mature industry. one where you could see technology be brought in to produce greater efficiency. in terms of information management, distribution, so i think the traditional economic model of monopoly and pricing power is a bit turned on its head. tom:

. >> the oecd says the global economy will grow close to 4%, raising its previous forecast. the writer outcome comes with a caveat. the threat of retaliation by china on tariffs, the eu and others. trade protection remains a key risk. global news, 24 hours a day, powered by more than 2700 journalists. this is bloomberg. polls are officially closed in the special election areennsylvania where voters selecting a new congressman in the 18th district. there are implications for the balance of power in november. kevin, the polls have just closed. give us the latest. >> the polls have just closed. this is the democratic , trying to turn this district to the democrats. $10 million in the district that -- lamb casting himself as the charismatic new leader. from theg himself leadership. he is someone running as a census candidate. opening within the last hour, this place is packed. they are seizing on what they hope is momentum. they have been actively trying to mobilize efforts of the progressive grassroots, trying teste this as a potential run for the midterm election. what are the

we just saw the oecd wrap up their numbers, so there is more upside. this. why are the bears wrong right now? you have been so good at sign saying that they are just wrong, wrong, wrong. what are they wrong -- why are they wrong? >> so much of investing the last 15 years has been about macro -- quantumive investing. joe and i have known each other for a long time. we have been through the wars. hads not just that we have the opportunity to work in our business for so long, it is just that we have seen things and lived through things. there is nothing academic about what is happening with the market. if you're trying to diagnose early cycle,cycle, whatever cycle, you should not be doing that right now. you should be picking companies and holding companies. and when the market rolls over and gives you the opportunity to buy more there's companies, -- more of those companies, that is what you should do. francine: some of the difference is that we see in the market now compared to it was five years ago, is that at this point in the cycle when the fed is ra

and catherine mann of the oecd with a wonderful celebration of her announcing she will join them as chiefyou about trade and now we need to talk about the fiscal deficit. if you bring up the chart, it is there is no question about that, the green circle back to reagan, deficit 40% gdp , we areprofessor buiter nowhere near that. how can the president, secretary mnuchin, get away with tax cuts and on top of that, a guns and butter deficit to gdp? by shearither ignorance or believe that there will be a massive supply down, tricklele up that will cause it to pay for itself. tom: glenn hubbard will join us andadio later today certainly he has been optimistic about american growth and yet, even he is hesitant about sustained 3% gdp. they cannot even get dean hubbard on board, can they? willem: it is clearly hard to get any kind of meaningful capital expenditure response to a tax cut that applies to less than half the corporate in the second, occurs in a situation where it is total the deductibility. tom: what is your reading of history on this? it is almost anti-european. anti-austerityst in eu

according to the oecd, americans today, where we have the most advanced technological breakthroughs imaginable-- americans today do more hours of paid lab t than any y other working class in any country on the planet.. where was all the leisure supposed to come from? all the work that was saved? less work for mom from all those appliances in the store-- that you c could buy. meanwhile, mom has to go out and work because the family can't survive unless she does. she's not doing less work. she now has two jobs--the one in the house and the one in the labor force. it's absurd. and, by the way, that's not the fault of the technology, which really was liberating, but itit's the fault of a system that has to keep making money whetheher the technolo''s advanced or not and drives people, because that's how it makekes money. last thing about this system before i talk about a solution-- not only does it produce crises and the terrible waste anandamage, nonot only d does it polarize unless people react, and not only does it deny us the fruits of technical change, the fruits of all kinds of breaktkthrough