joining me now is the ambassador gary locke. thank you for coming on the show. >> my pleasure, hallie. >> this holds off on the increase from 25% to 10% on chinese goods, but do you see this more as a breakdown averted? >> this is certainly welcome news for both countries. both economies were softening, and going to the next level of tariffs by the united states on chinese goods, as well as retaliation by china, would have hurt both countries, both the consumers, and manufacturers, and workers. there are no winners in a trade war. what will happen next is a big question mark. the chinese are coming up with a statement that does not square with what the united states says. make it's face saving on the chinese part, but a lot of uncertainty as to the next steps, and how you define success. >> i wonder if that raises the question, can you really call this a concrete win? >> well, certainly it helps the president politically. he was facing pressure from his constituents. soy beans and corn have dropped dramatically, and china is ame

i'm joined by gary lock, both ambassador to china and commerce secretary in the obama administration. this, we thought according to the president that china was cutting tariffs on american cars. we had a whole idea about who the winners and losers were and it turns out according to larry kudlow that this is not exactly the case. what's your reaction to this? >> the positive is that there was a pause or truce on the trade war. the president has given his negotiators some 90 days to try to reach an agreement on the fundamental issues that america has with china's trade and economic policies. in the meantime, he will not escalate the tariffs up to 25% from the current 10% on some $200 billion worth of chinese goods coming into the united states. we don't really know what else will happen in that meantime. will the chinese remove or reduce the barriers and the tariffs on american agricultural goods because obviously the tariffs that the chinese imposed in retaliation to trump's tariffs hurt american corn growers, soy bean growers and many other manufacturers of components that go into chi

emily: gary locke was on earlier today saying something similar.a listen to what he had to say. don't think the chinese back away from their overall plan of one to be world-class leaders. so much of what they use now comes almost exclusively from the united states. when the obama and even the trump administration has threatened to stop u.s. company from selling very sophisticated cell for corning glass or phones, it would have bankrupted a lot of these chinese companies. the message to the chinese is we need to double down on this policy of being more self-reliant on our own manufactured items. former u.s.locke, ambassador to china. what does this mean for trade tension? adam: i think it will be good in the short term. might dieconflict down in the markets might be happy in the short term but i think we will have to revisit the issue that the u.s. government will be back at the table saying that china has not followed through on its promises. emily: new develops, that massive marriott hack has been traced that to china. it also led to the hack of i

david: thank you so very much, gary locke. the former ambassador to china under president obama.s is bloomberg. ♪ david: this is "balance of power." it has been 10 years since bernie madoff was sent to jail for his ponzi scheme where hundreds lost billions of dollars. and to the suppressive everybody, many of those people have gotten much of their money back. with more on the way, we welcome stephen harvick, the ceo of the securities investor protection, the company that insurers companies against these dealers. welcome, good to have you. >> good to be here. david: this is extraordinary. if you look at the amount of that was, the amount given over, something like 70% of return at this point. >> that is right, people thought that they had $67 billion on deposit with bernie madoff, but the real amount of money, then that money -- the net money in was about $17 billion. the trustees recovered 13 using giveolls -- the tools him, largely that is to recover assets from those people who took more out of this game than they put in. david: these people took out more, but they did not real

locked on a sound stage trying to figure out things. >> "e.t.'s" last interview with penny was on the set of the odd couple. the episode was a tribute to her late brother garyshal. >> sorry for your loss. >> thank you. >> gary created the original odd couple as well as laverne and shirley. penny told us she would ever be grateful for how he launched her career. >> my brother gave me a life. he gave me a life and i appreciated it. i tried not to let him down. >> for some of her most beloved films penny was behind the camera as a director. >> i wanted to direct for many years. i didn't say choose me to direct. they seemed to think i could. at first i thought it was an insult they didn't want me to okay. >> her first film was jumping jack flash. >> i feel exhausted at the moment and nervous about the screening. i don't know. i hope it goes well. >> it didn't just go well. two years later she made movie history with a little film called "big." ♪ with that movie marshal became the first woman to direct a mo have grossing over $100 million. >> some of it's tom, some of it's me, some of it happened by magic. it's a collaborative effort. >> four years later she reu