keep talking to my colleagues, both parties, to see what we can get done to reinvest in american competitiveness, to strengthen our infrastructure, and to show the american people in the world that we can legislate together on big and important issues. jake: i just want to press you on what you mean on this. if you are talking about a small package with hundreds of billions of dollars, talk a little bit about that. that seems interesting, it's an interesting point of view. with that pair with taxes? how do you see that coming together? sen. coons: there are a lot of challenges. without getting into the details or any particular conversation, several barely seasoned senior republicans have surprised me by saying they would be willing to vote for something up to $1 trillion, and they are willing to raise some taxes to pay for it. one of the challenges is, which taxes? summer cult -- some republicans are willing to raise the gas tax. they are willing to impose a vehicle mile fee for road infrastructure, as long as it's dedicated to improving road infrastructure on electric vehicles. there is some r

we have to shore up american competitiveness to meet the stiff competition we're facing from an increasingly assertive china. we have to strengthen our alliances and work with like-minded partners to ensure the rules of international norms that govern cyber threats and emerging technologies that will shape our future are grounded in our democratic values, not those of the autocrats. we have to defeat this pandemic and strengthen global health systems, pro pre-pair for the next one because there will be another pandemic. you know, we'll be much more formidable to our adversaries and competitors over the long term if we fight the battles for the next 20 year, not the last 20. finally, the main argument for staying longer is what each of my three predecessors have grappled with. no one wants to say we should be in afghanistan forever. but they insist now is not the right moment to leave. in 2014, nato issued a declaration affirming that afghan security forces would from that point on have full responsibility for the country's security by the end of that year. that was seven years ago. so when w

for american jobs, american competitiveness. last week i said, once congress is back from recess i would get to work right away because we have no time to lose. so here we are. democrats, republicans will have ideas about what they like and do not like about our plan. that is a good. that is the american way, that is the way democracy works. debate is welcome, compromise is inevitable. changes are certain. in the next few weeks the vice president and i will be meeting with republicans and democrats to hear from everyone, and we will be listening, open to good ideas and good faith negotiations. but here is what we will not be open to. we will not be open to doing nothing. inaction is not an option. since i announced this plan i heard from my republican friends say it is too big. fix what we have already got, the roads and highways that exist, the bridges. i am happy to have that debate, but i want to tell you my view. we are america, we don't just fix for today, we build for tomorrow. 200 years ago trains were not traditional inf

at its core the american jobs plan is about investing in american competitiveness, strengthening our workforce, rebuilding infrastructure, and leveling the playing the old so all americans have a shot at a good job. prior to being commerce secretary i was governor for six years and prior to that i was in the private sector. over the course of my career as an entrepreneur and governor now commerce secretary i've had many discussions with businesses, from the biggest to smallest. over the years there is something we seem to agree on. we need to make massive investments in our infrastructure if we are going to compete and ensure americans global competitiveness. most recently i spent a lot of time in the past few weeks talking to business leaders, and i can report there is a broad level of enthusiasm -- -- that president biden is doing the right thing in pushing to conceive of infrastructure as broad, as including investments in stem, research and development, basic research and broadband. investments in training our workforce. that's what it's going to take to compete. a key component o

it was bad for american competitiveness. deeply unfair to the middle-class families. wrong for our future. here's what i would do. i start with one rule. no one making under $400,000 will see their federal taxes go up, period. it's not about penalizing anyone. i have nothing against millionaires and billionaires. i believe in american capitalism. i want everyone to do well. but here is the deal, right now a middle-class couple with two kids making a combined salary of $120,000 a year, pays $.22 for each additional dollar they earn in federal income tax. a multinational corporation that builds a factory abroad pay s nothing at all. we are going to raise the corporate tax. it was 35%, which is too high. we all agreed five years ago it should go down to 28%. but they reduced it to 21%. we are going to raise it back to 28%. no one should be able to complain about that. it is still lower than world war ii and 2017. just doing that one thing would generate $1 trillion in additional revenue over 15 years. in 2019, and independent analysis found there are 91 fortune 500 compa

we have to shore up american competitiveness to meet stiff competition we are facing from an increasingly assertive china. >> president joe biden on the challenges going forward, but also acknowledging why the u.s. has been in afghanistan for the past 20 years. our international affairs commentator was watching joe biden's speech. in terms of what biden is saying, this is very different from what was agreed in doha between the trump administration and the taliban. douglas: he has moved the timeline back a few months here. it is not going to start may 1, the original timeline, as negotiated by trump was may 1. that was the ultimatum, and that is what the taliban is issuing a warning overcome it saying that they are sticking to may 1, that if you are not off by may 1, all bets are off. they could launch a spring offensive. the fact that nato troops are pulling out of afghanistan, they could be pulling out amidst crossfire from the taliban. hence the warning from joe biden, we will do everything to defend ourselves and our partners if you attack us as we are trying to withdraw. the main take

and at its core, the american jobs plan is about investing in american competitiveness, strengthening our workforce, rebuilding infrastructure, and leveling the playing field so all americans have a shot at a good job. prior to being commerce secretary i was governor for six years. prior to that i was in the private sector. over the course of my career, as an entrepreneur, as governor, now as commerce secretary, i have had many, many discussions with businesses. from the biggest to the smallest. and over the years, there is something that we all seem to agree on. which is that we need to make massive investments in our infrastructure if we are going to compete and ensure america's global competitiveness. and most recently, i have spent a lot of time in the past two weeks talking to business leaders, and i can report to you that there is a broad level of enthusiasm for big investments in infrastructure. and i think there is a recognition that president biden is doing the right thing in pushing us to conceive of infrastructure as broad. as including investments in stem , research and de

networks and operations that spread far beyond of afghanistan since $911.00 that's a sharp american competitiveness to meet the stiff competition we're facing from an increasingly assertive china have to strengthen our alliances and work with like minded partners to ensure the rules of international norms that govern cyber threats and emerging technologies that will shape our future are grounded in our democratic values values not those of the autocrats we have to defeat this pandemic and strengthen the global health system for prayer for the next one because there will be another pandemic you know will be much more formidable through our adversaries and competitors over the long term if we fight the battles for the next 20 years not the last one and finally the main argument for staying longer as what each of my 3 predecessors have grappled with no one wants to say that we should be in afghanistan forever but then insist now is not the right moment to leave and 2014 nato issued a declaration affirming that afghan security forces would from that point on have full responsibility for this country's

list of other projects intended to create millions of jobs in the short term and strengthen american competitiveness in the long run joining us now to break this down that boom bust co-host and investigative journalist ben swan now ben obviously a plan like this it's massive let's start with the issue of the taxes what kind of increase are we actually talking about here. yes so essentially this is kind of rolled out over a long period it's not going to happen immediately but the idea here is to propose increasing the corporate tax rate back to 28 percent to the level that it was at prior to the trump tax cuts that took place in what 2017th so they want to go back to the 28 percent tax rate they also want to increase the minimum tax on u.s. corporations to 21 percent so it would be a sizeable tax increase for corporations but really only sizable back to preach trumpet ministration levels on huge in that respect i think the one thing that's missing though out of this is how are you really going after those big multinational corporations that invade paying taxes we've heard criticisms of them for a lon

everything else he had to say, he had warning signs about american competitiveness. lities in the american economy and the spending and the focus spending. that's an important thing with what we are talking out with biden stimulus. the money does not just flow freely. it is catered into places that really needed. one of the policies he raised and people have not talked about today's minimum wages. raising the federal minimum wage. he made a case for that and a 66-page q.he talked about -- 66-page letter. he's making the case for policies that perhaps are unpopular to other corporations. amanda: really interesting. the voice of wall street in some ways. thank you for that. we do expect to hear from president biden with his jobs plan. we will talk to former senior economist at the u.s. department of later bill rogers on what a healthy jobs market might look like in america. stay with us. matt: this is "bloomberg markets ." bloomberg news has written a fascinating story about the shrinking middle class. i learned a lot from it. we saw last year 100 50 million people glob

for american jobs, for american competitiveness. >> and the american jobs plan would have billions tonfrastructure. but beyond repairing our past, we also have the chance to look forward into the 21st century and beyond with improvements to our electric grid, expansion of rural internet access, and major criticism of the new deal is that it didn't do enough to address racial inequities of the time that it was. well, the biden administration has asked for input and ideas from a diverse coalition, so that will not be the case this time hopefully. including input from americans like you. here's how you make your voice heard. it's going to start with a little homework. get online or out in your community and find out which new deal projects still feature in your life. you might be surprised how many high school gyms and public libraries were funded by that fdr campaign promise. then ask your local state and national elected officials how they're planning to protect and expand that vital infrastructure. if you have ideas, tell them, we call the men and women who built new deal america the

i would argue that there is ample evidence that american corporations can be competitive at a tax rate like 20% for the simple reason that they are extremely competitive added tax rate for 35%. surely they can handle 28% which would be lower than it has been for most of my lifetime. we have heard different ideas on what the pay for should be, and i think this is a good time to take those inputs on board, but it is pretty hard to eat the vision that the president opposed. >> does there need to be a dedicated revenue stream? >> we will keep talking with congress, because you know for some time, we have seen general fund dollars going into maintenance, but it is exactly what is in the president's plan. >> having covered state and local government for almost 20 years before coming here, i have seen the division that can erupt with anna estate between regions of the state over as they fight over limited pots of money to build these kinds of infrastructure projects. how involved do you think the federal government and the department of transportation, congress, white house should be in makin

we have seen very good response from the administration and what they're looking for, american competitivenesse manufacturing area, so we are pleased with the biden jobs plan for research, broadband and manufacturing and semiconductor investment. this will help us go faster and bigger in the industry. but shortages will last for a. dutch for a while. -- shortages will last for a while. emily: you can catch the full interview at bloomberg.com. on tiktok not every content creator is treated equally and we will talk about diversity challenges plaguing the platform, next. this is bloomberg. ♪ want your workout to be easier, more effective, and more convenient? then you should try aerotrainer by golo. the new full body workout that you can do at home or anywhere. it's great for planks, squats, core, and glutes. you'll strengthen and tone muscles, relieve back pain, and reduce stress. it's also great for yoga and pilates. get noticeable results in just ten minutes a day. (woman) aerotrainer makes me want to workout. look at me. it works 100%. (host) all of this is a $300 value, but through this spec

underlies every industry, american competitiveness oh, this is so straightforward but also been a viewhat, hmm, how much of this is industrial policy versus just letting the markets decide also, you know, hmm. building factories in the u.s., but the interlechtual property is controlled elsewhere, is that okay just say this is the time. the u.s. used to be 20-plus years ago, at 37% of global supply today we're at 12% and headed to less than 10%. this is like the most critical technology and we're going to lose control of that supply chain? we must act not. not only flatten it but start the rise and i believe our moon shot to be a third of the supply of semiconductors should be back on american soil by american companies and we're excited to see that response, but there's bipartisan support for this approach in the government and we believe that needs to be the ka is in europe. a balanced supply chain, leadership technology so critical for every aspect of our nation's leadership and covid has just accelerated that dramatically. >> right and pat, it's deirdre. good morning. >> good mornin

for american jobs, for american competitiveness. last week i said that once congress is back from recess, i get to work right away, because we have no time to lose. so here we are. democrats and republicans will have ideas about what they like and don't like. that's a good thing. that's the way democracy works, debate is welcome, compromise is inevitable, changes are certain. in the next few weeks, the vice president and i will be meeting with republicans and democrats to hear from everyone. we'll be listening, we'll be open to good ideas and good-faith negotiations, but here's what we won't be open to. we will not be open to doing nothing. inaction simply is not an option now, since i announced this plan, i've heard from my republican friends say that -- many of them say it's too big. they say why not focus on traditional infrastructure? for example what we've already got, the roa roads and the highways that exist and the bridges. i'm happy to have that debate, but i will tell you my view we don't just fix for today. we build for t

wrong they brought in the base and raising the rate, it's gonna be incredibly damaging to american competitiveness, it could make the u.s. a far less hospital home for successful learners and entrepreneurs and their companies and factories and stores and workforce. let's look at factoids about the silly idea that there is a race to the bottom. before the trump business tax cut, the united states had the number one highest federal state rate at 38.9%. hold that number, make a note of it. we were number one among 36 developed countries, after the trump tax cut past we move down the list a lot and were only the 14th highest we had an effective rate of 25.8% but that is not that great we were just the 14th highest, it was nonzero either, frankly i've always been a fan of ireland, ireland has a 12.5% corporate tax, they are the second lowest to hungry which has a 9% corporate tax rate, neither of those are 0, both of those are promoting economic growth, ireland incidentally has one of the best economic stories in recent years of any country around the world. now another, if the biden yellen tax hike pa

for american jobs, for american competitiveness. last week i said that once congress is back from recess, i would get to work right away because we have no time to lose. so here we are. democrats and republicans will have ideas about what they like and what they don't like about our plan. that's a good thing. that's the american way. that's the way democracy works. debate is welcome. compromise is inevitable, changes are certain, and in the next few weeks, the vice president and i will be meeting with republicans and democrats to hear from everyone, and we'll be listening. we'll be open to good ideas and good faith negotiations. but here's what we won't be open to. we will not be open to doing nothing. inaction simply is not an option. now, since i announced this plan, i've heard from my republican friends say that it's -- many of them say it's too big. they say, why not focus on traditional infrastructure? fix what we've already got, the roads and highways as they exist, and the bridges. i'm happy to have that debate. but i want to

work through committees that we will end up being together on a bill that will invest in american competitiveness jake sylvan just said in the last segment, we have to reinvest here at home. and john led an effort in the last conference and got signed into law to bring back to the united states the manufacturing of semi conductor chips if seen urgent as if we keep manufacturing automobiles in this country. i support john's initiative their print and working across the aisle on the foreign relations committee which will have a market this week. so actually chris i would not declare it dead yet. i think it's a positive and possible we could work together still in the coming weeks on investing in america to better compete with china. >> senator cornyn, taking on china would seem to be something that all americans let alone senators could agree on. but there then reports that you and a number of other republican senators after making big bipartisan push, are beginning to back off. what is the problem? >> i think we were all encouragingly heard president biden on jenner the 20th talking about healing

we have seen very good response from the administration of what they are hoping for for american competitivenesse manufacturing area, so quite pleased with the biden plan for manufacturing, research, and semiconductor investment. so this will help us go faster and bigger in the industry, but shortages will last for a while. guy: good morning. can i just pick up on the point you just raised about the incentives being provided by governments? first up, do you think $20 billion is enough to be long-term competitive with tsmc? tmc -- tsmc, they are based in taiwan. there are huge incentives that come from governments both state and local. i am wondering whether you think you've got enough from the u.s. government to be competitive against that, and you think the u.s. government needs to do more to attract more fabrication back into the u.s. from asia? pat: overall, when you look at the big numbers, the u.s. 25 years ago, 37 percent of manufacturing on u.s. soil. now that is 12%. most analysts before these last discussions were predicting that to further decline. we say, for something so critical as

we have to shore up american competitiveness to face the stiff competition from an increasingly assuredo make sure the norms that govern cyberthreats and emerging technologies that will face our future you are grounded in our democratic values, not though of autocrats. we have to defeat in pandemic and strengthen global health coms to prepare for the next one, because there will be another pandemic. we will be much more formidable in the long term if we fight the battles for the next 20, not the last 20. finally, the main argument for staying longer is what each of my three predecessors have grappled with. no one wants to say we should be in afghanistan forever, but they insist now is not the right moment to leave. in 2014, nato issued a declaration affirming that afghan security forces would from that point on have full responsibility for their country's security by the end of that year. that was seven years ago. so when will it be the right moment to leave? one more year? two more years? ten more years? ten, 20, 30 billion more than the trillion we have already spend? not now? that's

talking about the american rescue package, it is often through the lens of trying to increase american competitivenesshis team believe they face with china right now and that is certainly the case today, and ana it's something we can watch over the course of the next several months. it seems like, when you talk to white house officials, they make the case that very much of what they're going the foreign policy realm is directing at pushing back, making clear how the president views china, how the president views chinese president xi jinping and how the president views the necessity of alliance in that region when you look at the myriad of issues the u.s. is dealing with in china, whether it's the south china sea, taiwan, hong kong, there are no shortages of issues to deal with and that's why it's become a critical issue and why this meeting is so important same with the meeting next month with the south korean president, the administration still inside the first 100 days and facing a series of major, daunting foreign policy questions across the globe, but making clear, china is a, if not the priority,

we have to shore up american competitives to meet the stiff competition we're facing to an increasingly-minded partners to ensure the rules that govern cyber threats and emerging technologies that will shape our future are grounded in our democratic values, not those of the autocrats. we have to defeat this pandemic and the global health system to prepare for the next one, because there will be another pandemic. you know, we'll be much more formidable with our adversaries and competitors in the long term if we fight the battles for the next 20 years, not the last 20. and, finally, the main argument for staying longer is what each of my three predecessors have grappled with. no one wants to say that we should be in afghanistan forever, but they insist now is not the right moment to leave. in 2014, nato issued a declaration of afghan security forces, which from that point on will have full responsibility for the country's security by the end of that year. that was seven years ago. so when will it be the right moment to leave? one more year? two more years? ten more years? 10, 20, $30 bill

white house' messaging is going to boil down to two things one is, this is essential for american competitivenessinto china eating our lunch, as he put it that this is something that is absolutely essential and also, the popularity of this the initial polling on this yesterday was is that these tax increases actually make the bill more popular, if you make it clear that the only people here seeing tax increases are the wealthy and corporations and so, the biden administration is actually giving more time for this the timeline on the hill is a little bit longer than it was for the rescue plan. and i think they want to make it politically uncomfortable, for certainly for republicans to oppose it and do everything they can to keep their own left flank onboard. >> so, mike, the left -- the said left flank has basically said, this bill isn't enough doesn't go far enough. we need more but the price tag is a pretty blaring headline i feel like i can see that the campaign ads kind of write themselves is the biden administration concerned at all about that part of it, or are they confident that the pollin

talking earlier this week about withdrawing troops in afghanistan and he's tying that into american competitivenessssues like cyber threats, chinese planes flying not far from taiwan, on its human rights abuses, on its treatments of hong kong. there are issues the two can see eye on eye, such as the olympics taking place in tokyo. less than 100 days from now, and it's thought that the prime minister would invite the president to attend those games, even though it's unclear how safe they can be during this pandemic, katy. >> part of what i'm interested in knowing, phil, is what about tpp and our trade partnerships with the region? tpp was not signed by president trump. he didn't want it back when he was in office. he preferred singular trade agreements, but tpp was intended to push back on the influence of china around the world. is that something that's being brought up again or something of that kind? >> you know, katy, i think trade is certainly a topic that we can expect biden and his deputy's counterpart to be discussing today. you're right to point out that former president trump pulled back f

potential of the united states economy, invests in our workers and ensures that we make the american economy more competitive, it means american will be less competitive on the global stage. fundamental the infrastructure bill is underwritten by the tenant of the fact that we know in order for america to compete in the 21st century we need to make investments today. these are investments that are republicans and democrats have called for over the years. president laid out a plan to do this and he looks forward to working with congress to make sure that this happens. >> let me ask you about the global tax proposal. which, you know, a number of people argue it is a fine idea, it will not happen, because countries like ireland will not actually raise their corporate tax rates, because they want to attract all of those companies, and the result will be the u.s. will have raised its rates, other countries like ireland or luxembourg or liechtenstein won't and we'll end up being uncompetitive. >> so, fareed, i think the competitiveness is something the president cares deeply about. our tax proposal is underwritten

we have to shore up american competitiveness to meet the stiff competition we are facing from an increasinglyded in our democratic values, not those of the autocrats. we have to defeat this pandemic and strengthen global health system to prepare for the next one, because there will be another pandemic. we will be much more formidable to our adversaries and competitors over the long term if we fight the battles for the next 20 years, not the last 20. and finally, the main argument for staying longer, as with each of my predecessors have grappled with, they insist now is not the right moment to leave afghanistan. in 2014, nato issued a declaration that afghan security forces would from that point on have full responsibility for the country's security by the end of that year. that was seven years ago. so when will be the right moment to leave? one more year, two more years? ten more years? ten — 30, $1 trillion more years? ten — 30, $1 trillion more than we've already spent? not now? that's how we got here. there's a significant downside to staying passed may one without a clear timetable for de

networks and operations that spread far beyond egg afghanistan since $911.00 that's a sharp american competitiveness to meet the stiff competition are facing from an increasingly assertive china have to strengthen our alliances and work with like minded partners to ensure the rules of international norms that govern cyber threats and emerging technologies that will shape our future are grounded in our democratic values values not those of the autocrats we have to defeat this pandemic and strengthen the global health system for prayer for the next one because there will be another pandemic you know will be much more formidable through our adversaries and competitors over the long term if we fight the battles for the next 20 years not the last 20 and finally the main argument for staying longer as what each of my 3 predecessors have grappled with no one wants to say that we should be in afghanistan forever i think insist now is not the right moment to leave and 2040. nato issued a declaration affirming that afghan security forces would from that point out have full responsibility for this country's se

competitive. we want to take care of american workers and american communities and think about that first some of ons that we've seen out of the administration about maybe other countries could raise taxes just show that they can see that this is not competitive for american companies and we're not ready to bet american jobs and american competitiveness on the idea that other countries might help us out and raise their taxes. >> you were saying, suzanne, that business should have a say in all ofthis in figuring out these policies we talked yesterday to deputy treasury secretary and he said he's been talking to ceos about the tax issue. have you found this administration less forthcoming or at least inviting of business to the table to these discussions? >> on the contrary i think we've had really good conversations with the administration, really good conversations with folks on the hill and we're optimistic that there is a bipartisan compromise here that can get this critical work done on infrastructure, help american families, help american companies, help us be more competitive we want to see i

we have to focus on what is in front of us and shore up american competitiveness to meet the stiff competitionnal norms that governor cyber threats are grounded in democratic values. and defeat this pandemic. there will be another pandemic. we will more formidable if we fight the battles for the next 20 years. not the last 20. finally, the main argument for staying longer as with each of my three predecessors grabbled with. they insist now is not the right moment to leave. in 2014 nato affirmed that afghan security forces would have full responsibility for their country's security by the end of that year. that was 7 years ago. so, when will it it be the right moment to it leave? one more year? 2 more years? 10 more years? 10, 20, 30 billion dollars more above the trillion dollars we have already spent? not now? that's how we got here. this moment there is a significant down side rink of staying beyond may 1st with a timetable for departure. the u.s. exit is tied to conditions to the ground. what conditions would be required to allow us to depart? how long would it take to achieve them if they

i also would argue that there's ample evidence that american corporations can be competitive at a taxtitive at a tax rate like 35. if they could handle 35, surely they could handle 28 which was lower, of course, is lower, would be lower than it's been for most of my lifetime. we've heard a lot of different ideas on what the pay-fors should be. i think it's a good time to take those onboard, but for my dime, it's hard to beat the vision the president put forward. >> does there need to be a dedicated revenue stream? >> look, keep talking with congress -- we'll keep talking with congress about this, but there are a lot of different ways to do this. the best way i've seen, especially for these kind of capital improvements, is exactly what's in the president's plan. >> mike? >> thank you, secretary. having covered local, state and local government for almost 20 years before coming here, aye seen the divisions that can -- i've seen the divisions that can corrupt within a state, between regions of the state as they fight over limited pots of money to build these kinds of infrastructure proje

american companies. currently, 80% of the world's semiconductor manufacturing is concentrated in asia. u.s. manufacturing must regain its competitiveness president biden's executive order reinforces the urgency of funding the bipartisan chips for america act. the legislation recognizes the importance of using federal grants to support american workers and strengthen domestic semiconductor industry. congress must now work to fully fund the grant program and enact its proposed investment tax credit. an investment tax credit would encourage long-term domestic semiconductor manufacturing. a single advanced logic manufacturing facility costs tens of billions of dollars to build and operate. every advancement in chip design requires retooling and reinvesting in new equipment. the last decade, the average rate of chip manufacturing has grown five times faster overseas than in the u.s. due to robust incentive programs offered by other countries. in fact, u.s. companies face up to a 40% cost disadvantage compared to asian competitors due largely to government incentives. investment in research and development is critical to advance manufacturin

as a country seeks to recover from the economic damage caused by the pandemic to protect american competitiveness from the unfair trade practices of china and other nations. together with more than 300 career lawyers and other professionals to make up the office of general counsel comet plays a critical role in advancing the department's mission by providing high quality legal advice and counsel to the secretary and officials throughout the department as the chief legal officer general counsel is responsible for ensuring the lot of congress is enacted and faithfully implemented. the general counsel represents the department and other agencies works of the department of justice to represent the commerce department in court to provide leadership and guidance and support many committed lawyers work at the department. i believe my experience in the private sector has given me an understanding of the appropriate role of general counsel i have worked for over 30 years in private practice and government. early in my career i work on house committee of urban affairs and government experience providing le