part of the equation let's call that part the facts fairly even data released by the american department of commerce paints a very different picture it's true the e.u. exports around one hundred fifty three billion dollars more in physical goods to the u.s. than it imports in return but when it comes to services like banking or insurance for example the opposite is true there the u.s. trade comes to one hundred seventy six billion dollars so when the imports and exports of all goods and services are taken into account drums deficit disappears altogether in fact it turns into a surplus of fourteen billion dollars in favor of the u.s. it's just not a fact it's. come back to germany where the chairman of deutsche bank part reportedly been taking sheldon's temperature about a nerd share with competitor comments buck according to bloomberg talks have not reached a formal stage the two biggest german banks was said to have broken off merger negotiations two years ago speculation is growing about a possible marriage of the two biggest german banks since private equity companies settles capital took a share

trade tariffs on imported vehicles could lead to the isolation of american businesses from the global market g.m. has told us commerce department that thomas could force the company to downsize putting thousands of jobs at risk now that contrasts with the trumpet ministrations argument that tyrus on imported vehicles would protect u.s. industry robert e. sculpts is a senior economist and director of trade manufacturing at the economic policy institute he says the terrorists could actually boost domestic production. the tariffs are going to be costly. and they may be a particular costly for general motors on the other hand they also may lead to an increase paradoxically in auto production in the united states g.m. has proven itself unable to make automobiles in particular. they do fine making trucks and s.u.v.s but they can't make automobiles that's what they're for the talking about putting in tariffs on but what we've seen in the past when the u.s. imposes trade restraints we did this and nineteen eighties on all imported autos especially those coming from japan those those other producers simply shift its production to the un

tariffs on imported vehicles could lead to the isolation of american businesses from the global market g.m. has told the u.s. commerce department the tariffs could force the company to downsize putting thousands of jobs at risk that contrasts with the trumps of trumpet ministrations argument the tariffs on imported vehicles would protect u.s. industry the company which makes some of its vehicles for the u.s. market in mexico and canada also warned that tariffs could hike prices and reduce sales scott is a senior economist and director of trade and manufacturing at the economic policy institute he says the tariffs could actually boost domestic production. the terrorists are going to be costly. and they may be particular costly for general motors on the other hand they also may lead to an increase paradoxically in auto production in the united states g.m. has proven itself unable to make automobiles in particular they do fine making trucks and s.u.v.s but they can't make automobiles that's what they're for the talking about putting in tariffs on. but what we've seen in the past when the u.s. imposes trade restraints we did this i

tariffs on imported vehicles could lead to the isolation of american businesses from the global market g.m. has told the u.s. commerce department that terrorists could force the company to downsize putting thousands of jobs at risk that contrasts with the trumpet ministrations argument that tariffs on imported vehicles would protect u.s. industry those are the headlines are back with more news after next it's witness to stay with us. you know that is h.h. . we're having jim mense said we should come to the church and we will bring a magnet to close their eyes to three. but they never said that last image was the moment they close their eyes they were all shocked in that church. even if i pray had them close my eyes. they brought the christan he did they brought all this just. but today they also have the lent. the game and they made that and they killed it mad people and the only listen why they killed him it that mad people was the cause of lent. when this council for people they belong in the maybe they don't belong there in jim and. there are people who are very very plot people they he they are mostly cantle and that this w

tariffs on imported vehicles could lead to the isolation of american businesses from the global markets g.m. has told the u.s. commerce department the tariffs could force the companies downsize putting thousands of jobs at risk that contrasts with the trumpet ministrations argument the tariffs on imported vehicles would protect the u.s. industry i'll be back with an easy out a little over twenty five minutes but let's get you back to the war in october. on the northern front on the golan heights the third week of the october war opened with syrian and israeli forces locked in a stalemate. syria's initial thrust to recapture the territory occupied by israel in the six day war had been repulsed and a counterattack by hastily called up israeli reservists. by the end of the first week of war syrian troops had been forced to withdraw while the israelis pushed on across the one nine hundred sixty seven cease fire line towards the syrian capital. of fewer if you are secular moto i think that stopping thirty five kilometers short of damascus was smart you must end a war in a position from which the statesman can start negotiating saw fi

tariffs on imported vehicles could lead to the isolation of american businesses from the global market g.m. has told the u.s. commerce department that terrorists could force the company to downsize putting thousands of jobs at risk that contrasts with the trumpet ministrations argument that tariffs on imported vehicles would protect u.s. industry the company which makes some of the vehicles for the u.s. market in mexico in canada also warned that tariffs could hike prices and reduce sales rallies are planned across the u.s. on saturday to protect protest against the president zero tolerance policies on immigration earlier this month donald trump signed an executive order and in the separation of buy grandchildren from their parents but instead little to dampen the outrage as manuel repeller reports now from washington d.c. . yeah dozens of signs and posters are being prepared for something big a protest bringing together more than one hundred different groups all opposed to u.s. president donald trump's zero tolerance policy on migrants it's a national day of action that's not only here in washington d.c. but also across the co

of goods we make here in this country with american jobs. they buy $345 billion worth of u.s. goods and services according to the commerce departmentnow what? this is what trade war looks like. >> that's the big question. is this the kickoff to it? it sure is looking like it, poppy and we'll be exploring it throughout the hour. facebook is not getting the headlines it wants and the socialedia giant is taking heat for data sharing partnerships that it has with the chinese tech giant. why? u.s. intelligence officials have called that chinese company, huawei a security threat to the u.s. marco rubio tweeted this overnight. this could be a very big problem. if it had access to social data of americans it might as well have given it directly to the government of china. joining me now we have cnn money tech correspondent sam burke, and sam, facebook is saying there's no issue here. there's no problem, but they're ending the program which speaks volumes. what do you this? >> absolutely. people waking up saying where is my facebook data and what facebook is saying is quite intesting and this is from a bygone era, so thephonemakers like app

according to a department of commerce study from 2016, 12 million american workers have jobs resulting from foreign investment, 3.5 million in the manufacturing sector alone. on top of that, the vast majority of foreign investments val added comes with deals from u.s. allies so we need to protect our national security while also ensuring that america stays open for business. this is exactly what the house version does. it closes real gaps in cfius' jurisdiction that could otherwise be exploited by bad actors it doesn't give the government a to go after deals or entire sectors on a whim. we target those transactions in country, including china and russia that truly present a national security risk but without strang -- stranglinging the investment and innovation that make ours country strong to begin with. it focuses on particular assets that are sensitive, assets like sensitive personal data of u.s. citizens or technical information in critical technologies and critical infrastructure. rather than walling off entire cat goifers u.s. companies and industries. this also -- it's also impo

if the department of commerce were to recommend a 25% tariff on cars, it would be recommending raising the cost of an average imported car for an american family by $5800. to put that in perspective, the median household income in the united states is just over $59,000. that means that roughly 10% of the median household income could be erased purely by the additional cost of a single car. that's why i call tariffs a tax on american families. and the tax foundation agrees. it estimates that auto tariffs could result in a $73 billion tax increase on american consumers and businesses, erasing tax reform passed earlier this congress. not only would these tariffs cost american families, but would also put american jobs at risk. the peterson institute calculates that auto tariffs could cause 195,000 workers to lose their jobs. that's nearly 200,000 people out of work, before other countries retaliate against american auto manufacturers, which supports u.s. jobs by exporting $65 billion worth of autos per year. and once again, though supposedly pursued for national security reasons, tariffs on cars and trucks target our closest allies. namely

of new reports out this morning. for the details, let's check in with kcbs radio's financial reporter jason brooks. >> reporter: good morning. americans were in a spending mood in may. the commerce department sales rose a stronger than expected eight tenths of a percent from the month before up 6% from a year earlier. clothing chains did well and car dealerships had a good month. on the negative side, sporting goods, books and music sales were down. it helps out that the job market remains very strong. as we saw another decline in weekly jobless claims, third straight week labor says first- time claims were down 4,000 to 218,000 continuing claims dipping below 1.7 million for the first time since the end of 1973. >>> the stock market is bouncing back after yesterday's fed-inspired sell- off. let's go to the big board and see how we're doing so far this morning. the dow after dropping over 100 points yesterday is heading higher by about 80 points. we have the nasdaq up by 44. the s&p is up by 8. back to you. >> thank you. >>> extreme weather affected the lake tahoe water clarity last year. officials say it reached a record low due to a historic drought, record-breaking precipitation and war

department of commerce, particularly global tariffs and the use of quotas. the lessons of the steel and aluminum tariffs are clear. these tariffs do not support u.s. national security. instead, they harm american manufacturers, damage our economy, hurt american consumers and disrupt our relationship with our long-term allies while driving -- while giving china a free pass. that's why i was stunned to hear on may 23rd that the department of commerce has initiated another investigation under section 232, this time into the national security implications of imports of automobiles and auto parts. this investigation covers more than $200 billion worth of trade, four times larger than that under the steel and aluminum investigations combined. a car is not a can of soup, mr. secretary. for most american families, their car is the second biggest purchase they make. many require a car to get to their jobs. it is a significant financial commitment for most families often paid for with bent, and i'm shocked that anyone would consider making it more expensive. the average price of an imported car is $23,200. if the department of commerce were to recommend a 25% tariff on cars, it would be recommending rai

of what matters. cheryl: nearly two months after u.s. commerce department blocks americanfrom selling services to chinese firms bt -- cte commerce secretary wilbur ross announced a settlement between the u.s. and the chinese tphone maker. the commerce secretary zte will pay 1 billion-dollar fine and will have a chinese speaking u.s. compliance team reporting to the company's new management team and the commerce department forhe next 10 years. is this a win for presidentp orr should have been made? let's bring a contributor ceo robert wolf. good to see you. was this a good or a bad deal? >> if i said to you forget that you knew about the deal but hectic on band the company on its military races and an entire country was scared about privacy and intellectual privacy being taken by china and that i told you what amount of money would you say okay to that most of you would say there's no amount of money. during a million-dollar deal with someone like zte that had sanctions in the u.s. because of their work with north korea and iran i would say that doesn't feel good. forget wh

of union workers. on the other hand, jeters just warned the commerce department nat another wave of tariffs could force the company to raise prices, scale back its business and cost americans jobs. i want to know what you think of this question at smerconish.com. even when opposed by american multinational corporations, is president trump's trade policy in the best interest of american workers? joining me now is peter navarro. he's an assistant to the president. he's director of trade and industrial policy. he's the director of the white house national trade council. he just wrote this piece in "the philadelphia enquirer." buying american can help keep the philly shipyard afloat. peter, we'll begin with the good news. talk to me about this container ship you'll christen in philadelphia today. >> it's going to be a great day in philly. one of my favorite cities. go eagles. 850-foot ship. the largest container ship ever built in this country. this is good news for our ship building industry. we've lost about half the amount of people that work in that industry in an industry that pays wages of $70,000 a year. this ship is being built under the two simple rules of president t

from all whole bunch of executive agencies, the pentagon, the commerce department, intelligence community. whens set up at a time foreign companies were starting to acquire american firms. mostly at that point, in the energy sector. if a was a concern that, company in an arab nation wants to buy a big american oil company, doesn't that potentially have national security applications if they control our energy supply? 1970's,s set up in the in the industrial age, if you will, much unlike what we have today. in those days, it was pretty clear. company a that overseas company be wants to purchase a company in the united states. , in theward to today information age, it is a hollow a lot more -- it is a whole a more complicated. to get ifstor wants not the company in the united states, the technology. it also involves often not steal, not gas, but information. an example was a chinese company last year that wanted to buy money gram, which is this money transfer company in the united states. not unlike western union. normally, you would not think that has a security implication. but you provide tons of personal information, bank accounts, work history, money gram is a

american chamber of commerce event. it was a great event. i'm also continuing to field calls after the passage of prop e and i'm looking to hear back from the department of public health and the city on a more precise timeline, whether it's inmr implementing a ban on flavored tobacco or not. and people are freaking out. >> i attended the healthy spot c.u. meeting as an observer, just to observe. i was curious to see what the commission was going to do and how they were going to make them decision. i was very impressed with the mobilization of the merchants and citizens and the residents in noe valley in opposition. it was an interesting process to watch play out and see if it had influence on the commissioners and i think that it did. i don't know where -- i can't know which way they were leaning before they came into the room, but it was very clear that they were taken aback by the number of people that were there for public comment. a lot of people made public comment. it's in the record how many. it must have been 30, 40 people doing public comment. and it was actually even the public comment was well orchestrated. people did not dwell on exactedly

of south carolina's largest employers. german automakers employ 116,000 americans. last month, the president asked the commerce department to look into imports. on we go toward the trade battle. >> it keeps coming. >>> the ban on women driving finally lifted in saudi arabia. what's the response been like there? we will be live on the ground next. if yor crohn's symptoms are holding you back, and your current treatment hasn't worked well enough, it may be time for a change. ask your doctor about entyvio, the only biologic developed and approved just for uc and crohn's. entyvio works at the site of inflammation in the gi tract and is clinically proven to help many patients achieve both symptom relief and remission. infusion and serious allergic reactions can happen during or after treatment. entyvio may increase risk of infection, which can be serious. pml, a rare, serious, potentially fatal brain infection caused by a virus may be possible. this condition has not been reported with entyvio. tell your doctor if you have an infection, experience frequent infections or have flu-like symptoms or sores. liver problems can occu

of our allies. [laughter] that strategy makes zero sense to me. and even aside from retaliation, there are 20,000 requests for exclusion from steel and aluminum tariffs from american companies that the commerce department has. they've approved 42. 42 out of 20,000 requests for exclusion from tariffs from u.s. companies that are being hurt. these tariffs hurt us even aside from the retaliation that's coming. it's not a matter of if, it's just a matter of how much we're going to hurt ourself. i really think the president needs to hire some new trade advisers to prevent him from continuing to go down this road. neil: all right, we'll watch closely. to all of your point, the impact that some fear hasn't materialized yet, but again markets can sometimes be wrong. we'll see what happens. in the meantime, with the dow up about 166 .5 point, there is that separate ballot on immigration. the president is telling republicans we're wasting our time, wait until after the midterms when we might have bigger majorities. i'm parapraising -- paraphrasing, but is that a sure thing? and the president reversed himself on separating kids from parents. why on the trade front that seemed to be an encouraging development beca

this best-of-seven camera model would cost american buyers $1800 more if trump's tariffs come into force. as a response to the commerce department'se a 25% tax on auto imports. rishaad: carmakers and suppliers based on u.s. condemned the trump administration's protectionist ban. they say that their products pose national security risks is absurd. if these tariffs go through, they say the average american will not be able to afford a fiesta. credit rating because of the trade battle between the u.s. and europe. possibly dent harley davidson's sales. the president of the united states attacked harley davidson's plan to shift more production outside of the united states because of tarffs. he says the company is only making its competitors happy. let's get the latest on what is moving your markets at the moment. sophie: credit suisse cut this underperform, base on earnings concerns. samsung is holding a two-day rise, its worst month since november. -- alting a today's rise y -- two day rise, its worst month since november. just breaking news. bloomberg and twitter got ctic, theto launch ti first global news network for social media. j

department of commerce. this will ensure that zte pays for violations and gives our government complete oversight without undue harm to americanuppliers and their workers. the adminisation will work with congress to ensure the final ndaa conference report reflect of separation of ers. the ndaa is the defense bill coming up later on this week. republican lawmakers along with democrats want to basically put in language that would make it the law of the land that zte cannot do business here and marco rubio explains why with this. he says important to remember, zte is about two separate issues. one, sanctions violations. penalties are okay. two, the risk they pose to national security, this is the focus of our proposal. we should nothing to keep the national security threat in business anywhere. republicans met behind closed doors with wilbur ross. he's been in charge of punishing zte so far. when the lawmakers left the meeting, they didn't think they would get any push back from the trump administration when they tried to go further and punishing zte and banning zte. but as it turns out, shep, they were wrong. >> shepard: why is

investors are looking to the us commerce department at it releases new numbers on consumer spending for may. the figure — which measures how much of their personal income americanssign of the us economy‘s continued strength. we can also expect some on wall street to have beer on their mind, notjust because it‘s a friday, but because constellation brands — the maker of corona — will be reporting their first—quarter earnings. the company is expected to show strong growth as sales of their higher—priced beers increase, but investors will be looking for improvement in another drink. the company‘s wine business will also be in focus. joining us is david bloom, global head of fx strategy at hsbc. let‘s start with the real news story. we have the eu summit still going on. a real dip for the euro in the last couple of days and now... yes, the markets were getting quite jittery and nervous that angela merkel was under pressure and the euro went down and this morning, they have cut some kind of deal and merkel will stay and the euro has bounced back. we had the italian situation and the spanish situation going on. the last thing we needed was another political issue and u

department of commerce registers. also, from assuming that a slightly larger share of the great shortfall we have had over the last ten years in labor productivity, that is output per hour work by american workers, slightly smaller portion will be written off as a permanent loss in the future. even with the change i would note that projected economic growth over the next ten years is still faster than most other forecasters. third, the actual state of the long-range is similar to last year with deficit that is the percent of payroll less than expected and lower expected this is due largely from projected higher rates, legislation. the deficit was expected to rise from 2.83% last year to 2.88. however the combined effects reduce the deficit to 2.84% of payroll. if congress were not to have full schedule benefits would not be payable that we have discussed many times. they have no borrowing authority and continuing revenue it would still be 79% of the expended benefits. for the di program they would cover 96% of that reserve completion of congress were not to act. not something we want to see, but to give you a sense of the magnitude of what the shortfall would be. the projections indicat

of a deal to get the u.s. commerce department to lift a ban blocking the company from buying american components zte has been penalizedecause it violated sanctions by illegally selling equipment to both iran and north korea and later breaching the settlement the trump administration offered zte a reprieve analysts, though, are not impressed. they are quite worried about the size of the fines. under the deal, zte will have pay $1 billion in penalties, 400 million in escrow and it already paid 9$900 million lasd that equaled to moran three years of zte's profits so investors are also worried about how the company will be able to recover the business when there's just so much uncertainty around it. first of all, under the deal, all the management needs to change within 30 days. the u.s. said compliance officers will have to be led in to observe the operations. finally congress looks as though it could actually block this deal the commerce secretary, wilbur ross, he's supposed to be in congress trying to sell the idea, a lot of fund managers here are not very optimistic, especially with the strained relationship now betwe

yesterday, the trump commerce department announced new tariffs on canadian newsprint. now, that was done at the behest of an americanfirm that had made a -- had overpaid in washington state and found they couldn't make money at the price they paid. and to bail out that firm, and we may find some interesting things about the connection between that firm and wilbur ross, but to bail out that firm, sanctions have been put on canadian newsprint. which will have the effect, and this gives you an idea of how interdependent these two countries are. yes, that will hurt people in the canadian pulp and paper industry. it will also have a devastating affect on every american newspaper that publishes still a print edition, and every journalist whose works appear on paper. you can't hurt canada without hurting the united states and vice versa. >> so, wait, do you think that that was part of this? i mean, could donald trump have known about that? >> i have no idea. i can't imagine it was done on 24 hours' notice. but it's an example of the settled intent of the trump administration to move in a more protectionist direction. that

american tanks and bombers. they just don't understand that and quite frankly, our friend and allies are angry. chamber of commerce, not the commerce department at all, the chamber of commerce has this estimate that some say is a worst case scenario. if these trade actions all go through, these are the kind of jobs would be loss, if nafta collapsed, 1.8 million, 470,000 from metal tariffs, and 157,000 from auto tariffs. we have a huge manufacturing base in this country that imports these metals so that higher prices will be passed on to american consumers. >> don't go anywhere. a lot of economic news this morning. the president, brianna, tweeting about this. >> it seemed like the question is did the president break protocol? >> this morning he appears to have done so once again, foreshadowing the jobs report before it had even been released. at around 7:21 this morning, he said he was looking forward to seeing the jobs numbers, foreshadowing a report that came out at 8:30. there's a rule that prevents federal employees from commenting on the jobs report until one hour after the numbers have been released. the president here tweeting about it

of executive agencies -- the pentagon, state department, commerce department, etcetera, etcetera, the intelligence community. it was set up basically at a time when foreign companies were starting to acquire american firms. mostly at that point in the energy sector. and there was a concern if an oish nation or a company in an asjha -- arab nation wants to buy an american company doesn't it potentially have national security implication fst they control our energy supply? it was set up in the 1970's in he industrial age if you will. much like we have today. in those days it was pretty clear. company a overseas wants to buy company b in the united states. maybe the committee on foreign investment should look at that and see if there are potential concerns. fast forward to today in the information age. it's a whole lot more complicated if a foreign company or as cory said an investor wants to get their hands on, if not the company, itself in the united states, some of the technology within it. so what we looked at is how not very well is equipped to deal with the sophisticated new transactions that also involve often not steel, not gas, but information. an example was a chinese company last year want

american products to iran and north korea. >> that'ig deal. in march the commerce department, march, that's p's c slapped the seven-year ban on the company after accusing them ofn agreement to settle claims against it. the move for zte to cease operations last month jep sizing 70 nour 70,000 jobs in china. it includes a total penalty of $1.7 billion against zte, and zte repl the board and executive team been 30 days. >> mike, good to see you. thank you being with us. the commerce department through the spokesperson said tuesday that no definitive agreement has been signed by both parties. where do you think we are on this? >> they seem to have a deal in principle. whether anything has been signed is the question. in terms of the penalty that thay, that includes additial purases wou make of u.s. goods, and we want -- the united states wants contracts signed. not just promises. >> that's the context around th isn't j a deal with the commerce departmtnd zte. this has larger implications about trade between china and the united es. >> this is really important. at its face, you could say this is absurd. the united states government, the commerce department were goi

of u.s. businesses from the global markets incumbents filed with the u.s. commerce department the u.s. automakers said the tariffs could force the company to downsize would using its presence in the american markets and jobs will be at risk the company which makes some vehicles destined for the u.s. markets in mexico canada also warned that tariffs could high prices reduce sales let's talk more about this with robert he sculpts a senior economist and director of trade on the fracturing of the economic policy institute who joins me now thanks very much for coming on to al-jazeera general motors is saying look this is going to make vehicles more expensive it's going to risk possibly people lowering wages possibly even people losing their jobs this really seems to be backfiring all on the president who is now expecting i'm i suppose this kind of reaction. well i think it's true that the tariffs are going to be costly. and there may be particular costly for general motors on the other hand they also may lead to an increase paradoxically in auto production in the united states g.m. has proven itself unable to make automobiles in particular they do fine making trucks and s.u.v.s but they can't

our economy, hurt american consumers, and disrupt our relationship with long-term allies, well giving china a free pass. hearis why i was done to on may 21 that the department of commerce have an issue date -- has initiated another investigation into the imports of automobiles and auto parts. this investigation covers or than 200 -- $200 billion worth of trade. or times larger than that of the steel and aluminum investigations combined. a car is not a can of soup. for most american families, their car is the second biggest purchase a make. many require a car to get to their jobs. it is a significant financial commitment for most families, often paid for with debt. i'm shocked that anyone incident making it more expensive. the average price of imported car is $23,200. hartman of commerce were to recommend a 25 percent increase on cars it would increase by $5,800. to put that in perspective, the median household income in the united take is just over $59,000. that means that roughly 10% of the median household income could be raised purely by the cost of a single car. that is why i call tariffs a tax on american families. tax foundation agrees. it estimates that auto tar

shepard: i repor at the top of the news hour that the trump administration has reached a deal with the chinese telecom giant zte. a few months ago, the commerce department banned american companies from selling parts to zte after the phone state run phone coany, got north doing business with iran you can't do that. ere were sa remember? that was a violation of u.s. penalties. a few weeks ago, president trump promised to save jobs china and at that company. now here we trace g with the ne. trace, what is this deal? >> shep, experts say the deal brings zte back from the dead because it can now resume guying components from qualcomm based in san diego and the primary distributor for chips that make zte smart phones. not being able to buy those chips is why shu down for the past couple months. tuzte a billion dollar fine and put an tional $4 in esow in case they violate the deal. here's the big surprise. next n years, u.s. agents will work inside of zte to monitor the company's behavior. here's the commerce secretary. >> it imposes the most strict compliance that we've ever had foreign. we're literally people in the company going forward. >> it remains unclear in the deal

of a quÉbec summit. groups areights suing the congress the -- commerce department to try to stop plans to add a citizenship question to the u.s. census for the first time since 1950. the americanvil liberties union and others claim the question intentionally discriminates against immigrants to increase fear in the community's and will cause census participation to drop. the decision to sentence a former stanford university swimmer convicted of sexual assault to six months in jail instead of a long prison term has caused a california judge his job. he defended his sentence of rock turner, citing -- brock turner, citing age, a clean criminal record, and he and the victim were in talks to get it. he is the first california judge to be recalled since 1932. global news 24 hours a day, on air and at tic toc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. david: thank you. democrats appear to have dos a bullet in the california primaries despite concerns that the sheer number of candidates would cancel one another out. long way until november and the path for democrats to take back the house goes through sub

american steel and aluminum industries. but he's getting little buy in from congress. correspondent rich edson has that from the state department. >> international retaliation, bipartisan criticism. that's about the current state of trump administration tariffs is the commerceecretary wilbur ross drew criticism before the senate finance committee, defending the tariffs on aluminum and steel before a skeptical congress. >> mr. secretary, as you consider these tariffs, know that you are taxing american families. you're putting american jobs at risk, and you are destroying markets both foreign and domestic for american businesses of all types, sorts and sizes. >> the steel and aluminum capacity is being restarted as we sit here in illinois, ohio, south carolina, missouri, and kentucky. several other companies have also announced new investments in these industries in oklahoma, florida, missouri, and texas. >> this morning the european union announced tariffs on more than $3 billion of american imports. european trade commissioner says "we did not want to be in this position. however the unilateral and unjustified decision of the u.s. to impose steel and aluminum tariffs on the e.u. means that we are left with no other choice." president trump has also criticiz

commerce department said that no definitive agreement has been signed by both parties >>> and also sticking with trade, mexico has announced retaliatory tariffs on american products, targeting its from republican strongholds ahead of u.s. midterm elections in november the measures include tariffs on pork products, cheeses, and bourbon. mexico's economy ministry will also match duties that the u.s. placed on mexican steel by imposing a 25% import tariff on u.s. steel products. mexico's response ramps up trade teioetween thewo countries as they aim to renegotiate the north american free trade agreement, or nafta u.s. trade representative robert lighthizer says nafta negotiations are making progress, though, but that the three countries are not close to a deal in a statement to cnbc,he said differences remain on intellectual property, data localization, agricultural market access, and energy. and the mexican peso and canadian dollar slumped on concerns about the agree >>> and meanwhile, in the eu, the eu has reached out to mexico and canada in a bid to form a united front against washington's tariffs the eu added it was preparing a set of retaliatory measures worth up to 2.8 billion euros on u.s. products, including

of cocaine trafficking. immigrants rights groups are suing the commerce department to stop plans to add a citizenship question to the u.s. census for the first time since 1950. the american civil liberties union and others claim the question discriminates against immigrants to increase fear in their communities and will cause census participation to drop. global news 20 for hours a day and on tictoc on twitter powered by 2700 journalists and analysts in 120 countries. i'm mark crumpton. this is bloomberg. julie: live from bloomberg world , and julies hyman. joe: i'm joe weisenthal. julie: stocks are higher for a fourth consecutive day. joe: what'd you miss? scarlet: larry kudlow calls trade tensions a family quarrel. we call on the latest in a global trade. the biggest primary night this year. we have the latest results in california and why one part of texas is offering 100% paid raises to work in the region. president trump regards himself as a free trader according to larry kudlow. he addressed the president's trade policy in the white house briefing earlier today pushing back on reports the administration was close to finalizing a deal to revive is eta. bipartisans d

commerce department, sh have settlement to go forward. so, this is a fine, replacement of management and it also calls for monitoring by american regulators export practices. what they would like to do is go back to the previous penalty. which was not allowing zte to buy components from american suppliers. those are again really essential for the mobile phones they make and the telecommunications equipment it makes for other companies. that is why zte a few weeks ago, said that they were shutting down all of their major operations. because it weren't able to get the components they needed to be able to push ahead and sell to their customers. that is important because right now, telecommunications companies around the world are 5g networks under willing to spend billions of dollars to build these networks, which is zte was hoping to on.talize they cannot do that if they are not able to get access to american components. yvonne: another hiccup here in the u.s.-china trade spat. what does it mean for other deals like foxconn and others? kay: that is exactly the question. this comes in the context of their broader trade tensions between the u

department of commerce incity tuitted penalties. -- instituted new penalties. as elected officials, one of our most basic responsibilities is to keep americans safe in granting z.t.e. an undeserved reprieve, the president did the opposite. it is unacceptable. ast week the senate approved a nndaa amendment. i am pleased about this success and i support efforts to maintain that language in the coming ndaa conference. i encourage colleagues on both sides of the aisle to do the same. politics need to stop at the water's edge. congress can and must do what the president will not. thank you, mr. speaker, and i yield back. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition? mr. poe: i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is recognized for one minute. mr. poe: mr. speaker, lieutenant general austin miller, yesterday the nominee to lead our forces in afghanistan, testified before the senate that the biggest obstacle to success in afghanistan is pakistan. he echoes the same frustrations the president expressed earlier this

of a deal to get the u.s. commerce department to lift a ban blocking the company from buying american components zte has been penalizedor violating american law, but the trump administration worked out a deal so the company could stay in business. i spoke to an analyst who said the fines for zte are huge the current anus fines add up to 2$2.3 billion, the equivalent of three years of profits. so investors are worried n about how and if the company can survive. the senior management needs to be overhauled within 30 days, and the deal might fall apart altogether because congress is ngement.to block the commerce secretary wilbur ross is trying to sell the deal to some skeptical lawkers, but here the fund managers that i spoke to say they are not very optimistic about zte's prospectses especially becau the trade relationship between e u.s. and china is so strained guys >> eunice, it's ugly i don't know whether it's the -- it's not the pending congressional angst over this. this was destined to go down there any way, right that's probably not helping that the deal may n survive, right? >> no, no. it's just the uncertainty

issued a statement to the commerce department about its concerns over the potential for tariffs of 25% on imported automobiles. it says basically this is a tax on all americanonsumers. the price of every vehicle would go up. even those made in the united states specifically toyota says that the camry which is made in georgetown, kentucky, the price would go up at least $1,800. that's a taste of what we're hearing not only from toyota but other automakeser. both domestic and international. the alliance of automanufacturers out with really a lengthy statement to the commerce department about what kind of an impact it expects to see if there are 20% or 25% tariffs levied on millions of vehicles here's what the alliance for auto manufacturers are saying. the price of autos, what you and i pay in a dealership would go up $5,800 on average the average price right now is a little over $32,000. that would mean 1 million to 2 million fewer vehicles sold in the united states and 195,000 jobs would potentially be lost as they're cut at auto plants. remember, the auto industry is going through the longest period of success and profitability that it's seen in a number o

reimagining the american department store and that market has incorrectly assumed that all retailers will not be able to compete because e-commer e-commerce look at shares this morning of facebook shares going in the opposite direction "the new york times" is reporting that facebook struck agreements with device makers over the last decade to allow them access to data of users' friends without their consent. companies like apple and samsung could access personal information from users' friends. that information including relationship status, political leaning, education history, and religion most of the partnerships remain in effect. though facebook began winding them down in april stock is down by 1.4%, but facebook responding to the report in a blog post said that it disagrees with the times piece and makes a distinction between the integration on devices and third party apps >>> british prime minister teresa may will speak with president trump this week to talk about u.s. steel tariffs. that's according to to may's spokesperson meanwhile, the u.s. is inching closer now to imposing tariffs on china as negotiations between commerce secretary wilbur ross and his chines

american who works in the commerce department, how closely will we supervise this company? the ownership structure is very convoluted and i keep hitting this, you talked to devon nunez of these intelligence committee but this is one of the companies in which facebook is doing business under investigation, the equipment is used to spy on or sabotaged -- there you go. maria: is it possible this issue is part of a deal you don't know about? >> is it playing into north korea, something china is doing on that in exchange for this. >> the bigger problem is even if we sat in in all their executive meetings, what about all the other companies? maria: i need your take on nancy pelosi who is back attacking donald trump on the economy. listen to this. >> unless we have an increase, very significant increase in wages, bigger paychecks, we will increase the frustration of america's families, unemployment is down, what does that mean to me in my life? this is not just about the unemployment rate but wages rising in our country so that consumer confidence is restored and the economy will never reach its possibilities unless we increase confidence. maria: consumer confidence is at an 18 y

time the department of commerce in this bill that the presiding officer and i worked on in the banking committee for the first time the department of commerce will be required to study what american companies, china is buying and what sectors so we can begin to assess how big the threat is. now we need to move forward in our comprehensive bill. we surely know that there are chinese investments in the presiding officer's state of louisiana. my state of ohio. there are chinese investments coming in that could in fact undermine our economic security, could cost our companies business, could cause some businesses to go out of business because of chinese subsidies for their investments and only put workers in louisiana and ohio and elsewhere out of business. it's simple. before we do business with a foreign entity, whether it's the government of china or whether it's companies subsidized by governments in that part of the world, for instance, let's make sure it will create jobs, i wi grow the u.s. economy. let'make sure it will not undermine our national security or american industries. we're already behind when it comes to protecting our economy from chinese investment. i welcome inv