annmarie hordern joins us with a special guest on the topic. nmarie: i am joined by jen easterly, director of cybersecurity for america. you got this job, unanimously voted in the senate. you worked for the obama white house and bush white house. you know a lot about protecting data in america. recently you and the fbi put out alerts making sure the private sector was prepared for hacks from china, iran, korea. what happens after that? what if these private companies are hacked? jen: it is great to be here. it is such an important platform with small businesses. we were set up with the newest federal agency about three and half years ago to be the cyber defense space. it's a recognition you have these threats from nationstates like russia, china, north korea, iran. also this proliferation and democratization of criminals that have access to malware because they can get it on these markets on the dark web. now you have proliferation of ransomware where you get malware on your computer. it locks it up in the criminals want you to pay for ransom to

[no audio] kriti: it looks like we have lost annmarie hordern.goes back to this question -- where is that production going to come from? no president biden is law -- is lobbying saudi arabia at a time where spare capacity is low. they are already struggling to meet their quotas. what if they were to change their policy right here at home? jon: we also talk about it, but it is worth repeating, the complications of the opec-plus alliance and the relationship between russia and saudi arabia at a time, as we head into the winter, concerns in europe about retaliatory efforts by russia on the energy front. so, having these conversations now in the hopes things get less complicated. kriti: to your point about the price action, it really comes down to, what is the bigger issue? is it inflation or recession? those are contrarian indicators when it comes to what is going to happen next with the oil market. that is why you are seeing those fluctuations above and below $100, at least for brent crude, at a time when some people even talking about $300 a barre

annmarie hordern has the details. we are looking at 20% tariffs on both sides.t are the odds that these actually decreased or completely eliminated? anne-marie: we know the administration has been debating this, and the decision will come from the president on whether to lift those trump era tariffs or not. the divide within the administration is very clear. last month, tecra terry yellen was on the phone -- secretary yellen was on the phone with china's vice premier. they want to reconfigure those tariffs at the same time, the ambassador says these tariffs offer her leverage. that's the word she used. she says any impact on inflation will be marginal. barclays is saying .3% of -- could be shaved off. we are going into the midterm election -- republicans may use lifting those tariffs as a means the call the administration soft on china. on the other hand, the president has said he will do anything in his power to bring down inflation, because that's what the electorate is worried about and that keeps showing up in poll after poll after poll. guy: how targeted co

kriti: annmarie hordern on top of all things biden. thank you.k at some of the other top stories with mark crumpton. amanda: --mark: the country is set to hold early elections on september 25 -- italy. the president has his own parliament after mario draghi resigned. the election follows draghi's decision to bow out after losing support from three key allies on wednesday. boris johnson's leadership set to end in september. now he faces the prospect of not being able to sit with conservative mp's. a parliamentary panel is looking at whether johnson lied to lawmakers over the parties held in downing street during the pandemic. if he is found guilty, voters will decide if they still want him as an mp. president biden expects to speak with china's president within the next 10 days. the administration is considering whether to lift tariffs on chinese imports in an attempt to ease inflation. relations between the u.s. and china have gotten worse over beijing's refusal to condemn the russian invasion of ukraine. the u.s. house has passed legislation tha

kriti: annmarie hordern, we thank you for the analysis. he also made comments about the gdp numbers we got that says we are not a nejra session. coming up, earnings from apple and what to expect. that conversation next. this is bloomberg. ♪ kriti: this is bloomberg markets and we just heard from president biden on what he's doing to help americans deal with rising prices. weaker consumer spending is at play here. we're seeing how shoppers are doing after the bell. if you look at amazon waiting, it was 6%. now it is at 3%. the achilles' heel of amazon, what is it? shipping? consumer exposure? >> it's the impact of inflation. it when amazon spoke, they talk about $6 billion in added costs that are hurting profit with $4 billion of them continuing into the second order. inflation is really hurting them. as well as access capacity. -- excess capacity. it will take two or more years for them to be able to get there. we report today after the bell. kriti: and the success of the aws, going to rescue her some of the pain. poonam: the u.s. has been

tom: were going to go to emory during dutch annmarie hordern -- annmarie hordern about the trip to theiddle east for president. i want to start, the jetta is not riyadh. the president will fly down the red sea on the western shore of saudi arabia to the commercial hub. what we observe when he lands agenda? -- lands in jetta? emory-- >> i believe the last time he was there was when he was president and having gone a number of times, jetta, riyadh or toronto, it has changed dramatically. the last time i was there was before lockdown, and you can see the social changes on the street. i probably feel it more acutely as a woman. when i went to saudi i wore a traditional headscarf and drives in public and now you don't have to. so there are massive social changes taking place in this is the dichotomy of mohammad bin salman as a leader. it is very young, women are entering the workforce, many of them over drivers. all of my uber drivers were women lesson i was there and it does not mean some things we would like to see. but they have had a lot of human rights issues, the critics against the k

joining us is in murray or dern -- is maria tadeo and annmarie hordern.he fact is there is a war going on. it came home to me how subdued christine lagarde was in addressing war. maria tadeo, as we begin july, what is the distinctive debate about all of the players you know and zelenskyy in kyiv? maria: there are two big things. one is the energy situation. for the germans they worry about the potential,. once you do that you will unleash forces nobody can model or control. the other one is how will this end? they are in a difficult situation because they do not want to pressure the ukrainians. that is what we hear all the time. president zelenskyy is democraticly elected. when will it end and how long will it go on? the ukrainians would rather keep fighting and not concede an inch to russia. tom: what is the end game for president biden who must commit u.s. troops to the finnish border? annmarie: i think he made it clear when he was asked how much longer can americans expect the premium on gasoline would be crucial for this upcoming weekend where you hav

we want to go to annmarie hordern for the latest. if you going to go? annmarie: we don't know yet.s she does not talk about foreign travel because of security concerns. we know she will likely stop in singapore, malaysia, japan, but all eyes are on whether she lands in taipei or not, and this was the issue on the call yesterday. we got more details on the china side from their readout, which said that she had said to president biden on the call that those who play with fire, a.k.a. taiwan, get burned. you see a lot of chinese rhetoric coming out against this trip. they do not want speaker pelosi going to taiwan. the question is, what would happen if she does go? we should all note that even though after this call there was some progress, potentially between these two countries, the world's two biggest economies, because they directed their teams to plan an in person summit the first time they would see each other with president biden being president, of course, because he had met xi in the past, there is going to be a lot of tension over the relationship because of taiwan. a lot of

annmarie hordern is with us. you are in washington. of you on radio, one of the truly great visitors of washington, the hotel overlooking lafayette park, the white house and onto the washington monument, the jefferson memorial. lizzy burden is solely and singularly in a somber 10 downing street. what is next for prime minister johnson? lizzy: he said he's going to stay on as a caretaker. there will be a leadership contest later in the year and the timetable is going to be set up for that next week. you are asking whether boris johnson could even survive as a caretaker. let me read you a tweet from dominic cummings, has former aide. . he said we are in for a nightmare if he's allowed to squat and number 10. he says he blames everyone else, sets up a betrayal story future telegraph columns and former jobs. the pressure will really be on boris johnson. there were many people who would have preferred his deputy p.m., dominic raab, to have taken over as caretaker. tom: how will the labour party respond? lizzy: they could call a vote of no-c

annmarie hordern and washington, d.c.. this is bloomberg. ♪ alix: the nasdaq up by -- 1.5%.tive negative, positive, negative again. it means we are in a technical recession. wall street's vocabulary says we not only hid that, especially with the stock markets. the market dropped. it is unclear what is actually happening. it is clear what the play is though. we have a two year yield dropping once again. very similar chart to what we saw during a recession. take a look at the sector on the market outperforming. two yielding sectors. these two sectors benefiting the market. you don't have tech on your side. you have a little bit of a scare going into earnings. leads me to apple. the revenue story is crucial. you have a lot of tension building for apple. when it comes to the revenue story, they are talking about stores over in china, all over the world -- with target, etc., apple is building up their inventory buildup. they have to offer discounts, they have to offer to iphones instead of one. t-mobile, for example, a deal we are's expected to hear a response to. it can be a --

. >> joining us from jerusalem is annmarie hordern.ot of anticipation of the next few days as to what to expect from president biden. what are the key events of the things we should look for? >> as you heard the president there, there is solution yet to of course the decades long israeli-palestinian conflict. this is something the administration obviously will have discussions about but it's hard at the moment given the fact israel does not have a government. it's in the hands of a caretaker prime minister who will be meeting with others like opposition opposition leader benjamin netanyahu but there's no government yet. the coalition fell apart. he will also be meeting with the head of the palestinian authority but it does feel like this was just a stopover trip because really the pivotal event in the most significant part of the trip will be friday evening local time in saudi arabia, the president will meet with the bin salman and his father, the king and of course that will be all about and ask for oil and it comes as the president w

annmarie hordern joins us now, our bloomberg washington correspondent, on a minor affair that i do notnk is minor. the speaker of the house, am i correct, will visit taiwan? annmarie: you are not correct that we do not have a firm confirmation that she will make the stop to taiwan but she is planning a trip to asia early august. she is making preparation to stop in japan. they will talk about security concerns. there has not been an announcement on the taiwan trip but it seems that is. the direction of travel she was supposed to go in april but she got covid. it has become a difficult moment. the president was very direct, saying the military saying it is not a good time to visit taiwan. she is being pushed to go by her republican colleagues. kevin mccarthy said we should make it a bipartisan trip. china said they are strongly against it and making preparations for it. tom: is this ad hoc? is this her alone planning this trip? annmarie: we do not know who she would be traveling with but she would be the most senior member going. it is a speaker pelosi trip to asia. jonathan: how does t

fed meeting today, the divide of the middle class in this country, from the haves, we spoke to annmarie hordernthe great middle-class. the pew research people showed a poll ages ago, mitt romney-barack obama, a massive divide and policy of the haves, the wealthy, and the have nots. the have nots are being crushed by a set of inflations. does your washington knew there is a middle-class out there? annmarie: both sides are trying to talk to the middle class. they say they have the better policies to try to make sure they can rejuvenate and boost the middle class. it is true, there is a bigger socioeconomic divide. you really saw it during covid. it grew larger and larger. those that have investments in the stock market or have good jobs, they were saving even more. their wealth was rising while others were losing jobs, did not have a lot of money in the stock market and were struggling. inflation hits everyone. everyone feels price pressure, inflation. it obviously hurts lower income individuals and the middle class much more. tom: is it like bush saying long ago, it is the economy, stupid? is th

lo, we have to go to annmarie hordern. she joins us exhausted from the trip this morning.now you have to have a subscription to the club to get the scoop of what is going on with the wedding. but the wedding is about joe manchin. who is giving him love in washington and the real j lovers club? annmarie: he is not getting much love. the fact that he is saying no at least ahead of august for a bigger package that would mean tax hikes and provisions to fight climate change does mean that senator mitch mcconnell is likely going to have the republicans sign up which would be a big deal. that is a bill that everyone in washington is coalescing around because it means you can come back china and has 52 billion dollars for the semiconductor industry. when it comes to his own party, what a welcome home from his party from his tough trip to the middle east. he is now seeing his economic policy pushback. jonathan: walk me through what we can expect in the coming weeks and months. annmarie: there was no agreement, especially from oil on a meeting. you do here u.s. official saying in t

annmarie hordern is in it, 1600 pennsylvania avenue, and joins us cool, calm and collected this morningyou try to figure out the plan for september. what is the plan? what is the urgency to change the bodies in the cabinet and the white house? annmarie: first, there is a lack of urgency at the moment for anything at the white house because the president is still in isolation, quarantining because he has covid-19. virtually he is joining meanings and everything, working around the clock. for september and october, it is really going to be about making sure that he is making this crucial domestic stop because they are concerned about the midterm election. everything from now on is going to be about the midterm election. you have the house on the senate rushing to get a number of those done before the going talk is recess because -- go into august recess because they know when they come back, everyone is focused on getting reelected. tom: the former president may run. i get that. bring it over to the president of the united states. what do democrats want from their leader? annmarie: a majo

with that update is bloomberg's annmarie hordern. give us the latest. : today in israel the focus was on israel and making sure the president stood firm. he said that the u.s. has an ironclad commitment to israel's security and for israelis that means making sure they stand with israel in the face of their enemy, iran. the president said there is a deal on the table and the iranians can take it but he will not wait forever. the president doesn't think that being in the jcpoa -- does think that being in the jcpoa would make sure they can control iran's nuclear ambition. you mentioned energy. when the president becomes the first u.s. president to leave israel and fly directly to saudi arabia tomorrow it will be all about energy. there may be not specific setting terms of willingness to discuss energy in the outlook, but it's obvious that the trip is so much due to the fact that the president is dealing with poll after poll, higher inflation, higher gasoline prices, and a country that can really help ease pain in terms of the oil market would be the kingdom

annmarie hordern reports from jerusalem. >> president biden will make his inaugural trip to the u.s.president of the u.s. and his first stop is right here in the holy city of jerusalem. don't expect any major breakthroughs when it comes to the united states and the israeli government. they are looking ahead to elections in november. biden and his administrations will be in the hands of the caretaker prime minister. he will also be meeting with the opposition leader and former prime minister benjamin netanyahu. a key focus and a country to watch out for is saudi arabia. there won't be any massive breakthroughs when it comes to dialogue or peace talks with the kingdom, but potentially more saudi airspace being opened to more israeli flights. the president himself will be one of them, the first president to fly from israel to jetta. he will meet king solomon, mohammad bin salman he needs saudi's help to bring gasoline prices down. bloomberg news. tom: we will get plenty more coverage of that trip from anne marie over the next few days. brent trading $100 a barrel, just up 0.7%. coming u

i'm annmarie hordern, bloomberg news and jerusalem.president joe biden is expected to return with an agreement on energy output that could put relief on energy gas prices. that's a hope in the political narrative that the president is hinging on going into midterms. how likely is more output from the middle east -- middle east going to translate to rises at the pump? the president made the point that we have seen gasoline prices come down. >> i think it's a tough ask. the opec in the broader alliance is obviously concerned about the pickup and demand. that showed in the monthly report this week. they have seen increasing demands for their oil and say, dipping further into that spare capacity that they have at the moment, just exposes them to potentially, further issues down the track, the ability to just react to any sort of disruption. and we haven't actually seen the full effect of sanctions on russian oil to date. so i think it certainly going to be a tough ask, but it's a narrative that we are seeing at the moment, and i do suspect

tom: maria tadeo and annmarie hordern -- maria tadeo could not get out of bed, but annmarie is here. up the pieces. i want to go to the other side of the road. president of the united states will return and witness hong kong and the absolute shock at what happened across the ark of the last 25 years. what is the distinction between the biden and trump policy on china? annmarie: at the moment, not much. you saw this in the campaign trail, both biden and trump, seeing how this was pulling with the electorates, wanted to talk on china. there is one issue at the moment that this administration, we are waiting for an answer on. whether or not they are going to lift him tariffs from the trump era on china, because some economists think it could -- inflationary concerns. they had stock with a lot of policies trump put in place on china. there is one potential nuance in approach, that is president trump took a unilateral approach win wanting to combat china, while president biden relishes in his multilateral approach. he was at the g7, they discussed china. for the first time, a strategic co

we talked to annmarie hordern about it. the silliness in washington over climate, at the end of the day, it is not funny. jonathan: -- kailey: this is a campaign issue for president biden. instead, he has asked oil producers to pump more fuel because we are seeing high prices at the pump. on the climate front, the messaging is difficult. he would have liked to get something done legislatively, joe manchin said no thank you, so he may announce some executive orders. tom: i was frozen yesterday by the video of a village in greater london, actually burning to the ground. were you surprised by that? jonathan: i was surprised how hot it got, but i will say this, i am not surprised by the consequences. ultimately we don't have the infrastructure to deal with it in the u.k. it is unexpected. the question is whether you should expect more of it in the next few decades. we are guided by the scientist to believe that is the case. tom: i would urge you to become familiar with bloomberg green, trying to bring in the science, mix it in

annmarie hordern, thank you.th us, this is bloomberg. ♪ alix: breaking news for you. -- is halting -- that is about 95 miles northwest of st. petersburg in russia. the flow from there is going to drop 33 million cubic meters a day starting july 27. you are seeing those gas prices rally. a constant reminder that gazprom flows are not reliable, putting upward pressure on gas prices. there was one more part that is needed to repair nord stream one and bring that gas supply to europe but question marks continue. we are about one hour into the trading session in the u.s.. the nasdaq 100 down by 8/10 of 1%. >> a bit of a marginal move when it comes to the benchmark. the s&p 500 down 1/10 of 1% when it was up earlier in the session. not a major conviction that the bulls were hoping for. that underperformance is going to be crucial in the nasdaq because we are going into earnings season and we will circle back on that. even in the crude space, it is not that strong, up only 8/10 of 1%. once again, i think the theme of th

our annmarie hordern will be speaking throughout the day.ieve the temperatures will be 100 degrees. the heat of the saudi arabia summer. stay with us on wall street week. our guests david d'arco, lori calvasina, and professor summers. also lisa abramowicz. this is bloomberg. ♪ at cdw, we get if your network power goes down, your business goes with it. recording: thanks for calling, we are unexpectedly closed today due to... cdw experts can keep you up and running with an apc smart-ups lithium-ion ups from schneider electric. it offers cloud-enabled remote monitoring and three times the battery life, so you can get the performance and certainty you need to stay open for business. for resiliency at the edge, trust schneider electric and it orchestration by cdw®. people who get it. and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projec

joining us is annmarie hordern.t anything we need to pay attention to and what are we looking out over the next 24 hours? anne-marie: the president said this in his op-ed and repeated it in jerusalem. the fact he is no longer saying he will meet with king salman. he is meeting with saudi leaders. and then today he said saudi leadership. he is not exactly saying the words crown prince mohammad bin salman. but that is what everyone is going to watch. what is the interaction between these two, the president wasn't going to be shaking hands because of covid precautions. he did so in israel so will he sake -- shake mohammad bin salman's hand. when he was campaigning for the office he is about and said and would like to make the kingdom a pariah, the current government as we know every day led by the crown prince that had no redeeming qualities. the second of course is he needs the kingdom now. this about-face is dealing with the fact that he needs foreign policy change because of domestic issues at home. poll after poll,

in jerusalem, i'm annmarie hordern, bloomberg news.up on the program, will manus ever be able to return home? heathrow imposing a cap on daily passenger traffic. this is bloomberg. ♪ manus: it is "daybreak europe." london heathrow is imposing a two-month cap on the daily passenger traffic to contain the flight chaos, a dramatic response to the uk's busiest airport to address struggles with surging demand for travel. leigh-ann gerrans is with dani and i. i came through the airport last night, it was a sea of bags. what is the passenger cap and does everybody have to chip in? who takes the most pain? >> i always do that and it is a way you will not get your bag lost. but no, i want to speak about these numbers. the decision made yesterday was super quick. 100,000 people per day now can pass through heathrow emma that is the cap. this is really to deal with the demand and with how many people are going through the airport because we have been locked down for two years, heavenly? -- haven't we? now the staff shortages are really creating c

in jerusalem, annmarie hordern.ent biden getting relief from oil prices, falling again. back below the $100 mark. despite the facts the 2023 outlook suggests there is no relief from the squeeze of supply. >> you have the stronger dollar, adding on for china is battling surge of covid cases. check out west texas intermediate. extending that the climb in asian trading. money managers have become more bearish? haidi: opec showing no relief from tight supply >>. couple of signs it can get worse. in fact, they believed demand growth is likely to exceed supply, energy agencies might not have seen the worst global energy crunch. buckle your seatbelts, it could be worse. producers are behind on output targets, the biden administration believes there is more room to pump. there is relief however, finally seeing take a look at natural gas as it sees improving supply ahead. haidi: bloomberg subscribers can get that on the terminal. let's get you to vonnie quinn in new york. >> the world health organization is urging steps to h