before today's announcement, the peterson institute for international economics and china finance 40 form came up with cost and impacts of trade wars to the world economy. hosted this one hour and 15 minute discussion with policy analysts from u.s. and china. [inaudible conversations] >> good morning. welcome back to the peterson institute for international economics.i am adam posen, the institute president. it is my pleasure today to welcome friends back to our joint event with the china finance 40 form. conflict and solutions. we want to get right into substance. but a couple of words about the cf-40, our working relationship with today's event. as many of you know it is a challenge in any b country to set up an independent think tank and have independent serious forces outside of the government. my friend and the host of very distinguished people including -- former china -- came together 10 years ago to create an independent form for chinese economists to come together in a reality-based and honest economic research. it started out as a network and has since evolved into being a a

. >> china's finance ministry has made this statement following the announcement of tariffs. the u.s. measures violated the relevant rules of the wto and it is contrary to the consensus reached in the sino u.s. negotiations. it seriously violates our legitimate rights and interests and threatens the interest of our country and people. >> chinese released their list saying we have $34 billion ready to be on hand july 6. we are still translating the list, but what we have seen so far is a lot of it is agriculture. pork is on their. the -- there. the pork producers have been concerned about retaliation for a while. automobiles are on there. the chinese list is very targeted in terms of where to hit and where to hurt the u.s. still ahead as we review the week on "bloomberg best," david rubenstein is , saying theous booming business cycle in the u.s. can't go on forever. >> at some point, we will have a slowdown. i just don't know when it will be. rishaad: this is bloomberg. ♪ rishaad: you are back with "bloomberg best." let's continue our global tour of the top business stories.

. >>> the peterson institute for international economics and the china finance 40 forum hosted a discussion about the u.s. china economic relationship with a panel of american and chinese analysts. this is an hour and 15 minutes. >>> as many of you know, it is a challenge in every country to set up and independent think tank and to have independent serious voices outside of the government. think tank as well as and we just completed one month ago our seventh annual conference jointly with beijing. they have become our preferred partner in china and they remaina soof uly inent thki. we are delighted to have them here with us and we are going to be presenting the result of the joint report that we did on this issue of u.s./china economic relations. several authors from pie and cf 40. to be clear this is not the joint report in the sense that you sometimes see where everybody has to sign off and get one document and where frankly usually it says nothing. the g7 communiqui managed to avoid that fate because they did not have everybody sign off on it apparently. but anyway, we have a lot of comm

. >>> the peterson institute for international economics and the china finance 40 forum hosted a discussion about the u.s. china economic relationship with a panel of american and chinese analysts. this is an hour and 15 minutes.

china. and finance deals happen in chinese banks. e background? they are indeed. when the young and gets permission to do this, they go to china first. —— pyongyang gets permission. people thought the chinese were behind this. and they came in on a chinese plane? yes, that shows how they are behind this. john bolton sitting next to the president. not a figure of any appeal at all to the north koreans because of what he said previously. although he is not publicly involved, does that show as he is involved, does that show as he is involved in the background and in the presidency? yes, it was not clear a few days ago whether he would come at all. concern after what he said about the libya model couple of weeks ago. but he remains here and i don't know why he would stay on if he would not be involved. but if this doesn't work, now we can strike because we tried diplomacy at the very top level and it didn't work. we will keep watching as this unfolds. the president saying it ta kes unfolds. the president saying it takes just five minutes

julia: china's finance ministry has just released this statement following the announcement of the tariffsunited date. the u.s. measures violated the relative -- relevant rules of the wto and is contrary to the consensus reached in signing u.s. negotiations. it seriously violates our legitimate rights and interests sent threatens the interest of our country and people. we are joined now by our bloomberg trade reporter, live in washington. the chinese did promise to respond in an equal scale, an ofal intensity in terms trade tariffs, and that is exactly what we have today in terms of response, isn't it? that's right. the u.s. an ounce $34 billion to be imposed on july 6, and the chinese just released a list waiting you know, we have $34 billion ready to be hit on july 6. we are still going through the list and translating it, but what we see so far is a lot of it is agriculture, pork is on their, the pork producers here have been anxious about that potential retaliation for a long time now. automobiles are on there, so the chinese list is very targeted in terms of where to hit and where to

playing to the same themes we like with chinese consumption, primary service by companies in china, even financinggh public markets, we see great potential in those as well. markets,nd emerging which ones do you like, especially given the currency turmoil we are seeing right now? the turmoil is very concentrated in countries that have a small part of the investment landscape. argentina is not even a an emerging market -- an emerging market, it is a frontier market. think thati would this dollar squeezed tighter, dollar liquidity environment around the world will continue to get worse. weaklings in some of the emerging markets will continue to struggle, but large parts of affected by not too that. we will continue to focus on asia, around the china complex. we focus on the underlying growth and urbanization you see, consumption, productivity away from particular trait focuses. we would be raising some exposure to commodities if you do not have any in a port olio, we are not huge commodity bulls, but huge portfolios have no exposure whatsoever. rights probably not the place to be. absolutely, i thin

financing. and on the markets: china has warned the united states that any agreements reached on trade and business between the two countries will be void if washington implements new tariffs. talks between china's vice premier, liu he, and us commerce secretary wilbur ross ended in beijing on sunday — without any new agreements. last week the trump administration said it will go ahead with plans to impose 25% tariffs on $50 billion worth of goods from china. this was after china had previously promised to import more from america to reduce the $375 billion trade surplus in goods it has with the united states. meanwhile, this weekend, finance ministers from the g7 nations expressed their anger with the united states over steel and aluminium import tariffs introduced last week. france's bruno le maire warned that a trade war could begin in "a few days". president trump took to twitter on saturday and said the us had been "ripped off by other countries for years on trade". he argues steel tariffs will protect us steelmakers, an industry vital to national security. but canada's prime minister, justin

china. meanwhile, this weekend, finance ministers from the g7 nations expressed their anger with the unitedtariffs introduced last week. the plot is thickening all of the time. the independent analyst stephanie harejoins me now. a regular. good morning. this is quite an important week. so many twists and turns. and now we have the g7 meeting coming to a head. they are trying to put the pressure on donald trump. we also have the important summit between donald trump and north korea. it is interesting to think about what success interesting to think about what success looks like with this negotiation tactic the us is using. ta riffs negotiation tactic the us is using. tariffs on steel and aluminium, it has annoyed the eu, canada, mexico, china, and all of these deals are coming off the table potentially by christmas. who will blink first and where is this going? how can donald trump say this is a success? it is difficult to know where this will go. financial markets which were sensitive about this story for good reason, they do not seem to be that concerned at the moment. and yet you do not s

in finance, china will raise the limit for certain firms from 49% to 51% for wrought tautos, companiesy own their businesses as early as july there are some sectors that are restricted, such as cloud computing, rare earth mining, oil and gas and legal services there are plenty of people here who are not entirely convinced, including the u.s. ambassador to china that this is opening up things the ambassador was speaking at a financial forum in beijing, he said there's a lot of skepticism because china made so many promises in the past the u.s./china business council said the true pace of reform will be determined by the licensing, approvals as well as regulations which have mired and bogged down market opening in the past brian? >> eunice, does the trump administration pressure, do you think, have anything to do with the negatives list >> the trump administration officials, when they were here in may, had been urging chinese authorities to present a negative list by july 1st. however a lot of people i speak to here have said they believe that the timing of it all is coincidental because

states finds itself increasingly isolated at the g seven finance ministers meeting in whistler office locking punitive tariffs on its ally meanwhile china looms that all trade deals could be all if washington imposes more towers also coming up. and survivors of the florida school shooting prepare to graduate sounds like to take to the streets in the u.s. cities to protest gone violence and call for stricter gun control we report from new york. and fresh allegations that i'm going to magically knew about problems at the jenin refugee agency the german chancellor is accused of failing to react or of the needs of the agency was struggling to process the sun and cry. i'm coming home free glad you could join us fears of a global trade war spiking off to china wants the u.s. it will suspend trade deals currently being discussed if u.s. president donald trump slaps any more tariffs on chinese goods this is the u.s. faces widespread criticism for imposing steel minion gigi's on some of its closest allies including canada and the european union american officials faced backlash at a gathering of finance ministers from the walls launches to conne

finally, the challenge from china and other nations who used to finance more effectively than current authorities allow the united states to do. we need to up our game in the area. tompt passage to the bill act establishing enlarged and enhanced u.s. finance corporation would help address this and there are other good ideas, as well. members, thank you for appearing before you and i look forward to answering your questions. thank you. mr. harrington, you are recognized. : thank you for the opportunity to be here. ranking member, i echo the comments that you framed the discussion today well as we move the conversation forward. among the multiple oral -- multiple counsel resolutions, we operate, chamber is a welcome home to the chambers of latin america and the caribbean. improvescuss ways to the economic climate in america is for u.s. investment, it is note that to say aaccla is it space. hosts 20,000 member companies that account for more than 80% of u.s. investment across the region. memberrs, aaccla countries have identified week anger rule of law as a primary challenge. rule of law

that is from china's ministry of finance. joe: they cite the wto. of course one of the main arguments of the trump administration is china itself, ae policies, they are kind of technicality but violating the spirit of the wto. does the administration in your view have a point that ultimately is worth pursuing even if the tariffs are not the best way of doing it? what's for sure. i think it is clear china engages and a host of unfair trade practices. ourarticular the theft of playing field. are these going to be ultimately effective? they are not proven to be effective in the past. scarlet: i find it curious, the president goes out of his way to praise asian paying and tout the good relationship. this is not someone who shies away from making things personal . justin trudeau is a perfect example. he will go out of his way to do favors for xi jinping including .hanging the penalty on cte >> i am not sure what the president values more. various allies and north korea, we are the same with president x i, i'm not surprised by this at all. in fact i think

although we should not try necessarily to compete with china, what made u.s. development financing different from that of our rival? >> do you want to start with -- >> i will start with the china question. and they were i'll pivot to readiness. i think there is a key difference in my experience working with the state department. our developmental aid comes with very few strings attached. if you look at chinese development aid all around the world, it's about creating debt. it's about are creating leverage with countries they want to pay tribute to china. i'm pretty unsympathetic to that approach. there are things that we want to have develop as a consequence to our aid. more democracy and sensitivity to needs to citizens. my understanding of china is that it is tied to long-term interests which would have those countries indebted to china so they have leverage in exerting influence abroad. so i would challenge people to think about the difference in the scale of spending. it has a lot to do with how much they want the world to owe them. and that's a different dynamic. on the questi

2016, as the presidential race heats up, he traveled to china and met with bank of china officials didn't that financingto get that financing going. now it looks uncomfortable for president trump to still be profiting from that deal he did in indonesia, that is benefiting -- although not directly, indirectly chinese state-owned companies. that people are criticizing in violationng of a clause in the constitution rs government officials from accepting gifts are benefiting in any way from their governments. jason: his role as a businessman and investor, but also as political figure as well. >> right. the interesting thing about him s a political party behind him. he has built his own political party in indonesia. it is the world's most populous muslim majority country. he has his own party and made a failed attempt to run as he buys presidential candidate in the indonesian elections of 2014. after trump won, he started making was about him becoming president of indonesia just like trump could. i think that complicated his situation and is standing within indonesia. he was backing political opponents of th

with a leading global hub outside of china, a major player in ruby financing, and we have fin china,ital, ideas and talent, will continue to be a foundation of the uk's economic success. and this evening, i can announce a global financial partnership strategy, bringing together governments, regulators and industry to build enhanced framework across the border financial services, facilitating access to global markets, and positioning the uk as the gateway of choice. our vision... positioning the uk as the gateway of choice. ourvision... providing we are having technical problems of our feed. that was the chancellor of the exchequer, philip hammond. let me just remind you of some of the things he had to say, a couple of very strong signals the chancellor was giving. first on funding for the public sector, he talked out with a premise or had set about additional funding for the premise or had set about additional funding forthe nhs, premise or had set about additional funding for the nhs, saying it will come ina funding for the nhs, saying it will come in a fairway for taxpayers. you al

two thousand and eight has been the banking sector the fire sector finance insurance and real estate it's fictitious broke in the west china has avoided fishes wrote and it's pursued the kind of growth that doesn't show up in g.d.p. namely low cost services provided by government investment that isn't counted in in the g.d. so a china does not follow a statistical measure of growth like the west in china statistics that are talking about real growth their growth is continuing is not taking the form of a construction life as it was or is not taking the american form of increasing banking is not them taking the form of increasing debt service life in america but i can assure you that the economy is continuing to grow just as it was before but this doesn't show up in the g.d.p. statistics because they don't follow the g.d.p. statistics that are designed by the financial sector to celebrate itself ok let's look at the other side of the equation or let's look at america even courser road super imperialism many say that the us empire is honest last legs we've got a study out the top ten percent of americans are. new aristocracy

. ♪ ♪ >> silicon valley may no longer be the capital of early-stage financing. china. periods. the asian nation is also making the unicorns at a faster pace and united states. one of china's largest angel investors has played a part of that. they have funded the other 100 billion dollar companies since 2010. hannah told us what she looks for in her investments. >> we have about ultimate points since we started seven years ago. they are across many different sectors. in the early stage it is not as much about the idea as the person. ideas can change. we're looking for people who we think can create billion dollar companies. that has always been our method. that has not changed. we have of sectors, been disrupted in the past year. they came out with many programs. basically, instead of downloading an app, you can imagine people are using a mini program. that creates a whole new ecosystem. whether it is e-commerce or gaming or sharing, there is a lot of application. consumer trends continue to be interesting. this is like a new concept grocery store. that is completely d

our top stories: finance ministers from the g7 warn america that its steel and aluminium tariffs could spark a trade war within days. china rejects allegations by the us that it's trying to intimidate neighbours in disputed areas of the south china sea. thousands of palestinians attend the funeral of a nurse killed by israeli gunfire. her mother says she was trying to help injured protestors in gaza. translation: this is what she was resisting with. on what basis did the soldier kill her? she has been targeted since the first day of the protests. after decades of communist rule in cuba, could the new president be about to bring in significant changes to the way the country is run? hello, and welcome to bbc news.

to give you a sense of perspective on this, china is the primary financer of high-speed rail rate link between budapest and belgrade valued at $3.8 billion alone. the united states and general overseas between 40 and 60 billion worldwide. if you're looking at the aid we put out a something like $1.13 billion total. including supplemental funding. the scale what the chinese are putting in i considerable. the debt diplomacy. they wait until countries can service the debt claim the infrastructure. they're sharpening their outreach and are competing for influence. from the u.s. and western perspective, we have to acknowledge that we have lost ground in central and nation europe. eighty-nine is a distant memory for a lot of people. one of the most serious objectives we need to have is the 30th anniversary of 1989 a magnificent opportunity for the u.s. through diplomacy and aid to reengage hearts and mind in that region. endeavor that will take focus and effort and i look forward to working with this committee to increasing the western presence. >> you encourage me and i made some trips paid

thousand and eight has been the banking sector the fire sector finance insurance and real estate it's fictitious growth in the west china has avoided fictitious wrote and it's pursued the kind of growth that doesn't show up in g.d.p. namely low cost services provided by government investment that isn't counted in in the g.d.p. so china does not follow a statistical measure of growth like the west in china statistics that are talking about real growth their growth is continuing is not taking the form of construction life as it was or is not taking the american form of increasing banking is not them taking the form of increasing debt service life in america but i can assure you that the economy is continuing to grow just as it was before but this doesn't show up in the g.d.p. statistics because they don't follow the digital piece that just picks they're designed by the financial sector to celebrate itself ok let's look at the other side of the equation or let's look at america eve of course. super a period lism many say that the us empire is honest last legs we've got a study out the top ten percent of americans are the n

china's influence and reach grow and grow. we need to strengthen our development finance tools in order to keep up and in order to compete. t of just how much more china is spending internationally, it is quite stunning. opec, which works with the forate sectors to allow this private investment in third world developing nations, has a portfolio limit of 29 million. you would double that to 60 billion. talk to me about how the government can work with the private sector once this gets up and running to go into these markets. person who ise leading opec has a lot of experience in private equity and private capital. and in emerging markets. opec, this development finance institution, will be able to new -- use private combined with governmentstates guarantees to either make loans or take equity positions in the developing world, in partnership with our allies throughout europe who have stronger and larger gfi's and that will allow us to directly compete with china. and providing investment and lending. some of the fastest-growing markets on earth. kevin: president trump supports this. the caucus supports this. is it going to

china's unfair trade practices. no one should be surprised. >> commerce secretary wilbur ross is heading to capitol hill today. he's expected to be grilled by members of the senate finance committee over the trump administration tariffs on china. the 200 billion chinese goods after china retaliated to the potential total of u.s. tariffs to $450 billion. >> peter navarro told in a row lou dobbs china is making a big mistake. president trump surprise china on monday when he announced the threat of new tariffs. a programming note for you. peter navarra will be a guest on "mornings with maria" at 7:00 a.m. this morning eastern time. trying to all right, a lot of breaking news to get to on "fbn:am." president trump in the fight on immigration and of course the fight with china and of course we are talking about the markets. latina features. better story today in the european market. gerri: the european market moving higher overnight trip to ftse up 85 points. a better open for the market today in the entire world doing better. glad to see that after yesterday morning. cheryl: good morning, everybody. welcome to "fbn:am." always a pleasure to have you join us at 5:00 a.m. eas

retaining these resources on the continent would greatly help finance its development we must go beyond words to demonstrate fact in china but says more homegrown companies appear on the market and trade ties between the two countries come under strain those days appear to be numbered. tea with foam made of cream cheese just one of the specialty drinks customers in shanghai have been lining up for this some aren't . haiti eat the company behind the popular beverage it's a chinese chain with and that's all over the country. it's just one example of a homegrown company giving us competitors like starbucks a run for their money. while american brands have long enjoyed an elevation stations in china research suggests their dominance is now beginning to play in. the local roads have been. this is becoming a very big concern. because it's. just that you have to do with the way they operate. the way. they will be put into the city which is what the market with boards and there are a lot of companies. u.s. tech companies like apple are also coming under pressure from domestic firms i phones are kind for only ten percent of the c

though to about five to finance a say on on restaurants. the solution and on top of china. the eight panel tennessee's. america gives to his only oscar oscar deal delays languishing washington recently total and ended process. on the nasdaq. five five hundred those. standards and essentially do the right rather. thing on down. 1% says friday and the kind of dahak percent. another exact although of the no nonsense has. contributed to make the nex. we keep. going. kids seven seven point. he will. learning more. nine nine one point two million the next test. shotguns. and went alessandro's as he said he was one of one of which you should judge i am and what are your name. for the first time. as a city street. should along the lines today some common parts until. the record set. to a shot just use the night the next five years in the city. ports. yes yes yes orders orders will so far ahead. we're willing. to make money money. twenty twenty nine hundred people were. which has just struggle to remain competitive taken over by sell sell the income come yes yes yeaeah. two thousand

china's unfair trade practices. no one should be surprised. >> commerce secretary wilbur ross is heading to capitol hill today. he's expected to be grilled by members of the senate financethe trump administration tariffs on china. the 200 billion chinese goods after china retaliated to the potential total of u.s. tariffs to $450 billion. >> peter

backlash over steal another million terrorists at a gathering of finance ministers from some of the world's largest economies and china warned the u.s. it will suspend trade deals are currently being discussed if u.s. president donald trump slaps tariffs on chinese goods. they're watching the news i'm telling the home for him but then we'll have plenty more for you at the top of the hour thanks for your company and see you soon. waste. time for good. for good people and projects that are changing the government for the better so. what. do you.

to give you a perspective on this, china is a primary financer of a high-speed railway link between budapest and belgrade that is valued at $3.8 billion alone. as a frame of reference, the united states in general overseas somewhere between $40 billion and $60 billion worldwide. for europe and eurasia, if you are looking at the amount of aid and assistance, it is something like $1.13 billion total. that includes supplemental funding, excluding central asia. i think the scale of what the chinese are putting into this region is considerable in monetary terms but strategic with the investment. they use debt but diplomacy where they invest in strategic properties and infrastructure on pretty easy terms and then they wait until countries can't service the debt and then they claim the infrastructure. they are sharpening their outreach and soft power. they are competing for influence. i think from a u.s. and western perspective, we have to acknowledge we have lost a lot of ground in central and eastern europe. 89 is an increasingly distant memory for a lot of people. one of the most serious objecti

congress secretary wilbur ross went on an economic mission to china and others met with finance ministers in canada ahead of this week's g7 summit. here at home some of the president's biggest supporters including farmers and manufacturers are still unsure how these new policies will impact them. we want to go to westerville, ohio, just outside of columbus to the republican governor, john kasich, welcome to "face the nation."fs pop withmaess sand even with your home senator, yes, a democrat, he supports the president's efforts here. why do you think some of these working class ohioans are wrong? >> well, because there's -- among republicans, democrats all the people that study these things, you get into trade wars, the president of france said when you take nationalism as approach to your economy it can lead to war. and we know what happened when we imposed all these barriers on people in the past. the economy slowed down, people paid higher prices and then beyond that, it increases acrimony among our friends, we're punishing our friends. if they were cheating that's one thing. but slap t

china from its wrongdoing. >> we are working with our allies. at the finance ministers meeting, this is an issue we discussed and it's important to all of the g-7. the president was clear he wanted to protect the steel and aluminum industry that are critical to the u.s. i think it's very unfair. we put tariffs on that were specifically designed. we have been careful. we put quotas on certain countries. we have been careful on negotiating deals. i think it's unfair that the e.u. respond with tariffs on other things. they have done that and it's politically motivated. if they object to our steel tariffs that's something they should go through, the wto and others. but they do not have the right to respond in a political fashion and hurt or farmers and other critical areas. maria: how many employees do you have in the aluminum and steel industry versus the number in the importing industry. you are talking about 6.5 million jobs versus 300,000 jobs. these two industries are smaller than the industries using aluminum and steel. >> the economic team and the president

and some on other things and i had one with a fascinating guy who is the key person in china working on green financecross the board trying to build an entire ecosystem of green finance from green lending to bonds. i think that he is also focused on the issue of a green investment whether it's standard per se, i'm not sure, but a lot of interesting work that he is doing in any event and beyond that i will pass the baton. >> i'm betting you have something to say on the first question. >> certainly. >> yes. on the adaptation question, i agree with todd that in the acal negotiations, it's not -- there are very few little difficulties around the negotiations on adaptation. the question or the major concern from the vulnerable developing countries has been two fold -- the political profile that adaptation gets globally and secondly the -- and also linked to the support that adaptation receives. traditionally it's been around an 80/20 split. 80% of all climate finance has gone to emission reductions, critically important, and only 20% has gone to support adaptation. many -- the green climate fund, one of t

china, russia, and other actors. for some reason, we are throwing all that away. i think with little prospect of getting much back in return. ramy: the aussie financeweight in saying the u.s. and china should go to the world trade organization. people have not said those three letters, wto. your thoughts? fred: the wto is not as effective as it could be. it needs to move more quickly and more swiftly. it is a somewhat cumbersome process, but it's the only thing we have. there's an old expression, don't throw out the baby with the bathwater. until we get a better process, that's the process the world respects, china respects. we have been successful when we have prosecuted things against china, it's not clear why we would want to abandon that now. it does not make sense to me. fred joiningtuff, us from massachusetts. still ahead, will the philippines raise interest rates on wednesday for a second straight month? the country central bank governors speaks to bloomberg in exclusive interview, next. this is bloomberg. ♪ ramy: welcome back, i'm ramy inocencio in new york. haidi: you are watching "bloomberg daybreak: australia." when and seller will gener

china activity in my eight years in government first as finance minister who is the prime minister and. as a professional. coming from the financial sector you know. i didn't get involved for any personal gain or benefit i always get involved for my country's benefit. and i found them very professional very understanding of our situation so in my experience and i'm still active. and i visit china regularly i can't look you in the. there's no sinister or hidden agenda on either side on the one one draw why would you complain if you are living in a house in this beautiful city of st petersburg and if somebody wants to build a connecting that city to the rest of the country or even another country why would you complain and obviously you will pay the money bags a lot of it is funded by loans but if you've been wanting to do that work for developing countries resources are difficult to come by so here you have. to improve domestic travel for your people and if you build roads if you build if you will water storage is generation is another area back on is short of power why would i complain

china, by the way. we have been supporting financing for lng imports projects in places like bangladesh and pakistan. lanka the philistines. a big -- philippines. , chapter that could come -- a big chunk of that could come from the u.s. are you seeing a slowdown in investment in new projects just because of the test just until the uncertainty gets sorted out? just until the uncertainty gets sorted out? >> we are seeing a bit of a slowdown. i'm talking generally. from the u.s. perspective, it is important to note the u.s. is a very important game in town in terms of gas exports, but it is not the only one. many countries around the world, particularly in asia, are wrapping up as well. countries like china do have other options. but at the same time, america has extremely competitively priced to gas, has a lot of it, the chinese would love to increase the amount of gas they bring a from the u.s.. what: even beyond lng, sectors do you see sensitivity in terms of making investments because of uncertainty? are there some areas, some objects, some products that are more vulnerable than others? growth, let

china and the e.u. brexit also saying the timeline is worrying. the french finance minister speaking to reporters there in paris. so doubling doubt on this tit for tat tendency to fight back. not taking this lying down at all. cath clean: no wonder that -- kathleen: no wonled they were major stock indexes which have proven pretty resilient to this kind of back and forth. we see a big dwroun turn in u.s. stocks. the dow jones strip losing 328 points to 24,252. in fact, it's dropped for the ninth time in 10 sessions. 50 &p 500 slimmed believe and the nasdaq getting hit hard as well on those technology concerns. haidi: yeah, and it is the sense that these trading partners are fighting back. the french months anyonester saying when we're attacked we will fight back. looking like a pretty flat opening here in asia. new zealand and snid give futures, even a steeper dwroun side. the aussie dollar testing that 74-cent level, the worst performer in that g-10 space with the background of a steady dollar. let's head to commodities. that was the bloodbath when it comes to globa