so that's interstate commerce.re the regulatory state took off. >> right, and that's why they control education in your state, the state health care. health care, you just name what the federal government -- >> the environment, all of those operate under the expanded definition of the commerce clause which gives unlimited power to the federal government. >> and unelected bureaucrats decide. that not the elected representatives. people who get appointed decide your freedom. that's what needs to be reversed. if we want to fix our country and restore freedom and liberty, we need to make the decision-making closer to the people instead of unelected bureaucrats. >> isn't the battle between constitutionalism and progressivism, the progressives reject at least as i said, intellectual forefathers, the constitution, they do not like the way it's set up, they want centralized decision-making like in europe, hagel, marx, whatever you want to call it, soft communism, individuals make decisions, individuals are not allowed to m

commerce members. this is one hour. >> let's get going. we have john murphy here for one hour, then we will have another break, and the last session, we have three top reporters on the beat. the last session of the day, talking about story ideas, how to conceive and execute stories, and then talking about coverage of the beat in general. now, we have john murphy, senior vice president for international policy at the u.s. chamber of commerce. give theked him to consensus view, or the view from the chamber and american businesses about the latest from trade actions. we have heard from jennifer about the auto industry, i have asked him to talk about everything else. we have him for 60 minutes. to john, heit over will speak for about 30 minutes and then take questions. john: it is a pleasure to be here today. some people have observed that [indiscernible] ofis certainly a golden age trade journalism, there has never been so much to write about when it comes to trade. i know i have appreciated the work of m

chamber of commerce in washington dc. this is an hour and 15 minutes. it's my pleasure to welcome you to the u.s. chamber today. we have a great crowd, extraordinary speakers. i think you will go away glad you came. we brought together leaders from business, government and others to discuss issues of importance to all of us. america's engagement in one of the most significant regions in the world. look forward to hearing from top administration officials about their vision of the region. and they will also offer the opportunity to ask questions. today's forum symbolizes the increasingly important role that and the subcontinent plays in our unique relationship with asia. it is also a sign of the goodwill that has been established between the administration and business community on these type of that entity's and our shared desire to see opportunities in the end up pacific. here't need to tell anyone why this region is important. the end up pacific is the fastest growing and most dynamic region on earth. it will represent 66% of the world's middle class.

the company has also been heavily investing into e—commerce projects. end of next year. but it looks like all the recent spending has weighed on walmart‘s share price. after rising by about half in 2017, the firm's shares have dropped more than 10% so far this year. bryan roberts is the global insight director at the retail marketing firm tcc global. you've been following walmart for yea rs. you've been following walmart for years. what you expect from its figures today? their profitability will be impacted by lots of these investments. not just will be impacted by lots of these investments. notjust overseas but also that acquired four or five different e—commerce businesses in the united states, and there are lots of other headwinds as well. some of import prices, for example. it's quite frustrating for walmart —— walmart. despite all of the attention being put onto e—commerce ventures, they are doing well in america. interestingly, every time they report, e—commerce sales are seeing as slightly slowing down, it reacts unfavourably. it's a small pa rt

our other concern is the investments in e-commerce, they are investing a lot of money behind e-commerce. now they are saying they will lose more and combine that with the fact that they are making the slip card acquisition. when that deal processes -- without deal closes that will take earnings to $.60 and then you're right back into that massive investment on the e-commerce side. that is where we are more cautious. julie: it is interesting you are cautious because the stock was actually down on the year. brian: absolutely. when you think about the rally, it is a big move for a company the size of walmart to be up close to 10%, but the stock had sold off over 20% off the high. the stock had sold off all the way down to 84. you are back in the middle. the selloff was due to concerns around slowing e-commerce growth . the e-commerce growth rick celebrated and i think the flip card acquisition -- growth rio accelerated -- julie: one final quick question. anything,rt tell us or walmart combined with macy's, can we extrapolate anything from those companies yet to report. brian: we expect to

chamber of commerce. i've asked him to come essentially give the, you know, the consensus view or the view from the chamber and american businesses about, about the latest trump trade actions. we've heard about, we've heard from jennifer about the auto industry. i've kind of asked him to talk about everything else, you know? so we have him for 60 minutes, and i'll turn it over to john, he'll speak for 30, 35 minutes and then take questions. so, john. >> thank you. well, it's a pleasure to be here today. some people have observed that we're in a kind of a golden age of journalism. that may be true, but it's certainly a golden age for trade journalism. there's never been so much to write about when it comes to trade. and i know i've appreciated the work of many of you. so a pleasure to be here. my, my function here today is to give a perspective from the country's largest, broadest business organization, the u.s. chamber of commerce represents companies of every size, small, medium, large, multi-nationals,

the company has also been heavily investing in e—commerce projects.redicts 40% increase in e—commerce investment by the end of next year. but it looks like all the recent spending has weighed on walmart‘s share price. after rising by about half in 2017, the firm's shares have dropped more than 10% so far this year. maureen hinton, group retail research director at globaldata, is here. thank you for coming in. as we were just explaining, walmart has been going on a spending spree. are we expecting today's numbers when they come out to be affected by that?” think their profits will be affected by it and they have been already. they are looking to the long term so it is good they are doing this investment because they are making the best as applicable to how we shop now. they are looking at emerging markets, where they should be focusing, where there is a lot of potential for the biggest retailer in the world. let's talk about india. as we mentioned, they are spending a huge amount on the acquisition of the e—commerce business flipkart. why is that? they

department, foreign commercial service, i previously served of the commerce -- at the commerce department. and innocent bystanders all of whom were affected by the devastating attacks on the day. i spent time earlier this morning with some of you , speaking to the survivors and the family members of those who perished. many of us, i included millions of americans, will never understand the ultimate sacrifice made 20 years ago by those who perished in the attacks. it's just a fact of life. the pace of life in modern america, trying to remember what happened 20 years ago, i remember, but it's difficult i think for most americans thinking about something that happened 20 years ago and it seems like an ancient memory. it's not for this department and it's not for those of you gathered here. the leadership of this department will ensure that americans remember. this department certainly will remember. we recognize the depth of you and your loved ones commitment to public service and will never forget the price that was paid by so many of our colleagues, our friends, our loved ones and innocent

given right but thirty percent of e-commerce is returns if you ours is going to work so e-commerce also has to have a strong first mile to be able to process take take back the packages and process those packages back to where they came from that are thaw it it's a changing dynamic it's an interesting time and there's a lot of opportunity how much of this is union busting i think some of it probably is the the workers that at the postal service or are unionized they make good living wages and decent benefits something that all workers should should have so certainly there's an effort. on the part of this administration to reduce the voice of unions and to reduce the voice of workers that maybe some of it but i think the main thing is the post office takes in seventy billion dollars a year in revenue and those in the private side want to take that and turn it into a profit making machine rather than public service and maybe set their own postal rates well think think think think about if you don't have to go down there we're all road then maybe the only way you get there is a twenty doll

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this is the commerce department report right here. long. 50-175 pages exceptional amount of data on why this kind of relief is necessary and it made three different recommendations to the president on an approach. all of which involved tariffs or quotas. and the president did select i think the broadest application of tariffs but the idea that this was kind of randomized is easy to believe unless you have been following it closely. in that case, there was a very detailed process that went into place before these tariffs were actually applied. they have been in effect now on steel and aluminum since march and there have been some exceptions made and you may be aware, some countries have been excluded from this. they made alternate arrangements. korea said we'll put a quota on our steel. there is only a certain volume they can bring in from the united states. argentina. australia. we don't have a lot of steel trade with australia. it is likely if there was an e.u. deal and a nafta deal that there will be alternative arrangements made fo

that interfere with commerce -- that interfered with commerce, so local businesses, people in commerce would have had a vested interest in subscribing to the atmospheric explanation of cholera, where this was not a contagious disease. ordinary people would want to hedge their bets and say, this is a contagious disease. we are in sacramento, and you presented this to your peers and colleagues. what questions did they ask you? prof. kelton: they will ask me, i hope, the susceptibility of [inaudible] in indigenous people. aboutill allow me to talk how this wasn't spread into the west, through indian removal -- was spread into the west, through indian removal and the indians that lived in osage in oklahoma at the time. it affected groups in kansas .hat were being removed this was anbout how epidemiological nightmare for the indigenous people. it is in a very general way, but we know specifically the diseases they died from, how indian removal foster the spread of diseases and led to indigenous people being vulnerable. >> is that in your book "cherokee medicine?" prof. kelton: i had actuall

the commerce department has indicated it has denied their request for steel. just just because a steel consumer has always got a certain type of steel from japan or china or somewhere else and it's available to the united states doesn't mean they are going to get an exception for that steel coming from another country. the relief is working for the steel industry. the president was in granite city alumni. there are 100 workers that have gone back to work since the steel mill closed two years ago no one thought it would open back up. a thousand jobs in ohio. century aluminum announced new jobs in kentucky jf w. steel in texas and ohio announced a thousand new jobs. nucor is opening two new steel mills. there is foreign investment coming into united states was steel and aluminum now. there is a swiss or german firm that's opening a firm in missouri and a british firm that's opening a steel mill that had to close in georgetown south carolina. it's having it said intended effect. i went over the exclusions and you can peruse them further but i will keep moving thr

the e-commerce giants losses are surging. and hacking the midterms.nother report of a candidate being hacked. so just how secure are u.s. election systems? we discuss. but our top story, the first investigation into musk's tweets about taking tesla private has reached a more serious stage. bloomberg has learned the electric carmaker has received a subpoena from the sec. musk exposed himself by tweeting last week he had funding and had arranged for a buyout. all this controversy has taken the spotlight, but where does the pace of production for the tesla model 3 stand? a team of every core analysts visited a car factory and said the company is well on its way to building electric cars per five week. but production may be up to 7% too low. here to discuss all things tesla is craig and alex. craig, i want to start out with you amid this bizarre turn of events. there has been some good news. how significant is this new data that they are reporting? craig: it would be significant if evercore is on point. obviously one of the many out of musk'save , one tha

chamber of commerce.that will be followed by reporters panel starting at about 3:45 pm and the conference is expected to wrap up by 5 pm eastern.if you missed anything that was said that it will all be available later on the c-span website at c-span.org. right now the next presentation, a portion of the washington journal on u.s. trade policy. >> continuing on the topic of trade this morning we are joined by christine mcdaniel, a senior research fellow at george mason university arcadia center and a former economist for international trade at the george w. bush administration. to start, what is your definition of fair trade? is it as simple as a countries imports matching or coming close to exports? >> fair trade is being used more and more these days. i sort of grew up in the free-trade era. the notion of fair trade and free trade or both sort of -- the thing is, remember people trade, governments do not trade. and so i think the important thing is to remember that people are best off when they can buy a

commerce department has been instructed to get it done. that was the tweet. and with that tweet which caught the secretary of commerce and so many others by surprise, the president reversed the key sanctions provision that the united states had imposed on z.t.e. for violating our sanctions and for other bad behavior. so this senate in a bipartisan basis said wait a minute, wait a minute, secretary ross was right. z.t.e. violated our sanctions. they posed an espionage threat. and by the way, they stole a whole lot of u.s. technology over the years. so he was right. and that's why on a bipartisan basis we passed a provision that was included in the ndaa to reimpose those sanctions that secretary ross and the commerce department had put on in the first place to protect our national security. and yet, as the weeks went by in the conference committee, despite the best efforts of a ranking member and many others, this got dropped. this got dropped because the white house wanted it dropped based on that earlier tweet. it got dropped because z.t.e., what a bargain, t

offlet: e-commerce rose 40% a fairly low base. it is encouraging for a company falling behind the curve and giving up share to amazon. my question is, what is the trajectory of the e-commerce spending? do expect to see it ramp up even >> that is the trajectory now. losses are going to increase. they're going to close flip cart. they made an investment in china this week. they are all in on this strategy. so as an investor if you believe in that strategy, they are playing the long game, if you believe in it you can go by the equity. we have a hard time seeing out that far. we're worried about these losses. they have been losing money since 1998 in e-commerce. i'm not sure what they are doing is impacting amazon at all to tell you the truth. the challenge is you have to believe this vision. in the u.s. you can see it. they have a powerful presence but india, what does walmart bring to the table besides a check book? it is hard to see what competitive advantage they are bringing to the indian market and that is what makes us concerne

as a result the commerce department imposed a penalty on them thelyas equivalent of te business death penalty to say you can no longer buy american , microchips. they cannot function and the company was brought to its kneest knees. that sanction should have been imposed on them even if they didn't know because of the threat they pose to this country. if we allow these companies to embed themselves in telecommunications infrastructure of the united states it is a severe insignificant national security presence going forward. but yeah inexplicably for some reason a deal was struck to allow them to survive. the argument was meal put a really big fine on them and put people on their board to make sure they are no longer violating sanctions. i would tell you if it is only about things as relief that would be sufficient for me and should be for all but samsung or ericsson or other companies maybe they went too far but the problem is those two measures we do nothing to constrain the threat they pose to the united states international security. when you're backed by the chinese government a m

the purple ones are the associations, chamber of commerce, national association of manufacturers. it is mainly those guys. they tell the ones are academics, some of whom are on contract to the blues and the purples sprinkled and rest of that are 17 labor unions come to my confinement of griscom one partridge, one paratrooper a couple of state officials, a few of the folks but the vast majority is these corporate advisors and the press, the public at a large part congress it's locked out. you can't see the text but they are rewriting wide swath of domestic law. under going to go into this big to reside with this in, you didn't get the slide but instead of having your normal trade stuff it basically has become these agreements a delivery mechanism for a lot of other stuff. the bottom line is, and this is a story rich environment, is packed into these agreements use all kinds of stuff that is probably even the opposite of free trade, like think of the patent rules. it's a classic protectionist run seeking monopoly. the government gets a license to get him another. that's the antithes

any plans on taking on another e-commerce giant internationally?s some talk about what the next markets would be, for sure. particularly as the company start to get to a point when they're going to have to deliver more tangible growth tricks or -- growth metrics for investors, especially softbank. i think that is going to start to take focus. part of the investment was a guarantee that entrance into asian markets would be on the horizon. for now, it seems they are largely focused on the u.s. taylor: over in our features section, we are talking all about tequila. bacardi owns patron, and they really have their sights set on going international. julie: when you have a corporate owner and a big expansion, there tend to be concerns about quality. taylor: we got the update on those concerns. >> how much can you scale up without sacrificing what made patron patron? it is an open question right now. bacardi is not saying much about what they're going to do without saying they see patron as an international brand. most of the tequila consumed in the world

the world's largest retailer, walmart, completes its acquisition of e—commerce giant flipkart in a $16illion deal. and it's a mixed start to the trading week on asian financial markets as investors keep a close eye on global trade. this week we are focused on trade. hopes have been given a boost today by reports china and the united states will hold lower—level trade talks this week on trade. this just before $16 billion in new us tariffs on chinese goods take effect. we've got special reports from around the world, and injust a moment we will go live to shanghai for a chinese perspective. but first, my colleague aaron heslehurst gives us a breakdown of the trillion dollar world of trade. global trade is truly the engine of the world economy. the value of goods and services traded all around the world last year was worth more than $20 trillion. and it is extremely important for trading partners. goods traded last year between the us and china were worth $635 billion. between the us and the eu it was $718 billion. between the eu and china, that was $652 billion. over three decades the e

on the subject i'm now joined by frank kaiser deputy managing director of the german chamber of commerce in turkey it's good to have you with us good morning to you and thank you very much for joining us on the w.b. now you've been of course talking to german and turkish businesses in these past few days analyzing the situation what can you tell us about the current mood among entrepreneurs after the recent developments. well the colonel who would be very very good morning percival who. could be described as of course there's a lot of concern. company of course he used. the title and if i am around and i think they're waiting they're waiting for further developments and what would you expect those developments to be is there any sort of prediction of what you think could happen next well of course hopefully we. would like to see that the conflict that rate will be. very quickly because these kind of trade was never benefiting anything anymore and it better be going on of course it would be detrimental to turkey so basically we are looking with many two scenarios the worst case scenario b

including deputy secretary of commerce from 2007 to 2009. earlier in his career mister sullivan was a law clerk, david souter, supreme court of the united states, and clerk at the united states court of appeals for the fifth circuit. a native of boston, massachusetts, mister sullivan is a graduate of brown university and earned his law degree from columbia university school of law. join me in welcoming deputy secretary sullivan. [applause] m >> thank you. it is a great honor for me to stand here today and a solemn day in which we gather. i have had the honor of speaking at events like this. i speak at our embassies when i travel around the world and i think all of those women and men including our locally employed staff. i always make point as my colleagues know of speaking to the locally employed staff and tell them how important it was to our mission. i also thank them for their service. i have said this many times, my colleagues get sick of me reminding everyone, but i have a personal connection, a family connection to some of what you an

chamber of commerce today. you have to go to like the afl-cio, the sierra club, public citizen, mine, all these people, you know, keeping close tabs on particularly trade negotiations. the others are trying to find out as much as they can about, you know, china strategy and stuff like that and where they are going, but, you know, so you have to go do those other routes. you have to talk with members of congress, their staff, to try to get a sense of what they are doing. and then just on nafta, i would just say, you know, that's going to be interesting when that trade deal is completed, which they are trying to do here by the end of the month. and so then we'll be at the situation like well, can they get it through congress? and, you know, there again if you guys are interested, you know, you will have to go to members of congress and find out what they think, and there are certain members of congress that maybe will be kind of a bellwether for the rest of the caucus. i mean, certainly the top republicans on way

, including as deputy secretary of commerce, from 2007 to 2009. early in his career, mr. sullivan was a law clerk for associate justice david suter of the supreme court of the united states. and he clerked at the united states court of appeals for the 5th circuit. a native of boston, massachusetts, mr. sullivan is a graduate of brown university and earned his law degree from the columbia university school of law. please join me in welcoming deputy secretary sullivan. mr. deputy secretary? [applause] >> thank you. it's a great honor for me to stand here today, and it's a solemn day on which we gather. i have had the honor of speaking at events like this. i speak at our embassies when i travel around the world. and i thank all of those women and men i meet, including our locally employed staff. i always make a point, as my colleagues know, of speaking first to the locally employed staff and telling them how important they are to us, to our mission. i also thank them for their service. and i've said this many times and some of my colleagues get sick

its e-commerce business is a focus point for investors.vered a solid 40% gain in sales. ,, they had a strongest -- the strongest grocery sales, the most in nine years. they have been working to incorporate fresh food in their grocery offerings. a really good post for comparative sales. walmart has seen sales up over 4.5 percent. analysts have hailed this as a banner quarter. they have been aggressively defending themselves against amazon and whole foods. walmart has a bigger share of the grocery aisle. amazon does not even make the top five of u.s. grosses. they have been refreshing their and they have, been interested on online orders you can pick up in the store. they are aggressively pursuing that strategy. announcedy recently they would be offering that service in some of their whole foods stores. selena: walmart has clearly been very aggressive. how does this compare to amazon offerings? emma: we are still waiting to hear more about -- what amazon is going to be doing with whole foods. when amazon reported earnings earlier, whole food

on anothern taking e-commerce giant internationally?is some talk about what the next markets would be, for sure. particularly as the company start to get to a point when they're going to have to deliver more tangible growth tricks or investors, i think that is going to start to take focus. part of the investment was at a guarantee -- a guarantee that entrance into asian markets would be on the horizon. for now, it seems their largely focused on the u.s. >> over in our features section, we are talking all about tequila. and theywns patron, really have their sights set on going international. >> there tend to be concerns about quality. we got the update on those concerns. >> how much kenny scale of without sacrificing what made -- how can you scale up without sacrificing what made patron, patron. bacardi is not saying much about what they're going to do without is an something as patron international brand. most of the tequila consumed in the world is consumed in america and mexico. they see a lot of broad opportunities internationally. t

there's a southeast asian online e-commerce business. alibaba boosted its stake there.quired a food delivery platform so we expect margin pressure over the next few quarters as alibaba continues to invest. i want to take you over to the way the shares performed over the past few months. it hit a record high in june that's really because people were very excited about the growth the u.s./china trade war then kicked off and alibaba has been caught up in that selling. it will be interesting to see how the shares react after alibaba reports those earnings before the bell today in the u.s. back to you. >> i want to pick up on a bunch of those points. joining us on the line to discuss this is neil campling. arjun is still with us also. arjun mentioned many of the points we should be watching out for. but the first thing that catches my attention is alibaba is much more of a domestic-focused company than some of its peers given that the chinese economy is slowing down a bit, are you expecting that to show up in earnings today >> good morning. i think it certainly has an impact

not only did the company miss wall street's earnings forecast, the crucial e-commerce business, it saw a shocking and completely inexplicable, frankly, huge decline in its acceleration. mcmillen pointed out the growth will pick up again by that point, investors, they just threw it out. the 2% dividend boost was smaller than expected. people were done with the bentonville giant. since then the slowly escalating trade war with china has freaked people out even this afternoon when president trump says it's going to be a long siege, don't get your hopes up. walmart is getting 10% of its sales from china even when they shelled out $16 billion for the e-commerce platform in mark, nobody cared it's like, please, please stop it already a few weeks later walmart reported again they left their guidance unchanged. based on walmart's shareholder base needed hand holding and didn't get it which caused the stock to get slammed again since the may pullback the stock has gradually been trending higher as people realize it had gotten too lated throughout all this i have to tell you i know it's probably

when these planes would crash even after the department of commerce became the regulatory agency they would still figure out what happened but they never could. they rarely could. and at times as early airplane travel begins the early airlines in 1929 a horrific 1929 are horrific story of an airline fly flying southwest flying over nes mexico and arizona and it just disappeared. they could not find this airliner for days by the time theyou found it in the wastelans of desert, everybody was dead. >> there is the acrobatic association issued licenses for a while in the 20s that orville wright would sign?? >> he signed a lot of the licenses even for these women here. in. in fact on the very first page a picture in the book there is an image of the license of bruce mom -- and amelia is title ofpls most accomplished female pilot and there was this beautiful image of her license from her dc descendents down in georgia and the signature is orville wright. >> where does beryl markham sitd in with the fly girls? some background and then i'll answer i was looking to tell one specific story abou

e-commerce sales also grew 40%, but the costfunning the business is high.mart says this year's losses will be hire thgher than last h >> spend a lot of money to reinvent this business and to reinvent the way the customer spends their e-commerce landscape and walmart isng increa solidifying their position in the industry and 40% growth is fantastic and it's below what we saw late last year and against difficult comparisons. >> walmart's u.s. ceo says expanded online grocery options like order online and pick up in store and delivery is accou troising new shoppers and increasing the receipts for rea shoppers. >> the real story at bricks plus clicks, the seismic shift in retail using physicalssets to their advantage. in terms of curbside pickup, the delivery to 40% of the country in grocery. >> while investors cheered today's result, there are some cost headwinds that walmart would have to be the rest of the year. higher fuel prices are increalng the ret are's transportation costs and suppliers like toilet paper and paper towelmaker kimberly-clark are raising

commerce if nafta goes away.ere are some benefits that are specific and unique to retail, and there are other benefits that are broadly spread across the economy because of the jobs created in other industries that benefit from nafta. i think if you look at you have been talking today about retail earnings, how healthy and strong they are going back to last week, two weeks ago, many conversations with retail executives talking about overall health of the economy, strength of consumers, benefits of tax reform and regulatory reform from last year, which were really a down payment on what we see this year. i think we have to look at this in total and say while there are unique benefits to the retail industry, there are broader economic benefits that generate positive results for retailers because we are reflective of the overall health and strength of the economy. right now we're in a strong, healthy economy. commer consumer confidence is highest since 2000 very strong numbers. let's keep the momentum going. seeing

happened again, and investigation initiated, the commerce department right now to 32 all go to the commerce department which releases the report this is yes, these tariffs are a threat to our national security, and a long the 25% tariffs on steel and a 10% tariffs on aluminum. and again huge reaction from the rest of the world. a big reaction from the rest of the world in the sense that it catches have now challenge these tariffs as a violation of the wto, at a walk-through with a violation is, and retaliatory tariffs imposed by china, canada, the eu, mexico and turkey. so get a substantial response from the rest of the world. then the trump administration comes along and does again another unilateral, another action that is outside the lane of the wto in taking action against china under domestic law section 301 that is basically saying we make a finding there's been all of these technology transfer requirements and intellectual property theft and subsidize investments into china made in 2025, and as result the united states says we will impose tariffs initially it was 25 billion, then wen

walmart e-commerce sales grew 40%. strongest in three quarters. strongest in ten years but strong on the media call, the ceo said they expect e-commerce losses to be higher than last year confirming the retailer's comments earlier this year when they warned of e-commerce losses could be higher. now they're saying they will be. the cfo says it is a combination of the customer responding to the unique ways walmart is serving them and a really good environment, and improved weather in may gross margin is down 17 basis points, in part due to combination of walmart's continued decision to lower prices and higher transportation costs. walmart says they're big enough to manage through it, admitted those are higher than last year. back to you guys >> courtney, does this mean when you look at the gross margin decline particularly in the u.s. and look at the statement where they say we are going to invest more in e-commerce and the stock is up 10%, does that mean that walmart conditioned the investor there will be investment cycles here and that can work in

. >>> this time, looking at commerce secretary wilbur ross.report says he stole millions from one-time coworkers. talking 0 through that after the break life from by the way the secretary's home state of new jersey, he grew up just about 40 miles northeast of here. your brain changes as you get older. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life. ♪ it's so hard to believe ♪ but it's all coming back me. ♪ baby, baby, baby. all you can eat is back, baby. applebee's. berge >>> we are back with breaking news in the trial of paul manafort. as the prosecution's star witness is gak on the stand. let's check in with our reporter outside the federal courthouse. >>reporter: rick gate ss continuing on the stand. he's into some pretty dry testimony about the mechanics of how these ukrainian oligarchs paid manafort into the overseas accounts. he spoke to something. remember the testimony about all the m

>> you mean from commerce -- shery: to the department of defense?efense is a very important part of cfius. defense plays a role. when it comes down to it, on a cfius decision, defense will have a final say. but these are commercial matters. these are matters that typically pertain to the commerce skillsent and all the are not necessarily there at the defense department. i'm not sure the rationale for that. i think we are overusing national security. to say that canada is a national security threat because we get too much aluminum from them? you can take this very far. it will also encourage other countries to start doing things that typically would not be done. we are creating this new environment that i don't believe is beneficial to the u.s. shery: thank you so much for joining us today. amanda: coming up, big numbers and big risks. the economic downside of the $16 billion tit-for-tat between the u.s. and china. that's next. this is bloomberg. ♪ shery: this is bloomberg markets. another $16 billion punch in the u.s.-china trade war. washington and

forbes has uncovered a pattern about the trump secretary of commerce wilbur ross. forbes uncovered a pattern. many of those who worked directly with him claim that ross wrongly siphoned or stole at least, if you consider them individually, but all tolled, these allegations would spark lawsuits, reimbursements and sec fine come to more than $120 million. dan alexander, the author of that report in forbes magazine joins us next, along with trump bio grapher, jim o'brian. chris collins refused to take questions tonight when he made a brief statement to the press. dear foremothers, your society was led by a woman, who governed thousands... commanded armies... yielded to no one. when i found you in my dna, i learned where my strength comes from. my name is courtney mckinney, and this is my ancestrydna story. now with 2 times more geographic detail than other dna tests. order your kit at ancestrydna.com your hair is so soft! did you use head and shoulders two in one? i did mom. wanna try it? yes. it intensely moisturizes your hair and scalp and keeps you flake free. mano

forbes has uncovered a pattern about the trump secretary of commerce wilbur ross. forbes uncovered a pattern. many of those who worked directly with him claim that ross wrong ll lly siphoned or s at least, if you consider them individually, but all tolled, these allegations would spark lawsuits, reimbursements and sec fine come to more than $120 million. dan alexander, the author of that report in forbes magazine joins us next, along with trump bio grapher, jim o'brian. (ford chime) it's the ford summer sales event and now is the best time to buy. you ready for this, junior? yeah, i think i can handle it. no pressure... ...that's just my favorite boat. boom. (laughs) make summer go right with ford, america's best-selling brand. and get our best deal of the summer: zero percent financing for sixty months on f-150. right now, get this special offer on f-150: zero percent financing for 60 months - during the ford summer sales event. booking a flight doesn't have to be expensive. just go to priceline. it's the best place to book a flight a few days before my trip and s

. >> -- brooks with the afghan-american chamber of commerce.ne thing that's been quite disappointing over the years is the small amount of commerce that has gone on in the region are, especially between afghanistan and pakistan which should be natural trading partners. is there some way this could be stimulateed, and do you think that would make a difference -- any of the patiences -- in terms of a long-term peace agreement? >> i need a third question. i'll take it right here. front row. >> thank you. don daniel, emeritus professor at georgetown. you know, mr. ambassador, you're part of the so-called consultant, and one of the things i've always been wondering about is what's the role of china in all of this, and what can china do both to make it better and make it worse? >> okay. so we have three questions. both of you, go ahead. i have a couple of comments on some of them, but i'll come to them later. go ahead, david. >> i think as you heard in the state department statement that ambassador haqqani read out just now, i think for the governmen

chamber of commerce, national association of manufacturing though it's mainly thoseguys. yellow ones are academic , some of whom are in contact to the blues and the purple and sprinkled in the rest of that are 17 labor unions, two environmental groups, one partridge, one pear tree. no, there's a couple state officials but the vast majority is these corporate advisors, democrats, and to a large part congress lockdown. to rewrite, wife's lots of domestic law. you're going to get the slide but instead of having your normal trade stuff it basically has become these agreements a delivery mechanism or a lot of other stuff in the bottom line is, this is a story rich environment. it's passed into these agreements and you see all kinds of stuff that is probably even the opposite of free trade think of the rules. it's a classic protectionist rent seeking monopoly. the government gives a license to get a monopoly . today's trade agreements expansionsof monopolies. table manners . nafta and all the ones that have concepts at the same basic model. but it's not mainly about tariffs and

copyright and exceptions to them, whole chapter on e-commerce and whether not can deregulate. there's a financial regulation chapter. a whole sub issues with transportation and trucks. that would be a big deal if you report for a border state of national coverage because right now trucks can come from mexico that do not 100% meat the u.s. standards that was an african tea of access to mexican domiciled trucks. the are even these issues and it's that sunset clause and agent. there are trade issues, five of them. the rules of origin has to do with how much of the content of a good estimate in north america to get the treatment. gary is canada and u.s. are having a fight. chapter 19 is a fight with canned also. it's a special anti-dumping review panel, this wants it out. canada wants it in. seasonality, if you are reporting for a state that does fruits and veggies, there's a huge battle the between floridd california on that one. it has to do whether they can be special import safeguards, limits, emergency limits on imports of fruits and vegetables. california doesn't want to the

commerce. with respect to trade with china, that is an easy find to make and very well-rounded substantially. is china engaging in unreasonable or discriminatory acts that burden u.s. commerce? emphatically, yes. in the 301 report that you see, very well-documented, very clear. i would argue, there are limited amounts of domestic challenge. where the big challenge comes and why it is worth talking about wto is going to be at the wto. under all of these actions above, the 20 1, 232, 301, all of them are currently the subject of challenges at the wto. what is the wto? to back up and take a step back. the wto was created in 19 47 and referred to as the gatt in its early iteration, it is referred to as the international trade organization. it was put together at the time the britain would -- when everyone was looking at world war ii coming to an end, figuring out what we would do to create an international economic order that doesn't result in world war iii? how do we stop that? they created the wo

this is bloomberg. ♪ emily: a one-year-old e-commerce startup hopes to take on the e-commerce world withest boost of funding led by the softbank fund. it launched just last year and offers over 300 organic and high-quality household and food items each at the price point of just three dollars. here now to discuss, brandless ceo. brandless does it mean no brand, in your vision. brand-less.it like the problem is people have lost trust in brands. 78% of millennial's second don't want to buy the product and brands they grew up with. people want brands that reflect their values. when my cofounder and i founded the company, we said the first thing we are going to do is reimagine what it means to be a brand, one that is based on truth, transparency, and in direct connection with the community that it serves, and once he's basic value is about scaling kindness. emily: entering the e-commerce landscape, you're going to get asked about amazon. why walk into a market that is so dominated by one player? >> we don't think about brandless as competing with amazon. amazon is the everything store. brand