tendency to take some production production out of for china and bring it them somewhere else that had been a survey by the european union chamber of commerce and china recently actually showing that one and 4 companies, sir, are thinking of shifting a current of plants in westman some somewhere else referred from some big u. s. corporations, for example, google. they're considering bringing and part of the production for the new a pixel phone out of china. the same is true for apple was the i $4.14, but also the south korean, a company, a samsung for example, is looking to taking at least some production. i'm out of truck. okay. well, young's, we just heard the european commission talking about moving to chilly, moving to mexico, some of us production, what countries are interesting to the us right now? yeah, and maybe also a to have one of word to him on the reasons white corporations for example, are looking at some other destination. so, i mean, there had been some political or clustered side, but then clearly also all the lockdown and china have been them heard full for some a corporation. so well, what country is might to benefit? whe

and discouraging new commerce from investing in china. that's according to the paper. larger investors meanwhile, such as german firms, volkswagen and b. s f, who have been in china for decades. they faced more criticism over time with china in light of the countries documented abuses and change young. it's repressive policies in hong kong. your luka is president of the chamber of commerce in china, which released that new position paper. you're welcome back to the show. your stance here is that business relations between china and the you are degrading in an alarming way. and yet we've seen that foreign direct investment from germany, the use of largest economy is actually quite high this year compared to pass years . that doesn't sound like the 2 sides are pulling apart. if you look on the, on the investment side, what you're seeing over the last years is that the top 10 european investors among them 5 germans are pouring a big money china just to important the market potential if you would just so that can go to other countries, it's co

, but also for the people's republic of china, i also want to thank your ministry, first of all, the minister of foreign affairs, they and the ministry of commercef china for that decisiveness and for that speed . if with whom we implement our agreements, the great stone that we laid in belarus grows is expanding despite the hindrance of separate states. we are determined to continue this development further. i personally want to thank you for supporting the development of the biotechnology industry. i thank our chinese friends. we agreed that we will meet in minsk in the near future and think about how to expand our cooperation not only in the field of biotechnology, but, uh, mathematics, physics, optoelectronics, where we have high-tech technologies and which the people's republic of china needs laconic, but a historic meeting, in addition to practical issues that relate to the automotive industry, the project for the production of track fertilizers, the solution of a whole series of financial issues. about something in yuan, connection to the sips payment system, belarus and china agreed with globally on raising cooperation to a new level. th

policy objective to help china develop and modernize its economy going back to the late 1970's but it was important because it created a more stable atmosphere for foreign commerce and foreign investment in china and it meant china no longer had the threat of having privilege trade access to foreign markets yanked away from it on an annual basis. it helped ignite the chinese manufacturing boom that we have heard so much about in recent years and played a very important role in china's economic ascent. >> so many countries concerned about china's rise fueled it. >> that is right. this is one of the things where in some ways we have only ourselves to blame although i think the reason the u.s. undertook the engagement policy in the 1980's and 1990's mid a lot of sense at the time, it made a lot of sense to try to have an economically strong china as an ally against the soviet union the cold war. it made sense to see if we could bring china into the international system and thereby making more reconciled to that international system over time. the problem was not so much the engagement policy was tried by the u.s., it was that it went on for about a decade after it

ministry first of all the minister foreign affairs by you, as well as the ministry of commerce of china for the decisiveness andf action with which we are implementing our agreements. uh, that great stone that we laid in belarus, uh, is growing and expanding, despite the obstacles of individual states. we are determined to continue this development further. i personally want to thank you for supporting the development of the biotechnology industry. i thank our chinese friends. we agreed that we would meet in minsk in the near future and think about how to expand our cooperation not only in all biotechnology, but also in the mathematics of physics and electronics. where we have high enough technology and in which the people's republic of china needs a concise but historic meeting, in addition to practical issues that relate to the automotive industry of the potash fertilizer project, the solution of a whole loop of financial issues, the calculation in yuan of connection to the sips payment system of belarus, china agreed globally and raising cooperation to a new level. this is a historic meeting. she will change

criticism over time with china in light of the countries documented abuses and change on it's repressive policies . in hong kong, your luka is president of the chamber of commerce in china, which released that new position paper. you're welcome back to the show, your stance here is that business relations between china and the you are degrading in an alarming way. and yet we've seen that foreign direct investment from germany, the use of largest economy is actually quite high this year compared to pass years . that doesn't sound like the 2 sides are pulling apart. if you look on the, on the investment side, what you're seeing over the last years is that the top 10 european investors among them 5 germans are pouring it, big money, china just to important the market potential is you just can't go to other countries. it's calm machinery, chemicals, but then about the other 1100 members that i have, you can see them pretty much on. busy auto pilot, meaning they're investing less and less in china. they are looking outside china for new opportunities. they're not leaving china, they're not laying off people. but it's a great disinterest franky also because that was

that firms are losing confidence in china and that it's standing as an investment destination is being eroded. in a report released today, the european chamber of commerceicy as the key factor affecting confidence in doing business in the country. let's go to our asia business hub —joao da silva is there for us today. tell us more. this is fascinating. the key point in this report is really a warning ljy this report is really a warning by the european chamber of commerce nurse to china that more european businesses are planning to move their investments out of china and thatis investments out of china and that is based on the submissions of 1800 european businesses operating in china. so quite significant. as you mentioned, the report is particularly critical of china's zero covid policies, describing their implementation as erratic and inflexible. china, of course, has been locking down some of its major business hubs like shanghai and chengdu as it tries to stamp out every single outbreak of the virus. but we could also point to the stark contract that may contrast between these policies and those of my other major economies which have been gradually

i index ranking world financial centers on commerce ranking fell to to china, increasing the authoritarian rule and drastic lockdown measures globally, new york and london top the index with singapore. placing 3rd boeing will pay $200000000.00, making misleading public statements following airplane crashes. in 201820198 securities and exchange commission says boeing, new of ongoing safety issues after the 1st crash in indonesia, but kept them from investors insisting the 737 max jets was safe to fly. now a miserable friday has talked a tough week on us markets a week that saw the fed high interest rates by 75 basis points. let's cross over to our financial correspondent to new york young's quarter and get a bit more on this. and the s and p $500.00 is as low as point for a year. during the course of friday. i mean, what's eating investors in the moment? and the da jones industrial leverage dropped through the crucial 30000 point mark enough to accomplish it to last more than 5 percent of the value in the course of the week. i mean, clearly it's all about inflation, how the federal reserve and other

i index ranking world financial centers on commerce ranking fell to to china, increasing the authoritarian rule and drastic lockdown measures globally, new york and london top the index with singapore. placing 3rd boeing will pay $200000000.00, making misleading public statements following airplane crashes. in 20182019 e securities and exchange commission says boeing, new of ongoing safety issues after the 1st crash in indonesia, but kept them from investors insisting the 737 max jets was safe to fly. now a miserable friday has talked a tough week on u. s. market so week that saw the fed high interest rates by 75 basis points. let's cross over to our financial corresponding to new york. he ends quarter and get a bit more on this ends. the s and p $500.00 is as low as point for a year. during the course of friday. i mean, what's eating investors in the moment and the johns industrial leverage dropped through the crucial 30000 point mark the nasty composite to last more than 5 percent of the value in the course of the week. i mean, clearly it's all about inflation. how the federal reserve and other c

well, that is, the answer is obviously no, and today the deputy minister of commerce of china, wangshouenbuy both oil and gas, from whom it wants, from whom it is profitable energy anti-russian sanctions. well, uh, the energy market can be a buyer's market or a seller's market. and now the situation has developed in such a way that it is a seller's market? why because the flows are changing, and those countries that bought oil from russia now they don’t want to buy it, but others buy it, and actually in such conditions of course, uh, the rules are dictated by those who don’t sell. and just today, another meeting of guardians is taking place. plus, where respectively. these are just those who offer me a car market and will determine the conditions in this market for the coming time. and this should be taken into account, including by those who are trying to pay such restrictions on russian oil absolutely. well, from the very beginning it was clear that this was a stillborn idea, just that, and the failure of the attempts of the united states to impose the idea of ​​ceilings on such countri

that are assembled in china so this inflation makes it more expensive for apple to sell products that's why inflation's a bad thing for apple. similar for amazon and their e-commerce business. to the extent a lot of the products that are sold on their e-commerce platform are coming from china the inflation and supply chain is a problem so i think that a lot of the tech inflation right now is supply chain related we've seen some signs of improvement but it's still an issue. >> all right tom forte of d.a. davidson, thank you very much. appreciate the explanation thank you for helping me the smh semiconductor etf rising today after falling more than 5% yesterday. and there are signs that the weakness in consumer-levered chip stocks may be spreading to other parts of the sector. our next guest has been cautious on the group, downgrading some names earlier this month it wouldn't be a good day unless we had stacy razgon on, managing director at bernstein. thank you, stacy, for coming back and joining us. yesterday you said investors in semis are growing increasingly worried about a macro correction that basically means a recession coming that will chill demand. is that

stop selling high and processors to china and russia, the restrictions target and video, and am d's top computing chips used for artificial intelligence. the u. s. department of commerce says the move is intended to limit the spread of technology used to make weapons. it means that chinese and russian companies won't be able to access products, enabling sophisticated image and speech recognition used in warfare. let's talk more about this with d. w. financial correspondent, teddy, also in new york. ted, you good to see, you know, this isn't a bar on all tift, but on certain kinds of processors. what kind of capabilities do they have? are they really used in warfare? yeah, well, these are really high tech ships. typically, they are used for artificial intelligence, as you mentioned, more specifically, machine learning, speeding up those processes, image face recognition. it's used for all kinds of things, and yes, they can be used for military purposes. the united states certainly purchases semiconductor chips for that reason. china does to, the concern here is the ambiguity between the private and state sector in china. there isn't as much of a hard line as there is h

for approving sales to china missile space technology from the white house to the commerce department. you know why? because the commerce department is less involved in security ande involved in co commerce than the white house, president issued a notice. delegating authority for determining whether missile and stace exports should be a3r0approved by china. that is how serious they took it another piece, from, insider. obama just made a quieter nuclear deal with china. the deal would allow beijing to buy o more u.s. design reactors. could be adapted to making submarines quiter and harder to defect. guess what. they have done that, that is obama. biden. instead of holding iran, now building nukes, biden administration will remove the stig stigma of terrorism dessic n iic nation on iran but reward it. git. >> respected lead imposes no restrictions on what iran can do with its windfall. on terrorism? support for terrorist proxies. ballistic mis development hostage taking and the rest of the menu. they are not reporting this. it is trump, what if the documents got in enemy hands. 2450hands. >> another r one, reuters, shi shifting from a focus to address threats. our

tom: always excellent and insightful with the announcement on the ground from the eu chamber of commerce president in chinak you. let's get to the bloomberg first word news with laura wright. w resident putin has declared a partial mobilization and doing all that is necessary to defend their territories. they will not mobilize all at once. earlier, donetsk and luhansk said they will hold annexation votes in the coming week. germany will nationalize uniper to avert a collapse of the country's energy sector this week. berlin will inject 8 billion euros. the move lists the government's ownership to 99%. details on the energy cap prices for businesses and users this winter are laid out today. maximum costs are about 21 pence per megawatt, and the bailout package could cost about 40 billion and among top of support for households. european central bank president christine lagarde says borrowing costs will rise more in the weeks ahead. lagarde says the ecb has taken steps to move on inflation and also said more hikes are coming in the next meetings. global news, 24 hours a day, on air and at bloomberg quicktake,

and chip-making tools. our kayla has the latest. >> the commerce department has limited export of certain chips to china and, by extension, russia, tarily and now could expand those curbs to include technology seen as more broadly sensitive and strategic, according to multiple sources. though the commerce department declined to comment. commerce is just one of several agencies currently reviewing limits on business with china. the white house and the national security council are studying new outbound investments review that would be a reverse cfius process. the administration is also weighing a new investigation under section 301, all while modifications of dpising tariffs are still under consideration. there have been two key challenges in rolling out these multiple pieces of the strategy. one, building consensus among principals, which has been hard to come by this year, and, number two, not escalating tensions with beijing with a bilateral meeting on the table in the coming months while still be willing hard on china here at home china is on the mind of voters particularly in the midwest and ohio with a critical senate race th

alternative means by which russia is transacting, trade, finance and commerce, not just russia, we're creating sing nalg to russia and china, not so, i'm not going to say adversaries, but not our friends in today's and tomorrow's worlds. we're creating in which the world is migrating away from a dollar-led, euro-led global enforced financial and trade system. i worry about that and i worry about something that samantha is going to talk about, and the potential oil price cap and i think that has an enormous amount of down side and unintended consequences, while it appears if you look at the ruble's strength that the sanctions are not working, well, throw that metric out of the window and sanctions are working to just working in a longer term horizon than people are thinking about. let me just move over to ukraine for a moment and then i'll hand off, but on what worked for ukraine, the way you need to look at ukraine from a financial and economic perspective is through three basic phases, one, relief. two, recovery, and three, whatever is next. i would argue that it's the likely outcome in a positive case is eu accession. in

potential of opportunities for interaction with the republic of belarus and china they noticed that this niche of electronic commerceyes, there is a separate point of some kind of commodity items that are sold, but it's all chaotic. all this is not systemic, it is without quality guarantees, so we looked and determined that today two platforms are very popular in china: dawin and ding-tung. it uh vindun. this is the so-called marketplace. well , the usual marketplace is already, but only very popular in china is the gt-com platform, and the second is tiktok, the chinese version of the texture , and a short video messaging service. only an online store is linked to it. and here in this, as an innovation. this is very popular in china, so they turned to such an initiative to the state authorities, so that we, as an industrial park development company, would be provided. the status of the national operator of such an electronic platform of electronic the national trade pavilion gave us such a status, then we received a certificate, registered on these platforms created a certain design. well, then they began to fill it

potential of the possibility of interaction between the republic of belarus and china drew attention to the fact that this niche of e-commerce in china, in fact, is not assigned or closed by anyone. yes, there is a separate point of some kind of commodity items that are sold, but it's all chaotic. all this is not systemic, it is without quality guarantees, so we looked and determined that today two platforms are very popular in china: doin and ding-tung is a ding-tung. this is the so-called marketplace, well, the usual marketplace, already ah, only very popular in china is the jd.com platform, and the second is tiktok the chinese version of the texture, and the service for exchanging a short video message is only associated with an online store. and here in this, as an innovation. this is very popular in china, so they turned to such an initiative to the state authorities, so that we, as an industrial park development company, would be provided. for the status of the national operator of such an electronic platform of the electronic national trading pavilion, we were given such a status, then we received e, the certificate w

china. since the early days, the coven 19 pandemic. and the fact that it's coming so close to the commerce party congress where he is expected as a mentor status, as the most powerful chinese leader. since marcy, don't really speaks volumes about the importance of the shanghai corporation organization to china. and you only need to look at it in numbers to get a sense of why that as we're talking about a block, which accounts for a population of 3200000000 people and nearly a quarter of global g. d, p in 2021. and that stature is expected to expand. and sam, i can report the same that 6 new countries will be given the state of dialogue partners, including qatar, saudi arabia and egypt. so at a time when beijing is facing increasing pushback and opposition over a range of issues from western countries, the strengthening of this alliance is seen as crucial for china encountering that global balance of power. and all eyes will be on a possible meeting between present she and president vladimir putin on the sidelines of the seo ukraine. and taiwan are likely to be the focus of their talks . and remember, this is the 1st time the 2 leaders a

uh, interactions between the republic of belarus and china have drawn attention to the fact that this niche of e- commerceally not represented, not closed by anyone. yes, there are some separate point items that are sold, but it's all chaotic. all this is not systemic, it is without quality guarantees, so we looked and determined that today two platforms are very popular in china - dawin, and zendong is a ding-tung. this so-called marketplace. well, the usual marketplace, already ah, only very popular in china is the gt-com platform, and the second is the tick chinese version of the texture, a service for exchanging short video messages. only an online store is linked to it. and here in this, as an innovation. this is very popular in china, so they turned to such an initiative to the state authorities so that we, as an industrial park development company, were given the status of a national operator of such an electronic national electronic platform. leonardov us such a status gave further we got. uh, the certificate registered on these platforms created a certain design. well, then they began to fill it

full circles, our government now views china in a new cold war where commerce is front and center.ent, you have to show that you can't enjoy while boosting our biggest geopolitical rival. all i can tell you is if your company is relying on channel to make the products go forward and if there even marginally related to national security, then you need to be prepared for an unpleasant surprise just like nvidia got today . in less than a week into the quarter am a terrible quarter. i like to say i would promise to find it all >>> now it is up to the judge as the doj and the former president -- i'm tyler matheson in for shepard smith. this is the news on cnbc. >>> showed him in a florida court room as the former president makes his case to the judge. tonight, which legal argument won the day? >>> a prime time presidential address. the topic? the soul of america. the backdrop? independence hall in philadelph

china and russia. the restrictions include and video and andes. top computing chips used in art is artificial intelligence. the u. s. department of commerce says the move is intended to limit the spread of technology used to make weapons driven exports fell by over 2 percent in july compared to the previous month. however, despite the war in ukraine, the decline in the exports to russia, germany's exports have still risen. more than a 13 percent compared to the same period last now, italy is among several european countries that has slashed the gas imports from russia, but it's also suffering the knock on effects as well. rising energy costs have prompted one ceramics factory in umbria to come up with a plan to limit its consumption without effecting production. dark days are ahead, especially for the workers at a ceramic factory in she tardy castelow. their shifts now start before sunrise. a decision manager's recently made to contend with surging energy costs. second, where if you say it just is time because in the 1st hours of the day, temperatures are lower and we can therefore avoid turning on the fans, which are always on during the

e commerce giant alibaba is among the 1st batch of chinese companies to be audited by us regulators that's after beijing allied, the us to vet firms in china and hong kong. the move could end a long running dispute that threatened to boot more than $200.00 chinese companies from us stock exchange. russian gas di and gas problem, which owns a majority stake in the north stream. one pipeline, surprise the market by posting a record profit of more than $40000000000.00 for the 1st half of the year. the shares stored over 27 percent following the news. gas problem is planning to extend pipeline project to china, which has not condemned russia. the invasion of ukraine staying in china, overt act of protest are not common there, but public anger of the country's real estate developers have been all too clear to see chinese mortgage holders have been withholding re payments almost as they wait for their homes to be finished. as patrick fock reports, many borrowers have been left in dire straits, the zones as you approach this part of han and province by train. you see it bears all the hallmarks of china's growing crisis. in the distance, unfinished co

in response, china's commerce ministry says this move undermines the rights of chinese companies andlity of global, industrial and supply chains both stocks down nvidia down 5.6%. amd is down 3.6% ben harburg is with us very good morning to you, ben and then cyrus mewawalla the futures market suggests this wasn't down 5% was there some level of people expecting this to happen >> fully anticipated if anything, a bit late to the game we start off the beginning of this in 2017 when the ete was add the to the entity list and restricted from excessing a lot of core input and components needed for hardware. most of us in the ecosystem in china for the last five years have been investing into the high end graphic processors and ai accelerators with the expectation that american chips will be accessed and cut to china. now we're seeing not only chip access, but the high-end processing machines and software to design future chips restricted in china. >> cyrus, how good is china's innovation in the area will this really hurt their interests? >> yeah, i agree with what ben said this was seen. t

vonnie: the biden administration reportedly planning to draw curbs on china for semiconductors and chipmaking. the commerce department plans to publish new regulations next month. the rules would codify restrictions comedic it to companies including nvidia and kla. officials in beijing say a covid outbreak at a media school should be stamped out as soon as possible. six cases have been confirmed. authorities have apologized for shortages of food and medicine. officials are strictly enforcing the covid zero policy ahead of next month's party congress. sources say brazil's presidential front runner is likely to appoint his centrist running mate to a key cabinet position if elected. he could lead several important ministries. sweden's right wing opposition has taken over in early vote counts. the results cement the party previously shunned as extremists by the political establishment. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. david: just ahead, our exclusive discussion with t

individuals and the customer department has put 57 companies on its entity list perhaps the most important part of the release from the commerce department is a warning shot to countries like chinaed if they choose to support russia and belarusian efforts. they say current united states' export controls on russia can be applied to entities in third countries that seek to provide materials to support russia including replenish technologies that will be seen as a shot across the bow we'll see how it lands overseas. carl, back to you. >> remarkable morning geopolitically something we haven't gotten to a lot, even with all this news thank you. >>> after the break, we have a lot more on nike shares sinking after results touching that new 52-week low. one of the worst reactions to earnings in about 20 years check out some of the big laggereds on the s&p for the quarter. a lot of these names probably won't surprise you charter, fedex, vf amo tm.nghe >>> welcome back to "squawk on the street." nike shares slumping after higher freight costs, markdowns and a strong dollar hit profitability for the quarter. bmo retail analyst semien seigal with $110 price target great to have you back on

in china eunice yoon is there with reaction from beijing and the impact on semiconductor stocks eunice >> reporter: well, china has accused the u.s. of abusing its export controls. today the commerceinistry said the u.s. should stop its wrongdoing, harming the rights of chinese as well as american companies by restricting the sale of these advanced artificial intelligence chips to china. so nvidia's a-100 -- -- as well as lenovo mainly in cloud services, and the development, though, of ai is really a prime targeted sector the chinese want to dominate. with holding these types of chips really does hold back the chinese plans to upgrade so from china's perspective, this is a way that washington is trying to keep china down. so they are trying to hold back, their technological progress, as well as economic progress. so really what we'll likely see is the chinese solidifying in the chinese leadership's mind the need to wean themselves off of u.s. chips as well as other imported chips in order to make sure that their economy is not vulnerable, and instead the government here has been funneling a ton of money, as you all know, into subsidies as well as tax breaks to try to develop their

standing by and jim, i know you have been watching what we've been talking about theis morning, the situation with chip companies being down the commerce department says they can't sell anything to chinavidia, i think they said something like $400 million in sales it could cost them for this quarter what do you think? nvidia's been under pressure, there's been a lot of bad news out there. is enough enough at this point >> they did report in the last quarter, after preannouncement guide down i remember one time think were 750 billion. i spent, i don't know, four hours on this thing since this came out with my associate jeff marks 400 million's right. after that we think there's going to be some mitigation. it's very important, an announcement that came out this morning, which will allow nvidia to do a little bit of a work around and be okay i still think it's going to be 200 million in the next hit. i think the stock is down correctly. there was no warning this was a very important shift for nvidia if it's not meant for the military, if it's truly meant for the, it is meant for games, but it doesn't matter. the most sophisticated chip in the world. but i would say this you count jensen

china. since the early days, the coven 19 pandemic. and the fact that it's coming so close to the commerce party congress where he expected as a mentor status as the most powerful chinese leader. since marcy don't really speaks volumes about the importance of the shanghai corporation organization to china. and you only need to look at it in numbers to get a sense of why that as we're talking about a block, which accounts for a population of 3200000000 people and nearly a quarter of global g. d, p in 2021. and that stature is expected to expand, and sam, a can report the same that 6 new countries will be given the state of dialogue partners, including qatar, saudi arabia and egypt. so at a time when beijing is facing increasing pushback and opposition over a range of issues from western countries, the strengthening of this alliance is seen as crucial for china encountering that global balance of power. and all eyes will be on a possible meeting between present she and president vladimir putin on the sidelines of the seo ukraine. and taiwan are likely to be the focus of their talks . and remember, this is the 1st time the 2 leaders are meetin

commerce costs biden, is involved. and we're talking about very small countries, but what they are to the united states is the car is aimed at china and united states as $400.00 military base, many of the nuclear armed and interesting, the development in the ukraine. the accusation of nuclear weapons of military strategy, the united states in this area has long been to discuss the use of nuclear weapons against china. and of course they did one there in japan against you come through the do. so, there was a, was a history of dominating of the united states joined now by canada, australia, new zealand are supposed to be reg, the line and their job is why and caroll these in the same state mac include the framework of being under the form of the not like, i'm afraid the bit like this guy. well, you did put it quite bluntly, does these islands been basically aircraft carriers for, for the united states and, you know, it does appear to be part of the west expanding influence in the area. do you think this is much of a spot in the work to the pano, more of a symbolic gesture? what do you mean? the symbolic gesture from the united state

alternative means by which russia is transacting, trade, finance and commerce, not just russia, we're creating sing nalg to russia and china, not so, i'm not going to say adversaries, but not our friends in today's and tomorrow's worlds. we're creating in which the world is migrating away from a dollar-led, euro-led global enforced financial and trade system. i worry about that and i worry about something that samantha is going to talk about, and the potential oil price cap and i think that has an enormous amount of down side and unintended consequences, while it appears if you look at the ruble's strength that the sanctions are not working, well, throw that metric out of the window and sanctions are working to just working in a longer term horizon than people are thinking about. let me just move over to ukraine for a moment and then i'll hand off, but on what worked for ukraine, the way you need to look at ukraine from a financial and economic perspective is through three basic phases, one, relief. two, recovery, and three, whatever is next. i would argue that it's the likely outcome in a positive case is eu accession. in

if they had servers in china and support from the chinese government. here's our own commercedepartment saying it's been added to the export list and provides supplies to the security forces where millions havest been forced to the internment camps, so there's a report that last year the secret service purchased eight of the drones and purchased 18 of themb so let me just ask you these questions on the record. does the fbi currently purchase these drones yes or no? >> we do. >> does dhs currently purchase and use chinese made drones? >> dhs is prohibited to purchase the drones and absent waivers a ofvery specific circumstances. >> okay. so, the report that i mentioned said the secret service purchased this are you saying that is an accurate? >> i'm saying that with certain waivers -- >> are you purchasing them or not yes or no? >> dhs can purchase -- >> are you purchasing the drones yes or no? >> we are purchasing certain. >> so you are? >> i can follow up with more specific details. in a closed hearing i can provide more specific details, sir.. >> okay. i don't want to leave

china and they have support from the chinese government. the chinese state security services is one of the customers. our own commerce department has said that they have been added to a blacklist, -- so there is a report that last year the secret service purchased eight of dji's drones the fbi purchase 18 of them. let me ask you the question on the record. let's start with mr. wedeman, does the fbi currently purchase and use chinese maiden drones, yes or no? >> we. do >> you do. >> we miss vinograd, does dhs use chinese made drones? >> dhs is prohibited from the purchase of runway drones, small uas, absent waivers in a very specific circumstance. >> this report said that dhs purchased eight. >> with certain waivers, very certain -- >> my question to, you are you purchasing dji drones? >> with specific waivers. >> are you purchasing dji drones? >> with certain waivers. >> you are? >> i can fall with more specific details. >> the answer is yes? >> in a closed hearing i can provide more details. >> miss coultas i, do not want to leave you out. does faa purchase chinese made? rounds >> the responsibility is for the -- to

recognition and chips act with a lot of money and commerce secretary being very clear about how this money will be used. >> they're not allowed to use the money in china can't develop leading edge technologies in china and they can't send latest technology overseas. if they take money and then do any of these things. >> they're start dulling up the money closer to the end of 2023. stu: got it. susan lee joining us from san francisco. see you soon. apple unveiled a new apple watch and iphone yesterday. mark, you saw the whole presentation. what was the big standout to you? >> i think it's the iphone 14 pro because apple is giving us a fresh design for a change. there's that -- a lot of people complained about that at the top of iphone 14 and previous iphones and this changes now with how long it'll take for your lyft to arrive and you get those even if you're inside other apps and they've repaneled how to interpret with other iphones and 48 megapixel camera and the camera captures and there's always on display and you can look at notifications that come in without turning on your iphone and that was the big hit. stu: we were told, i was told that the s