practices and insists it should no longer be treated as a developing country now speaking to congress u.s. trade representative robert litan hi says it's time to rethink how the world trade organization determines terrorists and bring them into line with today's realities washington last year already crippled the w.t. o's ability to intervene in trade wars after blocking appointments to the apple a body which decides on disputes over more let's bring in the ends call to standing by for us in new york yes just like times i have a point when he says that china no longer really needs that kind of support from the w.t. oh yeah the world has changed dramatically especially since china jointer the w t o in 20021 now china is the 2nd biggest economy on the planet and you could cripple it compare it to true soccer team with a team coming in 2nd place cries foul and de monsoreau to play was 12 players in the future so to a certain degree it is understandable that the usa and also other countries as well are asking for some changes but the united states also is not just comfortable with the it was china b

u.s. trade chief robert lighthizer will tell congress today that many other countries maintain high tariffs, and he says the u.s. must make sure its own tariffs protect exporters and workers. the administration has argued that trade rules have tilted against the u.s.. americans are taking advantage of near record low mortgage rates. applications for home loans have had their high level since 20 2009 -- since 2009. it was their ninth straight weekly gain. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> these kinds of aggressive policies do lead to misallocation of passable -- of capital, do lead to financial assets that trade better than real assets, and that is a certain unfairness to that, so this is not a time to have a philosophical discussion inside the four walls of the fed. jonathan: former fed governor kevin warsh there in the last hour. this is "bloomberg surveillance ." alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. gett

number one, agriculture policy is set by the united states congress, not by the u.s. trade representative. so the issues you raised i know are difficult issues, and they're being fought out in congress and congress will come to some conclusion and i'll be guided by what congress says. for right now, the reality is that what we want and what we insist from our trading partners is equal access, fair access based on science. the difference between big and small farmers and corporate farmers, i don't know much about that. i would say the united states has the best agriculture in the world. it has the safest, highest standards. and i think we shouldn't confuse science with consumer preference. if consumers have a preference of one thing or another, they should certainly exercise their preference, but it's not the role of the united states trade representative to change agriculture policy. i'm dictated that by the agriculture department, but mostly by the united states congress. so what i'm going to do is try to insist on science-based restrictions and to the extent they have res

u.s. futures are kicking off trading. we are seeing them down .1% after u.s. stocks ended in positive territory but off session highs. we have speculation congressill seek additional stimulus. we also have some positive manufacturing data, although not in expansion territory as of yet . the s&p 500 finished at the highest level in almost two weeks. consumer discretionary and tech lead the gains, and the nasdaq composite again finishing at an all-time high. eight sessions of gains boosted by apple and amazon as well. the dollar declined among most g10 are his. we did get that positive economic data. improvements not only in the u.s. but also the euro area. take a look at what oil is doing at the moment. we are seeing wti falling toward $40 a barrel, under pressure right now, really falling from that three-month high ahead of a release of a key u.s. government report that is expected to show another increase in inventories. paul: it was kind of a weird day on a weird day on us trillion markets yesterday, things getting whipsawed around by peter navarro's remarks around trade. for look at how asian markets are shaping up today, let's get to sophie

u.s. chamber of commerce and 200 other trade groups sent a letter to congress asking them for temporary and targeted relief legislation that would be relief for the pandemic it would be for businesses and non-profits that follow public health guidelines and will protect companies among other threats. he owns a firehouse subs location in north carolina his workers are wearing masks and gloves and they're washing their hands for every 15 minutes and also those 6 feet social distancing in place and one lawsuit could come in and wipe out business. >> we're doing everything the state has asked. we're doing above and beyond some of what the guidelines are. there's no way to prove or disprove that someone did or did not catch it in any particular location that scares a lot of small business owners like myself and fellow restaurant owners >> the international franchise association says it tracked 1,000 lawsuits around the country against businesses tied to cov irgsid but for lawmakers there's really no easy decision here cnbc and change research and there's a real split when it comes to liability a

trade tensions between the u.s. and china, especially as we see robert lighthizer heading to congress today. how significantly detentions have to ratchet up for you to reassess your call? mike: this is definitely still a concern that is out there. the market doesn't seem to be too focused on it anymore. i think the market is focused on it, it just has so many things to focus on from day-to-day. there's no doubt that trade relations are still fragile. i would put it that way. we have far from resolved all of the issues that have been debated, and i think a phase two trade deal is off the table. is that we risk now roll back phase one trade deal. we think phase one is ok for now. becomes af this situation where either candidate can use to try and bolster their poll numbers, that is where it becomes a bigger risk. i don't think it is an issue right now. to go inther things the right direction, but if they decide to use it as a lever to bolster the polls, that is where it becomes more dangerous. once you start saber rattling, it is hard to pull back in. so we've got to monitor it closely. the on

congress that many other countries maintain high tariffs and the u.s. must make sure its own tariffs protect exporters and workers. the administration has argued trade rules are against the u.s. global news, 24 hours a day on-air and on quick take, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. tom: gold, like fixed income has been quite stable. good $14.wn a brent crude gets my attention today. i want to point out swiss franc is a bit off the radar, but with the 1.06 handle. want to- i don't make a big deal of it, but to 106swiss go from 107 to gets my attention. investors not looking so much at the increase in coronavirus cases, but more on government and monetary stimulus. oildollar and crude fluctuating. treasuries steady. i don't look at the korean won often, but today was significant because we saw a lot of volatility. in the wake of rising tensions with north korea, the won west lighting against the dollar and had a volatile session. -- the won was sliding against the dollar and had a volatile session. tom: it is never quiet for our chief washington correspondent kevin cirilli. you go into h

trade problems. shortly after congress approved the usmca, mexico's television regulator limiting the amount of ads. it discriminates of u.s. tv providers and will undercut u.s. jobs that support it. >> i would say -- i'm aware of this issue. i want to study it. if you want an answer right now, i would say, no, they would not be in compliance. i agree with you, senator. >> and i agree with you that because ustr viewed this as a violation of nafta six years ago and successfully resolved it until this latest change. so we're going to start off on july 1st with mexico being out of compliance from the very start, that seems like a horrible way to kick off a new agreement. i hope that -- can you commit to us that you will review this and make sure that mexico is in full compliance with its obligation, assuming it's the same view ustr had six years ago. >> absolutely. if we're not, we'll bring a case against them, senator. >> thank you for that answer, i appreciate that. on sunday we heard troubling reports that two ustr employees who had been involved in negotiating u.s.smca were looki to help cash in on helping companies navig

congress, but he is willing to say it when he can make money. >> harris: top administration officials sounding out. u.s. traderesentative robert lighthizer flatly denying the claim that president trump asked china's president for help with the 2020 election. >> absolutely untrue. never happen. i was there. i have no believe it ever happened. >> he is discredited on both sides of the aisle. if you thought comey was the most disliked men in america, i think john bolton has now taken the title. >> harris: the power panel now. kiron skinner, carnegie mellon university professor and research fellow at the hoover institute. also we fox news contributor. marie harf, fox news contributor as well. good to see both. kiron, why do we can know about what john bolton has to say? >> i'm not exactly sure why the publisher chose this particular publication date. it will help, perhaps, with book sales, because we are heating up to a presidential election, and bolton was a key figure for much of the trump administration and foreign policy. it's much more of a bush-era foreign policy person, one with a more interventionist appr

congress many other countries maintain high tariffs and he says the u.s. must make sure its own tariffs protect exporters and workers. the administration has argued tradeare tilted against the u.s.. the eu is taking steps to protect its industry from a threat by china. the goal is to prevent takeovers from companies bankrolled by beijing or other foreign powers. the eu unveiled suggested curves that could eventually lead to a ban on some firms from making acquisition. there is growing concern some of the biggest u.s. states are facing a new wave of coronavirus after lifting lockdown orders. increaseorted an 11% in hospitalizations. that is the lowest in two weeks. on a seven day basis, the number of new cases in florida get the highest level ever. he has noesantis says plans to roll back the states reopening. 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. am ritika gupta. this is bloomberg. guy? guy: thank you very much, indeed. we are through the auction. final numbers for europe. let's take a quick look. positive news. the u.k. house bill proposing around 500

congress he has not been asked to slow down testing. the president said he told the administration to test fewer people. another setback to the u.s. china tradeina wants international meet and soybean shippers to ensure their cargo is not contaminated with the coronavirus. american exporters have been reluctant. they have been concerned about reliability issues. senate is headed for a stalemate over police reform. democrats are set to block a republican plan. they say it is too narrow to adequately address the national crisis over racial inequity. chuck schumer is demanding republicans negotiate a stronger bipartisan bill. republicans have promised the measure would be amended. americans are hitting the road again. gasoline demand in the u.s. has improved to nearly 80% of where it was a year ago when the coronavirus lockdown was in full effect. in april, demand had been cut in half. the fastest recovery is taking place in florida and texas. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> we are now seeing

u.s. trade representative said that they were hoping that they would be, well, meeting their obligations. here's what trade representative robert lighthizer told congressre the pompeo meeting. >> every contact i've had with the chinese, they have, they have reaffirmed their commitment to living up to the agreement. they say they're going to meet their commitments, and the indicators now that we have are that they are going to meet 'em. is so that's what we're hoping. lou: and joining us tonight bob davis, he's senior editor at "the wall street journal." he is the co-author of the important new book "superpower showdown: how the battle between trump and xi threatens a new cold war." bob, it's good to see you again, and we're delighted to have you here. >> thank you very much. lou: i want to -- thank you. i wanted to turn to you to get your sense of what in the world is going on. a meeting between pompeo expect chinese. we have really no, no details whatsoever about that meeting, and we have -- our trade representative, robert lighthizer, telling the house ways and means committee they hope, basically, what he said was we hope they'll meet their obligati

the congress had an important role in that, very important u.s. japan agreement and numerous smaller trade achievements during the last year. together i think we've helped our workers, farmers, ranchers and businesses. going forward, there's much to achieve. as we all know, we have active negotiations ongoing with the u.k. we will very soon commence negotiations with kenya. finally, we have active engagements on trade with numerous other countries and of course i look forward to working with members on the crucial issue of the wto. thank you to all members for working so closely with me, for making time to talk to me and to meet with me, for having your staff work so closely with ustr and for making our end product consistently better than it would have been without your involvement. i look forward to hearing your questions. >> thank you, mr. ambassador. without objection, each member will be recognized for five minutes. having an opportunity to question ambassador lighthizer, we will not observe the rule and we will instead go in the order of seniority switching between majority and minor

congress will spend enough to do that. global trade has been slowing down for two years, you have a trade war that's looking worse. it's hard to see how for the u.s. economy in particular, that global trade is the engine. that leaves us with investment and consumption. with consumption i think we want to focus on the savings rate. over the last 10 years it was a sufficient explanation for the slow recovery to see that the 8%.ngs rate went from 3% to the fed could not get it down by lowering rates. rate backed up with that big share of consumption. we never got it going as fast as we would like. and with half of discretionary spending as people over the age of 55, these are the slowest to come out, it's hard to see how consumption will be the driver leaving us higher. that leaves us with corporate investment, but we just taken corporate debt to gdp at a historic high. it's hard to see how corporate borrowing will stimulate investment. it's going to be hard to find the driver and i have a hard time seeing where it is. i think that's why we have a lot of uncertainty. markets the equity don't see that. they see a bright upland approaching, i would be

congress approving the u.s.-mexico agreement. u.s. mca is expected to spur 176,000 new jobs and create new opportunities with their two most important trading partners. we are couple of weeks away from it entering force and we all went to our american farmers workers and businesses and innovators to make sure this agreement delivers. i look forward to implementing a new era of north american free trade and focusing on many other agendas on the president's trade agenda. the issues are complex and challenging but the trump administration is ambitious. if we get it right the opportunities for americans are immense and i want to highlight a few in particular. first we have a free trade negotiations with the united kingdom. good trade relations with the united kingdom are crucial. 2017 we exported 125, almost $126 billion of goods and services to the uk. the uk companies in turn have invested more than $540 billion in the united states. unfortunately those numbers don't reflect our full potential. in large part he who rules stood in the way and he who rules unfairly restricted our goods without any scientific basis and required unnecessary testi

u.s. trade representative robert lighthizer. lobsters could be on the menu to discuss. the president also expected to sign a bill that congressthe house and senate on the uighur minority muslim community in china. now, this bill pushes the administration to condemn the mass detentions that have been going on there. now, the chinese for their part deny that they have done anything wrong, denied that that's happening and say this is an internal issue with that minority population inside their country. neil? neil: edward lawrence, thank you very very much. we have been telling you about what has stocks moving up today, the reopenings across the country. the biggest of them all that got so much scrutiny because it was like waiting for godot, when will it happen. it started happening today in new york city. phase one of a reopening that is limited and tentative and involves all of 400,000 who will be commuting back and forth to new york versus the eight and a half million but it is a start. after this. (music) neil: whatever your thought on the protests that have been going on around the country, you do have to think about how a l