up next, david rubenstein. ♪ caroline: leadership live is underway with carlisle's david rubenstein andrd university president lawrence bacow. david: this is what happened in the covid-19 crisis. today, we are very fortunate to have larry bacow, president of harvard, from his home. thank you for coming on the show today. howuld like to talk about harvard is operating under the constraints of covid-19. before we do that, i would like to talk about a statement you issued the other day about the riots and concerns many people have in the united states about racial discrimination and many issues. i contrasted the situation we find ourselves in right now with 1968 when i was in high school. nations a time when the seemed deeply divided. we had just suffered the killing of martin luther king, bobby kennedy. there were riots in detroit where i grew up, many other cities in the united states. i reflected a little bit about how we survived that and what we needed to do to come through this. i tried to find something positive today. when they address how they are going to come back in the fall, d

up next, we discussed more about vaccines with the moderna ceo. ♪ withine: leadership live david rubensteinay with none other than moderna ceo stephane bancel. david: he is the ceo of moderna. welcome. thank you for coming today. you are one of the five companies that the united states government, through its national institutes of health, is backing to help get a covid-19 virus prepared and distributed as soon as possible. today, what would you say is the prospect for a vaccine to be prepared and ready for distribution sometime early next year? think the chances are pretty high. i think where we got lucky, if anyone can use the word lucky for this pandemic, it is that the virus is not too complicated. hiv was discovered in the 1980's and we still do not have a vaccine. the scientific and medical community -- i think there is a high probability that several vaccines will make it to the finish line. it could be as early as the end of the year or early next year. david: what the government has done in this operation warp speed, to say to five companies, you are the ones we are picking because

david rubenstein is speaking with the head of activision blizzard right now on leadership live. hank you for joining us. runyou have built, and you the largest gaming company in the world -- video gaming company. it is activision blizzard. you started it many years ago. we will talk about that in a moment. hass talk about how covid affected your company. i think most people probably presume that when people would be staying in their homes, that would be great for the video gaming industry because people have lots of time on their hands. did that turn out to be true? abby: of course, this is not good time for anyone. but, what we have seen is a noticeable increase in gameplay. audiencefor 50% of our is female, 50% is male. we have seen across all demographics is increase in play that i think is keeping people more safely at home. david: you said 50-50. i am surprised to hear that. the presumption often is that it is young teenage boys playing video games. is that not the case? bobby: our single biggest community of players is actually 25-49-year-old women who play games like candy

i know that david rubenstein has some important interviews as well. now withitika gupta our first word news. ritika: vice president mike pence is warning that more young people are testing positive for the coronavirus, and has made the remarks in a conference call with governors. governor greg abbott may halt the reserves and says that the infections are rising at an unacceptable rate. prime minister boris johnson will announce the latest age in lifting the coronavirus lockdown. movie theaters and museums are expected to open. he might also cut the minimum social distancing and half to one meter. the u.s. seeks an indefinite arms embargo on iran. the u.s. has shared concerns with other security council members. the current ban expires in october, it was part of the upl agreement that the u.s. has abandoned. 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. , this isa gupta bloomberg. tom: thank you so much. the market is down off of the navarro comments, we have

let's get to carlisle cofounder david rubenstein. so is it harder to manage a company remotely with all of your employees, or is it harder to sell cars in a situation where people cannot really go to showrooms? what is the bigger problem, selling the car as you want to make, or making the cars that you are used to making? biggest challenge early on was getting back so that we could make vehicles. we had a lot of work to do to make sure we took all the necessary precautions, learned lessons from china, korea, from our work in making ventilators and masks, and putting that to practice to bring people back to build vehicles. i am proud of how will the team adapted to working from home, and our dealers who have been great partners, going mostly online for the sales process, and developing a clean delivery system. everyone adapted fairly well. lifelongu were a general motors person, you grew up in michigan, your father worked at pontiac. stanford business school and then came back to general motors, worked her way up. havee last six years

he will be joining bloomberg's david rubenstein. bloomberg. ♪ anna: welcome back. 10 minutes to go before the start of cash equity trading. we could have volatility at the start of the trade. let's get the bloomberg business flash for you now. as we just discussed with dave, softbank is selling part of its stake in t-mobile in a $21 billion deal to make a broader push to unload assets. in order to finance the buyback and pay back debt, the company is dealing with steep losses in its vision fund after writing down the value of investment. the london stock exchange faces and eu probe into its plan $27 billion takeover. the european commission is looking at potential issues, including the combined control of financial data and the effect it could have. bloomberg lp competes with refinitiv to provide financial news and data. apple signals an end to its 15 year alliance with intel. the change was announced at the company's virtual conference for software makers. it also saw the most drastic changes to the iphone home screen since the pro

emily: david rubenstein with harvard president larry bacow. u.s.sions continuing to escalate, in the dispute getting harder to stop. we will discuss. this is bloomberg. ♪ emily: hong kong's leader carrie lam has blasted president trump's handling of protests across the country, claiming the president has double standards. of course, the president has condemned to beijing, when he curbing-- what he says of essential freedoms in hong kong, as protests across the u.s. continue to rage, the president has suggested protesters be shot. joining us is a professor at the university of toronto. view ofwhat beijing's all of this is, especially this discussion that is now raging across chinese state-run media about president trump's double standards. >> yeah, that is an interesting angle, because trump's threat to american protesters david beijing the best problem -- gave beijing the best propaganda gift ever, because beijing is saying that one hong kong crackdown on protesters, washington called it a human rights abuse, but when the u.s. tear gases and shoots

emily: the moderna ceo there with david rubenstein. still ahead, trouble at the top for tesla. that board directors are getting paid too much. we'll talk about that coming up. this is bloomberg. ♪ emily: tensions on tesla's board with the world's largest proxy advisor warning investors to vote against the reelection of the chair. dana hull who covers tesla for us is with me now on the phone. the complaint is that directors are getting paid too much. how much are they getting paid and how much does it compare to other boards? >> sure, they really have two complaints. the first is about executive director compensation. directors get paid millions of dollars, largely in shares. and makes them a real outlier compared to other publicly traded companies. the second issue is some of these directors pledge their shares as collateral against any personal debt and that is always risky for a company. denholm is on the audit committee. for all of those reasons, i assess, is advising the people vote against her reelection to the board. named chairshe was more recently because over concerns

romaine: secretary of the treasury stephen mnuchin speaking with david rubenstein.l shares higher after hours. dell owns a stake in vmware. dell is examining options including a spinoff, according to people familiar with the matter. also exploring the possibility of buying the rest of vmware. caroline: let's get back to the u.s.-china trade story. obama's president undersecretary for commerce and international trade. talk about the confusing statement that came from peter navarro. he says he was taken out of context. hattie you read the tea leaves -- how do you read the tea leaves as far as where phase i is? >> clearly, the comments were conflicting between what navarro said and subsequently the president clarified, saying that the trade deal was fully intact. i think, frankly, it is a reflection of how challenging the relationship has become between the two countries, not moreon the trade side but broadly. mr. navarro went on to say that we lack trust in the chinese communist party. in response to that, the foreign ministry of china came back and said that he consi

let's get to carlisle cofounder david rubenstein.rder to manage a company remotely with all of your employees, or is it harder to sell cars in a situation

so the other day, in an interview, david rubenstein asked me what i had learned about working remotely and i admitted to him i was conducting a lot of interviews without shoes on. i'm pleading the shift about my shoeless state at the moment. ... and yet our work is going on pretty much full speed. and because i'm involved in software i think we make you software platforms even better, make it easy to take notes or share things or have side conversations, but it's been decent enough to allow a lot to happen. it will accelerate the idea to we need to travel as much? how good can we make online education? how good can we make telemedicine? it's like ten years of progress on those things will get preston into a couple of years. >> i would say our lies like everybody around the united states have changed substantially. we are incredibly fortunate not to be struggling to put a meal on the table. we just are lucky. yes our work lives come working from home was not something we did as much before. we're losing a lot of microsoft teams -- >> we are vibrant c-span2. adam schiff, -- >> will discu

he spoke with david rubenstein at the bloomberg invest global summit.hink we are going to begin a recovery certainly by year-end. i don't think we will be back anything close to a normal economy until probably the second half of 2021. i think if we have an early vaccine, pfizer is talking about a potential vaccine by the fall, that will obviously make in a norma's difference. it tok if we can reduce taking a test home and getting an inaccurate result in 15 minutes, telemedicine to your doctor and says you need a prescription for remdesivir in an inhaler format and you can stay home for two weeks, that will make a stiffenina positive. we had a sloppy closure of the country for the virus and having a bit of a sloppy opening. you are not going to have business confidence returned and consumer confidence return until people feel safe, truly safe. if i had to guess, that is more like the second half of next q4.r into the beginnings of david: what you mean there's a lot of cases in texas, florida, people getting the virus now and it does not seem like it disa

event not only possible but sustaining and the cochairman of the new board for the festival david rubenstein has been a great benefactor and cannot be here today but deserves a great things cochairman of the new board we have for the festival and its many members are here and we thank them. finally thank you to the authors and their publishers for making the books and coming alive here at the book festival at the national mall making in a landmark and continuing event here in washington. [applause] >> and nobel laureate we begin the festival this year the nobel laureate in literature yesterday and nobel laureate and neuroscience talking to the library of congress said i have reached the conclusion that the human brain is wired for narrative so we close the festival today with a man who has drawn more of us than you can imagine into a fresh and in new ways many parts of the unique narrative that is the history of the united states of america. twice won the pulitzer prize for truman and then john adams. but pulled them out of the relative neglect they had received compared to the presidents pr

after the break we're going to talk about something else david rubenstein talked about, that's election risk to the market. and we will get to some of the retail names, big stories at pvh and lulu and others. futures continue to improve, up ckn mitenu can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information. because when you want to create an entirely new feeling, the difference between excellence and mastery is all the difference in the world. the lexus es. a product of mastery. experience amazing at your lexus dealer. >>> going into a pretty good tape this morning, pvh is down about 1.5%, jim. one of the few retailers really that has said q2 is going to be worse than q1 was. >> wow manny tirico i've known many times and has come on for years and years was -- i think he was quite negative and talked about how there are many retailers that are really going to struggle here. he said this year was a mess he said he

treasury secretary steve mnuchin speaking to david rubenstein. this is the markets. are focusing on two things. they are looking at the number of infections and they are looking at the impact of the economic recovery. trying to figure out exactly the impact of a second lockdown. sentiment is turning a little bit more negative over the can learn -- the concern that it could slow the pace of business is reopening. this is bloomberg. ♪ ♪ >> another round of new virus cases across the u.s. throwing re-openings into disarray. barrings consider americans from entry when borders reopen. steven mnuchin speaks on a stimulus pack passed in july and the virus's impact on small businesses is still unknown. easing of lockdown measures in england and experts insist the virus will persist until 2021. tom keene in new york. the markets trying to figure out the number of cases increasing in coronavirus and the impact it has had on the economy through the lockdown and that is driving the markets today. tom: markets may be adjusting but i can't emphasize enough that reversal of mood in

also david rubenstein and bill ackman.s is bloomberg. ♪ >> we have the potential of making 2021. we are celebrating our bicentennial. it could be a bumper year for greece. so far, if i look at market reaction, people feel comfortable with greece in the sense that we spend enough money to soften the blow but not enough to derail public finances. that was the greek prime minister. greece, one of the lowest infection rates in the world, keeping the deaths below 200. they are sticking to their reform agenda. europe,en you look at is there too much hope on this plan the commission put through? this is money states desperately need. john: there may be too much hope this will deliver a higher better rate of growth in the region. don't think there is any optimism on it being able to contain the stress. givenng approved by eu, considerable ecb buying program ,n the background, it is also the precise size is not so important. questiona much bigger around the growth model. none of that is touched by the recovery fund. it will be a co

david rubenstein, in conversation with the treasury secretary, this has been a successful conferenceand maybe there is an advantage to having a virtual conference versus all of the hugs and kisses of an in cow's -- in-house conference. to brief us now, leslie joins us on all that's going on in north america. this has been an extraordinary moment, and there's no question that this is a president that has to regroup. in the washington post today, isre's a spectacular article in a cold, hard facts about hillary clinton losing the election in 2016. can joe biden lose the election of 2020? leslie: this is an election, so yes, of course he could lose. it does not look like that will happen if the election were held today, tomorrow, or next week. but two things, november is a long time away and the big question on the table for this sitting president is where is the economy when we get to november? and all of the indicators are bad for the president, they are bad and states that should matter, florida, texas, getting worse in texas, the economy is not getting better. there's a lot of uncert

matt: that was david rubenstein speaking to stephane bancel. demolished the inter-korean liaison office. the north korean government had previously threatened to abolish the office located in kaesong. joining us with the latest, tell for warning that we had apparently from kim jong-un's sister and now the confirmed destruction of the office. >> what we know so far besides the demolishing of the office is this was very much warned. these warnings were not only just this morning but also days and days of hateful rhetoric toward south korea, including kim jong-un's sister who is 30 years old, she has recently risen to a place of power and withs leading the affairs south korea and has recently called south korea the "enemy." this is wording that echoed the diplomatic efforts when kim trump. sat with donald basically what today's action showed is what they had warned and basically undoing all diplomatic efforts that have been made since 2018. anna: i guess part of the reason what the leaders sister says is when the leader himself was on well, there

they are, david rubenstein on a conversation about vaccine.s is bloomberg. ♪ you say that customers make their own rules. let's talk data. only xfinity mobile lets you switch up your wireless data whenever. i accept! 5g - everybody's talking about it. how do i get it? everyone gets 5g with our new data options at no extra cost. that's good. next item - corner offices for everyone. just have to make more corners in this building. chad? your wireless your rules. only with xfinity mobile. now that's simple easy awesome. switch and save up to $400 a year on your wireless bill. plus get $200 off a new samsung galaxy s20 ultra. francine: tom, we are looking at life actors of oxford street, one of the biggest -- we are looking at huge cues this are starting shops to reopen across england for the first time since the lockdown yesterday. we had a pretty impassioned prime minister, boris johnson, encouraging consumers to -- we had a number of chief executives also come on surveillance early on. if you are shopping in retail, and lot of the stores are op

he discussed where drug trials stand with david rubenstein. i think the chances are pretty high. where we got lucky, if anyone can use the word lucky for this pandemic, is that the virus is not too complicated. in the 1980'sered and we still do not have a vaccine against hiv. the scientific and medical there is a high probability that several vaccines will make it to the finish line. it could be as early as the end of the year or early next year. david: you are manufacturing this now. let's suppose the fda says it is ok. you can distribute this to people. how many will you likely have by the end of the year if you get the approval? stephane: we have not committed a precise number but we think we are on the ramp. david: will those go to the people in the united states first or will they go to people all over the world? stephane: that is a tricky one. what we have done is we set up a partnership with one of the biggest contract manufacturers of pharmaceutical products in the world, a swiss-based company. in the u.s., moderna has a factory. they have a factory that, as we speak, tra

that was the moderna ceo with david rubenstein. more breaking news out of china with regard to the stricter restrictions when it comes to the latest coronavirus outbreak. the beijing daily newspaper is reporting that beijing is seeking to prevent the spread of the coronavirus out breakthrough means including the banning of residents high virus risks from leaving the city. this reportedly took place at a meeting of the outbreak invention control working group and talking about really strictly controlling high-risk personnel from leaving beijing. those that have left the area must notify local areas in time. we also had a little bit earlier on news that seven compounds around the district were being shut down as well. tom mackenzie joins us now from beijing. we are getting these lines about -- residents from leaving the city. we heard about that locked down, which of course is worrying given you have the financial streak as well as high -- street as well as high traffic locations as well. >> this is again a real test of china's abili

here is mary barra in condition -- and conversation with david rubenstein.ary: working to have a minimal amount of scales -- of sales as we focus on other types of retail business and the customer for sure. it will have an impact, but not a huge impact russ, just because of the level we had gotten to from a rental car company perspective. >> what about electric cars? our electric cars going to be a part of the future of general motors? mary: absolutely. right before the covid crisis dealers,ad investors, our employees, media through what we called an ev day, and we took them through a battery perspective, launching starts next year. the ltm battery platform, we will be taking multiple models off of that. and wethe gmc hummer ev, have announced that cadillac will be a lead brand for developing and selling electric vehicles because in the end, we believe in an all electric future. we believe the transition will happen over time. since we are a leading manufacturer with value and luxury brands, we need to provide market value -- we need to provide value for the

followed by the carlyle group's co-ceo, and finally, the treasury secretary steve mnuchin with david rubensteina feast to listen to. expected toohnson give the green light to cinemas, theaters set to reopen. how will the u.k. kickstart the ailing economy? we will discuss on bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." i'm nejra cehic in london. let's get a look at the risk radar. confusion over the trade deal -- it is over, no it is not, futures tumbling 1.6% overnight. they've recovered, but european futures have remained resilient through the asian trading session. that isstrengthened, retreating so you are seeing risk on come back but oil stays lower, weakening from a three-month high. manus: indeed. those are the markets. let's focus on the u.k. economy because we are in reopening mode. the prime minister is expected to give the relight -- green light to open the cinemas later today. former chancellor's weight in on how to boost growth. infrastructure spending, and you have alastair vat woulde says cut be a boost to consumer spending. let's put that to martin malone. , alistair

treasury secretary steven mnuchin talking to david rubenstein.ning us this morning is georgina taylor. i look at your positioning. selective credit and high yield has been good to you. listening to the treasury secretary, long the fed, long stimulus. do you double up on credit here? georgina: i think it's a risk. i think that everything they are doing from a policy standpoint is pretty impressive really around the world. i think what it potentially is missing is some of the structure balancing. a number of economies before the crisis even hit. one of those is looking at the strength of balance sheets and a lot of debt that has accumulated across the public sector, but the corporate sector as well. while we are quite happy with the credit exposure that we have, we are doing it in quite a selective and specific way in the portfolios. i think we would be reluctant to increase the assets we've had. secondly, it is a little concern that some of those balance sheets stresses do come back to haunt the market at some point and we've got to be very mindfu

david rubenstein in conversation with the treasury secretary of the united states, mr. mnuchin.will be more than interesting. leading this hour, markets elevated nicely, and we will get you to the market open across radio and television in 30 minutes. this is bloomberg. good morning. ♪ ♪ from new york city for audience worldwide, good morning, good morning. the countdown to the open starts right now. equity futures positive after rocky session overnight. we begin with the big issue. all it took was a long question and a short answer to rattle the equity market. --do you think the president he obviously wanted to hang onto this trade deal as much as possible, and he wanted them to make good on the promises, because there has been progress on the trade deal. given everything that has happened, is that over? >> is over. yes. jonathan: it is over, except it is not good the president of the united states quickly coming out after that interview and saying "the china trade deal is fully intact. hopefully they will continue to live up to the terms of the agreement." adding to the gains

david rubenstein speaks to gm chair and ceo mary barra about the road ahead for the auto industry. "bloomberg surveillance" i am lisa abramowicz alongside tom keene driving the conversation forward. this is bloomberg television and radio. ♪ when you say what you're in the mood for, the xfinity voice remote will find exactly that. happy stuff. the group's happy, i'm happy. you can even say a famous movie quote and it will know the right movie. circle of trust, greg. relax, the needles are jumping. you can learn something new any time. education. and if you're not sure what you're looking for, say... surprise me. just ask "what can i say" to find more of what you love with the xinity voice remote. ♪ from a reopening new york city, good morning, good morning. the countdown to the opening bell starts right now. let's begin with the price action. the follow-through from friday is positive. what he futures up 19 points on the session. up .6%. three weeks of gains on the s&p 500 and we look set to add some weight on the opening bow. elsewhere, the story of last several weeks. we continue

this we can now speak to dr rashawn ray who's a david m rubenstein fellow at the brookings institutions reform act that is going through now and is being voted on right now and when we get the result we will bring that to our viewers but on that, many different measures in it, things about police oversight and things like that but let's pick on one of them, the idea of qualified immunity for police officers. it is slightly technical. can you talk us through what that is and why do people want that changed? first, this day is significant. the boy, tamir rice who would have turned 18 today was killed for playing with a toy gun. qualified immunity gives a form of immunity gives a form of immunity to police against facing civil suits so they cannot be sued. it is interpreted also by a court of law as leading to criminal immunity. so removing that all ofa immunity. so removing that all of a sudden allows the officer who killed to be pursued. it allows for other people. qualified immunity in 99% of the time, leads to police officers, the thousands of times it happens in the united states, it

david rubenstein will sit down with blackman -- bill ackman. facing calls to hold off its elections amid concerns about coronavirus. we will get the latest, next. this is bloomberg. ♪ ♪ singapore is positioning itself for a post covid war with massive innovation over and above the amount already giving to -- to help the economy rebound. there are calls to postpone their general election. our reporter joins us from singapore with more details. when can we expect the date to be announced? michelle: any day now. we are waiting for a specific date to be announced. we know it will be a nine-day campaigning period typically, and then a cooling-off period. there has been a lot of pressure to put off not just her opposition parties but from a regional group, parties for human rights. they are saying we don't need to rush us, it is the middle of a pandemic, we just started phase two of the reopening and it is a fragile time and you don't need to hold the elections until april, 2021. the main ruling party has been saying there is a need to move forward t

treasury the secretary speaking to david rubenstein, carlyle group cochairman and co-founder.y more from the bloomberg invest summit over the next hour. wednesday for britain's commercial tenants. how many businesses will pay up? we will get analysis of the sector next. this is bloomberg. ♪ anna: welcome back to the european market open. 20 minutes until the start of equities trading. it looks as if the euro stoxx 50 will start in the red. features suggesting down .6%. u.s. futures, flat positive right now. volatile through the asian session. let's get a first word update. pandemic's spread in the u.s. is leaving some state officials to reconsider slowing or reversing plans to reopen. florida,sing in texas, and california, which posted its biggest daily jump of new infections and hospitalizations. anthony fauci is concerned about the uptick. >> we are now seeing a disturbing surge of infections that looks like it is a combination, but one of the things is an increase in community spread and that is something i am quite concerned about and this is something that has been in the

matt: that was the general motors ceo speaking with david rubenstein.ans billions of to rescue the aerospace industry. we are live in paris, next. this is bloomberg. ♪ matt: welcome back to bloomberg markets. this is the european open and we are 15 minutes away from the start of cash trading. next venture regarding future is. ftse futures are down and cac futures are up. democrats are proposing a sweeping police reform bill in the u.s. they are hoping to turn the energy from nationwide unrest to concrete legal changes. one key change -- they want to make it easier to prosecute and sue law-enforcement officials. a vote is planned in the house for later this month. a new round of arms control talks between the us and russia. senior officials will meet in vienna on june 22 and the aim for washington is due in with moscow's help to bring china to the table. the white house wants three-way -- once a three-way treaty. -- wants a three-way treaty. north korea is cutting communications with the south because of what it calls hostile communications. the nations

david rubenstein also speaks at the u.s. treasury.at conversation is tomorrow morning at hong kong time. if you're not up for that, we will bring you the highlights on daybreak asia. european leaders spoke with china's premier and president on monday. they sparred over geopolitics and economic policy as they work toward an eu and china investment agreement. what was discussed during this very contentious ritual summit? is the tension between china and the you has grown significantly since the last summit. it was held 13 months ago. this time around, the talks did not reduce a joint statement. the criticism of china's hong kong national security law, allegations about the it featuredand -- prominently in these talks. china is the eu's biggest trading partner. to -- had urged china the foreign policy chief said sanctions against china will not be the solution to problems with china. on the chinese side, their put a muchatement more positive spin on it. europe has been pushing for this market access but it has been simultaneously been sc

he spoke with david rubenstein. >> i think we are going to begin a recovery certainly by years end.o a normal economy until probably the second half of 2021. i think if we have an early , we are talking about a potential distributable vaccine by the fall and that would make a tremendous difference. reduce the treatment of the virus to where you can get a test at home and it is telemedicine and your doctor says you need a prescription for remdesivir in an inhaler and you stay at home two weeks and you are fine, that would make a fairly significant positive impact. but i think we've had a sloppy closure of the country for the virus and we are having a bit of a sloppy opening. i think you are not going to have business confidence return and consumer confidence return until people feel truly safe. say it is more like the second half of next year and the beginnings of q4. david: you say sloppy openings, you mean there are places like texas were a lot of people are getting the virus and it certainly has not disappeared. could this go on for all of 2021? bill: i think what will happen is t

steven mnuchin speaking to david rubenstein on leadership like.g market strategy with the chief investment officer of ivanhoe capital. emerging market focus. $25 billion in assets under management. catch our exclusive interview with indonesia's finance minister. she calls on the central bank to do more to help the economy recover. your with bloomberg. ♪ >> i think you were going to see the economy have a very bad second quarter. i think you will see a spectacular rebound off the bottom in the third quarter. >> we expect real gdp to come the 2019 level by the end of 2021. >> i do think the resiliency of our economy is such that we will power through this. but it is not going to be a more ofv-shaped red >> a u-shaped recovery rather than a v-shaped recovery. >> we are seeing a lot of things rebound and that has given us a sign that we are on a path to recovery. we are a long way off that in the u.s., and even much more so in the developing world. >> we will not have a robust global recovery unless all of the world is recovered. some of the high-prof

he spoke to david rubenstein.an compete with on a level playing field, it is a great opportunity for u.s. , asnesses and u.s. workers china has a large growing middle class, several hundred million people. but if we cannot participate and compete on a fair basis, you are going to see a decoupling going forward. jodi schneider joins us. what is steve mnuchin's message to china? >> there are kind of two messages. one is we want to do trade with you and see this as an ,pportunity and the u.s. particularly trump having a reelection bid, is interested in having that market open and discussing getting the sales of agricultural products from china. at the same time, the tough line, we expect you to live up to your commitment. transparency is another big factor is what that messages. so trying to do both things. test the market but say we will be tough on you if we need to if you do not live up to your commitment. shery: where do you think stand with the u.s.-china trade agreement? we have had back-and-forth comments in r