technical and macro research tonight on fast president trump's former national economic adviser gary cohn joins us to talk about trump, taxes and block chain. snap ceo taking a jab at the competition in a sit down only on cnbc. who will come out on top in the social media wars? shares of teen retailers off fleet. abercrombie & fitch, american eagle and urban all dropping we're going shopping for opportunity. but first all quiet on the western front. market hit all him record high different story in china where doubts are growing that a trade deal will get done any time soon cnbc first broke this story. we go to beijing for the very latest >> reporter: it does appear as though there's growing pessimism within the government here that a deal can be reached this year. a government source familiar with the trade talks told me people here were troubled when president trump about a week ago had suggested that there was no agreement on phasing out tariffs. that's a very important point to beijing. he said the chinese side felt they had an agreement in principle. now there continues to be disagre

the former white house chief advisor gary cohn. it is going to be a busy day. i'm going to show you something. it was not supposed to go this way. the fed was supposed to have saved the day. the yield curve is back in a flattening trajectory. they have narrowed for the fifth day in a row. dropping by nine basis points. we are back at 18 basis points. the phase one trade deal was so much in the price, but we reverse pretty much all of that with the vice president's words this morning. to the oil market, let's have a look at the oil and the gold market. i call it the doubting thomas of the market. it is concerned about trade, resolution, a huge glut of oil and a lack of conviction from the russians. gold. giant risk event for 2020 according to td. one of the hedges is gold. good morning. nejra: good morning. what i've noticed is that a lot of the flattening was driven by the yield dropping more on the 10-year then on the front end. .1 10 year yield now below a 75 -- 1.75 handle. we are seeing the selloff in hong kong in particular. u.s. futures also on the back f

gary cohn, former director of the national economic council.g up, we will have more with gary cohn and then bill windsor on the u.s. china trade and the u.s. markets. this is bloomberg. ♪ francine: welcome back. this is "bloomberg surveillance" live from beijing at the bloomberg economy forum. we are back with the former white house chief economic advisor. many of the things that you're butng are not only right, how will the payment system change? this is one thing that -- are the big banks ready for it? gary: we talked about the size of the economy. everything gets paid for. the payment system is as big as a global economy and may be bigger than that because things multiply. parts of the world right now have digitized payments. i think the parts of the world have -- that have digitized are the less regulated, where you can be in the payments business as an unregulated entity. francine: like china? gary: ok, like china. in the more regular the markets like the united states, it will digitize. we will have more of a digitize payment system, but

here is gary cohn.dent agency and protecting the independence is of utmost importance. jerome powell and the other voting members have been making the right decisions. the data they have at their fingertips at the time they make the decision. francine: to talk more about fed independence and what the fed tilley, and, luke still with us is robert hormats. why is the president constantly attacking the fed? does he get what he wants at the end of the day? can you argue he is starting the trade war because he wants the fed to lower the interest rates? robert: i think the trade war is fully independent of that, because he wants to reduce the trade debt and he thinks there are a number of issues he wants to be dealt with on the round, dust on their own, but it does have -- on their own, but it does have the impact of weakening the economy to a degree, and he hopes that the fed will have his back. he hopes because of the trade war the fed will offset that. it will offset the negative impact if there is one, an

both hank paulson and gary cohn went from wall street to washington.aulson went on to establish the paulson institute. it aims to foster a stable relationship between the u.s. and china. when he spoke about the current state of that relationship, the former treasury secretary had blunt words for both sides. hank: i believe we are now headed in precisely the wrong direction. we are headed for more decoupling, not less, despite professions of constructive intent from washington and beijing. last year at this forum, i spoke of the barriers to the flows of goods, capital, people, and technology. some pre-dated the current trade disputes, others are a result of it. flows of goods, for example, have been impeded by the failure of china to open big parts of its markets to foreign competition, and they have been further impeded by unilateral or retaliatory tariffs from both the u.s. and china. beyond goods, i also warned about interruptions to the flows of people. and indeed, these have been impeded by new restrictions on visas, people-to-people exchanges, and

francine: gary cohn was one of the more optimistic we spoke to. risk of a catastrophic conflict were some of the warnings we had from henry kissinger and bill gates. the mood here shifted a little bit after we also saw the bill targeting hong kong protests, and people were trying to figure out exact a what it meant for their supply chains and exactly where it goes from here. gary cohn also said president trump understands how important it is to get farmers back in the growing cycle, which is why gary cohn was saying it was a skirmish, trying to downplay it, but says it is a nobody's interest to stay on for much longer. he is also expecting a phase i deal. so i would say a lot of caution here, but some hope that something will happen in the next couple of weeks. alix: thank you very much. the new economy forum is being organized by bloomberg media, a division of bloomberg lp, the parent company of bloomberg news. charles schwab is said to be in talks to purchase td ameritrade. for more, sonali bassett joins us on the phone -- for more, sonali basak

people like jim mattis, gary cohn and the others, john kelly.all those people are gone now so i think the rationale for the book is differenthatis differene for the column. .. >> jeff mason and the other primary colors, thank you gentlemen for participating. [inaudible conversations] >> an event hosted by the cobb county republican part in georgia, jackie gingrich offered her thoughts on america's political divide pictures a portion of the program. >> now it's no longer about, so what it's about what call the one and what team one. i call this fortification of politics. it's no longer just about politics. it's not like a sport. and actually interestingly enough the data backs this up. you all engage some not talking about you were engaged act republicans, you know what's happening, but for a lot of people they are not engaged in issues. what they are engaged in is identity, who they belong to. who are they a part of. they have been research where they switched positions between parties and said you agree with this? they will say yes if they thin

gary cohn urged the president to sign a phase one trail deal. without a deal, the president will be forced to slap new tariffs on china next month. >> if he keeps blinking, he loses credibility in the chinese eyes. >> cohen left in 2019 because he did not agree with the tariffs in the trade war. that includes iphones, video games, toys, products popular during the holiday season. consumers would find in their shopping cart and higher prices. the phase one deal is not the grand course corrections. a more narrow agreement to keep them talking and leave the thorny issues until later. this remains on goods. it hurts american farmers. they are the collateral damage of chinese tariffs. >>> the trump administration upending 40 years of israel. west bank settlements do not violate international law. it ends the u.s. as a broker in the region. the palestinian leaders view the west bank as part of their future state. benjamin netanyahu has been a supporter of settlements. pompeo denied the change was linked to netanyahu's fight for his political life. >>>

missed you yesterday gary cohn is no longer with the administration i guarantee you those kinds of wordsom a guy with that kind of access or at least previous access are going to get attention in the halls of beijing, are they not? is. >> absolutely. of the chinese, they don't want to see a december 15 go into effect but there is a calculation here that is that president trump, many believe, won't want to see these new tariffs imposed either especially right before the christmas holiday and because of the potential negative impact it could have on the u.s. economy i was speaking to more u.s. suppliers who do business in china. they are saying that the christmas sales won't be affected their pricing into 2020 will be. so far in terms of the impact on chinese companies, some manufacturers have already agreed to absorb some of the tariff not all of them. the ones that aren't agreeing are those that have customers in different countries. so suppliers here believe that they have no choice but to push some of that cost on to u.s. retailers and hence on to american consumers one of the ways i'm

chief economic advisor gary cohn speaking with bloomberg.up, mixed signals on trade as stocks under pressure and investors mean concern about global growth. important global data coming out tomorrow. will that offer reassurance? this is bloomberg. ♪ caroline: time for a look at what stories are trending. terminal users are reading about louis bacon, quitting the hedge fund business. ringing an end to his three decade run near the pinnacle of global finance. bloomberg.com has a story on the current and former mcdonald's workers suing for failing to protect employees from customers who became violent. mcdonald's says it takes seriously its responsibility to provide a safe working environment. the company and franchisees continue to make investments in trading programs -- training programs. twitter is reporting that china ininverting a crisis response to a swine for epidemic. afteruspended imports discovering a forged health certificate. . you can follow all of our stories on the terminal. investors will get fresh economic data to digest with t

. ♪ former goldman sachs president gary cohn served as chief economic advisor to president donald trumphe shared his insight on trade. i think we are having a trade skirmish. the two sides have some disagreements on trade, but if you look at what is going on, there is a lot of trade still going back and forth. the united states is receiving goods from china that we need to have a functioning economy and our economy is functioning well. i hope we get one deal done and i think it is in everyone's best interest to get it done. francine: supply chains have moved, have they not? gary: that is a natural business cycle and i think it makes sense. maybe companies got too concentrated in one market and maybe we are seeing more global diversification of supply chain, which is probably a good thing for companies to be more diversified about where they get products. francine: if you have this skirmish lasting 5-10 years, that must hurt the world economy. gary: i'm not saying it's a good thing. what i'm trying to say is everyone talks about how dramatic it is -- this whole trade confrontation. it ha

former white house chief executive advisor gary cohn. all of them joining us from beijing.llmber, bloomberg radio is over the forum in beijing as well. this is bloomberg. ♪ common,ould pursue cooperative, sustainable security and reject zero some games and cold war mentalities. the cooperation is the answer. the world will change forever. >> i worry that some of this will be reversible. >> as trade and tariff negotiations go forward, will we see supply chains and customers move? we have not seen that. we continue to serve our customers in china. view from the the top. ceos and government officials. let's get to another one of our exclusive interviews. >> one of the big issues when you think about economic growth in the medium and long term is the u.s. and china finding a way to coexist more productively. i have been fortunate enough to speak with policymakers on both sides. i'm encouraged. we can expect the progress to be in stages. i think it is important. i think here in china the chinese realize it is important for them. the u.s. realizes it is important. it is important

people like jim mattis, gary cohn and the others, john kelly. all those people are gone now so i think the rationale for the book is differenthatis differene for the column. .. >> jeff mason and the other primary colors, thank you gentlemen for participating. >> tv continues now on c-span two and television is for serious readers. >> welcome welcome everyone to the bookshop here. we the entire staff are still happy to have you appear and it is such an honor to host this if it. my name is linda child, i am the owner of this bookshop. we are still happy to be in community that supports all local businesses well as our local nonprofits. this is the special one today. it is my honor to introduce you to the office of this book. the authors. start with client, she is dedicated her life to supporting our nations military veterans and families of fallen heroes. she is inspired the character leadership and sacrifice of her brother. first lt. travis manion who made the ultimate sacrifice in iraq on april 29, 2007. surfing as the president of the foundatio

us, so china is feeling its oats feels very strong they had henry kissinger over on friday with gary cohnck tariffs. i don't think president trump is going to pull back the tariffs. without really serious concessions from china, as you mentioned maria, there is a false report on this, about a month ago, white house official still unknown, said oh yes first phase will definitely a have a majorroll back in tariffs. the president himself said that was false reporting he had not made such an agreement, so we have to be careful who we are listening to now in terms of where trade talks are. maria: why i pointing out alibaba owns south china morning post last week. >> "new york times" also ran the story along with reuters. >> came from white house, anonymous white house official and myself called around four newspapers said don't run this i understands from white house not true each four reporter told me no i have this on deep background from white house official peter navarro went on air said it is not true the president next day backed up peter navarro said it is not true that xts official is

people like jim mattis, gary cohn and the others, john kelly.all those people are gone now so i think the rationale for the book is differenthatis differene for the column. .. >> jeff mason and the other primary colors, thank you gentlemen for

well, the president in the early parts of his presidency had gary cohn, jim mattis, a number of folksying to push him against some of his more unorthodox or wayward tendencies. those folks aren't there anymore. mick mulvaney has now said he has a let trump be trump ethos. very few around the president are pushing back on him now. what we're seeing right now, particularly in the past six months or so as he's handled impeachment and a number of the mueller report is unfiltered trump. there's a perception that has increased across people who know the president that this adults in the room mantra was never really going to work because eventually he was unbridled and do what he wants. >> part of the book talks about why the author did not put themselves forward or who they are. it's almost as if they were anticipating the white house's statement that we got this morning calling them a coward. they write some will call this cowardice. my feelings are not hurt by the accusation, nor am i unprepared to attach my name to criticism of president trump. i may do so in due course. would that give

gary cohn will sit down with seema mody later today, and then lloyd blankfein will be on the halftime, this comes on the heels of a tweet about elizabeth warren as for what will pull us away from the flat line, hard to say. let's get to the judge >>> carl, thanks this hour, the stock surge, how far this record rally can really go as even some of wall street' most notorious naysayers get optimistic >> 28,000 and beyond how much higher can this record breaking rally go? and are stocks still cheap enough to buy? the undisrupted champions of wall street, four stocks outperforming this market and driving this historic run. a big week for retail earnings home depot, target, macy's and more the number one retail analyst on the street gives

technical and macro research tonight on fast president trump's former national economic adviser gary cohnck chain. snap ceo taking a jab at the competition in a sit down only on cnbc. who will come out on top in the social media

. >> i remember the first time this came up was back when gary cohn was concerned that trump was goingo try to break the u.s./south korea trade deal. and he ordered sort of a briefing put together and comey said i'm not going to put that on the president's desk. i'm going to take that away. you could argue that's insubordination. that's also someone who is trying to advise the president best for the country and protect him and the team as a whole. i mean, you know, this is a gray area. and when i see tillerson and kelly and nikki haley arguing about this, i see a lot of public positions. i don't see a lot of real substantive disagreement. do i really believe that they came to nikki and said we're prepared to get rid of this president. we'll do everything. we're going to save the country and she said, oh, no, i couldn't possibly do that? i think you had them making arguments about what they did and didn't want to present directly to the president and i think leaders do that all the time. it's gotten much more extreme because there are a lot of folks around this president who fully recog

we've seen that, we've heard about gary cohn, the former nec adviser and the generals that the president employed like general mattis, who tried to rein in what they said were the president's most impulsive decisions and try to get him to see a different way. but i think the idea of there being this big resistance within the white house might be a bit overplayed. there definitely are people who would try to help the president i guess simmer in some ways on some of his worst instincts. the fact that there is in this big resistance, i haven't in my reporting, come to see that yet. >> do you think that the author is withholding their identity because they're still active in the administration at the senior level. >> not knowing who "anonymous" is, it's hard to say. i think anonymous is with holding their identity for a variety of reasons, including bringing attention to the book. >> jonathan allen, alayn alayna treene, good to see you guys. >>> new transcripts are giving us a better look at the impeachment testimony. the biggest take-aways and what it means for the administration. g your vi

you can did he through gary cohn, any number of officials who were in that white house who would prettying you the same thing. >> it is not me. i'd put my name on it. >> anthony, who is it then? >> see, i think bret is on to something. i think it is somebody just under that level of people. i don't want to name names because i think it would be unfair to people. >> but within that space. >> and i think in a person got license from people like -- meaning it was a person just under that level to look, said this is crazy, we'll let the "new york times" know that we're in here trying to contain a crazy situation and i think that the writing of this is primarily because that warning, that warning label has gone unheeded. >> and what is the temperature right now in the white house do you think? >> they have me cut out, so i won't make up something, but knowing the president reasonably well. and again, i was only in the white house for 11 days but worked on the campaign for a year. he is driving the entire process. he has cleared out anybody who could have said no to him. you saw that letter t

you had in various books as ray mentioned, gary cohn who took a tariff order off of the president's desknd threw it away. you could never imagine a president taking away directives that he was going to sign and they treated him as if he was not the president of the united states. >> does he speak to -- and the next question is why? that we didn't see. >> look, there is a lot to be critiqued under this presidency and i won't defend what he's done and i'm more traditional but in defense of the president, i think he got rid of a lot of people because he wanted to be the president of the united states and there were so many people that were not listening to him. he was duly elected. so i have some sympathy for him in that perspective. now what are nikki haley's motivations? i think we've cover that here. >> i guess we'll have to take a break. but it is kind of remarkable how she more than i think anybody else who worked for him and has left has walked that delicate almost invisible line of supporting him and criticizing him in a gentle enough way that she maintains credibility. on that note,

among them, former white house economic adviser gary cohn. can see that interview at half past 9:00 tomorrow morning london time. plenty coming your way the next 48 hours from that conference in china. next come the stocks on the move this morning, including wirecard. shares of the german finance fintech business, falling this morning following a news report over a delay to a nod it -- an audit in singapore. this is bloomberg. ♪ anna: welcome back to the european open. 12 minutes into the crater day, weaker for european equities. down .7% on the stoxx 600. let's get your stock movers. annmarie hordern is standing by. annmarie: there are a lot of individual corporate stories this morning moving individual names. wirecard, down nearly 7% this morning, one of the biggest declines on the stoxx 600. it says it file -- the filled , andeporting obligations rejects a report that says wirecard could not approve the of theal statement subsidiary in singapore. swedbank to the downside, more than 3% after a swedish public broadcaster said the u.s. author

tomorrow, standard chartered's ceo anddman sachs former white house adviser gary cohn, an absolutely stunning lineup. let's get the first word news with viviana hurtado. >> he didn't initially realize the white house was putting unacceptable pressure on ukraine, this from a former envoy. joe biden.ng former special envoy kurt volker was one of four witnesses yesterday. next will be gordon sondland. the fed minutes will likely reinforce rates are on hold. chairman powell addressed the congress twice last week. the signal policy is in a good place provided there isn't a " material reassessment of the outlook." the key thing from the minutes will be what that phrase means. protests in iran have left at least 106 people dead according to amnesty international. thousands took to the streets after authorities increased gas prices as much as 300%. arrestedforces thousands. netanyahu isnjamin calling on rivals to form a unity government. according to the jerusalem post, he hopes for a deal with his main opponent after reports of a power sharing between the rivals. contract runs until the end

last night on fast money, gary cohn said he hopes the president will follow through with that phase onebut if one is not shrinking tariffs could go into effect next month take a listen. >> i think if there is no deal, he'll go through with him on december 15th. he's giving himself time, he's got him through the other side of the holiday season. and december 15th is a long time from now in terms of tariff negotiations, a lot of other things that have to happen in the united states including debt ceiling, continuing resolution i think that he thinks that that is a forcing function and if he keeps blinking, he loses credibility in the chinese eyes. >> sounds like something, jim, you probably agree with. >> yeah. i think that the president right now is heavily influenced by the navarro wing that's the hard wing they're saying, listen, brought in a lot of money on tariffs, consumer has not been hurt the s&p and dow are at all time highs. china seems to be in trouble, including hong kong. what do we have to lose by raising the tariffs? what do they have to gain if they don't mackke a deal. ab

government officials hank paulson gary cohn in the room when xi jinping said the following we want toght back. we have been working -- to try not to have a trade war did not initiate this trade war not something we want responding to questions. is this the right way to approach china with the tariffs or is there something more? h how do you see things. >> i was he encouraging by president xi jinping's response american leaders there for economic forum so i thought it was good because, president xi wants an agreement he doesn't want an economic war with the u.s. he doesn't want a military conflict with u.s. i don't believe president trump doeset president trump i think is going after tariffs to try to balance our relationship not good for the american economy either. maria: national security risks when you look at huawei and their equipment, backdoor going back to chinese go of the. >> yeah there are real worries within our intelligence community about that. if the chinese telecom companies want to do business in the united states they really have to find a way to assure us, that when

brian: remember, gary cohn, he took something off the president desk because he didn't want it. they were pushing back against tariffs, they didn't want it. very interesting at 8:30 when we go to talk to him. one of the biggest mistakes president made taking chris christie's background information and throwing it in the garbage. i know putting indefense cybil. six months of work it seems like he hired a bunch of guys that had their own agenda and he got off to a start in which you have to worry about your own people as well as democrats out there. ainsley: it's one thing to disagree and tell the president you don't agree with this. you are trying to push him in a different direction because you feel like it could be an impeachable offense that john kelly might have done. different thing to undermine the president when you serve at his pleasure. and nikki haley rights in her book she said the president later told me i have never seen anybody be treated the way rex treated nikki. steve: 4:00 this afternoon the university of virginia is going to end 24 hour veterans day vigil it st