we will speak with gina raimondo coming up next. bloomberg. ♪ ritika: this is the european close. coming up, katerina of morgan stanley private wealth management joining bloomberg at 3:30 new york time. this is bloomberg. keeping you up-to-date with news from around the world, here's the first word. in tulsa, oklahoma, police say a gunman killed four people at a medical building. the latest in what has been a series of mass shootings in the u.s.. police say there were on the scene about three minutes after getting a report. president biden has -- he says he reacted as soon as he became aware of it in april. experts say they saw the crisis coming months earlier. the issue became worse once abbott laboratories recall formula and shut down factories. 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. alix: let's take a deeper look at supply chain challenges facing the u.s.. in the last hour we spoke to mark cooper about what he is seeing. mark: the

gina raimondo joins me. >>> plus, prime time event.he january 6th committee will pull back the curtain. can they make their case? >> the biggest challenge we have is how do we compete with a story of fantasy? >> i'll speak with senior advise to the january 6th committee ahead. >>> hello. i'm jake tapper in washington where the state of our union is angry at the lack of leadership. senate negotiators say this will be the critical week to see if they can do anything to respond to the mass shootings. the talks are intensifying as president biden delivered a rare primetime address thursday outlining a series of measures to try to stem the violence. even with good intentions from some on both sides, the passage of anything -- the chances seem remote. as lawmakers deliberate, americans continue to be killed daily in this uniquely american epidemic. three people were killed and 11 wounded after a mass shooting in south street in philadelphia. it's an area less than a mile from where i grew up. another community traumatized by gun violence, on

>>> joining me is the secretary of commerce, gina raimondo. heard secretary yellen say this week she got it wrong about inflation. in july, you told bloomberg that inflation would be temporary, about a year ago. as recently as six months ago you were calling inflation, quote, a short-term problem, not a long-term problem. so, you got it wrong, too. >> yeah, good morning. good to be with you. so, clearly we are and americans are struggling with inflation. but i don't think anyone predicted putin's war in ukraine or various other things that have happened that have been unexpected. i still think we will get inflation under control. we just have to stick with it and see it through. you know, i think it's worth noting that gas prices are up $1.40 a gallon since putin moved troops into ukraine. so, the president and our team is doing everything we possibly can to get inflation under control. the reality is the cause of this inflation is the supply chain problems that were caused by covid we're still struggling with. putin's war is driving the price

gina raimondo say it may make sense to -- >> we have decided to keep some of those tariffs because we need to protect the american workers and we need to protect our steel industry. that's a matter of national security. there are other products, household goods, etc., and it may make sense. haidi: let's get the details from jean chan. tell us more about those comments because it comes on the back of the conversation starting about tariff removal. >> good morning. the trump era tariffs have been in focus over the last couple months. what gina raimondo is saying is it could make sense to lift some of those duties just because of inflation rising. this is one of the biggest challenges for the biden administration. some of those tariffs could help companies who rely on those goods to manufacture different products. shery: how much will it help? we continue to see covid lockdowns across china and we see conflicting information when it comes to administration officials not committing straightaway to lift these tariffs. >> that's right. there's no real consensus yet on the issue. janet yelle

the secondary of plate blinken and secondary gina raimondo from the u.s. will attend. topics will include cutting- edge technology such as semiconductors and climate change. the japanese government is keen to step up economic cooperation with the u.s. in part effort to create a free indo asian economic. >>> women must make up at least 40% of nonexecutive board members or 33% of all board members. when two candidates of different sexes are equally qualified, companies will have to choose the underrepresented candidate. >> the agreement was reached between the eu council and the european parliament on tuesday. it is expected to be enacted after being approved by the council and others. the eu has set gender equality as its goal, including closing the wage gap. women hold about 20% of the cabinet positions in france and just 8% in cyprus. the eu president said that diversity is not only a matter of fairness but also drives growth a innovation. >>> a ward in tokyo conduct its first survey of the of the modern society has bedelved japan. one local government is looking for

gina raimondo blaming everybody but biden for the woes of the american people, watch this. >> we willck with it and see it through. it's worth noting that gas prices are up 1.40 a gallon since putin moved troops in ukraine. the cause of this inflation is the supply chain problems that were caused by covid. dagen: when asked about the president weighing rolling back tariffs about china despite horrific human rights abuses here is what raymundo has said. >> we have looked at it. the president has asked the team to analyze that and we are in the process and he will have to make that decision. dagen: mornings with maria live right now. ♪ ♪ ♪ time for the word on wall street, top investors watching your money this morning, joining me right now laffert tanglier investments laffert, michael lee and katherine rooney vera. welcome all. it was a losing week for the markets last week, much on investors' radar, what are you watching, what are your thoughts on the swings, the volatility here? >> so dagen, i think what we are seeing a classic bear market rally when we get in these situations the ma

gina raimondo said it may make sense to put tariffs on some goods. president biden is open to any ideas. senior administration officials have often -- offer different views on what to do with president trump tariffs. >> we need to protect american workers and we need to protect our steel industry. it is a matter of national security. there are other products, household goods and it may make sense. >> they fired eight short range ballistic missiles. officials from the u.s., south korea and japan denounced the launches. the sink with a is likely the biggest since kim jong-un took power a decade ago. global news, 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. rishaad: still to come on bloomberg markets, jp morgan saying its biggest concern for the asian credit markets are inflation, economic growth. we will discuss that with the head of asia. >> first, indonesia has hired the biggest amount of tourist arrivals. this is bloomberg ♪ >> here are th

commerce secretary gina raimondo at the 11:00 hour. guy johnson is off today. welcome to "bloomberg markets." if we come down the markets, call down the economy, what is next? >> big questions that investors are dealing with. in terms of the direction of the u.s. economy, we have got some mixed signals. yesterday, we were dealing with strong data. maybe the fed is going to be able to hike more. today's data has looked mixed. the data hitting the bloomberg looking mixed. alix: factory orders up just 0.3%. durable goods, transportation came in up 0.4%. let's get a deeper dive into these numbers. michael mckee joins us now. the factory orders seems like a big miss. michael: it is a bit of a mess. we knew that because we got those numbers earlier in the week. nondurable goods increased by 0.2%. there is a real disappointment. shipments come in a little bit better. inventories continued to rise. inventories are up for 20 of the last 21 months. it does show manufacturers getting closer to normal. as i said many times, these are volatile numbers. i would not put too m

perfect example is china. , secretary gina raimondo said steel and aluminum, we have decided to protectmerican workers. the president is looking at that. same weekend, this from the state department. the circuitry of state said china continues its genocide and oppression of predominantly muslim uighurs. that is a super uncomfortable position for the white house, to talk about removing some tariffs and, at the same time, talk about a country conduct in genocide. tom: and the oddity for our international audience -- this is flat out the only bipartisan agreement in washington here that is really what is going on. jonathan: without a doubt, on china and having an aggressive stance towards china. pulling back tariffs -- interested to see how that develops. lisa: politically, it is a bipartisan issue. if you look at the business side and that people are complaining about inflation, perhaps it is more nuanced. we have companies taking a softer tone with china, continuing to expand within china, not withdrawing as quickly of people would expect, and you have people worried about the price of g

commerce secretary gina raimondo says it may make sense to lift arabs -- tarriffs on some goods as a way to lift inflation. she was saying president biden is open to any good idea that will help american families. >> steel and aluminum, we kept those tariffs because we need to protect american workers and our steel industry. that is a matter of national security. other products like household goods and bicycles, etc., it may make sense. bruce, we have heard this lingers before over the past month, what is the process and likelihood of these tariffs to be relaxed? >> secretary romano did say the president is looking at this issue, as far as the timetable, we don't really know. this all relates to tariffs the trump administration imposed on $300 billion worth of chinese exports to the u.s. it is not just tariffs on chinese goods, secretary raimondo referred to tariffs on steel and aluminum. that is also on imports from the eu, so those seem to be off the table. but the big question is what happens to tariffs on chinese goods such as clothing, shoes, bicycles, household goods all these

jonathan: gina raimondo, the commerce secretary.aybe backing away from some of the tariffs on china, given the pressure domestically when it comes to inflation. from new york city this morning, good morning to you all. your equity market sub as follows this monday morning. don't by 1.13% on the s&p. on the gnostic 100, 2.9589%. crude keeps coming -- on the s&p 500, -- on the nasdaq 100. 2.9589% on the 10 year. crude keeps coming close to $120 . tom: will kennedy this morning. what is different about $120 this time around versus the last time we went up to $120? will: the one big difference i think is the lack of refining capacity in the world. that means the prices of gasoline, diesel, jet fuel around the world, which is how people experience we'll prices, is rising much faster. we are seeing new records for gasoline pump prices and diesel prices across america. there are 10 states where people are paying more than five dollars a gallon for gasoline. that is the big difference. for consumers it does not deal like 100 when he dollars

commerce circuitry gina raimondo says it may make sense to lift some of the tariffs on some goods as of cooling inflation. take a listen. sec. raimondo: steel and aluminum, we have decided to keep some of those tariffs because we need to protect our workers and our steel industry as a matter of national security. there are other products, household goods, bicycles, etc., that it may make sense. guy: so this is where we stand. president biden's team is weighing what to do with former president trump's tariffs on around $300 billion worth of goods imported from china. we've got some comments coming through from the udtr -- the ustr. it is a difficult balancing act for the president. he needs to deal with inflation. but going into november, does he want to go soft on china right now? greg valliere, agf investments she policy strategist, joins us now. inflation is such a big problem. anything that could be done about it, may be done by this administration, but is cutting china tariffs too far? greg: i think politics will be the dominant factor. i agree that it could help a bit on inflati

commerce secretary gina raimondo joins me to discuss in moments. >>> plus, prime time event.

mark, yesterday, the secretary of commerce, gina raimondo, told me the biden administration is doing everything we possibly can to get inflation under control, unquote. do you agree. are they doing everything they possibly can? >> yeah, in the near term, jake, yeah. it's all about oil prices. they have released reserves from the strategic petroleum reserve, about as much as they could possibly release because of the capacity and the refining industry. you saw the president headed off to saudi arabia because that's the one country on the planet that has excess capacity to produce oil. this is going to be a little controversial, but the one thing they might consider is iran. iran has 2, 2.5 million barrels a day, which is a considerable amount of oil. we just need to strike a deal with them. there's lots of pluses and minuses, but other than that, you know, this is difficult. i mean, russia's invasion of ukraine has taken a lot of oil off the market. and that's a big void that has to be filled. that means higher prices until the void is filled. >> so rahel, secretary raymondo was nonco

this morning, we heard from commerce echo terry gina raimondo saying that she disagrees with the ideathe package that biden championed is the result we're facing the inflation that we are facing right now. this as gas prices here in the united states, now more than double they were on the day that president biden took office. pete buttigieg, the transportation secretary, facing questions today on abc about whether the administration has done enough and whether that release that biden announced of a billion barrels a day from the strategic oil reserve has been ineffective and lowering those gas prices. take a listen. >> i don't think it's correct to say it hasn't made any difference at all, this is an action that helped to stabilize global oil prices. the action the president took around ethanol, introducing additional flexibility there, that is having an effect on prices in the midwest. we also know that the price of gasoline is not set by a dial in the oval office. when an oil company is deciding hour by hour how much to charge you and a gallon of gas, they're not calling the adminis

the word is that she's out after the midterms that gina raimondo might be the commerce secretary might replace her . secr gensler, the snc chair. but you know, these are all a apparatchiks that just have no clue. and you know, the reason why would really bad about janet yellen. i think what's really she supposed to know better? joe biden came in there trying to be more transformative thanar barack, his old boss barackac obama that means he spent you didn't think it is what he was spending on . he just spentdi she should have sat there and told him stop. she should have known better and she obviously didn't. it's just it's lackingg seriousness on the most they really and it really is these are not adults and that makes me uncomfortable. charlie gasparino, appreciate your perspective as always. >> thank you soe if you got's really rich, let's just say out of nowhere what do you do with the money? it's a hard question of people wasted. they do nothing interesting with it. kid rock has been the entertainment business t successful for like thirty years. he's taking his money and built what

. >>> here's gina raimondo last night. >> it has to be done before the august recess. this will go away, i think, if congress doesn't act >> here to break down the outlook for domestic demand, is the president and ceo of global foundries. tom caufield thank thank you for being here. >> i'm more optimistic than not. i think it's important to act now, but i agree with her, if it doesn't get down by labor day, it probably doesn't get down for another year we have seen over the last three years, talking about creating better manufacturing capability in this country, the rest of the world has invested more thanes invested in the u.s., because they've had the incentives and the right investments to make that capacity happen we need to do that here in the u.s. >> we spent a fair amount of time talking about -- and this fall, and for the next several winters. does that gift the u.s. more leverage for those producers who might think they said to build something in out-of-the- -- it's not just the coinvestments. it's in the operating costs, so i think this is the moment for the

i think that murphy would consider it phil murphy in new jersey and the cabinet gina raimondo the more moderate weighing of the democratic party, perhaps mitchell andrew, and then i think you have to you know, consider bernie sanders and elizabeth warren, you know, they run for president before that's a pretty good indicator that they would consider doing it again, and certainly the same can be said for other senators like amy club, which are i think you would have a pretty robust primary. yeah. the only thing i'll just add is i think that this is the first administration first democratic administration and my life time and i think arguably first administration period in my lifetime. we're neither the president on nor the vice president as seen as like a person of real sort of like deeply anchored. ideological perspective right the trump administration, i think yeah also in a different way a not deeply ideologize yourself, but but i mean pence wasn't like a big vision guy, but he was a guy with a pretty fixed principles, right, but you know when you think about like what bill clinton d

constraints also testing requires that are still -- discussions with the administration about >> i know gina raimondoversations. are they ready to say no more testing requirements >> not yet, but we are trying to make the case that the things they're trying to protect against are not being served by the testing requirements it's creating a lot of friction. foreign travel into the u.s. is still down significantly from what it was pre-pandemic i'm curious, other hotel operators how they're not able to actually run at full capacity, given the fact they can't staff certain floors or do certain things. railroad facing the same challenges. >> if you go back for fourth quarter last year, we had maybe a 20% gap between open positions and filled positions that is downed to less than ten now. we changed our hiring procedures dramatically we changed scheduling to make it more flexible. a lot of people still needed to be home caring for parents or kids we're also trying to pull people into our industry, so across the board those things have made a big difference in our hiring capability i personally don't believ

commerce secretary gina raimondo confirming the potential move over the weekend. about it yesterday. >> i know when the secretary was doing sunday television she spoke to this. as she said, the president has asked her and others in the administration to look at this, to look at the chinese tariffs. i do not want to get ahead of it. she said the president's going to have to make a decision once it's presented to him. maria: this as labor advisory committee for trade negotiations and trade policy is publicly warning biden not to lift the china tariffs, writing in an official comment, quote, too many u.s. companies have failed to take needed action to address the threat posed by ccp policies. joining me right now is fox news senior strategic analyst, general jack keane. general, it's great to have you this morning. thank you so much for being here. when president biden first took office, the ccp wanted two things mostly, i believe. they wanted the china initiative to go away. that was the initiative where the doj was investigating the crimes and investigating bad beh

here's commerce secretary gina raimondo yesterday. >> unfortunately, that is the brutal reality.ge part caused by putin's you aggression. gas prices have gone up over $1.40 a gallon and the reality is that there isn't very much more to be done. maria: triple a is reporting it's going up again, another record high this morning for the national average price of gasoline at $4.95 a gallon now. oil prices are higher this morning, take a look at crude and brent. we are sitting at 121, 69 on the price of brent, up about 1%. the price of crude oil at 120, 64, up better than 1% right now and today treasury secretary janet yellen is back on capitol hill in front of the house ways and means committee after yesterday's senate finance committee hearing where she admitted inflation will persist longer than expected and she was wrong for the last year in downplaying the sting of inflation. >> i said that inflation would be transitory. what i was not anticipate aing was a scenario where we were contending with multiple variabilities of covid. i -- variants of covid. i was not envisions impacts