gina raimondo, the commerce secretary, spoke to bloomberg news.he had this not too surprising answer about whether it is heard the dialogue between china and the u.s.. >> it has certainly made it a little more challenging. at this moment. it is harder. but, i am hopeful that we will get beyond that back to a place where we can have more of these discussions. stephen: on the issue of potentially removing or altering the trump era terrorists, gina raimondo said mr. biden is being very cautious on that matter. obviously, he is concerned about the impact on american workers. gina raimondo still expects biden to make a decision on the tariffs before too long. still, abundant here as well is that pledged eventual face-to-face meeting between xi jinping and president biden given ansi closings visit and given the -- nancy pelosi's visit and given the nature of the military drills around taiwan over the last week, i think that probably put talk of a face-to-face meeting on the back burner now. shery: these military drills. is this the new normal? stephen:

gina raimondo.in our chief north asia correspondent stephen engle in hong kong. clearly, a lot of reverberations in washington following that pelosi visit. so, how has the trip changed beijing's resolve toward taiwan. stephen: you saw eight days of military drills in those six exclusion zones encircling taiwan, to drive home the point that they were not happy with the visit. but also, according to taiwan, getting the people's liberation army, its air forces, naval forces and also rockets, to what taiwan says is practice of a potential invasion of taiwan. no one is saying invasion is imminent, but it did give china a good excuse if you want to call it that, to simulate strikes on ships, potential missiles that japan says flew over the island, and really escalated some of these tensions that we have not seen since what is now known as the third taiwan strait crisis in 1995 and 1996. it has obviously stiffened the resolve beijing, which claims sovereignty over taiwan. now, we have to see, and i can tel

. >>> coming up we'll talk to commerce secretary gina raimondo on the c.h.i.p.s. act which was signed into law this morning by president biden. >>> in just a moment liz ann son derz will join us on her latest thinking on the market and how the cpi report could inform the fed's next move. >>> mike santoli is taking a look under the hood at the summer rebound and whether that's wrapping up today >> the better part of the last two weeks, the indexes have been sideways now, it was the big growth stocks that did outperform off of the lows, but on a year-to-date basis i think it's relevant that the equal-weighted russell 1,000. so if you owned a little bit of the 1,000 stocks in the market vastly outperforming the s&p that's because they have remained underperformers most of what's been going on, yes, we're pricing in a slowdown, potential recession, f fed tightening you're down less than 10% year to date in the equal weighted russell 1000 whether that's a selling opportunity or just a sign of traction is the debate take a look too at the s&p 500 advance/decline line th

and that will continue according to gina raimondo, knowing that china was offering quite a bit of moneycentives to keep that technology in their country. this is just the beginning it will take a lot of time for this money to get out. and those factories to be built. guy: let's turn our attention to mar-a-lago which was rated by the fbi. it seems to suggest that this will play well before -- that this will not play well for president trump. how will it play out over the longer term? joe: there is so much we don't know about this. reports have emerged this morning that not only the national archives took 15 boxes of documents and items from mar-a-lago that should have stayed at the white house and gone to the archives but the fbi visited mar-a-lago reportedly in april, met with donald trump's lawyers and trump was there that day. what would have compelled them to come back in this fashion with an unprecedented search warrant on a former president of the united states? it's unknown what it is. donald trump might be the one to tell us. they have to be specific about a probable cause and wh

commerce secretary gina raimondo said lower fuel costs are the main indicator.es gas prices coming down at the pump and raimondo said easing supply chain problems are keeping store shelves stocked to not only but we're making progress and consumer see it. inflation remains the number one problem our nation is facing oklahoma republican congressman tom cole stressed annual inflation is still at 8.5%. >> as the house prepares to vote friday on the inflation reduction act, it's democrats 750 billion dollar bill that would make the largest investment in u.s. history to combat climate change and allow medicare to negotiate prescription drug prices for the first time the legislation would be paid for through new taxes on large corporations and stock buybacks. the senate passed it right down party lines and it's likely to face the same fate in the house. we cannot tax and spend our way in the lower inflation. and economists are pointing to high housing costs specifically rents. >> as the main indicator that inflation may be sticking around for some time live in washing

. >> commerce secretary gina raimondo attribute some of the improvement to supply chain fixes gnarly problem. but we're making progress and consumer see it. she also says lower gas prices were a major reason for dropping inflation. but there's a risk of those could go back up. the part that is hard to protect is the war in europe, which will absolutely have an impact gas and food prices, though, as congress prepares to pass the inflation reduction act, democrats are hopeful the economy will continue to improve the spending package includes measures to fight climate change, lower drug prices and raise taxes on wealthy businesses that confident that all will continue to have an impact on inflation and bring down inflation. but republicans say the bill will only drive up costs for americans and with the house preparing to vote on the legislation on friday, congressman tom cole is warning we cannot tax and spend our way in the lower inflation. the inflation reduction package is expected to pass the house and become law. >> but it is unlikely to get any republican support live in washingt

the legislation championed by the commerce secretary gina raimondo has a monumental act of perseveranceomical. it cost too much to set up in too much to operate. longer term, we need these facilities badly. they are the biggest winners because they make semiconductor manufacturer equipment. they just got blown out by the capital equipment budget slash and burn. how worried should we be about the massive number cut? we have seen this movie before. is lower and flows in price depending on short-term demand . had not 1 but 2 in 2018 then in 019 when the stocks literally did get cut in half. not coincidentally that was the last crypto quoted. it has been cut in half again. i think it could go even lower if we get a second negative which i think is a very distinctive possibility. why not give up on it entirely? with told the investing club members that we don't want to buy it back until we figure out there is another shoe to drop. only after the drop. why hold it at all? after the second of 2019 it was one of the most breathtaking runs. they only will have much broader implications. that is

commerce secretary gina raimondo said lower fuel costs are the main indicator.veryone sees gas prices coming down at the pump and raimondo said easing supply chain problems are keeping store shelves stocked to gnarly but we're making progress and consumer see it. inflation remains the number one problem our nation is facing oklahoma republican congressman tom cole stressed annual inflation is still at 8.5%. >> as the house prepares to vote friday on the inflation reduction act, it's democrats 750 billion dollar bill. they would make the largest investment in u.s. history to combat climate change and allow medicare to negotiate prescription drug prices for the first time the legislation would be paid for through new taxes on large corporations and stock buybacks. the senate passed it right down party lines and it's likely to face the same fate in the house. we cannot tax and spend our way in the lower inflation. and economists point to high housing costs, particularly rent is the main indicator that inflation may still be around for some time. >> in washington, i

joe: this was the argument that gina raimondo was making to get the chip act passed.t if we couldn't get chips out of taiwan, a chinese blockade, something would happen to impact our national security never mind consumer goods? that is why they got that across the finish line, the national security aspect, competing with china. this is part of a bigger conversation that the administration is having that involves chinese tariffs and also involves the potential for a face-to-face meeting between presidents biden and xi. they met by phone and that prompted a lot of the rhetoric we are hearing about nancy pelosi, but a sit down meeting between the two could bring more opportunity to advance the political and economic agenda for the u.s. jonathan: the more we hear about that call last week the more contentious it sounds. tom: could that call have happened this week? that is a really important question, the deterioration. what are they going to talk about? jonathan: t.k., what are they going to talk about exactly. the idea that they remove tariffs anytime soon seems to have

commerce secretary gina raimondo says there is no easy resolution when it comes to addressing inflation. >> it is good news, though i think we have to be cautious. a big reason for the good news, gas prices are leveling off and that certainly helps consumers but, as you point out, there are other issues in housing that we have to still keep our eye on the ball. as we said, there is no silver bullet here. the mark: consumer price index rose .5% from a year earlier, a drop in gasoline prices offset higher food and housing costs. former president trump is refusing to answer questions in an investigation by new york's attorney general letitia james. the probe has to do with his business deals. he arrived at the attorney general's office this morning but then put out a statement saying he was asserting his for the minute right not to answer questions. the u.s. justice department charged an iranian national for plotting the murder of former u.s. national security advisor john bolton. the u.s. alleges he tried to pay $300,000 to have him murdered. officials say the plot was likely in retaliati

commerce secretary gina raimondo said lower fuel costs are the main indicator.everyone sees gas prices coming down at the pump and raimondo said easing supply chain problems are keeping store shelves stocked to gnarly but we're making progress and consumer see it. inflation remains the number one problem our nation is facing oklahoma republican congressman tom cole stressed annual inflation is still at 8.5%. >> as the house prepares to vote friday on the inflation reduction act, it's democrats 750 billion dollar bill that would make the largest investment in u.s. history to combat climate change and allow medicare to negotiate prescription drug prices for the first time the legislation would be paid for through new taxes on large corporations and stock buybacks. the senate passed it right down party lines and it's likely to face the same fate in the house. we cannot tax and spend our way into lower inflation. and economists point to high housing costs, particularly rent is the main indicator that inflation it may still be around for some time. >> in washington,

. >> commerce secretary gina raimondo attribute some of the improvement to supply chain fixes gnarly problem. but we're making progress and consumer see it. she also says lower gas prices were a major reason for dropping inflation. but there's a risk of those could go back up the part that is hard to protect is the war in europe, which will absolutely have an impact gas and food prices, though, as congress prepares to pass the inflation reduction act, democrats are hopeful the economy will continue to improve the spending package includes measures to fight climate change, lower drug prices and raise taxes on wealthy businesses that confident that all will continue to have an impact on inflation and bring down inflation. but republicans say the bill will only drive up costs for americans and with the house preparing to vote on the legislation on friday, congressman tom cole is warning we cannot tax and spend our way in the lower inflation. the inflation reduction package is expected to pass the house and become law, but it likely won't get any republican support. >> in washington, i'm

. >> commerce secretary gina raimondo attribute some of the improvement to supply chain fixes gnarlyblem. but we're making progress and consumer see it. she also says lower gas prices were a major reason for dropping inflation. but there's a risk of those could go back up. the part that is hard to protect is the war in europe, which will absolutely have an gas and food prices, though, as congress prepares to pass the inflation reduction act, democrats are hopeful the economy will continue to improve the spending package includes measures to fight climate change, lower drug prices and raise taxes on wealthy businesses that are confident that all will continue to have an impact on inflation and bring down inflation. but republicans say the bill will only drive up costs for americans and with the house preparing to vote on the legislation on friday, congressman tom cole is warning we cannot tax and spend our way in the lower inflation. the inflation reduction package is expected to pass the house and become law. >> but it's not likely to get any republican support live in washington. i'

. >> commerce secretary gina raimondo attribute some of the improvement to supply chain fixes gnarly problem. but we're making progress and consumer see it. she also says lower gas prices were a major reason for dropping inflation. but there's a risk of those could go back up. the part that is hard to protect is the war in europe, which will absolutely have an gas and food prices, though, as congress prepares to pass the inflation reduction act, democrats are hopeful the economy will continue to improve the spending package includes measures to fight climate change, lower drug prices and raise taxes on wealthy businesses that are confident that all this will continue to have an impact on inflation and bring down inflation. but republicans say the bill will only drive up costs for americans and with the house preparing to vote on the legislation on friday, congressman tom cole is warning we cannot tax and spend our way in the lower inflation. the inflation reduction package is expected to pass the house and become law, but it likely won't get any republican support. >> in washington,

phil murphy in new jersey and gina raimondo on the more moderate wing democratic party and perhaps mitch landrieu and consider bernie sanders and elizabeth warren. they have run for president before that's a pretty good indicator that they would consider doingga it again. and other senators like amy klobuchar. >> i think this is the first democratic administration in our lifetime and the first administration period in my lifetime were needed for president or the vice president are seen as a person of real deeply anchored ideological perspective. some administration in a different way. >> pence wasn't a big vision guy but a guy with principals. when you think about bill clinton did to set the direction of the democratic party and what barack obama did to set the direction of the democratic party. i don't think joe biden or kamala harris have attended do that and we look back at the last primary campaign whether it's elizabeth warren on wing of the party or pete buttigieg at it differently the party there's this hunger in the democratic party for s somebody who can say what on earth they a

. >> commerce secretary gina raimondo attribute some of the improvement to supply chain fixes gnarly lower gas prices were a major reason for dropping inflation. but there's a risk of those could go back up the part that is hard to protect is the war in europe, which will absolutely have an impact gas and food prices, though, as congress prepares to pass the inflation reduction act, democrats are hopeful the economy will continue to improve the spending package includes measures to fight climate change, lower drug prices and raise taxes on wealthy businesses that confident that all will continue to have an impact on inflation and bring down inflation. but republicans say the bill will only drive up costs for americans and with the house preparing to vote on the legislation on friday, congressman tom cole is warning we cannot tax and spend our way in the lower inflation. the inflation reduction package is expected to pass the house and become law, but it likely won't get any republican support. >> in washington, i'm hannah brandt. >> 7.22 and low income families with newborns can get

commerce secretary gina raimondo said lower fuel costs are the main indicator.as prices coming down at the pump and raimondo said easing supply chain problems are keeping store shelves stocked to not only but we're making progress and consumer see it. inflation remains the number one problem our nation is facing oklahoma republican congressman tom cole stressed annual inflation is still at 8.5%. >> as the house prepares to vote friday on the inflation reduction act, it's democrats 750 billion dollar bill. they would make the largest investment in u.s. history to combat climate change and allow medicare to negotiate prescription drug prices for the first time the legislation would be paid for through new taxes on large corporations and stock buybacks. the senate passed it right down party lines and it's likely to face the same fate in the house. we cannot tax and spend our way in the lower inflation. and economists point to high housing costs, particularly rent is the main indicator that inflation it may still be around for some time. >> in washington, i'm jessi

. >> commerce secretary gina raimondo attribute some of the improvement to supply chain fixes gnarlyproblem. but we're making progress and consumer see it. she also says lower gas prices were a major reason for dropping inflation. but there's a risk of those could go back up. the part that is hard to protect is the war in europe, which will absolutely have an impact gas and food prices, though, as congress prepares to pass the inflation reduction act, democrats are hopeful the economy will continue to improve the spending package includes measures to fight climate change, lower drug prices and raise taxes on wealthy businesses that confident that all this will continue to have an impact on inflation and bring down inflation. but republicans say the bill will only drive up costs for americans and with e% the house preparing to vote on the legislation on friday, congressman tom cole is warning we cannot tax and spend our way in the lower inflation. the inflation reduction package is expected to pass the house and become law. >> though it is unlikely to get any republican support live i

i think that murphy would consider it phil murphy in new jersey and the cabinet gina raimondo the moreoderate 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 did

it was quite a comeuppance to a tremendous secretary gina raimondo, who worked very hard, ron basicallywe don't need any of that equipment. >> they did announce the $40 billion expansion. >> right, but it was totally timed. they did what they had to do they had to speak. they could not tell people that will things were good at a conference i wish he had said what was said in a conference, which is that the cloud is weak. that's what caused the market to roll over. western unable to get that as reporters, we could not get that. >> i agree i've never done an interview that i was happy with, frankly. >> how about the bank stocks they're the winners. remember, what do they pay me, jpmorgan >> 0.0001. >> this is very similar to 1992 with greenspan >> let's talk about bristol-myers. >> is that rhetorical? >> no, the stock has been up every day despite the news. >> they're up for the year. >> i don't know. are you pointing to the possibility of something unexpected >> i'm saying they have had a drug that could be targeted as one of the most important drugs for medicare to pay for, to negotiate

secretary of commerce, gina m. raimondo, has been behind this thing from day one.e talked to the secretary about her amazing efforts that i think will be like a -- moment where in the 60s when we fell behind the soviets and technology we powered right back from a partnership that ended far ahead of our adversaries. take a look. madam secretary, congratulations. i have to tell you i know it is -- indefatigable. congratulations. >> thank you jim. it was a team effort but we didn't give up, there were so many ups and downs, mitch mcconnell tweeted saying republicans could not go for it. many ups and downs but we are not giving up. eventually we did. a huge thank you and obviously to the president, it was his leadership that made it happen. it was a very big deal for the country. it sure is a national -- allows us to create jobs. right now you say to yourself how could germany allow themselves to be so dependent on russia for their oil? that would've been us five years from now if china had said taiwan could not -- we would've said how on earth could america allow them