commerce secretary gina raimondo and the c.h.i.p.s. act. >>> a brand-new survey out this morning finding consumers plan to continue spending on luxury in the next few months what could put a dent in that? we'll talk to the ceo of saks on their new data a big hour of "squawk on the street" still ahead. you have technology, communication services and e rk hheryeangetiona ldi thmaetigr. the first time you connected your website and your store was also the first time you realized... we can do anything. cheesecake cookies? [together] the chookie! manage all your sales from one place with a partner that always puts you first. godaddy. tools and support for every small business first. everything's changing so quickly. before the xfinity that alw10g network, first. we didn't have internet that let us play all at once. every device? in every room? why are you up here? when i was your age, we couldn't stream a movie when the power went out. you're only a year older than me. you have no idea how good you've got it. huh? what a time to be alive. i

this is led gina raimondo in a bloomberg interview had to say.e are worried about is chinese backed companies being on tens of millions of american funds including members of the military and privacy concerns, daily concerns, misinformation concerns. that is not just apply to tiktok. >> we just saw a story across the bloomberg terminal. the biden administration has added a number of new export restrictions for dozens of other chinese companies including activities that are perceived to be contrary to the national security interests adding to the so-called entities list because of the suspicion that these companies are procuring u.s. origin items that could end up in the hands of the chinese military. these companies that have been added include a state backed server company. they do data centers across china. they are the chief competitor to hp as well as dell. a company that is a cpu maker. they are making a potential alternate to intel chips as well as units of genetics firm bgi research. shery: stephen engel there. as we gear up for china's np

gina raimondo has been speaking saying she is concerned about u.s.na tech in the u.s., not just tiktok, it goes further than that. here is your look at top markets as we head to the close of this hour. chinese equities are much stronger. they have had a very stellar week, considering the data has been really strong. the pmi's today be which was potentially we had egon talking about central-bank policy staying as is. it is strong, which is potentially bad for equities, it means they don't get the support. that is thrusted higher beta currencies. a weaker dollar, a stronger room and be, and stronger aussie dollar. higher beta currencies is also why the commodities are really strong. sovereign bonds, the story continues to be the inflation data in europe and the u.s.. core inflation in europe hitting an all-time high since the euro was created. equities may be unbothered. hope you enjoy the rest of your friday and your weekend. up next is bloomberg markets. this is bloomberg. ♪ these days, our households depend on the internet more and more. families gr

. >> and the commerce secretary was asked about a possible ban and gina raimondo says the politician in me thinks you're going to lose every voter under 35 forever. that is the political element here. how does this play out if it's on the devices of 200 million americans? >> well, there is that. there's that issue of people using it, and it's popular. there's been some advances made by other services now, so it's a little less of a grip on teenagers. i don't think there's going to be a giant protest by teens. the issue you have to think about is, what happens if they ban, what happens to the money? a lot of u.s. investors in this company, let's be clear, and a lot of u.s. investors interested in the decline of tiktok, so that's going on behind the scenes at the same time. it's very popular for politicians to use this as an anti-china twi twhich they do. it's bipartisan. it's also mark warner, even as it's josh hawley. three or four years ago i wrote a piece saying i love tiktok, great product, i'm using it on a burner phone because i don't trust the communist party. this is a tool of

. >> i have met with gina raimondo on this issue she will make clear that tiktok is a threat as well.at the end of the day you could end up with a for sale and that for sale also makes sure that core algorithm, the source code, resides some place different than china, that could be an outcome that would be successful as well. at the end of the day you cannot have american data collected, nor can you have the ability for the communist party to use tiktok as a propagandale. >> 60% of the company is owned by other investors including u.s. firms. is this a policy that you really need to address with americans to stop them from investing in companies like this? >> well, that's one of the reasons why i think our approach, the restrict act, says rather than dealing with tiktok in a one off fashion or a few years back it was huawei the chinese telecom provider or years early the russian software company, we need to have a set of tools, rules-based so they can stand up in court, tiktok would still get its day in court even under our law, that says if there's a foreign technology from a place l

we are looking at live pictures of gina raimondo, she's in a fireside chat with peggy collins. feel free to watch that live on the terminal. she is talking about ceos being optimistic and that were mostly out of the woods with supply chain bottlenecks. the question of the day, as a shopping cart half full or half empty? we will be speaking with honest osseo -- anastasia amoroso from my capital, this is bloomberg. ♪ >> we are stuck in this range in the market continues to grind sideways between all these levels of resistance, support. if you are a yield hungry investor, treasury bonds are the right option here. alix: the whole curve is above 4%. our question of the day, is the shopping cart half full or half empty? we will ask anastasia amoroso you could ask that from an eco-point of view? anastasia: i think the cart is half full. the reason i say that, looking at the latest retail sales numbers, we had some blowout numbers in particular categories. restaurants, leisure, travel those categories are doing really well. what is not doing well is anything tied to the pandemic. home

>> gina raimondo says the administration is working to blunt the national security risk from variousocial media apps. she said the rules will apply to high-profile targets like tiktok, as well as other chinese platforms. >> if what we're worried about is chinese-backed companies being on tens of millions of american fountains, including members of military, and privacy and data concerns, misinformation concerns, that doesn't just apply to tiktok. >> foxconn plans to invest $700 million on a new plant in india. the taiwanese company, one of apple's biggest suppliers, plans to make iphone parts and possibly assemble handsets on the 300-acre site close to the airport in bengaluru. it could employ about 100,000 people. china's workforce has shrunk by more than 40 million people in the past three years. the drop is equivalent to almost the entire workforce of germany and reflects a rapid rise in the number of people retiring, as well as the effect of the pandemic. some 733 million people were employed in china last year. global news powered by more than 2700 journalists and analysts in ov

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commerce secretary gina raimondo on the heels of the landmark c.h.i.p.s.is with us as anxious investors pause ahead of powell tomorrow why four macro events over the next two weeks could decide this market. >>> plus, saks ceo marc metrick. >>> markets moving highe

commerce secretary gina raimondo trying to he defend the rules of the wall street journal, saying we us a workforce plan including how you they think about child care, not because we have a social ajen can da, but because we -- agenda, but because we know they're struggling to hire workers. they find her response laughable, writing she's not so deft to think companies can't handle workforces without providing certain benefits. telling the truth won't get her a promotion to treasury secretary. that is the rumor, she will be the next treasury secretary. i reported that years ago. >> i think it's great we want to bring semiconductor manufacturing back to this country but let's be honest here. you've got unions coming in, rules like forced child care, south korean companies in particular are saying we don't operate like that in south korea. they're pushing back on mandates even though she is denying they're in place. they are. they've been told and they're fighting back. maria: the social ap agenda is priority for the white house. >> if you believe data is the new oil, then you really ca

the white house with tiktok influencers and increasingly democrats like the commerce secretary gina raimondos step to president-elect american's children hurt them in 2024 elections. highly irresponsible. >> bret: it's also tough to get 150 million americans off of a social media platform they are already using? >> bret, america got along just fine until a few years ago without tiktok. there are many other social media platforms out there that perform very similar functions we should not allow chinese communist to have a major news source in america to be poisoning the minds of our children and vacuuming up all of the data forever. i would point out, bret, tiktok doesn't operate like that in china. in china, kids only get a few minutes a day and all the videos are about eating your vegetables. respecting your elders and doing your homework. >> bret: i just want to ask one more question, this is the associated pretty press, move trigger by britain's decision to provide ukraine with armored piercing rounds depleting uranium. what do you make of that and putin's action. >> almost every action b

and i want to share what commerce secretary gina raimondo said this morning. >> the unemployment rightin the construction trades right now, in some places, is 1%. so, we need to recruit women, otherwise they will not be able to build these facilities on time, or on budget, and that requires them to think about childcare. it's the same thing for inside of the facilities. as president biden said in his state of the union, this will create over 100,000 good jobs in these facilities. it's technicians, engineers, designers. we have to upscale people, including women, which means childcare. >> raimondo went on to say, they will now create programs to prepare high school graduates to take a lot of these jobs. because we know these jobs are being created, and we have a skills mismatch. robert, is the democrats play here -- they didn't get build back better done, so they are going to stake their territory here, to try to get some of those initiatives through? >> i think it is using, really, the big carrot of 50 billion dollars to try to get companies to do the right thing by workers. what you h

administration officials are working with congress on a solution with commerce secretary gina raimondo they've been in touch with the bipartisan senate intelligence committee and the democrat co-chair of that committee senator mark warner plans to introduce a bill tomorrow that would empower the white house to ban the app if it chooses. a senior congressional aide says it see white house support for the bill from a treasury led committee lawmakers have been piling on their own bans, at least half a dozen bills proposed from both sides of the aisle just since the beginning of this year some banning downloads of the app. others potentially penalizing app stores for offering it last year following the first hearing of the select committee on china congressman mike gallagher who has one such bill told me it should be up to congress to ban it or force a sale >> there always tending to be a divide in the process between certain agencies, treasury tends to have a different view of china than, say, the national security council or dod does, maybe that explains the dysfunction but i think that'

secretary of commerce gina raimondo said recently that if tiktok is banned, the politicians me thinksyou're literally going to lose every voter under 35. i mean, shouldn't you be concerned about alienating this younger generation? i think you know i come from the school, you know, good policy makes good politics and you know my constituents. i'm sure mix and millions of parents know first of all social media is disturbing to begin with, but secondly, to have a social media company beholden to the chinese communist party, remember at this hearing, it was pointed out to mr chu. that bite dance the parent company actually use the location data from tiktok to spy on journalists. and uh and yet he wasn't willing to even admit that and so when you have that situation that i think that's why so many of us are scratching our heads on both sides of the aisle and you know, we need a change. that's one example. you're just talking about, the tiktok ceo said. you know those employees they were fired. he seemed to characterize it as an isolated incident. but i do wonder congressman gallagher on th

gina raimondo, the u.s. secretary on tiktok. the last administration talked about this.nistration is talking about this. what has happened? not much. lisa a: tiktok is trying to get ahead of it saying they are going to limit the type of people on -- a people under the age on tiktok to just 60 minutes. i am sure people will just be lying about their age. this is basically lipservice. tom: one day, a guy who moves terminals worldwide said the same words my dad set around television. he called it the "idiot box". why is tiktok any different than our parents complaining about the idiot box? jonathan: let's go through gina raimondo's concerns. privacy concerns, misinformation concerns. that is not just apply to tiktok. that is not about social media rotting the brains of youth. it goes on beyond that. tom: thank you for getting us back on the rails. show us the proof. the moment that there is evidence china is pulling our data value, the story changes. has it changed yet? i do not think so. lisa a: it is also this idea that social media networks are the curators of news. if t

congress secretary gina raimondo warned the chinese commonest parties accelerating their efforts for economic and technology policies with military ambitions in ways that are forcing us, compelling us to defend united states businesses and workers. .. we must recognize the threat posed by the ccp and take immediate action to confront china's attempts to undermine national security. today's hearing is important for members of the subcommittee to demonstrate we are united in a bipartisan effort to defend privacy and safety of the american people and protect u.s. industries and supply chains and enhance national security all while remembering when the most important ways to counter chinese communist party's ambitions to build an economy here at home that works for working people and show the world our american system of democracy and freedom is more effective in lifting people up in the ccp model of autocracy and repression. democrats are committed to doing this work in collaboration. last year to the leadership of president biden congress passed bipartisanship act to invest 280 billing

commerce secretary gina raimondo has traveled to india to sign a deal. also discuss ways to avoid over sensitization. global news powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn and this is bloomberg. david: i will take it from here. just ahead, india's highest courts will be hearing a same-sex marriage lawsuit. we will take a look at what to expect and what it means for global lgbtq rights movement. certainly broad implications as far as that is concerned. also taking you through from india, we will take you back to beijing, live pictures of the national people's congress plenary session where president xi jinping has now been appointed to a third term as president. unanimous win for president xi jinping. this is bloomberg. ♪ david: welcome back to the show. we are looking at yields and if all of a sudden you are wondering why the two year yield is below the 4.8% tangle, we can thank the story in banking. this reversal of the rich repricing around the hawkish fed and markets taking some of that off the ta

gina raimondo has traveled to india. they will discuss ways to avoid over subsidization. india has offered $10 billion in incentives. the only goldman sachs banker tried and convicted in the 1mdb scandal has been sentenced to 10 years in. he was convicted last april of conspiring to violate u.s. antibribery laws and laundering money. global news powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. haidi: let's look at the australian traders at the moment. we are expecting asian financials to trade lower as we are seeing across your screen following on the back of the u.s. peers. svb taking steps to shore up its capital position. vcs are telling people to pull stuff out of svb. we are talking about a bank that has an outsized exposure when it comes to vc and tech. a should point out that they are very highly rated banks, these aussie lenders. we could see some fundraising on the back of that but we are seeing them as pretty systemically strong compared to perhaps around the rest of the region. shery: definitely a se

this is what gina raimondo had to say, she is the commerce secretary, basically likening this chips act national security initiative. she says these guard rails will help ensure malign actors, and i'm guessing she is referring to the adversaries in the geopolitical role, whether it's russia or china, do not have access to the cutting edge technologies that can be used against america and our allies. drawing the lines, obviously. david: there is also the chinese ambassador to japan embarking on this new diplomatic mission. the backdrop also. >> normally when a new investor takes residence in his country, is not really news, but it's against the backdrop of all these things that we've been talking about for the last week or so and even beyond that. it's at a time when the prime minister japan is standing side-by-side with zelinski in ukraine. a new have the chinese president xi jinping sitting side-by-side with vladimir putin in moscow. japan and china have legacy issues, they have those semiconductor issues. tokyo electron, the big equipment maker, they probably have to comply if they ar

let's see a quote from gina raimondo church she is the commerce secretary of the united states sayinghips act is a national security initiative. the guardrails will help ensure malign actors -- i'm sure she is referring to the likes of russia and china -- her words of course, do not have access to the cutting edge technology that can be used against america and our allies. haidi: and of course the new ambassador to china from japan is arriving in the country this week. it is quite a backdrop in terms of a lot of these tech curves japan is involved in. >> absolutely. there are so many issues between china and japan. the new chinese ambassador comes to tokyo at a time when mr. keisha is in ukraine. at the same time mr. xi jinping is in moscow. lots of geopolitics and optics going on at a time when japan is joining the united states in those export curves. tokyo electron likely to join the call to limit export to china of advanced chipmaking equipment. the lines are being drawn right now. he met with solesky of ukraine -- with zelenskyy in ukraine inviting him to hiroshima in may. geopol