different case in this case an interesting voice not one that was heard very much but recently hank paulson the former u.s. treasury secretary said that with the unilateral reciprocal and retaliatory steps on both sides it is not in our interests to isolate ourselves when the rest of the world is not going to decouple from china it's in nobody's interest right any ponson trying to thank you so much. top u.s. mexican and canadian trade negotiators a meeting in washington in an effort to agree on changes to the new free trade agreement between the 3 countries american labor unions want u.s. inspectors to be allowed to enter mexican factories any time to make sure companies are not violating labor laws mexican officials fear such on site inspections which threaten the nation's sovereignty canada and mexico both need to agree to any updates to the deal which is 3 countries signed a year ago. european farmers are making themselves heard this week on tuesday in the german capital berlin protesters on tractors brought part of the city to a standstill irish and french farmers have now also taken to

there in media because, i thought chinese were doing that the isn't it interesting chinese get hank paulsonas a symbol as well. >> well all funded by bloomberg, bloomberg took on economic forum so you have -- i tried empathize with chinese point of view they are thinging we have got prestigious americans hank paulson henry kissinger bloomberg they think joe biden is their friend why not hold on until elections a year from now much less precious from americans this is al something chinese have to consider shall we wait a year and be rid of president trump frankly impeachment hearings have fed that point of view in china that we're dealing with weak president wait a year i think chinese are wrong to think that is corrects but wrong to think that we can't miss articles in chinese prez to talk about this. >> do you think we will get a deal? >> ultimately, yes, the chinese are as president says, chinese desperate for a deal they are hurting but the question is maria, will the president have to raise tariffs higher he used the term substantially higher tariffs two uniques ago if chinese don't mak

: and hank paulson said, "you gotta buy it, you gotta buy it, you gotta buy it."said, "if i can responsibly do it," i said, "can't jeopardize my own company, we'll do it." >> stahl: three days later, he did it. he bought bear stearns for $1.2 billion. >> dimon: we thought we saved the system. you know, we thought that that would've been the domino that would've caused the whole system to go down. and it was because j.p. morgan was strong that we could do it. >> stahl: did they-- >> dimon: as i pointed out in congress, it wasn't like buying a house. that was buying a house on fire. >> stahl: but it was banks and other financial institutions that started the fire, by bundling trillions of dollars worth of risky mortgages, and selling them, knowing in many cases that they were toxic, to investors around the world. this eventually led to the financial crisis that nearly brought down the global economy. looking back, do you think that there were some bankers who were outright immoral and unethical, they knew exactly what they were doing? >> dimon: i believe there are p

both hank paulson and gary cohen 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 headed in precisely the wrong direction. we are heading 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 the 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, an

that is something hank paulson hits on. the problems this issue is devoted to and the solution we hoped to really identify at the forum in november are really geared towards solving problems in the emerging markets. jason: how do you break that down into something that is digestible? a lot of help on this one, including from bloomberg economics. joel: we actually divide the book up into chapters. it feels more like a book than any other issue that we do. those chapters aligned with the pillars of the forum. things like trade. that allows us to talk to tom orlik of bloomberg economics who came up with this drivers and disruptors idea to really rank countries based on their abilities to disrupt or drive the global engine of growth. it is interesting. there are some interesting takeaways. the u.s. is not one that rises to the cream like other places. so that's interesting. carol: we have been talking about that, the top one, two, three, four names you might find surprising. joel: i will save it for the issue. carol: yeah, do t

we heard from hank paulson about an iron curtain descending.s need to work together to show that globalization -- lots of concern where properties are as well. we have an exclusive interview about how he intends to tap on the positive technology in indonesia. rishaad: have a look at what is going on in the market. shanghai composite, raising the losses -- the gains that we had in the morning. down by 1/10 of 1%. we are coming off the highs of the day. we had a modest opening bump. the prospects become more confusing by the day. there is an argument being made that investors have decided the u.s. and china have talked themselves to a standstill. that is preferable to the open confrontation that nearly broke out earlier this year. the base case currently is an expectation that the deal and that's to december 15 tariff hikes will be pushed into next year. that is the position we are in. we had the data out earlier showing the sales tax hike in japan, very little effect with the rising prices. it is actually a bit of a headache for the bank of japa

there is a wing in the white house i call the sportsman wing, the wing at the thornton wing, the hank paulsoning. henry kissinger, they want trade with china no matter what. there is navarro, we want wholesale reform and i think the president's more committed to wholesale reform than they are -- than he is to getting a lot of spoilers. >> microsoft is now selling mass market software to huawei as they said yesterday. something that even chuck schumer now says is wrong and should not be happening. >> i don't think -- chuck schumer, yeah. that's not -- that's not national security. it is just software. to make your computers work better that's a good thing for the trade imbalance. i don't think anyone is really in the republican side against it >> sorry >> you can't take any direction whatsoever from what was said there. jim technically had a more, i'd say, pretty decent record so far in terms of relying on his sources to try to figure out what is going on meanwhile, jim, you seem to think the market is okay with where we stand even the -- with the prospect of tariffs going on the 15th. >> i wa

some of the warnings we had from hank paulson, bill gates, and henry kissinger.talk aboutt supply change, but it quickly turned to more warnings than messages of hope. tom: i spoke with dr. kissinger a few years ago, now at 96 years old, and here he is with neil ferguson who wrote a fabulous and allhenry kissinger the controversy around dr. kissinger, an extraordinary moment for all of bloomberg to have dr. kissinger in beijing 50 years, pushing on from the historic 1971 to 1972. viviana: china reportedly invited u.s. trade negotiators to beijing from our talks. thevice premier extending invitation to robert lighthizer and steven mnuchin. dow jones reporting the u.s. team is looking for chinese commitments on intellectual property protection and agricultural purchases. plans to introduce a windfall tax on oil companies, following jeremy corbyn declaring war on the richest people. to take downvoters bankers and billionaires who benefit from a rigged system. he promises tax heights -- hikes will target only the richest 5%. global news 24 hours a day, on air and @ti

we will talk with hank paulson and jack ma.bloomberg surveillance. the board of hp unanimously rejecting the takeover from xerox. the company says the did is too low. -- the bid is too low. hp says it is open to a foreign merger, but any to answer questions such as declining revenue. ceo jim hackett telling bloomberg the automaker needs to see if the issue of tariffs gets settled. he said geithner would be a market for the mustang. the famed muscle car is being reinvented as a battery-powered crossover. that is the bloomberg is this flash. tom: thanks so much. at the year end, we think of the great once we have lost their is no greater one then artan feldstein of -- then than martin feldstein. took a phd under professor feldstein under -- at harvard. do you have an attachment with this art? it hasicit to gdp, worsened. i think that is a phd phrase. year we are down. are we constrained in our fiscal space in the united states, or can we actually use the fiscal tool to support economic growth? daniel: i don't think we are constra

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