tom: thank you, holger schmieding, greatly appreciate it.rt and have it on facebook live and maybe featurette on bloomberg surveillance television, and elegant chart on short sterling. in the next hour, stephen roach of year university will join us on drones and china. and we will talk about fx. this is bloomberg. ♪ it is that holiday feel. this wednesday, markets churn. the dollar resilience of the fifth day in a row. found-sterling cannot find a bid . it is kind of like the end of "free willy." in this hour, stephen roach on the next china, the next president, and bluff and bluster as foreign policy. and 50% off, come on down. there is desperation in american retail and consumption. good morning, everyone, this is livemberg surveillance," from a world headquarters in new york. i am tom keene, with guy johnson in london. people he has talked to do not feel fear in germany at the moment, but there is still a person, persons on the loose. the german authorities do not know who that person is. very difficult to get a handle on it if you are a

host: holger stark and julian borger, their work available online.e have another 10 minutes to 15 minutes and what to expect with the u.s.-european in the trump administration. good morning. please, turn the volume down and go ahead with your question. caller: i have a lot of questions. host: we will take them one at that time, but turn the volume down. there is a delay. caller: all right. host: [laughter] your question. caller: we have all these countries saying that mr. trump and i not be president, do not know if he should or should not be. but iile, i voted, definitely have an internal question for the united states. the question is we have to rebuild america, they are trying whatve ships come in here, countries have charge them 10 toes more to ship them out go to the country? host: that goes to the trade issue from earlier. guest: the thing about globalization is if you cut off trade with other nations to protect domestic industry, you will find that those nations will retaliate and stop buying your goods, so industries that built for exports wi

host: holger stark and julian borger, their work available online.e have another 10 minutes to 15 minutes as we talk about u.s.-european relations. what to expect in the trump administration. bruce, republican, california. good morning. caller: good morning. host: please, turn the volume down and go ahead with your question. caller: i have a lot of questions. host: we will take them one at a time but turn the volume down. , there is a delay. caller: all right. host: [laughter] your question. caller: so we have all these countries saying that mr. trump should not be president, and i do not know if he should or should not be. meanwhile, i voted, but i think that we have an internal question for the united states. is, we have to rebuild america, they are trying to have ships come in here, what other countries have charged them 10 times more to ship them out to go to the country? host: thanks for the call. er, that goes to what you wrote about earlier. host: that goes to the trade issue from earlier. the thing about globalization is if you cut off trade

you are going to engage in that, that there is a similar level of response ability that you had to holgerown people accountable and put out a story that says political fired this person because of unacceptable behavior. you have reporters, use them and so i think i'm willing in my capacity currency at the rnc engage with reporters who want to engage in a serious discussion of the news and sometimes we are on the wrong side or we are wrong and when we are, we should be called out for it, but there's not one story in this package is saying something positive about the rnc, not a single headline and when you look at the fact that the rnc spent $175 million in data putting together the best ground operation i believe in political history and everything becomes a story about what we did wrong or how we came up short or we could of done this better and i think at some point you have to give us credit for a few things here and there were at least be willing to cover them in a more responsible way. [applause]. >> there enough. [applause]. >> similarly, i think, just like you said republicans make