across major economies a new study just out from the bill back bank and the hamburg institute of international economic warns a new economic crisis could be looming and many countries are carrying dangerous levels of debt let's have a closer look at that among industrialized nations japan has the attack in terms of debt it ballooned to more than two hundred thirty percent of g.d.p. up from one hundred eighty three percent just ten years ago it's not for the strong if not for its strong export economy markets would be punishing japan much more the us second has also climbed to around one hundred six percent of g.d.p. there's been a fifty percent fifty percent hike from two thousand and eight levels rising interest rates will only make servicing that debt more expensive and donald trump has lowered taxes and last but not least the eurozone isn't exempt it's high debt levels would stand out even more if its biggest economy germany hadn't gotten its house in better order over the last few years southern european countries have much higher debt liabilities than germany so let's bring in having furcal is a s

that is jacob kirkegaard of the peterson institute of economics. -- international economics.is bloomberg. ♪ ♪ mark: i'm mark crumpton with bloomberg's first word news. trump got up and walked out of the meeting with congressional leaders, a summit he said was a total waste of time. afterwards, chuck schumer spoke to reporters. he said if i open up the government, you won't do what i want. that is cruel. that is callous. that is using millions of innocent people as pawns. it was wrong. later, hew minutes , andof slammed the table when leader below she said she didn't agree with him at all, he walked out and said we have nothing to discuss. mark: earlier, the president joined the senate republicans at a private lunch on capitol hill. trump reiterated a wall on the border of mexico is needed to stop what he describes as a humanitarian crisis of the legal immigration. the president told reporters that during today's private the president told reporters that during today's private lunch quote "there was no discussion of anything other than solidarity." >> we want border security.

of the world trade organization. it is the event hosted by the peterson institute for international economics. it is one hour 20 minutes. >>> let me welcome all of you today to the peterson institute of international economics, i'm fred burstyn, the founding director, director emeritus and senior fellow and happy to host today's session for a close and dear old friend, alan wolff. alan wolff, as all of you know is now deputy director general of the world trade organization, has been for little over a year. this comes after a very distinguished career in government and the private sector. he was one of the world's leading international lawyers for many years, having prosecuted some of the most tax breaking international cases in the history of the wto going back to kodak, fuji, the semi conductor cases and a variety of other landmark international legal decisions. alan was the deputy u.s. trade representative in the u.s. government, way back in the carter administration. when he was one of the key architects of tokyo round in the gap which launched many pathbreaking changes in the global trading

of the world trade organization. it is the event hosted by the peterson institute for international economics. it is one hour 20 minutes. >>> let me welcome all of you today to the peterson institute of international economics, i'm fred burstyn, the founding director, director emeritus and senior fellow and happy to host today's session for a close and dear old friend, alan wolff.

with our top story german chancellor angela merkel has offered the defense of international institutions of the world economic forum in davos in her speech to the forum actually called for global institutions she said they were indispensable saying reform would help counter what she called the fragmentation of the much laughter but she also highlighted challenges posed by climate change and migration and said her country's future from the within the european union. that's it for now i'm on that that she might have more for you in a few minutes at the top of the hour. the been. the been. cut. cut cut cut cut. cut cut cut the mob the food. the mob. going to serial killers obtain goes through some modeling to rob or gangs. and ugly and mean prison feature of life in the one nine hundred twenty s. first played it almost makes me page find most of the monster and the literature subjects my colleagues audience crime has the german capital in a choke hold good news for some going to come audition us on a sunday not a man show can disappear to randomly take a stance such crime scenes how much time is small danish the

joining me is victoria hewson, senior counsel, international trade and competition unit at the institute of economicat do you make of the world bank saying that? it's not surprising given the headwinds that have been reasonably clear over the last you will too. that ineffective man —— but have been affecting manufacturing investment and trade. they are also looking at things like borrowing and debt in emerging and developing economies. obviously, so much hangs on that relationship between the us and china which, as with scene, the rallies that with scene in the stock markets around the world this morning really coming out of this quite potentially. we will talk about that in just a second. but if you look at those predictions, 2.9%, 2.8% in 2020, that doesn't sound so bad. people we re that doesn't sound so bad. people were talking about a possible recession in 2020. it is still growth, there is that. they are not forecasting recession is in the united states or china. growth continues quite robustly. we saw some quite gloomy news. they potentially are looking at a recession which will have a huge e

at imposing of the peterson institute for international economics. ices of central banks moving forward. please stay with us. from our studios in london, this is bloomberg. ♪ francine: this is "bloomberg surveillance." tom inferencing from london today, and then someday we will migrate to davos. tsmc has forecasted a quarter of revenues sharply under projections forecasting a slowdown in smartphone sales in the global economy. onarately, we have the story huawei any possible indictment coming soon. joining us now to talk tech, alex went. -- webb. what does this dismal outlook actually mean for china and for apple? alex: it is not good news for apple. tsmc, apple is our biggest customer. when they are forecasting in this march quarter, their numbers are not going to be as good as they would have expected. there is a certain rate across apple. seond is tsms's biggest customer. going forward, there might be a dual effect there exacerbated the problems. francine: huawei is set to be a probe for trade secrets, does that mean if it were true and i were to b

international financial institutions remains strong. that broad public debate about imf and the multilateral development bank, policies remain active and the international interest of poverty, alleviation, growth and economic stability continue to be advanced. a bit about sanctions. another area that i hope will be bipartisan is the issue of protecting american interest and democratic institutions from assault both internally and from abroad. this brings me to the issue of u.s. sanctions against russia or hostile actions and efforts to undermine the u.s. presidential election. i believe the administration's approach to russia's sanctions has been haphazard and weak, as well as inconsistent with the approach on other countries such as iran. i'm very concerned about the treasury department's recent actions to lift sanctions, businesses, connected. it is a russian olaguard with close ties to vladimir putin and manafort. he has been convicted of serious financial crimes, uncovered as a result of special counsel mueller's investigation into russian interference in the last presidential election. once more, he's faced numerous allegations of criminal activity and cited by the treasury department in april as sayi

our guests now in london catherine mcbride senior economist and the international trade in competition unit at the institute of economic affairs and brussels peter club head of the brussels office for the think tank open europe and also in london john the list deputy director for british influence a pro e.u. think tank and was also a former senior assistant to charles tannock a member of the european parliament thank you all for joining us i appreciate it. jonathan i put the first question to you the e.u. has been very very clear that we do not want to renegotiate what our british m.p.'s thinking telling theresa may to go back. well they are out of ideas treason may have the option to reach out to the opposition to labor m.p.'s maybe to try and renegotiate the political declaration to have a customs union for example but instead she is touch to the right and induce an amendment which choice studion possible choice to renegotiate the buck stop which the e.u.'s insisted cannot be amended now parliament is stark and they want to remove the backstop is the only way they can get the deal three but they do not control this p

international financial institutions remain strong, that public debates about the multilateral development banks, policies remain active, and the international interests of growth, andviation, economictability continue to be advanced. a bit about sanctions. another area i hope will be bipartisan is continuing american interests democratictic -- and -- this brings me to the u.s. sanctions against russia for its hostile actions and its efforts to undermine the u.s. presidential election. i believe the administration's approach to russian sanctions have been haphazard and weak, as well as inconsistent with the approach to sanctions imposed on other countries such as iran. i'm very concerned about the treasury department's recent ,ctions to lift sanctions businesses connected to a russian oligarch with close ties to vladimir putin, who also has a history with paul manafort, the former trump campaign chairman who has been convicted of serious financial crimes of specials a result counsel robert mueller's investigation into russian interference in the last presidential election. oligarch hasthis faced numerous allegations of criminal activity and was cited by the treasury department in ap

continuing to maintain the clarity of that framework and communicating about it will help with that market reception. >> ted truman, peterson institute for international economics. i don't want to disappoint governor brainerd that i won't ask a question so i'll ask two. part of which you -- part of which you touched on, and i'm going to show my ignorance, so again with respect to the capital buffer, so two questions. the first question is so you say assume that the board, which this is a board decision if i understand correctly, the board raises it something more than epsilon, but less than 2.5%, what would you expect the response of institutions to be given that most institutions probably capital is well above the minimums and well above whatever you add to the minimums in terms of the with the other side. i always thought in some sense maybe the british are a good example, but in some sense it is probably difficult for the board to push it up, and it's even more difficult to show forbearance, right? supervisors have frequently been criticized for forbearance, even when forbearance was called for. i can understand circumstances when forbearance on the other si

of you already know because he's had such an illustrious career in the economic front, speaking today about international asia trade dynamics in 2019. he's currently the representative director of the economic research institute for northeast asia, erina, based e in nagata. which is interesting because so often we only see things happening in tokyo or washington, d.c. that having someone who's based in a per perspectispective outs main city is great. our speaker is a professor -- he's a representative director of the economic research institute of northeast asia, but also a professor at the graduate school of public policy at the university of tokyo. he also served as -- previously as deputy vice minister of finance for international affairs at japan's ministry of finance. he's a stanford university graduate, has his masters and ph.d. in economics from stanford. and he began his career as a research fellow at brookings -- am i allowed to say that word here? and then he was an assistant, an associate professor in the economics department at johns hopkins. afterwards, he was a full professor at the university of tokyo, and he also served during this time as a consultant at the board of governors of the federal

joined by jeffrey albert tucker editorial director of the american institute for economic research thanks for being with us here on r t international. it's a pleasure thank you so john bolton claims both venezuela and the u.s. will benefit from american investment in the venezuelan oil industry do you agree with that assessment. probably but you know this is a problem to us foreign policy you know and one has all about freedom and human rights and i'm for that. with and against maduro i don't like what he's done to his country and i think the people do not support him but now you have this announcement where the u.s. is once again talking about basically another war for oil so that it introduces these moral complications and gives rise to some serious questions about the u.s. motivations here and it's very frustrating from an american point of view it's one thing for trump to announce oh i support this other guy and that's great but but but these sanctions are kind of an act of violence in themselves and i and if it's true to us foreign policy in the past it's very likely to back there i don't think this is a productive way to go a

our guests now in london catherine mcbride senior economist in the international trade and competition unit at the institute of economic affairs and brussels peter club head of the brussels office or the think tank open europe and also in london john the list at the director for british influence a pro e.u. think tank and was also a former senior assistant to charles tannock a member of the european parliament thank you all for joining us i appreciate it. jonathan i put the first question to you the e.u. has been very very clear that we do not want to renegotiate what are british m.p.'s thinking telling theresa may to go back. well they are out of ideas and treason may have the option to reach out to the opposition to labor m.p.'s maybe to try and renegotiate the political declaration to have a customs union for example but instead she has touched the right and induce an amendment on which choice studion possible choice to renegotiate the buck stop which the e.u.'s insisted cannot be amended now parliament is stuck and they won't say remove the backstop is the only way they can get the deal three but they do not contro

our guests now in london catherine mcbride senior economist in the international trade and competition unit at the institute of economic affairs and brussels peter club head of the brussels office or the think tank open europe and also in london john the list deputy director for british influence a pro e.u. think tank and was also a former senior assistant to charles tannock a member of the european parliament thank you all for joining us i appreciate it. jonathan i put the first question to you the e.u. has been very very clear that we do not want to renegotiate what are british m.p.'s thinking telling theresa may to go back. well they are out of ideas treason may have the option to reach out to the opposition to labor m.p.'s maybe to try and renegotiate the political declaration to have a customs union for example but instead she is touch to the right and induce an amendment which choice studion possible choice to renegotiate the backstop which the e.u.'s insisted cannot be amended now parliament is stark and they won't remove the backstop is the only way they can get the deal through but they do not control this pro

of their desire to impose continued posing their will. through propaganda economic. leverage and sometimes even by direct force on demining international institutions and international law replacing it with a certain. rule based. order a new term that they has been going to recently. because were they invent new rules based on the current political situation in order to put your breasts or. was there sometimes even their allies. bypassing international organizations. developing some initiatives through a narrow circle of parties misrepresenting it as making sense of self the international community will continue tearing down major international documents. something we saw yesterday during consultations in geneva between american and russian representatives. like your pick for problems related to the i.n.f. treaty. excess abates the deficit a mutual trust. under the circumstances we continued to pursue our trek policy for protecting the russia's national interests. produced you looking for collective solutions. to address problems that face older countries and resolve those problems based on international law shaped. fairer and more polish centric m

institute for international economics thank you sir for your views. the current brexit situation and will be following this course every step of the way between now the debate continues in the analysis to come the vote expected. right about twenty four hours time will bring you the analysis and the result soon as it happens along with every department along the way [inaudible] now. one of italy's most wanted fugitives is tonight back behind bars generate battisti spent almost four decades on the run. he was sentenced to life for the killing of four people in the late nineteen seventies but he's the admit to being part. of the terror group that claimed the killings but he denied the crimes. but he's he was tracked down and arrested in south america. with the genes that i want to show that it's a day we've been waiting for for the thirty seven years. great skill was needed by th italian investigative and police forces. bit of luck never hurts and the cooperation of friendly nations thirty plays in eac. just a few mckenna has been not following this force in broke. an overwhelming -- reaction across the political spectrum in favor of his extradition --

institutions like the world bank and the international monetary fund must be ready to compromise but they don't have to be downgraded. she's been held by some of the leader of the free world today at the world economic forum in davos german chancellor i'm going to appear to live up to this title as she pleaded for corroboration among nations. i think we should understand our national interest in such a way that we always remember that others have their own vested interests in fact that man and then shape a win win situation that will guide us in international politics. a global architecture will only function if we're able to compromise as a whole. it was a rebuke to the isolationism of us present donald trump who at the last minute made his point by canceling his trip to davos to reinforce her point michael also called for stronger global economic ties among the no obvious no new one in the european union we've always been it with the united states. we've been able to complete trade talks with canada and i think others should follow. but merkel's please stand in sharp contrast with actual events. exit from the u. this is one example of international ties being severed and that though didn't stop he

is a senior international economist at the economic policy institute he thinks these new talks will tackle the issues which set off the trade war to begin with. well i think the priority of mr lay hisor is the trade representative who will be leading the negotiations in china is to. obtain a relief on the technology front he wants to stop time from stealing technology from u.s. companies he wants to enforce u.s. copyrights and patents and he wants to limit china's investments in the high tech industries of the future i think his chances of ringing about that kind of change in a chinese economy are so very slight so we do have leverage on the trade side but it's very difficult to force china to open its market if china does not want to there are a large and powerful country in there used to controlling what goes on within their borders u.s. exports to china are down trade deficit with china is up so it's actually backfired it's been bad for the domestic economy the deficit in china is growing faster than into us and with the world as a whole i think also this kind of uncertainty has certainly contributed to the downfall in the stock market i think as a great concern to th

institution at the moment is the revolutionary guards in iran with the. economic power and influence. the revolutionary guard is particularly keen to prevent another protagonist wielding influence in the internal political debates of the country this other protagonist being the iranian people. at the end of december two thousand and seventeen tens of thousands of them took to the streets in eighty towns and cities across the country. despite the repression leaving twenty five people killed and three thousand seven hundred arrested they denounce the deterioration in their standard of living widespread cronyism and corruption amongst the leadership with cries of down with hezbollah and not carter not lebanon my soul is for iran. these demonstrators address the salient point if the regime prefers to spend resources on its lebanese syria and iraq and yemeni allies rather than on its own citizens then it loses legitimacy. the islamic republic has never been as powerful outside its own borders as it is today. with the demise of the i ask caliphate the regime is facing a further loss in popular support for its military actions and growing calls for a radical change in priorities. in the eyes of many iranians they also ar

always been in the spotlight in the world economic forum but especially in recent years and they are also being i had by many of the international institutions present here we are now delighted to have the president of the european bank for reconstruction and development so much about the thank you very much for joining us tonight i'd like to ask you about the general strategy of your institution because people normally related to eastern europe i know that you operate in other regions but you're now i subsaharan africa for your expansion what make you make you take that decision and consider that strategy it's not a decision yet first of all it's actually idea that we need to explore to investigate and think about why so because e.b.i.t. has been so successful and focus on the private sector in such an eastern europe as you said but in central asia and in turkey cyprus and greece and now middle east north africa and we've scaled up with very very successful in the middle east north africa particularly and the question arises even if we do more in these countries i want us to do more in these existing countries we still have the capital capa

countering the open international economic order which he thought hurt it and with regard to institutions he does not like nato, does now like the eeu does know like the wto, on and on, i. one of the first thinges when he became was to throw the tpm in the garbage hitch doesn't like institutions. i often say issue think as candidates go he was the most radical foreign policy candidate in american history. he ran against the establishment. by the way, have you ever asked yourself why did he sunshine he won because large chunk's the american people understand our foreign policy is bankrupts and barack obama ran against liberal hegemony as well. >> but by the end of this term he admit in after libya he felt burned by it. >> he felt burned by it no question and the famous interview with jeffrey goldberg captures that. >> re resists the impulses. >> right. so, what you have here now, given that almost everyone in washington is committed to liberal hegemony, you have trump and maybe a handful of others up against the establishment, and the question is who is going to win? this was the situation that obtained with even obama lost. nobody was much agency as donald trump and i think if

international financial institutions remain strong, where broad, public debate about imfs and the multilateral development banks and policies remain active and that the international interests of alleviation, growth and economic stability continue to be advanced. so i thank you very much, and i yield back. >>. >> the gentle lady yields back. >> today we welcome the testimony of the undersecretary of affairs of the treasury david malpass. he oversees policies in the area of international finance, trade and financial service e investment, economic development and international debt policy. he also coordinates financial market policy with seven industrialized countries. he previously served as deputy assistant secretary under president ronald reagan and deputy assistant secretary of state under president george h.w. bush, and chief economist at bear stearns in addition to his treasury and state department positions now served as senior analyst for taxes and trade at the senate budget committee and the republican staff director of the united states congress' joint economic committee. that's the worst degree from physics in colorado college and mba from the university of denver and studied at georgetown school ser

international institutions and calling for human rights but not getting involved in a potential civil war. again, this is no defense of maduro. everyone recognizes that there have been extrajudicial killings there and his economicy led to hyperinflation. but the reality is when we have intervened in places like syria, like libya, the consequences have been the things of gotten worse. for some reason, the people who have let all these interventions are still able to dictate american foreign-policy, almost as if failure is a qualification to be part of dictating what we should be doing in venezuela. amy: so what are you calling for in congress? among those who have criticized what the u.s. administration is ,oing, you have dick durbin senator, nancy pelosi, actually, supporting guaido, but people like yourself, omar, and others, bernie sanders, also critical of the venezuelan government but critical of what the u.s. is doing it what are you demanding in congress? >> first that the democrats speak up about the administration's effort to get us into another civil war. silent always been too when these interventions start. too silent with a rock and with the intervention in syria, the intervention in libya. are not

is a senior international economist at the economic policy institute a nonprofit think tank he joins us via skype from bethesda maryland we appreciate your time very much so there's a lot ofthings on the table there's tariffs and intellectual property there's a lot of issues that these two countries have with each other what is the priority for the trump administration when i think the reality of mr lay size are these the trade representative will be leading the negotiations in china is to. obtain the relief well the technology isn't he wants to stop clinton from stealing technology from us companies the west and force us copyrights and patents and he wants to limit china's investments in the high tech industries of the future i think is see this is a really about that kind of change they say he's become a force very slight there i was cisco to ask what leverage do they have to actually accomplish that. they have very little they do have access but we do control is access to the u.s. economy and something that china very much wants and needs exports to the u.s. may come much bigger part of the chinese economy than do u.s. exports to china so we do have leverage on the tra

institute for international economic studies. so i'm just reading here on our news wires that donald trump or at least the u.s. state department i should say really on behalf of the administration is saying that they don't believe that this system will impact their ability to put the economic squeeze on iran. that may be the case but surely it will make things more difficult between the u.s. and the e.u. with the u.s. now finding a way to actually deal with iran. well actually to be frank it is partly true that these kind of mccann is m.b. and not completely help iran to have complete trade and kind of investment relationship with the e.u. but it will definitely soon as soon as it becomes a parisian all it will help iran trading with the e.u. is specifically that observed in the past few months that iran had difficulties in importing primary products even food to stuff even life livestock feeds but after d.s. mccann is and will become operational iran will have access to funding its own imports of these commodity products or these humanitarian products which are food medicine pharmaceuticals or even pharmaceutical devices so that will somehow help iran so tha

economic growth and job creation. his management of the federal treasury touches almost every institution, business, and individual in this country. and his responsibilities extend to the international financial system and stage. this conference knows firsthand that the secretary understands the importance of cities to our national economy and shares our commitment to bring investment and economic growth to neighborhoods and individuals that have been left behind. last september, i had the privilege of leading a delegation of mayors on behalf of this conference to meet with secretary mnuchin on the new opportunity zone provisions included in the recently-enacted tax cut and jobs act. we're extremely appreciative of the secretary's commitment to support the program without question. the he understands the incredible potential opportunity zones, represent, in our efforts to attract income and investment, to low and moderate neighborhoods. mayors, please join me in welcoming our special guest, the secretary of the u.s. department of treasury, steven mnuchin. >> thank you for that kind introduction and for the invitation to be here today. it's an honor to join all of you. i recently had

of them is the on coordinating national effort. this trilateral partnership with japan and australia. u.s. and its allies work together in international financial institutions to draft significant resources toward projects that matter most from an economic and security perspective. europe is also an increasingly influential player in this infrastructure space. the european union recently unveiled a new conductivity strategy. although if you ask people in brussels, i would say it is not competing with belt and road. in reality, it is an alternative. there are opportunities for the u.s. to engage with europe on joint infrastructure projects. lastly, i want to turn to the digital domain, emerging as a key area for u.s. -china competition. there has been a lot of focus on bridges, roads, ports. all the hard infrastructure associated with chinese belt and road strategy. but the digital piece i would argue is potentially most consequential. ultimately, whether it is undersea cables, fiber-optic networks, telecommunications, online platforms, whatever china is advancing in the digital space, it ultimately touches on not only american security interests, but also prosperity. and even values. for example, china is exporting elements of its surve

world economic forum in davos switzerland she said that global threats such as climate change could only be tackled together but she also warned that international institutions needed reform. thousands of mourners have attended the funeral in northern israel of an arab base rady student killed in australia twenty one year old to a muscle we was rate and murdered in melbourne on her way home from a comedy show her death sparked protests against violence against women. a winter storm on the us canadian border and has taken temperatures down to minus twenty five degrees celsius and transformed the niagara falls into an icy spectacle the majestic waterfalls have partially frozen providing a stunning sight fifa is it is. or. the german chancellor angela merkel yesterday she was the state's woman then friend to france lending her signature to secure the core of european peace today before business and politics global elites she spoke as the pastor's daughter offering the golden rule as a twenty first century going to geopolitics do unto others in a world with presidents who promise to do for themselves first arbor golf in berlin this is the day. europe is on a journey for which there is no g

world economic forum in davos switzerland she said that global threats such as climate change could only be tackled together and she also warned that international institutions needed reform. thousands of mourners have attended the funeral in northern israel of an arab israeli student killed in australia twenty one year old to a.m.'s all we was rate and murdered in melbourne on her way home from a comedy show her death sparked protests against final ends against women. a winter storm on the u.s. canadian border and has taken temperatures down to minus twenty five degrees celsius and transformed the niagara falls into an icy spectacle the majestic waterfalls have partially frozen providing a stunning sight fifth is it is. a. german chancellor angela merkel addresses business and world leaders at davos where she makes her case for compromise instead of unilateralist. also chinese telecom giant huawei is fighting for its business in the west and going on the offensive in davos. and mexico's fuel tough problems most in the country's president says he's offering a solution after last week's deadly pipe explosion. i'm stephen beers in berlin thanks for joining us to go to lone work together