in this hour, jeffrey sachs of columbia.d to both sides on the travel ban. they appeal for clarity. good morning, everyone. this is "bloomberg surveillance ," live from our world headquarters in new york. . am tom keene in london, francine lacqua. stunning to see the immediate delivery of an appeals court discussion. in thee: this is why run-up to the election i was always told that institutions would be tested in america. it depends on whether they would stand the ground. this is what we saw yesterday. review of now, with a this, here is taylor riggs. taylor: a three-judge federal appeals cut panel may rule this week on president trump us travel ban. what the ruling is, it is almost certain to be appealed to the supreme court. the appeals court heard arguments on both sides. here is one of the justice department lawyers. >> i want to make one really key point with regard to the injection, -- to the injunction, and that it is -- and that is that it is overbroad, even if some of the court thinks the applications are problemat

jeffrey sachs.nders. >> yes and joe scarborough. >> didn't read it all. will you come back this weeks. >> this is a great week. let's do it. >> we'll talk more. >> we'll talk exclusively with new york's attorney general eric schneiderman, no stranger to legal battles with donald trump. how he's now involved in the lawsuit with the president's executive order on immigration. "morning joe" is coming right back. the long brown path before me leading wherever i choose. the east and the west are mine. the north and the south are mine. all seems beautiful to me. why pause a spontaneous moment? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more tha

jeffrey sachs. i sent the copy of your book you gave me to my daughter. >> dr.ite house. but one happening behind the radar the meeting with the president and the prime minister of japan. the president and he will be in florida tomorrow. but also very important call with china last night that went very well by all accounts. what does it mean? >> i hope it means we are getting back to a little bit of normal because there was this idea that the u.s. was going to go to trade war or conflict with china and it unsettled everybody. yesterday, donald trump apparently said, no, we subscribe to the one china policy and we want good relations. so a battle going on clearly in the white house and real protectionists and people say we need conflict basically one kind or another. others are saying come on the world economy depends on normal relations. today, "the wall street journal" lead editorial is trade punishment for trump voters saying that the president's protectionism is going to threaten the states that voted him in office. >> the thing he is getting the airlines ceo

coming up tomorrow, we speak with jeffrey sachs, author of the new book "building the american economyomberg surveillance." you are looking at live photos of new york city, a gorgeous new york morning, to steal words out of the tom keene playbook. let's get to your "bloomberg business flash." earnings missed estimates at bp. bp had to shut down part of its largest u.s. refiner, hurting sales. production was down 5% from a year ago print bnp paribas reported fourth-quarter earnings that missed estimates. at the consumer banking business. we spoke with the cfo. >> during the year we have improved our lending rates. we have increased the lending rate in the last quarter, improving by 4.2% compared to the year before. that is a positive thing. however, the low interest rate environment will most likely remain for the year to come, so i think next year will remain difficult. one of the things we will have to see is how the commission evolves. taylor: bnp paribas has been hurt by low interest rates and sluggish economic growth. tom: we have been looking at three vectors of interest rates. yo

i saw jeffrey sachs was on moaning about the lack of investment. when you look at capital investment figures and long-term investment figures, they are just not there, so this focus on the short-term is what they are doing. open your bullets in the morning about the long oration of what might happen the next couple of years, and we do not know. we do not know if the deal gets done and if it gets approved. you have to do two things, as far as we can see. , france,e.u. markets germany, -- they have to do more of that. the u.k. is trying to do bilateral trade agreements, not just for the u.s. but with china. it is not going to go into china because it has suggested the chinese are worrying about as cozying up to the americans. we want to do stuff with brazil, so all these agreements will be important. jonathan: what have you told him so far? sir martin: i have not told him anything. jonathan: have they reached out? sir martin: they have, actually, and the view i get is pretty much what i have given you. business wants reduced uncertainty, limited unce

and later, economist jeffrey sachs says the key political divide in the united states isn't between partiesen generations. he'll be here to explain. we'll be right back. ♪ it's been over 100 years since the first stock index was created, as a benchmark for average. yet a lot of people still build portfolios with strategies that just track the benchmarks. but investing isn't about achieving average. it's about achieving goals. and invesco believes doing that today requires the art and expertise of high-conviction investing. translation? why invest in average? >>> all right. we are just seconds away from u.s. trade deficit numbers. the dow indicated to rise a couple points at the open. we're seeing the dollar being the biggest move of the morning so far. it is jumping most of the major world currenciecurrencies. we have mr. rick santelli standing by at the cme in chicago. he's going to bring us those trade deficit numbers in about two, one seconds, now. >> yes. and here we go, brian. the trade balance is indeed a deficit. it's a deficit to the tune of 44.3 billion. that follows a slightly, ve