trade representative katherine tai at the world economic forum.bout efforts to improve relations with partners in doing the eu and china. up next, fears a covid wave could overwhelm rural china. when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh the first time you made a sale online was also the first time you heard of a town named... dinosaur? we just got an order from a dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. godaddy. tools and support for every small business first. >> inflation, by all accounts, is too high. our determination is to bring it back to 2% in a timely manner, taking all of the measures we have to take in order to do that. >> inflation has declined in recent months, but is still high. it is going to take time and resolve to get affected 2%. financial conditions have tightened considerably over the past year as the federal reserve and central banks around the world have tighte

katherine tai. fsa conversation. as you know, we'll take you back to washington next. the clock is ticking to avoid a debt default. we will tell you what is happening as congress prepares for a big challenge. this is bloomberg. >> u.s. stocks are down. we are not far away from the 100 day moving average. >> this is definitely a messy day. we are looking at the big benchmark. it is off by 1%. tack even more so. you look at the nasdaq 100, it's off by 1.3%. a lot of weakness coming from big names, including tesla, as analyst downgrade, and it's off by 2%. the big news is that microsoft and stilley off 10,000 workers. let's see how that stacks up to the rest of the industry. 10,000 is a big number. that is a lot of people, but it's par for the course for the tech industry. you can see meta is planning 11,000 job cuts. you can see amazon, the big leader in layoffs, 18,000 workers we are talking about. this is from the tech industry, potentially over hired during some of the credit card issuers. we got earnings today from the likes of discover. the news is that they are exp

i'm going to quote there the us chief trade negotiator, katherine tai.d of the decision from you, from the wto, she said, "this body is unelected, not accountable. "they have no right to second guess "america's national securityjudgment." she said the wto, quote, "is walking on very thin ice." the united states is the biggest user of the wto's dispute settlement system. they have brought the largest number of cases, 124, since the system was put in place. and they've been pleased with the rulings they got from many of them. they also have the largest number of cases brought against them, 157. so, if the place is not given some satisfaction, why are members still using it? so, look, it is normal, it is normal that when a ruling comes, you know, it may not please the member. that does not mean that the wto or the systems, you know, don't render service and that the members don't appreciate it. they actually do. if the world didn't have the wto, it would really be problematic, because then it would be might and power. you know, there would be... trade would

trade head katherine tai.e you been able to squeeze out any further concessions from the americans regarding the operations of european businesses in the u.s. in relation to the inflation reduction act? >> good morning. indeed, yesterday we had discussions with u.s. representatives who were here in brussels on inflation reduction act in a range of other topics. on inflation reduction act, i would say it is somewhat positive outcome in tax credits and clean vehicles but they're still further work to do on other elements of inflation reduction act like clean vehicles subsidies, batteries, minerals and so on and so forth. there are some openings from the u.s. side but we need to see them really coming to tangible solutions. as some of the now delegated acts are being prepared for march, we need to use his time to make sure that also eu concerns are addressed. tom: the clock is ticking. you made some progress when it comes to tax credits for electric vehicles. you touched on this, batteries and the subsidies withi