mnuchin: no. no one has expressed those concerns to me. >> given that you are finance advisor to the trump campaign, which was accused of accepting contributions from a foreign country have you recused yourself from any work related to russia or other foreign countries? aware ofin: i'm not those accusations that the campaign has taken those types thosepetition visions -- types of contributions nor have i recused myself as i believe i have no conflicts. >> in a recent review, president trump made it clear that he considered any investigation by robert mueller, and the president's personal finances, a redline that should not be crossed. have you hadchin, any conversation with the president or any official at the white house in which it was directly stated or implied that supporting any investigation into trump's finances would in some way be crossing a line? mr. mnuchin: can you repeat the last part. i heard the first part. >> in a recent review president trump made it clear that he considered any i

bigill do that with a event, with steve mnuchin and the legislative team on monday. us through how you will spend that money? you say will put resources and money behind tax reform going forward. how you deploy that? what kind of resources? >> we're full-time staff that is permanent and 36 states from arizona to new hampshire to florida to montana. everywhere in between. hundreds of staff on the ground. they are permanent. we will be launching the events, tax reform events across the country to explain to the public why this is so important to get the economy moving again. we will be encouraging republic since -- republicans to go big on this. it begins in indiana. i will be in indianapolis on thursday a fort wayne. here in washington dc this thursday with steve mnuchin. we get trump a lot of credit. back in april they put out a good tax reform blueprint. lowering corporate rates to 15%, klaxon -- collapsing individual rates from other models. it is a good group -- with the border adjustment tax out of the picture now there is good unity between congress and the pres

welcome, secretary mnuchin. as secretary, you have a wide range of spikts that are of great importance to the economy and american people. these range from safeguarding our financial system and regarding u.s. values internationally. it collects and helps law enforcement curtail the activity. it is critical for the american public to learn the extent for which president trump, his immediately family, and his associates colluded with russia to influence the outcome of last year's elections. serious questions have been raised about suspicious arrangements and involvement with russian government officials, oligarchs and organized crime leaders as the committee of jurisdiction has their own share. you as secretary will assist the committee in fulfilling oversight in assessing president trump's entanglements are russia even though you indicatedia do take requests from members of congress seriously you did not respond to a may 23 rd letter from me and my democratic colleagues requesting copies of all railroad -- record

chairman, and welcome, secretary mnuchin. mr. mnuchin as secretary of the treasury you have a wide range of responsibilities that are of great porps to our economy and the well-being of the american people. these range from safeguarding our financial system to advancing u.s. values nationally. one bureau within the treasury responsible for safeguarding our financial system is the financial crimes enforcement network, which, as you know, collects, analyzes and dissemnates financial intelligence in addition to the foreign bank and account reports and other reports. they have numerous arrangements from foreign intelligence units making the bureau well-positioned to identify and law enforcement in curtailing illicit activities. it's critical for the public to learn to which the extent president trump, his immediate family and his associates colluded with russia to influence the outcome of last year's elections. serious questions have been raised about their suspicious financial arrangements and involvement with russian government off

treasury secretary steven mnuchin still promise to go get middle-class cuts done this year promising september debut. lauren: all of this affecting the markets. up 6 of the last seven weeks led by rallies in the banks. u.s. stock market futures pointing higher. nasdaq futures up 21 points. cheryl: stocks in europe are trending higher, european markets all in the green by a traction, stocks in asia gaining in the back of wall street. as you can see, green arrows. lauren: let's check out the stocks. cheryl: get ready for one of the biggest shopping days of the year, amazon prime day, we will tell you about some of the best deals and we are also going to take a closer look at the stock. lauren: my fingertips are ready. add wimbledon rising backlash against the player who lost but bragged about all of the must be he made. we have all the stories. cheryl: 5:01 a.m. here in new york. monday july 10th, good morning, everybody. i'm cheryl casone. lauren: i'm lauren simonetti, welcome to fbn:am, first look at morning markets, breaking news and what to expect for the day ahead. cheryl: washing

it's significant that mnuchin was the one briefing reporters because it was last thursday that mnuchin'sut off a small chinese bank for money laundering for north korea. i'm sure the discussion in hamburg was that was a small bank, i'm going after the big chinese banks that have been money laundering for north korea including bank of china, one of china's big four banks, because the u.n. in a report last year named bank of china for money laundering. so i'm sure that that is where the conversation was during that very direct discussion as mnuchin called it. >> do you think that is a good idea? if that is indeed what the discussion was, what is your take? good yea >> yeah, i think trump had to do that. two decades now we've tried to give concessions to the chinese, be friendly with them to get their help on north korea. but it hasn't worked for two administrations prior to trump's. so i think what he has to do is start enforcing u.s. law. whatever question think our career policies should be or what our china policy should be, the u.s. president needs to enforce u.s. law and that's what t

you will see mnuchin and say we let the repatriation tax policy. steve says let me go to my battery of assistance. he has one. he is very capable and confident people, but it will take another three or four months to get that reservoir of troops. first of all, when we talk about forever trumpers, there are probably only three. jared, ivanka and melania. there was nobody at the beginning he really thought this president was going to have that she had no resources. unlike hillary or obama, who had vast resources, or even the republican side that teams of people who are governed and been in politics, available to come in to these positions, from every a great position pays $125,000 a year. you want to be punished, whips on your back? can you imagine going into the government with everything in front of you? now we have a president under fire. 500 investigations going on and he says i have a great job. i want you to the assistant secretary. give up your $1 million your salary. i will give you $119,000 year. there are 17 press interviews. at the end of

to go to steve mnuchin and said, great, we will have a repatriation tax policy.e says, let me go to my battery of assistants. he has one. and there is no one more cap able and confident than he is. think of the reservoir troops. when we talk about forever trumpers. there were probably only three, jerod, ivanka, melania. he had no resources. unlike hillary or president obama, who had vast resources, or on the republican side who had people who had been in politics and were available to come to these positions, remembering that the position pays $125,000 a year and you go through the government ethics act -- you want to be punished? can you imagine going into the government at this point in time with everything in front of you? and now you have a president under fire. you have five investigations going on. i have a great job for you. the jobless pay through $119000 and you have to go through ivy -- fbi clearance checks and press interviews. and at the end of the day, here you are, very difficult. they are doing a great job now following that resource base. once tha

. >> reporter: that's right, secretary mnuchin was one of those three administration officials who did not take an opportunity after given multiple opportunities to correct the record about these competing and contradictory readouts coming out of the u.s. and the russian side after that two hour plus meeting, first meeting, that president trump had with vladimir putin. we though that boknow that both that president trump bruought u early on the issue of russian meddling in the u.s. election. we heard from rex tillerson that this was a somewhat extensive discussion. but we also heard from the russians from foreign minister sergey lavrov and from the president putin himself that they believe that president trump took putin at his word when he denied any russian meddling in the u.s. election. that of course is the no the con be collusion that the u.s. intelligence agencies came to. now, a senior administration official told jim acosta last night that that is not what happened in the meeting, but today during this gaggle an be board air force one on the flight home, as you mentioned, those

ma mnuchin, thank you for joining us. today we look forward discussing the department's budget request as well as some of the assumptions and policies included in the president's overall request for this upcoming here of 2018. the president's budget proposes cutting spending by $3.6 trillion over the next ten years while making key investigatements to spur economic growth and job creation. and we've all heard what the critics have said and there might abe few critics in here today, but mr. secretary i am not one of them. i believe the president's budget is honest and impressive. it includes major middle income and business tax cuts through tax reform allowing -- allowing individuals and constituents all across the country to keep more of their paycheck for themselves. it also has a patrol ondollars public and private plan for national infrastructure. it rescues families from a failing healthcare law. it builds upon our spending cuts and further reduces the size of many federal agencies, if not eliminating agencies altoget

well, thank you for your testimony today, secretary mnuchin. we're going to excuse you, secretary mnuchin and call forward our next panel. commissioner koskinen and secretary russell george. >> thank you so much. >> given the time constraint, summarize your statements. thank you very much, mr. secretary. au . >> all right, let's get started. commissioner koskinen, thank you for coming. i'd ask you to summarize your remarks on behalf of the irs. >> thank you for the opportunity to appear to you for the last time. i'll summarize my opening statement, but would submit my full opening statement to the record. >> we'll submit that without objection. >> we'll look for the irs funding level for the next fiscal year. my term as irs commissioner ends in november so all, but a few weeks of the agency's fiscal year 2018 budget will cover the term of the next irs commissioner. i feel it's my obligation to do everything i can to make sure the new commissioner starts with sufficient resources for the agency to meet its responsibilities to the government and

secretary ross, secretary mnuchin, and senators in the audience thinks especially to my friend, terry. [applause] >> i would say you have to give us a couple of nasa places in addition the state close to my heart anywhere at anytime that is fantastic for the people for gregory day for american workers so if anybody believes in the concept of the label made in the usa. [applause] i am pleased to announce a world leader of manufacturing for computers to build a state of the are many veterans facility in to invest many millions of dollars and american jobs. >> another survey investor in similar country, raising so much money per our great republican party. thank you. great job. you have done a great job so to invest is southeast wisconsin to be constructed over the coming years ago and is about the biggest there is anywhere with an initial investment of $10 billion to create 3,000 jobs at a minimum with the potential of 13,000 jobs with the very near future. it with the return of lcd with electronic manufacturing into making an incredible investment to put the fate then confidence with t

secretary mnuchin. >> thank you, general. today, the united states is broadening its effort to address the ongoing assault on venezuela's democratic institutions by the medora regime. treasury's office of foreign assets control, opec has sanctions the president of venezuela. nicholas maduro. as a result of today's sanctions, all assets of maduro, subject to u.s. jurisdiction are frozen. u.s. persons are prohibited from dealing with him. as president trump said earlier this month, the strong and courageous actions by the venezuelan people to stand for democracy, freedom, and the rule of law have been continually ignored by nicholas maduro who dreams of becoming a dictator. yesterday's illegitimate election confirmed that maduro is a dictator who disregards the will of the venezuelan people. the national constituent assembly aspires illegitimately to usurp the constitutional role of democratically elected national assembly. rewrite the constitution, and impose an authoritarian regime on the people. as such, it represents a rupt

those questions and more for treasury secretary steven mnuchin, a "this week" exclusive. plus, the battle over health care. [ chanting "health care is a human right" ] >> the effort to repeal obamacare on life support after a punishing recess back home. [ chanting "ted cruz has got to go" ] >> texas senator ted cruz says he can save the bill but will his colleagues agree? what's the fallback if they don't? and what will it mean for your health care? we ask the senator live. >>> and the clash over conflicts of interest. after calling out trump for appearing to profit from the presidency the nation's top ethics watchdog abruptly resigns. is he stepping down in protest? we're one-on-one in his first sunday interview. everything you need to know from washington, we'll break down the politics, smoke out the spin, the facts that matter this week. >> announcer: from abc news, it's "this week." here now, chief anchor, george stephanopoulos. >> good morning. president trump is back in washington this week and back on twitter calling the g20 summit a great success. while the europe

steve mnuchin. --ning remarks and that and that u.s. that there are benefits for real robust growth. it will help china and help consumers and refer to the 100 day plan that has made some progress. he says there is a big agenda today and it will have a robust discussion. i want to turn back to been labor. starting with you right here, what are the possibilities for growth actually coming from improved trade relations with china? is the secretary right? ben: the backdrop has approved significantly. i think do no harm would be a good take away here for everybody. global trade after five years has been more robust -- of being moribund has accelerated significantly. the other point i would say is that there is common ground here. the chinese are concerned about overcapacity and significant industries that they have. they concerned about the sle segment. they are working on that. thehan: what's likelihood of getting any kind of win out of these conversations? isaac: i think broadly speaking, what we should expect is for both sides to do just

he managed to undermine mnuchin and earlier managed to undermine tillerson. when you do that, you were undermining your administration's capacity to make your own case the next time around. >> i think that's an interesting point, a good point, because trump said we did not discuss sanctions with putin right after tillerson said they did discuss being taken by -- >> why do this to rex tillerson? rex tillerson is, was, a business icon six months ago who ranek son mobile, who worked there for 40 years, and every day he has to endure this. i wonder how long it will last. >> and one of the few grown-ups in the room. >> there you go. >> for the low bar. >> yeah. these guys against the curb. >>> next, after a week off, the senate returns with one goal -- passing their health care bill. the president already weighing in this morning admonishing members of his own party. >>> before we go, the president tweeted this video out over the weekend about his g-20. it seems like he thought it went pretty well. turn ul the volume. this is a, it's a keeper. mom, i have to tell

includes treasury secretary mnuchin, economic director gary cone, house speaker paul ryan, and senateajority leader mitch mcconnell. this is still a wish list for tax cuts and lacks detail save for one -- the border adjustment tax is out. it was championed by paul ryan. it changes the way we tax u.s. imports and exports. it gives tax breaks to companies that export and strips away breaks from companies that import. it has two goals -- to encourage manufacturing in the u.s. but companies that rely on imports warn it will jack up consumer prices. americans love cheap goods. the other goal, to raise tax revenue. the plan has $1.2 trillion worth of tax cuts. without the border adjustment tax, it's not clear what will pay for it. they say reform will spur 4% economic growth. experts are skeptical. expecting slower 1.8% growth. the border adjustment tax reviled by the retailers is out. >> the big loss for paul ryan in particular there. >>> as nfl teams begin training camp, big question remains -- will colin kaepernick play at all this nfl season? >> andy scholes with more in the "bleacher r

what is the easiest thing for the republicans to agree on when gary cohn and mnuchin's pass and comesn and we get to look at it. >> lowering rates across the board. specifically starting with the corporate rate. and beginning to unrig the economy. that means doing away with some of the some of the carve-outs in the code. the state tax deduction needs to be done away with. there is unity on lowering rates as much as possible. i think republicans understand that they are in a tight spot after the failure of healthcare. it tends to bring them together. we are even couraged with where they are right now. there will be a lot of special interests digging in and demanding their piece of the pie. but this is a chance for republicans to go straight to the american people and talk about a fair, simpler tax code. if they do that they will have support to get this done. cheryl: we thank you for your perspective and sharing your thoughts. we have a lot more coming up. president trump has a message for congress when it comes to healthcare, and it's not on the front of a hallmark card. we'll explain

breaking right now, treasury secretary steve mnuchin steven mnuchin speaking about tax reform as the white house turns its focus from health care to reforming our nation's tax code. we're on that dow 22,000 watch. can you believe it? check this out. session highs, very close to them with the dow up 95 points. thank you, i'm lauren simonetti in for trish regan and this is "the intelligence report. they're talking about the first comprehensive tax reform in a generation. they promise to get this done by the fall. for latest, go to adam shapiro at white house. adam, end of september i've been hearing, really? is that possible? reporter: if you listen to what gary cohn said just moments ago, we were inç the room when he sd it, about three to four weeks. they are working very hard he said with the committee in the house. house ways and means to write the bill. he said they had three to four weeks to finish this job. that puts us smack dab at beginning of september. let me let you listen to what the advisor to the president and director of the nec actually said because he makes it seem as

stephen bannon had been pushing tax break while steve mnuchin said the story was unfounded. the g-20 wrapped up in hamburg. home havingump flew on trade.n he had his first sit down with vladimir putin, with a a great to a cease-fire in syria. theresa may will call on opposition lawmakers to keep written out of the european month'ster last disastrous election. she is expected to say social and economic reform is needed to make a successful exit. in a side of her weakness, she will call for cross party corporation to deliver it. china's price gains held up in june with factory gates coming in at 5.5%. consumer prices gained 1.5%. despiteemains robust excessive borrowing. controls on building construction could soon way on on demand.weigh the launch of the first futures contract for the commodity since the middle of the 1980's. the london midland exchange for almost half the world's gold changes hands. sinceggest reduction 2016. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. guy? guy: to say that thi

also just back from hamburg, the treasury secretary steven mnuchin, he joins us now from washington. mr. secretary, thank you for joining us this morning. lots of tweets from the president this morning. he also said that the sanctions were not discussed in his meeting with president putin. it is time to, quote, move forward constructively with russia. does that mean that new sanctions for russian interference are off the table? >> well, george, first of all, let me just say i think the trip overall was just an outstanding success. we had over ten bilats, three pull-asides and we met with ten leaders and other leaders at the three seas conference, and as it relates to the meeting with putin, let me be clear, what started out as a 30-minute meeting lasted over two hours and i think what we should be focused on was that the president handled it brilliantly, look at what was discussed and what was accomplished. he fully addressed the election situation. he focused on the cease-fire in syria, which is a major accomplishment. he talked about ukraine, and he talked about north korea. so thi

you don't see stephen mnuchin's point? or do you. >> i think if we do an intelligent tax reform, you can get a little bit of boost economic growth, similarly with regulatory reforms. but i completely agree with doug. the notion that we're going to get 3% growth over the next decade is not literally impossible, but probably 1 in 10 or less and not something you should count on given the aging of a population that's both slowing the rate of our economic growth and bringing closer the challenges in social security and medicare. liz: now let me get to the health care draft that has once been float once again. this time, of course, same, by the gop senators. doug, will it score appropriately well, or are you worried about this one still not quite making it and losing a lot of people off the insurance rolls? >> oh, there's no doubt that this revised legislation will still have a huge decline in the number of americans with health insurance. i'm waiting, like donald and others, to see what the cbo analysts ultimately say. but the

you heard secretary mnuchin right there. he seemed to endorse your plan. the way i understand it you're saying you're advocating you want to give insurance companies the ability to offer variety of plans in every state as long as they include one that includes the basic benefits package. some analysts are saying that's going to be a classic death spiral. >> well, good morning, george. good to be with you. you know, when it comes to repealing obamacare what i think is critical is that republicans, we've got to honor the promise we made to the voigt that millions of americans are hurting under obamacare. i believe we can get this done. i believe republicans can come together to honor that promise and i think the way to do it is to focus on lowering premiums. the biggest reason so many are angry with obamacare is that it's made premiums sky rocket. now, how do we lower them? through two things, number one, and this is actually already included in the bill we allow people to pay premiums from health savings accounts so pay from pretax dollars, that's a 20% to

i'm a little discouraged, candidly i would love to say secretary mnuchin is dead right, it's going to happen, but i have no empirical evidence that's going to happen. >> no, there's nothing to indicate that's going to happen. it's unclear whether it would benefit or be hurt by the failure to pass repeal and replace of the aca you hear different things. once they it out of the way, we have to focus on that, you need a fiscal '18 budget on that, still working on reconciliation for health care, but also some will have predicated on the other in terms of at least being able to roll back the 3.8% tax on investment income so i don't know, jim >> it's too complex. look, i was debating all weekend whether to come in and say, listen, it's game on, because i think that secretary mnuchin is a man who has done a lot of -- has been pretty much good to his word, but it really is congress, and remember, the speaker said it's going to be tax month they are going to tick up the taxes, but i keep thinking that how can anyone resist going back and doing health care, since that's what the congress has sa

but not just like steven mnuchin and president trump we're talking about here.t everybody else on board and health care taken care of. what are the odds here? >> well so the odds, i think are very low for a comprehensive tax overhaul. i think because there is so much pressure on them to do something, something comes out of it, they say it's a big deal but you will have to look at details to determine whether it affects the american people, corporate america and the economy. you know, i think you mentioned health care. they're three months behind on that. we're looking at going into august or september to get that done. so they're behind the curve. i can tell you what is happening right now. so, there is a group of six, we wrote about this the other day. mnuchin and gary cohn from the white house are meeting regularly with mitch mcconnell, orrin hatch, kevin braid he did i and paul ryan. those are the six people, the six men who are going to determine the path of this thing. they're trying to overcome all the disagreements over various constituencies to produce a

steve mnuchin spoke out on a terrible day for the dow.t was 250 points down. it came back when steve mnuchin was talking about tax cuts. here is what he said. you get tax reform done this year, it's one of the top priorities for economic growth. i think the people of america understand that. we need economic growth and are committed to doing that. regardless we ared to getting tax -- regardless, we are committed to getting tax reform done. david: when he said that, the market turned around. steve: the word "regardless" is important. he's saying we are going to get a tax bill. david: the person who put tax cuts behind healthcare was paul ryan. he said it had to be done. we now understand it didn't have to be done. how can, if he continues to be an obstacle to tax reform, how can the president and mnuchin go around him? steve: with public opinion and his own caucus. house republicans know they could lose the whole game next year. i think they will begin to look over their shoulders and realize they will have new job opportunity next year if

secretary mnuchin, secretary ross, all of the congressmen. great congressmen. and senators we have in the audience, thank you very much. and thanks especially to my friend, one of the great businessmen anywhere in the world, terry goh. [ applause ] >> i would see terry and i would say, terry, you have to give us a couple of those massive -- these are massive places that you do such great work with, and he's going to be doing that in a state very close to my heart, wisconsin. we're very happy. one of the big job producers anywhere at any time, sco. so i know it's going to be fantastic for the people. this is a great day for american workers and manufacturing and for everyone who believes in the concept and the label "made in the u.s.a." [ applause ] >> today i'm pleased to announce that foxconn, a world leader in manufacturing for computers, communications and consumer electronics, one of the truly great companies of the world, will build a state of the art manufacturing facility for the production of lcd panel products in wisconsin, investing many, many billion

the group includes treasury secretary mnuchin, economic director gary cohn, house speaker paul ryan,ajority leader mitch mcconnell. it's still a wish list for tax cuts and lacks details save for one, the border adjustment tax is out. championed by speaker ryan. the adjustment tax changes the way we tax u.s. imports and exports. it gives tax breaks to companies that export and strips away breaks from those that import. it has two goals -- one to encourage manufacturing in the u.s. the companies that rely on imports like retailers hated it. they warn it would jack up consumer prices, and americans, by the way, love their cheap goods. second, it raises tax revenue. the current plan has $1.2 trillion of cuts. and without the border adjustment tax, it's not clear what will pay for it. the administration says it will pay for itself. reformers say it will spur economic growth. many are skeptical, expecting slower, 1.8% growth. >>> some dysfunction at the white house on steroids. while communications director scaramucci was blasting leaks coming out of the white house, it turns out scaramucc

the president's plan that hi put out with secretary mnuchin and director cohn are the areas that we are looking at going. maria: you would probably not support 44%? >> i'm not going to meant on something that i don't know about or haven't seen. i have seen the president's framework which is what we are going to work off of. maria: as a republican, talking lowering taxes -- >> that's what it is right now. maria: 39.6. >> if you take and some other things with the obamacare taxes and the pass through, 44.6%. getting a rate down is what -- we are in the business of lowering tax rates, we are not in the business of raising tax rates. the president himself with the economic advisers put out a framework that we think really works and now on the business side, we spent the last three months looking at making sure that there's a viable alternative to a cash flow, border adjustment tax that still allows us to become a territorial system. get our tax rates down, now that we are confident that we can have that system, that that is achievable, we are moving forward with the same template in agreeme

those questions and more for treasury secretary steven mnuchin, a "this week" exclusive.e on life support after

a report last week suggested that steve bannon have been pushing for the tax break, while mnuchin said the story was unfounded. theresa may will call on opposition lawmakers to help steer britain out of the european union. this is after last month's disastrous general election. she is expected to say social and economic reform is needed to make a success of brexit in a speech on tuesday. however, she will call for cross party cooperation. gainss producer price held up engine with factory inflation coming in at 5.5%. consumer prices gained 1.5%, just below forecasts. demand remains robust, even in the face of regulatory moves aimed at curbing excessive borrowing. analysts think controls on building construction could weigh on demand for raw materials. shinzo abe has maintained the approval rating for his cabinet has the lowest ever. fell to 39.8%, the lowest since he took office in december of 2012. the biggest reason was a lack of trust in abe as a president. the world's biggest industrial metals exchange is taking on the most powerful players in the gold market with a launch today of

mnuchin says they plan to introduce their new tax plan by november.plan to introduce it from 39% to 35% and lower tax rates for the middle class. it's unclear how the administration plans to offset the cost of those cuts. >>> we're getting a first look alt the new battery powered tesla model 3. ceo elon musk tweeted photos of the car over the weekend. the model 3 sedan will cost $35,000. tesla says it can travel 216 miles on a single charge. it already has orders for more than 370,000 cars. >>> and a big debut for "spider-man" homecoming. >> wait a minute. you guys aren't the real avengers. >> the latest movie in the "spider-man" franchise exceeded expectations pulling in $117 million in ticket sales its opening weekend. last week's top film "despicable me 3" finished second, and "baby driver" finished third. >> roxana saberi at the new york stock exchange. thank you so much, roxana. >>> ahead, amazon prime day kicks off tonight. dan ackerman of cnet shows us the deals including special deals on voice ordering on alexia devices. >>> and still to come,

david: let me ask you lastly -- the in balance steve mnuchin mentioned this morning.ny sense here there's any coming together on that issue in particular among these leaders? mike: we don't think there will be a terrific coming together, but the chinese realized they have to do something. narrow a imbalance did bit this year, but it has widened again. things are moving in the wrong direction and the u.s. has a complaint about that, which they made clear in the opening statements. we don't know what they talked about inside today. both sides have canceled their press conference. we may get a statement later in the day. if they do commit to continuing the process, that would be some good news. michael mckee outside u.s. treasury department in washington, d.c. for more, i want to bring in ambassador michael froman into the conversation. obama's trade representative from 2013-2017. let me ask you how this dialogue is different -- i saw you in beijing. how were the contours of the structures of this dialogue different from that? there's a lot of similarity and a lot of con

they are already having join statements with secretary mnuchin of treasury who was actually supposed to speak at the white house press briefings about taxes. gary cohn has been working on this. >> that was ancient history. we'll see if anything comes out at 3:45 now, dawn, but what's the bottom line for the legislative calendar, and how much do we push it off is this a delay? how are investors supposed to take this? >> well, i mean, look, the time is racing ahead and they don't have that much time to really get this going they are that you canning about tax reform and beginning to talk about it seriously in many of the business groups in washington to try to have an impact on these issues, they are stepping up and hoping to get tax reform on the agenda and have it seriously considered once congress is back in september. i still think there owes an tonight for this white house and the president to have a positive impact the entire white house has t discipline itself and get focused and more than anyone the president will have to do that. >> hey, don, we talked about what the republica

business oundtable, as i mentioned earlier, advocacy groups tied to brothers, hosting an -- event with mnuchin. host: todd, independent line, goodampshire shooir, todd, morning. caller: good morning. the united states has one of the marginal tax rates on businesses in the world, but the is actually rate very low. i'm setting aside the idea that taxes improving the economy, which george bush things to call economics and has not really been proven to create nothing more than a boom. how can lowering taxes when they are among the lowest in the effective tax rate actually help the economy? thanks. he just made a point that making democrats are that there certainly are many democrats who do not want to see tax rates cut for corporations and may want to make sure are paying their fair share, that is definitely a point we will see, over time. if you eliminate tax preferences, even if tax rate is tax ame, you're making the ode simpler and taxable -- tax simplification is one of the goals of tax reform. host: so walk us through the now that they are on break, what happens come fall? what do they want t

what can you tell us what you know, what secretary mnuchin is working on? >> we're in a very strong position, trish, to get tax reform done, and done this year. we've been working on this before the inauguration. people have to remember secretary mnuchin on the campaign trail with donald trump as his campaign advisor helped craft tax plan we campaigned on and won on and that is the blueprint we're basing tax reform plan on. we have been working on it ever since. 100 people at treasury focused on tax policy. principles on the hill and secretary mnuchin and gary cohn from the national economic council brief the president on this issue. we're coordinated with paul ryan, with kevin brady, with orrin hatch and leader mcconnell. trish: leaving the whole border adjustment tax thing by the wayside if he is coordinating? >> what it means we're focused on a unified plan we bring out to the members and others to turn into legislation hopefully december. trish: 35%, that is or tax rate for corporations. by the way when you factor in state and local taxes you have numbe

a lot of information, featuring secretary of state rex tillerson and a treasury secretary stephen mnuchin, and russian president, vladimir putin, hello everyone, i am melissa francis. >> they were focusing on peace, brokering a cease-fire in syria to begin on sunday, and the election meddling was also front and center, we have a fox news coverage senior foreign affairs, in the middle of those wild protests in hamburg, but first, john roberts, there was a loss there, in your mind, what are the big takeaways? >> there was an awful lot to chew over there, initially, it was supposed to be just kind of an informal meeting, no wonder they canceled the bilateral meeting, they will reschedule that for tomorrow, they wanted to have a big window here so that these two leaders could get them to talk about as secretary tillerson said, they have gone a long way toward silencing his critics, particularly after what he said in poland on that press conference, where he said that maybe russia was responsible for trying to hack the election, maybe some other countries were, the president brought it up, sai

you showed a sound bite from steve mnuchin hold ago briefing for reporters afterward in air force one are not making comments about that. president trump would be happy to make comments about that. that would be wonderful if he did make statements. nikki haley later on "state of the union" one of her statements is the president will speak on that issue. but the president is not asking the questions that his aide or cabinet officials are kicking over to him. >> this is a president who said he was going to do things differently. he definitely is doing that, no doubt about it. do you think that we need to accept this is the way it is and we are not going to hear from the president in times like these until ill guess he is ready to talk? i'm wondering what the detriment to that, though, is, brian. >> right. certainly, he has the social media accounts and we all talked about his use of twitter. but twitter and facebook are not a placement freplacement of bac from the public that want questions asked. this is a different presidency but it's worth noting when thing are normal and abnormal. t

it came from an elizabeth warren letter that was sent to secretary of treasury steve mnuchin.n i got back from davos, secretary mnuchin was up on the hill in the confirmation hearing and he brought it up, and i thought it was outrageous. howie: have you ever done business with russia? >> no. howie: have you ever been to russia? anthony: city was on a field trip from the on zon school of economics. howie: there was a report you threatened a lawsuit against cnn. anthony * i indicated to them what they were doing was inflammatory. they rough up trump officials. it's like a yankee in fenway park. i sent the tweet that it accepted their apology. it wasn't until it became clear that there was still uncertainty within their organization about what the facts were that it had to make another phone call. i said i am not under investigation, i have done nothing wrong. if you don't clear it up i have to take action to protect myself and my reputation. howie: what do you think about the media have covered yourfriend, the president since he became president anthony: the media is in a crisis

anyway, this is what we can anticipate discussion of by mnuchin and ross. stay with fbn for breaking coverage. liz claman is going to have it. hey, liz. liz: a lot of breaking coverage, 24 hours a day, thank you, trish. the senate will take another stab at health care. moments ago at the white house, senate majority leader mitch mcconnell set the stage confirming another vote next week on a motion to proceed to the bill to repeal and/or replace obamacare. he wasn't clear on exactly what it would look like. this comes more than an hour after the president pulled a u-turn at the white house once republican senators had taken their seats at the lunch table. president pitched the positive of obamacare pushing members to keep favorite parts of it, bashing biggest problems and lobbying the bill's fixes. less than 24 hours after he said drop, it let it implode, we don't want it on the democrats. president trump said senators should not leave for august recess until a health care bill. tomorrow was tax reform, now a health care bill on his desk saying he favors rep

mnuchin says the administration wants the full package. corporate tax cuts, simpler tax brackets for individuals, and mid income tax cuts. some say the current plan mostly benefits wealthy americans. mnuchin says eliminating deductions keeps the rich from getting a huge tax cut. >> we reduce and eliminate almost every deduction. that means that people who were in the high tax states will have no tax reduction. >> right now americans can write off high local taxes in states like new york and connecticut and california. the white house promotion discards tax deductions except for mortgage interest and charity. the idea is to offset the run to the cuts. it's not just the wealthy that benefit from tax deductions. the foundation found that the it helps the majority of the middle-class filers, as well. this is why tax reform is not easy. it is not. >>> ahead, senate republicans back on capitol hill today. are they any closer to a health care plan? next, why one leading republican says the gop should be "ashamed of not passing health legislation.

mnuchin said the president would be glad to make a statement on the topic.e declined to do so here in germany as is customary, you witnessed. several other world leaders held their end of summit news conferences as well, donald trump did not. kir. >> hey, peter, did the guys you were with there have any explanation for the optics of president putin holding a news conference while president trump wasn't speaking to the media? >> reporter: you know, they didn't specifically address that. they said they have been very transparent and have been available to answer our questions. it's described as a gaggle on air force one. you witnessed, what was strikeing is that the g20 this time around felt a lot more like the g 19 with the u.s. the sort of odd man out as it were specifically on topics like trade and perhaps more notably on the issue of climb change. >> that communique is the sort of shared statement the countries put out on a shared set of principles. at the end of it, it singled out the united states for it pulling out of the paris climate accord saying of

we're line at c-span.org going back live toe capitol hill where treasury secretary steve mnuchin has been testifying along with i.r.s. commissioner koskinen. they have been talking about the 2018 budget. the commissioner being questioned right now. commissioner koskinen: we recognize, all of us know people who are either don't have availability to the internet or have really a great concern about using it. we're always willing and able to provide them those services. going forward i would just stress we'll always have call services available. we'll always have in-person services available. able to provide those much better, where's my refund, we had 300 million hits on it. they used to be calls. they are no longer calls. we can deal more effectively with people. >> let me say i would like to say the taxpayer advocate and assistance center we have in parkersburg, west virginia, a lot of times has called into our office asking for assistance. mrs. capito: as soon as we call they have been very responsive. i want to thank them. you are the head of the shift there. i want to thank them o

thank you, chaplin hurley, secretary mnuchin, secretary mattis, secretary shulkin, senator, congressman upton, and members of the armed forces, thank you for joining us as we award our nation's highest military honor to specialist five james c. today, we pay tribute to a veteran who went above and beyond the call of duty to protect our comrades, our country, and our freedom. joining jim today is his wife shari, his brothers mike and tom, his sons jamie and matt, and many other members of his very large and beautiful family. we're also gratified to be joined by eight previous medal of honor recipients. now, jim's name will stand forever alongside theirs in our history and in our hearts. i want to take a few minutes to tell you about jim and how he earned this place among legends. jim was raised in bangor, michigan. his father built their house from scratch and worked 40 years at a piano factory. jim's dad taught him a simple but powerful lesson. never do anything halfway. always do your best. jim took that lesson very much to heart. he played for four varsity sports in high school and th