secretary mnuchin: no. i've been actively involved in discussions and i am going to ask the chairman to set up a meeting with the appropriate people on the committee. as i said, there are different solutions. there's not a perfect solution. but i do believe we need to solve this and move on. mr. pearce: i would agree wholeheartedly. it penalizes legit mate businesses when the shadow companies, when the shell companies can come in and operate and launder money. i mean, right now in the oiled field, have a lot of companies come in and they compete mercilessly with cash that's not generated from legit mate operations. it takes away from the strength of the local business community. now, when you testified before us about a year ago you said about 50% of your time was used on cybercrime, cyberfinance, terrorism financing, is that still true? is it still the pushing wave? secretary mnuchin: it is. mr. pearce: it's something that wrestle with in the subcommittee. we just planned -- continue to work with you again

>> secretary mnuchin: we agree with that. the focus is trade, not aid, and that's what we are focused on negotiating these agreements. but again, the president is not willing to live with the status quo where other countries have taken advantage of the rules and had free trade here and our companies and our workers can compete fairly, and it's just not fair that china has complete open access to our markets and we have virtually unlimited access to their markets and ventures. and we are focused on, as we said, free and fair trade, let's take down all the barriers. >> chris: thank you, thank you for your time, always good to talk with you, sir. >> secretary mnuchin: thank you, chris. he >> chris: up next we will bring in our sunday group to discuss what the good economic news will mean for republican control of congress come november. plus, willie giuliani thinks someone played with that secretly recorded michael cohen tape. he joins us at the bottom of the hour. >> brought to you by charles schwab, own at your tomorrow. with

secretary mnuchin is saying as of now he's seen no impact on the overall economy.t's still early days in this tit for tat on the tariff side. the concern is not as of now. the concern is what happens in a few months time if we get a further escalation of these trade tensions. liz: okay. let's talk about individuals who purchase these products, not just the companies. we have this report out of the london school of economics and princeton university and there's in essence saying just i hesitate to say "just." $60 is a lot to a lot of people in america, but so far, a $60 impact per year per family. could that rise if we see the chinese threaten tariffs that the president just announced 205 pages of many many many products if those come to fruition and reality could that change and worsen? >> and that relates to the question, liz which is fundamental and the market has taken a view on this. is the current state of trade tension a means to a better end and that better end is still free but fairer trade or instead is it an end of itself? are we simply going to see more

steven mnuchin will be here. and larry kudlow. along with the advisor and daughter to the president, ivanka trump is here. along with the office of management and budget director mick mulvaney. and we have an extended preview of my exclusive one-on-one interview with president trump. that interview airs sunday at 10:00 a.m. eastern on "sunday morning futures" and monday morning at 6:00 a.m. on fox business network on "mornings with maria." here are the big headlines this week. reporter: another rocky week for the markets. despite a late-week rally by nike, jp more dan and goldman sachs. the markets finishing in the red in part from trade concerns. despite a strong month, consumer stocks and real estate raising rates for the second time this year. trade concerns causing the mark totes finish mixed this week. oil prices hitting a 3 1/2 year high. president trump was in wisconsin this week to break ground on foxconn's facility that could employ 50,000 people. he took a shot at milwaukee-based company harley davidson after they announ

mnuchin making the rounds. larry kudlow, the national economic council director said trump should not be blamed for the damage. >> people say, president trump's tariffs are damaging this, that and the other thing. i say don't blame president trump. he inherited a completely broken world trading system including a world trade organization, most particularly china but not always china. ramy: who agrees? manyi don't think too agree with everything larry kudlow said. there are many people who there is resignation -- there is recognition with the world trading system and things could even manyut businesses in the u.s. and republican lawmakers, you know, don't is a surly buy into the idea the administration is on the right path. they think there may be ways to address problems without going full on trade war. in the past week, as you know, we had profit warnings from general motors, westinghouse appliance maker talking about unintended consequences of steel and aluminum tariffs. they were happy when the administratio

that was steven mnuchin.he g20 finance ministers' meeting, iam joined by my colleague katie silva. it looks like a lot of disagreement between leaders of the g20 regarding trade. that's right, so there were definitely some fiery conversations in buenos aires over the weekend, and steven mnuchin defended the trump policy saying it is not about protectionism, that the us wants trade to be free, fair and reciprocal. the reason is meeting matter so much as the three countries that represent 85% of the global economy, or two thirds of its population. even before the meeting, the head of the imf warned that trade tariffs could wipe out $430 billion, or 0.5% of the global economy. since then, us president donald trump has gone further. his country imported over $500 billion worth of goods from china last year but he told cnbc that he was happy to impose tariffs on pretty much all of them, and the imf warns that the world's biggest economy could shrink 0.8% of gdp because of its tariffs, and china, the eu and others

stephen mnuchin denying the two sides are in a trade war. this is despite the white house proposing to ramp up tariffs on chinese goods. >> don't think we're in a trade war. we're in a situation of trade disputes. these are not trade war's. and we are very focused on the nafta issue, which is renegotiating an old agreement. we are very focused on the china issue, which is very collocated. paul: all very nuanced. let's bring in greg sullivan. could this be a step toward more tariffs? greg: a step potentially. we were watching to see if there were signs the two sides might hint of resuming talks after the latest round of tariffs. as we seem today and yesterday, the administration signals they are ready for talks. addressingchin lawmakers on capitol hill, said that u.s. administration was available for talks. that echoes what the white house spokeswoman lindsay walters said. the u.s. was open to sitting down and talking with china. both the white house and steve mnuchin said it depends on china's willingness to address u.s. concerns, mnuchin ev

mnuchin for being here. in the great state of maine where you would likely go on vacation this year because we are a vacationland is a great stress for the environment i'm sure your wife would enjoy also but the economy is doing quite well. we have 2.8% unemployment. there is a thousand more jobs then workers and paychecks are getting bigger. easy to change jobs if you don't like the one you have now. we had an economy that was conducive and now we have some being able to come back home. to be able to invest and create more jobs and opportunities for our young adults because regulations are also lower. so this whole war on jobs is over. thank you for your support in getting us there and second, i am concerned about our small savers and investors throughout maine. to deal with increasing regulations and cost in this case a pension manager or retirement manager means the rate of return is going to be lower and the nest egg is going to be smaller. you have a tremendous amount of influence on the ten member pane

mnuchin emphasized he concluded whether treasury has the authority to make such a change. lot of discussion on squawk as to whether or not markets sort of take inflation into account in their gains. >> look, when all the years i worked with larry kudlow, this was a central theme, which is, i mean, he believes if you that president kennedy, he wrote a book about it. if you cut capital gains it helps business formation when you listen to martin today from paychecks saying we're not getting the big formation. they don't really benefit that much from tax. they would benefit these are all the things that larry talked about i mean, he is hell bent on getting rid or lowering the tax. this is a way, i believe, a loophole that treasury can exploit. not unlike the loophole that queens its own jack lew did to set down the allergan deal. >> they did. they might get challenged in the courts you might get a response in the marketplace almost immediately. >> i think so. and i believe that, look, i don't want to say if larry is right or wrong i did push for lower taxation on dividends. i

maria: my thanks to treasury secretary steve mnuchin.y special treasury department edition of "wall street" returns right after this, after that, larry kudlow, ivanka trump will more and more people are finding themselves in a chevy for the first time. now you can too during the chevy 4th of july sales event. now through july 9, get 10 to 20 percent below msrp on your favorite chevy models when you finance with gm financial. that's over ten thousand dollars on this silverado ltz. this 4th of july, discover why chevy is the most awarded and fastest growing brand the last four years overall. find new roads at your local chevy dealer. at&t provides edge-to-edge intelligence, covering virtually every part of your manufacturing business. & so this won't happen. because you've made sure this sensor and this machine are integrated. & she can talk to him, & yes... atta, boy. some people assign genders to machines. and you can be sure you won't have any problems. except for the daily theft of your danish. not cool! at&t provides edge to edge inte

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maria: my thanks to treasury secretary steve mnuchin.y special treasury department edition of "wall street" returns right after this, after that, larry kudlow, ivanka trump will join me for a special interview along with president trump. don't go anywhere. and i treat my mbc with new everyday verzenio- the only one of its kind that can be taken every day. in fact, verzenio is a cdk4 & 6 inhibitor for postmenopausal women with hr+, her2- mbc, approved, with hormonal therapy, as an everyday treatment for a relentless disease. verzenio + an ai is proven to help women have significantly more time without disease progression, and more than half of women saw their tumors shrink vs an ai. diarrhea is common, may be severe, and may cause dehydration or infection. before taking verzenio, tell your doctor if you have fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. serious liver problems can occur. symptoms may include tiredness, loss of appetite,

mnuchin. the last time i questioned you i asked about a critical challenge before our country and i introduced a bill at the request of, really law enforcement that said they would track money and terrorism and drugs and guns and hit an llc and not know who owned it. they just wants to know who owns it so they could protect us better and the best time to do it is when they're filing. we have a bill in, many of us in a bipartisan way are supporting it, that this information would be available to treasury, kept at state level if they so wished and also law enforcement. i live in a city, new york, that continually faces terrorist threats and there are no threats unless there's financing. so, cracking down on terrorism financing is critical and i want to know now that you've had a chance to look at this and in light of the testimony that the director gave recently, that he believed companies should be required to disclose their beneficial honors at the time that they are formed and they are a part

mnuchin has concern. that conversation. from new york, i am vonnie quinn.he meeting at the g20 discussed everything from trade to steve mnuchin telling reporters this is not the president trying to intervene in the currency market. we are joined by richard jones, live in berlin. do we believe the president or the treasury secretary? >> time will tell. what the treasury secretary was trying to do is diffuse what has become a tense situation between america and its trade partners. he is trying to get the toothpaste back in the tube. and other officials have made it clear they are going to adopt a protectionist trade policy. part of that is they are bemoaning the strength of the dollar. this is part of the broad america first message we are getting. midterm get past the election, we will see this continue. steve mnuchin has been successful in diffusing a tense situation. phase of the a new trade war? are we entering the currency phase of a larger war? took office,p there have been hits this is part and parcel of the broader trade war. america-first messaging.

stephen mnuchin is in the globalist free trade camp of the white house.rump's tradeg policy but urged for less protectionist measures. you did not have the theater of president trump here in buenos aires today. it was a change of leadership and desire to show consensus among global finance ministers that led all countries to go forward with the communique, but trade tensions have worsened over the past few weeks. kathleen: at least you did find a positive note for us to end on. thank you. bloomberg news reporter patrick gillespie joining us. china, they may have read their course on yuan appreciation, now president trump has zero in on that. tom mackenzie joins us in beijing for more. really only a matter of time before there was backlash from trump. am: there was was going to be ll given hea bu energyo much time and manipulating -- parading them for manipulating the currency. was no surprise i think to many of us watching this that president trump was certainly going to take notice, pay attention. that is what he did, accusing china of manipulating curre

we'll talk about that when we return. >>> stephen mnuchin at 8:00 a.m. don't miss it.k in a minute. do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. is it to carry cargo... greatness of an suv? or to carry on a legacy? its show of strength... or its sign of intelligence? in crossing harsh terrain... or breaking new ground? this is the time to get an exceptional offer on the mercedes of your midsummer dreams at the mercedes-benz summer event, going on now. receive up to a $1,250 summer event bonus on select suvs. mercedes-benz. the best or nothing. >>> facebook's wipeout. why investors are giving the social network a thumbs down >> we expect our r

but steve mnuchin is -- by our chief agent correspondent.me of these high-ranking officials having to walk back and go into damage control. >> that is exactly it. it is a familiar pattern. making strong remarks only to use the next available for him to walk back. that is what happened on mr. trump's tweets on the dollar. by all accounts it seems mr. fears andemed to ease assured colleagues u.s. remains a minute to a strong dollar policy. nonetheless, it is still under the spectra because all of the g -- still a pretty nervous backdrop. all the g20 nations are concerned about where china's yuan are headed. i think a lot of trade ministers around the world are hoping someone -- there will be a way out of this. leaderserned were g20 about the trade wars and the impact on global growth? >> seems they are increasingly concerned. this was easy to sign off. nonetheless, growing concerns about trade and protectionism. the economists look at it, question is where is the exit ramp in negotiations. china u.s. negotiations appears to have stalled. you h

alix: the chinese ministry did not respond, but secretary steve mnuchin took to twitter to disputed,aying that on behalf of president trump, the stories in bloomberg and wall street journal are false an fake news. >> there is a lot to sit through as we see the selloff and reaction to the news that the administration was considering investment curbs on china, in a u.s. technology firms. we just heard from peter navarro who said that there was a misunderstanding about the administrations trade policy, saying that there are actually no plans to implement investment restrictions on china and others. could the market action today have dissuaded the administration from putting those curbs in place? >> we have seen this situation where markets go down because they see changes in policy, then a spokesman who has been a cheerleader for that particular policy goes out and says, nah. that is not what i meant and increases uncertainty. >> race to rebound shares up today as the ceo shrink the company in order to save it. >> this is a radical break up, what people have been waiting for, and it goe

iser isbe that lighthe trying to force the hand of mnuchin, who has been pursuing talks. the past the treasury secretary was sidelined on these issues. this goes to the heart of what trump campaigned on, and it is something he has promised and something that has pretty much been one of his enduring positions, that the u.s. needed to get tougher on china in terms of trade. winning be that side is out, but we will have to see what the president says. we are seeing market reaction. 0.01%ssie dollar dropping . offshore yuan falling in tariff plan.he is there a sense of who has more to lose? theou see the reactions in market, there is an argument that beijing is probably looking worse for wear than the u.s. at the moment. >> that has been trump's position, that the u.s. has a roaring economy, a booming stock market, so the u.s. had plenty of room to take a little bit of with thesever comes tariffs and what potential trade war, and on more than one occasion trump has said that trade war's can be good. he believes the u.s. can win it by being able to hold out for some concession

the other component making it complex is you have mnuchin facing up to u.s.resentative bloomberg light i am are -- until they can coalesce around the strategy, one the president backs, then it is unclear as to what they can talk on and agree on. haidi: all right, thank you so much for that. a lot we do not know, basically. let's get back to our other top story, and one that is going to play out across the trading theme of the day. apple jumping in extended trading after delivering an earnings beat in a third quarter on a strong sales forecast for high-end iphones and services. let's go to san francisco. quietthis is been a quarter for apple but what have been some good spots? mark: things attached to the iphone. the apple watch, air pods, ipad accessories. also services business looked very strong with double-digit growth in many countries. year-over-year growth for apple music, now with 50 million subscribers. services and other products are doing really well for them, even know iphone unit sales are very slow just 1% since the third quarter of 2017. wearabl

remind you that the treasury secretary steve mnuchin is testifying.ember he is in front of the house financial services committee today saying i that participating with talks for chuck -- in talks with china. bloomberg tv, time for futures in focus. oil remains near yesterday's close as u.s. stock aisles the estimates to increase output are not bringing crude below $70. cme. bring in scott at the what a brutal day it was yesterday for oil. currently looking in the markets today, we do see some reprieve, but wti is still lower. >> here'she oil going the thing right now, it's summer trading. we are seeing some of these happening on very light volume, really exacerbating some of the volatility that we're seeing in the spike up and selloff. right now i think oil is probably going to tread some water here, no pun intended. i think we will see west texas to 71probably in the 70 range. i think we got too much of a selloff. brent and we will see it in that 74 to 75 range. what i really see though is the combination. right now this that is what, $3.70? i seen

today secretary mnuchin came out and put it in congress' court after reports that secretary mnuchin wasulling a cut in capital gains taxes without following the proper legislative path. so what are we talking about here? capital gains. say you buy one stock at $10 back in 1980. fast-forward to today, and you sell the stock, which is now $100, if you're lucky. you would pay about 20% capital gains on the difference of $90 which works out to $18. however, if you index for inflation and inflation is the key word, the original price would be worth about $30 in today's bucks reducing taxable gain to $70 saving you four bucks. multiply that by all stock sales and the government says it would work out to $100 billion in savings over ten years. still, people are screaming this is only for the wealthy. joining me chairman and ceo of ubs americas and fox news contributor, robert wolf. and john sylvia who by the way is retiring after 16 years at the bank. a wonderful run, john. thank you for joining us. >> thank you very much. liz: we're thrilled, we hope your friends behind you -- >> former chair

mnuchin telling us he isn't bailing out farmers. he called that a ridiculous comment. we should note as we have this conversation president trump in an effort to warm up support in some parts of the midwest is in route to zu buick iowa, focusing on jobs and economy as the heavily agriculture state is impacted by tariffs. >> let's remind the audience right there you heard steve mnuchin say it's a work in progress and nothing set in stone. yesterday before the market closed the white house extraordinarily leaked out the eu appear the great concessions in the trade talks. and what did the market do? shot up. imi want to bring in my panel. corey shockky. and a deputy director in the state department. eddie is a princeton university professor. and ben white. a correspondent for politico. ben, to you first. you wrote that you said you feel like this is a positive. but you also felt that way soon after the president spoke to china. >> yeah, i mean it feels very similar to what happened after the beijing talks when secretary mnuchin was there. they came out and said we have an

steven mnuchin says u.s.ariffs and china's retaliatory actions have not been to the economy in the u.s.. terroristamerica's moderate in size and argued the u.s. is not in a trade war -- andfs moderate in size argued the u.s. is not in a trade war. research is still with us. are you trying to find places to hide from a trade war or do you agree to this is not a trade war? do you find no reason to hide? trumptially, remember, was supposed to import tariffs on imports to the u.s.. $50 milliong on to $250om $50 billion to billion. my concern, economic growth for the rest of the year, is about the design of the economic policy. benefit fromsed to supply-side economics. to booste supposed growth. we have protectionism rising everywhere, especially in the u.s.. is adverse to a progrowth and pro-business measure. we are adding, this is the key question. aroundpolicies organize supplied side economics, we could expect the best for the rest of the world. since a few months, we are in deep trouble. u.s. secretaries have

steve mnuchin says there's a real chance all chinese imports will be hit with tariffs. >>> turbulent -- shares plummet after the carrier warns of more strikes that will weigh on summer fares. >>> a cautious note for julius bar. the swiss private bank, trade concerns continue. >>> shares in fiat are lower along with ferrari and cnh and tariff exports thatfollows the reshuffle following the -- mark yoin according to fiat is being treated in zurich after suffering complications following shoulder surgery there's no further details on that >> match yoen i -- we're going to look at the key moments in marchionne's career. >> sergio at the helm of the company for 14 years we have been looking back at the milestones of his career june 2004 he was first appointed ceo of fiat. it was seen as a gamble because he did not have auto industry experience, per se in june 2009, a big marker here. the company taking controlling stakes in chrysler this was as a result of the u.s. bankruptcy reorganization. then it took all the way until january 2014 when he was bit by the remaining -- a deal with the ua

mnuchin didn't comment on where things stand with china. next target is nafta mexican officials are in town to meet with robert lighthizer. the meeting takes place at 2:00 p.m mexico is said to want a deal by september 1st when its congress reconvenes carl >> thank you very much kayla tausche. >>> when we come back, qualcomm withdrawing a bid for nxp. what steve mollenkopf had to say about the deal, china, and trade relations. and talk to tom farley in a minute despite facebook, dow up 150, s & p down three "squawk alley" back in a moment. are you ready to take your wifi to the next level? then you need xfinity xfi. a more powerful way to stay connected. it gives you super fast speeds for all your devices, provides the most wifi coverage for your home, and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. >>> ecb holds rates steady steve liesman is monitoring that from hq. good morning, steve. >> good morning, carl. the euro taking a hit after the press conference i think

steve mnuchin talking of the u.s. economy failed to give investors here in asia must of an appetite to buy. stocks down across the board. regional loss on the index since last monday. heavy selling in hong kong, also japan. australia's market weaker in late trade. flat in south korea. we have seen the yuan fall, the yen study. -- steady. a lot of impact on the tariffs coming through into a lot of these companies, particularly the yuan, which distributes things like nike, adidas, it has those factories now. b.i. might be forced to move its factories to vietnam for china. it is down 12%. m&a capital also missing. numerous saying it's nine-month profit was a lot weaker than expected. a negative impression. to the upside, a lot of buying a macron chinese railway stocks. brokers upgrading their view in the sector in the wake of that plane for industrial momentum coming through in china. much.: thank you so we get policy announcements from three of the world's biggest central banks this week. tomorrow we hear from this anch

there was an interesting question posed to mnuchin.was asked about the big losses with facebook and twitter. he said, people need to have a diversified folio. i am not too worried about them -- portfolio and i am not too worried about them. thinking back to the last time the u.s. had growth that the administration wanted, which was in the 1990's under bill clinton, that came to an end with the .com bust. yvonne: we really saw this productivity that was the reason we saw sustained growth. we also hear from economic council her larry kudlow, who said president trump should not be blamed for the damage from tariffs. trump'se say, president tariffs are damaging this, that and the other. i say, do not blame president trump, he inherited a completely broken world trading sentiment -- world trading. yvonne: many people are siding with kudlow. ros: one person that would not be siding with kudlow would beat kudlow before he joined the trump administration. yvonne: [applause] -- [laughter] trader.s to be a free there is an understanding that the

the trump team coming out swinging, mnuchin predicting years of growth. role in chinag's tower's upcoming ipo. less about numbers and more about the national service in hong kong. slide in the the face of potential industrial action. this is bloomberg markets: asia. where the last penultimate trading days of the month. movei 225 down as we see a to the yen. on's look at what is going elsewhere. haidi: a great deal of caution as we have a blockbuster week for earnings. reaction in the yen weighing on sentiment. discussing aapan reduction of nikkei 225 holdings. continuation that of the downside for asian markets. let's look at what to expect for china and hong kong. >> caution could be the name of the game. where look at valuations they are, that could be enough to entice buyers. -- can find mainland markets the shanghai composite is trading at earnings multiples below what we saw in 2013 and 2016. are perhaps looking at a rebound. the benchmark rebounded more than 10% over a three month period. some strategists turning more optimistic. jp market strategy

stephen mnuchin tried to ease concerns of a currency war. our reporter joins us from witness sarasohn the line. did president trump's threats dominate discussion there? -- directly, no. diplomatic,as too but certainly trade and economic impact of sanctions, especially the countervailing measures getting worse definitely topped the agenda. rishaad: also we have president trump accusing europe and china currency manipulation. how did that play out in the g20 meeting? fact,a matter of currencies were not the topic at all. noted asce minister did the european union commissioner. negotiations were actually on the key nikkei -- the communique at the end of the meeting. they were surprisingly prudent. ended upg7 in canada really badly with the u.s. declining to sign that final statement. what has changed since then? a well, i think that's tough question. obviously it is a different cast of characters. also, a larger group. and, of course, a lot of the language in the communique was reasonably, it was language that had been used before and will be u

steven mnuchin really had answering to do. he tried to take down these fears, particularly the currency war fears. still, it was the talk of the g20. nejra: good day to you. meanwhile, president trump has lost -- launched a new attack against iran. what is the significance of this? >> he is warning iran there would be unspecified serious doesquences if iran continue its nuclear program or make threats against the u.s.. iran has threatened -- rouhani threatened the u.s. in a statement and president trump tweeted back his response. this is very interesting in that the tone and the wording of president trump's tweets are very similar to that wording he used with north korea some time ago, talking about north korea's nuclear program. it does have that ring to it. it is also interesting timing. the u.s. will start re-imposing sanctions against iran. the timing is very interesting. we are in a war of words between iran and the u.s. nejra: bloomberg's senior international editor, live from hong kong. thank you. joining us now is the

where is secretary mnuchin versus peter navarro t trade advisor? is there an internal fight or is the president just d all? it >> i don think it's much of an internhi fight. i the president and navarro were winning. the president didn't just tmpaign on thisgh trade talk. this idea that the u.s. has been in awful trade deals and that's hurting the american worker and the american company. this is something he'sfo believ decades. this is a genuine -- this is as genuine as it gets when it comes to this presint. and heelieves that being tough and issuing tariffs and starting trade wars with china is ad g idea. some people agree with him. but eve some who agree with perhaps tariffs -- china needs increased tariffs, you know it would be nice if we had some allies. unfortunately, the president is picking trade wars with everyone. we are standing alone while we're picking trade wars with the e.u. we don't even have canada on our side. we're fighting with them too. that's bringing a lot of concern that a pro tracted trade war could really affect the economy

because first of all, steve mnuchin is saying he's considering doing this.usly it would go through congress. if not, they'd consider other measures. they'd use an executive order to do this. when at the end of the day they've had the massive corporate tax cuts. we don't yet know if they're trickling down. wages are not going up. the treasury department is at a position when they're coming out of a bigger hole because amount of money we have from corporations is low. what would be the rationale for the american people to do this? >> historically, it's not common to see two things. number one, a massive tax cut proposal coming less than a year after the prior massive tax cut proposal. and second, we're nine years into an economic expansion. so this kind of fiscal policy is absolutely unheard of. you really can't find an example of it. i understand why they're talking about doing it. it's been a dream of the party for 30 years. and frankly it's not the most unfair thing in the world. we index a lot of things to inflation. i'm not saying it's terrible. the timin

treasury secretary steven mnuchin says u.s. tariffs and china's retaliatory actions have not dented the domestic economy. secretary mnuchin was looking to dial back concern from congressional republicans that a trade war is hurting american consumers and companies. speaking today before the house financial services panel, mnuchin said he and the administration officials are available for talks with china over trade. he also dismissed the tariffs as moderate in size and aimed at leveling the playing field for american industries. british prime minister theresa may has published her most detailed blueprint to date for britain's future relationship with the european union. the so-called white paper free trade area for goods, not services. thanks in particular will lose their current access to the e.u. market under the proposal, which may calls principled and practical. to view theg the eu plan with the spirit of encouragement and respect. the u.s. military says a service member was killed today after being wounded in combat in afg

private conversations between steven mnuchin and the chinese premier have been taking place in thererying right now to figure out the framework of how trade and talks on potentially getting a deal or we know steve mnuchin has always been more of a free-trade faction. he was always in favor of cutting a deal with the chinese over opposing tariffs. adding to the complexity is the fact that you have a more by thee being towed the u.s.resentative, trade representative. how does that complete the circle of whether or not we do indeed see any appeasement when it comes to the relationship between china and the u.s.? >> it is definitely complicating his efforts and has in the past. if you recall, in d.c. and left empty-handed because there was an agreement between mnuchin and the chinese that there would be a deal and then the more hawkish parts of the administration walked it back and influenced the president to say wait minute, we're not actually doing that. and this has happened before. we know there is a consensus that additional talks have to take place because we can't be in this tit-f

. >> good morning, mnuchin. let's get to apple earnings.are more interested in this at number quarter outlook, looking for hints on whether the new line of ipads will be factored into that. >> well, everyone will be looking at the new iphone's. here's the thing with apple. i think they are transitioning into a different kind of company. used to be airborne got excited about the iphone's. i don't see that anymore. it's kind of like back in the old days, probably well before your time and people got excited about what a company like dell would come out with this new pc. we are long past that. fortunately, apple transitioning to a services company. they have the app store. they have the apple music. they have apple news. that is going to be their next transition. i think this is a very stable company. it's a great company, but i would say investing brilliance, this is a hold rather than a bite. >> i do remember dell and their products coming out. both get to elon musk and tesla. what are you looking forward tesla model preproduction going to b

this comes as steven mnuchin and the chinese vice premier have held private conversations on a matterhead of the next wave of tariffs this week. is said to beada frozen out of negotiations as the u.s. engages with mexico. for more, let's welcome -- from washington. let's tackle the china issue first. it seems right now that these are talks on talks. they are not actual talks, but on whether to research -- restart talks. what to we know about the progress they are making and the potential for actual talks? >> you have perfectly characterized it. they are talks about talks. it looks like the top it's too mnuchin and in china, there is a flurry of contact between the two sides on setting up talks wheren the principles on the u.s. china economic relationship could head to next. in the mists of all of these tariffs being lot that each other. but it is really unclear, if mnuchin is the most moderate voice in the administration right now, it makes sense that china would turn to the treasury department. the treasury secretary for many years has dan -- has been the point person. but the ultima

. >> treasury secretary steve mnuchin said today that the trade deal being discussed between the u.s european union will come in stages. during a i cnbcerview he said yesterday's talks with the european commission president is the staing point for resolving a lot of trade issues with the goal of eventually eliminating all tariffs. >> the first issue that will immeately begin negotiating is to resolve the issue on the retaliatory tariffs and phase one is to immediately resosve issues so there will be no tariffs in either direction. president trump has said that as ng as we're negotiating the overall agreement that there will be no newarfs in either direction. t> secretary mnuchin was tight-lipped abode relations with china, but he did say that the treasury is closely monitoring the recent t weakeni chinese currency. >> on capitol hill, the u.s. trade representive told lawmakers that he's hopeful a new nafta deal can be reached soon. >> hopefully, we are in the finishing stages of achieving an agrencent in ple that will benefit america's workers, farmers, ranchersnd businesses. >> sepa

mnuchin to win on the administration is paying close attention to the impacts on u.s. listen. >> i speak on a regular basis to many industries as well as people within the administration and we are monitoring the economic situation. we have not seen any negative impact of the wesley we are monitoring carefully the impact on uncertainty advisement. treasury secretary mnuchin will head to mexico with mike pompeo and other administration officials to meet with the new president to talk about nafta trade and immigration issues. gerri: earnings season kicking off this morning. results of the biggest u.s. banks, jpmorgan chase, citigroup and wells fargo to record their second quarter numbers before the bell today. jpmorgan to put a sharply higher earnings per share compared to a year ago. the strong results may not help breathe new life into the bank stocks with the yield curve between the 10 year and the two treasury yields have fallen to a fresh 11 year low. the flattening curve squeezes profits at the banks. fascinating reports today. >> it'll be interesting to see if the

part of the weekend that bothered me the most was amidst secretary mnuchin's meetings with counterpartsntina, there's no sign of off ramps, no meeting with china, no opportunity to discuss what china might specifically offer that will get tariffs lifted, and europeans pushing back hard against americans saying we will not negotiate with a gun to our head first you take off tariffs on steel, drop the threat of tariffs on auto, then we'll talk we are looking at the united states started a lot of fights and nobody knows how to end them >> right jim, i was going to go to you and say whether or not you think this meeting this week is more decisive than any china discussion in the near term. >> listen, obviously we're talking here, don't seem to be talking to china i'm not sure exactly what the end game looks like. for instance, an obvious deal would be perhaps for europe to get rid of auto tariffs, maybe we would get rid of 25% tariff on pickup trucks, light trucks the president hasn't mentioned that tariff, which would seem to be an obvious thing we might offer on deals i don't know what th

i want to welcome secretary mnuchin back to the committee.i appreciate your reply to my letter that i sent may 17. you reply just recently, the right letter was related to the transfer of the universal service fund to the department of treasury. i look forward to your testimony. during the q&a we alerted your steps you could be prepared for my questions. there are outstanding issues surrounding universal service fund that are important to both my irving constituents and ruled constituents as many of my colleagues rely on the services like the rural healthcare program, the connect america fund. in my district there are over 50000 households that subscribe to the lifeline, one of the programs that is supported. that connects disabled people poor people with jobs and healthcare. i appreciate hearing a detailed explanation of the regulations and staff you put in place to ensure the fcc continues to use the funds to provide telecommunications access and services will not be disrupted. the specific funds that you deposited into the treasury account

>>chris: with treasury secretary steve mnuchin, it's a "fox news sunday" exclusive. then the confrontation between president trump and his former fixer, michael cohen escalates over a taped conversation and claims the president knew about that trumped our meeting with the russian lawyer.he will discuss what it means for the special counsel investigation with the president's lead lawyer, rudy giuliani. >>> plus, getting to the bottom of what happened in helsinki. >> did he tell you whether or not, what happened to those two hours? >> yes, the predicate of your question implies some notion that there something improper about a one-on-one meeting. >> i didn't ask you predicate, i asked you a simple question. >>chris: we will talk about mike pompeo's hotseat. alright now on "fox news sunday". hello again from fox news in washington. the gloves are off in the fight between president trump and his former attorney michael cohen. the president lead lawyer rudy giuliani will be here to talk about why the - - is no longer in effect. but first, the republican plan to hold on to

mnuchin said the government is ngrking on ways to help farmers and industries bargeted by other countries as retaliation for increased tariffs. officials also said they expect discussions over the tariffs the ons. and china are imposin goods and what the u.s. calls china's "unfair" trade practices. a woman from cameroon found in psizedeckage of a migrant boat in the mediterranean sea arrived in spain today to receiveal care. the humanitarian group" proactiva open arms" rescued thwoman, who was found wit the bodies of another woman and a toddler. the survivor said she and the two others we left behind after a libyan coast guard ship rescued 158 people from a deflating dinghy. libya's coast guard denied abandoning anyone at sea. the rescue group requested a safe port in spain after italy said it would take in the woman but not the two dead bodies. read the story behind nasa upcoming parker solar probe on our web site, www.pbs.org/newshour. >> sreenivasan: eight years ago, the greek financial crisis threatened tf stabilityt only the 19-member eurozone, but e global economy, as well. now, gre