mnuchin: no. i've never had any conversations with the president or anybody in the white house about what we're doing with his tax returns. >> so this is all within the treasury? you're making certain decisions and we're not. sec. mnuchin: treasury, irs and the department of justice. we have consulted doj which is effectively our lawyers. >> how has at least the tradition of every other president releasing their tax returns, how has that played in your decision making? sec. mnuchin: it hasn't played into my decision at all. i think that's an independent decision of the president. the american public knew that he wasn't releasing his tax returns prior to voting for him and they made that decision. that to me is a personal decision of his and the american public. i have nothing to do with that. >> from our perspective we think there's something being withheld or covered up. but until a court ordered it we're not going to know. it's going to be all supposition on our part and that's just the way it i

secretary mnuchin: ok. first, let me comment on -- i appreciate the inspector general's work in raising this issue to us and to you. i think it's an important issue, and you have my commitment, we will work on that with you. i think the commissioner and i share that view. this is low-hanging fruit. now, on the second issue of unredeemed savings bonds, and i'd be happy to have a private meeting with you and your staff. i have spent time on this in preparation for this issue. so let me first say, this is not like other unclaimed property. ok. this is a federal obligation, and the federal government intends that any person who owns any of those bonds that we will give them back their money. it is not as simple as us having a list. some of this stuff goes back long periods of time. some of this information is on microfiche. the cost of us getting this information in many times in a way that will be useful to find the taxpayer would far exceed the amount of money that in many cases this is a couple hundred dolla

mnuchin: thank you. international insurance issue i did just give a significant speech last week on this. we'd be more than happy to get a copy of it to you. team usa is what we call the interagency group of regulators, very much focused on defending the u.s. state based regulatory system. thank you. we in this committee having an ongoing debate about how hard working americans are going to have access to the american dream and continue to deliver opportunities for prosperity to all. we all have to work together to keep our system competitive in the global economy but always put the needs of american consumers and businesses first. there are tremendous opportunities for american companies including companies in my district as we look abroad for those opportunities all throughout the entire world. on a personal note, i want to say thank you. you staffed up quickly when you took this position and incredibly. there are a lot of really high quality people at the highest levels of your agency and it's been fa

mnuchin is talking about xi and president trump meeting in june. >> steve mnuchin is testifying that,, he himself has no plans to travel to beijing, but president trump and president xi jinping will come face-to-face do 28th, june 29, at that g20 summit in japan. questionsry is facing from democrats and republicans, republicans who are increasingly skeptical. one of the lawmakers is a republican serving rural tennessee. he asked the treasury secretary about what he should tell farmers about the impacts of those tariffs. take a listen to what the treasury secretary said. >> if we can get a good deal, it will also be very good for the farmers. unfortunately, we were on track for that and have gone backwards. the president and secretary perdue are looking at various different programs to make sure, as we taken tariffs, we can use some of that money to support the farmers. i can assure you that the president is very focused on this. mnuchin alsoary urging for ratification on usmca or nafta 2.0. he says the lift of tariffs will help some americans, canedy and's, and mexico. is chairman of

liz: let me jump in before we go, it is the way that steve mnuchin couched it.f he just gave some lip service and said we know it hurts but you have to take one for the team right now. he said no, it is going to be fine. wilbur ross holding up a can of soup saying oh, you know -- >> i think you make a good point. if i were trying to sell this to the american people, i would say look, this is going to hurt. no question about it. we are in an epic battle with the chinese. this is a good time to be confronting them when we have a strong economy. their economy has faltered. at the end of the day, i believe we're going get a deal with china. it is not going to be a great deal, but it will be better than the situation we have right now, and it will be good for american farmers and manufacturers, and yes, obviously steve forbes is right, you know, when we go to wal-mart and get all this cheap stuff from china, that's a good thing for us. i'm not arguing against that. i think we can get a better deal >> what about the hot tub, steve? [laughter] liz: thank you very much.

secretary mnuchin also saying we have seen a big change in direction on the trade talks. lot of pressure on futures at the moment. during the trading session, during the regular session, the s&p 500 managed to recover some of the earlier losses. the s&p 500 have fallen as much as 1.6%. it closed down .5%. the pressure was mostly from the tech companies with exposure to china, not to mention machinery firms taking a hit. the dow was down one quarter percent, while the nasdaq was down a quarter percent. let's see how we are saving up in asia. asian markets back after the golden week break. sophie: we also have returning from the long weekend. currencies and commodities in the crossfire. nikkei futures carried monday's steep decline as japanese traders face a steep return. reporting today ahead of honda in the week. asx 200 may have recovered somewhat after being dragged lower on monday. chinese stocks 5.6% lower. flipping the board in australia, the jury is out on whether the rba will cut the rate. we will find out midday if the governor will make a more explicit shift to e

ticket terry mnuchin also saying -- secretary mnuchin also saying this will head to the judicial branchrnment to settle whether or not president trump should release his tax returns. that has been a common thread from democrats, including senior ranking democrat chris coons of delaware. guy: i appreciate that it is like reading tea leaves, but in terms of the overall impression, do you get the feeling that mr. mnuchin still expects a deal to be done? rhetoricat is the coming out of the treasury department, but you are absolutely correct in terms of it really depends on who you ask and which branch of government that you ask. i just interviewed senator marsha blackburn. we will play that later in the day. she is a republican from tennessee. that there is bipartisan agreement unpredicted the u.s. from chinese telik munication firms, and says there is -- chinese telecommunication firms, and says there is apprehension on the issue of tariffs. it is that dynamic that the treasury department is having to maneuver through, and secretary mnuchin has urged patients on how the dynamic is playing

mnuchin's explanation for the delay? the treasury needs more time to address, feiting issues. or is it possible mnuchin is too afraid of denominating andrew jackson to the back of the bill. joining me now valerie jarrett, author of finding my voice, my journey to the west wing and the path forward. valerie, always great to see you. even in these circumstances. >> absolutely as we celebrate memorial day and all those who sacrificed for our country. >> and harriet tubman was also a civil war hero. >> absolutely. >> the idea of not honoring her in this way when this was already sanctioned by the obama treasury secretary, what do you make of it? >> it is insulting not just to african-americans and women, but to anyone in our country who wants to celebrate an american hi hero. and the fact that they use the excuse that it has to be not

she did hear from secretary mnuchin this morning.mnuchin's argument satisfy your questions about why he will not it uturn these returns over? >> it did not. the law is clear. it says the secretary shall provide the tax returns. the fact that the staff memo is absolutely correct in its legal interpretation. so what it says is what we all believe, what we know to be the law. in fact, secretary mnuchin was before the committee today because of the statute that says he shall appear before the committee. shall means you must do it. and so that's exactly what this irs staff memo says. so it's very clear he must turn over the tax returns and there is no excuse for that. >> here is the issue. if he must turn them over or else, he made the argument there is no have i have reason, the irs agrees. now we are in the or else category. how do you actually get them? >> i think we can look at subpoena powers to do this. i think we can continue potentially go to court to enforce the treasury statute that exists's in the u.s. code that these tax retur

mnuchin is testifying on the hill today.tion, which is a good one. >> is this binding in any way? in other words, is this just an opinion written by a lawyer? is this an irs policy that will have implications for, say, treasury secretary mnuchin responding to a subpoena from a congressional committee to get these tax returns out? >> no, mnuchin is not bound by this decision or memo at all. he's free to make his on opinion. he can overrule the judgment of subordinates at the irs. to that point the irs commission ir-charl ir-charl ir-charl ir-charles red ig said he can overturn the tax returns. >> jake, how worried do you figure steve mnuchin is about this memo? considering the administration's policy clearly is delayed and denied on every aspect of congressional reques story is terrific because it gives a peek inside an agency that's holding on to documents despite what appears to be clear language in the statute. but i will say this, all of these things -- and this plays into what mika said at the top about impeachment, all

secretary mnuchin and u.s. trade representative robert lighthizer have not spoken specifically with liu he, the vice premier, but they do expect him to be at those meetings on thursday and friday. if they cannot come to an agreement after thursday, at 12:01 friday morning, we are told the tariffs will go into effect. there's no maybe in their language. the tone of this pen and pad, the tone of this meeting between treasury secretary and u.s. trade representative changed completely from what we had heard. this will happen. >> is this completely predicated on the i.p. theft session? it seems like they were able to come around on a lot of other parts when they had been negotiating with the chinese. is this the hangup, that that is happening in the negotiations? reporter: it's not one specific section. we are told it's across multiple sections. the insinuation is that yes, i.p. theft is one of those, but again, they said basically, the entire agreement, they are going across the entire agreement and rolling back co

mnuchin's statement made it sound like it was his judgment. no.is clearly coming from the top. the law says, shall furnish. the reason it matters in politics and law is we are careening toward the constitutional crisis people feared, where the presidency, the executive branch, is saying it is not required, does not need to, and will obstruct any checks and balances and oversight from congress. it is resolved in courts, but that's where the politics come in. if they the roll it until after election, it is effectively meaningless. >> they're considering holding don mcgahn in contempt if he doesn't appear. that's being decided, sounds like, today. bill barr, they're negotiating whether or not barr will give the unredacted mueller report. that's also being negotiated today. do you think -- i mean, this is a political question, but do you think -- >> while we're chatting. >> while we're talking, do you think they care about being held in contempt? legacy speaking, legacy, is that a big deal? >> i think they care about losing quickly and being held in c

listen what secretary mnuchin said on capitol hill about the trade talks, gary. >> we were beginning a date for the two presidents to meet and a signing ceremony. i think it would have been the most, biggest change in their economic relationship that we ever had and unfortunately china is taking a big step backyards. now sometimes you have to go backwards before you go forwards. i'm still hopeful we can get back to the table. the two presidents will most likely see each other at the end of june. dagen: are people being too optimistic about this getting done, gary? how do you invest money? there was a great story in the "wall street journal" called, trading a trade battle. the markets don't appear ready for that? >> i can tell you i'm not interested in going near boeing because china may use them as a pawn. caterpillar, wouldn't go near that. anything trade related i'm pretty much avoiding here because i have to tell i, it feels like we're watching brexit. we're three years almost, got voted on brexit and nothing's done. i think we're about 12 to 18 months of this and looks like we're

we took a light lower as mnuchin told reporters he has no trips planned.ur road map begins with qualcomm in a trust fight, shares are down after a federal judge says the company strangles competition. >> nordstrom and urban outfitters are tumbling. target is at the right spot. >> doj staffs block the t-mobile merger a federal judge ruled the company unlawfully hinder competition in the mobile phone market the judge cisided with the ftc the chip maker strongly disagrees with the ruling and will seek an immediate appeal. you will walk us through what it means this morning, david. >> 233 pages, so you can imagine a lot of people are going through that at this hour in california and new york trying to understand the ramifications. the judge during the course of the trial had been seen perhaps going against qualcomm it has been a long time since those arguments ended and we have been waiting for the decision some say she's basically discredited every single qualcomm witness and gives a lot of credit to the witnesses that provided by the government the ftc was c

are you planning to take action against mnuchin? >> he has until 5:00 obviously, that was the deadline. but i anticipate they won't meet that deadline and the result will be that we will likely proceed to court as quickly as next week. >> do you plan to consider holding mnuchin in contempt? >> i don't see that right now is an option. i think the better option for us is to proceed with the court case. >> we will likely proceed to court as quickly as next week. while the black letter of the law appears to be clearly on the democrats' side, this latest stonewalling by the white house on a request is not a surprise. while the battle over the president's tax returns will likely be the marquee court fight, it is one of approximately 20 different congressional investigations that the administration is either ignoring or saying either ignoring or saying flat out no to. some of these fights have received less attention. the white house continues to rebuff democratic attempts to get information on the white house security clearance process. a

mnuchin has missed two previous deadlines to produce returns.retary is expected to deny the house's request which congress is legally allowed to make, meaning the decision will now more than likely head to the courts. joining me now to discuss this, the founder of dc.org. he's also the maker of donald trump. you write that the irs is required to cooperate with these requests saying, quote, if they follow the law, they absolutely have to hand them over after a 1994 anti-corruption law which was passed after a scandal. congress can look at anybody's tax return at any time. it doesn't seem like mnuchin is going to comply, though. what happens now? >> no, it doesn't seem like he's comply, and by the way, the president has the exact same authority to look at anyone's tax return by simply asking for it in writing. the likely outcome is that the house ways and means committee chairman, richard neal, will get a vote to take the president's team to court. and both mnuchin and charles reddig, the irs commissioner, who is the person with the technical lega

will democrats hold mnuchin in contempt? >>> plus the fight for 2020. it's a county president trump barely flipped, but he won it. he needs to hold onto it. can he? >> where are places like saginaw going to be in 2020? >> from our perspective this is ground zero. >>> and before heading off to prison michael cohen takes a parting shot at the man he once said he would take a bullet for. >> there still remains much to be told, and i look forward to the day that i can share the truth. when you get a wireless plan, wouldn't it be great to get a phone too? switch to sprint and get an unlimited plan with the samsung galaxy s10e included for just $35 a month. it's a big deal. [ chuckles ] so, what are some key takeaways from this commercial? did any of you hear the "bundle your home and auto" part? -i like that, just not when it comes out of her mouth. -yeah, as a mother, i wouldn't want my kids to see that. -good mom. -to see -- wait. i'm sorry. what? -don't kids see enough violence as it is? -i've seen violence. -maybe we turn the word "bundle" into a charact

mnuchin also said a u.s. china trade deal as he envisions it would be a huge opportunity for american workers and companies. plans to delay imposing tariffs on auto imports. the president will put the duties on hold for six months to avoid blowing up trade talks with the eu and japan. the tariffs would be based on the same national security grounds involved in controversial u.s. tariffs on foreign steel and aluminum. had planned retaliatory tariffs on $20 billion worth of u.s. goods. the united nations envoy for yemen said there are signs of hope but also warned of what he called alarming signs that progress can be threatened. martin griffin's told the un yemen remainsil " at the crossroads between war and peace. -- piece." 28 -- theound it in war corrupted in 2014. two students accused of opening fire at their denver school have been charged with murder, attempted murder and arson. the charges came on the same day as a memorial service for the student who was killed in the shooting at the stem school highlan

is on a tear in the first quarter better than expected rates three.2 percent and i asked secretary mnuchin of the better-than-expected economic numbers with gdp and what the secretary attributes the success. this is a foxbusiness exclusive. >> it was very impressive and a result of the president's economic program with tax cuts, tax reform, regulatory relief. not only is that a great number of the first quarter is normally 1 percent lower than usual and the government shutdown was 30 basis points four.5 percent unadjusted quarter. maria: how much of a runway do those policies have with a boost in the future quick. >> last year people said we would never get to 3 percent. we did then people said the economy was slow down. i think the president's economic program will continue to show strength throughout the year and this is the bright spot. europe is slowing in china is slowing in tremendous money coming into the us economy. it looks very clear for the next year. maria: what about the europe slow down? people feel that has to hit the us at some point how significant is that quick. >> no que

mnuchin has said and treasury said in a statement that mnuchin never reviewed the memo.a chance i guess that they were unaware of it and that's part of the reason that mnuchin denied the request. that said, a lot of legal experts have been pointing out for months the law seems clear here. and it's inconceivable that mnuchin wouldn't have read some of the disagreements. >> the irony is that -- actually, first of all, if there's no signature and date, how do you know it is from the irs' attorney or legal office? >> well, we were able to confirm when we reviewed the document with people close to it. when we went to the irs yesterday they confirmed in a statement that this memo did exist and it did originate in the office of the chief counsel. >> so, shan, it's pretty damning when someone in the office of the chief counsel of the irs writes a memo, even a draft memo saying you can't not hand over the tax returns. it backs up pretty much what every legal expert has been saying about this? >> i think that's an easy assignment for that lawyer. the plain reading of the statute s

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i think treasury secretary mnuchin has -- who has already blown two previous deadlines now has until friday to comply with house ways and means committee chairman richard neal's newest subpoenas on the treasury secretary to provide the tax returns. this comes after richard neal previously tried to enforce an obscure legal provision that says that a select group of top lawmakers can see and have access to any taxpayers' tax returns but ultimately decided that that tactic and that way of obtaining president trump's tax returns was going to be too legally risky since it was unprecedented. so neal announced they were taking the measure of issuing subpoenas. but as we've seen with the last few subpoenas that house oversight has requested of the white house, you know, these haven't necessarily panned out, and again, you know, there is an unprecedented amount of, you know, unwillingness to cooperate with congressional oversight here that is going to put a test to the courts and you know, cause a very pro tracted legal battle to play out. >> we heard mnuchin -- when mnuchin rejected the requ

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it is something very important to steve mnuchin, the treasury secretary. mitch mcconnell, the senate majority leader thought they might have a deal by end of yesterday. they didn't quite get there. one wonders whether they get there, connell. connell: one does. what a mess. melissa. melissa: here is to react strips coglianese, dale at this caller executive editor. this is such a mess. this is business show. let me ask you money questions about this. nancy pelosi said moments before she knew she was going over to talk about infrastructure, she said the president is involved in a cuffup right now, still perpetrating. she knew that would blow up the infrastructure meeting. why do you think the democrats would want to do that? that is spending. that is building. seems like it is one of their good issues. good for the economy, what do you think? >> nancy pelosi is try aging her problems. top among them are holding the caucus together. democrats are furious at donald trump. they want to impeach him from office. some percentage of our caucus does. she thought tod

what is the reasoning mnuchin is giving for denying the president's tax returns? >> he fired off a letter off to capitol hill to the ways and means committee chairman saying this is an unprecedented request and raises serious constitutional questions and on those grounds the treasury secretary is saying you're not getting the president's tax returns. this is probably one of the least surprising stories of this year, anderson. the white house, the president's private legal team have made it clear they are not going to willingly turnover the president's tax returns and i talked to an administration official earlier this evening that said at this point it appears the justice department quote is prepared to litigate on this matter if the chairman takes it to the courts, which is the expected next move, anderson. >> not surprising, the president's been trying to keep his tax returns out of the public's sight for the last three decades. >> that's right. the president's legal team has gone as far to block major banks like deutsche bank up in new york from cooperating, th

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the committee's request lacks a legitimate legislative purpose. >> trevor: in case you're lost, mnuchinsaying the i.r.s. won't hand over trump's tax returns because the democrats have invented a fake reason to see them. but here's the thing, many legal experts say that the law is on the democrats' side. if they have a reason, they get to demand trump's tax returns. it doesn't matter if you think the reason is bullshit. that's just how it works. that's how america's laws work. it's the same way a president can declare an emergency at the border just to get his wall. it subject have to be a real emergency, it can be just, folks, these mexicans, so dangerous some of them can even come back from the dead into our land. i saw it in a documentary called cocoa. sorry, folks. so dangerous! ( cheers and applause ) so dangerous. and it turns out, this full-grown ve ventriloquist dumy isn't the only trump official in trouble with congress now. >> house judiciary chair jerry nadler considered for contempt of congress for attorney general william barr scheduling a vote tomorrow after barr refused to

any word from the treasury secretary, steve mnuchin tonight? >> not yet. it's something we're expecting any moment. the treasury department laying out in a letter to richard neal, a democrat, that they would respond in full whether or not they would be willing to turn olympic the president's tax returns, plus tax returns for eight of his business entities by today. but not to play spoiler here, wolf, the reality is there's no expectation the answer will be "yes." as you can see from the treasury department's letters to the two deadlines they've already missed, they have significant concerns, significant problems, they say on constitutional grounds with this request, and what this means, not unlike what we've seen with the mueller report and what we've seen on several requests to the house oversight committee, this is at some point going to wind up in court pem court. everything house democrats are doing on the investigative front, they're not getting compliance on the subpoenas, and that means contempt votes may be coming, more votes may be coming, but eve

if mnuchin does not comply, do you expect democrats to stick to their word? into some sort of a standoff? >> potentially. if they have an opportunity to see oversight, they have subpoena power. you will see them make sure they are doing their job. i think the committee is authorized to do that. i think we'll see in the coming days or weeks what democrats will end up doing to make sure that they get trump's tax returns. >> so this new article in the washington examiner, brian, it says that the president is gambling, that he can stall democrats tax returns demands. it can go past the 2020 election. do you think turning this into a court battle plays right into his hands? >> well, yeah, but i also think that it's wrong for congress to try and use their power, their over sight power just to help whoever the democrats are going to nominate in 2020. when you look at the law, the law does say that congress has a right to get tax returns but that doesn't include the right to get them to disclose them, just to help for partisan purpose. >> no, no, no, no, no, wait, br

i think what steve mnuchin did is completely unsurprising. mnuchin is a loyalist to the president, i think that his body language for months had indicated that this is what he was going to do, ever since democrats took over the house and made clear they were going to go for the president's taxes. what's interesting to me about what mnuchin said in explaining why he is not doing it is he's healing to the same line thoot trump organization did when it filed a suit to try to quash subpoenas against two companies related to the president's financial records, which is these serve no legislative purpose. so what you are seeing the broader trump orbit try to do is relegate congress' only role to legislation. that is obviously not congress' only role, oversight is part of their role, too. it's going to be up to a court to decide at this point whether trying to get the taxes is part of the oversight or not. >> and winning may not be the ultimate goal here. >> right. >> the delay might be enough. >> that's right. >> the delay could easily work in the a

for steven mnuchin. he was pressed on whether the administration moberly's donald trump's tax returns. he said that is a matter for the court. switching to tariffs on trade. not just china, europe. he has said he is still optimistic for there to be some type of trade agreement. after the hearing, i was as can briefly about specifically the chinaable of the u.s./ trade agreement, and he anticipates in the next few weeks that he will head to beijing, likely before the june 28, 29g20 summit in osaka, japan for president trump and xi jinping will meet face-to-face. the house transportation committee hearing testimony from the acting faa director, daniel elwell. this comes after the committee is investigating going. they want to get answers for how the faa is acting in the global space, and particularly on the breakdown between global regulators and u.s. regulators. there has been a lot of pressure on boeing for their response. but on the riverside, boeing says they are working closely investigating to ensure

mnuchin. mr. mnuchin and mr. rettig. we'll start there. say we'll start there. >> so if you do get access to the president's tax returns at one point or another before 2020, and you find that the president has abused the tax laws in this country, you find that his organization has abused the tax laws in this country, what's your plan from there? >> it seems to me that impeachment is proper and we should discuss it and lay the evidence on the table and have the house vote, and then hopefully go to the senate and they'll make especially their minds as well. >> thank you so much. appreciate you joining me tonight. >> you're welcome. >>> coming up, everybody, climate change becomes the new big debate in the democratic party with bernie sanders throwing down the gauntlet to joe biden. that's next. den. that's next. oh yeah. now i'm ready to focus on my project. ♪ ♪ this is why we plan. ♪ ♪ you never cease to amaze me, maya. see how investing with a j.p. morgan advisor can help you. visit your local chase branch. and relief from symptoms caused

. >>> secretary mnuchin will not fulfill that request for six years of the president's tax returns. >> the reason they want the tax return is to try to further embarrass him. >> this is stone walling. that can't go on unless congress is prepared to roll over and play dead. >> congress shouldn't be calling people's tacks ju taxes just to if they can get dirt on the person. >> announcer: this is "new day wday" with alisyn camerota and john berman. >> could contempt be the work of the week? no certainly seems to be the word of the morning. steve mnuchin, treasury secretary, is saying no to an official request from the ways and means committee to turn over the president's tax returns, saying it lacks a legitimate legislative purpose. for what it is worth, there is a law that says the irs shall furnish the returns on requests from congress. mnuchin's move sets the stage for a legal battle, one that could be a long legal battle over the president's taxes. >> justice department officials and house judiciary committee staff will meet today to try to work out a deal for a congressional access

you know, sitting in the meeting with secretary mnuchin and u.s. trade representative robert lighthizer, it seems that there probably is not a chance that these tariffs not be in place. they will be in place, according to robert lighthizer, starting on friday. they do expect them to be imposed. they don't expect, it seems, an agreement to come off the meetings this week. they believe the chinese have basically done an about-face on this trade agreement, going back on almost everything in all of the multiple sections that they have already closed. lou: you know, a remarkable retreat for the chinese. and speaking of losing face, they're losing immense face around the globe. ed lawrence, thank you so much. appreciate it. reporting from the white house. >>> our first guest tonight says the united states should, in fact, raise the section 301 tariffs until china stops stealing our intellectual property, our technology. joining us tonight, gordon chang, columnist, author, senior fellow at the gatestone institute. this is, as i say, a remarkable retreat o

>> steven mnuchin has said repeatedly he's not giving the documents over.en democrats were going to take the house and seek tax returns. they do not have to have a legislative purpose. they can only not give the tax returns over by citing executive privilege and that would be unclear whether that would work or not. the memo says after studying the law the irs attorney decided the only way to do it was citing executive privilege. >> you said that this memo was a draft. do you have a sense why it was written in the first place and how widely this was debated i guess? >> as the democrats are taking over, different agencies across the government, different departments began looking at what potential oversight there would be, what requests they were likely to get, what demands they would get for documents, interviews, who might be subpoenaed. in the irs chief counsel's office they began looking at tax returns. treasury department says to us repeatedly and now publicly to others that steven mnuchin and top leaders at treasury never saw this memo. it's unclear if

as you heard treasury secretary mnuchin said they are not coming back today. the chinese responded through a spokesperson, the statement for the spokesperson about the chinese foreign ministry about the tariffs, quote, we hope the u.s. side will work with china for a bilateral relationship featuring coordination, cooperation and stability to achieve the goal the two sides need to meet each other halfway. but the talks really have stalled now as u.s. trade representative saying china has gone back on the concessions they have made on multiple sections of this agreement. the u.s. trade representative saying he is not willing to go back to negotiate on those sections that have been agreed upon. possibly inside they talked about the 10% of the agreement left to go forward. vice president mike pence believes there still can be a deal of. listen. >> president trump said he received another good letter from president xi. he has a strong relationship. we believe a deal is possible. what president trump has made clear we think we're in a very strong position either way

>> we heard from mnuchin that 90% of the deal was complete. they heard that the chinese were backpedaling on some of their promises. we do not know what is next. as long as he still wants to come to d.c., he should be leaving in the next few hours to make it to d.c. on time. we would expect possibly an announcement of a meeting between the two presidents. so far, mnuchin said, lighthizer said, and trump has said that on friday, at 12:0 1:00 a.m., those a.m. those tariffs will come into effect. we will see whether there will be any backtracking on that threat. emily: what is the likelihood that this decision gets reversed. saleha: in washington, you never know where we will be heading. one trump tweet could say, we've decided not to go through with the tariffs. this threat is not an empty one. the president is not afraid to follow through on his words this time. emily: coming up, it is a big week for uber as it continues its roadshow and heads to the public market. but, will the debut live up to the hype? you are listening on the bloomberg app,

steve mnuchin refusing to release them.

house democrats also going after president trump and treasury secretary mnuchin today to release the president's tax returns. we will show you the threat even one democrat warning steve mnuchin you should seek personal legal advice. the outreach is growing over that and more. we have a growing number of states writing new laws to try to get a sitting president's state tax returns released. we will debate the big constitutional privacy fight in the making. we will explain it all. to the tensions in the middle east. watch this, iran's hard-line ayatollah for the first time publicly scolding iran's president for botching the nuclear deal under obama. this as the u.s. air force is flying b 52 bombers with escorts in the skies there. it is a message to iran, stop the bad behavior. just in, the pentagon weighing a request to send an additional 5,000 troops to the middle east. we're on that story. plus we will show you the major flip-flops from the likes of joe biden and democrats, flip-flopping on major policy issues affecting you and your family. we understand it is one thing for politici