mnuchin: i think the president was clear. if they want to come back to the negotiating table, he's ready. if not, they won't. for people who say these are symbolic, that's not the case. we have literally locked up tens of billions of dollars. these sanctions will come along with additional entities where people are hiding money. no, these sanctions are highly effective. reporter: mr. secretary, we've seen the attack on the oil tankers, we've seen the attack on the drone. what makes you think that these sanctions have been effective? mnuchin: they have been very effective in cutting off funds. going to the irgc and other people. i can only presume, i am not going to presume why they are doing things, but these are highly, highly effective on locking up the iranian economy. as the president said, we look forward to a time in releasing sanctions if they are willing to negotiate. reporter: when you talk about sanctions on the supreme leader, that is as high as you can go inside iran. could you give us the thinking as to why the a

treasury secretary steve mnuchin tells us president trump will make his next move on the trade war with tariffs but won't back down. >> if china wants to move forward, we're prepared to move forward. if china doesn't want to move forward, president trump is perfectly happy to move forward with tariffs to rebalance the relationship. >>> fiat chrysler wants to revive and thomas cooks is in talks with the sale over the tour operated business. >>> u.s. president donald trump has announced he will not introduce tariffs on mexican goods. they were supposed to take effect today trump now says he'll suspend them indefinitely. the auto sector struggled quite badly since so much of the global supply chain is built around that u.s./mexico trade relationship germany is closed today. let's take a look at how the auto stocks are doing today. sit tron is up 1.2%. renault up 2%. fiat chrysler 1/3 of a percent the closely watched u.s. surplus is $26.89 billion in may that's a number closely watched by mr. trump that's almost $6 billion higher than april you look at how the easing of u.s./mexico trade te

steve mnuchin sitting down with cnbc let's get to nancy hungerford. spoke with the treasury secretary. nancy? >> reporter: hi there, brian i did, indeed. no doubt about it, secretary mnuchin saying all of the finance ministers meeting here for the g-20 meeting were happy about that news around mexico. for the japanese, the automakers weren't happy. they were very concerned about the u.s. and china and where we head from here i asked secretary mnuchin about what went wrong. here he was meeting with the pboc minister for the first time that's critical. we spoke to him after that meeting so i did ask for more information on where we stand today. take a listen. >> i think we were -- we had a deal that was almost 90% done. china wanted to go backwards on certain things we've stopped negotiating. if china doesn't want to move forward, then president trump is perfectly happy to move forward with tariffs to rebalance the relationship >> reporter: so there you have it the comment from secretary mnuchin saying they are very happy to move forward with tariffs if

why did secretary mnuchin say it couldn't be unveiled until 2028?am serwer and david swerdlick. we gave that explainer. i hope everyone got it. so adam, you say the fact that the trump administration put so much effort into preventing a wholly ornamental gesture against white supremacy tells you a lot about where they're coming from. explain that. >> look, i mean, this is -- putting harriet tubman on the $20 bill doesn't solve the wealth gap, it doesn't fix health disparities between black americans and white americans. it doesn't end police brutality. it doesn't address mass incarceration. it's a wholly symbolic thing saying that harriet tubman is at the level of our founding fathers in terms of being one of the most significant americans who ever lived and shaping the course of the country. so to say, you know, actually we're just not going to put her on the $20 bill anymore and also mislead the public about reasons why you're not doing that i just think is extraordinary. it's not as though this is something that cost the trump administration anyt

coming up, futures jumping on secretary mnuchin's comments on a u.s.hina trade deal is 90% of the way done. how did china's economy perform last quarter >>> then later, our guest host for the next hour is stephen moore. he'll weigh in on the fed's next move, the state of the economy and -- >> and crypto. >> he's a bitcoin maven with bitcoin now at 12,500. stay tuned you're watching "squawk box" on cnbc >>> welcome back u.s. equity futures at this hour have been higher we've been watching this through the morning. steven mnuchin was interviewed earlier on cnbc by hadley gamble he said that he's hopeful about a china trade deal getting done. said they're 90% of the way there. they've been 90% of the way there for quite awhile he sounded optimistic will u.s./china trade talks >> i'm hopeful that we see a deal, but there needs to be the right efforts in place. this is not a deal for the sake of having a deal we were about 90% of the way there. we'll see what we get. >> stock futures did hpop on the news this is not the first time an administration official

i did discuss this issue with secretary mnuchin and i asked him whether he believed that china would want to see some concessions made around the huawei issue before they would move forward on the trade discussions. take a listen to what he had to say. >> the huawei discussions are national security discussions. they're separate from trade. both we and china have acknowledged that in our discussions. now, of course, president trump when he has the meeting, to the extent he gets certain comfort on huawei or other issues, obviously we can talk about national security issues, but these are separate issues. they're not being linked. >> the president has said they could be linked. >> i think what the president is saying if we move forward on trade, that perhaps he'll be willing to do certain things on huawei if he gets comfort from

of chinae's bank governor and steve mnuchin met on sunday.ot raise hopes that anything would come up in a press junket. he said the talks were candid and constructive. that is better than acrimonious. bottom line, they did water down communique to the take out certain words. it leaves this meeting with the same shadow hanging over it which was here when it started. that is what will happen with this u.s.-china trade war. headspace backdrop in the photo, quite a powerful metaphor. let's talk about some of the other discussions. was there an agreement that the world might need more stimulus? >> it's interesting. everyone agrees it may. they are ready to do it. many of them say, maybe not just yet. the indonesian finance minister saying the move by the fed to open the door to rate cuts is a plus for indonesia to follow along. there is a downside aspect. they're cutting because the economy is slowing. that is not good for her economy or emerging markets. , marioopean central bank draghi said, if this gets bad enough, we will not only by more bond

a lot of people nay saying on this, but mnuchin said there is potential.also said we're at 90% at a deal with china. >> you've been bringing us a lot of big interviews. a lot happening in your region glad you're there. thank you very much. >>> coming up, rocking retail. believe it or not, we found a bright spot at the mall. it's got us scratching our heads about the health of the u.s. consumer >>> and up in smoke what one major u.s. city did that could be a big blow to big tobacco details when "worldwide exchange" returns. the first survivor of alzheimer's disease is out there. and the alzheimer's association is going to make it happen. but we won't get there without you. visit alz.org to join the fight. every day, visionaries are creating the future. ♪ so, every day, we put our latest technology and unrivaled network to work. ♪ the united states postal service makes more e-commerce deliveries to homes than anyone else in the country. ♪ because the future only happens with people who really know how to deliver it. >>> welcome back and good morning. thank y

wouldn't it be better to spend that time, and i want to give our secretary mnuchin a lot of credit. in the very first meeting when he walked in with the chief of staff mick mulvaney, it wasn't just some formal meeting, ok, let's sit down and have talks. he said i'm willing to make an agreement today, something i have not seen before. i think we spent more than five hours on it. he wanted to get to agreement. unfortunately, others in the room do not. they want to continue increased spending, and that is not a place that we can go. >> you just left a secure briefing on arend. what can you tell us at this point, and what is your reaction to the downing of the drone? do you think retaliatory measures should be taken at this point? i sayon -- >> what publicly, it is unacceptable, droneng down the american in international waters. it is unacceptable for any country to do that. iran knows it is unacceptable. what we have watch publicly go tankers, thembing uavs were able to capture that for the world to see. we've now heard of other shots being fired into saudi arabia. some reports i saw t

lets kick off the programme with the ongoing trade conflict that is us treasury secretary steven mnuchinsaid that the us and china are close to a trade agreement. he said he is optimistic progress can be made during talks between donald trump and xijinping at this during talks between donald trump and xi jinping at this week's 620 summit injapan. the bbc‘s samira hussain has the latest from new york. that optimistic tone from the trump administration was enough to send us financial markets higher, a clear sign that investors are really looking for a trade deal between the us and china. that said, similar notes of confidence have been uttered in the past. but, as we know, those talks ultimately fell apartand know, those talks ultimately fell apart and resulted in an increase in duties on some products going in and out of china. now, many trade watches are feeling somewhat optimistic about the upcoming meeting between us president donald trump and chinese president xi jinping on the sidelines of the upcoming 620 summit. there is little expectation of a deal being signed at this meeting, bu

said i would throw the book at these guys, also suggested fining mnuchin. seen the chairman, representative neal, more hesitant to take those moves. what should your committee do next to get the president's tax returns? who is right? >> just to be clear, the law is completely on our side, as we now know, secretary mnuchin's own internal lawyers found he had absolutely no discretion to refuse what is clearly stated in the law, and that is to turn over the tax returns once they have been requested by the chair of the house ways and means committee. so in terms of what we do now, obviously, this is being fought out in court. i personally happen to agree with representative doggett. we have the ability to fine, i believe, upwards of $25,000 a day civilly. i think we should do that. what this administration is doing, and it's not just on this matter, they are completely refusing every single subpoena and request for testimony that congress has launched. that's completely unprecedented. that's really dangerous. and here's why. put aside the issues for a second, t

mnuchin of the iranian economy.t going to stand for anything more from that government. guys. >> hadley, thank you. >>> joining us now to discuss what all this means for the market, advisors investments chief investment officer victim lowell how do you position for a key v event risk like g20 and a lot of hopes about a federal reserve next move? can you be bullish >> you take a balanced approach. none of the issues that the fed is concerned of what they refer to as cross currents we are ware of the importance of the g20 meeting. we know that earnings are coming down the pike. we know that iran hovers over this market ever more closely in terms of tensions there. we also know now, july 17th, mueller investigation testimony will probably reignite some uncertainty, some volatility all of that is very near term and uncertain in terms of the outcome. so we take a risk ware approach. we are very balanced in terms of capitalization we are balanced in terms of region we are balanced in terms of asset classes. our growth ori

mnuchin came out and said there is now 90% of the way through a trade deal. he also said it is likely that even if we don't get a deal this weekend, we will probably get a kicking of the can down the road, so the next trench of tariffs won't go into effect. but we've heard this many times before. what is actually in that last 10%? else?ip, or something there are other parts of the trade deal that are more difficult than others. carol: you have companies making a lot of different decisions, changing their supply chains. they are thinking longer-term. they don't want trade talks to upset their operations. mark: absolutely. there's an immense amount of damage that hasn't yet factored into the economic data because capex has massively been slowed. businesses do not know with any certainty what is going to happen next. that increased uncertainty on the fed side and the trade side means it is harder to make decisions. ultimately, business want to try to bypass the u.s. if they can. they obviously can't if they are a u.s. business selling to a u.s. consumer. if the

last month, treasury secretary steve mnuchin announced an obama-era plan to put harriet tubman, a famedlitionist, on the $20 bill, to be unveiled in 2020, would now be delayed until at least 2026. mnuchin at the time calling it a security issue. >> it is my responsibility now to focus on what is the issue of counterfeiting and the security features. >> reporter: but tonight, "the new york times" is reporting a preliminary design of the bill was almost finished, created before president obama left office. in a new statement to nbc news, mnuchin standing by his decision, saying, "the suggestion that this process is being stalled is completely erroneous. and the bureau of engraving and printing writing in a statement,scrapped" and they "never planned to unveil" the bill's design in 2020. but the timing of the delay causing controversy. on twitter, some calling it a political move to delay the replacement of president andrew jackson, a slave owner, with tubman, with the projected release date coming after president trump would leave office blayne alexander, nbc news >>> there's a lot more t

last night, mnuchin rejected house democrats' demand to hand over trump's tax returns. ( as mnuchin ) "you can have his tax returns when you pry them from my cold, dead hands. right now they're just cold." ( laughter ) so, trump doesn't want mueller to testify. we can't see mcgahn's notes.we s not covering up is just around his eyes. ( laughter ) ( cheers and applause ) sure, sure. that's what's going on. what'going on. rump ) "look, i'd show you the rest, but my face is under audit." ( laughter ) now, they demanded trump's tax returns under a 1924 law stipulating that the secretary "shall furnish" such records to congressional committees. "shall." you know it's important when you say "shall." only god uses "shall." "shall," rarely seen outside of stone tablets. but mnuchin claimed the request "lacks a legitimate legislative purpose." well, there you go. there you go. he stops it. he stops it. congress wants it, they've got the law, but it doesn't happen because it's right there in the constitution: "all legislative powers herein granted shall be vested in a congress of the united sta

among those waiting outside is steve mnuchin, ivanka trump, the president's daughter. his son-in-law there waiting for these private one on one talks to end. you know, it's interesting here. you have two very powerful

treasury secretary steve mnuchin within the hour >>> and thyssenkrupp shares get a lift on a report of a possible offer by engineering firm kone for the elevator unit. >>> and european chip stocks rise after micron beats third quarter forecasts and resumes shipments to huawei despite a washington ban on the chinese tech giants. >>> good morning the federal reserve chairman, jerome powell, has warned that the outlook for the u.s. economy has deteriorated since early may thanks in part to uncertainty about global growth and trade. powell said publicliey during a speech that the federal reserve remains independent. he insisted the central bank has yet to decide when is the right moment for a rate cut. >> the question my colleagues and i are grappling with are whether these uncertainties will continue to weigh on the outlook and thus call for additional policy accommodation many fomc participants the case for more accommodative policy that strengthened, we are also mindful that monetary policy should not overreact to any individual data point, doing so would add more uncertainty to the out

mnuchin said there are no plans for official trade talks befate eeting. pacific gas & electric announced day that it's turning of power temporarily to 1600 s in northern california in an effort to prevent wildfires. the company ripes to reduce s during what forecasters predict will be a hot, dry, and windy weekend. the company said it may also cut off power to about 30,000 customers in the sierra foothills region that includes the city of paradise, california. a wildfire there last year destroyed nearly 15,000 homes. downed power lines and p.g. & e. equipment are blamed for previous fires and sta regulators recently approved allowing utilities to cut off electricity when fire risk is extremely high. protest leaders in sudan are calling for w demonstrations tomorrow after government security forces arrested two of their leaders this weekend-- that's after they met with ethiopian prime minister abiy ahmed. ahmed had traveled to khartoum to try to revive talks between sudan's ruling generals and leaders of the pro-democracy protest movement. dozens of protes

this week the treasury secretary steven mnuchin says he does see a path to complete a deal, however, the president said he has a plan b and is the same as plan a, mark harris. watch. >> we had a deal. and it was a deal that really was close to being done. >> steve mnuchin said you were 90 percent there. are you 90 percent there now? or will you 90 percent before they reneged? >> look, they know what we have to have. if we do not have intellectual property theft protections, if we do not have the opening of china, china is not open. we are open but china is not open. if we do not have the opening of china, if we do not have the things we negotiated and maybe even more than that. look, right now we are getting 25 percent on $250 billion worth of goods. nobody ever heard of such a thing. massive amounts of money. and don't play, do not let anyone tell you that we are paying. we are not paying, china is paying for it. china has devalued their currency in order to pay for it. they devalue their currency and their pouring money into the economy and in these companies which generally are ch

again, i think you have to make an example out of mnuchin and barr first. you can't let them off the hook.

mnuchin chose the delay to avoid the possibility that mr.lan outright and create even more controversy. the "new york times" reports also -- the "new york times" report also quotes secretary mnuchin who says the speculation his department has slowed down the process isn't true. but when you think about the fact that the president has said he thinks the plan to put tubman on the bill is political correctness, you do the math. that does it for us tonight. i'll be back on my show monday at 1:00 p.m. don't miss it. rachel will be back right here on monday at 9:00. "all in" is up next. >> tonight on "all in" -- >> the president of the united states of america is prepared to commit a felony to get re-elected. >> the president tries and fails to launder his call for collusion through trump tv. >> of course you have to look at it because if you don't look at it you're not going to know if it's bad. how are you going to know if it's bad? >> tonight the head of the federal elections commission on her stinging rebuke of the president. plus donald trump

and the treasury secretary steve mnuchin controversial wife?ely back fire? let's go outfront. >>> and good evening i'm erin burnett outfront tonight the breaking news a source close to the white house telling cnn tonight there is frustration inside the white house over the president's interview with abc news. according to the source, the clips which i

i've called for immediately impeaching barr and mnuchin.nk they're front door obstructors and they're holding the evidence that we need right now. i firmly believe as a former prosecutor no one is above the law. and there has to be consequences when people break the law. >> congressman eric swalwell there stating attorney general william barr and treasury secretary steven mnuchin should be immediately impeached themselves for blocking the release of the unredacted mueller report and underlying evidence. mr. barr. and in mnuchin's case the president's financial documents and his tax returns. joining us here on set is congressman eric swalwell of california. he's on the judiciary committee and on the intelligence committee. he is also very busy running for president. sir, thank you very much for being here. >> of course. >> appreciate it. let me ask you about this prospect of impeaching barr and mnuchin. they are both defying subpoenas that should require them to do something fairly simple, in each case just handing over materials. you think

and the treasury secretary steve mnuchin controversial wife? did her attempt at damage control massively back fire? let's go outfront. >>> and good evening i'm erin burnett outfront tonight the breaking news a source close to the white house telling cnn tonight there is frustration inside the white house over the president's interview with abc news. according to the source, the clips which include the president saying he would happily take dirt on political opponents in the 2020 election, dirt from russia have, quote, been tough. this comes as the president today is offering two strange justifications for that answer, vofgt foreign interference and aid during the election. here is the first one. from a phone interview on fox this morning. >> first of all, i don't think anybody would present me with anything bad because they know how much i love this country. nobody is going to present me with anything bad. >> so the fact that trump said he would listen to whatever foreign adversary had to say doesn't matter because they won't call him because h

mnuchin can do a lot with the fha director.her that is what meets litmus test of serious reform is the question. what you need congress to do is give an explicit guarantee of the mortgage securities that fannie and freddie issue. that would make the securities outside government control and investors mind a safe haven like treasuries, and that is a big step, a big hurdle with congress because congress has been totally incapable of agreeing to a reform package for fannie and freddie in more than a decade. caroline: great interview over the weekend and it has taken a toll on the share prices today. we thank you. now let's get a quick check on the markets for you. elsewhere, we are rallying. rest on. money on into the equity markets we go forget coming off of our highs. clearly for a fifth straight day, money is going into stocks. echoingef was around the market. finally, mexico is not going to see the tariffs imposed soon. scarlet: also seeing with young get a boost up 0.9%. from new york, this is bloomberg. ♪ ♪ caroline: this is

china responded to treasury secretary steven mnuchin's assertion that the u.s. -- that president trump and president xi were going to meet at the g-20 and they wouldn't confirm the meeting today at the regular foreign ministry briefing. this is what the foreign ministry said. they said we have noticed the united states has repeatedly expressed its expectation if there is concrete news on this china will release it in a timely manner. that means that the chinese don't believe that this meeting is a done deal and likely beijing is calculating right now whether or not it makes sense to send president xi jinping into a meeting with president trump and if there's a risk that president xi could be humiliated they have seen what happened with mexico. they have seen what happened with north korea and likely they don't want to be m a situation, which it looks as though it's being set up by the u.s. where the u.s. lays the groundwork and terms and china walks in and could potentially have egg on their face so it's interesting today that they still wouldn't confirm this me

have you heard this before treasury secretary mnuchin said the trade deal with china is 90% done how much stocks should investors put in this comment. >>> if you air it, will they still watch. as we gear up for tonight's democratic debate, media stocks are suffering a politics hangover a look at how worried investors should be at this fatigue. the $100,000 pickup truck and making bitcoin more successful all ahead in rapid fire today. we begin with these markets. dom chu. >> still something and we're seeing the dow jones industrials up by 89 points and up 189 points at highs and gearing more towards the upper end of the range. s&p 500 up and nasdaq up by over 0.5% a lot of semi conductor stocks helping that move. on the macro front, we're watching what is happening off its highs and still off 2.5% today. gasoline futures up by over 4% that philadelphia, philadelphia enterprise refinery is now going to shut down that is confirmed by the mayor of philadelphia adding prices to pressures. and then the stock of the day. a stock that has been on a tear from the consumer staple side. we're t

the legal opinion supports stephen mnuchin's refusal to hand over the tax returns. it unprecedented and a serious risk of abuse. let's bring in our experts who will talk about this ongoing battle. you're over there at the justice department. you've gone through this 33-page document. what's your analysis? >> it's a pretty aggressive argument. basically what the justice department is saying, look, we recognize that the top democrat on the house weighs and means committee has brought authority to get the tax returns under this little known provision. it says it shall furnish. that means the treasury secretary shall turn them over. however, the justice department concludes that because chairman neil doesn't have a legitimate legislative purpose here, therefore mnuchin doesn't have to turn them over. they look at a litany of statements that chairman neil and other democrats have made and the justice department concludes that the true purpose was to make the tax returns public and they don't see that as a legitimate legislative interest even though neil has said he is in

charles: steve mnuchin spoke earlier today.e said locking money up would work because it worked last time. do you think there is a particular timeline for this to be the last sort of part that squeezes some sort of at least, get the iranians to the negotiating table? >> i think the more pressure that is on there, obviously it would happen sooner. so that is why i think it is so important for other nations around the world. look at six tankers that were sabotaged and detonated mines on. you had two from saw saud, one from the u.a.e., two from norway or the norwegians, ones from japan. these countries need to come in together. not just the united states, but these other countries are threatened too. thank god we put in policies with this president to become energy secure in north america. with us, canada and mexico we're secure. we don't need the middle-eastern oil. the rest of the world does. i would think they would help president trump to bring this none steps to an end once and for all. charles: i want to segue to immigration

very interesting, steve mnuchin on saturday there was a press gaggle.th him asking him questions. i asked him about the currency and the fact the chinese currency has broken out of his arrange. david ingles pointing us to the factors now, very close yuan to 7, the line in the sand for many. we see the if currency continue to depreciate, even though you know investors are saying i have to get out of the yuan because look at what is happening, wouldn't you consider that currency make relation? he said when a country has been her and see -- holding a currency in a certain range, then suddenly they are letting it decline, that is something worth following. he would not say yes when i asked him if china is manipulating its currency, but he pointed to this assessment they make anti-put a lot of stress on that aspect, certainly signaling that the u.s. is not necessarily looking at this as a fully market-driven force. something they are looking at closely. i just found that to be something we had talked about a lot on our show, something worth noting. and as we

mnuchin chose the delay to avoid the possibility that mr.cel the plan outright and create even more controversy." "the new york times" reports also, "the new york times" report also quotes treasury secretary mnuchin who says the speculation that his department has slowed down the process isn't true. but when you think about the fact that the president has said he thinks the plan to put tubman on the bill is political correctness, you do the math. that does it for us tonight. i'll be back on my show on monday at 1:00 p.m. and rachel will be back right here on monday at 9:00. lawrence o'donnell. good evening, my friend. >> good evening, sir. have a great weekend. we'll be watching on monday. i'm ari melber in for lawrence o'donnell. tonight we'll have the latest on an issue impatroning health care for millions of americans as donald trump is rolling out his own proposal. debbie dingell will be here later this hour and we'll be reporting on the action that matches donald trump's words embracing collusion this week. how self-proclaimed grim reap

steve mnuchin stayed away from the specifics. but he said we follow the money and it is highly affected, he has been good at that his whole career, john roberts, thank you for that. i know that you will have more as the new warrants. want to bring it back to you, jack keane was on the network earlier today, and he said thats built up street cried with the allies in the region by virtue of looking at attacking and then pulling back and instead layering on more sanctions, do you agree with that that maybe he has opened up a way to team up better with the allies in the region against iran or no? >> dan: i do agree. the president showed some restraint, hopefully we will encourage the european allies in particular to work with us and understand our point of view, that that was a flawed deal, and we need to fix it. we also need their help in escorting some of the tankers in the persian gulf. and there are two things that i am looking for. the iranians on may 8th were going to take it to record levels if they did not receive sanctions r

i think steve mnuchin says it was 90%. the keyword was was. i think they were much further along a couple months ago than today. my sense, not really knowing anything because we are not in the room, is that there is too high of an expectation, not pessimistic enough. guy: if we do see things pollen the -- things falling apart, will the fed be there to rescue the markets? we were talking about this yesterday. we will be talking about this tomorrow. 50, 25? the fed is trying to pour water on the 50 idea, but the market isn't totally buying that. greg: you even saw bullard pushback, 50 is too much. i thought it was really interesting last week after the fed meeting, the market price to net additional cut this year. i think the fed will work really hard in the balance of this year to work back to the number of hikes. i think the direction is correct, but the number is too much. i think you need to disconnect to those two, and i think the fed is trying to disconnect their policy to the unknown of trade. vonnie: at what point does the bond market ta

i will meet secretary steve mnuchin this weekend in japan.hink we are going to talk global economy of course. and also g20 issues. but also we will discuss the topics that commonly interest both sides. i think it would be a productive talk, as always. >> you mentioned the tariffs. both the u.s. and chinese tariffs what effect have they had to date? me, a badiffs, to idea. i am an economist. for years imist, trade is students beneficial for both sides. really a double edged sword. it's actually hurting chinese economy. it's also hurting the u.s. economy. especially u.s. consumers. >> the chinese economy specifically, the economic data whether it is the industrial profits, retail sales, has all been weaker. what is your assessment of the current state of the chinese economy? >> i think the current state of the chinese economy for the first quarter it was a little better than expected. right now with the uncertainty of trade war people's expectations turn negative and gloomy. but i think chinese economy is resilient. some places, still very robu

atting with steven mnuchin the g20.his is his first international interview since becoming governor. you do not want to miss that one. shery: joining us now is wells fargo security makes income strategist. thank you for coming in. let's get started with treasuries. we are seeing yields under pressure of gopal i can make out look -- of global economic outlook. could we see technical factors boosting yields? >> we think in the near term, yields have fallen magnificently and there are some very specific technical factors, including overall trends from foreign investors in u.s. treasuries that we could see a plateauing in the treasury rally. we could start to see yields rise of it. banks ared central very much in play at this point in time. there will be some interesting shifting dynamics within the treasury curve over the summer months. shery: what about the dynamics within the u.s. economy? we seem to be seeing a little divergence. this chart here showing us that we are seeing the manufacturing pmi nosediving. we saw thos

would want to move right now today is not just about what micron said but what treasury secretary mnuchin suggested which is that perhaps there's a trade deal that's coming and these semis have been really hurt by the assumption they'll be hurt if you pay the tariff on every item they ship a group way down from its highs and something positive on the trade front which has been the biggest negative overhang to the market >> mr. weiss, micron upgraded today to buy target 50 bucks. western dig upgraded, target 54 bucks. are you a naysayer on these gains? are they way ahead of themselves >> first of all, micron ceo has never been able to predict the future as far as guidance. and they're basically saying the same thing you said. yet you've had an inventory build from 130 days to 150 days. that's not good. i also believe you've had some stuffing of the channel not in the farious way but by the buyers in china buying in advance -- >> because of trade? >> right >> and we've seen that that was said. oems buying in advance micron's inventories, we don't know inventories so, look, i don't think mic

i will meet secretary steven mnuchin this weekend in japan. i think we are going to talk global economy, of course, and also g20 issues. but also, we will discuss the topics that commonly interest both sides. i think it would be a productive talk, as always. tom: you mentioned the tariffs. what impacts have the tariffs had come a both sides, to date? tariff to me is a bad idea. you know i am an economist. years, i taught my students trade is a benefit for both tariff is really a double-edged sword. it is hurting the chinese economy. it is also hurting the u.s. economy, especially the u.s. consumers. om if: we turn our attention to the chinese economy, the economic data has all been weaker. what is your assessment of the current state of the chinese economy? yi: i think the current state of the chinese economy for the first quarter, it was a little better than expected. right now, the uncertainty of trade war, people see expectation turned negative in i think thebut chinese economy is resilient. consumption is still very robust, the growth of c

is setaking of him, he to meet secretary treasury stephen mnuchin over the weekend.ully when they meet, that sends us on the right path for president trump, who will be meeting president xi jinping in a couple weeks. they might be able to work something out in terms of agreeing to talk. president trump in the meantime saying he will be deciding on the next china tariff after the meeting with xi jinping at the g20 summit. one top chinese official tells us he is seeing little hope of progress. a commerce minister telling our greater china executive what he is expecting now. >> actually, we had a few opportunities. one was in buenos aires, the argentine capital. the leaders of the two nations reached an agreement. at the time, people saw. now the window is closing. people are wondering if there will be opportunities in osaka in late june, but the temperature has already risen. two mains. has policies it is pursuing right now in terms of trade. one is limiting what equipment and goods american companies can supply to chinese companies. it is also raising tariffs. which o

meantime, apple shares traded higher after steven mnuchin gave a positive outlook on a u.s.an interview with cnbc, mnuchin said he was confident president trump and xi jinping could make progress in trade talks at the upcoming g-20 summit. he said "we are about 90% there and i think there is a path to completeness." meantime, president trump warned of more tariffs if a deal does not come out of the summit. discuss with us, danrities managing director ives and bloomberg's sarah mcgregor, who covers trade. where does this leave apple? >> apple is really the poster child for the u.s.-china relationship. they are not just impacted on the demand side but on the supply side with foxconn. that is where they bet the farm for the mass amount of iphone manufacturing. in our opinion, this is really a fork in the road situation for apple, right now donovan innocent bystander, but it comes down that we get a trade deal, that is a stock that will go meaningfully higher in our opinion. emily: this is not the first time we have heard differing messages from the president and mentors of the

stephen mnuchin said the u.s. would be happy to resume trade talks if china wishes.or hong kong, you are seeing one of the largest estrogens since the return to china two decades ago. hundreds of thousands marched through the center of the city in protest. organizers claim one million people so far. despite the turnout the hong kong government indicated it would push ahead with the bill. china has called in global tech companies for talks over the u.s. blacklisting of huawei. according to a report from reuters. they said microsoft and others were told complying with washington's ban would lead to publications in the future business relations with china for all sector participants. reports microsoft was asked not to make hasty or ill-conceived decisions about huawei. and finally the front runner to be the next u.k. prime minister is pledging a tougher line on brexit including a no deal divorce and holding back money the country owes from past agreements. boris johnson is seen as favorite to succeed theresa may but his hard-line stance has worried the markets. the bank