mr. mnuchin and mr. lemaire are due to meet here this morning to iron out some crinkles and the fact that this tax the french are thinking about bringing in for the global internet, technology companies as well, will that disproportion naturalnadisproportionatel affect the u.s. companies? well, yes. let's hear what lemaire said about that >> the u.s. are one of our closest allies they will remain one of our closest allies but they are ready to use sanctions against france instead of trying to sort out an issue through discussion and cooperation. our view is that it would be far more preferable to sort out that kind of difference through discussion and cooperation instead of opening a 301 section and threatening the use of tariffs. >> that was the host of this meeting, bruno lemaire talking about the spat about taxation on technology companies and would it be wrong of me to suggest that basically pressure on governments around the world to find revenue raising opportunities has never been more paramount w

mr. mnuchin announcing there is going to be an application process for companies that want to deal with huawei under new provisions. >> am i allowed to say we need a new treasury secretary, this is wrong, huawei is a direct threat to united states, from founding in 1987, it stole u.s. intellectual property, have you cisco, you have more fell -- nortel, all sorts of companies now it po -- there are no good parts of huawei where you can seek an exemption to sell parts to, huawei can take put them in be odangerous parts, the 5g. david: to kt and iran. president talking about cranking up sanctions against iran, saying iran has been secretly enriching in total violation of the deal made with john kerry and administration. it was to -- i thought we pretty were did all we could. >> no, there is other stuff to still be done, a lot has to do with shutting down iran's ability to to sell and export oil on world market. so shut that down, and you continue to shut down the iranian economy. their gdp is contracted by 6%. and then other thing that puts pressure on any iranian leadership, 70% of their populat

mr. mnuchin and bruno lemaire having a hard chat about it here in france. had a quick word off the record with jerome powell. he didn't give us many comments, but he was talking last night in paris about the effects that interest rates and an interesting conversation you ha effects of the u.s. rates. it's not just affecting the u.s. but the rest of the world. >>> the global nature of the financial crisis and the channels through which it spread highlight the interconnectedness of our economic, financial and policy environments. u.s. economic developments affect the rest of the world and the reverse is also true we have seen how monetary policy in one country can influence economic and financial conditions in others through financial markets, trade and confidence channels. pursuing our domestic mandates in this new world requires that we understand the anticipated affects of these interconnections and incorporate them into policymaking chlg. >> so does u.s. lowering help the u.s. and the rests of the world? because the amount of money in debt, loans, bonds o

mr. mnuchin has blocked that and done the kind of obstruction that he was doing before he became a congressmanelp me understand where things stand with the democrats right now. all this pressure, when are you guys going to make a decision to launch an impeachment inquiry? then today in court papers it says you are under consideration in the judiciary committee of articles of impeachment. when did this happen? >> well, there have been no normal articles drafted for consideration of the judiciary committee i think at the moment but i think the committee is effectively againing such app inquiry. >> what does that mean effectively beginning such an inquiry? it seems like a hedge, like playing kutsy. that's why i'm asking. >> no, i think it's not kutsy, though there may have been a little confusion at the press conference about it. in order to get access to the grand jury testimony that they've requested, they have a much stronger case if this is part of congress's impeachment responsibilities. beyond that, this commit on its own neesht an it's an appropriate thing to do before any articles are dra

mr. mnuchin.nint that fo cloth, with the religious leadership. >> that's right. >> what a night to consider where those teachings land you on speaking out on this. professor dyson, we always learn something from you. >> my friend, it's always great to be here. >> great to have you. we're going to fit in a break. >>> when we come back, did you know with so much going on tomorrow is actually "c" day, criminal contempt day for attorney general bill barr. we'll explain next. oh no, no, no, no, no, no, no... only pay for what you need. liberty. liberty. liberty. liberty. ♪ if you have moderate to severe plaque psoriasis, every day can begin with flakes. it's a reminder of your struggles with psoriasis. but what if your psoriasis symptoms didn't follow you around? that's why there's ilumya. with just 2 doses, a majority of people were clear or almost clear. and over time, even more people were clear or almost clear. all with dosing 4 times a year... after 2 initial doses. plus, ilumya was shown to have

mr. mnuchin was a board member of sears. >> i heard that. >> interesting you mentioned that company, markugh he doesn't have anti-trust shor anti-trust authority, right? he talks to president trump a lot as an advisor. >> guys, thanks. good to see you, mark and colin. >> thank you. >>> when we return we'll hear from the ceo of the world's largest spirits company deagio and their quarter and the dow is lower by 100 points right now. mario draghi signaling a rate cut and easing straight ahead. we have seen a bit of a reversal in europe. we will discuss it when "squawk on the street" comes back. (soft music) - when i see obstacles, i create opportunities. - when i see adversity, i find a way. - when i hear never, i say now. - [announcer] southern new hampshire university is education made to fit your goals with over 200 degree programs, flexible class schedules, and some of the lowest online tuition rates in the nation. (cheering) - so when i face barriers, i can break through. - [announcer] breakthrough at snhu.edu. mno kidding.rd. but moving your internet and tv? that's easy. easy?! easy?

mr. mnuchin? you could see retaliation. are you thinking you get something out of this meeting?would discussionslively about digital taxation because i'm fully aware of the concern expressed by the united states. i am fully aware the trump administration has decided to open a 301 procedure against france. this is the first time in the history of the friendly relationship between the u.s. and france that the administration decided to open a 301 procedure against france. this is not the best way of sorting out difficulties between allies. we have a difficulty on that issue, we should gather around the table. that is what we will do with steven mnuchin, and try to sort out the issues through discussion and compromise. i really hope we will be able to pave the way for a compromise between him and myself at the g7 level on the question of digital taxation. if we are not able to find compromise at that level, i cannot imagine we would be able cooperation ind the oh acd -- oecd. i cannot imagine that 29 states will find compromise. >> i have been speaking with him for many years, why h

mr. navarro has been on the opposite side of larry kudlow and steve mnuchin on questions of trade.e pointed out, it is really quite remarkable that in the white house there was a discussion of maneuvering let's say to use a less loaded word. maneuvering the value of the dollar lower certainly runs contrary to what has typically been american policy but with a wink >> so starting but not ending. so look for more rhetoric about possibly pursuing this depending on how the fed meeting next week goes. >> and larry kudlow pointing out that what the president really objects to is other countries that they themselves may be manipulating their currencies. >> and we might pursue measures there. thanks for watching "power lunch. >> "closing bell" starts right now. >>> welcome to "closing bell." i'm michael santoli. i'm here at the coca-cola post coke actually the best performer in the dow today and for this week broader mpicture is more mixed. s&p 500 and nasdaq both on track for all-time record highs as we get into the final hour of trading. we'll break it all down. >> and i'm sara eisen. le

. >>> our news maker of the morning joining us right now treasury signature steven mnuchin. mr.you very much for being with us today >> thank you, it's great to be here with you. >> it's great to see you let's ask a pressing question that the markets are really thinking about right now when will the treasury run out of cash if the debt ceiling isn't raised >> so as i've described, we run a variety of scenarios given the size and scale of the u.s. cash flows. in one of the three scenarios, which is the most conservative scenario that we run, we would have an issue the beginning of september. i've discussed that with the leadership of both the house and the senate that's why i've encouraged them to raise the debt ceiling before they leave. >> raising the debt ceiling before they leave. nancy pelosi said yesterday there needs to be a deal reached before they leave for the summer recess there are people telling ylan mui in washington that's not going to happen. what do you think? >> well, i have been having daily conversations with the speaker. i spoke to her and chuck schumer yeste

mr. kudlow: lighthizer and secretary mnuchin. i do not know precisely when.hone this coming week and they will be scheduling face-to-face meetings. lots of communication. francine: while there may be optimism over trade deals, that has not stopped president trump from accusing china and the eu of currency monetization. he tweeted that -- currency manipulation. he tweeted that europe and beijing are manipulating their currencies, adding that the u.s. should do the same. marilyn watson and mike gallagher. will we see the u.s. retaliate or is it just tough talk from the president? marilyn: it is hard to say. i think it is part of his overall messaging. he has been very direct towards the fed, the fomc. overall, when you look dollar, or euro dollar, it is really hard to say that the chinese have been doing much. they have not been intervening too much. i think at the moment, it is rhetoric, but of course, it is hard to tell. francine: how do you look at that going forward? bi touchesthe renim seven, what does it actually do? mike: i think the chinese are astute e

mnuchin. and i look forward to supporting it. mr. president, on another matter, last week the national center for health statistics released preliminary data showing that drug overdose deaths in america declined by about 5% last year. before anybody begins to applaud, let me point out that drug overdoses killed more than 70,000 americans the year before. so a 5% reduction is welcome but obviously still very alarming. this 5% decline is the first national drop in three decades, though, and for communities across the country who continue to battle the opioid epidemic, it's a small indication that our efforts here in congress are having an impact. we certainly have a long fight ahead of us, but this is an encouraging sign. if you look closer, the data shows that the decline is due almost entirely to a decrease in prescription opioid-related deaths. those caused by other opioids, particularly fentanyl and heroin remained on thes rise. the cruel reality is that as we step up our efforts to limit prescription opioid diversion, the higher t

mr. speaker, i rise, therefore, in support of this bipartisan legislation, which formalizes the agreement reached earlier this week by speaker pelosi and secretary mnuchin on behalf of the president, with support of senators schumer, mcconnell, the republican leader in the house, mr. mccarthy. this is what we've been working forward to for a long time, and i'm pleased we were able to secure an agreement before the end of the july work period. this will provide certainty for the american people by providing the top line guidance necessary for appropriators and the full house and senate to complete work on funding the government for fiscal year 2020 . ideally, we would do that before september 30 of the coming months, but this agreement was made possible by virtue, in my view, the fact we passed 10 appropriation bills to fund 96% of the government before the end of june. that hasn't been done before. now, there have been 10 bills passed back in 2006, 13 years ago, but it did not include labor and health, so it left out a big chunk of government funding. so i'm proud of the fact we did that, but it also set a mark. it set an objective. it set, through the

mr. speaker, i rise, therefore, in support of this bipartisan legislation, which formalizes the agreement reached earlier this week by speaker pelosi and secretary mnuchin on behalf of the president, with support of senators schumer, mcconnell, the republican leader in the house, mr. mccarthy. this is what we've been working forward to for a long time, and i'm pleased we were able to secure an agreement before the end of the july work period. this will provide certainty for the american people by providing the top line guidance necessary for appropriators and the full house and senate to complete work on funding the government for fiscal year 2020 . ideally, we would do that before september 30 of the coming months, but this agreement was made possible by virtue, in my view, the fact we passed 10 appropriation bills to fund 96% of the government before the end of june. that hasn't been done before. now, there have been 10 bills passed back in 2006, 13 years ago, but it did not include labor and health, so it left out a big chunk of government funding. so i'm proud of the fact we did that, but it also set a mark. it set an objective. it set, through the

mr. trump's personal and business tax returns. the lawsuit comes after treasury secretary steven mnuchin and rejected a written request and subpoenahe returns. the u.s. has proposed more tariffs on goods coming from the european union. the trade representative's office says the u.s. will impose tariffs on nearly $4 billion worth of goods in retaliation for eu subsidies for airbus. the ustr says subsidies bring 11 billion dollars in economic harm to the u.s. annually. the eu is waging a similar measure over subsidies for boeing. a new law in make it easier to bring workplace sexual harassment claims in court. the law is the third of its kind, following in the footsteps of california and delaware. few hours from now, it is the united states versus england in the women's world cup semifinals. semifinal is tomorrow between sweden and the netherlands. the winners face-off on sunday. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. david: thanks very much, mark. governor steve bullock has won election twice to the o

mr. kudlow: they are on the phone, the leaders, the senior people on both sides. secretary lighthizer, mnuchinhe usa. they have been on the phone, they will be on the phone this coming week. i think a face-to-face meeting is in the cards. i don't want to get ahead of that story. taylor: to discuss is isaac stone fish, senior fellow at the asia society. great to have you here. walk me through the logic because a week ago, coming out of the g20, we were feeling optimistic, yet something changed. where do we stand? isaac: it is hard to know from the comments we just heard if they actually think that is realistic but where we are today is that we still have a pretty large goal between what the u.s. wants and china wants. it is unclear if the u.s. is going to release, reduce some of these tariffs or we are going to see this loggerheads continue. taylor: removing all tariffs seems like a nonstarter, right? isaac: it really does. in order for trump to say, hey, i'm removing all of these tariffs and in that same sense i have a deal. it is a massive deal. that is really verifiable. a lot of the issues

mr. mcconnell: yesterday the administration informed congressional leaders that secretary mnuchin, white house chief of staff mulvaney, and acting o.m.b. director vought had reached a deal with speaker pelosi to prevent a government spending crisis and deliver on the president's top priorities. the agreement secures the most important priority of the republican conference. in fact, in my view, i.t. the most important -- it's the most important obligation of the entire congress, and that's securing the resources we need to provide for the common defense. this deal does it. over the past two and a half years, republicans in congress have worked with the president to stop and reverse the decline in the strength and the readiness of our armed forces. after years of insufficient funding that hurt readiness and tied commanders' hands, congress and president trump have secured badly needed funding increases to rebuild and modernize the u.s. military. they still have more work ahead. the progress that we've made remains tenuous. america's adversaries aren't taking the foot off the gas anytime so

mr. jonathan swan. great to have you with us on a tuesday morning. what's the "1 big thing" you have for us? >> so steven mnuchinthe recent budget negotiations, house speaker nancy pelosi made him a verbal promise that she would bring the usmca -- that's the trade deal to replace nafta, up for a vote in october. we have that from three senior administration officials. a spokesman for the treasury secretary did not in a statement -- did not deny what i have in my reporting that he's been telling colleagues that. >> how big of a priority is it from your perspective for the trump administration to get this trade deal over the finish life before 2020? >> forget my perspective. from their perspective in the white house it's the number one priority. their number one legislative priority is to pass the usmca this year. as we get into election season it's -- you know, forget about it. next year, most of these 2020 candidates will oppose it because it's got trump's name on i. but it's a huge deal. economically it's a huge deal. it's very important. president trump has threatened to withdraw from nafta that would roil the

secretary mnuchin and the commissioner rettig ignored that opinion, went out and got a second opinion from the president's new personal taxpayer-financed lawyer, mrbarr, the attorney general, to justify their action. they will fail eventually. i hope it will be soon and that the courts will expedite this proceeding because we need to see the returns for a legitimate purpose. you also note that in addition to the audit function there on page 24 of this 49-page complaint, the complaint sets out other very legitimate grounds that expert witnesses told our committee justified doing what's being done here. we need the returns for a number of reasons, but certainly to see that this audit guideline has been followed and that it's put into a statute. >> and if the litigation drags on for long enough, it could just be that on the afternoon of the next inauguration day, the new irs commissioner hands over those returns because without the trump justice department -- >> yes. >> -- standing in the way, all of this stuff would just collapse. >> i hope we don't have to wait that long. in fact, there is now, as you know, another route in that the new york state

mr. secretary, we appreciate you taking the time to speak with us this morning. >> thank you. >> thank you. >>> andrew mnuchinyour earlier expectations of him would you concede that >> i would absolutely -- i would say this to mr. secretary -- >> the most effective cabinet member -- >> he's done a remarkable job. >> and you're a tough sell. >> i'm a tough sell. i will say -- i won't say i was skeptical -- >> i don't want to say i told you so. >> you told me so. i give the man credit. >> what i appreciate the most is the breadth of issues that he's involved in. and what we can talk to him about. >> right and it's like go ahead hit me with your best -- whatever you say, i'm going to deflect or i'm going answer well. >> i'll give him the most credit, why he's been able to sit in that seat as long as he has, he has the trust of the president and that matters a lot. >> yeah. >> and he has the ability to say that was trump - >> he's managed to thread a needle that's actually very hard to thread. >> exactly. >> yeah. >> and i think trump understands that -- the president understands that to some extent. he's speakin

mr. kudlow: there was headway last winter and spring, and then it stopped. hopefully we can pick up where we left off but i don't know that yet. our team, ambassador lighthizer, secretary mnuchinring all of that. discussions today went constructively. too soon for details. shery: when it comes to secretary mnuchin and ambassador lighthizer, they seem to be two opposing views within the trump administration. who has the president's ear at the moment? the dubs or the hocks? dr. moore: i think the hawks at the moment. the president continues to say he loves chaos. he loves to have diverse opinions coming his way and he makes the opinions. it comes down the trade representative and the secretary, the president makes it clear that he accepts all of those positions in making certain decisions and how he will play this trade game. paul: our last guest earlier this hour, anna han of wells fargo, was very optimistic on a trade resolution, seeing one by the end of the year. you have been involved in this process before. you have negotiated trade deals with japan in the 1980's that still has sticking points. dr. moore: i think it is a tad optimistic. i hosted one of the very first chines

mr. elected leaders and experts can say that will convince you and facebook that it should not launch this currency? >> senator, we agree with all the concerns, very legitimate concerns raised by chairman powell, secretary mnuchin and many others. this is why we released our white paper so much ahead of any public launch. we wanted to ensure we take the time to get this right and getting this right means addressing concerns in full and ensuring there is proper regulatory oversight for the project and we are fully committed to doing what it takes to get there. >> with all due respect, if all of us who have seen the collective amnesia of this congress in terms of what happened 10 years ago in my zip code in cleveland, when there was more foreclosures than any other in the u.s. a decade ago, if all of us find this to be a bad idea, think you should not do this launch, are you still going to do it? >> what i heard, senator, from chairman powell, secretary mnuchin and others is that there were serious legitimate concerns arising with libra and i will commit again to do what it takes to address concerns and if those concerns are not addressed, if the regulatory oversight is not appropriated, we will not launch until

mr. president i told you, you so then you go back to the meeting they had with tech and the tech guys are saying we can cut out huawei there is a camp, the mnuchinamp which basically is president is saying you guys better come up with something. because if you don't it is going to be $320 billion in tariffs because the american people love it when the choice pay for tariffs. even senator elizabeth waurp's position -- by the way we haven't talked about that. it is harder on china than this president. if you or she were playing whatever the intelligencia says if you were she you would be saying what's the word on warren she is going the win on it does iowa control the democratic party? yeah, biden is sleepy. so you have trump who believes in some possibility of trade with china and warren has no china. that's it. china is gone. not taxed. just gone. >> if you think warren is outflanking the president on trade. >> absolutely, why he. >> is he wrong that the chinese would face an easier adversary if he lost the election? >> well, if it is biden, yeah, because that would be business as usual. >> if it is warren, let's say. president warren -- would p

mr. kudlow: team to team. are lighthizers and secretary mnuchin. they will be on the phone this coming week. they will be scheduling face-to-face meetings and lots of communications. i don't want to predict or get ahead of the story. >> how concerned are you about the trade imbalance? people see that headline and they will wonder, are the trade imbalances working? mr. kudlow: look, the principal idea here is that we have free trade, balanced trade, reciprocal trading rights and laws.and i am very optimistic we will get a u.s. mca deal the summer. i don't want to get ahead of the story. i believe there will be a vote and i believe we will win that vote. that is a huge win for our training policy -- trading policy. it will be a huge boost for the american economy. regarding china, it is tougher. the headlight, great that we will be opening talks with china. i think that was one of the president to great achievements last weekend -- two great achievements last weekend. we have been accommodative. we have slightly opened up the general merchandise applications for export licenses. we are hoping