raimondo: i think we will. have had numerous conversations with people on capitol hill and there is bipartisan support for the bill. maybe not all of the bill and all aspects of it, but i think there's group -- there's growing recognition that we have kicked the can longer enough -- long enough. i think this will be the moment. the president is determined so that helps. david: the president has two types of infrastructure. it bridges, airports and so forth. he has that in the first part and a second part that is the caring part that deals with elderly care, childcare, so forth. why did he do it that way? sec. raimondo: i think he did the right thing. investments in the care economy and in those systems, by the way which are frightening all over -- which are fraying all over america. by the way, you can't go to work and be productive if you cannot have good access to childcare. our people confuse? yes. are there some republicans that are balking? yes. what i like our chances of getting it through. david: we have

raimondo: yes.avid: what was that that you did? you started your own venture fund? sec. raimondo: yes. for about 11 years, i was in the venture capital business at first at a firm and then with the cofounder of pointe judas capital. we were an early-stage venture firm. i focused on health care, which i loved, actually. that experience enabled me to be a better commerce secretary. i know entrepreneurs, what it takes to have innovation. another thing we run here is the patent office. that is in commerce. i saw that strong patents matter in order to protect innovation. david: secretary of commerce is an unusual position. you have so many different parts of the commerce department being called by some as noah's ark because you have so many different things put together. noaa is here, the weather bureau is here, so many things. sec. raimondo: space commerce. david: expenses, too. so when you took the job, did you realize how many different disparate things that you have to deal with? and did other secret

raimondo: based commerce.: when you took the job, did you realize how many things you have to deal with? did other secretaries of commerce a this is what you had to worry about? sec. raimondo: i talked with many, terrific advice. it's hard to learn about the details of fisheries, fishery management. trade. based commerce. tariffs. semiconductors. for me, it is intellectually fascinating. i would like to think if you put your back into it, you will have a big impact across a whole range of topics. david: you decided to take this position. you call your mother and say you're giving up being governor, what is your mother say? sec. raimondo: she is 90, and she said i hope you can help biden. ♪ ♪ david: let's talk about your job as secretary of commerce. historically, secretary would say i have two jobs. one to represent the president's views to the business community and the other to represent the business community's views to the president. both are not easy. do you have those perspectives as well? sec. raimondo:

commerce secretary gina raimondo. sec. raimondo: thank you. good afternoon, everybody. can you hear me ok? thank you to susan and the council of the americas. it is terrific for me to be here with you. i come to the position of secretary of commerce with private sector background for about a dozen years. i was a venture capital investors with a focus on health care. for the past 10 years, i have been a public servant in rhode island. it is exciting for me to be on president biden's team. he is setting a breakneck pace for the rest of us to try to keep up with. frankly, there is a lot of work to do. i will say, as you know, but it is important that you hear it from me, the president is deeply committed to sustained engagement with our partners throughout the western hemisphere to advance our shared vision for a future that is democratic, middle-class, and secure. the overarching goal is to support prosperity, safety, and a democratic region where the u.s. can partner with countries in that region to advance our shared interest. we trade twice as much with the countries o

raimondo: he has come out where he has come out at 28%.e are you think this is a reasonable proposal, it is not as high as it was. 21% was unreasonably low, and by the way, most business people will admit that, they were expecting it to go back up to something reasonable. we put forth one proposal. investments over an eight-year period paid for over a 14 year period. there is compromise. if the republicans were to come back with a slightly lower rate, maybe we pay for it over a longer time, i am sure we could find that common ground. david: your job as secretary of commerce among other things is to be a liaison with the business community. as you are liaison with the business community, what do they say to you? do they say, i don't want to a higher tax increase, or i can live with something, but don't quote me. what do they tell you? gina: [laughter] exactly. some have been for it. microsoft, salesforce, they have come out for it, in favor. others have said, yes, there ought to be an increase in the corporate tax rate. everyone seems to ag

raimondo: i think we will. have had numerous conversations on capitol hill and there is bipartisan support for the bill, maybe not all of the bill in all aspects, but i think there is a growing recognition that we have kicked the can long enough, and there is a backlog of infrastructure in every state in america. and i think this will be the moment. and the president is determined. so that helps. david: the president has two types of infrastructure. traditionally its bridges, airports, toll roads, he has that in the first part of the bill. the second part which is the caring part which deals with elderly care, child care, kindergarten, so forth. why did he do it that way and are people confused when he calls things related to people infrastructure? sec. raimondo: yes, people are confused. i think he did the right thing. investments in care economy, and in those systems, which by the way are fraying all over america -- i know it from my own state, we need to build systems of training, and it is vital. by the way

raimondo: yes. thank you. as you mentioned, i convened over 35 ceo's last week, leaders in the semiconductor industry. they have been very collaborative and leaning in to find a solution to this problem. it is an economic security problem, national security problem. i have to say thank you to everyone we have been engaged with. they have been great partners. this will require public-private partnership. government can't fix this problem alone. the private sector needs to be there. i think they will be. emily: gm just announced it is restarting production at several plants that have been idled due to the chip shortage. meantime, you've got covid cases rising in taiwan, which is the heart of the semi conductor industry. could that impact supply, and will be u.s. do anything to help? sec. raimondo: you put your finger on a very important problem, which is we are heavily dependent on a company called tsmc, which is based in taiwan, for a high percentage of our semiconductors, which is exactly why we need to make s

raimondo: yes. we have to give them credit. have been involved in these discussions and negotiations. they are operating in good faith. they came back with a higher number. it is progress. if i said a few months ago that republicans would be coming back to the president with a $1 trillion counteroffer, you might not have believed it. we are still at the table. we are trying. it is not enough. they are not clear how they propose to pay for it. the president said we are crystal clear. we will not tax or burden middle-class americans. our job is to stay at the table and to find some common ground, so we will continue to do that. emily: the president talked about how the administration is combating supply issues, issues with computer chips, and america cannot innovate without chips. you just held a summit with those companies that supply and need chips, google, amazon, carmakers. what is the next step? sec. raimondo: right now, the piece of legislation which would fund it is on the senate floor. i was talking with senators before i

se raimondo: i hope so. i'll leave it at that.mna: i want to ask you about another part of the economy. there's consumers acrosshe country who have seen a spike in costs and prices of some goods. the administration has said, federal reserve has said that this is temporary. but last week's consumer price hike was one of the biggest we've seen in years. so, what if you're wrong? could you possibly be missing some of the early warning signs of a real inflation? sec. raimondo: ok, so first of all, of course, it's always possible to be wrong, but we have tools to deal with inflation. the fed has plenty of tools to deal with inflation, as they have used effectively for a long time. secondly, if you dig deeper into the price index, it really is the case that a few areas are seeing big increases in prices, which is driving the whole index. and those increases are driven primarily because of wt we saw through covid. so, for example, rental car pres are through the roof. well, we have a semiconductor shortage which is stalling t production

we'll talk with commerce secretary gina raimondo and neel kashkari. and as we slowly turn the corner in the coronavirus pandemic, should public health be moving the country to move to normal more quickly. we'll talk with dr. scott gottlieb. plus, with the republican party in fresh turmoil over president trump and the big lie about the 2020 election, will believers be able to roll over the non-believers. we'll talk with illinois republican congressman adam kinzinger. and we'll hear from author michael lewis. his new book is "the prem premonition: the pandemic story." and our salute to a special group of moms. it is all ahead on "face the nation." ♪ >> dickerson: good morning, and welcome to "face the nation." margaret is on maternity leave. the country appears to finally be turning the corner on the pandemic, and there is good news to report. one-third of american adults have been fully vaccinated. children between 12 and 16, will likely be able to receive the pfizer vaccine soon. there are drops in every way, now cases, hospitalizations, and deaths. b

raimondo: yes. yes, thank you.you mentioned, i convened over 35 ceo's last week, leaders in the semi conductor industry. and they have been very collaborative and really leaning in with us to find a solution to this problem. it's an economic security problem, it is a national security problem, and i have to say thank you to everyone that we have been engaged with. they have been great partners. and this will require public-private partnership. we can't do it. government cannot fix this problem alone, and the private sector needs to be there, and i think they will be. emily: gm just announced they are restarting production at several plants that had been idle due to the chip shortage. meanwhile, you have covid cases rising in taiwan, the heart of the semi conductor industry. could that impact supply, and will the u.s. do anything to help? sec. raimondo: well, you put your finger on a very important problem, which is that we are heavily dependent on a company based on taiwan for a high percentage of our semi conducto

tom: gina raimondo, one of the most interesting people working in politics.ormer governor of rhode island is fascinating. now the secretary of commerce. david rubenstein joins with peer-to-peer conversations right now. what i love about gina raimondo is one of the great stories out there, her ability over the years to just keep moving. her father lost his job. i remember when bulova watch collapsed in rhode island. she made good on it in venture capital and in politics. david: she has an incredible story. she came from a blue-collar family. her father lost her job. she went to harvard, lost her -- near the top of her class, venture capitalist. she chose not to go to new york or washington or l.a. built a business before she got into politics. tom: she got into politics and got high marks in a challenging rhode island. it is a rhode island that all agree has a worn-out infrastructure. she is focused on that right now. david: that is correct. infrastructure is something rhode island really needed. she helped reform that. elected governor twice. she chose to com

secretary of commerce, gina raimondo, joining us tonight.ou for your time, madam secretary. >> nawaz: the pandemic has exposed much, including our reliance on undocumented workers in essential jobs. paul solman exples what's at stake for his latest report for "making sense." >> reporter: in affluent mount kisco, a new york city suburb: undocumented immigrants for hire. at the train station. at henry's deli. and at neighbors link, a non- profit that serves the newly arrived. they line up at 7:00. contractors, even just homeowners, soon follow, like tony arce. >> trees came down on my property so i'm moving firewood from one side of the house to the other. >> reporter: and he's spreading mulch; a two-person job, for which only one worker was available. >> he wants $17 an hour today. >> how many hours you gonna work? cuantos horas? >> reporter: in the end, no deal. pool company owner chris carthy: also out of luck. >> it's a labor shortage across the country. >> reporter: even at neighbor's link? >> i come here every blue moon to pick up those

secretary raimondo, there's got to be another trip to connecticut for my district. i don't want to take away from your time or my time, but rhode island and connecticut go back and forth as to who has the most italian americans. i fight about it all the time, it's got to be connecticut. i know we will continue to fight, as well. as you know, this is a critical mission for the commerce department. to assure that american businesses, workers thrive, and google markets, the improvement has to ensure we are enforcing trade laws to make sure the foreign governments play by the rules and are in compliance with international agreements. can you talk about what are the trade enforcement priorities you have as a secretary of commerce moving forward? what is the trade agenda going to look like to protect american workers and businesses? >> yes, thank you. first of all of all, i couldn't agree more that american workers deserve a level playing field, and everybody needs to play by the same rules. that is what this is all about. so, when he to disseminate the rules, and then en

commerce secretary gina raimondo says the u.s. build six or seven semiconductor plans to help combat the global chip shortage. she spoke with bloomberg technology anchor emily chang. >> it's an economic security problem, and national security problem, and i have to say thank you to everyone that we have been engaged with. they have been great partners. and this will require public-private partnership. we can't do it -- government can't fix this problem alone. the private sector needs to be there and i think they will be. emily: gm announced it is restarting production at several plants that had been idled. meantime you had covid cases rising at taiwan, the heart of the semiconductor industry. will that impact supply, and will the u.s. do anything to help? gina: you put your finger on a fair problem, which is that we are heavily dependent on a company called tsmc, which is based in taiwan, for a high percentage of our semiconductors, which is exactly why we need to make semiconductors in america. you know, it would be our plan to b

. >> coming up today, commerce secretary gina raimondo testifies on the 20 budget request in the house appropriations subcommittee meeting. that is live at 2:00 p.m. eastern. at 9:00 a.m. on c-span2 members of the facebook board talk about the decision to keep former president donald trump banned from using facebook. another hearing on the 2022 energy -- budget request with secretary jennifer granholm testifying. ♪ >> president biden spoke about the impact of covid-19 relief aid, and his administration's economic proposal. this runs 20 minutes. runs 20 minutes. pres. biden: folks, how are you? good afternoon. earlier today, i visited a restaurant here in town. i'm going to mispronounce it. las jilimia. it's a pilot program for restaurant revitalization fund. an important piece of the american rescue plan. one of my goals of the american rescue plan is to make sure that we get this law's benefits quickly and directly to the american people. so, before i say a bit more about what we're doing to support our nation's restaurants, let me provide an update on what is happening through the am

yesterday, gina raimondo held a summit on how to ease some of these concerns.t is the timeline for anything to get on on that? how soon could that actually ease the supply chain issues we are seeing now? emily: i know that both the white house and lawmakers in congress are working on this is to as quickly as pot -- this issue as quickly as possible. it will be something that president biden ends up meeting with today with the south korean president moon, it will be a discussion on the supply line, on the semi conductor shortages. that will be a big focus with moon. he is going to a plant in atlanta on saturday to look at this issue further. this is something washington has its eye on, but tying it back, there is a lot going on and you are right, there is a rush to get everything done at once, at this point, before the 2022 elections. jon: emily wilkins ndc, our bloomberg government reporter. the pmi's, this is the commager coming from germany. supply shortages curbing production levels and new orders due to forced downtime. sounds familiar, doesn't it? as any c

. >> thank you, secretary raimondo. before we get into the question period, i would like to extend an invitation to you to visit my own district, northeastern pennsylvania, to see potential for growth in our area andnd our economic development needs. i do hope we can find a convenient time for that. perhaps this summer or fall, when most of the covid restrictions have been lifted. can i count on you to visit northeastern pennsylvania? >> absolutely. i would say i actually love being out in the community. i was with chair delauro, as she said, earlier in connecticut. last week i was in new hampshire. it's important to hear from the people we serve. thank you. >> i believe that. when you're in rhode island, if you take one wrong turn, you're in connecticut. >> hey, hey, hey. >> that would be a right turn, a right turn coming to connecticut, cartwright. >> i stand corrected, madam chair. i'm going to recognize myself for five minutes of questions. secretary raimondo, in his american jobs plan, president biden has proposed

gina raimondo saying they are exploring how to help chip producers and buyers share supply chain informationthe supply chain crunch. ibm, they recently announced the first-ever microprocessor with two nanometers technology. here to discuss is ibm director of research. thank you for your time. suffice to say we are not all as fluent in semi conductor technology as you. why is a two nanometer chip important? dario: behind the scenes of the digital universe that we utilize , computers, including our cars and appliances, there is microprocessor, a chip when you look deep down contains this. there are basically switches that allow us to create zeros and ones that power the universe . the two nanometer announcement matters because things get better, information technology gets better because we are able to buy more of these for unit area. we get them to perform faster. currently in production, proving we will have a future generation , this kind of technology. amber: where will you make these? dario: the way we work in our semi conductor space is we create this and demonstrate the technology that

department in downtown washington and just had a conversation with the secretary of commerce, gina raimondoventure capitalist, treasurer of rhode island, two-term governor of rhode island, president biden asked her to serve as secretary of commerce, and she is one of the point people helping to get through his legislation. many presidents have proposed infrastructure bills come about very few have got them through. why do you think that president biden's bills will likely get through? gina: i think we will. i have had numerous conversations with people on capitol hill and there is bipartisan support for the bill, maybe not all of the bill and all aspects of it, but i think there is a growing recognition that we have kicked the can long enough, and there are -- there is a backlog of infrastructure in every state in america, and i think this will be -- and the president is determined, so that helps. david: president has two types of infrastructure, and he has that in his first part of his instructor bill. he has a second part which is the caring part which deals with elderly care, child care,

. >> secretary gina raimondo. i know i'm up to the end of my hour. i appreciate you coming on.er we can talk about. secretary raimondo, thank you for coming on. >> thank you. >>> before we go, i want to share some pretty good news from inside our house here. "meet the press daily" diane sherman, her husband ryan and big sisters laurel and vivian, they welcomed joseph ryan gorman this morning. a big congratulations to the whole gorman family from their "meet the press" family. how about that? two older sisters. you will someday be glad about that. my son swears having an older sister is not good, but he'll come around. >>> that does it for us today. we'll be back monday with more "meet the press daily." msnbc conditions with jeff bennet after this break. bennet after this break. this is how you become the best! ♪“you're the best” by joe esposito♪ ♪ [triumphantly yells] [ding] don't get mad. get e*trade. my name is austin james. as a musician living with diabetes, fingersticks can be a real challenge. that's why i use the freestyle libre 14 day system. with a painless, onesecond

[laughter] david: i am in downtown washington and just had a conversation with gina raimondo.he is clearly one of the most talented people in her generation. venture capitalists, treasurer of rhode island, two term governor. president biden asked her to serve as secretary of commerce and she is one of the point people helping getting through this infrastructure legislation. many presidents have proposed infrastructure proposal and bills, but few have gotten them through. why do you think president biden's bills will likely get through if they do? >> we will. i have had numerous conversations with people on capitol hill. there is bipartisan support for the bill. maybe not all of the bill, and i will -- and all aspects of it, but there is a growing recognition that we have kicked the can long enough and there is a backlog of infrastructure in every state in america and i think this will be the moment. the president is determined, so that helps. david: the president has two types of infrastructure. traditionally it is airports, roads and he has that in the first page of his infra

but there's a long way to go on cbs news face the nation us commerce secretary gina raimondo insisted congress must act to further bolster the economy after april's dismal jobs report people are still struggling women in particular still struggling in the month of april alone. more than 160,000 women left the workforce. we knew this wouldn't be a sprint. the biden administration says the best way to help is by passing 2 additional multi trillion dollars spending plans. the bills pour billions into infrastructure and also programs like paid family leave and childcare. the reality is we have fallen behind with her investments in the economy. but republicans are uninterested in anything beyond infrastructure. 7 trillion dollars in spending one year and you're not going to deficit spend grab your wallet, haha on nbc's meet the press louisiana senator bill cassidy said big spending is not the answer. spending that an evidently ends up hurting the economy. republican show that when you left the american people keep their own money and invest in that which they wish to invest in the economy

. >> coming up today, commerce secretary gina raimondo testifies on the 20 budget request in the house appropriations subcommittee meeting. that is live at 2:00 p.m. eastern. at 9:00 a.m. on c-span2 members of the facebook board talk about the decision to keep former president donald trump banned from using facebook. another hearing on the 2022 energy -- budget request with secretary jennifer granholm testifying. ♪

. >> thursday, car secretary gina raimondo testifies on president biden's fiscal 2022 budget request. watch live at 2:00 p.m. eastern on c-span come online at c-span.org or listen with the free c-span radio app. an update now from the white house covid-19 response team on the biden administration effor ts in combating the administration. >> thank you for joining us today. i am joined by dr. zelensky and dr. fauci. i want to start of the president's speech yesterday. after we reached the goals set by the president and his first 100 days, yesterday the president announced the next goal in the u.s.-led vaccination effort -- to get 70% of adults vaccinated with at least one shot, and 100 60 million americans fully vaccinated by july 4. that amounts to 100 million shots over the next two months. the infrastructure we built over the first hundred days with millions of vaccines, tens of thousands of vaccine locations, and a network of community relationships, will be critical in helping us meet this new goal. how are we going to get 70% of adults to have their first shot by july 4? we, the g

: on "face the nation" this sunday, john dickerson's guests will include commerce secretary gina raimondoieb. and if you can't watch us li, .t urer that is tonight's "cbs evening news," i'm norah o'donnell. hope you have a great weekend program is a paid advertisement for nuwave oxypure smart air purifier sponsored by nuwave llc, featuring deborah norville on award winning journalist and new york times bestselling author. - we are all living in strange and unsettling times. never in history has everyone on the planet been challenged by the same thing. covid-19 has changed the way we work, the way we interact and we're all still trying to figure out what it means for our future. amidst the uncertainty, all of us are trying to take care of our families as best as possible. i've lost track of how many masks i've made and we've all been wiping down door knobs and surfaces. and if you're out of hand sanitizer, you just make your own. but remember, the covid-19 virus can be airborne. if there a way to clean the air. coming up, we'll learn about the nuwave oxypure air purifier. we'll hear from a

last week raimondo stressed u.s. is unlikely to come up with a quick fix for the global shortage.l news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. david: still to come, our exclusive interview with the american head of the chamber of commerce. that is next. this is bloomberg. ♪ david: welcome back to the show. calling for the chinese government to reduce what it calls unproductive rhetoric. and the annual white paper reduce this morning with a call for beijing to allow for nationals to return to china for work. we're joined by gregor gilligan from beijing. a pleasure to have you on the show -- the white paper is out, is 564 pages. why is it so long? greg: it's long because we want to be specific about what is going right, what needs to improve, and offer suggestions to make that happen. david: let's go with your three policy priorities. greg: we are focused on dealing with the covid challenges, trying to manage bilateral statutes, and then also how we can

this is being led by commerce gina raimondo.t with all of these companies last month and the real issue is there is no short-term or quickfix to this problem. it takes three months to build a chip it takes two years to build a chip factory but all of these companies need these chips now. the focus is what can they alleviate or help in the short-term term and really what can they do in the long-term to build a manufacturing and are entity capabilities to cultivate top talent here in the united states, so that this country is not facing this problem again? matt: when i think of that ship industry -- of the chip industry , i think of andy grove and the revolution that happened where you are, but before you were born. back then, we produced all of these super high-tech chips, the most complex products humans have ever built in california. now they are all made in taiwan or china or somewhere in asia. is that going to be reversed. are those high-tech manufacturing processes going to be brought back to the u.s.? >> you are absolutely

commerce secretary gina raimondo speaking to bloomberg on biden's proposed tax hikes.oming up this monday morning, narendra modi loses a key state in a side of voter backlash. we have the latest from india. this is bloomberg. ♪ >> millions of indians around the world are watching in horror as india reaches record numbers of covid-19 infections. a new york resident struggles to find ways to support his relatives overseas. >> a 32-year-old an hour apartment complex has corona. his mother is sick. one of his first cousins in another part of the city, he got sick relatively young, and he was on a ventilator, then he passed away. i was like, this is getting serious. >> as the death toll rises to more than 200,000 deaths, the 4.2 million indian-american to make up the diaz bra can only look -- that make up the diaspora can only wait for bad news to reach them through a barrage of whatsapp messages, call, or social media post. >> a lot of people immigrated to the united states, but the parents are still back in india. somebody's wife is still back in india. so there is that d

we will be speaking to secretary of commerce gina raimondo, who hosted the latest white house summithips. ♪ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> the following is a paid presentation brought to you by rare collectibles tv. ♪ >> the california gold rush is considered to be one of the most impactful events to affect america's young economy during its first 100 years, and it has certainly had a long-lasting impression in numismatic history as well. the people of california soon needed a way to standardize the value of the new gold, so they set upss

commerce secretary, gina raimondo, is overseeing efforts, for the white house.they are saying it is all hands on deck at this point, to get everything in line, to avoid the kind of shortages we typically see on the eastern seaboard, after a major hurricane or back during the days of hurricane sandy. haidi: and this cyberattack is the latest in a series of recent energy hacks we have seen. what are experts hang about the urgency to act here? su: they are saying it is pretty significant. because, as you said, while there has never been a cyberattack of this size on a pipeline, there certainly have been many. you can go back to 2012, saudi arabia state owned facility was hit. in 2016, cyberattacks took out quarter of ukraine power grid. in 2018, we saw several u.s. national -- natural gas pipelines hit. 2019, the pemex facility in mexico. last year we had u.s. natural gas lines down for two full days. again, that is a significant disruption. but nothing on the scale of what we could possibly see here, with the colonial pipeline being taken out. these prior attacks,

tom: secretary raimondo very aware of the allocation of the $6 trillion budget and what it means for- for rhode island. we are following hsbc this morning, the chairman and ceo speaking in statements, and it is ebbing away a little bit. it is pulling back. this is off the bombshell announcement, after 40 years, hsbc will exit retail in the united states and focus on wealth management in asia. emily wilkins is in washington, with lisa abramowicz and matt miller. it is real simple -- i believe the president proposes, and congress disposes. is there anybody in congress that wants to dispose towards a $6 trillion budget, particularly anyone in leadership? emily: i think republicans certainly are not going to be big fans of the budget coming, particularly with their concerns about the rising deficit and the amounts that this bill would add to it, but a lot of the additional $6 trillion we are seeing in this bill has already been proposed in the infrastructure plan. we knew, to a certain degree, this big number was coming, but you're absolutely right. this is half suggestion, half wishlist

gina raimondo plans a summit with companies impacted by the shortfall, that includes the largest chipmakers. car companies. the meeting will be held may 20. polantic technologies posted a bigger than expected loss. the company blames stock competition. it provides tools and consulting to the u.s. and allied governments. it overhauled its software in recent years to attract small businesses at lower prices. dogecoin rose after elon musk tweeted after whether -- 750 respondents in a half-hour. the cryptocurrency is famously volatile. over the weekend elon musk appeared on saturday night live and jokingly called dogecoin a hussle. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> is not transitory. we continue to have the valuation currencies. the way governments around the world have been printing and releasing currencies into the market, particularly the u.s., you will have inflation numbers going up, which is a reflection of the currency. tom: mark mobius

gina raimondo addressing the challenges this we can -- this weekend. >> it is a top priority for thedministration. unfortunately, these sort of attacks are becoming more frequent, and we have to work in partnership with business to secure networks to defend ourselves against these attacks. guy: let's talk more about this. bloomberg cybersecurity reporter joining us now. there's a lot of debate about how this happened. my question to you is how quickly can it be fixed? reporter: it really remains unclear, and that is kind of the nature of these attacks. on only in this scenario are the hackers locking up computers and demanding assets. they have also stolen nearly 100 gigabytes of documents and are threatening to leak those as well. it can be very difficult to recover from an attack by this. let's say, even if you pay the ransom and you were given the keys that encrypt your data by this hacking group, it can still tick along time just to do the actual decryption and bring your systems back online. as we know here, the hackers only hit the i.t. systems of colonial, and colonial took of

a meeting today with two cabinet secretaries, buttigieg and ray moaned a -- and raman do -- and raimondorepublicans. his approach going forward is more we need the revenues to pay for whatever we want to spend. that is where it gets very difficult. on the spending front, things seem to be going pretty well between biden and senate republicans. the question, as it has been for the past few weeks, is can they agree on anything tax related or something more creative, irs enforcement the latest thing they are talking about that could raise some money? but that is still the biggest challenges in terms of the tax issues. jonathan: can you imagine a situation where they come to an agreement on infrastructure spending with republicans, and deliver a separate package elsewhere that delivers tax hikes? jack: yes, that is the expectation. roger wicker says that clearly seems to be bidens play, to do bipartisan is much as they can, and then take a second shot at something partisan. jonathan: then you go into the midterms by saying we did what we said we would do on taxes, and managed to get a bipart

commerce secretary gina raimondo plans a summit with companies impacted by this shortfall.includes the largest chip any factors in u.s. automakers. according to information obtained by bloomberg news, the meeting will be held by may 20. inheritance taxes could make a return to the political agenda after decades of declining youth , according to a new report from the oecd. taxes on inherited wealth out account for just 0.5 percent of tax revenue in the countries where they are still used. the oecd research suggested inheritance taxes could help rebuild public finances hurt by the pandemic. blackstone wants u.s. dealmakers back in the office full-time by june 7, as long as they are vaccinated. the worlds largest asset manager announced the move yesterday. they have been preparing for an end to work -- for a return to work at the end of the coronavirus pandemic. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> this issue of cyberattacks on our

commerce secretary gina raimondo mentioned in the meeting with the president they talked about broadbandnd ships act -- and the chips act. president biden's jobs cabinet speaking at the white house now. we will continue to listen into this press conference and bring you headlines as we have them. meantime, coming up, the expedia ceo, peter kern, on the positive earnings outlook amid the signs the travel industry is on a rebound, why he disagrees with airbnb ceo. this is bloomberg. ♪ >> cities will come roaring back, it is a question of opening and cities being able to be what cities were. it is not that interesting to go to new york if you cannot go to a restaurant or the theater or a museum. but when you can, it is new york. ♪ >> market round of his brought to you by interactive brokers. brokers. emily: travel on the rebound. earlier i spoke with the ceo of expedia about the company's positive earnings results and why he thinks travel to major cities will come ringback. -- major cities and beyond will come roaring back. >> we are leaning into that. our hosts make more than they do on an

secretary of commerce gina raimondo, talking with a number of ceos at big tech companies about the chip shortage we have seen become increasingly pervasive. frankly, the conversations out of the top chipmakers indicate this will carry on for a longer period of time. my question is how quickly could the u.s. act to bridge this gap to really increase production locally or overseas to make it so that cars and iphones and other devices have some stabilization in the leg time? -- in the leg time? jonathan: evan brown joining us, ubs asset management head of multi-asset strategy. what makes you decide to leave the reopening trade or not? evan: it is a great question. what we are seeing at this point is europe improving. we still have room to run on japan, asia and the like. not every country has gotten to where the u.s., where the u.k. is. so we may be at the peak reopening story here in the u.s.. markets what have -- markets might have well priced that. but in others you haven't. tom: what this is is a wall of cash. the quick number in my head is 300 billion dollars. there's a ton of money l

governor raimondo will never age. this is bloomberg.rning. ♪ jonathan: from new york city for our audience worldwide, good morning, good morning. 30 minutes away from the opening bell with equity futures just about turning positive. the countdown to the open starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: we begin with the big issue. another fed official talks about talking about it. >> tapering. >> tapering. >> thinking about thinking about tapering. >> will be sitting with that all year. >> they are afraid of creating a 2013 incident. >> the fed is managing expectations. >> the market is starting to think of the fact that in 2022 there'll be less liquidity. >> the fed speak really reinforce that. >>

commerce secretary gina raimondo.omberg. ♪ alix: president biden is looking to unveil a budget that is about $6 trillion in annual spending. we want to get more on the impact of that from bloomberg's international economics and policy correspondent michael mckee. one of the lines in the prerelease said the time is now with low interest rates. he's making his case for that huge budget deficit. what is your take? michael: this is something economists have been talking about for a long time. with costs to borrow so low, the president's budget which officially comes out tomorrow suggests that he is going to take people up on that. you can see there's $6 trillion in spending proposed for fiscal 2022, and you can see the magnitude of the difference. another $1 trillion in spending over what we spent this year for his american jobs and and american family plan, if they pass -- family plan. if they pass, he would get up to $8.12 trillion. guy: i don't normally quote "the new york times" on this program, but the last line i th

commerce secretary at gina raimondo at 5:00 new york, 10:00 in london. this is bloomberg. in on the bloomberg first word news. president biden is set to unveil a budget that would see federal spending jump to $6 trillion in the coming fiscal year with annual deficits of more than $1.3 trillion over the next decade. according to documents cited by the new york times. the proposal is expected on friday and is expected to show how the ministration believes inflation and economic growth would be affected by enacting the agenda. the biden administration is taking steps to prevent ransomware hacks like the one that crippled the colonial pipeline earlier this month. directives will be issued requiring pipeline operators to conduct cybersecurity -- and report any issues to officials. companies could face penalties starting at $7,000 a day if they do not comply. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. alix: thanks. i want to update everybody on h

that was gina raimondo. alongside tom keene, lisa abramowicz, i am jon ferro.o-dollar positive come a little more than .1, approaching 1.21, 1.2 084. your headline is in the commodity market. i should say you're headed that your headlines are in the commodity market right now. copper taking out a decade-long record high. we have had back to back weekly gains for crude. we have seen some big moves in the commodity market. tom: i'm glad you mentioned copper, and particularly london copper, with some real depth. i look at the inflation-adjusted copper price, back 30 years. we are right back to china boom highs. we are not back to the inflation-adjusted real copper peak of 2011. but it is shocking, jon, how quickly we have gotten there. the rate of change right now, with a jump condition overnight, is extra neri. jon: let's pick out your words carefully. the china boom. this cycle? tom: different. jon: out of china, exports were booming. if you look at the copper imports, month on month they were lower. that is mike big question for the super cycle commodity board

our team, including secretary raimondo and secretary buttigieg put forward a reasonable counter offer that reduces the size of the package from 2.20 5 trillion in investment to 1.7 trillion. in our view, this is the art of seeking common ground. this proposal exhibits a willingness to come down in size , giving on some areas that are important to the president, otherwise they would not have been in the proposal. while also staying firm in areas vital to rebuilding our infrastructure and areas of the future, making our country more competitive with china. we have every intention to share the totality of the counterproposal, we are just waiting for the meeting to conclude to do that. reporter: can you say more about what was taken out? jen: let me give you some top line details and they counterproposal is very detailed, so you will see all the specifics for yourself but i noted the top line numbers that were offered. our proposal offered a shifting investment in research and development to supply chain, manufacturing and small business into other efforts such as the endless frontier act