accompanied by secretary steven mnuchin, secretary mike pompeo, ambassador robert o'brien, ambassador robert lighthizer, and larry kudlow. pres. trump: thank you very much. good afternoon. i am here today to talk about our relationship with china and several new measures to protect american prosperity and security. china's pattern of misconduct is well known. for decades they have ripped off the united states like no one has ever done before. hundreds of billions of dollars a year were lost dealing with china especially over the years during the prior administration. china rated r factories, -- rated our factories, offshored our jobs, still intellectual property and violated their commitments under the world trade organization. to make matters worse, they are considered a developing nation, getting all sorts of benefits others including the united states are not entitled to. i have never solely blamed china for this. they were able to get away with theft like no one was able to get away with before because of past politicians and frankly past presidents. unlike those who came before my administration n

trade representative robert lighthizer. korean leader kim jong-un has sent a message of support to xi jinping for his handling of the coronavirus pandemic. state media says kim congratulated xi for containing the crisis and controlling the situation. little is known of the virus outbreak in north korea but they have reported new cases and no debts according to state media. the philippines with a pause in monetary policy moves. reductions in rates and the reserve ratio requirement provided sufficient buffers. the governor said another 200 basis point rrr cut is possible and the bank remains ahead of its goal. bankingthinks the system can absorb as much as 5% in bad loans. 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 karina mitchell. this is bloomberg. haidi. we are just getting those numbers out from japan labor cash earnings. year on year, that number matching expectations. 0.1 again. slowing on that 1% gain we saw in t

trade chief, robert lighthizer, and treasury secretary steven mnuchin. the u.s.hat both countries fully expect to meet their obligations under the deal. the most unprecedented economic crisis in peacetime, that's what we are living through, according to the european central bank president, christine lagarde. she says policymakers will do whatever it takes to help the economy weather the shock. she spoke on a webinar organized by bloomberg. >> we have to go beyond the normal and conventional tools to use things that are of an exceptional nature. that has to be designed, calibrated with the appropriate level of deviation and room to maneuver in order to deliver on the mandate. >> the u.k. government is playing down expectations the lockdown will be significantly roll back. scientists warned the country's infection rate has crept a backup in recent days. boris johnson plans to address the nation on sunday with a plan for the way forward. sources tell us the rules may not change significantly until june. the u.s. justice department has taking the unusual step of drop

trade representative robert lighthizer have spoken since january. the world health organization is considering a new mission to seek the source of the coronavirus outbreak in china. they are calling for a trip to uncover the animal origins of the pandemic. it comes as the white house says there is evidence the virus came from a lab in wuhan. intelligence agencies are casting doubt on that theory and china has repeatedly denied the claim. a stark message for investors from larry fink, things are likely to get worse. in a call this week, he set out a grim outlook for corporate america that includes mass bankruptcies and an increase in the corporate tax rate to as high as 29%. larry fink says there is a risk the outbreak will be severe enough to live a long lasting impact on the american psyche. relieve partst to of its nationwide lockdown. there will be a full statement on sunday from boris johnson, under pressure to get british business moving again without causing another surge in virus cases. countries -- companies are warning that any continuation

according to china's ministry of commerce, they spoke on the phone to robert lighthizer and treasury secretary steve mnuchin. joining me to discuss the overnight news is annmarie hordern. what was discussed on this call? : we have a statement from the united states trade representative about both countries pledging to create favorable environments to implement the deal and make sure infrastructure is in place for that. the key and critical part of this statement is that both parties will meet their obligations. they expect to do that in a timely manner in spite of the pandemic. the deal calls for china to buy an additional $200 billion of goods and services from the united states over two years. because of the pandemic, china is behind pace. it is crucial for that reason. it was more of a positive tone in rhetoric during washington and beijing compared what we have seen for the paschi weeks from the trump administration, on china about not warning enough countries about the severity of the pandemic, and a repercussion for the pandemic management would be more tariffs. the market cert

representative, robert lighthizer, will speak about the agreement signed in january and went into effectry, and basically on the progress of it. part of the deal was at they were supposed to talk a couple times a year to get updates on the progress and what we reported at through our reporter jenny leonard earlier in the week is that it looks like the purchases, particularly on agriculture and energy of u.s. goods, are behind, in part because of the coronavirus. arehat is part of what we trying to continue to figure out, which is how much of the damage from the virus is really going to flow into china's ability to make the purchases it promised. sherry: what about the willingness of beijing to make this work and abide by their commitments? peggy: china has said repeatedly that they are trying to abide by their commitments. obviously, the world has changed, as well as both nations, and just a matter of a couple months in terms of industries being shut down and that affecting the ability to purchase goods on a country or individual level. as far as our reporting has shown, china is saying

happy friday steven mnuchin and robert lighthizer say trade with china remains on track after speaking to their counterparts in china yesterday. this comes after the less than rosie o rosie out lolook by the preside. >> investors seem happy with what they heard. believing the tensions over the virus hasn't yet derailed the trade deal both sides confirmed that through mnuchin, lighthizer and the vice premier li hu they would work together and that both countries would expect to meet their obligations in a timely manner. china also announced it is scrapping more investment. repateriation of funds that should help according to authorities here global institutions like global, ubs and bnp will invest in chinese stocks and bonds more readily. these regulations go into effect june 6 the state media has been ramping up the argument that china is making good on the trade deal. saying china has been buying u.s. soy and meat. there have been plenty of reminders how important the chinese consumer is to american companies. disney had a good day because shanghai park sold out for the first day in t

trade representative robert lighthizer and vice premier of china, liu he we are told are expected, i stress expected, as you see the president coming out to speak, next week via telephone. that reason why that is important. the president said he would get an update on the china phase one trade deal at the end of next week that fits in with that timeline. send it back to you as we're about to hear from the president. connell: that was important information, blake, that we will follow up on yesterday, when the president talked about china. we will certainly continue to follow that today. the president and first lady are attending white house national day of prayer service in the rose garden. those are that beginning now. back over to melissa. melissa: here now to react to all of this is bill mcgurn, "wall street journal" columnist and a fox news contributor. bill, let me ask you first about those unemployment numbers. even though we said there were fewer people going on unemployment this week than there were in the past we're still at a record enormous number of people out of work and

trade representative robert lighthizer meeting. that timing of meeting is still being worked out but that will happen at some point this year. there will be two of them. back to you. neil: edward lawrence, thank you very, very much where is all of this going? we have senator roy blount joining us now the missouri senator. good to have you. this crack down on what china knew and when they knew it where is this going, senator? >> a head's up in lots of areas, the military aggressiveness of china right now, economic aggressiveness, frankly all over the world and frankly the aggressiveness trying to take over global organizations whether at the u.n. or undo influence at the wto but it is clear in, to me at least, that something happened at that wuhan laboratory about the middle of october. there is public information out now that indicates that the level of activity there decreased dramatically from where it had been, like something happened and suddenly nobody wants to go into that lab for a while. i think that is pretty positive proo

and the other area where i think he has shown his own predilections is trade by bringing in robert lighthizer, very accomplished tr, who is a democrat, right, he's not a republican up until he switched in 2016 or 2017. so, i think, you know, trump, and i'm just inferring this from his actions, decided, okay, i'm going to write a blank check to the bush-ryan republicans in congress on domestic policy, but i'm going to push my priorities in foreign policy and particularly in trade. >> what do you think, jd. >> yeah, i think that the first couple years of the administration definitely illustrated the institutional weakness that we've been talking about this evening where the apparatus of republican domestic policy, this is not heritage in 1981 that was like ready for the reagan revolution. this was a group of people largely blindsided and when they got the opportunity to govern, they went back to the old play book. i don't think you've seen a substantial sort of realignment in how things have actually gone. the political piece of it still continues. i think that you see the shifts. i think the r

we've been told from trade representative robert robert lighthizer after the signing of the phase one trade deal with china there would be an update and how things are going, if they are implementing the way they should. talking about soybeans, talking about purchasing $200 billion worth of goods and services from the nighted, a large part being agriculture, soybeans being in particular, the first three months of this year was a huge spike exporting from the united states to china. some 2 10%. however the, in the month of march there were two weeks in march, according to the u.s. agriculture department where there were no shipments at all from soybeans going to china. that is when the coronavirus was hitting but still those numbers have fallen off in april. also a very small number of soybeans have been exported. this is something the administration is watching very closely and there has been one voice unified basically from the u.s. trade representative's office from china, that they must meet the trade obligations. up with senior u.s. official tells me they are in contact with the c

trade representative robert lighthizer and the treasury secretary, steven mnuchin and today.ain communication. the economy slows amid lockdowns and business closures. that takes the near -- the two month total to near 33 million. california, texas and georgia reporting the highest new level. april's payroll is inspected to highlight the unprecedented loss of jobs amid the virus outbreak. saudi aramco is trying to support oils nascent recovery. documents seen by bloomberg says the company is prepared to look prices for most of its june shipment while coming out. will doays they whatever is needed to support prices. at least 11 people have been killed in a gas leak at a chemical plant. thousands of people have been evacuated from the city. theincident came following easing of india's nationwide virus lockdown. about 400 people needed hospital treatment. at least 20 are said to be in critical condition. will 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 karina mitchell. yvonne. >> th

trade representative robert lighthizer and their counterparts from china, including the vice premier. back to you. >> so many questions, blake. thank you for laying it all out. lawmakers have been itching to hold china accountable for the virus. now as president trump appears possibly to be easing his stance on our rival -- on our rival, while trade talks restart, the question is, if congress will still follow through. tennessee republican senator marsha blackburn introduced a bill to punish china for the pandemic. she joins us now. senator blackburn, great to see you, as always. >> thank you. >> sure. so many questions regarding china, but you are working on some legislation right now to hold them accountable for the spread of the virus. explain to our viewers what that looks like. >> yes, and you know, one of the things we think is important to do is to send that message to china, that we do hold them accountable for this because they lied. they were not transparent. they wouldn't share information even now they have not let the c dc and -- the cdc and the who into that lab. one of

sources tell us it will be the first time the chinese vice premier and robert lighthizer have spoken england is signaling it may need to do more to combat the coronavirus lump. unanimously voted to keep their benchmark interest rate unchanged at 0.1% for now. immediate 100an billion pound increase in bonds buying. the prime minister of israel can form a government despite the corruption charges against him. that is the ruling of the country's highest court. it is a controversial decision paved the way to ending a year of political stalemate and forming the first permanent government since 2018. the start of his criminal trial is set for late may. blackrock's larry fink has a stark message for investors, things are likely to get worse. he sketched out a grim outlook for corporate america, and being mass bankruptcies, and planes, and an increase of the corporate tax rate to as much as 29%. he says there is a risk the outbreak will be severe enough to live a long impact on the american psyche. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 j

trade representative robert lighthizer and trade secretary steven mnuchin. fromng us with the latest new york is annmarie hordern. good to speak with you. this positive movement between the u.s. and china very important, given the fallout have seen around coronavirus and its origin, and also talks around implementation of the trade deal. this sets the stage for something positive, i guess. >> yeah, definitely a positive dialogue, and also it comes ahead before they were even supposed to speak to. they are talking and talking earlier. i think the crucial part of the statement was when they said both countries fully expect to their obligations in a timely manner in spite of the pandemic. i think that is important for two reasons. the deal is calling for china to buy an additional 200 billion dollars worth of u.s. goods and services over two years compared to 2017, but because of the pandemic, those purchases so far have been behind the pace that they need to reach, so it was a positive that they said in spite of the pandemic, they are going to do what they can

trade representative robert lighthizer have spoken since january. trump threatens more tariffs as punishment. despite all of that, we are seeing a rally building here within the equity market. if you take a look at european equities, they are on the has of the session. s&p futures around the highs of the session. seriously a straight arrow up. some buying in the bond markets, but nothing to write home about. it was all about a bear steepener yesterday after the and essman from the treasury department, but kind of coming down from there. saudi arabia setting their oil price higher. that could signal more demand. it plays into the recovery story. when we open up, will things actually get better? joining me now is chris watling, longview economics ceo and chief market strategist. i have more nuanced questions for you, but the first one truly is why are we rallying? question.t a great i think we are still on the sugar high and the good news feeding into the market, the idea of opening up economies, the infection rates peaking, and so on. the reality is

robert lighthizer had a call with the chinese vice premier liu he.n that call, they talked about the progress being made to set up this infrastructure to implement the deal. crucially, part of the deal is in spitethat they said of the health emergency, both expect to meet their obligations under a timely manner. i think that is part of the reason we are seeing this risk on rally, because there has been a big question mark about whether china is going to be able to meet their part of the deal. the agreement calls for china to buy an additional $200 billion of goods and services in 2020 and 2021, compared to 2017 levels. because of the pandemic, we have seen a lot of those imports dropped. at the moment, they are really behind the pace they would need. of course, in general we have seen a deteriorated rhetoric between beijing and washington. president really blaming china, saying they did not properly warn the rest of the world about the scale of it and even threatening more tariffs as a punishment. so this call certainly eased some of those tensions,

you had robert wright heisler -- you had robert lighthizer overnight in an op-ed, saying, "the era of shoring is over, and with it, the overzealous emphasis on efficiency and the concomitant lack of concern for the jobs that were lost. after we have defeated this disease and reopened our economy, we cannot forget the hard lessons learned from this misguided experiment." christopher: i think that is going to be the biggest impact long-term from this, is on shoring, whatever term we want to use. people are going to realize that a heavy dependence on one country, any country, is really dangerous to the overall supply and aof an economy business specifically. whether or not they completely leave china, that is a very different discussion, but i think it is going to be there as a backup plan and a backup plan of the backup plan as a result andealizing how travel basically overall economies can be shut down and almost a blink of an eye because of something like this. do youased on that, how then value and equity? if they are international and they get cheap labor from china, this is much mo

is just in the last few hours, you had sunny purdue, our secretary of agriculture, as well as robert lighthizer, u.s. trade rep, talk about how much progress is being made on th phase one trade deal, so as you and i are sitting here talking about how the united states and china are heading towards a quold war footing on everything from the world health organization and blame for coronavirus and technology in hong kong and south china sea and east china sea and taiwan, the list is as long as my warm you have the one notable deal that trump has put together with the chinese that everyone in the trump administration including trump himself is saying how important so he doesn't really doesn't want to break that unless he has to as we get closer to the election but let's be very mass politicized. they're going to try to beat on b joe biden. joe and the democrats aren't soft on china so i expect this is going to be a lot worse >> what are the implications for the region's capital market centers? i guess on two levels, will the likes of singapore benefit and are the likes of shanghai ready for this ar

trade representative robert lighthizer and steven mnuchin, the treasury secretary, spoke with their counterpartshina about this phase one trade deal. the u.s. is saying that both sides agreed to follow and honor the commitments that were made inside of that agreement. that includes all the purchasing that china says they were going to do. back to you. neil: we shall see. edward lawrence, thank you very much. to lauren simonetti on what's happening at the corner of wall and broad, wrapping up a pretty aggressive bullish week here and all the major averages, start startling to believe, are up 30% from their lows. incredible. lauren: it really is a head scratcher when you look at the dismal data that we got today on the jobs report, with 20.5 million americans being out of work in april, but that was not as bad as feared. one of the reasons we have an equity rally on our hands today. you have to remember that, and this could be a problem as we reopen the economy, many americans are making more money not working than they do when they are at work because of the money the government is giving them no

we heard from robert lighthizer, the trade rep and treasury secretary steve mnuchin.re talking to the chinese side in order to get the phase one trade deal implemented. but we also heard about the u.s.-china relationship. take a listen. >> ambassador lighthizer and i had a conversation with premier liu he. we made it clear that they would meet their commitments? am i confident? their actions, i said before we expect china will meet their obligations f they don't there will be very significant impacts to them, not just with the u.s. but the rest of the world. susan: what are those obligation gas? that means spending $200 billion next few years on energy and farm goods. they have been buying a lot of farm goods to maybe resupply and restock the food chain. we know there has been an epidemic among the swine and pork population in china. in terms of ip, intellectual property protection that is in question as well. will phase one translate into phase two? we have 25% tariffs, on $300 billion worth of chinese goods. stuart: tell me about the chip-makers. i think it is the a

between the chinese vice premier and treasury secretary steve mnuchin, robert lighthizer also, the ambassadoron that call. as you say, there's been tensions between the two countries, especially regarding the origin of the coronavirus, but according to the white house and its statement following the phone call, it was all very cordial. they say both countries fully expect to meet their obligations under the phase one of the trade deal that actually went into effect on february 14th. part of that deal says that china must buy $200 billion worth of u.s. goods over the next two years. let's not forget, the president just said recently he would terminate that agreement if beijing failed to meet its obligations. but it was a friendly call by all accounts, said that they agree on getting the main parts of this deal secured and the pieces in place to fulfill the obligations, and let's see whether the good feelings can continue. but it's interesting, they say the lines of communication are still open. stuart: i think that's probably helping the market this morning. if we are going to do the trade dea

trade representative robert lighthizer in a statement saying this.ous and high standard trade agreement with uk, his counterpart, the secretary of international trade for the united kingdom, says the uk is a champion of free trade and this deal will make it easier to do business with their friends across the pond. good news here. stuart: absolutely good news. that's what we are waiting for. love to see more trade deals. edward, thank you very much indeed. >>> m going to shi'm going to s drone video. that shows thousands and thousands of cars sitting there at the port in los angeles. now, they are not sold yet. they are having a hard time selling them. i think that might mean some bargains on those cars in the future. we will tell you all about it after this. meet jim. for jim, comfort is king. which is why when it comes to his dentures only new poligrip cushion and comfort will do. the first and only formula with adaptagrip cushioning technology. choose new poligrip cushion and comfort. stuart: not quite the high -- it is the high of the day. now we'

accompanied by secretary steven mnuchin, secretary mike pompeo, ambassador robert o'brien, ambassador robert lighthizer, and larry kudlow. pres. trump: thank you very much. good afternoon. thank you. i am here today to talk about our relationship with china and several new measures to protect american security and prosperity. china's pattern of misconduct is well-known.