thank you sarah mcgregor.rst word news update with mark crumpton. >> julia, thank you. onse leaders today commented reports that families and trying to cross the southern u.s. border illegally are being separated. pelosiy leader nancy said, "this is not what america is, but this is the policy of the trump administration." thesenk of the stress of children. they take a baby away from the nursing mother. they take the baby and them in a car seat, and drive them away. this is not normal. it is barbaric, it has to stop. >> oc said the white house could stop the practice, but house speaker wro ryan says a legislative solution is needed. >> we believe it should be addressed in immigration legislation. the separation of parents and children is because of a court ruling. that is why legislation is necessary. mark: votes on immigration bills could be held as soon as next week, although the speaker says he "won't guarantee passage of missedsure." theresa may an unofficial 5:00 p.m. local time deadline to release content

shery: for more, we are joined by josh when grow in ott and also sarah mcgregor. sarah, let me start with you. note were some speculatio given what happened at the g-7 finance minister, there was condemnation over the u.s. tariffs that perhaps the president could skip this meeting. in fact, he is going and he is ddress t talks -- top issues including trade. sarah: yes, it looks like trouble uses meeting to really trump -- trumpet his tax record -- track record. i think a lot of the g7 leaders are saying right now that the trump administration is putting at risk withth these steel and aluminum tariffs and some of their trade policies. what we heard from larry kudlow is actually, quite the opposite. the trump administration sees that it has done such a good job with the economy, with such a low job rate, and the tax cuts and regulatory rollbacks, that it is actually helping them. it is helping the global economy. i don't think trump intends to back down from that trade policy stance whatsoever, even if these other leaders try to seek reprieve from the steel and alumi

sarah mcgregor, thank you so much. she leads the u.s. economic policy coverage coming from the g7 in kobach. quebec. with us is ed devlin at pimco. do think there is any way to advance the trade conversation in a meaningful way? won't it does advance, we know about it until later. the meetings are great where people can get together and air grievances in private and if that is what is going on, i very suspect -- it is a bad case scenario if we get a public airing because they have more productive outcomes. we lay groundwork now and hear about it later. amanda: we have retaliatory tariffs kicking in over the summer if they come to pass. how much damage does it do and how quickly? a lot of the tariffs and trade tensions are linkages do business and consumer confidence. , especially in an open economy where we will see it in canada and also in the u.s. that more so in mexico. those are the things we will see. in terms of the actual cost of the tariffs, they are not significant. what will be significant is if we cannot get ourselves in nashv

vonnie: thanks to sarah mcgregor.ad, inflation frustration, what should investors watch when the fed chairman pulled his news conference -- holds his news conference this is bloomberg. ♪ caroline: live from london, i am mark meadows. -- i am caroline hyde. vonnie: i am vonnie quinn central bank is expected to raise rates by 25 basis point in the real question becomes how many hikes this year? today's reading reinforces the fed's gradual approach. our international economics and policy correspondent joins us. what will your first question be at the news conference? >> they will have are to whether they will do three or four and if they change their dot plot forecast. you want to know how much above 2% the fed is willing to tolerate inflation. the numbers today, they generally run 3-5 basis points below cpi. it will continue to go higher, especially with fuel costs up. when will the fed field it will slam on the brakes? vonnie: how will we find that out? we will not get told overly. >> not necessarily if they think now

let's go to washington and talk to sarah mcgregor, economic policy editor of bloomberg.nt donald trump slapping tariffs on some of his closest allies, looked like china was in his sights during much of the campaign, his allies were not expecting this, right up until the last minute they were fighting for relief, saying we are your closest security allies, trading partners, why would you possibly do this to us, it is definitely escalated, we have not heard from the wto or any leaders officially declaring this a trade war, but i think we will see how this plays out in the days ahead to see if it brings us to this point. we have heard from the eu in the last two or three hours, preparing to renounce mac write an measures. things hearing like harley—davidson, blue jeans, cranberries, florida orange juice, lots of american products. —— preparing to renounce retaliatory measures. it will be the opening salvos of a trade war. mexico, canada and the eu, dollarfor dollar, targeting us imports, i think what is very important to point out is that these are notjust on steel and alum