and china with stephanie kelly. is coming up shortly, and this is bloomberg. ♪ tom: good monday morning. ."loomberg surveillance francine lacqua and london, tom keene in new york. dell futures up 100, the equity markets and some of it we saw with kit juckes and fx, but so much of it we are looking at now with our team is international relations, and the politics with the democratic convention beginning tonight. somewhat in milwaukee, but virtually to delaware as well. stephanie kelly joins right now at aberdeen standard. there senior political economist. while frank -- both francine and i want to take a moment here to rephrase china and the united states. for that matter, china and its expression, with europe as well. what is the relationship right now with president xi with the leadership of europe? stephanie: well, i think that we have always seen this kind of push-pull between the united states and china. europe and china. in many ways, what exists in europe with regards to china, transparency, around doing busin

david: always a pleasure to have you with us, stephanie kelly.t is time for bloomberg first word news with mark crumpton. two years after the united states withdrew from that dealark 2000 15 nuclear with iran, the trump administration is threatening to reimpose sanctions that were eased under the accord. the security council could vote on a resolution to make permanent an international ban on arms deals with iran that is due to expire in october. russia and china have threatened to use their veto power to kill the resolution. another escalation of trade tensions between the u.s. and china. the trump administration will order imports from hong kong to be labeled made in china. the actual economic impact may not be large. most of hong kong shipments to the u.s. our exports from other places. the u.s. is making the change after president trump ended hong kong's special treaty status. the u.s. is sending thousands of tons of wheat flour to lebanon to prevent a food shortage. this after that explosion that killed 150 people and wounded thousands of ot

stephanie kelly, aberdeen senior st. -- aberdeen senior economist.omberg. ♪ ritika gupta time for the -- ritika: time for the bloomberg business flash. i am ritika gupta. last week mark zuckerberg defended his company's coffee can strategy before congress. this week he is showing how he does it. facebook's instagram photo sharing app is launching its close of -- it's clone of tiktok called instagram reels. in germany, commerzbank has abandoned its goal for a full year profit. losses tied to the falmouth of -- to the failure of wirecard -- commerzbank trying to emerge from a leadership crisis. both its ceo and chairman announced the resignation last month. another european carmaker is reporting a big hit the coronavirus. bmw's automotive division posted a $1.8 billion loss in the second quarter. the pandemic forced factories around the world to close for several months. one bright spot, bmw says sales volume's have started to grow in china. that is latest business flash. focusone asset class to on his gold continuing to hit all-time highs. ,oining us

. >> joining me now is senior political economist, stephanie kelly.amon javers still with us some strong words from larry kudlow he's out there telling people the trump administration is handling things well what do you see as the biggest difference of a trump continued administration opposed to a joe biden one? >> i think with his comments being economic minded and seem to be more business friendly, the reality is we are in the middle of an incredible global recession. the u.s. is not immune to that we have 30 million voters out of jobs i think that is the difference maker. can the republicans win the argument that the trump administration has done as well as he could or will he end up getting blamed particularly with his key voters that are also going on those unemployment benefits >> if you look at both tickets, there have to be marked differences and similarities what are the key differences from an economy standpoint that you you are seeing >> they are actually and genuinely at a cross roads in the united states around the shape of the u.s. polic

we were hearing from stephanie kelly about perhaps what will look like separate financial systems, separateal flows into the future. is there a sense that in china, that is being prepared for. they talk for a long time about a bigger role for the chinese currency globally. tom: we would seem to have some technical difficulty there. of course, you can have that when you go to hong kong by telephone. it happened not a few times. i look at this, and of course, it evolves back to london, the emotion we heard over the weeks from lord patten and others in the united kingdom. that the you perceive johnson government will adapt to this new hong kong? big story herehe was around huawei, but also the opportunity for those living in hong kong to seek some kind of residence in the u.k. there had been a pathway to citizenship, but it wasn't open to that any people. alsohas been opened up and highly criticized by the chinese. how many will seek to move away from hong kong income to london remains an open question, but interesting is that britain still does feel some emotional geopolitical reasons here to

stephanie, thank you. lee an caldwell, kelly o'donnell and awesome four-some of women, i'll include myself, five-some. revolutions from a top int intelligence official that says who can pose election problems. we got the former director of the cia john brenham joining us and new york governor andrew cuomo says his state is going back to school, but what is being done to keep students and teachers and staff safe? and will it be enough? staff sa? and will it be enough? when our daughter and her kids moved in with us... kids, bedtime! ...she was worried we wouldn't be able to keep up. course we can. what couldn't keep up was our bargain detergent. turns out it's mostly water, and that doesn't work as well on stains. so, we switched back to tide. one wash, stains are gone. kind of like our quiet time. [daughter: slurping] what are you doing? don't pay for water. tide is concentrated with three times the active cleaning ingredients. if it's got to be clean, it's got to be tide. if it's got to be clean, it's got to be tide. walk to en