vonnie: steve mnuchin is not concerned with optics today.didn't attend part of the seminar inequality. that was one part of the g7 meeting that he missed, but, tell us why they were there in the first place when so many are going to change like the french finance minister possibly. britain's representatives are possibly going to change as well. is true.t the european picture could shift around, and steve mnuchin came here, arrived about two hours after all of the other ministers. you can see the flights here behind us, the u.s. flag, for the first couple of flag -- ours wasn't up there. maybe because of when problems, but they didn't put it up until the treasury secretary arrived here. as far the european flags up there, they will stay in the g7, but your point is a good one. france finance minister might not be the finance minister very much longer because of the new government there. a lot of people in europe are hoping for a tighter, stronger europe, a stronger union between the european countries. for example, the european commissioner t

treasury secretary steve mnuchin's testimony today.t he said and what we learned about tax reform and the budget. this is bloomberg. ♪ ♪ david: this is "bloomberg markets: the trump economy." i'm david gura. testimony from steve mnuchin today on the budget and tax reform. he reiterated the goal of 3% gdp growth. here with the latest is our congressional reporter joining us at the capital. give me a sense of how much growth was discussed? the belief in the white house that getting to 3% growth is attainable and fairly soon. >> it was a central part of the discussion today and steve mnuchin said it was the main goal of the trump administration to grow the economy, that is why they are doing tax reform and rolling back regulation. they want to get the economy growing again. the chairman of the senate finance committee today pointed out that president obama in his budget also had a pretty high estimate for economic growth and he said that 3% growth in this budget is lower than what obama expected. we saw in theast eight years the economy d

betty: treasury secretary steve mnuchin has signaled that the u.s.t foreign investments. he says the review panel should focus on national security, downplaying the speculation that they would expand their authority. >> we believe in free and fair trade. where we are attacking days is where it is not free and fair. if we are charging someone zero tariffs and they are charging of 20% or 25%, that is not free trade. free and fair trade is a reciprocal agreement, like anything else, any deals that companies do or countries should do. it is about deals that should be fair in both directions. we want to make sure u.s. companies have every opportunity to export. we are focused on growing exports, not cutting imports. our trade imbalance is too big. it hurts the american worker. that is something that the president is very focused on. whole issue of calling china a currency minute later, do you think walking back from that has made sense and make your job easier? >> i think we had a very important meeting with the chinese. i think the president has made it

secretary steve mnuchin.of topics from the conference in l.a.. ♪ manus: "bloomberg daybreak" europe is our flagship show. i manus cranny. i am anna edwards. --anna: i am anna edwards. 1.5 one billion. that is significantly above $1.51 billion. news for the team, dividend remains at $.10. production 2.38 8 million barrels per day. i have seen a number of over 3 million barrels a day -- a day. we have the adjusted first-quarter profits. good news in terms of being able to continue to pay the dividend without increasing the leverage. 55% above what it was in 2016. on the beachn, all side. the first quarter of 2017 and it it is a 7 -- substantial one. exxon, chevron beating estimates. we are getting numbers from aberdeen asset management as well. half,venue for the first just a touch above the 529 million. is on track and they will be joining the bloomberg team later on in the programming. manus: futures, we have got those in focus. hsbc has a buy recommendation of we're up at a 10th of 1% in london. the rest of

steve mnuchin said he is concerned about lingering debt in greece and europe. they're hoping the recent lending resolution they've seen with greece as far as tax reform and pension reform is a step in the right direction. we expect steve mnuchin to arrive any moment now. >> i hope you can squeeze in some time for some pasta in that area. >> i just bought some. i'm bringing it back to the office on monday. >> fantastic. have a great weekend. >>> let's look at the european equity markets this friday. the stoxx 600 index is inching just a tad higher to the tune of 0.1%. look, we are still trading close to 21-month highs. what is really lighting up the market today is the fact that we got this m&a deal between vivendi and havas. vivendi up by 6%, havas up by 2%. what you'll see looking at the indices, the cac 40 is underperforming just a tad, but some big m&a stories playing out in that market. the xetra dax in germany not far away from recent record highs. 12,726 points. elsewhere, the ftse mib is up by a third of a percent. once again luxury stocks are under pres

we need to go now to treasury secretary steve mnuchin. mnuchin: my number one priority is creating sustainable economic growth for all americans. the best way to achieve this is through a combination of tax reform, regulatory relief and protecting taxpayers. this also includes making some difficult decisions with respect to our budget. we are currently buried the cost of excess government commitments of previous years, and this has forced us into making our choices. but the remarkable thing about economic growth is it is built upon itself. if we develop the right policies today, our children and grandchildren will reap the benefits of the ever growing economy. in the next 10 years, it will return to the moderate historic average of the 3% gdp growth, our economy will grow by trillions of dollars. this will be meaningful to every man, woman, and child in this country and kill -- future generations. thereform will pay up in reform. it has been 30 years as we have had comprehensive tax reform. this administration is committed to changing that

secretary of treasury steve mnuchin says he was not intentionally restricting for investments.e told bloomberg that national security interests would come first. the administration is solely focused on a tray it that is free and fair. >> we believe in free and fair trade and we are attacking things where it is not free and fair. zero are charging someone and they are charging is 25% that is not free trade. >> you know that the benefits benefits go to the people who import as well as export. >> that is true but free and fair trade is reciprocal as well companies dothat or countries should do. it is about deals that should be fair in both directions. we want to make sure that u.s. companies have every opportunity to export. we are focused on growing exports, not cutting imports. our traded balance is too big. it hurts the american worker. that is something the american -- the president is working on. a currency minute later, do you think walking back from that has made your job easier? >> we had a very important meeting with the chinese. the president has made it very clear that

you don't see steve mnuchin and guerre ary cohn on the hill working on this and that's what the markets are dependent on. they're losing confidence they're going to see that agenda. if that republican agenda isn't pushed forward, why are the markets going to have this accentuated boom with trump? it was based on promises and those promises at this point, there's no sign of them being kept. i spoke to a republican earlier that said, well, remember, president trump put forward that tax reform bill. do you remember that -- i mean, that was one piece of paper that looked like it was written on a school bus ride. >> it might have been, steph. i've waited my whole life to say this, stephanie rhule, come on down. >> the price is right. >>> hello, everybody, it's 4:00. we are on deadline. president trump just returned from a short day trip to connecticut where he delivered a commencement address making his first public comments since the bombshell report of the comey memo. >> look at the way i've been treated lately. especially by the media. no politician in history, and i

steve mnuchin is continuing his testimony on capitol hill. do watch it on the bloomberg and tv . this is bloomberg. vonnie: welcome to bloomberg markets. ♪ here are the top stories on the bloomberg that we are following. u.s. stocks rebounding from the worst selloff of the year. technology in bank shares rally. trumpthe concern that the agenda may be in jeopardy. -- calling it a witch hunt on twitter. fbi comes a day after director mueller was appointed special --

i am totally in support of people like trump and steve mnuchin.e have got to cut spending, cut taxes, and we will have a booming stock market like we do know. host: that is joe, a longtime caller. patrick is up next in florida, independent. .aller: good morning let me first say, i really messed your family values -- missed your family values crowd last year before the election. he did not bring any of them out. hello? host: i am listening. steve mnuchin,ed .dic was in the 40 thousands we have had six or seven financial bailouts. to not mention a word about that, of course. i noticed you had the oklahoma guy on yesterday talking about states' rights. i wish i had a dollar every time i heard states' rights. i would be a poor man -- a rich man. you did not ask the oklahoma guy , texas, oklahoma, in california, we see the most fema payments in -- year in and year out. go to your state or go to a private insurer and get your money, not the federal government. thanks for taking my call. host: patrick murphy referring to a segment yesterday, patrick cock

treasury secretary steve mnuchin wants to raise the debt ceiling.republicans go along. >> i think it is absolutely important that this is passed before the august recess. and as far as i'm concerned, sooner the better. ♪ you know how painful heartburn can be. for fast-acting, long-lasting relief, try doctor recommended gaviscon. it quickly neutralizes stomach acid and helps keep acid down for hours. relieve heartburn with fast- acting, long-lasting gaviscon. and helps keep acid down for hours. we can't stay here! why? terrible toilet paper! i'll never get clean! way ahead of you. charmin ultra strong. it cleans better. it's four times stronger... ...and you can use less. enjoy the go with charmin. ready or not, here i come.ek.) ♪ anyone can dream. making it a reality is the hard part. northrop grumman command and control systems always let you see the complete picture. and we're looking for a few dreamers to join us. depression is a tangle of multiple symptoms. ♪ that's why there's trintellix, a prescription medication for depression. trintellix may

steve mnuchin: absolutely.re running a business, you have an income statement and a balance sheet. if you're making an investment that has a 20 year or 30 year payback, don't expense it in day one or as a complete expense. government budget treats everything has cached so nice it -- cachedit makes it so it makes it more difficult. >> if he had to bring them into finance at infrastructure, what is the main ploy you would make? steve mnuchin: we've seen a lot of interest from our counterparts in investing in the united states, whether it's an infrastructure or other opportunities. i think this is something we will be a will to get done. >> nafta is an old agreement. it does not reflect the current status of either the mexican economy or the american or the canadian. at a minimum, it needs updating. second, it has the problem with the rules of origin. mainly how much of raw material can be brought into from outside nafta and get the tariff benefits of nafta. in automotive for example, they did it part by part. som

steve mnuchin signals and interest in issuing ultra long bonds. he tells bloomberg television he can accident -- absolutely makes sense. much more than a global conference. ♪ i will -- david: president trump made headlines yesterday but the also learned a lot about his leadership style. in washington, we're joined now and let's talk about the various parties he managed to alienate. he talked about north korea. did not like what he had to say about the prospect of meeting with that leader. walk us through everyone he managed to upset. conventional on presidency. he is flexible and can change on a number of different topics. he has managed an impressive number ofto upset a the gop establishment. he talked about raising the gas tax and that upsets peopleho do not want any types of taxes raise. he talks about leading with the -- meeting with north korean leader, saying we should take a harsh line against north korea and not consider meeting kim john kuhn. the president said he would be honored to meet under the rights of stances. he talked about break

steve mnuchin was a hollywood guy.y know because he was the top guy at goldman sachs. are those people providing a level of reassurance to this crowd? or not? >> i think their presence is because they know steve mnuchin. but they wanted more details than he was ready to give them. the fact that he was here is good. i said over and over again, you got to be reassured by this team. this is a great team. one of the guys my panel said it is macaulay culkin, they are all home alone. >> martha: [laughs] we got to go. >> anyway, pretty good reviews. >> martha: good to see you. we'll get cut off. thank you, bil. coming up, we'll take a look back at that night six years ago when usama bin laden was killed during a late-night rate in pakistan. rob o'neill was there on the stairs with the gun. he is next. by sensing cyber-attacks in near real time and automatically deploying countermeasures. keeping the world of business connected and protected. that's the power of and. the toothpaste that helps new parodontax. prevent bleeding g

steve mnuchin weighed in on banking regulation as well mnuchin: we are determined to make sure we haveroper regulation so we don't but taxpayers at risk but we also don't have overlapping regulation and we have priorities. banks and insurance companies know what they can do. in market from singapore. we saw a market reaction today, a bit of a knee-jerk reverse when it came to the u.s. banks yesterday. about tax, a bit of a struggle. how much of a political reality is glass-steagall? >> i think is not much of a political priority. expectationsarket is that any action on regulation will be positive for banks in the short term. the easy games for them are to cut down a certain bit of the overlap in regulation steve mnuchin said. if they ever move toward breaking up the big banks that is a long-term project. and at theunlikely moment that is purely rhetoric. any progress is more likely to be positive than negative. >> the data was not great. >> data in asia was not great either. most of the pmi threat the asian region was not particularly great. people are happy that congress has reached a

and treasury secretary steve mnuchin testifying before the senate banking committee. "washington journal," live every day with news and policy issues that impact you. coming up friday morning, connecticut democratic congressman jim himes discusses the latest into the investigation on russian interference. then, republican congressman kevin cramer of north dakota on the future of the paris climate agreement and other international efforts to reduce climate change. watch "washington journal," live at 7:00 a.m. eastern friday morning. join the discussion. >> on friday, the national taxpayer advocate testifies about changes made by the irs to help taxpayers. we have live coverage of the house ways and means subcommittee hearing, starting at 9:00 a.m. eastern on c-span 2. you can also watch live on www.c-span.org, and on our free c-span radio app. on friday, a hearing on u.s. space assets and national security threats. we will be live with the house armed services subcommittee on strategic forces on c-span 3, www.c-span.org, and the free c-span radio app. >>k day coverage

steve mnuchin, the treasury secretary for the u.s., keen to bring some of those huge technology firms revenues back to the u.s., the earnings so they can be taxed there. that's something that both sides will be disagreeing on slightly i imagine. >> thank you very much for that. >>> some breaking news, spain's high court says they're investigating an accusation of alleged iberdrola price manipulation. offices were searched on wednesday. shares off by a half of a percent. >>> we will go for a quick break. coming up after this break, after president trump's shock firing of the fbi director, we'll look at the reactions from capitol hill after this short break. >>> the senate intelligence committee which is investigating possible links between the trump campaign and russia subpoenaed michael flynn. it has ordered him to hand over documents it believes may be relevant to the probe. according to an nbc news report, the committee requested the documents last month but flynn refused unless he was granted immunity. this is the first time the intelligence committee issued a subpoena since the in

steve mnuchin is sending investors to wall street.ltralong bonds. he told bloomberg tv it would make sense to finance the government with bonds having maturities longer than 30 years. critics say finding enough demand issues could be an issue. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am taylor riggs. tom: thanks. let's talk trade. right now, it is important to begin with the president of the united states. here is donald trump on nafta. now,xico wants to start and so does canada. they are set. i am going to keep waiting for congress? our system is archaic. tom: the president of the united states. we have howard ward with us this morning on investment and blue-chip stock. it is important to talk to our number one expert on free trade. themember an article on card is still him up from some 23 years ago. about that time, douglas irwin theartmouth was writing classic against the tide. he has a new book coming out clashing ofear, commerce, a history on trade. he joins us t

. ♪ ♪ >> treasury secretary steve mnuchin is back on capitol hill this morning to testify about president's proposed budget and plans to change the tax code. live coverage from the senate finance committee beginning at 10:00 a.m. eastern on c-span3. you can also watch this hearing live on c-span.org or listen using the c-span radio app. >> this holiday weekend on booktv, on c-span2, saturday, 8:30 p.m. eastern, former u.s. secretary of state condoleeza rice looks at democracy around the world, in her book, democracy, stories from the long road to freedom. >> americans in particular were blessed with founding fathers who understood an institutional design that would protect our liberties, our right to say what we think, to worship as we please, to be free from the knock of secret police at night. to have dignity that comes with having those who are going to govern you have to ask for your consent f we were blessed with that, and we believe we were endowed by our creator with those rights, it can't be true for us and not for them. >> sunday at 2:20 p.m., columbia university professor, john

the protagonists were senator elizabeth warren and treasury secretary steve mnuchin. >> and they reallyike each other. >> they were discussing gla glass-steagall. here's how the discussion went. >> this is like something straight out of george orwell. you're saying simultaneously you're in favor of breaking up the banks. that's what glass steeg al is. >> i've never said we're in favor of breaking up the banks and separating -- if we had, it would have been very simple. >> let me try it one more time. i have to try this one more time. what does it mean to be in favor of 21st century glass-steagall if it does not mean breaking apart these two functions in banking? >> you know what, i'd be more than happy to come see you and follow up and talk about this. >> just tell me what it means. >> had we -- we never came out -- >> just tell me what it means -- tell me what 21st century glass-steagall means if it doesn't mean breaking apart those two functions. it's an easy question or impossible question. >> it's actually a complicated question. >> i'll bet. >> no, it's not. >> not so complicated,

treasury secretary steve mnuchin. the trump administration plans to support long-term infrastructure investment. mnuchin: we are studying ultra long bond strength that is something we are considering at treasury with a working group, looking at it. we think it is something that make sense for us at treasury. on the infrastructure side, the president is determined we make a major investment. they are a huge part of the infrastructure that needs to be rebuilt, and we will do that in different ways through public-private partnerships and different financing so we don't believe in the budget by $1 trillion. fundamentallyk governments look at infrastructure in the wrong way, at the moment everything gets checked into general accounts? if you are running a company, if you put into long-term investment, that would be counted differently than short-term cash flow. is that one of the restrictions you face? sec. mnuchin: absolutely. when you are running a business you have an income statement and balance sheet. when you are mak

treasury secretary steve mnuchin.s is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. oliver: i'm oliver renick. this is "bloomberg markets." let's get back to our breaking story. bnt, rbl said to get subpoenas in u.s. treasuries probes. bloomberg's reporter has been covering this development and joins us from washington. we know the justice department for about almost two years has been looking into whether or not there's any type of rating in the markets of u.s. treasuries. -- treasuries, specifically in the trading of securities, the head of treasury options. what we reported this morning was that several banks have been subpoenaed recently, last month, as part of this investigation. the banks that we disclose today have been subpoenaed, bnp, rbs, and ubs. vonnie: what exactly are they being investigated for? being investigated -- the justice department began as a pretty broad look at whether there was manipulation in this market, similar to what prosecutors found in libor and currency rates are they too

steve mnuchin coming in sounding confide confident.ome of them fearful of what the political developments, whether it's comey related or just simply healthcare bill related type factors that the economic policies, be it tax reform or anything else won't actually be achieved? >> there's a waiting game going on here. everyone is waiting to see what will happen in the u.s. because that will help determine what the ripple effects are for other economies. so with regards to tax reform, that's a big issue. the border adjustment tax is another one. a treasury official told me while we were in italy that the administration does not believe that border adjustment tax works in its current form. that's a strong statement from the treasury department that i don't believe that we've heard before, and that should be the one sign of relief for our counterparts over in europe. >> in terms of some of the european leaders, a sense of not so much confidence, but retrieve following the result of the french election? >> i think there is. right now we appea

you had steve mnuchin saying would not happen most likely by the august break. if it doesn't happen by then, doesn't happen most likely until early 2018. senators are in re-election mode. this thing might not happen for the next 18 months. i think at least. and something, there is few things we could get done. corporate tax we could get done, repatriation. cap-ex spending could be and they want complete tax reform and i just don't see that happening. david: danielle, they're breaking a mold with what they have planned. what they plan to do is cut these taxes before they figure out how they pay for them. they believe there will be enough economic activity generated by the tax cuts so they pay for themselves. that is tough sell in the inside the beltway. >> try selling that to chuck schumer and getting away with it. david: try selling that to some republicans and getting away with it. >> absolutely. you can't even get the republicans to play nice in the same sandbox, much less bring democrats on board. you know, i think markets would be rightly skeptical about the

steve mnuchin is serious about launching ultralong. -- ultralong debt. from new york city, good morning. we are looking across the keepsic at the day that on giving. i am jonathan ferro alongside david westin and alix steel. futures down two points for the s&p 500. europe up .4 on the stoxx 600 and a firmer euro. alix: time for your morning brief, we had people u.s. auto sales expected to fall. at 9:30 a.m. eastern, the house and fisher should committee will hold a hearing on oversight of u.s. airline customer service. the united continental ceo will be testifying. earnings will hit. david: president trump gave a interview with bloomberg news. among the things covered, his interest in bringing back glass-steagall. >> we are looking at that. there are some people who want to go back to the old system, so we're going to look at that. we are looking at it right now, and dodd-frank is going to be very, very seriously changed so the banks can go back to running -- lending money. david: kevin cirilli is with us to put his comments in a broad perspective. he di

we are awaiting steve mnuchin.re in about 30 minutes time and we will bring you those pictures and any comments he makes live on bloomberg television. right now, we want to get to a story on oil because it has been such a huge mover lately and really, has the ability to swing these markets. anna: exactly. let's to you what is going on in the oil markets. oil set for its first weekly gain in a month after dia data shows u.s. inventories dropping the most this year. an unexpected surge in supplies set to derail opec's plans of phasing out its out cut -- output cutting regime. a war of attrition for u.s. shale. correspondent,y great to see you this morning. digging in, more cuts to understand -- to come. >> they are having conference calls and realization is opec has been surprised by this trend of u.s. shale. you look at last year in july when opec took a first look at how 2017 was going to look for shale and non-opec suppliers in general. they thought they would decline by $100,000 a day. this week, they it knowledg

i'm excited to see what steve mnuchin has to say about this. >> what do you think about steve mnuchinl of 3% above gdp growth and they're going to balance the budget at 10%. >> 3 is very hard to get to. it takes good immigration policy and through the demonstration of health care and that bullet pointed tax reform thing they put out has not demonstrated the wherewithal to get us to 3%. >> you didn't think 200 words on that piece of paper was sophisticated. bite your tongue, ali velshi. >> show me how to get to 3%. >> be sure to watch him tomorrow "velshi & ruhle." >>> coming up, deputy attorney general rod rosenstein has just arrived on capitol hill. you saw him to brief the full house. we'll have more on that, next. with type 2 diabetes a lower a1c is a lot about choices. but it can be hard sometimes, 'cause different sides of you struggle with which ones to make. well, what if you kept making good ones? then? you could love your numbers. discover once-daily invokana®, a pill used along with diet and exercise to significantly lower blood sugar in adults with type 2 diabetes. it's pro

>>> if you missed any of this hearing with treasury secretary steve mnuchin, you'll be able to find it at c-span.org. just type senate finance in the search bar. on our website are the all 62 pages of the president's 2018 budget proposal. today is election day in montana. voters in the state are seeking to fill the at large congressional seat left vacate when ryan zinke kill became interior secretary. last night the republican candidate in that race was charged with misdemeanor assault after an incident with a journalist. we talked to a washington report they are morning to get an update on that story. >> the headlines in all the national papers this morning are similar to the story that you wrote, gop candidate in montana race charged with misdemeanor assault after allegedly body slamming a reporter. so what was the line of questioning from this guardian" reporter that prompted this kind of response from the candidate? >> well, i should disclose that the reporter dave jacobs is a friend of mine. we were roommates for an highway. very diligent and had the mild mannered. he's not the ki

scarlet: speaking of the staff level, we have steve mnuchin hard at work.e's working five agencies to see what is permitted under this rule. i spoke with the chairman and ceo of the -- exchange earlier this month. of the volckern review. when you can market make and trash treasuries, that makes no sense to me. i'm not a fanf uble rule, the way it is written today. weeed to be modified or disposed of. scarlet: there seems to be some clarity or vagueness in the language. does the administration pursue -- going back to the idea that it was said when personnel is policy? kevin: i think mr. duffy is not alone. this is one of the things that came out of the post crisis dodd-frank reforms. the banks have always hated it the most. it keeps them from using their own capital to make bets in the market. so for banks, this was how they used to make a lot of money and bankers as well. at this point, we are seeing initially in the trump administration is that they have made some very big promises in terms of how they are going to go about changing rules that came out of

as steve mnuchin is testifying in front of the senate finance committee. watch that on the bloomberg. this is bloomberg. ♪ ♪ mark: live from london and new york, i am mark barton. vonnie: this is the european close. paul ryan has just finished speaking at his weekly news conference. he addressed many matters. one of those, the scoring of the acha. he said he is encouraged by the cbo analysis on the health of the bill. they show the bill will lower premiums. he rejected the idea there'd be another vote in the house. he also talked about the debt ceiling and that it is being resolved. shares of gm are down 2.5%. they are accused of putting deceit devices in their trucks to cheat emissions tests. that is the sixth to try this now. we have a reporter. this is turning into a conspiracy of grand nature. how do six automakers independently arrived at these to cheat diesel emissions, and why? there is anyink real connection other than they make cars that consume diesel. this term is going after them on the belief they are all cheating . the rules are hard, the fue

tracey: it is interesting, we do have steve mnuchin at the g7 meeting in italy.is talking to trade ministers and so far the comments have been relatively positive. tracey: on that note, u.s. treasury secretary steve mnuchin says the g-7 nations are starting to understand where the white house stands when it comes to president donald trump and america. speaking at the finance ministers meeting in bahrain said the finance ministers are more comfortable with the agenda now that he has had talks with the international community. >> we believe in free trade. we are the largest, most open market but where we do have large imbalances, we have had very productive discussions with our counterparts. i mentioned the agreement with china, it is a start in the ght direction. conversationsad with germany and others, making sure we have a plan to get to more balanced growth. let's get more on this with the head of investment strategy at abu dhabi, spain. -- abu dhabi commerzbank. it is looking good for america in terms of trade, we have the positive comments from g7 leaders, we

in the treasury department, secretary steve mnuchin recently testified that finance reform is a priority for the trump administration. he also talked about the administration's position on glass-steagall, the law from 1933 that separated commercial and investment banking. secretary mnuchin appeared last week before the senate banking committee.

. >> jimmy: equals steve mnuchin. [ laughter and applause ] >> steve: mnuchin! >> jimmy: mnuchin! ndheit! >> jimmy: danke! >> steve: ya. still not getting it. one, two, three. [ counting in german ] [ smacks ] oh! [ laughter ] >> jimmy: guys, if you take alfred e. neuman. >> steve: got it. >> jimmy: plus face app's "old" filter, you get jeff sessions. >> steve: wow. [ applause ] >> jimmy: yeah, you see, it's popular math -- >> steve: it's popmatics for the kids. >> jimmy: if you take overnight delivery. >> steve: yes. >> jimmy: you add sylvester stallone. >> steve: right. [ light laughter ] >> jimmy: it equals asap rocky. you see what i'm saying? [ laughter and applause ] >> steve: oh. >> jimmy: you get it? you get the -- >> steve: i get it. if you could just give me one more example, just one more, that's all i ask. one final example. i have had the penultimate one, now i need the ultimate "xamp." [ light laughter ] just one more example. >> jimmy: could you do some sound effects? >> steve: sure. >> jimmy: me drinking, and then me using windex. >> steve: okay. >> jimmy: and then,

treasy secretary steve mnuchin testified in a congressiol hearing.s testimony, he said the administration's goal continues to get growth to 3%. senator catherine cortez masto participated in the hearing in joins us. let me ask you what is on the agenda this afternoon. all senators invited to a closed door meeting. what would you like to hear from the deputy attorney general? sen. cortez masto: we want to find out what happened with the firing and find out the particulars of the past couple of weeks. many ofell you this -- my colleagues and myself are happy that a special prosecutor have been appointed and identified. we need to move forward with an independent investigation and protect the integrity of that investigation, not for the benefit of congress, but the general public deserves to know what is going on. david: has it changed how the congressional committee pursues their investigations having esther mueller? -- having robert mueller? sen. cortez masto: not at all. they are looking to uncover what happened and bring to light to the general publ

come incoming up treasury yields climbing after steve mnuchin said it could absolutely make sense for the u.s. to sell ultralong bonds. this is bloomberg. ♪ vonnie: from new york, i'm vonnie quinn. mark: i'm mark barton. this is "bloomberg markets." yields on treasuries jumping after steve mnuchin made this comment at the milton institute global conference yesterday. >> we are studying ultralong bonds. that is something we are considering at treasury. we have a working group looking at it. we think it is something that could absolutely make sense. ,onnie: joining us from the cme bill baruch. do ultralong bonds make sense? bill: i'm still trying to wrap my head around it right now. doesn't make sense to some degree? yes. interest rates are low and locking in this debt, that makes sense. ultimately come i don't know if this is something they will get done anytime soon. i'm looking at the market in regards to 10 year. the yield jumped on those comments yesterday. there's a lot of support in the prices, the inverse and yields. -- inverse in yields. onk: hedge funds are bullish treasuries

steve mnuchin signals and interest in issuing ultra long bonds.bloomberg television he can accident -- absolutely makes sense. much more than a global conference. ♪ i will -- david: president trump made headlines yesterday but the also learned a lot about his leadership style. in washingn,

of other important people walking out as well, the french finance ministers, and we have seen steve mnuchin'sar. very interesting to me as a car guy, he has a toyota land cruiser and a chevy tahoe here. he rides in the toyota, not in the chevy, which i thought was very touching. there comes the treasury -- i thought that was very interesting. there comes a treasury secretary now. very interesting today. he has been meeting with the german finance minister, he has been meeting the chancellor of the us check or -- the chancellor of the exchequer. we have a bloomberg reporter down there to talk to him as well, and we have double-teamed the g7 meeting here in bari, italy. here,s a lot going on talking trade, which initially was supposed to be off the agenda, they weren't supposed to focus on that. but also talking a lot about greece and intra-european issues as well as global growth, very important all these finance ministers here. mark: only matt miller could get cars and toyota into a g7 conversation. as you say, many have addressed trade. part of it is so tricky because greases and they are. i

steve mnuchin: we are studying ultralong bonds, yes.ng we are considering at treasury. we have a working group looking at it. we think it is something that could absolutely make sense for us at treasury. on the infrastructure side, the president is determined that we make a major investment. >> there is are a huge part of the infrastructure that needs to be rebuilt, and we will do that are different ways. public private partnerships and financing so we don't balloon the budget by $1 trillion. >> do you think fundamentally governments look at infrastructure in the wrong way? every thing gets chucked into general accounts. if you are running a company, should it be counted differently to the short-term cash flow? is that one of the restrictions you face? mr. mnuchin: absolutely. when you're running a business, you have an income statement and a balance sheet. if you're making an investment that has a 20 year or 30 year payback, you don't expense it in day one or as a complete expense. government budget treats everything as cash, so it mak

counterparts, steve mnuchin. still, the u.s.licy is a source of contention. >> it is important that protectionism is off the table. there was no disagreement on the growthat trade promotes and has to be inclusive. i'm very satisfied. of course, we need to make sets forward. there is news across the g7 and g-20 or that, but i'm confident that we can reach common views on these issues. u.s. trade policy is likely to come up at the sicily meeting later this month. democrats are keeping up the pressure on president trump in washington over the firing of james comey. they are demanding the president turn over any recordings he may have made of the meeting. -- thea, she jinping chinese president has put millions of dollars into financing into what he calls the project of the century. among those attending were vladimir putin and brca 1. day, powered by 2600 journalists and analysts in 120 countries, i'm mark from 10, this is bloomberg. david? david: the man in charge of the effort at the white house is tom perez. kevin cirilli with hi

from taking on tax reform, treasury secretary steve mnuchin sat down since announcing tax reform

yesterday in washington ryan saying we are making good progress, steve mnuchin saying i am hopeful that we will get tax reform done this year. on the economic front still a push from the white house as they feel confident, they feel good about where things stand going forward. stuart: blake berman. on the issue of tax cuts, i spoke to the head of the house, ways and means committee on fox news and he made it clear they are going about their business coming up with a doable tax cut that would be ready by late this summer. paul ryan echoing that earlier this morning saying that is the goal to get all of this done and wrapped up. there is a separate drama around the healthcare sing that if cbo score that is slated next week they might have to revote on that in the house. it is a moot point for the senate which is starting from scratch but i mention all these examples to put to bed this issue. which my director just kicks off the floor when i threw it but it really bothers me. former bush 41 campaign advisor, national chairman, gop strategist. what do you make of this? the media is jumping

our treasury secretary, steve mnuchin is here with us as well.tephen is determined to bring jobs and prosperity back to the united states and he is really doing some very great service with a very complicated supper of some set of circumstances. stephen, thank you very much. finally, we have to say this. we are truly and deeply proud to welcome the falcons of the united states air force academy to the white house. [applause] congratulations to you all. coach calhoun, you and your team had quite a season. like good air force guys, you flew under the radar to victory. we are buying a lot of those under the radar planes. you can fly over the radar. they cost a lot of money, i'll tell you that. this week, all republican team had its own victory under the radar. that is a very important thing for the men and women of the united states military. it's a very important thing for the people of our country. in our new budget, and it's been a very hock week -- hot week. we have to go through a long and rigorous process, but we've ended years of painful cuts

i've also directed the treasury secretary steve mnuchin to review damaging dodd-frank regulations thatncourage risky behavior from wall street. everybody knows what that means. we are also working to achieve tax reform and dramatically andr taxes on businesses the middle class. we are proposing one of the largest tax cuts in history, even larger than that of president ronald reagan. the tax cut is bigger. administration is committed to working with each and every one of you to help americans achieve their financial dreams, so that -- we are all here for the same thing. we have a statement -- i like it much better than even your hat. it says make america great again. that is what we all want, right? we want to make it great again, and that's what's going to happen. [applause] i want to thank you all for being a very special people. you do a very, very special job. the community really understands it. i know community bankers are the most popular person in their community. they have built communities, and have been so badly hurt over the last number of years. -- so badly hurt over the la

steve mnuchin, i did not even know steve mnuchin. he is the secretary of treasury. said you are going to lose a lot of money. he said, i know, but that is ok. i want to serve my country. i found people like that for the first time -- i should not say for the first time, but together really wanting to help the country, wanting to get us out of these messes, but there is some hatred for donald trump. i kind of understand that to a degree since he beat hillary, but it is time to get over that and start working together. david: one of the things that both chairman brady and the majority leader say is this these to be revenue neutral tax reform. in order to do that, you will have to come up with some real revenues to make up for the cuts. where do you do that? sen. hatch: there are places to look for revenue. it may nee meet we need to cut back on programs that are not doing their job. there are people who support each one of those programs, but i am not as caught up in revenue neutrality as some of the other people are. i would rather have this country go forward and ta

. >> what which side of him will win, the steve mnuchin side or steve bannon side?know it is -- i know steve mnuchin's father very well. i only met steve once. i never met mr. bannon and i don't know the internal politics of the administration. but it is america and we're all here working for the same thing. >> you spoke of building a team. i remember when you were the mayor, some of the initial policies were controversial, stronger gun control, the ban on sugary drinks, and yet many municipalities have now adopt a lot of these ideas. do you feel vindicated some of these ideas people felt were crazy, the smoking ban, people thought you were crazy. >> one finger waves when we put in the smoking ban, but today it is the policy that the whole western world and even some of the other parts of the world are following, saved an enormous number of lives, full sugar drinks, consumption is down, people are switching to other things and the manufacturers are switching to other things. they'll still have a business. their employees will have jobs. but if we eat healthier and w

steve mnuchin and wilbur ross both holding major events today.washington straight ahead. it's thursday, may 18th, god knows what will happen today, 2017, "squawk" begins right now. ♪ >> live from new york where business never sleeps, this is "squawk box." >>> good morning. welcome to "squawk box" here on cnbc. we're live from the nasdaq market site in times square. i'm kelly evans along with joe kernen and scott wapner this morning. if you don't answer -- there was a time limit. >> put him on the clock. >> like the nfl draft, you have ten minutes to come up with something good. if not, you're out of here. >> let's check in on the futures. we are seeing continued weakness this morning. yesterday the dow had

trump and treasury secretary, steve mnuchin would not go into specifics saying they are contemplating things. when asked if the wealthiest americans will benefit the most? president trump said, i don't believe that. on the subject of his own unreleased tax returns, the president and his director seemed to differ on if and when. trump said, he might release them when he is out of office. i am very proud of them. i did a good job once the audit is over. asked if this would increase the deficit he said, it is called priming the pump. it is okay if it increases the deficit. it may only add for two years. you understand the expression, prime the pump despite the reporter answering yes twice. because i haven't heard it. i came up with it just a couple of days ago and i thought it was good. as "the new york times" points out, not only does it date back to the great recession but was commonly used back in 2009 and they can trace the original of the phrase back to the early 1800s. >>> president trump watches a commission to invest gait claims of widespread voter fraud despite little evidence t

treasury secretary steve mnuchin was the center of attention as everyone is seeking more clarity aboutrump policy plans. trump has threatened to assess the group's consensus on issues including climate change and protectionism but the italians him -- but the italians have another agenda. >> for italy, a top issue is that the head of the agenda. fighting economic inequality. >> i want to draw attention to growth and social inclusion. i'm happy that italy is pursuing these issues. growth cannot happen without social inclusion. correspondent: rome's interest is not entirely unmotivated. brussels has a just rank italy last in the eu in terms of growth and to germany is under scrutiny this year for its huge trade surplus. finance minister of germany is likely to face criticism at the summit. >> i think the tax systems in germany and europe are pretty good. i have some concerns but they are outweighed by the hope that we will find good solution. correspondent: a message for the u.s. perhaps, the g-7 leaders summit in sicily later this month will be an interesting opportunity for chancellor a