the colors being marched now and on the bill to speak their secretary steve mnuchin is here.m earlier. he will do the unveiling. u.s. assembly embassy seal. the footprint will include our u.s. embassy in america history. the world is watching to see president trump has said that he is committed as ever to peace in that part of the country and give you a chance to ask a couple of questions as the program begins. >> bill: high anticipation. what about security? what have they done? has much changed so far for that ceremony today? >> we feel it. we got here and were able to walk the streets and go to the city of david and the old town of jerusalem and we did so much yesterday. we couldn't move today. we were dropped off at a checkpoint and walked up a steep hill where the embassy is located, the new one, in a residential area. to speak to the security around the city i'm telling you things have tightened. but what is really filling in the tight presence that we feel is what's happening on the gaza strip and it's not right next door but a heightened sense that this is more of a t

counter part steve mnuchin. >> jeremy diamond thanks for the reporting.it. >>> this just in to cnn. u.s. officials say that they've largely come to the colon collusion that kim jong-un was posturing ahead of the summit plan for june 12th and that meeting isn't really in jeopardy. if it is scrapped, though, they say it will be on the part of kim not trump. >> they think it'll be kim's fault not the president's. aides claim they're bracing for more threats from kim to pull out of the talks. they to see this as a reality check for the president and the president has noted has not been on twitter recently. >> about this. >> and has tried to dodge questions about this or be circumspect on it. they are looking -- okay. let's move on. >>> take a look at this. video just in to us reviewing new details on the isis ambush in niger that killed those four soldiers. >> look at this video and viewed by millions. wait till you see what this man said. our dad was in the hospital. because of smoking. but we still had to have a cigarette. had to. but then, we were like. wh

as you said, steve mnuchin, the treasury secretary, has said it is now off the table, which is good newshina. and it is good news for the united states as well, but this is temporary. don't be surprised if round three of these talks breaks down. and look at what the president's top economic adviser was saying in some of the political programmes in washington yesterday — there is no agreement for a deal, he said, there is simply a communique,, too,. and that is a bit vague, isn't it, about how statements go and doesn't tell us much about what we can expect? no, there is no detail at all. in fact there are some who see thejoint at all. in fact there are some who see the joint statement that came from the chinese and the american side issued by the white house on saturday is simply a holding pattern. there is lots they disagree about, they don't want a trade war on either side spite the fact the president believes they are easy to win, believes they are good things — that's what he has said in the past. but the wording of the statement talks about a consensus on taking measures to substanti

i tend to be in steve mnuchin's camp.s doesn't mean we can't jump up from here, but overall, i am not worried about a bond bear market. it seems a lot of london investors are worried about that situation. it doesn't make sense for european investors to buy on a u.s. -- on a hedge basis and it on anen harder to buy unhedged basis because it is too intensive. a lot of investors worry it takes a lot of buyout of treasuries when they get extra issuance. i still think you will see demand from asia when you get yields spike up. he shouldn't be too much worry -- to worried about this. year, yield may come lower again at some point down the line. guy: mark, thank you. a really interesting writing by mark. you can follow that and the coverage on the mliv blog. no on your bloomberg. mark cudmore joining us from singapore. next, the bp cfo. flow numbers cash to be the market focus this morning. the bottom line was a significant beat. a big payment from the boj, but cash flow was the focus. the cfo joins us shortly. this is bloomberg

>> well, it's not the first or the last time that steve mnuchin and peter navarro have had words.h other. i mean, let's face it here, these debates can get pretty heated and by the way, if you flew all the way to beijing for the meetings with the chinese then weren't allowed into the meetings, wouldn't you be upset? i would. you've got this situation where this guy, navarro, who's done thog but 20 years but write about the economic confrontation with china that we're no now and all steve mnuchin is is doing is trying to keep him out of the mite metings. you've got two wars going on. the economic war between the united states and the people who probably of china and the war inside the trump administration about how to fight the first war. >> yeah. >> the president is in the middle. >> when all these fights, we just keep hearing ab it. josh, you've been reporting today about the trade talks. that china's given the u.s. a list of demands for the talks and one of them pertains to the technology firm zte that marco rubio said is an espionage throw to the united states. you say china wa

also, steve mnuchin weighing in on concerns over a tightening labor market.e told maria bartiromo, next. i can do more to lower my a1c. and i can do it with what's already within me. because my body can still make its own insulin. and once-weekly trulicity activates my body to release it. trulicity is not insulin. it comes in a once-weekly, truly easy-to-use pen. it works 24/7. trulicity is an injection to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. don't use it as the first medicine to treat diabetes or if you have type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you or your family have medullary thyroid cancer, you're allergic to trulicity, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have symptoms of a serious allergic reaction, a lump or swelling in your neck, or severe stomach pain. serious side effects may include pancreatitis. taking trulicity with a sulfonylurea or insulin increases your low blood sugar risk. common side effects inc

$600 billion worth of intellectual property and preserve almost a $400 billion trade deficit. >> steve mnuchin good for us. that's where the deal is right now. lou: it's incredible to think mnuchin or anyone working for this president would cop up with that kind of nonsense. i want to show everybody something if i may. we are hearing talk from mnuchin and others about soy beans and our exports to the chinese. let's look at the exports that we send to china led off b by sy beans. now let's take a look at what we do with the european union. aircraft, machinery, pharmaceuticals, optical and medical equipment, electric machinery. germy in particular, civilian aircraft and parts, passenger cars new and used, medical equipment, chemicals. we look like a third world nation in what we export to china and they are not reducing a single tariff or barrier towvment s. exports. >> you have got industrial policy in chain today. the made in china initiative. and we have the theft and the stealing. those barriers are causing the trade deficit. lou: the campaign on smart government. and he said he couldn't bla

when steve mnuchin said tariffs on hold, there was a lot of criticism with steve bannon including thate is abandoning his base when he talks about being conciliatory navarro is a hardliner. who is aligned with him in positions being a china to chin. it looks like they have taken all of these steps including the $50 billion in tariffs after that happened. >> wilbur ross seems to be tasked with negotiating a lot of details. where does he fit in? >> i would say he is more in the hardline camp. you have larry moore in the steve mnuchin camp. he is quietly behind the scenes trying to moderate that behavior. it is nothing new in the someistration to have discord on the trade issue. >> if you are the chinese negotiating, you really do not know who you are negotiating with or if the person you're talking to actually represents the administration. is it any clearer in the nafta negotiations in terms of whose voice really matters? >> i would say there is not. also in the north korea negotiations. if you are the north koreans and you want to negotiate in good faith with the united states, what wo

futuring hi -- futures higher today and steve mnuchin said the u.s.re putting their trade war on hold. neither will impose tariffs. a top demand of the trump administration. wall street closed higher friday thanks to the bond markets. that is sparking concerns of the rising inflation and faster interest rate hikes. >>> tax cuts left corporate america flush with cash. that sparked a buy-back boom. in the first three months, s&p 500 companies spent $178 billion buying back their own stock. that tops the previous record set in 2007 just before the great recession. companies are not just rewarding shareholders. they are spending on factories and equipment. otherwise known as capital spending. $166 billion in the first quarter alone. a 24% jump. unlike buy babacks, it helps th economy. >>> starbucks is open to all. no purchase necessary. starbucks will let anyone sit in the cafes or use the bathrooms in they don't buy a drink. telling employees to consider every person a customer. this policy change follows the uproar over the two black men at starbucks la

steve mnuchin is sitting down with his chinese counterparts in the government.e is going to be meeting with the chief economic advisor. the broad concerns are around things like technology transfer, intellectual the protection -- intellectual property trip -- those are some of the concerns -- exactly how they are going to adjust those, we do not know. we are hoping to find out more at the end of the talks. the chinese talks have drawn a pretty strong line in the sand. saying they will not be bullied by these u.s. demands. there are no preconditions to these negotiations. we are not expecting any breakthroughs but we make it concessions -- we may get concessions. waiting for details on that. the talks wrap up at the end of tomorrow. francine: on the concessions, you mentioned that it is something they may have missed -- they may have promised. it is probably going to be articulation of the policy th had been announced already in terms of reducing tariffs on imports. producing the tariffs on imports on autos. also around some of the measures including protecting i

we heard steve mnuchin saying the u.s. tariffs on chinese products for now, but questions remain unanswered after last week's talks in washington. the next guest says it will be a long time before they find common ground. joining us is the stratford vice president roger baker. stephen mnuchin said these tariffs are on hold. you believe it? >> i believe the tariffs are on hold. this administration has been very consistent in pushing negotiations from a maximus position and then setting off and at least in the short-term much less what they laid out at the beginning. so they seem to have hold back for now. there is space for dialogue and theng, expanding trade, but trade spat is not over. early? oesn't seem too rodger: i don't know. we are a year-and-a-half in the administration. betty: does it seem to our early -- too early for the u.s. to say after a day of talks, let's put tariffs on hold? rodger: that is what some are arguing that the u.s. is giving to quickly, that gives china space, the chinese can make promises, keep

steve mnuchin was asked about this today. here is how he responded. mr. n: as it relates to china, the steel and aluminum tariffs will remain in force. we were merely focused on the proposed -- those are not being touched. betty: with the south korean president, donald trump said i am not really pleased with the china trade talks. steve bannon still a trump loyalist, says he is criticizing donald trump from retreating from the threat of tariffs but blames steve mnuchin. white house officials are blaming warring factions within the trump economic team for this retreat. they cannot quite get it together on how they want to proceed. nevertheless, wilbur ross is proceeding, the head of the commerce department, his team confirms that an early chinese team is heading over to work out the details. you can see how politicized this continues to be. updi: another episode coming in this drama. thank you so much for that, kathleen hays. itna has made a big cut when comes to import duties on passenger cars. another concession to the u.s. on trade. let's bring in more.

delegation includes ivanka trump, jared kushner and treasury secretary steve mnuchin, notably absent,nce and the uk all of which oppose president trump's decision to recognize jerusalem as israel's capital. also breaking right now, brand-new cracks on hawaii's big island shooting rocks and magma into the air forcing more people to pack up and leave, nearly 20 open in the island fueling lava with fears of violent explosion which could send ash 12 miles from the top of kilauea. 2,000 people have been forced to leave homes since volcano erupted more than a week ago. mid-air forcing two jetliners to make emergency lander. losing cockpit windshield while heading to northern region of china. no passengers were hurt but a pilot and one crew member did suffer injuries. broke as mechanical failure this as southwest flight from denver to dallas loses air pressure amid flight, passengers force today put oxygen mask for emergency landing. it's unclear what caused the issue but the plane is now undergoing a maintenance review. this is the latest in the string of safety issues for southwest airline

treasury secretary steve mnuchin will host china's vice premier liu he in washington. was on the agenda last time they met, in beijing at the start of this month. at those negotiations the us demanded a $200 billion a year cut to its trade deficit with china. in other words it wants a reduction by more than half in the difference between what the us buys from china and what china buys from the us. the fate of zte will be important to any progress. it was effectively forced out of business as a result of last month's us ban on buying american components. it was found to have breached a settlement for illegally selling telecoms equipments to north korea and iran. more broadly both countries have threatened each other with import tariffs. greg swenson is a partner at brigg macadam limited. hejoins me now. thank you for joining us in the studio. what are you expecting from today's meeting? it is very hard to predict anything when the trump administration is involved, they like surprises. that is important to keep in mind, the zte news yesterday was huge news, even for the

treasury secretary steve mnuchin says we have a framework for a deal with china.nder this framework the chinese agreed they would buy more with u.s. products thus reducing the deficit. it includes a meaningful increase in agriculture and energy exports and other items from the u.s. the chinese will add amendments to their laws to strengthen cooperation to protect intellectual property of companies. the deal creates two-way investment and strives to create a fair, level playing field. these talks will continue in china next week. commerce secretary wilbur ross will be the representative for the u.s. >> for the moment it is kind of at the 40,000-foot level. this is not a definitive agreement. this is what we hope will be a path forward. if it doesn't work, the tariffs will go into effect. so nothing's been lost at all. reporter: but for now the president's economic advisor, larry kudlow, also friend of yours, says that the u.s. and suspended or paused, put on hold the tariffs that they were planning to put in place. >> we haven't really defined the period. it is gre

did steve mnuchin just leave the room? >> he did. he just left the hearing and did not answer my question about zte, the chaompany the focus of lot of questions here. subjects in both parties want a tougher line. rubio said this morning he'd be in favor of passing something veto proof to force the administration to take a tougher line. in the room today earlier mnuchin punted on the question of whether the u.s. would roll back the sanctions on zte. saying it would be made in cooperation with the intelligence committee and he wasn't involved but said don't worry, we're taking the national security implications into account. i tried to follow up, but the secretary not interested in discussing the issue any further. >> okay. i need to bring john harwood in here. something like this matters to every american person out there. these trade talks, we keep blaming -- the president keeps blaming china for the trade deficit, but the u.s. consumer and our command has as much to do with the deficit as the chinese government. >> of course. china

but from an investor's view, steve mnuchin says i'm bullish on stocks? i wish i could tell you that the stock market was going to go higher or lower. the reality of the situation is, we're talking about the two biggest economies in the world. if they don't get this sorted out, this could have wide ranging ramifications, not just for china and the united states, but in europe, latin america, as well. it comes down to whether or not you can get any kind of a resolution on these particular issues. remember, the administration has been trying to push china, at least trying to get them to open up to the idea that you can buy more stuff in america, especially when it comes to agricultural products, farm products, that sort of thing. the u.s. is the biggest producer of fossil fuels in the world. it creates more crude oil than anyone in the world. again, no details yet. it's a far cry from being over. >> no details yet. well, we're going to be paying attention. thank you so much. we'll be right back with more. the clock is ticking on irreversible joint damage. o

headmanned steve mnuchin -- he and steve mnuchin are going to china to talk about trade. >> prosecutorsorking for robert mueller have made clear to president trump's legal team he would come -- compel the president to testify before a grand jury if he refuses to participate in a voluntary interview. he has legal standing to subpoena a sitting president, even though such a move has never been tested. hastrump administration laid out expectations for a swift breakthrough on trade issues with china. robert lighthizer said at this point, it will be a big challenge to resolve differences. he will be joined by treasury secretary mnuchin, larry kudlow and peter navarro, and wilbur ross. free trade -- their behavior is highly protectionist, much more than the united states. this weekend daily currency was weakened by much more than u.s. analysts expected. the people's bank of china cut weaker thane level, the average estimate in a bloomberg survey of 21 traders and analysts. the turkish lira has weakened after a credit rating was lowered by s&p global, starting a detroit -- citing a outlook.tin

markets soaring on comments from treasury secretary steve mnuchin, but there are conflicting reports now on what was actually agreed to. a live update from d.c. meanwhile investigating the investigators. president trump meeting right now with the head of the fbi and deputy attorney general after ordering an investigation into reports that an fbi informant that was embedded in his campaign. "wall street journal" kimberly strassel, that is a name i'm sure you know. she has been at the forefront covering the russian investigation. she will be live coming up. former arkansas governor mike huckabee what needs to happen right now. a tough new strategy against iran. secretary of state mike pompeo delivering his first major address since taking office as secretary of state, unveiling a new plan that he warns could involve the strongest sanctions in history. melissa: back to the markets. the dow soaring today, nearly erasing all of its losses since president trump's tariff announcement on march 1st. nicole petallides is on the floor of the new york stock exchange. nicole, is that what it was

steve mnuchin is saying that wilbur ross will mediate with china to hammer out the details. background is in the with the summit in june. donald trump needs to have china in his corner. david: thank you. what kathleen was just talking about, this trade truth is our top story. there is the cover for you. bloomberg subscribers, tv is your function to get that on your terminal. it is also available on mobile. on theme little bit here in washington. president trump says he will be departmenthe justice to investigate possible infiltration of his campaign by the obama administration. the president tweeted, "i hereby -- that the department of justice look into whether or not the fbi/doj surveilled the trump campaign for political purposes." bloomberg editor has more on the story. what is the president expecting to achieve in all of this? be a newfoundto front or an additional front in his ongoing fight to discredit the probe into the 2016 election or to shut down the pope. -- the probe. it seems like an extraordinary demand. we will see what happens tomorrow. it looks like thi

steve mnuchinaid the u.s. is putting the tray were on hold, that how long will it last? to saytalker wants sorry, and is starting with the brainiac campaign. our exclusive interview in the next hour of "what'd you miss?" julia: he could become the next prime minister italy and will take on his first real job in politics. the trump administration is calling for a trade truce. secretary mnuchin declared a hold as negotiations continue. withy prove only temporary risk remaining between the united states and beijing. a former official negotiated trade deals across the asia-pacific region for president obama. cutler,me wendy currently i president of the asia society policy institute. great to have you with us. august the investors confidence to some degree on these trade negotiations. how comforted are you? wendy: i'm not that comforted. i find the outcome of the negotiations announced yesterday more of a missed opportunity. i think it is important that we will be able to sell more to china and china wi

and "outfront" tonight, the treasury secretary, steve mnuchin r, the man in charge of u.s. sanctions, which are now un back up and running. secretary, thank you so much for your time tonight. you know,we just heard the president saying iran is lying. what exactly did iran do to break the deal? >> well, let me be clear. president trump has been very consistent since the campaign and since he came into office. that this deal was not a good deal. it didn't protect the american people. he didn't like the fact it didn't have a term. we want to make sure iran never has nuclear weapons. they don't have them now, in ten year, they don't ever have them and they continue to work on ballistic missiles, which can deliver nuclear weapons and support state terrorism. the president has been clear this is about protecting the american public and making sure we have a good deal. >> just trying to understand, he's saying before the deal, they were dishonest. that's what the prime minister said last week, but you know, you' yur on colleagues, the dni chief, secretary of state now, but at the

steve mnuchin will be on the stage, revealing the seal that is the unveiling of the embassy.m, to show that the building will now officially be the plaque is what they're going to show you, will be the u.s. embassy there. i want to bring in bobby and annie for a moment. as we're watching, steve mnuchin and ivanka trump unveil this plaque. bobby, what's your take here? >> on the president's little speech, lots of use of the word "peace." a lot of people in the arab world will wince. because this is not a gesture of peace. so to be -- >> let me just interrupt, ivanka trump now speaking. >> to the embassy of the united states here in jerusalem the capital of israel. thank you. >> i'm sorry, bobby, you were saying. >> yes, to be cloaking this event as if this was a gesture of peace. it's unnecessary. no one is going to believe it for a moment. this is nothing to do with peace. this is the fulfilling of an election promise and pleasing his base and the people who finance the gop. this is now a reality the palestinians will have to wrap their heads around. they're not going to go q

is he saying steve mnuchin thativen away the winds trump had attained? >> steve bannon is very supportive of his former boss. trump hasd donald made some winds with china, but steve mnuchin is given them away. you have peter navarro and robert lighthizer, steve bannon would probably be in that camp. he is basically saying the secretary treasurer competition between the united states and china. trump changed the dynamic with china, but in one weekend, mnuchin has given it away. >> pretty skating, but it is in fact a truce on trade, how does it play into the readership of the trump summit in singapore and how north korea is handled. >> this is an important strategic reason because donald trump needs china and cooperation from ski jumping. obviouslyn now counseling kim jong-un on how to deal with that. there's a lot at stake for trump to have china on his side to have midterms come up. tensions as a victory. if he loses both of them, it could be negative. china to has a lot at stake. they call for these talks to avoid confrontations and war and regime change

francine: that was the treasury secretary steve mnuchin speaking over the weekend. trump has been critical of chinese trade policies, saying they are unfair for america. how long will this trade truce actually last? kevin cirilli is our chief washington correspondent, but first in the. -- emma. welcome both parties actually offer? emma: there is a lot of speculation. nobody regards this as an end to the trade war, but probably a lot of moving in dealing in the background as to what china could buy more of. there is a very vague commitment in the statement. commodities is one of the things that is being bandied about strongly. we're talking soybeans. china already the biggest buyer of u.s. soybeans. tom: when i look at chinese written in the, when does it -- renminbi, when does it give way? give us an update on how they are managing the chinese currency. emma: the currency has been loosened over the past year. they are allowing market influences a little more. that was helped by the fact that it was strengthening quite strongly into last year with the dollar falling

ainsley: steve mnuchin is there, ivanka trump, jared kushner. il a plaque very shortly that shows it is officially the embassy, but that doesn't make jerusalem the capital of israel because remember, king david made jerusalem the capital of israel 3,000 years ago and of course it was back in the '90s when the united states of america it, was a bipartisan agreement that jersey embassy act of 1995 that congress passed that said we would move our embassy there but bill clinton didn't have the political will, george w. bush didn't do it, neither did barack obama, but this president, donald trump, made it a campaign pledge and today he is accomplishing. brian: nobody had worst relations than i can remember president obama and benjamin netanyahu. they had instant dislike for each other. they were constantly showing disrespect for each other. netanyahu addressed congress. didn't go over there right away. they didn't hit it off. obama administration one of the last international acts pushing for benjamin netanyahu's opponent. on other hand president trum

us treasury secretary steve mnuchin will host china's vice premier liu he in washington today. zte was on the agenda last time they met — in beijing at the start of this month. at those negotiations the us demanded a $200 billion a year cut to its trade deficit with china. in other words it wants a reduction by more than half in the difference between what it buys from china and sells to china. the fate of zte will be important to any progress. it was effectively forced out of business as a result of last month's us ban on buying american components. it was found to have breached a settlement for illegally selling telecoms equipments to north korea and iran. more broadly both countries have threatened each other with import tariffs — something which doesn't concern the us commerce secretary wilbur ross. the commonest department's recent enforcement actions against the te, china's second largest telecoms equipment manufacturer, essentially caused them to cease operations. president trump tweeted yesterday that we will review that action but it does demonstrate china's dependence

tactics could spark a global trade war. >> leading our talks, steve mnuchin will be the team leader.his is a great opportunity for us to move the ball in the right direction. the chinese seem amenable. >> reporter: mnuchin has an upper hand with donald trump tweeting he was open to giving a potential reprieve from sanctions. today mr. trump made clear it wasn't a done deal. >> anything we do with the te is a small component of the overall deal. it was my administration with my full knowledge that put strong clamps on cte. it wasn't anybody else. it wasn't pres. obama. it wasn't president bush. it was me. shannon: he made clear he is deeply skeptical that a trade deal with china whatever be reached. >> i doubt it. the reason i doubt it is china has become very spoiled. the european union has become very spoiled. other countries have become very spoiled. they always got 100% of whatever they wanted from the united states. >> trade talks will continue tomorrow. this internal friction in the white house economic team could not come at a more critical time for us trade policy. then again,

secretary of state steve mnuchin saying last night the goal is still to get a deal. >> we don't want iran never to have nuclear weapons. nuclear weapons. he's focused on ballistic missiles in the same sponsor terrorism. lots of discussions with allies and will continue to do that. train to french president emmanuel macron reportedly plans to hold a meeting with leaders in britain and germany. he is also expected to speak to iranian president hassan rouhani. more from washington. reporter: the u.k., germany and france all say they regret the decision to withdraw from the every nuclear deal. >> today's action sends a critical message. the united states no longer makes empty threats. when i make promises, i keep them. president trump: the iran nuclear deal of the fact that its core. the decision starts the clock on win16 sanctions on iran after 90 day window. >> iran is a country that is loyal to its commitments in the u.s. is a country that has never stuck to its commitments. reporter: on capitol hill, mixed reactions. steve knight was fought from the beginning. >> they don't have a re

mark: peter navarro says that the treasury secretary, steve mnuchin, jumped the gun when he declared.s. china trade war on hold, criticizing those public today on national radio. >> it was an unfortunate down by four two reasons. one, what we are having with china is a trade dispute, plain and simple. they run up a $370 billion trade surplus with us, which costs us a million in factory jobs each year. the white house is that tuesday they were moving ahead with plans to impose tariffs on $50 billion in chinese imports. the move comes as wilbur ross is scheduled for talks this weekend in beijing. the prosecutor's office in st. louis will drop a felony charge of computer data tampering governorhe missouri now that he has announced his resignation. the decision comes one day after his surprise announcement that he would step down effective friday afternoon. he was also indicted on felony invasion of privacy in february stemming from an extramarital affair in 2015 and the case was dismissed earlier this month and a special prosecutor is still considering whether to refile that charge. har

steve mnuchin is urging the justice department to review big -- review the power big tech has on theconomy. the tech conference kicks off in paris. can emmanuel macron transform france into a global innovation? to our top story. it is the first truly massive set of laws of the digital age. it is going into effect in europe. it is called gdpr. it is meant to safeguard the information of european citizens. any company found violating the rules could face fines of millions of dollars. that means a company like facebook could be on the hook for $1.6 billion if it is found in violation. we will go to london to see if these laws will test that saying that silicon valley innovates while the eu regulates. we are joined by caroline hyde and alex. fortune 500 companies are spending almost a billion dollars to become compliant. to become$8 billion compliant. what are they doing? alex: it is about creating new terms and conditions. all residents have to agree -- of the european union have to agree to make sure that they are complying. they will have a large -- have alerts constantly from faceboo

is notough steve mnuchin the trade minister, he has an impact on trade issues. he was one of the president positively negotiators -- president's lead negotiators in china week ago. the administration is doing this out of so-called national security grounds, but all of these countries it say we are allies, your friends, not your enemies. why are you doing this to us? we heard from the president of the european commission that the u.s. move is protectionism, pure and simple, leaving the eu with no choice but to impose sanctions. as you mentioned, it will take a couple of weeks for the retaliatory sanctions to go into place, but that is only the yurok receipt. they are going to -- only the bureaucracy. sanctions on harley-davidson motorcycles and whiskey from kentucky. and we heard from mexico, calling it a deeply disappointing action. they will sanction u.s. agricultural products there is -- sahil: -- --id: some countries did not effective quotas. they would call them voluntary trade agreements. -- really wants quotas. that seems to be the u.s. position. the europ

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secretary steve mnuchin mnuchin is speaking in the senate right now. he says the u.s.enforce national security when it comes to zte. south korea is so confident there will be a summit between the u.s. and north korea. the national security adviser picks there is an undeniable 9% chance of kim jong-un -- there is a 99.9% chance of contentment meeting with president trump next month. bank of england governor mark carney has upgraded households -- says households are worse off. issaid the economic output off of estimates from the brexit vote two years ago. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. vonnie: taylor, thank you. steven mnuchin is testifying right now on the hill on the 2019 budget, but lots of things are coming up, including the zte potential deal. a says the zte issue is commerce department enforcement issue. he is talking about stealing aluminum tariffs, saying that -- steel and aluminum terrace, saying they will remain in p

the treasury secretary steve mnuchin has been speaking to the press about the progress they are makingwith me is deborah elms, executive director of asian trade centre. welcome. good to have you on the programme. tell us your thoughts about this progress we have seen over the weekend. i think it is fine as far as it does but it is a little unclear as far as it does but it is a little u nclear yet as far as it does but it is a little unclear yet where they are out, i liken this to a couple that is headed for divorce and instead of getting a divorce, they announced they are going to start marriage counselling, which is great, immediately send not getting divorced. but the problem i see at the moment is that we do not have an appointment with a counsellor, we do not even have an agreement on which counsellor to use, so i think we are getting ahead of ourselves that we are celebrating the end of the trade war because we are not there yet. also, china saying, both sides are trying to put out a positive statement, as it were. one of them is china saying we will cause china to buy some $200 b

you have a famous five led by steve mnuchin, the treasury secretary, previously from goldman sachs.mes wilber ross. steel is his thing. robert is doing all the work on what america thinks is china stealing intellectual property. and the rest are on your screen. let's not think they all share the same view. they may have a united front in beijing but there are varying views about what to do about the trade dispute. the chinese are not backing down from trade tariffs imposed by the americans. who will be on the side of xi jinping? imposed by the americans. who will be on the side of xi jinping? you are correct. they go into this dispute with $50 million of their own tariffs. we know less about the host team. we know that the economic adviser to xijinping host team. we know that the economic adviser to xi jinping will be there. he will be accompanied by the newly minted vice president known as the chief of the fire brigade, the arch firefighter with the ear of xi jinping. firefighter with the ear of xi jinping. the us federal reserve helmed byjerome jinping. the us federal reserve helm

jared kushner who has been leading the peace negotiations is about to roll out his peace plan and steve mnuchin and ivanka trump, his daughter tweeting about thank you prime minister netanyahu and mrs. netanyahu for the warm welcome to iss raraze israel. i'm honored to join you and the dedication of the u.s. embassy and celebrating the friendship with our countries. now prime minister netanyahu will be here this morning addressing the embassy ceremony. yesterday, he was calling on all nations to open their embassies in jerusalem and recognize jerusalem as the capital saying it will advance peace. most nations in the region don't agree. you heard very tough tweets from the iranians and other countries condemning the move. palestinians see jerusalem is part of their future capital and very upset with the move. they have not talked to the administration since president trump made this controversial announcement in december. another interesting note today, controversial priest, the baptist pastor robert jeffers will be giving the invocation today. he has been criticized for anti-muslim and anti-gay

we'll kick off this show with steve mnuchin testifying before a house panel saying steel and aluminum tariffs will remain in place with china. we have never had anything like this. president trump says there is a long way to go. >> are you pleased with how the trade talks with china went? president trump: no, not really. but they are a start. when you are losing $500 bia year, you can't lose in term of a negotiation. it's really easy to win. but i want it to be good deal for the united states and for china as well if that's possible. it may not be possible. charles: tammy bruce and adrienne elrod, and allen west, fox news contributor. even though this began framed as an economic situation, it turned sharply on the military technology issue, particularly centered around a copy called zte. the fourth largest phone company in the world. known for stealing american technology, buying on americans and american corporations. president trump reportedly brought them back into the fold. he almost put them out of business with a single tweet. where do you stand with respect to national security

embassy, ivanka trump, jared kushner, steve mnuchin and various congressmen. this afternoon benjamin netanyahu also spoke out. >> what a gorgeous day. remember this moment. this is history. president trump, by recognizing history, you have made history. >> but 53 miles south of jerusalem there were violent clashes going on all day. the move to move the embassy inflamed the protests in gaza. some 40,000 palestinians staged demonstrations along the border of israel leading to deadly clashes. 55 people were killed, more than 2500 were wounded. now the israeli defense forces s had to push them back with live fire and carried out air strikes on hamas camps having warned them inne advance by dropping leaflets. this is the worst violence since 2014. and tomorrow the palestinians mourn the creation of the state of israel. we expect more protests tomorrow. we'll keep a close eye on it from here. kennedy: so how critical is the embassy opening fur our relationship with israel and the rest of the region. let me go to my party panel tonight, a republican strategist, noell

delegation in attendance includes ivanka trump, jared kushner and treasury secretary steve mnuchin amongstrs, more than two dozen countries will also attend, at least some 800 people, notably absent though germany, france and the uku all of which oppose president trump's decision to recognize jerusalem as israel's capital. live coverage for you throughout the day right here on fox. doj reluctant to bring two accused isis fighters to the u.s. for trial even though prosecutors say that they can win. concern that there isn't enough evidence to secure a long sentence, the trump administration has pushed as you know for britain to prosecute them because they used to be british citizens but attorney general jeff sessions has proposed that they be sent to guantanamo bay, both men captured in syria are accused of being part of terror cells called beatles that tortured and killed hostages including american and british journalists. denuclearization is nonnegotiation, that message to north korea from the white house ahead of president trump's historic sit-down summit. >> we would have to provide sec

steve mnuchin calls this meaningful progress. >> we have put the trade war on hold. >> the u.s.y threatened tariffs on $150 billion worth of chinese goods. still unknown is the fate of zte. the chinese tech giant was crippled after the u.s. banned it from buying u.s. parts. on the reversal from last week, president trump suggested saving it. mnuchin says there is no quid pro quo linking zte to a trade deal. it is not going easy on zte echoed by larry kudlow. >> if any remedies are altered, they will still be very, very tough. do not expect zte to get off scot free. ain't going to happen. >> zte faces punishment for violating u.s. sanctions and lying about disciplining the employees involved. >>> president madu rerro winnin another six-year term in venezuela. many countries, including the united states, echo the sham. stating we need venezuelan people running this country. a nation with so much to offer the world. ma maduro would be open with talks with quote the empire of the united states. >>> and a lot of talk about steph curry and his slump. ask the rockets about the slump. l

after steve n mnuchin took him over to the labor department and the president walked that back. but i believe that is still peter navarro's beliefs. walk us through how crucial these talks are. the market loves the idea that navarro is out of the mix because mnuchin, kudlow, they don't want to see a trade war. >> if you thought the delegation to beijing was high level from the u.s. side, china tried to do it us one better. the delegation that they've sent to washington is more than a dozen people. includes the governor of the central bank, the officials that are in charge of the finance industry, the agricultural industry, the telecomes industry. there are more than a dozen people that are here in washington. and i'm told that the conversation over the last several weeks has focused on potentially a short-term deal to reduce the trade deficit with the understanding that china's more concerned with protecting its long-term expansion and its long-term plans like made in china 2025, like some of its industrial plans for the year 2050. and that it believes perhaps the trump phenomen

aside from that, it is kind of a famous five really, led by steve mnuchin, the former goldman sachs executivest pragmatic amongst the five. steal is his speciality and thatis five. steal is his speciality and that is a big part of the dispute between the us. robert lai ties is the us trade representative, he is there as well, here's the one who has done all of the new sure, all the detailed work on what they see as china's contributions particularly on intellectual property theft. we have another adviser and finally the man who wrote death via china, he is perhaps the most hawkish among this group. let's stay with china, because mobile device maker xiaomi has revealed plans for a huge floatation on the hong kong stock exchange. xiaomi has been called the "apple of china", so the figures are going to be very large. rico hizon is following this. he is now asia business hub. rico, it's a case of xiaomi the money? xiaomi the money indeed. it could be worth $3 billion when it lists on the hong kong stock exchange and it could be the world's biggest public share offering since 2014. we still do not

steve mnuchin and the u.s. treasury have a record-setting first quarter. this is bloomberg real yield. ♪ >> this is bloomberg real yield. i want to head to the auction block. a record quarter for first quarter issuance from the treasury. billion, the8 biggest quarterly amount of debt sold since 2008. the treasury said this week that will boost the amounts to $73 billion this quarter. may could be a strong month. it has been the largest month over the last three years with an average of $171 billion. america, the nerves surrounding yield rates has spread. me is michael. purvis, if you are throwing rates up, what do you need to do to get this done? >> argentina is a specific case. discussion, there is a lot of specifics. days when the the cost of equity was 3% the cost. there has been a strong dollar story in the u.s., this is specific to argentina. >> there are some idiosyncratic reasons to my argentina is being slapped around. alignss some string that these two things, central-bank credibility. there almost is none for their ability to contain inflation. i

it is a quick return trip after wilbur ross and steve mnuchin was in beijing.ee to keep talking. thing that is a very good to begin with, but what the chinese side is trying to figure is doing it in a manner the trump team can be called a victory. they do not want to seem they have forfeited china's interests. trump wants to be able to say not only was he tough on china, but that he delivered something to his base. what china is trying to figure out is how to make concessions but also help the u.s. side dress this up in a way for mr. trump. reducing the trade deficit by 2020 even possible without the u.s. trying to save more? they still have the demand for the chinese products. eswar: economist like to say over and over it is macroeconomic policies rather than trade policies that affect multilateral and bilateral trade deficits. sets a good ground conceptually and in terms of negotiation. they are trying to think of a which is what, the u.s. has been arguing china should not do. certainly the chinese can make a small dent in the short-term, perhaps by buying u.

steve mnuchin says a tentative framework has been agreed.t to the specific figure, the two sides may yet impose tariffs but washington remains optimistic. >> a lot of momentum from this framework. they are going to go through the different commodity purchases. i do not see any pause all. i would say there is more momentum holding. paul: john kelly is to set up a meeting with congressional fbi and the justice department to review classified information related to the russian investigation. it is unclear what documents will be made available. the decision comes one day after president trump demanded the doj look into claims that the election campaign was infiltrated. italy's bothering costs are surging as parties attempt to form a government. the nation is being punished in the bond market. a note maturing in february 2028 now yields 10 aces points more than a sovereign from indonesia due form of later. protesters in thailand are going to march on the fourth anniversary of the military coup. --iland's economic group hit growth hit a five-year