treasury secretary steven mnuchin still promise to go get middle-class cuts done this year promising september debut. lauren: all of this affecting the markets. up 6 of the last seven weeks led by rallies in the banks. u.s. stock market futures pointing higher. nasdaq futures up 21 points. cheryl: stocks in europe are trending higher, european markets all in the green by a traction, stocks in asia gaining in the back of wall street. as you can see, green arrows. lauren: let's check out the stocks. cheryl: get ready for one of the biggest shopping days of the year, amazon prime day, we will tell you about some of the best deals and we are also going to take a closer look at the stock. lauren: my fingertips are ready. add wimbledon rising backlash against the player who lost but bragged about all of the must be he made. we have all the stories. cheryl: 5:01 a.m. here in new york. monday july 10th, good morning, everybody. i'm cheryl casone. lauren: i'm lauren simonetti, welcome to fbn:am, first look at morning markets, breaking news and what to expect for the day ahead. cheryl: washing

chairman. >> today we welcome again the testimony of the honorable steven mnuchin. again, this is the first time that he has appeared before our committee. steven turner mnuchin was sworn in as the 77th secretary of treasury on february 13th, 2017. secretary mnuchin was born and raised in new york city and holds a bachelor's degree from yale university. secretary has several decades of both retail and investment banking experience which he brings to the office in which he now holds. without objection, the witness's written statement will be made part of the record. secretary mnuchin, welcome for your first appearance before our committee and you're now recognized for five minutes to give an oral presentation of your testimony. >> thank you very much. chairman hensarling, ranking member waters and members of the committee, i am pleased to be here today and i look forward to discussing the important issues to the american people. i would like to begin by addressing treasury's national advisory committee report. treasury uses its leadership role in international financ

up, treasury secretary steven mnuchin claims the administration is so on track for tax reform by thee details next. as is bloomberg. ♪ -- this is bloomberg. ♪ david: this is bloomberg markets, the trump economy. i am david westin. lot -- had a headline a about the f-35, lockheed martin, the president said it cost too much money. well, the cost has come back up, 7%, it will cost $406.5 billion. they will order more jets, but they have just reported to congress by the most expensive -- expensive weapons system anywhere in the world has just gone up three let's check in with taylor riggs. the amazonill use prime day tomorrow as an excuse to talk about retail for a moment. take a look at amazon here. scherzer climbing up. climbing up. higherless, climbing ahead of the prime day tomorrow. i want to look at aircraft carriers that amazon has said they are going to use. is up here over 2.5%. amazon announced this morning they are going to be using a prime air cargo plane, fueled, ready to go back here in the u.s. for the first time. when there are winners, there are losers. i will focus on b

also just back from hamburg, the treasury secretary steven mnuchin, he joins us now from washington. mr. secretary, thank you for joining us this morning. lots of tweets from the president this morning. he also said that the sanctions were not discussed in his meeting with president putin. it is time to, quote, move forward constructively with russia. does that mean that new sanctions for russian interference are off the table? >> well, george, first of all, let me just say i think the trip overall was just an outstanding success. we had over ten bilats, three pull-asides and we met with ten leaders and other leaders at the three seas conference, and as it relates to the meeting with putin, let me be clear, what started out as a 30-minute meeting lasted over two hours and i think what we should be focused on was that the president handled it brilliantly, look at what was discussed and what was accomplished. he fully addressed the election situation. he focused on the cease-fire in syria, which is a major accomplishment. he talked about ukraine, and he talked about north korea. so thi

and steven mnuchin working for us. when did you hear a president say how much did that cost? he's trying to cut the cost for the taxpayers. >> i'm glad we are taking cash out of these fat cats. whatever you want, eric. eric: i want the beer nuts. jesse: i want the pea nuts and i want the beer. cnn lengthed to out the reddit user who created the trump-cnn wrestling video. jesse: after a meme of the there are vent viral body slamming a loco of cnn. we wanted to see what wwe fans thought. roll the tape. what did you think about this trump-cnn wrestling video? >> i thought it was great. i love everything trump does. best president we ever had. >> pretty damn stupid. >> whoever did it did a wrong job. >> donald trump is showing the world how fake mainstream media is. >> he attacked cnn the way he attacked great news and pell make america great again. jesse: did the trump cnn video make want to do try lens to anybody at cnn? >> of course not. the president has never inspired violence. jesse: cnn is blackmailing the maker of the video. >> that's terrible. it's absurd to try to break

today we will welcome the testimony of the honorable steven mnuchin. since this is a new administration and the first time that we have had a cabinet level official testify before our committee i thought it would be prudent to review the committee and house rules on decorum. members are required under the rules of the house to observe the principles of decorum and courtesy set forth in rule 17 and related provisions in jefferson's manual included by speaking and acting respect ffuy and refraining from language including applying a lack of intelligence. and i would add over the last two years my colleagues on the other side of the aisle have expanded upon the principles on the record to say that no administration witness should be quote unquote badgered or subject to quote i got you politics. the ranking member and other democrats on the committee have also said no administration witness should be talked quote to badly, no administration witness should be interrupted, every administration witness should be quote treated fairly, every administration witn

but so have steven mnuchin, gary cohn, and, quite frankly, robert mueller who's in charge of the specialinvestigation about russia collusion and effecting our election and working against both candidates to be quite honest. >> you're exactly right. and as i listen to this show, and you hear about venezuela and north korea and tax reform and all of these issues that are so pervasive right now, this is why the move for general kelly is so important. it's why this white house has to get an order and why he's the exact guy to do it. and i think you're going to see. i think the mooch is the first one, but you're going to see the allegiance as much as possible of some of the sideshow to get serious about business. the question is -- well, i think what we mean is that there's going to be less leaks, less challenges. the question is this: will general kelly have the ability to keep donald trump, president trump on twitter? that's the question because as much as there's a lot of stuff going on in this administration, it does start at the top. and president trump has got to be -- he has to lead by

those questions and more for treasury secretary steven mnuchin, a "this week" exclusive.e on life support after

next, testimony from treasury secretary steven mnuchin on the u.s. debt limit, tax reform, and liquidity requirements for community banks. he also discusses possible provisions to deter currency manipulation and future u.s. trade deals. held by the house financial services committee, this is three hours. >> the committee will come to >> the committee will come to order. the chairs authorized to declare recess of the committee at any time. members will have five legislative days in which to submit extraneous materials to the chair for inclusion the record. the hearings for the purpose of receiving the secretary of treasury's annual report on the state of the international finance system. but before proceeding to that report, i will give you a report on the hollingsworth family of indiana. would like to share with you some bury good news. hollingsworthbert the fourth arrived this morning at 1:38 a.m., weighing in at seven pounds, 15 ounces, mother and baby are doing well. husband and father is a total wreck, but congratulations to our colleague, ray co

then secretary steven mnuchin gives a report on the state of the international finance system. members of the fcc testify on recommended changes to propose communications legislation. collect the conversations i hear cutting things like medicaid and nih when we are on the cusp of such terrific discoveries. he think about half of the people on medicaid, half of the beneficiaries are children. we are not doing that the elderly on medicare. we ought to double down and put more in our children. >> watch the entire program on c-span2, sunday 7 p.m. eastern area -- eastern. >> you see this in the contempt. fetzer sayingwing why we give the people to vote? >> go to book tv data work. -- look to be.org -- booktv.org. smithsonian's collections that chronicle the life of the 35th president.

treasury secretary steven mnuchin says nicholas maduro has become a dictator. manuel bojorquez is there. >> reporter: the clashes in caracas between protesters and police are looking more like all-out war. several officers were hurt in an explosion, and at least ten demonstrators were killed as they tried to disrupt the vote this weekend. >> this is not terrorism. >> reporter: a 22-year-old diana osuna, still decided to march, wearing only an equestrian helmet. >> you can see the people. it's really, really sad, but they're still in the streets. they're still screaming for what they want. that's freedom and liberty. >> reporter: neither has been much in evidence this election. there were no opposition parties listed on the ballot. instead president nicholas maduro wants a new assembly to rewrite the constitution. vends lands weren't asked to vote on the plans, only on who will be part of it. maduro's supporters said it was the only way to restore law and order. so you want peace fast, that's what you want? the crisis here is as much an economic one. the country

those questions and more for treasury secretary steven mnuchin, a "this week" exclusive. plus, the battle over health care. [ chanting "health care is a human right" ] >> the effort to repeal obamacare on life support after a punishing recess back home. [ chanting "ted cruz has got to go" ] >> texas senator ted cruz says he can save the bill but will his colleagues agree? what's the fallback if they don't? and what will it mean for your health care? we ask the senator live. >>> and the clash over conflicts of interest. after calling out trump for appearing to profit from the presidency the nation's top ethics watchdog abruptly resigns. is he stepping down in protest? we're one-on-one in his first sunday interview. everything you need to know from washington, we'll break down the politics, smoke out the spin, the facts that matter this week. >> announcer: from abc news, it's "this week." here now, chief anchor, george stephanopoulos. >> good morning. president trump is back in washington this week and back on twitter calling the g20 summit a great success. while the europe

as we begin this important hearing, we welcome our witnesses, treasury secretary steven mnuchin, irs commissioner john koskinen poste and our treasury ig. thank you for being here. the department of treasury its work is to promote economic growth, stability and safeguard our financial systems which is critical to maintaining a strong economy and create an economic opportunity. equally important is its work to combat terrorism, the proliferation of weapons of mass destruction and money laundering, drug trafficking and other national security threats come internal revenue service as a significanisa significant rolf administering the nation's tax laws. to carry out the out their responsibilities, taxpayers must have the faith of the irs will do its job without regards to an individual sixers as of their constitutional rights. the irs must protect the taxpayers information and privacy as they continue to evolvbeinvolved to make changess service delivery systems. the ability to manage that change without adversely affecting taxpayers were compromising their information. we look forward to

and later, treasury secretary steven mnuchin testifying on the international financial system and u.s. tax policy. coming up on today's washington journal, a lane donnelly from the senate for military readiness talks about the president's recent decision to stop people who are transgender from serving in the military. after that come up till piper will discuss the trump administration's crackdown on people violating marijuana laws. later, amy wax talks about her recent article which looks at the education of this advantage to youth's in the u.s. ♪ today is saturday, july 29, 2017. president trump announced his biggest west wing shakeup yet, the president sent to tweets yesterday announcing the end of the shortest serving white house chief of staff in modern presidential history. 202-748-8001 is out --reince priebus is out and john kelly will move into the west wing starting monday. is signals a major change in direction for the administration on the heels of a major legislative failure with the senate and ability to approve based senate obamacare reveal

treasury secretary steven mnuchin is testifying on capitol hill to the senate appropriations subcommittee on the full-year 2018 budget. he has been saying that the uncertainty on the debt limit has implied costs in the markets. naturally, as treasury secretary, he would not want to get the government to be reached or agencies to consider downgrading their outlook or rating on the u.s. this is bloomberg. live from new york, i am vonnie quinn. mark: and i am mark barton. this is "bloomberg markets." business stories in the news right now. amazon is calling it the largest job there in the united states. the world's biggest online retailer will open 10 fulfillment centers on august second. amazon says it has more than 50,000 jobs available. parents of mercedes-benz is studying a legal separation of its businesses. the company has been looking for its units to become more nimble for growth. isean automaker hyundai counting on a new compact suv to stop the slide in sales in the biggest market. it will be introduced in the u.s. and europe later this year. hyundai just reported lowest reported qu

treasury secretary steven mnuchin still promise to go get middle-class cuts done this year promising u.s. stock market futures pointing higher. nasdaq futures up 21 points. cheryl: stocks in europe are trending higher, european markets all in the green by a traction, stocks in asia gaining in the back of wall street. as you can see, green

last week, steven mnuchin announced there would be sanctions against the china bank , a chinese financial note that if you look at the ties between china and north korea, exporting and importing or north korea and china exceeds more than 80%. will this come up between angela merkel and xi jingping? how often what they talk about trump and the tweet he sent out this morning needling china? tony: that was in the public sphere. both of them are concerned and say as much about north korea and the implications of that, but the focus in berlin -- you have to remember this is two days before everyone meets in hamburg for the g-20 -- the focus was on what mark was saying at the start, there is a gap to be filled here and there is a mutually beneficial relationship between germany and china at least up to a certain point. and this is what they were talking of today. in fact, later today, we will have south korea's president in berlin, phyllis also going to be at the g-20, so that will most likely be a topic at that meeting. berlin, and kevin cirilli in washington. well, let's move to the middle ea

he had a computer science degree from harvard and went on to work for treasury secretary steven mnuchinnally landing at oxford in 2006 and then he has had some successful trades. he has guided the firm well and is managing assets. aspectsare there -- metrics you will have to meet? >> the metrics he has to meet, he has to be in a position where he can double the company stocks. right now, it has gone up 125%. ,hen you look at the stoxx three dollars down, about 80% from where it was in 2013, you would much rather take it when it is three dollars then when it is trading at 10. vonnie: i recommend of the but he read that story. it is on the bloomberg now. thank you from the bloomberg news. we have breaking news. bloomberg reporting that u.s. antitrust officials have been talking to representatives from at&t and time warner about possible conditions for their timeouts -- their tieups. , gerry smith who helped break the details. >> this merger has gone into the next phase where at&t and time warner are talking to lawyers at the justice department about approving this deal with conditions. th

steven mnuchin making comments now untaxed reform. make it feel a sense of what he is saying.-fail exercise, we know about that. also said he was growth has been too low. the present expansion goals of the gulf -- too optimistic some people are thinking. we will continue to bring you further headlines from that event. coming from new york, this is bloomberg. ♪ >> president donald trump is growing increasingly frustrated with china's handling of the north korea situation. there are potential sanctions between u.s. and china. >> the north korean -- icbm -- china's has russia says north korea is not -- does not have an icbm. facts are facts. there's an intercontinental ballistic missile comments to global powers are not getting as much, that's when nikki haley at the united nations is running into these problems. for 40 together -- a sanction for north korea. how theyok at just have been just within the last six months, it's startling. cellular china in particular, they're they are more than 80% - >> on trump has argued they can do more. response here has to be calibrated. i just

yesterday treasury secretary steven mnuchin testified before a senate appropriations subcommittee picky was joined irs commissioner john koskinen to talk about funding for various treasury department programs. this is long over an hour and a half. >> welcome to everybody. good morning. senator coons, senator lankford, looking at earlier. today with the opportunity to review the budget request of the department of the treasury and the internal revenue service. as we begin this important hearing, we welcome our witnesses with us today: treasury secretary steven mnuchin, irs commissioner john koskinen and the treasury ig for tax administration, russell george. thank you for being here. the department of the treasury ahas an important mission. its work is to promote economic growth and stability and safeguard our financial systems, which is critical to maintaining a strong economy and creating economic opportunity. equally important is its work to combat terrorism. the proliferation of weapons of mass destruction money money-laundering, drug trafficking and other national security threats.

his treasury secretary, steven mnuchin, also formerly of goldman sachs.n the white house during donald trump's first six months has been a pitched battle between nationalists and globalists. and who is winning? well, nobody is really winning is the problem. trump's legislative agenda has all but collapsed with the death of the senate health—care bill. so while there have been some victories for bannon‘s nationalists, primarily cracking down on illegal immigration, taking a much harder line against immigrants generally, there haven't been a lot of victories for either camp and that's a subject of great concern to everybody around donald trump. because when things don't go well, president trump reacts very badly. one of the concerns was there was a sort of fruitcake fringe who were tying themselves to trump. in fact, bannon was sometimes attached to that and in your book you talk about robert mercer, the hedge fund guy who financed bannon and breitbart, who certainly had some wacky people, let's say, who he was supporting beforehand. have the "grown—ups" mo

that was treasury secretary steven mnuchin yesterday defends the president's plan for a joint cybersecurity team with russia. however, criticism came so quickly and in such huge amounts. and his swirt page senator ben sass nebraska republican wrote quote this obviously should not happen. and obviously will not happen. why the president of the united states would tweet to it is inexplicably busy arp. senator marko rubio wrote quote partnering with putin on a cybersecurity unit is akin to partnering with assad on a chemical weapons unit and others followed suit. >> it's not the dumbest idea i've heard but it's close. >> i'm sure that vladimir putin could be of enormous assistance in that effort since he is doing the hacking. >> certainly indicates he doesn't take the word of the intelligence community. >> i thought it didn't make sense. i used the and allege of letting fox guard the hen house. it's like the road runner working with the coyote to ban dangerous acme products. >> making an arsonist your local fire chief. hours after the president announced the plan for the joint cybersecurity ag

>> with something for everyone, according to steven mnuchin. he says it will happen and have all the things they want, corporate tax cut, fewer tax brackets for individuals like you and me and a top tax bracket of about 35%. and this is the timing. >> our plan is to have a full-blown release of the plan in the beginning of september, being able to vote and getting this passed before the end of the year. >> so, it won't be easy. there's a reason it hasn't been done since 1986. it won't be easy and everybody will have to give something up. what am i talking about? 35% of filers, itemize their deductions and white house plan and house republican plan would get rid of all deductions except mortgage interest and charitable deductions. that means no more state and local taxes, being able to write those off your federal return, student loans, child care, the like. this will not be popular with people who live in new york, new jersey, connecticut. secretary treasury says he has been hearing to people on that subject. they want to be sensitive to that.

. >>> the secretary of treasury steven mnuchin says they are cutting taxes for middle-class americansnd for businesses and said that by september the white house were released the tax reform plan hoping to get it passed by the end of the year and the plan calls for streamlining the current seven tax brackets down the three, 10%, 25%, and 35%. >>> it is 5:14 am. >>> any problems with the traffic this morning? >> nothing major but for the most part it has been a very nice-looking commute. let's start off in gilroy, traffic is moving along pretty well driving from gilroy into san jose through morgan hill, continuing to be a nice drive. there have been minor things but mostly not causing any big traffic jams. here's a live look at 280 in san jose and looking good up and highway 17. the bay bridge is getting a little more crowded but generally around 5:30 am is when the metering lights turn on. >>> it is 5:15 am. >>> good morning everybody. a little more in the way of fog and low clouds with this delta breeze, most inland temperatures will cool down. the full moon on the eighth and about 9

treasury secretary steven mnuchin about russia, north korea, and health care, and the power house roundble includes eric swalwell as they debate the weekend politics. watch this week at 8:00 this morning here on abc 7. >>> developing news this morning, iraqi troops are celebrating the clearing of islamic state militants from some of the last strongholds in moe mosul, but the fighting has taken a devastating toll on residents, some dying right on the battlefield, many in need of medical attention. the islamic state captured mosul in a matter of days back in 2014. iraqi forces backed by u.s.-led coalition launched a major operation to retake the city in october. >>> talk about a daring escape. look at this. you see this man clinging to a hook as he is lifted away from a burning building in denmark. that man had been doing some roofing work on top of that building when a fire broke out on friday. a nearby crane operator noticed that the guy needed rescuing. he swung that giant machine into position for the save. >>> hollywood is mourning the death of actor nelson ellis. ellis was best know

up in hamburg germany, it begins with some sound from i believe it is the treasury secretary, steven mnuchin about the discussions between president trump and russia's president vladimir putin. let's listen. >> hi, everybody. i just want to highlight very briefly and then secretary tiller's and will go on and then afterwards we will answer a few questions. president trump has had a very few days, we went to poland on wednesday, in poland he met with 12 different leaders, meetings with croatia and poland as well as ten other leaders where we talked about energy, the importance of the energy market markets, the importance of supplying independent energy, infrastructure and opportunities there. the speech which was just incredibly well received is part of our america first but america not alone. coming here, the president has had very significant meetings with the g20 already. yesterday he had the opportunity to meet with angela merkel and her team, it was a productive and friendly meeting, a lot of areas for us to collaborate on that were very clear. we talked about economic issues, trade, we

but not just like steven mnuchin and president trump we're talking about here.t everybody else on board and health care taken care of. what are the odds here? >> well so the odds, i think are very low for a comprehensive tax overhaul. i think because there is so much pressure on them to do something, something comes out of it, they say it's a big deal but you will have to look at details to determine whether it affects the american people, corporate america and the economy. you know, i think you mentioned health care. they're three months behind on that. we're looking at going into august or september to get that done. so they're behind the curve. i can tell you what is happening right now. so, there is a group of six, we wrote about this the other day. mnuchin and gary cohn from the white house are meeting regularly with mitch mcconnell, orrin hatch, kevin braid he did i and paul ryan. those are the six people, the six men who are going to determine the path of this thing. they're trying to overcome all the disagreements over various constituencies to produce a

the white house, steven mnuchin at treasury, yourself, paul ryan, you've got all -- everybody wantinghings together but is there enough common ground throughout the house to actually get tax reform done? let's talk deductions for a minute. >> yeah. maria: some people are uncomfortable with a lot of the deductions going away for their constituents. >> the answer to your first question is there a purpose on the house to move forward, i think the answer is clearly yes, every republican i know came here to get this economy going. we can't do it without bold permanent tax reform and so, yeah, i'm confident. will we have to make trade-offs, yeah, we will. people are so tire of complexity, compliance costs, they just think it's unfair the way we have it today, there's a hunger across america for different type of tax code. maria: look, if you don't cut taxes on everybody including the rich, then you're not for cutting taxes, we all know that the highest earners pay the majority of the tax. what's your answer on steve bannon's 44% number, he wants to raise the highest rate to 44%? >> so we wa

treasury secretary steven mnuchin about russia, north korea, and health care, and the power house roundswalwell, as they debate the week in politics. you can watch "this week" at 8:00 right here on abc 7. >>> developing news this morning, iraqi troops are celebrating the clearing of islamic state militants from some of the last strongholds in mosul, but heavy fighting is still taking place. doctors without borders has said the fighting has taken a devastating toll on residents with some dying on the battlefield, many in need of medical care. the islamic state captured mosul in a matter of days back in 2014. iraqi forces backed by u.s.-led coalition launched a major operation to retake the city in october. >>> look at this. it's a daring escape. you see this man clinging to a hook as he is lifted away from a burning building in denmark. that man had been doing some roofing work on top of that building when a fire broke out on friday. a nearby crane operator noticed that the guy needed rescuing. he swung that giant machine into position for the save. >>> hollywood is mourning the death of

think that's something that they really want to get done and are very adamant about and secretary steven mnuchinet it done. i'd like to see something very good here, for health care to improve upon. you know, obamacare, do some things great for the american people. who doesn't want excellent health care for everyone? >> juan: jesse, it looks like they wanted to go ahead early this week but didn't know what they were voting on. they've gone through several bills and said no to them and come down to this skinny bill which would do away with the individual mandate, the mandate for corporations with more than 50 employees and the tax on medical devices. they really don't feel that that is sufficient. they want something more. do you have any idea, and a sense of what they are looking for? >> jesse: no. is the clown show, straight up. i've never seen anything like that and it's really tough to say. it's been a catastrophe from the get-go. it took forever to get it through the house. they failed twice and then they can't get it through the senate. without supposed to be easier. and the republicans wer

liz: at this time yesterday, treasury secretary steven mnuchin said it again. will be pushed through by december 31st. this, though, as congress focuses elsewhere, it's grabbling over ways to has pect reform right now. let's bring in political panel, republican strategist brad blake man and democratic strategist whom we just saw chris. brad, i want to start with you first. make your bet here. put your money on mnuchin or on the 2017 calendar? >> no. i put my money on promises made and promises kept. donald trump, the president, will get health care, and we will get taxes by the close of business of this year. liz: sounding confident there. what about you, chris? >> i don't know, brad. the clock is ticking and health care, i mean, they've only got one vote to spare, and i don't see how they're going to hold on, especially before the august recess, which is their timeline here. i don't think it gets done. tax reform, i think there might be more of a stomach for that. i think they'll be able to keep their troops in line for that and actually get something done. wh

standpoint,omic these reforms are necessary if you want to get the growth target that steven mnuchinonald trump have spoke about. it's not possible under the status quo. there needs to be a retooling of the u.s. economy, very difficult to do with that kind of noise going on in the background. anna: republicans last week were still confident tax reform could be done. the most important problem facing the u.s. administration is the debt ceiling. >> the u.s. treasury will run out of money september, maybe october. to think that simultaneously a fiscally hawkish congress, it is difficult to seatgeek structural reform taking place concurrently with that. ,anus: you have just come back ey can still do the tax reform. the g-20 meeting is coming up. trump has been on the phone to japan and china. tradel all revolve around , and potentially not a great g8 or g7. g-20 coming up. how much of a risk is tariffs? they have gone quite on the subject, haven't they? how delicate will g-20 be this week for trump? short-term, he probably does not have as much pressure as he will have coming into the mi

it does look like the free and fair trade crowd, wilbur ross, steven mnuchin and, they are ascendantment, but that does not mean those who would like to start a trade war have given out. scarlet: the chinese by's premier address the delicate relationship this morning. are eachand the u.s. other's biggest trade partner, an important source of investment here it cooperation is important for both sides. transcend allt differences, but confrontation will immediately damage the interests of both. joe: what would count as a win for china? scarlet: what do they want to come out of this discussion with? >> may be some modest changes on the fringes of trade policy. minimal tariffs, may be something minimal and the steel sector seems almost inevitable at this point. what do we need to worry about? i think there will be just modest changes on the fringes to trade policy unless what happens if growth starts slowing down or it looks like we will interact recession? this is where you could see some of trump protectionist rhetoric turn into action. havedoes the president direct control over in term

. >> on the political side, too, caitlin, you just had steven mnuchin out touting this thing yesterdayefore he canceled it all. >> on the sunday shows touting this, of course, the president then undermines that shortly after. that's not the first time we've seen them kind of on different pages here. what i'm watching are the consequence. 98 senators supported this. goi going to the house. that is important to consider when you are assessing the news of the meetings between trump officials and the russian lawyer. by the way, that subject on adoption has to do with sanctions that came out of that. so, that is kind of what i'm keeping an eye on. what kind of pressure congress can create, if any, on this white house on this idea. >> stick around a little longer. thank you, both, for joining us here. much anticipated. >>> next up, getting out of washington and getting out of new york and we're heading to pennsylvania because as we speak, 18 former penn state frat brul brothers accused of hazing a pledge to death are facing a judge with a lot of the line. we'll explain why. noo introducing t

steven mnuchin announcing a chinese financial institution in china against the one financial institutiong it is not specifically targeting china. but north korea has the largest exporting and importing partner ofchina with more than 80% exports and imports coming from china. it is a significant economic engine to north korea. it is one of the main points in germany. no formeraley had policy experience as an ambassador to the united nations. what are the options? >> using the pulpit of the security council, a naming and shaming process. you saw samantha do it, you see the u.s. investors doing it going back decades. hey, sitting around this table, you want to call yourself a responsible nation or do you need to get on board. >> nikki haley is speaking now. let's listen in. >> it showed that north korea does not want to be part of a peaceful world. they have cast a dark shadow of conflict on all nations that strive for peace. samerday came from the dictator, who sent a young college student back home to his parents. americans, it painfully and image -- up as they transported him from a pris

he's going to talk with treasury secretary steven mnuchin and senator ted cruz but plus goes one-on-one with walter shaub as he resigned as the government's top ethics watchdog. that comes up on "this week" with george. >> mandatory sunday viewing. >>> we're going to move on now to what could be a major turning point in the fight against isis. >> u.s.-backed iraqi forces are edging ever closer to recapturing the key iraqi city of mosul, and abc's ian pannell recently spent time on the front lines and joins us from erbil. >> reporter: paula, dan, iraqi troops now say they've just got a few hundred yards left and then this battle is done. in fact, they say that isis now controls less than half a square mile of mosul. but with civilians trapped and the terrain tough, the going is a slow as it is dangerous. this morning, isis cornered as iraqi troops close in finally taking back mosul after nearly nine months of all-out war. just look at the devastation. >> go, go, go. >> reporter: we went into the heart of the old city on the front lines with iraqi special forces. civilians have suffered t

l way, "god bless treasury secretary steven mnuchin has proposed the rule be simplified.ours a day powered by more than 2600 journalists and analysts in over 120 countries. i am jessica summers. this is bloomberg. julia: thanks so much, jessica. will the june jobs report sway the fed's decision-making? bill gross gives his take next. from new york, this is bloomberg. ♪ scarlet: this is "bloomberg markets." i am scarlet fu. julia: i am julia chatterley good time for the biggest business stories in the news right now. $300 million is being invested in 111 capital. the former head of propriety trading at societe generale, the sole investor in the fun come which will focus on stocks and derivatives. elon musk's tesla has won a contract to supply what he calls the world's largest battery, backing up australia's power grid. the electric carmaker promises to provide the 100-megawatt storage by december 1. a bank plans to sell half of its $20 billion package of nonperforming loans to pin code and fortress investments. he spoke on bloomberg tv, saying the deal will close in the ne

treasury secretary steven mnuchin says the white house is committed to getting his tax overhaul proposalongress. but the plan would not include a 40% tax break to the richest americans. trump advisors stephen bannon had been pushing for tax breaks while magician said the story was unfounded desk mnuchin said the story was unfounded. -- the u.k. prime minister is expected to say economic reform is needed to make a successful brexit. in a sign of weakness, she will call for cross party cooperation to do this. a survey by the british chambers of commerce shows u.k. companies are opposed to britain walking away from talks to leave the eu without the deal. third want the u.k. to stay in the customs union. only 2% said no deal would be acceptable objective. inprising gains held up june, coming in at 5.5%. 1%.umer prices date demand remains robust. analysts think controls on building construction could soon weigh on demand for raw materials. japanese prime minister shinzo approval rating for his cabinet climbed to its lowest ever. point 8%. 39 the lowest since 2012. the reasons given was a lack

this is steven mnuchin, former , heman sachs guy, gary cohn also had a hand in this.hought because these wall street folks were working on the recommendations, they were going to tear apart the rule. they did not actually do it. there are tweaks, changes, but is not a full-scale repeal. julia: it will be interesting to see what comes from that. he, bloomberg markets is speaking to the credit suisse banker. ♪ >> let's get to first word news. anthony scaramucci is now the communications director. he was the financer for the campaign and has been thought of for several jobs. the reporters at a press conference were told of the appointment. >> this is an opportunity for me to serve the country. i love the president. it is an honor to be answer. is the third person offered the job of communications director since trump was admitted president. resigned after the announcement and will stay on the job until august. seeking to travel to north korea need a special validation passport after a ban takes effect. this comes after auto warm beer -- otto warbier died. he was released

steven mnuchin says the white house is committed to getting this -- his tax overhaul proposal through the house by the end of the year. but it will not include a 40% tax break for the rich. stephen bannon had been pushing tax break while steve mnuchin said the story was unfounded. the g-20 wrapped up in hamburg. home havingump flew on trade.n he had his first sit down with vladimir putin, with a a great to a cease-fire in syria. theresa may will call on opposition lawmakers to keep written out of the european month'ster last disastrous election. she is expected to say social and economic reform is needed to make a successful exit. in a side of her weakness, she will call for cross party corporation to deliver it. china's price gains held up in june with factory gates coming in at 5.5%. consumer prices gained 1.5%. despiteemains robust excessive borrowing. controls on building construction could soon way on on demand.weigh the launch of the first futures contract for the commodity since the middle of the 1980's. the london midland exchange for almost half the world's gold changes hands

breaking right now, treasury secretary steve mnuchin steven mnuchin speaking about tax reform as the white house turns its focus from health care to reforming our nation's tax code. we're on that dow 22,000 watch. can you believe it? check this out. session highs, very close to them with the dow up 95 points. thank you, i'm lauren simonetti in for trish regan and this is "the intelligence report. they're talking about the first comprehensive tax reform in a generation. they promise to get this done by the fall. for latest, go to adam shapiro at white house. adam, end of september i've been hearing, really? is that possible? reporter: if you listen to what gary cohn said just moments ago, we were inç the room when he sd it, about three to four weeks. they are working very hard he said with the committee in the house. house ways and means to write the bill. he said they had three to four weeks to finish this job. that puts us smack dab at beginning of september. let me let you listen to what the advisor to the president and director of the nec actually said because he makes it seem as

treasury secretary steven mnuchin warned lawmakers today there is a cost to delaying an increase of thedebt limit. he said prolonging the decision burdens taxpayers and creates unease among investors. he reiterated that the government can finance itself through september, but here are just lawmakers to raise the debt limit as soon as possible. house majority whip steve scalise has been released from a washington hospital more than a month after being shot during a congressional baseball practice. the louisiana republican underwent multiple surgeries during his stay. he severed fractured bones and internal organ damage. the gunmen died after a shootout with police. doctors say scalise has made excellent progress and will begin and engines every ability to program. a british judge has ruled that critically ill baby charlie gard will be transferred to a hospital unless the parents in hospital agree on an end-of-life when that could potentially keep the 11-month-old alive a little longer. his godfather said he feels for charlie's mothers. >> -- her ideal wishes for the end of care would be