steven mnuchin and sing more measures will be taken against -- steven mnuchin saying more measures will against turkey. what do you see in the bond markets? nejra: the turkey treasury yield not doing much in the markets. the yield curve is below 25 basis points. the curve hit a fresh cycle though, heading the 23 handle at one point this week. the 10 year treasury yields are steady. in terms of how european bonds might move, we have the cash opening happening right now. at the opening at least it looks like we will be fairly steady on bonds and oat's in france. let's get the first word news with juliette saly. the u.s. a treasury secretary has said washington is ready to hit turkey with more sanctions if president erdogan refuses the quick release of an american has start -- american pastor. the lira 30 gains following the remarks while the dollar and japanese yen rallied. >> we have put sanctions on several of the cabinet members. working with you, we have more that we are planning to do. juliette: u.s. president donald trump has prodded china to offer more at the bargaining table, as t

just asked treasury secretary steven mnuchin about sanctions the president said on turkey, they want to hold a wonderful pasture and it's not fair, not

maria recently spoke with treasury secretary steven mnuchin. she asked how the trade fight on multiple fronts could affect growth. >> we were talking about 3% growth. everyone was laughing saying that was impossible. now we are talking about getting a gdp number 4% or higher. the atlanta fed is pushing it could be as high as 4.7%. we are going to have sustained growth. the plan is 3% or higher sustained growth. as it relates to inflation. a little bit of inflation is a good thing. the fed has been for a while targeting higher inflation. one of the things we have been focused on is wage growth. great financial markets for the last 8 years. no wage growth. you can check that off the box. we now thanks to president trump's economic plan we are seeing wage growth. i think inflation will be under control, but that's something we have to be careful to watch. >> tariffs and trade according to markets and individuals look at the back and forth and tit for tat. you have been leading the charge in terms of beijing and our relationship there. you talked a

ahead, steven mnuchin, a look at the president trump's treasury secretary.s is bloomberg. ♪ amanda: this is bloomberg markets. shery ahn: amanda, let's talk about this great business we that we have come a profile of treasury secretary steven mnuchin and his relatively, pretty long tenure as secretary of treasury, 18 months, which can feel it can lifetime and the trump administration. it is only one of very few moderates left in the administration. growing as atant, treasury department are more sanctions, not only against russia but also against turkey. >> it is worth noting the strong dollar policy, the u.s. dollar maintaining its strength, something on the trade file you are but pretty interesting to see p or took over, a little game there. for more bloomberg stories, an issue of bloomberg businessweek, it will be on news stands and digital as well. remember, bloomberg news can interact with all the tribes you see here. from new york and toronto, this is bloomberg. ♪ scarlet: it is 7:00 p.m. in london. i'm scarlet fu. julie: i'm julie hyman. welcome to "bl

another interview with steven mnuchin.round for his comments on the possibility of auto tariffs. the ongoing trade talks and much more stay tuned, you are tcngwahi "squawk box" on cnbc this wi-fi is fast. i know! i know! i know! i know! when did brian move back in? brian's back? he doesn't get my room. he's only going to be here for like a week. like a month, tops. oh boy. wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's. >>> we're going to get to dr. scott gottlieb i don't know if you saw the article over the weekend in the weekend "wall street journal," but a lot of things facing the fda, a lot of nuance and it's something that i think dr. scott gottlieb has been talking to us about for years and years and now he's in a position to actually make some policy decisions. joining us now, fda commissioner dr. scott gottlieb good interview, scott. it was like required reading over the weekend you got a lot off your chest there too and i

steven mnuchin is mulling more sanctions on turkey as it refuses to release an american pastor. president trump headed to new york for a roundtable. 90 minutes into the trading day in the u.s. stocks lacking clear direction. >> the turbulent week weighing on the major u.s. indexes with the dow jones holding onto a big mover walmart's yesterday with better than expected earnings. s&p 500 bouncing between gains and losses, nasdaq down, nasdaq 100 down further. poor earnings report with some semiconductor stocks. a first -- over 8% after elon musk gave a tearful interview to the "new york times" where he said nobody reviewed his tweet where he said he was considering taking tesla private and sleepless nights were behind some of his tweaking binges.weeting saying he was under a lot of stress. earnings for a company where they sell -- solve the customers cutting back on new orders on chips. crypto'. let's look at the chart. data virgins between -- the divergence between chip stocks and the nasdaq, nasdaq 100, it is growing, to the detriment of chips stocks. investors are instead gett

treasury secretary steven mnuchin said his department is taking action against three companies whichre based in china, russia, and singapore. as well as the head of russian firm. steven mnuchin says consequences for violating the sanctions will stay in place until the complete denuclearization of north korea. this week marks one year since nafta renegotiations began, and there is word tonight that a trade deal could be very close with mexico. the deal so far leaves canada out in the cold. correspondent gillian turner has the story. >> you know this president. he prefers bilateral trade agreements. he's made it clear. >> u.s. and mexican trade rep incentives kicked off their fourth week in a row of negotiations to update nafta, the president's trade advisors as an agreement may be evident. speak of the team has been working overtime, late nights going through but i would characterize as the final details. >> after president trump threatened to scrap nafta, mexico and canada pushed back. insisting on a three-way deal. so far, the u.s. and mexico have been meeting one-on-one, with mexic

. >> steven mnuchin laid out the next steps this morning on squawk box >> if not we'll move forward with mexico. this is great move forrailroad for trade. >>> coming up we'll ask a top strategist about the odds of a canada deal coming through and any potential progress with china. >>> welcome back, everybody. treasury secretary steven mnuchin joining us on squawk box this morning when asked about trade with china mnuchin said an agreement may not come as easily as it did with mexico. >> if china just signed onto the same mexico agreement we'd have no problem and we'd have a surplus with china so these are not complicated issues these are not complicated issues, but they're not going to do that, but they have to open their markets. that's what this is about. >> joining us now for more on these trade talks is dan clifton. dan, great to see you. before we get to china let's just address canada. do you think canada follows suit and if they don't, is that a blow to them or to the u.s.? >> so first, i think that canada will june suit, and i think they're going to join relatively quickly. they'

. >> treasury secretary steven mnuchin talked to reporters about the future of nafta, the north american free trade agreement. he said he hoped a deal with canada would be reached soon, following yesterday's announcement of an updated bilateral deal between the u.s. and mexico that revises key portions of the accord. here's the treasury secretary in the white house driveway. >> how is everybody?

not only that but the treasury secretary, steven mnuchin, says he spent half of his time on sanctions increasingly, not just with the trump administration, it was true with 0bama as well, sanctions become the off—the—shelf foreign policy go—to thing which is the first thing they reach for when something happens they don't like. they do look effective when you look at iran, don't they? look at all the international countries saying they are going to pause their economic actions in iran because they're worried about being punished by the united states. in some cases they are warranted. when the western world came together with sanctions to try and pressure iran into sanctions over its nuclear programme, it worked. in south africa again it was a coalition and united front, except britain and america, of sanctions. russia is actually the subject of sanctions widely throughout the west. but in turkey it seems like a personal fight that trump is picking with erdogan. and also catering to the base of conservative christians who want turkey to release this particular american pastor who is in

steven mnuchin tells me to take several weeks off because we were going to announce new tariffs. he said you don't want to be tv for this. that was a joke. i was called a couple of times. the first time he called, he asked how long i was taking off, that's how long are you taking off? -- how long are you taking off? i said two weeks. he said you will miss a lot. he called a second time and let go of it. he tweeted me. we were both coming from the g7 in northern quebec, which was a very interesting meeting. he went to singapore for the north korea and china meeting. we were going back to washington . and he was in singapore when he tweeted that i had a heart attack, which was very kind. it sounded worse than it actually was. >> why did you take the job? larry: oh. good question. i have known president trump for many years. not intimately, but i have known him for many years. interviewed him many times on various tv and radio shows. helped him with his campaign on tax cuts and the economy. we talked about coming in at different points. i was still working as commentator for cnbc an

her news making interviews with the egyptian billionaire and steven mnuchin.tanding by in

steven mnuchin has been focusing on all it works. similarly with the obama ministry vision. concerned thatbe russia would hit back at our financial sector, our energy sector. what do you say to people who are nervous about the impacts? sen. van hollen: we are working on maximum impacts on the russian economy and they are much more exposed than we are. i want to emphasize, these sanctions are perspective and would only be triggered if russia interferes again in our elections. that is why we call it the deter act, it is the race -- to raise the cost of interference to where it is not worth it to vladimir putin to mess around in our election. kevin: what can social media companies do? are you satisfied with their foronse in preparing threats like russia and iran? sen. van hollen: they are playing catch-up but doing a better job than in the last election. microsoft has taken actions, facebook, others, they take this seriously. my complaint is that the united states senate should be taking these threats as seriously as others. we should not contract out protecting our elections o

chris: we had this line, "everything is fine -- how to be trump's trade secretary -- starring steven mnuchinis fine,erything everything is fine everything is fine. chris: it is kind of a mantra. everything is not fine. you have this photo with him looking stressed out. jason: it is a powerful image of someone who has become a familiar face. but interesting you take this shot of his head down rather than straight on. chris: we felt like this captured his internal struggle and really got what is going on with the story. jason: and the way he must be feeling. carol: it plays to him keeping his head down. he doesn't talk to the press, supports as president. chris: everything comes together. jason: thank you. up next, what elon musk might learn from michael dell about taking a company private. carol: and how antimonopoly laws can ultimately tie amazon's hands. jason: this is "bloomberg businessweek." ♪ ♪ carol: welcome back to "bloomberg businessweek." jason: you can also find us online at businessweek.com. carol: and on the mobile app. in the business section -- huge news this week. elon musk tw

steven mnuchin says he believes the trade going to mexico will be "the first of many agreements we willsaid hechin is optimistic that canada will come on board. >> this is a complicated agreement. there's lots of things in here that are new. i would think that canada would be very much on board with stronger intellectual property, smarter protections. mark: canada's foreign minister cut short a diplomatic trip to europe to head to washington for trade talks. germany is examining options for helping turkey avoid economic meltdown. but a government official says direct financial aid is not one of them. the initial will be discussed when german and turkish economic and finance ministers meet next month. turkey already has dismissed any talk of a bailout. ministerenvironment on theed his resignation radio today saying the president has not done enough on green issues. his departure is a blow to president mack brown -- president macron. he has campaigned for environmental issues for decades. an independent investigation by puerto rico's government estimates that nearly 3000 people died as a

nearly two-month stopgap, possibly averting a full-blown trade war as the treasury secretary steven mnuchin and vice secretary of next wavehead of the of tariffs set for this week. anything agreed so far? >> nothing agreed so far and i would note this is also still on this -- under discussion within the cabinet in the u.s.. what we are talking about right now is really the logistics of will talk to who? when will we talk? where will we meet to talk? nothing has been decided. president of the united states and the president of china get involved because we are at the point where it needs to go to the highest levels if talks are supposed to move forward and avert a full-blown trade war. these are the discussions being -- questions being discussed in the u.s. cabinet as we speak. >> the u.s., threatening to more than double planned tariffs on chinese imports. china warning the u.s. to stop blackmailing it over trade. what a difference a day makes. president trump hitting back against china. china also hitting back this morning saying "if the u.s. further escalates the situation, we will surely

held in turkey since 2016, accused of being involved in attempted coup , now treasury secretary steven mnuchin threatening to take additional action. >> we've put sanctions on several of the cabinet members working with you, we have more that we are planning to do if they don't release him quickly. lauren: he says that brunson is a very innocent man. cheryl: well, president trump declaring war on the opioid addiction in the epidemic in the united states, calling jeff sessions to sue drug makers. lauren: blake berman has story. >> states have been filing lawsuits against manufacturers who produce opioids, latest example coming from new york state earlier this week which took aim at oxicoton. these were introductions thursday during cabinet meeting to the attorney general jeff sessions. >> i'd liketous look at some of the litigation that's already been started with companies rather than just joining them i would like to bring a federal lawsuit against the companies. blake: the president also told attorney general look those who are sending opioid, sending fentanyl from china and mÉxico, roughly

tell cnn there's a reasonable chance of getting it done this week, if not, treasury secretary steven mnuchinoceed with a separate trade agreement with mexico. but u.s. lawmakers warn that would struggle to win congressional approval. a deal without canada needs 60 votes to pass the senate, a trilateral deal needs only 51 votes. >>> breaking overnight, more than 100 undocumented immigrants arrested in north texas for unlawfully working in the u.s. u.s. immigrations and customs enforcement made the arrests after homeland security investigations issued a criminal search warrant at the trailer manufacturing company load trail. investigators were tipped off the company may have hired them fully knowing their documents were fraudulent. no comment yet on load trail. >>> students in the seattle public school system may miss the first day of classes next week because teachers and school staff voted to authorize a strike unless a deal is reached by september 5th. negotiations over pay, health benefits, and efforts to increase social equality in classrooms all at play here. strikes already disrupted th

kevin: you have people like larry kudlow and steven mnuchin and, who argued for one set of policies, a bit more globalist in perspective, and then you have peter navarro, who have argued for a more national perspective with regards to these types of policies. according to the reporting i have done, i form the conclusion that i am a bit skeptical for traded as a battle internally in terms of entry, but i think it betweenof a compromise the competing factions and it is a new coalition of the republican party indicative of the modern trump era republican party since he has assumed office. in terms of where this is headed , trade, trade, trade, and the president is stickiest as well, on these deals. vonnie: to change topics, we got notification of changes in fuel economy standards. what exactly happened today? kevin: the president really going to work with the california governor jerry brown, a potential 2020 challenger. california officials are saying they are going to push back against the federal government and do a lawsuit against the federal government. they feel this is a brazen, t

president, he's getting together with some of his key members administration like john kelly, steven mnuchinow is going throb as well. some of the members of congress, senator marco rubio, senator tom cotton and the topic of discussion is foreign invest review. this is the president's key change he made to the group within treasury. it's going to take a stronger approach to approving foreign investments and deals and joint ventures now it's something that secretary a mnuchin shared with us it looks to be taking effect we'll wait to hear from the president when we get it >> and news out of alibaba, revenues are strong. stocks down more than 1% at points but now it's down by .75%. gd down nearly 3%. so there is some pressure on chinese stocks in this environment as we're talking about the trade war and investment >> and that pressure, as we do get these headlines from president tread that the u.s.' worth is up $10 trillion since election and president trump says not enough attention has been placed on china and that economy is down lately. comments we've heard from him and other advisers in re

. >> when i asked steven mnuchin earlier today on the north line of the white house whether or not theay reworked nafta type deal, the u.s. canada and mexico or if the preference is to get a bilateral due with canada like they have with mexico and have two separate deals. the treasury secretary telling me they just want to deal with canada. matt, whatever form it comes in. the president has already floated the concept of potential auto tariffs going canada's way should not be ideal, larry kudlow said today that tariff number could be in the range of 20 to 25%. the commerce secretary wilbur ross that on the fox business network earlier this morning that canada needs to come to the table because they need this deal. >> the canadian economy really can't survive very well without a deal with the u.s. they are too dependent on us and particularly too dependent on the automotive sector. >> congress will have its say on the deal that was just tired out with mexico, and whatever might happen with canada down the line. as it relates to mexico, the top democrat on the senate, chuck schumer, said

jenny: we know steven mnuchin's team has been in touch with their chinese counterparts to figure outow to get the stalled talks back on track. we know the two sides have not talked since the first round of tariffs was imposed. since then, we have seen them upping tariffs tit-for-tat on both sides. we also know there is internal discussions going on within the u.s. cabinet whether or not to have the talks and went to have the talks. who should have them, and where they should take place is also on the board. they are talking about logistics and that what point or whether or not the u.s. and chinese presidents get involved. you might recall there was a time before when the two sides talked and they thought they had a deal and they did not. president trump walked away from it a couple of days later. chinese officials make clear they need to talk on the highest levels, the presidents themselves. we are in the early preliminary stages of figuring out the logistics of getting the talks back on track. emily: dan, we are waiting on tim cook to give any indication on his thinking on apple's e

. >> and a stance, his background in real estate and as steven mnuchin pointed out, the last time theresident tweeted about the fed he pointed out that he is a realistic guy, that is why he is paying attention to the rates and he likes the lower rates. but now he is the president and he needs to, i suppose my remember the role. -- rule. shery: have we seen powell react at all on his comments, to his comments or to what president trump has a said so far? >> there was an interesting interview, i believe in the marketplace about a month ago, where the question was asked by a reporter when he feels, what powell feels about his comments coming from the white house -- just the fact that had to be interesting. and powell clearly had a verbose, prepared response. so it is definitely on his mind. the next rate meeting is next month, in a couple weeks, so. we may hear more . but we need to wait and see how he responds and how directly he response to this. david: great reporting. thank you very much. in the meantime, the markets reacting a little bit, particularly in the dollar. >> you are right

steven mnuchin says the u.s. is ready to impose more sanctions turkish not free bronson.rump is pushing china to offer more at the bargaining table. the two sides are preparing for the first talks in two months on the trade dispute. says china wants to negotiate, but is not able to give the usa deal that is except double. china plans to introduce floating nuclear power plants and islands in the region. beijing claims 80% of the south china sea leading to a clash with other countries. would like said he to see the nation's currency get lower leading to local inflation, jobs, and let the reserve bank of australia normalize interest rates. the australian dollar has fallen 8% against the u.s. dollar in recent days. global news, 24 hours a day on-air and on tic toc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. thanks.: european stocks edging higher. equities in europe ended on a positive note. if you look at treasuries, there is little change. we are also looking at the turkish lira. guy: it is the first quiet fr

of concerns the turkish lira having quite a week it fell another 4.5% today treasury secretary steven mnuchine u.s. is ready for more sanctions if president erdogan resists the reels of pastor brunson local media saying a turkish court rejected appeal to release the pastor from house arrest setting the stage for more sanctions which analysts could say could put more pressure on turkey's currency. u.s. exports to turkey totalled $10.1 billion, less than 1% of total exports. while u.s. banks extended $18 billion in credit to turkish borrowers, that's less than 1% of u.s. bank's common equity, according to jpmorgan. >>> later today, global ratings scheduled to update on the country's credit worthiness, currently three levels below investment grade also on the docket next week, britain begins publication of the new deal brexit plans. >>> let's get an update from sue herera >> good morning, carl. good morning, everyone here's what's happening at this hour rescuers used helicopters and boats to evacuate thousands of people stranded on rooftops in southern india this follows unprecedented flooding t

her news making interviews with the egyptian billionaire and steven mnuchin.tanding by in the newsroom. reporter: a

just asked treasury secretary steven mnuchin about sanctions the president said on turkey, they want to hold a wonderful pasture and it's not fair, not right. and mnuchin said we put on sanctions on several and we are prepared to do more. an indication here from the administration that they're prepared to do additional sanctions. not clear exactly what the details of that are, but we'll bring them to you as soon as the full spray at the white house breaks up and we get the full context of the president's remarks. he's also talking about the economy saying it's doing very well and the chinese economy, he and larry kudlow suggesting the chinese economy is not doing well >> we'll be back with you shortly. >>> j.d.com is down 20%. options traders are expecting a rebound. jon and jerry at the telestrator. >> exactly, judge. this is one a week ago, dipped my toe in, got my toe cut off. but now after earnings and a new 52-week low and maybe a little positivity in china, what do i do i'm getting back in. aggressive here, 32 calls with the stock. with that low of 32 bucks. you can see 9,000,

in that cabinet meeting the treasury secretary steven mnuchin saying that if brunson, if the american pastor is not released quickly, then more sanctions could be coming to the president and his government. ashley: we'll see how that situation plays out a lot to talk about today as always blake burman thank you very much at the white house. let's check the dow 30 for you, about 50 minutes or slightly under that before we hit the closing bell up 419 on the dow we told you about the blowout earnings of wal-mart but cisco sitting near the top after first quarter earnings win multiple in grades at price targets as high as $58 cisco up $1.48 at 45.34 having a good day and very good day for the market overall. coming up next, motor city watching the nations capitol carefully as well as nafta talks edge closer to a deal, we think, but canada pretty much is sitting on the sidelines so far. we'll talk to bruce heyman, the former u.s. ambassador to canada about what will bring our neighbors to the north back to the negotiating table. countdown is coming right back. ♪ you shouldn't be rushed int

. >> bloomberg had to scoop yesterday morning, that steven mnuchin and his counterpart are trying to talks going but as far as i understand, there is no indication that they are making any progress. >> no. there is not a clear indication that they are making progress. just talking about, where does the power reside on making these talks either happen or ds collating the rhetoric? frankly, i think it resides house inthe white donald trump's had it when he is ready to have discussions, he will give the signal and it will diffuse the situation. i think house unit -- hit the nn ahead. that is kind of what happened with the eu president when he went to the white house, the president was ready to make a deal or at least work toward making a deal. >> to rescue a situation that he himself created, which also seems to be a pattern. out we also had a scoop that the nafta talks on autos were close to a resolution with mexico are we have the european auto issue being diffused, but there are no deals yet. there are no clear agreements. it is in the follow-up, the details, where we really see prog

coming up, steven mnuchin. phones have made our lives effortless.er been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which could save you hundreds of dollars a year. plus, get $150 dollars when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. first word news. the trial of paul manafort resumed today in virginia. prosecutors have shifted their bank accounts. he withheld financial information as he tried to borrow three and a half million dollars against a property in downtown manhattan his family was offering for rent through airbnb. he is accused of unlawfully securing $20 million in loans. postedate judiciary has document it's from brett kavanaugh's time working under president george w. bush. the panel says they expect to toduce 125,000 page