mchenry for five minutes. >> welcome back to the committee treasury secretary steven mnuchin. you come before this committee at a precarious time for global markets. i wrote you in january right after the event in the uk parliament regarding brexit. in that letter i raised questions about uncertainty of a prolonged brexit and that effect it would have on financial institutions, the market, cross-border trading and financial services and insurance contracts. after three failed attempts the prime minister of great britain continues to work towards friday's deadline on brexit . the long and uncertain path towards brexit is coupled with a possible slowdown in germany . i am concerned about the overexposure of german banks and what this means for u.s. financial institutions. this is a serious thing for systemic risk. for example last month forbes on the deutsche bank and commerzbank merger indicating both banks were in such deep trouble that even a merger couldn't help either one of them. that is problematic. the global issues aren't just limited to the uk or europe. in china the e

steven mnuchin says the u.s. and china are close to a deal. warning about currency minute relation in japan area >> singapore says -- sets tough new rules against the spread of false information. >> markets in australia getting underway. let's get straight to the market action. thee are seeing gains for nikkei and the topix looking to snap a five day decline. after we say -- sought earnings drag, the yen trading near a six-week low against the greenback. we are watching for moves in bond markets after treasury did pick up, yields rising six basis points on friday. flipping the board to check on the moon in korea, the kospi 0.5%ng ground of that 1135st above handle against the greenback. the asx 200 opening slightly higher this morning. a few corporate updates from that share market. blackmore's do to report its third-quarter results. off about 1%. saying week consumer sentiment in china. aussie dollar holding steady after a three-week winning run. we are seeing bond yields pickup for the 10 year. switching it up to check on stocks in new zeala

i have to say the treasury secretary steven mnuchin is always the optimistic one, if we look to roberts in charge of negotiating for the americans, he adopted a far more realistic position, i think, talking about much more, notjust agreeing a deal but how they enforce that deal, the mechanisms of enforcement, enforcement, enforcement, repeating the word that many times as how much emphasis he places on getting a deal. the mood music has been quite positive from some sites from america, but the chinese are not willing to concede sovereignty on the mechanism which make sure they make the changes that america wants them to make if they get the deal. the substantive talks tomorrow, we will definitely get a chinese trip to washington, dc but steven mnuchin thinks this is definitely approaching the end. we will hold on to that, robin brant in shanghai, thank you. let's look at the markets, japan closed today, a really long holiday, ten days a public holiday to mark the change of the emperor. no market action but elsewhere it was mixed, hong kong down probably off the back of the chinese manu

our top story, my exclusive sit-down with treasury secretary steven mnuchin.of topics including trade negotiations across the globe and fears of a potential recession have certainly moved off of the front page. policy moves at the fedal rail reserve still a -- federal reserve still a focus. we began with president trump's policies and the growth they've spurred. great first quarter, 3.2% growth. to what do you attribute such vibrancy? >> it was very impressive. it's a result of the president's economic program. this was tax cuts, tax reform, regulatory relief, and trade deals. and not only was it a great number, but the first quarter is normally 1% lower than usual. and the government shutdown probably cost 30 basis points. this is really like a 4.5% unadjusted quarter. maria: that's incredible. how do you keep this going how much of a runway do the policies have in terms of providing a boost in the future. >> last year, there were a lot of people who said we would never get to 3%. we did. there were people who said the economy would slow down. i think the pre

maria bartiromo caught up with steven mnuchin before he headed to beijing. she asked him about the talks. >> as you know, the president has us focused on trade issues across the board. so we made a lot of progress. we couldn't be more pleased with usmca. we hope to see the speaker bring that to the floor, so we can get that passed. cheryl: you can watch the full interview with steven mnuchin this morning on "mornings with maria." lauren: boeing under fire, new information now coming to light following the deadly crashes of two boeing 737 max jets. according to published reports, dong boeinboeing did not tell at turned off a system that warns pilots about faulty sensors until after the lion air crash, the first crash that happened in october. it was used on earlier models of the plane. boeing did not notify the faa about the change. this disclosure could come up today at boeing's annual shareholder meeting. we'll have more on this in a little bit. important story, important stock to watch. cheryl: here are other headlines making news this morning. the rabbi w

that's what us treasury secretary steven mnuchin has been saying.bert lighthizer. robin brant is following the story in shanghai. this is the 10th round of talks. talk us through what is ahead. this is the 10th round of talks. talk us through what is aheadm this is the 10th round of talks. talk us through what is ahead. it is double digits now that steven mnuchin is big very optimistic about the prospect of a deal being done not after this meeting but after the meeting that's due next week when his chinese counterpart goes to washington dc. i have to say, steve nugent has always been the one optimistic about the prospect of a deal. —— steve mnuchin. the man who has talked about the importance not of doing a deal but enforcing a deal is less optimistic. what we are hearing is the chinese are willing to give more ground on cloud computing, letting american companies coming here. robert lighthizer has been talking about progress in ip protection. there is also talk about how they enforce this deal if it happens. robert lighthizer has been sceptical abo

us treasury secretary steven mnuchin and trade chief robert lighthizer head to beijing on tuesday asmies continue tussle over trade. president trump postponed a planned increase in tariffs set for march 1. let's go to our asia business hub where shara njit leyl is following the story. it's nice to see you again. back in singapore. what do you think of the expectations now? that's right, it's something like the 10th round of trade negotiations, would you believe it? trying to avoid a full—blown trade war. we no significant issues are still unresolved, which is why, of course, they keep on reading. both sides we know are eager to reach an agreement, but the possibility of course remains that president donald trump would potentially walk away from the negotiating table with china if he isn't satisfied with how talks are progressing. in fact, steven mnuchin, leading that negotiation, he reportedly said the talks are nearing a point where they would either produce a dealer and with no agreement. he will be heading to blazing with robert lighthizer shortly on tuesday with the chinese vice

steven mnuchin says the u.s. and china are closer to a deal, but he is also worrying about currency manipulation in japan. >> let's get you started with a look at the markets close in the u.s. brought optimism over the global economy because of positive data out of china. s&p 500 gaining for a third consecutive week. onancials leading the gains friday, positive earnings out of jp morgan. the only sector in the red was health care, insurers falling for a second consecutive session as we had congress debating drug costs. u.s. futures holding at 29.13. let's see the asian session. sophie: some of the optimism may be happening for asia. futures are narrowly higher and we are seeing the tone set in wellington. we enter a week that offers chinese gdp numbers and u.s.-japan trade talks in the wake of japan highlighting concerns over china's industrial policies when they held economic talks on sunday. also we get trade data in india as the r.b.i. governor warns the economy needs to grow faster to deal with poverty and ch

treasury secretary steven mnuchin testifying before the house financial services committee. watch this exchange. he got into with chairwoman maxine waters after the hearing went over its skenled time >> i thought it was respectful that you would let me leave at 5:15 >> you are free for leave any time you want. you may go any time you want. zplee was not required to stay look at that he got up and he left. mnuchin said he would rethink returning to the committee in the future if he is going to be treated poorly we'll hear much more about that on the exchange. steven mnuchin at 1:30 eastern time today >>> heading to washington today, they'll testify on how each has adapted since the financial crisis that's expected to come up 9:00 a.m. eastern time, and, of course, live and full coverage throughout the day right here on cnbc still to come on worldwide exchange, orders for saudi aramco's first ever bond drawing a record $100 billion worth of interest we'll speak to a former aramco executive about it next. later, the grim new numbers behind mesh's crumbling infrastructure the am

so, perhaps steven mnuchin is catching up to the news in brussels., although i must say the diplomat was also saying, but who knows? 0ne diplomat was also saying, but who knows? one day it is hard brexit, another day it's a long extension. who knows what will come out in a few days? valentina, i'm reading the letter donald tusk has sent out tonight to all the leaders. it is interesting that he talks about the need for a longer extension and why it is necessary. he said these rolling short extensions would have a bad impact on the eu economy, all of the 27 economies would feel the impact. i thought it was interesting that at the end of his letter he feels it necessary to say they should not humiliate the uk. there are no easy solutions, he says, and we wa nt are no easy solutions, he says, and we want to remain best friends with the uk. they should be the highest respect for the uk side. it is interesting he says that in a day where we were saying earlier, the uk side has really been humiliated. right, | side has really been humiliated. right, i think

we'll speak with treasury secretary steven mnuchin coming up about that.ng outages over the weekend. more on the glitch and what facebook is doing about it, those fake celebrity ads, we've got news on that. hackers and hot mail, microsoft hit by scammers gaining access to personal information. what you need to know coming up. a new lamborghini set to burn up the auto show. we've got it first on the plaza, we take a look at it before it heads to the convention floor. goldman sachs earnings are out, deer drdeirdre bolton has the n. >> reporter: 571, 489, that's a beat as far as profits go. revenue slightly less than expected, a lot of people talking about the fact that trading was difficult so they missed some of the sales, some of the fixed income divisions and other parts. as we know, this is the second quarter that the ceo, david solomon, has been at the helm and he is trying to pivot a little bit more in the direction of the consumer which as we remember from friday was a big part of jp morgan chase's strength. they have now goldman sachs has this joint

. >>> sticking with asia, treasury secretary steven mnuchin says that china trade talks are in the, quote, final laps he made those comments before leaving for beijing for another round of high level talks. let's get to eunice yoon live in beijing with more. hello, eunice. >> reporter: hey, courtney i like the track analogy i often feel like we're all running around in circles. the u.s. and china negotiate are are supposed to happen and the presh ri secretary are going to be leading the umpt s. side. next year the chinese vice pr premiere is going to head to the u.s. there's going to be a signing summit between president trump and president xi it could take place as early as late may or early june it appears the face-to-face negotiations are an attempt to try to work on some of the toughest issues because it was only two weeks ago that treasury secretary steven mnuchin were making so much progress in the final stages of discusses and were in regular room they didn't need to meet in person again it looks as though they do the biggest sticking points are exactly how the trade deal is going

treasury secretary steven mnuchin in early march the u.s. shifted the national debt ceiling topping out at over $2 trillion. according to the reports that came out in february the treasury department will exhaust its use of extraordinary measures sometime in late september or early october. do you agree with those projections of the treasury department that they will exhaust its use of extraordinary measures sometime in the fall? >> i am not going to give an exact date. there are a lot of assumptions, i think the more important issue is i've written to congress and i would urge congress on a bipartisan basis to pass the debt ceiling. this is something very important to our national debt and national credit and i would hope this is not something we would be -- >> i hear you. thank you. >> the ust faulting on some of its debt? >> i can't possibly imagine anyone in congress would ever want us to default on our debt. it would be quite disastrous. >> do you think the debt ceiling should be held hostage by any desire president trumps may have to b

this follows the vice premier meeting with treasury secretary steven mnuchin and u.s.ntative bob lighthizer. bloomberg and other outlets report the u.s. is signaling the chinese might be signaling they will purchase more commodities, as well as even allow for the u.s. to purchase chinese-based firms. it also comes at a time when there is intense scrutiny as to whether or not president trump ing willident xi jinp ultimately meet face-to-face, as other outlets reported. romaine: some headlines from trump, saying a trade deal with china is not ready yet, but also that a trade deal could be within the next four weeks. sean, i want to go to you. what are the big concerns is still that they have to work on? time, we at this talked about enforcement mechanisms and timing for compliance. is that still where the biggest challenges will be? sean copeland the biggest challenge right now in the short term -- sean: the biggest challenge right now in the short term is how and when you unwind the trade war and tariffs. the chinese want all of them to go away, and the u.s. would want

fired at least 18 undocumented employees at five golf courses so far. >>> and treasury secretary steven mnuchin trump's tax returns in apparent efforts by the white house to keep those documents under wraps. during testimony to the house financial services committee yesterday, mnuchin revealed that treasury department lawyers consulted with the general council's white house office about the potential release of six years of the treadpresidentx returns. democrats are using a federal law that says the treasury secretary shall, quote, furnish the tax returns in a process to keep the white house from not interfering. mnuchin testified that the white house was not playing a official role in releasing the trump tax return and was pressed about coordination between the two sides on this very matter. >> did your team ask for the white house's permission to release the president's tax returns? did the white house ask your team not to release the tax returns? >> we would not ever ask for the white house's permission. on this. nor did they give us the permission, as i've said, we consulted, which i believ

chuck grassley backed steven mnuchin up. president trump dismissed a democratic deadline of thursday to turn over six years of tax returns, noting the american people had already litigated the matter. >> remember i got elected last time. the same exact issue with the same intensity which wasn't very much. because frankly the people don't care. >> while the president is correct, he won despite not revealing any returns, he's not right that the public does not care. a fox news poll last month found 74% of americans and 54% of republicans believe in general the president of the united states should be required to release his or her tax returns. there is no such requirement, though there was president dating back to president richard nixon of candidates in both parties voluntarily releasing them. >> i would not give my taxes. there's no law. >> contrary to the president's claims, irs commissioner charles reddick says there is no rule prohibiting the release of any tax returns because of an audit, but he's not, it all about givin

let's talk about what steven mnuchin said today.told cnbc that the talks have been productive but that there are still issues. what are the issues? >> i think the issues are the same as those that we've been hearing about for some time, that is how in win does the u.s. remove tariffs in exchange for chinese concessions on structural reforms, big purchases of soybeans, natural gas, and so on, and secondly the enforcement piece. mnuchin said today that the enforcement piece was largely done, but we have got to get a little bit careful here. steve mnuchin has been out there beforehand saying that certain elements of the deal were completed and it has proved to not be there quite yet. we have heard some skepticism on capitol hill, from chuck grassley, making exactly that point, that he wanted to hear this from bob lighthizer, not stephen mnuchin. he said the u.s. and china would open an enforcement office. >>that something we expected we have been trying to figure that out. lookingthizer has been at some structures. this is a key elemen

thought that was interesting and then the flash point that we saw yesterday with maxine waters and steven mnuchin in the open hearing. mnuchin suggesting it was just a silly thing that had occurred between the two people clearly, there is some personal there if nothing else. testing nerves after a long hearing, but also mnuchin was asked by sara whether he felt he was treated with respect he said i'm not going to go there on that. i think the answer is, yes, he did not feel like he was treated with respect he said i'm not going to go there. not answering the question whether he feels he was treated with respect up on capitol hill yesterday. >> dom, we're watching the market reaction and looking at some of the industrial names on the points about the trade deal. caterpillar for instance is now higher on the session. >> if you look at the charts, not just of the cdow, s&p and nasdaq, what you are seeing is a move higher. now, this move higher is not a rocket higher by any measure markets have become a little bit more acustom, let's just call it, to some of the trade headlines coming out over the co

we are expecting steven mnuchin and robert lighthizer to be in beijing the week of april 29.he we are expecting chinese premier to fly to the u.s. the following week. after that we are expecting a deal to be announced when he is in washington. what we are then expecting to see is the two presidents will go to a signing ceremony somewhere, we do not know the location yet. and they will sign off on this deal towards the end of may. that is the plan according to the sources in the u.s. some changese seen in progress particularly around the question of -- we heard this would be a two-way enforcement deal and it would be repercussions on both sides if they failed to live up to their commitment through this deal. that has gone a long way to calling the concerns here in china. there are still big question marks over the question of tariffs and to what extent they will be rolled back. of course we had reporting suggests in the u.s. has asked china to ship its retaliatory tariffs on to other goods so they can sell to u.s. farmers. yes, more details in the timeframe. it seems like we a

for theconomic president, who is traveling with steven mnuchin.m curious what you hear with the story with europe and trade. there's a lot of fear how this story will develop. there is concern the auto sector will be a focus for the administration. the germans are extremely worried. is there a suggestion it could be tough going, particularly in the beginning? the president likes to go pretty hard. kevin: exactly. president trump has been suggesting auto tariffs would be something he would consider waging against europe. the top trade negotiator for the europeans given a green light to allow trade talks to continue. here domestically, inside the beltway, virtually every big business lobbying shop is raising concern about the impact tariffs would have, not just against the europeans, japan, mexico, canada, china, but also on supply chains in the united states. the president is heading to a key battleground state he will need for the next presidential election. that is where those terrible talks will start to become -- tarifferrible -- those talks st

steven mnuchin saying that they are making progress on trade talks. >> i'm in new york.ix: 30 p.m.. you are watching daybreak australia. let's get to first word news. nextstralia will elect its federal government on may 18. polls are showing the liberal national coalition trailing the opposition labor party. the parties heading into a five-week campaign which will be dominated by policy differences. issues include tax cuts, boosting wages, and one of the world's worst per capita polluters. eu leaders are in brussels to agree to terms of a brexit extension with officials telling us theresa may is likely to be offered a delay of 1912 months. that is much longer than she wants and could provoke a backlash from hard-liners in her conservative already. some cracks are appearing in the eu's solidarity. the french president says a long delay should not be taken as granted. >> i know many people will be frustrated. the u.k. should have left the eu by now. i regret the fact of parliament has not been able to pass a deal. >> [indiscernible] >> oil output in venezuela fell for the

steven mnuchin says washington and beijing have agreed to set up enforcement offices to ensure compliance with the terms of an additional deal to end the trade war. washington is seeking major refoforms to t the trade practi. >> a summit with easastern european countries. >> 11 are eu members. if c chinaampsps u up infrasastructure, brusselels isa growing g concerned about itits influence, economic and political. >> the european union is fearful of beijing's growing influence. more than 70% of direct investment comes from the eu, abovee china's 1%.. china is making an impact, jumping into rescue factoriries and ininvesting in a burgeoning tech sector. china is one of the most important international partners and one of the biggest investors in our country. they are drumming up support for the initial belt and road initiative. take a hardying to stomp of china. eulier this year, the .abeled china a rival >> how are the markets looookin? slowey are gainining after a start. shares in french hospitality groups surge. around four tense the pound of flat against the dollar . losing a little gro

the us treasury secretary steven mnuchin says the two sides have largely agreed on a mechanism to polices have slapped billions of dollars worth of tariffs on each others goods. talks are due to resume in washington on thursday. us lawmakers are proposing new laws to force major tech companies to detect and remove any biases embedded in their computer models. companies would be required to examine if algorithms were underpinned by race, gender, or other biases. facebook, amazon and other big firms have been accused of featuring algorithms that result in discrimination. up next — newsbriefing — we'll take you through ther stories making headlines in the global news media today including. more on brexit and black holes. jack shepherd, the british man convicted of killing a woman in a speedboat crash, is now back in custody in the uk, and will appear in court later. the 31—year—old fled to georgia and in his absence, was found guilty of the manslaughter of charlotte brown. sarah rainsford was on shepherd's plane, flying from the georgian capital, tbilisi. this was the flight carrying jack s

steven mnuchin, william barr both testifying. drug company ceos talking about drug pricing.watch any or all of these hearings on live go. this is bloomberg. ♪ live from new york, i'm vonnie quinn and this is "bloomberg markets." it is time now for futures in focus. joining us is brian. no end in sight to oil moving higher. what are you targeting? it is right below $64 a barrel right now. >> yes. we are getting overbought here. seems like we are in a 50 to 60 range. why are we this high? we have temporary supply problems with libya, venezuela. we have cut off the iranians. those are temporary things. we don't have a supply problem because the saudis have turned it up. i don't see demand picking up anytime soon. why would i say that? the u.s. will hang in there. our recovery is going well but we are threatening mexico with closing the border. we are threatening the europeans with tariffs because of the airbus subsidies. and we are fighting with china. all of those things will suppressed demand, and we are at the top end of the range. the market is quiet this week because of ev

china trade talks, we are seeing treasury secretary steven mnuchin signaling they are inching closerdeal. said i would expect the enforcement mechanism working in both directions, that we expect to honor our commitments, and if we don't, there should be certain repercussions. in the other direction. looks like they are getting closer on enforcement. we have our chief washington correspondent kevin cirilli. you have been watching this. as we get down to these last details, it feels pretty optimistic that we will get a deal. optimistic but we have been following this optimism for some time. president trump signaling from the white house that he will not have that meeting with xi jinping from china until they are able to get to some type of agreement. the rhetorical approach has backed off in the last 72 hours, especially when it's applicable to enforcement mechanisms. president trump signaled he would keep some tariffs in place to see if china would agree to the terms of an agreement, but not only did the chinese not like that, nor did the business community here in washington, d.c., i

steven mnuchin and robert lightheizer are there.ion is scheduled to visit waup washington for another round of talks >> thank you very much for that. let's get a check on the markets. we'll call them stable futures pointing to a relatively calm open. right now futures gains and/or losses hold into the opening bell the s&p down by three points the dow up by 27, and the nasdaq composite down by call it 50 or so points. on the treasury side of things, we are seeing ten-year note yields drift to the down side. right now those yields for ten-year notes 2.53% the two-year treasury note yield hovering around 2.29%. let's get a check on the asian markets as well. japan is closed for the week if you take a look at the south korean kospi, the shanghai composite up by 1% or half a%, and the hang sang off as well. remember, all that data out of china playing in the markets as for the european trade, it's a big day ahead at 9:00 a.m. eastern. we get s&p kay shiller home prices followed by chicago pmi and at 10:00 a.m. we'll have pending home sal

wren on huawei why he says he's interested in selling directly to apple, head to cnbc.com. >>> steven mnuchin says trade talks with china are reaching a, quote, final round of concluding issues mnuchin told reporters that negotiators will hold more conversations this week and decide if more face-to-face meetings are necessary he hinted at a potential deal to open china to u.s. firms and adding that an agreement will have reinforcement on both sides. >> they are working from a different port the u.s. ran into a strong resistance from beijing. u.s. officials are set to be working on technology transfers and international protection >> the world bank spring meetings, nadia colvenio expressed her concern about the rise in global tensions. >> worse if you call them or the escalation of trade talks around the world, i'm worried about them more generally. we have seen in recent months no matter in which part of the world this is taking place, it does impact all of us, and in particular europe. the u.s. is the largest trading block in the world it is unavoidable. it has been the case in the last year

treasury secretary steven mnuchin and the u.s.eam will travel to beijing, having said significant issues remain but the enforcement mechanisms are close to done. a source within the administration warns president trump may still walk away if he is not satisfied with how the talks are going. boeing has mounted a strong defense of its software system linked to two fatal max crashes but failed to say whether the the original program is flawed. the ceo refuses to concede the software, and insists boeing have the appropriate regulations. the system was activated by incorrect data readings in both crashes. >> we know that in both activities -- accidents, there was a chain of events that occurred. one of the links in that chain was the activation of the system because of the erroneous data. that was a common link in both accidents. we know that we can break that link in the chain. jessica: the imf says inflation in iran could reach 50% if the u.s. tightens oil sentience on the economy. last week, the trump administration said it would en

lauren: treasury secretary steven mnuchin and trade representative robert lighthizer travel to china next week for more trade talks. the white house top economic advisor says the two sides are making progress. here he is. >> there's some very important trade reforms which i think are going to pan out. i'm an optimistic on that. i always take the over. i can't say for sure, but things are moving at pace. lauren: the u.s. has been pressing china on issues that include intellectual property protection and the forced transfer of technology by u.s. companies seeking to do business in beijing. cheryl: president trumps says he's opposed to current and former white house aides testifying before congress in the wake of the mueller report. in an interview, the president said complying with congressional requests is, quote, unnecessary after the white house cooperated with the special counsel's investigation. lauren: hillary clinton says anyone other than the president would have been indicted in the case. >> i think there's enough there that any other person who had engaged in those acts would

treasury secretary steven mnuchin.is is according to reuters washington reportedly wants to include a clampdown on manipulation japan has been criticized for keeping the yen weak to boost exports, although it insists it is just trying to raisin flags of course, it is no easy task in japan to reach inflation speaking of japan, japanese manufacturing contracted for the third month in april >> on wednesday official japanese trade data showed export orders falling at their fastest rates in nearly three years. with that let's bring back neil sheering group, chief economist at capital economics i have to say you painted a pretty depressing picture of the euro zone. how are you thinking about asia and the data we've had the last couple of days wetter than expected china gdp. >> we have our own measure to track china's economy and cap the proxy. that's showing that things are starting to stabilize. the big question is where do we go from here how does it affect the rest of the region >> just on your point, i mean, you're sayin

listen to what he she did with steven mnuchin earlier this week and how her tone with him. >> i justre sitting here negotiating when i come back. >> this is a new way and it's a new day and it's a new chair and i have the gavel at this point. if you wish to leave, you may. >> can you clarify that for me? >> yes. clarify -- if you wish to leave, you may. >> so we're dismissed, is that correct? >> if you wish to leave, you may leave. >> when the republicans, they did not treat the secretary of the treasury this way. cheryl: he has a point there, jonathan. >> it's really distressing. it's disheartening i think to see any public servant, certainly heads of banks, of internet companies treated i think disrespectfully by elected officials. what's more frustrating is how maxine waters, for example, doesn't see the disservice, the harm that a lot of her policies and democrats' policies have done, particularly when it comes to student loans. she mentioned the student loan crisis, that's a bubble caused by government. more regulation will cause more bubbles and more disruption in the economy a

dueling hearings, tech execs testifying on hate speech explodes into anger and steven mnuchin goes head to head with maxine waters. alexandria ocasio-cortez's newest target is outgoing homeland security secretary kirstjen nielsen, how she thinks she should be punished for her role at the southern border. and how much would you pay for someone's old dirty sneakers? what if they were kanye's? the crazy price tag they are going for. it is wednesday, april 10th. "fbn: a.m." starts right now. lauren: here's how your money is moving at 5:00 a.m. some green on the screen for u.s. stock market futures, recovering after yesterday's steep declines. the broader market just 1.8% away from a record high. european equities also edging higher this morning, that ahead of an ecb rate decision, a some mitt on whether brexit should be delayed and a trade spat with the u.s., the ftse has just turned lower in london. it is down 3 points. a mixed performance in asia as the imf cuts its forecast for global growth. welcome, everybody, to "fbn: a.m.." good morning to you. i'm lauren simonetti. cheryl: and good

the hope is robert lighthizer and steven mnuchin in beijing next week will now down a few things. that will cause a return visit the week after i the chinese vice premier -- the week after by the chinese vice premier. then there may be an announcement of a provisional deal. that would clear the way for assigning summit between the leaders in the weeks afterwards. let's get and anderson. there is a brouhaha over the white house ends up eating -- the white house and subpoenas. what is the white house think they can resist subpoenas? anna: this will begin the white -- the new front between the white house and the house of representatives. so far the white house has refused to let officials testify. the reason they are giving for refusing to respond to subpoenas is the house committees have requested they not appear with administration lawyers or department of justice lawyers or department of defense lawyers. complaint andmain expectations for why they will not respond to subpoenas. we had another one now. the white house said gore will not be responding to a subpoena that he testify.

: literally right across the hearing room, in the rayburn office building, treasury secretary steven mnuchin testifying. he was pressed by not just democrats but also republicans on tariffs. tariffs,concerns about especially given this morning's development that president trump has threatened to add tariffs against european goods. on his way in, treasury secretary mnuchin talked briefly with reporters. he said "we are not in a trade war" with europe and with china. he was also pressed on release of the president's taxes. he said he will be consulting with the president's legal team as to complying with the regulations. it was a clear message the white house is fully prepared to do again and pushed back against democrats who are eager to try to get the president's taxes. david: the president clearly has an opinion on this subject that he has not been shy about. let's come back to michael mckee . there were charts illustrating what the imf found with overall growth projections. take us below that. where are the winners, and who are the losers? eckel: there is only one winner, and that is china

good headway according to bob lighthizer and steven mnuchin. the talks go on. without getting into -- i can't comment on specific details. this is the largest scale, deepest discussion of trade between the two countries in history. we need a good deal. the president said we need a great deal to do this. talking is good. we are talking issues we have never talked before, including enforcement. ip theft, forced transfer of technology, cyber hacking, enforcement, i will repeat. tariffs and nontariff barriers for various commodity trading. all on the table, all making good progress, all making good headway. we are not there yet. we are not there yet. we hope this week could get closer. reporter: is there any word on what that is going to look like? mr. kudlow: bob lighthizer outlined a plan when he spoke to the committee on the hill. i think a very good plan. multi tiered plan to deal with it. penalties if the complaints don't want tout i go into any of those details. linda: sean higgins, over here. senator grassley is promoting legislation to rein in the section 2

. >>> and we're keeping an eye on the hill as steven mnuchin is testifying before the house financial services committee and we're waiting to see if he'll block the release of president trump's tax returns. >>> plus we'll look at the nine top administration officials that dare to tell the president no. run with us on a john deere 1 series tractor. beacuse changing your attachments, should be as easy as... what about this? changing your plans. yeah. run with us. search "john deere 1 series" for more. little things can be a big deal. that's why there's otezla. otezla is not a cream. it's a pill that treats plaque psoriasis differently. with otezla, 75% clearer skin is achievable. don't use if you're allergic to otezla. it may cause severe diarrhea, nausea, or vomiting. otezla is associated with an increased risk of depression. tell your doctor if you have a history of depression or suicidal thoughts or if these feelings develop. some people taking otezla reported weight loss. your doctor should monitor your weight and may stop treatment. upper respiratory tract infection and headache ma

. -- i saw the exchange between maxine waters and steven mnuchin. theat speaks volume disrespect steven mnuchin gave the maxine waters, maxine waters have been exceptional for our country. the way that steven mnuchin treated her yesterday is the way people the republicans and the way this administration is treating the democrats. the mueller report needs to be given to the congress in full. actions, the's way he speaks to the public and space about people he disagrees with is not only on healthy it should be not allowed. this is not the way you set an example, not only to our country but to the rest of the world. it is not a witchhunt, it is called responsibility and we need the mueller reports and we need mueller to be brought before congress so we can hear what he has to say. not the retractions or what william barr has to say, we need what mueller has to say. host: the exchange between steven mnuchin and maxine waters , the chair of the house financial services committee took place on tuesday and if you want to watch it, c-span.org where you can

treasury secretary steven mnuchin says the request raises complicated legal issues. the white house also pushing back against that request. >> i don't think congress, particularly not this group of congressmen and women, are smart enough to look through the thousands of pages that i would assume that president trump's taxes will be. ashley: democratic presidential hopeful kamala harris released 15 years of tax returns yesterday. the l california senator and her husband paid nearly $700,000 in federal taxes, on $1.9 million in adjusted gross income last year. cheryl: well, south bend, indiana mayor pete buttigieg -- i'm going to have to say that a lot today -- officially announced his presidential campaign. ashley: mike toe bibin is in sh bend with the details. >> my name is pete buttigieg, they call me mayor pete. i'm a proud son of south bend, indiana, and i'm running for president of the united states. >> reporter: he is joining the growing field of presidential hopefuls, pe pete buttigieg declaring his canned ddeclaringh bend, indiana. he is in the top consistent

and china are moving closer to a trade deal, steven mnuchin saying the two sides have pretty much agreedenforcement procedures. he says they will open offices in each country to make sure the other lives up to the terms of includingdeal, binding pledges that would trigger retaliation if broking. outstanding issues include tech transfers and ip protection. the latest fed minutes include signals that policymakers are prepared to raise or lower rates as required. issues are described as "significant uncertainties." turned aboutan inflation, despite full employment. australia will elect its next federal government. the liberal national coalition is trailing the opposition labor party. it is heading into a five-we campaign dominated by start policy differences, tax cuts, boosting wages and reducing one of then the worst per capita polluters. a formal approval of kim jong-un's economic plan following the failed summit with president trump. calling for a blow against this country supporting although on pyongyang, it is not clear exactly what that can mean. this is bloomberg. is your set up as w

treasury secretary steven mnuchin, yes, that steven mnuchin. the company that used to own sears and kmart accuses mnuchin, who in the past served on sears' board, they are accusing also former ceo eddie lampert of stealing billions from the retailer and causing it to file for bankruptcy last october. the lawsuit filed by the restructuring team blames lampert and past board members for transferring more than $2 billion in assets to himself and others sears shareholders. as you look at this, that is not a typo on the screen. sears is just a penny stock, 73 cents. and a move of less than a penny brings it down 3.33%. >>> nintendo heading to china after a 15-year ban on gaming consoles was reversed. that was in 2015. china has given the green light to ten cent holdings to distribute the nintendo switch console and the new super mario brothers deluxe game. nintendo stock jumping 13% while no official release date has been given, that stock is really moving higher and we should also look at ten cent. this one's a big one, ten cent is up 28% year to da

steven mnuchin and robert lighthizer will fly to beijing next week. will go to what -- go to washington the week after. talks are going well. are not there yet, but we have made progress, further, scale, larger, broader than anything in the history of trade and that is a good ring. -- good thing. i don't want to make it forecast but we have gotten closer and we are working on the issues. reporter: new zealand going to cohost a world meeting with leaders on how to stop social media being used to promote violence. callwas the christchurch to eliminate extremist content on the internet. they will meet after a gunman killed 50 people in christchurch. north korean state news says kim jong-un has left on his private train for a meeting with president putin thursday. casey in a and russian media -- kcna and russian media say they will concentrate on kim's nuclear program. as follows the collapse of his second summit with president trump when they couldn't find agreement on disarmament. owns a printt media empire but he thinks the days are numbered for newspa

we just received a copy of a letter the secretary of the treasury steven mnuchin sent to chairman of house ways and means committee in which he explains department of the treasury, irs, need more time to review the request whether or not to hand over six years of the president's tax returns to the house ways and means committee, among other things, steve mnuchin, treasury secretary says given the seriousness of the issues which bear no connection to ordinary tax administration, we have begun consultation with department of justice to ensure our response is consistent with the law and constitution. now, this is significant. they're not saying they're not going to do it, they're saying give us more time to consider the legal issues. >> it is not no. it is not no, and this is a big deal, and we need to talk to other departments, including and especially department of justice. it's also interesting the letter comes from the treasury secretary, steve mnuchin, who was asked about this very issue yesterday on capitol hill because he, of course, department of treasury oversees the irs, so th

treasury secretary steven mnuchin flies to beijing to resume talks with chinese a official u.s.hina trade negotiations enters the final laps. then the earnings parade rolls on. roughly 150 s&p 500 companies report including apple and google parent company alphabet and mer krf and pfizer. right at the halfway point of earnings season and so far if all else goes as planned are down slightly. earnings beats are better than expected. about doubl what the normal historical long term average is. there's no shortagef economic data including home sales figures, consumer confidence, manufacturing reports and the april jobs numbers. the federal reserve will be keeping a close eye on this. right now the mkets aren't expecting any rate hikes at all for the rest of the year. for" "nightly business repor i'm dominic chu at the new york stock exchange. >>> and as dom mentioned, one of the big earnings reports wilowbe tomorom dow component mcdonald's. as kate rogers tells us the focus will be on earnings but particularly here in the s. >> reporter: the fast food giant has been leaning heavily i

very important new reporting that he has done on the legal risks that secretary of the treasury steven mnuchinis running tonight by delaying the irs handing over donald trump's tax returns to house ways and means committee chairman richard neal and that legal risk for secretary mnuchin includes the possibility of five years in prison. there are a lot of legal trip wires surrounding the treasury secretary tonight and the commissioner of the irs tonight. we'll get to all of that. also tonight, katie porter has done it again. you met congresswoman katie porter on there program. she has delivered some amazing performances in her five minutes in house committee hearings. she did it again. she asked a guy who makes $31 million a year if he could figure out how to live on making, say, $16 an hour. it wasn't a randomly chosen number. it was the number, it was the amount of money paid to the lowest paid worker in that guy's company. and she gave him many, many chances. it was both a math question and a humanity question. and if it was on the s.a.t.s, this guy would have failed. also tonight, herman cai