treasury secretary steven mnuchin sitting down with cnbc about an hour ago.es rising as he delivered a progress updated on the china trade talks. >>> micron shares are on the rise after the chipmaker determined it didn't have to halt all its business with huawei >>> and netflix is losing i most viewed show to comcast we'll tell you when and why "the office qus q office" is leaving the streaming service. it's wednesday, june 26, 2019. "squawk box" begins right now. ♪ >>> live from new york where business never sleeps, this is "squawk box." >>> good morning, everybody. welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's take a look at what's been happening this morning steven mnuchin making news in the last hour -- mnuchin gave a progress update on trade negotiations with china that helped to drive the futures higher >> i'm hopeful we see a deal but there needs to be the right efforts in place this is not a deal for having the sake of a deal there is a pat

lets kick off the programme with the ongoing trade conflict that is us treasury secretary steven mnuchinsaid that the us and china are close to a trade agreement. he said he is optimistic progress can be made during talks between donald trump and xijinping at this during talks between donald trump and xi jinping at this week's 620 summit injapan. the bbc‘s samira hussain has the latest from new york. that optimistic tone from the trump administration was enough to send us financial markets higher, a clear sign that investors are really looking for a trade deal between the us and china. that said, similar notes of confidence have been uttered in the past. but, as we know, those talks ultimately fell apartand know, those talks ultimately fell apart and resulted in an increase in duties on some products going in and out of china. now, many trade watches are feeling somewhat optimistic about the upcoming meeting between us president donald trump and chinese president xi jinping on the sidelines of the upcoming 620 summit. there is little expectation of a deal being signed at this meeting, bu

yes or no -- >> correct. >> would you throw steven mnuchin in jail? should he be confined?ink when you do that, you run into a lot more sort of practical problems. once you start fining someone $25,000 a day, i don't have $25,000 even for one day. so i think you get someone's attention, even someone as stinking rich as steven mnuchin. >> congressman brendan boyle, appreciate your time. thanks. >> thank you. >>> so just a day after being shot, boston red sox legend david ortiz is now back in the u.s. for treatment, as police in the dominican republic search for any other suspects. we're live in both places. here are even more reasons to join t-mobile. 1. do you like netflix? sure you do. that's why it's on us. 2. unlimited data. use as much as you want, when you want. 3. no surprises on your bill. taxes and fees included. still think you have a better deal? bring in your discount, and we'll match it. that's right. t-mobile will match your discount. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been sh

--minute and has offered steven mnuchin has offered a one-year cr. >> what you really want to see as an appropriation process, the number one way it can work is you start with fundamentals. if everybody agrees on a number, then you go and work on pressure -- are appropriations. that's what were trying to get to the very first basis. unfortunately, the democrat majority decide to move ahead and mark a bills before they had an agreement with everybody else. that has put us in a very difficult situation that could take us to point that we end up with a continuing resolution, that is not the way to govern our government. so we don't want to see that. we don't want to see the government shutdown, either. on a ran, do you think that -- or explain why going from the nuclear core with a rent would not lead us to a place -- is there any reason to think that withdrawal did not help facilitate the tinderbox we are in? >> you raise the question about removing ourselves from an agreement. when we created that agreement and iran was delivered billions of dollars, did they spend that on their econo

atting with steven mnuchin the g20.his is his first international interview since becoming governor. you do not want to miss that one. shery: joining us now is wells fargo security makes income strategist. thank you for coming in. let's get started with treasuries. we are seeing yields under pressure of gopal i can make out look -- of global economic outlook. could we see technical factors boosting yields? >> we think in the near term, yields have fallen magnificently and there are some very specific technical factors, including overall trends from foreign investors in u.s. treasuries that we could see a plateauing in the treasury rally. we could start to see yields rise of it. banks ared central very much in play at this point in time. there will be some interesting shifting dynamics within the treasury curve over the summer months. shery: what about the dynamics within the u.s. economy? we seem to be seeing a little divergence. this chart here showing us that we are seeing the manufacturing pmi nosediving. we saw thos

. >> we sit down with ap boc governor ahead of his meeting with secretary of the treasury steven mnuchin. furtherolicy for he hikes in tariffs or the escalation of trade war's come our policy toolkit is ready. juliette: and an exclusive interview with dallas fed president robert kaplan, and why he says it is too early to make a judgment on a rate cut. >> should we be adding stimulus to the economy? that is a question we are asking. i am open-minded about it. i think the risk to the downside has increased. juliette: it is all straightahead on "bloomberg best." ♪ juliette: hello and welcome. i am juliette saly. ," inis "bloomberg best your weekly review of the most important stories from bloomberg television around the world. the top headlines. the week began with china demanding respect. beijing released a white paper on the trade war, calling the u.s. greedy. meanwhile, president trump tripled down on tariffs, leaving china, india, and mexico to figure out their next move. ♪ >> china says it is willing to work with the u.s. to end the trade war, but blamed president trump and the adminis

[applause] president trump: in addition, i want to express my gratitude to secretary steven mnuchin.ve, thank you very much. [applause] president trump: alex acosta. secretary, thank you. a man who has been working very hard for this day, secretary alex azar. thank you, alex. [applause] president trump: and also with us, our acting administrator of the small business administration. chris pilkinton. where is chris? good, chris. hi. congratulations, by the way. [applause] president trump: congratulations. you liking it? i hope you are liking it. i hear you are. and treasurer of the united states. thank you, jovita. thank you very much. [applause] president trump: i want to extend a special welcome to the many small business owners who are here. we have a lot of them in our midst, and thank you very much. this is a big advantage for you and something where you can take -- a lot of great people are going to be taken care of. thank you all for being here. thank you very much. small business optimism is soaring in our very booming and big economy. today, we give you even more reason for y

. >>> stocks are looking to rebound this morning, this after treasury secretary steven mnuchin expressedptimism about trade talks in a cnbc interview. here is what he told hadley gamble in bahrain. >> i'm hopeful we see a deal there needs to be the right efforts in place this isn't a deal for having the sake of a deal we were about 90% of the way there. there is a path to complete this but we'll see where we get. >> quote, we were 90% of the way there. if that sounds familiar, take a listen to the treasury secretary on june 9th with our own nancy hungerford. >> i think we had a deal, almost 90% done, china wanted to go backwards on certain things. we stopped negotiating if china doesn't want to move forward, then president trump is perfectly happy to move forward with tariffs to rebalance the relationship >> and way back on may 6th, secretary mnuchin briefed reporters on the record that a deal was, you guessed it, 90% complete the point being there seems to have been a rally this morning in part on this 90% number this is what he keeps talking about. we were 90% of the way there it is th

counterparts, lighthizer and steven mnuchin not a lot of detail as to what they discussed, the one thing state media was quick to point out, it was at the u.s.'s invitation, the u.s. initiated this it shows how sensitive china is about making sure people know who is going to whom >> the u.s. coming to china, they made that very clear. eunice yoon, thank you very much. >>> u.s./china trade tensions taking their toll on companies now an american giant is suing america over huawei. frank holland has more on an incredible story around fedex. good morning >> good morning. this developed last night after the bell fedex filed a lawsuit against the commerce department claiming new export restrictions are nearly impossible to follow. the suit does not name huawei but fedex has been caught up in the broader dispute between the urgs an u.s. and china the company apologized for misrouting packages involving huawei huawei and other companies were placed on a banned list in may fedex says this is an impossible burden on shippers to know the origin and content of packages the commerce department says t

juliette: we sit down with the pboc governor ahead of his meeting with secretary of the treasury steven mnuchin. yi gang: our policy for further hikes in tariffs or the escalation of trade wars, our policy toolkit is ready. juliette: plus, an exclusive interview with dallas fed president robert kaplan, and why he says it is too early to make a judgment on a rate cut. mr. kaplan: should we be adding stimulus to the economy? that is a question we are asking. i am open-minded about it. i think the risk to the downside in the last five or six weeks has increased. juliette: it is all straight ahead on "bloomberg best." ♪ juliette: hello and welcome. i am juliette saly. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. let's start with a day by day look at the top headlines. the week began with china demanding respect. beijing released a white paper on the trade war, calling the u.s. "greedy." meanwhile, president trump tripled down on tariffs, leaving china, india, and mexico to figure out their next

embassy and ratification i came from a meeting with steven mnuchin when we were talking about it from both of our perspective this allows us a more clear path in moving forward. we're pleased. we think it's obviously better for broader trading relationships and good for the ratification. >> i'm joined by james mccormick. thank you so much for being with us, james. >> thank you. >> do you think this entire story about tariffs in mexico does further harm to a quick solution to the u.s./china trade negotiations >> i look at them as mostly independent. i think the risk of lengthening the china/u.s. discussion is mainly about financial markets at the moment s&p is some 2.5, 3% below the record highs. i don't think that the u.s. administration is getting a lot of pressure to do a deal just yet. >> and looking at the way that the administration approached the matter with mexico, and we talked about that briefly there, the idea of linking national security to economics, does that make it more complicated to resolve the u.s./china trade deal in terms of what that means for the time line as wel

steven mnuchin and things were 90% of the trade deal that will be completed by the end of the year.ghthizer speaking with the chinese vice minister in charge of trade, speaking positively, hoping the meeting scheduled for saturday between president xi jinping and president trump would be positive. we have three positive things in one negative thing. i will say it is a positive thing. is the realistic expectation for this weekend? joe: sunday night to come are going to open. what will set the tone for this? >> the market would be happy if it saw something like a noncombatant coming out of both sides, something along the lines of trump saying we will hold off on that plan b or plan a. we are going to hold off on new tariffs and we will give negotiations another chance. that would be very positive for markets. romaine: the thing that most intrigued me today about trump's interview was his seemingly positive comments about mario draghi. you have his pining for having a draghi-led fed. would mario draghi really delivery anything that trump really wants? i know we think of mario draghi as

-china relations ahead of his crucial meeting with treasury secretary steven mnuchin.the trade war would have a temporarily depreciation pressure on the renminbi. but you see after the noise, the room and be will continue to be very stable and relatively strong compared to emerging-market currencies, even compared to convertible currencies. the renminbi is a very strong currency. i am very confident the renminbi will continue to be stable, and more or less equilibrium. >> is there a redline for the yuan? yi gang: i don't think this is an important question. because, you see, on the numbers, it is smooth and continuous. number scale.s i don't think allowing this mathematical scale any number is more important than the other number. it continues, and this is a totally market driven, and determined by market supply and demand. the central bank of china, people's bank of china, is already pretty much not intervening the exchange market for a long time. i hope that is the situation that will continue. a little bit of flexibility of the renminbi is good for the chinese econo

liz: steven mnuchin breathing in the room. that was rare. basically, the sanctions work. they were willing to tell us where the money is but he said we follow the money trail and we know how to hurt the leadership in those responsible for not only targeting the ships and the sea of hormuz. reporter: they would not reveal or say how much of the money might be outside of iran essentially it could come back and be harmful. he would not say how much of the sanctions are for the downing and american journal that happened last week, the attacks on oil tickers, even happening off the coast of iran into the waters there. a miniature said it was all of the above. liz: we are looking at the like pictures as were waiting to see the president come out to sign the executive order. i want to go back to healthcare, this is the top issue for 2020 republican voters or democratic voters that are being pulled. we know that the president has said and came out with a healthcare plan. the gop workers are working on a healthcare plan. can we look at this order as a blueprint do you think. repor

well, according to "the new york times" the treasury secretary, as i said steven mnuchin delayed and of putting tubman on the 20. president trump wouldn't put -- let's take a step back. to when this all started. it was in 2014. when a massachusetts fifth grader wrote a letter to president obama suggesting a woman be put on the u.s. currency and offered a list of possible names including harriet tubman, okay. then in april of 2016 obama's treasury secretary jack lew officially announced harriet tubman would bump andrew jackson, the decision driven by thousands of americans who reached out to the obama administration and so lew wrote this in an open letter. he said i have been particularly struck by the many comments and reactions from children for whom harriet tubman is not just a historical figure but a role model for leadership and participation in our democracy. president obama talked about the new bill in a joke at his final white house correspondents dinner speech. watch this. >> this material works well i'm going to use it at goldman sachs next year. earn me some serious tubmans

requested details on the non-coach travel practices of the treasury department and secretary steven mnuchinalso eyeing spending habits of other federal agencies in advance of setting agency spending levels for fiscal year 2020. president trump says he has not yet decided who will replace sarah huckabee sanders as white house press secretary, but it will not be former communications director anthony scaramucci. the founder held the

china responded to treasury secretary steven mnuchin's assertion that the u.s. -- that president trump and president xi were going to meet at the g-20 and they wouldn't confirm the meeting today at the regular foreign ministry briefing. this is what the foreign ministry said. they said we have noticed the united states has repeatedly expressed its expectation if there is concrete news on this china will release it in a timely manner. that means that the chinese don't believe that this meeting is a done deal and likely beijing is calculating right now whether or not it makes sense to send president xi jinping into a meeting with president trump and if there's a risk that president xi could be humiliated they have seen what happened with mexico. they have seen what happened with north korea and likely they don't want to be m a situation, which it looks as though it's being set up by the u.s. where the u.s. lays the groundwork and terms and china walks in and could potentially have egg on their face so it's interesting today that they still wouldn't confirm this me

i will meet secretary steven mnuchin this weekend in japan. i think we are going to talk global economy, of course, and also g20 issues. but also, we will discuss the topics that commonly interest both sides. i think it would be a productive talk, as always. tom: you mentioned the tariffs. what impacts have the tariffs had come a both sides, to date? tariff to me is a bad idea. you know i am an economist. years, i taught my students trade is a benefit for both tariff is really a double-edged sword. it is hurting the chinese economy. it is also hurting the u.s. economy, especially the u.s. consumers. om if: we turn our attention to the chinese economy, the economic data has all been weaker. what is your assessment of the current state of the chinese economy? yi: i think the current state of the chinese economy for the first quarter, it was a little better than expected. right now, the uncertainty of trade war, people see expectation turned negative in i think thebut chinese economy is resilient. consumption is still very robust, the growth of c

reporter: no complete details provided by the treasury secretary either but steven mnuchin did confirme of the sanctions are in direct response to the attack on the drum. that the drone had penetrated its airspace. >> i have said that some of this was in the works. some of this is a result of recent activities. expresseddeep concern once again by the un's secretary. sure thats to make they take steps to avoid any further sorts of provocation, one way or the other. reporter: the u.s. is ramping up actions against iran. the secretary of state shuttling between several gulf states including saudi arabia. at the same time, a carrot of extended by a stick. the president says he is open to the possibility of future talks with iran. anchor: let us get more now from john who has been following developments in washington. what more do we know about the sanctions? reporter: hello, barbara. the sanctions do not just target the supreme leader. they go broader. they target his office and eight military commanders including the one believed to be responsible for shooting down the american drone. the

requested details on the non-coach travel practices of the treasury department and secretary steven mnuchin. it is also eyeing spending habits of other federal agencies in advance of setting agency spending levels for fiscal year 2020. president trump says he has not yet decided who will replace sarah huckabee sanders as white house press secretary, but it will not be former communications director anthony scaramucci. the founder held the post for several days in 2017 before being fired. anthony scaramucci has remained a vocal supporter of the administration. enbridge this -- and british business leaders are angry at the effect of brexit on their bottom line. chiefs of the five main corporate lobby groups have been interviewed over the past eight weeks. all of them say companies are suffering over the cost of continued stockpiling, contingency planning, and lost customers, and they say --estment drying up has left investment is drying up as lingering uncertainty delays key global decisions. global news, 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists a

this week the treasury secretary steven mnuchin says he does see a path to complete a deal, however, the president said he has a plan b and is the same as plan a, mark harris. watch. >> we had a deal. and it was a deal that really was close to being done. >> steve mnuchin said you were 90 percent there. are you 90 percent there now? or will you 90 percent before they reneged? >> look, they know what we have to have. if we do not have intellectual property theft protections, if we do not have the opening of china, china is not open. we are open but china is not open. if we do not have the opening of china, if we do not have the things we negotiated and maybe even more than that. look, right now we are getting 25 percent on $250 billion worth of goods. nobody ever heard of such a thing. massive amounts of money. and don't play, do not let anyone tell you that we are paying. we are not paying, china is paying for it. china has devalued their currency in order to pay for it. they devalue their currency and their pouring money into the economy and in these companies which generally are ch

ambassador robert lighthizer and treasury secretary steven mnuchin. peter navarro suggested mexico tariffsep up before the go into effect on june 10th. >> i would suggest to investors to look athis calmly, look at what we're trying to do. this is actually a brilliant move by the president to get mexico's attention, to get them to help us. >> mexico's president lopez obrador says the u.s. solve problems with taxes and the minister flew to d.c. for negotiations with u.s. officials and key lawmakers on capitol hill were ctical of th move. chuck grassley called it a misuse of authority and one that uld seriously jeopardize passage of the new trade agreement between the u.s., canada and mexico. it could also have broader consequences for uade relationships. >> basically mexico and china compete. when mexico wins, china loses. when china wins, mexico loses and the one that won the most is presidennp xi g. >> it's been tied up in a protracted court battle and aha similarenge could await this order. the u.s. chamber of commerce, lone of theding business group

let's take a look at what's been happening this morning steven mnuchin making news in the last hour -mnuchin gave a progress update on trade negotiations with china that helped to drive the futures higher >> i'm hopeful we see a deal but there needs to be the right efforts in place this is not a deal for having the sake of a deal there is a path to complete this >> that sort of optimism helping things out the dow futures implied to open up about 118 points higher this comes after a decline for the markets yesterday. the dow was down about 180 points yesterday you saw bigger declines in percentage terms from the s&p and the nasdaq with the s&p down 1%, and the nasdaq down by 1.5%. this morning green arrows across the board. nasdaq indicated up by 67 points the s&p indicated up by 14 if you want to look at the overseas markets in asia, you will see the nikkei was actually in a situation where we have green arrows this morning in europe, but the nikkei down by a half percentage point. shanghai down by 0.2%. hang seng ended higher by just over a tenth of a percent. in europe there are gre

we had steven mnuchin saying we are 90% of the way there, but it's not over until the fat lady sings.tering for donald trump, is it. laughter. of the two leaders, no. and you saw stephen nugent said that an yes larry kudlow said that managing the expectations, but that isa managing the expectations, but that is a very trump then. it's managed or unmanaged chaos. and i think markets are or unmanaged chaos. and i think markets a re really or unmanaged chaos. and i think markets are really watching this because we need some sort of resolution. if you look at even for us businesses it's getting there. they're saying us businesses it's getting there. they‘ re saying trump us businesses it's getting there. they're saying trump is not about the us businesses, but see if you are intel, 10% of your chips are sold to huawei, if the % go to china. so it actually also affect the us businesses —— 50%. the world bank has downgraded global economic growth to 2.6% out of fear of these trade was. so yes, it is affecting the economy. and we may head towards a mild recession if we can't clear it because

and steven mnuchin said that president trump is still considering slapping more tariffs on chinese goods, but he won't do that until speaking with the chinese president later this month. tom? >> tara, thank you. >>> next we head overseas to the dramatic pictures from hong kong, where organizers say 1 million demonstrators took to the streets protesting a measure that would allow people to be extradited to china. julia macfarlane with the pictures coming in. >> reporter: tonight, tense moments on the streets of hong kong. protesters trying to break into a legislative complex, clashing with police. this, after 1 million people came out in force, according to came out in force, according to activists, to tell china to stay out of hong kong. they were out to demonstrate against a controversial new bill being pushed through parliament that would allow extradition to china. but the people here, with signs reading "china hands off our home," say it is an erosion of hong kong's civil liberties, and that china will use it to target political opponents. >> mainland china uses all sorts of ways to

the news that steven mnuchin and it gone will be meeting at the g10 he -- g20 and a couple of days. southeast asia pretty much on a break as well as india, so there's markets closed. let's take a look at what you have been mentioning. >> we are closely monitoring the developments for the u.s. economic outlook and as always, we will act as appropriately to expand expansion and inflation. >> let's get more with kathleen hays, our economy editor. he did not explicitly say the word cuts, but there was something going on at this point. >> to a certain extent yes, i think what it is, i don't know about any coronation, obviously the impact of the trade war, the concern is so dramatic, it is not surprising to see this move. jay powell giving this speech, i think in part, he is saying, i'm watching what is going on. we are watching and just because we are not saying we will cut rates, it is not mean we are not aware, we may need to. trade negotiations, they are still not clear. we can surmise at this. market is.t the jump in and you will see a great chart. in that little circle on the right-

reporter: treasury secretary steven mnuchin says there is only about 10% left to go before the talksroke down. the president will be talking to shinzo abe, the president of japan. robert lighthizer says he could have a deal with japan in a few weeks. mel rrp new reports that several huawei employees have collaborated on 10 research projects with the chinese. does the tech giant have closer ties with the chinese military than they owned up to. >> this an employee-owned company. >> that's actually not true. one percent is owned by mr. rand and 99% is owned by the government and the union is overseen by the chinese government. this is a state union. >> we have the ownership shares and we get the vote. melissa: what do you believe about that statement, what do you not believe? >> i think we can tell when that guy is lying. it's when his lips move. yeah. melissa: it was the same thing with my partner connell mcshane when he was in china and they he kepting a the same question and they say it's the employees who own the company. if you put your data in our equipment, we never access it and

stocks finished virtually flat wednesday despite the treasury secretary, steven mnuchin, saying a tradeth china was 90% complete. the dow closed 12 points. nasdaq up a tiny bit. president trump and the chinese president xi jinping meet this week at the g20. >>> instagram is considering a big change to the platform. >> what we're currently experimenting with is hiding likes. >> the company is rethinking the whole experience of instagram and well-being is now the top priority. he added instagram will do things to create a healthier environment to focus less on social comparison. a lot of people think it is a big popularity contest. >> it is. >> i very much like that idea. >>> debate night was just what the doctor ordered for late night comedians. stephen colbert went live with his take. >> the first of two democratic presidential debates. i'm going to tell you all about it if bill de blasio does not interrupt me. it was an excellent dress rehearsal for tomorrow's actual debate. s when beto was he is pespanol, closed captioning it said, speaking foreign language. like that. really got thro

treasury secretary steven mnuchin speaking about progress towards a trade deal with china, telling cnbc were 90% of the way there. i think there's a path to complete this. >> president trump speaking to foxbusiness earlier this morning. he said that he is prepared to add additional tariffs against the chinese should that meeting at the g20 summit in osaka go afoul. >> he's laying out to scenarios. -- two scenarios. one in which the tariffs, there's a cease-fire and no more additional tariffs. and then there is plan b, the next wave of tariffs on $300 billion of the remaining chinese imports that are not currently subject to them. i think what you are seeing is, donald trump reminding his chinese counterpart that these penalties are looming overhead if they cannot get on a pathway -- a path to a deal. ♪ >> all eyes are on osaka, japan. g20 leaders are gathering for their meeting. they will start tomorrow. those meetings are somewhat overshadowed by the bilateral discussion president trump and president xi will have on saturday to try to get trade negotiation's back on track. what we have

steven mnuchin says he'll meet with chain today's central bank governors to talk about trade.es not expect major progress on u.s.-china trade talks until president trump meets with chain today's president later this month. thousands of colombians poring in buying food and medicine not available in venezuela. s. judge jeanine: the far left frenzy continues as trump's deal continues. joining me, stephanie hamill and chris hahn. i want to talk about the mexico deal. i want to start with pelosi and there is a statement that she made in response to this 11th hour deal where the president decided he wasn't going to impose the tariffs. she says president trump -- i think we have it. president trump undermined america's preeminent leadership role in the world by recklessly threatening to impose tariffs on our close friend and neighbor to the south. we are deeply disappointed by the expansion of its failed remain-in-mexico policy. chris, since when does the united states have an obligation to address the root causes of central americans' migration. can you tell me that? >> for the last

. >>> speaking with cnbc, steven mnuchin says the president will decide after meeting with xi jinping at the g-20 meeting in japan later this month. >> if china wants to move forward with the deal, we're prepared to move forward on the terms we've done. if china doesn't want to move forward, then president trump is perfectly happy to move forward with tariffs to rebalance the relationship. we're going to need to see action and president trump is going to need to make sure he's clear that we're moving in the right direction to a deal. >> mnuchin also says that the u.s. and china were close to striking a deal during the previous talks. he said negotiations were, quote, almost 90% done but said that china wanted to go backwards on certain things and he says the two sides have stopped, quote, negotiating. >> joe biden as presidenti's pr campaign is not ready to say where the current vice president stands relative to abortion. it followed the blowback from an exclusive nbc report in which his campaign affirmed that biden was still in favor of the restriction. in an interview with msnbc, bi

meantime, apple shares traded higher after steven mnuchin gave a positive outlook on a u.s.an interview with cnbc, mnuchin said he was confident president trump and xi jinping could make progress in trade talks at the upcoming g-20 summit. he said "we are about 90% there and i think there is a path to completeness." meantime, president trump warned of more tariffs if a deal does not come out of the summit. discuss with us, danrities managing director ives and bloomberg's sarah mcgregor, who covers trade. where does this leave apple? >> apple is really the poster child for the u.s.-china relationship. they are not just impacted on the demand side but on the supply side with foxconn. that is where they bet the farm for the mass amount of iphone manufacturing. in our opinion, this is really a fork in the road situation for apple, right now donovan innocent bystander, but it comes down that we get a trade deal, that is a stock that will go meaningfully higher in our opinion. emily: this is not the first time we have heard differing messages from the president and mentors of the

bob lighthizer and steven mnuchin would be in a better place to clarify that. >> it seems like two or three months ago -- >> it does sometimes. if we had a hundred points that we were trying to hammer out with the chinese, we thought we had agreement on 92 of them, and lighthizer will tell the story, he remembers walking into a meeting in chickna and they had white board of the list of things they had agreed to and about 40 of them had come off the board. and they said, we never really agreed to those in the first place. that's a major set back. and i don't know if they've made much progress on that since that conversation at that level. so i do not see the president's meeting as a deal closer. keep in mind, stranger things have happened. but i think this may be a way to see if we can get things hard wired again. >> pretty good vote of confidence from this group. >> thank you. i'll tell the boss. >> speaking of the boss, how did he read the reneging. what did it tell him? what did it tell you? >> good question. let's put it in a private context. when we sold our family business and i

treasury secretary steven mnuchin saying he is hopeful that the trade deal between the. u.s. and china will be reached president trump -- between the. u.s. and china will be reached president trump -- between the u.s. and china will be reached. president trump and president xi set to meet at the g20 this weekend. g20?hould you trade this how do you want to be positioned? ing's head of ethics strategy joining us on set -- of fx strategy joining us on set. longer dollar or shorter dollar going into the g20? phil: dollar-yen is a great -- guest: dollar-yen is a great risk barometer. we think the dollar is heading lower later this year. given the risks and the uncertainty, we would favor the safe haven currencies of the yen and the swiss franc going into the weekend meeting. the uncertainty there, there is no guarantee that there will be a deal. monday morning if there is some surprise package, but i think i would be more defensive going in. guy: how is the relationship between the trade story and the fed? st. louis fed president jim bullard talking to bloomberg, saying we don't

steven mnuchin made it clear that freeing the giant mortgage companies from u.s.ol will not happen without an overhaul the house finance system. bloomberg you back reform that can only be implemented by congress. in baseball, former boston red sox star david ortiz has been shot and wounded in the dominican republic. his father says his son is out of surgery and in stable condition. police say the gunman was caught been beaten by onlookers. david ortiz is from the dominican republic. he is a 10 time all-star. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am courtney donohoe. this is bloomberg. vonnie: thank you. it is time for our stock of the hour. shares of the data analytic aftery cap low surging salesforce.com announced it would buy the company for $15.3 billion in stock. kailey leinz is here with the details. kailey: up more than 30%. this deal represents a 42% premium from where cap low -- to on friday.u closed this is salesforce biggest acquisition ever. they do make a l

financial secretary steven mnuchin made it clear, it will not happen without an overhaul of the housingberg, the key reform can only be implemented by congress. that is the bloomberg business flash. francine: thank you. the 20 year marriage with nissan may be in trouble. the implosion of chrysler has brought the tension out on the open. japanese automakers reluctant to sndorse the deal, and france' finance minister spoke to tokyo this morning and said he still sees the merger as a great opportunity. we will have plenty more from that today. joining us now for more on this bureaubloomberg milan chief. when you look at the possible alliance and merger, they were going to merge, they were not going to merge because at the last minute, fiat chrysler pulled out without the support of the french government. what we understand right now? >> that is a good question. i think we should pose the question to the french government and it is a bit unclear to what the french government wants. they clearly are blaming the french government for the withdrawal of the proposal because the french governmen

heard in the last 24 hours from -- well, 48 hours, perhaps, from both the treasury secretary, steven mnuchin, and the president's chief economic adviser larry kudlow, was that they were this close, they were 90% of the way to a deal, and china started to renege. those two items are really at the core of what president trump needs to change in the u.s./chinese relationship. and there's a belief too among people in this administration that there are a lot of business leaders that are very shortsighted about this whole thing. they're looking at the next dollar as opposed to looking at dollars five or ten years down the road, and there's not a real appreciation for the fact that this belt and road policy that china is pursuing is a plan not just for global economic domination, but global cultural domination as well. and that these business leaders in the united states are looking at where can i get things made cheaply right now, but that in 5, 15, 20 years, that attitude, that approach is going to come back to bite 'em in the you know what. lou: yeah, and mnuchin has been all too eager, it seems