the u.s.. -- about to be invited click jobs back from china to u.s.. host: is attacked about truck policies and joe biden policies, let's talk about chinese steel and aluminum. what is the big deal with those two? guest: president biden announced he is considering raising trips on still and aluminum three times he did so in pittsburgh talking to united still were which is probably not it's -- united steelworkers which is probably not a coincidence. on his mind is to reach the number of electoral college votes. he is going to be focused on issues that affect voters in those states and try to address their concerns and needs. one concern that steelworkers have the cost of steel from china is simply cheaper than what they are able to produce themselves. they want protection to be able to develop their industry. host: you agree with biden's call on more tariffs? guest: i think there is a logic to it. host: economically, does it make sense? guest: it would be hard for me to make a solid economic case

about half of that of the u.s. china by the way accounts for 7%. for the u.s. japan is the largest country for investments. since 2019. as the scale of investment of japanese countries to the u.s. economy is significant. for example japanese manufacturers in the u.s. create more than 538,000 jobs. first among all countries investing in the u.s. also japanese companies in the u.s. more than 4% of all u.s. exports ranking first by country. now them over the comments from governor holcomb earlier. this should give you an idea of how much japanese companies contribute to the u.s. economy. looking at the breakdown by industry japanese investment in the u.s. by industry as you know the manufacturing sector dominates accounting for about 45%. among these accounting for about 15%. transportation equipment just under 10% is the second largest in the manufacturing sector. outside of manufacturing trade and finance follow. within the sector investments in the pharmaceuticals and that medicines is expected to be significant. with acquisition in 2019. boosted the balance of

the u.s. omat tells the bbc he warned chinese president xi jinping about his country support for russia. >> for china, if it want better relations, not only with us, but, with countries in europe, it cannot do that while at the same time helping fuel the biggest threat to european security since the end of the cold war. >> the first week of testimony in donald trump's criminal trial wraps up. his former assistant takes to the stand. as we take a look at abortion rights in america the supreme court reviews idaho's near total abortion ban. i am helen of humphrey -- helena humphrey. u.s. sec. of state antony blinken met with the chinese president xi jinping in beijing friday as part of mr. blinken's second visit to china in 10 months amid a significant increase in dialogue between the two powers after recent tensions . the u.s. top diplomat says it there is progress in some areas, praising beijing for efforts to stop the supply of fentanyl reaching the u.s.. the two sides addressed areas where sig

the u.s. will not take part. matt gutman right here in tel aviv with us. >> reporter: tonight, here in israel, the war cabinet meeting behind closed doors for a second day in row. israel tonight making it clear there will be a response to the first ever direct assault from iran on israel. 300 missiles and drones targeting israel. 99% of those missiles and drones blocked, taken out of the sky with the help of the u.s. late today, israel's top military chief vowing they will respond to iran. >> iran will face the consequences for its actions. we will choose our response accordingly. >> reporter: and tonight, the white house and other world leaders urging extreme caution, warning israel to be extraordinarily careful with whatever decision it makes. the u.s. warning israel it will not participate in any israeli counterstrike on iran. president biden today saying the u.s. is committed to israel's security, and commended the u.s. efforts to help protect israel from iran's attack. >> together with our partners, we defeat

the u.s. and mr. risch toward industrial policy. front and center. every conversation you have read outcome all roads lead back to that. lisa: especially given that it seems to be sovereign debt that is able to issue, not necessarily corporate debt when you talk about geopolitics and china and the u.s., it will be fascinating to see how that is filled with given china is a member of the imf and is trying to create a global coalition. what is a global coalition look like in a fractured world? jonathan: it is the united states and japan, the united states and korea, the united states and malaysia. malaysia stepping into the effects market. japan and south korea turning to do the same. what you saw with yesterday is interesting. a meeting between secretary on, japanese, and south korea. foreign-exchange is going to become a big issue the next few days. annmarie: they put up his statement, we will continue to consult closely on the market changed its within our existing g20 commitment while acknowl

japanese companies in the u.s. among the biden administration's policies, climate change majors such as ira have the impact. moving into wind and solar power generation and investments in renewable energies are likely to be large so this would be affected by the policy of self. even for investments there are concerns that demand. to become even more important in ensuring the predictability will be important as the u.s. is consistently attracting the investment in the future. otherut challenges for the companies investing in the u.s. is that we send different rules from state to state. as noted at the beginning of my remarks, japan is a large investor in terms of the amount of the investment but also in terms of the number of companies. japan ranked in the top three in all 50 states among all foreign investor countries. furthermore, it is wrapped, the rules vary from state to state such as policies and reproductive freedoms can become a cost of doing business for japanese companies. at the eurasia company, the eurasi

conflict in the middle east, tensions between the u.s. a and you need someone who can lead nato. it is a fundamental question. that is the other major topic today. lizzy: historic times. bloomberg's rosalind matheson, thank you for that preview. it now to some other stories, intel shares fell in u.s. extended trading after manufacturing losses the bend. the business may not break even for several years. a new division responsible for manufacturing has sales of nearly $19 million down from 28 billion the previous year. elsewhere, the controlling investor in wwe and ufc has agreed to be acquired by silverlake management. the buyout follows through on plans announced in october and they said they were evaluating strategic options out of frustration with language inc. stock prices. coming up, companies to watch in the second quarter. bloomberg intelligence gives us their top 10 picks next, so stay with us. this is bloomberg. ♪ welcome to ameriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a

the u.s. or geopolitical risks could really dent traders risk appetite ahead of the earnings season. that is the state of play for japanese equities, tracking the yen, 152 is the line for intervention but when we reach that point depends on the u.s. inflation print. stickier or hotter than expected. as we said, korea is shut, but australia is just starting to trade. haidi: staggered start to trading, 1/10 of 1% upside. watching big miners as we see commodities getting that lift. iron ore as well, that supportive rally headed for the biggest two-day rally in more than two years. brighter consumption outlook boosting commodities sector. aussie dollar is trading steady ahead of the u.s. cpi print in focus. we have more moves when it comes to trading around the kiwi ahead of the rbn said decision. not expecting much, but indicators suggest there could be hope in the markets that we see a pivoted. the aussie kiwi pair, number of -- numura is not confident that they will meet the dovish pricing that

tiktok in the u.s. out 10% of tiktok's global users, but close to 50% of tiktok's worldwide ad revenues. advertising is part of its business so it is a lucrative market for tiktok and it would be a huge blow if it wouldn't be able to operate here. tiktok also has other lines of business in the u.s., including e-commerce. it has pushed heavily into shopping through tiktok shop, so it is counting on the u.s. to bring revenue for the company. it would have major ramifications if it were to disappear from here. paul: there is so many hypotheticals involved with this case and where it goes. one possibility if tiktok was divested, who would buy it and what would happen to the data it has gathered that lawmakers are so worried about? jasmine: both excellent questions. i think it would be hard to find a credible and approvable buyer. the buyer would need to have deep pockets and many of the companies that could afford to buy tiktok would be no goes because of regulatory and antitrust hurdles. there are some buye

and louis, we know that the u.s. added additional, assets into the region. >> can you talk more about that? and are we talking about potentially, you know, like boots on the ground, not necessarily on the ground, but on on battleships and whatnot throughout the region? >> yeah, that's right. we're not inside israel proper. we are talking outside of israel. that's where u.s. forces are located. we know that there are 2500 u.s. forces inside iraq, that there's about 900 that are inside of syria. but there is also a sizable component inside of jordan. and so those locations do have air defense systems already. so it's very likely that these air defense systems were boosted in advance of this retaliatory strike. in fact, we were told that the u.s. was sending more personnel to the ground there into the region as well as air assets. so that means aviation aircraft and also naval. and that's those two destroyers that we're talking about that are located in the eastern med mediterranean. and what they do is they have the cap

from the u.s. with slowing activity and the recent data. >> five to four cuts. are they .25% cuts each time? does the ecb pay attention in the uk? >> if every central bank turns hawkish, the ecb would listen to that. on the margin, i think to the extent that the european central banks are shifting to cutting, i don't think there is any marginal effect in any way. >> looking at the dynamics are the ecb and fed, a lot of conversation if we see parity in the schexchange rate. when you compare the comments, it sounds more hawkish with the fed policymakers. >> it is a fundamental battle with divergence. the u.s. has applied a stimulus set up for decades. they continue to do so. the inflation reduction act. chips act. invest in growth. consumers are still experiencing the positive effects from the past stimulus. european economy has been hit by slower china and hit by higher rates to investment. they are diffiverging. the market has not been pricing so far. it has just started to price it. it hasn't fully

now, that world, which the u.s. essentially created at the end of the second world war is under challenge, a severe challenge. so, when you have china rattling its sabers, you see was happening in the philippines, the taiwan strait. china is rattling its sabers. russia is not. russia is fighting a full out war in europe as we sit here in beautiful, sunny washington, d.c. it is two years since they've been doing this. they are on a war economy. they are spending 40% of their budget on defense and internal security. they are not putting it into hospitals, roads, education, welfare. they are putting it into the military they are putting into the what military shane. -- machine. we in nato are not up to speed yet, and we have to realize, that china is rattling sabers and russia is fighting a war to turn the system that the u.s. created on its head. not the rule of law but the rule of brute force. bringing us back into the dark ages. a time that no one would like to revisit. the ukrainians are experiencing that as we spea

the u.s. election is front and center. there is a degree of not necessarily confidence but familiarity given the two parties running and presidential candidates that will come through, having relived this in 2016, the market may have familiarity which is keeping this risk adverse. it is also some way off. we are getting early indications with the policy dynamic may be and the split in terms of who has the majority in the house or senate as well as who is leading the white house will have a big impact on policy outlook. i think the market will pay more attention the closer we get to that november election, but it is more a case of thinking of the outcome of the election, not the biggest impact on the market, and about earnings and profits and policy changes may not be as severe as many are concerned about. haidi: always great to chat with you, carried correct -- kerry craig. we will take a look at tesla's big miss on first-quarter deliveries and how the ev pioneer may be able to turn around sent

last of all a group of us from the u.s. chamber traveled to tokyo where we were very warmly received for the 60th anniversary -- check the 60th annual u.s./japan business conference. wait a full slate of engagements with government officials, business leaders and dignitaries. in his remarks at the start of that conference prime minister kishida make clear maintaining and strengthening the alliance is a top priority. it's the one that u.s. chamber is proud to share. it is a priority because it ties between the united states and japan are based on shared values. freedom and democracy. free enterprise and open markets. and the rule of law. it is a priority because our nations have spent decades building at economic relationship that serves as the cornerstone of peace, stability and prosperity in the end of pacific. as everyone in this room knows bilateral trade totals more than $280 billion in supports and millions of jobs in those countries. it is a priority this is a complex moment. and with so much of geopolitical uncertaint

for the u.s. i think the risk of recession is lower. u.s. growth has been exceptionally strong in the past year. the forward-looking indicators apart from employment are holding up pretty well. the yield curve is inverted but it has been for a long time so it has not been the best indicator. there is a risk of recession in any cycle you are in, so that remains the case for 2024. for 2025 if the fed keeps rates high, the risk of recession is now down to 15%-20% for the u.s. in the next 12-19 months. paul: thanks for joining us, diana. still to come, elon musk post -- postpones a trip to india. he was expected to give an investment announcement. we will speak with international crisis group on where they think the new red lines are following last week's strikes by israel on iran. this is bloomberg. annabelle: the u.s. house of representatives passed 95 billion dollars in fresh aid for ukraine. israel, and taiwan. ending a six-month political impasse. the senate is expected to pass the package this week. let's bring in our washington editor. the

as the u.s. house new sanctions on iran's oil sector, we look at the impact on the market for crude. amrita sen from energy aspects joins us next for the analysis. this is bloomberg. ♪ tom: israel's prime minister benjamin netanyahu condemned a reported plan to sanction an ultra orthodox army unit over alleged human rights abuses in the west bank. the biden administration is planning to announce the measures within days, blacklisting the battalion would really -- prohibited from receiving u.s. military equipment or training. the u.s. house passed new sanctions on iran's oil sector as part of a foreign aid package. the legislation broadens measures to include foreign ports, vessels and refineries that knowingly process worship iranian crude in violation of existing u.s. sanctions. was bring in the founder and director of research at energy aspect. a pleasure to have you in the studio this monday. let's start with this iranian oil sanctions story. does it take material iranian barrels out of the mar

i think the u.s. s been cautious about not being perceived as trying to take advantage of china this moment of weakened economy but at the same time trying to -- with this gerund of ensuring the u.s. isn't incidentally supporting -- technologies in china. certainly this idea of trying to grasp precisely where the challenges are, precisely where the chinese economy is going to be is going to be pretty critical. haidi: rebeck air there. other stories we're following when it comes to trade and washington's response to nippon's proposed merger with u.s. steel. china daily says the u.s. is drifting away of its long held policy of foreign trailed. despite the risks of upsetting a key alley, president biden has said u.s. steel must remain domestically owned. artificial intelligence is expected to be used in so-called forever materials. the pledge is out of a joint meeting this week in belgium. paul: our shares performing from korea. the short answer is pretty well. s.k. hynix up by 35% so far this year. it wa

how is the u.s. decision to vote against a palestinian state -- the u.s. tion is, they support a two-state solution. they support the palestinian state. that has been the goal at the end of the road, withdrawal of israel from gaza, a new reformed palestinian authority leading gaza, all of that. that said, they voted against a palestinian state in the u.n. yesterday. there's a lot of anger about that. i'm wondering what the response is, what you are hearing in gaza and israel and the arab countries. blinken defended that saying with the g7 statement, that you can wave a piece of paper around and it's not going to create it. you have to do the hard work of diplomacy and get there. israel refused any consideration of the two-state solution, which has been the main thing blocking that. >> reporter: yeah, andrea. the palestinian authority, the palestinian semi-government in the occupied west bank, they are angry, they are frustrated by this u.s. veto. they are not necessarily surprised. it was unfair, unethical and unjustified. the palestinians are taking some c

no thanks to the u.s. inflation print and despite the hawkish comments from powell, the lack of progress on inflation ideas here behind the rebound seems to be -- they are not seeing something materially different. we are seeing the korean won, the japanese yen of recovering some lost ground. they are hovering near the 1400 level. they had yesterday. on the chinese currency, 730 seems to be next level to watch. that seems to suggest that a new trading range is in play. let's take a closer look at what we are seeing on the japanese yen as well as the korean won. they are said to have met the japanese counterparts and discussed the serious concern about the weakness in local currencies and the volatility. the jawboning also seems to be helping somewhat. let's take another look at what we are seeing in the stocks. as you saw earlier, the gauge of stocks in the region is pretty flat. this is stemming the losses that we have seen in the past week or so. that is happy to offset the declines we are seeing in japan

this time because the u.s. is so high, the pboc is worried, so they want to manage the fixing, but i'm hoping they will let the fixing go because it has to move with a basket. based on the basket, i think renminbi is still strong. they are focusing on the basket. but everything should weaken from here. haslinda: not too long ago, the yuan was a great carry trade, now people are saying it is the swissie. your thoughts on the best carry trade out there? rachana: it is very tough. for yen, [indiscernible] because definitely it is close to the 154 level. people are going to wait for the intervention. you have to be very careful to do carry trade now. we have to look at the renminbi. if you see little change in the fixing, that may be good to be slightly long dollars short-term against renminbi paid for the yen, it is difficult, very volatile currency. they are almost at the intervention zone for dollar-yen. haslinda: before we go. one quick question on gold. people don't talk too much about it but it is currently tr

the u.s. and israel have been closely coordinating how to defend against this attack sayingsr quote, we are ready. the israelis are ready. the israeli military says it plans to intercept drones before they reach israel as i was saying, but it has also prepared to intercept drones over israel if need be. moments ago, iran's mission to the united nations posted that this would be it's only response to the israeli attack against its diplomatic compound in the syrian capital of damascus over a week ago. of course, as i mentionedai, th was, in the eyes of iranians, a direct attack on iran's consulate, a violation of international norms going after a diplomatic facility. israel did not take responsibility for it. however, widely believed by the united states and other countries in the region that it was israel that went after these top iranian commanders and several members ofditrel ir military corps. united states has since restricted travel for its staff and israel out of an abundance of caution. i

the u.s. why is that? >> beginning in march we noticed the data coming in justified for maybe two rate cuts this year. as we entered april we noticed that we might not get any rate cut at all. and data came in from the ecb laying ground for one rate cut during the summer. and that would dramatically increase the value of the dollar as the interest rate differential widens. that is going to put a lot of pressure on ai stocks. so early april we liquidated artech position but relies to be strong dollar affected differently. so we still maintain auto companies. paul: i want to pause for a moment because we are just getting the keenly awaited earnings from sk hynix. first quarter operating profit has beaten estimates. 1.9 2,000,000,000,001 for the quarter, a huge beat. the excitation was for 916 billion yuan. a really handy beat of almost one trillion yuan. first quarter sales, a narrow beat. the expectation was just shy of 12 trillion yuan. the operating profit, 2.89 trillion yuan. yeah, that's ge

indonesia and the u.s. e diversification helps us manage the volatility including currency volatility. as you know, as a defactor export business that strengthens the value of our international business as we repatriate back to the philippines. we're a growth company and we typically reinvest at this point any cash flows into expansion and growth. overall, obviously with significant exposure in the australian dollar, u.s. dollar, it is good hedge. haslinda: is there concern about debt that you may have? >> not necessarily. because our policy, our company policy is to match the currency of the revenues with the debt. so we have a perfect match through a natural matching or hedging. so we do have exposure in terms of currency mismatch. haslinda: we know when it comes to renewable capacity, you have a big ambition getting to 20 gig watts. where are you with that and what is the plan to ramp it up? >> we're around 5 gig watts. gigawatts. we're closer to 6 gigawatts. we actually essentially achieved that two year

the u.s. ocks and bonds lower with strong factory data reinforcing the view a rate cut may not happen this quarter. >> hurting the yen, it's a potential intervention level. paul: we look at the future framework, speaking live with chris kent. >> inflation policy numbers top of mind as we ask are they more or less online with expectations when it comes to the price index at .10%, softening from half a percent we saw in february. the year end number is hotter, 3.1% at a faster clip than the 3% that was the consensus survey and matching the same pace we saw in february as well. energy prices year over year coming at 2.4%, a little lower than 2.5%. more progress towards the 2.4% with the bank of korea but has a way to go and we see the increase in fresh food policies and a the price by the government leading to that slowdown and saw a rise in retail gas prices pulling in the other way. these readings according to bloomberg economics likely to change the b.o.k.'s narrative the final stretch to 2% wi

. >> this month, the u.s. suem court hears oral argument in a case on whether donald umhas presidential immunity against criminal prosecuonn his attempts to overturn the 2020 election results. we will have live coverage of the oral argument thursday, april 25, 10 a.m. eastern on c-span, c-span now our mobile video app, and online at c-span.org. >> the house will be in order. >> this year, c-span celebrates 45 years of covering congress like no other. since 1979, we been your primary source for capitol hill, providing balanced, unfiltered coverage of government. we take it to where the policies are debated and decided with the support of america's cable companies. c-span, 45 years and counting powered by cable. ♪ >> to former senior directors of the national security council debate u.s. policy toward iran and the middle east. they also discuss the funding of militant groups by iran and their role in the attack on israel by hamas. this event was cohosted by the alexander hamilton society and john quincy adams soc

the u.s. dollar continues to put pressure on the dollar yen. we are not far from the 1.55 level. watch out, given how concerned and the level of concern we have seen from the finance ministry -- these levels -- annabelle: even at those levels he is saying how often he is reiterating his comments, japanese officials prepared to act as needed. we have futures coming online this morning for u.s. stocks. we are looking fairly steady in this point in the trading day. overnight it was a story of equities weakness coming through . it was the story of jay powell. we have spoken about the last mile of disinflation, whether it will take longer for the final stretch to get price pressures down to the target for the fed. not enough progress has been made. that is reflected through bond yields. we see them at year to date highs across the curve. the focus is on powell, speaking at a panel discussion alongside the bank of canada governor in washington. here is what he is saying about how much more patience i

and the u.s..ear an idea what is going on so it is a concern for investors and ecb. we understand that senior ecb officials are looking at different ways they can add more measures for banks to boost their resilience to what is going on in the market right now. 40% of their private lumber was to signal. it is the smaller players in germany. that was one of the neck that absolutely decimated. the concern for the smaller institutions. it is a smaller player that people are really concerned about. >> we thank you for that update. i stay with property stocks. this is after plaxo stepped up his bet on the industry. there was largest commercial real estate owner financed a partnership or roughly $10 billion. european defense companies have been making a fine start to the year themselves. they have benefited from a boost in expenditure across the continent alone russia's invasion of ukraine. that spending could rise. you had nato officials saying the eu nations will need surveys that defense budget to mee

the u.s. eling restraint. president biden and the leaders of the world's seven largest industrialized nations warned iran's attack could lead to “uncontrollable escalation.” they vowed to de-escalate, and in a phone call, biden told prime minister benjamin netanyahu that the u.s. would not take part in an israeli retaliation. john kirby: it's going to be up to the israelis to decide what the next step is here. i will say this. president biden since the beginning of this conflict has worked very hard to keep this from becoming a broader regional war, to keep the tensions from escalating. nick senior administration : officials said today the g-7 group of countries could impose new coordinad sanctions, and other countries could join the u.s. in labeling the islamic revolutionary guard corps a terrorist group. that is the diplomatic focus, john, that the u.s. wants as israel considers its military options. john: the u.s. moved deep u.s. assets into the region. how important were they in this operat

the question is will the u.s. have to impose tariffs or some other restrictions to prevent china from dumping and she characterized it as hurting the american industry. that is not off the table. delivering a tough message on capacity, but in a janet yellen way where she was welcome wherever she went here. social media outlets were obsessed with her food choices and which restaurants she was going to and complemplimenting dexterity using chopsticks. >> you touched on it a bit. the russian foreign minister arriving in beijing to etcmphase the ties with russia and china. did you talk about that? >> reporter: that was a threat of there will be consequences, i.e. sanctions, she threatened the financial institutions on this front which was aiding the military efforts of russia. russia has a policy of not doing that. it is okay that yellen said it is okay to have an open trade relationship, china and russia, but the u.s. is monitoring how much, if at all, china is aiding the military and industrial complex. if that turns

>> yeah, and remember, the u.s. orthern jordan as well that could be used, and we don't know yet, but i suspect we will hear that some of the systems there were employed to take out some of these probably drones. they're not necessarily the missiles, but we're waiting to hear all those details. what we do know is that the u.s. military, who has assets in the region in iraq, in syria, and then in the seas, in the oceans surrounding that area, so that's the northern red sea and then into the eastern mediterranean. we know that the u.s. military has shot down a number of drones that were headed, believed to be headed towards israel. we're still working on those numbers. i don't think we'll get a lot of fidelity on that tonight candidly, and we'll see if we can get more in the coming day. in addition to that, we know now that around and fired off a number of missiles, and the u.s. military was involved in intercepting some of those. it's another thing we don't have the details on yet. we're still working on that. but at

the u.s. launch plans to cooperate in space and defense as president biden represents the japanese prime minister to the white house. ♪ welcome to world news america. israel confirms its forces killed three sons of hamas' political leader and diplomatic presre launches on israel to change strategy in gaza. we will bring your reporting of internal dissent within the biden administration over the president's handling of the war. cease-fire negotiations have been stalled for months. hamas says it is currently unable to identify and track down 40 israeli hostages who could be part of a cease-fire deal, raising fears that more hostages may be dead than publicly are known. it comes as a hamas leader says the deaths of his three sons in an israeli airstrike will not affect hamas' demands in the current cease-fire talks, including a permanent cease-fire, the complete withdrawal of israeli troops, and the return of displaced palestinians. president biden pushed for cease-fire and hostage negotiations to

the u.s. jobs report with geopolitical tensions bolstering oil's gains. one fed officials suggesting no rate cuts this year. samsung's profit rebounding in the first quarter thanks to a rebound in its chip division and smartphone sales. an interview with argentina's president, hobby or mal -- javier milei, plus a big lineup of guests. we previewed the upcoming rb i decision with credence family office. enter markets we go. it is risk off asia. the nonfarm payroll expect out of the u.s. numbers set to be pretty hot, 200,000 new jobs in march, a sign of further robust activity, perhaps justifying a delay in the federate cut. geopolitics also in play -- fed rate cut. geopolitics also in play. neel kashkari, minneapolis fed president, saying perhaps there may not be any rate cuts this year if progress on inflation stalls. china, taiwan, thailand on holiday. but we are on watch when it comes to the chinese yuan, pretty flat versus the usd. japan, losses for the nikkei. the yen extending gains after

the u.s. and europe. on others, they will align with china and russia. it is a much more fluid, complex and unpredictable situation. i don't think we force all that in the day. i think we thought the unipolar moment was going to last much longer than it did. >> that is when you were looking at it in 1997. 2001. was there anything you did see coming that is playing out now that you weren't about? >> i think we saw certainly as you fast-forward to the obama administration, -- a couple thanks. back in the days of clinton, we thought the best way to contain iran was iraq to iraq and i run workaday computing and containing each other. i think the choice to go to war in iraq basically removed the shell of containment on iran and we have seen the growth of iran 's use of pop -- of proxies, blind and fluent -- malign influence which is still a problem today. i don't think we sold the need to shift china's -- we saw the need to shift china's strategy until the second obama term should the thesis was if

the u.s. dollar passing through to asia fx in particular today. annabelle: absolutely. tracking the japanese yen very closely. very close to the 155 mark. a lot of different analysts in the market, bank of america among those saying 160 is in the sand you want to be watching out for. we look for jawboning at this type -- time of the day but no lines yet on that. we know japanese government officials are watching these levels closely and we heard from the finance ministers of south korea and japan saying they are seeing -- sharing serious concerns about the weakening of their local currencies. weaker yen is a dynamic we know have been aiding japanese exporters in particular. today we are seeing japanese equities a little higher to the open. a bit of a standout because perhaps most ever -- most other markets could trade in the had given what we had in the u.s. session overnight. today we are seeing japan move higher. we just had march exports data. the numbers from japan a little better than expe

they cited the u.s. d china having an outsized impact on global economies, but at the saum time facing debt issues in the u.s. in particular. national debt rising neil 1 trillion dollars every 100 days. >> they've increased it by 0.1 percentage point. it's basically nothing. basically what we had back in january. the resiliency, i'm wondering where it's actually coming from. but more importantly it's what they said, i believe, when it comes to the fact that global ranges come up. 0.1%, higher, lower, ultimately we're looking at global growth compared to what we had in the u.s. >> here with higher inflation in the u.s. and here with the ecb, rates being higher, were your surprised they could raise it? >> keeping it high, hardly anyone blinked an eye. >> there's positivity, no doubt. it's important to look at what they said in terms of prudence. at this stage it's quite uncertain to some extent. what is the future for bank rates? i still am left with a couple of question marks really. >> that's going to do

in particular, the u.s. ambassador to nato recently had press remarks before the ministerial warning about the increasing russian destabilizing influence across europe, particularly in the balkans. i find it incredible the extent to which russia has managed to infiltrate every core of life in the western baltics. it has managed to slow down the completion of the regions path tornado and the eu. bosnia in particular, that's a strong movement taking place over the past couple years. in particular, since the invasion of ukraine. nato's credibility when it comes to the open-door policy is at stake but ensuring continued engagement of countries that expressed interest in nato remains strong. >> how much does ongoing conflict impact ukraine and surrounding nations, bosnia's entrance into nato? will that have a major influence on the ability to join the alliance? >> one thing we argued is beginning the nato process does not immediately trigger world war iii or that article five applies. the beginning of talks would

the u.s. macro story. rafael bostic said he is opening to change in his view on cuts if the economic picture changes. this is ahead of the u.s. inflation reading. joel joined us now. what sort cpi print could move the market back toward the fed cut? >> what you really want to see is more about moderation and some of those core services prices. you want to see something that is more of a diss inflationary trend here. you're looking at the court cpi gauge. a lot of the hotness around those numbers is attributed to more seasonal factors. i think that when you are combining in any case -- what we have already seen added this really resilient labor market -- it is really about how much progress we can make to get the fed back in line with the 2% annual target. i think it will be a little bit more difficult to explain things as seasonal. we will see once we gear up for the cpi data later today. >> given all the data requests in the last hour, how useful will these minutes actually be? >> i think anyt

the u.s. treasury secretary warns against decoupling from china, but says trade must be on a level playing field. good morning, welcome to thursday. jay powell sticking to the script yesterday, wait and see mode is still where the fed is at, and that gave relief to stocks and bonds yesterday. futures pointing to an even higher opening this morning on both sides of the atlantic. if we flip over to the cross as a picture, ultimately, the fed chair's comments didn't really move the dial when it comes to where the markets are in terms of bets for when the fed cuts are coming. you had treasuries ending broadly higher yesterday, but now steady. and now all eyes turn to the jobs report tomorrow. remember, powell said last month that unexpected weakening in the labor market could warrant a policy response from the fed. you have got the dollar a touch weaker, its close relationship with the fed bets seems to have evaporated, but gold very much listening to powell. the yellow metal settling above $2300 a

obviously the u.s., the access to the u.s. is not possible, and potentially the future india market is not quite possible. right now, europe is the largest export destination for china cars -- made in china cars, but that could change. going forward, there may be an outright ban in the future if the geopolitics continues to escalate. so it is possible that we see that oversupply is not at its worst yet. it could go from bad to worse in the next couple of years. right now 50% of the cars made in china for domestic deliveries and 50% were exported away in 2023. but the european demand is muted as well. that is why we see 25% year-over-year decline in gf three production. and right now they are making about 2000 cars a day versus its capacity at 3000 cars a day. so it is that about 65% utilization. that is going to do some damage to its overall gross margins. paul: we have been hearing from you love must over the past few days, he is increasingly going all out on self-driving robotaxis. as far as china, what is consumer demand li

i think the u.s. s of saying that such is the commitment to the philippines in terms of mutual defense treaty. it's ironclad that any attack on the philippines would invoke that treaty precisely. for the philippines, as we've heard from marcos during our interview last march, that the philippines is trying not to poke the bear really. it's trying to be as calm as it can in terms of what it needs to do. it needs to resupply a military outpost that's been there for over a quarter century. hopefully asserting its claims, within its exclusive zone. obviously it's hoping that china would not propose those efforts. haslinda: we know that marcos is in d.c. for the second time in less than a year. suggesting deepening relationships between the philippines as well as the u.s. what kind of cooperation can we expect beyond defense? manolo: actually, what they've been doing -- outside of the defense ties, what they've been doing, the u.s. has supporting -- been supporting efforts to boost infrastructure. right now

with the u.s. needs to continually evaluate its national security measures given the rapid pace of technological development, we are committed to know surprises. we are privately and publicly laying out our perspective at length alongside the principles and processes which we undertake in formulating our policies. our actions are implemented through transparent rules and regulations with ample comment periods. we would welcome transparency from the prc on its national security actions and greater clarity on where it sees the line between national security and economic issues. this would provide greater stability to the relationship while also helping foster confidence for firms doing business with the prc, which is in china's interest. the vice premier and i committed to stay in close touch about these issues. the united states will also be hosting our chinese counterparts next week for the fourth meetings of the economic and financial working groups where these issues will be discussed at length. l

kriti: the magnificent seven driving a rebound in u.s. stocks. apple unveiling plans for a new in-house ai powered chip. monetary policy, traders reprice the ecb putting it on track to cut before the federal reserve. christine lagarde insisting the ecb does not take cues from across the atlantic. wall street bank earnings are in focus. jp morgan, citi, wells fargo all set to report today. it is friday. we're ready for the we can but there's plenty to digest the next 24 hours. we look at the futures picture, broadly positive this side of the atlantic. euro stoxx 50 futures higher 0.6%. the ftse 100 seeing green on the screen this morning, higher 0.4%. is that pricing in the full story of the ecb cutting? is that a positive rates story? at the end of the day, the s&p story not seeing as much green on the screen, despite that massive rebound in the u.s. tech space on particular. usually you would see the asian or european traders hop on that trade. they are not this morning trade let's talk about cross assets though because the bond market matters mo

at the same time u.s. eel shareholders have approved a $14 billion takeover bid by nippon steel, which is a japanese company. biden has been hitting the ground running in pennsylvania this week. he wants to win the state, it is a big swing state. at the same time this will go to politicians and regulators. whether this will be something that will move markets is yet to be seen. annabelle: we have heard president biden really pushing for tariffs on chinese steel. let's listen to what he said. >> right now a u.s. trade representative is investigating trade practices by the chinese government regarding steel and aluminum. if that confirms these anti-competitive trade practices, that i am calling on tripling the tariff rate for steel and aluminum for some time. [applause] annabelle: so, give us some more context on this. i think part of the question around tariffs is how substantially -- substantially visit -- how substantial it is. karen: it is meant to shore up u.s. steel, it is meant to courtly workers. at t

the u.s.. about to be invited click jobs back from china to u.s.. host: is attacked about truck policies and joe biden policies, let's talk about chinese steel and aluminum. what is the big deal with those two? guest: president biden announced he is considering raising trips on still and aluminum three times he did so in pittsburgh talking to united still were which is probably not it's -- united steelworkers which is probably not a coincidence. on his mind is to reach the number of electoral college votes. he is going to be focused on issues that affect voters in those states and try to address their concerns and needs. one concern that steelworkers have the cost of steel from china is simply cheaper than what they are able to produce themselves. they want protection to be able to develop their industry. host: you agree with biden's call on more tariffs? guest: i think there is a logic to it. host: economically, does it make sense? guest: it would be hard for me to make a solid economic case.

the u.s. inflation print. wait for that to washout if you will, before if they need to do significant intervention. let's take you to the market open. we are expecting a solid set up. japanese equities just extending those gains about .4% higher for the nikkei 225 and the topix. watching a lot of the commodities and energy names. this is oil, iron ore and a number of other commodities continue to clock in those gains. dollar-yen hovering just under that 152 level. it has been pretty stable for the past few sessions and maybe even sideways trading as we get to the u.s. inflation trip -- print which could potentially worsen the gap between the fed and the boj pete we are seeing more conviction perhaps when it comes to timing around when the boj could be moving. this as governor ueda kicks off his first anniversary under his belt at the home of the bank of japan, having dismantled this huge stimulus experiment. the question is what is next. the 10 year is also looking to see some reaction from wha

the u.s. ment. the company do to receive $6.6 billion in grants and as much as $5 billion in loans from the u.s. to build factories in arizona. mandeep singh of bloomberg intelligence joins me now with more details. of course this comes a few weeks after we learned the details of what intel is going to receive from the u.s. government. basically almost $12 billion in total going to tsmc. how meaningful is this actually? >> more than the actual subsidies, if tsmc is saying they will build a third factory, all the suppliers will be motivated to set something up. and that is what you need to have a manufacturing facility. yes, they will build factories, but there is an ecosystem of testers, packaging companies, and that is where you need to bring in everybody. it's not going to happen overnight, so the fact that they have announced this plan for actually doing two and three nanometer manufacturing i think is pretty exciting. probably inviting other companies to start thinking about their operation