we are thrilled to bring tom porcelli of rbc capital markets on america's lack of wage growth. his morning, a bbb plus deutsche bank, goldman sachs analyst suggests "party risk of version is a tangible risk." the trump trade war is a war from the 16 80's, all responding to first mercantilist. it is jobs day. where is the wage growth? less inflation. good morning. this is "bloomberg surveillance." live from new york and in london, francine lacqua. extraordinary news. i want to focus on the immediate news, which is a new government in spain. government inw spain after the vote of confidence. we have a new prime minister, pedro sanchez. we have a populist government in italy. huge news this morning. please stay with us over the many hours. on jobs day in america, a first work briefing in london. has escalatedrump a standoff with canada, triggered by u.s. tariffs on steel and aluminum. the president warned justin trudeau that renegotiation with nafta must be assertive. nafta talks collapsed when vice president michael pence insisted a new agreement have a cause. booted outal, rajoy