has been crunching the numbers into economic and inflationary impact joining apollo chief economist torstenr coming by and checking out the new. we don't know what tariffs will and will be put into effect but you tricked information that you had which was at the attorney representing canada and mexico 10% on china and you ran those through your spreadsheet, what did you find. >> several institutions that are quantified the impact if you put 25% tariffs on canada and mexico and 10% on china and what they find the gdp growth is modestly low by 0.4 and we will see over sometime these effects will begin to show up as lower gdp because when the price of something goes up people tend to buy less of it. jack: those numbers do not include the effect of retaliatory tariffs to other countries might put on us i really don't know the number so you can put them on your spreadsheet but you and economist give us a sense of what they could mean. >> it depends on the magnitude of the numbers but it's clear if we get retaliation in the u.s. retaliate again and we get a true trade war then the implications mi

joining us, nadia lowell, michael collins, torsten slok, the next hour of bloomberg "surveillance" is the most important is the labor market. >> data has overstated the health of the labor market. >> we would not expect labor rate to go up with the tariffs against canada and mexico are sustained. >> going forward you will see a payroll impact estimate, but it will be harder to figure out how that happens. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and annmarie hordern. jonathan: the jobs report to 30 minutes away, 8:30 eastern drops, the estimate, the number we are looking for, 175, the high at the moment, 240, the low, 105. equity futures unchanged on the s&p 500. on the nasdaq and russell, positive by points 20%. lisa: it is really shocking to think about how far we have come from the last jobs market report when people are worried or concerned that maybe we have a re-exhilaration and maybe we were running this economy too hot, that has been taken out. this is a market that is hurting for evidence of crafts and the labor market to undermine the america