we want the tpp to proceed. and other countries that have not joined that are strategically important for all of us, like south korea and indonesia, who were thinking about joining the tpp, may still joined the tpp. we will wait and see. >> him a letter last year you wrote to the obama administration, when renegotiation of tpp was coming up, you said in the letter form oriation of any any form of an agreement is not an option and would jeopardize approval from other tpp countries." giving the president's withdrawal, does this prove -- this preclude u.s. participation? given that mrs. clinton decided in her campaign that tpp needed further renegotiation. amb. hockey: you can either try and negotiate or have a domestic compensation package, or domestic adjustments that help to ease what you think would be the pressure points. understand this -- if you know cruciate the -- you renegotiate the tpp, the clear message to the other countries is, you have to give us more. than is hard to sell in malaysia,, japan, or tha

tpp moved the u.s. towards free and fair trade, yeah right. is that what tpp did? what tpp did was basically create a trade agreement which would have been a death knell to our auto and auto parts industry in the middle of the country which we urgently need to bring back to full life. tpp had nothing to do with free, fair and reciprocal trade. it was simply a bad deal. there's certainly some things you can pull out of it in terms of, well, that was a good idea, but for me, the worst thing about tpp hands down was the rules of origin. it was pathetically low. one of the things that we're going to be doing moving forward -- and this is publicly stated -- is to try to significantly increase rules of origin provisions in all the bilateral trade deals that we are going to pursue. here's the problem we have right now. we have a lot of big buildings in this country that say things like ford and g.m. and caterpillar and whatever it is, the big oems. but those are basically assembly plants for foreign components. and the jobs that this country needs are not just in those bi

tpp moved the u.s. stories free and fair trade. is that what they did? >> what tpp did was basically create a trade agreement which would have been a death now to our auto and auto parts industry in the middle of their country, which we urgently need to bring back to full life. tpp had nothing to do with free, fair and reciprocal trade. it was simply a bad deal. there's certainly some things you can pull out of it in terms of wealth that was a good idea. for me, the worst thing about tpp hands down was pathetically low. one of the things that we are going to be doing moving forward, publicly stated this to significantly increase rules of origin and all the bilateral trade deals that we are going to pursue. here is the problem we have right now. we have a lot of big buildings in this country that say things like ford and gm, caterpillar, whatever it is, date oem. those are basically assembly plants for foreign components. and the jobs that this country needs are not just in no-space foxes. jobs are in the second and third tier. smal

tpp's demise is premature.s, all 11 countries excluding the united states, were all willing to keep discussions going about the future of the tpp and what we might be able to achieve, so, you know, i have seen some country saying the tpp is dead, forget about it. what this shows is maybe that it is not. what is the point where everyone begins to realize that it actually is dead? we have a very interesting meeting coming up in may where the 11 will get together again and at that time, they can decide how much further they want to push this through to move it ahead is simple. we only need to change one sentence and it is so simple it is tooe think that simple actually, so simple that people are distrustful. how can he possibly change this agreement with just a one sentence fix? that is the problem. it has got to be more complicated than that. the united states was clearly important. if you change it with one sentence, that cannot be the solution. it must be more obligated. it takes time to show that you only need

it didn't matter what was in tpp. was identified with everything and everyone six ids on globalization. david: when you look at how moderate and slow global trade has come, asia is a bright spot. how much is attributable to trade and how worried about the dissolution of multilateral deals are they? endy: a lot of it is attributed to open markets and continuing reform, so they went to continue liberalizing opening and investing in each other's countries. that is why they will meet with chile. to discuss how to go forward without the united states. david: i was reading the report and how much had to do with trade and how it has changed, how big services play, just give us your perspective on how much deals have kept up with that and just the notion of brokering bilateral deals can change because of it? wendy: they were all about bringing down tariffs, and over time, we have been dealing with regulatory measures, behind the border measures, trade and services is accounting for more and more of the overall trade, and the

those are all part of tpp.hether tpp work -- moves forward in the same way, or whether the work goes in other ways, it remains to be seen. steve: you're being diplomatic. you were the lead negotiator in tpp. you want the u.s. to be involved. mike: as other countries move forward with their own trade agreements, our businesses and farmers will be cut out of these fast-growing markets and that hurts american workers. both from a market share perspective we will lose opportunities in the region if we are not part of this. from a rules perspective, there are rules that affect our rights,s like property disciplines on state-owned companies that have to operate as private when they engage in commercial activity. these are things that we got, small and large, developed and undeveloped countries to agree to. youe: what kind of tax if will on global growth are we going to see if there is a border tax, import duties, a trade war with china, what is the worst-case scenario? mike: it remains to be seen. the worst-case scen

this tpp thing. i wonder how many people knew that was an amendment and other countries have two ways -- had to raise their wages some. which was the only way to get the deficit down. how would you expect the people making 25 cents an hour to buy a car that is made over here? there's no way. you can either get ready for the lower wages over here or to have wages raised over there. i don't care what kind of trade you do. presidentdo you think trump is going to do when it comes to making these bilateral deals that he has promised? guest: i don't think he's going to do that good. when you're trying to make a single deal with a single country. host: can you pick that up? guest: on the point that this would lower wages, one of the arguments that was made to have and now thatlved some are making to have the eu step in is it would raise the standards under which countries trade. if china takes the place of the u.s. perhaps you won't see to the levelrds that americans or europeans or people in japan might li

you need some sort of international arrangement, what do you think you guys are doing with the tpp? those are complicated too. i want to replace it with a complex system, we have a very complex system now and i want to replace it with a different system. i envision something where countries have to contribute to research based on gdp and per capita gdp. and a higher share of gdp, a token contribution, not expected to makeany payment and say to whom? what i would envision, you need a fully worked on sort but a rating system, and very good record produced good research, contribute a dollar. the second tier, that accounts for $.75. is a third tier, they don't have a record at all, it counts as $.40 and below that doesn't count at all. that is the sort of thing that comes to mind that you would want so you want an international agreement and if we could get international agreements that go beyond marketing exclusivity, data exclusivity. it is simple and natural and very complex. >> the income pushed up, the methods i understand breaks it down, and all the way to the target and redistrib

be iflast question will you look at the tpp countries, i know that the administration has been clearon staying away from multilateral agreements. perhaps we are in a better position to afford those bilateral agreements. would you envision our country taking a lead in looking for ways to have bilateral agreements with some of the partners that would have been a part of the tpp? >> absolutely, that is my view and i believe the view of the administration. we want to have a series of bilateral agreements and hopefully ones that take the -- take tpp and improve on what was negotiated. >> certainly an important signal to south carolina and the many companies that depend on opportunities to continue trade. >> washington journal continues. host: at our table this morning, congressman larry buchson, republican of indiana, a member of the health -- house energy

>> well, look, i think tpp took a long time to work on. tpp is a 21st century trade agreement.de toeyond just several elemental structural reforms. those reforms continue to remain with or without tpp. our advice to our clients in east asia is to continue to pursue the reforms envisioned in the tpp and find opportunities to continue to integrate within rcep and within asean. there are several opportunities that can be considered that will move along the path of openness and integration. before you go, i am curious about some of the increased uncertainty in the u.s.. it seemed like a surefire thing that we would get more rate hikes. it still looks like the fed will continue to raise rates, but given the government uncertainty, we don't know where the dollar is headed next. how is that going to possibly destabilize some of the markets in asia? you rightlyk, as said, we are working in the context of uncertainty, and in a context of uncertainty, what countries have to do is strengthen their resilience, really improve their macroeconomic buffers, create space for them to be able to

not rule out a tpp—minus, moving ahead without the united states.med to be a nonstarter. how is it viewed in singapore? if there were consensus and 12—1, 11 countries say let's go ahead and sign the thing, just minus the us, singapore would sign. whether that happens, i am not sure because the japanese in particular made very painful concessions in exchange for american concessions. and if you have a deal in which the japanese have these concessions and americans are not party, i think that the political balance and economic balance has shifted so i would not rule it out but i think it is not so easy to achieve. we talk about uncertainty in washington — you have to live with that right now — but there is also uncertainty in your relationship with beijing. singapore, going back to your father, has always sought strong relationships with both washington and beijing. right now, i look at your relationship with beijing and it seems to me you have some major problems, perhaps symbolised recently when the chinese impounded, for a short time, some of your

theakita tpp has been engagement of the u.s., given the size of the u.s. economy.: i think it is possible to pursue it and continue, but a big problem for japan because it is a difficult political issue inside japan, not having the u.s. in makes it worth so much lesser the japanese. >> anything is possible, right? it is possible to continue with it, but is it wise? geoff: i do not really see the downsides. there is a a will, way, as they say in the old cliche. there ision is whether the political will with the absence of such a big economy from the tpp. having the u.s. in made it very attractive. having countries take that step further in liberalize asian than they would have done otherwise. >> in 2017, you have china stepping in and making these comments defending free trade, liberal trade. it is fascinating because there has been a lot of talk about whether their leaves a vacuum in retreating andps becoming more isolationist that there is a space for china to step up. geoff: it is ironic when you see xi jinping's speech at the rates devos, beingt the champion of

that was a top negotiating issue for diplomats under tpp. helping companies expand their ability to compete and tap into foreign markets, as i said earlier, is very critical. as those companies make investments and products that can enjoy greater global comp -- consumpti consumption, it's important we don't put roadblocks in their way. how do you see yourself shaping the united states' approach to foreign policies like this that are intentional aimed at protecting or i should say promoting global rules aimed at choking off competition from u.s. companies around the world? >> well, i'm very familiar with the issue, and it seems to me it's an organize ed effort on behalf of the european union. and i think we have to take it head on. we want to discourage other countries from agreeing to these geographic indicators and resist them in the united states. the issue tends to be more what happens in third-party markets, so it's a little more complicated to get into, but we are aware of it. it will certainly be something that we'll work on, and we re

pulling us out of tpp. a great thing. again, a lot of applause from the democrats, in fact perhaps more applause from the democrats than the republicans on that, even though i've been a strong supporter of getting out of tpp. going to be new by lateral trade agreements with canada, with mexico and with other countries, and i think, again, putting america first. if we get into tax reform and we have what we call the border adjustability tax of 20%, which is going to put american jobs first, building products in america, i think that could also be a part of bringing our jobs back. you could call that a tax, a tariff or a surcharge on goods made overseas. 20% is a very good start to level the playing field. so a lot of these dots have to be inner connected, and i think as they are we are going to get jobs back in western new york. we certainly have the empty factories that can house these workers again. we have certainly reliable power and educated workforce, plenty of fresh water. so we're ready and waiting for these jobs t

for me, the worst thing about tpp hands down was the rules of or gin. -- origin. it was pathetically low and one thing doing moving be forward and this is publicly stated is to try to increase rules of origin provisions in all the that we'rerade deals going to pursue. we have rightblem now, we have a lot of big but ings in this country those are basically assembly for foreign components. we have righthat now, this country just in those big boxes. they're in the small and medium firms that constitute the supply change and tpp moved us exactly the opposite of that goal. the other problem is it was a multilateral deal that sovereignty icant issues and didn't really our bargaining power as the world's largest economy in iggest world. would agree of us here that if we -- anybody want in this room? anybody want to lower the corporate tax rate? give me a hand. only four people in this room want to lower the corporate tax don't want to t agree with me on anything? [laughter] crowd.h [laughter] >> our policy is simple. lower the taxes. cut the regulations. hen you cut the

tpp started to do that. going to be the first trade agreement that had rules on digital trade. if tpp is not going to move forward, what we need to do is see if there is another form or mechanism to move digital trade fourth. maybe that is part of a nafta discussion. maybe that is discussions with the u.k. the u.k. is a country that is forward leaning on data policy as well. maybe that is through another mechanism. data policy is new and cutting edge and therefore, difficult. but the united states has been a country that has looked to the future and i think this is a no-brainer for this administration to do that as well. david: this is an administration that seems to like bilateral deals. is there something better about a multilateral deal, whether or not it is attainable? would you prefer to see multilateral deals? victoria: i've negotiated bilaterals, trilaterals, multilaterals. to allre pros and cons of this. generally speaking, harmonization is good for business, and the more government you have a table,

tpp moved the u.s. towards free and fair trade. why did the administration walk >> trade agreement would have auto death knell to our and auto parts industry which we back to need to bring life. for me, the worst thing about tpp hands down was the rules of or gin. -- origin. it was pathetically low and one thing doing moving be forward and this is publicly stated is to try to increase rules of origin provisions in all the that we'rerade deals going to pursue. we have rightblem now, we have a lot of big but ings in this country those are basically assembly for foreign components. we have righthat now, this country just in those big boxes. they're in the small and medium firms that constitute the supply change and tpp moved us exactly the opposite of that goal. the other problem is it was a multilateral deal that sovereignty icant issues and didn't really our bargaining power as the world's largest economy in iggest world. would agree of us here that if we -- anybody want in this room? anybody want to lower the corporate tax rate? gi

the thai government has not taken part in tpp, they are concerned that the pact would lead to higherces of medical products. the agreement causes protection. thailand has instead been supporting the asian centric network. members include china, india, japan and asean countries. >> translator: we believe that the negotiations will end in success, the negotiations should see progress before the end of the year. >> reporter: the industrial sector has high hopes for expanding exports to the huge chinese market. the company uses fish and exports to china and elsewhere. the company sees the exports rising to china once the agreement comes into place. the farm hopes to make inroads into china and other countries such as india and japan. >> translator: the framework for china and india when this region is united we have more purchasing power. >> reporter: experts say the rcep will benefit not only thailand but the whole southeast asia. >> translator: the agreement will make southeast asia the core. the members will be equipped with great bargaining power. >> reporter: thailand and other asia

the tpp was a great potential deal for the united states, business in america.ountries a lot of together on things like environmental policy, labor rights. issues democrats have been talking about for quite some time. , mexico is ang signatory to that. , what these folks will do, is take a serious look at tpp, see what they can live with and maybe use some of the extreme statements on the campaign. that would be my hope. not what their ultimate position would be but key statements. kevin: it is definitely a cause. if you look at the states president trump wants like pennsylvania, michigan, wisconsin. these are states that could benefit from vocational training reform that these administration officials feel that they could move data on. they're looking to germany and the success in germany. as a foundation. you look again at the states they were able to win on the campaign trail, this is an issue that has bipartisan support. the new chairman is at the forefront of this as well. ifwill be interesting to see they can use countries like germany as a benchmark for t

looking at what we'll do to, in the place of tpp and how you'll approach nafta. i hope you keep that a high priority. >> thank you, i will. >> thank you, senator. senator next and then senator cantwell. >> congratulations on your nomination. since i know you're a former, well familiar with this committee, i'll throw a lot at you. so thank you. do you support the export/import bank and the concept of credit agency for the united states and whether the president should immediately appoint people to get it functioning at the level it should? number two, will you be aggressive in getting yoeuropea to stop with the air bust? you know the wto found the aerospace sector $17 billion of illegal subsidies. that brings the total of illegal subsidies to about $22 billion so i want to know if you'll be aggressive on that. our colleagues here in the trade facilitation and trade enforcement act include an authorization for $15 million in trade enforcement trust funds to make sure we have ample support within ustr to actually fight for trade enforcement. i believe in an economy

is in with most of the large tpp partner countries already.important player in the region and that will not change. large countries in that region -- it was the less important part of that agreement. what was more important, was for tryingst time, we were to extend trade disciplines into areas we had not touched satisfactorily. areas like digital commerce, state-owned enterprises. one thing i will say with the u.s. dropping out of tpp, it means the leadership portrayed globalization, the baton has been passed to china, because it is pursuing its regional economic partnership. the key thing to keep in mind is that it is significantly less ambitious than the transpacific partnership. they: shortly after announcement was made about this meeting between the two presidents, trump tweeted out on his own page, the meeting next week, you can take my terminal here, and meeting next week with china will be a difficult one and that we can no longer have massive trade deficits and job losses. american companies must be prepared to look at other alternativ

now, tpp he said he pulled back from, but mitch mcconnell pulled back from it before he was elected. he had had an opportunity, for instance, to deal with china currency. said in the campaign over and over again that he's going to declare china currency manipulator on day one. hasn't done a thing. he talked about education and there was touching stuff on medical research. his budget that he proposes is going to slash those things. this idea we spend $6 billion overseas, now we have to bring the money back home is the exact opposite of the budget he proposed, and he said he was going to clean up the swamp and reform things. well, his government is filled with, if you will, swamp creatures, bankers, wall street people, washington old hands. so this speech, like his inaugural speech -- it was similar to the inaugural speech. it is sort of forgotten because everything he has done has been different. the people are not looking for a speech. they're looking for real accomplishments, and the kinds of accomplishments he has are not helping the working people but helping the people who alread

for ways to have bilateral agreements with some of the partners that would have been a part of the tpp? >> absolutely, that is my view and i believe the view of the administration. we want to have a series of bilateral agreements and hopefully ones that take the -- take tpp and improve on what was negotiated. >> certainly an important signal to south carolina and the many companies that depend on opportunities to continue trade. >> washington journal continues. host: at our table this morning, congressman larry buchson, republican of indiana, a member of the health -- house energy and commerce subcommittee. he is also a heart doctor, here to talk about the health care legislation. how do you think this is an improvement over the affordable care act. guest: it is going to give people choice which is one thing the affordable care act has not done. it is a big program that forces people to purchase programs that washington, d.c. decides you need. one of the things for me in health care is choice and allow people to have options on affordable policies. the other thing the affordable care a

some other signatories of the tpp, thinking of australia and new zealand, said they would not rule outahead without the united states. injapan it seems a nonstarter. how is it viewed in singapore? 12 -1 and consensus, singapore would sign. whether that happens, i am not sure because the japanese in particular made very painful concessions in exchange for american concessions. and if you have a deal with america is not party, and think the political and economic balance has shifted so i would not rule it out but i do not think it is so easy to achieve. we talked about uncertainty in washington but there is also uncertainty in your relationship with beijing. going back to your father, you have sought strong relationships with the us and beijing. but you have some major problems symbolised recently when the chinese and pounded some of your vehicles when they were in an exercise in taiwan. i would not say we have major problems but we have some issues and some incidents. i think military vehicles were an incident which happened to both of us. incident which happened to both of us. it sugge

is in a withdrawal from tpp which i think is a terrible and creates a void to china is filling.ch will affect not only our economic but strategic position in the region. has raisedlanka interest rates for the first time since july. it was a surprise decision. now this six-week strike in chilly, the copper mine, ending all the workers will return under their old labor contract. unions will invoke a rare provision to invoke the old deal permit they will not have to pay a bonus but must renew talks. global news, 24 hours a day. >> we are seeing a rebound in australia. leading gains of about 0.8%. japanese shares, easing most. the yen stepping its longest losing streak since 20 11. the philippines on the rise today. pressure after the executive apologized to shareholders for the involvement in the political scandal and the note 7 debacle. check this out. a plunge of more than 90% for the stock in hong kong, wiping out market value. outill see how this lays one hong kong opens at the bottom of the hour. china's largest dairy farm operator. a look at the big picture. equities rising f

guest: china has been, i think, very happy with the downfall of tpp because the tpp was set to relations with the asia-pacific, from japan to australia. china was not included in this agreement. what is happening is china is now becoming a champion of free trade in asia and the u.s. perception is that the u.sis pulling back in the region. this has created a kind of vacuum and china is looking to fill that vacuum. host: how important is china as a trade partner with the u.s.? guest: china is i think a top three trade partner with the u.s. but the relationship is seriously unbalanced. more from china that it sells due to a number of factors such as china has many non-tariff barriers like licenses and quotas for products to go into china, and they subsidize many of their companies and protect them from foreign products and foreign investment. this unbalanced relationship has continued for a number of years and i think now we are seeing that come to a head. host: steve is calling in from port st. lucie, florida, on our independent line. caller: good morning, how are you all today? host: we a

intention to withdraw from tpp. that had already essentially been done. nafta he said they are going to renegotiate. the administration says so far he thinks he can get that through. to the china question he meets with xi jinping next week. on day one the u.s. treasury department will designate china a currency manipulate or. >> he started to walk them back during the transition. we've just seen that continue. the one thing he did as you mention ds mentioned it tpp. ironically that is something china likes. this meeting with xi gjinping will largely be about north korea. but the issue of trade in china and taking their jobs and the president has been very, i don't know know, much more respectful towards the chinese since he took office but he's tweeting in advance of his meeting and the chinese don't like that. it will be an interesting meeting to watch. we had a story going back to nafta that week that said that the draft of what they want to do to nafta is very modest. it's showing you the trajectory of where they're going. you have a president who said

he cancelled the tpp, doesn't that give you some common ground there you might not have with another republican president? >> with any other republican president, i would say yes. this is not a normal republican president. this is a republican president that has come in using some of the worst rhetoric, the xenophobia. you know, has clearly been influenced or he was influenced by russians. >> so -- does that mean -- i'm asking you a policy question and you're not responding to the policy, you're talking about russians and you're talking about his rhetoric. does that mean you say no basis for working with or cooperating with him on any issue? because of the items you're mentioning? >> yeah, absolutely. it's very difficult to trust somebody like this. he is a consistent liar. look, he came to this very sacred hall and delivered at least six to seven known lies in front of us, and yet we're supposed to turn around him and trust him on the infrastructure plans or immigration plans. he's just not a trust worthy person. he's not a trust worthy president and i'm not giving a blank check to

. >> that is a replacement for the -- it is a chinese-led tpp.ngine is running but the driver left the keys in the ignition and open the door and walked out. the thing is ready to go. rcp is the only other vehicle. it gave a big initiative to it. there is no doubt that we do not know who will take leadership of tpp but china is one of the leaders or part of a team of people who will go ahead. tradegood, it is a free agreement but it does not have the underpinning of production networks that tpp had. he, capital effort flows, does not have those elements. and: skeptics would say donald trump's white house would say of course the chinese are arguing for a rules-based free trade off the likes we have negotiated. of course the germans are arguing for the continued globalization, multilateral station, and free trade because they have these massive trade surpluses. if they had half $1 trillion in trade deficit, do you think the chinese would have the same voice right now? guest: they have been waiting in terms of exporting and growing. the deficit thin

the first thing we saw out of the trance nation team with a white paper on tpp. piii is well done. i have utility, a girl named a tiny fraction of the number of projects we need to do. i'm not aware of any of its kind for that is less than a billion dollars. and almost all are back to buy loans so the federal government is involved at that level anyway. we had a special select committee of three or four years ago, met for 22 years. the first meeting, this is the answer which is privatized everything and it will work great. by the end, we have a bipartisan report on the website dating piii are great and they can help this much of the problem. so you know, when properly used. that is a fantasy. so we need more substantial federal funds. what i propose -- i propose numerous things. i started a fight with president obama when he did the so-called recovery act. it was $400 billion in tax cuts goes long you would know that brainiacs perry summers came up with that one and about 4% of the total bill, somewhere around $35 billion was going into surplus programs. people say i thought you're

kennedy: well geographically, pulling out of tpp leaves a hole n the far east that china is more than happy to jump into and fill, do you think that was a mistake. >> i think it was a mistake for obama administration to take what they argued was a strategic initiative to constrain china by showing advantage of the free trade to everyone else in asia and not following through on it hillary clinton said shy would pull out of tpp as well, i think it needs to be replaced with a new strategic initiative, i believe that obama administration was not serious about china in a whole range of aspect, not least is their taking over south china sea, there not much time, the trump administration has a lot to do, not just in the trade area. kennedy: all right we pi put elon musk in charge of trade and see how that goes, thank you ambassador. >> thank you. kennedy: what is behind big push to remilitarize our men and women in blue, dr. ron paul joins me with reaction, just like the people who own them, every business is different. but every one of those businesses will need legal help as they age and

the japanese have to decide, the do they want to push on tpp? if they do, will that antagonize washington? it is impossible for them to flip a $60 billion deficit vis-À-vis washington overnight. think, is tocom, i continue to lead on tpp. haidi: more rate hikes are expected this year. she calledn the -- on the central bank -- she also favors shrinking the balance sheet this year. reports from geneva saying north korea aims to accelerate its nuclear program to develop a first strike capability. russia sent in investors to the is noto said pyongyang afraid of new sanctions. reports say korea may have testfired more missiles. global news, 24 hours a day. i'm haidi lun. this is bloomberg. david: let's get a check of the markets. it is basically as sea of red. sea of red. the only green in the bond markets spirit australia, 1.6%. see how black that is? you are looking at the worst day for aussie equities, going back to the u.s. elections, november 9. we're looking at thailand, down 0.6%. hump a day is turning out to be hump day. mark, where do we sta

is to, the best outcome continue to lead on tpp. sales in theebt middle east.audi arabia is trying to raise it and it's on sale. to cap the market for $10 billion. soldslamic bonds could be as early as the seventh quarter. aramco is expected to also ipo,h its next anticipated which could be the biggest share sale in history. they aimrom geneva say to accelerate the nuclear missile program for the first strike capability. the north korean ambassador to the u.n. said he is not afraid of possible u.s. sanction. reports this morning them tokyo say north korea may have textile missiles earlier today. global news, 24 hours a day powered by more than 2600 analyst and analyst in more than 120 countries. i am david ingles and you are watching bloomberg. >> the u.k. has joined the ,lectronic devices to ban them tablets, laptops and dvd players . the washington suggested terrorists are planning new attacks. let's get more of the story on editor.s managing great to have you back on the program. , weere scrambling yesterday understand the impact. i will just quote the react

clearly we want to have a series of bilateral agreements and hopefully ones that take tpp and improve upon what was negotiated in m case is very well. >> thank you. an important signal to south carolina and the many companies that depend on opportunities to continue trade. thank you. >> thank you. senator brown and carper have allowed senator casey to go next. i should have said carper and brown itch apologize. >> mr. chairman, thank you. hope both senators brown and carper something. i don't know what it is but i'm grateful. i want to make statement about the miners protection -- the miners health care and pension legislation. we know now that we got coalminers across the country, including many in pennsylvania, that might be suffering from black lung or cancer or diabetes. they began receiving notices on march 1st that their health care would be terminated, and in pennsylvania that's almost 2,000 miners. these miners kept their promise, every promise they've ever made to the country, family, companies, it's time the federal government keeps its promise. what we're saying on this sid

flip a $60 billion deficit overnight, so for me, the best outcome i think is to continue to lead on tppean union is to make britain wait for brexit talks while scheduling a summit of remaining bloc members four weeks after the process starts. president donald tusk a says the party is to protect citizens, companies, and states from negative effects. theresa may says she will launch the two-year brexit process on march 29 and a month will have elapsed before the eu meets. taiwan to build its own submarine fleet with the president one thing the first vessel and service within 10 years. she has promoted the plans after talks to buy u.s. boats proved fruitless. tensions between beijing and taipei have worsened since the pro democratic party came to power last year. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. i am paul allen. thanks. 'sinese premier li keqiang first visit to australia sends a positive message to the world when it comes to free trade. we will get a preview with nick coyle in beijing ahead of premi

and immediately withdrew the united states from the tpp. i kept my word. the assault on the american auto industry, believe me, is over. it's over. it's not going to the happen any more. we're setting up a task force in every federal agency to identify and remove any regulation that undermines american auto production and any other kind of production. including the production of high end, low end, big, small, automobile and truck. during my first week in office, i brought american auto ompanies to the white house. mary, mark, sergio. and others. and none of them ever got to see the oval office before because nobody took them into the oval office, our presidents. they employ tens of thousands of people. but i brought them into the oval office because they're going to be expanding their companies. cheers and applause] but they all told me the same thing. they explained that the previous administration promised you a sow dalled mid-term -- so-called mid term review of the federal efficiency standards. it was necessary because the standards were set far into t

i think the tpp itself may need to be modified, because it has very strict rules on prices and a bunch where china has been difficult in the short term. 0ther kind of modified version may be possible. for this company, more could be done to put the finishing touches on the trade agreement, like improving customs clearance. china and australia have become pretty happy bedfellows. in other business news, south korea's samsung electronics told shareholders this morning it is unlikely to adopt a holding company structure right now. the shareholder meeting comes as the chief sits injail on bribery charges. samsung electronics has been under pressure to simplify its ownership structure, which would have helped solidify the family's control over the company. american car manufacturer ford has signalled lower earnings for the first quarter due to higher spending and a drop in sales, including in china. ford is also losing market share in the us as lower fuel prices have led to customers choosing to buy trucks or suv ‘s, which have become more fuel efficient. we are wrapping up the first quarte

the tpp itself may have to be modified because it has been strict on prices and a bunch of other issueshort—term but a modified version may be possible. for this company, more could be done to put the finishing touches to the trade agreement, like improving customs clea ra nce agreement, like improving customs clearance but china and australia become pretty happy bedfellows. the show you how markets are trading in asia. it's a mixed picture. —— let us. we saw some numbers for japan earlier this week, the yen is still very strong. markets in the us are very flat. markets worldwide are waiting to see how that boat on the reform of the healthcare plan in us goes. that is the real issue for markets around the world. you up—to—date on the business stories. see you in a moment. a team of british scientists have made a major breakthrough in the treatment and diagnosis of tuberculosis by using gene sequencing, isolating different strains of tb which means patients who might have waited months to get the right drugs can now be diagnosed a little more than a week. the x on the left shows a health

[cheers and applause] bernie sanders: and immediately withdrew the united states from the tpp. cap my word. because all on the american auto industry, believe me is over. it is over. not gonna happen anymore. we are setting up a task force in every federal agency to identify and remove any regulation that undermines american auto production and any other kind of production. including the production of high-end, low end, big, small every form of automobile and truck. during my first week in office, i brought american auto companies to the white house. mary barra is here. sergio is here. and others. none of them ever got to see the oval office before. because nobody took them into the oval office. they employee tens of thousands of people, but i brought them into the oval office because they are going to be expanding their companies. [cheers and applause] pres. trump: they all told me the same thing. they explained that the previous administration promised you the so-called midterm review of the federal fuel efficiency standards. becauseecessary the standards were set way into th

things he has pronounced, he will renegotiate nafta, an electoral promise, he has said he will renege on tppal promise, but we will have to wait and see. trade has been very beneficial for the us and i hope they realise it will be so in the future as well. protectionism is on the rise in the us, what impact does that have on asian economies? when we look at the global rise of global protectionism, i don't see that in asia, asia will continue to engage with each other, other parties and with us to show that trade agreements are good for people and the economy and we will continue to stand up for free and and the economy and we will continue to stand up forfree and fair and the economy and we will continue to stand up for free and fair trade. the eu trade chief speaking to our very own karishma vaswani. the car industry is among those sectors facing the biggest threats from rising protectionism and barriers to global trade. as the uk threatens a ha rd global trade. as the uk threatens a hard exit from the eu that is. toyota's european boss told the bbc the japanese carmaker is planning for all

. >> the president of course has bailed on tpp. >> we did not support tpp because it did not protect our intellectual property. if you look at canada, australia, new zealand -- highly developed countries who are all free riding on inventions from the u.s. if you look at access for their population, i think it is safe to say that if there were 100 new products, australia and new zealand -- their population only has access to 30% of them. in the u.k., access to 47% of them. normally two or three years later after the u.s. their citizens are not getting quality health care. >> you are saying that is why canada is cheaper. >> canada is cheaper because it rations and it can because it free rides off of american innovation. in our industry, let me be clear -- we have sunk all of the money up front. you are not paying for the pill. the pill is an artifact. what you are paying for is all of the clinical trials, the knowledge and experimentation which tells you that the pill will do what it will do. the pill is irrelevant. it is just a way of getting that in your body. once you have done all

we pulled out of the tpp. >> a negative action but you haven't renegotiated one trade deal, not one. >> that's going to be coming. he's been in office like two months. let's remember, two months. we are accomplishing everything we promised, the repeal and replacement of obamacare and you have to say it's failed. people lost their doctors and insurance. one-third of the countries in the united states today have one offering. it's a bronze plan with $10,000 deductible. i don't know how many people in the audience have $10,000 in the cookie jar to cover their dedeckbl dedeckbles. >> they also don't have $10,000 for the health savings plan you want people to put money into. your plans have some challenges, as well. >> we're always going to have challenges because we're such a diverse country. we are going to give choice back to the american public. and the companies. the biggest thing we're doing by removing the employer mandate are all the shawl businemall bu america that want to grow beyond 49 employees and get the economy moving, they can do it, they can go to 60 employees, 70 employe

australia was an enthusiastic supporter of the tpp which was scuttled by the trump administration inashington. australia and china work together to counter the rising tide of protectionism. of course free trade can only thrive in a peaceful and stable environment. know thisountries well and we believe china has much to contribute to global peace and prosperity in this time of rapid change. an iconicere is american department store chain facing possible shutdown. >> sears is a major figure in the u.s. dating back to 1886. it is one of the most famous names in the history of american retail. a changing marketplace with major shifts in shopping preferences has hit u.s. department stores hard. even the continued existence of sears is uncertain. once the giant of american retail, today the future of sears is in doubt. the company hasn't made a profit since 2011 and on wednesday shares fell by more than 12%. products across a huge range of sectors including appliances and toys. analysts say its failure to adapt to the modern marketplace including the rise of online shopping has contributed