but for u.s. car e-15 is fine. >> how far do you think we can go with ethanol in our cars, in most cars out there today? >> e-15 is where we're at today. it would require redesign of fuel systems. you have to actually look at every single part that touches the fuel in the car to go higher, so we're not prepared to really talk about anything higher today. it may be technically possible. but for today e-15 is what's okay. >> okay, thank you. i yield back. >> gentleman's time is now expired. chair recognizes mckinley for five minutes. >> thank you, mr. chair man. i'm curious from your testimony. i was just googling the federal trade commission, their website and their consumer division within the federal ftc.gov says that higher octane gasoline offers no benefits. it won't make your car perform better, go faster or get better mileage or run cleaner. i'm trying to reconcile that with all the testimony we've been hearing and all this debate so who's right? federal trade commission? if it's not going to run

u.s. car. i appreciate to being alphabetically to appear before you to discuss the importance of increase of octane gasoline. the automotive industry is changing as an unprecedented pace. this requires mobility stake holders to be better accord fated and to develop strategies together. as the committee explores options, such as changes to u.s. fuel standards that may include higher octane gasoline, it is necessary that the industries involved in this opportunity work more closely together in order to ensure that consumers benefit and our industries remain strong. we believe increasing the minimum octane level in u.s. gasoline for new vehicles will be a win for all industries and most importantly consumers. today, you will hear from many stake holders involved in changing liquid fooul market. this change requires the commitment of all parties. i would now like to take a few minutes to discuss the role of the automotive industry. currently, many facets of the traditional automotive business are

cars are a major sticking point in the trade conflict between the world's two biggest economies the u.s. pays a twenty five percent tariff on cars it brings to china while china only pays two point five percent in judy's on cars it exports to the u.s. that's not the complete picture the u.s. sells six times more cars in china than the other way around but appeasing washington was the thrust of chinese president xi jinping speech to an audience of international business leaders at the forum of young. she charge we will lower the import tariffs for cars. john b. at the same time we will lower the import tariffs of some other products the only legal there are cards to respect the people's demands for special superior product imports. she also pledged improved access to the financial sector and stronger intellectual property rights although the u.s. was not specifically mentioned she speech seemed aimed at addressing the sources of the trade conflict his words were welcomed by markets the world over but china has made similar commitments before with little implementation this time around ho

u.s. it's worth mentioning that in europe they have made no settlements with car owners there and that's a big issue and of course he's been with folks who are going to as diesel has become a synonym for dirty and not clean meanwhile he's also had to oversee continued efforts to electrifying volkswagens models and to expanding its position in china so these are major task for someone for anyone and especially with someone who might not even be happy to be in that position. now however folks did say when the scandal came out that they wanted a change in their corporate culture and we know that there's a potentially new named habit d.s. who is in the company does he represent that kind of corporate culture change so as the piece that we just saw decent course has a reputation as a cost cutter and that means that the unions probably aren't going to like him that much is he a change in culture for volkswagen probably not look at his age for example he's roughly the same age as miller look at where they both come from they both have long histories in the german auto industry and of course decen

well, he's relaxing them, epa embattled scott pruitt relaxing on the u.s. cars says you have to be environmentally protective on foreign cars. >> this is a slippery slope. the chinese do bad stuff, we shouldn't trust them and they want to win an economic war, we get that. we should take measures. liz: they steal our ideas. >> they steal our stuff. we played rough with other places over the years. we're not a charity here. so let's be real clear here. we're here and have to guard against. that liz, two ceos, i reported this earlier today. i'm not going to say who they are. you will know who they are, major ceos, went to trump and said this, tit-for-tat trade wars never are good. this could escalate. liz: establishment, old school guys. that's what trump would say. >> they're richer than he is. they are. i know this. and run major companies. he's never run a major company. what they're saying is -- the trump administration isn't a major company. you go for tit-for-tat trade war, you're going to lose. do a comprehensive trade agenda where we go after them. it's lik

u.s. goods are affected by the tariffs they include soybeans cars and beef that will make those products more expensive for chinese consumers for american producers it will mean fewer exports to china a major market the trade dispute has now entered the next phase and only about is tracking this story from the financial center of frankfurt all the while both sides just end up scaring away customers doing themselves harm. the end of the day. yes that's the outcome it's a lose lose situation who are whomever you talk to who knows a thing or two about trade and about international economic trade. you're going to have job losses you're going to have less growth you're going to have consumers looking at higher prices you're going to have higher interest rates perhaps people who are betting on lower interest rates for some time having trouble with their mortgage at home in the united states or perhaps in china as well and of course because of the size of the economies china and us being at the top of the world economy you're going to have everyone else in the boat as well for example a german indus

president trump proposed the latest terrace in response to china levying tariffs and u.s. cars and soybeans that was also in retaliation to an initial round of terrorist washings and put on chinese products critics warned that an all out trade war could hurt the u.s. farmers worried this is the one thing that keeping an eye on what's happening out of washington what's happening with the markets that directly affects our lifestyle directly affects our pocketbooks in the way we planned for the following years are we going to pay all the bills a share or are we gonna buy a new piece of equipment. you know do you get your kids you know a couple new pairs of shoes more than half of us lojban exports go to china so for us farmers any escalation of this trade dispute means they'll while it's could be taking a direct hit but this is a spot that even the u.n. secretary general is watching closely. well first of all to the wars are always the dead for those involved in the good war and for the international economy as a whole. we need to do it in the international cooperation we would do

u.s. where it sells many cars much remains at stake. and for more on this a new main trade war and what it means the global trade i'm joined by japan that chima know from did all these business trip on that let's first of all talk about this imbalance i mean you have china's tariffs affecting some three billion dollars goods from the united states. tariffs affects some goods from china with sixty billion dollars why would your china hold back well i mean the chinese are obviously sending a warning shot with the three billion dollars in tariffs that they've just announced and which went into effect today but they may be holding like their biggest chip bargaining chip that is they holding it close and till maybe get talks underway and they can actually use it to negotiate and that's the tires they could have in soybeans especially sixty percent of exports soybean exports from the us gold to china so that's a major market for the us and. that's something the chinese may be holding onto for now as a bargaining chip for any discussions regar

u.s. goods are affected by the terrorists they include soybeans cars and beef that will make those products more expensive for chinese consumers for american producers it will mean fewer exports to china a major market the trade dispute has now entered the next phase. and only about is tracking this story from the financial center of frankfurt all the while both sides just end up scaring away customers doing themselves harm. the end of the day. yes that's the outcome it's a lose lose situation who are whomever you talk to who knows a thing or two about trade and about international economic trade. you're going to have job losses you're going to have less growth you're going to have consumers looking at higher prices you're going to have higher interest rates perhaps people who are betting on lower interest rates for some time having trouble with their mortgage at home in the united states or perhaps in china as well and of course because of the size of the economies china and us being at the top of the world economy you're going to have everyone else in the boat as well for example a german

if you look at the u.s. carket, volkswagen only has a market share of roughly 2% here in the united states. so they are not such a big player over here. in the last time that volkswagen had a market share of around 5% in the u.s. was actually in the early 1970's, so it will not be easy to achieve this goal. javier: it will certainly take a lot of time. thank you very much for the analysis. that's all from the business desk. back to brick now with use from the -- news from new york. brent: in the last hour, russia has vetoed yet again a un security council resolution put forward by the united states. the draft called for a probe into the alleged use of chemical weapons in syria last weekend. meanwhile, the organization for the prevention of chemical weapons says it will start its own investigation and is sending inspectors to syria. syrian opposition activists say a gas attack killed dozens of people near damascus. they blame the syrian government, which denies any involvement. the u.s. has warned of a possible m

here in the united states but that's not going to be easy to achieve the goal if you look at the u.s. car market and. only has a market share of roughly two percent here in the united states so they're not such a big player over here and the last time that we had a market share of around five percent here in the u.s. was actually in the early seventy's so it's not going to be easy to achieve this goal it would certainly take a lot of time thank you very much and caught it in new york for the analysis. that's all from the business desk. with some news from the u.n. security council in new york that's right here thank you in the last year has vetoed yet again a u.n. security council resolution put forward by the united states the draft called for a probe into the alleged use of chemical weapons in syria last weekend meanwhile the organization for the prevention of chemical weapons says it will start its own investigation and is sending inspectors to syria syrian opposition activists say a gas attack killed dozens of people near damascus they blamed the syrian government which denies any inv

economy minister peter here in germany he said they might actually agree to reducing the terrace for u.s. cars and so that's where it looks like it's going for now and we also had discussions between merkel and trump last week and in a separate coal spoke with the french president manuel mccollum so it looks likely e.u. germany likely to side with the u.s. and a lot of toll trade told not to trade war just yet. jim. thanks so much for this. the gulf nation of bahrain has discovered the biggest oil fields in the country's history the field which is located off the country's west coast will do wolf. according to the bahraini government details about size and extraction viability out to be released by the oil ministry at a news conference later this week but rain isn't a major oil producer it's on the rank fifty seven when it comes to the oil production. thus staying in the region some big changes underway in saudi arabia both economically and culturally tara absolutely and also socially to some degree many many of these changes affecting women that way saudi arabia is known as one of the world's

president trump proposed the latest terrorist in response to china levying towers and u.s. carsand soybeans that was also in retaliation to an initial round of terrorist washings on put on chinese products critics warn that an all out trade war could hurt the u.s. farmers worried this is the one thing that keeping an eye on what's happening out of washington what's happening with the markets that directly affects our lifestyle directly affects our pocketbooks and the way we plan for the following years are we going to pay all the bills a share or are we going to buy a new piece of equipment. you know do you get your kids you know a couple new pairs of shoes more than half of us lojban exports go to china so for us farmers any escalation of this trade dispute means they'll while it's could be taking a direct hit but this is a spot that even the u.n. secretary general is watching closely. because of altered wars are always the best for those involved who did war and for the international we're going to be usable. we need to do in the international cooperation wherever there is a p

being preventing u.s. car manufacturers from fully owning local companies will come to an end. a promise to end those restrictions could go some way to heading off a trade war china is so important to foreign car manufacturers that some now choose this market to launch new models. china has the highest concentration of car ownership in the world more than twenty four million vehicles were sold last year and a growing number of the cars now clogging china's roads are electric powered. their popularity is partly down to generous subsidies available to both buyers and manufacturers the government sees electric cars as both a way to clean up smog choked cities and to become a market leader in green technology technology development but you don't want the western countries inventing their traditional car that's why the chinese government went obvious on electric cars to overtake the west. and the government has another ambitious goals for electric cars to account for a third of all chinese car sales within seven years adrian brown al-jazeera beijing . protests here with us a very un

by reducing the cafe standards, you will allow more pollution on american streets and make u.s. cars less competitive with overseas manufacturers. yes or no. did the $4 million you received from the oil and gas industrial influence your decision? secretary pruitt: the decision we made was a decision based upon the record. mr. mcnerney: administrator pruitt i find it interesting you personally benefit from many of your decisions and actions that ultimately harm the people of this country, especially people who have little or no ability to fend themselves. i yield back. >> the gentleman yields back the balance of his time. the chair recognizes the gentleman from texas, mr. flores. mr. flores: secretary produce, thank you for joining us. let me start by going chairman shimkus' comments. i'm pleased that the agency is beginning to look at its authorities after 2022. i would like to respectfully remind the e.p.a. administrative actions prior to that time are limited by statute. accordingly, i request that the agency work with congress, particularly chairman shimkus, mr. welch, and me as w

cheryl: that you preparing to offer a mini trade deal to president trump would lower tariffs on u.s. carss on doom aluminum. craig Öland joining us now from london. so, is the thinking from the e.u. that the president will be open to the software? >> i ultimately think this is what the president is looking for. the president is looking for ways to increase trade with the companies as he stated previously. i think he is using it as a way to push the agenda en masse. the e.u. comes back with an offer that reduces. ultimately, he's going to be open to the senate could be the start of what is likely to be long talks towards a trade partnership returning the two behemoths. adam: let's switch to something that's got her attention here in europe. face the politicians from the e.u. who want mark zuckerberg to come to europe to i guess testify about the privacy act. 3 million europeans had some of that data is stolen is the wrong word, but compromise is part of the cambridge analytic issue. how is that playing over there? >> politically it seems that a good move. one of the things we learned from

u.s. products. the measures which call for addition aal t aal 25 tariffs i tariffs on soy, wheat, airpla airplanes, carse this after the u.s. announced tariffs on $50 billion worth of chinese imports. let's see how markets are taking this news. it did just come out about a half hour ago. that's why we are seeing those four bourses trading in the red after trading briefly green earlier. xetra dax is leading the declines this morning, down more than 1%. cac 40 also struggling in this session. let's switch to sectors and look at where some of the leadership is coming from oil and gas is still the only sector trading in the green. doesn't look like it will be there for long technology stocks yet again struggling, down 1.6%. banks also down 1.4% chemicals down 1.3%. broadly speaking almost every sector has been hit by this news we had a few corporate announcements earlier, but the main macro story this morning has been about the tariffs let's look at foreign exchange and see how the currencies are reacting here. you can see euro/dollar is trading higher back through 1.23 again. dollar/yen, big currency pair.

their breath for the past few weeks but here at this show they're not holding back their brands u.s. car companies enjoy a very high profile here in china general motors for instance sold around four million vehicles in china last year general motors now sells more vehicles here in china than it does in the united states the other dominant theme at this auto show is electric cars china government really is pushing green technology right now and it's such an ambitious goal it won thirty percent of all cost sales seven years from now to be those of electric vehicles and one of the ways that it's doing that . is offering generous incentives and subsidies not just to buyers but also to manufacturers and that could well entails that the government is able to meet that very ambitious target malaysian police say they believe two suspects in the killing of a palestinian hamas member are still in the country but they don't know who they are they have released a new photo fit image of one of the men the thought of shot. at least fourteen times in the back last saturday he was heading to a mosque i

why is that the case makers like mercedes, bmw make their cars in the u.s. and will export them out of the u.s. into china. they're getting hit hardest by the latest measures announced by china. every time we get more talk about tariffs, it seems european automakers lead the down trade just point your attention to basic resources, down 1.4% we have technology a focus, down 0.7% as well the main story, president trump has threatened to stop a fur thr 1$100 billion on chinese products trump instructed the united states trade representative to consider whether additional duties would be appropriate "in light of china's unfair retaliation. the chinese commerce ministry responded to president trump's comments it says it does not want a trade war, but is not afraid of one. it squarely blames the united states for this trade conflict and says it will take new comprehensive measures to safeguard interests. earl already an advisor to china's ranki ining regulatory commission talked about the comments by president trump. >> the whole world was subject to a massive lab

. >>> coming up, china's car rrevolution. orter: as demand in china for u.s.-made cars and trucks continues to grow, so does the appetite of the united states for vehicles made here in china. auto show.ebeau at the beijing that story coming up on "nightly business report." >>> ford reported a rise inof that was better than expected helped by better tax rates and cost-cuttingmeasures. they're facing rise in commodity costs and they're looking at the recentme con shift for bigger vehicles. the stock rose in after hours traking. >>> sg of which, electric cars and suv are getting a lot of attention at the beijing auto show. this year for the first time ever tesla is at thishow trying to take advantage of new opportunities in the world's largest automutile market, as phil lebeau reports now, there are also a number of challenges. >> reporter: with nearly 100 unveilings of new models, the about auto show is all who can getat the mtention, and by that measure, tesla is doing well. its models are a common sight around china, and last year most one out of every five te

u.s. alone on car ownership. eve that will fundamentally shift to transportation as a service, so by focusing on not just the u.s., but personal transportation, logistics and other things, by focusing on what i believe to be the largest market opportunity in the world right now, we can build a fantastic business. ♪ john: we need to replace car ownership. whether or not it costs a lot to do the r&d, it is ultimately where the business is going and will ultimately provide a net positive benefit to society. ♪ ♪ emily: there is a war for talent, but also a war for drivers. i'm curious what your value proposition is to drivers when there's another company out there that is aggressive about recruiting? john: we have historically, and need to continue, to treat drivers better than any other company. thatis not one feature and is not one action. that is a collection of features or actions. lyft drivers are more happy with lyft than uber drivers, but they say they earn more. emily: you are also pushing into driverless cars

u.s. alone on car ownership. e that will fundamentally shift to transportation as a service, so by focusing on not just the u.s., but personal transportation, logistics and other things, by focusing on will what i believe to be the largest market opportunity in the world right now, we can build a fantastic business. ♪ john: we need to replace car ownership. whether or not it costs a lot to do the r&d, it is ultimately where the business is going and will ultimately provide a net positive benefit to society. ♪ ♪ emily: there is a war for talent, but also a war for drivers. i'm curious what your value proposition is to drivers when there's another company out there that is aggressive about recruiting? john: we have historically, and need to continue, to treat drivers better than any other company. that is not a feature or action. that is a collection of features or actions. lyft drivers are more happy with lyft than uber drivers, but they say they earn more. emily: you are also pushing into driverless cars. when did

if china really isn't slapping a 25% tariff on u.s. cars the chinese consumers can purchase with their new buying power whatever they feel the best car is? >> larry kudlow made an interesting point. ever since he's been put in his position as the chief economic adviser, there's been a calm in the markets. the point he made there, nothing is in place yet. there's no trade war, no certainty involved in this yet. so markets are enjoying some calm today. >> larry kudlow is an excellent communicator. like even removing his market watching and investing career, this is someone who has been on television nor decades and knows how to talk. he can do an interview. he did when he was with chris wallace yesterday and "fox news sunday" run into trouble with a comment that he made on friday. he said there's a number of nations on board. chris wallace asked him to name the nations. he couldn't do that. that's part of the problem that president trump creates for his team. it's on the fly that it comes out. in a infrastructure rally. we're going to take pe

if we did remove them on u.s. cars going into china, would it make that much difference?sn't a lot of the chinese demand for foreign autos the very expensive land rovers and bmws which already retail at a price well above the u.s. cars >> right and they continue to sell very well here. so you have a good point there that the wealthy in china will continue to buy these vehicles but what auto executives are seeing is growing demand if the rural cities a lot of cities people have not heard outside of china if they could offer suvs built in the united states at a lower price point, maybe not as expensive as they currently sell for, that would certainly be intriguing i think the auto executives would say, sure. let's perhaps increase production a bit in the united states >> all right we'll see. phil, thank you. phil lebeau there. we'll change to the broader markets. the dow is down as much as 200 points in early trading. now we're hanging onto a gain of $1.21. >> more on what is driving today. >> much more eventful than yesterday. i want to echo boeing here 9.4 million shares

and light trucks sold in the country and how much a u.s. car has to be made in u.s. factories.t doesn't like the u.s. is given to much ground on that. there are some hard deadlines coming up for the u.s. and for mexico. mexico has a presidential election this year which would ensure a new president coming in. of course, there are the u.s. midterm elections and should democrats take over congress, it is possible they would take another look at a trade deal struck by the trump administration and say we like this. that is a motivating factor for the trump administration and the three parties to hurry up and get a deal done, possibly within weeks. essentially, the trade negotiations are working in washington full-time trying to push this through. yvonne: thank you so much. we will keep our eye on net to end trade. the latest round of earnings, that is likely influencing the direction of stocks. investors are focused on fresh economic numbers. and of course this meeting between president trump and shinzo abe. let's talk about earnings and retail sales numbers tomorrow. >> earnings w

u.s. products including soybeans cars alcohol and tobacco the move is a reaction to planned u.s. tariffs off twenty five percent on chinese imports. russia's foreign intelligence agency chief has accused the u.s. and the u.k. of concocting the poisoning of former spies and his daughter and russian say again that it made the comments that a security conference in moscow says washington's actions towards russia means they can now talk of a return to the cold war era. and leaders of iran russia and turkey meeting and for a summit on sylvia's a seven year war or three a key powerbrokers of the conflict with a significant military presence and serbia. a boat carrying nearly sixty one hundred refugees has reached malaysia the group's journey began from a bang and they shoot refugee camp at cox's bazaar the refugees the sheltering. among hundreds of thousands of all those who fled violence in myanmar the bolt headed through southern sea routes where it was intercepted by the time navy stopping on an island in the krabby province the group was given supplies and its way the vessel was th

u.s. imports the main areas affected entered soybeans cars and chemical products or china had already announced tariffs on one hundred twenty. eight u.s. products including pork wine nuts and fish that's about three billion dollars worth of goods the u.s. has a pause and twenty five percent tariffs off its own on thirteen hundred chinese products mainly in the medical industrial and transport sectors and those cover fifty billion dollars and imports well this rapidly escalating trade dispute was set off last month and washington announced why did duty use on steel in the minium imports the u.s. is also accusing china of intellectual property theft and claims that beijing pressures foreign companies to hand over technology adrian brown has more from beijing. china moves swiftly to announce its counter measures on wednesday and as advertised it includes some big ticket items soybeans cars chemicals but not mentioned at the news conference given by officials from the commerce and finance ministries was aviation yet if you go to the website of the commerce ministry aviation is there right at the bo

hours later, china fired back with an equal amount of tariffs on u.s. carsanes, and soybeans.brian duncan / vice president, illinois farm bureau: the market price of soy beans dropped 40 cents this morning. american soy bean producers, are down $1.6 to $1.7 billion today. yes, we feel like a casualty.peter navarro / assistant to the president, director, office of trade and manufacturing policy: secretary of agriculture is aggressively working out plans to assist any american farmers that are threatened by these actions. now with the potential new tariffs - no one knows which u.s. exports could be hit next with chinese taxes.the u.s. national retail federation accused trump of "playing a game of chicken with the nation's economy".president donald trump: i'm not saying there won't be a little market's gone up 40% 42%, so we might lose a little bit of it. but we're going to have a much stronger country when we're finished. in washington, i'm natasha chen reporting. coming up at eight.. a groomer accused of abusing a small dog ... and it is all caught on camera.

our own jeff flock was told by a big auto executive. 200 to 300 bucks slapped onto the price of u.s. carsbecause of the steel tariffs and the problems. we're starting to see unintended consequences. we talked to a guy named jim howard who has a business in the carolinas, a small one. listen to what he said and harkens back to he knew price hikes were coming because he's seen this movie before, listen. >> they would have a hard time explaining what is the difference and costing that much more to produce the same product that i was buying two months ago for half of the money. liz: he remembers the bush steel tariffs which were so shortened because they started causing all kinds of jobs lost. what do you think these steel tariffs will do. any different? >> the interesting thing is there are so many exclusions but prices are still going up, and what tends to happen is that tariffs almost give a license to companies to raise their prices. maybe in anticipation that the exclusions will come off or just simply that because you're going to have an umbrella and some of your competitors will be sub

bringing u.s. cars into tariffresults in a 10% or european cars can go with a 2.5% tariffs. ng that needs to be leveled. beyond the current account surplus, the budget surplus has to be a concern. the u.s., france, and the u.k. were spending money to right wrongs in syria from his point of view. they don't even have military equipment with which to make a military strike even if they wanted to. they are not spending enough money to support the nato military. how is that going to change? absolutely's correct. he's going to want germany to spend more. also feel the same way. military spending is unfortunately something that the germans still cannot get over. only about a quarter of germans think that the country needs to play a more significant role in military affairs in the global -- on a global level, and that's a problem. right now, germany has not made the 2% commitment that we have all made, that all countries made during the nato summit in 2014, and it does not look like they will reach that 2% goal by the end of this legislature period. thanks very much. deputy director

cars are a major sticking point in the trade conflict between the world's two biggest economies the u.s. pays a twenty five percent tariff on cars it brings to china while china only pays two point five percent in judy's on cars it exports to the u.s. that's not the complete picture the u.s. sells six times more cars in china than the other way around but appeasing washington was the thrust of chinese president xi jinping speech to an audience of international business leaders at the forum of young. we will lower the import tariffs for cars. young at the same time we will lower the import tariffs of some other products. only legal there are cards to respect the people's demands for special superior product imports. she also pledged improved access to the financial sector and stronger intellectual property rights although the u.s. was not specifically mentioned she speech seemed to have that addressing the sources of the trade conflict his words were welcomed by markets the world over but china has made similar commitments before with little implementation this time around however the st