u.s. department of commerce could have some troubles finding someone who actually supported the tower. yes you're right. old bob one of forty five witnesses scheduled to testify today are expected to testify against. those terrorists on important cars and car parts one representative on the labor union of the united. workers expressed today a sort of measured supports saying that decades of disinvestment and. you as jobs multi-nation oil companies has weakened you as economic security as a nation but old al gore witnesses i was listening to were quite sure they wanted the consequences of such terrorists would be on the floor scene and this stressed that the u.s. car industry is thriving so there is no case here no threat to u.s. national security ok so let's cross over to new.

u.s. commerce department launched hearings into import duties that's import duties on cars and here's why trump's tariffs don't just affect imported cars but vehicles made in the usa too because his measures put a levy on parts as well let's look at two cars honda civic an l d q five the compact car today costs just over seventeen thousand dollars but see what happens when we slap on trump's judy's the price shoots up by almost one thousand seven hundred dollars the luxury s.u.v. comes off even worse a price increase of almost nine thousand either the consumer all the company will have to eat that cost of higher costs means cutbacks from the u.s. tariffs alone that could mean as much as one hundred ninety five thousand jobs lost factor in retaliation by foreign countries on an equal basis as many as six hundred twenty four thousand u.s. jobs could be slashed and today workers in the industry have made their anger clear . inevitably everyone arrived but auto pick up trucks made in the u.s. even japan's toyota belongs to the u.s. automakers alliance along with names like general motors ford

u.s. department of commerce could have some troubles finding someone who actually supported the. yes you're right. old but one of forty five witnesses scheduled to testify today are expected to testify against plan to impose tariffs on imported cars and car plants only one representative on a labor union of fifty united automobile workers expressed today a sort of measure and supports saying that decades of disinvestment and all showering of you as jobs by multi-nation oil companies has weakened you and economic security as a nation but old al gore witnesses i was listening to were quite sure they once did the consequences of such terrorists would be on the floor scene and this stressed that the you ask car industry is thriving so there is no case here no threat to u.s. national security ok so let's cross over to new york now yes we heard about consumers and employees already but what will be the effect on companies themselves well quite simply the margins in the u.s. car industry are actually that's true for the car industry globally are not very high so meaning if costs increas

u.s. compliance officers it was only in april that the company suspended most operations after the commerce department imposed a seven year ban from buying u.s. components and technology said he relies on u.s. companies for nearly one part in every four that go into its networking hardware and smartphones he said t e pleaded guilty in march twenty seventh teen to having shipped equipment to iran and north korea in violation of u.s. sanctions after they were slapped with a fine the company promised to discipline employees involved in the scheme but the commerce department said this week that those employees were paid bonuses instead. china is pumping more money into venezuela and the venezuelans continue to pump crude at rock bottom prices to power the globe second biggest economy the south american nations oil sector is ailing and desperately needs a cash injection the china development bank is investing over two hundred fifty million dollars billions more could be on its way as the countries discuss the special lowered prices stricken venezuela is dogged by corruption mismanagement and stolen investm

u.s. commerce department maintains that china mobile which has around nine hundred million customers worldwide poses a national security threat it's applied the same term to other chinese telecoms firms including that which is accused of doing business with north korea and iran after already having violated sanctions. while way which the united states accuses of trying to spy on american people the backdrop to all of this at tit for tat terrorist spot between the united states and china that's showing no signs of letting up a far cry from the relationship of the world's top two economies hard when china mobile first applied to operation the united states back in twenty eleven and of course markets are watching all this very closely trading wrapped up early on wall street ahead of the fourth of july public holiday and we asked our financial correspondent what traders have to look forward to when they get back. investors on wall street certainly can take a breather on a fourth of july to get a ready for a big friday when all those tariffs whiz than the united states and china supposed to kick of

u.s. commerce department maintains that china mobile which has around nine hundred million customers worldwide poses a national security threat it's applied the same term to other chinese telecoms firms including. which is accused of doing business with north korea and iran after already having violated sanctions. while way which the united states accuses of trying to spy on american people the backdrop to all of this at tit for tat terrorist spot between the united states and china that's showing no signs of letting up a far cry from the relationship of the world's top to connally's heart when china mobile first applied to operate in the united states back in twenty eleven. of the wall street where trading early ahead of the fourth of july celebrations tomorrow friday is going to be an even bigger day. before the storm before those tariffs from both sides the for the u.s. and china hit the trade certainly remains all the rage here on wall street and it looked like the calm before the storm but then actually we saw reports that chip maker mike went to good knowledge has been blocked to sell ce

u.s. commerce department launched hearings into the import duties here is why trans terrorists don't just a fact important cost but vehicles made in the u.s. too because his measures put a levy on parts as well so let's look at two foreign cars the first one hundred civic and an audi q five now the compact car today just over seven hundred thousand dollars but see what happens when we slap on trump's u.t.c. surprised by almost one thousand seven hundred dollars the luxury asked. even worse a price increase of almost nine thousand either consumer or the company will have to eat that costs and higher costs cutbacks now from the u.s. and that could mean as much as one hundred ninety five thousand jobs lost factoring in by foreign countries on an equal basis as much as six hundred twenty five thousand hewas jobs could be slashed protesters in washington have made their anger clear. inevitably everyone arrived but auto pick up trucks made in the u.s. even japan's toyota belongs to the u.s. automakers alliance along with names like general motors ford and folks. all of them produced in the u.s.

u.s. commerce department launched hearings into the import duty and here is why trans terry still just a fact imported cars vehicles made in the u.s. two that's because his mattias put a levy on parts as well but let's look at two foreign cars first that's a honda civic and an audi q five now the compact car today cost just over seventeen thousand dollars but say what happens when we slap your niece the price shoots up almost one thousand seven hundred dollars a luxury as your columns off even worse a price increase of almost nine thousand either consumer or the company will have to eat that cost and higher costs mean caught backs of course from the u.s. tariffs alone that could mean as much as one hundred ninety five thousand jobs lost factor in by foreign countries on an equal basis as many six hundred twenty four thousand u.s. jobs could be slashed and protests in washington have made their anger clear here is more. it inevitably everyone arrives but pick up trucks made in the u.s. even japan's toyota belongs to the u.s. automakers alliance along with names like general motors ford and fol

u.s. commerce department watched hearings into the import duties on cars. ump's tears do not just affect imported cars but vehicles made in the u.s.. his measures put a levy on parts as well. the compact car today cost just over $70,000. see what happens when he saw fun trumps today's? the pressure to. -- price shoots up. how much of that will consumers actually pay depends on how much the company's ability to a just cause -- costs. the bbc for debbie stats and report the job loss from the stairs alone could be as high as 195,000. if we factor in retaliation from foreign countries, that could be as high as 624,000. today, workers in the industry have made their anger clear. >> inevitably, everybody arrived by auto. even japan's to blog silly american automakers alliance. all of them produce in the u.s. and all are affected. >> if we put very high taxes on cars in the united states and keep in mind, every single car or truck sold in america would face price increases. higher taxes will lead to fewer sales. less production will risk american jobs. >> hundreds

u.s. compliance officers it was only in april that the company suspended most operations after the commerce department imposed a seven year ban from buying u.s. components and technology said t. he relies on u.s. companies for nearly one part in every four that go into its networking hardware and smartphones. pleaded guilty in march two thousand and seventeen to having shipped equipment to iran and north korea in violation of u.s. sanctions after they were slapped with a fine the company promised to discipline employees involved in the scheme but the commerce department said this week that those employees were paid bonuses instead. time to talk football. those are anger and found sort of racing over british capital yesterday after their team's winter games to come up here and dishes of football's coming home chopped off a dramatic day of the world cup so the three lions go through the quarterfinals for the first time since two thousand and six. d w social media editor janet drita actually an expat from use water here to talk us through the action probably both to start with you yannick so good when th

for us in washington outside the commerce department as our us bureau chief alexander phenomena at the new york stock exchange financial correspondent. start with the u.s. commerce department is holding hearings on the tariffs do you think they'll find anyone in favor of them it seems there's widespread opposition. yes you're right. old but one of forty five witnesses scheduled to testify today are expected to testify against plan to impose tariffs on imported cars and car plants only one representative on their labor union of the united auto workers expressed today is sort of measure and supports saying that decades of disinvestment and all showering you as jobs by multi-nation oil companies has weakened you as economic security as a nation but old all were witnesses i was listening to were quite sure they wanted the consequences of such terrorists would be on the floor scene and this stressed that the you ask car industry is thriving so there is no case here no threats to u.s. national security ok so let's cross over to new york now yes we heard about consumers and employees already but what will be the effect on companies themselves well quite simpl

u.s. compliance officers it was only in april that the company suspended most operations after the commerce department imposed a seven year ban from buying u.s. components in technology said t. he relies on u.s. companies for nearly one part in every four that go into its networking hardware and smartphones said t e pleaded guilty in march twenty seventh teen to having shipped equipment to iran and north korea in violation of u.s. sanctions after they were slapped with a fine the company promised to discipline employees involved in the scheme but the commerce department said this week that those employees were paid bonuses instead. well politicians can be notorious for saving disappointing news for an otherwise busy day and just as the football world cup rolled around the russian government announced a sweeping pension reform pushing up the official retirement age but world cup or no wealth cup the reform is facing some stiff opposition. it's been a long day and olga played minge of a needs a cup of tea after thirty years of working as a hospital doctor she was planning to retire next spring and just

u.s. commerce department will continue to investigate this issue of possibly imposing those new tariffs ons and auto parts. jericka duncan, cbs news, new york. >>> well, coming up on "cb ahead, we went undercover to see how addicts are being paid hundreds of dollars to undergo surgery that promises to stop cravings. >>> plus, the recent heat wave has peeled back layers of history in ireland's landscape. jonathan vigliotti traveled to ireland to see the prehistoric monument being revealed for the first time. >>> and the instagram effect on travel. how social media platforms have become the modern-day travel agents and their influence of vacation trends. that's the "cbs morning news" for this friday. i'm anne-marie green. have a great day. -- captions by vitac -- www.vitac.com -- captions by vitac -- www.vitac.com it's friday, july 20. i'm kenny choi. >>> the bay bridge. a clear shot this morning. it's friday, july 20th. i'm kenny choi. >> i'm melissa caen. time now 4:29. here's neda iranpour with weather. >> good morning. we do have a little fog out there this morning but not as intense as

u.s. commerce department launched hearings into the import duties on costs and here's why trump's tariffs don't just affect imported cars but vehicles made in the usa too because his measures put a levy on parts as well as a good two cars a honda civic and an audi q five the compact car today costs just over seventeen thousand dollars as we can see there but see what happens when we slap on trump's judi's the price shoots up by almost one thousand seven hundred dollars the luxury s.u.v. comes off even was a increase of almost nine thousand dollars on that car so how much of that consumers will actually pay depends on how much the companies are willing to eat the costs and higher costs mean cutbacks the peterson institute which worked out these stats also reports that job losses from these tariffs alone could be as much as one hundred and ninety five thousand. now that's the job losses but if we factor in retaliation by foreign countries on an equal basis that could be as high as six hundred twenty four thousand and today workers in the industry have made their anger clear. inevitably ever

u.s. commerce department maintains that china mobile which has around nine hundred million customers worldwide poses a national security threat it's applied the same term to other chinese telecoms firms including that which is accused of doing business with north korea and iran after already having violated sanctions. while way which the united states accuses of trying to spy on american people the backdrop to all of this at tit for tat terrorist spot between the united states and china that's showing no signs of letting up a far cry from the relationship the world's top two economies hard when china mobile first applied to operation the united states back in twenty eleven. societe generale is buying the equity markets and commodities business of germany's spunk the acquisition still needs regulatory approval and would enable the french institution to expand its operations in europe's largest economy the news comes after speculation germany's largest the most trouble linda deutsch a bank had been considering a merger with comments bank. let's talk about this with the red bulls in our financial

u.s. commerce department that imposing tariffs of twenty five percent an important cost and parts will have to exacerbate the facts on the economy based public hearing is set to begin today. this plant in the mexican city of sea level is run by american multinational general motors each year it produces four hundred times and pick up trucks destined for the u.s. market. it's just the kind of operation u.s. president donald trump has tried to clamp down on he wants american carmakers to. at home. but such protectionist rhetoric often overlooks the importance of america's own export markets staying with the example of general motors some five thousand of the company's employees in the united states produce parts which are assembled in mexico. if the united states follows through on its threat to impose tariffs on car imports the cost of pickup trucks in the u.s. would be very likely to increase for general motors that could mean job losses in both mexico and the united states and that's just one example of the potentially disruptive effect of the protectionist measure. the lines of automobile

u.s. commerce department maintains that china mobile which has around nine hundred million customers worldwide poses a national security threat it's applied the same term to other chinese telecoms firms including that which is accused of doing business with north korea and iran after already having violated sanctions and while way which the united states accuses of trying to spy on american people the backdrop to all of this at tit for tat terrorist spot between the united states and china that's showing no signs of letting up a far cry from the relationship of the world's top two economies hard when china mobile first applied to operation the united states back in twenty eleven. markets are of course watching very closely trading is wrapped up early on wall street ahead of the fourth of july public holiday and we asked our financial correspondent what traders have to look forward to when they get back. investors on wall street certainly can take a breather on a fourth of july to get a ready for a big friday when all those tariffs whiz than the united states and china supposed to kick off we a

u.s. compliance officers it was only in april that the company suspended most operations after the commerce department imposed a seven year ban from buying u.s. components and technology said he relies on u.s. companies for nearly one part in every four that go into its networking hardware and smartphones said t e pleaded guilty in march twenty seventeen to having shipped equipment to iran and north korea in violation of u.s. sanctions after they were slapped with a fine the company promised to discipline employees involved in the scheme but the commerce department said this week that those employees were paid bonuses instead. well we talked about the transatlantic trade dispute earlier but don't forget china u.s. tensions are at play here too like we just saw a fresh round of import tariffs are going into effect between china and the u.s. on friday experts say we can then really talk about a full blown trade war while one side punishes the other the consequences could chip away at both economies and at the paychecks of chinese and american consumers . these car enthusiasts in beijing regularly meet u

u.s. commerce department warning of something like 300 billion -- the eu warning of 300 billion impact ofrade tensions. the pressure is really being ratcheted up on trump this week and i don't think anyone is comfortable knowing how they will react. vonnie: it is a holiday shortened week. if everything does go ahead as planned. the reciprocal to go into effect, if this scene -- is this priced in or will we see another big shock? the question is with the s&p 500 dipped below the level which for the past week or two has really been a super important level. a little bit below that and you're looking at negative stock market as far as the s&p 500 year to date. important psychological but not just psychological levels, but there is clearly a every orders under 2700 time it dipped below. it made another attempt to go under today and quickly came back. it seems like it has support there. the longer you touch the support level like that, the more worried you have to get about the future. cameronur buddy seemingly worried about the , the pace ise yuan similar to 2015. is it reassuring the 2015 dom

u.s. commerce department has began hearings on whether auto imports pose a national security threat.panies opposition.r our next guest has testified at those public hearings and he joins us from washington, linda dempsey, vice president of economic affairs for the national manufacturers association. thank you for joining us. i am just wondering, throughout your testimony, you've been having these conversations with stakeholders. that a optimistic sensible, market friendly resolution will be found? linda: that is certainly what we are pushing for. theof the things we saw at hearing today was a widespread agreement across most of the witnesses, and certainly all the industry witnesses who were testifying today about a few things. the manufacturing sector, the automotive run for shrink sector in the united states has been growing and expanding, but also, the broad-based tariffs, import restrictions will stump that growth. do we want fair trade. ? we agree on that. the question is how to get there. there were not a lot of voices for tariffs today. we have a lot of ideas on agreements for

u.s. commerce department is holding a two day hearing on the tariffs in washington. >>> the bay area is homeany of those jobs are not being created in silicon valley or san francisco. the bay area council said the number of jobs in the tri- valley has increased by 35% since 2006. with cheaper commercial space, communities like livermore, pleasanton, dublin and san ramon are becoming more appealing for startup. some say part of the attraction is the quality of life. >> in the tri-valley they are cultivating a quality-of-life where you can live and work in the same neighborhood and town. >> that combination may sound ideal but many people say the tri-valley is already too crowded and does not have enough public transportation. >>> a lost wedding ring found on the beach. >> i hope someone recognizes it and it is meaningful. >> one man's quest to find the rightful owner and the short inscription inside the ring. >>> our weather story has not changed much. cool temperatures coast side and hot temperatures in land. a few changes as we head toward the weekend. the full forecast is coming up. >>> up

u.s. compliance officers it was only in april that the company suspended most operations after the commerce department imposed a seven year ban from buying u.s. components and technology said g.e. relies on u.s. companies for nearly one part in every four that go into its networking hardware and smartphones. t.-e. pleaded guilty in march twenty seventh teen to having shipped equipment to iran and north korea in violation of u.s. sanctions after they were slapped with a fine the company promised to discipline employees involved in the scheme but the commerce department said this week that those employees were paid bonuses instead. just briefly china is pumping more money into venezuela the venezuelans continue to pump crude a rock bottom prices to power the globe second biggest economy the south american nations oil slick is ailing and desperately needs a cash injection china development bank is best into the two hundred fifty million dollars billion small could be on its way is the country's discussed a special low prices for commit us where there is don't buy corruption mismanagement and stolen in ba

u.s. commerce department is holding a two- day hearing on the proposed tariffs.ll include comments from auto executives. >>> ktvu fox 2 news at 6:30 is next, with a gambling bust in the south bay. dozens of machines and thousands of dollars in cash confiscated. the operation targeted sites that look like ordinary storefronts. >> inside it was a full-blown gambling operation. >> plus, a scare for the staff of the "sacramento bee." the suspicious item that prompted a response by the bomb squad. stay with us. ktvu fox 2 news at 6:30 is up next. >>> the u.s. senate voted to pass a resolution against allowing russia to question certain u.s. officials. president trump had suggested that could happen in exchange for the u.s. interrogating 12 russians indicted for election interference. the white house today backtracked on the idea. president trump is also already planning his next meeting with russian president vladimir putin in washington this fall. >>> the rideshare rapist suspect entered a not guilty plea today. prosecutors say the man is connected to four rapes. the

u.s. commerce department has formally lifted a seven-year ban on u.s.panies selling parts to chinese telecom giant zte. the trump administration imposed the ban for violating sanctions on iran and north korea. then, it agreed to a settlement that included a $1 billion fine. d, on wall street, the dow jones industrial average gained 94 points to close at 25,019. the nasdaq rose two points, and the s&p 500 added three. for the week, the dow gained 2%. the nasdaq and the s&p 500 rose more tha c1.5%. still e on the newshour: mark shields and reihan salam analyze president trump's chaotitrip to europe. and, the lost music of jazz great john coltrane. >> woodruff: it has been a busy week in politics, hero at home and . for more, we turn to the analysis of shields and salaat that is synd columnist mark shields, and "national review" executive editor reihan salam. and david brooks is away. we welcome both of you. what a week, mark. let's start with the special counsel returning these indictments today, sweeping indictment saying the russians were bind a conspir

u.s. commerce department. future is not clear. u.s. senators are pushing for be instated. to >> lot to be grappling with trade numbers. we got this string of data over days from china. beijing ander to mckenzie there. get the travel. we're expecting to get out in hours these export numbers.t then on monday we'll get the second quarter gdp. the survey by bloomberg is going to come at 6.7%. quarter below the 1st gdp numbers. the full year target is six and percent. you are hearing now from voices barclay you could start to see bit of slow down in the gdp numbers. pinco saying if it continues to potentialhere's a 0.5% knock off gdp number for china. in terms of trade war, we heard from u.s. treasury secretary yesterday. he denies it's a trade war. he said it's different. mnuchin.sten to steve >> i don't think we're in a trade war. we're in a situation of trade disputes. these are not trade wars. are very focused as i said on the nafta issue which is renegotiating an old agreement. we're focused on the china issue complicated. >> potentially moderating of the position from the

u.s. commerce department said they're going to be holding hearings on auto tariffs and will investigate thisback to what this means for the u.s. economy, you have a lot of american companies that are in a state of flux right now because they don't know what's going to happen. harley davidson saying, oh, let me shift some of my production to overseas to combat or fight these tariffs, and so that's just one example. will other companies follow suit. ashley: right. christina, i also notice the canadians are imposing a tariff on maple syrup. what the heck is the u.s. sending maple syrup to canada? they've got a maple leaf on their flag. >> reporter: right. and canadians, they do support and export a lot of maple syrup around the globe, but vermont does export. i've been there many times, it's because of vermont. ashley: it's like sending coal to west virginia or new castle in england. christina, thank you very much. appreciate it. while the canadian tariffs kicked off the week, another big bill is looming this friday. that's when china is set to raise import duties on $34 billion worth of u.s. g

u.s. commerce department outlining plans to respond. the eu could impose as much as $300 billion in tariffs according to the document. president trump wants to wait until after the midterm elections to move forward in a nafta -- canada imposed new retaliatory tariffs in response to the president's tariffs on steel and aluminum canada imposed a tax on 80 u.s. exports, including coffee, beans, ketchup and strawberry jam. u.s. commerce secretary wilbur ross, that's today at 7:00 a.m. eastern time right here on "squawk box. >> tesla, ceo elon musk announced a production milestone for the model 3 sedan. we've all been waiting to find out whether they would make it or not he sent out a tweet over the weekend. we're joined with more from phil la bow. >> andrew, most thought they would be close or barely make it to 5,000 model 3s being manufactured in a week yesterday the official word came from elon musk sending out not only a tweet about how proud he was for his staff, but he sent an employee e-mail if you look closely at the bottom there tha

u.s. commerce department has begun open hearings on whether car imports actually pose a threat to nationalor it, industry groups, and industry parties are lining up in opposition. one who testified with the eu ambassador to the united states. with three and billion dollars worth in trade and if there is retaliation, it is a serious escalation of existing trade conflict. it would be to nobody's benefit. ramy: our next guest was the first person to speak at those public hearings. jennifer thomas is the vice president of the federal government affairs for the alliance of automobile manufacturers. so, it has been a long day. i know you have been speaking a lot. let's get to the heart of this. in the implication with donald trump and the white house is that imports of foreign automobiles are actually a threat to national security. your reaction? jennifer: obviously, we disagree with that. we have a hard time linking cars to national security. they are not a threat. they are a powerful engine driving our economy. we contribute 3.5% to america's tdp and support more than 7 million american worker

u.s. commerce department recommending to the f.c.c., the federal communications commission to reject the applicationt in in 2011, by the way, by china mobile to offer international voice service, presumably the chinese citizens, those who want to call back to china or elsewhere in the world. they were not applying for mobile services. so for smart phones or data and all that. generally they're -- generally the u.s. intelligence community cited national security concerns. they said, quote, in the filing to the f.c.c. china mobile approval would pose unacceptable national security and law enforcement risks and basically citing as well the potential for malicious activities the chinese government could use china mobile for economic espionage and intelligence collection. this would be a little different than the crackdown on z.t.e., the telecommunications equipment maker, china mobile is primarily a domestic mobile phone operator. so the direct economic impact on china mobile will be far less being rejected from the u.s. market but again the stock today in hong kong down 2%. david: it is. we've got to l

u.s. department of commerce to investigate whether imported cars are a threat to national security that sounds ridiculous and that's what many lawmakers say therefore they are trying to block this attempt they are working on different bills to delay the tariffs or even talking about trying to wrest control of their trade policy back from the you ask president they're working on a bill that would require a congressional improvement of tariffs that would be imposed on national security grounds our correspondent alex some of phenomena in washington thank you very much . the european union has introduced temporary quotas on steel imports e.u. lawmakers fear the u.s. tyrus will encourage major producers like china to send their seal to the e.u. instead could leave. which may destabilize the steel industry there is a lot of steel on global markets at the moment primarily due to chinese overproduction china makes almost as much role steel as the rest of the world combined quarters will stay in place for a maximum of two hundred days. let's bring in our financial correspondent only vance and frankfurt

u.s. department of commerce indicates that 29,000 jobs were lost in the industry between 2012 and 2015. suspension of the tax has reduced some of the damage, but the long-term investments and planning are impossible without full repeal. without permanent repeal, we will never be able to fully recover the jobs destroyed by obamacare and patients will continue to be denied new life-saving products. the protect medical innovation act will ensure that the medical device industry does not just survive, but thrives, and this commonsense and bipartisan legislation would permanently repeal the medical device tax and thereby remove a mindless roadblock to economic growth and patient health. i want to thank my friend, again, representative paulsen, for his tireless efforts on this issue. and i urge my colleagues to support passage of h.r. 184. with that, i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from minnesota reserves. the gentleman from massachusetts is recognized. neil neil thank you, mr. speaker. i want -- mr. neal: thank you, mr.

u.s. sanctions on iran and north korea the commerce department removed the ban shortly officer t. paid a four hundred million dollar bond to two u.s. bank as part of a settlement which last month said he relies on american made components for smartphones and was forced to shut down most of its operations after the battles announced in april. when washington's trade tariffs against china took effect on july the sixth the country retaliated with counter tariffs on the same day now that move will impact a slew of american agriculture products including soybeans and it's not just a blip on the radar sending soybeans to china is worth fourteen billion dollars a year to the united states. oh in villa easy on a is soybean country raymond checks night a says his crop is coming along well this year. it will relook being but if the trade spat between the united states and china doesn't tend soon his market is gone six night to says he could lose more than one hundred fifty thousand dollars thanks to the twenty five percent china slapped on u.s. imports in response to trump's tariffs. i don't

u.s. exporters. appreciate your time with us. former deputy assistant secretary with the u.s. department of commerce.iting for the clock to hit midnight. still ahead this hour, asia-pacific earnings are down in contrast with projec tions for the company. we will be unpacking that data. david: up next, we look at oil following the surprise increase. we look at the prospects next. this is bloomberg. ♪ haidi: let's head over to the oil patch where prices are at a low following an american stockpile at the same time saudi arabia lowering prices and selective ones in europe and asia as well a day after president trump called and opec to bring prices down. how much oil can saudi pump to bring prices down? the saudi says say they have 2 million barrels. last month, they said they increase production to 2.5 million barrels a day. showing the market that they are tackling the higher prices and pumping more oil. they are making a concerted effort here. as to whether they can pomp, how much more they can pomp or are willing to pump depends on a lot of various sectors in the market. and talkisruptions, from the

u.s. department of commerce for basically everyone was telling him it's a very bad idea but he's very intenton doing that especially in fact before the midterm elections he won some major wins or show people that he cares for the u.s. industry so it's very very hard to distract him from that even though the majority of companies and people are against the copy because tariffs he said yourself are seeing a new era if you will of transatlantic relations definitely new rhetoric we've also seen the e.u. forging new alliances for example with japan are we seeing the start of a new global trade order. well we still have the w t o we still care for the deputy oh but time does not only threaten e.u. and other trading partners but also the multilateral organisation we have the problem with the appellate but if we have other problems in the context of the w d o so it is it is really under threat even though the you tries to rescue some part of this organization but what the e.u. does is we have a strong trading policy we are a strong trade partner and we will look elsewhere if we don't have the u.s. a

u.s. compliance offices it was only in april that the company suspended most operations after the commerce department imposed a seven year ban from buying u.s. components and technology said he relies on u.s. companies for nearly one part in every four that go into its networking hardware and smartphones said t e pleaded guilty in march two thousand and seven teen to having shipped equipment to iran and north korea in violation of u.s. sanctions after they were slapped with a fine the company promised to discipline employees involved in the scheme but the commerce department said this week that those employees were paid bonuses instead. england fans celebrating in the north capital yesterday after their team's win against colombia with mentions of course coming home after a dramatic day at the world cup that saw their side progress to the quarterfinals for the first time since two thousand and six. so much excitement for england and we want to talk about that with our social media editor william no uncle kraft and also we have our correspondents all over moody who is in moscow for us ali let's start

u.s. according to commerce department. edward lawrence is live in d.c. the latest is big. edward?eporter: according to sources in the commerce department. china mobile applied for application to compete with one of the big carriers, verizon, sprint, t-mobile. they wanted to build cell phone towers, build a network in the united states. they billed themselves as largest global carrier with 649 million subscribers. however there looks like on national security concerns among other things they're going to be denied an application according to my sources. now that is because the parent company of this, they incorporated in delaware, the parent company traces back to the government of china. and they can not, the concern was, that 74% of the company is owned by the state of china, therefore under national security concerns they will be denied an application to build a network here in the united states. back to you. david: very interesting. edward, thank you very much. melissa. melissa: more breaking news. sarah sanders just announcing at white house press briefing that secretary of sta

u.s. sanctions on iran and north korea the commerce department removed the ban shortly after that he paid a four hundred million dollar bond to a u.s. bank as part of a settlement reached last month is a month also included a one billion dollars penalty to the u.s. treasury in june said he relies on united states components for its smartphones and networking gear was forced to shut down last resort aeration after the ban was introduced to me from. the european commission has launched an in-depth probe into a proposed merger between german conglomerate siemens and french rail transport company alstom of the competition concerns the company's agreed to merge their rail operations in march and expansion aimed at staving off growing challenges from chinese rivals but the european commission is worried they might get too big and threaten fair competition within the trade supply business. and that's only business when i'm going to have you back over to say thanks to a former bodyguard of the late al qaeda leader a son of a lot and is at the center of a tussle between the german government and ge