u.s. products has a lot of influence that's why it's right to show the u.s. that they can't just do whatever they want the you must use countermeasures to steer that process in the right direction. but it's those who are affected the most who are speaking out against new e.u. tariffs on u.s. products are taking other measures the german steel association fears that it could lead to even more trade barriers and further economic damage. well for more on this we're joined by our correspondent teri schultz ate at brussels now terry they trade commission to see a bunch of them has said that when it comes to america first it will be met with europe united well it will block now be an agreement as to how to respond. so far it looks like it will be helena you know some of these measures were already teed up before today in the expectation that trump would follow through on these threats as we know the complaint has been lodged at the w t o already and the lists have already been drawn up of the u.s. products that will be targeted and all those left now is for member

u.s. products has a lot of influence that's why it's right to show the u.s. that they can't just do whatever they want the e.u. must use countermeasures to steer the process in the right direction. but it's those who are affected most who are speaking out against new e.u. tariffs on u.s. products or taking other measures the german steel association fears that it could lead to even more trade barriers and further economic damage. i'm not joined by our correspondents terry shoals and brussels tara let me start with a quote europeans will gain nothing through weakness the american president will never respect europeans weakness that's what the french finance minister has. told reporters i found monstro quite conciliatory than they're little by. the e.u. angry at all. well of course you've got to remember that the syrian moms from speaks for twenty eight countries it's not as easy as speaking for your one single government but i was at this briefing with cecilia mom sherman i didn't get the sense that she was being complacent at all she said unequivocally that t

u.s. products the german chancellor angela merkel is calling the u.s. tariffs illegal and warning that a standoff could spiral into a global trade war. canada is the largest exporter of steel and aluminum to the u.s. both metals are critical for the american defense industry with applications in aircraft and tanks in canada could be considered a national security threat to the united states is inconceivable the northern neighbor says it will now impose proportional import tariffs on u.s. products as diverse as yogurt coffee washing machines and lawn mowers. to the south mexico has promised its own tariffs on u.s. products like lamps pork and flat steel. across the atlantic representatives of europe's strongest economy and export leader germany reacted with similar frustration. to get in charge of the decision by the us government is wrong. it's harmful for europe as well as for the united states. and brussels they were already drawing up a list of retaliatory measures. this is a but they probably were. european union can look. react to that we've got a

u.s. products has a lot of influence that's why it's right to show the u.s. that they can't just do whatever they want the e.u. must use countermeasures to steer the process in the right direction. but it's those who are affected most who are speaking out against new e.u. tariffs on u.s. products or taking other measures the german steel association fears that it could lead to trade barriers and economic damage. let's get more from the w.'s of brussels bureau chief max welcome knocks so in your trade commission as the scene in a talk about not just taking the united states to the w t o but also china why. that's a message actually two fold message to the united states and the first part of that message is we hear you we know there is a problem with the steel and the aluminum that we are getting in europe and also in the united states and you know who is at the origin of the problem and that's china so that's the first part of the message and the second part is but we do believe that we have the multilateral instruments to deal with that problem and that's why

u.s. products has a lot of influence that's why it's right to show the u.s. that they can't just do whatever they want the e.u. must use countermeasures to steer the process in the right direction. but it's those who are affected most who are speaking out against new e.u. tariffs on u.s. products or taking other measures the german steel association fears that it could lead to trade barriers and economic damage. at the top that we've been talking about all week i'm joined tonight again by my colleague the business anchor helena unfree well now one of the chorus of condemnation certainly is not limited to europe when we're talking about a trade war today the world renowned economist jeffrey sachs we know is an american he wrote an opinion piece entitled trump's insane trade war and here is an excerpt he writes harming our closest allies in provoking retaliation cannot possibly deliver higher wages better jobs or an improved trade balance trumps. this notion to slap tariffs on german automobiles would be even more damaging geopolitically trump creates chaos for

u.s. products has a lot of influence that's why it's right to show the u.s. that they can't just do whatever they want the e.u. must use countermeasures to steer the process in the right direction. but it's those who are affected most who are speaking out against new e.u. care of sun u.s. products or taking other measures the german steel association fears that it could lead to even more trade barriers and further economic damage. well for more on this we're joined by our correspondent teri schultz ate at brussels now terry of a new trade commission to see a bunch of them has said that when it comes to america first it will be met with europe united when it will the bloke now be in agreement as to how to respond. so far it looks like it will be helena you know some of these measures were already teed up before today in the expectation that trump would follow through on these threats as we know the complaint has been lodged at the w t o already and the lists have already been drawn up of the u.s. products that will be targeted and all this left now is for memb

u.s. products like a harley davidson motorcycles there in retaliation to donald trump's import duties but the president says that they are and that there is but that is unlikely to be the end of the story. which will continue with very shortly as we bring you that story on the rest of the days of business news that's one of the culture of the hour with your latest world leaders or so for a good day. earth. home to have species. own words if you can of the world. use the country to plant used green energy solutions and reforestation. to create interactive content teaching the next generation of lesson going to church. using only channels available to inspire people to change connection and were determined to get something to you for the next generation gloomily genius the environment series of global three thousand on t.w. and online. this is t w business live from then and here's what we have in store for you today tariff term all holiday that some bikes get even more expensive in europe just one of the u.s. products targeted by duties that take effect today boss donald trump was he's pla

u.s. products canadian prime minister justin trudeau via twitter called the u.s. actions unacceptable and promised a dollar for dollar retaliation on u.s. products mr trudeau also said canada will challenge the terrorists both at the w t o the world trade organization and under chapter twenty of the north american free trade agreement nafta mexico for their part said the tariff targets include u.s. pork cheese lamps and steel the e.u. for its part target a list of products chosen to create maximum political pain for president donald trump and its allies in congress who trade commissioner cecilia mouth from while taking pains that signal and signaling more regret than anger called the u.s. tariff illegal and said that she will file a dispute settlement case with the w t o in a note of defiance ms mouse from quipped quote when they say american first we say europe united. and now we move to economic sanctions a very easy transition there's a lot of conversation about sanctions including on this broadcast but perhaps not enough time is spent considering the effective

u.s. products that would be targeted.l that is left now is for member states to agree on which one of them -- which ones of them will be selected for the import duties. there could be some differences of opinion. we have seen reaction that ranges from very strong -- from france, for example -- to a bit muted from germany. nobody is suggesting that is import duties should go unchallenged by the european union. helena: perhaps one thing that the eu and the united states can agree on is china. we understand that the eu has launched the complaint against china at the wto as well. teri: there was interesting, because the chinese foreign minister was here holding talks with european officials. he was meeting with high-level leaders while cecilia malmstrom was preparing her speech explaining why the eu was taking china to the wto. this may be a chance for the eu to show that it is not against the united states, and malmstrom said the eu wanted to show it does not take sides one of the global trade rules are being threatened or n

u.s. products and they go into effect tomorrow. they'll have goods such as whiskey. jeans and motorcycles. there europe's response to president donald trump tariffs on european steel and aluminum. but the e.u. straight commissioner is trying to leave the door open to new talks with the us government prefer a belief through the world trade organization. so that is a concern. and of course we are trying to work together with partners in new zealand is a very strong partner in that to see how we can strengthen and develop and break new routes within the because it has served us well for know the e.u. is relishing its role as a champion of free trade. and similarly casualties from the front lines of the tariff war germany's dynamo is feeling the pinch already both from the escalating trade conflict between the u.s. and china and entirely homemade emissions scandal the luxury carmaker has issued a profit warning saying costs from chinese duties on cast produced in the u.s. would take a bite out of their bottom line also has to recall some eight hundred thousand diesel veh

u.s. products has a lot of influence that's why it's right to show the u.s. that they can't just do whatever they want the e.u. must use countermeasures to steer the process in the right direction. but it's those who are affected most who are speaking out against new e.u. tariffs on u.s. products or taking other measures the german steel association fears that it could lead to even more trade barriers and further economic damage. while the use trade commission says he has also been outlining the blocks response is some more of what he said. so here we are we have tariffs they were also in post this morning on canada and on mexico we have been very clear about the consequences of doing this the european union will today sent. a request for consultations and later pandev to the w two other countries will as well maybe not today but in the coming days we have started the preparation for the so-called rebalancing measures and we will do that on a proportionate and measured way. let's bring in our financial correspondent corner a boost from the frankfurt stock exc

u.s. products the standoff has sparked fears of a global trade war. as reality set in clear signs of frustration and even exhaustion on the side of europeans it's still we're angry who's concerned outraged it's because we've been in talks with the americans for months now and only if they don't listen and they think they can belittle us but that's not possible but the americans and the europeans are allies and that's not how allies treat each other just finished. the e.u. now says it will retaliate with proportional imports on u.s. products like motorcycles jeans and whiskey a threat brushed off by u.s. commerce secretary wilbur ross and they have the those retaliate in the event of a mother. who will remain unlikely to be as much as one percent on our economy. similar measures are being planned by canada and mexico which say they'll put retaliatory tariffs on products as diverse as yogurt coffee washing machines and lawn mowers wall street was rattled by the flurry of announcements and indeed down on the day asian markets began down but recovered in

u.s. products. taylor is in washington for us tonight. >> reporter: one month after ariffs were put on steal and aluminum in the u.s.,ad c said they were striking back. >> we are acting very much on being thorough, not in anger. >> starting sunday, u.s. ketchup, candy and toilet paper as well assteal anel and alumin will see new tariffs fr politically sensitive states like pennsylvania and kentucky. this year top uls uthe u.s. tra official called it unjustified, showing blatancy for the rules. the president thinks they are warranted, but due to disdain ganization, they sa they will move to withdraw. even larry cud lkudlow, white h advis adviser, has raised doubts. >> the world trade organization, for example, has become mpletely infeeffectual, companies don't abide by them. >> tariffs areainful now, but president trump says they're working. >> countries now re negotiating. they were never doing that. now they say, please, please, we want to negotiate. >> that strategy will be tested next weet neek th

u.s. agricultural products as well as energy goods now in the u.s. secretary will be a ross this weekend is expected to push for a firm commitment from the chinese in terms of specific targets in terms of us in terms of chinese purchases of u.s. goods as well as perhaps seeking for longer term contracts which chinese officials have so far been reluctant to commit to now the other thing that the u.s. is expected to push for and we've heard this from u.s. treasury chief stephen a chin at the g. seven summit is the u.s. wants structural changes to the chinese economy now what does he really mean by that now the u.s. and some other countries are saying that china's unfair trait china is guilty of unfair trade practices and a large part of this complaint centered around intellectual property rights now at the moment foreign companies wanting a presence in china are sometimes required to do this via a joint venture operation in which case they sometimes have to transfer technology or share technology with the local company foreign companies see this as eff

seen venezuelan production declined starkly and the u.s. impose sections again on iran. overall iranian production is very much a question as it remains to be seen what european countries are likely to do. at the same time, you have the world cup, where saudi arabia and russia will be on opposite sidelines. we think when opec comes together on june 22, saudi arabia and russia will very much be on one so sideline and the rest of opec will be another. at the end of the day, there will be a lot of disagreement about what to do. we do think that saudi arabia and russia have really put together a great collection -- coalition and brought opec back together again to have a lot of agreement. we don't think they will want to do anything to disrupt that. at the same time, there is a lot of concern about overall supply. we think that generally saudi arabia and russia are going to give the market confidence to the extent that supply continues to decline that they will be able to use their spare capacity to make up for. no change to the current agreemen

u.s. products, are they having any effect yet? u.s. corporate seem to suggest they might be.teresting to see. the eu imposed its 2.8 billion euros of penalties against u.s. products this friday and you are seeing companies, iconic that thebrands warning tariffs are going to have very large substantial effect on their sales. with harley saying that they are going to begin moving production out of the u.s. to skirt the tariffs. round performance inc. they will have to increase prices in the eu by 10%. the strategy is paying dividends already. manus: how do you think the escalation between the eu and the u.s. is going to play out? if anything, trump's latest salvo, you look at the bmw production, if you look at the auto production by producers, it is shooting yourself in the foot, isn't it? is the: a really rhetoric tween the eu and the u.s. does not indicate that there is a lot of room for them to de-escalate the situation. where things stand right now once the eu imposed the 2.8 billion euros of tariffs, trump responded if the eu does not act down and the u.s. would impose thi

u.s. products canadian prime minister justin trudeau via twitter called the u.s. actions unacceptable and promised a dollar for dollar retaliation on u.s. products mr trudeau also said canada will challenge the terrorists both at the w t o the world trade organization and under chapter twenty of the north american free trade agreement nafta mexico for their part said the tariff targets include u.s. pork cheese lamps and steel the e.u. for its part target a list of products chosen to create maximum political pain for president donald trump and its allies in congress if you trade commissioner cecilia mouth from while taking pains that signal and signaling more regret than anger called the u.s. tariff illegal and said that she will file a dispute settlement case with the w t o in a note of defiance ms mouse room quipped quote when they say american first we say europe united. and now we move to economic sanctions a very easy transition there's a lot of conversation about sanctions including on this broadcast but perhaps not enough time is spent considering the effect

products. we are going -- our measures are proportionate to the u.s. 25% additional duty will bring a burden on turkish steel products almost 6 26 bi2 2$267 billion we will almost be collecting the same duty on the u.s. products coming into turkey the list is wide-ranging 22 items you're putting an import duty on undersecretary, we have to leave the conversation there thank you for provideding your views on "worldwide exchange." >>> we are approaching the top of the hour. that means the team at "squawk box" is getting ready. becky quick is live in times square with more on that big show coming up what are you guys watching today? >> it's good to see you both we have a lot of things going on we'll continue to follow the hunt for fox, both disney and comcast in the running we have not heard from comcast after disney's big new bid they announced yesterday. today they'll talk it through with a series of different analysts we have dan ives, brian nathanson, they will join us to talk about what they think will be happening we also will continue to talk about

u.s. pork cheese lamps and steel the e.u. for its part target a list of products chosen to create maximum political pain for president donald trump and its allies in congress who trade commissioner cecilia mouth from while taking pains to signal and signaling more than anger called the u.s. tariffs illegal and said that she will file a dispute settlement case with the w t o in a note of defiance ms mouse from quipped quote when they say american first we say europe united. and now we move to economic sanctions a very easy transition there's a lot of conversation about sanctions including on this broadcast but perhaps not enough time is spent considering the effectiveness of sanctions and here to help us do so is international lawyer an analyst in wilkie and thank you so much for being with us it's a pleasure to have you here give us all the boom buster sort of a hundred thousand foot view first of all on have sanctions overall been affected but not just for the u.s. but have these things really changed policies and people in governments just by way of introduction

u.s. products new penalties were announced today and come in response to increased u.s. students on imported steel and aluminum that took effect this month about three point four billion dollars worth of annual u.s. imports are expected to be hit by the new measures ranging from agricultural products to steel and bourbon whiskey that list could also be expanded in the future according to e.u. officials. and this doesn't only affect businesses of course earlier we spoke to our financial correspondent in frankfurt all the bots and i asked him how these tariffs could impact the average citizen. yeah for example in the united states steel tariffs are used by the steel companies in the car companies to pass the higher costs on to consumers and they will be affected and here with consumer goods affected like peanut butter or orange juice or per perhaps jeans the margins in this kind of business with retailers are much smaller so i think here there won't be much of a decision to pass them on it will make things more expensive for the average consumer here in the u. in these pro

u.s. products canadian prime minister justin trudeau via twitter called the u.s. actions unacceptable and promised a dollar for dollar retaliation on u.s. products mr trudeau also said canada will challenge the terrorists both at the w t o the world trade organization and under chapter twenty of the north american free trade agreement nafta mexico for their part said the tariff targets include u.s. pork cheese lamps and steel the e.u. for its part target a list of products chosen to create maximum political pain for president donald trump and its allies in congress who trade commissioner cecilia mouth from while taking pains that signal and signaling more regret than anger called the u.s. tariff illegal and said that she will file a dispute settlement case with the w t o in a note of defiance ms mouse from quipped quote when they say american first we say europe united. and now we move to economic sanctions a very easy transition there's a lot of conversation about sanctions including on this broadcast but perhaps not enough time is spent considering the effective

u.s. products beginning in july and announced today the new penalties come in response to increases increased u.s. duties on imported steel and many of those took effect is months about three point four billion dollars worth of u.s. goods are expected to be hit by the new measures ranging from agricultural products to steel and whiskey that list could also be expanded with time in u.s. officials say meanwhile fresh official figures show that the overall u.s. trade deficit has hit a seven month low it stands at forty six billion dollars that's set the politically sensitive bilateral trade deficits with the e.u. and with china have widened let's bring in our financial correspondent soon as following all this from the frankfurt's stock exchange only we've talked a lot about the threat of terror on the stage and that big business level will the average person on the street be impacted by all this. but he could very well be here in the euro zone for example and the european union because of all these items are consumer items now of course not everyone buys a harley or is up for a bottle of bourbon

u.s. products which will now also face retaliates we import tariffs they range from agricultural projects to famous motorcycles or business ties across the atlantic are now at a new low but u.s. commerce secretary will ross makes it sound like european leaders are just blowing the whole situation out of proportion take a listen the turf war for auction of one. own product the beer soft drink and in the soup because it's all a fraction of a pony each of those germs are going automobile it's also a fraction of one. for the economy overall it's a very small fraction of one remember we were in a dream trillion dollar economy. and our correspondents a few months he joins us now from wall street sophie the u.s. commerce secretary wilbur ross i mean trying to play things down but investors don't seem to be buying it u.s. companies are already taking a hit if we take a look at the stocks who's hardest hit right now the american automakers for example are suffering because many of them are still importing auto parts from the european union for example told they're going to face higher costs which e

u.s. production and u.s. exports are very high.theg about 2 million barrels per day to carry the surplus, and that has created a surplus in the atlantic and eastern asia. turnedek, you had vlcc's back from asia, because there was no storage space. theof the things is that physical market takes longer than the financial markets to adjust to a situation. u.s.oks like the surge in shale production was not having as much of an effect as people thought it might have, but at's because there is a lag. that extra u.s. production has to work its way into the global market, and that's exercise. but now you are seeing that extra u.s. production displacing crude barrels, not just in the u.s. but around the world. so i think to some extent, the shale cap is working at the moment. the real issue in the medium to long-term is about depletion rates, and how much of the current boost in production can the growthned and can be linear from here, pit your pundits on that. a little bit agnostic on that. our focus is the next three -- rishaad: michael,

u.s. products that are going to be affected by these chinese tires and this list is an expanded list from initial initial one hundred and six products in april to none six hundred fifty nine types of goods and this first list its first tranche of tires they will come into effect just like the u.s. tariffs on the sixth of july and this will hit u.s. farmers because these tariffs will hit farm products including soybean pork chicken seafood as well as automobile manufacturers and then there's a second tranche that's going to be on sixteen billion dollars worth of u.s. goods and just like the u.s. tariffs they will come into effect on a date to be announced later but the products the list of goods affected include medical devices energy crude oil and chemicals roberts courses from economic policy institute he says an exchange in types is likely to hurt china's economy more than the united states. this is something that trump campaigned on he promised that he was going to get tough on china in particular during his election campaign and he has been moving forward in fits and starts it's not en

u.s. products try and help the u.s. with its trade deficit and so even now it's really some of the other countries that were playing by the rules in china wasn't. love the analysis thanks for joining us pressure to be here thank you. a german commission has recommended raising the minimum wage next year from eight euros eighty four an hour to nine euros nineteen ideas to boost private consumption the german government is widely expected to ok the proposals which include a further hike in twenty twenty points have been required to pay the minimum wage in germany since twenty fifteen. stuff a national correspondent to cope about the success of the minimum wage here in germany. when you take a look around europe with then nine euros nineteen germany would be the number two in europe with a minimum wage the highest minimum wages being paid in luxembourg with eleven yours fifty five and the lowest in bulgaria with only one euro fifty seven exports are divided if the mini wage is a success story here in germany or not when yo

u.s. products ranging from paper to back to cars and manufacturing goods hitting two hundred thirty million viewers a product turkey's economy minister saying those should balance out. the costs of the trumpet ministrations talents. also on thursday india slapped counter tariffs on farm chemicals steel and other products the import duty on chickpeas is being raised to sixty percent and on walnuts to over one hundred percent. and those are just the latest in a series of moves by america's old allies to push back against trump's measures trade partners are rushing themselves with an ally like this who needs enemies. and first damage reports are coming through from the frontlines of the tariff war germany's domineer is feeling the pinch both from the escalating trade conflict between the us and china and the entirely whole made admissions scandal luxury automaker has issued a profit warning saying costs from chinese cuties own cars for use in the u.s. would take a bite out of their bottom line and they're also asked to recall some eight hundred thousand diesel vehicles of course europe mission

u.s. products to the tune of two point eight billion euros the measures still need to be adopted by the european commission next week and the terrace would then come into force by late june or early july and we can bring in our financial correspondent yens koch is standing by for us at the new york stock exchange gens house the news gone down in the u.s. . well it is going to hurt certain industries but overall we're talking about an economy the size of about what eighteen trillion dollars and now we're talking for tariffs of about two point eight billion euros but still if you look at companies like harley davidson or levis both of those companies they achieve about a fifth of their revenue in europe or so that is going to hurt but the big question for sure is how will the u.s. report respond on those tariffs so will they actually beef up the terror of someone other could take over is as well so that's probably going to be the big question looking ahead and we understand attention now the shot in the trade war about to be fired off on friday night tell us more about that. well it's pretty likel

u.s. products like whiskey and motorbikes raising the price of the goods throughout the block in response the u.s. announced it will retaliate with fresh tariffs on even more european products the dispute is threatening to escalate into a full blown trade war an economic conflict between two states where terrorists are used like weapons to weaken opon and and thereby strengthen the domestic economy but what could president trump hope to achieve to buy american that's what we want buy american the e.u. has a lot to lose because it exports more to the u.s. than the u.s. imports from the block the trade deficit is one hundred fifty one billion euros and that is something trump is hoping to change. interesting times we live and that's all for business for now thanks for keeping me company. trying to. choke off why we take football personally. i'd rather we all ones win the world cup but what's the outlook for germany squad in the run up to their match against sweden. two soccer legends are here to tell us what's what you know tell my children and the child by a lot. more intrigue on internatio

u.s. products such as motorcycles whiskey cranberries and oranges mexico and canada have also announced countermeasures a threat brushed off by the u.s. commerce secretary. and even of. europe is the united states largest trading partner which means a trade war between the two economies would likely be damaging for both sides and especially for consumers. it was a difficult birth but after a week of back and forth italy finally swore in its new government political newcomer just seventy conte a little known law professor will lead an anti-establishment coalition as the country's new prime minister. for the italians he will give it our best. the country needs confidence. it needs to lay the groundwork to take everyone forward with dignity and pride. words intended to build trust currently in short supply in italy's markets the debt securities have been in freefall and there are major concerns about how a new governments will behave towards the euro and the european union and whether italy will try to lead the block any time soon the new government has a huge hole to climb out of. italy has two point thr

u.s. products that could disrupt the supply chains for example for the high tech industries and that could turn out to have unintended consequences for u.s. corporations and also for the u.s. economy talking about the consequences to dell plummeted for the sixth consecutive day already what are the sentiments on the ground what are you hearing. there so far representatives from the ministration call it a trade dispute would not trade war and there's still hope on wall street that all those wearable threats are actually part of the negotiation strategy and that at the end we will not see those terrorists being implemented to but they're guessing at this time if the disputed shows escalate and we could see the car industry the agricultural industry and many other parts of the u.s. economy being hit a little follow this story and see how we ask later and yes quarter thank you so much. all right here have finally continent greenland's after many months of polite but firm disagreement germany's chancellor and her french counterpart have laid out their plans to change the way the eurozone works

u.s. products beginning in july it announced today the new penalties come in response to increased u.s. to tease on imported steel and alimony and that took effect this months about three point four billion dollars worth of u.s. goods out suspected to be hit by the new measures ranging from cultural products to steel and bourbon whiskey that list could also be spanned it with time according to the new officials meanwhile fresh official figures show that the overall u.s. trade deficit has hit a seven month low it stands at forty six billion dollars that said the politically sensitive bilateral trade deficit with the e.u. and with china have widened. now following this story for us from france there is a financial correspondent only bhansali who still gloat about the threat of terror on the state and big business level will the average person on the street be impacted and how. for example in the united states steel tariffs are used by the steel companies and the car companies to pass the higher costs on to consumers and they will be affected and here with consumer goods affected like pean

u.s. products those are typically products in which the primary producers are in particular read what we call in the united states parlance red states or republican leaning states where they are contestable in the election in other words they are designed to hurt trump in the coming congressional elections and if trump loses control of a majority of the house of representatives and it is predicted that he may well do so particularly with the aid of these very unpopular tariffs in the united states then he is in real danger of impeachment trump will be trump and he will be posturing for his base where he wants to come across as tough and he wants to spread this nonsense that if you have a trade deficit you are losing now for those of you that studied economic history this is mercantile as this is the type of thing that adam smith drove him crazy so that he wrote in seven hundred seventy six warning about the insanity of this kind of system so we've known better for centuries except in this tiny tiny corner of this one professor that has captured trump's attention well that g seven meeting come