wilbur ross has a new op-ed making the case for an overhaul of the trade deal.e will join us at 7:00 a.m. >>> first a report from washington on the progress of deal talks and some potential aticking points. th's next. take out the trash? (sigh) ( ♪ ) dad: molly! trash! ( ♪ ) whoo! ( ♪ ) mom: hey, molly? it's time to go! (bell ringing) class, let's turn to page 136, recessive traits skip generations. who would like to read? ( ♪ ) molly: i reprogrammed the robots to do the inspection. it's running much faster now. see? it's amazing, molly. thank you. ( ♪ ) >>> welcome back you're watching "squawk box" live from the nasdaq market site in times square. >>> good morning welcome back to "squawk box. look at u.s. equity futures at this hour. we'll show you what's going on s&p 500 looks like it will open off down marginally. nasdaq down as well. about 4.5 points dow jones looking to open higher close to 7 points higher breaking news overnight. north korea's foreign minister threatening to detonate a high kro j hydrogen bomb over the pacific oce ocean, china stepping up

wilbur ross will be on "squawk box" to talk about it. >> that's right.hout the morning because he is the headline guest coming up on "squawk box" today commerce secretary wilbur ross, first on cnbc interview. he'll talk about nafta, also trade with china off the back of this u.n. week, lots of news to discuss there. also bob moritz, he's back from beijing. he'll share his take on everything from trade to u.s. tax reform "squawk box" continues straight after "worldwide exchange. >>> we still have more to come on "worldwide exchange." stick with us. the latest threats from north korea and iran keeping investors on edge. a deep drive into the global market reaction when we return futures slightly lower you're watching "worldwide exchange" on cnbc. for the holidays, we get a gift for mom and dad. and every year, we split it equally. except for one of us. i write them a poem instead! and one for each of you too! that one's actually yours. that one. regardless, we're stuck with the bill. to many, words are the most valuable currency. last i checked, stores don

when we hear wilbur ross talking about more jobs in the u.s., is that valid?re a service economy. we have a slight surplus when you add in services and canada. thee want more jobs in united states -- and we all do -- the best way is to be more competitive. companies will do more manufacturing here. that goes to the tax code, infrastructure, education, not quick and easy fixes. from, getting back we existed for one purpose only. supporting u.s. jobs. shery: is that supported by donald trump? it's mixed. there are five vacancies. the chairman's controversial. shery: scott garrett. >> i have not met one person in the business community who is supportive of scott garrett or one person in a trade association who is supportive of scott garrett. that is a giant cloud. we were supporting 350 thousand u.s. jobs. the secretary is talking about nafta and maybe 10,000 or 100,000. exportant to manufactured goods, you need a neck bank to compete and go toe to toe with these -- and xm bank to go toe to toe with these other countries. shery: coming up, crunch time for angela

you just had wilbur ross on.g about trade, economic transfers, doing business with each other. talking have a speaker to multiple audiences all the time, it is new wants and much more difficult. it's not like that policy where we go up .25%. it's a global there to. david: let me take up on david's yout where it -- point." can have one person gaining more than the other is till go up. told it be bad of for the eu really cut off trade or really curtail trade? as a result, won't cooler heads prevail in the end western mark -- and? good want to remain trading relationships with the remaining eu and the u.k.. strategy,enda and the it's going to go beyond the u.k.. germany has one of the larger surpluses. aat has been historically quality has been an element of vulnerability. china is being so excited. david: you are staying with us. ♪ what did we do before phones? they save us from getting lost, getting hungry, and getting nervous in places like this. now phones can save us money too. introducing xfinity mobile. with

commerce secretary wilbur ross will push for greater market access for american companies when he holds pretty busy trip for mr. ross, not just talking about business access, tariffs and steel north korea. what is likely to be at the top of the agenda? reporter: a lot on his plate in a relatively short amount of time. it is part of a six day to her ur the region -- six day to of the region. there is the issue of north korea that he is going to be discussing as well. we have seen the latest sanctions being that in place and enforced by the chinese, whether on banking and chinese banks doing business or 80 north korean business, the -- or aiding north korean business, or banning the export of north korean textiles. all of those have been started to be put in place. then there is the issue of laying the groundwork ahead of president trump's visit expected in november, trying to size up some deliverables for when that presidential visit happen. so there is a lot on ross'as plate -- on ross's plate. yvonne: china is moving in the direction of opening up the financial services industry. we ha

wilbur ross says the u.s.s seeking an overall improvement in trade if you look at our trade balance, there's one geographic source of our imbalance, and that's most importantly china. there's one product source of our imbalance, and that's mostly automobiles. now, the automobiles are not particularly from china. china is not yet exporting meaningful number of cars, especially not to the u.s. if you solve the geographic problem and the product problem, you solve our trade problem. clearly they want to become more self-sufficient in areas like semiconductors, of which they are the world's largest consumer we don't mind competition. we want the competition to be on a fair and level playing field and that means not so much in the way of trade barriers, not so much in the way of protectionist activities, not so much in the way of impediments to companies operating there not so much in the way of forced technology transfers, things of that sort. >> there's been a broad-based positive performance across emerging mark

charles: i look at wilbur ross.distressed companies and brings them back to life and he's hailed as a hero. you brought 40 copies back to life and saved 700 jobs the. >> it's not easy being a woman. there is always a question, can this woman do this by herself? i have a tremendous respect for wilbur ross. we do the same thing. i always looked up for him. i think i and my firm should be looked at as heroes. we devoted our life to giving the dignity of work to the working man. charles: you were born in the bronx, you were a single mom, worked 100 hours a week and you created this business. there are signs in this country the working woman and man are coming back. >> what i have fought for for the last two decades which is making things in america and we need an industrial base certainly has been amplified by our company. you see foxconn making electronics in wisconsin. we are realizing we don't need to ship overseas, and if people have the dignity of work and they can focus on their families, that's the best thing for

wilbur ross will be joining "bloomberg daybreak americas" on friday.berg. ♪ emily: general electric's new management team is taking aim at its corporate jets we -- jet suite. the company intends to sell its planes. the new ceo is cutting back on the ge air force as part of a $2 billion savings plan. the u.s. venture capital industry is 93% male and facing heightened scrutiny for the sometimes fraught relations with female valley's few entrepreneurs. raising money can be even harder for women when their product isn't one that men use. the maker of a beloved smart breast pump has hit a wall. the founder and cofounder are turning to kickstarter in the hopes of keeping their company running. thanks for joining us. tell me about the pump, first of all. what makes you think it stands out from the other pumps on the market? >> we have the first water-based cup and a soft silicone that feels more like you're nursing your baby then -- than a machine. you get more efficiency and more comfort, more milk in less time. emily: you can make 30% more milk, and you hav

vonnie: that was commerce secretary wilbur ross.et's check in with emma chandra. >> british prime minister theresa may has laid out plans for a two-year brexit transition. she said neither the u.k. or the e.u. would be completely ready to implement all the arrangements for brexit when the u.k. formally leaves in march of 2019. she promised on of the u.k.'s commitment to the e.u. budget. >> i do not want our partners to fear that they will need to pay more or receive less over the remainder of the current budget plans as a result of our decision to leave. the u.k. want to commitments we have made during the period of our membership. >> she spoke earlier in florence and is trying to ended in a deadlock over brexit negotiations. north korea and the u.n. is engaged. in a war of words president trump says kim jong un is a madman who like starting killing his people. -- thater north korea came after north korea said they would launch another hydrogen bomb. in puerto rico, hurricane maria chances of the resolution. the entire island has lo

cheryl: using the word cut good wilbur ross says the tax reform plan will lower taxes on corporationsorder to stimulate the economy and boost job growth. the big question is it going to be 15%? lauren: is going to be lower than what it is now. cheryl: that's the good news. lauren: maybe we will find out on wednesday. you were asleep at the wheel if you didn't see this. 200 nfl players not standing for the national anthems with the steelers, titans and seahawks fan off the field entirely for the national anthem. all of this in response to president trump seen protesting players should be fired or suspended. >> and when you get on your knee and you don't respect the american flag with the anthem -- [inaudible] >> this has nothing to do with race. i never said anything about race. >> president trump said he would imply an exercise their first amendment has players. >> not only earn teammates, but guys who play against them. without them it's not a great game. lauren: nfl attendance and ratings are way down. boring game has, but many stayed away because they love our country. there are co

wilbur ross addressed the issue overnight on cnbc asia >> this is unrelated to nafta.here have been trade complaints back and forth since nafta was started. bombardier is specific now there's a couple more procedural steps it will be some months before a final determination is made. but this, with or without nafta, this kind of action would have been brought >> looking at the shares of the planemakers, fairly unreactive boeing down marginally bombardier unchanged >>> turning to politics. the big focus today is on taxes. the big six will unveil their framework for tax reform sources say the proposal will focus on cutting corporate tax rates to 20% from 35%. president trump is expected to publicly endorse the new framework at a rally this afternoon in indiana >>> turning to the wall street agenda durable goods out at 8:30 a.m. eastern, followed by pending home sales at 10:00. several fed officials are speaking today, including neel kashkari, james bullard, lael brainard and eric rosengrin. as for earnings, one notable name reporting after the close, rv maker thor industr

wilbur ross speaking to us about the timeline for a new deal on nafta. t a moment. ♪ ♪ rishaad: we are back. we are talking about u.s. rossess -- u.s. wilbur setting a timeline. around the end of the year. the talks have been seen as lacking and ross told bloomberg that low tariffs in the united states is because of that, a disadvantage. they have the reason so many free trade agreements is that they are basic -- that their basic tariff structure is high. that is one of the structural disadvantages we have in going to a new free trade agreement, say with europe or with japan. we have given away so much on a unilateral basis. there is not much to give them. take europe. europe charges 10% tariff on autos. we charged 2.5%. how am i going -- how are we going to get them to drop a 10% tariff just to get relief from 2.5%? you would have to trade-off other industry. disarmament in the trade area is an impediment to making trade freer globally. we do not have that much ability to trade down tariffs. >> three very specific questions on after. when do you expect w

wilbur ross paying for his own charter jet travel. members, price, pruitt, mnuchin, shifting cost to taxpayers. calls.ouple more darline, independent line, hi there. like to es, i would comment, i believe $52,000 pay g million dollars in travel is not -- taking burden off the every r until he pays dime back. i work for the government reviously and everyone i ever worked for traveled via commercial airlines. he second comment, we can be paying for anybody's vacation trip, including the president, for our of us pay flights to and from vacation, if every ing golfing weekend, he needs to his his own oney to pay for that, even if it is on air force one that, is my personal feeling as a taxpayer. glad you raised this point, it struck me yesterday. the first headline after he etary price announced would pay the cost of reimburse didn't cost of his seat pick up on the fact he limit oday to reimbursing for the fact he was paying for his seat. not ines were edited, he's reimbursing for cost of flights o taxpayers, as you noted over a million bu

that's what wilbur ross was good at. that's kind of what they need here. derek jeter the best. i think it's going to happen this week, you're going to see it somewhere. but fox business first to report. derek jeter owns a team. liz: you know what's happening right now? >> what? . liz: we have a senator who will not seek reelection. it's bob of tennessee. we're just getting this news right now. very interesting coming on the heels of once again the failure of the gop to get health care through. >> has been somewhat of a critic -- correct me if i'm wrong if i'm here -- of president trump on various issues; correct? >> correct. well, we can't -- >> senator from tennessee; right? >> straight shooter guy. it's interesting what's going on. you know, the republican party in trouble a little bit now. don't you think? . liz: go for it. do that story tomorrow or something else. charlie always has the story. the dow has turned negative in this last five, six minutes of trade. we're coming right back . . . . . liz. we have a market alert for you. the dow turned negati

. >>> we begin in the nation's capital, wilbur ross this morning on "squawk box" dealing down on theeeded changes to na nafta and all-out push to get tax reform done. kayla tausche joins us from washington. >> reporter: the white house doing full-court press, trade teams head to canada for a third round of nafta an op-ped by wilbur ross hit the "washington post" then a study showing the amount of american-made parts, imported from mexico and canada is, quote, eroding especially in cars shipped to the u.s. the u.s. could make some contentious proposals say aides briefed on the matter, stricter rules on content requirements in manufactured products for one, and a clause that makes the deal expire if countries don't renew it nontraditional ways to dispute resolutions. senior administration officials tell me despite all the suggestions the white house plans to tamp down on hawkishish trade talk for now to keep votes on tax reform intact secretary ross acknowledged as much today >> what we don't want to do is things that will unnecessarily irritate the senate because we need the votes the

others who will be in the room include for example, mick mulvaney, budget director, as well as wilbur ross. the question will be as mick mulvaney said, do democrats really want to come to a deal with the president and what is that deal going to look like? basically getting down to brass tacks. particularly in about two weeks, september 25th when we expect to see the fill-in of the outline for the tax plan initiated or at least made public by house members, the house republican leadership over on the hill. so do democrats, what does a deal look like if they were to find one with the president, or in the words of director mulvaney, is this simply going to be some kind of a political, he didn't use the phrase stunt, but certainly seemed to allude to it. so i think that is going to be first and foremost the topic of discussion later on tonight, katy, when it comes to whether this tax plan can really get democrats on board. i think the consensus from a lot of folks i've been talking to over on the hill is that that is probably not going to happen. that the way this is being done is going to be

the paper reports on the us commerce secretary, wilbur ross's, visit to hong kong, ahead of presidentt says the two countries must deal with the many barriers to trade between them. the japan times assesses the economic implications of saudi arabia's decision to allow women to drive. it says it is good news for toyota and hyundai, who dominate the saudi market, but it is bad news for uber, and the estimated 800,000 chauffeurs who currently ferry saudi women around. now, what stories are sparking discussions online? there is more on that news of women driving in saudi arabia. not surprisingly, it has prompted a lot of discussion online. early criticism focused on the dangers of women drivers. the hashtag "the people refuse women driving" was widely shared after the announcement, but supporters quickly co—opted the hashtags to poke fun at those who had initiated them. thailand's former prime minister yingluck shinawatra has been sentenced to five years in prison for her mishandling of a rice subsidy scheme which allegedly cost the country at least $8 billion. ms yingluck was not in cour

billionaires like wilbur ross and betsy devos own their own planes and personally pay to use them forfficial travel. on the other end of the spectrum are housing and urban development secretary ben carson and labor secretary alex acosta who tell us they only fly commercial, unless they're flying with the president or vice president. secretary price apologized and said he won't take any more private flights. h.h.s. says he'll write a personal check to the treasury for almost $52,000. that still leaves the taxpayers on the hook for hundreds of thousands of dollars. anthony. >> mason: julianna goldman, thank you, julianna. up next, that used car you just bought could be under a recall. ...of these benefits to help you get better dental check-ups. checkup? nailed it this inot this john smith.smith. or this john smith. or any of the other hundreds of john smiths that are humana medicare advantage members. no, it's this john smith. who we paired with a humana team member to help address his own specific health needs. at humana, we take a personal approach to your health, to provide care tha

the paper reports on the us commerce secretary wilbur ross' visit to hong kong ahead of president trump's must deal with the many barriers to trade between them. the japan times assesses the economic implications of saudi arabia's decision to allow women to drive. it says it's good news for toyota and hyundai, who dominate the saudi market, but it's bad news for uber — and the estimated 800,000 chaffeurs who currently ferry saudi women around. now, what stories are sparking discussions online? and there's more on that news of women driving in saudi arabia. not surprisingly it's prompted a lot of discussion online. early criticism focused on the dangers of women drivers. the hashtag — "the people refuse women driving" was widely shared after the announcement. but supporters quickly co—opted the hashtags to poke fun at those who had initiated them. 16 million australians are currently being asked to vote in a same—sex marriage postal survey. the issue of legalising gay marriage is so polarising that parliament has approved new anti—vilification laws to keep the debate respectful. both no an

wilbur ross said this. two major objectives for nafta are raising the total nafta content requirement, raising the u.s. share. if we don't fix the rules of origin, negotiations on the rest of the agreement will fail meaningfully to shift the balance. >> this is a big issue. and it's more than the parts. it's the people making the parts. we have to make sure that they're under the same standards so that they're not competing against one another but that we're part of a north american family if we are going to be part of this nafta. he understands that you know, if you're making wiring harnesses in mexico and being paid two bucks an hour and you don't have health benefits and don't have retirement benefits and working in toledo or detroit, avon lake ohio, that the incentive to move that production elsewhere senior enormous. so rules of origin need to be a part of this. but go to the worker. let's not just talk about parts. let's talk about people. and the way workers people who want to work, how they're treat

that have been taking place here stateside as well as seeing visits such as the commerce secretary wilbur ross in beijing on monday all of this teeing up of course and applauding in the words of the state department spokesperson this week the moves that you talked about just a moment ago the fact that china has ordered its central banks not to do business with north korea something the united states is thanking china for and hoping that it will continue to do in terms of exercising that economic leverage so once again waiting for that arrival by the vice premier to the oval office something we expect to happen within the next hour but how could keeping an eye on those events there in washington thank you. council and authorities say they're working to ensure that a disputed referendum on secession from spain will take place peacefully thousands of university students have marched from barcelona to protest against what they call an intensifying crackdown ahead of sunday's vote they are demanding the right to vote in the referendum which the madrid based national government has dismissed as a le

apple a big weight >> rotation. >> is it >> you're hoping >>> wilbur ross is calling for a dramatic shiftthe u.s. trade relationship with china he was speaking after a meeting in beijing where he met with the country's premiere ross said he raised concerns about the imbalance of trade and the need to lower tariffs and protect intellectual property. >>> china's economy showing growth, but the beige book is saying the market is missing two big trends leland miller joins us what is the market not getting in terms of capacity the impression is china is making cuts in capacity and steel prices should be rising, so what are we getting wrong >> what the market thinks is happening is sizzling demand over the last year combined with reduction in supply has led prices to go crazy, a bullish trend that won't stop soon you have your sizzling demand o you've had it until now, but you never had the reduction in capacity we've been told quarter and quarter again that there's no debt reduction in supply what's happening is they will take certain things offline, but put more back on to get there. profits

commerce secretary wilbur ross todaythe washington post" that the president has made it clear if a dealt be worked out, the u.s. is going to pull out. 23-year-old accord governs more than $1.2 trillion in annual trade. israel, the wife of benjamin netanyahu has been told she faces indictment on suspicion of misusing public funds. allegedly paid for meals at the private residence. benjamin netanyahu the accusations are absurd. prosecutors want martin shkreli locked up immediately. a 500,000 dollars bounty for someone to grab hair from secretary of state hillary clinton. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. i mark come to him. this is bloomberg. julia: thank you, mark. a new report from wells fargo finds the total losses from hurricane hard he in texas are likely to be in the range of 90 -- hurricane harvey in texas are likely to be in the range of $90 billion. joining us from charlotte, north carolina is an economist at wells fargo. thank you for joining us. obviously, it is going to take them many weeks to quantify the loss

billionaires like commerce secretary wilbur ross and betsey devoes own their own planes and personallyo use them for official travel. on the other end of the spectrum, housing and urban development secretary, ben carson and labor secretary, alex accost are tell us they fly commercial unless flying with the president or vice president. secretary price apologized and said he went take any more private flights. hhs says he will write a personal check to the treasury almost $52,000. leaves taxpayers on the hook for hundreds of thousand of dollars. anthony. >> thank you. >>> up next, that used car you ok, let's try this. it says you apply the blue one to me. here? no. have a little fun together, or a lot. k-y yours and mine. two sensations that work together, so you can play together. you give us comfort. and we give you bare feet, backsweat, and gordo's... everything. i love you, but sometimes you stink. soft surfaces trap odors. febreze fabric refresher cleans them away for good. because the things you love the most can stink. and plug in febreze to keep your whole room fresh for up to 45

commerce secretary wilbur ross is the u.s.ta has allowed in the current agreement. he has also confirmed that he will travel to china with president trump in november. japan and india have agreed deals on transport, trade, and security. narendra modi and shinzo abe said they will take action on north korea without giving specifics. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. david: our next guest runs the oldest business house in one of the country's largest inglomerates with interests real estate, financial services, infrastructure, and health care or it let's go over to the milken institute asian summit in singapore where it -- singapore. haslinda: you said it. real estate, finance, but what you don't know is that it has been investing heavily in manufacturing. why? the ceo joins me this morning. good to have you with us. why diversify from your strengths? >> if you go back to our structure as an investment come any, our reason for being is look

wilbur ross says he and his team have enjoyed a warm welcome in beijing at the start of trade talks between the what's two biggest economies. premier at a time of strange relations and escalating tensions with north korea. ross will go on to hong kong, bangkok, and says his initial talks all go well for president trump's upcoming trip to china. powered by more than 2700 journalists and analysts in more than 120 countries, i am paul allen. this is bloomberg. haidi: prime minister shinzo abe is gambling. he plans to raise sales tax again in 2019 as he heads into the snap election. what could it mean for the bank of japan as it tries to get to the 2% target? kathleen hays joins us now. kathleen, you are looking at the boj. we are now kind of wondering whether we have fiscal or monetary policy being set up to work against each other in the election. kathleen: that should be a concern given what we have seen. in 1986, it could be very ill advised. let us take a look at them and it's because the minutes as we think about what happened in the meaning, there -- a meeting, there is doubt about hitti

that is what the commerce secretary wilbur ross is pushing china on, right? absolutely. incremental step. you move toward that and try to push for that at this point. questionline is a real of whether these rules may apply generally because you do have a situation where every foreign carmaker that is making vehicles in china does so through a joint venture with local manufacturers. it's not necessarily clear that once this cap is going to lift that you are going to see those companies sort of change course. you do have a relationship to maintain with those local companies. shery: crag, always great to see you. bloomberg news from our detroit bureau. time for the latest bloomberg business flash. vonnie: now look at the biggest business stories in the news. another month of losses for emerging markets group sovereign funds that bet against the chinese economy. it is now down 18% for the year. the china index has rallied 43% this year, defying short-sellers. it also comes as the yuan hits its strongest since may 2016. the relationship between colombia's business school and

wilbur ross has repeated his view that the trip to china went well. hong kong after talks with chang and other senior chinese officials he says things are looking good for president trump's visit to beijing later this year. they are doing what they can to improve trade relations but to -- between the two leading economies. traden you look at that deficit, there is one geographic source and that is china and there is one big product source, that is automotive and automotive parts. essentially, if they can resolve china and resolve automotive, you could in theory resolve the whole trade deficit. >> the commerce department says canada is unfairly subsidizing dutyrded and wants a 220% slept on every c-series plane imported into the united states. the decision is a victory for boeing. reject this says is and that eliminating this from the u.s. market. the japanese government has approved a revision to it 30 year plan to decommission a nuclear plant the lane by two years. six point five years after the disaster, the exact location of the melted rods is larg

from peter navarro and wilbur ross who wants serious pressure. >> it will have to be massive.u.s. sanctions and u.n. resolutions won't get us there. and i think it president understands that. and i think you heard that in the rhetoric you just heard. my concern is can the american people get behind this and understand economic sanctions are probably the only answer. only other opportunity is military action. we have seen ambassador bolton talk about the draconian measures that would have to take place. charles: i often put out on social media, i know you guys are open to a trade war with china for unfair trading. are you prepared to pay $300 more for a tv and the junk you buy at walmart. are you prepared to pay more? most of people say they are prepared. >> there is a difference between a trade war and tariff and sanctioning a bank or company and having a sovereign more or less being black listed where you are saying there is no trading with that sovereign. i don't even know how you plan for that. there is one thing about how we deal with north korea. that's above my pay grade

commerce secretary wilbur ross repeated his views that his visit to china went well.met with li keqiang and other officials. he said it will be good for president trump's visit to beijing later this year. if you look at how the trade is one geographic source, that is china, one big product source. then there is automotive and automotive parts. essentially if he can resolve china and automotive, in theory, you could resolve the whole trade deficit. force --a's wealthiest person joining forces. they will be part of the alipay hk round launched in may. it will allow people to make payments to thousands of retail outlets. listing -- allowing female drivers, they will be entitled to a license, starting next year. the kingdom is the only country in the world to ban women from driving. they are trying to liberalize saudi society. the crown prince is behind the change as he has pushed back from powerful religious conservatives. its lowestell to since march, tracking declines in east asian currencies as tensions rise in north korea. the rupee-denominated government sold almost

commerce secretary wilbur ross says the u.s.kely to quit nafta within six months notice, as allowed in the current agreement. ross will confirmed travel to china with president in november on a trade initiative. the uk's foreign secretary boris johnson has called on myanmar to make clear that violence against the rohingya minority is unacceptable. they have forced them to flee western myanmar. the u.n. called it ethnic kyi has beend suu widely criticized for her response. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> i am sophie kamaruddin with a check on the markets. it is a mixed session in asia with the regional benchmark barely eking out. these it shares are losing 1%, heading for the worst drop in five weeks. hong kong looking at a third day of losses. property stocks rising in shanghai. currencies have some exceptions. a five daye yuan, drop. it is headed for its worst week of 2017, given the pboc signaled it is an easy with the yuan. there

is this about being surrounded by wilbur ross, steve mnuchin. >> they are uber weighalthy. >> or are they not used to flying commercial. people don't buy homes because of the mortgage deduction. most people are completely dependent on what kind of nut and fig they will have to pay. how big a problem did tom price have anyway because of what happened with the health care roll out and how the president does like to blame others. some of this just an opportunity for the president to make good on prior agreements. >> right. and i think wool see, and i'm not happy about it, he does like to let people twist. the people who have served in congress, mulvaney, paul ryan as speaker now, tom price, even vice president pence, they were supposed to go deliver the results for health care. the president made it known months ago those guys were supposed to milwaukee it happen. so it is layered on top of tom price losing something. but alyson makes a point. trump is allowed, i think with his supporters, to do whatever he wants, not separate from his businesses, get his legal fees paid for. there's no

trade with wilbur ross and people in the white house talking about what needs to be done.ery long paper that said here's exactly how you should change nafta. we gave them treaty language that would change it for the better. we have monitored that. we looked at the first session. the first session didn't tell us a whole lot about a whole lot of things. when it came to the rules of origin and procurement, there was not enough for us to be able to tell whether it was going to be good or not. on a couple of sections on investment and data, there were not any improvements. we are concerned today that one of the things they are doing in the second round is something called regulatory harmonization. that's where you try to harmonize regulations of both countries or the countries involved. the text they are about to put down today as were spam the text from the tpp that was rejected they and the text from the tpp that was rejected.ly the language today was mediocre at best. they have not done anything on labor yet. we will continue to monitor those things. is an important, importa

. >> commerce secretary wilbur ross will speak to cnbc today at 13:00 cet. >>> do e-mail the show, you can find us at streetsignseurope@cnbc.com you can find us on twitter, streetsignseurope@cnbc, and @carolincnbc. >>> coming up, angela merkel is urging voters to get out in force for sunday's election. we'll be crossing live to berlin in a few minutes you won't see these folks at the post office. they have businesses to run. they have passions to pursue. how do they avoid trips to the post office? stamps.com mail letters, ship packages, all the services of the post office right on your computer. get a 4 week trial, plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. >>> welcome back let's get back to l'oreal shares, they're rising on speculation over the future relationship between the cosmetics giant and nestle following the death of l'oreal heiress liliane bettencourt. a joint agreement when nestle and the bettencourt family over its 23% stake in l'oreal will expire in six months bettencourt, the world's richest woman

fortunately some like betsy devos and wilbur ross can afford their own private planes and are paying for them but it's very elite wealthy group running the government and apparently tom price wants to live like them. >>> up next, members of the administration defending handling of puerto rico. calling it good news story. see how it squares with what puerto rico is saying. >>> nfl, continuing debate about taking the knee during the national anthem. government and apparently tom i count on my dell small business advisor for tech advice. with one phone call, i get products that suit my needs and i get back to business. ♪ t-mobile's unlimited now includes netflix on us. that's right, netflix on us. get four unlimited lines for just forty bucks each. taxes and fees included. and now, netflix included. so go ahead, binge on us. another reason why t-mobile is america's best unlimited network. ethat's the height ofs mount everest. because each day she chooses to take the stairs. at work, at home... even on the escalator. that can be hard on her lower body, so now she does it with dr. scholl'

a spokesman at the department of commerce says secretary wilbur ross mostly flies commercial but when he flies private, he foots the bill. education secretary betsy devos owns a private plane and pays her own way. (steve) there are cases when cabinet secretaries use a charter or a government plane, but according to federal rules, it has to be justified... and less expensive options must be considered first. (steve) a south carolina school district is still considering the fate of a teacher over a controversial homework assignment.(pam) that assignment asked fifth graders to picture themselves as members of the k-k-k... and to think of ways to justify the oppression that group inflicted. take a look. days after a photo of the assignment blew up on social media, the teacher who assigned the question is who assigned the question is still on leave. district officials will ultimately make a recommendation to the board ... on what, if any, action to take.(sot) "everybody deserves a second chance.""it's one of those issues in today's time with all the things going on that bubbles to the surf

commerce secretary wilbur ross has repeated his view that his trip to china this week went well. hong kong after talks with premier li keqiang and other chinese officials, he says things are looking good for president trump's visit to beijing later this year. >> if you look at our trade deficit, there is one geographic source in china. and there is one big product source, and that is automotive and automotive parts. essentially, if you can resolve you innd automotive, theory could resolve the whole trade deficit. the commerce department says the commerce department says canada is unfairly subsidizing a company and wants a 220% duty taken off of those imported into the u.s. it was a victory from boeing, sellssaid bombardier jetted artificially low prices. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ >> i am sophie kamaruddin with a check on the markets. asian stocks are looking mixed with shares in tokyo the biggest drag. you take japan out of the equation, asian stocks are rising for the first time

when wilbur ross met with china, it was right back to an aggressive, defensive dialogue.ember, it was peter navaro who put the idea that china wasn't going to help, so why would we think they were willing to help when there is a meeting like that? >> we need to do a lot less talking on this issue. they have a strategy. we need to run that play. you need to give time for the sanctions to work. if we truly believe we want allies and partners to be working alongside us, we need to focus on that and we really need to pay a lot less attention to the rhetoric and dial it back a lot. >> china has put out a statement, the chinese foreign minister has said war on pthe peninsula will have no winner. and a war on peninsula will really be sun acceptable for countries in the region. do you think kim jong-un will stop this? >> i don't think you'll see kim jong-un stop because china has told them to do so. we've seen many instances where it looks like north korea is directly flouting things the chinese suggested they needed to do. i think what the chinese can do right now is they can ac

an issue, apparently, by ashley parker, ruth, for nancy pelosi at that white house dinner with wilbur rossr and the president, a bunch of fairly talkative people. at one point she apparently said, can a woman get a word in here? she is the democratic leader. >> i know you've never been talked over at a meeting, andrea, and neither have i and neither have any women out there. i just -- i'm actually working on a column on exactly this subject and it's not done yet. but -- >> give us a peek. >> i thought it was fascinating that she's the only woman in this room, 11 people around the table, she's the only woman. she takes that moment and she says, hey, can a woman get a word in here? contrast that, actually, with something from hillary clinton's book where she talks about how when donald trump, as she describes it, was stalking her around the stage, she had to make this calculation should she turn around and say, hey, cut it out, you creep, get away from me, or would that alienate too many people behold see her as an angry woman? i think, actually, each of them made the right strategic decisio

elimination of the estate tax and save the commerce secretary wilbur ross $545 million according to bloombergather-in-law of trump education devos $9 $900 milliod save linda and vins $250 million. the average american? it could raise your taxes. today, the non-partisan tax policy center found by 2027, taxes would rise for roughly 0.25% of taxpayers including those between $150 thor,000. many thought it would be more leek this. >> me plan is for the working people and me plan is for jobs. now, e don't benefit. in fact, very strongly, as yo see, there's no, i think there's very little ben fete for people of wealth. >> back with us is jonathan, and katherine. claims he has plan is for the meddle class. it's clear it's for the very, very wealthy. but he can sell et to he has base anyway, reegt? >> the thing about being a populist, you have to do things that are popular. usually, that's helpful. if you look at the polling about tax cuts for the wealthy, tax cuts for corporations, they are not popular, even amongst republicans. large shares of republicans, majorities even, depending what poll you l

we have wilbur ross on the saturated -- on the set.t's go to china and how much this complicates his potential reform with china. tom: we are looking forward to this. i've read the essay in the ross.ngton post" from mr. david, to me, it is a very lonely as a. david: i tell you one set of people who were not behind us -- u.s. automakers. this will not make their life better. i do not see where the emphasis is. tom: david westin, thank you so much, looking forward to our conversation with the secretary of commerce. we now speak with the secretary of for activity, ellen zentner of morgan stanley. now bring up the single best chart. this is the runner up to the chart of the year, the collapse through the 1980's, the review 90's, chairman greenspan noting the oddity of our own and inductivity -- our boon productivity. your team is the best at slicing and dicing. which part of productivity is the biggest for ellen zentner? ellen: we concentrate where the biggest shortfall since the financial crisis has been, and it has been in capital deepen

wilbur ross put forward some proposals for steel that have not yet gone through. of conducting a trade war with china is clear. as these guys get to understand that, -- there are probably some products that deserve some an all on them, but for trade war, i would be optimistic. jonathan: interesting that you would say the president would be the one pushing back on those tariffs. there was a report saying that he was the one asking for them and there were those around him stopping it from getting. i believe i'm correct in saying wilbur ross showed up with a couple of ideas for tariffs on steel but somebody said we are not going to do that. david: as the danger for trade come out of equities? after trump was elected, they got hammered. have the markets become complacent about the trade situation with respect to donald trump? lisa: yes, they have, in a word. if you look across the world, look at the north korea situation, there is the threat of war, which you don't know how to trade around. then you have a thread of the u.s. and china in a trade war. that is the more

wilbur ross met with china and they're at odds. he's going after them on trade abuses. they're not on the same page. >> i agree with you. part of this strategy is a deep dive with china to get them to enforce the sanctions. these are international sanctions. those are not just u.s. sanctions. china is responsible for most of the economic activity that north korea can able to havis able to. the president is expected to be in china in november after their 19th party congress. this will be top of mind, top of agenda. but look, stephanie, we are in a really tough place because miscalculation on anybody's part here could result in war. and i think secretary mattis was saying, we don't want to get there and we don't because it would be catastrophic. we had u.s. bombers flying international air space up near north korea, but obviously not over north korea. the north koreans pushed back. and if we had an incident, as we had with china in ep3 incidents some years ago, we could have war as opposed to a diplomatic stand-down that ultimately got solved with china. >> we could have

secretary of commerce, wilbur ross. linda mcmahon, senator roy blount. governor greatens is here.utenant governor parsons. representative sam gray, vicky hartzler. billy. where's billy? blaine, where's blaine? representative jason smith. representative ann wagner. hi, ann. good job, ann. and -- i don't know. we have so many more. anybody i forgot? >> someone -- >> ah, gary cohn. chief economic adviser, a critically key player in tax reform debate is right there and the president knows it. >> yeah. and shows -- any criticism really gets under his skin. particularly his own people. reporting suggests that one reason why he's not getting rid of him, he needs cohn for the tax reform push in congress. but doesn't mean he's not, doesn't mean the president's happy with his chief economic adviser. >> anyone i forget? ne never mind. thanks for coming. >> thank gary cohn, in you want. >>> up next, turning back to the recovery in texas. fleeing waters in houston. talk to one woman whose unusual pet wa saved from the floodwaters. shawn evans: it's 6 am. 40 million americans are waking up to a

in fact, it was only in march of this y year, 2017, that commerce secretary wilbur ross finally awarded a contract for $47 billion to at&t to basically operate this system. because foror the early years, ththere were all caps of conflit of interest betweeeen the officials named to the first net board. it took a long time to get this cocontract awarded. it was just on august 31 that the governor puerto rico announced it would buy into the first net system because all of these local government are not going to have to pay -- when you have to pay at&t to create t ths system. puerto rico basically has an antiquated 911 system. now with the people neneed it most, it is that functioning. more important, the federal government has taken all of this time since the attacks on the world trade center to come up with a workable 911 system in cases of natural disasters or terrorist to attacks. amy: i want to go to naomi klein for a minute. we've had her on a log, but years ago when she wrote "the shock doctrine," she described how governments often introduced radical free-market reforms after disast

wilbur ross told the washington post the president has made clear, if it does not work, he will pull come three days after the countries wrapped up overhauling the accord. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. abigail: "what'd you miss?" $45 billion in catastrophe bonds that provide insurance for the florida market could be vulnerable if hurricane irma reaches landfall this weekend. for more on how investors have been hedging risks for natural disasters, our guest in los angeles. and, a strategist for bloomberg intelligence. thank you to both of us for joining us. if you could tell us exactly -- catese cap bonds bonds are, and who invest in them? >> they are away for insurers in florida to offset their risks. there are a lot of natural disasters in the region. if there are really big losses, the -- there are a lot of specialist investors. -- there iso fimat also firmat capital. there are some well-known investors, such as blackstone. there are significant investors in this mark