economy is organized that we're not actually addressing effectively the same is true of the world trade organization in the world trade organization that was a kind of one country one vote system but in fact in reality countries with larger economies have much more bargaining power and almost always get their way with smaller economy and can do very little to stop. the policies of their counterparts from being railroaded through and so again and again here we see a kind of a fundamental lack of sovereignty that global south nations have when it comes to determining their own economic policy is now i sense you are not very big fan of i don't know a chump and yet though one of his consistent grudges is against the world trade organization and numerous international institutions and he seems to be very unhappy that the imam he seems to be very unhappy that the existing aid paradigm as much as you may dislike him personally do you ever catch yourself agreeing with him so this isn't done from scratch it is really bizarre isn't it because. because he has been arguing about things like you know free trade

china entered the world trade organization in 2001. d we ushered in this era of globalism, the hallmark of which is massive unfair trade practices that basically drain the lifeblood out of the u.s. economy. >> but the standard of living -- american standard of living has increased since then. americans have more consumer power. americans live at a higher level. and the manufacturing industry is more robust than it used to be. >> well, i would -- >> we just have fewer jobs in manufacturing here because of innovation. >> i don't know where to start on that, but, for example, you take the auto industry. employment is dramatically down on that, and the degree of foreign content in the cars we actually assemble here is high. we used to be a vertically integrated auto industry, where what we made, we assembled here. now that's not the case at all. >> but that sounds like a nostalgic view of a manufacturing economy, when we have automation. we have more productivity per worker. >> no, i'm all for automation, because with automation, you get hi

to trade with your opinion on world trade organization just as just as china the united states and indeed russia do today and the three biggest exporters to the european union are china russia and the united states that have trade agreements that his that is what i think. that is what i think we should do the government do it i don't know but the fact that this agreement this draft agreement will not get through the house of commons does give people an opportunity to have a second of it but there is a mass hysteria about not going out without an agreement and i think you mentioned some of the things in your question. so who knows what and who knows what's going to happen but i'll tell you i'm i'm i'm very pessimistic i'm a small pessimistic for the e.u. because the they don't gain anything they don't get anything very much by by humiliating a country that wants to leave. in the long term. in the short term makes their negotiating. thank you very much for your outlook and for your insights on whatever awaits britain. that's for this program we're talking to will and darkness number of euro

this done at the expense of the international order that is to say at the expense of the world trade organization not a perfect institution but the only one we have where trade disputes can be resolved by orderly orderly mechanisms there's a real dispute resolution process there in place and i think the dilemma for european leaders is how can they try to push china on the substance but not at the same time undermine that international trading order that in fact has seen real damage due to the trumped unilateral approach so that is kind of a tightrope that they are walking but uncle americal or german officials were asked prior to the summit whether they were planning perhaps to try to build alliances against china and they said very clearly no there's not going to be any alliance building of that type at this summit so much talk with a given those those tensions just anybody expect a definitive decision to come out of this meeting between the presidents of china and the united states to do we expect this this particular problem to be moved on. this is probably the only issue where there might be

a number of other countries are taking their tangle of trade grievances to court at the world trade organization in a remarkable development the u.s. has officially confirmed they wish to pursue cases in the w t o process against china as well as canada and the european union meanwhile the a you canada china russia mexico and norway have all given green lights to w t o litigation against the united states turkey is expected to follow suit soon earlier today the fight kicked off in geneva as u.s. ambassador dennis shay fired accusations of hypocrisy and abuse of the w t o china mr sharon. chinese counterpart shot back with a reminder that the u.s. is still not in compliance with a two thousand and four w t o ruling against the u.s. on intellectual property the irony of the issue is that intellectual property has topped the u.s. is list of grievances against china what a mess. and in other news on the continuing impact of trade conflicts on the global economy the organization for economic cooperation and development has lowered their growth projections for twenty nineteen citing trade tensions as

battle between two economic giants mare's comments came at a conference on reforming the world trade organization the very institution that u.s. tariffs seek to circumvent hundreds of billions of dollars in goods are now caught up in levies and countermeasures between the u.s. and china the u.s. started the fight hoping to lower their trade balance. but the measures have since ensnared global supply lines injecting uncertainty into global commerce and cutting into company balance sheets said. this is open war and trade will be an economic suicide for the whole world will remove. it's just will do it but it is it will in the destruction of values and jobs and i refuse to let that happen and there are only losers in this economic war. it is unjustified it isn't justifiable and it is quite simply stupid. stupid bringing the u.s. back to the table means reforming the w t o participants and that means that china was economy has grown significantly since the mission needs to give a little. china has worn out from the w t o system and we call upon china to show leadership and to engage with us to reform

from the event, the head of the world trade organization told the bbc‘s daniel 6allas that global trade challenges in more than 70 yea rs. i would say it's the worst crisis not for the wto but for the whole multilateral trading system since 1947. this multilateral trading system since 19117. this is the moment when some very basic principles of the organisation, principles of cooperation, principles of nondiscrimination, are being challenged. the bbc‘s michelle fleury annemarie koori cup me earlier why this meeting is so crucial to america, china and asia as a whole —— and mariko oi. the administration has made a point of saying the relationship with trading with china is unfair. there are unhappy with this. you mix that with the message trump delivered during the election campaign and since he came to office, he promised to revive manufacturing and to stand up to revive manufacturing and to stand upfor to revive manufacturing and to stand up for american businesses —— they are unhappy. he's lucky, the timing comes when the us economy is doing well. 6dp comes when the us economy is doin

doha round of talks which haven't concluded, what you have to say to people who say the world trade organizationlenges around the doha negotiation have given the impression that the organisation doesn't work. i would argue that it doesn't work. i would argue that it does work. i think members have to decide, what kind of organisation do they want? does everything need to bea they want? does everything need to be a big round, or can some members go off as a group and decide to try to advance discussions on issues that they think are important. now, this is not something you see every day. a huge drone that can wash buildings and put out fires is being developed in latvia. the company behind the technology says it can clea n behind the technology says it can clean buildings twiggy times faster than humans and fly higher than the latter is used by firefighters. let's ta ke latter is used by firefighters. let's take a look. —— ladder. -- 20 —— 20 times faster. faster, better connectivity, we will have better live streaming because all so, from distance, we will be able to see a lot faster, or better

world trade organization was a major sticking point. prime minister peter o'neill of new guinea pushed back saying the issue to be addressed at the world trade organization. this is pence and chinese president xi jinping where they exchanged jabs where xi jinping criticized the trump administration's america first policies. the vice president referring to the $250 billion worth of tariffs levied against chinese goods. '. >> we have great respect for president xi and great respect for china. but in the president's words, china has taken advantage of the united states for many many years. and those days are over. reporter: president trump and chinese president xi jinping are set to meet on the sidelines in argentina it's seen as an opportunity for the two leaders to work out their differences in a growing trade war between china and the united states. arthel: we'll bring in christian' whiton. in terms of allies in the commitment to the region. who had the better presentation. president pence and president xi. what are our allies look for a

according to reports the issue of the world trade organization was a major sticking point vice presidentunited dates are good leader should denounce the organization and call for its reform. prime minister peter o'neil of papua new guinea where the event was being held pushback against the idea saying it was an issue that should be addressed at the world trade organization. pence and chinese president xi jinping exchange jobs and remarks saturday criticizing the trump administration america first policies. pen saying the u.s. will not change course until china changes its ways. the vice president referring to the $250 billion for the terrorists levied by the u.s. against chinese goods earlier this year. pence reiterating the position of president trombley's america has been routinely taken advantage of by china. moving forward, vice president mike pence and president trump will be meeting on the sidelines of the g20 summit in argentina later this month. just a side note there, air, vice president pence likely expected to stay in the united states what will just be president trump and chi

gone about dealing with this dispute essentially because they see it as undermining the world trade organization and the rule. based international order there is a dispute resolution process within the w.t. how china has even resorted to it interestingly enough china used to really disregard that system and there's a feeling that i his attacks on the w t o donald trump has worked to undermine the credibility of this very important organization if that rules based trade system goes away we will get back to something resembling a lot of the strongest and that is very very problematic. hoffman. a sort of britain that i'm guessing the british prime minister recently is going to have a busy time there looking for countries. to trade deals after breakfast. going to have a busy time with that and argentina could be a perfect partner because you know is also looking to get out of their economic slump slump with trade but they have this little problem the u.k. and argentina it's called the falkland islands which are u.k. territory but argentina for a long time has said we want them back it's ours and thi

president trump's council of economic advisers says beijing has ms behaved sincejoining the world trade organizationoption. we never really envisioned the country would enter the wto and then behaved the way china has. they have... it's well documented the intellectual property theft is a major concern to the uk, the eu, the us. we estimate $300 billion or $500 billion of theft from the us, that's kind of a new thing for the wto, to have a member misbehaving so much. i guess the question is, can we fix that with the bilateral negotiation with china? that with the bilateral negotiation with china ? if that with the bilateral negotiation with china? if not, can we fix that with china? if not, can we fix that with reform to the wto? if not, should we pursue evicting china from the wto? these are all things being studied and considered. continued trade tensions with china and the us. let's catch up with a smart phone maker in india from china setting up stores in rural areas by the end of the year. let's go to by and we're joined areas by the end of the year. let's go to by and we'rejoined by areas by t

and the united states the conference ended without consensus, now according to reports the world trade organization sticking point. vice president mike pence on behalf of the united states asked leaders to denounce organization and asked for reform, pushed back against idea saying it was an issue that should be addressed at at the world trade organization, pence and chinese president xi jinping exchanged jabs where jinping criticized america first policy and u.s. says america will not change course. $25 billion worth of tariffs levied against the u.s. against chinese goods earlier this year, i want you to take a listen to what vice president mike pence said there in new guinea. >> we have great respect for xi and great respect for china but in the president's words, china has taken advantage of the united states for many, many years and those days are over. >> the tension between china and the united states expected to play out later this month at the g20 summit in argentina both president trump and chinese xi jinping. leland: get the popcorn ready. a lot of news coming your way. chris wallace. i l

the world trade organization in 2001 violated every single principle of the world trade organization. the one deal we made with them after mar-a-lago the one subsequent deal to buy more american beef, where's the beef? where's the beef? the game that china has played, and they have played people in the bush administration like a violin. it's a tap dance of economic dialogue. that's all that want to do. they want to get us to the bargaining table, sound reasonable and talk their way while they keep having their way with us. i mean look, here is all you need to know when you think about the prospect of a deal. we had a high-ranking member of the chinese government agree with barack obama on two things back in 2015, two things. the chinese officials agreed to no militarization of the south china sea. within two years those artificial islands were armed to the teeth. the second thing that official agreed to was to stop hacking american businesses. the weird thing about that, remember watching that press conference and i watch president obama joke about the fact that he wasn't going to cra

we'll not use the world trade organization.e're not going to let you get away with this. >> what is terrific, sort of all of the above. they're leveling the criminal charges. this isn't the fir time. there are several cases out there now, which is incredibly important because american voters, probably don't really understand the extent of the fact that china really is stealing visibly, not juts hacking, not just sort of untraceable events that take place, there are people embedded in companies and their state-owned companies trying to take advantage of our technology. americans need to know why the tariffs, why this trade war is going on. i think think this kind of act activity makes it clear. charles: james? >> i should say i don't agree with the president that xi xinping is good guy, a nice guy, he being too nice and diplomatic the president often is. i think it is nice they are focused on targeting action against the problem which is chinese theft of intellectual property, chinese lawlessness. that is much better than pickin

a number of other countries are taking their tangle of trade grievances to court at the world trade organization in a remarkable development the u.s. has officially confirmed they wish to pursue cases in the w t o process against china as well as canada and the european union meanwhile the e.u. canada china russia mexico and norway have all given green lights. two w t o litigation against the united states turkey is expected to follow suit soon earlier today the fight kicked off in geneva as u.s. ambassador dennis shay fired accusations of hypocrisy and abuse of the w t o china mr xi. chinese counterpart shot back with a reminder that the u.s. is still not in compliance with a two thousand and four w t o ruling against the u.s. on intellectual property the irony of the issue is that intellectual property has topped the u.s. is list of grievances against china what a mess. and in other news on the continuing impact of trade conflicts on the global economy the organization for economic cooperation and development has lowered their growth projections for twenty nineteen citing trade tensions as a s

is still the donald trump of course is often challenged the legitimacy of the world trade organization but certainly the european union. does continue to say trade disputes need to be resolved there and not bilaterally out of the putin i'd like to point out has just arrived for viewers there mr with mr macrae the argentine president he has sure is own list of meetings coming up we know one of them that has been canceled with the with the american president we're just talking about others the indian prime minister retrim ot shaking hands looking very happy to be at this august meeting. so if i may just add relations with russia obviously also if we norma's importance to angle americal to germany one issue we haven't talked about so far but certainly i think we can expect for it to be discussed in some context is the. u.s. decision or the statement that it will leave the i.n.f. treaty which regulates short range short and intermediate range missiles in europe and. basically a treaty that came into being essentially as a cold war was winding down and now. is in question by the united stat

which it hasn't really prepared for and it has to fall back on existing agreements like the world trade organization rules which bring in quite high tariffs. many goods. between between the brits and outside and the european union on one side and would cause economic chaos the markets would go crazy. the other the other alternative is that the e.u. that has some kind of emergency extension of arrangements with britain which allows it to stay in while it forms a new governments to try and sort out the situation of to reason is government falling and perhaps having to call. a general election and that would very much depend upon the powers in brussels and the european union powers to help britain avoid a hard break. so you were still remains to be seen if if that briggs it will indeed be avoided we will have does the david charter joining is just it's from washington david thank you very much it's good to have your insights as always thank. you. what china is pushing back against claims that it could one day pose a security threat to the european union the foreign ministry spokeswoman in beijing today

the united states and current administration is skeptical of the world trade organization. and that there is an escalating trade tariff war with china that can become more than that. deeper economic tension. my question to you is how does geopoliticsate the of trade. this could create some opportunities, u.s. china tension could produce a restructured of change. some of these companies may decide to operate in mexico. people have talked about diversification. the fact is that 80% of mexican exports still come to the united states. ? what can mexico do? >> believing in a rule-based trade andh respect to investment does not only relate to the united states but every country. we have a very concentrated economic relation with the united states be at we are a very open economy. over 40 trade agreements with -- all of the world because we believe that that is the best way to remain a competitive and attractive destiny for investment, trade, we will continue to do that irrespective of what the united states does. there is concern. --hink the discussion or in something a little bit

trouble negotiated a final communique climate change on the one hand and support for the world trade organization on the other and unfortunately the united states the world's most powerful country and economy is source of a lot of that friction and certainly the source of an impulse to move toward nationalist bilateralism rather than multilateralism and yet as i say many of the crisis that we face today will not be dealt with if we try to do it by latter you know the u.s. president on from probably disagree with you or many of those points here right at the g. twenty summit today with a new trade deal between the u.s. mexico and canada signed sealed and delivered the new treaty replaces nafta which trump blame for the loss of industrial jobs in america. you know many going to north in north america we understand very clearly that it society's prosperity will be greater and will be deeply rooted if it's based in the prosperity of the region as a whole. in short this is a model agreement that changes the trade landscape forever and this is an agreement that first and foremost benefits working peopl

a number of other countries are taking their tangle of trade grievances to court at the world trade organization in a remarkable development the u.s. has officially confirmed they wish to pursue cases in the w t o process against china as well as canada and the european union meanwhile the a you canada china russia mexico and norway have all given green lights to w t o litigation against the united states turkey is expected to follow suit soon earlier today the fight kicked off in geneva as u.s. ambassador dennis shay fired accusations of hypocrisy and abuse of the w t o china mr xi. chinese counterpart shot back with a reminder that the u.s. is still not in compliance with a two thousand and four w t o ruling against the u.s. on intellectual property the irony.

there will be a no deal no i rather favor no deal which isn't a no deal it's a deal on the world trade organization rules because you can ask me about that a little bit later on what happens if it doesn't go through that first time around well it be the fall off to resume well. you know you asked me was going to have the british house of commons so basically this is just a prediction but if he doesn't go through the first time round they can bring it up a second time and it might have a shot a getting through a second time but there would have to be someone.

comments came at a conference on reforming the world trade organization the very institution that u.s. tariffs seek to circumvent hundreds of billions of dollars in goods are now caught up in levies and countermeasures between the u.s. and china the u.s. started the fight hoping to lower their trade balance. but the measures have since ensnared global supply lines injecting uncertainty into global commerce and cutting into company balance sheets said. this is open war and trade will be an economic suicide for the whole world will have moved on cue it's just don't know what it is it will in the destruction of values and jobs will and i refuse to let that happen give it could it be and if there are only the losers in this economic war. it is unjustified it isn't justifiable and it is quite simply stupid. stupid bringing the us back to the table means reforming the w t o participants and that means that china has economy has grown significantly since w t o admission needs to give a little. china has worn a lot from the w.h.o. system and we call upon china to show leadership and to engage

european markets in services merely a vague commitment to go beyond the baseline of the world trade organization both the first ministers of wales and scotland made clear to the prime minister that participation in the customs union to protect the economy and jobs was essential likewise mr speaker there is no ambition to achieve continuation of the european wide arrest warrant or an equivalent a no clarity about our status with europol euro just or even the galileo project and there is no clarity about any future immigration system between the u.k. and the you and following the wind rushed scandal many e.u. nationals here would have no confidence no confident. the jury in this government to deliver a fair and efficient system and the brakes it secretary promised a substantial document he's obviously no longer here so can the prime minister inform the house when that detailed framework agreement will be with us mr speaker this is not the deal the country was promised and parliament cannot and i believe will not accept a false choice between this bad deal and no two year. people around the country

on the other hand, there's a weakening of the world trade organization that hurts everyone and certainly countries are dependent on international trade as much as mexico does. people talked about diversification. fact is that 80% of mexican exports still, to the united states. what can mexico do? >> i think that you first of all for mexico believing in a rules-based system specifically with respect to trade and investment doesn't only relate to the united states but to every country. it's true we have a very concentrated economic relationship with united states we are very open economy, over 40 trade agreements all over the world because we believe that that's the best way to remain a competitive and attractive destiny or investment and trade and will continue to do that irrespective of what the united states does or not. yes, there is concern. i think the discussion multilateralism versus bilateralism, or even something a bit more harsh, has always been there and we are experiencing i think, i think there's some sort of dynamics to this. i think we're over all in the world experiencing

this time they could not agree on everything from global trade to the world trade organization and thet and road nitiative. >> mankind has reached a crossroads. which direction should we choose? cooperation or confrontation? openness or closing one -- one's door? the interest of all countries and the future of mankind hinges n the choices we make. >> the united states will not change course until china makes it clear. not designed for any political agenda. >> now that the united states ffers a better option. we don't drown our partners in debt, course or compromise your independence. the u.s. deals openly, fairly. we do not offer a constricting or a one-way road. when you partner with us, we partner with you. we all prosper. >> they did not only just trade barbs, that traded failed pitches to the other 19 apec nations. the prime minister of singapore actually said apec nations at some point are going to have to choose between china or the united states. that's where we have gotten to. mike pence pretty much put a line under the underline, if you will. that is saying we're not going to

that potentially would be the largest market in the world and the, by bringing china into world trade organizatione of law would start to develop in china. there would be a convergence of economic laws and multinationals would be able to capture and theire in china relationship would become more balanced and mutually beneficial. the point that the book makes is that that has not happened and that it has failed. there was a lot of naivety going on among western leaders at the time that was hubris after the collapse of the soviet union. there is general belief that anyone given the choice would move toward free-market liberal norms. this was a gross miscalculation at the time. combinationhat, the of the deflation retread policy, letting 650 million low-cost workers in to global trading -- rishaad: that is what we are suffering now. it.e are still fighting if you sit here in 2000 and said the federal reserve will triple the size of their balance sheet, we will have averaged negative nor .7d funds rate minus .5% for 17 years, oh, and by the way, the fed will miss its inflation target, everyone would h

he called for a stronger world trade organization and defended the belt and road initiative.y different opinions coming from mike pence and xi jinping. at the end of the day, they did not come up with a communication, because of u.s. officials have told bloomberg the chinese rejected a reference to "all unfair trade practices." the other 20 nations apparently agreed to that language, the chinese did not. >> nissan looking to remove its chairman this thursday, after he was arrested in tokyo for breaching financial laws. nissan has underreported income. >> they have come out and said they would look to oust him as chairman from the board of both of those companies. he has not necessarily gone as far. ghosn exiting the picture scrambles the outlook for this combination of these companies. he was so key to these three and was really the face of the franchise. >> in an industry where optimism and bullishness are built into the dna, doubts now starting to seep in about faang stocks. this is a testament of all these stocks. >> it seems like all of it. what initiated the selling toda

thing to note here is not just american companies and the american government, we saw at the world trade organization the europeans came around with our viewpoints as well and said, actually, they should not be getting most favored nation status at the world trade organization, they're still considered emerging economy and skirting regulation. maria: exactly. kevin: if you have the europeans aligned with americans that's going to be saying something. this goes back to what you're talking about, if we get growth, the dollar will get stronger and the fed will raise interest rate, inflation is going up. so the stronger dollar i see is one of the biggest impediments. maria: are you selling into this rally? >> this morning we will be selling. it's been a long month this week, right, from monday's low to open, 10% move for nasdaq, i'm not bearish, we need to break down like we did, we do bounce, i hope we make higher lows, at tend of the day we were up 10% from monday now through friday. i think you power -- in case you have to go back or midterm elections don't go the way people think it's going to go or

now that's pretty cute and desperate whining from a country hiding behind the world trade organization special market status as a developing nation, an emerging nation, by giving them preferential treatment as they steal hundreds of billions of dollars a year in american intellectual property. the prospect is that there will be a high stakes meeting between president xi jinping and president trump at the g20 meeting in argentina. ought to be interesting. to take that up now, that meeting when x between xi and t, dr. michael pillsbury, director of the chinese stratdy at the hudson institute, the author of "the hundred year marathon." it is great t to see you michae. i want to say first and foremost, it's really embarrassing to hear the chinese whine like this and utter such gibberish in official form from their ambassador. the president's tariffs are working, aren't they? >> yes. there is a sense of desperation, i think. they do scare people. when the chinese ambassador raises these things, you and i know it's not true but there are people who are scared. lou: who would be scared? it's

reconcile with what we're getting from europeans, they are coalescing around us, we saw it at world trade organization soon u.s. take hold, it seems to be isolated to china, it seems to be more than an economic issue, we know they have their 2025 plan, then a plan by 2035, they are dominant player in technology, and they want a military that can take on any other country military and win. how do you reconcile those facts whether what we're seeing now? >> i think about the asia, when americans -- we pulled off of tpp . that left too of the the playing field to the chinese, by us not being involved, i think of it a mistake, we think it was a mistake to not engage there, we have 10% tariffs on so many chinese goods, and that will go to 25% in january if we don't fix and end the tariff battle that we're talking about, we dean think walling off and stopping trade in interact shup is way to confront someone we have disagreements with. >> what do i think best way to confront china is? if not through trade and tariffs? how do you stop them from stealing our intellectual property. >> two things, confronting ch