member does not have to follow every wto decisions. there are wto decisions the united states has not been following for years, and yet the world still turns. there are wto decisions that other significant economies have not followed for years, and yet the trading system still exists. so i think it is important not to get hyperbolic about it, to yee really try to see what is going on versus how it is being talked about. i will stop there. >> thank you. that's very helpful and very interesting. thank you very much. nelson. >> although steve and i did not plan this, his ending matches perfectly with my beginning. i am pulling -- i'm going to pull the lens back and try to give you my idea of what is actually going on with this administration's trade policy, to put a context around the question of the specific issue of protectionism and this specific issue of trade remedies. steve, i see it differently than you do. i think this administration is deadly serious about what -- about changing the way we deal with trade, about changing the way

that is an exemption that is allowed under the wto but it is seldom used.ocedure? now they have opened up a 60 day period in which all of these countries have to sit down and come to some sort of discussion and at about 60 day period have expired then it becomes pa rt period have expired then it becomes part of the deep wto and what they decide. —— part of the wto are what they decide to adjudicate. i'm sure we will told that my. on friday, north korea test—fired another intercontinental ballistic missile. these pictures supposedly show it — and what's worried the country's neighbours is that these pictures were shot in hokkaido, japan. north korea claims that the entire us is now within its striking range. we can't be sure if that is true but inevitably it is a concern for donald trump. he was asked what he is in the do about it. we will handle north korea we will be able to. it will be handled. we handle everything, thank you very much. not a whole lot of detail there but we do know that the americans will not call un security council meeting. as it's don

rules at the wto. if anyone cares to address what was going on that would either be detrimental, that would be great. >> that is a great question. i would step back from it and reiterate thinking through the lens of trade remedies is the reaction. was we need to think about is what the underlying problem is we need to address. the underlying problem we need to address arguably right now is this stems back dealing with china and china is a different economic system and we have in the united states, and steel and aluminum, we see these episodes of overcapacity time and time again. now it is china, 12, 15 years ago, in 2002 it wasn't china but the collapse of asia. we had to deal with then, today, china 10% to 12%, build up this capacity and slowing down. it doesn't need that feel anymore so it faces a choice, winding that back, but laid-off workers and manufacturing and steel production like we have done in the united states or does it try to export that and not shut things down, that is the problem, the

things were great up until the wto -- settlement. wto -- we have our restraints, the developing world to not comply. they are right. we have lost leverage in trade negotiations. guy, verysenior seriously -- we have to regain our leverage. we as trade restraints, remedies. whichever works -- law applies. go to this database, you will see. to them one at a time, rev up the engine. as leverage in negotiations. whatever it takes to get that we have to get it. and that's what this senior guide said. if anybody disagrees with that i would like to hear it. with thet disagree theory. disagree with the strategy. >> well, ok. >> but i do disagree with the strategy. this issue again -- of, there needs to be a long-term strategy to deal with the new kid on the block, that is fundamentally different. that's china. the obama administration had a strategy, whether you like it or not. writing them a new 21st century trade agreement that would have rules -- to deal with china down the road. digital trade, labor and anticorruption, lots of different i

we have the wto. one thing about the wto is the u.s.as been successful in bringing other parties to the table and getting a fair resolution. the u.s. has a very strong interest in the established trade system rather than of upending it. case whenbase president trump was elected was we would have a trade war, then it went off the table very quickly. it is something we are keeping an eye on. we have been very suspect of the progress that was going to be made this year on all of the lofty goals. the thing that we were the most concerned about was the threat of rising trade tensions and a trade war. you saw an interesting glimpse into that at davos where trump was absent and president xi said you can't turn your back on globalization. the genie is out of the bottle. we need to focus on increasing collaboration and work towards a more global trade, not less. jonathan: great to have you with us on the program. thank you. the president of the united states addressing the people of poland. you shouldng line, never be held hostage to a single en

we talk together with the head of the wto.me in the period leading up to this summit meeting a meeting of health and was the first time they had addressed us with the head of the world bank. we are better equipped to show a common front and a determined front should further pandemics occur. another very important area in health is fighting against resistances. the third session and also the third pa rt third session and also the third part of the communique deals with sustained livelihoods. we talked about participation of women, empowerment of women. that is something where we build on the meeting of brisbane because in brisbane we said we want to close this employment gap, this participation gap, reducing it by 2596 participation gap, reducing it by 25% by 2025, two further initiatives added to that, the east schools initiative that we considered to be a prime importance because this really is all about the central factor of education and skills and regarding digitalisation, our african colleagues highlighted the importance

the wto is proposed to end the subsidy wars. some people think it's operated mostly in favor of america, but i think, you know, and i borrow from people like danny rodrick here, and economist who writes interesting about this stuff, we need a looser arrangement to allow subsidies, nations to promote certain kinds of manufacturing investment that they couldn't otherwise do. and we had a looser arrangement ironically under bretton woods. >> and when the world -- >> why do we finish up on that. >> i was going to save the wto in some magic way says we don't recognize in, we don't recognize subsidies, that they are outlawed in free trade. they are not outlawed they are there all over the place and somehow or other the wto doesn't see them. so it would be helpful if the wto said the manufacturing runs on subsidies and on public money, i.e. the thin spending and that -- defense spending and let's recognize that as sort divvying up who gets what. and will be, we might get a workout of that. i mean, i don't know quite how we solve this p

other countries western to the wto and it was found to be illegal.ents make more sense. if we would have an agreement on lumber with canada and nobody else is interfering it should be worked out and maybe there would be a time when you would have free trade across the borders that touch tour country. not by the nafta. some people have advantages over others. managed trade is bad. it usually endorsed tariffs. they pretend it temperatures free trade. but it's the same individuals who are wanting to use sanctions and not ever trade with cuba. they are have much protectionists themselves. but they will frequently call themselves free traders because they believe in nafta and the wto. kennedy: we lost our vision a little bit, and thank you for your clarity always, dr. paul. now more on our top story, russia and donald trump, jr. the senate judiciary committee began the hearing for donald trump's nominee to be the f.b.i. director. the president controversially fired james comey. the new nominee christopher wray said he would never let the politics of washi

the head of the wto was quite satisfied. negotiations remained difficult, but we have been able to get results. what is going to happen tomorrow or the day after is something i can't make any protections on. it will hold true --t we i as europeans this whole partnership with africa -- africa is in our immediate neighborhood. we have to be the drivers of this commitment of engagement. it is only starting now. this remains true. we need to take a stronger interest in peddling i ask each and every one of you to compromise. we have an ambitious time plan. i thought this was of the .ssence if we don't do this, we incur the risk of retaliatory measures . i hope in august, we will have the relevant information for the proceedings. --i have a question that before the summit, they warned there could be a trade were --ning up between the usa have you talked about the probability of such a thing? chancellor merkel: i believe the results is an important step forward. august is not that far off. there has to be a lot of work done. that i

we already have the wto, the un, the 6 seven. the point in all this?un, the 6 sevenlj think the main role the due 20 has to play is to support these multilateral initiatives. i think set had success with regard to pushing forward in fermentation of sustainable developments. the chinese made huge progress on the supports for the training system. success is not so clear. thank you. internet stew hours, the uk is certain to be released. they always are at the end of these summits. they're always dressed up in diplomatic language. let's look at that communicate very closely, because within its diplomatic sentences, we because within its diplomatic sentences, we may see because within its diplomatic sentences, we may see firm evidence that since donald trump took over as president of america, he has led america away from some of the other most powerful countries in the world. this is how our world is going to function with a perceivable future. earlier i spoke to margaret macmillan, a professor of international of international history at the university of

may as well be the new wto. >> such a big economy. they're trying to move super tanker.ump asoing to see a tries to become a more consumption led economy? >> i think china does not accept the democratic state in a way. is very clear, very outgoing. very little opinions about what be done and should not be done and things like that. they're very effective in what do. >> do they have a good handle on it? >> i wouldn't say it's good or bad. and thisuman rights and that and challenges associated with that. far very effective. >> joe kaeser thank you so much. whoooo. i enjoy the fresher things in life. fresh towels. fresh soaps. and of course, tripadvisor's freshest, lowest prices. so if you're anything like me... ...you'll want to check tripadvisor. we now instantly compare prices from over 200 booking sites... ...to find you the lowest price... ...on the hotel you want. go on, try something fresh. tripadvisor. the latest reviews. the lowest prices. >> everyone shares in this world. challenging day. change the way we think about its power and purpose. this is a new generatio

scarlet: that was roberto azevedo, the director general of the wto.d, options insight. how to trade one energy focus etf. from new york, this is bloomberg. ♪ julia: this is "bloomberg markets." i'm julia chatterley. scarlet: i'm scarlet fu. it is time for options insight with abigail doolittle. abigail: joining me today is dan deming from kkm financial. he joined me from chicago. down once again, worst pullback since last thursday, nearing session lows. i want to bring up the nasdaq. last week we saw that pullback continue into july. the nasdaq had its first down month in eight. is this the beginning of a trend shift? >> i think it definitely is the beginning of a trend check. overseas what led to the catalyst of the selling pressure today was the fact that overseas in europe we had some weakness. you are seeing those mere averages break below their 100-day moving averages. you have the nasdaq also breaking down. we are starting to lose some leadership and that is also a trend check when you look at these major averages. abigail: maybe some more beari

at this summit, i argue we must reform the international , especially the wto, given its central role so it inps pace with developments key sectors like digital and services, so it is better able to resolve disputes. some countries are not playing by the rules. they are not behaving responsibility, -- responsibly, and are creating risks. nowhere is this more clear than in relation to the dumping of deal in global market -- of s teel in global markets. not enough has been done since. if we are to avoid unilateral needon, we immediate collective action. we agree that the global forum established last year needs to be more effective and the pace of its work must quicken. in order to ensure its work get the necessary attention and accountability, i press are relevant ministers from around the world to meet in this forum. play a leading role in championing all these reforms so that all citizens can share in the benefits of global growth. as we leave the european union, we will negotiate a new, conference the, bold, and new,ehensive -- a conference of, bold agreement with the e.u. but we wi

donald trump says they have not been playing by the rules, living up to the wto.w the europeans have been critical about market assets and not upholding some of the commitments they made. i know you are in china, so no one likes to criticize. but what is your fair assessment of how china has progressed since 2001? >> well, china has been not always the advocate for free trade. no import barriers. i mean, let's look to how china developed over the last two decades. and did its own thing in. order -- thing in order to develop itself but where it's now, it is in the interest of china but maybe in the interest for the entire world to have more free trade. if we all are with drawing on our own islands and protect and close our borders, etc., i think nobody will benefit. obviously, china -- and also early this year president xi advocated that also for the west, even with the feeling that some people left behind, closing the borders is not the answer. having a more inclusive growth in the western countries is the answer and that is what premier li was saying today and al

ybheiladurangi trp e pouny aoi ru may wto. ft cliimhe leued toeyenal tsa- owes rng ouje ssis - the president also tweeting this morning -- do you think it is going to be cover for the attorney general to be doing his job today in the wake of disco more tweets about him -- two more tweets about him? guest: if the president doesn't like the attorney general, he can fire the attorney general. if i were sessions come i would --l the president you host: peter. line for independents. caller: good morning. thank you, c-span, for being the last real news outlet we have left. have you guys taken into consideration the soviets -- i still call them soviets -- have you taken into consideration their desire to expand their influence into the middle east? this is going back to an old placing soviet assets at water ports. it's always been part of their strategy. guest: it goes back to these get warm water access points -- it's been the strategy of the former soviet union. t appears to me that mr. putin came out of that history and hasn't cha

if you are not going to be ever get any trade deals and you are forced onto wto terms, the economy wellparents, who are the areas that need looking after, will suffer. i wonder if the young people who voted in the

if you are not going to be ever get any trade deals and you are forced onto wto terms, the economy wellrashed at our children and other parents, who are the areas that need looking after, will suffer. i wonder if the young people who voted in the election and voted in the referendum, whether this would have beena different... referendum, whether this would have been a different... it is too late now. we don't want it be too late for the next tory. this is also any front page on the financial times. paying to be porsche when you next phase of robot revolution takes off. we have heard a lot about how robots are going to take ourjobs. they suggest that also going to take the job when i first read this, i thought don't tell me this is good be about voice recognition and i cannot understand people balls accents. generally, you know how many times you shouted something and say, i did not say that. goes by you do not even have an accent. laughter this is saying that as workers lose their jobs this is saying that as workers lose theirjobs to robots, soft skills such as confidence and to be to b

starting right in december of 2001 when china exceeded into the wto. same thing. he's underestimating how big it will be. looking back 3, 5, 10 years from now. people are going to see that as a big watershed event in terms of institutionalization. betty: tech giants take a stand in the fight for net neutrality. we talked to the head of go daddy for his tech, -- take on the high-stakes battle. this is bloomberg. ♪ yvonne: this is daybreak asia. betty: and i'm betty liu in new york. google, amazon, thousands of other websites joining an unprecedented protest on that neutrality. equal access to the internet could be at stake. isn't the last stand for net neutrality, is probably one of the biggest battles before this is finally decided here. is a lot ofexpect messages coming out from 70,000 websites and organizations saying, listen, you guys have to ante up until the fcc you want net neutrality to a. google, facebook. some of the arguments painted dire picture. slower website access in terms of longer wait times to load. censored and blocked content mighte some isps t

. >> wto is supposed to end the subsidy war. i don't think they have. some people think it's actually operated mostly in favor of america, but i think and i borrow from people like danny here, an economist who writes interestingly about this stuff. we need a looser arrangement to allow subsidies in the nations to promote certain kinds of manufacturing that they couldn't otherwise do and we had a looser arrangement, ironically, under britain-- >> the wto in some magic way says we don't recognize-- we don't recognize subsidies, that they are outlawed in free trade. well, they are not outlawed. and they are all over the place and somehow the world trade organization doesn't see them, so it would be helpful if the world trade organization said manufacturing runs on subsidies and public money i.e. defense spending and let's recognize that and let's start giving who gives what and it will be-- you might get a war out of that, i mean, i don't know quite how we solve this problem, but we don't even face it right now. >> let me sum up by thanking you for writing

speaking at the wto headquarters, dr. fox said britain is aiming for the best possible trade deal with the eu but warned it may not be possible before the 2019 deadline for the end of brexit negotiations i'm happy to say we're joined by a man who knows a fair amount about negotiations, the deputy secretary of the united nations, lord malik brown, the chair of the business development commission thanks for joining us. >> pleasure. >> i think we've seen david davis flying to brussels yesterday for one of these fleeting visits. it's the end of the second flurry of the brexit negotiations it sounds like there's been some movement on citizen rights the european side saying they want more clarification on this brexit bill. is that reflective of a division within the top echelons of british government about how that bill should be approached >> i think so. we have just gone through a prolonged period of negotiationing with oursenegoti i negotiating with ourselves as a government westminster has been notioning with the cou negoti

was once again on the line here but i'm sure for the final declaration with regard to trade -- the wto its importance was once again on the line here but i'm sure for the final declaration with regard to trade it will go well. >> the biggest emerging economies advocating free markets. with the rest of the g 20, there's our reporter. correspondent: the first day of the g 20 summit here in hamburg was full of messages, some very clear and some very loud. brics group of nations say they continue to be committed to free trade and multilateral agreements against what the united states has been imposing. this shows us how divided the country seem to be. -- countries seem to be. left behind is the flagship of the german presidency. this was supposed to spur investment in certain african countries, but it seems to be a second priority and will have center stage tomorrow when discussions on the african project continue. >> broadly positive news from the u.s. economy. data from june showing a rebound in unemployment, the country adding 200,000 jobs. rates growth missed expectations, continuing a

system, but reinterpret the wto to refavor market based transparent economies.dence of all three things that administration is doing. >> yeah. that does seem to focus. thank you very much, terry haynes and samantha. appreciate it. >>> let's get to seema moody here with the european close things are shaping up pretty positively over there. >> they certainly are. european stocks are on the rise after snapping a four-week losing streak. that includes the german dax getting a lift from news of a widening trade surplus thanks to strong demand from outside the european union experts jumping to a record high of more than $123 billion in may. that's a 1.4% rise from the previous month about a 14% drop from a year ago and encouraging sign for german chancellor angela merkel ahead of the federal election in september. sticking with germany the ten-year bund yield pulling back from 18 month highs but it has doubled over the past month. inflation data on thursday, that will be key. now, ing's chief economist says despite that strong trade report, he cautions the increasing

they are going to be, this one belt, one road, it might as well be the new wto.rancine: such a big economy. they are trying to move a supertanker, right? are we going to see a bump as china tries to become a more consumption led economy? joe: i think china is not exactly a democratic state under western standards in a way so the government is very clear to direct it and be outgoing. there are very little multiple opinions about what could be done, should be done. they are very effective in what they do. francine: so they have a good handle on it? joe: they have a very clear direction and execution is strong. i'm not saying if it is good and bad, because there are human rights, this and that, challenges associated with that but so far they have been very effective in doing what they set out to do. francine: joe kaeser, thank you so much. >> my pleasure. ? whoooo. i enjoy the fresher things in life. fresh towels. fresh soaps. and of course, tripadvisor's freshest, lowest prices. so if you're anything like me... ...you'll want to check tripadvisor. we now instantly

they are going to be, this one belt, one road, it might as well be the new wto.rancine: such a big economy. they are trying to move a supertanker, right? are we going to see a bump as china tries to become a more consumption led economy? joe: i think china is not exactly a democratic state under western standards in a way so the government is very clear to direct it and be outgoing. there are very little multiple opinions about what could be done, should be done. they are very effective in what they do. francine: so they have a good handle on it? joe: they have a very clear direction and execution is strong. i'm not saying if it is good and bad, because there are human rights, this and that, challenges associated with that but so far they have been very effective in doing what they set out to do. francine: joe kaeser, thank you so much. >> my pleasure. ♪ ♪ stephen: welcome to the seaport of industrial northeast of china. the theme of the annual meeting this year is inclusive growth in the fourth industrial resolution, but geopolitics, mounting debt, and protectio

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otherwrwisthey could face litigation at the wto and possible trade sanctions.d has announced it will keep logging despite the european union court order to stop the operation. it is one of europe's last remaining primeval forests. warsaw argues it's logging is in the best interest for the local community and the forest itself. reporter: at over 3000 square kilometers, the forest is one of europe's last touched primeval forests and at the heart of the latest spat between you and poland. -- the eu and poland. >> the state is obliged to continue protective measures and two for phil protective measures using a for film and tool, which is the forest arrangemement pla. reporter: warsaw claims thehe logging campaign was part of a bid to protect the forest from an invasion of needles and -- of beetles. environmentalists say the majority of trees were not affected by the beetles. they say the logging is part of an effort to inject new growth into the economy. the eu has warned it could find poland 4 million euros for defying the order and 300,000 euros per day until it

be, this oneg to belt, one road, it might as well be the new wto. francine: such a big economy.y are trying to move a supertanker, right? are we going to see a bump as china tries to become a more consumption led economy? joe i think china is not exactly : a democratic state under western standards in a way so , the government is very clear to direct it and be outgoing. there are very little multiple opinions about what could be done, should be done. they are very effective in what they do. francine: so they have a good handle on it? joe they have a very clear : direction and execution is strong. i'm not saying if it is good and bad, because there are human -- if there are human rights, this and that, challenges associated with that but so far , they have been very effective in doing what they set out to do. kaeser, thank you so much. >> my pleasure. ♪ emily: i am emily chang and this is the best of "bloomberg technology." we bring you the top interviews from the we contact. coming up, netflix scorches the subscriber forecast. why content is king. peter joins us to discuss the u

in a joint report published in april, the world bank, the imf, the wto recognized what they referred to as the long-lasting displacement as well as large earning losses of workers. and that leaves negative experience of globalization in the established political order. the prime minister talked of the jumping on steel in global markets and why the government failed to take action that the other nations did at the most acute time when our steel industry is suffering? this is the architect of the failed policies. and now there is to use brexit to turn britain into a low wage -- a narrow and hopeless britain in this country which would only serve the few. one that would ruin industry, destroy innovation and hit people's living standards. finally, the us president said a us, uk trade deal will happen quickly. can the prime minister give any details or timetable or any of the terms of this agreement on environmental protections, workers rights, consumer's, product safety, any of those issues that so concerned so many people? mr. speaker, the prime minister lost her hope and now she is los

every single port and a huge destruction to the british economy, so suggesting that falling back on the wto junior and paul manafort. jared kushner will face questions on monday. our correspondent gives us the latest from washington. eddie ‘s russia on the front pages where it has been for six months for the president. he will be questioned in private by one of the committees up the hell, so we won't necessarily hear what jared kushner says unless people start talking, but they will want to talk to him particular about this night and from this meeting last year with and from this meeting last year with a russian lawyer who was supposedly offering some dirt on hilary clinton, timed out not to be useful, apparently, they want to ask for that back. they'll also want to ask him about allegations that he was trying to set up weekend back channel to russia, to the kremlin, during transition for donald trump, before he became president, using russian equipment, because he didn't ask, because the trump team didn't trust the american intelligence services. they'll also want to talk to him about his

with the administration said that all the way back to the clinton administration because any other wto member they have not been following that for years. but yet the trade system still exist. is important not to get hyperbolic what is going on. >> debt is very helpful in very interesting. >> and also this meshes perfectly with my beginning. i will pull the lessons back to give you my idea of what is going on with this administration trade policy to put a context around this issue of protectionism of trade remedies. i think it is deadly serious about changing the way we do with trade and our trading partners in the evidence is manifest in their actions. but i do think all of you should take a look in the wall street journal may 31st read after the president returned from the first trip to europe. if you think it is a little early to talk about the trump dr. read this. is actually lays out the doctrine that is very specifically relevant to trade entitled america first does not mean america alone. while meeting with european leaders with the trade deficits of many european nations will t

and complement tree to that, bilateral trade agreements can be subdued but have to be in line with wto rules, and we .herefore wish every success agreed on setting up a global .irm it works rather slowly, so it was very important that during to haveting, we need the necessary information on the table so that in november, a substantial report can be tabled, which will also than offer effective solutions to this issue of excess capacity, and i hope this format will be used in order to address those contentious issues on the table. in a second session, we addressed the issue of security civilians, which means we need a resilient financial system. finance ministers did exemplary work preparing this. sometimes, the hamburg action plan reflects that. work important that we systematically in bringing this forward. it was pointed out that we absolutely need to be vigilant establishing a level playing field for the international financial market structure. also mentioned the erosion in profit shifting issues. too, is of central importance for establishing fairness in taxation. we also pointed o

we participate actively in the wto. we have depended on the system which america has built and upheld to maintain an open, global intercourse of trade, commerce, investment, finances, which have prospered most country most of the time. there is a new mood in america, president trump reflects that, and we will have to watch carefully what policies he pursues. tell me your reaction when donald trump says things like this, "the globalised trading system has led to the greatestjob theft in the history of the world"? well, there are many views on that. in singapore's case, it has not done that to us. i think in america's case, there are many american companies which have prospered because they are all over the world — there is a base in america. but this is a view which segments of americans hold and i think the president reflects that. worried? alarmed? it depends what he actually does, because campaign rhetoric is always slightly overheated. and then when the administration comes in, the ysettle in and they confront the re

tariffs and what is therist, danger the united states government might actually raise questions about wto >> other countries could respond by restricting our imports. they might restrict agriculture. they might restrict digital product. the list goes on and on. it would open the door for other based on national security concerns. this is a provision very sparingly used. gates just open the flood for import restrictions and a trade war all around the world. david: thank you very much cutler, former acting deputy u.s. trade representative. and thank you, chairman and president -- we will have the latest on the debate over the debt ceiling and whether president donald trump may be forced to use a want secret plan developed by the obama administration to avoid default. this is bloomberg. ♪ is bloomberg markets, the trump economy. i'm david westin. but get a check on where markets stand with julie hyman. julie: i want to talk about financials. we have the beginning of the big banks reporting their earnings. and it hasn't been looking good here. jpmorgan, citigroup, and wells fargo are all lowe

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president xi has been saying in the commitment to the international trading system and the wto.y china has to do more to open up its own markets and liberalize example,conomy, so for one belt, one road is not a one-way street to benefit china, but is a genuine highway on which there can be traffic moving in both directions between china and the rest of the world and its main trading partners. reading through your notes, you mentioned rarely will there be as many bad relationships in one room. what does that portend for global trade? rish was alluding to the special relationships between china and germany becoming stronger as others laps. the g-20 is usually a global showcase for international don't think wei can expect that to be quite so on this occasion. never have there been probably so many fractures, personalities, and big egos contained in one g-20 meeting as we are seeing today in germany. havenk angela merkel will a role as foes to encourage good discussion and dialogue and agreement, but the rest of the world is looking to her to express what is frankly and anti-trump s

restrictions on steel back in 2002, they were reversed in 2003 because they were in contradiction of wto commitments. but the eu already stated if restrictions come into play, they're likely to restrict imports of u.s. whiskey. >> unfortunately running against the end of the program before you leave us, i would like your thoughts on gold that's one precious metal been punished in recent months. >> that's right. gold is coming under pressure as the interest rate is increasing, gold has in verse relationship to real interest rates we believe inflation in the u.s. will remain elevated and revise about 2% therefore the real interest rate in the u.s. despite interest rates increasing will remain subdued. so gold prices have opportunity to rise. but gold remains very good hedge towards event risk and key events like escalation of tension in the middle east or between the u.s. and north korea, gold has potential to spike upwards should these events come to the fore. >> thank you so much for your time and thoughts. >>> before we leave, let's look at how u.s. futures are looking. well, they are s

mark: that was sto direct -- wto director roberto azevedo. new case divorce from britain'san union -- divorce from the european union is well known, we will hear advice straight ahead. this is bloomberg. ♪ live from london and new york, i am mark barton. vonnie: i am vonnie quinn. this is bloomberg markets. the future of trade relations to the european union and united kingdom is at the heart of brexit talks. a negotiator is warning the u.k. withdraw and would carry consequences on trade ties. simon coveney met with brexit secretary david davis earlier and he joins us now run exclusive interview of the irish embassy in london. thanks for joining. your first impressions of your meeting with david davis today? : i think we had a good meeting. i think it was frank and length, which it needs to be because the ireland and england are friends great ireland is on the negotiations,xit but we have a close relationship from a trade and political perspective with britain that we need to be cognizant of that. we are in many ways in a vulnerable position

you wto progress.move. to not just accept what you see, but imagine something new.gn®, we use the most advanced teeth straightening technology to help you find the next amazing version of yourself. it's time to unleash your secret weapon. it's there, right under your nose. get to your best smile up to 50% faster. visit invisalign.com to get started today. >>> brutal street level fighting between the iraqi army and isis is taking a huge toll on innocent civilians. isis is being forced back, but the price is high in a fight to free mosul. the youngest victims are being hit the hardest by the constant carnage of war. our nick paton walsh has this cnn exclusive story. >> reporter: from here to the river is all that isis has of mosul. and this is the story of how it fell, on the streets, around the mosque they once held sacred but then destroyed. [ explosion ] brazilian photographer gabrielle is on foot with the iraqi army. [ machine gunfire ] each human they meet is either desperate to escape or the enemy. in the alleyways, two men approach them. one is carrying a bomb.

you wto progress.move. to not just accept what you see, but imagine something new.vanced teeth straightening technology to help you find the next amazing version of yourself. it's time to unleash your secret weapon. it's there, right under your nose. get to your best smile up to 50% faster. visit invisalign.com to get started today. over the course of 9 days sthe walks 26.2 miles,. that's a marathon. because he chooses to walk whenever he can. and he does it with support from dr. scholl's. only dr. scholl's has massaging gel insoles that provide all-day comfort to keep him feeling more energized. so he even has the energy to take the long way home. keep it up, steve! dr. scholl's. born to move. judge jeanine: a big win over isis in iraq. u.s.-backed iraqi forces were able to recapture that's one trims second largest city mosul after a month-long siege. joining me now for what's ahead in the fight. we are look at this map. january 2015, what appears in red or orange is the isis caliphate. >> the other part of the caliphate was in syria. but this shows how much territ

but trump's tweets, you know, challenging china and the wto. kicking the thin on this, telling them they have to pay for their missile defense. basically at the same time you want allies and friends to work with you and realize they can have common cause. at the same time you run away and kick them in the shins on something like that, that is not serious and that is trump's biggest problem. he thinks he can have this bravado and plbluster and force china to be our agent. he made the united states far weaker and less able to go in these countries. there is no read line. china will never be our full agent. we could be covering right there with them if we didn't have such a blustery president. >> and we're just showing some of north korea's arsenal. this is coming right before trump goes to the g 20 where he will meet with world laters where he needs to meet with to try to mitigate any problems coming out of north korea, to deescalate the situation over there. you heard steve talk about the bravado. he has been talking the isolationist policies, n