patrick is the former chief economist for the wto.hink this is possibly what we are talking about right nafta this global age of and free trade. all of these global trade agreements. they seem to be at risk of -- because politically it doesn't seem to be getting the kind of cohesiveness from the u.s. as it once was. is that a concern for 2018? i think it is a big concern. the narrative is very negative on trade. trade will go faster and 2017 that it has grown up for a decade. there is a question of time consistency. there are downsides with this kind of narrative. >> patrick, your thoughts. removing --me that that we are moving toward a new period that will be more bilateral. smaller groups coming together for agreements. does it seem to be the trend that is starting to form and is there anything wrong with that happening? think it is true that this has very much been the trend. in small groups, usually a little bit less diversity among the players in those small groups, but ultimately, these small groups can be very disruptive to glo

a wto exit saves us a vast amoun tof money.e wto brexit you are talking about is a fantasy. do you know, actually, how many countries the uk trades with at the moment on wto rules? 57% of our trade... 2a countries! ..but 57% of our trade is not with eu countries. but most of our most important trading partners in the eu bloc. if we have to renegotiate... no, you misstate the deals. most of those deals are joint competent steels that we have agreed to individually as well. most of those deals, the counter parties have indicated that they are to continue with. well, clearly, you're not reading the same things i'm reading. well, i'm reading the details. because all sorts of experts on trade and legal issues say that the idea we can simply revert to wto rules and expect our trading relationships to be as good as they have been inside the eu is pure fantasy. it's really straightforward. i was speaking to the singaporean high commissioner for example earlier this week. singapore is immediately ready to nevate the deal between the eu

the wto brexit you are talking about is a fantasy.t on wto rules? 57% of our trade. 24 countries. 57% of our trade. 24 countries. 57% of our trade is not with eu countries. but most of our most important trading partners in the eu bloc. no, you mistake the deals. most of those deals arejoint mistake the deals. most of those deals are joint competent steels that we have agreed to individually as well. most of those deals, the counter parties have indicated that they are to continue this. you aren't reading what i am reading. many details on trade and legal issues say the idea we can revert to wto rules is pure fantasy. it is straightforward. i was speaking to the singaporean high commissionerfor speaking to the singaporean high commissioner for example. they are ready to do so because it is a multi—party agreement. those trends —— tra nsferrals are multi—party agreement. those trends —— transferrals are simple. multi—party agreement. those trends -- transferrals are simple. it depends who you talk to. it depends who you talk to. recent

encourage imports -- exports at a lower rate, which seems to me is going to be a red light for the wto. do we have a plan b or are we going to potentially go through many years of uncertainty in regards to this provision's legality under the world trade organization? >> well, senator cardin, it's the chairman's mark. i am not a trade expert. my colleagues on staff are not trade experts. so we can't really opine on the important issue that you're raising. if trade people think that there's, you know, some uncertainty there, you know, as you say, the uncertainty is unfortunate for business. >> and mr. chairman, i would just urge us. we went through years of debate on trying to fix something that we thought was well intended to encourage exports only to find out because of wto rules we couldn't do. my guess is that this is going to be an issue that will be challenged in the wto, which means that we're not going to have the certainty that we want to encourage u.s. exports. it's just another uncertainty that we would be baked into the law. another reason why you need time to make sure what

doing that in the next two weeks, we should get on, end the uncertainty and prepare to trade under wtoegularly real nervousness being expressed by business lobby groups — you have always made the argument, don't panic, relax. convince them if they are watching, why is there this huge gulf between you being relaxed and them been very, very nervous? i have traded under wto rules in the past absolutely fine, i can't see what the problem is now particularly as there is a trade general agreement which came into fabric which deals with many of the deals they keep making. but the cbi talked us into the exchange rate mechanism which gave a huge headache to their members, they wanted us to go into the euro and said the city would be damaged if they didn't, instead the city flourished. there seems to be some optimism in the air in brussels that come december, there will be some movement beyond the unpicking of the current relationship. are you still hopeful? you say you are relaxed about the prospect of no deal, but are you still confident an agreement can be struck? it would be better to pay th

rules, the contacts do move towards wto rules, the co nta cts you do move towards wto rules, the contactsneeds a good electric shock to get it more efficient and this is what brexit will do but that is the minority view. the north-east was an area that voted overwhelmingly for exits perhaps you would hear that they are. but you do not often hear that from business leaders. most business leaders, especially those last countries which do a lot of business across europe have spent the last 40 yea rs across europe have spent the last 40 years understanding perfectly for the terms conditions were, seamless borders, been able to move components and people around, they wa nt components and people around, they want as much of that to continue as is possible. thank you. global emissions of c02 in 2017 are projected to rise for the first time in four years, according to new data presented at un climate talks in germany. the main cause of the expected growth has been greater use of coal in china as its economy expanded. researchers are uncertain if the rise in emissions is a one—off or the start of

well, it's drafted in a way that avoids the wto problems that were raised. let me ask you something you can talk about, which is the tax side of this. again, democrats have called our international plan, quote, today, a multibillion dollar tax break for u.s. multinationals. can you tell me what the revenue cost of the international tax system in this bill are? does it raise revenue or lose revenue? is it a big tax cut? i'm looking at page 6 right now of your revenue title, that's this table, page 6 of your revenue tables. does the international provision as was said earlier provide for a big tax cut for multinational companies? >> it's fairly much break even across the ten-year budget period, senator. >> so it's break even. i see actually $104 billion razor. >> that's correct. >> i guess by washington standards, $104 billion one way or the other -- >> it's not a big loser. it's positive. >> it raises money. there's no tax cut here. so i appreciate the back and forth, but i think we have to go back to the facts. and look at what's happening. and let me ask ms

organizations like the wto can only function properly when all members follow the rules and respect the sovereign rights of every member. we cannot achieve open markets if we do not ensure fair market access. in the end, unfair trade undermines us all. the united states promoted private enterprise, innovation, and industry. other countries use government-run industrial planning and state-owned enterprises. we adhered to wto principles on protecting intellectual property and ensuring fair and equal market access. they engaged in product dumping, subsidized goods, currency manipulation, and predatory industrial policies. they ignored the rules to gain advantage over those who followed the rules, causing enormous distortions in commerce and threatening the foundations of international trade itself. such practices, along with our collective failure to respond to them, hurt many people in our country and also in other countries. jobs, factories, and industries were stripped out of the united states and out of many countries in addition. and many opportunities for mutually beneficial investme

organizations like the wto can only function properly when all members follow the rules and respect the sovereign rights of every member. we cannot achieve open markets if we do not ensure fair market access. in the end, unfair trade undermines us all. the united states promoted private enterprise, innovation, and industry. other countries used government-run industrial planning and state-owned enterprises. we adhered to wto principles on protecting intellectual property and ensuring fair and equal market access. they engaged in product dumping, subsidized goods, currency manipulation, and predatory industrial policies. they ignored the rules to gain advantage over those who followed the rules, causing enormous distortions in commerce and threatening the foundations of international trade itself. such practices, along with our collective failure to respond to them, hurt many people in our country and also in other countries. jobs, factories, and industries were stripped out of the united states and out of many countries in addition. and many opportunities for mutually beneficial investm

to wto principles on protecting intellectual property and equalng fair market access.roduct market dumping, karen c manipulation and -- currency manipulation and predatory practices. they ignore the rules to gain advantage over those who follow the rules causing enormous distortions in commerce and threatening the foundations of international trade itself. , along with our collective failure to respond to them hurt many people in our country and also in other countries. industriesries and were stripped out of the united states and out of many countries in addition. mutuallyrtunities for beneficial investments were lost because people could not trust the system. these no longer tolerate chronic trade abuses. we will not tolerate them. despite years of broken promises, we were told that someday soon, everyone would behave fairly and responsibly. america and throughout the indo pacific region have waited for that day to come. but it never has and that is why i am here today. to speak frankly about our challenges and work toward a brighter future for all of us. i recently

is it likely he'd withdraw from wto? no. is it conceivable? sure. i think you have to start with the idea virtually anything is conceivable. this is a very different personality and we don't have any boundaries to understand him with. and he has certain very deeply held beliefs. and the idea that he's going to be trapped by a bureaucratic system that is very slow and very inefficient and routine ly exploited by the chinese and he'll be told he's helpless, this is guy, he understand thoroughly the concept of alexander the great cutting the knot rather than trying to untie it. he sort of thinks of that. i'm not sure he knows the analogy, but he lives that analogy every day. and he's quite cheerful about cutting knots. second. remember this is an administration which includes a lot of us right wingers which if you said to them here is this great agreement that barack obama and john kerry negotiated. we all go got it. kill that. we don't need to know the details. just kill that. that was in a sense the side casualty of the nature of the campaign. i don'

they haven't said that about the wto. what happens to our trade balances, which is their bogey, their goal here agreements? >> probably our trade -- our trade deficits go up a little bit because of the reduced capacity to export to those countries, greg. i think our growth, which is determined by many, many things, exports to mexico are just not that large relative to the total economy, probably is a little softer than it would otherwise be, but not massively. but i think our broad national interest is hugely affected. there's a risk mexico's going to elect a hugo chavez like figure. and the best way to make that maximally likely would be for us to abrogate nafta in a way that proved that all those in mexico who resent the united states are right. and that would be catastrophic for our broad security interests. i'm not a security person. i'm an economics person. i don't presume to understand everything that's going on in the korean peninsula law. but i can't believe it would serve our strategic interests to have a major r

one of the major pillars of the wto is arbitrating disputes between members. disputes do occur.his gives a way for members to solve their issues in a non-politicized way. avoids a spiral of unilateral actions. we have to listen and talk we have to understand the problems >> do you think those criticisms are warranted? this gets to the heart of what your organization tries to do surely >> it is something that is going to be difficult to handle. the major concern now, is that we don't have a solution finding mode, conversation happening yet. we're still at the phase where we're expressing concerns, but we have to shift, we have to move from that conversation into one that is solution oriented. that's what we need to do in the next few weeks >> switching to the uk a bit the trade secretary, liam fox, said the day after brexit the uk can sign 40 trade agreements with noneu countries i just want to ask you, "a," how long does it take to get negotiated agreement and do you think it's viable for the uk to get trade agreements done within such a small time frame as per liam fox's commen

so nafta partners would be would have less access to the wto agreement than nafta partners of the united states. >> that might be. but you can't take one item and compare it. we think it was absurd in general to give away ten times as much market access as you are getting back. that's one of the fundamental flaws that the president feels, and i agree, exists in nafta to begin with. >> last question n the back here. sure. >> thank you. secretary remarks so you just mentioned nafta and chorus fta and the that the united states has very few trade agreements. i'm wondering the way that the way the u.s. approaches nafta versus chorus fta. what are the different approaches that maybe the united states is taking on those two agreements? >> you are talking about a new fta versus renegotiating nafta? yeah. well, the difference of course is that your starting point is different. we are coming into nafta after quite a few years of an agreement. and therefore, after quite a few years of experience as to how it actually has worked and whether or not it has produced the results that it was intended to

he says going to the wto rules and walking away from europe might be a good thing. 80% is europe mightde the eu. but we have already fallen off a cliff as company because we already pay a tariff into europe. yet we are one of the fastest—growing companies in europe. 0ne fastest—growing companies in europe. one of the fastest—growing manufacturing companies in europe outside the eu, the single market, the customs union, trading under wto rules. that is very much a minority view and not the view of most of businesspeople who are represented at the meeting with the prime minister today. it makes the news when he says something like that! i do not think this is a matter of confidence. royals will be very different and so were tariffs. it is very easy to calculate company by company what the difference between operating within the single market and the customs union is an operating not only outside that but operating not only outside that but operating with wto only rules. everyone can calculate that and that is why many businesses are anxious. the level of anxiety has risen a lot over the

was there also a national security rationale on president clinton's decision to let china joined the wto from what i know about this is first of all we were generally trying tohi figure out an improved relationship with thee chinese. i am the oldest person sitting up here and was part of the carter administration. one of the issues there was in fact the normalization of relations with china in trying to figure out again how to bring them into the system. most of the time we dealt with china we had to look at the most favored nations caused and also judge their human rights act to the days and it made the chinese crazy and really was like pulling up a plant to see if there was growing and it really made for a lot of problems. one of the things the clinton administration did first was to go foror permanent trading relations andt that was the beginning and then the wto, in order frankly to make the chinese abide by the rules not only because we were saying so, but the international organization would be able to also go with the same kinds of points in what it was like to join the internatio

well, it's drafted in a way that avoids the wto problems that were raised. let me ask you something you can talk about, which is the tax side of this. again, democrats have called our international plan, quote, today, a multibillion dollar tax break for u.s. multinationals. can you tell me what the revenue cost of the international tax system in this bill are? does it raise revenue or lose revenue? is it a big tax cut? i'm looking at page 6 right now of your revenue title, that's this table, page 6 of your revenue tables. does the international provision as was said earlier provide for a big tax cut for multinational companies? >> it's fairly much break even across the ten-year budget period, senator. >> so it's break even. i see actually $104 billion razor. >> that's correct. >> i guess my washington standards, $104 billion one way or the other -- >> it's not a big loser. it's positive. >> it raises money. there's no tax cut here. so i appreciate the back and forth, but i think we have to go back to the facts. and look at what's happening. and let me ask ms

wto with regional trade agreements -- it is not a legally binding agreement., he could be more important as things like nafta and wto come under stress. it is a group of economies coming together to help improve links. we try stuff out. be part oft want to deal, you can be in pathfinder and do it that way. it becomes more important in this sort of environment, because it is not legally binding, not a bilateral dispute resolution. we all want more trade. the u.s. wants more trade. haslina: what message would you like president trump to deliver at this apec meeting? alan: we would like to get clarification on his trade policies. we would also like to see him recognize the importance of continued multilateral trade. the whole region has been such a huge driver of growth, and improved the way people live. we know domestically there are issues about who gains and who doesn't gain from that. the big picture remains the same. haslina: what risks to trade do you see in geopolitics? alan: absolutely there are geopolitical risks. there are protectionist risks at the mom

. >> is there a national security rationale to join in the lead wto?. >> so what i know about this is first of all, we generally tried to have that improved relationship with the chinese. and with that carter administration. in then to figure out how to get into the system. in to judge the human-rights activity. and then that really makes were a lot of problems. and then to go for a permanent trade relations. and then the wto and then to abide by the rules with the international organization to go with the same kinds of points what it is like to join the international trading system. but then with that important economic power. but it wasn't that it was mexico. but they would be terrible competitors for mexico. and with advantage. but with those others. >>. >> i am a freshmen so i question in his with that lack of intervention what is clinton's largest regret? that he did not go to north korea. >> with a regret to feel he was responsible for. with that peace process. we have heard on a number of occasions. >> i have heard many times to make huge differe

there would be no deal and we will rely on wto, we won't pay the money and we will come out.o—called cliff edge. the money and we will come out. so-called cliff edge. on the other hand, if you vote yes, you will have the deal, some kind of single market affiliation and there will be no cliff edge, a transition. that is the characteristic. where is good, i think it's politically trying to sort out the hard brexiteers. there we are, we've looked after what you want, and sorting out parliament who say that we should have the last say. where i think it will unravel, they don't have the political influence, the government, to see it through. a lot of members in both houses of parliament will try and see it down. the guardian front page is that for the rebels are not convinced by the brexit u—turn, if it has been one. it depends on what rebels you are talking about. if you talk about the remainer rebels, there's another way to look at this vote. those who don't want brexit to happen could do the ultimate suicide vote, vote it down and call a general election, a vote of no—confidenc

ever since we have had the wto, the big focus has been on making trade similar for large groups of traderoups of trade simpler for large groups of trade simpler for large groups of countries. trump is trying to destroy nafta. he seems to have something against multilateral agreements, but that is the way it of the future. even china has its own 0ne belt, 0ne road programme, saying we are the ones who are the sta ple saying we are the ones who are the staple superpower and want to play with everyone. and they make trump look bad. the chinese economy is starting to cool, and a slew of economic data out earlier today confirms it. sharanjit leyl has been crunching the numbers. quite a few numbers to crunch, actually, because industrial output growing slower than expected, 6.2% in october according to the national bureau of statistics. retail sales was also out and claimed a slower than expected 10% in october from last year. i hear you say that is a fairly decent number, but what is interesting is, of course, in industrial output the slowdown is prompted by slowing property and construction

we have not been treated fairly by the wto says donald trump.t multilateral approach, that body a disaster. speaking of another multilateral body, the ins, my colleague spoke with christine lagarde in vietnam and this is what she had to say about asia being the motor of growth. >> the global economy is recovering. we are moving from 3.2 last year to 3.6 this year. 3.7 next year and catching up with pre-financial crisis levels. this region, asia is going to continue to be the big global growth engine that it has been. compared with this average of 3.6 -- asia will be generating 5.5%. that tells you a lot about the ine played by the region global economic development. quite element of inflation in this part of the world? >> there is a balanced situation. we are countries that are currently at low inflation levels. we believe that monetary policy has continued to support recovery and have an impact on price levels. there are countries were at quite is still sensible and good levels. >> do you see banks in asia tightening in 2018? >> monetary policy

organizations like the wto can only function properly when all of the members follow the rules and respectereign rights of every member. we cannot achieve open markets if we do not ensure fair market access. in the end, unfair trade undermines us all. the united states promoted private enterprise, innovation, and industry. other countries use government-run industrial planning and state-owned enterprises. we adhered to wto principles on protecting intellectual property and ensuring fair and equal market access. they engaged in product dumping, subsidized goods, currency manipulation, and predatory industrial policies. they ignored the rules to gain advantage over those who followed the rules, causing enormous distortions in commerce and threatening the foundations of international trade itself. such practices, along with our collective failure to respond to them, hurt many people in our country, and also in other countries. jobs, factories, and industries were stripped out of the united states and out of many countries in addition. and many opportunities for mutually beneficial investments

organizations like the wto can only function properly when all members followed the rules and respect the sovereign rights of every member. we cannot achieve open markets and ensure that we have fair market process. the trade undermines us all. the united states promoted private enterprise, innovation, and industry. other countries use government to run industrial planning and state owned enterprises. we are here to wto principles on protecting intellectual -- intellectual property and allowing market access. they engaged in product dumpy, subsidize good, currency -- and policies. they ignored to the rules to gain advantage over those who follow the rules, causing enormous distortions in commerce and threatening the foundations of international trade itself. such practices along with our collective failure to respond to them are too many people in our country and also in other countries. jobs, factories, and industries were stripped out of the united states and outs of many countries in addition. and many opportunities for mutually beneficial investments were lost, because people coul

fair and reciprocal trade, recognize the need to address unfair trade practices and acknowledge the wtois in strong need of reform. these leaders also noted countries must do a better job following the rules to which they agree. i also made very clear the united states will promote a free and open indo pacific in which nations enjoy the respect they deserve. in vietnam during a state visit to hanoi i met with president quan and prime minister fuchs to discuss the friendship between our countries. are vietnamese partners taking new actions to enforce sanctions on north korea. we committed to expand trade and investment between our countries, we pledge to address the imbalances. i'm particularly pleased the united states and vietnam recently announced $12 billion in commercial agreements which will include $10 billion in us content. i visited the philippines where i met with numerous world leaders and the us and east asia summit. the association of southeast asian nations, we made it clear that no one owns the ocean. freedom of navigation and overflight are critical to the security and pr

yesterday, i believe he said the wto has been unfair to the united states.ikebeen trying to bilateral trade agreements with his main trading partners out here, including the first stop in japan, and also renegotiating the trade agreement with south korea. transpacificf the partnership, that is the one development that apec discussions will further here in manila come up before they moved to the geopolitical side of the discussion at the east asia summit tomorrow. they will be talking about healthy transpacific partnership remaining members can continue on without the united states. they did secure a framework agreement over the weekend at apec. , some of theto see participants say there are many months if not years left to nail this down. keep in mind, china and india have been pushing a 16 nation trade block. the regional copperheads of economic partnership. it is more about lowering tariffs than the tpp, which is more copperheads of and more tricky, because it builds in intellectual property rights and labor laws. back to donald trump, this is what he had

it is why we will act as a voice for free trade at the wto, and also continue our efforts, including,forts, including, as i set out this year at the 620, including, as i set out this year at the g20, to reform the international trading system, to ensure that trade is not just free trading system, to ensure that trade is notjust free but trading system, to ensure that trade is not just free but fair, trading system, to ensure that trade is notjust free but fair, fair between countries and therefore the poorest countries. but as we all know, global economic growth is increasingly being driven by emerging economies and powerhouses in the east. and africa's population growth means its significance will also only increase in the decades ahead. so the west cannot write the rules of this century on its own. it is our partnership with the countries of asia and africa, in particular, that will define because the world takes. that is why i have asked the new international development secretary to build on the work of her predecessor, by making one of her first priority is a review of how the wh

on wto. our economies are so interlinked that it is probably very difficult to dissect and try to separate and it has some very deep roots in many areas that will continue to be neighbors and will continue to be trading. >> general? >> yeah. plan b for nafta is nafta. we're not worried about plan b. we are focussed on plan a which is nafta and doing the changes to create the conditions for a win-win-win. technically legal minds amongst you would point out that underneath nafta 23, almost 24 years ago you have the canada u.s. free trade agreement. you have the wto. just once again getting into the hypothetical in the main though this has changed fairly dramatically. let me just refresh memories. our american friends buy more stuff from us than we buy from them. in the main our american friends buy stuff that comes out of the ground or is grown or is the result of water which generates hydro electric power and the list goes on. in the main it's stuff which the american economy then makes better

he also criticized the wto for being unfair to the u.s. for not dealing with the countries that don't stick to the rules of open trade. he didn't point the fingers that china, but instead blamed previous administrations for doing this. china actually embraced globalization and pledged to be an inclusive region and work towards the groupings of having a free trade deal in the asia-pacific. at home, it's different for trump. he is having low ratings. >> any reactions on the markets briefly? >> asian markets closed when the summit took place and these leaders actually spoke. trump has not spoken much about his policy, so there's not much for markets to react to. >> linda hong in singapore for us, thank you very much. now for the latest from the united nations climate summit. >> the big topic is how to reduce carbon dioxide emissions while the united states has long been one of the world emitters of greenhouse gases. an american city once known for its smoggy skies shows it's possible to cut pollution. pittsburgh. pennsylvania is undergoing a

talking about we have not been treated fairly by the wto.talks about product dumping, currency manipulation, jobs in factories leaving the united states of america. he didn't expressly talk about china, but he talked about the region. anna: he talked about china in some places, but he didn't mention china in specific places. chinard overnight that has been taking action to open up its financial services industry. we are getting comments coming through from big global banking players. moving foreign ownership limits on its banks, asset management companies. ubs says they continue to work towards the curse stakes in china ventures. j.p. morgan says it welcomes china financial sector liberalization. we heard from the asia ceo earlier. you can pick up all of the comments that trump made. let's get to haslinda. she has been listening into the summit. good to see you this morning. , butarted out with praise he went on to say that he blames previous administrations and he is not going to stand for it. perception,your this is about fair access. hasl

and stretches to the wto and to other international agreements. we feel that it's something that needs to be entrenched in bedrocks. >> much of the conversation has focused so much on manufacturing jobs and had movement of plants and the impact that free trade, free trade agreements, the border modernization, had on the sector, but one of the real successes of nafta has been in agriculture. creating new marketss for u.s. farmers and u.s. exporters and canadians and mexicans as well. historically, also one of the friction points of trade between the countries. ron, i would like to give you an opportunity to hear your insights from the canadian agricultural perspective on kind of what the priorities are for the renegotiation. >> yeah, it was interesting listening to the priorities from industry. a lot would be similar. i think one of the unfortunate things in the discussion, just to talk to the manufacturing issue and the loss of jobs. there are a number of factors that have nothing to do with trade agreements that deal with loss of jobs. i started

shining into the wto, we did not reduce a single tariff and united states that have not been, we kept them at the same level for the previous 10 years. the reason there is a trade search was changes taking place in china, not changes in trade policies. what happens if the administration proceeds to exit these agreements. i mean, they've already made it clear they don't get a deal they like the canadians are prepared to exit nafta. presumably that is an option they are. what happens to our growth and the trade balance is which is the bogey if we exit those agreements. >> trade deficits grow up a little bit in to export and growth is determined by many things and also it would otherwise be. but our broad national interest is usually affect it. and they will elect to hugo chavez like figure. the best way to make them maximum likely would be for us to aggregate in a way that proved that all those who represent the united states are right. that would be catastrophic for our broad security interest. i'm not a security person paradigm in economics person. i don't presume to understand everyt

veto within the european council when they meet in a couple of weeks, you could push britain to wards wto if that were the case, there would be a hard border between north and south and thatis border between north and south and that is something you are keen to avoid. it is, but it is something that so far the british government at least have been emphasising that they are keen to avoid too. the problem from our perspective is that there is a summit on the 13th or 14th of december and while sufficient progress has to be recorded at that stage to advance to the next stage of the negotiations, no real, i suppose, the next stage of the negotiations, no real, isuppose, hard the next stage of the negotiations, no real, i suppose, hard to detail has been produced yet by the british government as to how the issue of the irish question might be resolved. there has been movement on the cost of the divorce settlement, if you like, and indeed on the rights of eu citizens in britain and, indeed, british citizens in the eu but the third piece, the irish peace, hasn't seen any movement yet other than b

both benchmark indexes brent crude and the wto and the united states were up. more than two percent. moving on to some other business headlines around the world. french banks a citizen and reported a fifteen percent drop in net income during the three months before the end of september. its shares dropped four percent this session after the news. bank said that ultra low interest rates and falling market activity were to blame for the results. job growth in the united states picked up in october after a slowdown brought on by hurricanes last month. economy added two hundred and sixty one thousand new jobs that average hourly earnings. and that the unemployment rate fell to four point one percent. it was due to a shrinking labor. fifty thousand people. shares in europe can i just airport slumped over concerns about. target. third quarter profits there friends caleb shares gave up more than six percent in europe trading. but their main about a hundred fifty percent above where this started in twenty seventeen. bmw announced its recalling more than a million cars

the law is chiefly intended to offset the consequences of granting china market economy status at the wtoich will make it more difficult to prove illegal trade practices by beijing. china has been heavily criticized for undermining the global steel and solar panel markets by dumping excess production abroad. and that's all from the business desk. it is now time for sports action. brent: someone is losing his job. we heard that the italian football federation has fired coach ventura after his team crashed out of the world cup in qualifying. the veteran coach's fate was sealed after a crisis meeting in rome on wednesday. the 69-year-old had apologized to fans after italy missed the world cup for the first time in 60 years, but he refused to resign. a new coach is expected to be named when they meet on november 28. for soccer fans, next summer's world cup 2018 is just around the corner, and the final spot is about to be decided in lima. the home side peru faced new zealand after the two teams -- peru are desperate to qualify for their first world cup since 1982. they have even turned to some

indexation of china to wto that's's already sixteen yes ago two thousand one is china w when china was ablb. build up its export drivevn economy did very smartrtly. . got more t tn hundred billion dollars every year investigate its own country. true mososy true a joint ventures so that on docks percentage specific point to a president trump has a point i m mean that. the cha very stratategically. used to international. a trade framework to. to to become. the world power that it is a that it is today soo foreshor there is a big winner and it's china. this of course a comes just days after trump in xi jinping a mets a in net. in beijing is part of trump's a twelve a day tool over the consonants. and does in your view this this meeting in vietnam. put bergdahl kind of vague warming of relations in two different perspective. well i think it's interesting that that so far president trump me e major. made a pretty pretty good. impressionn o on or i is intellectually tears b bothn japan and korea a and in cha so a lot of people where we worried about. very s sensitive relationships in all the

or any other wto countries.es we would face would be so onerous that trade, certainly trade, could come to a complete standstill. guy: why aren't we hearing about this? rupert: you know, i don't know. i wrote in an email to you yesterday -- guy: you can bring it up. rupert: i don't think the press are handling it terribly well, and i think it is because it is so unbelievably specialized that mistruths a lot of that are allowed to be said. the media are not challenging it. guy: i don't understand how we fix this. the u.k. is about to make a really big change in its trading relationship. how do we become clear? we don't know what the final destination is. how do we discussed the options realistically? we do know some things. there is always a lot of talk about no one knows what the final destination will be. we know with the final destination will be if there are not any -- the e.u. has rules for everything. but you are right. we need to have certainty. ishink the transitional talk helpful, but it does not sold th

and when it was compounded when we went into the wto because we agreed to bound rates, which means the maximum tariff that you could put at very low levels, quite close to sometimes identical to the actual tariff. so between the bound rates and the mfn, we have almost no trade weapons other than enforcement proceedings. >> all right. any other questions from the crowd? we have a gentleman right there to the far left. good. >> hi, allen. how are you? >> secretary ross, given the very significant differences between the mexican and the canadian economies, why was the decision taken to do sort of an overall agreement instead of the bilateral ones in the tpp state? >> well, given that we are starting from a pre-existing framework, that was one reason. the other reason was if you only completed one of the two negotiations, you would have a funny, very discombobulated situation. and therefore, it seemed that we should at least try to do the trilateral route. but the president has said that if that fails and if there is one of the two parties with whom we can make an agreement, he might be ve

they'd still vote for him but there are also republicans like steve bannon, who agree with moore and wto as a way to fight washington republicans, see it as awe chance to fight the power structure in the republican party. so still a lot to play out here. >> mason: all right, john dickerson, thanks. and john's guests on "face the nation" this sunday include senators tim scott and bernie sanders and treasury secretary steven mnuchin. louis c.k. admitted today that he engaged in sexual misconduct with at least five women. he was also dropped by his publicist, as well as the f"x" network and his new movie will not be released. carter evans reports-- and a warning, some of the language is graphic. >> i've let go of any dream of getting in great shape. >> reporter: accused of exposing himself and masturbating in front of multiple women, today comedian louis c.k. admitted these stories are true. in a statement, c.k. said: he went on to say he is "remorseful for his actions." this all comes as hollywood is dealing with an explosion of sex crimes accusations and a los angeles district attorney is

it doesn't want wto rule5. so differences with britain —— it wants the single market. imogen i5 market. what is interesting imogen is that very concept, if you want some of the nice things like a free—trade area or a customs union and you want to do business with us you will have to pay a bit, that's what the swiss have found. yes, there is a price tag attached. switzerland contributes to many eu programmes. it wants access to things like scientific research, creative europe, which is coming, it wa nts a ccess creative europe, which is coming, it wants access to all those things and it knows it will have to contribute. it thinks it gets more out in terms of its good trade deals with the eu yet there are sticking points. the right wing party which proposed the quotas are used this donation of1 billion francs to the new eu states is blackmail. there will be problems getting it, but ducks as of this was government will promise it to jean—claude junker today. interesting times, thank you, imogen in burma. no other stories making the news. foxconn, a main supplierfor apple'

i'm china say the wto and it's not the right place to resolve them. now finally the organizatio. i am. of economic cooperation hans developments here in france says that france should modernize its labor immigration policies the oecd has published a report highlighting frances difficulty attracting skilled workers from abroad. clad rush is more. france is struggling to attract skilled workers from outside the eu according to the oecd's. currently work permits for non eu nationals only account for sixteen percent of visas in france. at this engineering firm ten percent of skilled workers come from north africa and the eu. there's a lack of qualified engineers in france. companies face complex immigration procedures with rule that often differs between regions only and have a means to minister to to see just that he coup to seven weeks in because the company money. for each foreign recruits w we pay fifteen hundred euros. the whole could. french immigration services have a list of so called shortage occupations to identify sectors most in need of labor. but it hasn't been updated s

francine: haslinda, thank you for that great interview there from the wto.rotectionism has not been the main problem. he is also trying to understand u.s. trade concerns. we will be back with kamal sharma. we will also speak with ma tthias. that's 11:30 a.m. in london. this is bloomberg. ♪ tom: good morning, everyone. "bloomberg surveillance" from london and new york. extraordinary events coast to coast in america with the election. with us, stephanie baker. i want to bring up the dana milbank quote in a moment. but your first thought on the message to the president last night? it was not a good night for donald trump. i think it is dangerous to read too much into these election results and think that this is going to mean there is going to be a democratic sweep in 2018. having said that, i think the margin of victory is for the democrats in virginia and new jersey is encouraging and could do a lot to energize the democratic base. and i think it does show a path to victory going forward, which is a combination of higher turnouts, particularly amongst women a