settle m e nt ofjudges to the wto dispute settlement system, saying it has been ineffective, and theinstance, has come under scrutiny, and been accused of failing to do enough to resolve problems many of its members have with china, for instance. they accuse china of unfairdumping instance. they accuse china of unfair dumping practices and selling its products, everything from steel to aluminium, much cheaper in order to aluminium, much cheaper in order to crowd out rivals. and beijing, in the meantime, wants to be taken more seriously by the wto and be seen as a market economy. of course, which is something the europeans and americans don't want because any recognition would entitle china to preferential economic treatment under wto rules. so, preferential economic treatment underwto rules. so, certainlya cloud of all sorts of scrutiny, this conference, as it opens in argentina. we will watch closely. thanks very much. later this week, the eu summit will take place in brussels, where leaders of the member countries will meet and discuss brexit. the eu countries will decide whether t

some three percentage points of growth after 10 years compared to the wto baseline.his difference is because the fda would prevent an increase in terrace . however as in the wto scenario the fda would nonetheless involve a host of nontariff barriers to trade. customs, checks and rules of origin would have to be made. so with a free-trade agreement with the us which would only of course be possible once britain left the eu, be able to substitute for the uk's preferential access to the eu? our analysis suggests it would not. the us, you a would be four percentage points of growth better than the no deal baseline. plus it would be significantly worse for the uk than the equivalent fta might be with the eu, largely because goods and services between the us and uk while significant are substantially less than between the uk and its european neighbors. for the us moreover, the value of a fta with the uk alone is negligible. it would provide only 0.2 percent of gain for the much larger us economy. so the only truly beneficial trade scenario for the uk that we found would be

we found the t tip scenario would be seven points for gdp better than the wto lines. with the uk get preferential access to both the us and eu marketplaces. one reason for this outcome being so good is that in addition the eu and the us themselves would benefit economically and the full effect and enhance growth from the two larger economy would help the uk. however, we fully recognize that a t tip like arrangement is seen as very unlikely in the current political environment on both sides of the atlantic. as i mentioned we assessed other scenarios including a transitional arrangement for norway, swiss and turkish mode models. the transitional arrangements would be good economically for the uk for as long as the nation remained within a single market but economic uncertainty would hurt investors. the norway, swiss and turkish models would apply lower trade barriers which would be good for economic growth will come with a significant loss of uk sovereignty over regulations and standards insignificant budgetary contributions from the uk to the eu. ... after trained to t

the option of leaving with no deal, applying wto rules would lead to the greatest economic losss, the worst deal for the british economy post brexit. and it would reduce the uk's future gdp by 5% after ten years which is a loss of $140 billion in lost growth, this is approximately 45% of the expected economic growth over the decade. under no deal the eu lose economically but nowhere near the same proportion as the uk. and it would be 0.7% of overall gdp which is a loss of $97 billion so that uk would lose more proportionally and absolutely than the eu under the no deal scenario. uk would face tariffs at wto levels on goods exports to the eu and in turn apply to eu exports to britain. the tariff levels themselves are not so high, we determined the uk would inspect in value all cross-border trade as would eu country that assessed the uk would move from eu standards over time resulting in significantly increased nontariff barriers on goods but these scenario would be worse for services. a mainstay of the british economy, as uk service exporters would have only access to eu 27 markets on

presently claim developing countries status at the wto. next monday marks the third edition of climate finance a business leadeders a and governmement officialsls met the fren f finance mininisty impoposed mobilizing global financial s system to speedp the transition to clean energy and fight against global warming. it's part of the lead up to tomorrow's one planet summit on the anniversary of cop twenty one. earlier we spoke to brett fleischman senior global analyst for the clas. geo three feet three fifty dot org. and we all sin if you thought sovereign wealth funds divesting their portfolios. witnesses early college friend more a new standards so institutional investors and including sayfullo funds and pension systems and endowments. all have have to address carbon risk now. it's it's at the board level and everyone is having a conversation so there are over eight hundred institutional investors at this point who have committed to some level of fossil fuel that* inserting screen in their portfolio not landing in coal. tar sands. and the

, saying it's just not a market economy status at the wto, saying it'sjust not a market, economy. appetite g globalatite g global leader themselves as being a global leader and open for business, globalisation, but the reality is often different with foreign companies complaining about being discriminated against. now, when it comes to technology and innovation, disrupters are very much in vogue and one of the most famous is will.i.am. he's the seven time grammy award winning musician and front man for the black eyed peas. his company is blending fashion, lifestyle and culture with advanced technology in a way that really shakes up the status quo. he spoke with the bbc‘s reporter. shakes up the status quo. he spoke with the bbc's reporterlj shakes up the status quo. he spoke with the bbc's reporter. i still make music. i don't want to do music for a business. that's not the smartest thing to do right now for me. for other folks, that's great, thing to do right now for me. for otherfolks, that's great, but thing to do right now for me. for other folks, that's great, but for mei oth

could have an open free trade deal with zero tariffs, but we can still work very adequately with the wto brussels this week. to agree to britain's exit redlines more, you say, we shouldn't pay you a penny. doesn't this increase the chances of no deal or at least a deal that's not acceptable to a fairly broad cross—section of the party and the country? we've got very senior businessmen signing a letter who is quite clear that they wa nt letter who is quite clear that they want clarity and certainty. you don't want a had deal. or the inevitable organisations like the cbi wants a transition. most businesses i have talked to talk about having certainty and clarity. europeans have not sat down with any seriousness and talked about the ends arrangement. they put it off, have talked about things they want to talk about, are obsessed by money, have done nothing to reduce their budgets. they know they will be 10 billion worse off without us. they have their own arrangements to go after and that's what they have been pursuing. there's a huge commercial interest across europe, 5 million europeans,

also in the programme: talking tough on trade — the wto rejects president trump's protectionist rhetoricnd calls for a more free—flowing relationship. and markets across europe are looking like this: it is a big week for central bank action. we will have all the details. and we'll be getting the inside track on the man bringing the family name back to the chocolate business. james cadbury will be here to talk about his ethical chocolate business. and new research suggests the price of christmas is rising significantly. today we want to know if you will be celebrating this year, do you have any clever tricks to bring the price down? let us know. just use the hashtag #bbcbizlive. hello and welcome to business live. welcome to the programme. we start with a major step for the digital currency bitcoin. it's begun trading on a major exchange for the first time. the cboe futures exchange in chicago opened trading in bitcoin futures on sunday, and the cryptocurrency rose above $18,000. bitcoin started the year at around $1,000, but the crypto—currency has surged in value recently and last week

we are discussing domestic regulation in the wto.ecd has a set of discussions on competition and regulatory issues. all of this forms part of the context for a discussion between the u.k. and the e.u. i would hope that in terms of regulatory issues you can have a very strong, a very good agreement, because of the starting point the two parties have, which is to be essentially on day one of brexit we will be completely aligned. nejra: on regulatory alignment, david davis brought that up in regulation -- in relation to the irish border. is that something that could happen? shanker: this is something that has to be negotiated. it will take some time. there will be lots of back-and-forth. people will make offers. there will be a negotiation. youmost important thing is start with a wto framework as it currently exists, and you look at things like the oecd, and you build from that. ist the wto framework says it is all about alignment of regulatory goals. as long as your goals are the same, technical differences shouldn't defeat recognition

you are doing some assessments on what wto rules would mean both to agricultural.oing that? yes. cheddar cheese, it is my favourite. it'll have a 40% tariff. we import lots cheddar from ireland. how much will cheddar prices go up by? i am deeply upset by your unpatriotic attitude to the cheddar. i would like to have a discussion on every type of cheese in the country, they are all very good. things got a little bit he did. —— heated. the amount we give something to the european union is recorded in these districts. teacher prices is a rejection and people can disagree what the factors might be. on your point about the system of changing agricultural support, we will be saying more and outlining how we will do that in the command paper we published next year. sorry, sorry. the 50 million fee was a lie. it was untrue. technically speaking, one of the things i would say is absolutely not. more broadly... parliamentary language. please. they reason that they voted the way they did, they were too stupid to understand the argument is, good luck at the next election. let

ambassador to china terry br branstad spoke about the issue >> since the wto, china has not confirmed with the market relationship, not only the united states, but the european union and many other european countries around the world concur with that in order to get that market status, they need to make changes. we're here to advocate and encourage them do that we think that would benefit consumers in china and reduce the trade deficit. that's what we're advocating for. >>> do you feel that the u.s. is losing the soft power war? here we are. we have another vice premiere who told the world that china believes in globalization, china believes in free markets and others are pursuing policies that are in opposition to that it's clear that that finger is pointed at the u.s >> well, i think you have to look beyond the rhetoric at the reality. the reality is we're probably one of the most open and free markets in the world this market is closed in a lot of areas in high technology, in pharmaceuticals, you can name a bunch of them. this market is not open to high-tech companies that we have

, but if a free trade agreement qualifies as a preferential trade agreement under article 24 of the wto, then they do not have to provide mfn treatment. if they went the swiss route and did a bunch of bilaterals and sectors, they would immediately be faced with demands for most favored nation treatment, which is the standard in the wto. >> right. i know there are other questions. and then we're going to go to the guy behind. okay. >> i am casey mace. i am the deputy of the office robin just came from in the state department, the western europe office. we are very focused on brexit, needless to say. my thanks to you. this is a great resource as we think through how the united states should approach brexit. that's the question i have. we're also focused on how u.s. interests are at stake in this. what did your study either show or indicate for u.s. interests under some of the other scenarios, the transition -- the transition, the swiss or norwegian model. and do any of those scenarios offer meaningfully better outcome for u.s. interests than the others? >> we're going to take the question

assume we will tell our administrators and customs and businesses involved that we will be moving to wto has been betrayed by some as leaping off a cliff into the dark, it is not. vast amounts of trade around the world are conducted under this arrangement. it would be much better if we could have an open free trade deal with zero tariffs, but we can still work very adequately with the wto basis. and we‘ll find out how this story — and many others — are covered in tomorrow‘s front pages at 10:30 and 11:30pm this evening in the papers — our guests joining me tonight are the author & broadcaster, natalie haynes and rob merrick, deputy political editor of the independent. the government has been defending its record, on promoting greater social equality, after all four members of the social mobility commission resigned. led by the former labour cabinet minister, alan milburn, they say the government isn‘t doing enough to improve the life chances of people in england from poorer backgrounds. downing street says mr milburn had already been told, he was going to be replaced, as head of the comm

he said the wto was not meeting its potential.advisor to president erdogan of turkey said the economy is back on its feet and no longer needs the stimulus introduced after last year's failed coup. earlier,d from a year comfortably beating estimates while november inflation accelerated to the highest and 2003. the attempted coup pushed the economy into a quarterly contraction. andhe confidence is back, the sustainability of the economy's growth will come by the improvement in the confidence and investments. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. jessica, thank you. time to see how the asian markets are shaping up. half an hour to trade in japan and south korea. david ingles has more. david. david: thanks, betty. the benchmark is slightly lower. we are looking at a mixed picture for the equity markets. we only have four markets open at this point. here is the fund coming through in australia because of the pop we are getting

china has defended the wto role in global trade. the u.s. failing to meet expectations. they gather in point is aris -- in point is aries -- buenos a ries, and the eu trade commissioner also said the wto was not meeting its potential. one chairman says he is considering plans to set up a private equity fund at a time when deals in southeast asia offer what he calls exciting opportunities. the brother of the malaysian prime minister describes himself as a semi retired and says he has been looking for opportunities to spare -- to fill that spare time. i think there are a lot of things to do, and one of the things we should be looking at is originating things, and come in particular, cross-border deals. haslinda: global news 24 hours a day powered by our 2,700 journalists and analysts in more than 120 countries. this is bloomberg. haidi: the dollar is set to end a winning streak. they are preparing for an avalanche of central-bank decisions. ate with more, they praised a rate hike this week from the fed, but what else? -- they priced in a rate

do you bring them to court via the wto, or do you just leave it? answer to the letter, and then we will consider what will be the consequences of differences that can be here or there. will have to examine that first. would be that they address our concerns. mark: that is the eu commissioner on taxation and customs earlier on "bloomberg surveillance." now looking at the bloomberg flash. th hass made based -- made a successful bid for aales cybersecurity. eli lilly has hired goldman sachs help review for a animal health business. according to people familiar, they are considering a potential ipo. it is with one of $15 billion. older polls look shallow -- voter polls look shallow this year. traders at banc of america are looking at their bonus fall more than 10%. bonusesn are set to get that are 5% smaller than a year earlier. that is your bloomberg business flash. still on "bloomberg markets." we will take look at the outcome for trading in 2018. this is bloomberg. ♪ ♪ marta live from bloomberg's new european headquarters in the city of london, i'm

that is the head of the wto.ng to be trade talks as international trade negotiators define where you get down to the nitty—gritty of the legal text. most people say it will take longer than we had under the article 50 process, the two—year period until brexit day. what the eu side is saying, and it's not what david davis is hoping for as we heard in the clip, but what they are saying is what we are looking for is by october next year we wa nt looking for is by october next year we want a broad statement of political principle about how the future relationship looks. notjust on trade but on security and other issues as well. that gives a few months until brexit for a withdrawal agreement and some of those broad principles to be ratified by the european parliament and the uk parliament and others. most experts to look at this say, most of the detailed technical negotiation will have to be done after brexit, not before, which is why it's so important for many businesses to have this transition period. theresa may li

speaking at a wto meeting, liam fox said keeping a similar arrangement would insure a smooth transitionis warningegotiator that a canada-style free trade agreement is the best the u.k. can hope for given theresa may's red lines. as senior advisor to president erdogan on turkey says it no longer needs stimulus. gdp surged 11.1% in the third quarter from it your beating estimates, while november inflation accelerated to the highest since 2003. the attempted coup in july 2016 push the economy into a quarterly contraction. comeonomic growth will from by the improvement in confidence and investment. from china say the pboc is preparing a strategy to offset tax changes and the fed rate hike. higherakers will use interest rates, tighter capital controls come and more currency intervention to support the yuan , but measures may not be needed if u.s. policies have only a limited ou impact on outflows. there had been reports that the painting had been bought by the crown prince of says arabia, but abu dhabi it picked up the painting and is defending the price tag. >> we work closely with the brok

spain's economy minister said some reforms will violate wto rules and further analysis of the consequencess needed. talksto launch free trade between china and canada have failed with the two sides canceling a press conference, but agreeing to keep nash negotiating. thatn trudeau indicated there were differences. thereent xi jinping said were differences, but the two are in a golden age of the relationship. yemeni palace has been bombed, killing the former president as he was set to switch sides and offer riyadh a way out of the conflict. he rolled yemen for three decades before he was ousted in .he arab spring bitcoin could be one of the greatest shorting opportunities ever according to one export we have spoken to. hedge funds are waiting for the introduction of new futures contracts before they start shorting the cryptocurrency. been volatile recently, plunging 20% and less than 90 minutes last wednesday after briefly topping $11,000. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. tracy: thanks. dropping with

the wto is also facing a new challenge — from the protectionist policies of the trump administrationhuge amount of discussion about the threat to net neutrality — from wired — fcc plan to kill net neutrality rules could hurt students. from the wall streetjournal, yellen: no big differences between her, powell on bank rules. it says the outgoing fed chief doesn‘t think her successor will relax regulation on banks and from bloomberg — emerging markets shrug off crises for best gains in eight years and don‘t forget — let us know what you are spotting online — use the hashtag #bbcthebriefing. let‘s have a quick look at the markets in asia. another record close for the dow on wall street. that rate three with tax changes boosted sentiment in the us. that has not carried through into asia. ignore the japanese figure, it is down but not by that much. we have a glitch with our figures injapan. down but not by that much. we have a glitch with ourfigures injapan. i was here shortly the news briefing. here in the uk, british doctors say they have achieved ‘mind—blowing‘ results in an attempt to

that going to be difficult for the conservative party, or will we just comfortably sablon canada or wtoain. it would be better for britain and europe if we end up with what the government are aiming for. if we don't, it will be because the eu don't want it. the way the engineer that is by saying you can have free trade but on conditions you will be able to accept being sub—organist to the european court ofjustice or pay money. it would be some, nation of those three. and the british people voted against that. so we would be going back. it would be going back on brexit. we are going to leave it there. i guess we will return to it in the future. thank you all. well, talking of brexit this next item is not entirely unrelated. because as 2017 draws to a close, many pundits and commentators find themselves reflecting on how — yet again — they've been caught out by more political shocks and surprises. keeping up with shifting public sentiments has not been easy. butjack shenker, a journalist and author, is currently working on a book which attempts to map out how the political terrain has shi

talk about trade, the next best option is not a leap in the dark, it is to work on wto terms. countries like india and america have accelerated their sales into the european single market faster from outside the single market and we have from within. it's not solely about trade. it's about citizens rights as well. you area about citizens rights as well. you are a former secretary of state for northern ireland. when the irish foreign minister and deputy prime minister said today that more credible do minister said today that more credible dq was needed on this, do you accept that as a fair comment from him? citizens rights, we have been absolutely open and david davis made it clear early on that we would like to come to arrangements to reassure those 3 million european union citizens here and the i million british citizens living in the eu and that could have sorted earlier and that has been quite unnecessary. that could have been done and it really annoys me, actually, that it has not been done. we welcome these people, they make a huge contribution and that could have been se

they're going to build one road, and it may as well be the new wto.ncine: yes, but it is such a big economy. they are trying to move a supertanker. are we going to see a bump as china tries to be 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 with the directive of where they are going. there is very little multi opinions about what could be done or not be done and things like that, so 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 their execution force is very strong. we know that there are human rights challenges and things like that, but so far they have been very effective in doing what they said they would do. francine: thank you so much. joe: my pleasure. ♪ francine: he has been dubbed the geek of chic. he is a tech entrepreneur in the world of luxury fashion, founding the online retailer yoox as an online marketplace. 15 years later, he merged it with its biggest

revoked the credentials of 63 environmentalists and trade activists who had been accredited by the wto, prompting protests. back in the u.s., san francisco, mayor ed lee died unexpectedly overnight of a reported heart attack at the age of 65. mayor lee was appointed as san francisco's first asian american mayor in 2011 after his predecessor, gavin newsom, was elected lieutenant governor. he went on to win elections in 2011 and 2015. under the city's charter, board of supervisors president london breed will become acting mayor. in washington, lawyers for president are pressing the justice department to appoint a special counsel, went to investigate robert mueller for the special counsel probing alleged ties between president trump's campaign in russia. speaking with the website monday, trump's personal attorney accused robert mueller's team of holding conflict of interest as saying "these two revelations require the appointment of a special counsel to investigate." in tacoma, washington, a pair of protesters chained themselves to a crane monday at the construction site of a massive new

and coaches i'm excited to get ready for playoffs and keep this thing rolling >> the biggest thing wtoely especially is we need to practice. i think last two weeks we tried to get rest in and to get guys legs back and i think that's important. but taking a away from some of the physical things and stuff like that i think just have to get back >> these guys got to understand this is it. this opportunity may n for anybody again let's step it up have great two weeks of practice. let's get ready >> that will get you fired up because, hey, we're bumped there's no carson wentz we're wondering what could have been but there's a still a lot that could be eagles win one more game on this field an this field will be the site of the nfc championship. my photographer's water bottle formed ice inside jamie me apody channel 6 action news. >>> the road to the super bowl goes through the linc. eagles have a buy before playing the first playoff game in two weeks, they will not find out the opponent until next sunday there's endless possibilities including falcons and seahawks, vikings clench a win over

that frightens us, they are unpredictable, they don't comply with wto rules. so nobody knows what effect they will have. >> there are no concerns that his reform could trigger a global race to lower corporate taxes. the eu average is around 20 2%. slightly higher than in the u.s. after his legislation takes effect. in many cases, rates are much higher including in germany where it is around 30%. that could lead to german investment. one thing that trump is successful at his stimulative the american economy and if he pushes throughassive tax cut, thatill lead tgerman companies investing them. as a result, their profits and jobs could ship to the u.s. as well. america first, trumps favorite slogan may get a boost from the tax reform package. >> we are staying with donald trump because this will be music to transfuse, u.s. trade deficit fell by 90% in the third quarter to just over $100 billion. it is the smallest imbalance in the past two years. more goods traded in a bigger surplus in services and income from overseas investments, will it help shrink the curren

but this government, which is anti-wto, they will say we will go ahead and start the trade war.know which way this will go. it back to --ake i look at some data. createdufacturers have 27,000 jobs on average each much -- month in the past four months. soft dollar has added, i presume, to that. my question to you is that economics, is the strong dollar policy dead in trump's mind? know what goest on in that particular mind -- >> forgive me. joseph: but he has finally learned that a weak dollar is good for exports and good for getting a trade deficit down. doesn't fully grasp, perhaps, is that the value of the dollar is not controlled by the president. he may have a lot of powers, but that is not one of them. the value of the dollar is basically determined by underlying macro economics. the underlying macro economics that he has been pushing, namely lead to aut" will large fiscal deficit, which will almost surely lead to a large trade deficit and the mechanism of that trade deficit is a strong dollar. i think we can count on the likelihood of a stronger dollar if this tax bill goe

the head of the wto said the organisation now needed to conduct some real soul—searching.and the european union to agree a status quo brexit transition period. the treasury select committee wants it agreed as soon as possible to ease business concerns over a no—deal brexit. the committee‘s report said it strongly supported the prime minister‘s push for a comprehensive free—trade deal which would keep borders as frictionless as possible. the carmaker nissan says it‘s recalling more than 300,000 vehicles injapan because of a defective coating which could, in the worst case scenario, lead to a fire. six models, including minivans made for suzuki and mitsubishi, are affected. no vehicles sold outside japan are being recalled. do not forget our business live page is constantly updating with the news. bp and the fact that australian and additional parties have blocked the oil giant‘s vision is to buy network of local networks stations from the supermarket chain in australia, or worse. stations from the supermarket chain in australia, orworse. it stations from the supermarket cha

you have not touched on wto issues. i would be interested in your views.would you open your views on how the u.k. with -- will deal with a brexit in the ua? -- in the eu? next year, they will have to deal with a trade agreement. it appears to me single market is out. can you take lessons from that? thank you very much. >> two parts, two questions. what happens if the u.s. pulls out? it is a very interesting question. my understanding is, policy of the government of canada, i think it is the mexican government, but i cannot speak to that, is nafta will continue. there is provision for nafta to -- left it would have advantages coming into canada, and likewise canadians coming into mexico. which, the neighbor in the middle would not have. that is going to create tension within this country. particularly in the agricultural sector. this is a point that needs to be made. -- inspute settlement p.m.: i a: 15 8:1 5ally told -- at p.m., i personally told jim baker we had problems with what the united states was proposing. we finally got an agreement because he real

the reverse we've been waiting for china to reduce those barriers to entry ever since they joined the wto just used the wto to their advantage in a way that has frustrated every administration whether republican or democratic what do we do about that >> well, there are two ways to approach this. one is with bilateral reciprocity and bilateral punitive actions and the other is to try to build a web as we tried to do with the transpacific agreement, a web of multilateral agreements giving everyone a stake in better behavior the current administration has decided to pull away from the transpacific agreement we'll see how that works out china seems to respond by saying we'll orchestrate our own transpacific agreement, and the united states instead of having leverage or a seat at the table may find itself on the outside looking in. >> we'll have to watch wto negotiations and nafta, as well. george, thank you very much for joining us appreciate it. >> glad to be with you >> meantime, the gop leadership will tell you the real purpose of the tax bill is to stimulate the economy, to get gdp to gro

many mps take the view we trade with all sorts of different parts of the world perfectly fine under wtoe them?” regulations we would get new deals where we don't have them? i think it would be catastrophic forjobs and businesses because they want have any clear set of rules to work towards. as we have just heard in the house of commons from sylvia hermon, it would be a disaster for northern ireland and the republic of ireland because it would lead to a ha rd ireland because it would lead to a hard border. and it is absolutely essential for the good friday agreement but that doesn't happen. she rightly warned the people who claim that no deal won't be a problem, she raised the very real impact that would have on people across the island of ireland. people should listen to today because this is about people's jobs and people's lives. thank you. it is a rather grey, overcast, slightly miserable day today. but first some insight into what it is like to be over the next few hours, sarah keith lucas has the weather. we have got some pretty disruptive weather on the cards over the next 2a—hour

on the international side, there are concerns that there are issues that might not even be wto compliant. the question is will democrats play ball? david: and they will have one less vote on the senate. libby: they will need nine democrats. julie: what happens if they can't come to some sort of agreement? libby: what we have seen with obamacare and dodd-frank, we have not seen a technical correction for either of those pieces of legislation. it just does -- it just does not get fixed. their bestpants try in terms of a hearing -- adhering to the law but it is pretty clunky. given how quickly this was passed, there may be more issues than we saw in obamacare and dodd-frank. david: that is all sort of old business. what about new business? we hear about welfare and infrastructure. libby: they have been galvanized by this legislative achievement. am more skeptical that we see another tax bill like piece of legislation passed in 2018. for most of these bills, you likely need 60 votes. it will be hard to go through reconciliation which allows only 50 votes in the senate and i just don't think

like that, so they are going to be -- they're going to build one road and it may as well be the new wtoit is such a big economy. are we going to see a bump as china tries to be a more consumption-led economy? joe kaeser: i think china is not exactly a very democratic state under western standards in a way, so the government is very with the directive of where they are going. opinionsvery little about what could be done or not be done and things like that, so they are very effective in what they do. lacqua: so they have a good handle on it? joe kaeser: they have a very clear direction and their execution is very strong. we know that there are human rights challenges and things like that, but so far they have been very effective in doing what they said they would do. lacqua: thank you so much, joe kaeser? joe kaeser: thank you. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multipl

they're going to build one road, and it may as well be the new wto. yes, but it is such a big economy. they are trying to move a supertanker. are we going to see a bump as china tries to be 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 with the directive of where they are going. there is very little multi opinions about what could be done or not be done and things like that, so 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 their execution force is very strong. we know that there are human rights challenges and things like that, but so far they have been very effective in doing what they said they would do. francine: thank you so much. joe: my pleasure. ♪ coming up on bloomberg best, the stories that shaped the week in business around the world. leaders scrambled to close a brexit deal. >> i believe we have now made the deal. >> and washington, challenges keep the gove

the clintons and bushes told us if you lead him into wto, if you let him get into the entire rules based post war international order that the united states underwrites everything would be fine. guess what? that's not a small mistake. that's a massive mistake. if you read all of the papers they had no intention of doing that. they have their own set of rules where they have an absolute closed economy while the united states has an open economy. the 3.5 million toppled -- coupled with 5.6 trillion for fighting the war on terror. everything you see is progressive. it is just noise. it is just noise. the real action is what takes place behind the curtain. why are seven of the nine richest around washington d.c.? why for the first time since the development that washington d.c. has a higher per capita income than silicon valley? it is the greatest creator of wealth in mankind's history. it is because if that's not the $4 trillion, cash they got to play with too. we got $20 trillion. that's tiny. the liabilities, any where from 60 trillion to $200 trillion. the global stock market, i think it

they are going to be, this one belt, one road, it might as well be the new wto. 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: well, 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 where we are going. there is very little multiple opinions about what could be done or what should be done and things like that. 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 forces 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 said they would do. francine: joe kaeser, thank you so much. joe: my pleasure. ♪ jonathan: from new york city, i'm jonathan ferro with 30 minutes dedicated to fixed income. this is "bloomberg real yield." ♪ jonathan: payrolls beat expectations, but wag

now he's working with our european allies to oppose china at the wto came out hours ago.conomy status for china. huge news. where is the media reporting and obsessing in that? top trump aide stephen miller told the washington examiner that if media coverage was fair, there would be a hundred stories about the unstoppable momentum of the oval office. it's the same thing that they did to my old boss, ronald reagan. they branded him a dottering old actor while trying to sabotage his agenda. these are the same people that got the election wrong, said the stock market would tank once trump got elected and now trying to revive their own reputations by defaming the president and they hope they remove him from office. that's what the crazy talk is about. frankly i think that is crazy. that's the angle. joining us now to discuss what is really going on, molly hemingway and garland nixon, a radio talk show host. garland, that's quite a montage of people in politics and the media declaring donald trump basically either has dementia or mentally unsound. >> you know, i think they may

i mean, that's going to be up to the wto. that's a very long process.uld have to be adjudicated by judges elsewhere. they probably have a strong claim on parts of the bill. the rate reduction, there's competitive pressure to lower the rate. >> dana: let's zoom out and just think more broadly about the bill. almost every poll shows that the bill, as it stands, is slightly unpopular with the majority of the people. 52% was the numbers today. do you think that once the bill passes and if people do see more money in their pay checks will they be happy? or are there some people who may end up paying more that it won't be good for the republicans? >> next year the vast majority of people are going to see more money in their pay checks. doubling of the standard deduction, lowering of the rates. these things are going to result with a boost in after tax income. can president trump properly message that so that people know the reason that they got a gain in after tax income was because of the tax bill. right now the main stream media, democrats are doing a wonde

remember to listen to wto 103.5 >> chuck? >> we're off to a cold start.freezing now. most neighborhoods in the mid-20s. we have a storm team 4 weather alert. we're tracking a chance for snow today. it's just a chance and just a little. snowfall amounts, only about half an inch to an inch. it's the time being that we're most concerned about. noon to about 6:00. the primary focus on this event will be the washington area, immediate metro and points north and east. if you're traveling up i-95 towards philadelphia, new york city or boss fon, you could have travel delays as a result of this alberta clipper going zipping on by. right now it's 25 in winchester. 25 at dulles airport. 30 degrees at national airport. 32 at marine base quantico. here's your planner then for the day. notice how cold we stay today. highs today only in the low and mid-30s at most. we have a chance for snow starting as early as lunchtime and 6:00. we'll have the latest custom tailored storm team 4 forecast on the app and the social media platforms as well. for a check of the timing and

you can say the same about the world trade organization, the wto. most recent meeting there ended in discord numerous industries could be affected if the u.s. withdraws second, key elections around the globe. mexico, italy and the re-election of vladimir putin in russia mexico is of note because there's a chavez-like candidate running who is anti-u.s. and could be a thorn in the side of the administration if he wins. third, there's always north korea's nuclear ambitions. they are almost certainly expected to come up here at the u.n. time and again next year. >> that was cnbc's michelle caruso-cabrera the international theme is so huge, even given with what's happening this holiday season and the developments, but that u.n. vote condemning the u.s.'s actions on jerusalem >> and north korea, the probability of something actually happening is low, but the consequences are extremely high if something were to happen so something to watch in 2018. especially to see the south korean president, he just ended talks with chinese president xi jinping, how thos

relationship is the united states unwillingness to recognize market economy status for china with the wto so we have a new front here in this battle. but i had the opportunity to sit down with the u.s. ambassador to china. i asked whether he felt that they were in a sense losing the pr war let's listen to what he had to say. >> the reality is we're probably one of the most open and free markets in the world this market is closed, especially in a lot of areas in high-tech n technology, in pharmaceuticals. you can name a bunch of them where this market is not open to high-tech companies that we have that should be -- companies here can compete in the united states, but they don't have the similar opportunity to do that here so what we're asking for is fairness and reciprocity and open opportunity to compete. >> i think that's a pretty fair manifestation of how washington feels right now about the limited progress they are making on key areas of the chinese economy where they feel they should have greater market access for u.s. companies. moving on, we also had the chance to talk to the amba

ld you have wto the risk is that the house of commons votes down an agreed arrangement between the twothey are shot will be that we leave with no deal at all, which has a serious effect on both sides, including leaving $10 billion a year. mark: there seems to be market wise, sterling rising trade last night, this lessened the chances of a cliff edge hard brexit.is that how you would read it ? at of the gimmicks all that much difference --francis: francis: i don't think it makes that much difference -- mark: -- no. francis: -- to be honest. i think the house of lords felt like they would do the deal, being executed, then that would halt chances actually of us leaving out a deal. i think what it does is -- i think what we saw last week was that it's really clear both sides want there to be a deal. in terms of any agreement reached -- there's people on both sides who say you've dividend, capitulated. the truth is, there were negotiations with opening positions, neither with going to be met. they met somewhere in the middle. mark: let's talk about the next stage, given that we are expectin

clintons and the bushes told us if you give them most favored nation treatment, if you let them into wto, if you let gentlemen get into the require rules based post war international order that the united states underwrites, everything would be fine. well, guess what? that's not a small mistake. that's a massive mistake. they had no intention of doing that. they have their own set of rules. where they have an absolute closed economy while the united states has a totally open economy. where they have forced technology transfer. you just do the math. $3.5 trillion in forced technology transfers coupled with $5.6 trillion for fighting the war on terror. by the way, that's our entire defense budget. what would this country look like if $10 trillion was invested in this country? what would it look like if you had a piece of that? what if black and hispanic entrepreneurs had that to invest? this would be a totally different country. right? so how did it happen? here's how it happened. the elites in this country have made it out like bandits. i realize president trump says you have 401ks. he's