died -- the wto.s there something to that argument? problem we's another tend to forget, and that's u.s. policy toward the wto and the court system. a disputes the settlement of the wto, and the u u.s. is currentny blocking nominations of judges, and that's a major problem because in any kind of dispute settlement process that we might end up in between the u.s. and eu and also canada, mexico, and youthe other countries, don't have a functioning dispute settlement system, so that is the bigger problem, i would say, rather than talking about .ariffs on steel we should probably focus our attention on that problem. then the u.s. is sort of leaning back and saying we need reforms, but then there are no proposals for what kind of reforms they are looking for, and that's a problem, so we need to get back eithernegotiation table at the g7, g20 level or in wto membership and discuss those problems. it's true those problems date trump'sther than presidency. melinda: is there a potential argument to be made tha

that does not exist in the wto. if you wish to impose tariffs, above your bindings, you can only do it in four ways, or you negotiate a change in your bindings under article 28 and article 35. those are the only ways in which you can impose tariffs. so this is outside of those. all right? so then the question is, do you have an excuse for doing it? do you have a defense? and where the united states is clearly going to go is to article 21, the security exceptions, and here the emphasis i would put is on what john referred to as the dot, dot, dot. what i would contend to you they are not just dot dot dot, they are a very clear limitation on when can you use article 21? there's no comma, no semicolon, no anything else in the text. what it says yes a country can put on any action in which it considers to be in its essential security interests. a clear understanding it is self-judging, but it must, must relate to materials. this steel and aluminium are not nuclear. it must otherwise relate to trafficking arms ammunition

can you withdraw a wto case. i mean, normally what happens is you simply either don't actually seek the placement of panelist individually, or you can reach a mutually-agreed settlement. so if the case is started before a panel, you can, again, stop the panel proceedings in order to reach a mutually agreeable settleme settlement. that would be easy and it has happened in many, many cases. on the vre cases, i think this is where the rules changed with respect to what you can and cannot do with quotas. and by and large the answer with quotas is sort of no. and that's part of the point of doing that is to say you're not based on this old power-based rules where one party has a lot of power and exerts it by effectively demanding an agreement to ""voluntary restraints". i'm not sure the koreans would agree they're agreeing to these seal exports when it was done sort of in the context of if you don't agree to this, we're going to take away the korean free trade agreement. and if you don't agree with this, we're going t

can you withdraw a wto case? i mean, normally what happens is you simply either don't actually seek the placement of panelists individually or you can reach a mutually agreed settlement. so if the case has actually already started before a panel, you can again stop the panel proceedings in order to reach a mutually agreed settlement. i think that part would be easy if the parties could all agree and fully consistent with the wto rules and indeed has happened in many many cases. on the vra issue, i think this is where the rules changed with respect to what you can and cannot do with quotas. by in large the answer on quotas is sort of no. you're not supposed to -- and that's part of the point of doing that is to say you're not based on this old power-based rules where one party has a lot of power and exerts it by effectively demanding an agreement to quote voluntary restraints. i'm not sure whether the koreans really agree that they are sort of voluntarily agreeing to these very draconian limits on their steel expo

is it a systemic issue from the wto? yes.he national security front you side with united states, every country could oppose anything at anytime and say that they're just as much in their interest as we are. on the other hand, if the w wto says you're free to recharacterize at any time as he did not comply with these than that raises issues that everybody's walking away from a binding rural system and taking unilateral action. either way, unilateralism is the threat. to say the united states started and is the worst aggressor, i'm not sure how far that gets you if everyone else is doing it too. >> i totally agree with the assessment. if you cut down the trees in the forest to go after your enemy, what you hide behind when people come after you? clearly, there are systemic issues. those, worker to see more countries say that the rules to work because of the way this has unfolded. this is after we have spent decades talking to countries into observing more rule-based system. i take the point there are cases where enforcement has

but for the most part, has obeyed wto rulings. it is the most efficient and the most fair and the most legitimate way to deal with issues that are within the wto remit. it is in both the u.s. and china's interest to have that go forward. fourth, and this is perhaps the most important point. and chad will pick up on this. some current real disputes such as over technology transfer and intellectual property cannot be resolved in the current wto. at least not without stretching it. so new agreements must be reached. just like in issues of other areas like slave trade, trade in illegal goods, chemical weapons, environmental damage, cross-border refugees. if you try to get a problem stopped by yelling at another country, a sovereign country, and saying to them, you must fix this problem, nothing happens. the only way you get around these global public bads and these issues is to create a mutually agreeable regime that doesn't have leakage, that involves multilateral standards, and that has verifiable observable conditions. this is the

since we're talking about the wto, you've got canada that's said that they're going to the wto to fight the tariffs put in place, the steel and aluminum tariffs in march. canada announced on july 1st they'll impose $12.6 billion on u.s. imports omin coming into c. it's dan dthey've had enough ane retaliating on the u.s. steel and aluminum tariffs. president trump earlier when he was talking about taxes he did bring up trade and talked about how he wants to reposition the united states. listen in. >> they're calling and they want to negotiate and all we want is fairness. we're going to be the smart country again, not the stupid country that was taken advantage of. >> other countries are retaliating. lots of talk of diversification. disverse fying awadiversifying d states. china agreed to lower or get rid of tariffs from shee lan laos sn continue trade with countries as opposed to the united states. the trade talk continues. melissa: christina, thanks. adam: here to react is economist ben stein. i want to jump into the discussion about the wto. a year ago, i remember it. i was at the whit

there are real legal issues with china under the wto treaty.t cases against china and where we have won them -- and we have won almost all our cases against china and we have several more pending that we should win -- china has generally complied with the rulings against china. what we need to be doing is working with the rules instead of working illegally outside of the rules. protectionism never works for very long, and that's what we're seeing now with these unilateral tariffs imposed by the trump administration. if these illegal taxes on trade -- because that's what they are -- continue, then american producers and consumers are going to pay higher prices, and american business will be priced out of the world marketplace. american jobs will be lost. and we will see a derhine -- decline in american competitiveness, innovation and growth. liz: okay. well, there are some who perceive we've already seen that and this is some type of reaction, and we're waiting to see how it all ends. you do have a book coming out called "the willing world." tho

the deputy director of the wto, an 11hat i believe was breaking 11 years in that capacity. there is a line in his bio that says he has more than three decades of experience in u.s. negotiating. the achievements of public service underlying that would take a long time to describe. his fingerprints are everywhere. although if i have done the math right, they are not actually on the 1962 act. but during the time he was serving in u.s. government positions, the trade regime got a pretty thorough scrubbing and the provisions were there straight through. current hellmann's main affiliation is the georgetown university law center, the center for international economic law. she has held most of the other interesting trade jobs, including stints as the ustr general counsel, chief tax negotiator, itc commissioner, and, oh, yes, a member of the wto appellate body. i have seen her work in private practice and can attest her skills extend way beyond public service. for thee vice president national pork producers council. beyond what he does for the pork industry, he attained the status

talk to our greatest exporters about the wto and the work that the wto does.s others from tariffs unfairly. it helps american free trade. it helps american trade and creates wealth. >> president trump was asked about it earlier today in a gaggle with reporters. he also said he had no intention of exiting the wto. but he did say he had problems with. so decisions they have made. while it is good. it's a good trade organization it also has done a lot to build up china. there was this idea 20 years ago if you allowed china into the world trade organization and gave them the benefits of them acting as if they are good trading partners that they might rise to the occasion. instead, they have continued all of their bad trade practices with no real good way to fight against them. so, just because the trade organizations are good does not mean that they can't be improved. >> shannon: i want to make sure we get to all of your winners and losers. this has been such a long week. i can't believe monday was just five days ago. where do you go for winners and losers, david?

issues that are within the wto. it is both in the u.s. and china interest to have a go forward. this is perhaps the most important point. chad will pick up on this. some current real disputes such as technology transfer in intellectual -- just like issues in other areas like slave trade, trading illegal goods, chemical weapons, environmental damage, refugees. if you try to get a problem stopped by yelling at another country, a sovereign country, and saying to them, you must fix this problem. nothing happens. the only way you get around the global public issues is to create a mutually agreeable regime that does not have leakage and involves multilateral standards. and that has verifiable conditions. this is the kind of agreement which should be looking to be moving towards as for a mutual respect for intellectual property rights, mutual respect on technology transfer. importantly, the fact that china is more advanced and working its way up the international value chain, means there is more in common between china, th

we filed wit the wto. about a dozen nations filed with us. and then we filed another complaint against them on ip in march of this year. so if it worked, i don't think we would have had to do that. that's all i'm saying. >> yeah. absolutely. and you know, as you know president trump has, you know were during the presidential campaign of 2016, he called the wto a disaster. so when axios came out with the report saying that trump advised his team to consider withdrawing from the wto, you know, it doesn't shock many people that he was considering that, given his previous statements. but i think it's smart for him to hit the brakes at this point. you don't want to upset the sap l cart too many places. with we're in a trade dispute with china. already withdrawn from the ie roon nucleairannuclear deal. pulled out of tpp and the paris climate accord. it's great for him to sit back and pause and let some of the other important tariff negotiations with china settle before he really rattles the global markets. charles: the pro-business organization, ar

measures at the wto. it is entirely inappropriate to view any trade with canada as a national security threat to the united states, as the premise or has explained. i want canadians to know that our government will always stand up for canadian workers and canadian businesses. thank you very much. >> first question. good afternoon, mr. trudeau. the strategy that has been in place for the last few months seems to be failing. are you starting a trade were with the u.s.? >> first of all, we have been saying for a long time we are ready for anything. we have always worked in a constructive way with the americans, but we always that we had thoughts on how we would defend canada and canadians and canadian workers interests if the need arose. work andwe continue to negotiate and try to convince the americans to withdraw those unacceptable restrictions, we must also respond firmly to these threats. with respect to a trade war, has a trade were begun? do you still have faith in mr. trump? do you believe he is a man

the wto is not perfect.ers, and we are expecting everybody to play by the rules. had the same time, paradoxically, we'll so the same time, paradoxically, we'll so have —— we also have a parallel situation with the us and japan over issues of overcapacity on forced technology transfer, et. in the us, we met with the trade minister and the ministerfrom we met with the trade minister and the minister from japan to discuss how we can enforce the rules in the wto and also see if we can develop new rules, because of course, wta needs to change all the time, and we had a long meeting yesterday in paris. because we believe in the system and we are ready to reinforce the system, but also to bring those responsible who break the rules, and thatis responsible who break the rules, and that is why we also today decided to launch legal proceedings in the wto against china. this concerns the chinese legislation that undermines intellectual property rights of european companies. it has been a long concern for our companies

that said, on the second point, the wto would not get involved. be unilateral rather than multilateral. be trumpeting their station is using national security as a reason for imposing ta riffs security as a reason for imposing tariffs on steel imports from it to go. tariffs on steel imports from it to 90- -- tariffs on steel imports from it to go. —— the donald trump administration is using national security for imposing tariffs on steel imports. we should be talking about trade and not national security at the wto. that is right. and that is why this implication of national security is so troubling. there is an exception in the wto agreements for actions taken in a limited set of national security situations, particularly here. such as times of war and preparations for war, etc. it is often expected to be, in some way, a type of justification for which the wto should be highly deferential. so, granted, the public body does not wa nt to granted, the public body does not want to be in the business of adjudicating a national security concern. that s

of other nations, so we're still working through the wto. but international multilateral organizations are not going to determine american policy. i think the president's made that very clear. yes. yes. >> can you describe -- you talked about the summit, that there's going to be a lot of conversations, both bilateral and otherwise at the summit. is there some expectation within the administration of an actual outcome? sme ofdecision, either on some of these tariff issues, on pushing nafta forward, on some kind of communique that would push, either push forward either on trador on iran or onny of the other issues? >> we'll see what comes of it. we'll see. we're going to have all these ussios. it's rly right now. >> it's not early. we're a couple of days from the summit -- >> well, for these kinds of decisions, l them meet first. let them meet. let them discussion, and then we'll see what happens. >> larry -- >> mr. kudlow, follow-up on that -- >> eamon. even mnuchin rcommended the president extend an exemption of steel and aluminum tariffs to

, will this administration respect the decisions that come out of the wto? >> you know, the united states, the president saidhiy times, you kn w bou by the national interests here more than anything else. e always interested in the world trade orzaon there have been complaint o with respect to chinese practices and the practices of other nations so we're working through the wto. but international multilatally organizations are not going to determine american policy. i think the president has made that very clear. >> can you describe -- you talked about the summit -- that there's going to be a lot of conversations, bilateral and otherwise at the summit, is there some expectation within the administration of an actual outcome? is there some -- d you expect some kind of decision either son only of these tariff -- either on some of these tariff issues, some kind o communique that wouldhherde or on iran or any other issues? >> we will see what comes of it. sions.l see.we're going tha the it is early right now. >> it early. we're a couple of days from the summit.

so, perhaps this is a preemptive attack on the wto. but on the hill, republicans would never go for this. and in the same axios report, they noted that congress would actually have to approve withdrawing from the wto, but republicans see the wto as something helpful. they can take other countries to the wto and say, listen, they're hurting our companies and this is unfair. and as you said, often the u.s. wins. so, why would they do this? >> and the market is the other hammer on this. it's not just how congress would act, but that's why you saw the treasury secretary, mnuchin, jump in immediately and say, whoa, easy now. then you saw the markets wobble and recover very quickly, but there are potentially massive market implications on this, although the wto itself has been around since 1995. it is the natural outcropping of one of the major post world war ii reforms. >> right. but as you both know, some would, you know, i would assume, steve bannon among them, would point to china joining the wto in 2001 and say, look, this is when china

the president is telling advisers he wants to withdraw from the wto. it would require an act of congress. steven mnuchin calling it an exaggeration and the wto says it has not heard from the u.s. and will not speculate. what about whether the u.s. will or won't, is the market taking this seriously? >> obviously not today. this has been in the news since this morning. the president has talked about the wto and has said over and over that america is not treated fairly. he has used other words. it is not surprising. the question is whether he does it. there is another issue, he has alluded to the fact china came into the wto in 2001. they really were a developing market. they were an emerging market and did get some concessions in terms of what their commitment has to be. perhaps that has to be upgraded. back where we were a couple of years ago, what does that tell you? 's you could use jerome powell comments. whether it is a risk off market matures reproaching that down. sometimes it is rebalancing a part polio that you do get at the end of the quarter.

it would put stress on the wto system but it is alady under stress. it is sort of at a make or break momentight now. even where we don't think that there are clear roles within the wto i would argue that there is a clause in there where you are allowed to bring 23. e complain undearticle i think this process would be useful also from china's perspective. it not only puts a spotlight on the concerns thathe united states and europe and other countries have with what is going on in china buwould help a understand specifically what the concerns are so that when negotiations take place for new roles that better understand the perspective of the other side. and then two things. negotiate a plural lateral agreement what would that look like critical mass of untries but i would argue include china in the negotiations relatively early on. what is the strategy there? i think china would be incentivized to participate because it has this potential of a dispute action out the haer its head. if you are not at the table negotiated in good faith and engaged cooperat

look, china has been in violation of the wto agreement like for as long as china's been part of the wto! >> right, so what i'm say sigthink he could use the wto more where there are violations on the chinese side, and i think maybe markets are thinking that he's not really going to seek congressional approval to get us out of the wto, but i think there are ways it can be improved. i think we should acknowledge that too. trish: and then, you know, the question is how much is just talk, right? because heather, steve mnuchin was in with our maria bartiromo this morning and said there are no plans to pull out of the wto. that is not happening. how much in terms of position of rhetoric is scaring everyone and clearly is real, the market doesn't think we've got problems. >> yeah, obviously the market doesn't believe it will materialize. i think trump's base or trump supporters believe in his actions, not what i say but look at what i do whereas democrats are those that do not support president trump will take his words literally. look, he blows like the wind in whatever direction he wants to

from the wto. the wto says it hasn't heard from the u.s. and will not speculate. meanwhile canada is expected to make a major announcement on its own dollar for dollar tariffs against u.s. goods. we are joined now by bloomberg trade reporter live in washington. how realistic is it for the u.s. whetherout of the wto it's a trump's decision or congress's decision? can it be done? would say you can never rule out anything with his administration. there is nothing that confirms this is imminent. the treasury secretary steven mnuchin this morning said there is no breaking news this report. the president has always said the wto has been fair to us, but there are things he wants to but he is issued a statement throughout the campaign but he doesn't like the wto so what is in this report this morning is not breaking news. he called it an exaggeration, obviously congress has to act if the implementing legislation would have to be undone. there is bipartisan consensus were in congress that they does it is needed. there is nothing that would suggest that any of this is immin

the wto is not efficient. wto mechanism is a very slow-moving animal. it may be moving down that path to expect any resolution is going to be our from speedy. in that context, it is fascinating that mr. mnuchin will probably be fighting himself rather uncomfortable in that finance ministers meeting today because he is there to defend the interests of the u.s. hembed he is going to find is going to see himself in a majority of one in terms of defending this particular process. alyssa grub -- all of us who grew up studying economics would've understood. to start to reverse stuff, put has negative connotations in terms of growth trajectories. when you start to talk about tariffs, you're also talking about price increases. the impact at the consumer level . that is interesting point when it comes to context of the u.s., how quickly will some of these price changes start to be's fed down to the consumer. matt: what is interesting is everybody in economics learned about the benefit of free trade. it is still kind of an open question whether it is beneficial t

these tariffs are illegal under wto and nafta rules. and we have initiated cases at the wto and under chapter 20 of nafta to challenge them. we have been joined by countries around the world. i'm a strong supporter of the rules -based order. it's important for canada to take this legal action. canada has no choice but to retaliate with a measured, perfectly reciprocal dollar for dollar -- and that is what we are doing. on may 31, the prime minister and i announced canada will impose tariffs on imports of steel and aluminum and other products from the united states representing the value of 2017 canadian export affected by u.s. measures. this is $16.6 billion, canada strongest trade since the second world war. following consultations with canadians, today, republishing our two final tariffs. one must will be subject to a 25% tear in the second will be subject to a 10% tear. the countermeasures will only apply to the originating from the united states. they will take effect july 1 and will remain in place until the united states eliminate

that includes encouraging the wto to operate more effectively in supporting a global economy that worksr everyone. multilateral action is the right way to achieve this. it cannot be done by taking unilateral action against your partners. so at this summit, we express deep disappointment at the justifd decision of the united states to apply tariffs to steel and aluminum imports. the loss of trade through tariffs undermines competition, reduces productivity, removes incentive to innovate, and makes everyone poore. the eu will impose countermeasures. we need to avoid a continued tit-for-tat escalation. that is why it was right we had such an open and direct discussion and why the champion of free trade, the u.k., will continue to ppt a productive dialogue. as allies, we do not make progress by ignoring each other's concerns but by addressing them together. turning to equality, there was a special session focused on empowering and supporting women and girls around the world. efforts to tackle global poverty are fundamentally undermined for as long as millions of girls are not getting the ed

rules and of course, the eu is taking the case at t wto on this very issue. and then he talked about the importance of trade. he talked about the-- he says as a country we depend on exports. llcourse, we are an exporting country. i would think more companies around the united kingdom. and the number of countries exporting around the world, one of the things we need to do to export around the world. ensure that we are negotiating trade deals with other good trade deal with the tia european union and those deals in our interest. what he said found, tng about the importance of exports, the labor party policy to put the united kingdom in a relationship with the european outanding over to the eu and that would certainly not about in our interest. >> mr. speaker, last week's summit sadly demonstrates that president trump has little or mow time for multilateral meetings or multilateral agreements. no time at all for the wto and its rules and he wants to take steps, as he hopes will force rich and developed countries like ours to export less to the united states and

we ended up getting fined by t wto. and we had to pull back those tariffs, which was 30%, not the 25%, two years earlier than they were supposed to expire. how is this different from that? the reaction from the world was the same eu, all our trading partners, same reaction, and there was a trade war, there was a trade war. >> i don't think there was a trade war. call it what you may i don't think -- i think what we are engaged with here is trade disputes that need to be solved. but i will come back to my point. no administration in either party has made this case in a full-throated comprehensive way as president trump is now doing. i think that's the difference. yes. yes, yes, sir, i owe you yes, please. >> thank you since now are come up with retaliatory tariffs and taking their cases to the wto, will the this administration respect the decisions that come out of the wto? >> you know, the united states -- the president said this many times -- we are bound by the national interests here more than anything else. we are a

rules and of course the eu is taking a case at the wto on this very issue. and then he talked about the importance of trade. he talked about the importance. said asountry we depend on exports. well of course we are an exporting country. i want to see more companies around the united kingdom exporting. doing excellent work in increasing the number of companies that are exporting around the world. but one of the things we need to be able to do if we're going to export around the world is ensure that we are negotiating trade deals with other countries. but we do negotiate a good trade al with the eu, but that we're free to negotiate the trade deals that are in our interests, and what he may stand up here and talk about the importance of exports, it is of course labour party policy to put the u.k. into a relationship with the eu which would mean that without being a member of the eu, we would hand over the negotiation of trade deals to the eu, and that would certainly not be in our interest. >> mr. speaker last week's summit sadly demonstrates that president tru

with drawing from the wto would require an act of congress. it would be devastating, even talk about the u.s. with drawing from wto could worry the markets a little bit. that's the perspective i think investors need to hear. maria: the president says a lot of things. the president said the wto was a disaster. axios said he wants to withdraw. that creates all this news. if it's congress that makes the last final decision, this is nowhere near accurate, then. >> look, if you had a president that wanted to get out, that would be a big threat to global trade as we know it. but i thin i think the fact thae markets are kind of shrugging, at least if we're looking at the futures, suggests that a lot of traders are going art of the deal, baby, this is the president laying out his grievances. he'll find a way to work around it. maria: i think the markets at this point are saying -- they're give president trump the benefit of the doubt, knowing he's a negotiator and he's playing poker in some of these things. i do think come september, october, going in

membership in wto is essentially a treaty. when the u.s. joined, part of the congressional law that allowed for that said, if we are going to pull out week, congress will have to pass a law to pull out. that makes it a much higher hurdle for the president to achieve. in this case, it is sort of a dream for mr. trump but probably will not be reality. the bounce back is pretty normal. david: whether in fact he will pull out or not, it has been a surprising year thus far, this first half. we have that chart that shows what did a lot better and what did a lot worse. at the top of the chart is em stocks and bonds. the one that gained the most was oil. as ridiculous as this idea of pulling out of wto is, it feeds into this sense of uncertainty that is undermining the global growth story. a lot of investors were expecting as we went into this year, and that is where you see the losses, this idea we will see rising stock fell of the world, global growth not happening. the idea that we were going to see a flattened dollar also not happening. i think

this is a huge issue in the wto. they've taken the european union and the united states now for the wto. the european union is right in the midst of negotiations over this. that is something where implicitly we promised them they would have that, and now we are somewhat reneging. but by the same token i think it's fair to say they have not actually lived up to the part of the bargain. this is a moment in time when i think we can push back using wto and say you have not lived up to your part of the bargain so we will not live up to our part of the bargain. but but i don't think it was a mistake at the time. >> liz, you talked a a little t about the areas in which there might be some dissatisfaction and unhappiness with xi jinping, but i wonder if you could talk a little bit about the ways in which xi jinping is liked by the chinese people. i think here and the united states we often get sort of lost in the idea that maybe the chinese, that the chinese people feel that, or longing to be liberated somehow, freed from th

there will be occasions when we may have a similar view in the wto on whether wto rules are being respected by the united states or other parties, but cooperating on some areas where we think the wto rules need to be defended does not mean we don't share the very real concerns of this administration about the way china conducts its trade and administration policy. edna. caller: yes, number one i wish to apologize to the ambassador for the stupidity of some of the comments of my fellow citizens. attendant,ed flight and at one time i used to fly both your and asia -- europe and asia. number one, flying to china, i would take planeloads of american businessman -- knows to the tail of businesses taking our business to china to give it to the chinese. it was a systematic discussion -- destruction of american industry, a systematic destruction of american unions, is at some point folks thought unions were not to be kept in this country. and then i would also fly europe, where i would see buying --s of chinese takeg huge suitcases to goods back home. i find our attitudes towards trade to be repreh

with china as a member of the wto, they still have often disregarded wto requirements.look at flexing the military muscles in the south china sea, creating the aib as a rival to the imf, can we trust china to follow the rules of a global system? >> i don't think it's a question of truck -- trusting them, it's a question of using the system china.pressure on china has lost a lot of wto cases, and they have actually implemented some measures in response to those. they have not just thumbed their nose at it. if we can use it effectively and work with europe and japan and others who share our concerns about china's practices and show the chinese that respect for multilateral rules is extremely important, rather than trying to go tit for tat with them in some kind of economic nationalism, industrial managed trade sort of arrangement. door prettyis that much closed now for chordae needing a response after the g7? very quickly, rufus. all right, i think he can't hear us. we will say goodbye, rufus yerxa, national foreign trade council president in washington. don't miss our in

but the wto rules are perceived in this one area to be selfjudging, that a country can take measuresf security interests. if the wto side with the united states, that they can judge what ever is in their security interest every other country can do the same thing, say that whatever this product is it is essential to my national security and i can do whatever i want. so that's a dangerous road. 0n the flip side if the wto says you are not correct, this does not involve trafficking of arms or time of war you may not do it, the concern is the united states will say who you to judge our national security interests, we are going to withdraw from the or in some way walk away from that system. that's a concern. so interesting to get your perspective, we might be talking about this for quite some time. very good of you to talk to us. time. very good of you to talk to us. thank you. large numbers of visa customers are experiencing issues using their cards to make payments. the company said in a statement they are experiencing ‘a service disru ption' affecting some transactions in europe. with

and wto.there's been a sense this is a privilege sanctified ground and it helps the u.s. listen to senator toomey talk about the distinction between wto and the u.n. >> i just learned that and i am befuddled because the wto is not the u.n. the u.n. votes against us all the time, we get it. the wto has been an adjudicating body that sided with us routinely, over 80% of our cases i think we win. so i don't know why we would walk away from a body that resolves trade disputes in our favor. >> reporter: the nato summit coming up in a couple of weeks will be crucial. just what's the president's commitment to the international rules base order in the post world war ii era. >> hans nichols, see you at the white house in a few minutes. thank you. >>> alexi, your reaction. this is an axios report. the secretary called it an exaggeration. >> as the source said, the president has repeatedly done this something like 100 times. maybe mnuchin is referring to the fact that aids haven't put policies in place t

ukraine complained to the wto, russia cited part of the wto charter that all it needs to do is invoke its essential security concerns and the wto has to keep its mouth shut. you can call it a trump card. carol: national security concerns. peter: most countries thought that was weak, all you need to do is say essential security and the whole thing goes away, but one country took russia's side and that is the united states. dot has to have something to with the fact that national security is the exact reason the trump administration cited for the tariffs on canada. jason: on steel and aluminum, not just a candida but including against canada and mexico. which made prime minister trudeau say wait a minute, we have been allies for a long time. we are friends. "toronto star" a canadian official said trudeau is trying to explain to trump the alliance, he said the airbase you landed at comic do you know why it is there? it is there to provide an air defense for an elaborate -- and aluminum smelter that produced the aluminum that made the planes that fought in world war ii. carol: we are frie

maria: you mentioned the wto. the president wants to withdraw from the world trade organization. >> there is no breaking news here. i won't use our favorite word about. maria: fake news? >> this an exaggeration. the president has been clear with us and other. he has concerns about the wto, he thinks there are aspects of it that are not fair. he thinks china and others used to it their own advantage. but we are focused on free trade. that's what we are focused on. breaking down barriers. maria: don't go anywhere, more of my interview with steve mnuchin. plus larry kudlow and ivanka plus larry kudlow and ivanka trump coming up right goodnight clocks goodnight socks goodnight stars goodnight air good night noises everywhere time to say goodnight. goodnight (sfx: shopping mall ambience) (group conversation) ♪oo waa ahhh ♪wooooo oo waa ahhh ♪it's a beautiful mornin' thank you ♪it's a beautiful mornin' ♪ahhh ♪each bird keeps singin' his own song♪ ♪so long ♪i've got to be [music] [music] maria: welcome back to our specia

to confront theissue time the wto would need to confront the issue head—on at this point.roversial statement and i think you saw that justin trudeau called it laughable that it could be a threat to national security, that canada could bea national security, that canada could be a threat to the national security of the us. interesting. thank you for joining of the us. interesting. thank you forjoining us. those comet have been picked up in us congress as well, certainly many senators sharing the same queue. more on that later. now, argentina has struck a deal to borrow up to $50 billion from the international monetary fund. the country asked for help from the imf last month to tackle surging inflation as interest rates hit a0%. if approved, the three—year deal would be the imf‘s largest ever loan. but the deal has been criticised by many people within argentina. let's get more from our south american business correspondent william gallas. it may seem like argentina and the imf are on opposite sides but in fact they both want the same thing. president mauricio macri wants to

maria: you mentioned the wto. the president wants to withdraw from the world trade organization. >> there is no breaking news here. i won't use our favorite word about. maria: fake news? >> this an exaggeration. the president has been clear with us and other. he has concerns about the wto, he thinks there are aspects of it that are not fair. he thinks china and others used to it their own advantage. but we are focused on free trade. that's what we are focused on. breaking down barriers. maria: don't go anywhere, more of my interview with steve mnuchin. plus larry kudlow and ivanka trump coming up right you're headed down the highway when the guy in front slams on his brakes out of nowhere. you do too, but not in time. hey, no big deal. you've got a good record and liberty mutual won't hold a grudge by raising your rates over one mistake. you hear that, karen? liberty mutual doesn't hold grudges. how mature of them. for drivers with accident forgiveness, liberty mutual won't raise their rates because of their first

ukraine complained to the wto, russia cited part of the wto charter that all it needs to do is invokessential security concerns and the wto has to keep its mouth shut. that is sort of like, you can call it a trump card. carol: national security concerns. peter: most countries thought that seemed a little weak, all is sayl you need to do essential security and the whole thing goes away, but one country did take russia's side and that is the united states. jason: that has to have something to do with the fact that national security is the exact reason the trump administration cited for the tariffs on canada. jason: on steel and aluminum, which are not not just against canada, but including against canada and mexico. jason: did to provide an air defense for an aluminum smelter that produced the aluminum that made the american planes that fought in world war ii. carol: we are friends. peter: trump did not take that on board entirely and that is why he withdrew from the g7 statement, but the reason the u.s. is siding with russia of all countries is that it intends to use the same justifica

in the wto the u.s. in the wto. david: time for a check on the markets with taylor riggs.aylor: major averages making gains throughout the morning session, 1% on the dow to a large cap score. nasdaq up six cents of 1%. -- .6%. nasdaq tech heavy index doing well. another big story is the financials. today with the best day since june 6 because of the fed stress tests and generally positive notes. individual members within the stress tests, one we look at ,ells fargo, up more than 5% the clear winner after being in the penalty box by the fed for so long. bank of america could say this could reignite a bid for the banks. nbi makingex, the gains in parts because of celgene, the second biggest mover in the biotech index, they had a trial for a red blood cell drug and more likely to get fda approval. a macro note, we want to talk about oil and the dollar, oil is rising, having a very good day for oil as u.s. output is clearly being met with demands. that is pushing the dollar lower , falling its most since may. shery: thank you, taylor riggs. coming up, dollar trump celebrated s

maria: you mentioned the wto.he president wants to withdraw from the world trade organization. >> there is no breaking news here. i won't use our favorite word about. maria: fake news? >> this an exaggeration. the president has been clear with us and other. he has concerns about the wto, he thinks there are aspects of it that are not fair. he thinks china and others used to it their own advantage. but we are focused on free trade. that's what we are focused on. breaking down barriers. maria: don't go anywhere, more of my interview with steve mnuchin. plus larry kudlow and ivanka trump coming up right it's easy to think that all money managers are pretty much the same. but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most