the future of wto. the u.s.challenging china and other nations developing country status at the wto. next ahead. this is bloomberg. ♪ >> the u.s. and china managed to nail down a date to restart negotiations. not all is well on the global trade front. president trump challenging china and other natures -- nations developing country status of the wto. one of those countries is considering giving it up. shery ahn's who are the story. fair -- aware of this wto designation. what does this mean to have it and what would it entail giving it up? >> we're talking right now, south korea. we'll talk about south korea, we talk about technology. you don't think they are a developing nation. now, they are still designated as a developing nation under wto rules. that means they are allowed to have higher tariffs, trade barriers, and they are allowed theive subsidies to domestic industry. we are talking about wto they are allowed to have a 513% tariff on imported -- imported ine and billions of dollars subsidies for farmers. w

so when he talks about wto he is taking the uk to a place exclusively trading on wto which is moving to make trade more expensive that is his policy. and progression on the 16th of august, did you know about that. i was at lords watching cricket. but on the wto issue a trade with the united states on wto terms, it has grown faster since the creation of the single market than our trade with the european union.|j understand his views and his concerns about the constitutional, supposed constitutional irregularity of these proceedings and no doubt the future all this can be debated. when we accept that we stand as a nation at present at a moment which will have a profound effect on the welfare of our people and that the sovereign parliament of this country clearly deserves an opportunity to be able to decide whether it will accept a policy of no deal exit or not and that that overwhelmingly matters more than whether the standing order 24 b, in all probability mistrusted by the then leader of the house has a particular meaning or not. there is a stunning arrogance i am meaning or not. the

. >>> european equities search for direction as investors await a key wto ruling that could see u.s.lap europe with tariffs on 11 billion dollars worth of good. >>> the chinese government warns of decoupling following u.s. is blocking chinese access to american markets >>> british prime minister boris johnson once again refusing to rule out leaving the eu without a deal this, as the health secretary, matt hancock says he prefers an agreement, the threat of a no deal is looming. >> there are lots of different ways you could end up leaving without a deal, but as i say my preference is we leave with a deal and that's what we're working towards. ♪ >>> well, good morning and welcome to "street signs." we have a very busy show coming up ahead first, to european markets because the price action is decidedly cautious today this after a better end to the week on friday, but of course those reports came out later in the session in the u.s the u.s. are considering some investment restrictions potentially on chinese companies and the market did not react so well to that wall street traded negati

this comes after china launched a wto complaint.he world economic forum in capetown is the deputy director general of the wto. good to have you with us. i wonder if your assessment of have damaged the wto is right now given in the attacks it's received from the white house. well, i think the challenge is not just the wto. the challenge of the current is of the global economics which does not detract and the fact that all members of the wto believe that trade is important for economic development. for us them all the benefits from the global trading system, we need stability of the regime. -- in the regime. on that, there are agreements in a manner that contributes to global welfare and global crude. what we have seen is the uncertainty in the trading system. i think this is not in the interest of all members and the global trading system in general. matt: when i heard china say it would go to the wto with some of its complaints, i thought of president trump's long-standing critique that the wto just takes too long. how long would yo

reporter: trade experts say the chinese cannot hide behind the wto here.hey have been stealing u.s. technology for far too long. listen. >> it is time for them to, in a sense, grow up and be a part of the global trading system. so if they're going to do it with the rest of the world, they should do it with the united states because we're the biggest consumers in the world. >> this next face-to-face talk, charles, should it happen, would be the 13th time the two trade teams have gotten together in the past two years. back to you. charles: lucky 13. we'll see what happens. edward, thanks, man. with insight to the white house's thinking as the meeting solidified i would like to bring in former trump trade advisor curtis ellis. in the span of couple days china making many moves people a week ago said wouldn't happen. we saw in hong kong, potentially withdrawal of extradition order. agreeing we do want to meet, we want to tamp things down. what do you make of it? >> china is under a lot of pressure. they're rationing pork in the marketplace in cities in china.

some of the luxury names, and airbus, reacting to the wto story.tting as oil futures post their biggest ever jump after a strike on a saudi arabia facility; joining us now, richard jones. whenever we see this spike in oil prices, you see oil majors move higher. -- see airlines move lawyer lower. what are the other assets caught up in the wider implications of a higher oil price? richard: good morning. i think the most important thing for me is to see what impact will this have on monetary policy? we have a fed rate decision this week. there are going to cut rates. as oil prices stay elevated, they look through the impact as something that will squeeze household spending and household spending power. therefore, there's a break in the economy and it will lead to easier monetary policy because of the defective tax it will face because of higher oil prices. looksit not only inflationary when he see oil prices go higher and many people draw links between the higher oil price and what that does to inform -- inflation, but you see the reaction from centra

innovation is hope, anand the last thing you wto lose in life is hope.imitri all he age hithin ks es and heart disease, [sfx: glasses clanki.] maybe not. heart disease. siec me l. a rare, but life-threatening bacterrineum could occur. maybe not. do nor have severe kidney probls. lower a1and lower risk of a fatal heart attack? out jard >> back to "fox 5 news" on the hill this morning it's been d.c. 5s week a hearie of tny to speak for us. oim.t'no t it's not bs spoif'sad working on thehim td increased passionvoh witlv jac e ableo wugne like the lines lo t adeserve representation. specifically tnt r lel wi o e ferhtth.nu rdsis virginiao was impaee dary made the point in his view the opposition to this was based in n only polic a rs w l in surprise rinthe course of onhistoryen x thawnd ties t frau were able toet g not. >> again it is not>> t you have5 uehi secs.ll l b unll speak of is the highest his unitecod states

i get brandon's point that, you know, we could use the wto instead of just tariffs but the wto is kind of like the u.n. and nato. they don't have our best interests in mind. that has been proven over the years. and so having a strong president put pressure on china is actually going around the wto and saying hey, you're not helping stop this intellectual property theft. we're going to do it on our own. neil: although in the past we won a lot of those fights with the wto. the chinese just ignored the reprimands from the wto. >> right. neil: it is a fascinating argument. thank you both, very, very much. we're looking at the markets up 424 points. virtually all dow 30 components are up, maybe with the exception of proctor & gamble or coca-cola. also keeping track of hurricane dorian and flooding that is going on as we speak in charleston where we find our jeff flock. hey, jeff? reporter: it is not just flooding, neil. the hurricane may have not actually hit here but you couldn't prove it by the scene. we'll show you a few more of these scenes in just a moment. ♪ ♪ i've been a caregiver fo

with the wto.hat is when it all began to happen. you will all make better deals than that when you are up here at different times of course are up here. [laughter] you will be up here at different times you will be much better than the past. but under this administration the era of economic surrender is over. we are bringing back our jobs in our wealth and we are bringing back our dignity. the stock market it seems getting ready to hit the 118th record of the highest point and three weeks ago they said recession. they hope for a recession because maybe that would hurt the chances to do all the things that we are doing but we are getting ready to head another great milestone all time record which means jobs more than anything else. after years of building up other countries we are finally building up our country and standing up for our workers and finding one - - fighting for our forgotten communities the highest duty of government is to take care of its own citizens. african-americans built the nat

the wto needs drastic change. the second largest economy in the world should not be permitted to declare itself a developing country in order to game the system that others' -- at others' expense. for years, these abuses were tolerated. ignored or even encouraged. globalism exerted a religious pull over past leaders, causing them to ignore their own national interest. but as far as america is concerned, those days are over. to confront these unfair practices, i placed massive tariffs on more than $500 billion worth of chinese-made goods. already, as a result of these tariffs, supply chains are relocating back to america and to other nations and billions of dollars are being paid to our treasury. the american people are absolutely committed to restoring balance to our relationship with china. hopefully we can reach an agreement that would be beneficial for both countries. but as i have made very clear, i will not accept a bad deal for the american people. as we endeavor to stabilize our relationship, we are also ca

we are determined to reform the wto agreement next year to simplify regulatory barriers. britain is on the verge of taking back control of our trade policy and restoring our independence in the wto for the first time in 46 years. our exports to the united states -- >> order, order, order! resume your speech. order. order. i ask of the house to have some regard to how our proceedings are viewed by people outside of the chamber. i will always facilitate the expression of opinion by this house. order! meanwhile, the prime minister is making a statement in that statement should be heard and he will be heard, as will every other member. and the subject. the prime minister. >> britain is on the verge of taking back -- [indiscernible] on the verge and we could achieve even more in our trade with the united states by using the powers we will regain to do a comprehensive free trade deal. a deal president trump and i have agreed is not on the table. and unlike some in the house, i consider the u.s. to be a natural ally. and of course for good in the world. and i recoil from the ant

nasty wto ruling body to take up that dispute. it is the third such case involving the *-*- for tat tariffs betweween the world's two largest economies. the trump administration has in the past said it's let these should be exempt from wto rules. so just what are the latest tariffs and how they affect american consumers and businesses captain clifford has the details. in a first since the trade war began american consumers like sent a fewew let downwn wrecked h hates on theher wallets. rather than raw materials latest tariffs are the firstt to impact finished household products such as clothing tv's and dairy products. and many us companies say they'll be forced to raise their prices to absorb the higher rates they'll pay on chinese imports it leave small businesses such as this family run shoe store particularly vulnerable. it makes it tough for business owners because we will have to take a hit honor margins but it also be difficult for us to pass it on to our shoppers. who will have to pay higher prices in order for us to prote

we are determined to reform the wto agreement next year to simplify regulatory barriers. britain is on the verge of taking back control of our trade policy and restoring our independence in the wto for the first time in 46 years. to the united states -- >> order! order! order! order! i ask the house to have some regard for how our proceedings are viewed by people outside the chamber. meanwhile, the prime minister is making a statement. that statement should be heard and he will be heard, as will every other member. end of subject. prime minister? johnson: britain is on the verge of taking back our trade policy and we could achieve even more in our trade with the united states by using the power we will regain to do a comprehensive free-trade deal. a deal in which both president trump and i have agreed that the nhs is not on the table. some in the house, i consider the united states to be a natural ally, and of course -- a force of good in the world and i recoil from the juvenile anti-americanism in this country. mr. speaker, i know the whole house will share my concern ab

the.ery tno tok ayve cnamon inon y wto i >>ot a fan of. >> let's get to t tuckerith at gd in that kht chhome.'s a good looki there's a live shot. w hiyou een sio natl to point outs thl break uilat and that blue sky outp, there. yeah, it lab hot one ty.ugut str fs o dbl humid 65 degy ceaomleabrt rea es front. lightcors rain.inths kybe we'llo splaleornk f a tha frowit ll win through our region lateness afternoon and b tsri temperaturs tomoroorrow bleehind the front h the front will dro t by ear 92 today. 81 dry. uth ofomstio. t1t 1. taedhhe5 1t etnb95 iound 4 o uggishugh the >> i often dubbed one of the worst airlines in the country britoms to make flying comfortable. make somnge methit fares. >> s were tea take to you to the break a look what's.cad ahe ah sean six w tay. ietwo of t d say extwra.ewt hos we'll chat live with fox5 morning is back right after this. ♪ toal srigh... st,th you'll get the best deal of the year on xfinity. and you even get this' ben, you're gonna be wowing mithem with your dance moves. don't miss the xfinity be deal of the now that's simple, easy, awesome. it's

wto compliance, which will positively impact the chinese economy.o yes, negotiations have difficulties. they have highs, they have lows. we encourage the chinese government to pick up the pace of reform, which we firmly believe is in the interest of the chinese people, and china as a country. >> back to the site of the room with two questions i believe. >> what's your advice to your members about the gravity of the tensions over hong kong? how they should handle the issue and whether they should -- [inaudible] many of your members will have financial ties to hong kong. any other question was on decoupling. a number of your members will he the presence call last week to get out of china. as that part of your condition on that? >> so on hong kong, most of our members will have interest in hong kong. many of them will have offices in hong kong. we don't pretend to offer them advice on this issue. however, we watch with anticipation what the resolution of the problems will be. and we encourage the hong kong government to listen to the hong kong people a

the wto.was when it all began to happen. these were not good deals. you know all good make better deals than that. you have to promise me that one of you know to have you or of you at different times of course, [laughter] you will be up here. we don't do any tribes over here. but you will be at different times, you'll do much better than the past. but under this administration, the era of economic surrender is over. we'll bring you back our jobs and bringing back our wealth and we were bringing back our dignity t the stock market is getting ready it seems to hit a 118th day that we have had records where we had the highest white and three weeks ago, they were seeing that recession recession and they were hoping for recession because move that would hurt our chances of doing all of the things that we were doing but we were getting ready it looks like to get another great milestone. i'll start time stock market record. that means jobs. forget about stock prices, it means jobs. after years of bui

president trump: the united states lost 60,000 factories after china entered the wto.is happening to other countries all over the globe. the world trade organization needs drastic change. the second largest economy in the world should not be able to declare itself a developing country in order to game system at others' expense. lou: let's start with the wto experience. it's not been a good one for the united states. the united states played as the president said, the chump for too long. he's changing all of that. you don't hear a lot of discussion about free trade. people are understanding there need to be balance in our international trade system and balancing in the international capital flows. >> president trump weren't to get to zero tariffs everywhere. he's right on the money when he talks about china being able to declare itself a developing country, a developing economy even though it's the largest in the world. the result is raise tariffs. i think he's right about that. he spoke about the intellectual property theft. all of these abuses are for we'll. for real.

china p wto, also imposition of the tariffs. there was market expectation something would happen, they wouldn't go through, in fact they did. that started pressure this morning. add to that, manufacturing data that came out from the institute for supply management. that was the month of august. it was under the neutral reading of 50. that is a contraction. it is the lowest we've seen since early 2016, making market watchers very nervous. now, because of the tariffs, you're seeing certain categories trading lower, like chips for example. those are stocks with china exposure or apparel makers. those are ones being hit from some of the latest tariffs. but at the same time, it is not just that, it is also manufacturing exposure. let's look at the biggest losers on the dow. you have got boeing, caterpillar, goldman sachs, chevron, energy seeing a big drop today and also 3m. apple is lower on the list. trading in the red today, that has an impact on the dow as well. with the volatile august line us, everybody taking a sigh of relief t

tariffs wto tariffs would mean we have a crisis in most of the markets around the world most likelyning that would slide. this is not a great scenario and exactly why we urge the government to come up with a clever solution. >> the session in germany seems increasingly likely. are you concerned about that germany is such an important market for you as well >> germany is our number three market in our group, doing very well in 2019 we are optimistic to continue on this path we are gaining the segment in germany, we are raising volume why, because we have launched the new 3 series we are launching the new 1 series in a couple of weeks from now. so no reason to be too pessimistic. >> another interview there with the cfo of bmw aneta is at the german motor show you have another guest with you now? >> yes, in a very interesting time to talk about the german economy and also how significant the car industry is to the outlook of the german economy. the ceo of one of the biggest car parts supplier in the world. good morning we were talking about germany headed towards a recession how do you

had this wto complaint against china, a lot of it was about intellectual property.his was not unilateral. japan and europe jumped right in on that complaint, almost the same day the u.s. launched it. do you see any credence then in the attempt for the u.s. to lead this push toward china, to say, hey, there's rules you have to play by? marie: yes, for sure. i think that is perhaps what many of us would like to see more of is a strengthening of the wto's position, and instead, we have a stalemate there, where by the end of the year, there might not be any resolution mechanism still operating because of unfilled positions of the judges at the wto, so for sure, you know, i think what most of us would like to see is a rule-based global trade, and you know, that remains in the hands of the global economy, and that these bilateral strong-arming strong-arming is not going to be very successful in terms of boosting anybody's economy. kathleen: when you look at what is going on now, where you see the push on both sides, one of the big issues the u.s. wants is an enforceable t

. -- the wto ruled in favor of the u.s.dispute over prohibited european aid for the plane maker and also to the downside is ams, down 4%. getting a lot of love this morning. it is looking at ams and a combined offer. ams is under pressure this morning. francine: annmarie hordern with your main stock movers. let's get to bloomberg first word news. viviana: oil surging after an attack on oil facilities in saudi arabia. the u.s. blaming iraq -- iran for the attack but iran denies response ability. they say saudi oil facilities will continue to be a target. despite the attacks, saudi a aramco -- saudi aramco continues to push ahead with its plans for an ipo. purdue filing for chapter 11 in new york. -- by allegedly pushing illegally sales of the drug oxycontin. the settlement will see the sackler family hand the company over to a trust. exchangesong unsolicited bid for the london stock exchange hitting another roadblock. china has been about the move. the nation praising the rejection of the takeover. this weekend the newspaper

that is according to a wto ruling.een an ongoing dispute for some time between the united states and airbus. coming up, more from the global business forum. -- oferview with the new greece is straight ahead. this is bloomberg. ♪ says wepresident trump are getting closer and closer to a deal with china. this is the third time he has said this today in fact. he said earlier on there is a good chance the u.s. and china will make a deal and earlier this morning at the united nations he again said we were close to a u.s.-china deal. that turned stocks around. the s&p 500 is up 3/10 of 1%, nasdaq up for tenths and the down is up half a percent. makers, and apparel places like china tha

more effective to ban together as like-minded states to try to use the institutions we have like the wtopush back on china collectively. when we've seen that happen in say the security domain, when the countries of the region have pushed back against china when they've crossed a line or gone too far, china tends to take a step back. but we've deprived ourselves of that natural strength by treating this as a strictly bilateral problem and by using the very narrow, narrow metric of trade metrics and using tariffs as a tool. so, i think i would like to see an approach that really uses the institutions and the tools that we have, creates a coalition of states that want to push back on china. and i think that's much more likely to get an appropriate response from china. this notion of decoupling, honestly in a globalized environment economy where you have international supply chains for almost every product that you can think of, i don't know what that means. i mean, i'm also building very high walls around national security technologies and capabilities that we absolutely want to protect. bu

wto tariffs would mean that we have a crisis in many markets in order to offset the negative impacts,his, of course, would have a volume impact, and the volume impact is finally leading to negative production impact, and this is why we really urge to find a solution and to avoid a hard brexit. nicolas peter was speaking to our bloomberg reporter. ford having its senior rating cut to junk by moody's. this is interesting, romaine, because s&p and fitch have ford on a negative outlook. amaine: yes, ford made commitment last year, saying they were going to try to maintain. this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. i am mark crumpton with bloomberg's first

with the wto over washington's tariffs on chinese imports. the u.s.pped a 15% levey on a range of goods on sunday that beijing says violates an agreement reached by president xi and president trump in osaka. >> and it could be more hurtful than the immediate impact of tariffs. let's get back to author of narrative economics and professor at yale university the book examines how viral stories help drive economic events and what could be done to protect and limit financial crisis and recession great to have you with us. let's talk more about the book and what's your focus on in narrative economics. is there some element of refle t reflectivity in this off line we were talking about the yield curve inversion and it seems as though people are more and more focused on this topic because people have become so worried about it that it may become a self-inflicting recession indicator. what do you have to say to that? >> every time we have an inverted yield curve the narrative gets stronger that it's a leading indicator but historically it's not. if you go bac

by the way he is acting, it would be ignored and it would go out and we would have wto rules.ncern is this has become a face—saving situation. there is no way that they would actually be an extension, even if it is the most logical and beneficial thing for this country. what you think about the argument on the part of some mps, dominic grieve who was a conservative party member that his weapon was removed because he was one of those 21 that voted against the prime minister and so he lost his party membership. but he is calling for full disclosure to the public so the public can prepare properly for a no deal scenario. do you feel that is important as well? within government, within the civil service, without —— within the various departments within government, they are preparing and looking at worst—case scenarios. government, they are preparing and looking at worst-case scenarios. you have to hope for the best and prepare for the worse, the old adage. we first operated —— when we first heard about operation yellowhammer, they were saying it was an old piece of work and it was

in 2001, the year china owned the wto, cummins had $5 billion -- joined the wto cummins had $5 , billionn sales and operated at a loss. last year, it posted $24 billion in sales and a healthy profit. cummins makes itself 40% of its engines in china. the ceo calls the trade war a gigantic tax on the u.s. economy. the company expects to spend $150 million on tariffs this year. the surge in manufacturing jobs the first two years of the trump presidency has gone in reverse in some places. in 22 states, the number of people working at factories contracted the first seven months of the year. a key battleground state pennsylvania lost 8000 factory jobs. the big question, will voters blame the trade war or will they agree with president trump's blast at badly run and weak companies? for more on how u.s. manufacturers are impacted by the trade war with china -- jason: and how it might impact the 2020 election bid, there is reporter sean dimon in d.c. >> it is hard to tell. we are still a far way out from the election. it is worth remembering the candidates are just launching an election campaign

wto arbitrators are scheduled meeting at 10 am local time in geneva to finalise the 15—year—old caseus is seeking compensation for what it says are illegal subsidies granted by european governments to the plane maker airbus. the crown prince of saudi arabia says oil supplies could be disrupted, and oil prices rise to unimaginably high numbers, unless the world comes together to counter the threat from iran. in an interview with the cbs programme, 60 minutes, mohammed bin salman said he would prefer a political solution, because war between saudi arabia and iran would ruin the global economy. the health secretary, matt hancock, says he's ‘looking very seriously‘ at making vaccinations compulsory for all school children in england after receiving legal advice on the issue. the latest figures show a fall in the take—up of all routine jabs for under—5s in the last year. simonjones reports. we just wejust do we just do about there. a massive drive is needed according to the health secretary to get more children vaccinated. he told an event at the conservative party conference that he is v

. >> the united states lost 60,000 factories after china entered the wto. drastic change. the second largest economy in the world should not be permitted to declare itself a developing country to game the system at others' expense. >> here in europe, s sharp drops as investors are spooked by the trade talk and the impeachment investigation launched. tech sector leading the way down. shares in french energy giant are down over 6.5%. new charges against volkswagen executives are waiting on germany's auto sector. the fallout from the tour cook, continues to revererberate. a companies a are bracing for hit to r revues.s. u.k. revenues s are prepeparin o 'svestigate thomas cocook prolapse. theays after the collapse, fallout continues. employees and suppliers face uncertain futures, the demise of the world's oldest travel agency are being felt across the e wor. that includes spain, greece, tunisia, and turkey. >> they normally bring 400,000 british tourists to the reason. 70,000 passengers will not be coming here and will cause economic problems. this will affect our airports an

inhie: we are seeing much the way of market reaction for south korea filing against japan onthe wto.stomers. we are seeing the kospi gain ground up 2.2% on the people of a today holiday and south korea. and as you noted that karin won trading a heist in five weeks. we are seeing more optimism around south korean stocks from credit suisse, which has raised the outlook to overweight from neutral. today we had jobs data coming out from korea peered the jobless rate improving, falling to the lowest rate since 2013. this ahead of the finance mr. hong holding a meeting on revitalizing the economy. we also have export data to consider, which show a continued contraction in chip shipments. in tokyo we see that nikkei ad .4% and banks extending their rally amid this yield rise we have been seeing. let's check in on bonds. we are seeing yields continue to climb you see the aussie tenure yelled gaining six basis points this morning. keeping a close eye on the front end of the jgb curb on report that the doj is considering cutting rates further -- the boj cutting rates per further. extractedbigg

some trading might be with wto rules, some might be free between the european union and within europerade with europe, they got together had around a lot, haven't they? trade with europe, they got together had around a lot, haven't they7m is not just therapy and trade issues, at the moment, as well, there's wider challenges around the world. we were speaking earlier around the us china trade well, and theissues around the us china trade well, and the issues in the asian market. there facing challenges notjust from the european markets but wider global implications as well. so at the institute of directors, you concerned about the fallout from say, no deal scenario because of what you are learning about how prepared businesses are? what we really be looking for then pressing the government on is trying to get bespoke advice to smes, so they would be aware of the general things they need to do in terms of looking into mapping the supply change for example, but what we are really — i got were really hearing is up and legal imprecations from my business model that is just needed to track

becomes a third country, and we will trade under the rules of wto.ll make it more complicated and expensive. that is why we would like for them to leave under a deal, but that is a decision that has to be made in london. david: are there any discussions going on between your organization, particularly the trade commission, and the u.k. on the possibility of a hard brexit and how that would be handled? or are there no discussions at all? the chief negotiator for the european union representing 27 countries is always open for talks. there is an agreement in the basis. if mr. johnson and the british government want to change that, he has to come up with proposals. the door is always open, but right now, they are meeting, talking. harded still to see proposals from the u.k. on how to avoid a hard brexit. david: that was my interview with cecilia malmstrom. power" comingof up next. this is bloomberg. ♪ david: this is "balance of power" on bloomberg television. i'm david westin. tonight, david rubenstein sits down with 18-time major champion jack nicholas.

experts say the china can't hide behind the wto and continue to steal intellectual property. >> it's time for them to in a sense grow up and be a part of the global trading system. and so if they are going to do it with the rest of the world, they should do it with the united states because we're the biggest consumers in the world. >> now, should those talks go forward in october, as they are planned, it would be the 13th time over the past year and a half, lou, that the two sides have met face-to-face. lou: something to look forward to, ed, and we appreciate it. edward lawrence. today's rally adding another 400 billion dollars by the way in market cap, for stocks. the china talks back on. the markets are upbeat and spirited. the economy still strong. and on the president's plans for border security, well, they are taking hold. the president is spending almost 4 billion dollars to build that border wall he promised, illegal crossings at the u.s. mexico border also down for a third straight month, reversing the trend of the previous six months but still higher than a year ago. in augu

it wants to find constructive measures to resolve things using a two dispute settlement process -- a wto dispute settlement process. to australia, households are gloomier this month as weakness at home leaves people negative about their prospects, despite government handouts. a survey shows consumer confidence dropped to 98.2 in september with a reading below 100 signaling that pessimists outnumber optimists. yesterday a survey found corporate sentiment was also wewak. -- weak. global news 24 hours a day on air, at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. david: another major step out of china in terms of opening capital marshall. have a look at this bloomberg chart. it scrapped limits on foreign investment in both stock and bond markets. the yellow is the usage and the what they are allowing foreign investors to do. think of it as the tip of your hip to the knee in the airline. tom mackenzie is in beijing for us. tom, yeah, key takeaways. is there going to be demand to use up all of this space? tom: i think that

or this ruling by the wto means that the u.s.european goods. exactly how much remains to be seen it is likely that you will see some of these possible targets, whether it's cheese, olives, scotch, leather, aircraft fuselage there's a whole list of things that could be taxed by the united states that come from europe and we'll have to find out exactly what those tariffs are. as i mentioned, this is a long-running dispute it goes all the way back to 2004 with boeing and the u.s. saying, hey, look, there are subsidies from these federal governments or from these countries in europe to airbus and as a result we need to have relief by the way, if you take a look at shares of boeing and airbus over the last ten years, guys, we're showing you this because for the most part these two stocks have tended to trade in tandem over time and that's still the case here. even with the split, a little bit of a split there at the end between airbus and boeing. keep in mind there is a case against the united states brought by the eu and airbus that

the wto will authorize u.s. duties on nearly a billion dollars of eu goods.he terrace could hit next month targeting planes and parts as well as luxury products such as wine and spirits. onto the bank of thailand now, it left its benchmark interest rate unchanged, which was expected, but said it may consider steps to rein in bonds as the economy weakens. policymakers are providing support to spur growth, which the federal bank expects will be lower this year than previously forecast. bywth is being undermined the strength of the currency, which has gained 5% against the dollar so far this year. divisions are widening at the a german policymaker resigning from the executive board more than two years early. it is the biggest show of draghi,against mario and neither she nor the bank reasons.ny to the imf now, it is confirmed a bulgarian economist is managing director, continuing the tradition of a european in the role. the former world bank chief executive starts on october 1, succeeding christine lagarde, who is off to the ecb. she's the first imf leader to com

china was admitted to the wto. our leaders then argued that this decision would compel china to liberalize its economy and strengthen protections to provide things that were acceptable to us, and for private property, and for the rule of law. this theorylater, has been tested and proven completely wrong. not only has china declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers, and the theft of intellectual property, and also trade secrets on a grand scale. example, i recently met the ceo of a terrific american company, micron technology, at the white house. chips produces memory used in countless electronics. to advance the chinese government's five-year economic plan, a company owned by the chinese state allegedly stole micron's designs, valued at up to $8.7 billion. soon the chinese company obtains patents for nearly an identical product, and micron was banned from selli

. >> the united states lost 60,000 factories after china entered the wto. the wto needs drastic change. >> the president's criticism of china comes as the us and china continue a trade war. wilbur ross involved in trade talks was spotted with his eyes closed several times during the speech, a source tells fox news trade talks are expected to continue between the us and china in the coming weeks. >> after the break our power panel is back with more talk on this impeachment push and the fox news exclusive. chris wallace it down with iran's president and has things to say. we get live reaction from donald trump's special representative from iran live. of course i have- ever since i started renting from national. because national lets me lose the wait at the counter... ...and choose any car in the aisle. and i don't wait when i return, thanks to drop & go. at national, i can lose the wait...and keep it off. looking good, patrick. i know. (vo) go national. go like a pro. it's what gives audible there'smembers an edge.ening; it opens our minds, changes our perspe

performing the w to and so on -- reforming the wto and someone.. -- and david: europe has a fair amount of exports to great britain and the united kingdom, and we are watching this play out right now, even as we speak, in parliament in london, as a practical matter. where is the european union in negotiating potential trade deals, with the eventuality that the u.k. leaves the common market? comm. malmstrom: well, if the u.k. leaves, with or without a deal, obviously the u.k. is a friend and partner and ally and neighbor, and we will continue to cooperate and continue to trade. until we know the conditions in which they are leaving which is , very much subject to debate internally in london right now, we cannot start negotiating. once they have left, we will set together in negotiated trade agreements. it will take time, the. david: that's what i am puzzled by. what happens in that interim period? between the time they leave and we know what the rules are, what could happen in terms of disruption of exports, particularly from europe into the u.k.?

he says a previous administration thought that admitting china into the wto would force change.resident adds, it has not. >> two decades later, this theory has been tested and proven completely wrong. not only has china declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers, and the theft of intellectual property. >> reporter: he says china has been gaming the international trading system for a long time. he says that ends as long as hes is president. president trump said he will get a good deal for the american people. the president saying that he's counting on president xi-jinping of china being a great leader and coming to an agreement. both sides are working right now to schedule a face-to-face talk. chinese trade sources telling us that both sides are tentatively looking at october 10th and 11th for the meetings in washington. back to you. lauren: thank you. saudi arabia may double down now on the size of its aramco ipo. saudi offic