the wto needs reform. i agree with that.etting there will need many countries to make more concessions in order to have wider disciplines, including probably the u.s. china, india, but also the u.s., on the subsidization of farming. david: we are talking to pascal lamy. let me talk about one issue that has come to light here in the u.s., which is the government purchasing agreement, which has been in effect as the 1970's. it does not include all demi to members. the u.s. has been a member since the 1970's. consideration the administration is pulling out of that, so it would no longer exempt people from the buy american act. what would be the consequences of that? pascal: as you said, there is an agreement within the wto which is only among some members of developingughly countries, eu, japan, canada, australia, u.s., which opens on a reciprocity basis public procurement. i opened my public procurement market in a certain harsh and, market in a your certain proportion. we have to make sure the proportion is right. this was wh

files a protest with the wto. the wto rules in favor of the u.s.exico then puts a tax on high fructose corn syrup. and again, the wto decides in favor of the united states and high fructose corn syrup is allowed to be exported to mexico. and so that simple bottle of coke that looks refreshing but fact embodies a herculean battle between forces around the world. and so much of that is true. and by diving into some of these artifacts and our exhibition, i think our visitors will have a better chance of the complexities of the world they live in. susan: peter liebhold thank you for taking a very complex topic for tariffs and helping us to understand how important they have been. peter: i hope everyone has a chance to come and visit our exhibit, and help us think about what new artifacts we should collect to represent the ever-changing story. ♪ [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable satellite corp. 2019] all q and a progr

the wto -- the who saying not so fast. the world health organization downplaying expectations of a breakthrough vaccine of treatment for the coronavirus, the agency saying it plans systematic review of all therapeutics as china is expected to start critical drug on the mainland as soon as thursday. as cutting taxes and fees and lowering -- david: give us a sense of what is going on with hong kong. to what extent are they curtailing trade back and forth? kong, there will be a quarantine introduced as of the saturday for all travelers from mainland china, including hong kong resident and visitors. the quarantine will be for 14 days. this after the city markets first deaths related to the virus. this as the city grapples with supplies from face max -- from facemasks to toilet paper. terminals have also been closed. ,cross from the victoria harbor we have 3600 crew members and passengers remaining under quarantine on a cruise ship as they undergo health checks. while this speaks of the vigilance of the hong kong authorities, t

it has been reported that president trump is looking at withdrawing the united states from the wto'sment, which effectively gives preferential treatment to european countries competing for contracts in the united states. how would europe respond, and did you think the tariff issue is off the table between now and the november election, or is it still representing significant risk? seenentiloni: well, i have a better weeks atmosphere in our trade relation appreciate thei first phase also of the solution of trade tension between u.s. it is still an open issue. where one of the stronger friends and allies of the u.s. on the other side, we have to defend and protect our european interests. but i am confident that we will reach solutions because escalating tensions on trade is, i think, something not useful europeans,r us as but also for the americans, especially in an election year. as far as wto is concerned, i think we all have to stress the importance of our multilateral framework because it is very easy to abandon them, but it is very complicated to rebuild. vonnie: commissioner gent

its laws and practices to the wto. one of my jobs as secretary was to go and explain to the russians why they were not in the wto and china was. and the only answer you could give was, well, because their economy matters. and so we had these expectations about china that have now been frustrated. and what concerns me is that the nuance, as you put it in your remarks, there will be an overreaction to our disappointment that our notion of how china would integrate wouldn't quiting pan out. so -- quite pan out. so what we're going to have to do to challenge where we need to challenge. mike gave a very good, i think, overview of how we're challenging on freedom of navigation, coming right up to the line but not challenging in a way that gets into -- >> in the south china sea -- >> an accident. we're going to have to speak up when there are people in the streets in hong kong about their rights. we're going to have to make sure that the chinese understand that we have an obligation in the taiwan relations act to help taiwan

new hampshire alone lost jobs following china's entrance into the wto, the wto, one of the truly badls ever made in the history of our country. for decades, politicians campaigned across the state, promising to replace nafta. they lied. they never did it. they wouldn't have been able to do it anyway. it wasn't easy, i will tell you. but then, they got elected and did absolutely nothing. i'm not like those other politicians. i keep my promises. [cheering] pres. trump: we took care of it. we took care of it. last month, you saw it. saying bye-bye. i say, donald j. trump, bye-bye nafta. , we ended the nafta catastrophe, and i signed a brand-new, u.s.-mexico agreement into law. it's going to be great for manufacturers, our farmers. for everybody. great for our workers. the usmca will bring jobs back to new hampshire right where they belong. they should have never left in the first place. probably the number one reason i ran for office. i am one for one. i have friends. look at lindsey over there, look at rand. great senators. great senators that said i won seven times, sir. i've won seve

as secretary was to explain to the russians why they were not in the wto and russia was. the only answer you could give is there economy matters. so we have these expectations of those that have been frustrated and now what concerns me with the new ones there will be an overreaction to our disappointment that our notion of how china would integrate would not pan out. so then we have to challenge where we need to challenge we have to have a very good interview like freedom of navigation coming up to the line but not up to the south china sea with an accident. we have to speak up when there are people in hong kong about their rights and make sure the chinese understand that we have an obligation to help taiwan defend itself should there be a unilateral provocation. we have to say to the chinese, this is where i agree completely with the trump administration unfair trading practices that you are developing country is not acceptable it is not acceptable to steal intellectual property it's not okay to privilege national champions were to use your joint venture of intellectual

. >> the financial times saying love the rebranding of a no trade deal brexit with the wto.a reminder, says george, australia has no free-trade agreement with the eu and is 9000 miles away. with the stage set for difficult negotiations, businesses on both sides are faced with some uncertainty. thebcconomics editor -- >> the u.k. government is preparing for the expectation of a more distant relationship. it means accepting trade tariffs, taxes on trade. there is no deal between australia and the eat the moment. there has been some mixed bssages withiness. they've been told by some cabinet members, they should tell the government whether they want to bmembers of various european agencies. businesses have to prepare part the government wants businesses to unleash investment and they still don't know what the trade >> we started with the coronavirus and the latest with trade negotiations an now onto america. the first contest of the presidential election starts today. donald tmp looks unstoppable on the republican side. there are 11 candidates for the democratic nomination. this

as far as whether we are willing wto take a pay cut this is -- nurses are primarily a female organization and over the years we have fought to get our wages to where they are and we don't plan on taking a back step there. anymore than we expect the doctors to order any more than we expect any of the other tax paid for professions in the country. you are right, i don't speak for every nurse but i speak for my organization and we feel that this is the best tool, vehicle, to get or to have healthcare for everyone in the country. >> host: cokie giles, did bernie sanders when the primary in new hampshire and did you support the bernie sanders in 2016? >> guest: yes, we did. i was going to say i spent a lot of time in new hampshire can see it i want to state something. can best in very many in new hampshire have the best most organized system of canvassing o of all i'd been to that i have ever seen. a fabulous job people out to m happy with where bernie was. what i like about bernie is he is -- he gets his point across, and he can excite people without knocking down other people. host: we go to

, ahead of schedule when china had not yet conformed its laws and its practices to the wto over one of my jobs as secretary was a go and explain to the russians why there were not in the wto and china was. the only answer you could give was there economy matters. we had these expectations about china that have now been frustrated, and what concerns me is that the nuance as you put into remarks, there will be an overreaction to our disappointment that our notion of how china would integrate with not quite an effort what we are going to have to do is to challenge where we need to challenge. mike mike gave a very good overw of how we are challenging reading of navigation come right up to the line but not challenging the way that gets us into -- south china sea come into an accident. we we're going to have to speakp when there are people in the streets in hong kong about their rights. were going to have to make sure that the chinese understand that we have an obligation and the taiwan relations act help taiwan defend itself, should there be a unilateral provocation. we are going to have to

by the way, we just won $7.5 billion in a lawsuit with wto. we weren't winning. we weren't winning anything, but they said -- i think this guys went to pull out. they treated us so unfairly. we were always in the minority position. who the hell negotiated these deals? they look at us and say, look him if we are not treated fairly, we are gone. all of a sudden, we are winning all of these cases. but we just won 7.5 billion. 7.5 billion. did you know that, doug? 7.5 billion. but under this administration, the great betrayal is over. america is no longer for sale. america is no longer for sale. those days are over. [applause] and two generations of politicians came and went promising to replace nafta. how many times have you heard "we are going to replace nafta?" probably the number one reason i ran for office. are we glad i ran for office? [applause] it was funny, i was watching -- i find it fascinating, i'm watching them come in, watch as much as i could of the stuff. you don't love it, you are not going to do it really well. and the crazy "new york times," which

. -- wto. we have trillions of dollars of infrastructure, plus trillions of dollars of money that will be in the federal government coffers, plus trillions of dollars of money that will be in the middle class's pocket that is now in china. host: how did you feel about the trade deal that president trump signed with china? caller: it is 180 degrees change from the last three presidents we had. bush andton, w. obama. the centrist democrats are the same as the pre-reform republicans. they are in the pocket of big business. the trade deal is a step in the right direction. it is the best the president could do considering the corruption that has been and our political infrastructure since bill clinton took office. host: what do you specifically like about it? caller: he is trying to attempt to of reverse the -- attempt to reverse the trade deficit. he decided patriotically to run for president as opposed to the countable life he would have had before because he saw the great need because of the mass

by the way, we just won $7.5 billion in a lawsuit with wto. we were not winning anything.se] pres. trump: we were not winning anything. they said, i think this guy is going to pull out. they treated us so unfairly. we were always in the minority position. who the hell negotiated these deals? they look at us and they say, we are failing if you are gone. we just won $7.5 billion. $7.5 billion! did you know that, doug? $7.5 billion. under this administration, the great betrayal is over, america is no longer for sale, america is no longer for sale, those days are over. [cheering] pres. trump: and two generations of politicians came and went promising to replace nafta. how many times have you heard that? probably the number one reason i ran for office. are we glad i ran for office? [cheering] pres. trump: you know, it is funny, i was watching the different -- i find it fascinating -- i'm watching the different returns coming in. i'm watching is much as i can of this stuff. i love it. if you don't love it, you are not going to do it very well. the crazy new york times, it was de

they will find an wto coment or is it 2020?ion in the pound was warranted. case agoal is the best canada like deal, or a wto deal they are marketing as an australia deal even though it is not a deal, they are not good options so if that is the best case, we have to factor that in as something that is significant risk. tom: brilliant data this morning on the virus in china. bloomberg and our special coverage of the state of the union, we will try to do this differently with pointed conversation about immediate politics and the policy forward. this is bloomberg. ♪ ♪ viviana: you are watching bloomberg "surveillance." changes to theig way u.s. merchants paid to accept its card, hoping to persuade more people to invest in checks. they are hoping to invest in ride-hailing services. for the second time this fiscal year, sony raising its profit forecast, reporting strong demand for the sensors that power cell phone cameras. revenue from the playstation division dropping. good as gamers await a new console. suspending a one ,illion-dol

we would be trading on basic wto rules which would in tariffs, cheques, and disruption to supply chainsnk they will get you a deal because it is in both sides interest but as ever, it is the political shadowboxing that has already begun. it will be playing in the next few months won't. to the front page of the guardian. grace, a story we were running prominently stop the new advisor resigning, a fairly short lived role he had a numberio, fairly short lived role he had a number 10, andrew sabisky. fairly short lived role he had a number10, andrew sabisky. he's been forced out, resigned presumably under a large amount of pressure given what has come to light around his comments and views on the apparent correlation between race and intelligence which, you know, has created a huge problem for the prime minister who has been asked whether he supports these comments which could link him to basically, eugenics and eugenicists. also, other comments that have been on earth that sabisky has made on various social media websites on reddit and twitter and various other things. i suppose you might

go after wto or the u.s. -- europe?tors are not focusing on enough is a second term for trump, a reelection would probably lead to an acceleration of trump's move to dismantle world trading organization rules or starting piecemeal by saying the u.s. will not abide by judgment. if the u.s. doesn't, why would anyone else? francine: nafta two is similar to nafta. will tearing up the script be similar to what we have at the moment? tina: piecemeal will be an erosion rather than a total abdication of the global trading reidel -- global trading rules. it does hit the global economy. if the united states is not prepared to be the linchpin of the system, why would other countries subject them selves? if: is mercantilism working it is bilateral, unilateral, is it working as the president claims? david: it is for the united states, not for others. the u.k. is trying to enter into trade deals at a time where it looks like you do a deal with one country, maybe another feels less obligated to do it. we are living in a deglobalized w

it does so following the wto rules.europe is using this to show america that this is a key point for europe pre-trade agreements with wto rules and it is not very bothered about trade. this is not in europe's view, the baseline of the relationship to look at it from that perspective. i think it is one of the issues where europe has been quite active in trying to show the u.s. that europe well, you know, go a slightly different way. that does not mean that we don't both still support the basic economic rules of the road, but in the implementation of those rules, europe has a clear preference for institutions and free-trade agreements to stay in place. with regards to the 5 g, the response that the institutions have let or not interfered in this, partly because they do not have power to do that with regard to 5 g, the countries themselves have decided whether they should let huawei in or not. my own country denmark had decided to exclude and go for erickson and other countries have said, you know, they will not exclude, b

under wto rules, what kind of economy is this? is an economy where you will get some pent-up demand domestically. -- whichequities have is why equities have more downside risk than upside risk. it has not been able to rebound aggressively because eight of the global context is very different. i think that is ash this is a smaller economy. this relationship is not going to be -- there will be tremendous uncertainty. i think the boe will use the rules that has to cut a base cases. there is deterioration in the hard data as well. francine: it cuts but not to the point of negative rates. how dangerous would negative rates be for the u.k.? question -- that is a question for europe and the u.k. itself. i don't think they will go toward negative rates. we think they will cut once and hope for a rebound in europe by that time as well and hope that u.k. gets lifted as a result of that. francine: what happens in germany? we are looking at possible extra tariffs on german carmakers. they are possibly dealing with the virus and it is not an e

i think that's wto rules under another name. there isn't really an australian style arrangement. number of individual agreements, and i'm sure over time, over many years, we may reach individual agreements, but there is even less... these may occasionally say, for example, australian farm produce can be exported to the eu with fewer checks than if they didn't have the agreement. so that is very limited indeed. and this australian style deal is terminology that seems like it will spread but really doesn't mean very much. and finally, if you were a betting man, what sort of deal, if any sort of deal, do you think can be reached within a year? i think thatjohnson will still want to reach a deal if he can. we do know the outline of the deal, it's a pretty loose arrangement. and i would just about suggest that is the most likely outcome, but expect a lot of tough talk in the meantime. let's return to the coronavirus outbreak — and as concern grows about the financial impact of the epidemic, china's central bank has announced it will shore up the economy when markets open tomorrow, for

i think that is wto rules under another name. there isn't an australian style arrangement.ts, and i am sure that over time, over many years, we may reach individual agreements. but these are even less. these occasionally say that, for example, australian farm produce can be exported to the eu with fewer checks thanif exported to the eu with fewer checks than if they didn't have the agreement. that is very limited indeed. and this australian style deal is terminology that seems like it is going to spread but doesn't mean very much. just finally, if you we re mean very much. just finally, if you were a betting man, what sort of deal, if any sort of deal, can be reached within a year?|j deal, if any sort of deal, can be reached within a year? i think that johnson will still want to reach a deal if he can. we do not the outline of the deal. it is a pretty loose arrangement. i would just about suggest that it is the most likely outcome. but expect a lot of tough talk in the meantime. thank you very much indeed. the headlines on bbc news: more than 300 people have now died from t

ofhave seen the wto complain an international health emergency. yesterday, the u.s. saying they offered support. saying you didck not really do too much. at this point, we have seen hong tog take its own measures close most of the checkpoints. that has been a great point of contention within the hong kong society. seeing the first death outside of the mainland. this will cause more chaos and unrest inside hong kong. has kind of taken a a lot of impressive measures to try to keep the economy humming. ask the u.s. for a little bit of flexibility on the trade deals. shery: they came out of sort of a mouthpiece for the chinese government, citing a researcher saying, perhaps habits will be delayed in the quarter, they could make up through an increase for the second quarter and later part of the year. larry kudlow is saying that the u.s. is not expecting an export boom. more than $50 billion in energy goods. try to. won't when it comes to really cutting the contagious coronavirus, it can. doing what we going to get a sense at some point in the next few days whether the dr

wto commenced boosting market access globally. in 2001, china entered the debbie tio -- the wto. he was exports over the last half decade declined over increased foreign competition. and in 2018, exports slowed dramatically, bringing us to -- we'll watch it one more time and go to the next slide. you can see china and india starting together. turn opens to the global marketplace, starts growing dramatically, as well as exports in india yet to take off. highlighting the importance of getting into that market in the future. where are we today in 2020? four $5are forecast at billion. china forecasting at $14 billion for fiscal 2020, up from $10 billion last year. that reflects public information available right now, but the trade outlook forecast also reflects uncertainty that i mentioned earlier. is currentlyt expected to be canada, forecasted $21.5 billion. fornd japan slightly down fiscal 2020. again, just to emphasize the calendar year, phase i commitments are not reflected in a fiscal your calculation completely. one question we get is what to expect the largest growth to be in

negotiators are set to publish their own and if no deal is reached, they will be forced to do business on wtoential tariffs on goods. inicorruption agents malaysia are saying they are ready, already checking graft claims around the air asia group as details in the record $4 billion settlement at airbus documents filed in the case say airbus paid $50 billion to a rports team owned by two ai asia executive as a reward for owning more than 100 aircraft. global news 24 hours a day on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am su keenan. this is bloomberg. shery: another miss for india. the country's finance minister whitens budget deficit targets to help -- widens budget deficit targets. this is bloomberg. ♪ haidi: this is bloomberg markets. i am haidi stroud-watts. shery: i am shery ahn. let's get more on how markets will adjust pmi numbers. we got some from taiwan and south korea. joining us to digest the market is from societe generale. we are going towards the market opened today in china and we are expecting it to pl

otherwise, they will have to trade on wto terms.pressure, but over the weekend, we had the prime minister say if there is no deal, that is fine. romaine: the pound wiping out last week's advance. sen. sanders: you are part of an unprecedented, unique movement. romaine: iowa democrats head to the polls. 1861 different locations. o ke second choice. it is the first time we will have actual votersonabout candi. romaine: bernie sanders sees a surge in polling while elizabeth warren slides. the kansas city chiefs came from behind to win their's first super bowl in 50 years, 31-20. let's take a quick look at what is happening in the markets. s&p futures are moving a little but higher, coming off of what was a pretty somber end to the month of january and last week as concerns of the coronavirus whipped through markets. things pretty much quiet in the .reasury market abovecrude holding right $56. euro-dollar, interesting move here. $1.1065, moving slightly lower despite encouraging signs with that pmi data. let's turn now to what is happen

china had just joined the wto.the economy has basically grown from 1.7 trillion to close to around 14 trillion to date. also if you look at the rate of the economy, it was only around 4% of gold old -- global gdp. it is around 18% today. the role of the chinese consumer, we have seen that the income levels in china have increased from around $1400 to close to $10,000 to date. consequently, because of all of this, we do expect there will likely be a larger share today as compared to what happened around 15 years ago. paul: we have seen markets rebounding, and buying going on. do you think investors are adequately pricing in the risks around the supply chain? think what we could look at is as far as the supply chain is concerned, probably the timing of the virus limits the impact of the production site. it happened in the first quarter, it generally is a bit slow. secondly, it happened during the lunar holidays. since the lunar holidays, a lot of companies had purchased raw materials as well as components the holiday

in 1995, wto officially commence boozing access globally. 2001, china entered the wto. hitting almost $26 billion in 2014. u.s. exports over the last half decade have declined under increased foreign competition and in 2018 exports will dramatically under the disputes of our major trading partners bringing us to, we will watch it one more time and then i'll go to the next slide, i just talked about all of this. china in india starting together. china opens to the global marketplace. growing dramatically as well as our exports. india yet to take off. highlighting the importance of getting into that market in the future. where are we today in 2020? forecast at $139.5 billion. up 4 billion from last year. china forecasting at 14 billion for fiscal 2020. up from 10 billion last year. that reflects public information available right now in phase one. the trade outlook forecast based on a fiscal year and this outlook also reflects uncertainty, as i mentioned earlier. our top market in 2020 is currently expected to be canada forecast at 21.5 billion. mexico forecast up to 19.8

exit from the wto if the accord is not reformed in line with american demands. the agreement is designed to make public purchasing more transparent. with new rules that would clear the way for the u.s. to apply punitive new tariffs on goods from countries deemed to be undervaluing their currencies. the commerce department says the rules will add muscle to u.s. complaints about manipulation that targeted countries like china and japan. the move is seen as turning the fx markets into potential trade war battlegrounds. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in .ore than 120 countries this is bloomberg. ahead, macau's casinos and cinemas take a hit as they are ordered to close to reduce the risk of a virus spreading. >> next, the state of u.s. politics. pete buttigieg in the lead as iowa makes its way out of its e.ucus model and -- muddl ♪ haidi: this is "bloomberg markets." shery: president trump is set to deliver his estate of the union address in just a couple of hours. his address com

some of the bad practices of china, we have complained about bad practices since 2001 when they joined wtoand reciprocal trade that is all we're in favor of, but we have to take bold action to get china to change its practices. >> chris, are huawei's products really a national security threat? if a americans own some of the products should the they -- complicatconfiscated? >> that is strong. but -- >> national security threat that should -- logical. >> but not every day life, i think that what we enjoy here. freedom of choice. but with national security, buildings for example, pentagon has band this, and military personnel from using huawei equipment on military bases, not about restricting or trying to perhaps provide a leg up to u.s. companies. >> chris, can i ask does it have anything to do with phase 2 trade deal coming up? is this new tariff for phase 2. >> when president trump xi, and trump struck fade one in january there was a lot of talk about needing more structural reforms this news today is a perfect example of a fore shadowing of perhaps fierce negotiating we'll take to cut th

the wto -- the who saying not so fast.h organization downplaying expectations of a breakthrough vaccine of treatment for the coronavirus, the agency saying it plans systematic review of all therapeutics as china is expected to start critical drug on the mainland as soon as thursday. as cutting taxes and fees and lowering -- david:

the shipping container has done more to lower trade costs, more to fuel globalization, than the wto, the agreement on tariffs and trade, nafta, any trade agreement. i'm an economist would like trade agreements. we like dealing with foreigners getting them to sell stuff and buy stuff. we economists are in favor of that. but i think we exaggerate the importance of the trade deal. very often this is driven by changes in technology. the cell phone, the internet, the barcode. don't get me started on the barcode come see me "after words" and we'll talk about the barcode it's amazing. the shipping container, when he think about it this technology was really an excuse of the late 1950s by an entrepreneur malcolm maclean. this is 1850s technologies not 1950s technology. it's a steel box. it's corrugated to make it stronger. how complicated is that? but we are spending a lot of time taking stuff and putting it on a truck, than the truck drives to the port and then we take it up the truck and that would lower onto the ship and the ship goes through the port would take it off the ship he put it

united states took a leadership role in forming things from nato to organization of economic -- the wto was not then, but an outgrowth. all of these things found ways to make sure we could work together to make sure something as horrible as world war ii never happened again. we're in a period now where we're pursuing a policy in the united states, a much more unilateral. it's our way or the highway. we're going to call the shots. take our view or not. it's a very different way than we've operated for close to 70 years. it is, it seems to work. it's the style of this president, but it's not the style we've used in the past to get things done. i don't know, anybody who has one of these -- [laughter] so i use the iphone in this book. who did the -- [laughter] very good. i know, judy, you did 15. [inaudible conversations] [laughter] so the iphone, and the reason i put the iphone is to talk about bilateral trade deficits, something our president obsessed with. so the iphone was designed in the united states. the rare minerals that are used for the sir is cutly come from -- circuitry come fro

the great institutions like nato to support free trade creating dad and eventually wto. the greatest generations, they understood there was going to be some short-term cost of doing that. they understood that offering a marshall plan, a helping hand up to her friends in europe who were devastated by war, that was going to hurt us economically in the short run because we would not dominate the global economy in the same way we did in 1945 but they understood that in the long run this was actually the greatest thing we could do because it would create a system of peace and prosperity from which we would be the biggest beneficiaries and that remains true today when we have about four percent of the world population and about 20% of global gdp, we are the biggest beneficiaries of the system created by the greatest generation but i fear that the benefits of that system are not well understood and as you are talking a minute ago, it's not just president trump, it's also the democrats. there's been a leeching away a bipartisan support for this foreign policy that's been support

president trump is weighing an exit to the wto $1.7 trillion pact for government contracts.hat is according to a person familiar with the matter. more headlines as they, in. this is "balance of power" on bloomberg television and radio. ♪ kevin: this is "balance of power" on bloomberg television and radio. i am kevin cirilli. now it is time for the stock of the hour. tesla is continuing its search. the stock is up 15%, adding onto yesterday's 20% gain. kailey leinz has more. kailey: the only way to describe tesla's move is parabolic. the stock has doubled in 2020. it has only been a month and it has already doubled in valuation. a lot of this may be short covering. it was a heavily shorted stock. you also have continued optimism after its blowout quarterly report as well as the opening of the factory in shanghai. there is a lot of momentum behind this. if you were to look at the relative strength index, it tells us whether the stock is overbought or oversold. right now tesla is 93 on the rsi, that is seen of gilly overbought, even more overbought in 2017.oin was tesla's value

when all these trade deals were done, with nafta and the wto, we've had american companies shut downe globalization was distributed. the price of a t-shirt went down for everybody, but the cost was implemented. a lot of these communities were hollowed out economically because of these trade policies and no way to transition workers who were in these situations to better or different jobs as the economy evolved. i do think president trump says all the time the era of economic surrender is over, and i believe this trade deal with 89% in the senate is being praised as the greatest trade deal of all time. it's the largest trade deal in the history of the world and it will add about half a point gdp to america's economy every year. may bring about 200 jobs to america, maybe as many as 500 jobs. >> jared kushner, glad to have you on. >> thank you. a pleasure to be with you. >>> next on gps, there have long been fakes in the world of fashion, art and more. now we have the world of deep fakes where people can be made to appear to say things they never said. we'll get into the deep dangers an

there are reports that the trump administration be about to fire a warning shot across the bow of the wtog tariffs unilaterally. it could shake our entire international trading order. we will talk about that. this is "balance of power" on bloomberg television and radio. ♪ work.natural gas, back to prices flat with multiyear lows as the coronavirus and soon oversupplied market, putting pain on producers. cocoa prices but the trend and rally on weather and production fears. reimagining bp. i sit down with the new bpce bernard looney about the future of the company. ♪ welcome to bloomberg "commodities edge." 30 minutes focused on the companies, the physical assets, and the trading behind the hottest commodwi

leadership role in forming things from nato, the organization from economic cooperation and development, the wto was then but it was spoke out and all these ways were to find ways we can work together to make sure something is horrible as world war ii never happened again . we are in a period now where you are pursuing a policy in the united states of much more unilateral. it's our way or the highway. you're going to take our view or not. it's a different way that we operated were close to 70 years. it seems to work, it's the style of this president but it is not the style we've used in the past to get things done so let me give you a flavor of a couple of products. i don't know, does anybody in this room? i use the iphone in this book but first let me ask, who did 10,000 steps today? very good. i know judy, you did 15. how many steps today with mark 15. >> so the iphone, and the reason i put the iphone is to talk about what's called bilateral trade deficits, something our president is obsessed with . so the iphone was designed in the united states. the rare minerals that are used for the circui

real people with psoriasis... ...look and feel better wto cosentyx..use if c before starting, get checked of infections... ...and lowered ability to fight them may occur. tell your doctor about an infection... ...or symptoms... ...if your inflammatory bowel disease symptoms develop... ...or worsen, or if you've had a vaccine... ...or plan to. serious allergic reactions... ...may occur. i just look and feel better. see me. ask your dermatologist if cosentyx could help you move past the pain of psoriasis. >> jimmy: welcome back. he's one of the great musicians of our lives with a tony-award nominated musical. please welcome [ cheers and applause ] ♪ >> jimmy: how's it going? >> oh, so happy to be here. >> jimmy: it's very good to see you. i haven't seen you for a long time. i heard you were outside checking out your star on the hollywood walk of fame. >> guilty, guilty. >> jimmy: this afternoon. >> i was trying to be discreet, just slowly walking down. someone said, "checking out your star, sting?" yes, i am. there i am between the andrews when you think about it, exactly where i should be.

innovative ways to help teens gain the skills needed to find goojobs. old we bring people togetherhows wto seepragtic solutions.enin bloomberg: i'm mike bloombergan. >>welcome back to kron 4 news at 8 our coverage of the coronavirus ntinues now as we speak there is a chartered plane heading to travis air force base. kerry americans thatwere stranded aboard a cruise ship quarantine digipass so here's a look now at the plane that's headed to fairfield. >>some 400 americans aboar the plane are finally heading backto the united states you can see this week zoom in on this flight tracker here they're set to arrive, ah the eu at travis air force base in fairfield i believe around 11 o'clk toght and then they will have to stay there and be in quarantine for anher 14 days to make sure that they don't show any symptoms of the chronic virus and they will be kept separate from the prious patients that are being quarantined the. now reporter jessica mensch talk with an american passger who did not get on the plane and decided to stay in japan >>and bosses svice a swift escape from the diamond princess

the run up in 2004 to '8 china joins the wto fleet supply small. order books went to 80% of the fleet on the water so the outlook the next two three months coronavirus not sure two or three years very attractive because us don't have the massive supply response. capacity is low. demand will inflect and going to offset any minimal supply growth over the next couple years. >> randy good stuff. buy ratingsen stoerp owe dimon sack ohs tk and euro nav. >> may i interject quick but harvey kytel is a big show and he played a scrubber in pulp fiction. >> mr. wolf. >> well look at you so harvey you are watching come on the show. >> i think it was the wolf. >> sticking with oil, a big under the radar story that's getting attention in the oil world. i know randy probably knows about this shares of whiting petroleum crashing 22% this afternoon. debt y reported the drieler hired advisers to smore options for a capital structure schang something to do with debt. i reached out to whiting if you are watching, get back to me please white something a denver based co

could be left with the prospects -- the deadline expiry with no trade deal in place.doing business on wtoerms with all the tariffs it entails. don't forget one final date. december 31, 2020. that is when the transition period could be extended if boris johnson changes his mind and asks for an extension. anchor: still to come, more restrictions on travel to china as the number of coronavirus 2003 worldwide passes the sars epidemic. the trump administration expands the travel ban, adding six new country to the list, including nigeria. capital under fire. australia declares a state of emergency as bushfires threatens the southern suburbs. the u.s. senate has voted to block any witnesses or additional evidence in the impeachment trial of u.s. president donald trump. it pushes one step closer towards a vote to acquit trump. senate majority leader mitch mcconnell says the trial will conclude in the coming days. trump is accused of abuse of power and obstruction of congress for threatening to withhold military aid to ukraine in exchange for an investigation into his clinical rival, joe biden. we

his systematic campaign against black and brown people extends wto u.s. citizens."at really what's going on here, john? willy-nilly going after people of color and stripping them of their citizenship for no reason? >> that's an outrageous statement that really impugns the integrity of the career attorneys at doj that at work on these issues. this is about people that never should've been naturalized never should've been american citizens in the first case. i will give you a couple examples. we denaturalized two balkan war criminals. we denaturalized in my home state of texas a man who was molesting a 17-year-old girl who was a family member and didn't disclose it on his naturalization application. i would like for the aclu or anyone else to confront the actual facts of these cases and explain why someone who has been molesting children and lies about it should not be hemedenaturalized. >> laura: we are almost out of time, but i did a little immigration law ine my old days. just because you have a green card doesn't mean it's a free pass that you can stay in thete un

innovative ways to help teens gain the skills needed to nd good jobs. old we bring people togetherws wtotic lutions.when bloomberg: i'mike bloombergand . actions spea louder than words. she was a school teacher. my dad joined the navy and helped prosecute the nazis in nuremberg. their values are why i walked away from my business, took the giving pledge to give my money to go causes, and why i spent the last t years fiting corporate insider who put profits over people. m tom ster, and i approve this message. becae, right now america needs more than words. we need action. ♪ ♪ ♪ wherever we want to go we just have to start. ausave yr way there with chase chase. make more of what's yours. ture's recipe knows a d's big . so we carefully ch every inedient ke chicken, sweepotato and pumpkito fuel their best life. also try nature's recipe true treats prime blends. ...at the right prices sta with lowe's.... shop our bath savings event and t up to. 40% off select bath sentia. and finish it f with dual-scrub stain resistant... valspar tra inrior 40% paint plus primerentia. starting a$24.98 a gallo

weinstein was a difficult case, no doubt about it, and yet it's a case that we had confidence in that were wto take this to a jury, that the jurors would be able to seeth througmyths that were thrown up about victims of ssexual assault and lten to the women and as the jurors did, believe th. >> nawaz: but back in 2015, you had an audio recording and you had witness testimony. wait a mistake not to prosecute him back then? >> i think the 2case was evaluated by the head of our secondse crimes bureau who had 40 years experience.di sha thorough investigation. the case had more information that was relevant to it beyond the recording itself, and her recommendation revealing all the evidence was that it was a case that we should not bri wng. th the by sis of the decision. secondly i think we're dealing with twdifferent time periods. 2015 and now 2019. and what was known about harvey weinstein in 25 is certainly not what is now known about harvey weinstein since 2017. >> nawaz: well, i think a lot of people out there, women who have come forward with allegations in the past who statement.gree with th

areas where the uk say they are happy to pay for this on wto rules in this area.e that will happen at the end of next year could look very similar deal or no deal secular there's been lots of sparring on both sides already, which you would expect at the beginning at the beginning of an negotiation. but i am curious about michel barnier says about the uk sticking to the declaration. we were telling viewers all last year that this was the non—legally binding pa rt this was the non—legally binding part of the agreement. the withdrawal agreement is legally binding, we signed up for that, but the political declaration was more ofan the political declaration was more of an aspiration? that's right. i think the political declaration was always seen more in the eu as a tool to help the uk sell the withdrawal agreement domestically. if you rememberat the agreement domestically. if you remember at the beginning there was this big argument about sequencing and the uk paying its money, but what would he get in terms of the trade agreement? that's what the political declaratio

the tax break washington state gives boeing violates its rules the wto restricts government support for exports. it's a termination could open the door for retaliatory tariffs from the european union. so state lawmakers are trying to remove the tax break quickly and boeing supports the effort boeing and airbus have been feuding over alleged government support for decades. >>if you frequent the costco food court for those cheap hot dogs and pizza, but you're not a member are not going be able to do that for too much longer. costco says buying items from the food court has always required a membership they just you know haven't really enforced it that is until now. according to a costco spokesperson starting next month the warehouse chain will require you to have an active membership to visit the food court which cost about 60 bucks per year. >>up next what you need to know about what police in the north bay are doing they say they're looking for a gunman who started shooting in a gas station parking lot. >>and the palo alto couple who was last seen valentine's day in inverness still have

the negotiating teams have 11 months to come up with new deal — tariffs set by the wto will automaticallytions. michel barnier says the eu is ready to offer a ‘highly ambitious' deal to the uk with zero tariffs or quotas, but — as the saying goes — there's no such thing as a free lunch. such a deal would be conditional on regulatory alignment. and borisjohnson made it equally clear that he wouldn't sign up to any deal requiring the uk to continue following eu rules. we are embarked now on a great voyage. we are ready to affirm a highly ambitious trade deal. the uk will maintain the highest standards in these areas, better, in many respects, than those of the eu without the compulsion of a treaty. the more we have common standards, the higher quality access the eu will be able to offer. the question is whether we agree a trading relationship with the eu comparable to canada's or more like australia's. the uk's answer to this question, the key questions, will be fundamental for the level of ambition for our future relationship. lots of red lines already. let's speak now to namale mackay — a