one is the wto stuff. i do think, this may be way too optimistic, i think with regard to the expiration of tpa there is an opportunity to supercharge it as we did in the 1980 omnibus trade and competitiveness act where we both seek tpa to extend our authority to negotiate agreements, but also put the united states in a stronger position. vis-a-vis china that means investing more in artificial intelligence as part of that. ,ith regard to trade strengthening our duty in antidumping laws and bring them more up to speed. i have shared ideas we have with some of you. i would love to get your input. it is time to have a look at our u.s. trade policy and a policy that works better for us some more of our citizens can say this is working. we think trade is a good thing. that is a thought. taking advantage of tpa to reinvest in america and our technologies, we are doing this in the national defense authorization act. we are taking steps forward. it needs to be even more, we have legislative issues to do that to cat

we have to get ready for wto terms.y and simplicity in that approach that has its own advantages. so what are wto, or world trade, terms? well, it means tariffs or taxes would be imposed from january the 1st on goods going from our shores to the eu and vice versa. pushing up some prices in the process. to avoid this, the eu commission president said both sides would make a last—gasp effort to reach agreement. despite the exhaustion after almost one year of negotiations and despite the fact that deadlines have been missed over and over, we both think that it is responsible at this point in time to go the extra mile. neither downing street nor brussels have set themselves yet another deadline. these tend to come and go in any case. but i'm told informally that the question of deal or no deal needs to be settled in the next few days. despite the apparent pessimism in there, it's important to note that detailed discussions are still continuing, so the prospect of a deal can't be completely ruled out. in fact, the irish gove

let's move onto wto issue, clearly, you have followed this and been frustrated by the wto for many decadesvice in the administration. your policies quite willingly broken the world trade organisation system in particular ways, appellate body that judges disputes and you're also blocking the appointment of the director general. isn't this dangerous for trade? first of all, you have to start with the proposition was the system working? when we got there? and i would say, any fair person would say it was not working. it was a real failure. we had not had any negotiations for 25 years of any consequence. the wto had to literally fail to function as a negotiating body. and that really is the principal purpose of the wto. so why did this happen? 0ne, we extended the membership. it is a consensus agreement in organisations, so you had people that created a problem. you had china joining in 2000 which really changed the nature of it. but something else happened i would suggest to you. and that is in 1995 when we started the wto in transition from the gat, you started this appellate body and you go

just on the wto, the eu is the single biggest trading partnerfor wto, the eu is the single biggest tradingle biggest trading partnerfor the uk, 43% of our exports, 51% of our imports. if we had no deal and went to wto rules, there would be delays, there would be millions of unsold lamb carcasses . would be millions of unsold lamb carcasses. do you accept that there is this big block, certainly initially, to prevent free trade happening? i think it is all scaremongering of the type we have had for five scaremongering of the type we have had forfive or six scaremongering of the type we have had for five or six years now from the remains side fed by the european union. our borders work fine for the bulk of our trade with america, china and the other leading countries that we trade west. it is quite true that the eu send us a lot of imports, our trade is very lopsided with a big deficit on goods and especially on food with the european union. and i would have thought the european union wanted to carry on dominating that food market because there are plenty of other food suppliers around the wo

developing at the wto that we need this kind of reform.and the us. there were people in your administration even suggesting a deal could have been done this year. it looks difficult. how do you assess the state of play of a trade deal between the uk and the us, in the past you have said, you were waiting to see how the uk exits the european union. and you seemed sceptical that we would make a clean break. where are we on that deal? we have an enormous and very positive trade relationship with the united kingdom. the united states does. we have $270 billion worth of two—way trade. it is fairly balanced. we have an enormous amount of investment back and forth, number two, the uk has a very good team, headed up by secretary of state liz truss, we have been working very well together and making a lot of headway. so i feel good about where we are. i think it is extremely likely that we have an fta, a free trade agreement, with the uk before long. i feel comfortable about that. they are serious issues that we have to worry about, we have agricul

or sometimes wto terms.ave, can go on trading with every other country under the normal provisions of the gatt of the wto which is the successor, and they lay out a number of provisions which, for example, tell you how to conduct yourself as far as tariffs and quantitative restrictions are concerned. these are berries at the border. and beyond that, they lay out various other sorts of actions which you can take like standards, these kinds of things. these are the things that all wto members apply to each other. but the key point, really, is that you are no longer in a preferential arrangement with the eu. so, in terms of what it would mean for british businesses, british consumers, they would effectively be treated like the customers or suppliers and any other country in the world by the european union. yes, the british businesses, yes, would be treated exactly the same as, say, japanese or, well, i won't say canadian because they have a bilateral arrangement, say canadian because they have a bilateralarrang

in terms ofa in terms of the wto deal? in terms of a wto requirement to trade.tart. if you have a free trade deal, then zero tariffs. you have goods going back and forwards, and while you have custom checks which we don't have at the moment, they will be able to go back and put them in. but all of our exports will face attacks to get into the eu, and all their trade coming this way will also be taxed, which is why people likejohn allen also be taxed, which is why people like john allen from tesco also be taxed, which is why people likejohn allen from tesco have been talking about food prices. and in my column for independent voices on saturday, i did a little bit of analysis on what that would do. the average grocery bill according to can tarfor the average grocery bill according to can tar for the year is so average grocery bill according to can tarfor the year is so far average grocery bill according to can tar for the year is so far today is 4200, can tar for the year is so far today is a200, probably a bit more than that, because people spend more at christm

mile, but i have got to repeat the most likely thing now is of course that we have to get ready for wtoerms. the two leaders met face—to—face this week, a political breakthrough then was not found. as late as last night, the uk government was calling the eu's offer unacceptable. both sides had a up to expectations no—deal was looking possible, iwent‘s had a up to expectations no—deal was looking possible, i went‘s prime minister said that would be an appalling failure of statecraft. that is why i say every bit of energy we have left, we must continue to focus on negotiating our way to a deal. the two sides continue to clash over fishing and shared competition rules. the government believes the way the eu wa nts to government believes the way the eu wants to guarantee standards does not fit with the uk's new place as a nonmemberfree to not fit with the uk's new place as a nonmember free to make not fit with the uk's new place as a nonmemberfree to make its own rules, the eu disagrees and so does labour. what the government seems to be saying is we are willing to acce pt be saying is we a

the super governance of intellectual property road wide, which the wto takes up.ason india and south africa suggested all member countries of the wto should be exempted from provisions of trait is so everything we require to survive the pandemic -- masks, test kits, now the vaccine -- should be free to be made and as much capacity as possible to get them faster and cheaper to is many people as we can around the world. there is any overwhelming support from developing countries for this proposal, but the wto works on consensus, which means even if five or six a rich countries proposed the proposal, it actually won't pass. that is what is happening. the u.s., eu, u.k., and a few other rich countries, as well as andil, oppose the proposal are stalling it, which means it is unlikely to go through without a fight. any -- irony of the fight taking place this week, good news out of the u.k. -- personally for me sitting in india, i wish i could share in the good news with the same celebration. 90-year-old said, i heard you had vaccines. they said, come over and get one. h

we have to get ready for wto terms.ity and a simplicity in that approach that, you know, has its own advantages. so, what are wto — or world trade — terms? well, it means tariffs or taxes would be imposed from january the first on goods going from our shores to the eu, and vice—versa, pushing up some prices in the process. we have to get ready for wto terms. there is a clarity and a simplicity in that approach that, you know, has its own advantages. so, what are wto — or world trade — terms? well, it means tariffs or taxes would be imposed from january the first on goods going from our shores to the eu, and vice—versa, pushing up some prices in the process. in fact, the irish government believes a deal is within reach if both sides show willing. 97% of this deal has been negotiated acrossjudicial, security, research, a whole range of areas. and it seems to me that the remaining 3% should not be beyond the capacity of both sides to bridge. and labour argues that there is no logic to no deal. what the government seems to

deal, so simply the lowest bar, the wto deal, so you could just call the nepalese deal or somethingterms. in all the evidence, the evidence matters, suggest that there would be a very significant additional hitch to the british economy on top of what we've already seen as a result of the covid—19 epidemic. users simply cannot believe that this government would wa nt believe that this government would want to take response ability for that, in effect a burst is not going over there for face—to—face talks to him if he does not succeed that's going to be asked personal defeat for him. no matter how much he tries to spin it and he will try to spin it, he will spend the other way. he does have to make big concessions just as he did to get the withdrawal agreement a year ago, surely after he became prime minister when he made a mess of concession and dressed it up or something else. if he doesn't concessions you could be sure that he will come back and sell it. in his own style with very little time there for his critics on the conservative benches to do very much about it. and he will ho

in the meantime, get ready with confidence forjanuary the 1st, trade on wto terms if we have to.n, the european commission president's statement today, he would think no deal is slightly less likely. she was a bit more optimistic. it ursula is optimistic, and that is great because we won... as far as i can see, there are some serious and very difficult issues that currently separate the uk from the eu and the best thing to do now for everybody is to follow up all the work that has been done over the last four and a half years, a colossal amount of preparation at our ports go everywhere a cross preparation at our ports go everywhere across the uk, get ready to trade on wto terms. there is a clarity and simplicity in that approach that has its own advantages. it is not where we wa nted advantages. it is not where we wanted to get to but if we have to end up with that solution, the uk is more than prepared. the bottom line is great you won't say there has been political progress from the eu but you will not say there hasn't been. the uk should continue to try. that is what the peopl

we have to get ready for wto terms.ty in that approach that, you know, has its own advantages. so, what are wto — or world trade — terms? well, it means tariffs or taxes would be imposed from january the ist on goods going from our shores to the eu, and vice versa, pushing up some prices in the process. but this could be avoided if a deal is struck soon. now neither downing street nor brussels have set themselves yet another deadline. these tend to come and go in any case. but i'm told informally that the question of deal or no deal needs to be settled in the next few days. despite the apparent pessimism in there, it's important to note that detailed discussions are still continuing, so the prospect of a deal can't be completely ruled out. in fact, the irish government believes a deal is within reach if both sides show willing. 97% of this deal has been negotiated acrossjudicial, security, research, a whole range of areas. and it seems to me that the remaining 3% should not be beyond the capacity of both sides to bridge

wto rules. —— go to wto rules what will have tariffs and duties in our exports from the european unions from the european union having up to 4096 duties. but nobody enforcing them. the former director general said because the judges enforcing them. the former director general said because thejudges have remained great there is no mechanism to enforce that. the wto roles are adhered to around the rules. we are adhered to around the rules. we are a country that is respected for obeying those sort of rules, and if we fall back to them we will have to adhere. jon allen has predicted our biggest supermarkets that the prices will go up. thank you so much for your time. we will talk again in the next few days. thank you very much. inafew next few days. thank you very much. in a few moments we are joining clive and viewers on the busy one for the latest news and latest international news. you're watching bbc news. —— on bbc one. good evening. a former conservative defence minister says the government's decision to put the royal navy on standby to protect british fishing waters in the event of

just seeing some of the tariffs could potentially come into play on the wto.aria, what does the extra mile mean? do we have a time limit? what can we expect over the next 24 hours? maria: manus, we don't have a timeline, and we don't have another deadline coming up. some in brussels actually look at that as good news, the fact that there is no time pressure to go to another deadline. in terms of what to look out for in the next few hours, michel barnier will be briefing the time.7 at 7:30 u.k. it will be interesting to see the reaction from the french, they have always taken a tough line on the brits. i will also point to this line from the prime minister, still insisting that if it helps me to go to another country, to brussels,, paris, berlin to speak to another leader, i am happy to do that. the point is emmanuel macron and angela merkel do not want to see him yet. they say you need to go through ursula von der leyen and michel barnier to do that. manus: ok, let us see where he travels to. maria to jail, our reporter in brussels. our guest host is the globa

but i've got to repeat — the most likely thing now is, of course, that we have to get ready for wto termsers met face—to—face earlier this week. a political breakthrough then was not found. as late as last night, the uk government was calling the eu's offer "unacceptable". both sides had upped expectations that no—deal was looking probable. ireland's prime minister had said that would be an "appalling failure of statecraft". that is why i say, any bit of energy we have left, we must continue to focus on negotiating our way to a deal. the two sides continue to clash overfishing but, also, those shared competition rules. the government believes the way the eu wants to guarantee standards doesn't fit with the uk's new place as a nonmember, free to make its own rules. the eu disagrees, and so does labour. what the government seems to be saying is, we are willing to accept no—deal — which would mean tariffs across the board — because of some future theoretical threat, maybe some time in the future, to have tariffs in relation to some products. now, that makes no sense. that's like saying, i'm

i will repeat that the most likely thing now is, of course, that we have to get ready for the wto terms don't forget, everybody, we made huge preparations for this we have now been at this for four and a half years, sam, you know. that is a long time. perhaps, more intensively in the last couple of years than previously. anyway, we got ready and anybody who needs to know what to do, get on to gov.uk/transition to see what needs to be done. the british prime minister speaking a little earlier. the british prime minister speaking a little earlier. our political correspondent nick eardley is at downing street. it is pretty clear that neither side wa nts to it is pretty clear that neither side wants to be blamed for the breakdown in these talks but substantively, has everything moved 7 in these talks but substantively, has everything moved ?|i in these talks but substantively, has everything moved? i think that is absolutely right. we have a real sense from both sides, notjust from ursula von der leyen or boris johnson but from eu leaders this morning as well that they don't want to be the

i will repeat that the most likely thing now is, of course, that we have to get ready for the wto terms forget, everybody, we made huge preparations for this we have now been at this for four and a half years, sam, you know. that is a long time. perhaps, more intensively in the last couple of years than previously. anyway, we got ready and anybody who needs to know what to do, get on to gov.uk/transition to see what needs to be done. our political correspondent nick eardley sent us this update from downing street. i spoke to him a little earlier and it seems clear that neither side wa nted it seems clear that neither side wanted to be given the blame for walking away from these talks. we got a real sense from both sides, notjust from ursula von der leyen orfrom borisjohnson, but from various eu leaders this morning as well that they don't want to be the ones to walk away from these negotiations and basically put an end to any talks of the trade deal coming into place on the 1st of january. that said, the fact that this conversation has happened this afternoon, both sides have agreed tha

and i think, as well as the outcome of the g20, new route for the wto is something of interest. the pandemic as an opportunity to engineer the way of global trade and invest globally. this is an opportunity. be anvestors, 2021 will very interesting year, were discussions will take place -- where discussions will take place and things will not go back to pre-covid, for sure, and investors will be at the heart of every nation, negotiation globally. >> how fast you think a rebound will be to pre-corona levels? >> i would rather not speculate on the output, but you know the risks we have heard the past couple of weeks. i think the news is the advancements in the vaccines is very encouraging. i hope this will help recovery for 2021, and more personalized hope in the first quarter of 2021. i'm realistic in the uae. the uae is well-prepared with fiscal response to the pandemic. uae, it's connected to the global economy and trade. asia, thateurope, uae because of the safety measures and policies. trade has recovered investor confidence. the abu dhabi market has reached the point of pre-

boris johnson says they should tradeepare for effectively under the rules of the wto., untilst recently, at the heart of government. joining us is david lidington, former cabinet minister and theresa may's former deputy. thank you for joining us on the program. cards?n the mr. lidington: it is clearly on the cards. i want to see a deal done. no deal would be damaging to the u.k. both in business terms and clearly unconstitutional terms, the impact on the scottish independent debate. but my fear has always been that if things wait until the last moment, then the negotiators just would not have the time to compromises,ls and a sequencing of different moves by either side arranged, and i very much hope still within the days ahead that the british government and the european commission are able to make those compromises, because a no deal is basically bad news for either side. francine: if there the political will to find a deal from the u.k. side? mr. lidington: i believe the prime minister when he says he wants to have a deal. i regret the fact that the serious engagemen

we talked about joining the wto and abiding by wto rules, you could agree that's a loss of sovereigntyfor a lot of exit supporters, you have to term member this comes from a history of being entwined in what they would see is a big, overreaching organization. the european union, that they think like to dicta even when the u.k. has voted to leave. anchor: iit too simplistic to say every type of agreement one goes into, a country, nation, guest: just a slightly wishy-washy commitment -- you often find with a wishy-washy commitment, you get wishy-washy benefits. that's the choice you make and if you want what they say is good access to the single market, i think it is debatable. certainly british firms are facing a huge, massive bureaucracy good terms i tnk don't think it's anywhere as good to act -- as access to the single market. but you have to abide by our rules and at's a package. then we have the right to say sorry, we will let you guys in. anchor: thank you for taking the time to talk us through that. we appreciate your clarity. here in the u.k., the time of self-isolation for peop

canadian relationship the eu that's another way of saying that after december 31, we will operate on wtoerms. the u.k. was still prepared to do everything it can to reach a deal. host: other important news coming from brussels. the european union has agreed to a deal over itnext budget and over a-1 massive cov recovery fund. this had all been threatened by poland and hungary who said they may use their veto, but that is no longer the case. this deal is worth more than $2 trillion. our correspondent as more. ve>>the last couple of days, there have been intense negotiations over a compromise that would allow hgary and thei leaders to saveace and claim victory while maintaining the main demands of other eu mber states, the european parliament and european commission for some conditions attached to access those funds. that compromise was reached tonight and agreed on seemingly by everyone.er that important funding now seems ready to start the countries that need it. host:oe it't solve the core problem that poland and hungary are doing things the european commission considers outside acceptab

it seems as if we avoided wto terms. we've avoided that.as if we will be going onto a much more organized trading relationship at the start of january. after we saw that vote for brexit in the u.k., 11 months after we left the eu, nine months after the trade talks started, it seems as if we are edging ever closer toward that deal. some of the questions around fish, we look for the details to see what that exactly involves. how much compromise was necessary and from which side around the fish question. also cross retaliation. broadly, the deal itself, it will be about tariff free trading goods. it will enqueue -- include a few other areas like security and aviation. whether that will be anything that the service sector can cling to. annmarie: what happens next? orest johnson will speak today. what about the next week or two? it is the christmas holiday but they need to get this through the parliament. anna: absently. there are a few approval processes that need to take place. we are expecting to hear from boris johnson later today. the learn

if they go to a wto will they be in a position to do that on january 1?f there isn't a deal by this thursday at the summit, that will be part of the summit discussions is putting in place no deal preparations. for the u.k., i would argue that the u.k. is not even organized for a deal because we still have a big question over what happens at the border. we don't really have the border infrastructure to deal with the regulatory checks that will need to be done even assuming a deal is done. if, on top of that, you are tariffs,otas and that's the difference between getting a deal and not adding a deal is that without a deal, tariffs would be imposed on eu exports and imports. then it really adds to the sense of chaos that has been threatened at the end of this year. david: whether or not the united kingdom and europe on the other hand are prepared for a no deal brexit, are investors really prepared for that possibility? we had seen the pound strengthening and the london stock exchange was strengthening. caughtr if they will get if there is not a deal. >> i th

the conditions of the wto, nothing else.nt after my talk in canberra that they are not satisfied with the position, as mr turnbull just not satisfied with the position, as mr turnbulljust said too, please do not fall into that trap. elmar brok, good to get your thoughts, thank you. and i must really say mr johnson said that he had an open ready agreement in his manifesto, i do not see this oven ready agreement. on that note, thank you very much, elmar brok, a former member of the brexit steering group and a former mep in germany. in nothern ireland, pubs, bars and restaurants are set to reopen from today after a two—week limited lockdown. tighter measures were put in place on 27th november to curb the spread of coronavirus. close contact services like hairdressers and barbers, as well as non—essential retail can also reopen. but pubs that don't serve food must remain shut. let's speak to lewis waterworth, who's a bar and restaurant owner and joins me now from donaghadee in northern ireland. thank you very much forjoining us.

and abiding by wto rules.nty. so, it is all relative but for the supporters, you have to remember that this comes from a history of being intertwined in what they would see is a big overreaching organisation, the european union that they think they like to dictate and want to go on dictating to the uk, even with the uk has voted to leave. is ajust uk, even with the uk has voted to leave. is a just too simplistic to say that every agreement, every type of agreement that one goes into a country, nation, there is loss of sovereignty? summer pretty following terry. the wishy—washy commitments, but wishy—washy benefits. that is the choice you make and that is of the choice you make and that is of the eu was saying. if you want, what they say is very good access to single markets, i think it is debatable. certainly british firms are facing massive bureaucracy to go on trading on the skin terms the now, don't i think it's anywhere near its as good as access to the single market and basically, you wa nt single market

trading on wto terms would mean tariffs on lamb exports of 40%, so what is the latest assessment forrms would go to the wall in the event of no—deal? tariffs on car exports would be 10%, so what is the viability of our great automotive industry if there is no—deal on rules of origin? i can understand that we have so much invested in getting a good result for all the reasons the honourable lady sets outs, and it must be like what it would've been like for an expectant father outside the delivery room waiting for news. she said all mps should unite and support the negotiating team, led by lord frost. sadly, the right honourable lady and her colleagues opposites have failed to do any of those things in order to help us secure a good deal for this country. fair enough if labour do not have a position on brexit, but they might like to get one in the next few days. the snp pointed out that scotland had voted to remain in the eu. so here we are at the 59th minute of the 11th hour, and of course, what was pitches as what was going to be the easiest in human history has become the biggest in

it'sjust wto deal, isn't it?am so glad that i'm not in an organisation in a company that actually does anything with the eu block, when you look at the figures, they are scary. 43% of british export last year went to the eu. we're going to have 35%, some meat more than 45%, we're going to be ok for efficient land and i can say that fairly safely. it might be a problem with medicines from europe, that could be disruptive. there'll lots of people are saying who cares. there are lots of businesses who support the city. i do think it's very sick gary. the thing is though that we should perhaps not just come thing is though that we should perhaps notjust come straight on how bad this is for britain, this could be for britain, it could also be extraordinarily bad for the rest of europe. —— i do think it's very scary. france will use 3.6 billion euros of year, wine exports being hardly hit. germany, uk is the fifth largest market for german goods and services. they've got problems in the belgian... ithink services. they

the transition period ends in december the 31st and we would be trading on wto terms from january thee potential imposition of taxes and ta riffs potential imposition of taxes and tariffs coming in very soon. there would be immediate disruption regardless of any long—time outlook. helen, thank you very much. bbc europe correspondent kevin connollyjoins us from brussels. kevin, just hearing angela merkel is saying in the last few minutes, everything possible should be done to agree a deal and the question is whether that agrees keeping talking beyond today. yes, it feels to me as though that is code for keep talking. if you listen to what micheal martin was saying, he has said in the past it is 97% done, surely it is worth spending all of the time available to try and close the time available to try and close the gap on that final three, four, 596 the gap on that final three, four, 5% of what remains to be settled, because the eu would dispute that this is about the need for them to move, they see a need to move on the british side as well and in the end, if there is going to be a comp

if negotiations were ongoing and serious, we could use wto rules, gat 24, to serious, we could use wto, to suspend tariffs until trade negotiations were completed. that is within the remit of the european union to agree that with the uk. what i am rather hoping happens is that both sides can agree to implement the new deal and then have scrutiny of it afterwards so that we are not rushed into agreeing terms on 2000 plus pages document, because people need to realise that a treaty of this sort is notjust for christmas. that aside, andrew, is there not a danger that in the focus on this one key issue of fishing rights, that they are getting so occupied with a symbolic and political matter that, in economic terms, is such a small part of the uk economy, that it takes attention from the bigger picture things like, you know, financial services, to the extent that it is like arguing over brussel sprouts at christmas dinner while you are leaving the turkey to go cold. it is totemic for both sides, the argument works for the european union as much as it works for the uk. ultimately, we don't w

we have to get ready for wto terms.a clarity and a simplicity in that approach that, you know, has its own advantages. so, what are wto — or world trade — terms? well, it means tariffs or taxes would be imposed from january the 1st on goods going from our shores to the eu, and vice versa, pushing up some prices in the process. but this could be avoided if a deal is struck soon. now neither downing street nor brussels have set themselves yet another deadline. these tend to come and go in any case. but i'm told informally that the question of deal or no deal needs to be settled in the next few days. despite the apparent pessimism in there, it's important to note that detailed discussions are still continuing, so the prospect of a deal can't be completely ruled out. in fact, the irish government believes a deal is within reach if both sides show willing. 97% of this deal has been negotiated across judicial, security, research, a whole range of areas. and it seems to me that the remaining 3% should not be beyond the capacit

december 31, the transition period and if there is no deal they go back to wto rules but at the moment sunday is the deadline and still significant gaps on both sides, particularly on the issue of level playing field on the rules that govern how companies operate in the uk if they were able to sell products or continue to sell products into the eu single market. the eu is saying your companies have to follow similar roles otherwise you will be undercutting company you will be undercutting com pa ny rules you will be undercutting company rules on the eu. the uk's thing the whole point of brexit was that we don't follow eu rules and we don't give you that control we gave to you when we are a member of the eu. that things a difficult to breach. i suppose the difficulty for us this evening is that we cannot tell whether, actually, that there is a chance here may final push in the next four days could come toa the next four days could come to a resolution all actually no site wants to seem to walk away. that is actually no chance of a deal of them carry on talking anyway. we cannot get insi

do you perhaps see that for one or two weeks, you will trade on wto terms? course would be a very unfortunate situation if there is a deal that is not ratified. to behink now we have engaged with the european parliament and find when we need to finalize the conversations so that things can still be ratified. i would say there are big technical questions which require a lot of time to address. it is all done. now it is really about political decisions and addressing some of the difficult ones in the conversation to get it over the line. roski's -- a stump valdis dombrovskis, thank you for joining us. francine: thank you so much. let's get to some breaking news. the u.s., according to the treasury secretary, will blacklist chinese firms including smic. not the treasury secretary, but the commerce secretary. wilbur ross is speaking with fox news ring a. he says the administration could change the number of firms blacklisted by the u.s., but just seconds ago, confirmation of what was reported by reuters, that the u.s. has now dozens of companies in china. again,

we can talk about reform of the wto, which now has not been able to convey new agreements. we can talk about the climate change together. i think we can talk about a different relationship with china. so i have good hope that we can go back and have a good table where we can talk about the multilateral agreement and we can talk about the global problem because it is also the pandemic has shown that you need global answers to global problems. francine: there was a pretty big trade spat between the u.s. and the e.u. on a lot of cheeses but also subsidies. with that be different once biden takes over? we don't know because everything has to come, and probably the first month of the biden administration will be dedicated to internal problems, the u.s. and a lot of problems. i think probably the biden administration will look at europe more as an ally compared with the trump administration. i think probably, you know, we can go back and talk about come as you know, we have big -boeings about the airbus dispute. we can talk about data flows, we can talk about the bilateral findio

if you do not play by those rules, we would ask you to step out of the wto.onfronted by more than 60% of global gdp would have been quite serious in addressing this issue. as it was, we did it nilaterally. i think it was a huge, huge mistake. emily: what is your opinion on the tiktok saga? tiktok became a flashpoint for u.s.-china relations. do things return to normal for tiktok under a biden dministration? carla: you already have two court decisions that say the trump administration had not made their case. i am not a technology expert, but i would say the apps that 100 million americans use, it is strange to call it a national security issue. in any event, we could have handled that issue differently. emily: certainly a lot remains to be seen in terms of how president-elect biden approaches the relationship with china. perhaps more strategically, as you indicate. carla hills, former u.s. trade representative, thank you. really fascinating to have your perspective. still ahead, self-driving startup zoox reimagining ride hailing, unveiling its fully autonomou

they will be operating on wto rules, and that means tariffs, taxes on goods entering and leaving thehat could mean qs at borders for customs forueues at borders customs, and we will see higher prices on goods coming from the eu. someone said they could see rice's rising 3% to 5%. here,.s. where we go from clearly negotiations. there is appetite for a trade johnson's team tonight saying they will do everything and explore every possible avenue to a deal. chandraloomberg's emma in london, thank you for breaking that down. a statement from the eu saying, we gained a clear understanding of each other's position and remain clear apart. we will be following it through the weekend. coming up, another blockbuster .ai,this week comes from c3 we talked to the ceo about his outlook,. this is bloomberg. ♪ ♪ doordash isn't the only went to make an explosive trading debut this week. a provider ofi, enterprise software, more than doubling after raising 600 one million dollars in its ipo on the new york stock exchange. joining us now for more is the founder and ceo of c3.ai, tom siebel. tom, what is

the top priorities in such a changing world for the incoming wto director general?dg name of the incoming new at the wto. the question is when will the u.s. unlock this name and remove the veto mr. trump had put on the one that has been elected. this is one thing. should be a bit of a therapist, relax muscles that are tightened, and move to the big question, which is reinstalling a proper conversation, negotiation, trust to move forward between the u.s., eu, and china. on one main issue, which is leveling the playing field with china. this is the number one issue. there are many others, but this is the one where a change in the u.s. administration, moving from an extremely aggressive position on china to something that would be more proposing china to adopt new rules and negotiating them would be tested. one.nk this is the number anna: what is the level playing field priority for china? pascal: the problem we have with countries on this planet have this problem, even u.s., eu, and japan are big enough to stick their neck out the window, is 30% of the chinese economy

if that happens, again, we will be following wto rules. for your thank you insights today. out their anger on offices and even apple devices. it's not entirely clear, but they were angry at wages and working hours. the damage estimated at around 700 million dollars. for the latest, let's bring in our new delhi bureau chief. what is the latest on this? >> it is basically damage control time for the government. as the company itself. the government has termed it an aberration and said that it will andide all possible help investments in the country will not be impacted by this. this is just a one-off, and it is unfortunate, and they are making sure everything will go back to normal. rishaad: what is the government making of this, and what has been their professional announcement, if any? >> we said earlier, the government has termed this an aberration. it has been an investment they have been chasing a long time, and be apple when factoring plant, it has come at a time when things are shifting in the company is looking at .lternatives outside of china plant that started out i

s current conditions are unacceptable and he prefers org -- wto rules. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm karina mitchell. this is bloomberg. back to you. up, $18 trillion worth of negative yielding bonds . we are searching for a yield and looking at credit markets. we will find out why search our high-yieldting a with a focus on distress in china and indonesia. haslinda: but next, credit suisse gives us its outlook for asian stocks in the year ahead . feynman where he sees opportunities in the region. this is bloomberg. ♪ haslinda: another cautious day in asia. the chance of new stimulus in washington against disappointing supporting u.s. job data. there is also positive news. pfizer's covid vaccine won authorization in the u.s. dan, good to have you with us. seen a lot of complacency on virus concerns and stimulus. is that the scene going forward? think there is a lot of confidence regarding a vaccine rollout. i think markets are assuming this

china, of course, i was one who fought like hell to get china into the wto.ecause we thought that would, that they would become a more responsible international player once they were admitted to the important international organizations. so to get into the wto, they made a lot of promises, but they didn't keep those promises and that's not good. so here we are today. i think there's room today for doing the things that we did during the reagan and george h.w. bush administration. because we are right back into the same environment. talmage: now, of course, with this audience and the theme of this conference, and with your spectacular career as a lawyer, before you became such a success in washington, d.c., and when i interviewed myself peter and susan, i asked them about how was it -- or what was it about your training as a lawyer and your years of practicing law that translated readily into your service in washington while you're leading different parts of the government? sec. baker: what did they say? did you ask them that? talmage: i asked them that. and t

eu goods we've heard a lot about joining the tariffs on eu goods we've heard a lot aboutjoining the wtois a degree of loss of sovereignty. it is all relative. but for a lot of brexit supporters, if remember that this comes from a history of being entwined with what they would see as a big overreaching organisation. the european union that, they think they like to dictate and go on dictating to the uk even with the uk has voted to leave. is just uk even with the uk has voted to leave. isjust too simplistic uk even with the uk has voted to leave. is just too simplistic to uk even with the uk has voted to leave. isjust too simplistic to say that every agreement, every type of agreement that one goes into, a country, nation, there is a loss of sovereignty? some are purely volu nta ry sovereignty? some are purely voluntary and wishy—washy commitment but you'll find their commitments, you get wishy—washy benefits. so thatis you get wishy—washy benefits. so that is the choice you make and that is basically with the eu was saying. if you want but they say is very good access to the single marke