consensus approach of the wto is not questioned. that was a quick question on the wto. , just credibility at stake? it's already had trouble from donald trump when he was president. what is at stake for the wto? >> there is a lot at stake. the united states under donald trump has significantly undermined the power of wto to set agreements to do anything. without significant backing from the u.s., this is not going to happen, and the wto will perish. we need to u.s. to start following the european example. we are doing this and out all of this are joining the line, and we are agreeing on a waiver. cap will be the way forward otherwise the wto will perish. host: how long do we agree this waiver for? is it sufficient or do you want permanence? >> it needs to last as long as the pandemic lasts. three years was a minimum proposed by the proponents. there's going to be negotiations on that. if there's a set time, i think it should be five or six years. we just don't know how long the variants are going to continue to circle the world. tha

my concern is the wto. food safety sanitation is a major part of the wto. when you look at the wto and you look at wet markets, there is an opportunity for us as a globe -- global community to increase and improve that. that is something china should adhere to. can you imagine in the united states we would go to a local grocery store and one mile down the road we could pick out live animals and have them slaughtered. the fda would have a fit as they should. i am hoping the wto is going to move forward in terms of safety and sanitation. china only came into the wto around 2001. guest: you are talking about what we call one health, in order to -- you need to look at human health, animal health, climate. they affect the circulation of pathogens. one of the big problems we have in the world that allows these leaps i talked about, that caused ebola and aids. to do that, we two separate human and animal populations. we need to end or strictly regulate live animal trade and live animal markets. we need to stop deforestation because animals and humans are coming in

according to the wto, current funding of pandemic preparedness needs to be doubled.this feasible? given the amounts that governments are having to spend on their own covid-19 crises? here is the general director of the raw trade organization. >> i think that the $10 billion bond we are proposings for the future, future pandemic preparedness. one of the things we are learning from this pandemic i just how unprepared the world is, was for the pandemic. the covid-19 pandemic is like a dress for her soul for future pandemics, which may happen every 5, 10, 15 years, as the case may be. in order to be better prepared, we need this $10 billion fund. g20, the high-level panel that came up with this recommendation, of which i'm a member, and we are saying they should pay, the global community should pay into this fund. $10 billion every year. it is tiny compared to the trillions that have been spent fighting the pandemic. it would help the world prepare, to have better surveillance, so that we can prevent or deal properly with pandemics. it would help to build health systems,

also a discussion on e-commerce for the wto should be central and we are pushing very hard in meetingith the group in preparation for -- we hope there is an important deliverable from the wto on e-commerce negotiations. shery: rodrigo yanez, chilean vice minister of economic relations. he is also in charge of procuring vaccines for chile. we have an update when it comes to santos. they have forecast 87 to 91 million barrels of oil. that is higher -- on the higher end of expectations. that range was 84-91. they have also foreseen up string -- upstream production costs. still seeing full year capex at $1.6 billion. and of course, we have heard santos making that. -- that bid that has been rejected and we will continue to see whether any more of these takeover approaches will be made. katherine tai says washington stands with australia in its ongoing trade dispute with china and supports rules based on international trade. she made these comments after meeting with the australian trade minister. paul allen joins us now with more. the top of the agenda here. some company words from austra

my concern is the wto. food safety sanitation is a major part of the wto.n you look at the wto and you look at wet markets, there is an opportunity for us as a globe -- global community to increase and improve that. that is something china should adhere to. can you imagine in the united states we would go to a local grocery store and one mile down the road we could pick out live animals and have them slaughtered. the fda would have a fit as they should. i am hoping the wto is going to move forward in terms of safety and sanitation. china only came into the wto around 2001. guest: you are talking about what we call one health, in order to -- you need to look at human health, animal health, climate. they affect the circulation of pathogens. one of the big problems we have in the world that allows these leaps i talked about, that caused ebola and aids. to do that, we two separate human and animal populations. we need to end or strictly regulate live animal trade and live animal markets. we need to stop deforestation because animals and humans are coming into c

look at what we can cooperate in the wto to deal with economic coercion.re's just a couple of ways that we can work together. also, making sure that in the committees of the wto that we call out economic coercion when we see it. we are not the only country that has been on the receiving end of economic coercion so we want to make sure that it is made clear to all countries that this is not the way to proceed, that we need to make sure we are working together. >> during this, especially your exports on coal, the united states has rendered exports to beijing. the u.s. is in essence being advanced by this tension between you and beijing. did you discuss that? dan: it is one of the difficulties of dealing with economic coercion. when one country is penalized from another country will benefit from that. we very much need to take a collective approach in calling it out, make sure that we have reputational issues at stake when countries use economic coercion. these are the types of things we have to work together on. individual countries targeted, it makes it ver

look at what we can cooperate in the wto to deal with economic coercion.ust a couple of ways we think we can work together. also making sure the communities of the wto we call out economic coercion when we see it. we are not the only country that has been on the receiving end of economic coercion. we want to make sure it is made clear to all countries this is not the way to proceed. we need to make sure we are working together. annmarie: during this, especially your exports on coal, the united states has record exports. the u.s. is being advanced by this tension between you and beijing. can you discuss that? minister tehan: when one country is penalized another country will benefit from that. that is why we need to take an approach in calling it out. make sure there is reputational issues at stake when countries use economic coercion. these are the types of things we have to work together on. otherwise individual countries make it difficult for collective action. annmarie: bhp says it will be years on these imports. do you see that, years from china? minis

mark: the wto is discussing this at their meeting in geneva. many countries are calling property rights. it is sponsored by the u.k. idu. -- and eu. emotional testimony from police officers present on january 6 in washington dc at the capital insurrection. a former close ally of pope francis is on trial for elected financial crimes. he and others are accused of money laundering and extortion and embezzlement. monsoon brands -- monsoon rains in bangladesh have killed at least to six people in a refugee camp. it is home to refugees from myanmar. most victims are children. those of the headlines. the news considers -- the news continues after inside story. goodbye. ♪ >> could tunisia fall under a new dictatorship? the president insists he acted lawfully when he sacked the prime minister and put a freeze on parliament. the biggest political party is calling for dialogue, so where does this leave tunisia's young democracy? this is inside story. ♪ hello and welcome to the program . tunisia is often held up as the only success story of the arab spring

she is blocking moves at the wto to share the vaccine recipes. biontech is a german firm.ve one of the most successful vaccines, together with pfizer. they have sold virtually no vaccines in the developing world. virtually none for africa. that is appalling. that is a crime of historical proportions. when you look at the third wave sweeping through countries like uganda, it is absolutely disgusting, to be honest, that you see the europeans looking after themselves once again -- it just makes me really, really angry. and i think they should look to themselves, and they should share the vaccine recipes as fast as possible, and allow developing countries to make themselves safe. sami: let me take a point back to gloria. this whole issue begs the question about how much policy coordination there is in the eu right now. because, as max pointed out, you have a situation on the one hand where the eu is it saying, we are not sure about this vaccination, and yet, the same eu has been funding the covax program, the u.n.'s who covax program, which funds getting this vaccination out t

build a broader coalition to deal with china's abuse that promised to be an economy party being in the wto and they have not done that. they steal intellectual property and shape market access and don't subsidize. they bring product and accelerate their abuse of stolen intellectual property so it's anticompetitive and they don't just do it to the u.s. but everyone so my hope is that we can go for ae coalition around the world forcing china in this in particular for their other concerns so thanks for raising that. t >> republican line in maryland. good morning to gary. >> hello.. my own? >> yes, you are. >> okay, thank you. regarding we are talking about the january 6 incident, correct? >> among other things, go ahead. >> my question is, icy i was there to begin with in a peaceful way listening to the speakers, including president trump at the time and listening o to elton john's songs and etc. the people went up at the capitol steps that day were the conglomerates of some people who were not part of the 100,000 people that i was shoulder to shoulder with. we are there unite the country. we

we are yet to hear from the former president.ne i also wto federal ban victions t toe torrow.ny relightporter: nora between 300,000 and one million americans could be subject to eviction next month, but it looks like there will be no extension. the house has adjourned. it didn't look like there were votes in the senate. now president biden is calling on local and state governments to disburse the billions in relief aid that was set aside for this months ago. norah. >> o'donnell: kris van cleave, thank you so much. we're going to turn now to the summer olympics where the u.s. remains on top in the medal count with 41 while china is in a close second with 40. the u.s. women's soccer team need extra time, but they kicked their way into the semifinals. cbs' jamie yuccas has the wrap-. cbs' jamie yuccas has the up from tokyo. >> reporter: veteran forward megan rapinoe struck her familiar victory pose after converting the winning penalty kick, keeping the team's dream of gold very much still alive.gg til thvery lwhistle is blown. >> rylov is going to get the gold, murphy with a silver! >> rep

unequivocally to, be it on climate, on behalf of the world health organization, and support of the wto. germany and the united states have agreed to provide vaccine doses to poorer countries. we worked with covax, as i said. we talked about the challenge of climate change. i am very happy to have the u.s. on our back with us again on the paris climate agreement. that provides us with a totally different basis in order to work among the parties, to the treaty in a much better and more efficient way for climate. and we see countries that are experiencing fluttery -- flooding, wildfires, and storms, in an increasing matter. it shows there's a dramatic increase in such unusual weather phenomena. we have to contend with this, germany and the united states, and have now formed an energy and climate partnership. i think it is a very important message we are sending here. we want to build on future oriented technologies, green hydrogen, for example, renewables, electro mobility. we are in competition with others on this planet, and we would like to be successful to data -- together, and german

according to the wto, current public funding of pandemic prevention and preparedness needs to be doubledown covid—19 crises? here's the director general of the world trade organization, ngozi 0konjo—iweala. i think that the $10 billion fund that we are proposing is for the future, for future pandemic preparedness. so, one of the things we're learning from this pandemic is just how unprepared the world is, or was during the pandemic. and the fact that this covid—19 pandemic is like a dress rehearsal forfuture pandemics which may happen every 5—10, or 15 years as the case may be. so, we are saying in order to be better prepared, we need this $10 billion fund, and the g20 actually, the hosts of the high—level panel who came up with this recommendation of which i'm a member — and we are saying that the global community should pay into this fund, $10 billion every year. it's tiny compared to the trillions that have been spent fighting the pandemic. it'll help the world prepare to have better surveillance so that we can prevent or deal properly with these pandemics. it would help to build heal

the director general of the wto.facing matteo berrettini on sunday. 0ur correspondent chetan pathak was watching the semifinal action at the all england club. ultimately, it's no surprise to see novak djokovic into his seventh wimbledon final. this is a man motivated by numbers. and, win on sunday, and he'll have 20 grand slams — the same number as roger federer and rafael nadal. standing in his way on friday was denis shapovalov, the 22—year—old canadian who's won so many admirers at these championships with the way he plays. and he made djokovic work hard for this. losing in straight sets, yes, but hanging in there in each and every one. from the beginning, when he broke djokovic early, he showed his intent, and at times, he got tight and nervous — and that was his undoing on this occasion. but he will hope for better in the future. matteo berrettini is who awaits novak djokovic in sunday's final — the first italian man to reach a wimbledon final. he got past hubert hurkacz in four sets, the polish 14th seat alread

ones like a classic example second what is openly talked about the europeans are launching and to be wtocompliant the easiest way to do that is based on a carbon price. i have a price and you have the price top line when us doesn't have a carbon price then you get to a world of shadow pricing. so is the equivalent to my omissions standard for the price of carbon? you get the point. so there is that and the other is around product standard. if you have the carbon component, steel has to be a certain quality. my personal view is that over the next several years it's more likely to land on the product standard side but because the us doesn't have a carbon price and doesn't seem like they are likely to have one in the foreseeable future despite all of those economic benefits. >> that this deal was made in a way of carbon emissions. >> it's the ability to measure this is the ability to map that and in this dealmaking process and the carbon to deliver the steel to the ports. >> what about china and india? you can't fix this problem without them they say you used up all this carbon capacity and

china says their scope for an agreement hopes it will be adopted by wto members. if they cooperate, it could be the most significant trading reforms since 2001. president joe biden is toughening up on federal employees requiring all workers to prove they have been vaccinated or wear masks and take frequent coronavirus tests. the plant will affect millions of people including the military and on-site contractors. biden is encouraging private sector employees to follow the same approach. this comes in response to vaccine holdouts. china has put out alternatives for a second investigation into the origins of the coronavirus. the foreign ministry says it will spend multiple countries. this counters the u.s. push into a closer look into the theory that it leaked from a lab. chinese officials say many countries are opposed to a second case study. the international space station got an unexpected jolt from a newly arrived russian module. it happened when the thrusters turned on unexpectedly after docking. iss flight controllers say they suffered no damage and none of the

look at what we can cooperate in the wto to deal with economic coercion.'s just a couple of ways that we can work together. also, making sure that in the committees of the wto that we call out economic coercion when we see it. we are not the only country that has been on the receiving end of economic coercion so we want to make sure that it is made clear to all countries that this is not the way to proceed, that we need to make sure we are working together. >> during this, especially your exports on coal, the united states has rendered exports to beijing. the u.s. is in essence being advanced by this tension between you and beijing. did you discuss that? dan: it is one of the difficulties of dealing with economic coercion. when one country is penalized from another country will benefit from that. we very much need to take a collective approach in calling it out, make sure that we have reputational issues at stake when countries use economic coercion. these are the types of things we have to work together on. individual countries targeted, it makes it very

isn't happy, and the european commission is evaluating whether russia is infringing its commitments to wtooccer, italy has reached the final. the italians beat spain, 4-2. they will face either england or denmark, who square off today in the other semifinal in london. that is your latest business flash. guy: thank you very much, indeed. 8:00 p.m. tonight, big game. i really hope it doesn't go down to penalties. taylor: do you still call it soccer instead of football? what do we do? guy: i've never called it soccer. it is you guys that call it soccer, which we find perplexing. [laughter] it's a game you play with your feet. you guys play football with your hands which is confusing to us. anyway, we are definitely counting down to this one. it is the second semifinal that england have reached in a major championship in quick succession come the world cup and this. hopefully we can go through. for our danish viewers, i hope you enjoy the game, but not too much. i think any kind of extrapolation into talking about whether on not this will have any meaningful and back on the u.k. economy is mar

in support of the wto.ermany and the united states have agreed to provide vaccine doses to poor countries. we worked within covax. we talked about the challenge of climate change. i am very happy the united states are now back again with us in the paris climate agreement. that provides us with a totally different basis and order to work among the parties. in a much better and more efficient way for climate. we see countries affected by flooding, wildfires and by storms. that shows there is a dramatic increase in such unusual weather phenomena and we have to contend with this, germany and the united states have formed an energy partnership. i think it is a very important message we are sending here. we want to build our future oriented technologies, green hydrogen for example. renewables, electric mobility. we are in competition with others and we would like to be successful together in germany is looking forward to cooperating in this respect. i support the president in what he proposed as a global infrastr

the european commission is evaluating whether russia is infringing its commitments to the wto.hen the u.s. government called it a security threat. still, the company is seeking to redress the system and a major fight with verizon. trial begins monday in marshall, texas. huawei claims verizon is using its patented network technology without a license. meanwhile, verizon claims huawei is using its patented inventions. japan's biggest brokerage is pulling a plug on a chunk of its hedge fund business. nomura will stop offering cash prime brokerage services in the u.s. and europe. they could take a 2 billion-dollar hit from the collapse of archegos capital management. taylor: unbelievable. let's take a look at these markets. we are red across the screen on every major index. the s&p has turned negative or get the banks are leaving that. you are now off by more than 3% in the last two days. the nasdaq isn't even a safe haven today. bonds, that is the safe haven. rate of change, 1.30%. guy: chris watling is going to join us, the ceo of longview economics. this is bloomberg. ♪ (announc

lawmakers have requested a meeting with the leader and are calling on germany to drop its blockade of a wto waiver on intellectual property rights around the covid vaccine. protesters held actions across the country urging merkel to back the waiver. tennessee's top vaccine official, dr. michelle fiscus, says she was fired after telling health providers teens do not require parental consent to receive a covid vaccine. the move, which is supported by tennessee state law and decades of medical practice, angered anti-science republican lawmakers who have also halted outreach efforts on the vaccine for teens and children. elsewhere, russia recorded 780 deaths tuesday, its highest daily death toll yet as the delta variant rapidly spreads. meanwhile, in iraq, the death ll from a massive blaze at a coronavirus hospital ward has risen to 92. cnn is reporting 10 more suspects are wanted in connection with last week's assassination of haitian president jovenel moÏse. the u.s. state department said earlier this week a third u.s. citizen has been arrested. the drug enforcement administration also confir

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from the wto to the event to the g20 to nato, there is an awful lot going on, and we welcome u.s. leadership in all of these forums. i think that it is going to be essential, because our world is facing a lot of multifaceted, complex problems, not just covid, although that will be with us for a while, but there are a lot of important challenges all over the world right now, and the only way that countries of like mind and values are going to be able to address them his working together. i will stop there and let you take over. >> thank you very much, ambassador. i don't really want to take over. this has been a wonderful chance to hear how things are going. i have a bunch of questions, but before i ask any come up and to remind viewers that if you are viewing this live, send us a question one of two ways. send us in email at canada @wilsoncenter.org, and because we are american we spell "center" the american way, " e-r." let me start with one or two of my own questions. i want to ask both of you, in march of 2020, as we know, the countries agreed to restrict nonessential crossing

put more diplomat measures on wto countries to have the patent wagers? jen: first, i would say the presence view continues to be out there. it is along going process and ambassador tie is our lead represent. that's representative -- lead representative. the apex summit was virtual and was individuals delivering sets of remarks. it was not an interactive opportunity in president xi -- and president xi delivered prerecorded remarks. >> on the health misinformation, to consider promising treatments for covid as misinformation? i wanted to know the magicians latest position on the road. jen: if it is information that is inaccurate, we consider it misinformation. i don't think it is more complicated than that. thank you. you get an internship, something -- or something. >> in meeting with vice president most of which have said they want the president to really talk about the filibuster . and so with each of the meetings they are having, i'm still coming up and wondering what is going to happen. even though you said there is not a plan for the president to go

multilateralism on climate, and be it on the form of the world health organization and support also to wtoand the united states have agreed to provide vaccine doses and we've talked about the challenge of climate change and i am very happy that the united states are back again with us in the -- in the paris climate agreement and that for glasgow. that provides us with a totally different basis in order to work among the parties to the treaty, and in a much better and more efficient way for clirnlgts and we see countries that are moved by floogsd, by wildfires and -- and by storms in an increasing manner and that those that there isn't a dramatic increase in such unusual weather phenomena. germany and the united states have formed a partnership and i think it's an important message that we're sending other and we want to build on future oriented technologies, green hydrogen, for example, we newables, and we're in competition with others on this planet, and we would like to be successful together and germany is very much looking forward to cooperating in this respect, and i support the presi

also in terms of the way it's being used as a scapegoat to take away the responsibility of republicans wtoaniel hodges. he said the rioters were overwhelmingly white males, and he said this. >> they didn't say anything especially xenophobic to me, but to my black colleagues and anyone who's not white, and some of them would try to -- try to recruit me. one of them came up to me and said, are you my brother? >> what does it say that these rioters, these insurrectionists, overwhelmingly white males, tried to recruit him for the insurrection before they almost crushed him to death in that tunnel? >> how much pain do you want? let me tell you something as a white guy. this country went through in the 19th century telling my people, the italians and irish, they weren't welcome because they're catholics. they had laws against chinese immigration 120 years ago. we in tered japanese people who were white during world war ii. we told gay people they weren't allowed to get married. we told women they weren't allowed to vote. if we think this doesn't represent america -- i'm not saying america is not

finally the breakdown of cooperation as we have known it where we actually had a liberal order of the wto, world bank are on the map and being challenged by chinese initiatives. also, within the european and america sort of the ally there are real tensions and we have seen that with the rollout of the vaccines and covid response, so i have sort of gone through a horrible portfolio of issues, but the bottom line is we have to mitigate for those risks to wake up in a world where it's more fractured and balkanized. you know, how do you think about running your business in a world that's more sideload i think is an important question that companies and boards need to think about. that is very much important. i will also say, if i made that it's also not just about again thinking about the risks and downside, it's also about where the opportunities may lie because as you know as i mentioned you can't shrink your way to grow for. you have to think about expanding the companies for longer periods. >> that glass is half-full even though these are weighty questions. lastly we talked about this a b

cooperation and we -- as we have known it from the bretton woods in 1944 where we had a liberal order, the wto imf now being challenged by chinese initiatives. but also with european and american allies, there are real tensions and we've seen that with the rollout of vaccines and covid response. so i've gone through a whole portfolio of issues but the bottom line is we have to mitigate for those risks. we could wake up in a world which is much more fractured, much more balkanized. how do you think about running your business in a world that is much more sideload? that's a question businesses need to think about. i will also say, if i may, it's not just about thinking about the risks and the downside, it's thinking about where the opportunities may lie because, as i mentioned, you can't shrink your way to growth. you have to think about having the company for a longer time. emily: the glass is half-full, even though those are weighty questions. the investor base is dramatically changing. when a new director joins a board, i'm curious about the advice you give them dealing with investors. i'm th

it is also about the issue of trade facilitation, our work at the wto.ry narrowly. . if you do it that way, it is a zero sum game, but trade is not a zero sum game at the end of the day. haslinda: thank you so much for your time today, rebecca fatima santa maria, apec secretariat executive director coming to us exclusively. haidi: great conversation, has. another big interview coming up, we will be talking to the american chamber of commerce in hong kong president. meantime, let's look at what we're watching on the markets. we keep going back to this reflation trade. sophie: in asia, materials and financials are leading the drag, still under pressure. ubs says the impact of the delta variant on the global recovery is being overstated. the bank expecting that governments will look through rising case numbers. south korea government confirming 1252 more cases have been added for that covid count. but 12.8% of the public have been fully vaccinated, so some improvement. the kospi is under pressure, falling 1% a major this -- amid this original selloff. crude

and a conversation with the wto governor general. -- director general. a lot to keep our eyes on.on the u.s. cpi data. it is forecast to be its highest since 1990 one. expectations were a big jump. that is not the whole story i suppose. >> definitely not. you have had [indiscernible] despite that, we have not seen it kick higher in the u.s. at the moment, it is like -1% in an economy that is forecast to grow like 7%, the fastest in decades. how do you explain real rates that are so anemic lee lowe which is the quandary for traders -- anemically low which is the quandary for traders. it will inform us about this debate as to how [indiscernible] anna: you are focused on real rates. 1.3 6%, the nominal rate, the u.s. 10 year yield. we have seen a lot of auctions and many having to be fit into a couple of days because we have jerome powell testifying later this week. the auctions seemed to go well. did we learn anything from the level of demand and the recent move in prices? >> the auctions have gone off relatively well. it is not great. the rates on the 10 year treasury. but compare

we wonder wto what extent impac that had on the quarter, not only from a sales and revenue perspective normalize until potentially the end of next year. it's something i would be watching for. >> dan, you're note concerned about that issue for apple he wall street frozen -- there we go? you got us, daniel >> it's critical -- >> we'll try to fix your shot, daniel we want to hear from you scott, just on some of the other companies, and sort of the broader enthusiasm around these names, clearly they're favored in the market right now for macro reasons, but also they continue to show pretty consistent double-did you get growth which one do you think actually is a buy into earnings >> yeah, look, we don't issue investment recommendations necessarily, sara, but what i would say is a lot of this needs to be understood in the context of covid-19, what happened last year, and what we have seen over the last year and a half i think what is most noteworthy, you look at they companies like an apple, they're benefiting not just from improved fundamentals. microsoft not at much so the case, and i wo

reverse engineer much more cheaply to places where people cannot afford the drugs unfortunately the wto passed laws forcing poorer countries to respect western patents.it even of the patent system has written into it basically the escape closet is perfectly legal for the us or any other country to say we'll take the patent away from the company is selling the drug for a lot of many will give it to a company that promises to make the drug for something less than people can afford that when companies have done that the us is very quick to accuse them o intellectual property theft and castigate them to do something criminal it is frowned upon the government and our companies don't want to do this and won't do this so basically it is the escape clause is not made available to us so drug prices are maintained at the artificially high level and the prices to be clear have nothing to do with the cost of the drug companies claim the rationale of the market and they are but not nearly as expensive to merit the prices that are asked for them. so the reality is the cost is one thing that the price

concerned about a biden administration to jeopardize the and then for intellectual property rights at the wto this waiver would mean american companies that develop life-saving vaccines and treatments will lose theth intellectual property and it will be turned over to the rest of the world including adversaries like china. the waiver, a technical term with a more accurate description would be confiscation.. and those developing the technology don't have a choice to participate in a waiver. and then with their own citizens but americans as well.un and that they still with the intellectual property? i will put that aside if it is morally right or wrong because it is clearly wrong and is also incredibly dangerous but i would like to focus in and then with the american companies if the biden administration and succeeds to push through thehe expropriation of american companies property. >> and then to share the goal of vaccinating as many as possible as quickly as possible around the world. and that will not help increase capacity nor will they will have access to the vaccines. and then with that

the wto passed some laws forcing poor countries to respect western patents. now they have to survive the expensive drugs and even though the patent system has written into it and escape clause, it is perfectly legal for the us or any other country to say we are going to take the patent away from the company selling the drug for a lot of money. we are going to give it to a company that promises to make the drug for something less that people can actually afford but when companies have done that the us has been quick to accuse them of intellectual property theft and castigate them is doing something criminal. it is frowned upon. our government and our companies don't want to do this and won't do this and castigate people who do do this. basically this escape clause is not being made available to us so drug prices are being maintained at artificially high level and the prices, let's be really clear, have nothing to do with the cost of the drug. the companies claim the rationale that drugs are expensive to produce and market and they are but they are not nearly a

and as part of the wto this waiver means american companies develop life-saving vaccines and treatments that they will lose the intellectual property to be turned over to the rest of the world to adversaries like china. the waiver more accurate description would be confiscation. doesn't have a choice to participate in a waiver of property rights we are use to countries like russia and china and cuba but it is unprecedented for the american administration to help adversariess steel such intellectual property i will put aside if it is morally right or wrong because it is clearly wrong for the american shareholders is off so incredibly dangerous but i want to focus more directly on the practical implications of the biden administration's decision to study steal the property of american companies. think of the biden administration and succeeds to push through the american companies property will this increase the production of vaccines worldwide quick. >> the short answer is no. biopharmaceutical company share the goal ofva vaccinating as many as possible around the world that punitive tran

the economic war we've been fighting since we allowed them to ascend the wto in 2001.h china for 20 years. the propaganda or data war we've been fighting with them as well. the only war we are not fighting with china currently is the kinnetic war if china moves on taiwan, national security is at risk we have a lot of our semiconductor chips made at taiwan semi. we are as fast as we can to move our alliance, let's say, further than 100 miles from the chinese border you know, xi's most recent rhetoric and military moves are really worrying taiwan and really worrying the u.s. national security complex. the question is when does china move on taiwan, and the biggest question is what do we do about it >> since we are a business network, i guess we'll get back to that. all these things are frightening, but what -- do you see anything that could cause an inflection point in how u.s. business approaches china? what would have to happen before you'd really see american businesses make difficult decisions? and do you expect that to happen, or is china smart enough we're importan

with multilateral speed, be it on climate, be it reform of the world organization and support also to wtohave agreed to provide vaccine doses to poorer countries. we work within covax, as i said. we talked about the challenge of climate change, and i am very happy that the united states are now back again with us in the paris climate agreement, and that for glasgow, that provides us with totally different faces in order to work among the parties to the treaty better -- in a much better and more efficient way for climate. and we see countries that are hit by floodings, by wildfires and by storm in an increasing manner, and that shows that there is a dramatic increase in such unusual weather phenomenon, and we have to contend with this, germany and the united states have now forged an energy and climate partnership. i think it is a very important message that we're sending here. we want to build on future-oriented technologies, green, hydrogen, for example, renewables, electro mobility. we're in competition with others on this planet, and we would like to be successful together and germany

levitt, these technical terms, like trips waiver or wto protections, are not things that roll off the tongues are for most of our candidates when i visit with them. those can- you explain why it matters-to them and all americans that we protect the intellectual property rights of companies to include the patent rights of these vaccine manufacturers? mr. levitt: it matters because taking this kind of drastic action to seize intellectual property and violate rights is going to endanger future production and innovation by creating confusion and uncertainty among vaccine manufacturers when they are working around the clock to bring it vaccines to patients. the damage will be less access to medicines and economic harm to a vibrant industry that provides high-quality jobs for hundreds of thousands of americans. paul in return for this we do not get acceleration in the effective production of coronavirus vaccines. precisely. sen. hawley: thank you, madam chair. thank you joel of the witnesses for being here. i want to come back to the question of the pharmacy benefit managers and some of the

her own rights as americans, will make sure we are protecting those property as we always have in the wto. what i will say to you is that whether we get to some negotiated language that allows us to move forward with vaccines will depend on the negotiations that have to take place on the trips language. secondly with regard to domestic manufacturing i think there's a great deal of bipartisan support to move and enhancing our abilities to manufacture here at home and the american rescue plan provided $10 billion for us to do that come to increase that domestic capacity. we hope to work with congress to put that into fruition to make sure we have american manufacturers, whether it's for masks, ppe, vaccines, that we do it here at home. >> thank you. thank you, mr. secretary. let us return to mr. doggett here are you ready? you on mute. mr. doggett, you are on mute. okay, so we'll come back to you again, mr. doggett. >> mr. chairman -- >> go had. >> thank you very much. i was asking the secretary about his reaction to allowing local governments to contract directly with cms as when one optio