essentially got rid of the enforcement mechanism in the wto. >> there is concern about wto and the overall framework of how they operate. that basically one country can effectively have veto power over anything. i hear from my colleagues a lot, in terms of how the wto is funded and how they operate. that heading into various big decisions, i grow concerned that the way it's structured, that other countries might have that veto authority. are we utilizing our role the way we can and should as well? trips and so forth have given me concerned that we're not even as ambiguous as some of these challenges are. that when we have the opportunity, because of the way they are structured, that we're not taking advantage of those opportunities. that concerns me. it especially concerns my colleagues who raised various concerns. part of those are raised in the hearing last week as well. >> one more question over there and then we will wrap up. >> thank you for taking my question. china morning post. we were talking about china and trade, and that we have this technology of competition going on. i wanted

with the wto.does the? -- where does this leave institutions like the imf? erik: economic policymaking has become secondary to national security. the way i would put it is a few years ago during a big strategy meeting, the first one who spoke was a knock -- economic policy. now it is national security. then everyone follows. when the economy says, we need very high walls, why is it that tesla cars which are made in china are not allowed into a government building? because ev's have become data collection centers. i don't think we have fully gotten our heads around this. as it happens now, it is problematic. jonathan: when you think about the economic outcome, let's try to do that. this is the direction of travel. governments are not known for the efficient allocation of resources. one of the consequences of this massive industrial policy effort. what does this look like five years down the road? erik: certainly, less trade. jonathan: higher inflation? lower growth? erik: slower growth and higher in

don't have to meet the high standard of evidence for the wto to judge on them. has vast advantages. it is a country with cheap lands, skilled labor, extensive demand subsidies and beneficial tax breaks. these are things every large economy uses to encourage industries, not examples of unlevel playing fields in terms of what the wto would regard. haslinda: isn't it fair to worry about the u.s. goods in china? >> that is one of the big things driving this. you see arguments about overcapacity at the heart of this. u.s. census bureau every month tracks the u.s. china bilateral balance of goods and trade. 2013 was the smallest u.s. deficit vis-a-vis china since 2010. u.s. economy is larger than 2010 you measure the size, the deficit was the smallest, 1% of u.s. economy. smallest since 2002. it is not really a very strong argument at this point, it's as weak as it has been in 20 years. haslinda: thank you, david for going. we are continuing exclusive live coverage at the age the amc -- dhs mbc -- the hsbc meeting. and co-founder will be joining us later. keep it with

there is nowhere in the economic space that can do that like the wto.or that reason alone, for us to be able to talk to each other and listen to each other is very important. i think the fact that it is being undermined -- there is lack of confidence because of the inability to negotiate any rules of consequence. i think the institution itself does not necessarily fit for what we need to be doing today. i am not going to propose solutions to that, i guess i would just say we need as countries to bring some flexibility to that body. if it is not working as it is constructed right now, for its two purposes, which is rulemaking and information sharing and enforcement of the rules. i do think there is a leadership issue as well. for whom that institution is vitally important is up to us to try and maintain the political support. >> as someone who is currently involved in fighting the fight for trade agreements, would you agree? >> i welcome her question, i would say we run the risk of being posted on institutions and not on the underlying political consensu

moreover, according to wto standards, they do all this; china does not violates wto norms, it is builtlt, and as a matter of fact, these are the same machines, cars, but the americans supported their bush legs as best they could until they lost consciousness, so what? well, now here is a smart man, smarter, i apologize, than blinken, elon musk, came to china today or came to china yesterday, realizing that tesla sales have fallen sharply, because chinese cars are winning, what did he do, he is right there lowered prices. models there brought from germany from factories, but ours also had a victory there, there were zis, greens, in some toren suddenly we obviously turned the wrong way, here is the wrong door, as one of the famous musical classics says, the wrong door, but you can already choose the right door, here auruus is beautiful, but because you had to learn, it’s interesting that the chinese taught their own, that’s all the successes of china, that’s the truth. one must understand that the first initial technological success in china was thanks to the soviet union, it was soviet,

you shook your head at wto being dead. >> i don't think it is dead.some of the major powers have not appointed the judges the need to adjudicate the big cases and i think if you look at the last meetings of the wto where they have agreements, 23 african countries, women in coastal areas make their living off of ships and fisheries and we have unfair competition with boats across the world and the fact that the wto could come up with an agreement that countries were able to come together and see if we agree on this, shining the light on in industry we haven't looked at for a very long time for which a lot of people make their livelihood they could ecosystem depends on fundamentally. my sense again with many of this, a lot of big things need to be working but daily moving on is happening and the agenda is moving now, the agenda, being able to upsize that conversation so i wouldn't say dead. our shareholders create them and don't leave the increase, to put judges in the wtos. that's where we find the weakness. >> maybe you need to allow international agr

hoped, they would be -- became involved in the wto, the international monetary fund. questioner started moving toward more democratic concepts but then they began to shimmy back. " we made two trips over there. in the early days it was obvious -- things have really changed a lot. there is an that pr campaign about the government trying to discredit americans. question has become a force to be reckoned with. >> over the last 20 years, relations in china have a primary focus. it was excellent. >> the published military strategy defines china as our number one competitor in the world. >> the cia director stated that china is the greatest challenge to u.s. interest and to international order. this battle over what to think about china. >> people are calling it a cold war. others saying it is not. >> clearly the united states is trying to forge a path to where the united states and china can meet. if not, allied on some things, at least neutral toward each other. quick they are attempting to cut ties with china. >> their fundamentally current helicopter emergency medical s

there are some who believe that if the wto doesn't go to countries that are offering to host events andambition to achieve equal prize money, then perhaps the future of women's tennis is precarious. there are others who say that going to a country like saudi arabia with its human rights record undermines the women who formed the wta and participate in the sport. if you think of the likes of daria kasatkina, she is in a same sex relationship. she has spoken about her concerns about going to saudi arabia. authorities in the country have said and made clear that everyone will be welcome at the wta finals and of course kasatkina might not actually qualify to compete. but it is clearly important to all the players that everyone is made to feel welcome there. another clear area of concern is whether they can attract the crowds that they would would feel befit the end of yearfinals. that is something that steve simon, the head of the wta, acknowledged. he said that they would be working with saudi arabia to make sure that they do generate the crowds. he said that they would look into formula o

there wae s no adjudication in e wto. that's the way that was set up..ountries signed onto that and trump saidth no. reciprocity works two ways. right? let's sock assume in the case l japan we had a small trade deal with japan. japan lowered some barriers andt we did too. on the other hand, in some countries, want want to name anc names, butou germany for example has terrible trade barriers on automobiles. terrible. so we should treat their cars the same way they treat our cars with higher tariffs. that's reciprocity. what's wrong with that? >> nothing's wrong with it. k at the difference from those tariffs, it's e enormous. you could sell a c car from america into germany and you'll have a 10% tariff. they sell the car here, 2, 2 and-a-half percent. that's not resi reciprocal. larry: away are from the trade game, mr. trump who is quite a good negotiate r, who never gets credit for it. go to the open border debate with mexico. mexico wouldh not help us in 2018, 2019 until trump basicall0 said okay,19 fine, you won't hep us, i'll put 100% tariff on your m

china joined the wto at the beginning of the century. and was generally welcomed.as a sense that it was good for everybody, everybody one from china joining, good forjobs in china, but every body got cheaper goods as well. but now there is more scepticism about that. now that is more direct competition with developed countries, it is not just china squeezing out low and camp manufacturers, it is china competing directly with the world's auto producers. but there is generally something there, particularly in these industries are people feel will be the big industries of the future, electric vehicles, batteries, green technology. there is a pushback from western governments saying, we cannot conceive this going to china, we have to be something about it. do you think china is looking at what's happening in the us and seeing better to deal with the devil you know, and potentially dealing with president trump?— know, and potentially dealing with president trump? i am not so sure about that — president trump? i am not so sure about that- if _ president trump? i am not s

china joined the wto at the beginning of the century and was generally kind of welcomed into the globalding system and there was a sense that it was good for everybody, everybody won from china joining — good forjobs in china, but everybody got cheaper goods as well. but now there's a lot more scepticism about that. now, a cynic would say that part of that is because the areas where china is now competing are those that put it into direct competition, much more with developed countries. so it's notjust china squeezing out kind of low income manufacturers. it's now china competing directly with, for example, the world's auto producers. but i think there genuinely is something there, and particularly in these industries that a lot of people feel are going to be the big industries of the future — batteries, evs, green technology. there's clearly a push back from western governments saying we cannot see it all of this ground to china, we have to do something about it. and do you expect china is looking at what's happening in the us right now and saying better the devil you know, better to d

trade ministers, this one the principle does not suit them now, that’s it, then we will rebuild the wtos is a good organization, sidzenping said this in november of the eighteenth year. we will defend it, we will develop this right, the united states is rejecting this, so we must first win, that’s who wins, and victory is what, in my opinion, victory is what if the united states goes to its island, to your own hemisphere, well, actually, actually to your own island, that is, that is, if this is the concept that trump proposed, and a person who grew up, strictly speaking, in the era... position, the united states will not accept it, therefore, i think trump is the best president, he will destroy everything, honestly, of course, kamala would be better, she will do it faster, but nevertheless, trump is also a person who can destroy everything, for europeans, this is leaving the united states, it’s like you look, there’s a conflict going on now. yes, in the middle east, one of the american representatives, the state department, i don’t know, the pentagon, remembered that israel, in fact, is

this fire extinguisher is there, have you passed the wto, it starts, well, in the end, everything endsple i don’t use my popularity, when you had small children, did you do homework with them? well, when the children were little, unfortunately, i didn’t do homework with them often, because we were on tour throughout the whole big country. this is the key - this is this nothingness as it is understood that this is the key, and all the archaeologies seem to be that lida is the worst of its secrets before the vukuks. gets budynak mastatskaya school kroger know... the unity of russia. the collective west, however, did not appreciate or understand this, but this is simply different. the regions that ukraine does not stop terrorizing, and these are the donetsk, belgorod, zaporozhye and kherson regions, have broken all the stereotypes of ill-wishers. the average turnout was more than 90%. what hopes do you have for today's elections? hello, my name is anya, do you believe in your destiny? i believe in some horoscopes, but they are not always confirmed, because when i got married, my wife, she

there was no ajudication in the wto. that is the way the damn thing was set up.d on to that. trump said no. he said no. reciprocity works two-ways, right, let's assume in the case of japan, we had a small trade deal with japan. japan lowered some barriers and we did too. the barrier can work that way. some other companies wouldn't name any names, germany for example, has terrible trade barriers on automobiles, terrible. we should treat their cars the way they treat our cars, with higher tariffs. that is reciprocity. what is wrong with that. >>> nothing wrong with that. the you can sell a car from america to germany encountering a 10% tariff. they can sell the car here, two, 2 1/2%. that is not reciprocal. that is exactly what president trump was aiming at is delivering reciprocal fair terms. every american can understand that. i think our counterparties should understand that too. larry: john, you know what else? away from the trade game, mr. trump was a good negotiator, never gets credit for it from his critics, but go back, back to the border with mexico. mexic

then he uh... that means, and somewhere you have this fire extinguisher there, have you passed the wtolarity, when you had small children, you did homework with them, well, when the children were small, unfortunately, i didn’t often do homework with them , because we were on tour. i don't even dare, i tried it, then i see that it’s starting to feel like pressure, so i stopped going to parent-teacher meetings and how the teachers reacted to you, i also tried not to go, my wife went to them, because i would come, well , the teachers didn’t seem to know how how how to tell me, well , people have this, when a famous person comes and you don’t know how to tell him, although i always listened.

of course the body that was supposed to be driving forward that kind of mutual perspective was the wto would any of you care to comment? >> no i don't think it is. >> the traditional trade policy approach to subsidies was that it created external harm and no benefit. but as we just heard, we have domestic subsidies that create external positive benefits first in terms of simply reducing emissions by major emitters in a second, in terms of reducing the cost of the carbon transition for other countries and i think you're right to bring up the wto so what this means to me the whole set of subsidy rules needs to be changed to incorporate the dollars and externalities. they can't be ignored and we can't afford the same kind we did in the past. >> you shook your head at the idea. >> i don't think it is them. we all know that the major powers have not appointed the judges that need to sort of add adjudicate the cases and enhance but i think if you look at the last meetings where they had agreements, 60% of the women in the areas make their living off the fisheries and we have unfair competiti

china's overcapacity, lift a legal on chinese companies, and stop adding section 301 tariffs violating wto>china asks for the u.s. abide y the one china principle and china/u.s. three joint communiquÉs. the u.s. should not send a wrong signal to the taiwan independence forces in any way and earnestly fulfill president biden's promises that the u.s. won't support taiwan's independence. >> with me to talk about this more is the chief economist at a bloomberg economics. thank you for coming in tom. we have heard the warning from the u.s. secretary of state antony blinken saying if beijing does not stop helping russia, essentially, in its war with ukrainand there will be measures. do we have any idea what the u.s. could do? >> it's interesting. when we look at russian trade data, what we have seen since the beginning of the waof aggression against ukraine is a sharp increase in the share of russian imports coming from china. we can go a little into the detail there. we will see what type of goods they are. they aren't military goods. by providing the imports that keep the russian economy going

unilateral sanctions, and increased tariffs on chinese goods are called a mockery in beijing. violation of wtothe states are calling on europe to follow the american example, so almost simultaneously with blinkin's arrival. the european commission staged a surprise inspection of a large chinese company that allegedly received foreign subsidies that distorted the domestic market. without prior notice, law enforcement officers seized equipment, documents, and even employee cell phones. what is this, if not a raid, they reacted in beijing, so the head of the prc ministry of foreign affairs, wang yi, calls on his american colleague to fair competition, so as not to slide into open conflict. relations between china and the us are facing more negative factors. all kinds of failures. china's legitimate development rights are being unreasonably suppressed, and our core interests are being challenged. wang yi spoke out against the american strategy to contain china, in which the united states surrounds china with its military bases, and right now, together with the philippines, they are conducting exer

in such a world, well, but poland has long been exposed to such a world, it was before we joined the wto, before we joined the european union, in principle, what, what is the problem, why exactly ukrainian grain became such an indicator, and because... that in fact, despite the fact that there are really a lot of us in poland, they export much more, than us agricultural products, thanks to access to ukrainian products as raw materials, poland has only increased its exports, these figures are not a secret for anyone, it was the ministry of agrarian policy of poland that printed these presentations, boasted of its indicators, the question... is only actually in one segment of those farmers who, in fact , lived for a whole generation mainly without trading abroad and generally having trade more as a temporary source of their existence, because in fact they are unprofitable without a subsidy, and this is such an obvious secret, which no one hid in the rural system. agricultural policy of the eu, it is clear that the change in the flow of goods from ukraine to ukraine through the territory of

. >> not a good week for the wto, accused by critics of corporate greed. >> worries about economic security have risen to the top of the agenda. there is a new rivalry between china and the united states. around the world, new challenges from the specter of pandemics to the relentless march of climate change, all of which threaten to reverse the progress we have made. many policies and institutions established 80 years ago seem in desperate need of reform. what we need is a rigorous look at the strength and limitation of the system, a fact-based analysis of current challenges and generation of new approaches for the path ahead and we need to ensure the issues are addressed not just in the conference rooms in washington or new york, but in collaboration with people representing a broad range of perspectives from across the country and around the world because no u.s. international economic policy can be sustained without the strong enduring the support of the american people. today the council on foreign relations is watching -- is launching realecon. we begin by focusing on the following is

the united states welcomed china into the wto, japan continues to have $390 billion a bilateral tradeher, they are trying to send a message that work with us, work within the rules established, and we can have a prosperous and peaceful and stable relationship.- stable relationship. talking about relationships, - stable relationship. talking about relationships, therel stable relationship. talkingl about relationships, there is comment that the us japanese relationship may be stray because of the us steel deal, quickly, aukus, and talk of a new partner?— new partner? potentially we will see japan _ new partner? potentially we will see japan join _ new partner? potentially we will see japan join what - new partner? potentially we will see japan join what is i will see japan join what is called the second pillar of the aukus agreement, focusing on emerging technologies such as ai, quantum computing, cyber security, cyber sonics, seen as key technologies that will shape relations between governments and people, the future economy and how the global economy will be moving, moving forward.

and if you want to get on the multinational gravy train of the imf, the wto , oecd, davos, after imf,wto, oecd, davos, after you leave office, you won't be very popular . you leave office, you won't be very popular. so i think there has been a lack of honesty on the behalf of the conservative party for a very long time towards their voters about precisely what it would take to do some of the things you're talking about. >> yeah, i believe that all, countries have the right to protect their borders. it's a bafic protect their borders. it's a basic right for the countries. what i think there is now is an absolute political will absolute lack of political will to have the chops, to actually have the chops, either to explore this properly or putting steps in or to start putting steps in place to move towards the judges. >> don't agree with you, michel. the judges have are not in your camp . camp. >> well, i bet some of them would be. has this ever been as it's ever been? has this ever been put? they won't be. has this ever been put because i actually don't know. maybe i'm wrong and you wil

president clinton used economic security to mean trade, wto's, all over the world. but these days, especially in japan, and i think the u.s. as well, what we are trying to do, economic security as -- unfortunately there is trouble in the world, we have to defend our infrastructure from threats. we have to maintain -- we have to maintain a stable alliance and supply chain autonomy. please see the next page. in order to do that, what the meti and the administration have done is first, we include trade, economy and technology as a very important pillar of the national security strategy. -- to include economy and trade and technology as a very important pillar of the strategy. since last year, we are in the implementation phase of economic security. -- to advance our technology reality. -- national security but also the -- biotech. next-generation computing, -- these things are very essential for national security issues right now and therefore together with the countries is very keen to not falter in this area. simultaneously, we have to defend our supply chain autonom

president clinton used economic security to mean trade, wto's, all over the world. but these days, especially in japan, and i think the u.s. as well, what we are trying to do, economic security as -- unfortunately there is trouble in the world, we have to defend our infrastructure from threats. we have to maintain -- we have to maintain a stable alliance and supply chain autonomy. please see the next page. in order to do that, what the meti and thedmistration have done is first, we include trade, economy and technology as a very important pillar of t nional security strategy. -- to include economy and trade and technology as a very impo pillahe strategy. since last year, we are in the implementation phase of economic security. -- to advance our technology reality. -- national security but also the -- biotech. xt-generationputing, -- things are very essential for national security issues right now and therefore together with the countries is very keen to nter in this area. aneously, we have to defend our supply chain autonomy against so-called over dependency -- over

there hasn't been any effort by us trade representative to actually enforce trade agreements in the wto. they make threats but don't follow through and china continues on as it has and always will unless deterred. neil: i was thinking of this treatment considering what donald trump was advising. may be global tariffs at almost everything that comes in, because americans are being treated unfairly. >> a good substitute for that, to provide market access guarantees and reciprocal or multiparty agreements. to me that is much better. tariffs are paid for by the consumer. they do have collective affect but negotiating free-trade agreements this administration seems alluded to. neil: i would like to skip to something else concerning homeland security secretary mayorkas, the details on impeachment settled in the house, they move on it and chuck schumer getting to do so. some republicans are concerned. six opted out, where are you? >> if there is anybody who deserves to be impeached, it is alejandro mayorkas. i realize he is the agent of president biden's border policy but what he's responsible

it's economic opening in the late 1970's only accelerated after 2001, when it joined the wto. >> it wasountry that attracted foreign investment. it was the driver of foreign markets and global capital markets. every company around the world needed a strategy to deal with china. >> india did not start to liberalize its economy until the 1990's, and it has been a slow climb sense. but with current levels at about 7%, growing just a bit faster is all it needs to surpass china. >> india's per capital income has grown sevenfold from the early 1990's to now. there has been significant progress in the financial markets. >> these boxes represent economic growth in 2023. china on the left contributed close to one third, while india took second place. but look how this changes if india grew about 1% faster a year. by 2028, the new picture is this. geopolitics and china's own internal struggles are tipping this trend in india's favor. >> what you have seen recently as investors around the world as they shift out of china are actually putting a lot of new funds into india. >> nowhere is this more e

last week at the wto over the inflation reduction act.they are not happy with our stance on export controls which the u.s. has been pushing allies and restrict exports of semiconductor manufacturing in china. there are others where china will not stand by and watch this happen. it is a delicate house of cards. >> everything else and chips with a.i. as well. megan, we look forward to your coverage. catch janet yellen when she sits down with sara eisen on monday. >>> coming up on the show, signaling signs of headwinds. why exxonmobil is looking to downplay expectations of the upcoming earnings release. >>> if you haven't done so, follow our podcast. if you miss "worldwide exchange," check us out on spotify or apple or your podcast app of choice. "worldwide exchange" will be right back. (grandpa vo) i'm the richest guy in the world. hi baby! (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give (grandma vo) and a million

ways of investigating dumping and preventing it by putting tariffs in place and that's something that wto rules permit. >> we have tariffs. we have not seen chinese evs in the u.s. should they be allowed to sell their evs in the united states? >> they are allowed to sell their evs in the united states. we don't have rules against it. again, in that area as well, we are trying to foster a domestic industry. we are certainly open to imports, including those from china which there is no rule against china selling evs in the united states. >> we have higher tariffs on them than in europe. >> we do have tariffs on them, i believe. you know, this is an important industry for us. >> you spoke about tiktok and some of the meetings. i'm curious what the chinese reaction is to the legislation that president biden did say he would sign if it passes congress. >> i think this is an important and profitable company. i think they're concerned by the prospect they would be forced out of the united states or what the legislation really requires is they would sell the company to a domestic purchaser. i thi

they've also filed with the wto saying precisely this, that this is industrial policy and we would like to see the u.s. change their behavior. so i think there is some legitimacy to that argument but the scale come a scope and degree to which it happens and the actual lack of a domestic base of consumption for all of that supply really is the difference. >> thank you. always great to see you. >> one player -- part of the plan -- spending billions of dollars to revitalize the chip manufacturing industry in the u.s. we are learning of another $6 billion being spent. megan cassella has those details for us. it's a little twist though, it's not an american company . >> the latest winner is taiwan semi conductor. they will receive 6 1/2 million dollars in grants and $5 billion in loans from the commerce department. tsmc is expected to invest $65 billion if not more in phoenix, arizona. they will be focused on creating those two nanometer chips. these are the most highly sophisticated ones that power ai systems and it makes them more strategically important for the u.s. as it means to compete

we used to live in a world where you had globalization and the wto rules. now we are changing that.e changing the way countries relate to each other. we are changing the way investors relate to each other. we have started sanctions, subsidies, export restrictions. it's a new world. for investors, it's a question of understanding how do i put all these things together in the blender? how much of the surprise and inflation this morning are due to the economy at the same time? sonali: how do you begin to answer those questions? angel: with a lot of work and effort. sonali: you also alluded to just now the changing rules of trade, owing to deglobalization. there have been a lot of worries about the type of inflationary effects. angel: some of them are addressing conflicting objectives. we are trying to address climate change. it's very important for climate change that the price of carbon is high, but also the price of clean energy is cheap. then you have china that has become the leader in electric vehicles. they are cheaper than other places and they are exporting them. there's a trad

states, which doesn’t like trump, before the obamas, even bush didn’t like the system they built the wtonth year. we will defend it, we will develop this right, the united states is rejecting this, so we must first win, that’s who wins, and victory is what, in my opinion, victory is what if the united states goes to its island, v your own hemisphere, well, actually, actually on your own island, that is, that is, if, if this is the concept that trump proposed, and a person who grew up, strictly speaking, in the era... yes, in the middle east, one of the american representatives, the state department, i don’t know, the pentagon, i remembered that israel, actually. this is the main non-nato ally, legislative, of course, the fact that they have 17 agreements, no, they say completely differently, that’s what they said, miller said that, like, we don’t help ukraine, because it’s not ukraine, what they’re saying now is that these are completely different conflicts, because the united states doesn’t have bases there, everything else is in ukraine, in israel there, or rather around israel. the un

the wto estimates real gdp growth will remain stable over the next two years.ilvia spoke with the chief economists about the trade expectations for the year. >> it is also a situation where the future is really unclear because a lot of will depend on policy choices made now and all over the world. it is a resilient situation, but not one that does not have any risk. we have to be careful that international trade can continue to be the solution to many of the challenges that we are facing as a world today. >> i have to clarify when you choose the word resilience, what makes you use that word? >> i'm thinking about the numbers. we have a global pandemic and we had record high inflation and very restrictive monetary policy. now we have limited fiscal space. trade, if you look at the time series, more or less plateaued and we anticipate it will pick up again this year and next year which is not obvious. you could have imagined in the aftermath of covid that it really gets very difficult for international trade and it didn't which goes to show not just how resilient

if you argue that china is acting with non-wto conformance, it is clear that the european commission to do something against it. it's still the ongoing investigation. at the end of the day, consumers in europe would benefit from imports from china because prices have to come down if we want to have a higher increase or market share for electric cars in europe. it's a tricky situation, but the competition in the car segment will intensify. >> eric, you mentioned how complicated this issue is here for consumers and the automakers. talk about what is at stake with scholz's visit? european markets are dependent to sell vehicles as well. how do they balance this? do tariffs threaten their ability to sell in the chinese market in your mind? >> this is obviously an issue. you said there is pressure from the european car industry on the european commission, but on the other hand, i heard last week some are afraid of tariffs and other measures because retaliation is always an issue in the car sector and as you said, china is a very important market for not only german, but other european frie

protectionism, mercantilist thinking, the abandonment of the wto.so, by the 2000 tends, rules based order was under serious threat, but the threat did not come from the rest. it didn't necessarily come from domestic enemies to freedom. it came from liberals, often times unchecked. so, it should be no wonder that in much of the world, including the diehard liberals around the world, these people should welcome the end of western preponderance. the argument here is not trivial and we didn't hear it much, but pay attention to this. it is an argument made time and again in the 19th century that if you care about freedom and liberty but you are weak, then the balance of power is critical. when power is hegemonic, the strong get to go the -- throw the power out the window and lay the law on the week. from this perspective, multi-polarity can be virtuous because it protects the weaker members of international systems. and indeed there is a deep-rooted western liberal thought gorsuch the balance of power makes the preservation of freedom possible in the fir

protectionism, mercantilist thinking, the abandonment of the wto.so, by the 2000 tends, rules based order was under serious threat, but the threat did not come from the rest. it didn't necessarily come from domestic enemies to freedom. it came from liberals, often times unchecked. so, it should be no wonder that in much of the world, including the diehard liberals around the world, these people should welcome the end of western preponderance. the argument here is not trivial and we didn't hear it much, but pay attention to this. it is an argument made time and again in the 19th century that if you care about freedom and liberty but you are weak, then the balance of power is critical. when power is hegemonic, the strong get to go the -- throw the power out the window and lay the law on the week. from this perspective, multi-polarity can be virtuous because it protects the weaker members of international systems. and indeed there is a deep-rooted western liberal thought gorsuch the balance of power makes the preservation of freedom possible in the fir

. >> can the ustr has yet to -- period whether the wto or under section 301 or under the phase i onection 301 ship-building petition which could take a full year to complete does not make up for over 3 here toes -- years of inaction on china. >> reporter: the president also directed the commerce department to continue its investigation into specific products being dumped on the market. again, liz, the president saying i promise that this will be an american company. he does have the authority after the review to make sure this stays an american company. back to you. liz: thank you very much, edward lawrence. fox business alert, could the federal trade commission be about to commit a fax faux pas? if investors seem to think so is. shares of fashion holding company capris and tapestry are both down anywhere from 2.33% to tapestry's just under 1% following a report from if new york times' deal book that the federal trade commission is preparing to block tapestry's $8.5 billion acquisition of capris. tapestry's three major brands, coach, kate spade and stuart weitzman while capris is the

and partly as a consequence of surging imports from china in the early 2000s after trying joined the wto engage in trade. that's mutually beneficial. there needs to be a level playing field and china's agreed with us on that. and we're concerned about areas with the playing field clearly is not level china is directing massive subsidies through their industrial policy on an ongoing basis. and when the demand is in, there, the chinese firms do not go bankrupt, is american firms do they stay? in the market and that can succeed in depressing prices to the point where i'm very competitive. american firms can be driven out of business and europe, japan, and other countries feel the same madam secretary, always a pleasure to have you on. thank you >> thank you. free >> next on gps, america's other most important relationship in asia, japan. i will talk to ambassador the to tokyo, rahm emanuel, and we come back >> we sent you to america, so you could be on there's treachery within our ranks >> maybe there is no spy >> only the spy says there's no spy. the sympathizer streaming exclusively on ma

it also stabilizes groceries on the other end by having a good constant supply and allowing farmers wto mrabt the -- tobt plant the next -- to plant the next year. i'm often asked why crop insurance is so important. i want to quote the late president john f. kennedy, when he summed up the plight of the farmer pretty well. this is what president kennedy said. the farmer is the only person in our economy who pies everything at retail -- bays everything at retail, sells everything at wholesale and pays -- the cost of crop insurance is going up, and unfor tunately commodity prices don't reflect that. instead we're seeing all-time drop in farming income, year over year drop that we've seen in a decade. this bill will put the farm back in the farm bill. it takes on the cost of the crop insurance to allow the farmer to plant the next year's crop. this is the single most important program at usda. i urge that this body passes the farmer act. perhaps included on the farm bill would be a good place for it. and to protect the economic security of rural america and keep food prices stable for ameri

we had the north america free trade agreement and wto.at happened there, 40% first year and 80% has to be produced in our country or in arbitrarily cut in half. 20%. they want to get more ev quicker and we are supporting china. >> you talk about i implementation. i want to ask you one last question, what do you think, we talked about energy, what else do you think joe biden needs to be saying right now? >> i just think -- you know, mr. president, i want you to be the person in 2020, you always making a deal. i've worked with you. now all of a sudden -- you already been pushed to the decide and 20% and there's nothing wrong with that. you will have a hard time winning if you're way over here because that's not where most of erus are.an we want energy. we want clean air. we are producing oil and gas than anywhere in the world. we are producing more wind and solar than anywhere in the world. we are doing it all. take credit. don't be afraid to say we had to build pipelines to safely move products when they aret putting them on trains and tru

brazil, a member of brics, just told china, i'm taking you to wto. thailand did that.rld is organized. the principle strategy with china, their entire strategy, their most persistent and economic strategy is coercion to achieve political hends. their job is to isolate in china, floin philippines. we're all coming together, you'll be the isolated party. whether you participate in a system that helps you raise party, or eliminate poverty in your country, bringing people into the middle class, or return, which is what you're doing to your youth with a 30% unemployment. off choice to make and we're ready to work with you and have you be part of a system that helped you grow economically, or you can turn your back on it. but when you do that, you're the isolated party and there are cost and consequences, which result in a lost generation of chinese youth. you make the choice. >> zoshambassador, before you g it's very poll that you and this administration will not be this administration at the end of this year. i'm so curious, as an ambassador to japan and speakingto the int

where we say in one sector after another, we are not willing to take chinese imports regardless of the wto rules. >> one last thing. are you on tiktok? >> what's that? >> are you on tiktok? >> no. >> is tiktok a chess piece in this whole little dance? >> i don't have a view on it. >> it came up in the conversation with biden and xi on the phone. i'm curious if it will come up with the yellen conversations? >> it privy of the conversations. >> ambassador froman and board member froman. >> thank you. >>> when we come back, the battle for financial literacy. sharon epperson has the report from the nation's classrooms next. >>> "squawk pod" has been nominated for a webby award. charlie munger was the last interview we featured. that code will take you right to the page where you can show your suort ppfor us honoring the best of the internet each year. "squawk box" will be right back. the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy ai

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