. >> investor wilbur ross was commerce secretary. here's the ceremony. >> ladies and gentlemen, the vice president of the united tates. vice-president pence: good morning. thank you for joining us. on behalf of the president of the united states, it's my privilege to administer the oath of office to a man who will become the 39th secretary of commerce for the united states of america, wilbur ross. [applause] vice-president pence: since this department was founded in 1903. the position of secretary of commerce has been filled by my americans and wilbur ross is fitting and appropriate given his extraordinary career and the integrity and the ability that he brings to lead the department of commerce. we are joined today by his wife hillary. and you could give her a round of applause. [applause] vice-president pence: we appreciate commitment of public service and commitment of families and we are grateful to both of you for your dedication to the united states today. and also, pleased to be joined by many friends and associates as well as

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a really good person, wilbur ross, who is going to see the secretary of commerce. he came out of her commerce committee with an overwhelmingca vote and i specifically said an' it's on the record, what do you think about climate change is? i said mr. ross, wilbur ross, you know you had three nobel laureate scientists employed in the department of commerce. do you know you have not only all of the intricate measurement that are so important for us tot protect ourselves, we end downll hurricanes, tornadoes, all the rest i'm on the train that is going to fall for agriculture industry. but also, we've got scientists at the department of commerce that are doing the delicate o measurement of sciences standards and technology that are leading science to sniff the atmosphere for nuclear explosions by potential enemies. you don't want to muzzle the case. you want to bring voip that's that they can come up with. modern-day techniques and that's what i would ask the presiding officer to look at the bill that we have filed with the number of our fellow members of they act, comm

now we are debating wilbur ross to be the secretary of commerce. wilbur ross made a lot of money for himself, but he has taken advantage of the very bad trade deals that this body has passed in order to offshore,000s of -- thousands of u.s. jobs. one such company that he owned, a textile company, employed 4,700 workers in factories in north carolina and south carolina. that was inefficient -- inefficient in wilbur ross' desire to make as much money for himself as he could. and so he took those 4,700 jobs and he shipped them to guatemala. he said, this project will benefit from guatemala's realistic wages. when mr. ross acquired an auto parts factory in carlisle, pennsylvania a decade ago, in order to make more money for himself, he took a hard line with the workers, demanding cuts in wages and benefits that were worth between a quarter and 30% of the workers' earnings. that's what he needed to do in order to squeeze as much money out of that company in order to make himself a few extra million dollars. when the union rejected the demands of mr. ros

have the senate move forward to get the cabinet confirmed so the secretary of commerce could name uh deputy and these heads within their jurisdiction so yes we would like to have someone and from taking action. >> in your years of serving what are your observations? >> i would like to see more than spectrum management and here's the reason why. and to say that is off the to do list and to manage that spectrum with those utilization of that spectrum and this is one of the reasons why this is important our relationship is important. and think about that with those 3 billion devices and think about the utilization and respecter management is and that ties in with broadband. how will you use the telemedicine concept quick to have to have spectrum have you utilize increased and he -- with video classrooms and monitoring if you don't where x but also looking at the fcc in its is time to look at the structure. and it makes sense. over the past 20 years powhatan the needs for interfaith i'd like to see the regional offices for the fcc for them to call washington d.c. waiting for them to call

is representative marsha blackburn, a republican from tennessee and the new chair of the energy and commerce subcommittee on communications and technology. chairwoman blackburn, what are some of your priorities this year? >> guest: oh, we have plenty of priorities. we're looking forward to doing some good housekeeping work, if you will, cleaning up at fcc and ntia. those two agencies also have to go through a reauthorization. fcc has not been reauthorized since 1990, and ntia since '92. so we're looking forward to moving forward with that. you know, we appropriate in the federal budget every year there are, there's $310 billion that are appropriated over 200 agencies that have not been reauthorized. so that's kind of item number one, making certain that we do that. and, you know, within that as you're doing reauthorization, it is an opportunity to revisit the structure of those agencies. times have changed since 1990 or 1992, and it's time to revisit what those agencies spend their time on. and i would say also to make certain that they are focused on their core missions and that they're pay

is representative marsha blackburn, a republican from tennessee and the new chair of the energy and commerce subcommittee on communications and technology. chairwoman blackburn, what are some of your priorities this year? >> oh, we have plenty of priorities. we're looking forward to doing some good housekeeping work, if you will, cleaning up at f.c.c. and ntia. those two agencies also have to go through a reauthorization. f.c.c. has not been reauthorized since 1990 and ntia since 92. so we are looking forward to moving forward with that. you know, we appropriate in the federal budget every year there are 310 billion dollars that re appropriated over 200 agencies that have not been reauthorized. so that's kind of item number one making certain that we do that. and within that as you're doing reauthorization it is an opportunity to revisit the structure of those agencies. times have changed since 1990 or 1992. it is time to revisit what those agencies spend their time on. i would say also to make certain that they are focused on their core missions and that they're paying attention to those co

especially when you look at the manor factoring sector so when it comes to the commerce secretary he will be leading the way in terms renegotiating at these and trying to really work out a better and more equitable dealfor really work out a better and more equitable deal for americans. in terms of that vision to finally have secretary, it has been a long time but this confirmation is really going to be helping in terms of getting this vision pushed through. what sort of agenda will they likely have? one really important role when it comes to the commerce secretary is that if you had any disagreements within the trade organisation, american companies will take those problems to the, secretary and the commerce department is the one in charge of fighting those deals. mr ross has a ready said he is going to be very fierce and very proactive when it comes to any part of trade deals that are putting americans at a disadvantage so we could really see a commerce department that is going to be more active in terms of really going after and fair parts of trade deals and on the one hand that co

transfer me twitch from the social site to a social commerce site. twitch is currently free to watching its revenue from advertising and subscription. amazon has links and services to the $99 a year prime membership. lauren: wal-mart is updating it's not you did a feature will allow customers to skip traditional service lines and use the express lanes instead. ballmer will take less than a minute to refill a prescription. >> eventually will offer customers a transparent model or they will refill the prescription on the activity within a push notification telling them when it's ready and exactly how much it is. it will come into the pharmacy. they will skim the qr code in the transaction will be finished. >> cap expect to for those who use money services at the new feature will remove the paperwork involved if you're transferring money at a wal-mart store. enter your information in the act before heading to the store and of course you can use the express line. nicole: spacex wants to send humans into deep space. the company and bite you company and th

i first met him when he was a staffer to sam brownback on the commerce committee, and he just gets brighter all the time. but the reason i'm so excited about him is,ing frankly, it stems from a story he told shortly after he was confirmed to the fcc as a commissioner. he came to a radio, national radio show, and he told the story of how his parents came from india to america, medical doctors, but they had $10 in their pocket, and they had a transistor radio. and that transistor radio connected young mr. pai to the outside world. and to his local community. it was such a compelling story that i just felt like, well, this is a guy that's going to understand the value of broadcasting, and he understands. he's not pro-broadcasting, he's pro-localism and including all the american people in the marvels we have in telecommunication. so i'm, i'm really thankful for his appointment. >> host: well, in today's world can you be, if you are so-called pro-broadcasting, are you anti-cable, are you anti-wireless, at this point have we converged to -- >> i think in the mind of most of your viewers whether

japanese cosmetics maker is getting support from alibaba, china's e-commerce giant. they are now d discussing which products to feature for a marketing campaign. alibaba's researchers ran some test sales and they found chinese are big fans of a facial soap with a japanese touch. >> reporter: officials decide to take the advice. they will focus on cherry blass om soap for the spring season.b season. >> translator: alibaba knows the market inside and out and it has a massive trove of data. we would like to take advantage of whahat the company has to ofr as we think about how to promote our products more widely. >> china's e-commerce market is a new frontier for many japanese businesses, they are learning that having a good partnerer is key to success. keiko tomura, nhk world. >>> you can catch our reporting online together with a full transcript. look for nhk world and business wrap. i'll leave you with the markets. sh. >>> trump's immigration restriction has many talking about the political climate in the united states. even some companies are weighing in. at the star

the last commerce secretary was also worth, i think, almost $2.5 billion. seems like they're going to approach the role differently. she was an advocate for trade. always came on this network to talk about opening up our borders, free trade and getting companies to export more abroad. >> well, and it is not unusual, sarah, for this particular role in the cabinet, as it has in the past, to go to someone who is seen as a leader in fundraising, as sort of a plum job for someone who raised a lot of money for the president. that's not where secretary ross has come from. but he will be taking a more outside and public role in commerce than some of the secretaries have in the past. it'll be interesting to see how the role and how the department is shaped under his leadership. >> thank you if for that. we'll watch his first few days in office and look ahead to the president's speech tonight. main focus is going to be economic growth and this hope to hit 3% of gdp. our next guest says trump needs to overhaul the tax code, encourage investment and put americans back

you see it got its beauty start add a pure e-commerce business. while you can now find their products in stores, the fact is they've totally mastered the web, mining online reviews and social media for useful feedback which then helps them design new products in a very fast fashion. now, the stock hasn't done much since it came public, but i think this is a compelling play on the rise of the selfie generation. we got a chance to speak with the dharm and ceo of e.l.f. beauty earlier this week. take a look. >> it's an honor to have you on because what you've done is brought luxury to the masses. i want you to describe how it works for e.l.f. >> thank you for having me. our mission is to make luxurious beauty accessible for all women. the way we do that is we introduce high-quality cosmetics, prestigious-inspired, at extraordinary value. in account ffact, most of our i for $6 or left. >> how can you afford to do that? >> the way we work is everything we have goes into the quality of the products and the price. we don't hire celebrity endorsers. we do

wilbur ross is headed towards confirmation to be commerce secretary. a vote is scheduled later tonight. after record closes for the dow and s&p 500, how are we looking today? slightly lower. dow futures reince priebus. s&p futures on the quarter of one point. that's what's happening now. trigger signals the trump administration may take enforcement against recreational marijuana use much more seriously. with pod exploded into a billion dollars industry, someone asking, is it too big to jail? lec at the clinic takes a look from denver. >> white house press secretary sean spicer said the industry for recreational use has been recognized by masking it they plan to enforce federal law. >> i do believe you will see greater enforcement of it. >> president obama's doj said it would take a hands-off approach to states to provide recreational use. now questions abound. in california which recently passed recreational use, many medical marijuana dispensers make is to expand customer base. >> the federal government is to take action against us. we've taken prepar

. >> we continue to invest in e-commerce to accelerate growth. we are gaining traction in moving faster. with the second -- we are the second largest u.s. retailer by value. our warm out -- our will walmart app is one of the top three. the characterization that they are the second largest retailer is kind of up for discussion because that does not take into account apple, for example, or hewlett-packard. if you think about traditional retailers, walmart is the second-largest. corey: and to that, what do we know about their traditional is this and is that going the way of other retailers that had a tough quarter? shelly: one thing that is going for them is the online grocery. that is included in the u.s. sales. online, they and a picking up in-store and walmart does include that in their online sales. your strength is -- you are starting to see walmart benefit from >> and mortar which they always said was an asset to them compared to amazon. they are still much smaller than amazon. it looks like they are starting to take e-commerce much more serio

e-commerce growth. we don't know where the numbers are coming from, but it goes to show you what walmart is reorienting to. global growth might have been a focus for us before, but we are now really focusing on the u.s.. when walmart puts out a number, is just like amazon, a do it very intentionally and they want to draw the markets attention to. that is the focus going forward. cory: maybe more focused than amazon when the press releases have 40 different objectives from one quarter that may be gone the next quarter. shelly: into their profits good -100 to a lot. cory: great stuff as always. check her out on gadfly. uber is scrambling in light of a second er crisis in a month. details on how the company is responding to sexual harassment claims. and we would like to direct you to our interactive tv function, .v you can see previous interviews or dive into the functions we talk about. messagesend us instant during the show, distracted me while i am on the air. do it. only bloomberg subscribers get

trade commitments, and you, of course, worked on trade at the department of commerce. i'm wondering what you think the effect of his trade policies -- both the ones he's already committed and the ones he's articulated, will mean. >> guest: i was not for the tpp. i thought the trade protections to the pharmaceuticals went too far and would have deprived people around the world of potential life-saving drugs. and we couldly, i think the -- and secondly, i think the balance of power with the multi-national corporations and arbitration went too far. but on a more philosophic level, when we though in this country that there are folks who are anxious about their prospects, about whether their kids are going to have as good a life as they did, our first priority has to be how do we build our own work force, how do we provide them with opportunity before prioritizing global trade. and so i think that this election showed us that there are a lot of people who are not part of the innovation economic growth. and i'd rather that we focus first on them than focus on trade. >> a lot

the e-commerce fear in the middle east? >> e-commerce and digital sales generally are on the rise. this is a trend that is gaining momentum in our part of the world as well else. the middle east is a very interesting market for more oil companies, more globalization. -- a big chunk of the market is owned by the likes of amazon so there is nothing new in that landscape. the presence of global layers will boost that but i cannot comment on what is happening with any company or what is happening outside of the market. -- you have pushed the geographic diversification in the last years, the business is now mature. what is the state of play when it comes to a possible ipo? is that on your radar? >> not at all. >> what about issuing new bonds? >> we continue to be interested in the markets. that is in october. whenever we see there is a good window for us, the key is readiness. and always ready at the right time in the right place. >> of course, your business will onlythe impact from not trump policies and some rising tensions but also from a stronger dollar. we have the u.s. dollar maki

chamber of commerce. how will having a developer in the white house affect global real estate deals? we will discuss the trump impacted real estate. the company just reported earnings that topped the forecast. mark: have a look

a nasa scientist testified to the commerce committee that these are measurements, not forecasts, not projections. measurements over the last 40 years, the seas have risen in south florida five to eight inches. and of course you've heard the projections. this is something that we are getting ready for, the city of miami beach is spending millions of dollars in very expensive pumps. the other local governments in south florida are planning to do the same. it is not a forecast. it is happening. and so three quarters of our state's population of florida lives on the coast. look at the population in the united states. a lot of it lives on the coast, and those populations are going to bear the brunt of sea level rise from the flooded streets to the tainted drinking water, but during his confirmation meeting, the fellow who's being considered as head of the o.m.b., congressman mulvaney, he questioned the scientific fact of climate change. we can't muzzle scientists. we can't muzzle science. it's not going to go away. you can attempt to muzzle the scientist as some governors in the south hav

also e-commerce. 19% growth in e-commerce. e-commerce is 16% of sales for a retailer that literally, as i always joke, literally sells. joe: exactly. when you think of home depot, you think of -- here's one retailer that might not be that much in trouble because it sells big, heavy things, things that people want to check out and .tuff how has the corbyn been doing? is that under threat -- how has the core been doing? is that under threat from amazon? shelly: everything is under threat from amazon, but home stopped building new stores a very long time ago. now it is taking those investment dollars and instead of wasting them on new stores they are putting them into e-commerce. as amazon might encroach a little bit, home depot kind of takes it back. it has been able to defend itself for quite some time. amanda: i want to talk about macy's. a retailer that has been struggling, though it managed to deliver some surprises, it is still a business that is in decline. why was there such a positive reaction today? it was a mix for ret

the clean waters act says that the epa is regulate navigatable waters that affect interstate commerce but a few years ago the epa decided that can mean nearly every puddle or every ditch on a farmer's land ta they decide, right? >> yes, sir. >> the epa regulators were putting people out of jobs by the hundreds of thousands. and regulations and permits started treating our wonderful small farmers and small businesses as if they were a major industrial polluter. they treated them horribly,

our workers are connected by trade, transportation and cross-border commerce. our communities rely on each other for security, stability and economic prosperity. our families have long lived together and worked together. we know that more often than not, our victories are shared. and just as we celebrate together, so too do we suffer loss and heartbreak together. through it all, the foundational pillar of on which our relationship is built is one of mutual respect. that's a good thing. because as we know, relationships between neighbors are pretty complex. we won't always agree on everything. but can because of our deep, abiding respect for one another, we're able to successfully navigate those complexities and still remain the closest of allies and friends. make no mistake, at the end of the day, canada and the u.s. will always remain each other's most essential partner. today's conversations have served to reinforce how important that is for both canadians and americans. as we know, 35 u.s. states list canada as their largest export market, and our economies

>> when you say shift in behavior we are also talking about rising e-commerce when it comes to consumers, just referring to the online sector for shopping. you have talked about plans to expand in this sector. what can you tell us about progress in that area? >> we are digitizing our business now. our ambition is to be as prominent as we are physically. this is not -- this is the way forward and this is something that we are currently doing. ofm proud to say that 50% our cinema tickets are sold online. we are doing very good progress online. that readiness is starting february. so on and so forth, the group is moving ahead in terms of purpose. online sales as well as the digital presence generally, we have seen lately that two thirds of the consumers in our part of the world browse online.

fall for our agricultural industry, but also we have got scientists over there in the department of commerce, i reminded him, that are doing the delicate measurements of science of standards and technology that are needing science to sniff the atmosphere for nuclear explosions by potential enemies. you don't want to muzzle these scientists. you want them to bring forth the best that they can come up with modern-day techniques. and so that's why i -- and i would ask the presiding officer

later, back to american politics, this man is expected to be confirmed as the commerce secretary. he is a billionaire businessman and he will be in the company of lots of billionaire businessmen because there are a number in a cabinet. michelle is live from wall street. for people who do not know him, introduce us. well, one moniker is the king of bankruptcy because a lot of his fortune was made buying up companies in trouble and turning them around and seeing profits that no one else did. an example in 2002 buying some steelwork companies that we re buying some steelwork companies that were going into bankruptcy thus saving thousands of jobs, were going into bankruptcy thus saving thousands ofjobs, that earned him a lot of support amongst labour unions and the democrat party and you have seen that reflected perhaps in the way he has been treated in these confirmation hearings, not as contentious as some of the other cabinet picks. he is a billionaire, he is well known on wall street, no stranger running a private equity firm which he said if he is confirmed as commerce secretary

the commerce department says the shortfall in trade of goods and services increased 0.3% over $502 billion. with china, the deficit in trading goods fell 5% to $347 billion. while the one with japan remained almost flat near $69 billion. the imbalance with germany narrowed by 13% to just below $65 billion. and the deficit with mexico rose slightly by 4%. japan moved into the number two spot by overtaking germany. increased car exports were the main factor. trump accuses countries it has a trade deficit with for being responsible for american job losses. the trade deficit is just one of the many issues that will be brought up when donald trump hosts japan's prime minister in washington on friday. with uncertainty over the new president's policies, shinzo abe's government is scrambling to plan its strategy. >> i will be the greatest jobs producer that god ever created.

proud of the fact that we took on some of the biggest names in republican politics, the chamber of commerce told folks not to vote for me. and ted cruz said not very nice things. that waynela pier told people that i was a guy fighting for gun staste in a pro-gun state. when democrats make our arguments, then we have a chance to win. that is my message to you that we should make our argument. i told audiences in ferguson that black lives mater and i did the same thing in rural areas. i stood with underpaid january tors in downtown kansas city and talked about the need for a livable wage and then i went to a rural chamber of commerce and made the exact same argument. and planned parenthood events, i would talk about equal pay and go four hours away in the car and tell a reporter in a small town how important equal pay was to the middle class. in each case, i was unafraid to tell voters that when they lift up people they don't know, then it matters for them, too. and that's our argument. our argument is simply that this is what we believe in. and here's the thing. voters will forgive you for h

our workers are connected by trade, transportation and cross-border commerce. our communities rely on each other for security, stability and economic prosperity. our families have long lived together and worked together. we know that more often than not, our victories are shared. and just as we celebrate together, so too do we suffer loss and heartbreak together. through it all, the foundational pillar of on which our relationship is built is one of mutual respect. that's a good thing. because as we know, relationships between neighbors are pretty complex. we won't always agree on everything. but because of our deep, abiding respect for one another, we're able to successfully navigate those complexities and still remain the closest of allies and friends. make no mistake, at the end of the day, canada and the u.s. will always remain each other's most essential partner. today's conversations have served to reinforce how important that is for both canadians and americans. as we know, 35 u.s. states list canada as their largest export market, and our economies bene

the chinese commerce ministry has only blocked two deals in the past eight years. tesco has filed for its first toshiba hasnce -- filed for its first bond deal. a tentative sale manager includes nomura. it launched 104 satellites aboard a single rocket. the polar satellite launch vehicle is blasted off in southeast india, carrying nano -satellites. india is hoping to cement its position as a dominant destination for low-cost launches. than 2600 more journalists and analysts in more than 120 countries, you are watching bloomberg. let us get a check of the markets in the asia-pacific today. here is sophie kamaruddin. drivers in main today's rally in asia, banks helping the asx 200 close above the 5800 level and on the hang h shares rallying the most, accounting for seven of the 10 biggest movers. banks helping the shanghai comp up. in japan, shares adding over 1% as the yen falls for a third day against the dollar even as toshiba shares tank given the news around the company and japanese shares having a good day. we are live from london at the top of the hour. ♪ co

wilbur watts has been confirmed as trump's new commerce secretary. did not come in too long. it was expected given that wilbur ross had easily cleared through the committee and procedural vote in the senate. much less subdued than some other trump nominees. when it comes to what is next for wilbur ross, obviously there's been a lot of talk about trade negotiations. the mason -- massive trade pact including nafta. we see more renegotiation on that front? wilbur ross is 79 years old. he will be one of the oldest serving members of trump's cabinet. very much so one of the least controversial picks from donald trump. nothing like what we saw with steve mnuchin or others. yvonne: definitely a well-known name on wall street. we'll see how he adds to the trump administration. times to see how the asian markets are shaping up. sophie: a little bit more conviction coming through tuesday. we do have australian stock up .04% perhaps on the stellar profits season. we do have a gain of almost 30% that a news perhaps company bought a stake in the australian company. i want tfocus what is g

but the e-commerce enabled innovation. amazon.com, a whole slide in your deck. walmart.com, amazon. over and over again. we see it. you're using facebook. this is working for you, isn't it? >> yeah, we look at e-commerce as a potential disruption whether that's with customers like amazon.com or more traditional brick and mortar customers like walmart, and we're investing behind it. and if you think about our location, i'm talking to you here from san francisco, so close to the bay area. a lot of the capabilities here near our office resides in the bay area. so we're establishing a great network of capabilities that we're putting to work. e-commerce right now is a little more than 3% of our company's portfolio, but it's growing 30% year on year, and we're well on track towards making it a 300, perhaps even $500 million business for our company. that's also profitable and where many of our brands have a right to win. >> i never thought about that. i thought it was so odd that clorox is an outlier being in san francisco. i said why aren't these guys in the east? it's paying off. you're

and wilbur ross is president trump's and the nation's, secretary of the department of commerce. congratulations to wilbur ross and to the president. >> a wonderful man as you know and i know. he is a friend of mine, he will be a great secretary. lou: i could not agree with you more. sorry t have interrupted you. turning to issue of presidential address tomorrow, renewal of america, this president has to move, you have suggested it, on the tax cuts he has promised. he needs to move on repeal and replacement of obamacare. he is caughto a number of the issues legislatively, first the senate has to move through the confirmations, then he has to move and he promises he will begin that in mid march. on the repeal and replacement of obamacare and tax cuts. how soon do you think -- how soon realistically, is it, this president can start achieving legislate irvictory, fulfilling campaign promises as he must on some of them, in congress and in the senate? >> since he controls both the house and senate, his party does it should happen quick, he can get the stuff through the ho qckly, then

our workers are connected by trade, transportation and cross-border commerce. our communities rely on each other for security, stability and economic prosperity. our families have long lived together and worked together. we know that more often than not, our victories are shared. and just as we celebrate together, so too do we suffer loss and heartbreak together. through it all, the foundational pillar upon which our relationship is built is one of mutual respect. that's a good thing. because as we know, relationships between neighbors are pretty complex. we won't always agree on everything. but because of our deep, abiding respect for one another, we're able to successfully navigate those complexities and still remain the closest of allies and friends. make no mistake, at the end of the day, canada and the u.s. will always remain each other's most essential partner. today's conversations have served to reinforce how important that is for both canadians and americans. as we know, 35 u.s. states list canada as their largest export market, and our economies benef

you're going to see us move forward on the energy and commerce committee looking at reforms, looking at a better way to provide help to those most in need in our states and the medicaid population and to allow states to innovate. our state of oregon has had quite a bit of innovation over the years. we've got the ccos in place that have brought better health care outcomes at lower costs. there are great ideas out there among the states but right now they have to come back and beg permission from a federal bureaucrat to be able to do much of anything invative. we want to give states flexibility and give people better health care. we're going to accomplish both in the legislation we'll be marking up in the near future. >> thank you very much. i want to wish you all a very happy valentine's day but more importantly i want to wish my wife judy a very happy valentine's day. >> up losers. >> thanks, kevin. >> would you two like to come back up? all right, i do want to thank these two chairmen to the work they're doing providing when it comes to replacing obamacare. we all know the challenge

a second fact about trade, market access and e-commerce are changing the nature of trade. thanks to the internet and global logistics services offered by fedex and others, e-commerce is booming. worldwide retail e-commerce sales are approaching $2 trillion and are projected to exceed $4 trillion by 2020. while much of this is domestic tre cross-border e-commerce will unlock even more growth potential for companies of all sizes especially small and medium-size companies. let me just give you one great example of this just up the road. fedex customer oragene technologies in rockville, maryland, they develop rna/dna clones used for research. starting with eight employees in 1996 they now employee 80 in the united states and approximately 500 worldwide. their network of international distributors reaches more than 35 countries. fact number three, the u.s. wins when we enter free trade agreements. u.s. has free trade agreements in place with only 20 of our trading partners. contrary to public perception, the united states enjoys a surplus with those trading partners in manufact

commerce secretary by the senate. with him officially in the job, he can start working on the deals, including leveling the playing field of china, which he called "the most protectionist major nation." anna: still with us, bob parker, senior advisor at credit suisse. a number of global trade themes are coming into the mix. yesterday, wilbur ross said, i am not anti-trade, i am pro sensible trade. where does the conversation between china and the united states go for you? bob: the first point is the attack by the americans on the chinese management of the chinese renminbi renminbi. it is interesting that the renminbi has recently been very stable. anna: we can just show this chart, while you are making that point, the stability of the currency. this is the volatility coming down, the largest drop since 2005. bob: the pboc has got a good stranglehold on the chinese renminbi at the moment. i would expect over the coming months, although there is a case for capital outflows for the renminbi to weaken, given the sense of

and wilbur ross is president trump's and the nation's, secretary of the deparent of commerce. congratulations to wilbur ross and to theresident >> a wonderful man as you know and i know. he is a friend of mine, he will be a great secretary. lou: i could not agree with you more. sorry t have interrupted you. turning to issue of presidential address tomorrow, renewal of america, this president has to move, you have suggested it, on the tax cuts he has promised. he needs to move on repeal and replacement of obamacare. he is caughto a number of the issues legislatively, first the senate has to move through the confirmations, then he has to move and he promises he will begin that in mid march. on the repeal and replacement of obamacare and tax cuts. how soon do you think -- how soon realistically, is it, this president can start achieving legislate irvictory, fulfilling campaign promises as he must on some of them, in congress and in the senate? >> since he controls both the house and senate, his party does it should happen quick, he can get the stuff through the house quickly, the

and wilbur ross is president trump's and the nation's, secretary of the department of commerce. congratulations to wilbur ross and to the president. >> a wonderful man as you know and i know. he is a friend of mine, he will be a great secretary. lou: i could not agree with you more. sorry t have interrupted you. turning to issue of presidential address tomorrow, renewal of america, this president has to move, you have suggested it, on the tax cuts he has promised. he needs to move on repeal and replacement of obamacare. he is caughto a number of the issues legislatively, first the senate has to move through the confirmations, then he has to move and he promises he will begin that in mid march. on the repeal and replacement of obamacare and tax cuts. how soon do you think -- how soon realistically, is it, this president can start achieving legislate irvictory, fulfilling campaign promises as he must on some of them, in congress and in the senate? >> since he controls both the house and senate, his party does it should happen quick, he can get the stuff through the house quickly,

our workers are connected by trade, transportation and cross border commerce. our communities rely on each other for security, stability and economic prosperity. our families have long lived together, and worked together. we know that more often than not, our victories are shared. and just as we celebrate together, so, too, do we suffer loss and heart break together. through it all, the foundational pillar upon which our relationship is built is one of mutual respect. and that is a good thing. because as we know, relationships between neighbors are pretty complex. and we won't always agree on everything. but because of our deep abiding respect for one another, we're able to successfully navigate those complexities and still remain the closest of allies and friends. make no mistake, at the end of the day, canada and the u.s. will always remain each other's most essential partner. and today's conversations have served to reinforce how important that is for both canadians and americans. as we know, 35 u.s. states list canada as their largest export market and our

with me is the president of the south chamber of commerce. you do not want to see britain leave the single market but we have already heard from the prime minister that will happen. there is confusion at the moment and in terms of how the devolved authorities have been commenting. for welsh businesses we need clarity because cardiff say they want to stay in the single market and then when you look at the brexit white paper that says we will leave and we have to recognise as businesses life goes on and we must deal with business on a day to day basis. where we look for clarity is what the future looks like that is particularly important for the movement of goods and services. the prime minister made it clear she wa nts to prime minister made it clear she wants to leave single market and wobble businesses do after that —— wattle businesses do in wales after that? looking at the uncertainty what businesses are seeing about what businesses are seeing about what the single market looks like a practical things. for me, what the single market lo

commerce secretary. it clears the way for one of the key trade officials to take office area officially sworn he gives hiss state to congress. the special coverage begins at 2:00. users can follow the news at bloomberg go. auditors are pulling together a list of policies to unlock the about fun. according to two people familiar. himbtle mental mentor and of understanding from european leaders. kris has asked for memorandum of economic and financial policies as it braces the details. major has attacked theresa may's brexit strategy warning she is making undeliverable promises and should prepare people for the compromises that will come out of her negotiations. a disregard it amounts to contempts. obstacles brushed aside as if no consequence while opportunities are inflated by any reasonable delivery. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. think you very much. the pound is down on that story. split.ing headlines, a the br

[applause] >> ladies and gentlemen, the secretary of commerce, wilbur ross. [applause] >> thank you, mr. vice president. thanks to all of you friend and supporters, people from the department for coming here today. i'm very gratified that the confidence that the president and vice president have shown in me and in the department, and i promise that i will live up to every word that i just said. i was also very gratified last night with the vote being 72-29 because that suggests that perhaps finally building america up again may become a bipartisan thing rather than a contentious thing. [applause] and i hope that spirit will carry over as people deal with the the results of the state of the union message tonight. thank you very much. now let's get to work. [applause] stuart: we now have a commerce secretary. his name is wilbur ross. he was just sworn in right there. however, byron york i think is ilwith us. listen to this we still have ben carson not confirmed at housing and urban development. son any purdue, not confirmed at agriculture. ryan zinke, interior.

i'll tell you, when i was on the senate commerce committee nd i would monitor the calls that would come into my senate office, there are few things congress'sa member of phone ring off the hook more than their television set isn't like g and you get calls crazy because people count on it. localism.ance of that's why i described black in terms sustainable of this repack because members want their don't local television stations going off the air because they didn't arbitrary guideline. so i think we'll have the political support. i believe it's already there. and i don't believe it has anything to do with being a or democrat. i think members of congress of localismhe value and their radio and tv stations to hem and their ability communicate with their upon stitch wents but also it's the quality of life of being an citizen, that have you content free if you want it for free. >> but you said that the casters showed up for spectrum auction. wasn't there some reluctance? >> there was an earlier auction hat got $40 billion and they got half the spectrum that this one held out. of course the f

if someone has delegated war, peace, negotiation and foreign commerce to the federal government, who delegated that near federal government? the states. that's why this word is so important. now, let look the definition of the word "delegate." delegate: a temporary trust of responsibility or authority by a higher power to a lower power. wow. we have just established by fact, by history, by constitution, that the states delegated power to the federal government. that means that the states are the higher power and the federal government is the lower power. not only this. this is the distinction between delegate and surrender. to delegate is a temporary trust. it's like an employer with an employee. if i own a business and hire someone and i say to them, i want you to do this job for me, what if they do the job wrong? die have to -- as the employer die have to keep allowing them to do the job wrong? no. because i never surrendered the power. i simply delegated it to my employee, and once the employee fails to operate in that authority or responsibility the way the higher power dictated

. >> reporter: finding a reliable e commerce partner can be a challenge, especially for small firms. >> translator: it's important for japanese firms to have someone who can support them to find chinese partners. and confirm beforehand if the business has been officially registered in china. >> reporter: one of the benefits of teaming up with a local partner is marketing know how. japanese cosmetics maker is getting support from ali baba. they are discussing which product to feature for a marketing campaign. ali baba's researched and they found that chinese fans are big fans of a soap with a japanese touch. >> reporter: officials decide to take the advice. they will focus on cherry blossom soap for the spring season. >> translator: they know the chinese market inside and out. it has a massive trove of data, too. we'd like to take advantage of what the company has to offer, as we think about how to promote our products more widely. >> reporter: china's e commerce market is a new frontier for many japanese businesses. they are learning that having a good partner is a key to success. ke