mainly from china. where does it leave the country's better involved in these projects -- the countries that are involved in these projects? does it lead to higher death levels? are these projects really beneficial to the countries that sign up to it? of sound ates kind times like the british building trains in india. bernhard: they would definitely say they are not colonial. but when we look at it, it is definitely a geopolitical project. it is not only about trading and tilting infrastructure -- building infrastructure. the second step is building political influence, and basically reshaping the world order around the countries that join the new silk road. right so you feel it was and good for angela merkel not to have attended the silk road summit? challenge here is that we have to take up china's offer to say that this is the multilateral project, because this would be a good idea. in theory, it's a good thing, but in practice, until now, it is not. the challenge here is to work with china, because

i mean china and the u.s. not jimmy's biggest trading partners but he also wants to wants to carry on with a very good relations with china but doesn't want to be seen to be that she sort of being pushed into sort of china's arms because of the conflicts with them with the americans you know they're absolutely ok but. i have to fears from about this and one is first of all i do think it's as bad as that quote suggests from the chinese point of view europe is a little appendage peninsular at the end of asia and i think that europe could become in this century which is still young rule takers not rule makers in the second fears that if that the chinese might clash with the reigning or waning superpower which is america and i was really intrigued when i was there this is now years ago and century is that was the british century and germany rose to build its empire its place in the sun and it led to eventually world war one which they wanted to avoid the chinese and i'd be interested if they still are as keen to a

china is huge. if we understand the history and the blood of koreans, i don't think north korea will ask the united states when south korea -- if the relationship between -- i don't think they will ask the u.s. to remove troops from the korean peninsula. if the relationship between the united states and north korea is hostile they are going to ask that. if they think the relationship the united states presence in south korea will be for northwill be hard korea to deal with china and the united states. >> i want to ask simply, before north korea take steps, to denuclearize. assuming semi-north korea has suspended its missile activities, will china lift sanctions? >> i think to encourage them to move in the direction of denuclearization there are some things china can do. kim jong-un has announced that they have suspended the missile launch and nuclear tests. for that, i think china can do something bilaterally. saying something like, you are correct in doing so. and we explicitly do some things to ch

china has his rough exterior. i saw different china when i was working on the book. >> you do have the story of using someone else's student i.d. to go into a library and a cover. >> i was 20 years out of practice in this regard but history is a dated enterprise in china. you go to the archives in a gunta libraries and you need an i.d. and sometimes you need a special letter from somebody. it's not like you can just walk in. in the case of the university library in central china there was an enterprising young person trying to help me and he said you know this is the best way begin do it. just grab a couple of local i.d.s. i was waiting to get tackled by someone in the middle of the library but in the end they were onto as it seems and we kind of sprinted away. anyway we didn't find anything there but it was really exciting. .. . >> practice. and the first daughter has bound feet. the next daughter -- >> the next daughter has kind of the unbound feet. the first part of her life they were bound. and that's whethat

and china. do you think this is a new paradigm, and new normal perhaps , that we would just have to be at peace with, which is we will be in it for the long haul with continued dialogue on u.s.-china trade, which escalates on some days and the escalates on other days? -- de-escalates on other days? >> the world is not static. the world is very dynamic, with changes of leadership, different features, economic changes. there is a state of flux at what is happening at any point in time, but i do firmly believe that the best way every can turn country can make a contribution to peace, stability, and prosperity come is to ensure we maintain open lines of dialogue. that is what australia does, engage through a multitude of international forms, g20, apec, and others. if that means there is a list till the come to factor that in. that is not new. that has always been the case. you just calibrate around what the circumstances are at the time. haidi: is there a certain level of conflict in your cabinet wh

and china has been averted for now the two countries are holding off on terrorists as they try to find a solution to their dispute. penciling we'll have more on the story after the break . where i come from we have to fight for a free press and was born and raised in a military dictatorship with just one to be shadow and if you newspapers when official information as a journalist i have worked on the streets of many cancers and their problems are all the same fortune social inequality a lack of the freedom of the press. who can afford to stay silent when it comes to the fans of the humans and see the right to fools who have decided to put their trust in us to maintain these cars and i work i d w. two to. averting a full blown trade war the united states and china pull back from the brink reporting progress trade talks saying the war is on hold. an economy in freefall nicolas maduro wins reelection and blames him for sure realism from abroad on his country's economic catastrophe the opposition calls the vote of fast demanding a new ballot tough times lie ahead. and how well the famous n

leaves the iran deal china prepares to swoop in filling an empty space china is one of the signatories to the two thousand and fifteen iranian nuclear agreement and with the u.s. out the asian nation now is in and playing a bigger role in middle east diplomacy artie's alex the highly bitch joins us from toronto with more alex although the u.s. may be gone key european players russia and china have remained a part of the deal so far iran's seems to be keen on continuing to play ball at least a little bit moving forward what can we expect to see from china in particular. china is an interesting one you know we've been calling china the sleeping dragon forever but it looks like it's been sleeping with one eye open especially when it comes to the middle east a glass you mentioned is a signatory of this deal and when it comes to iran now while china says you know we were grette the fact that the u.s. has left this deal but we are going to safeguard it we are going to back this deal as long as we have to and china has a lot of say not only is that a part of the deal but china is pleased thin

china's the big one. to take advantage of us on trade the way we've been taken advantage of when do we want to strengthen multilateralism i can toss america's music is very important because it can clarity for a situation that's what i'm looking forward to the trip that was two of the great days of my life being in china. also coming up on the day the passing of an american literary giant will reflect on the wife and works and obsessions of philip. lose in the do everything or lose in the niger as a runner yes i fear it at the end of every book. or we begin the day with two leaders who rely on each other economically and have little in common politically the german chancellor angela merkel and the chinese president xi jinping and yet when they look towards washington they both see the same puzzling president donald trump it is ironic that the cantankerous and callous style of donald trump may be forcing germany and china to cozy up together in ways that would not have been imagined just two years ago but

onwards to aid china's economic rights successive us administrations have ended china's economic rise ever since the one nine hundred sixty nine so with chinese border clashes the medical is a sighted to co-opt china. against the soviet union and that led to the nixon kissinger opening in one thousand seventy one and that in turn led to america's decision to aid china's economic rise for example when president jimmy carter was in office he issued a directive that all u.s. departments would assist in china's economic rise so today an economic rules breaking monster has emerged in the form of china which floats international rules which which rights roughshod over global global creating norms now both china and the united states for the time being at least have put muscle flexing around terrorists on hold but many american acts prates have been warning that this is just the call before the storm do you think the current between washington and beijing can be frozen at its current state or do you think we're likely to see some ass collation before what are scaling down i agree that there

to findink for china, the real picture of anything in china is a harder task. however, i think there are useful indicators. for instance, the financial indicator is useful to give you a sense in terms of the sizable credit growth. to look at it from that point of ofw, between the gross rate the financing first is the economy lies the nominal gdp growth wro -- rate. used to be something like 6%. over the last 18 months the gap has been consistently narrowed. the first quarter this year it almost disappeared. we're talking probably, in other words, the piece of gross and overall credit is in line with the underlying nominal gdp. the so-called credit cap which is the excessive credit groups versus the gdp growth has disappeared. i think that is a very important kind of development. pboc, theknow that governor keeps saying the main leveragedhem to stay is now really to reduce the gdp ratio in china in the near-term, but instead it is to keep china's debt to gdp ratio stabilized. how destabilize the ratio? simple. you need to narrow the credit gap. now the credit ca

these projects are made by china and made for china. it's a play on the made in china slogan. so again, they're questioning how will this benefit us? and how are we not just giving away our resources? - in the target countries, there's a considerable amount of suspicion about the intent and the effect of the belt and road initiative. the questions include the sustainability of the projects, but also sustainability in terms of the debt and the debt load. - [narrator] beijing's unsettled relationship with taiwan presents another potential destabilizing force in the unlikely event that it escalates into conflict. - since neither taiwan nor china really want an escalation, they would each have to make terrible miscalculations to create a situation in which there is an escalation. it's always possible. people can blunder into it. - china has actually shown a great deal of nuance, strategic patience, wisdom here. i would be very surprised, and very disappointed, in chinese statecraft, which has generally been careful if chinese statecraft decided they had to go overly dramatic with

china's raping us. china's taking our jobs. >> wow. i'm glad you're here. you know what i just noticed, i listened to it this morning, i want to say before we go, it was at 6:00 a.m. we heard president trump on fox. he said he's looking forward to the summit. there was a good chance june 12th would happen. fast forward two, three hours. >> yeah. >> i understand it was a taped interview. it was a taped interview but the white house could have said to fox before 6:00 a.m. this morning, let's hold off on playing this. things may have shifted. interesting to me. >> unpredictable. >> unpredictable. we have just minutes away from hearing live president trump. it's going to be the first public comments we've seen from him on twitter already since calling off the upcoming meeting with kim jong-un. we'll bring that to you live. dear foremothers, your society was led by a woman, who governed thousands... commanded armies... yielded to no one. when i found you in my dna, i learned where my strength comes from. my name is courtney mckinney, and this is my ancestrydna s

exports to china in many instances china is the largest export market for u.s. commodities as we spoke about a moment ago including soybeans here discuss the spread kaufman the author of bet the farm how food stop being food fred thank you for joining us let's get these basics done first we talk about gene splicing and people think it's you know this futuristic stuff but it's been done for years you know what are genetically modified organisms g m o's and how big a business is g.m.o. patterning do a little explainer for us. well thank you bart i mean you're absolutely right this technology in some way shape or form has been around for a while it's recombinant d.n.a. and the idea is you if you can move and shift the d.n.a. of some sort of biologic then you've actually created a new biologic you've created intellectual property and you can patent it i think maybe the easiest example is is something like insulin which has been around since the one nine hundred seventy s. it is a genetically modified product and with the growth of global obesity it looks as though j

china barriers and tariffs to come down for first time. president trump had previously criticized china for exporting more goods to the u.s. than vice versa but now the agreement should begin to reduce america's three hundred seventy five billion dollar trade deficit with the nation china is also pleased with the deal and with it the avoidance of a difficult trade war. we believe that the chinese and u.s. governments reached a good agreement and outcome acceptable for both sides of course both governments should honor such agreement with you. economists think the chinese government will now instruct companies to focus more on u.s. products but the agreement could be bad news for european firms especially german mechanical engineering and automotive companies who rely a great deal on the chinese market. but while it's a chinese u.s. trade truce relations with the e.u. are not as core deal german cars popularity in the u.s. is a thorn in trump side he maintains it erodes america's car industry so he's asked the commerce department to conside

one good thing is that it brings us together china and germany china new european union that we speak together about how can we progress free trade germany hopes that china will use its economic clout to stop the u.s. from further undermining the very free trade it used to stand for it there are no illusions in berlin that beijing can ever become the kind of ally washington will always be. but. when we talk about china we are aware that we face a partner whose values a political model are far from what we perceive to be right civil society is unable to articulate itself as it can in north america and europe so talks are totally different level accompted on quote it after more than a decade in office merkel has learned how much germany needs good relations with china and that those usually come with strings attached so just like the pound is that balances to which on loan and not a gift those new common interests may not be here to stay. well let's bring in our political correspondent thomas sparrow he's on the story for us tonight here in berlin good evening to you tomo so here we hav

consider illinois tool works what does that have to do with china? it has 45 businesses in china. no wonder the stock rallied $3 today. how about 3-m? its chinese business is growing by double digits surge call mask-- surgical mask, that's part of their biggest sellers because of the poor air quality. let's not forget about two other obvious ones i'm talking about fedex and ups. these two companies have spent fortunes building out their chinese exposure there was a possibility the chinese government might ensure that ups and fedex's planes get stark on the tarmac while chinese planes went out ahead of them of course, let's not forget the obvious, we know that apple's growth depends on chinese sales. apple manufactures a great deal of its product in china, so it was always thought to be protected. but that didn't stop many from fearing a possible iphone boycott. what b-- few consumer stories ar more dependent than growth in china than starbucks starbucks is opening a new china location every 15 hours. nike, 8% of the chinese footwear industry is theirs in each case, what matters is

is relaxing a heavy handed response to big climb is that true what are your thoughts i think china china has to users there's big going and then there's blocking the block she was actually incorporated in the last five strategic five year plan from the chinese government angulo april twenty eighth announced a one point six billion dollar investment on blocking startups three offices free human resource of or handled the bank of hong jules getting involved in moving loaning money to blockade startups onto of course the home of ali baba is financial a financial book two hundred fifty billion dollar i.p.o. we talked about it before max trying to so far ahead it's been fifty times the rate u.s. has in mobile payments shenzhen is also known as something similar to compete with one job changes the whole of concern in many high tech companies so china is big on the blocking the p.t.o. see people's bank of china has already done trial runs with their own cryptocurrency now leads into crypto they're not such a big banner because they want to like every other government they try to control your mo

germany's trade with china jumped to an all time high of $218 billion last year, making china its biggest trading partner and outstripping its trade with the us which was worth $201 billion. that figure was therefore seconds. german carmakers are among the big winners. they are now the biggest foreign players in china with almost 21% of the car market. for luxury cars it's more than two thirds. but germany wants to see china allow more foreign investment. critics say china is allowed to buy up big stakes in german firms, but not the other way round. this year the boss of chinese carmaker geely became the biggest shareholder in daimler, the owner of mercedes—benz, in a $9 billion deal. they have been talking very much on free trade and more open trade, but very little has happened in practice, up until now. they have opened up some sectors. but there is a big gap between the openness of europe to chinese investment and chinese openness to the european investment. first we have to conclude investment negotiations, then we can probably look further in terms of deepening our trade relations

the us and china say they will hold ta riffs the us and china say they will hold tariffs putting a trade war on hold. and there are record shattered on the auction block as a bottle of whiskey fetches more than $2 million. the us trade war with china is on hold after the world's largest economies agreed to drop their tariff hold after the world's largest economies agreed to drop their tariff threats hold after the world's largest economies agreed to drop their tariff threats while hold after the world's largest economies agreed to drop their tariff threats while they hold after the world's largest economies agreed to drop their tariff threats while they work hold after the world's largest economies agreed to drop their tariff threats while they work on hold after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement. officials from washington and the —— dacey and beijing say they are setting up a framework for addressing future trade barrett —— imbalances. it is said at his achievement for both sides. for now, this nascent tr

can penalize more of china's exports to the u.s. than china can penalize u.s. exports to china. so that's where he sees that. that brings up the big question, what do they want here? the case that ustr bob lig lighthiser brought goes into intellectual property. so that pretty much would hint that the u.s. wants a broad -- china to take a broad look at its own industrial policies. on the other hand, do they just want china to agree to buy more u.s. products? the u.s. maybe to buy a little less chinese products and balance that $375 billion trade deficit and call it a day. they're positioning themselves on either side. >> if you have questions about the trump administration's trade policy, now is a good time to ask william baldwin. mitchell in indiana, line for democrats. go ahead. >> caller: good morning. thank you so much for c-span. yeah, me and 1500 other people lost their jobs due to nafta in lawrence county. i am proud our president is putting these tariffs on things. and i was just curious, sir, is there a reason our government will not stop all this leaving america jobs? i

usjobs, how china was taking us jobs. he talks about that a long time. in fact all this conversation about the steel and aluminium industry is about protecting the jobs of us workers, a huge u—turn, because china's second largest telecoms company, zte, the us has a ban on that company, and it's causing financial ruin for them. they are at the point of collapse because of this export ban. do we know what led to this ban in the first place? it goes back a couple of years. a couple of years ago, zte was trading with iran and north korea, both countries the us had sanctions against, and because they had components in them that were made in the us, that's why it was particularly problematic. last april, last month, rather, the us implemented this export ban, so no american companies can export to zte. this is a big problem for them because one third of their products have components made in the us. chips, semiconductors or even google‘s android software. that's used in the product, so it was predicted to lead to a loss of

and china. shipments abroad rose 7.8% compared with forecasts of 8.7%, while inbound deliveries rose just under 6% against estimates of a near 10% gain. this led to a surplus of $5.6 billion. italy's populist party has agreed on a prime minister, bringing a government closer as warnings grow louder about eurozone stability. they are expected to propose a cabinet later on monday, although have yet to announce any names. france warns the new administration must respect state commitments and not threaten the common currency. global news, 24 hours a day, powered by over 2700 journalists and analysts in more than 120 countries. i'm paul allen. this is bloomberg. >> thank you. equities --are up, we are talking about these andng of trade tensions, they say terrorists are on hold after beijing pledged to increase their purchases of american goods and services. let's bring in tom mackenzie, live in beijing that the latest. a fairly noticeable change in tone from both sides. >> that's right. some positive

china. it is going to take some new innovation, some further trade some newopment, processes and products to get -- to keep the economy is growing. right now, the global economy is in a good state. terrence: hank? >> i don't want to repeat what ben said. i think you nailed it. he got it right. the only thing i would add is i spent a lot of time with business. when i talk with ceos of global companies, i have had a number of them say they can't think back over the last 10, 15 years, when they have seen anything as attractive as they are looking because over parts of the world, most parts seem to be firing on all cylinders. a so it is a terrifically positive environment. but the sorts of things i worry about, that then didn't mention, mention, are not just rising protectionism, but higher levels of government debt around the world. -- when there is a downturn, because there will be a downturn, policymakers will not have as much macroeconomic flexibility in terms of lowering interest rates or f

china barriers and tariffs to come down for first time. president trump had previously criticized china for exporting more goods to the u.s. than vice versa but now the agreement should begin to reduce america's three hundred seventy five billion dollar trade deficit with the nation china is also pleased with the deal and with it the avoidance of a difficult trade war. really we believe that the chinese and u.s. governments reached a good agreement an outcome acceptable for both sides of course both governments should honor such agreement but you know. economists think the chinese government will now instruct companies to focus more on u.s. products but the agreement could be bad news for european firms especially german mechanical engineering and automotive companies who rely a great deal on the chinese market. but while it's a chinese u.s. trade truce relations with the e.u. are not as core deal german cars popularity in the u.s. is a thorn in trump side he maintains it erodes america's car industry so he's asked the commerce department

china barriers and tariffs to come down for first time. president trump had previously criticized china for exporting more goods to the u.s. than vice versa but now the agreement should begin to reduce america's three hundred seventy five billion dollar trade deficit with the nation china is also pleased with the deal and with it the avoidance of a difficult trade war. we believe that the chinese and u.s. governments reached a good agreement become acceptable for both sides of course both governments should honor such agreement which you know. economists think the chinese government will now instruct companies to focus more on u.s. products but the agreement could be bad news for european firms especially german mechanical engineering and automotive companies who rely a great deal on the chinese market. but while it's a chinese u.s. trade truce relations with the e.u. are not as core deal german cars popularity in the u.s. is a thorn in trump side he maintains it erodes america's car industry so he's asked the commerce department to consid

we are seeing ships within the steel sector in china. within the steel sector in china. how do you see this playing out? >> it has been extremely interesting. trends that started many years -- it is going bigger, going to the coast. recently, a stronger environmental overlay as well. last 12 to 18 months, it has been overlaid by the supply side reforms. margins for the steel industry have been much healthier. this is driving a continuous demand for higher quality raw in -- and iron ore. as we will share later today, we think these differentials will be sustainable for two thirds of what we have seen last year. david: you are saying that these major shifts in the chinese steel sector will be driving higher demand for the high-quality stuff. the ability across many of the steel mills in china, we are at half compared to several years back. the off sick, say that this will actually drive demand for the lower quality stuff. how would you respond to that? >> the us seen the steel -- we have seen the steel industry at zero profit or low profit for many years. in the recent 18

property by china. joining me right now, one of the most respected investors in the world, kyle bass, the chief executive officer of hayman capital company. good to see you, kyle. thanks for joining us. >> you too. maria: let me get the macro story from you and your reaction to the jobs numbers out on friday. the number of jobs it was weaker than expected, we know, even the unemployment rate falls below 4%. what was your take? >> well, you know, my view on jobs is you have to think about what our government is doing. with the tax cuts we're going to stimulate our economy by $350 billion over the next 12 months. it's back-end loaded toward 2019. but we're stimulating while we're at full employment. so we, at our firm, believe that is going to leads towards inflation and it's going to lead towards wage inflation. if you look around the world and look at how much money the global central banks have printed. we look at the world as global m-2, money around the world divided by global gdp. that ratio is the

and sells to china. the fate of zte will be important to any progress. it was effectively forced out of business as a result of last month's us ban on buying american components. it was found to have breached a settlement for illegally selling telecoms equipments to north korea and iran. more broadly both countries have threatened each other with import tariffs — something which doesn't concern the us commerce secretary wilbur ross. the commonest department's recent enforcement actions against the te, china's second largest telecoms equipment manufacturer, essentially caused them to cease operations. president trump tweeted yesterday that we will review that action but it does demonstrate china's dependence on us technologies. we hope we can make a fair deal that if it doesn't happen, the trade tit—for—tat will not be economically life—threatening to the united states. that was wilbur ross. dr yujie is head of the china foresight programme at the london school of economics. today, as the mentione

pc in china in april. one area where they relaunched miniany video app, -- video app, this is a defensive move, trying to regain user engagement. they are seeing some potential app.ts from tictoc tencent is a management execution. this is early in the face of the cycle -- phase of the cycle where they invest into the video app. they mentioned it last night. they will leverage a lot of their professional content on music, on videos, to allow leveraging distribution platform and really attract user attention. betty: we were talking about wechat, reaching a billion users, and how they are almost saturated in china. now they are looking to overseas from our growth. can they replicate that success another markets? >> it is hard to say because they did try a few years ago to penetrate into overseas market, like in india. they are ignoring that expansion plan a little bit. it looks like they are using the payment as another potential in southeastusers asia to continue to use more and more wechat. philippines, it

china is a 25%, ten times hours. efforts over the past decade and a half to negotiate broad changes have failed in large part because of the unwillingness to make concessions, and if it's significant role in the global economy. so china, the world's largest car market is effectively closed to our exporters. this isn't fair trade or free trade and there's an even more bizarre outcome regarding mexico. nafta was to become a protective wall around the united states, canada and mexico for our collective benefits both nafta didn't stop mexico which had the abu terrace from sliding beneath hethe signing a free-trade agreement with europe at present mexican producers to enter europe duty free while auto producers from the united states remaineremain subject to the 10% tariff. automakers seeking exports to europe the ride several times more benefits from this normally again from the lower mexican labor cause went into the plant to mexico. similar examples were found throughout the world. in addition to problems with the wto

this had a production sites in china to avoid to tariffs it's good for them that china is also reducing the duty sun car parts so even those producing inside the country will benefit. in the case of b.m.w. and dime learn the tariff cuts could boost profits for them by one billion euros china is already two worlds largest come market and its relevance is rising by twenty twenty one and treat passenger cars sold globally will hit the roads in china. producers will probably keep possibly some of the cuts onto consumers some are already looking forward to it. i wouldn't be able to buy luxury goods such as carson watches or lower prices. german chancellor angela merkel is probably happy about the improved tariff conditions however during her state visit to china on wednesday she pressing for more that her market access for foreign companies and intellectual property rights are at the top of her agenda. though is this really a step in the right direction or kind of trade war be. on the vote his will humbug institute of international economics come to the show or how viable is this announcemen

it's not just china. when i think of trade with china i'm also thinking about what they are doing to help us with peace. with north korea. that is a very important elements. we will see how it all works out. in the end it will work out. i can't tell you how or why. but it always does. it's going to work out. thank you all. for theis your vision long game with north korea? is it two korea's peacefully coexisting? or would you like to see reunification? pres. trump: you will start off with two korea's. it's going to be up to them whether they get together. that border was artificially imposed many years ago. and imposed to a certain extent by us. it is artificial, but it is a border that succeed and that is what you have -- that took seed and that is what you have. right now we are looking at two korea's, two very successful korea's. you can have a successful north korea and you already have a successful south korea. south korea was in a condition as bad as north korea when they started this experiment that

how do you see china approaching this dispute? is this an area where america has got a completely wrong, or is there room for china to open up its markets? >> first of all, i would like to emphasize that in china, i was not involved in regulation of the trade issue, which is not part of my authority, but historically, i did some work as a deputy of the state council when i was overseeing the issues with the united states. the trade, between the countries, it is very fast-paced, very often we are holding consultations. i believe that we must act in a reserved manner and we should not be emotional about it. the chinese president xi jinping once stated that china is not afraid of anything. but it doesn't make sense for china to provoke an instance. it doesn't make sense for china to provoke an instance. we believe in any case we need to avoid any trade war because there won't be any witness in such a war. like the case was in the example of the war between england and france. 100 years it lasted. in the textbook, there's only one lin

can only win if china wins. china can only win if the u.s. wins and the world can only win if both win. it's pretty much that simple i then ask cook, does he feel in some way insulated from the trade fight because of the very investments he's made in china cook saying, never going to say we're insulated from anything but we do many things in china we have people there focused on everything from manufacturing to development and i think we have become a key part of the community. finally as for as ongoing legal fight with qualcomm, cook saying we've never wanted to be in this lawsuit. we went into it reluctantly because we had no choice if they begin to admit the problems, then we would love to find another approach. also you mentioned that $100 billion buyback. no time table here on implementing that buyback but gene munster estimates about two years. carl, back to you. >> timeline on that was one thing we did not get last night, josh thank you for that >>> for more on apple, let's bring in nomura instinet's i.t. manager. >> thanks for having

might take against china could slow exports from china to the u.s., slow down their gross domestic product, so it seems like there is definitely some incentive for both sides and china to avert the worst that could happen which is no deal at all and a full-blown trade war. does beijing actually want? is it possible? >> what they would really like is to just back off. they want the u.s. to just drop this big terror threat. the head of the pboc had an interview recently said this be dealte plus must with russia. it is a long-term structural issue. own specificir demands. they want the u.s. to stop its investigations in china's acquisitions of sensitive u.s. technology. they want them to address this on one of china's biggest telecommunications companies, tied into the north korea sanctions issue. this could make a big difference and it reallyess, doesn't make sense. they want the u.s. to lift their ban on integrated exports. another interesting story i think is in the past, trade talks that china was involved in were handled by the commerce ministry. now, they are being handled by the centra

and china. china offered to buy more merch goods, slashing the u.s. trade deficit with china by more than $200 billion. reuters is reporting that china denies this. china may struggle, though, to buy $200 billion more. it bought only about $130 billion last year. its two biggest purchases, planes and soybeans. a deal could ramp up sales for boeing. china is its second largest market or eliminate the current tariffs on $4 billion worth of u.s. farm products. also unclear, what china wants in return. though the u.s. is already working to lift a ban crippling the chinese tech giant zte. >>> trump administration set to announce a new rule today aimed squarely at planned parenthood. clinics that provide abortions or even discussed options would be stripped of federal funding. the new white house policy would force those services to be performed in a different place and by different employees if that facility is to keep federal funding. >> the leak that have horrible john mccain joke leading to some operational changes in the white house communications offi

china's the big one. to take advantage of us on trade the way we've been taken advantage of until you want to strengthen multilateralism a concussion marcus music is very important you can see clarity for a situation and looking forward to the trip that was two of the great days of my life being in china. also coming up on the day the passing of an american literary giant will reflect on the wife and the works and obsessions of philip. lose in the do everything or lose in the as a runner yeah i fear it at the end of every book. or we begin the day with two leaders who rely on each other economically and have little in common politically the german chancellor angela merkel and the chinese president xi jinping and yet when they look towards washington they both see the same puzzling president donald trump it is ironic that the cantankerous and callous style of donald trump may be forcing germany and china to cozy up together in ways that would not have been imagined just two years ago but that is how you ca

or in china. especially american tech companies in china will face real concerns about privacy and the sanctity of their information and the need to censor and be in the chinese market. these trade tensions increased suspicion on the chinese sentiment in record companies are going to make it more difficult for american tech companies to find a good foothold in china. history doesn't always rebuke itself, as we have seen with north korea -- history doesn't always repeat it self as we have seen with north korea. have realistic is it the think they ever will? isaac: if there is a way for the rest position in a way that it is not china giving and to some of these demands by a compromise that beijing is able to sell domestically. this idea of reducing the trade deficit, if it is packaged on both the american and chinese site as a way for beijing to move its economy away from one relying on exports and towards the light on domestic consumption, which economists is a great way for china to go as well, an

china. what's happening now is that china is figuring out again the genetics they're figuring out how they're going to implement their livestock production and what they bought from this very old united states connecticut based company what they what they bought was the genetics now going forward it is their intellectual property it is no longer ours i got it that reminds me of the the super cows in california all the genetic splicing that help those cows produce more milk let's talk a little bit before we go fret about production ag moving to china you know we produce all this stuff we've got a lot of land but they've got a lot of land and if they are developing these really high tech if you will gene splice commodities and livestock do we run the risk in the us of losing out alternately to things being produced whether it's livestock or commodities in china . there there is no doubt that that is where this is heading and that's why the united states really has to gird itself when china whe

but i did wonder why china had suddenly decided to compete with france and italy in china tomato sauce isn't even on the menu. i speak to here is investigating the circumstances behind this new trend. i discovered different kinds of tomatoes genetically modified tomatoes which are still largely unfamiliar nearer. these are two later that are very firm fruit you can drop them they were old first. i discovered a misunderstood and fascinating industry an industry born from the success of italian destroyer money. and reinvented in the united states in china by a few entrepreneurs who turned it into what they call bread gold. in california i met one of the leaders. this industry a multimillionaire obsessed with efficiency and success. in italy i saw work is exploited in africa farmers facing ruin. for the past two years i've been collecting source's juices soups concentrates peel tomatoes and catch up from around the world the story i'm going to tell you is not simply about the canned food it's a story about the sometimes absurd nature of our globalized world. it's winners. and it's losers

msi china, i'm guessing. will be, but i am looking at what will be more important for strategy in this part of the world. he will be on to give us his views and talking about trade, trade wars, how does it all shake out. ising to make sense of it michael smart, coming on this program from washington dc. inclusionk to msci and these strategies, always good value. we'll be talking about some of the data and how he has been raising a few eyebrows. that's a list of what is coming off. ramy: thank you very much. stand by for bloomberg, and have a happy friday. rishaad: markets are wary. terrorist of blame, the white house confirming penalties against some of america's allies. samsung returning to trade without their chief executive. he has quit amidst short sellers .oncerns hear coming up, the crowded sports car market welcomes a

if china wants to do this, the last point i would make is even if china is a huge exporter, consumes 866% of the steeler produces, so most of what they produce is turned into downstream products. as i said windmills, washing machines, auto parts, aircraft parts. these are the things they are exporting to the rest of the world again with subsidized stupor they understand it. its strategic. it's what they use to conquer world markets not just in these products but all kinds of high-value added and national commodities. that's why it's important to cut this out of the root of the problem. >> if folks are living in a community where maybe over the past ten, 15 years they've seen job losses in washing machine parts and aerospace and some of these other things are talking about, that is potentially related to chinese overcapacity in steel even though they might not know that's one of the sources of the problem, is that right? >> absolutely. china is the largest export of manufactured products in the world and a source of half of our trade deficit in manufactured goods. and many of the part

of which china was around the 500 billion dollars mark. billion.$800 if that an amazing thing to even think about? trade. $800 billion on we will not be doing that any longer. zte?at's happening with pres. trump: zte was a company i xike with with president because it was very harmful to their job security as me to do that and i would do that. i like him and he likes me. we have a great relationship. he asked me if i would look at the cte -- at zte. it was my administration that put strong clamps on it. it wasn't president bush, it was me. i put strong clamps on zte because they did bad things to our country. they did bad things to our economy. portion ofuy a large their parts for the phones they make. they are the fourth largest in terms of that industry. they i those parts from the united states. that is a lot of this myth. we have a lot of companies that won't be selling those parts. but the president of china, president xi asked me to look at it and i said i would look at it. is aing we do with zte small component of the overall deal.

but i did wonder why china had suddenly decided to compete with france in italy in china tomato sauce isn't even on the menu. i speak to here is investigating the circumstances behind this new trend. i discovered different kinds of tomatoes genetically modified tomatoes which are still largely unfamiliar in europe. these are tomatoes that are very firm fruit you can stop them they won't first. i discovered a misunderstood and fascinating industry and industry borne from the success of italian destroyer mini. series and reinvented in the united states and china by a few entrepreneurs who turned it into what they call red gold. in california i met one of the leaders. this industry a multimillionaire obsessed with efficiency and success. in italy i saw workers exploited in africa farmers facing growing. for the past two years i've been collecting source's juices soups concentrates peel tomatoes and catch up from around the world the story i'm going to tell you is not simply about the canned food it's a story about the sometimes absurd nature of our global ice world. it's winners. and it'

eric: now to china and trade back to gordon chang, author of the coming collapse of china, gordon, beijing has agreed to narrow the deficit somewhat, but not by what the white house wants? >> the white house wanted 20 billion-dollar number, commitment, chinese refused to do that, we have seen in the past, chinese say, we will buy more american goods, it rarely works out. i'm concerned about this, also we have to remember, they are going to buy more agriculture products, u.s. only has, for instance, so many soybeans right now. we sell more to chinese, we are not sell to go traditional customers. so, you know, this is not a win for u.s. trade overall. eric: what would you like to see? >> i'd like to see for instance a commitment on the part of china to get rid of made in china 2025 initiative, its industrial policy, big assault on the world trade obligations that they have. also, you know, i'd like to see the administration impose those section 301 tariffs to protect u.s. intellectual property, the chinese steal it, if we are not protecting innovation, eric w doe don't have an economy. eric:

and from china's perspective, the demands on the made in china policy and the surplus are a long way from where they want things to be. the divide between these two sides quite clearly articulated. we did have this big delegation within it, the likes of navarro and have always taken a pretty strong stance on jenna and aggressive stance on the relationship between china and the u.s. it seems like their views have prayed out test played out slowly. so laid pretty bare. betty: sounds like mountains too big to climb now. where do we go from here? it is pretty unclear. we heard from president trump over the weekend saying he was determined to rework the trade relationship with china, saying don't be fooled into believing the deficits are a good thing. so he was hinting he would be taking action of course. 22,u.s. set a deadline, may after which they can then impose the first round of $50 billion worth of terrorists, -- worth of overall is $150 billion worth. there is no timeframe around the talks, but one thing is both sides will continue negotiations but won't have any dates or places fo

goods out of china. when one of the meetings where they raised the problem of the so-called mad cow problem, i pointed out to them that both the president and i eat quite a lot of american beef and other than the fact that we are in public office, there are no signs of mental instability as a result. [ laughter ]. >> thank you. and i would point out for our viewers online and our viewers of the live broadcast that in this room, there are a number of people who are not members of the working press. so any reaction you hear is not necessarily that of the working press. >> i assume she is working to the applause and laughter with that. >> or anything. [ laughter ]. >> do you or the president dispute intelligence agencies' warnings on cyber security risks on zte phones and if not, how will the u.s. mitigate that? >> i have great respect for our national security agencies and our national intelligence agencies. the president and i and the rest of the cabinet get very detailed briefings every day and so i can

of china. when president trump was asked, what exactly, whether or not this risks leading to nuclear, risks, rather, leading to war down the line, the president suggested that he knows exactly why there was a change in posture, with the north koreans. he did not say exactly why. but president trump has said in the recent days that he feels something had changed after xi xinping had met with the north korean dictator kim jong-un. bottom line here, as it stands at this very moment the summit between north korea and the united states some 19 days from now is off and it does not appear as if we have any sort of firm commitment as to when or if that ever might take place. neil? neil: just trying to follow the timeline here, blake, in talking to our own brian kilmeade the president did intimate he thought it was still on. i believe that was happening last night. i'm wondering if these comments that the north koreans were making about the vice president might have just unsettled him or enough to say,

-china trade talks closely, which are now underway. in beijing lead by treasury secretary paul mnuchin. the evening edit starts now. john: now ending 5 higher. day's volatile swings reflecting uncertainty over the trade meetings between u.s. and china in beijing, nicole is joining me live from the floor of new york stock exchange. reporter: you say the market down about 400, turned and finished green. that chart that moved to green late in the day, you could thank some industrials like boeing and 3m. but s&p 500 and nasdaq not able to squeeze out the gains, here are winners losers, boeing a big mover. up 2%, nike and ge under pressure. apple, had a great week up about 9%. take a look up -- it is at 176.89. tesla analysts have never heard a call like this, elon musk saying he was bored, they were killing him with the questions, he interrupted analysts who were asking about profits for company, stock down 5 1/2%. >> at closing bell we heard from twitter, they had a glitch your password may have been unmasked and they urge everyone to cha