there's a kind of choice for any chinese leader makes about which ght of chinese history to adopt. even in the ming dynasty you had periods when china was exploring, the greatest explorer was out sailing with his 300 ships, and then soon thereafter the ming dynasty close back down. down. they burned all the ships in the same dynasty. >> peter the great versus others that you he. >> right. >> to what extent, is it even possible t know, how do i put this? that this is now the reality for the foreseeable future? or to what extent does he the t to put in real roots, or to what extent is there real pushback? >> a lot of questions rolled up in that. i think we can say fairly -- >> that's a -- >> i think we can say fairly he is amassed institutional power. as i mentioned control all those committees and commissions. he has hand selected the standing committee on the politburo and all the center commit himself. he is at various parts of the bureaucracy pledge loyalty to xi jinping himself as opposed to the party. he's done a a very good job of amassing this institutional authority. the que

in the chinese market all chinese football is willing to pay what that's worth. and. this building in beijing is chan and square is where china's dreams of football glory are being hatched. the government wants to bring the world cup to china and ideally become world champions. football is an important part of president xi jinping strategy for becoming a sports superpower. even though it's wrong for spa if that is a football has for we'll publish shouldn't be underestimated so i'd love to be a global superpower you also need to be a cultural influence and you know for. instance with international cinema which generates enthusiasm and excitement and if so china's working on creating something like hollywood. football works in the same way it generates enthusiasm and creates a feeling of unity in a country if you do shaft in my. throughout much of its history china has wielded power and influence. president xi jinping is looking to position china back at the very top sport as one way to generate enthusiasm and strength. football is perfectly suited to that goal. in ques

not just chinese companies trying to buy u.s. companies, but american companies trying to sell high-tech products to china try and step in and stop exports of high-technology products in the area china's trying to create for their 2025 program. it looks to be a big week for china u.s. relations. but otherariffs, things the u.s. is trying to do. manus: we just talked about the trip at the top of the show. look at the yuan. down for eight days in a row, longest losing streak since 2016. the rrr is supposed to be supportive, but it looks as if it is almost weapon icing the currency. -- weapon icing the currency. reporter: when the fed raised rates, the chinese did not raise rates. we are looking at a rising interest rate differential. the central bank is stepping in and adding this $108 billion of money that cannot be unleashed into the economy. they are making an effort to support growth, the deleveraging program. that will have an effect on the currency. i guess the hope is that it would have an effect on the stock market, which w

pillsbury called chinese aggression. that's not my term. it is a term that was introduced in the 2017 national security strategy and then on the column here is the over 50 past policies and practices that china engages in in order to promote its economy worldwide. if you can say that one picture is worth a thousand words, this matrix is worth about a half a trillion dollars a year that contributes to the trade surplus of china using these various policies and practices, most of which are outside the bounds of international trading order. before i do that, let me just step back for a minute and talk a little bit about the administration's trade policy and trade philosophy. the president, president donald j. trump has made it clear that he's a free trader. he has made it aabundantly clear that for his administration trade should be free, fair, reciprocal, and balanced. and in a world where we had free, fair, reciprocal and balanced trade, we would have zero tariffs. we would have zero nontariff barriers. we would have zero subsidies to indust

in the chinese market all chinese football is willing to pay what that's worth. and so for. this building in beijing his chin and main square is where china's dreams of football glory are being hatched. the government wants to bring the world cup to china and ideally become world champions. football is an important part of president xi jinping strategy for becoming a sports superpower. even though it was five that a football has for we'll publish shouldn't be underestimated so i love to be a global superpower you also need to be a cultural influence and you know. instance with international cinema which generates enthusiasm and excitement and if the sunshine is working on creating something like hollywood. and football works in the same way it generates enthusiasm and creates a feeling of unity in a country if you do shaft and i. throughout much of its history china has real good power and influence. president xi jinping is looking to position china back at the very top sports is one way to generate enthusiasm and strength. football is perfectly suited to that goal. includin

the chinese government? if the chinese company is investing in some technology, some business, something going on, as a practical matter, should we see that as the chinese government doing it? >> i would say the degradation -- but whether you have a wholly-owned state-owned company that is an element of the chinese government or a private company that the chinese government still has leverage over back in china, there may be a spectrum of risk. but at no point in that spectrum , is the risk at zero. ms. bingen: china international law says that all organizations and citizens shall support, cooperate with and collaborate , in national intelligence work. mr. thornberry: that's what i thought. mr. bacon? mr. bacon: i know cfius has an important role and we need to protect our technology and make sure it is not being sold or exported. i heard from a couple of companies that thought they were unfairly limited. and i want to know from the d.o.d. perspective shouldn't we have an appeal authority to say, cfius gets

in the chinese market or chinese football is willing to pay what that's worth golf is a scheme and. this building in beijing is chanon main square is where china's dreams of football glory are being hatched. the government wants to bring the world cup to china and ideally become world champions . football is an important part of president xi jinping strategy for becoming a sports superpower. force five feel that a football has for will publish shouldn't be underestimated so i'd love to be a global superpower you also need to be a cultural influence and you know for. instance with international cinema which generates enthusiasm and excitement and if the china's working on creating something like hollywood. football works in the same way it generates enthusiasm and creates a feeling of unity in a country if you do shaft and i. throughout much of its history china has wielded power and influence. president xi jinping is looking to position china back at the very top sport is one way to generate enthusiasm and strength. football is perfectly suited to that goal. including shine everythi

it's also what the chinese government tells us. if you read, for example, two documents, medium to long-range planning document in 2006, it pretty much lays out these industrial policies that are used to promote the chinese economy. and then, of course, there's the now banned in china, apparently. they banned their own policy. china, made in china 2025, this is extraordinary. this is a policy which came out with great fanfare. it's referenced repeatedly in different government documents as you can find and now there are reports out in the press that chinese themselves are suppressing that as a way of not letting you know that the intent of that report is to put forward a set of plans that would capture 70% of the production of the emerging industries of the future within seven years. extraordinary. as president trump has said, if we lose the industries of the future, we won't have a future. so some of you at least have the chart as a handout, and it will be up on the web available to you, but let me just now walk through what the c

the chinese government. last year there was a federal lawmaker who had to resign basically after he was linked to chinese links to a businessman were exposed. since those laws were introduced the parliament, those relations have deteriorated further. dip mating rlings relations between the two countries have been in a deep freeze. rishaad: how do you think beijing will look at it? how did they react and r-how are they expected to react? >> we can see by the reaction in the past six months or so. they are very anowed by the way this is being presented by the australian government. not necessarily the legislation itself but the way they are accused around the edges of meddling in australian government. there has been talk by australian exporters in beef and wine, their shipments to china have been held up in chinese ports and they have been linking these diplomatic disputes to those delays. the foreign minister last movept directly blamed -- months directly blamed australia. and a chinese ambassador to austral

if a chinese company with close ties to the chinese government healthess to american records, banking records, that information could be used, for example, for espionage purposes. works in thewho state department and owes a lot of money to the banks or is deep in debt, has four kids that are about to go to college, maybe that person is a better target for an espionage operation. concern is this growing that information is power. , whensomething that cfius theas established in 1970's, never dreamed of. we don't want the chinese to control the company like that. but now, it is a much broader , if in theings that wrong hands, could be an issue. host: we are talking -- cory: there have been cases of individuals arrested in the u.s. who are charged with -- you are targeted by chinese spies because they knew these people were in dire financial situations and they have been charged with passing on sensitive american secrets to these chinese individuals for the beijing government. so there are tangible cases related. it is not theoretical at this point. host: is the focus on china when it com

but the chinese economy is doing quite well at the moment. how much of a difference to think that makes to how chinese people view the situation? even though the chinese economy is doing well, but i think the fact will be quite widely spread, because camino, agriculture products, those from the united states are affecting the food and meat price in china. that would affect the ordinary chinese people's life. we worried them in this case. what kind of global impact will this haveif what kind of global impact will this have if this gives escalating, on the lies and pockets of people at home? in general, the household price will go up, for sure. —— lives. given how much punishment united states is given to china, this will really have a ripple effect across europe. we will all end up in the sinking ship in this case. what next? what you think will happen next? what is your prediction? my modest prediction would be that the chinese ministry of commerce would somehow offer a list of tariff positions to respond to what the us has dubbed this wo

chinese americans, 13,000 of themerve in world war ii and there were only 120,000 chinese americans living in the united states. so 13,000 represented 25% of the le adult population. and they were serving in the war. so my father-in-law was part of this. and also alan yee was part of the flying tiger. so what i would like to do -- i'm just honored that they're here and could make it. so i will call them up and if you would like to say a word or two and i'm sure that my colleagues here will be very patient with you. alan, you come up first, dale, and ronald third. okay, alan? al so if we have a little patience with him. he's tired. alan, thank you very much for being here. [applause] >> supervisor yee: dale king, would you like to say a few words? they have a combined age of 280, these three people. >> board of supervisors, i'm delighted to be here today. i'm excited to be here. i urge the supervisors pass the resolution it urge the congress to recognize the chinese who fought in world war ii. we have recognized japanese. we have recognized filipino. it's time we recognize the chinese. than

and china after washington moves forward with tariffs on chinese goods but beijing answers back. italy and france call for changes to e.u. migration rules following their dispute over a ship full of refugees. the head of the pakistani taliban is killed in a drone strike in afghanistan. and we'll have the latest on the well come up and russia as portugal's one out of banks that. welcomes the program a trade route between the world's two biggest economies china and the u.s. has escalated president donald trump says he will impose twenty five percent tariffs on fifty billion dollars worth of chinese imports saying the u.s. was being taken advantage of what beijing promised to retaliate quickly with its own tower of twenty five percent on u.s. goods also worth fifty billion to start in july ellen fisher has more from the white house. u.s. president donald trump has been hammering china on trade for months and a key or take morning on the white house north lawn where he held a surprise news conference he confirmed he was going to act we need protection everybody take him as the europe

the reopen of chinese markets, chinese stocks already languishing and near to your lows. we have chinese stocks futures pointing lower, falling another 20% since january when donald trump slept those solar tariffs on china. the index is likely to drop this week into a net year-to-date loss. testing the 200 day moving average. that meeting that took place a week ago in singapore, one later commitment seems to be being fulfilled. let's get the first word news from paul allen. >> south korea's defense ministry said a joint military drill with the u.s. plan for august has been suspended. commitment made by president trump at last week's summit with north korea's kim jong-un. kim is reportedly on his way to beijing for the third time in as many months to brief president xi on the summit and discuss negotiating tactic. theresa may has suffered a defeat on -- setting up about a without the commons on wednesday. lawmakers in the blood to house passed an amendment to ensure parliament can direct the final stage of negotiations. meanwhile, even leaders are considering issuing a for

this is around the chinese heavily censored internet. they push the bounds of a separable public debate in a this can lead to jail time. china and the european union have promised to oppose trade protectionism. they said unilateral actions and push the world into -- they say it could push the world into recession. china and the eu are firmly opposing lateral is an and protectionism. triggerions could turbulence and even a recession. president trump has accused both aging and brussels of unfair trade. hasu.s. supreme court thrown out a government lawsuit. they prohibit merchants from steering customers to lower fees. it deals a blow to retailers looking to reduce the $50 billion to see if that pay to credit card companies each year. global news, 24 hours a day on air and on tictoc on twitter. powered by more than 2700 journalists in more than 120 countries, i am jessica summers. this is bloomberg. kathleen: let's get an update with sophie. see the nikkei 225 up by .5%. profitability improves, -- elsewhere, we are seeing u.s. futures tick

chinese americans, 13,000 of them serve in world war ii and there were only 120,000 chinese americans living in the united states. so 13,000 represented 25% of the male adult population. and they were serving in the war. so my father-in-law was part of this. and also alan yee was part of the flying tiger. so what would like to do -- i'm just honored that they're here and could make it. so i will call them up and if you would like to say a word or two and i'm sure that my colleagues here will be very patient with you. alan, you come up first, dale, and ronald third. okay, alan? alan? so if we have a little patience with him. he's tired. alan, thank you very much for being here. [applause] >> supervisor yee: dale king, would you like to say a few words? they have a combined age of 280, these three people. >> board of supervisors, i'm delighted to be here today. i'm excited to be here. i urge the supervisors pass the resolution it urge the congress to recognize the chinese who fought in world war ii. we have recognized japanese. we have recognized filio. it's time we recognize the chines

it was not what made chinese civilization so glorious. it was the chinese culture. chinese culture is very aware of this. they are consumers of other people's cultures. like to see enemies in the united states. clearly, japan is an example of the country that exerts cultural influence outside of asia. leadership, the goal would be to surpassed her panic in that regard as well. i am forgetting a very important criteria -- but those would be the criteria by which a chinese leader could say, we are now back to where we belong. there is a fifth one that i mentioned in my remarks, the complete recovery of all loss national territories, and i am looking at you, taiwan. as long as taiwan remains politically separate from the mainland, in the issue of to its rightful place in the world, will remain incomplete. >> we have not addressed north korea quite as much. -- referringewing to a certain type of theater. applicable to the joint forces at large. if you could talk about the role the ground troops you can widen the scope out more generally. >> we have talked a lot about no

let's have a look at chinese banks. odee market, the auction peri coming to an end come a bit of bank andfor china ag icbc. they have been on a record 14 day losing streak, all down partially to the yuan. despite that, analysts clinging to their bullish forecasts on these lenders. let's bring in a banking analyst. what is going on? >> since the market peak of january 26, the sector has come down 22%. that has been underperforming msci china hang seng index. during the last market downturn, been banks had outperforming the indices. i want to highlight it has been stronger than last time. banksd: you expect these to power through all this yuan weakness and stock market downturn and emerge stronger at the end of it. eventually share price will reflect fundamentals. banks we cover make grow earnings more than 8% on average. int is compared to only 2% 2015, 3% in 2015 -- 2016. those banks could be growing profits by 10% average, so you are seeing a stronger profit outlook boosted by margin widening. bad loans is the picture

he did not stop at the chinese. after the exclusion act was made permanent, he pursued the exclusion of nap knees, asian indians and even said horrible things about filipinos on the floor. exclusion acts of 1923 and 24 did bar asians, but imposed literacy tests, imposed quotas on people from other nations including eastern europe where julius kahn was from, and julius kahn did not vote in favor of either of those subsequent acts, and so that shows that he had this particular annimus against asians, and so he really did pursue -- he had a racist agenda. we have reached out -- we spoke with the jewish community relations committee, and they reached out to local jewish historians, who have confirmed our research, including a researcher named fred rosenbaum who has gone onto say the jewish communities in the east looked to jewish leaders in the west and said what's going on? they were horrified at this campaign that was driven from the west coast, and they were concern thad it would spread to the immigration policies wo

in the chinese market all chinese football is willing to pay what that's worth. and so for. this building in beijing is chanon main square is where china's dreams of football glory are being hatched. the government wants to bring the world cup to china and ideally become world champions. football is an important part of president xi jinping strategy for becoming a sports superpower. even though it's wrong foods five that a football has for we'll publish shouldn't be underestimated so i'd love to be a global superpower you also need to be a cultural influence and you know. for instance with international cinema which generates enthusiasm and excitement and it gives the china's working on creating something like hollywood. football works in the same way it generates enthusiasm and creates a feeling of unity in a country if the shaft in my. throughout much of its history china has reeled in power and influence. president xi jinping is looking to position china back at the very top sports is one way to generate enthusiasm and strength. football is perfectly suited to that goal.

in the chinese market all chinese football is willing to pay what that's worth. and so for. this building in beijing this gentleman square is where china's dreams of football glory are being hatched. the government wants to bring the world cup to china and ideally become world champions. football is an important part of president xi jinping strategy for becoming a sports superpower. even though i it's all false five that a football has for we'll publish shouldn't be underestimated so i love to be a global superpower you also need to be a cultural influence and you know. princeton's with international cinema which generates enthusiasm and excitement and it gives us a china is working on creating something like hollywood. football works in the same way it generates enthusiasm and creates a feeling of unity in a country for the shaft and i. think. throughout much of its history china has wielded power and influence. president xi jinping is looking to position china back at the very top sport as one way to generate enthusiasm and strength. football is perfectly suited to that go

in the chinese market all chinese football is willing to pay what that's worth. and. this building in beijing is chanon main square is where china's dreams of football glory are being hatched. the government wants to bring the world cup to china and ideally become world champions. football is an important part of president xi jinping strategy for becoming a sports superpower. even though it'll force five feel that a football has for will publish shouldn't be underestimated so i love to be a global superpower you also need to be a cultural influence and that's another key you know. for instance with international cinema which generates enthusiasm and excitement and if the china is working on creating something like hollywood. football works in the same way it generates enthusiasm and creates a feeling of unity in a country if the shaft and i. throughout much of its history china has wielded power and influence. president xi jinping is looking to position china back at the very top sport as one way to generate enthusiasm and strength. football is perfectly suited to tha

billion of chinese goods. chinese equity at their lowest level since 2016. lost liquidity, recalibrating a world run by fed hawks and doves from the ecb and boj. and new pain, no gain, em equities sink, yields rise. is this time really different? david: welcome to "bloomberg daybreak." i'm david west and with alix steel. it is the world cup. this is himin, speaking at the opening of the world cup. saudi arabia versus russia. look at the hand gestures. russia won 5-0. you can see him saying, what are you doing to us? alix: vladimir putin saying, we are just better. they totally crushed them. david: this is not customer tennis. this is, we will be you no matter what. alix: did it feed into oil conversations. pump more oil, because we are better at soccer. risk off tone on this friday. s&p futures down by about 11 points. euro-dollar is up. still heading to be the worst week for the euro since november of 2016. a monster fall yesterday, but nonetheless it feels trade wars could be winning out today. spread, and this does not seem far-fetched. 1%.e down by 3/10

the chinese exclusion act when the chinese and americans became allies in world war ii. san francisco's a city of inclusion. our parks should celebrate inclusion now and carry that message for generations to come. thank you. >> supervisor yee: thank you. >> good morning, supervisors. my name is lindsey kwak. i'd like to give litit more background on julius kahn. he did not stop at the chinese. after the exclusion act was made permanent, he pursued the exclusion of nap s, asian ans and evenaid horrible things abouton the floor. exclusion acts of 1923 and 24 did bar asians, but imposed literacy tests, imposed qas people from other nations including eastern europe where julius kahn was from, and julius kahn did not vote in favor of either of those subsequent acts, and so that shows that he had this particular annimus against and asoeeall did pursue -- he had a racist agenda. we have reached out -- we spoke with the jewish community relations committee, and they rehed out to local jewish historians, who have confirmed our research, including a researcher named fred rosenbaum

the chinese don't see it that way. normally when you have these misperceptions the outcome is not good. emily: remind us why the chinese president believes and how this will impact his made in china initiative. amy: i think this will just reinforce his belief that china does have to in digitized technology manufacturing. i completely agree that the uncertainty here is overwhelming in part because president xi and his government don't understand what the united states wants to achieve here. so they have tried to use some diplomacy to buy their way out of this trade war. promising to increase purchases of american goods and services. president trump today says that is not enough. we want to deal with the underlying issues harming the u.s. economy. that is china's unfair trade practices. the chinese believe these are national security issues. national security issues will not be part of trade negotiations with the united states. once again, this makes me believe that we are in for a tough time. both sides cannot make conc

so some local chinese residents, white sympathizers, who supported the chinese community, launched a letter writing campaign to officials and with the help of the chinese government commissioner to the fair, they eventually got that attraction closed. but it didn't mean there wasn't anti-chinese sentiment anymore but they got that shut down. in 1939, china was already at war with japan, japan invaded china so china is deeply i am ed in this war with japan so the government of china did not send a delegation to the fair. they did not erect their own building but the local chinese community actually raised a great deal of money to erect their own chinese village, which was placed on -- also on the midway of the 1939 fair, which was then called the gateway, and they erected a huge chinese village with chinese acrobats, theater, artisans, producing traditional craft, in that way, the chinese community was very much a part of that 1939 fair. >> you grew up in san francisco? >> i grew up in santa rosa, just north of san francisco. >> i want to go back to something earlier you said, fire of

the us threatens a further 10% tariff on $200 billion worth of chinese goods. nose dive — another low—cost carrier's set to announce a spiralling loss. we take a look at the challenges facing the aviation sector. and the markets in asia are headed in one direction thanks to the latest trade threats firing between the us and china. let's bring you more on the trade story dominating. president trump has just threatened to impose an additional 10% tariff on $200 billion of chinese goods in the latest turn of events in the us—china trade dispute. the move could be a major escalation of the row which threatens to take the us and china into a trade war. paul blake reports from new york. this announcement is the latest twist in what is becoming a tit—for—tat trade dispute between the world's two largest economies which could spiral into a trade war. last week the trump administration slapped 25% tariffs on up to $50 billion worth of chinese goods are prompting ageing to threaten retaliation. donald trump says he will impose a 10% levy on $200 billion worth o

versus the chinese right now. scarlet: and to add the products that will not be hit with tariffs, consumer goods will not be hit by the tariffs. looking ats really china 2025 and seeing what they can do to tackle that. you just said it obviously plays into what you would hope to be greater negotiations, and we have known on the chinese side, we were speaking to steven mnuchin as well. in light of the fact that the president that this morning that if we get chinese retaliation they will consider further tariffs, and we also had the trade representative as well, bob lighthizer, saying there will be more restrictions on chinese investment in the united date coming in the next two weeks. where does that leave any form of teacher trade negotiations and willingness on the chinese side to come forward here with options? that is the big question, and also the question of willingness on the u.s. side. basically, if the chinese respond, there will be more tariffs. so of course the chinese have already said they will respond

on chinese investment. our guest has some strong views presidentxi, saying he sparked a global backlash that transcends the u.s. and we will see a china's going to cave, given soe trade tensions we have seen. 2012 -- china 2025 has failed in that regard. >> trade is the big question, not just what does it mean for the u.s. economy and growth in other nations around the world, but also if market volatility continues in stocks and bonds. haidi: and that inflation question as well. we will be live in shanghai at the mobile world congress, the seventh year running for this event. we'll talk about the possibility are the potential of the internet of things in china and the rollout of five g across china. that's it for "bloomberg: daybreak australia." this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network

if a chinese company, with close ties to the chinese government, had access to millions of americans' health records or banking records, that information could be used, for example, for espionage purposes. if they know who works in the state department and owes a lot of money to the banks or is deep in debt, has four kids about to go to college, maybe that person is a better target for an espionage operation. so there is this growing concern that information as we all know is power. and so it's something that when the committee was established in the 1970's was never conceived of. as i said before, energy companies, gas companies, steel companies. obviously a defense contractor. that would be a clear alarm bell. we don't want the chinese to control the company like that. but now it's a much broader range of things that if in the rong hands could be misused. cory: i would note we're talking about theoretical concerns from an espionage perspective. there have been cases of individuals being arrested in the u.s. who are charged with -- targeted by chinese spies because they knew these pe

the chinese middle class is asking for solutions to a lot of problems in society and the chinese companies have become very was onset of. it means that we as western companies cannot rest in all laurels, we need to keep increasing our competitiveness. but it also means that chinese companies are becoming more competitive also on a global level. for china to encourage that development, the pampering and protection that we are seeing with discrimination against foreign companies has to stop, in order to expose these companies to full and fair competition, so they can take the next step? tom: despite these challenges, whether it is the regulatory environment or that increasing competitiveness, european companies were doing very well on average. 66% of them. being that revenues are up in 2018. what is the standout in this? mats: pharmaceutical companies, medical devices. one of the reasons they stand out i should say, european companies are becoming more successful because they are very nimble. they are adapting to the market situation, they are capping costs. but we need to do so much more in

side, restricting chinese investment in the united states. this move on tariffs was pretty well telegraphed. trump said he was going to react very strongly on trade with china. fact we havete the now confirmed that china has agreed on this merger, which was part of the trade negotiations that china said they would agree zte was allowed to get back into business. that is where we are at. -- china will respond to these tariffs once they are initiated by the united states. haidi: have we heard anything from beijing? tom: not officially. we know from sources that beijing will retaliate in kind and quickly, once the tariffs are officially imposed by the united states. china has said all of these discussions and agreements around britain -- ripping up its imports -- ramping up its imports, deals would be put on ice if these tariffs were imposed. there is always concerned about an official measures being imposed on u.s. companies operating in china. china says it wants to avoid a trade war with the united states, but has to be shown it to be taking

well the chinese risk boycotting apple, that is a trillion dollar question more than 1 million chinese in some way work on apple's product. what is bad for apple is bad for the prc. the chinese economy depends on our market a heck more than we depend on those. i think president trump will take the pain. our economy is strong enough that he will let boeing and caterpillar, and united technologies get hurt. same for proctor and gamble, beverage companies or yum china. we hear that the chinese have more than a trillion dollar in treasures and can hurt if we dump them. that is nonsense we know many u.s. outfittins wat to do business in china. same for most of the techs like ibm, intel, cisco and microsoft. but, that is a t rex which has fangs. f.a.n.g does little there. facebook hasn't been able to crack the market neither has amazon, nor netflix which stock was up huge today. and alphabet's google. google hasn't been willing to play play. f.a.n.g is going to rally the most because f.a.n.g isn't china. china is now gm's largest market still the stock got hit today just like boeing some are

it is a plan that the chinese government came up 2025. it is a plan that the chinese government came up with in 2015. it is essentially a roadmap for china to use it in a strength, making things, to help china become great and the future. to achieve that, china needs to up read what it manufactures. the year 2025 is just the first step to it by 2025, china wa nts to the first step to it by 2025, china wants to raise the quality of everything it manufactures. it wants to integrate digital technologies into industrial processes, leading to the creation of global brands you andi to the creation of global brands you and i would purchase, but from china. by 2035 they want chinese companies to be ahead of everyone else which means read through the major industries and leading innovation in the strongest sectors did itand innovation in the strongest sectors did it and by 2049, innovation in the strongest sectors did itand by2049, 100 innovation in the strongest sectors did it and by 2049,100 years after the founding of new china, the country aim

chinese markets. this is causing you want chinese, but not the enforcement trying to weaken the yuan. anna: what is the next stage of this story? parts of asia, their currencies, the countries that rely on china for demand. do we see that contagion of the week yuan spreading? -- weak yuan spreading? on how the dispute between the u.s. and china evolves. whether this will scale down or escalate further. there is a good chance that they will implement further import i think this will strengthen the dollar further. further import tariffs should be inflationary in the u.s., particularly in the u.s. economy that is running at full capacity. this should strengthen the dollar further on a broad basis. on the other hand, yes, the chinese economy outlook is worsening. i would not underestimate the power that the chinese authorities have over their economy. dampenve been able to any downward spiral in the chinese economy in the past. i think they would do so in the future. recently, we suck quite a significant

chinese americans, 13,000 of them serve in world war ii and there were oy 120,000 chinese americans living in the united states. so 13,000 represented 25% of the male adult population. and they were i t war. so my father-in-law was part of this. and also alan e was part of the flying tiger. so what i would like to do -- i'm just honored thaty' here and could make it. so i will call them up and if you would like to say a word or two and i'm sure that my colleagues here will be very patient with you. u canme u first, dale, and ronald third. okay, alan? alan? so if we have a little patience with him. he's tired. alan, thank you very much for being here. [applause] >> supervisor yee: dale king, would you like to say a few words? they have a combined age of 280, these three people. >> board of supervisors, i'm delighted to be here today. i'm excited to be here. i urge the supervisors pass the resolution it urge the congress to recognize the chinese who fought in world war ii. we have recognized japanese. have recognized filipino. it's time we recognize the chinese. thank you. [applause] >> supe

from part of jack ma's loss of chinese retailing. it is now investing in bricks and mortar as well as other asian companies that are in this phase, including a big company in singapore. it looks like it is decided that silicon valley is not the place to be, and with these continued investment curbs from the trump administration, we are not likely to see that change anytime soon. rishaad: thank you so much for that. haidi: jodie snyder bloomberg senior international editor. a down day when it comes to japan heading off to the lunch break. the yen story a big downside headwind there. >> machinery makers and electronics under pressure. .etailers sliding we saw retail sales in japan fall by the most in two years. automobile stocks gaining ground. that is a snapshot of what's going on in japan. this is bloomberg. ♪ this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcas

billion of tariffs on chinese imports, the chinese government will do the same thing. retaliate in-kind with $50 billion on u.s. exports here to china. they are planning on doing that shortly after the list from the white house becomes public. that final list of chinese products to be taxed. once this comes out, you can expect the chinese to put their list out shortly. soybeans and beef and cars and fruit and small airplanes. the things the u.s. has an advantage on in terms of what they send to the chinese. the big question here, dave, is what happens after this $50 billion in tariffs from china. $50 billion in tariffs from the united states. this is the beginning of of the trade war? the president -- beginning of the trade war? the president retaliates he could put $150 billion on chinese tariffs. where does it go from here? >> game on. matt rivers, thank you. >>> house republicans circulating a draft bill to overhaul the nation's immigration system. members are expected to vote on it next week after weeks of intense negotiations it is still not final and changes coul

intel and -- intel and texas instruments, they need access to the chinese market. f this -- if this escalates further and china responds, market access will become an issue in it could have a significant effect. emily: so at this point, is the chip industry more of a bargaining chip? pun intended. [laughter] u.s.: look, china needs semi conductors and the u.s. government knows it. china consumed almost $150 billion in semiconductors last year, and of that they only produced about 10 billion or 20 billion, so they had a trade deficit last year of $130 billion in semiconductors, most of which is u.s. related. this is a country that has a ,025 plan to be a leader in 5g in artificial intelligence, and autonomous driving, and there is no way they can do it without intel, and the deposition tools from applied materials. so i think that china will ultimately have to work with the u.s. to reach an agreement. and you know, this uncertainty we are facing is probably temporary. i think in the short-term you have an industry that is seeing strong fundamentals across most ,very

where the chinese economy is. it is slowing down, and for very good reason because they are getting a grip on some of the systemic problems. if they look at the strength of the consumer, consumption is the main driver of growth, not investment anymore. there is a lot to like in the china investment space. we like the earnings of the chinese banks, and we think clients can raise closer to that. we have been pulling some clients into structures around the chinese banks. obviously, no one in the investment community loves this we are seeing with all the tariffs, but firstly, this would take a huge escalation to get any kind of really significant increase in the overall tariff applied to u.s. imports. i think the u.s. imports or something like $2 trillion a year or something. we would need to see this really escalate beyond that. secondly, if you have a very pessimistic view about your trade relations breaking down, if you think about it, one of the hedges would be to on the domestic chinese companies in china, becaus

about aoncerns crackdown in chinese investment in the tech sector. new hardshipngs a for this market. >> yeah, and this trade talk has been a negative for stocks. snapshot, a look of a we are going to go really quickly through this. are seeing bonds higher, yields lower which is impacting banks. we will get a gold by the way at the six month low. down a mostly percent for the month, the biggest drop since september. oil will get you off to the races with a number of factors. let's go to some of the charts because what you really see will follow through some of the energy stocks higher on the strong rally in crude, and we saw a lot of tech go lower. -- a very strong stock at the top has been splunk . panel, the the next bond yields lower, for 13 days and this is a record. it has a lot to do with the 10 year yield being lower. there is concern about the impact on interest rates and the bank profits. lastly, let's take a look at media because a big not -- nod to disney. they get antitrust approval to buy the assets from fox. it puts a lot of pressure on

goods if the chinese do that. there is no indication that the chinese are not. we're monitoring this very closely with the dow down close to 300 points. nicole petallides, on what's telling right now. >> oh, yeah, we're seeing selling across the board right out of the gate this morning. what is interesting the traders see this very much as a buying opportunity. they have used this throughout the year. every time there is a big dip, they step in and buy. right now the lowest point on the dow is 419 points. we're down 1.1% on the dow jones industrial average. and no doubt, tariff-related stocks are selling off. industrials and materials. we're looking at some names that are dragging on the dow. you know that it goes right in there, those industrials. we're seeing aerospace names, boeing, industrials like caterpillar. 3m. boeing, caterpillar, down 3 1/2% each. only here at home. those are the moves. what is happening we're seeing accelerated selling abroad particularly in china. we saw chinese stock market selling of

chinese government subsidies which many foreign countries say that allows chinese. an ease to use goods and flood the world market with cheap goods so these structural changes how they vote will be much more difficult for china to commit to than the specific targets that the u.s. is seeking and florence just briefly we've seen a number of events in the past two days the u.s. imposing tyrus on its allies in the g seven finance ministers responding angrily so what impact is all of this having on those u.s. china talks if if any that's right so it was quite surprising that the u.s. went ahead with tariffs on its allies and it's going to make it more difficult for the u.s. to come to find other countries who are going to come together and want to confront china what they say are china's unfair trade practices because remember many of these countries also share the same complaints against china intellectual property theft chinese subsidies allowing overproduction and therefore world markets being flooded with cheap goods especially steel and aluminum because a large part

presidents plan to rejuvenate the chinese economy and its redevelopment. if you get to that stage it will be a key sticking point. good to get your take on that, miranda, thank you. let's take a look at some of the other stories making the news. the board of german car maker volkswagen has failed to come up with a new leader for its audi division, after a six—hour emergency meeting. it comes after chief executive rupert stadler was arrested as part of the investigation into emissions test cheating. fujifilm has sued the firm xerox for over $1 billion for breach of contract and damages. the printer and photocopier company walked away from a planned merger earlier this year. the deal would have seen xerox merge its business with an asian joint venture, the company it operates with fuji, handing fuji majority control. an australian court has fined apple $6.5 million for refusing to fix iphones and ipads that had been serviced by third parties. australia's consumer watchdog took the tech giant to court last year following complaints from users about faulty d

>> may have wanted to lower chinese companies to list there. xiaomi doingg at it after their ipo, and other companies are considering it. they have not done that well so far. getting the big tech companies to list in china, so getting hon hai to do that allows them to curry favor with beijing and allows them to hold on to 90% of check -- of shares and bring in strategic investors. beijing wins because they get to say we have this massive chinese company. haidi: thank you so much for that. foxconn industry rising by 20% in the premarket limit in its shanghai debut. this is bloomberg. ♪ this is bloomberg. ♪ not strong enough at the moment to close business. up premarket against this backdrop of tech stocks under pressure globally speaking. the nasdaq on the way down. place.meeting is taking we saw the japanese prime minister land there. gdp in japan was wait worse than economists had been calculating, the contraction .6%. looking ahead to trade data out of china in the next couple of hours. looking at foxconn and these markets in shanghai and

as they gain from that confrontation only to see if chinese the chinese deny such commitments the chamber of commerce president tom donahue toady similar line saying this is not the right approach and in that regard we now move to a trade war and today we focus on china as we were just discussing and the united states to help us out we're joined by our team is correspondent alex mo hyla bitch a trade effort from toronto and from our new york studio artie's chinese experts caleb thank you both for joining us fellas alex let's start with you give us some detail on what the business round table in the chamber are saying. so the same business people that were loving the tax cuts and loving the deregulation are not loving the tariffs against china so much because they say that retaliatory tariffs from china are going to hurt a multitude of industries in the states including manufacturing farming and of course consumers in general now we have one guy here and this man really stands out when his voice is heard i think we've got to listen we're talking about gary cohn he's a former head of the na

chinese americans, 13,000 of them serve in world war ii and there were only 120,000 chinese americans living in the united states. so 13,000 represented 25% of the male adult population. and they were serving in the war. so my father-in-law was part of this. and also alan yee was part of the flying tiger. so what i would like to do -- i'm just honored that they're here and could make it. so i will call them up and if you would like to say a word or two and i'm sure that my colleagues here will be very patient with you. alan, you come up first, dale, and ronald third. okay, alan? alan? so if we have a little patience with him. he's tired. alan, thank you very much for being here. [applause] >> supervisor yee: dale king, would you like to say a few words? they have a combined age of 280, these three people. >> board of supervisors, i'm delighted to be here today. i'm excited to be here. i urge the supervisors pass the resolution it urge the congress to recognize the chinese who fought in world war ii. we have recognized japanese. we have recognized filipino. it's time we recognize the c

today she is the chinese outreach coordinator for the weaker human rights project and joining us via skype is ryan a professor of history at loyola university in new orleans he is the author of the book the secret. history welcome to the stream both of you i want to start with a personal story we got a couple of them on twitter and of course we're not able to independently verify all of the facts and people are sharing them and they're resonating so should the mining size i haven't been able to talk to my family for almost two years now when there is quick contact they asked me to use chinese rather than week there i just got to know that my dad was taken to one of the camps three months ago and he had heart and leg surgeries just not long before that he continues that my dad is a law abiding citizen and the only reason i can make sense of his detention is that he travel to dubai and turkey even by saying this i'm already risking further arrests of my other family members. what do we know about the camps who gets put into the camp. cation camps before talk about aria education camps