well i think it has _ undermines the wto? well i think it has shown _ undermines the wto? well i think it has shown quite - undermines the wto? well i think it has shown quite to l undermines the wto? well i i think it has shown quite to the contrary the importance of a multilateral organisation like the wto. so in her inbox as you would say, she has got the reform of the wto on the agenda, which is to say to make the dispute settlement aspect of the wto work better. and both the us and the eu are engaged in that right now so the big players are really engaged in that. she has got to relaunch the ministerial process which has been stalled because of covid. so they will because of covid. so they will be a big meeting on this on the end of the air. and the connection with this relaunching of the organisation under her leadership. they have to really show some progress on a number of stalled talks on new agreements. as you can appreciate, the wto agreements were put in place over 25 years ago and has been little progress in moving forward with some multilateral agendas in ter

it is not looking likely that will change at the wto level. what i do see is a scenario that access will be opened up. it is a question of how quickly this can happen. if we look at antiretrovirals for hiv-aids, we don't want to be in situation where access to those kind of drugs take decades and years and years. i am hopeful covid-19 vaccines will become more widely available but it is the speed we need to be putting pressure on. >> if speed is the issue, we had these vaccines that are already in place. if speed is the issue, is there a danger we don't get the vaccine out enough, it will mutate and these vaccines may not be as efficacious anymore? >> definitely. this is the major worry that a slow rollout will encourage more variants and vaccines will not work anymore and we will have to be looking at new boosters and new vaccines. we don't want to have this endless cycle. >> it is incredible of humanity is at play and yet the world cannot seem to agree on getting this vaccine to everyone. the country is -- the countries blocking the wto appr

to understand this, we have to think back 20 years since china joined wto. the past 20 years have emphasized the non-economic consequence of trade. why do i say that? trade has economic benefits, but the problem is sometimes they lead -- trading does lead to security consequences which is not economic. if a nation trades with north korea, economically speaking, the companies involved in the bilateral trade would benefit commercially, but kim jong-un is going to get the surplus on trade and invest that in his nuclear program. this is a classic example of what in economic literature is called security externalities of trade. when the u.s. engagement with china -- the assumption was there would not be as such severe security externalities, but what turns out to be not quite true is that china has been getting stronger in its own model. this is why secondary blinken emphasized new international order because that is different from what the chinese government has in mind. host: go ahead and finish. guest: my research focuses on analyzing propaganda talking points

guy: you are the chief economist at the wto. we have just seen a major trade issue in the form of the blockage in the suez canal. can you give me the impact you see as a result of that? are we done with that now, or do you think there will be more lasting consequences? robert: i think the important thing to realize is that supply chains are subject to shocks every day. whether they are domestic or international. the suez canal is a big potential chokepoint, but on a normal day, it is a facilitator of trade. i don't expect to see big knock on effects. some estimated around $9 billion a day, about 20% of global trade on a daily basis goes through the suez canal. largely it was delayed. i don't think many goods were ruined. so i think the overall impacts are pretty small. the things that are adversely affected, they not going to be happy. alix: for me, when i look at what happened in the suez canal, what is happening in the l.a. port, where there is massive congestion now, biden clearly once to onshore things like semiconductor pro

the wto, all would agree needs major reform. steve: how do you respond to that? part of playing with a full deck is the security dimension. seem to have sideload, play the security card at some levels, but not play the economic or trade one. is that smart? >> that's a problem. active the trump administration, one of my criticisms even though i served in it was coming out of the gates strong on the military, base defense budgets, and one of the first actions was pulling out of the tpp. even worse we did a repeal and not a replace. we said we would do bilateral trade agreements and it lacked for years. on the positive side, they worked with congress on the build act and looked at creative ways to be an enabler for u.s. foreign investment in critical regions like southeast asia. that is coming online in getting underway. delete of u.s. economic policy has been our private investment overseas. i am more optimistic there than on the trade globalization. the politics have been decimated on both sides of the aisle. steve: vladimir putin has been out there saying that th

anchor: the wto is debating the production and distribution of covid-19 vaccines, kate. analyst: especially an issue in the developing world. the newly appointed director general has urged the private and public sectors to devote more resources to the development and distribution of the covid-19 vaccine. manufacturing facilities could be converted to produce vaccines within six to seven months. that is half the time frame that had initially beenargeted. mber stateshould drop or reduceestrictions on expting vaccine and tackle problems in the supply chains. there have bee growing calls for pharmaceutical giant to share their research in an effort to ramp up vaccine output. the double eto is foreseeing -- the wto is overseeing discussions on whether to suspend intellectual property rules. solutions on that issue.for a warning that every additional day of vaccine shortage meant that people would pay with their lives. the u.s. house of representatives is planning its second vote on the 1.9 trillion dollar stimulus plan. it is a slightly adjusted version which was approved by

the wto is to host talks next week. if producers have joined forces, reducing vaccines developed by pfizer and johnson & johnson. activists say the deputy ocean open no way for intellectual property protections to be waived in this case, accusing the pharma industry of focusing on profits rather than saving lives. >> if we had the waiver, we could scale up production right now which would allow for diagnostics and medicine to get where they are needed most. right now, we see a trickle of vaines making it to the glol south and this is not acceptable in today's world. kate: as the world waits for more vaccines to come out. marco: that is the trade off the time. public interests -- make it a billable. thank you very much. top-notch. a short break for me and then more news after that. stay with us. r■ç■ç■ç■q■q■q■q■q■q■q■q■q■q■q■q■ 03/04/21 03/04/21 [captioning made possible by democracy now!] amy: from new york, this is democracy now! >> yesterday brazil recorded over 1700 deaths, the wors

born in nigeria, the first woman and first african to head the wto. she also wants to hit the ground running. she called to local vaccine production. she called for a deal to reduce overfishing. >> in 20 years, and 20 years is enough, that is my slogan. >> and finally, taiwan is striking back against anglin china by encouraging people to buy more pineapples. the ban takes effect on monday. taiwan says there is nothing wrong with the fruit. the government is encouraging citizens to support local farmers by consuming the tropical plant. taiwan's president posting photos of pineapps to her instagram. consumers have a lot of work to do. about 90% of taiwanese pineapple experts went to china last year. >> i guess they are doing their part for the advertising side. i did not know pineapples were a big taiwanese export. thank you for that business update. time for our focus report. today, we take you to afghanistan. peace negotiations between the taliban and afghan government recently restarted with the aim of ending the 20 year long conflict. since the star

making concessions to the wto. these are things that we have to keep our eye on. we will see their oldest goes. but it's important to work with our allies. we tried to do it and i would say there are certain allies. >> along the lines as bob mentioned this administration. with a gun. they reentered the who you are going back the paris lemon tree. they canceled the keystone xl pipeline. china is laughing all the way to the bank if this happens. whathappens when the keystone xl pipeline gets canceled and we stop leasing land . we become energy independent. we become dependent on nations that don't have our best interests at heart and those paying jobs , they go away. you can't just turn around and get the job at a solar manufacturing facility or company thatmakes wind turbines because those are all made in china .>> i think you fail to understand john kerry is going to fly those americans to china on his private jet and find them jobs in china. >> as we allowed north spring to come back online, this is certainly putting us in a strategic disadvantage and look was tr

with china, to understand this you have to think back about the past 20 years since they've joined the wto. in the beginning, the past 20 years theyst emphasized the non- economic consequence of trade whand why do i say that? as we all no, trade has economic benefits but the problem is sometimes they do lead to trading and that does lead to security consequences which is not economic because, think about, if nations of trade witha north korea, for example, right? economically speaking the companies and consumers involved in the bilateral trade would benefit commercially speaking but kim jong-un and would get the trade and invest in his nuclear program so this is a classical example of what in the academic literature is called a security consequent is of security externalities of trade soex when the u.s. economic engagement with china, the assumption was that there would not be such severe security externality. >> we leave this here to take you live now to house judiciary subcommittee hearing on criminal justice reform. live coverage here on c-span2. >> it is well-known that the miranda sup

wants to do multilateral work, that means bringing in countries notjust the uk wing stuff with the wto, for example, ratherthan uk wing stuff with the wto, for example, rather than just doing uk wing stuff with the wto, for example, rather thanjust doing its country by country. example, rather than 'ust doing its country by country._ country by country. thank you, really appreciate _ country by country. thank you, really appreciate your - country by country. thank you, really appreciate your help. - country by country. thank you, | really appreciate your help. inc. you very much. staying with relations between the uk and eu — and the president of the european council has been rebuked by borisjohnson for getting his facts wrong over vaccines. charles michel wrote in a newsletter on tuesday... the british government took issue with that. it summoned an eu diplomat to the foreign office to discuss what it descibed as "incorrect assertions." at prime minister's questions boris johnson said he wished to "correct" the record. let me be clear, we have not blocked the export of a single covi

manus: on wednesday, the wto is scheduled to issue is annual trade growth forecast. what will the upgrade be? the yearly update will come after a sharp upside of -- in 2020. and opec and allies will hold their meeting. they are unlikely to raise quotas. i think when you look at the brent contract this morning, the murban contract, both of those trading on the suez canal, the ship refloated. we move from one almost myopia, the suez canal, to this more substantial story. the biggest margin call in the history of all con -- all-time pewter not mine, not minded the reverberations of the $20 billion market call. it is sweeping. annmarie: it certainly is, from credit suisse, nomura, lines out of goldman sachs. what strikes me, nomura said they estimate the claim against the client may change depending on unwinding. how much legs are left in the story and how much could we see? manus: if you look at new more, the most since -- no more, they have -- if you look at nomura, they have fallen the most in a while. also the potential credit outcome. it is with credit suisse i thin

we engage with china and the framework of the wto, that didn't work out. i think it is regrettable that the u.s. did not join the transpacific partnership. that is a great opportunity to set a high standard that if china does not abide by, they wouldn't be able to join and be part of that economic surplus generated by the tpp. it is important for the u.s. to engage with its allies in a way that we create new surpluses in new frontiers of the economy, such as digital trade. we need to aim at setting high standards, effective standards such that if china does not follow the rules, they will not be part of that new system. i think that would be a better way to counter china instead of just cutting off trade and initiating a new cold war. i think that would be tremendously costly to the economy. if we create new surplus in a way that would preempt china from damaging the new rules, that would be more effective. host: on the second question, foxconn, the chinese company that opened in wisconsin and has since delayed some expansion, what are your thoughts? guest

you've become the first african woman to lead the wto . before that you became the first woman to be deputyprime minister here . notwithstanding the incredible nature of your achievements, how much importance does this place on the milestone and on the one hand they too can inspire leadership positions and maybe they might find that the world would not fall apart and maybe even become a better place but could this also be interpreted as obstacles faced by women have been removed and you can't make it to the top if you don't become a leader in some way, in other words it's all business as usual. so maybe could you help me how do we prevent that thinking, in other words women are in that position now any women will be successful in that position. >> i think this is a really serious problem that first i'll say having a woman being the norm or whatever you want to call it it symbolically is important for what you said. women need to see that they can do it. as julia said, there's nothing different between men and women and therefore there's no

i justst add a spopoonful this wto my maririnades...uran. ...to stirir frys... ...s.sauces... justst whisk it t in... ...b.brush it onon ...sautété it. it a adds a "cooooked all daday" ...that dodoesn't takeke all . better thahan bouillonon. don't t just make e it. make it t better ladies... check it out. so strong. so... not ripped. what're wewe talkin ababout.. thatat's the hefefty ultra a strong bagag hefty! h hefty! heftfty! (w(whispers) g gimme. (c(confused) g give me thehe ? get hehefty ultra a strong at a lowow price >>> i can't stop thinking about that creepy house with the crypt in the back. >> it only captioning sponsored by cbs >> it has been exactly one year now since this pandemic has been a part of our lives, and so many of our lives have been upended. i think the best way to describe it is our world has been fundamentally turned upside down. ( sung to tune of "one week" b y babaenaked ladadies )

richer members of the wto have blocked the move to waive patent rights to and prove production of vaccines for poor countries. the governor of that u.s. state of texas h loose and covid-19 restrictions in response to following infection numbers. all businesses are now allowed to reopen, and a state-white mask mandate has been lifted. some cities concerned at the prospect of a new rise in infections are continuing to require people to wear face coverings in public. many are already celebrating whathey see as a return of their freedom. correspondent: a different kind of texas barbecue on the day they have been waiting for, the mask mandate is history, and members of this biker club burn what they think i a symbol of suppression. ♪ >> it is an extremely happy day for us. we are elated. we put this indent together to invite the community to come out. it has been a great turnout. we are celebrating our freedom. that is what this is about. correspondent: at the university in austin, vaccination is undeay, but with new variants, many think it is too early to drop the mask mandate. >> we are now

on the one hand you're asking in the wto, to reduce tariffs and cut down nontariff barriers, at the same moment you have protecve measures insi the european union. this is not fitting together. and they are right. i think this is an excuse for other countries to establish similar protective measures. >> with vaccine rollouts in the eu having been comparatively slow, doesn't it make sense for governments to prevent vaccines leaving eu territory? >> no. we are living in an open world. and of course we have also some supply of vaccine coming from outside the european union. and you can easily argue, why should they supply for vaccine use in the european uni? no, it is a global problem and we need a global solution. vaccine against corona should be a public good. it is totally not acceptable if we have a contract with a single company and they are not fulfilling thebligion. regardless of where the company is based. d regardless to which nation this fact -- this vaccine should go. we have to stick to the rentable, if there is 8 -- to the principal, if there is a contract, both partners have t

and the wto, the very first woman president we have two women chief economist at the world bank we are very proud and very proud on the other side of the street and with the deputy managing director a fantastic dynamic woman we have grown management 20 percent in the last five years we still have some way to go. but this being said there is still a way to go for winning and economics to be equal to men. this crisis hits disproportionately. and we may feel the results of women in economics, not more unless we act. that's of this conversation is about what a leader like you can do to move more women in economics that it is rich and productive for the benefit of all. welcome. if i may how you made your choice to study economics and to major in philosophy with then he went to yale and concentrated your phd of employment and capital formation. you are very well known and howou many to be concentrated is helping you in your job today. >> first, let me say what a pleasure it is to be with you on international women's day to have a chance to talk about the progress you describe of women in our

i think that subsidizing experts, which under the wto you cannot do this explicitly, but you can do a number of other implied ways, which of course china does all of. by subsidizing exports instead of picking winners, we can encourage american companies to go out and compete in global markets and find where they are strong and build up sort of these industry clusters here. there may be a necessity to reshore certain industries in order to reduce vulnerability in the case of the conflict with china or things like that, but i think overall, there will be some areas in which the united states economy -- they will be lots of areas and we cannot predict them. inducing american companies to compete in the world market is pumping the market to discover what we are good at in this new emerging technological age. caroline: well put. bloomberg opinion columnist noah smith, we thank you for joining us. he writes columns on bloomberg. we have the fed coming up, right? romaine: i am told it is a big deal and there will be a special right here on bloomberg television. you can watch that tomorrow. w

policy that is previously followed quite close economic engagement to some extent of china into the wto allowing china to essentially get away with things he's getting away with he rejected that impose tariffs, he engaged in a technological cold war against china and it seems from the early days of the biden administration if it accepts a fundamental strategic inside and wants to go about it in dealing with china and a different way tell us about that and how you see the continuities in the changes that we can expect with regard to u.s. china relations. >> i agree with that assessment i think it's the most significant success of u.s. foreign policy under the trump administration and has been a recognition that china is by far the most important strategic competitor to the u.s. and needs a lot more attention needs to be responded to more adequately and that wasn't something that was done under obama biden and i do believe it agrees that indicated that joe biden when he first announced he was going to run was in a very different position the more accommodation in china doesn't matter it's

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policy that is previously followed quite close economic engagement to some extent of china into the wto allowing china to essentially get away with things he's getting away with he rejected that impose tariffs, he engaged in a technological cold war against china and it seems from the early days of the biden administration if it accepts a fundamental strategic inside and wants to go about it in dealing with china and a different way tell us about that and how you see the continuities in the changes that we can expect with regard to u.s. china relations. >> i agree with that assessment i think it's the most significant success of u.s. foreign policy under the trump administration and has been a recognition that china is by far the most important strategic competitor to the u.s. and needs a lot more attention needs to be responded to more adequately and that wasn't something that was done under obama biden and i do believe it agrees that that indicated that joe biden when he first announced he was going to run was in a very different position the more accommodation in china doesn't matter

with china's entry into the wto, mfn status for china, with so the entire midwest, the industrial base of the country lose manufacturing jobs all over the place. the conservative grassroots, people around the country on a pro-u.s. trade policy. it was only the leaders in d.c. were disconnected. steve: you mentioned a couple of things. i know you are not responsible for donald trump's foreign policy. seem to have a pretty good proclivity for vladimir putin. i understand that the impression that the president has sometimes is that we had cozy relationships where they were taking advantage of americans. i am interested as you look at foreign policy, i would largely agree with you on americans being exhausted from forever wars, like afghanistan. what was it about affinity that people thought they were seen for kim jong-un and vladimir putin, but kicking justin trudeau around. jason: that's a really good question. some of this gets confused in the media. i had a conversation with the president when i first worked for him. his approach to russia, and putin specifically, is that they might ne

policy that is previously followed quite close economic engagement to some extent of china into the wto allowing china to essentially get away with things he's getting away with he rejected that impose tariffs, he engaged in a technological cold war against china and it seems from the early days of the biden administration if it accepts a fundamental strategic inside and wants to go about it in dealing with china and a different way tell us about that and how you see the continuities in the rel. >> i agree with that assessment i think it's the most significant success of u.s. foreign policy under the trump administration and has been a recognition that china is by far the most important strategic competitor to the u.s. and needs a lot more attention needs to be responded to more adequately and that wasn't something that was done under obama biden and i do believe it agrees that that indicated that joe biden when he first announced he was going to run was in a very different position the more accommodation in china doesn't matter it's not a big deal he was knocked free of that very quick

. >> the head of the wto and others are calling for greater efforts to be made by advanced economies and countries to get more vaccine into development countries area you've just announced that you want to be over prepared in the us and what is the united states doing to ensure that these vaccines get out to other countries and do you favor a waiver of intellectual property taxes under the wto to ensure that that moves more quickly or what's your perspective on the kind of a third wave that would be just increasing? >> the president is deeply focused on the issue of expanding global vaccinations and manufacturing and delivery which will all be critical to end the pandemic. but as we've also said these first and foremost focused on ensuring americans access to vaccines as soon aspossible . in this time and we've obviously made a great deal of progress on that front area i don't have anything more to preview in terms of what that will look like. we first need to focus on we're still in a circumstance where there isn't enough supply for the number of americans who want to get the vaccin

broader influence within international institutions and whether it's a world health organizations for the wto and get into the sort of broader issue of competition for influence within the major international institutions. so looking down the road, how do you see this competition occurring within international institutions and some of it we saw with covid-19 how to be broke with our partners is a protecting in american democracy more broadly overseas. schiff: i think one of the reasons why, one of the any reasons why that russia has such a strong inference for donald trump, i think there's a strong case to be made that trump was a much better for china as well. is that, our relationships with allies atrophy, so badly over the last four years i went from being very positive constructive and essential to often relationships, hostility for they were hospital hostile to her closes democratic allies and embracing autocrats around the world. and 11 affair with kim and speaking about vitamin push and and his relationship with xi jinping. and with russia think china, there must've turned about with t

the wto. the first woman at a multilateral development bank. we have two women at chief economies of the world bank. we are very proud with our own. and we are very proud with the other side of the street. at the front, we have the deputy managing director. fantastic, dynamic woman. and we have grown our women in management by 20% over the last five years. janet, i admit we still have some way to go to reach parity. but parity we will reach. now, this being said, we cannot rest because, one, there is still a way to go for women in economics to get to be equal to men. two, this crisis is hitting women disproportionately. and we may see as a result actually fewer women in economics, not more. unless we act. and that is what this conversation is about. what is it that a leader like you can do to use your power to move more women in economics and to make it so the field is rich and productive for the benefit of all? so, welcome. if i make, i want to go -- may, i want to go into the first question, and it is how you made your choice to study economi

the wto. the first woman at a multilateral development bank. we have two women at chief economies of the world bank. we are very proud with our own. and we are very proud with the other side of the street. at the front, we have the deputy managing director. fantastic, dynamic woman. and we have grown our women in management by 20% over the last five years. janet, i admit we still have some way to go to reach parity. but parity we will reach. now, this being said, we cannot rest because, one, there is still a way to go for women in economics to get to be equal to men. two, this crisis is hitting women disproportionately. and we may see as a result actually fewer women in economics, not more. unless we act. and that is what this conversation is about. what is it that a leader like you can do to use your power to move more women in economics and to make it so the field is rich and productive for the benefit of all? so, welcome. if i make, i want to go -- may, i want to go into the first question, and it is how you made your choice to study economi

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and the wto. the proposal will give congress more of a role. it caused members of the billionaire family to pay $4.2 billion to help with lawsuits that drove the painkiller makers into bankruptcy. the price of bitcoin fell again today after it rallies that sent it past $61,000 for the first time. it fell below 55,000 dollars, still it has gained about 1000% over the last year. global news 24 hours a day on air and on bloomberg quicktake powered by 2700 journalists and analysts in 120 countries, i'm ritika gupta, this is bloomberg. ♪ >> we are working hard to make sure we get vaccine for our younger ages as soon we can. we are working hard for that to be the case. as soon as we could run through the trial, we are testing. jonathan: the modernity cofounder there. from new york city, along tom keene and lisa abramowicz, i'm jonathan ferro. equities not doing much on the s&p 500, all-time highs. the nasdaq up 62. in the bond market, yields within basis points. a huge conversation about capitulation, it is over. it is over. have we seen the capitu

and by the wto. the proposal would give congress more of a role. top u.s. officials are trying to rally asian allies around a common approach toward china. secretary of state antony blinken and defense secretary lloyd austin went to tokyo. blinken accused beijing of using coercion and aggression in places including hong kong and taiwan. more potential problems for the boeing 787 dreamliner. bloomberg has learned the company is looking at the flight deck windows of some of its 787 after it found out a supplier modify the production process. manufacturing has delayed the delivery of the marquis jetline. visa is delaying plans to increase the speed merchants pay when consumers use credit cards online. it will purse -- it will push back the charges until next april because of the pandemic. retailers have been asking for the delay at a time when consumers are especially reliant on online shopping. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. thi

make sure we get the global wheels rolling and global trade working, rules-based trade, i'm happy the wto has a new attorney general to help marginalize -- help modernize that organization. the small companies suffered a lot, and women, there is so much research showing that within suffered -- women suffered so much more in the pandemic than men. oecd cannot solve those problems but it can contribute and assist in the recovery, and hopefully we come out better on the other side. annmarie: that is cecelia malmstrom speaking to us yesterday. joining us is mathias cormann, oecd secretary-general candidate. you are in the race right now with cecelia malmstrom. she said she has the backing of european and non-european countries. what gives you the confidence you can win this race? mathias: four months ago, there were 10 outstanding candidates who put themselves forward, and indeed they all have strong backgrounds and cvs. we all bring unique experience and backgrounds. i am putting on the table my track record as finance minister. seven years with economic and fiscal policy and experience. i h

in the wto. top officials are trying to rally asian officials around of common approach towards china. antony blinken and lloyd austin had a symbolic first trip. they accused beijing of using coercion and aggression in places including hong kong and taiwan. potential problems bloomberg has learned the company is looking at the flight deck window after finding out they modified the production process. global news 24 hours a day on air and on bloomberg quicktake powered by 2700 journalists and analysts in 120 countries. this is bloomberg. >> the consumers at bank of america is 50 people spending $3 trillion and all these forms are spending more money than they did last year. that was before the pandemic. that bodes well. jonathan: the relief plan has been a big part of that. the bank of america chairman and ceo. good morning to you all, alongside tom and lisa abramowicz, i'm jonathan ferro. retail sales about 42 minutes away. the nasdaq up 6/10 of 1%. the s&p 500 of four. adding to the all-time hig

we think south africa and india for their proposal to the wto to waive patents for covid-19 until the end of this unprecedented pandemic. anchor: now, canada's health regulator approved the johnson & johnson vaccine. it's the fourth one to be cleared for use. prime minister jusn trudeau said the governor signed up for 2 million doses. it's also ordered millions from pfizer and moderna. trudeau promised to get enough doses to vaccinate all canadians by september. fifa president will hold a virtual meeting with the south american federation on saturday over players not being allowed to return from world cup qualifying games. manchester city manager won't let his players go because of coronavirus and quarantine concerns. south american countries have two qualifying coming up. english players face 10 days of quarantine on the return. this run of games may have to be postponed. >> no sense. go in there for 10 days, no training session, 10 more days, one week. we play for the league, just in case, and we don't play. i don't know what's going to happen, but they are not going to fly, fisher.

this airbus thing has been going on at the wto for 17 years. -- world trade organization for 17 years. this is a massive step towards resolution on that front. something that has been going on for quite some time. tom: can you or our team, with all the context you have with craig gordon in washington, will this rotate over to china? will we see amendments which china like we have seen that with britain? kevin: no. maybe in terms of agricultural purchases and holding president xi jinping accountable. it's interesting to see how secretary vilsack has to say on how he plans to hold china accountable for following good on their word to make agricultural purchases. from a broader standpoint i would go further and suggest the europeans are now more aligned with the united states on how to deal with china. because in the last administration there were many different competing ways to deal with china. jonathan: the former national economic director larry kudlow talked about a coalition of the willing to confront china. now we have an administration trying to work with their allies more. you t

the wto has raised projections for the year, forecasting and 8% rise in global trade. that would be the biggest increase since 2010. the director general said the projection would be tied to virus injections, saying that a new wave of virus infections could undermine recovery. >> no longer can we expect poor countries to stand in a queue waiting to get vaccines. the who said 70% of vaccine doses today have been administered by 10 countries. the inequity of access is glaring. bonnie: the biden administration has raised concerns about the tools china is using to spur its economy. beijing has been resulting -- resorting on discrimination against foreign companies. the ustr says it is working with japan to address this. one of hong kong's top police officers warned residents against testing the red line when it comes to beijing-imposed national security law. in an exclusive interview with bloomberg, the hong kong police deputy commissioner defended the police force and arrests made in the wake of the bill passing, saying the city faces pressing national security threats, i

this will likely be resolved by the wto. china says antidumping levies, which is unusual because there was a premium price for australian wine in china. the trade minister here says it is extremely disappointing and completely unjustified it all comes back to china's list of 14 grievances against australia, including the decision to ban china from the -- to ban huawei of the 5g network here, and the ongoing inquiry into the origins of coronavirus. but the u.s. says there will be no -- this move suggests china's not blinking. shery: paul allen in sydney. next, the mission to free the massive ship blocking the suez canal enters a critical phase, as diggers remove part of the canal's bank. this is bloomberg. ♪ ♪ >> it is widespread. time will tell. hopefully they'll get this cleared up soon. >> time is of the essence here. having a key shipping took want physically coming to a complete stop will have ripple effects to many more industries. >> every day longer, obviously that will grow. and the disruption of the supply chain

trump administration which took the position was going to penalize europe despite the fact that the wto agreement probably fairly even stephen in terms of damage done. it looks like this is a pause to allow some sort of deal to be done in terms of how new aircraft will be subsidized going forward. it looks like something is coming off the table and that might be something we don't seen the future. but this will help her this will allow normal resumption of a whole bunch of things. yesterday there was whiskey and cop -- clotted cream. there will be more stories about imports and exports with the united states and europe. it's a whole range of things. but this is like an opportunity to figure out a way to get out of this mess. because it has been going on for a long time. alix: and wine. guy: wine, other spirits, luxury goods, some agricultural products. alix: yeah, yeah, wine. guy: let's get to what's important to alix, it's friday and were talking about for seco. it's serious. alix: it is. torsten, let's bring you back in on the jobs markets. the fed has made it clear that they're not a

., it is us who believe -- i'm a firm believer in the wto, and we need to enforce those rules. and it is china who is violating them. so just the united states by ourselves, we are not as effective. but if the united states come our friends in the eu, and others are doing it collectively, now you have something that is really going to have an effect on china. jonathan: forgive me for jumping in, usa companies are facing potentially a boycott on the mainland right now. that would hurt their profits, and to get in line with the policy of the united states, you need to get these multinationals on board. that has repeatedly not worked out. we saw it last year with the disney production of "mulan," and we are seeing it now with nike and others. how do you make a decision that would be in line with your administration? rep. meeks: if they work collectively together, we can reverse it. i know china is doing what it's doing because they put pressure on us in that regard to isolate us. so the way you change that is working with the multinationals collectively. putting them all together,

wto director general sees a rebound in 2021 for the global economy, but ties it to how well governments respond to the covid-19 threat. she also criticized vaccine distribution protectionism. >> no longer can we expect poor countries to stand in a line waiting to get vaccines. 70% of vaccine doses today have been administered by 10 countries. the inequity of access is glaring. mark: and that virtual press conference, she also highlighted uneven regional trade growth and highlighted that slow vaccine access poses a threat to the trade outlook. in italy, the cabinet will meet to discuss restrictions on movement and business openings as virus lockdowns persist over easter. cases across italy continue to spike as the government struggles to contain the spread. sources say french president emmanuel macron is planning to announce tougher covert measures in his address to the nation today in an attempt to contain a surge infections tied to new variants. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am m

that they have done anything that aggregates international rules of order or that goes against the wto rules, or anything that is against free market practices, so a really good beginning would be for china to acknowledge, yes, both sides have grievances and yes, perhaps, both sides may have done things that need to be remedied or mediated. this would be a good starting point. >> we have seen more sanctions against chinese officials, banning of wireless carriers from china, subpoenas for chinese carrier providers. what has the first couple of months of the biden administration been like for american businesses? bill: we have to remember that domestic politics here in the u.s. has a huge influence on what is being done now in putting together a china policy. the biden administration has to look strong and so frankly, whether it is the fcc's activity or the department of commerce activity, or the state department acting on executive order, these appear that they are being tough on china, and this is what the biden administration wants to show americans. perhaps it will give the biden adm

they had a phenomenal 2020 largely because of their wto strength. q1 has gotten off to a great start and the stock price is at an all-time high. you really should be seeing a sea out there, but you are not. what happens when that goes away, a lot of focus will go on the personalities and the culture. tom: i want to go on to the heritage and personalities you mentioned of the trading platform of years ago. the great phrase was that golden -- goldman sachs was always long-term greedy. they were going to stay with the long-term perspective. it is a dangerous question, i say with respect, would you suggest that goldman sachs has had a cultural shift from long-term greedy over to something that is new for mr. solomon? sridhar: i think there is no doubt about that. again, go back 10, 15 years and imagine going up to them and saying, i know you gave me a big promotion, but i am leaving for a startup that is backed by walmart. that is inconceivable. that is the new reality in dealing with risk. it is something that is in the mind of shareholders. shareholde

tension in trade related to intellectual rights from technology, [indiscernible] with the new head of the wto within this issue not being addressed. lisa: there's a question about whether this willie will benefit -- this really will benefit the rest of the world and this reflationary mood a lot of people were talking about. if you get the u.s. driving growth, a stronger dollar, typically that is not positive for the developing world. how do you feel that shaping the landscape for growth going forward? laurence: there's one thing we say in our predictions is that the recovery is very uneven across the world. we are seeing divergence -- divergencies widening. that has to do with particular on what is happening with commodity prices, but in most cases, the driving factor, driving force of this outlook is really what is happening on the hedge funds. the divergencies were seeing across countries today, they have to do with hedge management, with vaccination pace, and how many sectors and how large the employee can't work because of the situation. we should remain focused on this . tom: let's go to

we thought maybe if they became part of the wto, they would become a flourishing democracy. that did not happen. i think we've got some targeted areas like intellectual property, cyber, where they are obviously very aggressive and we need to push back and push back hard. things like keeping the south china sea open for navigation is an important area. again, getting back to where we started, i think the best way to keep the peace is to be strong and to be an unenviable adversary for another country. recognizing we have a problem is the first step towards a solution and i think there is broad recognition that china is the number one challenge for us. i don't think military conflict with china is inevitable, but if they missed out late or misinterpret our commitment to maintain our military strength and economic strength, there could be a miscalculation at mistake and we should avoid that. tim: a recent meeting between the united states and leaders from the chinese coming as party in alaska was dramatic and tense. it is unclear what, if anything, practically came from it. i am

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