tv Bloomberg Markets The Trump Economy Bloomberg September 21, 2017 1:00pm-2:00pm EDT
stories that we are watching. more pressure on pyongyang as donald trump target north korea with new executive action designed to make it more difficult for individuals, companies, and financial institutions that have done business with north korea. robert mueller has asked the white house for documents regarding the firing of michael flynn and fbi director james comey. a look at the latest in the trump russia probe. and our interview with the turkish president. what he had to say with his relationship with russia and the ongoing conflict in syria. david: donald trump announces new actions to expand u.s. authority to target individuals and financial institutions that finance or facilitate trade with north korea. >> today i'm announcing a new executive order, i just signed,
that significantly expands our authorities to target individuals, companies, financial institutions that finance and facilitate trade with north korea. here to talk about what those sanctions could look like and what options are still on the table for dealing with north korea, kevin cirilli joins us from washington. greg orton is our washington executive editor. kevin, this has been teased all day, the president saying stay tuned after another meeting today. we got what he got to say this afternoon. what is this different on how we have seen what is it limited so far? the japanese prime minister put it well when he said this is the next evolution, so to speak, of the u.s. foreign-policy in pressuring north korea.
it was a trilateral agreement, the second point i would make. the president directly thanked china. china may have well is been in the room. there is some discrepancy about what the chinese did or did not do, but president trump thanking them. the other point i would quickly make, who was in the room with the president during this trilateral agreement. it was very interesting and notable to see the prime -- aber thinking thanking nikki haley, not so much rex tillerson, who was also there. clearly, this is a further escalation of the united states foreign-policy against north korea. craig, as kevin mentioned, it's interesting, the relationship even within the trump administration, but another interesting point is when it comes to the u.s. and president trump romance with prime minister shinzo abe, that is well known. when it comes to president moon
jae-in, there is some fiction between the two. does this mean that they are more on the same page when approaching north korea and dealing with china? >> it seems that way after today's meeting. as kevin pointed out, president trump had a trilateral meeting, so he had the japanese and south korean leader in there. we know that south korea's new leader has come for more of the pacifist tradition, has talked more about engaging north korea, discussions, diplomacy. i think even he is changing his tone on that, and what was interesting to me, trump has been very grumpy about the south korean free trade agreement. he said today, maybe we will not talk about that now. let keep our focused on north korea and stick to the issues. so that was a pretty big win for the south koreans out of today's meeting. david: on the subject of dogs barking, the foreign minister saying that is what president
trump's speech was tantamount to a couple days ago in new york. what is the response to the rhetoric of this week. soon to sees too how they would respond to what has just been said. kevin: that was in response to president trump's rocket man statement. i would just note, echo what craig said. if you look at what investors have seen a, we geopolitical forces have much more of an impact on the investor community than things like the russia probe, domestically, or even to some extent some of the president twitter comments on domestic politics. clearly, if you are watching the uncertainty in the region, i think you can take away from the comments of president trump in the last half-hour that this is the administration trying to use
+++ haley has been able to get the chinese and the russians on board to go with them, the administration is still very much taking a direct approach through executive action. the treasury secretary, i have spoken to several sources in the treasury department in the last several weeks who tell me they are working around the clock in terms of examining every possible angle on how to best address north korea. shery, you know better than anybody, north korea's web of economic ties, especially with china, how important that is. it's safe to say the administration is taking a trust but verify approach when it comes to examining their economic sanctions. shery: especially when it comes to the north of korean -- north korean economy improving a bit, dealing with china, despite the fact that we see more sanctions. greg, let's talk about what this means for china. at what point does north korea
become more of a problem for china, rather than a help buffer for western influence, which it has been so far? >> >> there are reports out of the region that the chinese central bank has ordered its leading lenders to stop doing business with north korean citizens, to wind down the loans they have, to prevent new loans from starting. our bloomberg bureau is trying to get that down. we believe this is true and important development for the chinese side and a real sense that hard-liners in the chinese government who do not want a nuclear armed power on their doorstep are starting to maybe inping.ay with xi j donald trump is a man of action, he wants things done quickly. arka thinks more about the of time, centuries. but i think you are starting to see today a little bit of
coalescing. you have trump saying nice things about the south korean leader that he has been frustrated with in the past. personally cap lamenting president xi and the moves by the chinese banks. you never want to get ahead of yourself, but you have a sense that perhaps trump has crystallized a bit of the world concern about north korea with some of the meetings today in new york. david: greg orton, thank you. kevin cirilli joining us as well. when it comes to markets, we are seeing the pressure in the market. let's get the details with abigail doolittle. ofwe are seeing a little bit a speed bump for the major averages, small declines for the dow, s&p 500, nasdaq. the kleins may be small, but if the dow finishes down, it will be its first down day in 10. perhaps the fomc meeting yesterday which was slightly hawkish, the fed indicated they would unwind their ballots she in october, perhaps raise rates
in december, is giving a little bit of positive equity investors after days of records. it is worth noting, the dow already put in an all-time high today. where we are seeing a bigger influence relative to the fed is the commodities complex, sometimes considered to be a growth year, certainly a less liquid asset class within the risk asset class silo. take a look at copper, down 1%. another unusual mover is the australian dollar, down more than 1%. australia very sensitive to commodities. bitcoin done more than 6%, considered to be an alternative. taking a bit of a hit as the fed indicates their own truck to pull back. let's take a look at the worst sector taking the biggest hit on the day, consumer staples. proctor and gamble, colgate, kimberly-clark down sharply. there are lots of factors behind this, but one of them could be
that dr pepper did cut its outlook, and a piece of that, the recent earthquake and storms , perhaps weighing on consumer stables. shery: abigail, thank you. will beoming up, we speaking to the congressman from california dana rohrabacher about the sanctions just announced. now congress can tackle what is becoming a daunting to do list. this is bloomberg. ♪
with mark crumpton. new: president trump order sanctions on individuals and companies doing business with north korea as the u.s. increases pressure on pyongyang for its weapons programs. during a luncheon meeting with south korean president moon japanese prime minister shinzo abe, mr. trump the measures are intended to disrupt critical north korean shipping entry networks by targeting any entity that does business with north korea. rescuers are reinforcing the shaky wreckage of a collapsed school in mexico city where there are trying to free a trap girl and any other survivors. the remains of the building had shifted dangerously earlier today prompting some rescuers to evacuate the top of the pile. the death toll from tuesday's quake is now 245. kenya's electoral commission has announced it has moved the date for new presidential elections to october 26. the august election was nullified by the supreme court.
justices ruled the electoral commission did not follow constitutional guidelines. it is the first time a presidential vote had been legally overturned in africa. the kenyan president, who won the election, says the court decision "subverted the will of the people." united nations security council has agreed to help iraq collect evidence against islamic state. the council unanimously passed a resolution requesting an investigative team to help iraq. iraq and britain led the measure. the evidence could help prosecute islamic state extremists for war crimes. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. shery: thank you. russian president vladimir putin year'sattending this united nations general assembly meeting because of a scheduling conflict. in his absence, the russian foreign minister sergey lavrov will speak later today.
likely totopics he is address, north korea, ukraine, and syria. here with some analysis and the russian relationship to the western world is congressman dana rohrabacher, congressman from california. thank you so much for being on the show. let's start with north korea. just announced an executive action targeting north korea. how well the problems and issues with the ongoing regime and their strain relations with the u.s., or russia, given north korea is a close friend of russia? koreansy be the north may be comparing our president i thinkking dog, but most americans and people around the world are happy to hear that the united states has a president who is a bulldog now, rather than a poodle. he is making his points for getting tough. we have not had direct military action.
i think the fact that the president has brought in the step, that is the last before you actually commit some type of military action. people should know that. bringing the banks in does it show that he is serious about this. however, i would suggest that the north koreans do not seem to be responding to economic sanctions. if they send another missile in the meantime, a missile headed anywhere over japan or toward the united states, we should shoot it down. if they launch another rocket, we should basically use cyber warfare and shut down the entire country. however, we should not be sending in more troops to south korea. that would not solve anything. david: what sense do you have to the degree the administration share your views on what comes next? we have another round of sanctions ratcheted up in the
last few months by the u.s., multilaterally with the u.n. do you feel the administration and you are on the same page as far as what may happen next in this does not work? >> i think so. what we have seen is a president who has been very responsible. he is ratcheting up, as you said, the economic sanctions. making sure the chinese will feel those sanctions. this announcement about the chinese willing to help us in terms of bringing the banks under control, doing economic activity in north korea, that is a big victory for trying to solve this in a peaceful manner. but the north koreans are a militaristic regime. they are a monstrous oppressor of their own people, so they don't really care about whether or not their people are economically suffering. it will take us to shoot down one of their rockets, and perhaps we can immobilize their whole country with a cyber
attack, before they try to pay attention. shery: some say the same about russia. we know the relationship between russia and president trump has been very much investigated. a lot of lawmakers trying to distance themselves from the issue. not you, though. how vulnerable do you feel with the midterm elections coming up? >> [laughter] i just have to say, i have a background, i was ronald reagan's speechwriter, i spent a lifetime fighting communism. i might add, when all these reports about why i have had contact with russians -- i'm the chairman of the committee in the united states house of representatives whose primary responsibility is to oversee our relations with russia. so there is nothing questionable about me talking to russians. i happen to believe it is better for us to have a good relationship with russia.
had we not been so belligerent and made so many accusations that were untrue about russia, we might be able to have them help us with the north korean situation, which would be very -- it would give us some leverage that we would not have. they can also help us elsewhere. i don't see any reason why we should not be trying to improve relations with russia, rather than trying to create a deliberate new cold war. a storyhere is providing some intrigue, a trip to meet with for julian assange in london, the founder of wikileaks. you came back and met with john kelly, said you had some information for him. what did you present to him and how long we keep pressing this issue, what you learn from julian assange? >> it was a long phone call that i had with general kelly at the white house, chief of staff. i just presented to him what details i had gleaned from my conversations with julian assange, the head of wikileaks.
is repeating, eminently, that the russians had nothing to do with the emails that were hacked out of the democratic national committee headquarters during the election, which is the main accusation of how donald trump russians.ing with the julian assange will give us absolute proof, hard evidence, proving it was not the russians, if we can have an understanding so he can leave the embassy in ecuador safely. the fact is, if the russians did not do it, the american people are the victims of a monstrous crime, where even our intelligence services were verifying a lie for political purposes, trying to undermine president trump's ability to
shery: "bloomberg markets: balance of power." i'm shery ahn. david: i'm david gura. the deadline to pass a bill with a simple majority is september 30. while most republicans are trying to figure out what is in bill, what issidy known in that it would effectively end the guarantee that sick people would not pay higher premiums. here with us now is our national healthcare reporter sahil kapur.
the senators have left for their home states. what will happen between now and september 30 four them to vote on this legislation? here, theyquiet day are not in session, but behind the scenes republicans and democrats are gearing up for what could be the most dramatic attempt at health care system in a long time. this graham-cassidy bill is on the cusp of passage, not quite there. they failed by one vote last time. four senators that i'm aware of are the key holdouts, john, susan collins, lisa murkowski, and rand paul. they need at least two of the other three to pass. several other republicans are on the fence at the moment but they are expected to vote yes, if this comes up. would cute bill medicaid and federal funding by about $160 billion, with take the taxes from obamacare and reduced abuse them among blue states that expanded medicaid,
like california, new york, massachusetts, and send a lot of those resources to red states that did not, like texas, alabama, and tennessee. we know it would allow states to thataivers under the law would let insurance companies charge sick people more for coverage. this is one of the guarantees that obamacare made. it would be a dramatic change to the health care system. and they have less than 10 days to do it. shery: president trump says it would include coverage of pre-existing conditions. why is there so much confusion out there? >> the president did tweet that. fact check that. the bill maintains a what is known as the guaranteed issue provision in obamacare. insurance companies cannot turn people away, they cannot say no, we will not cover you. what they can do under the waiver is charge higher prices. so a company can charge a sick or send a million dollars for a policy. they are not turning them away but it's effectively and locking
them out of the market. that is the key point. access, in theory, but in practice, a different story. the last time this happened, we saw the trevor -- president travel to different state to get some muscle for the legislation. are we seeing the president travel to any of these states? >> we don't know what the president's plans are next week in terms of travel, but as last time, when the ahca was making its way through, in the final stretch, he got more active, started making calls. it helped with some members in the end. in the senate, it is a heavier lift. closek they feel they are and his getting involved could have an impact. i think it is tougher. john, susan collins, lisa murkowski, these are not people that are easy to his way just by traveling to their states. sahil kapur, our national
political reporter joining us from capitol hill. we will be talking about the fate of health care in the next hour with john hickenlooper. shery:, the house intelligence committee member eric swalwell of california will join us. the latest developments on the trunk-russia probe capitol hill. we will be discussing all of that as well as president trump at the united nations, saying the u.s. will not impose their way of life on others. russiaeign minister of very pleased at those remarks. this is bloomberg. ♪ who knew that phones would start doing everything?
see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit or go to xfinitymobile.com. shery: this is "bloomberg markets: balance of power." i'm shery ahn. david: i'm david gura. let's get a check on the first word news with mark crumpton. mark: as we have been reporting,
the trump administration has announced new sanctions against north korea. speaking ahead of a working lunch with the prime minister of japan and the president of south korea, president trump said he is using his authority to go after banks that do business with pyongyang. order new executive sources of revenue that funds north korea's efforts to develop the deadliest weapons known to humankind. the order enhances the treasury department's ability to target any individual or entity that conducts significant trade and goods and services or technology with north korea. president trump also said that china's central bank is ordering financial institutions to stop dealing with kim jong un's regime. puerto rico has been declared a federal disaster area after hurricane maria battered the u.s. commonwealth. that makes puerto ricans
eligible for financial assistance. hundreds of homes have been destroyed and officials they it may be months before everyone gets their lights turned on. electricity has been cut off throughout the island. president trump plans to visit to assess the damage. the republicans propose health reform legislation would affect states differently depending on their obamacare status. according to the kaiser family foundation study, the 32 states that increased medicaid coverage or low income people would lose $180 billion. the states that did not expand medicaid would gain $73 billion. the study also found the graham-cassidy bill gives states greater discretion on funding and would allow insurers to charge higher premiums on pre-existing conditions. barcelona faces another round of protests. separate us putting for catalonia's independence fought with police overnight. the catalan national assembly is calling for demonstrations during today as it pushes for a vote on october 1.
cattle lands want independence following spain's economic crisis and rampant political corruption. the spanish prime minister plans on deploying almost 3000 national police and civil guard to prevent the referendum. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. shery: robert mueller has reportedly asked the white house for documents regarding some of donald trump's most criticized moments since taking office. andfiring of michael flynn fbi director james comey. he is also reportedly keen on gathering information about an oval office meeting with russian officials where he said comey's firing had taken "great pressure" off of him. this is the latest development in a number of ongoing
investigations involving president trump and his team. or more, we go to capitol hill with committee member eric swalwell. as i mentioned, multiple investigations on different levels. how cooperative has the trump administration been with the housing committee when it comes to the russia probe? >> i wouldn't say very cooperative at all. with the march 20 hearing den director comey, it was the white house that was a part of the spectacle of having the committee chairperson go over and claim unlawful unmasking was taking place. they have been disruptive to us, to bob mueller's team, with the public statements, efforts to try to chill witness testimony. i promise, if we are allowed to pursue the evidence without the president throwing out smoke bombs, we can get to the bottom of this and tell the american people what happened.
david: you are dealing with the roadblocks established by the white house, but there has also been a lot of difficulty within your committee as well. i look at the investigations happening, the one pursued by robert mueller, by you and your colleagues in the senate. has been held -- back by some intricately difficulties. we'll come back in a moment. the president is about to speak. is a formalization of the discussions. we have made a lot of progress, both on trade, and very importantly, we discussed in great detail north korea with also south korea, as you saw. we will continue the dialogue, the relationship has never been closer, i believe, with japan and the united states. it will continue on that way. i look forward to discussing ise things that the group
here to discuss and will be reporting back to you later. thank you all very much. you heard what china was doing today in terms of the banking system. that was a tremendous move. we have great respect and we also would like to thank president xi of china. it was a great thing that he did today. thank you very much. nese]peaking japa david: that was the president speaking in a bilateral meeting. congressman, i was asking about how your committee is functioning. you mentioned mr. nunes a few minutes ago. are you able to proceed in a manner that you would like to?
do you feel like you are making progress that you were not able to the first few months? >> we have made a lot of progress in the past 10 weeks with my conway and adam schiff at the helm. what i like to see is for us to be as doggett, curious in the pursuit of facts as bob mueller is. we were attacked. we have a responsibility tell people what happened and whether any u.s. persons worked with the russians. that means every member on this committee, republican and democrat, will have to put aside our politics and answer to the obligation we have to do our job, protect this country from another attack. shery: from what you have heard from others around you, how far do you believe mr. mueller's investigation has come? made looks like he has tremendous progress with the team he has assembled. we are talking about decades long relationship that some members of the trump team had with russians. complicated financial transactions.
we are in an era of sophisticated electronic medications, so really understanding what the communications were, whether a working relationship was established, will take some time. i was heartened to see that some of these reports show the team is being as aggressive as the russians were. that is the only way we will find out what happened. david: there was a call for a joint committee with members of the senate and house of rep as additives. is that something you would be in favor of at this point in september, 2017? >> i'm in favor of an independent investigation, just as we did after september 11. elijah cummings and i wrote the legislation. two republicans are helping us with that. after that, we sell republicans and democrats come together, understand the vulnerabilities that allowed an attack to take lace, and then put in reforms that made us safer. we still have the opportunity to do this. it would allow us to depoliticize what is going on
and put it in the hands of experts. i'm still trying to do that, but until that happens, we have a job to do on the intelligence committee. down with the former homeland security secretary last week. he says he is worried that all of these investigations will proceed but we will not come up with any actionable plan to deal with cyber security issues. do you think we will get there, dealing with culpability, and a plan? >> the most important thing we can do is put in place protection so that this does not happen. he is right, secretary johnson, and he testified this to us. we are just as marble today because we have a commander-in-chief who does not fully acknowledge what the russians did. we have state and county ballot boxes, voter registers and systems that are prone to being attacked. if we can find a way to devote resources to them and have the american people more aware -- because they see unity international leaders -- that would go a long way to put up a
strong shield against a future russian attack, or another country with the same capabilities. house intelligence committee member and democratic congressman eric swalwell of california, thank you for your time. recapping some headlines, we're watching the president speak alongside the prime minister of japan. he says he welcomes new action by the u.s. the president detailing the executive order he signed a few moments ago relating to north korea. thanking xi jinping as well. shery: of course, we know about the ongoing bromance between the countries, and japan being vulnerable with the missile launches over the country. david: coming up, our interview with the turkish president. what he has to say about his relationship with russia and the ongoing conflict in syria. this is bloomberg. ♪
shery: welcome back. this is "bloomberg markets: balance of power." i'm shery ahn. david: i'm david gura. turkey may be ready to send in more troops to syria where is working with russia to bring an end to the civil war. president erdogan discuss this and more yesterday in new york with john mickelthwait. [speaking turkish] >> let me say this, before anything else, our political thesis is this. increase your friends, increase your enemies. we are working on this and we have had something negative with russia, but in a very short time
, we got pass this issue. we havew, with russia, gotten to a very significant climb in foreign trade volume. we reached a trade volume of $36 billion with russia. now, russia this year will pass germany to be number one in tourism. in a significant wave of taurus have come from russia to turkey. as turkey, we are making our calculations according to win-win, and will continue to do so. a half hourwo and distance between us and moscow. our thoughtstime, continue in sochi. we will have our talks there. one day, we will come together with mr. putin.
call,l have a telephone but on thursday we will have dinner together. we will talk about these developments, but what's happening in syria. -- about what is happening in syria. look, right now, there are some problems. we will talk about that. despite all of these events, bond it lived is being that despite all of this, children are going to school. it has been resolved as a non-conflict area and outside of its borders, there are powers of the russian federation, protective towers, police stations. inside, in turkey's defensive position, stations. all of this our soldiers are doing with free syrian army. this will continue until piece
is established. after that, just as hundreds of thousands of syrians have returned, our other syrian friends who are staying with us will also return to their land. i will ask the question again about troops in syria. do you think you will keep the number of troops or will you increase them, the turkish troops in syria? >> that will change according to condition. it could increase, it could decrease. conditions will determine it. of course, the quality of our soldiers will also change accordingly. sometimes it could be commandos. another time you look at it could be regulars. this also changes according to the conditions over there. right now, our highest-ranking soldiers are represented and they're waiting right now at the border, ready for a mission at any time to secure the peace. david: that was president
erdogan yesterday at the bloomberg philanthropic's forum. john mickelthwait did now joins us. how optimistic was he that the russian involvement in syria will lead to some sort of resolution, amelioration of the situation in syria? >> i think he sees russia as the opening for that. i tried to ask him several times whether the big conclusion of what he has discovered in syria is that, if you want to get anything done now, you have to do it through russia, because the u.s. is much less effective, i suppose implicitly, wouldn't it be unfair to say that he said yes. he did not go as far to immediately denounced america, which is uncharacteristic in some ways, but no doubt, the things he has managed to achieve in the area have come largely through working with the russians. shery: how much did he say about the relationship with the u.s.? this is a very important
military partner but a lot of people say it is very close to imploding. >> there are a number of different tensions. you have trump'a general stance toward muslims, not entirely enthusiastic. secondly, you have the problems, the issue -- he has bought a weapons system from russia, which pretty much everyone else in nato is crossed about. the greeks had one, but much smaller. you have all of these different wranglings with israel, which does not cause much happiness with trump. and again and again, he has this attitude of what exactly is meant to happen in syria, who is meant to be ruling? , whereby, inlement between those old power blocs, you have turkey beginning to look toward russia, certainly looking at iran -- not saying they are in partnership -- but at these alliances in a new way. david: looking to iraq, we could
be headed for a referendum in northern iraq. could have a referendum to call for their own independence. at the i should've said beginning, in terms of tensions between turkey and america. it is the issue. the kurds have a kind of pseudo-state in syria, which dogan a lot. he sees that terrorists are getting funding from america which is even worse for him. the idea of a referendum in iraq, separating kurds. any kind of a modern kurdistan emerging is a threat. this drives him back slightly on the iranian side of the fence because the iranians are also deeply worried about this. so you have this set of issues where iran and turkey, despite being on different sides of the conflict, see some common cause. one of them is about the idea
that countries should stay within the current borders. both of them think as kurdistan as being a threat to that. the iranians have said emma if you do that, that could lead to tens of wars, would be worse than what's happening in syria. shery: we have president trump and president erdogan speaking in about one hour. we know we expecting, there has been some controversy over turkish security guards, violent attacks, and so on. some areas of commonality, as i said. they both don't like the eu much. you could argue that none of enthusiastic about journalists either. some areas of common cause. erdogan specific thing, brings up again and again, this idea that his security detail were unfairly targeted when others were protesting. that seemed to play quite well
in turkey, and that is why one reason trump may why -- may want to deal with it. it ties into the whole issue, you are donald trump, you have issues in washington, you have come to the u.n., which you have always despised, and you are getting four days to try to get people to ally with you to get help. it would be immensely helpful to do anything on iran with turkey. if trump wants do anything with north korea, he desperately needs other people to line up inside him. that is where this whole issue of american soft power gets very difficult. at the moment, nobody in that region feels any particular need to do stuff, firstly, because they think america is disengaged. second, if it is engaged, they worry about trump. one exception to that is the saudi's, who are enthusiastic about trump's bellicose attitude. shery: no wonder we saw the
qatar isolation being presented right after he visited. thank you for joining us. tesla shares are down for the third day in a row on reports of a change to its electric vehicle catalog. tesla will stop offering the options after september 4. for more, i want to bring in oliver renick. give us the story. inthis is basically a pause one of their available cars. we have the model x coming. until then, you have to figure out what you can buy from them. right now the cheapest option is going to be taken off the market. this raises some questions about the supply that will be available. supply is a big issue for tesla as a look to ramp up the production. we have heard elon musk talk about how challenging it will be to meet the demand for the model s, which is great. everybody want to get their hands on the vehicle. but this has been the cheaper
one that people have been want to go out and get. perhaps some disappointment for that model starting around $70,000. in addition to that, you have a growing competitive environment. headlines today about daimler building out their electric vehicle platform. they will spend about a billion dollars pushing toward electric vehicles. this month not be a no-name brand, this is a mercedes, it will be really nice. that is kind of our tesla's market is, people willing to spend a good amount of money on a great car. this is something that you have to keep in mind as you look for the longer term for tesla. it does create an interesting situation for analyst trying to parse through the company now. david: as you look at the future of electric cars, asia appears to be emerging, china in particular, where a lot of these companies are banking on adoption. oliver: you not only have to sell people on the price point here, but people around the
world. when you start out in the u.s., this is a market that is very receptive to environmentally conscious drive to these vehicles. there is also the money behind it. but if you are going to sell something expensive, where better than a country that has had as of economic growth. that will be important for them as well. shery: oliver renick, thank you. david: two candidates in the running for the federal reserve chairman job. kevin morse came into play after gary cohn distance himself after the president's response after charlottesville. let's bring in june a, our fed and economics reporter. i say there are two. your front runners but there are many more considered to be candidates. kevins a little bit about warsh. we have talked about gary cohn, janet yellen. whatus about kevin warsh,
he believes when it comes to monetary policy. has previously been a fed governor, so he is less of a wildcard than other of the candidates. what we know about kevin, he has a history of working on wall street, he has these very conservative republican economic thinker credentials. we know that he is a little bit on the hawkish side, a little bit more laissez-faire when it comes to bank regulation. in those ways, he is with the other picks we have seen out of the trump white house, which has been randy quarles, vice chair for supervision, potentially marvin good friend. shery: what is happening with gary cohn? >> he went down in the survey after the charlottesville remarks, which many people think put them out of the running. he is still on the short list of contenders that a ball close to the white house are listing, but there is a sense he did slip after those comments. david: is there speculation about who may replace stanley
fischer? these last couple of meetings are his last days. hugely pivotal role when you look at his role at the federal reserve, as a communicator, as someone so deeply rooted in monetary policy. who is likely to replace him, when are we likely to see a nominee for that? >> there is no clear sense of when that will happen. there is an important point here. the reason there is no clear sense, there will be four openings on the fed board, which is historically unprecedented. out of seven positions, for open. we will need to see some nominations. it is anyone's guess when they will come down the line. shery: these are just two names out of many. who else is in the running? >> like you said, there are quite a few names. we have seen some recently that we have not seen previously, like larry lindsey, bill allison. at the same time, we are hearing a lot of the names that we hear all the time, kevin warsh, gary
cohn, glenn hubbard, some of these tried and true conservative economists that come up anytime there is a fed appointment. glenn hubbard was a contender when bernanke got the job. i think we will probably see a lot of those names floated this time again. david: gina, thank you very much. time for the balance of power newsletter. get the latest on global politics in your inbox every day. coming up on bloomberg, a conversation on the fate of health care in the next hour with governor john hickenlooper of colorado. that is at 2:00 eastern. this is bloomberg. ♪
7:00 p.m. in london. i'm scarlet fu. julia: and i'm julia chatterley. welcome to bloomberg markets. ♪ live at we are bloomberg world headquarters in new york over the next hour. here are the stories we are covering. president trump is ramping up the pressure on north korea, ordering new sanctions to deal with the country. china's central bank is also adding to the pylon. and health care reform extending beyond capitol hill. 32 states that expanded medicaid money on these proposal. governor john hickenlooper tells opposest why he the graham-cassidy belt. push to disney's streaming means for the nhl. markets close in about two hours time. let's look at how stocks are trading with taylor riggs. taylor: a