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tv   Bloomberg Markets Balance of Power  Bloomberg  November 9, 2017 1:00pm-2:00pm EST

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the economy. the top stories we are watching. crunch time for republican tax writers today. the ways and means committee in its final day of hammering out legislation while the senate is revealing its own version. we will speak with a house freedom caucus member from arizona. donald trump is china is taking advantage of american workers and companies with unfair trade practices. he blames past u.s. leaders rather than china for allowing to widen.rade deficit an unexpected fight is exploding over cnn. we dig into why at&t isn't willing to see the network go into battles with the justice department over its acquisition of time warner. breaking news crossing the
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and $8 billion read a mistake is just under 5%. he's pushing for changes at the company including a possible sale. up about 5% as a result of that news. it's crunch time on capitol hill for republican tax writers. finaluse bill is in its day of mark ups. the ways and means committee has been debating and shaping the tax cuts and jobs act. we will be one step closer to cutting taxes for americans at every income level. david: after election losses in new jersey and virginia the pressure is on for republicans. lori davidson joins us. let me ask you what we expect to see from the senate today. we have seen some headlines. how different are these pieces of legislation? very different and
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they continue to be different both on the house and senate side. trying tore still figure out what this is going to be. on the house side they are going to vote this thing out of committee and they are still putting all the pieces together. has comeno paper that out yet. on the senate side they are looking at perhaps a one-year delay on the corporate tax rate. that would be 2019 before the rate goes down to 20% which is a big concession. republicans on either side don't want to do that. that's on the table very much. shery: we are not really getting that much clarity. income tax brackets. that's a difference among the tax bills in the senate and the house. also the tax on payment offshore we are hearing conflicting information coming from the house and senate. do you have any clarity on what's going on? aren the senate side they
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sticking with the seven brackets. it's unclear what the top rate is going to be and where the income is falling. on the house i there staying with four. side they aree staying with four. there is uncertainty about how much revenue it will raise. are's a big piece they getting clarity from the scorekeepers within the capital to tabulate with the tax cuts cost. david: the chairman of the house ways and means committee to your right is wielding his pencil as we expect a vote. where do things go after the tabulated? >> it will go to this little wonky tabulated?
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committee called the rules committee. there's a possibility for more changes and then it goes to the floor next week. house leadership has committed to passing this next week. on the senate we see the timeline slipping just a little bit. john committee cornyn had origid we are going to vote before thanksgiving. that wants them close to the spending fight. a lot of moving pieces. david: we will keep an eye on the ways and means committee. lori davidson joining us from capitol hill. shery: everything happening in congress happening in -- having an impact on u.s. stocks. let's get the details from julie hyman. normally in olden times it seems like this wouldn't be a big selloff. because we have seen such muted ativities as of late this is big selloff by recent standards. it seems market participants paid the most attention to the headline out of the senate that there would be a possible delay to a corporate tax rate cut to 2019. be the thing that
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triggered stocks of falling to the lows of the session. we were seeing caution being expressed. to put today's selloff in perspective this is the daily change in the s&p 500. it has been very muted. this would only be the 13th occasion this year that we have seen the s&p called by at least this is the worst selloff for the index since august 17th in particular. headlines camex out one of the things of market participants were watching closely is that high yield was seeming to roll over. there were concerns being expressed in that part of the credit market that were not yet being seen in stocks. selling in stock markets globally overnight and heading into this morning. in terms of where we are seeing the biggest selling it is pretty
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widespread. it's a broad-based selloff within the u.s. stock market. leaving because of its weight and its importance in the market. apple, microsoft alphabet and amazon are the stocks individually contributing the most to the losses in the s&p 500. is thealso interesting moves we are seeing outside of stocks are relatively muted except for in the high-yield market. we've got some buying in the treasury market yields were only down to basis points. the dollar is down only .3%. .3%.is up only the magnitude of what we are seeing expressed in the stock market is in opposition to what we are seeing elsewhere. shery: julie hyman, thank you. let's bring in arizona congressman frank franks. thank you so much for your time
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today. some points being mentioned from the senate, the house. a little bit of conflicting issues as well. sayingpeaker paul ryan it's obvious we will see differences between the house and senate tax bill because that is legislative process. big could those differences be and could they be big enough that they will derail the tax reform process? >> he's exactly right. the senate is always a little confused. they have to catch up with the house. we are trying to be as patient as we can. be somell always differences and i truly believe they will be bridged and we will go forward with this. i am deeply convinced of it. let me ask you about the adoption tax credit. many is a push from corners of the republican party to simplify the tax code. to those whospond
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say this is an element that complicates the tax code and it should be removed? >> as republicans we need to remind ourselves who we are. born out ofas commitment of a few people that tried to stand up for the personhood of a set of human beings that the supreme court said wasn't human. our mantra today has in adoption, not abortion. if we somehow move away from that even pedagogically we are making a mistake in my judgment. i think the good news is if you look at the people who are negotiating this the chairman of is tax committee mr. brady deeply pro-life, deeply committed to adoption. these are great noble people that are deeply committed to adoption and i have every conviction and i predict here in this moment that we will either
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see the adoption tax credit completely restored in the final version or we will see it improved. thevery happy i have privilege of cochairing the adoption caucus here in the congress. i wouldn't say that lightly. shery: one of the key differences aside from the adoption tax credit has also been repealing the obamacare individual mandate. we are getting conflicting positions from the senate saying that is not part of the tax plan when it comes to repealing that provision. the house still remains undecided. could be the key factor when we finally find out what's going to happen to that and can lawmakers actually be ok with being politically hit if they need to repeal this individual mandate that could affect thousands of middle-class income earners? was thenk obamacare
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policy equivalent of the hindenburg. it can't be sustained on its present trajectory. including totally for the repeal of the individual mandate if we can do that. calculus ofave the how that fits in the mathematical equation to others because i usually do mostly children's issues and national security primarily in the congress. i am deeply committed to that and i hope that we can do that. i don't know what the ultimate outcome will be. what role youask want the white house to play. the white house doing enough and what role do you want the president to play as the process continues? >> i think they are. let me tell you why. the process is really a product of the tax committees in the congress that are doing an excellent job right now.
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if the president should weigh in it leaves him open to being the white house doing enough leveraged and he's in a wiser position by letting the congress right this legislation and deal with the myriad different pressures and i am convinced that he is exerting the right overall. executive leadership he knows that we need this. this is not only about tax relief. the is about catalyzing economy and the productivity of the greatest country in the world. david: congressman frank franks joining us from capitol hill. the house ways and means committee is continuing to vote on capitol hill. i'm going to speak with mick mulvaney at 2:00 p.m. on bloomberg television. leveragedcoming up, president tp pivots to flattery with president lesion thing. -- she asianing
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xi jinping. ♪
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david: welcome back to bloomberg markets: balance of power. i'm david gura. shery: i'm shery ahn. we are seeing losses mounting. the dow down .8%. we have seen the losses paring back a little bit from earlier. the dow and s&p 500 headed for the worst day since august. could we see the end of the eight-week gain we saw for the major averages? the nasdaq is falling 1.2%. david: get a check of the first word news. face harshd russia criticism today at a medium of the -- meeting of the
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organization for the prohibition of chemical weapons. the watchdog continues to call out the countries following an investigation that blames the assad regime for a gas attack that killed about 100 people in april. nearly two months after hurricane maria pummeled puerto rico approximately 3000 people are still in shelters on the island. now fema is offering to airlift those victims from puerto rico to the united states to reach temporary housing. fema says it is providing transportation at the request of puerto rico's governor. fema is working to establish agreements with both florida and new york to accept the relocated survivors. the pastor of a small town texas church that was the site of a deadly massacre says the building will be demolished. he told leaders of the southern
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baptist convention today that it would be too painful to continue using the first baptist church of sutherland springs as a place to worship. more than two dozen people were killed there last sunday. 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: blame game. president trump is wrapping up his visit to beijing. he found a new target for the trade deficit: his predecessor. a country forme being able to take advantage of another country for the benefit of its citizens? china great credit. in actuality i do blame past administrations for allowing this out of control trade deficit to take place in to grow. in margaret
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talev. in margaret talev. could we understand president trump's remark as a softening stance towards china? >> this is on the one-year anniversary of his election. this is certainly president trump, not candidate trump. this was obviously intended for a chinese audience and not his base audience back home. president trump wrapped up that trip to china without the movements that he really wanted to have in hand when he left. home to showbring that china is actually afraid of retaliatory action and some concessions on north korea. he did roll out this $250 of tentativege deals, proposed deals. that sort of thing. of questionlot marks about how soon any of those would materialize. david: let's take those things
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in kind. our colleague is traveling with the secretary of state as part of the president's entourage and he writes about the disappointment many executives felt who traveled to china to be there when the president was there. what did they hope to get out of the trip that they didn't? >> there's a number of developments you could in theory see in terms of either any indications about loosening restrictions on things that could be imported, things that could be exported or in terms of movement on an alternative to tpp. not a lot of that so far. there's a big question mark. is trump going to carry out the promises he made during the campaign and in the early months of his administration that if china doesn't do more about the
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trade deficit there are going to ?e tougher retaliatory actions standard operating procedure would not be to pull the trigger on something like that in a trip to someone else's country. that would be really bad diplomacy. the president is finding out just how tricky it is to actually negotiate with china and even down to the details of whether or not there would be a , president now certainly already very powerful and now increasingly empowered thehe party congress questions might have gotten to some of those issues in terms of what he's willing to do both on trade and north korea. david: margaret talev, thank you very much. check of theget a major u.s. averages because we continue to see declines. than 170alling more
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points. all major s&p 500 also lower. we could head to the first weekly decline we have seen after eight weeks of gains. this would also be the dow's worst day since september. we will bring you more details next. this is bloomberg. ♪
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david: this is bloomberg markets: balance of power. i'm david gura. shery: i'm shery ahn. at&t is gearing up for a battle with the u.s. justice department for blocking its acquisition of time warner. the trump appointed leadership is pressuring the company to of then to win approval deal. it's a provision that at&t ceo randall stephenson said he would not do and never proposed. isning us to discuss managing partner jonathan chaplin.
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could we be headed for a court battle and who wins? >> there's a real possibility we are headed for a court battle. the odds of this being litigated have gone up over the last 24 hours. it goes the full extent of litigation at&t has a really good chance of winning. case in this particular matter is really weak. they will be going into court arguing something that is for a republican doj to argue and the implications of blocking this vertical merger would have pretty broad based for vertical mergers in general. i think at&t knows that going into this process. more than being asked to divest cnn they have been asked to divest all of the turner assets. the likelihood of them excepting that is close to zero. that's almost half of what they are acquiring. therefore more likely to be willing to litigate and win in
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court outright than except a condition like that. david: what does this company look like if randall stephenson gets his way? isthe role of these assets diversification. the idea they are going to be able to leverage these assets to build a better wireless business or better directv business is very unlikely in my view because they have these businesses they can drive a more valuable content business or better advertising business i think is pretty unlikely as well. if there an opportunity to drive up the value of the turner properties it's about increasing the value of the advertising assets within those properties to advertisers. nothing really consumer facing that would have a competitive impact at all.
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even that i think there's a fairly slim probability of that they've got a wireless business that under a lot of pressure. they've got a pretty rich currency and a lot of cash flow. they are using that to go and buy other businesses that have nothing to do with wireless. we might question whether media is as good a business as it has been historically. among media assets generally this is a fantastic asset. shery: let's assume a compromise is reached. there will be conditions the doj will want to see. >> this is where it's a struggle. the doj in general doesn't like behavioral conditions. as an enforcement agency, not a regulatory agency. we might the and a zone where because he doesn't like behavioral conditions he is suing for divestiture of -- or
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he has to let the deal through. the negotiations over conditions at this point is kind of difficult to see. i think it was just divesting cnn at&t would probably be willing to do that. the course ofer this process i have contemplated it. we have heard rumors are seen stories in the press that bankers have been retained to sort of look at that area i think what they would happily accept is the conditions but those are all behavioral. shery: jonathan chaplin, thank you for joining us. coming up we will discuss how the tax hike in congress. this is bloomberg. ♪ who knew that phones would start doing everything?
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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: welcome back. this is bloomberg markets: balance of power. i'm shery ahn. david: david gura. the dow jones down .7%. the s&p 500 down about 17
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points. eight sectors in decline. information technology leading laggard this afternoon. the nasdaq down about 1%. let's get a check of the headlines with the bloomberg first word news. mar-a-lagot trump's club has received permission from the federal government to temporarily hire 70 four and housekeepers, waiters and cooks to fill out its staff during its upcoming busy season. the club's managers say they're not enough americans qualified, willing and available to do the work. hiring ofent's foreign workers at the florida resort over several years was criticized his opponents during the 2016 campaign. after he slammed some companies for moving jobs out of the u.s. and criticized others for hiring
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immigrants who are in the country illegally. resumed in brussels. there is no sign that a breakthrough is near. both sides are hoping for an agreement by the end of the year. european union envoys are sounding more cautious. the u.k. wants to get a deal quickly so it can move on to negotiations on trade. senator rand paul's longtime neighbor pleaded not guilty today to charges that he assaulted the kentucky republican while he was mowing his lawn. jail if up to a year in convicted of fourth degree assault. senator paul did not attend the hearing and wrote on twitter yesterday that he suffered six broken ribs in the attack and has excess fluid around his lungs. , at least $100 billion has been misused for embezzlement and corruption. more than 200 people have been brought in for questioning in the anticorruption probe
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including billionaires, former officials and business leaders. the saudi government says the investigation is proceeding quickly. 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: more news on the republican tax reform plan. we are hearing that kevin brady saying the amendment to the house -- house tax plan is 29 pages long. we have been hearing conflicting reports on the senate tax bill as well. we are joined by scott hodge from washington. tos very hard at this moment know the specific details of both the house tax bill m senate tax bill. given the differences between the bills are big enough, it could derail the whole tax
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reform process. how concerned should we be that taxgiven the differences between the reform will happen this year? >> i'm very confident that they are going to get it done by the end of the year. the basic structure of this plan was set by the principles a few weeks ago. and what they called the framework for tax reform. both committees are sticking to that basic framework is in though a lot of key details will differ between the plans. i think the basic structures are there so that when they have to compromise they can get it done very quickly and produce a bill that can get to the president by the end of the year. david: help us understand how that marriage is going to happen. who's going to be engineering the mingling of these pieces of legislation? >> in many respects probably the senate will take the lead because they have such a razor thin margins in the senate that like what we saw with the budget resolution that passed a few weeks ago the house conceded an awful lot to the senate because they knew if it could pass in the senate they could probably
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pass it in the house as well. points we arethe not quite sure about is whether the senate tax bill will delay the corporate tax rate cut to 2019. we are also hearing from senator tim scott that the senate tax bill will keep the mortgage interest rate deduction at $1 million instead of cutting it to $500,000. given these conflicting reports could that delay and phasing in of the corporate tax rate happen? >> we will just have to see. each of these committees is having to make big decisions. given both the budgetary constraints and the political constraints within each of the have very they do different political constraints and considerations. the senate is much more willing to eliminate the state and local tax deduction. the house responded to that
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problem by shortening or eliminating the mortgage interest deduction. the senate may not have such constraints. we will have to see how each of them navigate those very tough decisions as we get to crunch time. i want to ask about the challenges of moving this quickly. you can look at that and say this is difficult. there are so many moving parts. there is a lot to try and figure out. what conclusions have you come to about caution in light of that? a sense we have of the legislation being debated right now? >> a lot of these issues have been debated for a very long time. some of us may make mistakes at the margins. they tend to be fairly small and we have to just consider how significant they are. both of these committees have a lot of professionals on staff.
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they have been debating these issues for a long time. it's possible they will make little mistakes. we have to look at the big picture and see how much growth is produced by these plans. increase wages. what they eventually do to the deficit. will they live within the budgetary constraints. and we are all going to make mistakes around the edges. i don't think they are catastrophic mistakes by any means. time, thank you for your scott hodge joining us from washington. david: coming up, a conversation with neil chatterjee. his thoughts on the next shale revolution next. this is bloomberg. ♪
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shery: welcome back. this is bloomberg markets balance of power. i'm shery ahn. david: i'm david gura. breaking news out of the longworth house office building. kevin brady has released a summary of the amended house gop tax bill. pages in length. we will be pouring over that to get a better sense of what's in it. kevin brady releasing a summary of an amended house gop tax bill. shery: let's get a quick check of the major u.s. averages. we continue to see losses across the market. the dow jones 152 points down. we are seeing most sectors in the red right now with industrials late in declines. the s&p 500 is down .7%. all major s&p 500 groups are lower at the moment.
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the nasdaq and the s&p 500 on pace for their worst day since august. the nasdaq losing more than 1%. one of the stocks we are keeping on is is cold -- eye coal. recovering right now. emma chandra is here with the latest. what's going on with the stock as opposed to what's happening everywhere else in the markets right now? smith'se saw the etf but sales were largely in line and calls are very specific about what heard its third quarter. hurricanes, turbulent weather. and what have otherwise been a very strong back-to-school season. if you take a look at the you can see that they actually had sales tick upwards.
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it was first they predicted decline of .7%. work and mortar stores are a major part of the strategy. they are not closing them. jcpenney and macy's have all announced closures of the stores. kohl's is trying to leverage those. they have invited one of their competitors, amazon into the store. there are allowing customers to bring in their amazon returns. there are really trying to take things in a different direction. you still have to wait for the fourth quarter to see if the turnaround really has taken place. shery: thank you. the biggest controversy in the power market. subsidies for coal and nuclear power.
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the commission regulates everything from natural gas to electricity. rick perry has asked the commission to change the way that wholesale power markets price electricity to: nuclear generators are fairly compensated for stockpiling supplies. natural gas committees and nobles are angry. lobbyists are enraged and the deadline is approaching. alix steel joins us with more. alix: i'm joined by a special guest. the u.s. federal energy regulatory commission chairman. his name is neil chatterjee. he is joining us from washington. tot was kind of the set up your job right now. you got a deadline. december 11. are you going to make it? >> we are statutorily obligated by the 11th and we are on a trajectory to meet that deadline. alix: can you give us any specifics? >> we have some options. accept it as drafted or we could look to long-term solutions to answer the questions that secretary perry andasked about resilience
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the attributes that some of these generating assets have and whether or not they are being appropriately captured by the existing marketplace and we could look to an interim step as we answer the longer-term question to make sure that some of these plants that are being .ressured stay online alix: at the heart of this issue is demand for electricity. you want reliability in your power grid. in theory those who were excited need the proposal say you it. you can't stockpile natural gas and renewables in the same way. power demand has not been growing. why do you think we needed especially when we haven't had a blackout for three to five years? >> i don't want to take that chance. my approach is going to be of no regret. our evolving grid and power markets we need to that when americans
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hit the light switch, the lights come on. we just want to make sure we are right. need thatrmine we fuel diversity in the future i think it's prudent for us to do the analysis to make that determination and i think it's important to cast that interim lifeline because the worst-case scenario would be we do the long-term analysis and we figure out we actually did need the plants but they are off-line and we can get them back. alix: how does this not break the power market? >> there are ways to do this. the federal regulatory commission has tools in its kit that will enable us to potentially have plants run because they are needed for reliability without altering dispatch or the way markets are currently functioning. the argument make that a lot of these plants will be shut down if you didn't wind up subsidizing them.
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>> we have to look to the value those plans>> provide for long-term reliability and resilience. if the markets today aren't properly compensating those plants for that value that is something we need to look at. that's part of the iterative process of making sure these markets are continually functioning at the highest most efficient level. alix: the criticism is this proposal would just be to subsidize coal. has shown club through something else that a senior adviser at the doe asked for and got input from a lobbyist of peabody energy. how do you dispute that this is not to prop up coal? >> for is an independent agency. we have our own process and our process is fact-based, databased. we build a record. we are in the process of building that record now and we move forward and i have said
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whatever steps we take moving forward are going to be legally defensible and will not distort our existing markets and to that the idea that we would prop up a particular fuel source, choose winners and losers. we move forward with our policies and a fuel neutral manner. assistant about identifying winners and losers. alix: what do you say to the natural gas lobbyists and the renewal lobbyists who are going to say to you you are propping up this industry and hurting what we are able to charge for power? >> i think natural gas and the revolution that we have had has been extraordinary for the economy. i don't want to do anything to hurt the natural gas industry. i don't want to do anything. i believe in market. i don't want to disrupt the think we can do that without having that disruptive market impact. alix: can you reassure arab viewers that whatever step you do take will still be a market
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n power? >> absolutely. i'm committed to ensuring whatever steps we take forward answer the question that secretary perry has asked in a legally defensible way that does not distort our existing markets. you have new members. kevin mcintyre will become chairman as well. have you spoken to him about rick perry's plan and what are his thoughts? spoken to him specifically about the secretary's proposal but i am confident that kevin is somebody with a lot of expertise. he is a smart thoughtful guy. he's going to come in. he's going to evaluate the record. he's going to carefully examine the work before us and i hope he will ultimately be persuaded to follow the course i have laid out. alix: great to get your perspective. u.s.chatterjee, chairman
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federal energy regulatory commission. back to you. be sure to tune into our hour-long special on the meteor rise of shale and how it has with alix steel at 9:00 p.m. eastern time tonight. ♪
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david: welcome back to bloomberg markets: balance of power. i'm david gura. shery: i'm shery ahn. we are seeing u.s. stocks losing. parent back some of those earlier losses. the s&p 500 down .6% after we heard senator john cornyn saying the gop is working on how to make a corporate rate cut immediately. we had heard those could be delayed until 2019. we are now seeing the dow jones losing .6%. almost onedown percent. david: details keep dripping out from capitol hill on what the senate bill is going to look like. the top individual tax rate is going to be 35.8% in the senate. putting this all together piecemeal as senators continue to work on their bill. shery: all of this is happening in the u.s. and over in asia president trump may have a good rapport with china's xi jinping
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but he left the country without any substantial win. his next up is the apex forum in vietnam. amy was previously the senior director for china affairs at the office of the u.s. trade representative. she joins us now from washington. $250 inheard of that deals coming from president xi jinping and president trump. the fact that he has been cracking down on overseas investments and the u.s. is stopping some investments in strategic industries i wonder how big the impact will actually be if you take a look at the function for our viewers. thesean see that in fact have dropped substantially. m&a's into the u.s. have dropped.
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how will this actually materialize when we talk about $250 billion in investment deals? >> thank you for having me. the deals that were announced in beijing, many of them aren't binding deals. they are nonbinding commitments in key areas of the economy. certainly the sales to china of airplanes, soybeans, agricultural goods are very important as well as of course energy and the inbound investments into the united states will be good if they play out. many of us in the business community expectations were low of president trump's trip to china specifically on trade issues because in advance of the trip he had specified that the administration wasn't going to seek progress on market access concerns that we really think are the reason behind the significant trade imbalance but
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instead focus on the kinds of deals he did announce. let me pull up a chart on the bloomberg looking at the trade deficits between the u.s. and china. the u.s. trade deficit with china, what did you make of what the president had to say in his speech last night here in new ? astonishing commentary about who bears responsibility for this trade deficit. >> yes. i don't agree with the president that it's the responsibility of for thisinistrations very significant and growing trade deficit with china. i think the administration in advance of the trip had said they weren't really going to press china on the market access concerns that are restricting inbound trade with china right now. getting under some of these market access restrictions and nontariff barriers to our trade with china would help improve the trade in balance in
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u.s. favor. the president in advance has said this isn't what we are going to focus on. we are going to try to look at deals. he had very significant announcements in beijing. blaming prior administrations for the trade deficit i don't think it's something many of us agree with. nowy: president trump headed to the apec summit. ofs is an agenda multilateralism. how will this it with president trump who right now seems to focus more on bilateral relationships? >> he has been quite consistent in tokyo, seoul and beijing. he has been talking about free and reciprocal access to markets. talking about the need to work on issues in that way in a different way from prior administrations that looked at multilateral trade, free trade and fair trade as the bar. i think talking about
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reciprocity here on the one hand is very positive. we want china's market to be as open as ours is. i think where we are concerned that china will not need to open its market instead the u.s. will close its market to some of these markets. ,hery: thank you for joining us principal at the albright stonebridge group. david: coming up, i will be speaking with you as budget director mick mulvaney at the top of the next hour. we'll discuss the latest on tax reform in light of what we have learned. we will talk about about the white house agenda as well. that's coming up. this is bloomberg. ♪
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scarlet: it is 2:00 in new york, 11:00 in san francisco. i'm scarlet fu. julia: and i am julia chatterly. welcome to "bloomberg markets."
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♪ scarlet: wear live in new york. here are the top stories we are covering around the world. as house and senate lawmakers hammer out there virgins of the tax bill, we will be speaking about themulvaney debate on capitol hill and the white house agenda. shares of macy's getting a boost after the department store retailer hold firm on the fo ur-year guidance. it wasn't all good news. we will explain why. from the macy's tumult. takeover of gdp. will get important insight from the ceo. but first, we want to hit on tax reform. david europe is standing by with a key member of that proposal. david:

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