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tv   Bloomberg Markets Balance of Power  Bloomberg  June 29, 2018 12:00pm-1:01pm EDT

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the intersection of politics and the economy. david: here are the top stories, candidate will fight back, they announced retaliatory tariffs on u.s. imports in response to the trump administration's levies on canadian steel and aluminum, the canada foreign minister speaking right now. cuts,nths since the tax president trump will make remarks at the white house to commemorate one of the cornerstones of his agenda. summit wraps up with a deal on the contentious issue of immigration, the italian populace pushing through on a series of changes to tighten border security. ♪ shery: canada pushing back against protectionist u.s. trade policies with a list of their own tariffs.
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president trump's neighbor as released $12.6 billion of u.s. exports, their foreign minister speaking right now. here with the latest is our treasury reporter in washington. we were awaiting the tariffs, what are they? >> we expect to hear on the list from the commerce department on how trump wants to target china. they decided not to take a direct hit using the most significant legal measures available to them. they will use an existing framework with congress to go against china. possible tension will be down but we will see more next friday. shery: we hear from the canadian foreign minister targeting u.s. exports such as metals, chocolate, dishwashers, saying that canada they have no choice
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but to escalate. what else do we expect from canada right now, and what were the actions from the trump administration against its northern neighbor? >> donald trump's rhetoric towards canada and mexico in terms of nafta has slowly went up here -- went up. other countries say we cannot do anything. it is reciprocal tariffs, some could have an adverse impact to what donald trump is asking for. we reported earlier this week that candidate is trying to find ways to work around more aluminum coming in from china to canada. it could impact prices and the manufacturing sector in canada. reroutede that being around the world is adding to tension and complications coming
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so far just from rhetoric. canada choosing the products they will oppose the tariffs on? europe and china look like they were targeting certain districts important to president trump, is that true for metals and maple syrup and chocolate? >> all of the products come from the donald trump country, economists have done breakdown to see how europe, china, canada are targeting trump's political base, where his voters come from to see if there is a way to put pressure through midterm election house and senate races out of the counties and districts to see if there is a way to push voters to call their congressman and request for trade tariffs for the trade dispute or war, for the tensions to be cool down. with the white house, it depends on whose star is rising or
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falling, steven mnuchin has a more market friendly and measured approach approved by the white house in terms of how it looks at trade. david: we want to bring in our colleague reporting from auto what. -- ottawa, canada. this is a popular move from the canadian perspective? >> very popular, every once -- everyone wants justin trudeau to fight back. trump is not popular in canada. escalates, thet canadian the connie could take a hit -- the canadian economy could take a hit. in principle, people like the idea of retaliating. shery: the foreign minister said weada will not escalate but
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know there are other issues pending between the u.s. and canada, including potential auto tariffs by the u.s. and nafta, could this change? >> absolutely. it is open to whether donald trump considers today and escalation. canada says this is just a dollar for dollar response but if donald trump thinks this is raising the stakes, a lot of people say these tariffs will not have that big of an impact on inflation, canadian growth, but if it comes to that, you will see wide-ranging and potentially damaging effects on the canadian economy. shery: these trade disputes are not confined to canada. president trump pass or wants to alter the multilateral trading system. reports he may be considering pulling out of the wto.
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what is the latest? >> that news came out of axios and it is true donald trump has made remarks like that. steven mnuchin this morning said nothing about those comments, something donald trump has been talking about for a long time. the mission was pushing back on those reports. interesting those reports brought markets down, u.s. futures and stocks in europe. the secretary decided he would come talk about it. we have heard from mark, talking to reporters outside of the white house who said that we should expect to hear more from firm on the wto but no decision has been made on a timeline and what it would take --keep.s. in the wto the u.s. in the wto. david: time for a check on the markets with taylor riggs.
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taylor: major averages making gains throughout the morning session, 1% on the dow to a large cap score. nasdaq up six cents of 1%. -- .6%. nasdaq tech heavy index doing well. another big story is the financials. today with the best day since june 6 because of the fed stress tests and generally positive notes. individual members within the stress tests, one we look at ,ells fargo, up more than 5% the clear winner after being in the penalty box by the fed for so long. bank of america could say this could reignite a bid for the banks. nbi makingex, the
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gains in parts because of celgene, the second biggest mover in the biotech index, they had a trial for a red blood cell drug and more likely to get fda approval. a macro note, we want to talk about oil and the dollar, oil is rising, having a very good day for oil as u.s. output is clearly being met with demands. that is pushing the dollar lower , falling its most since may. shery: thank you, taylor riggs. coming up, dollar trump celebrated six months since his successful tax reform push, republicans want to keep this issue on the forefront heading into november but will it be drowned out by the president tariffs? we will discuss. this is bloomberg. ♪
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shery: this is bloomberg markets: balance of power. i am shery ahn david: i am david westin. >> a man who police say have a long grudge against maryland capital city newspaper was charged today with five counts of first-degree murder. jarrod ramos is accused of blasting his way into the newsroom with a shotgun in an attack yesterday that left for journalists and a sales employee -- four m -- journalists and sales employee dead. steven mnuchin said a report indicating president trump could seek to pull the united states out of the wto is "an exaggeration." he said the president is concerned about aspects of it that are not fair to the u.s. two officials said the organization has not heard from
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washington regarding the u.s. number ship -- membership. a top union official says president trump is trying to divide them over trade, a european commission head says nation should remain united in response to the recently imposed tariffs from the u.s. and to ease tensions instead of escalating them. >> we should not dramatize this. u.s.ed relations, the needs this relations, i am not sure we will find an agreement between the u.s. and the european union, but we will try. >> he is scheduled to meet with president trump later this summer. israel's army said it has delivered nearly 60 tons of help to displace syrians fleeing the heavy fighting in their country. a video released by the israeli defense forces shows soldiers leading health and to truck and golan heights, the cargo being
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carried into vehicles in syria. they included food, baby food, clothing, medical government. global news 24 hours a day, on air and at tic toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. david: thank you, mark. today is the six-month anniversary of the tax cuts and jobs act, president trump will shortly appear to give remarks commemorating it. joining us is austan goolsbee from the university of chicago school of business and former chairman of president obama's council of economic advisers who comes to us from chicago. thank you for spending time with us. you work for president obama, anticipate what the president will say. what would you -- what do you agree with him on? >> i was not against cutting
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corporate rates. i wish we did that in a way that was paid for, but that is the best thing about the tax plan, making the u.s. tax system more competitive relative to other countries. i have no problem with that. i think there is a lot positive. it was not paid for and will increase the deficit by some $2 trillion. and it is heavily pushing in the direction of the same income inequality we have had. this is a massive tax-cut for high income people and big corporations. it was sold as it will increase the wages of ordinary people in america, it has not done that. we knew it was not going to do that. they sold it on different grounds than what it was. david: let's take their
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position, if they were here, they would say, this will increase capital investment which will increase productivity and benefit the workers and everybody else. what is the report card, is there a rise in capital investment? >> barely. in the first quarter of gdp this smallwe grew only 2%, a increase in capital investment. hopefully, in the second quarter, we will see an increase. as has been documented by most people, repeatedly, the vast majority of the money was not used for capital investment but paid out in dividends or share repurchases. do we feel better that there was a massive transfer from the u.s. treasury of $2 trillion over 10 years to shareholders and people who receive dividends, and they paid out in executive compensation? maybe. but that juxtaposition that --
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let's give a giant tax cut to people whose taxes are already low and do not need it, is why the bill is so remarkably unpopular. has a the country positive impression of the tax bill. that is because they have looked at it. shery: that is true but it has increased in confidence and consumer spending -- consumer sentiment. overheating af full employment economy such as the u.s.? >> there is some risk. fed has talked about that, the time to do a $2 trillion tax-cut is when the unemployment rate is high and you are wanting some extra juice for the economy. usually not thought of as when you are at or around: employment. -- full employment.
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and the threat of the economy overheating was quite big potentially. shery: today, canada is retaliating with their own tariffs after the u.s. impose steel and aluminum tariffs. at one point do we say that this is an all-out trade war against china, allies, europe, canada? >> let's hope we do not have to say that. the irony is that donald trump's major political accomplishment was passing the tax bill and they will celebrate it today and it was a significant accomplishment and the economy has improved. that is the strongest thing he has going for him. why simultaneously threaten trade wars with all of our major allies and china and put that at risk? i do not understand that. david: i will put some numbers, most economists we talked to
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think the tax-cut between 3/10 and 5/10 of a percent gdp growth and this year and maybe next. they say the trade will take 1/10 to 3/10 off, what are your estimates? >> that may be right. it is on the trade side depending critically on how big does it get and how much retaliation and counter retaliation and counter-counterattack in do we get? if canada and europe and china did something comparable to and we, we would return, point fingers at each other and say do not do that again, it would be bad. it would cost us thousands of jobs but will not have that big of a material impact on gdp growth. if this spirals in the way it has in the rhetoric, where donald trump says $50 billion on
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china and china says $50 billion on you, and then they say $100 billion on you, and in $200 billion on you, if we do that, the cost will be far greater than a few tenths of a percent. if the largest economies get in a trade war, both of us will have a recession. david: putting aside china, automobiles may be on deck, that would really hurt canada. how bad would it be if we did impose tariffs on automobiles? >> i think it would be pretty bad. to put the tariffs on steel is is an inputng which for a bunch of manufacturing industries in the united states, exactly what they say they are trying to help. this is being done by people who clearly do not understand the supply chain for american manufacturing. you cannot put taxes on the
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inputs for american manufacturing and expect them to grow. they will not grow but shrank. that is before you get the retribution from other countries saying, if you will put it on our steel, we will put it on your cars and here we go. headsoping that wiser will prevail and this will go in the category of things the president tweeted that he did not do. more of a bluster and a positioning thing. david: good to be with you, thank you, austan goolsbee, former chairman of the white house council of economic advisors for president obama and professor of economics at the university of chicago. willg up, president trump speak in the white house to mark six months since the tax cuts and job acts were passed. this is bloomberg.
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shery: east room of the white house were president trump is announcing he will make remarks elevating six months since he signed into law the tax cut and jobs act. president trump celebrating today six months since the tax cuts were passed. let's listen. president trump: thank you. [applause] applause]d trump: thank you very much, everybody. the economy is doing well. [applause] president trump: six months ago we unleashed the biggest tax-cut
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and reforms -- i have to add the word, reform, but the tax cuts is what got us there and what is doing it. the biggest tax-cut in american history. it is my great honor to welcome you back to the white house to celebrate six months of new jobs, bigger paychecks, and keeping more of your hard-earned , in yourre it belongs pocket or wherever else you want to spend it. [applause] trump: before going any further, i would like to address the horrific shooting that took place yesterday at capital gazette newsroom in annapolis, maryland. this attack shocked the conscience of our nation and filled our hearts with grief. journalists, like arnold -- like all americans, should be free
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from the fear of being violently attacked while doing their job. to the families of the victims, there are no words to express our sorrow for your loss, horrible, horrible event, horrible thing happened. in your suffering, we pledge our eternal support. the suffering is so great. i have seen some of the people, so great. my government will not rest until we have done everything in our power to reduce violent crime and to protect innocent life. we will not ever leave your side. our warmest, best wishes and regrets. horrific, horrible thing. thank you. [applause] president trump: for today's
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[applause] president trump: also joining us is secretary steve mnuchin who has been keeping busy. [applause] president trump: secretary wilbur ross and alex acosta who came up with a great health care plan. thank you, great health care plan, people are liking it. sonny perdue, the great secretary of agriculture. [applause] linda mcmahon,: small business administration. doing an incredible job. mick mulvaney, director. [applause] treasurer.rump: the
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thank you. [applause] president trump: thanks also to a great friend of mine, mississippi governor phil bryant , and all of the other state, local, federal officials who have done so much to help us with this incredible tax cuts and jobs plan. you see how it is working. [applause] president trump: although i have to say i think the cutting of regulations may have had just as big of an impact. i think the cutting of regulations had just as big of an impact. [applause] president trump: i want to welcome juanita, karen, and michael for helping us, your support has been incredible in
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getting this very difficult legislation to the finish line and fast. please stand up. what a team. [applause] president trump: great team, thank you. there are so many others in the room, you will never speak to me again, but we will not give any more names, let's get down to business. ofare also especially proud the republican members of congress who fought with us. we did not get a democrat vote. not one vote for these massive tax cuts. i want to thank roger wicker, diane black, kevin brady, what a warrior. [applause] president trump: kevin, stand up. mike kelly, my friend, jason
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smith come our great republican members of congress worked night and day to score this landmark victory, this was a landmark victory for their constituents and for the country. unfortunately, every single democrat in the house and senate -- everyone voted against lower taxes for the hard-working americans. you see what is happened. it has been something very special. the tax cuts and jobs act sla shed income taxes across the board. we nearly double the standard deduction and did double the child tax credit, which ivanka wanted very much, stand up. [applause] president trump: she got a
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bigger hand than the politicians. that means you are in trouble. the typical family of four will see an income tax cut of more than $2000, and in some cases more, slashing their tax bill in half. we cut taxes for businesses of all sizes to make this the best place on earth to start a business, to invest. ofhave billions and billions dollars of additional revenue coming in. we lowered the corporate tax rate, so the american worker has a level playing field. we allowed companies to deduct every single penny of investment in new equipment. it is called expensing. it is the biggest secret in the plan. it will go down as the most important element. one-year expensing. nobody thought we would ever see that.
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we greatly reduced to the burden commo unfair estate tax, nly known as the death tax. that is such a big thing. most farms and small business will not pay any estate tax. [applause] we created: opportunities to promote more jobs in low-income communities. we opened anwr -- that is a big one. we opened up anwr. [applause] pres. trump: that was one that they said no president could get for many years. i wasn't going to do it because i was angry at someone. i said, i am not going to do it. and then when i heard that ronald reagan couldn't do it, nobody could do it. they were trying for 50 years. i said, "oh, let's do that
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immediately." like a challenge. [applause] pres. trump: challenge. they started that process. it is going to be something, one of the biggest in the world. we also repealed in out tax cut , in -- we repealed the most guess you could say come on popular thing i have seen in a long time in politics or legislation, the individual mandate on obamacare. [applause] pres. trump: the individual mandate, how about that one? that is not a very good one. that is where you have the privilege of paying a fortune in order to not pay to have bad health care. think about it. [laughter] words, you: in other pay a lot of money not to have health care. we got rid of it. that's a big thing. we got no credit, but that's ok. that's ok. [applause] pres. trump: i have had some people come up to me and say
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that they like that as much as the tax cuts. that is a big thing. obamacare is just about over. we have come up with so many plans. we have a plan coming up, and additional plan, coming up in a iod of time.er it will perhaps match your plan from the department of labor. six month after out tax cuts, more than 6 million workers have received bonuses, pay raises, retirement account contributions . [applause] beautiful elements of what i do -- i love to see happy faces, but i will stand on the line sometimes before or after a speech and i will be with a lot of people that want pictures. for whatever reason, they want a picture of me. and i stand with the police a lot, and i will see a policeman. in particular, one in new york city. he said, "sir, i want to thank
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you. you have made me a hero to my wife and my family. i have always been a investor, up this year my 401(k) is 46%," i think he said. genius."thinks i'm a [applause] pres. trump: in terms of value or worth, we created $7 trillion with design for our country. people don't know this, we are almost double the size, because we hear china -- our relationship is terrific. we are straightening out the balance, and most people want to see that. the largest economy in the world by far. we have increased a lot over the last one and a half years. but we are almost double the size of china, and far bigger
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than anybody else. rapidly, and it is going to continue to go up rapidly. [applause] pres. trump: biggest in the world by far. think about it -- did you know that? biggest economy in the world by far. it is pretty good. they helped us a little bit. every little bit counts. of small businesses, raising benefits and pay and has set a new all-time record. manufacturing optimism to me is so important, because it is all about optimism. it is the highest ever recorded. [applause] this is a statistic that has been around for a long time. highest ever recorded, hundreds of billions of dollars coming
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back from overseas. over $300 billion was just repatriated into our country in the first quarter alone. think of that, $300 billion. [applause] pres. trump: money we never would have seen. trillions more dollars are on their way back, and apple on us they would spend $350 billion -- not million, i would have been happy with that, too -- but $350 billion is being brought back -- i guess the total amount they are bringing back is $230 billion, and they are putting the rest the old-fashioned way. they would never have come back. they will build an incredible campus and lots of other things. we just left wisconsin, and what foxconn is building in wisconsin is literally -- and i said it -- the eighth wonder of the world. it is incredible what they are doing. 15,000 jobs. going to cost $15 billion. something so incredible you have to see it.
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more than 100 utility companies have lowered prices as a result of our business tax cuts, saving americans $3 billion on their utility bills. utility bills are going down. unemployment claims are at a 44-year low. that's a good 1, 44-year. [applause] pres. trump: something i am so proud of. i love you. unemployment for african americans is at the lowest level in the history of our country. [applause] pres. trump: i'm looking at kevin. that was a good job. you were right about that, kevin. that is something. we were all right, everybody in this room is right. unemployment for hispanic
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americans, likewise, is at the lowest point in the history of our country. unemployment -- [applause] pres. trump: unemployment for women -- if you listen to my speech two weeks ago, you would have heard me say it is the lowest in 21 years. now i'm saying it is the lowest in 65 years, and soon will be the lowest in history. [applause] pres. trump: big difference. 21 years, 65 years. hopefully in a week or two it will be history, close to history. 65 years is a long time. unemployment for the disabled americans has reached record lows coming giving these incredible americans the chance to realize there are limited potential, and that is what it is, unlimited potential. [applause] pres. trump: many former inmates are also getting a second chance at life. we are keeping our promise to
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buy american and higher american , and what is happening is our economy is so good, our unemployment is so low, and employment is so high -- maybe that is a nicer way of saying it. people wanting to get a second chance, inmates, people coming out of jail, whether sigma was so great, people weren't hiring, they are hiring them now in record numbers. you know what, these businesses are saying they are fantastic. they are set. there was one gentleman in particular who hired can inmates. never did it before full -- hired 10 inmates. never did it before. i wouldn't say he said all of them, but seven of them are so incredible -- that is not a bad percentage. that is a better percentage than we have. he said seven of them are as good as he has ever had, and he is going to do a lot more of it. there is nothing like a great economy to solve that problem,
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jared, right? [applause] pres. trump: and chris, thank you very much, chris. but this is all because we are really one and family, and we salute one great and beautiful american flag. we love that flag. [applause] our. trump: and at last, country finally has a tax system that is pro-jobs, pro-worker, pro-american. [applause] one incredible citizen who has benefited from our tax cuts and job act is lasonya hill. i love that name, lasonia. i'm have another daughter
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going to name her that. [laughter] pres. trump: of jacksonville, florida. replace, i know it well. she is the director -- great place to my know what will. she is a director of customer care. following the act, she was able pay and employees -- plays a big tax cut bonus. it took a lot of money and given to employees. that will support the education of her two sons, cameron and christian. [applause] pretty good, right? pretty good. we are so happy for your family, and i know your sons are going to make you very proud. they are great young men. please can would you say a few words? [applause] david: president trump in the east room of the white house.
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it is the anniversary of his tax cut bill, when he signed it. he is pretty happy with the results, says it is the biggest tax cut in history, although deregulation may rival what he is doing for the economy. he went through some details on how it is benefiting individuals of the middle class, and had a moment or two about obamacare. end,e finished out -- the one country and one family. shery: he didn't miss the chance to hit the democrats, saying that the tax cuts did not get one single quote from the democrats. he said everyone's 401k is getting a boost from the tax cuts, but we have to remember from u.s. census bureau research, only one third of workers participate in a 401(k) the, not to mention that dow has a race to the gains. david: as you say, it has come down since january. he also touted below and employment rate particularly
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among blacks and women and hispanics. shery: he is calling it an economic miracle. let's talk about the trade tensions right now. administration is set to implement tariffs on $34 billion worth of chinese goods next week. beijing is poised to retaliate at the latest in a tit-for-tat tariff confrontation between the two powers. joining us to weigh-in is csi is director for the chinese is this in political economy project, scott kennedy. the u.s. is saying that if china retaliates on the $34 billion of tariffs, the u.s. will hit china with an additional $200 billion of tariffs. where does this end? is this already a trade war? scott: i think we are already in a trade war because the u.s. has put on steel and aluminum tariffs we restricted chinese investment in individual cases. the rhetoric is moving business
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decisions in a way that squeezes the commercial relationship. i think we are already started. whether we really are ready to 250 as theto administration has suggested, i don't think we ought to expect that. i think we will get to next friday and get tariffs and chinese retaliation. by now the dynamics, political and strategic, for both sides is -- they win more next week by going had rather than pulling back. but after they do that, we will see what the economic and political why is and then get to the negotiating table. shery: what do you mean by "win more"? is there a political gain by not doing more here? scott: we heard the president list of a lot of positive, rosy economic numbers. the economy is doing super well.
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it is a good time to have the trade conflict with china because you can afford to do so. in fact, maybe there's a little bit of overheating that the trade war might calm down a little bit. in addition, his very high approval ratings and the polling suggests that the trade war is good for him. it helps republicans, it helps him, and it may make him look tougher against the chinese. he does not want to back down a third time. the chinese have a pretty strong economy. for xi jinping, he does not want to back down into. that suggest to me that next week we are heading to tariffs. david: who has the upper hand in president trump and president xi? the chinese economy is not growing as fast as it was for some you see the yuan go down at a faster and faster rate than it has since 2015. as president xi have a vulnerability? scott: i think he does.
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i think the u.s. is probably in a position where it will want to settle first. even though the numbers look rosy, economic and political, for the administration right now, once we do go over the edge, the financial markets will try to finally price this in. the chinese have a better ability to control what happens and the stock market, and they have not been significant stimulus yet. they have the ability to manage this for several months probably more easily than the u.s. david: here's the washington versus new york question -- which is going to affect the president first? republicans on capitol hill's are saying you are hitting my agricultural exports. scott: i think it will be the stock market, and that how we look at campaign commercials of a very satisfied being progress in north dakota and other parts of the country that affect what -- very sad soybean growers in
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north dakota and other parts of the country. david: that is scott kennedy, csis director. now we can to help care. amazon announced it would buy the start up pharmacy pillpack, but some people remain skeptical that even this internet juggernaut can disrupt the supply chain. we bring in the director of the university of chicago harris school of public policy. welcome, professor, good to have you. beg yoursay dean, pardon. we have not had the amazon affecting pharmaceuticals, and given the price discovery, it could really transform, change the cost curve on pharmaceuticals. is that right? katherine: i think people are placing a lot of hope on the new amazon deal without knowing what it really entails. but there is huge potential to rationalize the way we finance health care and to consolidate the way patients took
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pharmaceuticals and the effect that has on hospitalizations and downstream health care. david: we have heard for years and talked on bloomberg with you benefite pharmaceutical manufacturers, and the extent to which they at cost to the system. somewhat more opaque and less transparent. is it possible that amazon could cut through that? katherine: having more competitors in that space is bound to squeeze margins and improve the value patients see from the system. right now they don't read the full benefit from lowering of health care costs. better medication management, targeting medicine to the right patients at the right time. this entry could really drive a lot of price competition in that , which would be to the benefit of patients and payers for health care. shery: where is the potential to improve the performance of the health system right now?
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as the amazon deal step in the right direction? katherine: there's a remarkable lack of adherence to protocols across populations. this is not just uninsured patients or medicare patients or commercially insured patients. we see patients having trouble and especially for patients with chronic conditions taking multiple medications, that leads to wasted medications, but also to downstream hospitalizations and bad health outcomes for people. this entry enables better coordination of multiple medications come back to improve health care and lower health care costs. shery: at the same time, we know that 90% of people get their prescriptions filled at the pharmacy counter. will amazon be able to break that habit will be the key question. katherine: the market is likely to look different for short courses of medication.
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antibiotics and acute conditions, looking for patients taking maintenance medications regularly for high blood pressure, diabetes, cholesterol. the biggest return is coordinating with the chronic conditions medications and especially multiple medications. the prescriptions are refilled month after month after month. responding to changes in health and doctors' orders. david: if one of the biggest problems is not adhering to the regiment for people who regularly take prescription drugs from what is the chance this could go in the wrong direction? an online pharmacy, as it were, and they would not have to go to the pharmacist and would go willy-nilly and get their drugs online. katherine: the biggest problem we see is patients failing to refill prescriptions or failing to fill him in the first place. the problem is much less about
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overfilling prescriptions and taking too many, but with dropping off, and the mail-order pharmacies in general are seen as a better avenue for patients to maintain regular doses of their medication, because they don't have to worry about finding the right to the pharmacy at just the right window when they need to refill the prescription. there is always value to consulting your doctor or pharmacist for interactions between medications and fine-tuning medications in the first place. there are some track record for like pillpack being very responsive to fine-tuning by doctors and replacing medications as the new prescription is ordered. david: that is fascinating. good to have you with us today. like pillpack being bry responsivecatherine baker,e aicker, dean of the university of chicago harris school of public policy. what happens to mike pence after they get there? german -- migrants after they get there?
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german chancellor angela merkel praised the outcome. chancellor merkel: overall i think we have achieved the most challenging topic for the european union today. now we will of course have to wait and see what the austrian chancellorship will prioritize. but i am optimistic after today that we can continue working on this together even if we have a lot in front of us in terms of having to bridge the different perspectives. from: we welcome brussels our bloomberg calling. thank you for staying up with us. mr. conte got what he wanted. did angela merkel? >> this is a very long night in brussels, 4:30 a.m. crucial summit. european leaders who especially angela merkel come under so much pressure at home come she could not go home and demanded. the question is how do you implement the deal. but they have this deal. there is two key elements -- one
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is the fact that they agreed to set up my current control standards. prince coming into europe -- new migrants coming into europe will get offended and those who qualify for asylum would be allowed to stay. those who do not will have to go back to their home countries for the secondly, this is key for the italian government -- if the country feels there are too many migrants, the burden of responsibility will have to be shared. angela merkel got this deal, and secondly -- this is a bit of breaking news -- she got a bilateral deal with spain and greece. this was key for her because she had to send a domestic message. the problem for germany is the secondary movement. they move to northern countries that are richer and have more jobs like germany. under the new deal, migrants first arrived in spain or greece and move back to germany will have to go back to spain and graceful. this is something she will present at -- as a specific
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tailored measure for germany and a win for the government of angela merkel. david: that is fascinating. that is news certainly to me. as i understand she wanted -- her partner wanted to shift back refugees to the countries they came from. does she need bilateral agreements like that with other countries like italy? maria: that is really why angela merkel are now could say come sunday she is going to save the day, because the main element refugeescriticism -- entering germany at the height of the crisis, 2015, at the fact that potentially more could come. she says those who should not be in germany will go back to european countries where they first arrived, and we are going to crack down a long the mediterranean on new centers african member
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should not be in the country in the first place. there is a growing sense that there's nothing to worry about. she has to get tough come she did come she did, and this new bavarian coalition is asking her to get tough at this point has very little to complain about, are just creating trouble. you have to keep in mind that at this point, trying to bring down merkel would have immediate repercussions in europe. maybe you don't want to do that. shery: gary ackerman you talked about the problem of implementation. that has been a big issue in the past. countries are not going to set up a voluntary processing centers for migrants. where do they go from here? maria: exactly. question marks about the implementation, many. when it comes to european restrictions, those treaties are not enforced by law. this is a decision that countries like potentially spain
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are going to have to put their hands up and volunteer. this is something that the italians were clear about. italy has taken a lot of migrants in. they are not going to set up centers. this is going to put the spotlight more specifically on spain. you think the political pressure is going to kick in, and potentially spain will say we have to do this was david: maria tadeo in brussels. shery: coming up, is the u.s. isolating itself? taking stock of the economy with jonathan ferro next. if you missed out on any of the charts we showed you throughout the programming, g tv is a function. this is bloomberg. ♪ two, down, back up!
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near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. jonathan: from new york city, i'm jonathan ferro. this is "bloomberg real yield." jonathan: wrapping up the first half with treasury bears. facingg-market assets one of the worst quarters in almost three years. how safe is the new safety trade? we begin with a big issue. 10 u.s. -- dc

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