tv Bloomberg Markets Balance of Power Bloomberg April 15, 2019 12:00pm-1:00pm EDT
world headquarters in your, i'm david westin. welcome to "balance of power." just a few minutes ago, we heard from the justice department that the redacted mueller report will be released this thursday morning. we be coming back to that in the program as we have a criminal law expert to discuss the mueller report. in the meantime, sean diamond from washington on narrowing trade issues with china. michael mckee unfed independence and mario draghi's extraordinary intervention, and from washington, tax day and health voters are feeling about it. various reports of steve mnuchin saying we might have to suffer some consequences from the chinese deal and this is a report we might back up on some of the agricultural tariffs. what is going on? : we are seeing everyone positioning themselves for the end game. prospectchin raise the that is unlikely to be popular
in the u.s. business community. that is that any enforcement of a deal would be two ways, and that means the chinese could choose to impose tariffs on the u.s.. at the same time we are seeing signs of donald trump trying to manage the politics and asking the chinese to shift their tariffs on u.s. agricultural products to other products. that is a move by the president to try to protect farmers who have been big supporters of his. david: there's also news coming out of your. let's turn to michael mckee. wehael: we have mario -- have mario draghi weighing in on the independence of the fed. michael: donald trump is trying to manage a lot of things. the president tweeting the stock market would be higher and the economy would be stronger, growth over 4%, if the fed had done their job correctly. we presume he means if they had not raised interest rates.
the president tweets have drawn a lot of reaction from central bankers, not just in the u.s. but around the world. saturday said it is disturbing that the united states would be attacking its own central bank. he says, i am certainly worried about central bank independence in the most important jurisdiction in the world. extraordinary to hear that coming from another country's central banker, a region's central banker. the problem is people are concerned that if these tweets start to have impact on market psychology, even if the fed does not react, it could interfere with the transmission of monetary policy. the markets might not behave in the way the fed wants to. david: fed independence has not always been sacred. there was a time when it was more common for political branches dinner clean, and -- political branches to intervene. the concern was inflation.
to lbj whou go back wanted more growth and to pay for the vietnam world -- to the vietnam war and he pushed them down to the texas ranch and push them against the wall. there is a tradition of this but it stopped in the 1990's. the feeling was you would get better outcomes, including more stable inflation, the president's state out of fed does this. that kudlow said today this is just the president expressing his opinion. presidents have done that before. we will leave the central bank alone. see whether he listens to mario draghi after he is not listen to congress. it is possible. let's turn to nora davidson in washington. april 15 is tax day. it sounds like most americans do not feel they are getting a big break? spreadre seeing a huge in the number of people who actually got a tax cut, two
thirds of people, and the people who think they did, which is about 20% to 30%, which is a big political loss for republicans. they were hoping this would propel them through the midterms. now you see them during to run on this in 2020. you see bernie sanders talking about raising taxes on the to reverse a call all the 2017 tax cuts. david: give any sense of why the disconnect? ig? tax cuts are not b why is it that people are not appreciating the tax cut? laura: it was unpopular in congress. people were hearing from democrats and others who were observing that they are taking away popular deductions. he will not be getting as much of a tax cut. people were primed to not be that excited about the law. then people as they were filing, they found out their refunds
were smaller, in some cases they owed instead of getting a refund. 20 to 50 extra dollars in their paychecks throughout the year. they did not feel the tax cuts. thishey were expecting it spring and it did not come to fruition. even if they got the tax cut, it was frustrating for taxpayers to find they had to write a check. david: not much fun. laura davison, thank you very much. still in washington, shaun donovan. donnan. heard agriculture will not be a part of the negotiations between the eu and the united states. this is a redline for europe. we have heard chuck grassley say we have to agriculture in any eu/u.s. trade deal. shawn: it is a redline for congress. the question is when will congress get to weigh in? the administration has the power
to carry on a negotiation, and that negotiation is one the european commission has won a mandate from its members to do. that is a reminder that even as we wrap up these negotiations with china there are two other big negotiations coming. the japanese in town in washington to start talking on a bilateral trade agreement. the eu is a big economy. donald trump is engaged or promised to at least have a try and negotiations. those are likely to be the more difficult ones. they will take time. even as you wrap up the china talks, there are other big negotiations coming in those will be as contentious as the china talks have been. with japan and the eu, if you have to rank them, which is the harder one? shawn: there is no doubt the eu
negotiation is much harder. it is much more limited as well. the europeans have refused to talk about agriculture and other broad issues unless the u.s. will talk about things like government procurements and we are moving from what was a wholesale trade negotiation and the obama administration in the form of something called the transatlantic trade and investment partnership to what will be an error negotiation over industrial tariffs. hanging over all of that is president trump's threat to slap tariffs on autos. last week we saw things flareup on jets with boeing and airbus having a long-standing trade dispute. a lot more there is contentious than there is in japan. still have the steel and aluminum tariffs. now is time to get a check on the markets and for that we turn to abigail doolittle. abigial: we are looking at small declines.
the dow, s&p, and nasdaq down a little bit more than .33%. more underperformance for the chips index, down 1%. investors waiting for more color , plus trade talk and trying to get a better sense for global economic demand. for what is weighing on the stocks, let's take a look at individual movers. 2.7%, amd down 2.4% and texas instruments down 2%. not clear what is behind the action but we do have that antitrust trial between qualcomm and apple in san diego today. a macro backdrop against the chip sector. this sector up 30% this year. investors could be taking profits between the s&p 500 up 15%. of 15% on the year is quite good. not helping the s&p 500, let's take a look at some of the bank stock. 75% -- sachs down point
down 3.75%. there is a drop in the investment banking backlog. citigroup down about .7%. basically an in-line quarter but investors seem to have wanted more. later this week we will have bank of america and morgan stanley. so far through the earnings season, the banks not faring well. that is causing the s&p 500 to stall. if we take a look at the bloomberg, we will see that over the time proved to the s&p 500 -- over the time the s&p 500 has been trading in a range, when they are the downside we see a big swing down. last year's upswing in that of volatility in the fourth quarter. this upswing has already been broken in march, very similar to silver in 2011. the bitcoin move higher may suggest consolidation is ahead. today, smalltalk for stocks. david: financials not helping much.
david: we turn to mark crumpton for first word news. mark: the justice department expects to make a redacted version of the mullet report public thursday. mueller wrapped up his investigation last month and submitted a 400 page report to william barr. barr said the special counsel do not find at criminal
conspiracy between russia and donald trumps the association during the 2016 presidential campaign. robert mueller did not reach a definitive conclusion as to whether mr. trump obstructed justice. the president is using this tax day to visit minnesota, a democratic stronghold he hopes to flip in 2020. at the white house, national economic council director larry kudlow pushed back against critics who claim the administration's tax cuts have benefited corporations more than the average american. kudlow also remarked on the presidents view of the federal reserve. >> no intention of going up against that independence. never has and never will. that has always been our view. the president has opinions about monetary policy. kudlow also said president trump stands by his picks for the federal reserve board. south korea thinks it is time for another summit with kim jong-un. comments moon jae-in's
come just days after his visit to the white house, where he tried to get faltering nuclear negotiations back on track. koreaent moon says south is willing to talk as soon as north korea is ready. more than 30,000 runners are taking part in the boston marathon. the 123rd running of the world's oldest annual race. today is the sixth anniversary of the deadly boston marathon bombings and the first on the anniversary falls on the same day as the marathon. three people were killed and hundreds were injured when two bombs exploded near the finish line. global -- global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. david? , the: today is tax day first april 15th when citizens be paying under the new republican written code that cut taxes for corporations and individuals. a new poll says only 17% of the
american people feel the love of the tax cut. let's turn to our political panel. distinguished lecture at city university of new york and from philadelphia, the reverend joe watkins, a senior consultant with causeway strategies and a former aide to george h.w. but. what happened with republicans? people do not seem to be feeling that benefit? >> republicans have to do a better job of getting their message out. communication is not just a number, it is what people here. republicans have to do a better job of that. the president does a good job at that. he is skillful of getting his message out. do not be surprised if the president talks about what he did, the tax cuts he put into action a couple years ago when he is in minnesota today.
david: when you do polls of voters, tax cuts do not rank highly, do they? they talk about health care. joe: it is important to talk about was on the minds of voters. the president is smart enough to say to himself, i after mind people of what they elected me to do and what i accomplished. talking about taxes and tax reform is something you can say he accomplished during the time he has been elected. he gets to check that off. david: going to the democrat side, you cannot get too happy too quickly. goldman sachs said it is more likely than not president trump will get reelected. they project economic growth of 2.5%. even if people do not feel it the money in their paycheck, if the economy is growing, does that redound to the presidents benefit? it should, buty
the president has to communicate that. cry may be down, but if you do not feel safe the numbers do not matter. are reports red state taxpayers benefit more than blue state taxpayers. it is not surprising, but it is a talking point the president should be able to promote. now republicans know how we felt about obamacare. people love the affordable care act but they hated obamacare. it is lot about messaging and if the president had more message discipline, if there was not chaos in the white house, you would be able to control the narrative more than he is now. to democrats want to hit on the economy or not? can they avoid the economy in still speak to people around the country that they're getting left behind? basil: it is all about the pocketbook. what democrats are going to have to do is talk about the gains
that have been made from obama to trump because trump owns the economy. the real question is do you feel like your prospects can do .etter that is why we have been winning on the message of raising the minimum wage and democrats have pushed companies they're on their own without legislation. democrats and republicans say we are doing ok, but we could be doing better. it is a bit more an aspirational town that democrats have to promote. david: as we look forward to 2020, would you think the campaign is going to be fought on what the analysis will tell you make sense were on the presidents cup? -- the presidents gut? the presidents gut tells him he has to go after immigration.
this really on a tear with good not sure how many people in his own administration support him. is he going to fight the battle on sanctuary cities? joe: he trusts his gut and i think he is always going to do that, even more than people around him or advisors. he knows what matters is moving those numbers, especially with his base and keeping his base close to him. theof the ways to galvanize bases to talk about immigration in the terms he does. while it is difficult for republicans across the board in terms of moving the immigration forward, the president wins every time he talks about sanctuary cities and illegal immigrants trying to cross the border and all of the things he is doing to stop it. he will always trust his gut and do not expect him to take down the rhetoric in the coming months. he will probably ratchet it up.
opportunity is an where the president's policy could backfire. syracuse university just did a study to show that sanctuary cities provide more legal services to immigrants he is saying should come in. if he does not want to create a movement around this particular issue and mobilizing people to the streets, this is probably not the policy he should be promoting. david: joe, this is the part i do not understand. we heard them over the weekend saying we will ship them to san francisco. suppose you do that, what keeps them in san francisco? what prevents them from moving to spokane? joe: basil raises a good point. a lot of these tweets and comments are not meant to be policy driven. some republicans have questioned originality -- question the legality of trying to move illegal immigrants to sanctuary cities.
that being said, the president realizes the power of galvanizing his base by making those comments and he understands the new cycles. the new cycles are fast. today's news is not necessarily next week's news. for right now, it helps to galvanize his base and gets his message and puts his opponents on the defensive. to basil andhanks joe watkins. thanks to have you here. the nation's number one maced management -- the nation's number one waste management firm is buying the number four firm. it is our stock of the hour. this is bloomberg. ♪
agreed to buy rival waste disposal in a $3 billion deal. the merger combines the number wasted number four u.s. management companies. here with moore's romaine bostick. romaine: you do not think about trash collection much. this will be a $57 billion a year industry this year. -- in terms oft the revenue side, this deal will only increase revenue about 10% to 15%. what it does for waste management, which already operates in every u.s. state, it will pick up key states that operate there, primarily in tennessee, places like minnesota. these are areas waste management has been lighting behind -- has been lagging behind and it will give them a foothold. david: you have the number one and the number four, antitrust attorneys get nervous about that. laura: -- romaine: the next
largest competitor controls 18%. two analysts have said they expect private investiture's will be in the cards. i should point out that advanced disposal did a deal, a much smaller company, they tried to do a deal in 2012 and the justice department force them to do divestitures to get that deal done. morgan stanley says chicago will probably be the key market where waste management will have to give up control. toid: you say stock is up point 75% already. the rising tide in this business is extraordinary. -- 2.75% already. the rising tide in this business is extraordinary. romaine: recycling is a growing part of the business. it is kind of a conglomerate of everything we throw out or want to recycle in some capacity. it has found a way to be at the
top of that and have more pricing power. it will be interesting. this is a company that has been inquisitive to the hilt. this company goes back to the 1960's and 1970's. hundreds of acquisitions built this into what it is today. it will be interesting how much further they can go. david: romaine bostick, making waste management something to follow. many thanks to romaine bostick. coming up, a man who served in the diplomatic corps under u.s. presidents is here to talk about the reelection of is literally -- the reelection of israeli president benjamin netanyahu. that is next. this is bloomberg. ♪
go-ahead to start trade talks with the united states. both economies want to rebuild relations a week after threatening each other with billions in tariffs over and aviation dispute. the u.s. has accused the eu of not acting in good faith and delaying the start of talks. meanwhile, the eu once negotiations in part to avoid tariffs president trump threatened on foreign automobiles and parks. iran'srrorism label for revolutionary guard formally took effect today. it is the first-ever ever designation of its kind in it adds a layer of sanctions to iran's elite military unit. the label makes it a crime for anyone in or subject to u.s. jurisdiction to provide it with support. actress lori loughlin and her pal -- and her fashion designer husband and other parents are pleading not guilty to the college admissions bribery scam. they were indicted on charges of mail fraud and money laundering conspiracy. her husbandn and
are accused of paying 500 thousand dollars in bribes to get their daughters admitted to the university of southern california. felicity huffman and 12 other parents have agreed to plead guilty. violent thunderstorms swept over the u.s. northeast, leaving 200,000 homes and businesses without power. virginia and pennsylvania were the hardest hit. fierce winds brought down trees and power lines across eight state. severe weather is also blamed for the deaths of eight people in the southern united states. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. bloomberg. david? andd: edward to jerry served -- edward to jerry and -- edward djerejian served under a presidents, including as ambassador to israel. we welcome him from houston texas.
mr. ambassador, welcome back. good to have you. amb. djerejian: good to be with you again. of the things that happened is an election in israel. we now have benjamin netanyahu for a fifth term. he said things during that campaign that could give pause to international forces, including what will go on with the golan heights. if he sticks to that, what will that mean for the region? amb. djerejian: it is basically moving away from any prospects for peace between israel and the palestinians. acts arelateral contrary to international law. the international community recognizes the principal position of the non-acquisition of territory by force and the geneva conventions have all frameworkules and a
for what an occupying power can do for not new -- not do in occupied territories. these are important political moves on the part of israel and the trump administration in recognizing jerusalem as israel's capital and moving the embassy there. that was one major move by the trump administration. the other, giving cognizance to israel's sovereignty over the bowl and hides, shutting off aid to the palestinians. this is a complex of decisions being made in washington and jerusalem that i believe are distancing the prospects of peace. david: from your knowledge of israel, and the region generally , would another prime minister of israel have gone forward to say the things prime minister netanyahu said without at least the tacit approval of the united states government?
in the past the u.s. government has tried to rein in the israeli government on some of these more extreme actions. amb. djerejian: previous american administrations have taken a position that supports the fundamental approach toward arab-israeli peace. people in washington and in ministration say that while everything else has failed and we will start something new, we do not know what that is because the trump administration has now been in power for two years. we have heard about the deal of the century. thedy knows, outside of small group, what that deal is. it is difficult to hypothesize as to what the administration is planning. having said that, let's set the record straight. many efforts in past administrations since 1967 have
failed to bring about israeli/palestinian peace. jimmy carterget brokered the israeli-egyptian peace treaty in 1979 based on the principle of land for peace. we constructed the madrid peace conference under president 41 and secretary baker under the principal position of land for peace, which led in 1994 to the second is really peace treaty with an 8 -- the second israeli peace treaty with a neighboring state, jordan. it has not been a total failure, as some in ministration folks have been saying. any approach toward israeli-palestinian peace must be based on the principle of land for peace. that is emboldened in un security council resolutions 242 and 338. what i am concerned about, and i, like most outsiders, i have
no knowledge of exactly what the deal of the century contains, is that any american approach that is not based on the principle of land for peace, a territorial settlement raised on the 1967 line, the palestinian refugee issue being taken into consideration, and there are various ways of dealing with that issue in terms of rehabilitation, reconstruction, and resettlement, and jerusalem as the capital of a future palestinian state and israel's capital, and security and economic arrangements. this has been the basic parameter for any structural approach toward arab-israeli peace and especially israeli-palestinian peace. i do not think an economic peace based on economic incentives, or a security peace, based on security arrangements alone, outside of a political context based on these principles, is
going to work. one of the most important relations israel has had in the middle east for some years has been with egypt. a peace treaty with egypt has prevailed through difficult times. we had the arab spring and there were two changes in regime in egypt, with el-sisi in charge now. we have bloomberg talk to -- talk to the egyptian minister of investment about was left and if we are past the arab spring. this is what she had to say. >> el-sisi has put a plan in egypt in terms of moving forward with a bold economic reform -- a lot ofaged by social safety nets. david: has president cc -- has president el-sisi move us past the aftermath of the arab spring? amb. djerejian: every arab
leader since the arab uprising of 2011 have been painfully sensitized to this incredibly important need to make forward movement on social economic reforms in their countries. the greatest threat of all of these regimes comes from within. the inability of the regimes in power in the arab world to address the fundamental needs of their people. economic reforms are critical. economic reforms have been tried in the past and have not succeeded well in various countries. president el-sisi has now embarked on a new set of reforms. we have to see how effective they are and how much political will is behind these reforms. that at no questioning the time of the arab uprising, i called it the arab spring, the
so-called arab spring, i said this is a tectonic shift in the political landscape of the arab world, because it was spontaneous. ,eople, especially youths demonstrated in the streets with slogans like enough. we have had enough of a lack of local participation, but not systemic corruption. enough high youth unemployment, etc.. in manyve seen so-called spontaneous revolutions were uprisings, the aftermath has been the reestablishment of the status quo. that status quo has to be changed. aree leaders, like sisi, compelled, and must try institution -- instituting socioeconomic reform. david: it is fascinating. i was thinking there was an uprising for more political participation. i wonder if you think there's more political participation in
egypt than before? look at saudi arabia, where you have mohammed bin salman, who is interested in implementing economic reform. is there more political participation? amb. djerejian: what you are seeing in the arab countries and regimes is the emphasis and the focus on economic and some social reform, but not political reform. i do not think any of these regimes are committed to structural political reform and when i took call, let's not even zation, word democrati but broadening political participation. i do not see that happening. tunisia is a glimmer of hope, has been a glimmer of hope because you had come into these yet, where the arab spring -- and islamistnisia party come to power, and when when the vote went against the party, they left power peacefully.
the situation is still not stable, but at least that was a glimmer of what should be happening in the arab world and the middle east. , theical participation broadening of political participation, i do not think is the primary focus of the current regimes in the arab world. economic and social reforms are something there are compelled to do. david: throughout your long and distinguished career in the it was an corps, unspoken premise of u.s. foreign-policy that you needed to get to political reform. maybe actions do not comport with that, but ultimately for stability you needed a local reform. as we look around the world, it is not just the middle east. look at china. a lot of economic reform and progress. is there a different paradigm that is in competition with what the united states has
historically put forward? amb. djerejian: let's called authoritarian stability. you maintain the political is whatn place, which we as americans would not consider to be truly democratic systems like we have here and in europe, but more and of dictating model what the economy should be. china is a special case of the communist party, and authoritarian political structure, that ever since deng forward has been moving on a try but entrepreneurship and private capital sector. there is a tension between structures andc enterprise and authoritarian governments. as we know in the united states model isrope, the best
the marriage between a democratic form of government and private entrepreneurship and .rivate capital that promotes innovation and economic growth. david: mr. ambassador, thank you so much for your time. that is retired ambassador edward djerejian, director of rice university's baker institute of public policy. coming up, thursday is the day. the justice department told us that attorney general barr's redacted version of the mueller report will be released thursday morning. we talked to an expert on criminal law and major investigations. that is next, this is bloomberg. ♪
of power." i am david westin. the department of justice says the redacted mueller report will be released thursday morning. for more, we welcome an expert in terminal law. jessica roth teaches criminal law. she served in the u.s. attorneys office for the southern district of new york during welcome back. let me start. expect to- what do we be taken out of the mueller report. jessica: there are at least three categories attorney barch says he will redact. that is grand jury information. disclosure,from testimony of witnesses before the grand jury. some material beyond that. grand jury material, classified includingn, information that pertains to sources and methods of our intelligence services that needs to be protected, and then an additional material related to ongoing investigations.
we do know there ongoing investigation spun off from the special counsel probe. those three areas we know he is planning to redact. when you're in a court of law, you can have a judge review reductions. who will review it to make sure that is actually what got taken out? jessica: what is interesting is attorney general barr said he will colorcode the reductions, so congress will know what the basis is for redacting each part , so they can contest that. think that is likely to happen next. we will see a subpoena from congress to get the redacted material that will wind up in a court of law. david: let's talk about the stuff we think will not be redacted. what will be looking for based on what we have seen from the short synopsis and what we have heard from others? is this about obstruction of justice? jessica: obstruction of justice is an important part of what will be in the report and observers will be looking for. attorney general barr said
special counsel robert mueller and not in a traditional prosecutor. mueller had rate out the legal arguments for and against. we'll be looking for a more fulsome explanation of what that was in an obstruction charge against the president. david: what does that tell us? hesica: he wasn't -- david: was able to make a decision on collusion. on this one he said i will not make that decision. why is he making a different decision? jessica: we do not know. it is one of the most puzzling things to us. why didn't he make that decision? did he anticipate congress was the proper forum as to where that decision should be made as to whether this was an impeachable defends? the law is less clear about what would be obstruction of justice when it is the president of the united states who sits atop the executive branch, making
decisions and directing subordinates to drop an investigation with respect to michael flynn. that is different than the activity that happened during the campaign when now president trump was canada trump. david: thursday we may know the answer to the question. is it possible that robert mueller said i do not think i can indict a sitting president, so it is academic. i can decide i would not indict him even if i could. on this one, i think it's a matter of law, i cannot indict a sitting president so i will not make a decision. jessica: we might see some discussion of that. and williams bars short letter, he indicated the decision was not based on that legally problematic question. there may be something in the way it is presented by robert mueller that indicates if that was in his thinking. david: let's talk about attorney general barr. in congress you referred to spying that he would investigate. spying had gone on and he would investigate the investigation, which includes the fbi and the
justice department. what is that about? what is line between spying and law enforcement surveillance. you were in law enforcement? jessica: yes. it is not clear what he was referring to. he went on to clarify surveillance that was not supported by adequate facts. if you do a wiretap on somebody, you need to get a court order. wiretapo not get that approved by the courts, that is unauthorized surveillance and some might locally referred that is spying. spying is not a legal term. there's a big difference between a warrant that has been issued and doing something without a warrant. if they weren't were issued -- if a warrant were issued, doesn't that protect the fbi and prosecutors from any retribution? jessica: absolutely. that is why you go to the court to get the authorization. that is why is not clear what he was talking about. what he meant to say, as i
understand it, is there was surveillance not warranted and was not authorized by a court. he said he did not have any particular evidence to back that up. that is part of why it is disturbing he made those marks. one should wait for the evidence first and then to the investigation before coming to a conclusion. david: one last question about a different subject. a well-known, respected criminal forer has been indicted violating the foreign agent laws in washington. what is that about? are those laws are difficult to comply with? jessica: the charges brought against him have been about lies he made to department of justice officials about his activity on behalf of ukraine. they are not about the unlawful but about the statements he made to those investigating his activity on behalf of ukraine. he has been charged with simpler crimes of taking false statements to investigators. david: it is one thing if martha
stewart talks to authorities without a lawyer present. greg craig is a good lawyer. isn't it passing strange he would make that mistake of ?ommitting perjury jessica: there's a charge that is more specific to the entity at doj. it is unusual, and part of what is unusual as it has been bounced between different doj offices. david: thank you so much. professor jessica rolfe. this -- jessica roth. this is bloomberg. ♪
the president. donald trump was doing what millions of other americans were doing, watching the masters. >> golfing is incredible, but the field is deep. i think it is going to be a great masters. i hope so. president trump predicted the golf championship would be ratings gold and he tweeted the action. tiger woods won his 15th majors and fifth masters jacket. the political world has changed a lot since tiger won in 2005. back then, george w. bush was president, having just one his second term in office even after struggling with the iraq war. >> the hope for peace in our world is the expansion of freedom in all the world. david: back then, barack obama had just started his job in the senate after receiving worldwide attention of the 2004 democratic national convention. >> there is not a liberal america and a conservative america. there is united states of america. david: donald trump was busy in
new york filming the second season of the apprentice. >> i did the apprentice, which became a great show, a successful show. tremendously successful. david: despite all of the ups and downs, tiger woods triumphed again and it even president trump and president obama something they could agree on, as both congratulated him on his remarkable comeback. sign up for the balance of power newsletter at bloombergpolitics.com or bloomberg.com/politics. get the latest on global politics in your inbox every day. coming up on "bloomberg markets," jason goldberg. lime from new york -- live from new york, this is bloomberg. ♪
thursday. mueller wrapped up the probe last month and submitted a nearly 400-page report to attorney general william barr. said the special counsel did not find criminal conspiracy between russia and donald trump's associates during the 2016 presidential campaign. but mueller did not reach a definitive conclusion on mr. -- whether mr. trump obstructed justice. the european union approved terms for negotiating a new and strictly limited trade deal with united states and sets up a possible showdown with washington by ruling out any talks involving agricultural products. making public the mandate for the eu's executive commission to ,onduct talks on their behalf the bloc's member countries said the new deal will focus exclusively on eliminating tariffs on industrial goods. that thisconvinced agreement will be a win-win, like all trade deals should be. economic analysis shows eu-u.s. agreen