david: right. dr. fauci: this antibody as we are speaking is being tested in the democratic republic of the congo as one of the potential treatments for ebola. david: somebody comes to me and says i had ebola and i am ok now, it is ok to shake their hand? dr. fauci: yeah. david: they are safe? dr. fauci: well, you may remember when we discharged the young nurse who got infected in texas and i discharged her from the nih and we had a press conference, and i put my arm around her and hugged her and it made the front page of the washington post. the reason i did that deliberately was to show the rest of the world that when you recover from ebola -- david: what did your wife say? dr. fauci: she thought it was fine. david: all right. this is something you decided you wanted to do in medical school? >> when i was in graduate school, i worked on hiv. and nobody knew much about ebola then, but i noticed that the glycoprotein that hiv uses had some similarities, we thought, to the glycoproteins that ebola uses.

david: i don't understand. [laughter] david: to what end? she's been told that they will not vote for it. alix: very valid point. david: who is president trump going to meet with when he goes over there? he's about to go over to the u.k. who is going to be the prime minister? alix: we will see. coming up, target beats lows. we look at retail winners and losers. the ceo says we are developing contingency plans to mitigate trade impact. this is bloomberg. ♪ david: target and lowe's announced their earnings this morning. , rsrlcome paula rosenblum research cofounder and managing partner. let's start with target. you sort of like target, although you quibble with some of what they are doing. guest: i'm sorry, i lost some of the last part of what you said. it really troubles me that they do these special deals and then sell out so quickly. that is true. you would think their forecast engines are better than that. david: but there target numbers were quite good today. would you agree? waya: notwithstanding the they do these partnerships, overall

david: this is "balance of power." i'm david westin. for bloomberg work -- first word news, we will go to mark crumpton. mark: steven mnuchin hit -- is indicating he will not comply with a subpoena to hand over president's tax returns saying a dispute will likely be settled in the courts. they face a friday deadline to hand over six years of mr. trump's personal and business tax documents. richard neal subpoenaed the documents last week after termination repeatedly refused his request to release them. in turkey, the foreign minister says delaying the purchase of a russian air defense system. is not on the agenda. . the united states does not want the turks to buy the system at all and has broached the idea of a delay so it can resolve the dispute. the u.s. argues the russian system was designed to shoot down american and allied aircraft. north korea is suffering through its worth drought in nearly four decades and has led to severe food shortages. officials say an average of 2.1 inches of rain has fallen in the country so far this year,

david? david: let's turn back to the trade story mark told us about. we thought we were on track for a trade deal with china but then president trump rocked the world and markets with his tweet threatening new tariffs. former china trade negotiator wendy cutler says the stakes are high. the stakes are enormous on both sides and they're both facing a serious escalation of tariffs and other measures that will only affect china and the united states but they will affect the markets, global ,rowth, the asia-pacific region u.s. consumers come u.s. workers, u.s. businesses. david: we welcome congressman dan kildee of michigan who sits on the house ways and means committee. he joins us from capitol hill. thank you for joining us. you heard what wendy cutler had to say. gives an insight into the democratic caucus. what is the progressive position on trade at this point with respect to china? rep. kildee: she has it exactly right. this is a big moment. i was one who believed the president was right to take on china. i wish he would have done it by engaging our

david solomon. sort of interesting that after gary cohn left, goldman sachs lost the intimate relationship it had with uber, losing to morgan stanley the marquis assignment on the initial public offering slated for this friday. david: the third story is the millionaires who still like cash. we have a ubs survey which is interesting. lisa: first of all, it highlights how much cash there still is out there that could be deployed into the market in a possible selloff. the idea here is that the 's assets were 23% in cash. how much of this is cultural? in asia, people tend to save more money, and china in particular. still, people are optimistic, risk.ere is maybe.ome bias there, david: and latin america are the ones who like their region the best. lisa: although cash is still pretty high there, too. show if also goes to you are happy with your country, is it because you think you're going to have a different government, or because we are doing pretty well? also the structure is probably working for them

david: yeah. well, you guys don't have control of the committee that is looking into all this or is supposed to look into all this. is in any way though that republicans in the senate, perhaps senator grassley will do this? could get this woman who wrote the memo from the state department to the fbi in front swear her in, get her in front of a committee and find out the details of exactly what happened here? >> i think's what they're going to do. and i think senator lindsey graham is going to play a big part -- david: good. >> to make sure this happens. it's all collapsing on them david, and they know it. that's why -- to criticize attorney general barr who just wrote a summary of a 450-page report that very few of the democrats have even read is preposterous. teafd david they refuse to go in and read it. very quickly, there is some suggestion that mr. mueller at the beginning of his investigation may have possibly actually contracted christopher steele and other people from fusion gps to do inves

david: we've got to leave it at that. new shots fired in the trade war with china the chinese making a threat against u.s. companies as new chinese tariffs against u.s. goods kick in. so how far will this go? patients that i see that complain about dry mouth, they feel like they have to drink a lot of water. medications seem to be the number one cause for dry mouth. dry mouth can cause increased cavities, bad breath, oral irritation. i like to recommend biotene. biotene has a full array of products that replenishes the moisture in your mouth. biotene definitely works. it makes patients so much happier. 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ ) david: a new escalation in the trade war with china, the retaliatory tariffs on $60 billion of u.s. goods go into effect right now and they began at m

david: that is interesting. jennifer, as we go back to the possibilities, one of the issues is they require more and more divestiture, it gets less and less attractive for the partners. if the doj says you're not getting rid of enough of your prepaid visit, you have to get rid of more, at what point does it not become beneficial to the parties? jennifer: that is an evaluation t-mobile would have to do. within their merger agreement they gave a limit and say we do not have to divest more than x assets. they can wave that if they need to. they have to do the cost benefit analysis to see whether it makes sense for them to go for with a deal if they have to divest a larger package to get the department of justice ok. david: that is before we get to industrial policy and 5g. bloomberg intelligence senior analyst jennifer rie and kevin arquit, and you both so much for being with us. kohl's isd, polls -- in the crossfire with warnings of the possible effects of tariffs. our stock of the hour is next and this is bloombe

david: it is a lutheran school. arne: right. david: your family ancestry is scandinavia. arne: mostly norwegian. a little sweet to make it interesting. david: why did you not want to be a lutheran minister or missionary? arne: the language we use is i didn't get the call, which is a sacred call towards a profession. did your parents saved when he said you want to be a lawyer? arne: they were obnoxious we proud of me and my siblings and great supporters. david: after you graduate law school, you practice where? arne: in washington. david: minnesota, how did you go from minnesota to washington, d.c.? arne: maybe a little adventure to geturesome away from home. david: how did you go to from latham to marriott. arne: i represented marriott. david: marriott must be happy with your job. it was a big story that a non-marriott became ceo. were you shocked? arne: by that time it was no longer surprising. 422rked with ill marriott years i have been at the ,ompany, plus the years before learned a lot from him. he got a sense of who i was, how to know why family. there was an evoluti

david: ok. [laughter] david: when people say to you i want to invest in security a or security b, you say, i can give you general principles, is that what you say? jay: that is what i say. david: maybe i should be chairman of the sec. you said smaller investors through 401(k)s or iras should be able to invest in liquid securities. is there any progress towards that? jay: we are studying it. our private investment market has grown substantially in the last 20 years. you know this. in fact, last year, more capital was raised in the private markets than in the public markets. and our retail investors are not having access to those investment opportunities. over some periods, those investment opportunities performed better than the public capital markets. so we are looking at this. we want to make sure retail is not left behind. david: in the investment world for the last four or five years, people have been worried another recession is going to come. no one is predicting recession tomorrow that i a

david: why? jay: i want retail investors to get a chance to invest in those companies when they are growing. it is great to invest in a $20 billion company. it is really nice when it was $2 billion two years ago. david: many are confused about one thing about the sec. nonprofessionals. they think the sec says this is a good investment, not a good investment. your mission has been to make sure people are adequately getting information. full disclosure. is that fair? jay: that is true. two principles. transparency, you have to be transparent and honest. in trading securities, we can not have unfair practices, manipulation. those are the sec's core missions. david: when somebody files to go public, some people say you have to put so much information in the document that it discourages people from wanting to go public. is it possible you could say we don't need all this information, or you think what you are doing now is working? jay: i think the approach is the right approach, which is give us all t

david? >> matt gutman leading us off tonight on this fast-moving story. matt, thank you. >>> we are also following the severe weather threat as we come on tonight. there are tornado watches in five states at this hour. already dangerous winds tonight. storm trackers chasing this super cell in kansas today. look at that picture. lighting revealing a possible tornado striking. and blinding rain already for the evening commute. this is from houston at this hour. the whole system is slowly moving east. we have the track tonight. and abc's clayton sandell is in the storm zone. >> reporter: tonight, millions in the southern plains are in the weather bulls-eye, nervously watching the skies, facing a dangerous night ahead. up to baseball-sized hail and strong tornadoes are possible. this amid flash flood warnings in the houston area, rainfall rates of more than two inches per hour. >> you can see a lot of ponding. we're seeing some cars really struggling actually to get around here. >> reporter: mor

david: ok. and you switched to something else? randall: obviously. [laughter] randall: do you know what animal husbandry is, david? david: yes, i do. i started out as a animal husbandry major myself, then i realized private equity worked better, but ok. [laughter] david: so you, ultimately, you got a job with southwestern bell. randall: correct. david: and southwestern bell was the result of the breakup of at&t in 1984. so how did you get a job there? you were right out of college? how did you get the job? randall: i like to say i got my job the old-fashioned way, my brother got me on. [laughter] david: ok. randall: my wife and i were getting married, and she said yes, i will marry you, but you have to get a job. i was in school. and my brother said come on, i can get you on at the phone company. so i went to southwestern bell and i started out, my first job, david, was to hang 19-inch magnetic tapes onto tape drives. you would look at a screen and say, hang this tape on that drive. i would find

david: i'm david westin, here was alix steel. we have bank of england out, and surprise surprise, they didn't change. alix: signaling more than one hike would be needed to keep inflation in check. the rate decision at 75 basis points was 9-0. there wasn't conversation. toks like it was unanimous not raise any interest rates. david: it is fascinating actually, the inflation story, given what we had at the fed yesterday. they have such a different situation over there. let's bring in jp morgan asset andgement global strategist our bloomberg intelligence senior executive editor. it's a little below the 2%, but not by much. very different in what we are seeing in the united states. >> partly because they've had import price pressures and other things, but we are getting some wage inflation, and unlike in the u.s., we are seeing a little bit of that feed into inflation. we still think that over the course of the year, they will not be able to raise interest rates further, but they definitely want to keep that ball in the court. there'

david? >> jon cart at the white house tonight. jon, thank you. >>> and one more note on this tonight. with many of the democratic candidates carefully dancing around the issue of impeachment, tonight, after mueller's words today, several conditions are calling for impeachment. joe biden saying he agrees with speaker pelosi that no one would relish a divisive impeachment process, but it may be unavoidable if this administration continues on its path. kamala harris saying what mueller did was brasically retun an impeachment referral. we need to start impeachment proceedings. and senator elizabeth warning, one of the first to call for impeachment last month, saying today, it's up to congress to act. they should. >>> meantime, to the other major story tonight, tornado watches around warnings as we come on. the risk stretching from dallas to washington, d.c., from philly right up through new york. and you can see the threat here in the northeast at this hour. this is the radar for the new york ci

david: how did it work out? thomas: it suited my attitude to take that money and buy assets and hold those assets. having a historical bend allowed me to see the market through the prism of history. , andyou see these cycles you understand human psychology and fear and greed, the history gives you a great perspective. if you own the assets, and you don't go into debt, it becomes a function of time before you become fashionable again. we made a huge discovery in bolivia. that is where the fortune originated. david: did you ever visit? thomas: many times. david: usually when people makedavid: money and silver they will stay and keep doing it. it is like going to las vegas and gambling. thomas: i retired when it came time to build it. i said i can't even program my vcr. to build the biggest mine in the history of bolivia you have got the wrong guy. let me go. so they said i could. i went into platinum and got lucky, and went into 2000sarbons in the early and that is where we had our biggest score. david: what did y

david: it is a lutheran school. arne: right. david: your family ancestry is scandinavia. arne: mostly norwegian. a little swede to make it interesting. david: why did you not want to be a lutheran minister or missionary? arne: the language we use is i didn't get the call, which is a sacred call towards a profession. david: what did your parents say when he said you want to be a lawyer? arne: they were obnoxiously proud of me and my siblings and great supporters. david: after you graduate law school, you practiced where? arne: in washington. david: minnesota, how did you go from minnesota to washington, d.c.? arne: maybe a little adventuresome to get away from home. david: how did you go to marriott? arne: i represented marriott. david: marriott must be happy with your job. it was a big story that a non-marriott became ceo. were you shocked? arne: by that time it was no longer surprising. i worked with bill marriott for the 22 years i have been at the company, plus the years before, learned a lot from him. he got a sense of who i was, to know my family. there was an evolut

charles: thank you, david. david: i'm david asman in for neil cavuto. this is "coast to coast." trump says the u.s. is not ready to make a deal with china. edward lawrence in d.c. with the very latest on all this. hi, edward. reporter: hi, david. the comments by the president could further signaling a setback in talks might last for a while. we in the future will have a deal but maybe not today. >> i think they wished they made the deal they had on the table before they tried to renegotiate it. they would like a to make deal. we're not ready to make a deal. we're taking in tens of billions of dollars of tariffs. that number could go up very substantially very easily. reporter: president making those comments talkinging to the prime minister of japan. the chinese companies are dealing with a total of $250 billion under a 25% tariff. that is everything from technology to car parts, to other equipment. in the last 200 billion of imports where the tariff went from 10% to 25% on may 10th, any shouldn't where the importer can prove it left china by may 9th will not pay the dingsal tar

david: ok. suppose i come in with cash and i only need the room for an hour -- [laughter] david: do they say you have to pay the rate or i can negotiate an hour rate? do you do that? arne: i don't know if we have any hotels with rates by the hour. david: really? [laughter] david: i do check out of the hotel? they say, did you have anything in the minibar last night. i hate to stand there and say i had gummy bears or something else. i assume they will figure it out later. arne: this is another reason why we lose money on the minibar. [laughter] david: so why? arne: everyone who had pringles, no one wants to admit it. david: do people admit i had crystals last night, and inventory of all the things i or do you go in the room and charge them later? arne: that's right. that is the way this works. someone will take an inventory of the minibar. you probably noticed this, some of the minibar fridges are set up to be self reporting, so you will take -- david: well -- beer out.a can of ear david: i know

david: bill marriott is? >> 87. david: he is chairman of the board. arne: that's right. david: he is involved in what you are doing. marriott's made a major acquisition, the largest it has ever made. it bought starwood for $13.7 billion. you are competing with a chinese company at the time. were you worried you're overpaying? how did you win at the end? arne: it was a great profit. it was a company that had been pursuing strategical terms. it had been for sale through most of 2015 and we thought it was to us and said -- too expensive. it got cheaper for us. in early 16, chinese surfaced and throw in a rival bid before that shareholders voted. and that throws a new wrinkle in it. it made us cost more but we still, to my surprise came out on top. did bill marriott say, i do not want to spend $13.7 billion? did he say your job is on the line? arne: no. i was touched by his first reaction, maybe his second. his first reaction -- i called him on the phone and said i want to talk about buying starwood. do not form any points of view yet because we need to take you through the

david: did you ever visit bolivia? thomas: many times. david: why did you get out? usually when people make money and silver they will stay and keep doing it. it is like going to las vegas and gambling. thomas: i retired from the silver company when it came time to build it. i said i can't even program my vcr. to build the biggest mine in the history of bolivia, you have got the wrong guy. let me go. so, they said i could. i went into platinum and got lucky, and went into hydrocarbons in the early 2000's and that is where we had our biggest score. east texas. david: what did you know about oil and gas? thomas: nothing. but that was already a very good pedigree in terms of what had happened previously. i felt oil which was in the high teens, and which again, the conventional wisdom was oil was going to go back to a normative 12 to 15, maybe under 10 again, my view was it would go to 100. i created a company called lior, named after our two children, and we went prospecting in east texas. and again as in bolivia, got really, really lucky with what we found. david: oil

. ♪ brian: david david: -- brian: david maraniss, when did you decide to name your book "a good american family." david: it wasn't the first title of the book. for a long time i was calling bottom bottom was where the hearings were conducted in new york. it was early on in the process and i knew i wanted to bring a lot of people in the room, not just my father and my family but the chairman of the committee and the f.b.i. informant and so that was the nexus of the piece. but in the end it really was more -- it's not a home woir in a sense, it's partly that, it's more history but i knew once i came across the quote from charles potter, a congressman from michigan, who expressed surprise that someone from a good american family could be a member of the communist party at any point, i said that's it. because i knew my family was a good american family in every possible way so i wanted to serve that attention and juxtaposition to define the book. >> i want to put up on the screen your mother and father and tell us when this picture was taken. and when you look at them, what do you think abou

david? >> steve osunsami leading us off tonight with the breaking headline. steve, thank you. >>> we're going to move onto the other major story tonight, a terrifying sight on the hudson river here in new york city today. a helicopter crashing into the river. it happened just after taking off after refueling, preparing to pick up passengers. instead, spinning out of control, losing altitude and crashing into the hudson, ending up upside down. the pilot was the only one onboard, escaping with his life. tonight, how he was rescued. abc's eva pilgrim is along the hudson tonight. >> reporter: a near brush with death. a helicopter pilot escaping after this terrifying crash in new york city. watch as the chopper spins right into the hudson river. >> holy [ bleep ]. a -- a helicopter just crashed! >> reporter: it had taken off shortly after refueling to go pick up passengers when something went wrong. >> we were looking out on the water and then all of a sudden, we saw this splash and we looked out

david: right. dr. fauci: this antibody as we are speaking is being tested in the democratic republic of the congo as one of the potential treatments for ebola. david: somebody comes to me and says i had ebola and i am ok now, it is ok to shake their hand? dr. fauci: yeah. you may remember when we discharged the young nurse who got infected in texas and i discharged her from the nih and we had a press conference and i put my arm around her and hugged her and it made the front page of the washington post. the reason i did that deliberately was to show the rest of the world that when you recover -- david: what did your wife say? dr. fauci: she thought it was fine. david: this is something you decided you wanted to do in medical school? >> when i was in graduate school, i worked on hiv. nobody knew much about ebola then, but i noticed that the glycoprotein that hiv uses had some similarities to the glycoproteins that ebola uses, so i thought this would be a good opportunity to make headway into a new disea

david: ok. and you switched to something else? randall: obviously. [laughter] randall: do you know what animal husbandry is, david? david: yes, i do. i started out as a animal husbandry major myself, then i realized private equity work better, but ok. [laughter] david: so you, ultimately, you got a job with southwestern bell. randall: correct. david: southwestern bell was the result of the breakup of at&t in 1984. so, how did you get a job there? you were right out of college? how did you get the job? randall: i like to say i got my job the old-fashioned way, my brother got me on. [laughter] david: ok. randall: my wife and i were getting married, and she said come in yes, i will marry you, but you need to get a job. i was in school. my brother said i will get you on the phone company. i went to southwestern bell and i started out, my first job, david, was to hang 19-inch magnetic tapes onto tape drives. you would look at the screen and say this tape on that drive. i would find that tape, mounted

david: yes. brian: i want to show you a clip from 1987, where you were in a "nova," pbs program, talking about the panama canal, which he wrote a book about. ♪ david: death and injury were commonplace. caught beneath the wheels of trains or struck by falling rock, dynamite got tender from standing too long. premature explosion killed 23. explosive energy was expended in blasting through panama than all the wars the united states had fought until then. brian: how many years were you in television, and how did you get in it in the first place? was 12 years iit worked in television, but then i came back to do some things with a few people that i like working with. i first got in because when ken burns did his film about my book , the building of the brooklyn bridge, he asked me to never it, and that is what got me started. and eventually, i narrated the civil war series with ken, and then i was invited to be most host of a series called i didonian world, which for maybe three years, and that i did

david: he does. first of all, my older brother is, both my brother and his sister are two of the smartest people i've ever known in my life. and jim has not a photographic memory, but a very sharp memory of certain things. he can recite any poem he has ever read, that kind of stuff. but he was traumatized by this period, much more so than i. he and my sister were in school and so the five years that hey were this event t bouncing from one school to another as my father was trying to find or get his life back together. so jim remembers, he even remembers going to the headquarters of the communist party, the newspaper where my father was also working as an editor, the michigan herald, and the michigan worker. he remembers some of that, much more so than i do. there is one thing where he remembers after -- or immediately after my father was called to testify, there were stories in the newspapers there and one of his friend's mothers said jim's dad is a communist. to back off of that, 1952, and how did h

david westin. welcome to "balance of power," where the world of politics meets the world of business. on the brief today, sarah mcgregor on president trump's latest signals on china trade talks. from berlin, patrick donahue over angela merkel's shakeup of her party and from brussels, maria tadeo on the eu's meetings to pick a new leadership team. president trump went to japan but started talking about chinese trade and said we are in no big rush. is that a single of where things are headed? sarah: the interesting thing about his comments is it was easy as trump said to win a trade war but proving much more difficult than he thought. by putting the ball in china's court and saying maybe they are not so interested in a deal and we are not interested in one with them, he is expanding the time he is taking to close the deal which is going to be the hard part of the job. david: part of the hard part is huawei. in the meantime will go to patrick donahue in berlin. when i was going on air this morning new

david: thank you. man -- then public european parliamentary elections has not done much to clarify the best approach to select a new president of the commission. >> we did not discuss names tonight. just process. please, do not ask me about names. >> i am not like those who only want someone who would not overshadow the heads of states or governments. we need strong leaders with strong experience and legitimacy. isit is clear that the epp the strongest group in the parliament, but they do not have a majority on their own. everyone will have to reconsider his position on what matters. david: to help us sort all of this out, we work with nicholas duggan. he comes to us from paris. we have what appears to be a tussle from mr. macron and missus merkel. we have the president of the council and the epp. have the parliamentary elections help to sort any of that out? ,icholas: to some extent because there were elections in more than 50% of europeans voted. it is clear that these elections were important to the

david: thank you. live from new york, this is bloomberg. ♪ david: you are watching "balance of power" on bloomberg television. i'm david westin. to 22 democrat vying for the nomination to take on donald trump in the presidential race next year. first, there was just one, john delaney, former three term congressman from maryland. we welcome him today for today's conversation in chief. we have debates coming up, june. two different nights. how do you stand out in that pack? it is a pack. john: it is a big pack. i am a more moderate candidate, i'm putting forth solutions that really matter. on the problem solver by nature. a lot of the people are running against have put forth solutions that do not work. i don't think that is what the american people are looking for. they are looking for someone to bring us together, solve problems, bring forward new ideas to address some of the issues that i think we are dealing with. i think i'm very different than the rest of the pack, who increasingly is going kind

david: u.s. weekly jobless claim numbers are going to come out at about 8:30 this morning eastern time. 10:00, the u.s. census bureau announces new home sales for the month of april. throughout the day, federal aviation officials will go over the safety review of the boeing 737 max 8 aircraft, and specifically what will be necessary before that grounded aircraft can fly again. we are joined by gina martin adams and marty schenker. were looking for peace between the united states and china, it is not coming out of china right now. they responded to the president. and editorial overnight says the is behavinges like a bull in a china shop. said it will make the united states a laughingstock. a direct shot at the president, i believe. marty: it is true that the rhetoric is getting more strident on the chinese side. on the u.s. side, they haven't said very much of anything the last few days. i do not know what this is the prelude to come up but it may be moving towards pain in the markets that could f

david? david: kevin, thank you very much. joining nenow is former federal prosecutor and author sidney powell. good to see you. thanks for coming in. explain something if you can. if it's possible. democrats are talking about a coverup because of the fact that the president is declassifying intel material. how can there be a coverup and declassification at the same time? >> there can't be david. the democrat are just projecting. they've been coving everything up and now it's going to be uncovered. i imagine what they're next going to be covering up are the bills for laundry service because they're going to be needing it. the information that's going to be exposed is going to be devastating to them and they know it. that's why all of the finger pointing among themselves has started. it's going to get more interesting by the day. david: i don't usually like the term psychobasketball. but you use a term where you project on other symptoms that you yourself possess. it's an apt description of what's going on. particularly when yo

david:. david:. david:. congress might actually take action on this. we heard senator chuck grassley came out right away to say among other things quote "trade policy and border security are separate issues. this is a misuse of presidential authority. following through on this would seriously jeopardize passage of the u.s.m.c.a., which is what you just said." congress is increasingly concerned . what is the likelihood that mitch mcconnell would get on board, and of that senate republicans could curtail the president's authority? rufus: so far, they have not done that, and we have watched as the president's actions have progressively taken more and more of the trade power away from congress. the constitution clearly gives congress the authority to do these kinds of things, and presidents are supposed to, even if negotiating a trade deal, they have to submit them to congress forehand. certainly, on raising tariffs, the president needs congressional action. but he has used these authorities have given to him so far, the republican senate, has not challeng

david: welcome to "bloomberg daybreak." i'm david westin, here with alix steel. this was supposed to be a victory lap on u.s./china trade. i'm not so sure. is good for the markets, then not so much. it appears it is not going to be wednesday he will show up. maybe thursday. alix: no doubt, mr. trump posturing over the last 24 hours. the question is, posturing for what? david: is this the art of the deal, or does he really mean it? is he trying to get a better deal? alix: markets skittish. .t shows what was baked in s&p futures getting hit the hardest, down 48 points. you have a safe haven bid into the dollar, with the exception of the yen, now at a five-week low. treasuries just started trading. yields now down by five full basis points. commodities continue to get crushed. crude off by 1% as trade war fears permeate all the asset classes. david: it is time now to focus on the week ahead. tuesday, the salt conference gets underway in las vegas. we get thesday, first earnings report from lyft since it and public -- since it went public. wednesday was the day the c

david: why? jay: i want to retail investors to get a chance to invest in those companies when they are growing. it is great to invest in a $20 billion company. it is really nice when it was $2 billion two years ago. david: many are confused about one thing about the sec. they think the sec says this is a good investment, not a good investment. your mission has been to make sure people are adequately getting information. jay: that is true. two principles. transparency, you have to be transparent and honest. in trading securities, we can have unfair practices manipulation. those are the sec's core missions. david: when somebody files to go people say you have to put so much information in the document that it discourages people from wanting to go public. is it possible you could say we don't need all this information, or you think what you are doing now is working? jay: i think the approach is the right approach, which is give us all the material information about the company when you are going pub

david? a presidential race with more than one candidate over the age of 70, congressman eric swalwell is one of the youngest competitors. he is not the only millennial or even the only member of the california delegation to the third term congressman is looking to capitalize on gun control with a spirit of generational change. that and the fact which he was born in iowa, which does not hurt, caucus time. great to have you with us. let me ask you the most basic question. we have 23 candidates and there's only room for well -- for one nominee. why is going to be eric swalwell? rep. swawell: i believe the country once a candidate and to be a part of a campaign that goes big on the issues. no more sweeping the big issues like health care, gun violence, education, under the rug. get out of this instrumental is some and crisis to crisis government and do good in the way we treat each other and the way we govern and respect the rule of law. i've been in congress seven years. the first in the family