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: 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: 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: 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 herro, continue. david: how about the milwaukee bucks? tom: we are going to rip up the script. we are going to do politics later. you are telling me we will manage our way through a trade war. how is this trade war of trump mercantilism working in your is constant and rural illinois? it is working out well, isn't it? david: the midwest is very industrial and so far it is ok. the economy of the midwestern united states, you see full employment and inability to get skilled labor. you see relatively robust. hasn't hadwar really a major impact. there will be some smaller impacts. it well if it continues for a long time. you brought up a good point when you mentioned "mercantilism." moveis a mercantilistic trying to build barriers to subsidize your homegrown companies, or a bargaining ploy to get china more on a level playing field with the rest of the world? china has grown up, there economy has grown, their gdp has grown. they no longer need the artificial support of uneven trade rules which they have benefited from, and this is what the u.s

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 yes, i will marry you, but you need to get a job. i was in school. my brother said i will get you on at 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 hang this tape on that drive. i would find that tape, mount i

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

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: 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 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: 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: 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: thank you. ron has given europe 60 days to begin trade or will start enriching uranium again. the president announced this a year after the president withdrew from the nuclear deal and mike pompeo responded cautiously. >> we did not initiate a violation of commitment, and we will not initiate any wars. we have never, ever given into bullying, and we will never ever succumb to bullying. we will respond to any aggressor. >> i think it was intentionally ambiguous. we have to wait to see what iran's actual actions are. there are a number of things they have threatened to do in order to get the world to jump. david: we welcome congressman michael mccaul from texas. right now he is on capitol hill. no, you are in texas. >> i am in d.c. david: give us a sense on your point of view on the foreign affairs committee, how great is the threat posed to united states national interest if they start enriching uranium again in huron -- iran? rep. mccaul: it demonstrates there were never serious about the deal i

david? toid: two days ago we went news that things could be coming to a head in venezuela and nicolas maduro might be leaving the country, but he stayed. the chair for senate foreign relations committee said he missed an opportunity. >> i think nicolas maduro made a horrible mistake for his own personal safety. he was reported to be ready to leave and with encouragement from the russians, he did not. we welcome eric farnsworth, vice president of the council the americans. welcome back. you heard what the senator had to say. did nicolas maduro make a mistake? how solid is his position? eric: i think you made a mistake. that was an obvious exit strategy where he would've been able to leave the country and have a negotiated deal to have access to some of his ill-gotten gains and have safety for the perceivable future. now he has decided to stay and try to have a blood test with the juan guaido government. one of the scenarios a lot of people pointed to as a possible early -- as a possibility fo

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: money is pretty easy. but when you look at the big bang, the participation of the big credit markets, i don't think there has been a move in credit standards. what you are leading to a little bit is when you get out of the regulated institutions and into some of the shadow banking market, there has been a lot of capital that moves in that direction and less transparency around that activity, so it is hard to see, but i would say that is an area to watch. erik: do you think it is a problem? david: i do not think it is systemic at the moment, but it is something to watch. when you think about that space, some of the capital is longer dated capital, so it is not money that can run away very quickly. but as those shadow credit markets grow, that will be something to watch and monitor. something to watch and monitor. look, the regulatory environment has pushed more credit lending in that direction, and that is something i think we should spend time focusing on. rosalind: david solomon praised jerome powell and

david: they did. idea is they would give them both a different type of experience so they took over -- so if they took over as ceo, they would have a bigger backbench. sonali: exactly. alix: bloomberg learned that sundar pichai hasn't received an equity award and doesn't like the optics of how that looks. sonali: how often does that happen? alix: never? a ceo ever sayes don't pay me? usually companies are bending over their backs to pay their ceo to get the talent on board, but he says he is very tired of all the drama surrounding the job right now. he is described as very nonconfrontational, and has been dragged up to washington at a time when pay equality is a big deal in the technology industry. david: really smart and wise on his part. the same time, 500 $50 million in equity rewards he's received, so he's not going to go broke. alix: he also has a private security detail. let's put that aside. david: let's go to jamie dimon, who spoke out yesterday and said he thought wells fargo was irresponsibl

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

david: thanks so much. the china tariffs might not yet be hitting the economy but chief globaln, economist for citi, told us that might be affecting investment decisions. protractedthis policy uncertainty is weighing on investor decisions on what i'm going to do with my supply chain and purchases. david: rich lesser is the ceo of the boston consulting group, a global consulting firm with over 90 offices around the world. marvin loh of state street is still with us. how are they addressing the uncertainty we are seeing over the chinese situation? want to talkoften about it in terms of macroeconomic uncertainty. i think the macroeconomics of the world are generally on the more positive side. oft we've got is a period much higher uncertainty than even a few years ago. trade in china, all of the political discourse, that brings what is going on in europe come of the flareups in the middle east in the energy part of the economy. worldre now living in a the inverse of three years ago, where people didn't think ab

david: mr. secretary, we've had experience with zte when they were essentially shut down and then they came in and said if we make certain changes, including the board of directors and pay a large fine in some other things, would you let us back into the united states. what is the goal of these actions? is it to get huawei to change his behavior? could they come in and say we would do things differently and be able to buy semiconductors and some material in the u.s.? or, is this basically, we don't want to do business with you. sec. ross: z.t.e. was different in that z.t.e. was a settlement of a court litigation. this is not settling litigation with huawei. the litigation brought by department of justice, the indictments announced a couple of weeks ago, remain. so does the extradition request for the chief finance officer of huawei, who, right now, is in vancouver and is subject to what pendingto house arrest, the determination by the canadians as to whether they will accept our extradition requ

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? david: thanks so much, mark. coming up next, we will talk to the chairman of the senate foreign relations committee, jim about what is going on in venezuela. this is "balance of power congo this is bloomberg. power,"is "balance of this is bloomberg. this is bloomberg. david: you are watching "balance of power," i'm david westin. the situation in venezuela remains fluid with nicolas maduro maintaining control over the military. saidpompeo and john bolton key figures in maduro's government were ready to move against him, but the russians intervened. >> it has been a long time since anyone has seen maduro. he had an airplane on the tarmac. he was ready to leave this morning, as we understand it, and the russians indicated he should stay. we think the situation remains incredibly fluid. we know there were senior leaders inside the maduro government that are prepared to leave. head of the supreme court, the head of the presidential guard have an avid as people dealing with the opposition. david: we welcome the chairma

i'm david westin. qualcomm is our stock of the hour, tumbling the most since january 2017 after losing an antitrust case in california. emma chandra more about licensing fees. i'm assuming you have read it all. emma: every word. qualcomm was our stock of the day on monday as well after its relationship with huawei. hit by that band. down 20% in may so far. the move today is dragging down the chip index. one of the biggest weights on the s&p 500 and nasdaq. the news today goes back to this case in california brought by the ftc would says paul, abused its dominant position in the marketplace for cell phone chips to exact excessive licensing fees. qualcomm denies this. the judge rules with the ftc, saying it had been doing this, and had been suppressing competition. it's a really big problem for qualcomm because a big part of its business comes from licensing fees. needless to say, it says it will appeal the decision. david: the department of justice came out on the other side of the ftc, saying they were

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: 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:. 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? david: united states jobs numbers surprised just about everyone to the upside in april with the number of jobs added, the unemployment, and the strong but moderate wage increases. goolsbee, austan former chair of the council of economic advisors under president obama coming to us from chicago. thank you for being here. these were the jobs graded in the month of march. the data surprised everyone and it came on the heels of surprising upside productivity on monday.gdp growth are there causes for concern? austan: you have to love it. we have a good growth gdp number, a good productivity number and now have another good jobs number. everything is nice about that. question marks, i would not say there concerning, the? marks, thequestion job numbers come from different surveys. the good job numbers come from a survey of his this is an they asked the establishment about how many jobs they created. the unemployment rate comes from a survey of individuals and that individual survey shows the

david? david: washington yesterday announced sweeping new restrictions targeting chinese telecom companies, and in , which it haswei claimed were based entirely on national security concerns. i talked with wilbur ross yesterday and asked him whether huawei could turn to european companies like nokia or ericsson. >> a number of things they now by could be replaced with third parties. i am not sure it would be the third parties you mentioned. there would be some potential replacements. that would probably involve reengineering, maybe some redesign. it is not necessarily a seamless or immediate transition. they coulde material probably design around, either with third parties or do some work internally to huawei. huawei has quite a bit of technology itself. david: if huawei can find other ways of doing this, there may be some time and some difficulties, how is it protect our national security interest to cut them out from u.s. suppliers? it is not certain they will be able to find replacements

i'm david -- may 24. i'm david westin, here with lisa abramowicz. alix steel is off. you have to feel a little badly for her. she had one job, and it was an impossible job, perhaps. you can see in her face. lisa: she said, "a matter of deep regret." if we want to take a look at markets more broadly, there is a sigh of relief that there isn't another escalation of the trade war, with a little bit of a reprieve yesterday after a very ugly session. em currencies getting a bid and crude getting a bid after what was the worst day of 2019. david: it is time now for bloomberg first take. we are joined by sarah ponczek and marty schenker. we have to start with theresa may and a short look back on her tenure as prime minister. pm may: her majesty the queen has asked me to form a new government, and i accepted. do we have a plan for brexit? we do. united kingdom's permanent representative to the eu handed a letter to the president of the european council on my behalf confirming the government's decision to invoke article 50 of the treaty on european union. brexit does mean brex

david: thank you very much. roger: thank you. ♪ manus: you watching the best of "bloomberg daybreak: middle east." the major stories in the headlines this week. stocks slumped across the gulf. geopolitical tensions rise as saudi arabia says to oil tankers -- two oil tankers were damaged in a sabotage attack. there are fears that conflict with iran could be in the cards. the minister of state for foreign affairs tells bloomberg cool heads must prevail. saudi arabia approves a plan to offer permanent residency to some foreigners. that as the imf says the kingdom might need to increase vat to battle the deficit. ♪

david: there are no earnings. with amazon, we always thought if they wanted earnings, they could just get them. is that true of lyft? is that true of uber? steve: i don't think it is to the same extent. with amazon, you have people locked into an ecosystem with prime. every day at my house. with lyft, what you are playing for is the potential for what happens once you can get to autonomous. you're not paying for the driver at that point. they potentially on the vehicle. it is more ubiquitous. that is the long-term end game. there is a much longer lead time for that. it is a less certain outcome. lisa: would you be buying into this? steve: we don't talk specific stocks from my perch. ipo: ok, but from an standpoint, are you excited about the ipos coming to market? steve: we talk a lot about industrial revolution. my oldest son is in second grade. when he was born, uber was in beta. now it is going to come to market that is going to rival some of the biggest blue chips in the world. they've progressed pretty well. y