africans migrate into europe. because we have an economic situation in africa that needs to be addressed by our league which we talked about that is ostensibly nancy is that to let me that's very important to me let tell me how you feel about the possibility of people of parties gaining significant votes in the european elections because they almost exclusively campaigned on the topic of migration yet because the to say thing to europe because that is a new trend all over the wall of nationalization. kountry is becoming more national kountry is becoming more solve recognize doing since on their own ways and that is why you see that british ones who go out of europe you see a lot of other counters wanting to be. that has many fest it's also it being in the not just it you can see the nationalization is springing off even africa you see a lot of elections have taken place on the government opposition opposition parties were taken obama governments because people need a new lease of life people need a new life new go

has come up with its own asia or europe connectivity package do you think that is europe's. or ball of the one belt one good initiative i would say that is. but here we have to find channels to to combine these different plans etc because i would not agree totally with you. but i would say that this rivalry understanding is just being more than only economic rivals it is a way of how we are treating each other and that is a term from the cold war times and that means we are competing each other not. to break the other one economically politically etc that i think is leading if you are looking into the global challenge into the wrong direction if for example one point four billion people in china want to live their way of. living or one point three million a billion in india and one more billion and other asian countries so what does it mean for resources what does it mean for the production what does it mean for the climate so here i think we have really obligation to find channels to cooperate and i would welcome that in europe participating in these different plans and we'

i and i and i agree with that and i think you know within within europe there's a lot of the bad about about freshness and tension. no one really knows and there is a lot of this agreement among european allies on that and yes we absolutely shouldn't be naive but i don't i don't want to make the argument that we need to nato because of russia time has moved on we're no longer in a cold war and nato has been doing many things other than you know just the fend against russia there are many other threats out there it's a scary world i made my list claudia china cyber threats terrorism hybrid warfare and migration i don't know what you have to add so that's how continued they continue to defend successfully nine hundred and thirty million people from twenty nine different countries against all verbs for its. my first my first reaction white surprised too but i think the precondition to actually think about successful defense is sticking together as a political union because only if you have all countries agreeing that you need to do something they do remains relevant and then you have to t

across europe. but take. people off neo liberal economic perspective have been in power for quite some time everyone has to take responsibility in this very challenging time and of course there is a demand in our society due to the be good the normal that we are leaving and the fact that we just. economic and financial crisis yes we. are going much more coming back on the show at least six in the wood but we came out the without a measure of these two options in any case one issue when i am saying that the many of them only say no and they yes. the magic example. they can buy hold the. example. they say no for three they do not succeed. and you see that from one e r. or the. police and the. right wing parties are still despite. in power in italy in hungary in austria in poland there. in france it is expected that there are going to consolidate our presence in. the may elections. what is it in the policies of the. driving the support. i am asking you to be critical. because you are ultimately in charge of. ana

have felt that their goal is to take over europe. it would appear to me that the generals seem to be holding our whole -- our positions quite well and that vladimir putin has backed off on his position. guest: i do think you're right. i don't believe russia wants to go to war with europe. i do think they want to try and extend their influence both in europe over the countries that were formally part of the soviet union. said any times that the loss of those countries was the greatest tragedy in russian history. i don't think we are at war with russia. we are in an ongoing struggle, certainly an intense competition but i don't think russia wants to have war. it is using other means, as we have seen all too starkly. they are doing that in spades in countries in central and eastern europe that are much more vulnerable than we are. ferment trying to unrest. they have been very active in extending their influence and reach by their intervention in syria which gives them an additional foothold in the middle east where they have a base in t

i think the fears in europe -- no one is going to say europe will be gangbusters in growth. countries like germany are much bigger exporters than the u.s. some of the consumer numbers are not consistent with going into recession. the idea will going to worldwide depression is overblown. jonathan: a few dynamics we will work our way through. let's start with united states and the idea that we are late cycle. victoria, i would love your insight into this. there are so many people who believe we are late cycle. when you ask them why, they will tell you it is because it has been going on for a long time. can you define late cycle by duration alone? victoria: no. it's like what you were saying a moment ago, it can go on for a much longer time. with the central banks where they are, the federal reserve on pause, you had india cut rates, you have a situation where things can continue for a longer time. there is no set timeline on how long this has to be as long as you have fiscal policy and monetary policy situated in a place where it can continue to boost that, i think you can kee

how europe can and is contributing in the us and china and has pointed out recent challenges to europe that makes europe stronger with the european union but when it comes to traditional centrist trade that has demonstrated and that we cannot be bypassed with those repercussions forever there are other issue areas they have not played such a big role of security issues of the chinese industrial policies. that are emerging to allow them to contribute in a way they have not seen before. and with that greater footprint and that division of labor has developed and european union and that is a division of labor is still seen as europe and the groupings would take action on common eu policies to have greater freedoms of those initiatives that would be followed up in practice and such efforts and with those allies to come from an independent decision with the europeans with the priorities to address multilateral institutions to link up those european initiatives with that conductivity plan adopted by a 2018. to have a more specific example of how this works and that has taken place that was m

or with a softer brics it both comes along for europe and you think that there is also in europe inception that britain needs to go through this i hear more and more the argument in continental europe that. britain is going to be such a problematic member of the e.u. the metaphor of poison is used but if we're thinking about new long term the decades the prospects of the european union along in relation to china trumps america to climate change then it's clearly better to have britain inside so it wouldn't be easy initially but we'd get for it and we'd be a better place at the end what do you think if there was no idea what would be the actual outcome what would it mean for for their relations with the i think it would be poison for the general. i think there'd be a huge blame game. we would blame it on continental europe the brits would blame it on me but the brits the continental europe for braman on the brits and then the economic fallout will be ready very very serious indeed. some brags that he is arguing actually it's would be better for europe better for the e.u. to not have. europe

this this goes across the pacific and now we're seeing it in europe. or in the you hang it where you are nani your head go ahead remy in new york go ahead. well i agree that you really see a shift here internationally with the with the new tribe administration used to have two options on the table you have the american option which is basically on the third equal level call democratic peace dearie the idea that by promoting free trade we're going to help you know population grew in terms of the economy push towards democracy and not go to war and basically that was the basic idea behind the european union the rise of the faculty the rise of free trade and therefore have moving away from nationalism and to listen and that was best embodied by the clinton administration and the obama administration that was pushing for more free trade agreements that you can actually criticize those in terms of the impact that he has on the quality but definitely the idea was to try to have a wall where you have absolute gain for everyone to work together and trade toget

we think it is an important time to stand up for europe and the eu. we have seen, the eu is may be the most important project in the world. —— most important piece project. we have driven prosperity and shared it more equally among people, in europe. where does brexit fit in on this, you do have british companies as pa rt you do have british companies as part of the roundtable? yes, when we look at the challenge in the geopolitical context, but also, as you said, in the introduction, from climate change, from digitalisation, we need to invest, we need to be upfront. we used to say in the oil industry, it would be the stone age, but we ran out of stone, we found better ways to do it. —— we used to say in the oil industry, we didn't leave the stone age because we ran out of stone, we found better ways to do things. still, we are not doing good enough for where we need to be. we need a stronger policy framework. we are pushing that. on the digital side, that is going to patch everything in our societies. we are not as good there. we seem to fall

europe is the missing link. as we go through the second and third quarter, if we get stabilization and global growth, we have three things historically which should give us a weaker dollar. that is the key to europe competing and possibly outpacing. thank you very much indeed for coming to cs. jonathan stubbs joining us from city group. vonnie: let's check in on the bloomberg first word news. here is we need a young that here is renita young -- here is renita young. u.s. gdp grew stronger than expected. the economy got a big boost from inventories and trade. that offset a slowdown in consumer spending. president trump meets with japan's prime minister shinzo abe today, i day after trade talks began with the two countries -- resumed, actually. both sides are hoping to reach an agreement that focuses on agriculture and vehicles. the u.s. wants to reduce the trade deficit in japan. it also once rate or access to the country's agricultural antset -- it also w greater access to the country's agricultural market. -- t

europe one straight but. this has to lead to a reciprocity that we are still struggling to achieve during in the months from now . european industries are increasingly falling under chinese control. of the. european enterprises need to get the same degree of access to the market as the chinese get in europe. china is a global player when it comes to digital infrastructure europeans have long been familiar with the dominance of chinese giants like who way. is china spying on europe. none of us is naive. china relations facing new challenges time and even a couple. you know hardball when you said you were looking for the closest possible relationship right here or should we disregard the spying of china should we disregard the human rights situation and just go for a very close partnership close partnership includes human rights as i would say but this includes also. concentrating on the question of how we can come cooperate and that means that we have to focus on the social issues on the economic issues on iss

that is up to europe. but we might think about how we can work with our remaining providers we have in the united states and in europe to help them offer better packages. >> my name is pat malloy. i trade lawyer, former member of am a the china commission. i was interested, when secretary shriver mentioned, i was general counsel on the senate banking committee when we wrote the --cifiussif legislation. we put that in the 1998 trade bill. the assistant secretary said we need another round of reform. secondly, i never understood, is ifius at the commission level within the e.u., or other member state level? because i see that germany has done something. but it was never clear to me. it would be helpful to get an understanding of that point. >> thank you. nice to see you again. i think what i said is one round may not be sufficient. maybe i said we need a second round. >> one round of reform will not do it for us. that, as an- i hate official when your words are thrown back at you. [laughter] >> the union doe

are we going to see tariffs on europe, or europe pick a fight with china? ebrahim: i do not think we will see tariffs being imposed on europe in any way. coming up earlier in the show, the primarily -- the primary point of this administration is to project as progrowth going into the next election. the risk of a major disruptive followthrough on trade tariffs is relatively low. that being said, it could also not be that clear for europe and we were main somewhat bearish in the near term. we have brexit uncertainty weighing on europe to a small degree. we have other emerging markets, including china, still having a negative impact on europe. in the internal issues, if they week,t result this very france has also not overcome the internal drag. we will still see more disappointment on the economic data. aybe there is a hint of negative halo effect on europe from the u.s.-china trade short-term. that being said, we are looking at a positive inflection point later in the year. say, ae: is it, as you hint of negative halo, or is the arket complacent about negati

for southern europe, for instance. but it's a problem that contributes to the trade deficit with the united states, which president trump so frequently points out. i would note, on this german trade surplus, the famous economist, there is no example in economic history, at least not since the beginning of trade statistics, that is since the beginning of the 19th century of a country of this size which has experienced a comparable level of trade surplus on a long-term basis. not even china or japan, which in most instances have not risen above 2 to 3% of gdp. now, the informal -- i think their informal eu rules suggest that trade surpluses are deficits of more than 3% of gdp should not be tolerated. why is it being tolerated in germany? it's a special irritant to president trump. so unfortunately, i think that the prospects for flexibility on the part of the eu is part of the trump/juncker dialogue. and i point especially to agriculture. since the president, mr. leinheiser, all noted that without some attention to agric

and a code of conduct for a brave new world and europe make systems ethical. welcome to d.w. business i'm jenelle on in berlin.

let's start with europe. priya, you have an interesting call on the periphery i want to explore with you. it is the idea that after years of behaving like credit, the periphery can start behaving like a sovereign again. walk us through it. priya: the biggest reason the periphery traded like credit was this redenomination risk. the idea the eurozone can break up. i think draghi and the ecb have put an end to that. i think that should get priced out. that is already getting priced out. the other thing is on the ecb. they have told us they are not hiking until the end of the year. they have done the tltro programs. they are going to help the periphery. what they are trying to do is extend the cycle as much as they can in europe. european growth is weak. i think there are big structural issues with europe. if there is a reach for yield in europe, where do you go? you are at zero in bonds. you want to go into the periphery. i think the periphery spreads will continue to tighten. gershon: we tend to do with the ext

located in the heart of europe connected to the home. experience outstanding shopping and dining offers and try our services. biala gassed at frankfurt airport managed by from. german chancellor angela merkel has been in dublin for braggs at talks with her irish counterpart lee over a this comes nine days before britain could leave the european union with a deal which would endanger the open border between the republic of ireland and e.u. member and northern ireland which is part of the united kingdom. a proud member of the board until last month so if you want our legs russia's phone that the current employees truly want you have treated me interesting but we're not.

europe has a big chain reaction graphics. to get around six hundred years ago. in the renaissance the revolution in far less many people became aware of their abilities and strengths a new way there was an outpouring of self-confidence. that's the first. darkest into. the renaissance factor. starts of people twenty second. w. hi there and welcome to news from the world of arts and culture with me karen house said in this edition one of berlin's most famous paintings by german romantic artist caspar da vinci gets a virtual reality make over and here's what else is in store. punk rock band the talking hole is even harder not only one of germany's best live acts they're also the subject of a new documentary film must be to director called luck cabinets. and with ice cream season just around the corner this delightful novelty desserts a german invention just celebrated an anniversary. it was first shown in berlin in the fall of eighteen ten it seemed like the emptiest picture of the art world had ever seen the monk by the sea by cars is a masterpiece of german roman

well the answer is both but while a disorderly breaks it threatens to disrupt supply chains across europe german companies try to focus on the task ahead and that's keeping pace with new technology. also on the show new york wants to tackle its new tourist traffic jams and motorists will have to pay a hefty price by twenty twenty one the city that never sleeps will introduce a call just tapped. country business i want to get jones in berlin and another day another failure by the british parliament to agree on a way forward for breakfast last night lawmakers rejected a fresh set of alternatives to the withdrawal agreement prime minister theresa may has put to the vote three times already now this means that the prospect of a britain leaving the european union without a deal ten days from now that is april the twelfth remains firmly on the table protesters of very views took to the streets to express their frustration over the deadlock. as well as also a lot of frustration here in europe the ongoing brics that uncertainty is certainly proving expensive for german companies despite contingen

in europe and outside of europe. is much morermany if you were to look at one of the states in the u.s. -- california, you would not discuss trade imbalances between california and the rest of the u.s. or the california and the state and new york would be one state and right at the center of the united states. this would not work. this is why my approach to european policy is we are relevant for progress and compromise and we are not a have a lot ofe citizens and economic strengths. and our ideas are always very intelligent. we should try to find out that we are relevant for compromise in the e.u. coming back to this economic question, i think it is worthwhile to follow the idea that i explained to you. there is more of a european economy than a national one and this changes the perspective of trades in balance. if you go around as a finance minister of germany and speak to different states, you will find they are talking about the german economy because it is critical for their development. you will find out that th

business i'm joined on in berlin good to have you with us president donald trump has lashed out at europe for subsidizing plane maker airbus saying that's made for unfair competition with the u.s. is boeing now trump wants to settle the score by launching a new round of tariffs on european products bringing together a decades long dispute and much more recent trade tensions. airbus isn't just an aerospace giant it's a pan-european collaboration supported in part by government subsidies a fact the united states says gives airbus an unfair advantage one that president trump wants to take action on via tweet he announced eleven billion dollars in new punitive tariffs on european products it's a conflict that has been brewing for fourteen years for their part their bosses european investors accuse the u.s. of propping boeing up with a vengeance of its own both sides filed suit with the world trade organization and says both sides subsidies are on lawful. france's finance minister is calling on both parties to find common ground. go to war the situation of question is one and see the situation

many of them in defense of europe. two world wars and the cold war made it clear how important america is to the security of europe. and equally that peace and stainlt in europe is important -- stability in europe is important to the united states. our alliance has not lasted for 70 years out of a sense of nostalgia or sentiment. nato lasts because it is in the national interest of each and every one of our nations. one her we represent billion people. we're half of the world's economic might and half of the world's military might. when we stand together, we're stronger than any potential challenger, economically, politically, and militarily. we need this collective strength because we will face new threats and we have seen so many times before how difficult it is to predict the future. we were not able to predict the fall of the berlin wall, the 9/11 attacks, or the rise of isis, or russia's illegal annexation of crimea. since we can cannot foresee the not foresee the future we have to prepare for the unforeseen. we n

in europe will never work and also in some part of the of the west europe when they were because the second prize the individual to the collectivity in their work in chinese working from one thousand is a concept that seems the foundation of china but. is there any middle ground i mean we are talking not a major infringements on human rights or putting people into concentration. camps or simply talking about streamlining policy on technical issues. to compete with china which is not going to sit around and. look for example to the agreement the world today you're. of trade agreement or why the united states. members they negotiate. to delegate to negotiate to today you are. in front of. the want to negotiate. this one example the second example europe has been through does make a. unique case in the story. and to the. security to buy many and even the chinese. just. example of enormous success. because just the few days ago your own country signed a memorandum of understanding with china and official. at the time. even agreed formally on the new policy. looks like your own country do

within europe? emmanuel: both actually. the sentiment and positioning on european equity markets is negative. news on the economic front, the political front, but , weaknessthe activity in europe, chinese uncertainty and political uncertainty. we are seeing sentiment that could improve. believe global growth will be subdued. we think the european equity market, we expect [indiscernible] positioning.ive in we do not want to pay for risk. commodities, insurance companies. we want to have positioning but play selectively improving activity momentum in europe. nejra: would you agree what he is saying, the data turning around in the second half, and them occasions it may have? jane: it would be nice, but that is not what we are seeing. since the start of the year the markets have had to come to year weat this -- last had a negative gdp. were saying this could be temporary, we have more regulation in the auto sector. there was a dry summer, low water levels. we were told it would be temporary. then in q4,

europe is what we are seeing. not yet in germany. germany is quite heavily hit by automotive. 10% less growth compared to last year. 70% related to automotive, so that is still something that is out there though we are happy with our performance, which is better than the german market even. france is positive. we jumped up from -4% last italy, to growth and minus one in q4 of last year and now 1% growth. it seems to be stabilizing in europe. nejra: that sounds like good news. certainly, you saw positive growth in france and overall, you are seeing stabilization. what about the outlook? do you expect to see continuing stability or growth in these regions? jacques: let's settle for continuing stability. our revenue declining in europe somewhere in the second half of q2. may and june. we don't have any insight in those numbers yet. april looks like comparable to q1 and let's take it from there. it is a volatile market, tough to call. we are looking at it week by week now. jacques: i think i've turned this into a reli

this is "bloomberg: daybreak europe." parliament rejected all options deal.lace theresa may's losing steam, the global stock rally comes to a standstill in asia, and the u.s. futures point lower. treasury yields it dipped after the biggest surge in three months. and the european commission president jean-claude also talks trade as china's top negotiator heads to washington. ♪ manus: it is daybreak europe, we are live from dubai and london. the question to put our guests, has lebron market just had a basisg moment, nine points move. this is the biggest one-day move in three months. as a marker gone too far ahead of itself, pricing in a new recession? goldmann joins sachs and others cutting their revenues for this year, saying tot yields will go down 2.05% because the fed will go easy. but there is a turnaround in those numbers with china and the united states. i want to show you a couple of commodities. iron ore on a virtual tear, the best quarter since 2016. china trade deal gets done and you have a choke off in supply,

and europe and. europe and the united states. in this case is much more the responsibility of united states i think if i can say they'd leaders you would decide in the. way that europe is becoming the worst united states. ask you one more question about values because it's very interesting to me you've been very supportive of president micron's call build a new european raney. would say that you have to kind of put your own house in order before embarking on such grandiose plans when it comes to values what do you make of. that wasn't in keeping with. the weather. in the middle class from my point of view big mistake of managing a measured decision about the taxation on them specifically asking about street action because when you have people that are breaking out destroying everything on the other hand also have the use of explosive grenades and. mains and kills people we are not seeing that even in authoritarian societies these. are not seen in the. at least ten fatalities and several thousand injured. and people losing eyes pe

of europe -- rulers of europe believed in it, but because it was so volatile they just had 30 years war. they had the religious wars and -- in france. they had the english civil wars. they decided they had to somehow find a way of getting religion out of politics. what they settled on was religious toleration. there was not an official religion but do what you wanted to do provided you do it outside the city walls and inside your own private house. the problem is to find the right horse to bet on. that can be difficult because it the emperor was no democrat. but what he was looking at was a worse alternative. and i think that's hard to do from the outside. not impossible, but hard to do. niall: the lesson of the cold war is the united states should speak up for basic human freedoms. by doing that, to an extent that i think policymakers at the times let the underestimated we , helped encourage the dissidents, encourage the oppositional forces in the soviet system and the soviet bloc in eastern europe. we also helped delegitimize a tyrannical system. we're going to see a rerun of this

it we're worried about europe. we have the technology revolution as we call it with digital and artificial intelligence. morent to invest in people, jobs, and skills to lead that transformation. --ra: you say this is europe urgent. impacts ons limited the euro area from u.s. car tariffs alone. at how much of this is driven by concern around president trump's trade policies? we in europe fundamentally believe in the roundtable, that the world is in ar off without tariffs free trade world assuming there is an effective framework in place. we can only hope the discussion leads to some form of this so we can continue to set up free trade. that is better for everyone. nejra: do you welcome the shift of intervention or would you prefer individuals to stay out of your business? that is a difficult question because we were quite involved at the european table back in the 90's when the eu was formed. that had fallen more in the background in recent years. in today's world, we must not be naive. that weto make sure have a po

facebook has learned to live with europe's privacy rules. they may not have wanted them in the beginning, but they are finding that they can live with them. they are finding that a lot of their smaller competitors and that starts can't necessarily. they are saying, if we can bring that to the united states, we don't need to have not only an expensive compliance regime in europe, but one that is different in the united states. we could just have one expensive compliance regime. they are always projected to some level of compliance. i think that is essentially what they are looking for here. at the is it the day, i think we hear are looking to see what the privacy debate is quick to look like. it may be possible that facebook will come out and say we do support or we want something else. vonnie: thank you. let's check in on the first word news. courtney: let me get you caught up. british lawmakers will try again to reach an orderly and to the u.k. divorce from the european union. a proposal already has been rejected three times, but lawmakers

and country scored for a truce with negotiations also on the program tends to unite the far right in europe leaders of its abused ozzy have brought together a populist political parties from germany denmark and other countries with big plans ahead of the european elections. and a russian court suddenly releases filled and fair to iconic at an established coffee but says he must remain in the country the director was a vest almost two years ago fun beza lent and put on house arrest some was what has been critical of the government. plus tackling and germany's criminal plans police in berlin launch a crackdown to try and catch the families at the center open or listen to what we have a special report feel. unwelcome i'm on the touch of my good to have their company. river troops loyal to a former libyan general have kills in on the country's capital tripoli the militia has already taken control of large parts of the country forces aligned to the un backed government say the a mounting a counter offensive western countries need calling for a truce and resumption of peace talks. in benghazi mem

europe as official we've got reaction from germany coming up. live from our international news center this is our t a warm welcome to the program i mean and o'neill first today more on saturday's deadly shooting in a synagogue near the californian city of san diego it appears the sole person who died in the attack a woman jumped in front of the rabbi to shield him from gunfire police have attended one thousand year old man in connection with the incident which took place during a service to mark the jewish holiday of passover the suspect reportedly posted an anti semitic message online before the attack president trump said that the shooting looks like a hate crime the city's authorities say the community should stay united. someone filled with hate. when i am. attacked the congregants at the bottom of our way an attack against our jewish brothers and sisters. fortunately that person was apprehended and now this community comes together a horrible loss of life. you have a suspect who's in detention in california is said to have been motivated by

or with the softer brics it both comes along for europe and you think that there is also in europe the perception that britain needs to go through this i hear more and more the argument in continental europe that. britain is going to be such a problematic member of the e.u. the metaphor of poison is used but if we're thinking about long term for decades the prospects of the european union long in relation to china trumps america to climate change then it's clearly better to have britain inside so it wouldn't be easy initially but we'd get through it and we'd be a better place at the end what do you think if there was no deal what would be the actual outcome what would it mean for for their relations with the i think it would be poison for a generation. i think there'd be a huge blame game. and we would blame it on continental europe the brits would blame it on kind of your not me but the brits the continental europe for bringing it on the brits and then the economic fallout would be related to our very very serious indeed. some breaks and he is arguing actually it's would be better for

for then, we have a europe which does not seclude itself, but a europe which says, made in europe is more than good industrial product. made in europe is human rights, individualfreedom, equality, democracy and a constitutional state. and that is what we want to enforce everywhere in the world. there are those who say that the existence of the european union is in danger now. you have got brexit, and although countries are not lining up to leave behind the uk, there is a strong force of nationalist, populist, euroskeptic parties here in germany, with the afd, we see it in italy, in denmark, pretty much across the european union. those parties are predicted to do very well in those european parliamentary elections now, at the end of may. does that make you worry about the future in europe? translation: it worries me because we are in a situation where we can observe that influence of different countries in the world are shifting. china is growing stronger, not only economically but also politically. the politics of the united states is changing. and if europe wants to play a future ro