cdc, china cdc, china fda, u.s. fda, can help the collaborations -- influence of surveillance that that they brings, signing an agreement for capacity, then chinese putting in more than $400 million into building these labs all over the country, more than 500 at capacity, providing data and sharing the data for both countries. see, what isen we the target? that is some of the data used for international organizations. term, if we want to address the fentanyl issues, i -- theirengage china leaders are very sensitive to international opinions, and they want to be part of the global governance. framed as at as synthetic drug problem. yesterday i saw a report saying opiates, thehe illegal opiate production, is actually in africa. tramadol. certainly we are all focusing on fentanyl but there are larger epidemics out there. bringing china in as an active player, that coalition i think will be the fastest way to get their attention and bring their priorities so it can change their policy. >> and i appreciate all of that. c

and china. former treasury secretary, larry summers, joins us now on the phone after releasing just moments ago an op-ed in "the washington post" saying, quote, by naming china a currency manipulator, mnuchin has damaged his credibility. larry, great to have you with us i want to get your thoughts on what kudlow just said and also on this op-ed you just published. but first, i want to start with a history lesson because the last time the u.s. designated another country a currency manipulator, it was in the 1990s, during the clinton administration it was china then, too i realized you became treasury secretary later in president clinton's tenure, but how did it happen then and how does this time around compare to that? >> it happened then because china was intervening in the currency markets in large quantity to push the value of its current down and as a consequence of that very low artificially manipulated currency, it was running a very large surplus with the rest of the global economy. today,

valley his tariffs on china slowed china down? have an effect on china? and a good thing with respect to america national security? >> they have. they have slowed down china. not massively but let me put it this way the cost to china impact on china's economy is roughly four times greater than the impact on the u.s. economy. now, conventionally liberal economists say oh this is all crazy because the tariffs not paid by china, as president says. but tariffs are paid by american consumers. that isn't quite true. some of the cost is being ab so should by chinese companies as they try to offset the impact of the tariffs. but i think the most important cost ising being born by the chinese economy as a whole. it has significantly slowed down. it probably will at around 6.1% in the second half of this year. that's a lot higher you'll see any n any developed country but relative to double dints rates of china saw ten years ago it is a meaningful slowdown and that i think impactt is important because what president trump is doing is using tariffs to apply pressure

in china and it shows how. true it probably an ideology there we go muslim minority in northwest china they are being monitored very closely. region it's like a testing ground for total states of aliens police officers into what's called the integrated joint operation from the program collects extensive personal data and flags individuals who appear potentially dangerous the organization should. and rights watch analyzed the program on its surface most of this information looks like standard fare for police but as we dig deeper into the hour we can see that ordinary routine we will behavior is being treated by authorities as suspect the data gathered in citizens is shockingly comprehensive and includes information ranging from religious affiliations and driver's licenses to employment records it even gathers data on residential energy consumption movement patterns of filmed by the ever present surveillance cameras if something appears out of the ordinary consequences can be devastating for example it's helped s

and i believe that china's investment standout is the china pakistan economic toreador more commonly known as the seat next project is going to use its teeth and it currently represents 20 percent of the economy i think it's a very important project for both the countries especially pakistan considering the fact that it has a big influence on the pakistan's. very there if those figures are accurate 20 percent of the economy one might understand why they're hesitant to speak out. no i mean certainly there are a number of countries that are beholden to china and the chinese government does buy silence through its investments whether through the bottom road initiative the large infrastructure project or through other kind of the kinds of investments but what was particularly surprising is there were several members of the organization of islamic cooperation wealthy countries like saudi arabia the united arab emirates behind qatar and others that you know similarly were were silent they don't they don't rely on chinese investments they're not beholden to china in the same way as poor cou

is it china? and is it going to force them to change track or, actually, is this rebounding and hurting americans worse? >> well, there's a lot in there. let me unpack some of it. first of all, or even president trump himself doesn't believe explicitly that china is fully paying the cost of these tariffs because you'll recall that he recently suspended the implementation of the tariffs so that u.s. consumers wouldn't be whacked too hard around the holiday time. so it's widely understood that tariffs are paid by the company that imports those goods. they then try to push those costs forward to consumers. now, you asked some other questions in there, what were they? gerry: who's being hurt more, the chinese finish. >> right. gerry: chinese businesses are being hurt, presumably, because their goods are more expensive and suffering competitive disadvantage. >> right. i think the key there is your basic premise is correct. the key this is that we import over four times more from china than they import

china trade war. you know, because if you look at the rest of the world, charles, fee owe political risk factors are actually rising. iran taking a tanker over the weekend, threats in the straits of hormuz, yet the price was totally focused what was happening with u.s. china trade war. that is why we saw the weakness. interestingly enough the u.s. market was only down 1.74%. if you look what happened with the brent crude, it was down almost twice as much. there seems to be a lot more angst in europe from the fallout with the trade war than we're seeing in the united states at least at this point. charles: phil, what about other issues here. we've been so range-bound with crude oil. feels like the ability to ignore so many things, is there a chance for anything, surprise to kind of get the price up? or is it all really predicated on just what happens with the sabre-rattling, not just in the middle east but between the united states and china? >> you know, i think what could happen is, the demand surpri

that has to do with china. i prefer the term competition of systems none of us has an interest in a real clash when but definitely in a global situation where we have. the established western democracies on the one hand on the other hand we have a rise of authoritarian systems. led by china and that is part of the conflict that is playing out that that is part of why the us is getting involvedd on a high level because- the us and china have this trade and everything else wall going on. so more trouble for she can ping something that donald trump obviously enjoys but it's also something that concerns us in europe because in hong kong we say we see the play book. that china is using to handle dissent and cold for democracy and that is a much much broader question how is a more of a clash sure a competition and i prefer the words of the term they call existing because okay system. should be co existed in what china doesn't want is that this be between the what the two systems that one system is challenging the mot

china weekend calls. however, we know the senior trade negotiator has come out and said he doesn't want to escalate the china trade war. rank in this take instance. traders are going to decide that, but we see u.s. futures gaining right now, so at looks like the markets are giving ofsident trump a little bit optimism in terms of those comments. hani redha is still with us. and we wanted to seg here to the central banks. hole, jayrom jackson powell complaining to some extent about the trade war, as most central bankers have. does he have enough dry powder to turn around or save the u.s. economy from recession due to it? that's oneink so and key thing to compare the u.s. and other central bankers. to us, the effectiveness of monetary policy is going to have much more traction and impact of growth in the u.s. compared to europe or japan, which are much more stuck in the liquidity trap that marconi highlighted at jackson hole. so we think the u.s. is going to be able to rebound. with this typical lag into nex

china beginning of october. that's coming up yeah i don't believe they're going to be have a very very bad image in the international press when the pira is marching to hong kong ok so china plays a very long game though the communist party in beijing. if we look at the past if we look at what's happened in tibet what happened at yemen square the internment of the weak corps i mean beijing is not adverse to reverting to force at the end of the day it could have would be because hong kong has nothing legal framework this is a part of a not a system the legal frame with sess the peary could be sent to hong kong if the c.e.o. of the leader of hong kong officially a speeching to do that about of not sink caroline as the leader of the city is going to do that ok well how is the west responded there's been a mixed response french and german leaders have called for dialogue about the situation the u.s. congress has condemned china's heavy handed police response president trump has called on the chinese president to exe

china, we can't just make an even with china. we have to make a much better deal with china, because they have an unfair playing field, and i am turning it around. of we will be getting 10% probably close to $350 billion. that is a lot of money. china has to do a lot of things to turn it around, but you will be seeing -- it goes on september 1. frankly if they don't do them, i can increase it substantially. if i wanted to, i could increase it to a much higher number. >> [indiscernible] president trump: well, it is in a process right now. i know the case right now. it is a very sad situation. it is heartbreaking, but that is in a process, so i will not get involved in the process. as you know, they will be making a final decision over the next 10 days, so i will not interfere with the process. [indiscernible] president trump: we have been moving it down. we have been moving it down from syria. we defeated the isis caliphate and we have 100% of that. we have 2500 prisoners. europe is going to take them or someone is going to have t

trump: somebody had to tick china off. china has been ripping countries off for years. emily: president trump takes a defensive tone. plus, more frustration for facebook. european regulators are already probing the social

and china, but beijing had a eunice june h that for us. >> reporter: china's foreign ministry said it is n aware of any weekend phone calls between the trade negotiators and had not heard of a call by china to restart trade talks. that said, china's chief negotiator did indicate earlier in the day that china would be willing t resolve the trade dispute if negotiations were calm. whether there was a phone call, there are reasons not to get overly excited.e xpectation had been the two sides would hold talks next month. there's also a feeling here that china is becoming more hardline. the way it was explained to me is that chinese officials arerr d about the economic impact of the trade war, but they're even more concerned about rapidly introducing reforms under u.s. supervision the way the trump administration wants. politically the economic fallout would be dangerous, i'm told the appearance that china could be forced into making chaes by i an outside power would be intolerable. so even i they are talking, the tactic would be not to openly confront the united states but to engage and w

he said, we want to build up china. we want to build up china. they gave us a very strong china. china has taken out over $500 billion a year from our country. that's not going to happen anymore. >> how concerned are you about a theent crackdown by chinese in hong kong? >> i'm very concerned. i put a memo out last night. these are men i like a lot. i said, i would be willing to bet that if he sat down with the protesters, a group of representative protesters, he would work it out in 15 minutes. i know it's not the kind of thing he does. it wouldn't be a bad idea. they have a certain little leadership pool. if he sat down with them, he would work something out very quickly. it seems like things that could be worked out easily. >> did you speak to prime thester netanyahu about congresswomen? >> i don't have comments about who i spoke to. i think my social media statement speaks for itself. they are so anti-israel and anti-jewish. if other people made that statement, there would've been hell to pay. >> china said they want to retaliate. what is your response to that? >> if they did

most of china's miss else would have been banned under the treaty if china has signed on to it and china in fact now has one of the most events into media range to sell forces in the world so what's china's next move. china's reaction so far has been predictably negative beijing has urged the u.s. and russia to stay in the treaty it has said that pulling out the treaty is destabilizing but of course part of the reason why the u.s. is pulling out is because of beijing in addition to russian violations of the treaty the white house despite its fondness for you know actual isn't doesn't see the reason why it should be unilaterally constrained by this treaty beijing will most likely continue its protest and indeed take countermeasures against u.s. deployments of these new missiles to asia if that was to happen putting huge amounts of pressure on us allies to decline hosting of these missiles so we saw that in 20162017 when china wipe out a south korean goods when a u.s. deployed and ready missile system then well you talk about this arms race between the united states and china can you talk

but china continues to grow. china is on the move. because it's a one party authoritarian state they can make moves. they have levers, that we don't have. ashley: very quickly, robert. no one wins? it's a standoff with minor agreements here and there? >> a long-term contentious relationship. this isn't about deals. it is about relations with china. those are likely to be poor, perhaps for several decades. this is a historical structural adjustment. ashley: very good, we'll leave it right there. robert daley. thanks for joining juice joining joining -- joining us liz ann donalders. give us reaction to the new territory with chinese devaluing currency. talk to us about the realities that happen as a result of that? what do the dominoes look like? >> it's a important. a lot of people are comparing to china did with the currency in 2015 and 2018. a little more purposeful for china 2015. i think this is more market driven, they have incentive even if they want the devaluation to have it happen in more of calm way. they probably want to try

happened again the china sort of years ago is was complete different from the china today because china always says it's now a responsible big nation the international word and they're going to use force because in the international conflict china always says we want peaceful means to solve the problem they can be that china says we now have a problem my home becky art i just make my soldier i said by soldier to give it clear that it's no problem or this is not under than the ball and not the outcome and is china's going to celebrate 60 years funding of the people's republic china beginning of october. that's coming up yeah i don't believe they're going to be have a very very bad image in the international press when the pira is marching to hong kong ok so china plays a very long game though the communist party in beijing. if we look at the past if we look at what's happened in tibet what happened in tiananmen square the internment of the weak oars i mean beijing is not adverse to reverting to force at the end of the day it could and would because hong kong has nothing legal framework t

around 95% of respondents are in china for china. that's important because if you're operating in the china market or manufactured in the china market, then the tariffs and the bilateral relationship will impact you in a very different way. that being said, read a quarter -- about a quarter of our companies are leveraging china sport platform for the new broad or for the united states. 67% of respondents in this year's survey were in china are -- or are based in china. around 33% are based in the united states, 2% in other locations, europe, south america, et cetera. so getting into the survey, the key findings this year, companies are commercially successful in china. revenue in china operations increased last year and the overwhelming majority of our member company respondents, 97% were profitable. , however, trade frictions are eroding use company competitiveness. this is happening because both u.s. and chinese retaliatory tariffs and because u.s. companies are increasingly viewed as unreliable suppliers. while this issue is top o

we have important data coming out of china tonight at the china credit data monday. things are getting week in china, i would not be surprised if that was the instigator of all of this. david: that is a great point. we think about president trump saying let's adjust the market. maybe president xi, the credit data were disappointing and severing. damian: -- and severing. -- and sobering. damian: in the month-to-month data, i think it is a function of my goodness, if things are getting that bound compared with the geopolitical implications of hong kong, there is a lot to consider on the part of china. at the people's retreat, i'm expecting to hear things shortly on what the reaction to hong kong is going to be and hopefully it will be something the market can contend with. david: they have this retreat that is terribly important, the seniormost leaders get together and decide about strategy. they also have an anniversary on october 1 and we wonder how much that gives president xi license or whether it hems him in. he cannot appear to be week. damian: it is a working re

jessica: china has slammed new u.s. tariffs saying they violate agreements by president trump at the g20nt xi summit. a short statement from beijing says plans for 10% duties on an additional $300 billion of chinese goods takes the u.s. and china off-track in trade negotiations. hong kong has announced a stimulus package worth more than $2 billion saying the economy will struggle to grow at all this year amid political unrest. financial secretary paul chan 0% --dp will expand our by 0% to 1% at best. that's well below the forecast of 2% to 3%. the outcome comes as protests keep pressure on hong kong commerce and tourism. >> people might ask if these measures are in response to political pressure as a result of the extradition bill. i can tell you it's clear the two things are not related at all. these measures are a result of our settlement of the economic situation. >> private home sales in singapore jumped to the highest level in eight months as the wider economic slowdown spurs investors to park their money known in

embassy in china so he knows the china story quite well. he is a graduate of yale university and a former fellow. the short washington with his wife and they have three children. i'm going to turn over to him, he is reported around the world, asia, middle europe and middle east. i'll turn it over to him to make opening observations about the book and then open it up to q&a. thank you very much jim. >> thanks so much well of you for taking time out of aut busy sunny friday. i appreciate having you here as well. and thank you to peter for inviting me he was one of the first people to read a manuscript of the book early on and he did not throw back in my face or turn up or embarrass me. i thought i was probably okay moving forward. and he was kind enough to write one of the blurbs on the back of the book. >> i wanted to start how i came to write this book. what my intention is alsohioo te process that recognizes the shadow, and connecting the dots on a number of fronts on which both russia and china to surpass the u.s. and these were friends o

health firms encounter while operating in china or trying to sell into the china market. globals the biggest source of generic drugs, pharmaceutical ingredients and other health products, including dietary supplements, biologics, and medical devices. there are serious deficiencies in health and safety standards in china's medical market. imports of these health products either directly from china or indirectly through companies and 30 countries continues to increase. including -- according to the drug imports are from china, as well as 39.3% of medical device imports. these numbers understate significantly the true sourcing of health products from china because china is also the primary supplier of precursors for pharmaceutical companies and other countries such as india, which in turn are major suppliers of the finished products to the u.s. china has emerged as the second-largest pharmaceutical market in the world by revenue am only behind the u.s. there are several factors contributing to china's attractiveness as both a market and production site, including the low cos

and china? >> right now i'm not aware of a date set but as i said the conversations have been ongoing between secretary mnuchin and counterparts there. dagen: marc, thank you, good to see you this morning. we covered a lot. marc short. look at reversal of u.s. futures, 6:00 a.m., it's been a gigantic turnaround, now up 123 points, wal-mart's earnings beating expectations, sales beating, sales coming higher than expected, forecast better than expected, the u.s. consumer looks relatively good here and the markets do too. wal-mart shares adding north of 40 points to the dow futures. and crisis in hong kong, we take you there live with susan li for the latest as the people's army from china could be brought into the city to end the unrest. stay with us. mothat a handle is just a is jushandle.ir. or -- that you can't be both inside and outside. most people haven't driven a lincoln. discover the lincoln approach to craftsmanship at the lincoln summer invitation. right now, get 0% apr on all 2019 linco

that the only country that could contain china was china. was toicy at that time try to give china room so that it would not contain itself and it would join the world in which it benefit. time -- openedt it to the world. int i now see china doing is the process of containing itself. they are taking such aggressive action. such a wide range of areas that the countries of the region who were there outside the region that have presence and banding together to oppose this chinese very aggressive posture. view.he economic point of a few small islands in the southern part of the south china's are really income quencher compared to the strategic level. china is causing a reaction now which it will regret. in my experience the chinese are very practical. issomething they are trying not working they will try something else. there are certainly elements within china that think the more we pushed the more we can demand and the more we bully we will get a point where all these other countries say ok, you are the big guy. i will think that is the way it

do to win the tech war with china? >> i think we are at a point where this relationship is going to be rethought quite a bit. >> peter thiel gives maria his take when "wall street" returns. ♪ ♪ hi surfer dude, what's up? i see you looking at me. take those earbuds out of your ears, and come talk to me. i'm the big see. what is the big see? i'm here to tell you about skin cancer. hello! did you know your risk for melanoma doubles if you've had more than 5 sunburns? no. no. listen, mirrors don't lie. and more than 2 people die from skin cancer every hour. oh man. that's terrible. if we see something new, changing or unusual, that could be skin cancer. is there skin cancer on me right now? i'm not a dermatologist, but do you know who is? who? your dermatologist! come closer. that tiny spot on your nose could be the end of you. you guys checking yourselves out in the mirror right now- that could be skin cancer. the good news is, if you catch it early enough, you can be a-ok. you gotta get checked, girl! do i? yes! ever

gemini that's a competition surely it's competition and i think china china and russia are both open to a partnership with the u.s. they're not anti the u.s. but they want their own there their own vision and they have a i think shared geo political economic development vision for the world not just for central asia but and i think they're working that closely together and i think other countries realize that they respect them as well so i think there's a dangerous path for the u.s. to go and i think we need some policy shake up to realize that. both these leaders are pragmatic they realize the u.s. very influential and i think they want to work with the u.s. . ok well jill i mean i think the problem is not one versus the other well that's what it gets down to in washington and i mean again in washington wants a gemini ok i see that russia and china visa be the. i'd say it's one at the very least peaceful coexistence but going back to you know what would jim is saying and i mean it it's either one way or the other that is not going to work now because china and russia did collectivel

and china soon. the question is whether the wheels are falling off or whether we are just going to continue to be an at new status quo. >> the president tweeted we don't need china and would be better off without them. is he right? >> well, he's certainly right that the united states would be better off if we didn't have confrontation with the world's second largest economy that doesn't agree with a free market system so in that regard it would be better if we didn't have that competitor, didn't have a major state capital economy. but given that china is there and they are the size they are and they do have the system they do, the two largest economies in the world need to trade. and while we certainly would much rather if they adhere to our rules and stopped stealing our intellectual property, the fact that trump tweets that american companies need to start making plan to get out of china's not in any way feasible for the foreseeable future. >> ian, president heading to the g7 gathering this weekend

harder than china. perhaps china has a bit of an upper hand. according to bloomberg, there has not been a lot of trade displacement. the white line we are looking at our imports from china. the orange line is imports from everywhere else. countries have not picked up the slack. that suggests u.s. companies are struggling to find replacements for chinese goods. china is the dominant supplier in so many products. david: indeed, thank you to kailey leinz. we want to welcome now max baucus, former american ambassador to china under president obama, following his 36 years in the u.s. senate. he comes to us today from bozeman, montana. i am jealous. max: you should be, it is gorgeous here. david: give us a sense of where we stand here. you and i have talked about this over the months. are we any closer to a resolution with china today than we were 18 months ago when we started this? max: my discussions with chinese and american friends in china is looking more and more likely are not any closer. it seems china has begun to hunker down. china has begu

part of their assumption is that china is about to collapse. china is week. the communist part is fragile. a solid hit to support the demonstrators in hong kong, china will collapse and everything will be fine. that's not president trump's view. president trump has the opposite view. he said about six times this year that if hillary had won, china's so strong, they would have surpassed america in hillary's eight years in office. it's not going to happen on his watch, he says. that is a very strong china. he seems to have an aspiration from his books the last 15, 20 years, he wants to increase trade with china, increase investment, have american jobs and come back from being exported overseas. president trump's view is different. if we saw this at our airports, we would be shocked. they have one airport in hong kong. 75 million passengers a year. if it's shut down a week, this is not freedom breaking out all over the world. it's a bad situation for the police to handle. >> neil: when george bush sr. dealt with tiananmen square, they said the chinese will be ma

all you have to do is ask china. ask china. but let me just explain. so china is devaluing their currency. they're also pouring money in. their currency is going to hell. but they're pouring money in. that will totally pay for the tariffs. they're not being paid for by our people. it's being paid for by china. because of devaluation and because they're pumping money in. thank you. thank you, everybody. >> [question inaudible] >> you interviewed the wrong farmer. number 2, any amount that china sucks up, we're making up out of the billions that we take in. remember this, our country is taking in billions and billions of dollars from china. we never took in ten cents from china. out of that many billions of dollars, we're talking a part of it and giving it to the farmers because they've been targeted by china. they come out whole. you interviewed the wrong farmer. >> neil: all right. i don't know where to begin here. just to be clarifying, china isn't paying these tariffs. you are. you know, indirectly and sometimes directly. it's passed along to you thr

can impose on china. china already faces significant u.s. tariffs. >> what we are seeing is really a message from the pboc, ok, cooldown folks. the yuan has suddenly not become a one way bet. we have seen a shot across the bow to people who became overexcited yesterday. >> the stock market bounce back today on the feeling that maybe this is recoverable after all. but it is really hard to see how that happened. when people get dug again. it becomes a really personal competition between xi and trump. neither man wants to back down and lose face. trade should not be personalized that way. i am afraid that is what is happening. >> central banks taking center stage today. the r.b.i. cut rate by 35 basis points. in new zealand, the kiwi has tanked after the rbn zed announced a larger than expected rate cut. 15 basis points. >> the messages central bank's are willing to go big. it is a global trend. we have st. louis fed president james bullard saying there's no reason to pile on rate cuts. but markets do not seem to be buying that. traders are pri

china for 25 years. acturing in >> any additional cost is bad, so it doesn't pay us a lot. >> so s you don'tit the cost? >> we don't. >> reporter: have your orders from the u.s. one down because of the tariffs? >> no. in fact, we see an order increase. >> reporter: but that means lispena and his startupave to contend with the extra cdt and uncertainty of the trade war. >> the tariffs are concerning not only for the impact in the cost of pricing today but also in planning going forward. is there another tariff? will there be more leveled? how does it impact our marketplace?the that is critical to us. >> reporter: for "nightly business rt", i'm eunice yoon in china. >>> all of that trade tk overshadowed fed chair jerome powell's speech on monetary t policy, ade is just opothe moun central bank policymakers. steve liesman is at the annual symposium in jackson hole, wyoming. >> reporter: fed reserve chairman j. powell with his keynote speech at the annual summit here in jackson hole, guardedly suggesting tha

do to win the tech war with china? >> i think we are at a point where this relationship is going to be rethought quite a bit. >> peter thiel gives maria his take when "wall street" returns. ♪ ♪ there's a company that's talked to even more real people than me: jd power. 448,134 to be exact. they answered 410 questions in 8 categories about vehicle quality. and when they were done, chevy earned more j.d. power quality awards across cars, trucks and suvs than any other brand over the last four years. so on behalf of chevrolet, i want to say "thank you, real people." you're welcome. we're gonna need a bigger room. sleep number 360 smart bed.st sale of the year on the can it help keep us asleep? yes, it senses your movements and automatically adjusts to keep you both comfortable. save 50% on the sleep number 360 limited edition smart bed. plus 0% interest for 24 months on all beds. only for a limited time. all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an in

-china trade war. president trump accused beijing of not doing enough to curb exports of the highly addict if painkiller fentanyl as u.s. deaths have skyrocketed, claim china's narcotics regulator is denying. tom, why is the regulator speaking out about this now? chinese want to set the record straight as they see it. you have president trump come out and accused the chinese president of breaking a promise to stop the flow of fentanyl from china to the u.s. you've had a sanctioning of three chinese individuals and two companies and we have planned talks. members of the white house -- the administration planning to come to china to address these issues in the next few weeks. they want to get ahead of this and are telling us, the chairman of the regulator saying they are taking this seriously and have worked well with their u.s. counterparts in the drug enforcement agency but they say the issue is being used as a alitical whipping tool, weapon against china by the u.s. in the trade dispute. listen to the

and china may not. to be the same again you guys have filters like many in a state the president won comfortably in 2016 brian sampson is generally in favor of trump's approach on trade with china as the months passed though his confidence is wavering politicians in general love to use a problem to your vote so i'm like him trying to solve problems check the boxes move on i hope that's what happens now but i'm not sure. the president of the american farm bureau federation described the trade war as a body blow to thousands of farmers trade not aid is a familiar refrain here but without a resolution the us is farming states may be facing a different landscape head on to gallacher al-jazeera ames iowa the us attorney general has ordered the removal of the warden at the new york jail where financer jeffrey epstein was found dead 2 prison guards have been put on leave after his apparent suicide following a previous attack at the justice department has condemned serious irregularities epstein awaiting trial

and china. a world flowing with oil and the prospects for slowing global demand outweighing the latest reports that iran has seized yet another oil tanker in the persian gulf region. if you look at prices, they did rise intra day for u.s. based wti crude, after they said gen scape estimated a drop in the oil prices at the oklahoma storage hub. it comes from weekly oil data from the american petroleum institute that comes out tomorrow afternoon, 4:30 eastern time, and then the official u.s. inventory oil data wednesday morning. but for now, prices are definitely skewed towards oversupply and weakening demand concerns versus anything that can happen geopolitically for the middle east, at least for now. back over to you >> thank you very much, dom. with the dow down 840 points or thereabouts, let's check back in with bob pisani at the new york stock exchange >> tyler, the key point here is the whole market is essentially down 1.5% to 3.5%. it's true that some sectors are down a little bit more let'

col impose on china but china faces u.s. tariffs. blook berg is pointing out china does president meet the three categories ta do determine whether a country is a manipulator. and china has been stepping in to step in rather to lead et too appreciate it. and they have put out a statement that they are more tolerant. other commentary from the we won't see a depreciation in assets. but certainlyly in what it means in china's economy, sources may gain but risks and risks for those corporations that hold u.s. dominated debt. >> and let's bring you into this conversation. what do you make of that and the announcement? >> what we are seeing today is a message, cool down, folks. yes, we are going the allow it to align it in market forces. what we have seen today is a shout across the bows. for the first meages is the bills. they do it from time to time. they issue bills in the hong kong market. and helps to race short-term interest rates. the amount they are doing, three and 12 months isn't enough to change the direction but changes the liq

big markets in china. will that immediately lead to a reduction in those sales of u.s. goods in china? >> reporter: well, jim that we have to wait and see. i think nobody is surprised about these announcements because the chinese officials and state media have been saying for weeks that they will retaliate once mr. trump announces his decision to impose new tariffs on $300 billion of chinese goods. now, this of course, is going to cast doubts on the ongoing trade talks. the next round is supposed to take place in washington in september. and one of the chinese conditions for any trade deal is removal of any existing american tariffs. now, with this escalation of both tariffs and counter-tariffs. it's difficult to see they'll reach an agreement. the amount, $75 billion is not matching the american tariffs dollar for dollar. that is because china imports a lot less than the u.s. than the other way around. so this is worrying a lot of people here because this could mean the chinese government will impose othe

companies will continue to import from china or we have extracted from last year that china would bridge this 7 exchange rate as a psychological is lie. anyone who think they can short chinese yuan in the future they're wrong perception because the central bank has signaled that it's willing to work all this in the teeth so the 7 operations that is inevitable but for it to float further like sound like 5 or 8 under central government would not let that happen. now china says it will take measures if the united states goes ahead with its plans to deploy intermediate range missiles in the asia pacific washington withdrew from the cold war era intermediate range nuclear forces treaty last week. we call on the u.s. to exercise restraint and i also want to make one point absolutely clear that. china will not stand idly by and we are forced to take counter measures should the u.s. deploy intermediate range ground based missiles in this part of the world and still with china there is a warning to protesters in hong kong that they will be punished in a rare news conference beijing's top office o

views china. china today is different than china 20 years ago. reform. time to a misconception in those views? i had to be a chance to be with dr. kissinger. celebrate theo anniversary. up, theyonomy opened would begin to compete. that has not happened. that is what we are driving for. it is elemental. >> if there is one thing china needs to do, what would that be? one first step? >> i am not directly involved. there was an agreement that would have put us in a good place. to where weome back wear that day. >> you touched on hong kong. how the government needs to listen. murmurings suggesting there is a congregation of way -- canng their you envision that happening? >> i think president trump has been clear, we have asked for the right thing. the tradition making sure everyone has the chance to express their views. i hope the way things proceed will be not violent. for any parties in the region. citizens will want to voice their views, whether in support or opposition, they will be able to do. >> it is a chinese issue, hong kong. should they make their w

and china. a chinese foreign ministry spokesman said he was unaware of any calls with the u.s.. this is echoed by the global times. enda curran has more. what actually happened? enda: i think that's what everyone is trying to figure out. we have had a day of conflicting signals. the foreign ministry in beijing were not able to immediately confirm the phone calls president trump referred to. the editor of "the global times," an important mouthpiece for the communist party, made the point that whatever calls did take place weren't at the level of significance president trump hinted they were. we know that the talks scheduled for september are still meant to take place. there's a lot of confusion about whether or not there has been an olive branch offered by either side and all of this, but i think the take away probably came from president trump's remarks that he sees prospects for a deal being better than they have been for some time. we have commentary from vice that made ite clear china is stil

and china, and i have been in china over 40 years. it used to be a win-win. it has developed into win-lose with the u.s. losing. there is not a level playing field in terms of how chinese companies are treated in the u.s. versus how american companies are treated in china. the industrial espionage is at an unacceptable level, and we have to get back to a better balance in terms of trade. so i do agree that the u.s. had to address this. secondly, however, it is in both countries' best interest that we get a resolution here. so i'm more optimistic than others that the resolution will occur, but the question you ask is the right way to ask it. it is not about delaying tariffs. tariffs are the transactional these. piece. it is -- can we get the resolution on the intellectual property protection, a level playing field between the businesses and the countries, and do it in a way both countries win? it is in both country's best interest. i am probably more optimistic this will be resolved over the next three to four months versus many of my counterparts. paul: one o