systems. that hasn't happened in social media. kevin: that is a great point. when i covered the target data breach, you did not a financial institutions actually trying to alert some of their many of -- some of their merchants and retailers about what was going on in the book -- about what was going on. in the book, you talk about how they are trying to cultivate different sources as well. i was struck about the hiv-aids epidemic and how russia hackers tried to spread concert -- conspiracy theories that the u.s. was falsely -- this is incorrect -- spread the hiv virus. and tried to use something that the u.s. did as a positive to hurt the u.s. special interests. i am putting this to the context of today in terms of what is going on with the elections. what has the u.s. learned based upon the repeated mistakes of what we have done in the past of leading rusher infiltrate us on a host of good things around the world? clint: it is fascinating. from what i can garner, what russia is trying to do is move to alternative news outlets around the world and try and understand how these committee

thought we would have hearings on judge kavanaugh on monday. is that true? kevin: we do not know. chuck grassley wants to move ahead with that scheduled hearing on monday with judge brett kavanaugh, as well as his accuser. what we don't know is whether or not professor ford will decide to testify. senator grassley saying he is willing to have the hearing in a public or private manner. he has not heard back. democrats coming to the defense of the top grandma -- democrat, dianne feinstein has faced criticism for how she brought -- failed -- how she responded to the allegation brought to her this summer. they say she was asked to keep this anonymous and she was seeking to respect those wishes. all of this comes very quickly as these developments are happening virtually within every hour. david: we will come back to you in a moment. let's go to bloomberg sarah mcgregor on a report of what is going on with nafta. sarah: a lot of news, yet not a deal yet. krista friedland is that the ustr as lions eking. she is -- as i am speaking. she is meeting with robert light house or for canada t

budget said, it was out of control. kevin: they're talking about the deficit in italy. we are not talking about that in the united states. how has president trump been playing with mr. juncker lately? reporter: about the relationship? it is not ane, easy one. every time europe goes toward him, he smiles and steps back. resolve what happened with emmanuel macron -- we saw what happened. it is a strong relationship but trump has something to say to accuse europe of not doing their part, paying what they need to be paying for nato. it is a complicated relationship. both countries have issues and problems. kevin: not too kevin with the latest on the mueller investigation. the president has submitted written responses to the investigation. when will we get conclusion? reporter: we know he has submitted answers to some questions. asked a set of questions about collusion and russia. there were no questions about obstruction. there is a question about whether there will be additional questions. we still have to see how that plays out and whether he is satisfied with what is going on so fa

headquarters in new york, i'm kevin cirilli. >> welcome to balance, where the world of politics meets the world of business. >> we cover the aftermath of the midterm elections and the turmoil in the justice department. president trump's change in immigration procedures. we have michael steele. let's start the latest developments in the department of justice. michael, thanks for joining us. what do you make of essentially what the president has done with regard to attorney general jeff sessions? >> it's not surprising he looked to make a change after the midterms. he's been signaling his displeasure quite clearly for a long period of time. at the same time, the worry here is this is a process like boiling frog. they will slowly restrict the mueller investigations authority, perhaps the budget, the areas they are allowed to make inquiries, try to make it smaller and smaller, until they are not able to do the kind of baroque, impressive investigation that we need and but there will never be one dramatic moment where it is obvious that happening. it will slowly get more restricted.

joined by kevin cirilli, chief washington correspondent, from our d.c. euro. and from new york, someone who has been following every twist and turn of the mueller investigation. mr. manafort has been accused of many things, including money laundering. he is going to jail today because of something else. kevin: yes, just within the last several weeks paul manafort was accused of witness tampering, and that is likely is going time bars today. that court ruling just within the last hour. he will await trial for the charges you alluded to -- chief among them conspiring against the united states. the trial set for the next couple of months. the critique of the judge, who school,his is it middle i can't take your phone," clearly a response to paul manafort's legal team, who were arguing that he ought to be able to maintain under house arrest. she ultimately decided it would work you bars will have to await his fate, fate that could pose similar significant legal risk for michael cohen. david: this is not the first time there are accusations of witness tampering for mr. manafort. did

.> i'm shery anh >> i'm kevin cirilli. the release of andrew brunson , president trump's midterm push. let us start with a symbol. he was still sentenced and convicted. >> he was convicted but has been freed, time served. he is now free to return to the united states. he has been detailed on alleged links to the failed coup attempt in turkey. has caused aent political follow-up between washington and ankara. trumps. president donald double tariffs on turkey and slapped sanctions on to turkish officials. he said more sanctions would be served if the pastor was not released. these come at a time where turkey is doing with economic problems. shery: we will have to see how that plays out. we will see how the relationship evolves. let us go to john who has more on italy's budget situation. we saw that tug-of-war between the government and the e.u. over its budget. we are hearing that the fiscal outline includes a higher deficit target. the crunch time is coming. the italian government has to send it draft edger plan -- it's draft budget plan by monday. from then on, brussels is going

house? we will hear from a democratic candidate in a key district. ♪ kevin: -- shery: twets and more -- tweets and more terror threats, accusing of currency manipulation before taking a swipe at the federal reserve interest rate hike after the president already threatened to impose tariffs on all of chinese imports. two sorted out is our business week economic editor. i have lived in several consuls -- countries before coming to the u.s. so it is not unusual for government to meddle in monetary policy but huge in the u.s., breaking two decades of traditions. what are the ramifications? >> a risk it could backfire on donald trump and the reason the president refrain from criticizing the federal reserve, the more they convince everybody the federal reserve will go easy and keep rates low, more markets worry the rates will be too low and inflation will kick in. the bond vigilantes say we are bond pricesat and will follow so they sell the bonds and interest rates go up. the result is the opposite of what the president is trying to achieve. or the federal reserve will see what is happenin

korea summit will happen. let's bring in kevin cirilli from capitol hill with the latest. what are we hearing from president trump and president moon jae-in? kevin: the foreign minister of south korea telling the foreign press for on their way to the white house that they believe the june 12 summit will in fact take place, putting the arts according to the top -- odds according to the top advisor of president moon jae-in at 99.99%. between the us and china on bilateral trade talks continue. the south koreans still clearly have an interest in what is going on. topic number two is trade. they had disagreements with president trump in terms of his withdrawal from the transpacific partnership. david: we saw headlines that the national security adviser to president moon jae-in said it is 99.9% sure. president trump said we will see. which one is right? kevin: at the end of the day, the unpredictability of president trump is something many people have tried to weigh in on. the policy of this is so fluid. it is interesting in terms of how you have to look at the china back and forth negotiat

, we are joined by -- kevin mclaughlin and steve mcmahon. thank you for being with us from washington, d.c. does this mean with anything for divisions among republican support for the midterms? >> i don't think so. theyoch brothers announced would look at supporting democrat candidates and they put their money where their mouth was already. you know, the kochs -- i worked on a 14 cycle in a 14 cycle in the 16 cycle, and they are active on the 14 cycle and not the 16th cycle, so it would be nice to have it, if i was running the nrsc, but i don't know how much effect it will have. david: steve, are you happy to goinghe koch brothers against the president? steve: i think this is the beginning of the republican party, the stream republican party, standing up to president , beginning with free trade, which republican support and the president doesn't. he has started trade wars all over the world, and attacks on institutions republicans have supported like law-enforcement and the fbi. the koch brothers speak for many. they generally put tens of millions and sometimes hundreds of millions of

more insight. joining us now is bloomberg's chief washington correspondent, kevin cirilli. bloomberg's national political reporter sahil kapur on capitol hill. kevin, let me start with you. this press conference coming at a time when president trump is being embroiled in many difficult or challenging situations, domestically. give us a sense of how important this news conferences. kevin: not technically a news conference. president trump and his counterpart making public statements. traditional in the sense when the president took questions from reporters from both foreign governments. on the folk side, this comes at a time at which the president was praiseworthy of kazakhstan. noting there were -- there role this month and the symbolic role that plays for that emerge in country. the u.s. looking to strengthen its ties in the region. it comes at a tie -- time when diplomatic relations between north and south korea have been tense. there have been some signs of communications ahead of the olympics. russia as well and the owners -- energy section, you have a situation where

tenants really coming to us from washington on the search for the pipe bomber -- we have kevin cirilli coming to us from washington on the search for pipe bomb -- the pipe bomber. kevin, let's start with you. yesterday we heard the president speak out and respond to the search for the bomber, saying this is a time to come together as a nation. this morning he tweeted a very big part of the anger that we see today in our society is caused by the purposely false and inaccurate reporting of the mainstream media that i referred -- referred to as the fake news. -- refer to as the fake news. kevin: president trump striking a somber tone at the white house and then strike a summer tone at his rally last night and then today, the tweet targeting what he calls the fake news media, this after cnn putting in a statement saying that the president is somewhat responsible for the increase in polarizing rhetoric in the u.s. political culture regarding the u.s. political discourse. the search for the bomber continues. the president has been briefed by fbi officials but to your point specifically, this

. kevin, back to you. kevin: i love that story. coming up, big tex is becoming public enemy number one on capitol hill. looking towmakers learn? this is bloomberg. ♪ shery: this is "bloomberg markets: balance of power". kevin: this check on first world news with mark crumpton. wilbur ross says there's too much hysteria among investors of the risks to the economy because of president trump's trade policy. secretary ross told bloomberg television that higher tariffs will have a trivial affect on the nations rate of inflation. >> i would recommend investors act rationally. by that what i mean is judge this administration by the actual performance that it creates. don't judge it by some sort of hallucination about some bogeyman out there who could be a problem. the trump administration is that the proposed a list of chinese products to be hit by tariffs. that the president announced duties on $50 billion worth of chinese goods to punish beijing for what washington sees as widespread violations of the american intellectual properties. britain is scheduled to officially leave the european

. kevin: i want to pick it up there. we areu look broadly, watching president trump arriving in quebec for g7, he will be meeting with global world leaders who are at odds with him on trade. yesterday at the white house, president trump told reporters he does not believe the trade issue, particularly china and president xi jinping will directly impact the denuclearization summit in singapore with kim jong-un but what do you make of this? is the u.s. president at a disadvantage given criticism he is receiving from european allies as well as president xi jinping on trade? scott: i don't think he is at a disadvantage in dealing with kim jong-un. the real question comes in whether or not, the u.s.-china relationship involves links between trade and performance by china on north korea? here it is a challenge. president xi jinping has been watching this unfold, he may feel left out and at the same time trade tensions are rising between the u.s. and china. the question of whether or not xi will hold fast on implementation of sanctions, becomes more at risk as a result of the convergence of is

. ♪ kevin: the commerce department began open hearings is money to consider whether auto imports are a threat to national security. secretary wilbur ross said it is too early to tell whether the investigation will lead to tariffs on imported cars. but let -- but the administration will find little if any support for the idea. jenny, thank you for being here. what is the latest? notould appear they are finding support at all. jenny: quite the opposite. we are seeing not just big ceos, but everyday americans saying this will impact us. we are upping the ante on the aluminum tariffs. there's no support whatsoever in congress. republicans and democrats crying out saying we need to fund legislative solutions to rein in the president on his tariffs authority. this is playing out as a commerce department is getting pushback from industry. shery: how likely is it we will get a solution when the president meets with the european commission chief next week? jenny: we have to have modest expectations. there are divisions within the eu member states. germany is pushing for it more than other count

address, often in the same order. let's bring in kevin cirilli, who is down at the greenbrier, reporting from just outside. we just heard the state of the union redux, kevin, but let's on one thing focus -- immigration. he gave a lot of time, and the most detail really on the question of immigration -- is four pillars, as they are called. he is digging in his heels. am i reading that wrong? no.n: president trump's largest message from this address to the republicans at the republican retreat is very clearly hold your ground on immigration. particularly on the issue of the dreamers, he doubled down on that line from his state of the this week,ss early where he said "americans are o," and then he also went on to say "don't fall for ," addressing republicans in terms of the language being framed as they gear up for this march 5 deadline. shery: president trump also talked about reaching across the aisle, but at the same time took some shots of the democrats. what about bipartisanship? kevin: what about bipartisanship? president trump in the speech as well taking on house minority leader nan

fracturing. only one, but nonetheless it shows doubt on whether they can keep it together. kevin: i'm glad you brought up qatar. with their decision to remove themselves from opec, it is coming at a time where the saudi's went directly to russia following the criticism domestically of the administration for their response. i'm wondering if any of the noise, for lack of a better word, the questions about how this administration has handled saudi arabia in recent months, how that has impacted the discussions between moscow? >> i think it has loomed large. $73 a barrel to balance my budget next year. hand, i need the support of the white house to bolster my power in view of what okeechobee.with jim having the president tweeting, thank you, saudi arabia. how do you reconcile those competing forces? for saudie question arabia going into this meeting. they need something. they can't go too high. they are very much dependent on u.s. support. kevin: thank you. we appreciate that. let's get a check on markets. we are keeping an eye on the markets. for the most part they are higher. the dow, s&p, an

. let's get to kevin cirilli who has more about this 12 russian intelligence officials being indicted by u.s. government. kevin: these officials that the government is saying hacked into the democratic national committee ahead of the 2016 presidential election is the latest concrete evidence from the intelligence community they believe that vladimir putin has orchestrated and led russian meddling in the last election. the president is now meeting with the queen of england. as we await the press conference from deputy attorney general rod rosenstein, i would note that within the past 10 days, the deputy attorney general has been a fixture at the white house. he attended a private gathering of the white house lawn for the fourth of july with other senior demonstration officials and their families. he was at the white house during the announcement of justice kavanagh to be appointed to the supreme court. he has been very much ever present in washington and within this administration. i spoke with several sources connected to those who are involved in this investigation within the last half

questions. we actually got one in with the las vegas shooting and bump stocks. i want to bring in kevin cirilli from the white house. that was a pretty extraordinary performance i think it is fair to say. let's break it down to where the president did. let's start with trade. kevin: president trump declaring victory on a campaign promise by saying essentially has been able to renegotiate nafta. the sources i'm talking with tells me this is largely a repackaging of nafta into the u.s. mca agreement. it is not done yet. from here, the president will have to get this ratified by congress. he even alluded to a potential political fight ahead of which should democrats take control of the house of representatives. we have been through all morning the different sticking points. dealid that it was a breaker with canada p or he was able to open markets with auto sectors. he says tariffs could be on with the steel and aluminum, but the threat of limning auto tariffs and likely exceptions for canada and mexico on that front. not many changes to the settlements. the stock market, as we heard they l

me bring in kevin cirilli who was in the press conference. talk to me about the body language. a lot of the questions, there was a laugh in the room when a vladimir putinif had personal information on donald trump. putin said he did not even know donald trump was in russia at the time. kevin: it was classic vladimir putin. during the answer, president trump tried to get the answer of president bruton with the throw away -- the answer of president putin with a throwaway line involving the world cup. president clinton -- president putin offering a delayed response back. the laughter was muffled. it was not a thing that dominated the room. there was a key moment in which the reporter asked president he wanted candidate donald trump to win the election and putin saying directly, yes i did and then changing to another question. vladimirof policy, putin saying president trump reiterated the u.s. position that the u.s. does not recognize the annexation of crimea to russia. beyond that, in terms of cybersecurity, president bruton suggestingt putin they would be open to an international f

economies and eventually into the national economy, as well. that is -- kevin: that is interesting, the risk you talk about, michael mckee, there is a lot of global uncertainty folks are feeling as a result of the trade policies. look at what the eu just announce with japan in terms of the back-and-forth for how european counterparts, as well as asia, are responding to the president's trade policies. wanted to you gather from what we heard from fed chair powell regarding how he is viewing and interpreting president trump's trade policies? michael: he tried to suggested is a negative, probably from an economic point of view, but stayed as nonpartisan as he could. to makes were trying the point that trade policies would hurt their districts and powell said, yes, if they continue over an amount of time, they will, or if they lead to it overall lowering the global terrorists, it would be a good thing. he did note in the written testimony that there are uncertainties around the world but in general, pretty good shape. he did not seem to suggest we have an immediate problem on our hands.

kim jong-un closer to a meeting? the key roles china may play. ♪ kevin: with a couple of months until the midterms, focus on demographics in the republican democratic parties. a bloomberg view columnist joins me in studio. you are the person breaking all of this down. what do folks get wrong about the future of the republican party demographics and democrats? >> two big mistakes when they think about social changes and how they affect the vote. the first one, more prevalent among republicans, none of this matters because they won in 2016. they cannot count on replicating that achievement. if they do not make inroads among blacks or hispanics, or asians, they have to be better and better all the time among white working-class voters because that is a smaller group every year. shery: democrats -- kevin: democrats? bakery issume their inevitable and sometimes they will appeal to what they think is the future electorate, but if you appeal to them to fast before they have shown up, you lose the election. kevin: i was in southwestern pennsylvania covering the special election in 18 wi

midterm update is our political panel. cap and, let's go to you for -- kevin, let's go to you first. kevin: let's head to iowa district one. david: we will give the audience a snap sought at the issues. turning for special election coverage. from new york, this is bloomberg. you are watching balance of power. apple is our stock of the hour. wiping $30 billion off the tech giants market cap. emma chandra is here with more. it is not the first time apple has had trouble. emma: friday and today the stock is down almost 10%. shares other worst day since 2014. it started with the earning results that came out on thursday night which says it has guided iphone sales over the holiday quarter. apple hadday that told to halt plans of the digital production line dedicated to the iphone xr. that is its newest phone that has gone on sale in october and has been expected to be a big seller. it turns out fox, is using 45 production lines when they were planning on 60. it has had a big impact on the stock and the market capitalization of apple. take a look at the bloomberg. we now have no companies

keep the government open. chief washington correspondent kevin cirilli is at the white house with the latest. is it too optimistic to expect any sort of deal on immigration and spending? kevin: it is too soon to tell. i have spoken with sources. wellare -- they're very might be the same drama we saw unfold several weeks ago before that holidayk recess. president trump and vice president mike pence are having a working lunch at the white house where they are likely going to address some of their top legislative priority items, including keeping the government open and funding -- funded. their to do list is infrastructure. for could pose problems republicans as several deficit hawks have risen concerns about infrastructure. particularly when it comes to the case of government spending. most to lose, republicans or democrats if they shut down the government? is thathat we have seen anytime you have a government shutdown, it is never good for incumbents. that would suggest right now, the majority lot -- party would suggest they are heading into midterms with that partial government shutdo

power. bill ferry is in washington. house, kevine cirilli on his interview with mitch mcconnell. pompeo's goaltary in going to saudi arabia? did he achieve it? bill: we are still waiting for a readout. he was there to get a full explanation on the missing journalist. what are the saudis doing and how credible is investigation? and to convey some of the rising concern in the unit it's about how this could damage the -- couldn about how this damage the u.s.-saudi relationship. we will hopefully get a sense of what some of the intelligence is that the turkish authorities say they have on the disappearance and killing. david: now we go to roman talk budget.e italian they submitted they budget and went. past the 2% limit. the italian bond did not really get hurt. greg: it's been very well signaled. what the is 3% for eurozone countries are allowed to spend on the deficit. italy has always held a fairly harder stance because it has such a large that. the eu commission has always set harder standards for italy. they went over what the eu wanted to spend. the previous garment -- governm

domestic spending including disaster relief. kevin, give us what you know about this deal. kevin: a busy afternoon on capitol hill as mitch mcconnell senate majority leader chuck schumer that they have a two-year agreement to keep the government open. this comes as the house of representatives sending the measure to the senate, and we should know the details crossing the terminal as we speak. the deal will include disaster and o'connell is calling this a significant bipartisan step forward. it also notes the immigration debate is still coming and they have to get i march 5. it appears republicans got their way and separating immigration from this deal. should also report that president trump did not play a significant role in the back channel negotiations. shery: given that he said immigration is decoupled from this budget deal, we have heard house minority leader nancy pelosi opposing it. what you know on that front? nancy pelosi saying she will not be able to get on board with this, really digging into dacaemocratic position on of the 800,000 people brought here illegally by their

spoke with kevin cirilli. >> both countries have just proposed tariffs. there is nothing enacted. i think that is the important point. in the u.s. we're going to put it for comic in the coming months, i don't want to pinpoint a deadline. that is popped like kaiser's area, but i would say nothing around the corner. obviously all senators will weigh in and we welcome them. cutler,e welcome wendy she spent nearly 30 years negotiating trade deals with the office of special trade representatives and comes from washington. good to have you. the me ask you from your past experience negotiating deals, as their precedent for this? they announced they are considering putting tariffs in place before negotiations. remember 20 years ago working on the japan auto issue and we had a similar situation where we did threaten sanctions against japan, but we sat down at the negotiating table and we were able to reach an accommodation. i think the difference is the issues at hand -- the technology and ip issues are more complex and so fundamentally difficult. china is a formidable trading partner. david

passed a sweeping overhaul of bank regulation, a bill that would to. good on trump's about here is kevin up on capitol hill. we've got this done. what is left to be done? you spoke with the chairman of the bank union there. kevin: he thinks there is a lot more work that can be done. it is unclear whether or not the political calendar will allow it to get done. the first part of this dodd-frank tweak bill was really to provide regulatory relief for community bankers. that's why it was able to attract not only republican support in the house and the senate but 16 democratic senators as well as 33 democrats in the house when it was voted upon yesterday afternoon. but now, all attention turns to restructuring some of the financial markets. that is something that i'm not sure there is a lot of divide on, about whether or not they could get something done in the summer. i'm here the president could have a bill signing ceremony as early as tomorrow. nothing has officially come out in terms of when president trump will sign that piece of legislation. we should note the politics of this. it is hi

calm markets that have been hit by looming government spending. kevin: a busy day and washington, d.c. here to break it down is our bloomberg washington correspondent. meeting between president trump and kim jong-un. what do you make of that? >> the white house is casting this as a historic agreement. the fact that kim jong-un released three hostages and allow them to return to the united states as a sign of goodwill, it is a sign that president trump will have some success during this meeting. now they realize that this is a tall order. justdon't think that having this meeting will solve the problems the u.s. has with north korea. so they will continue the maximum pressure campaign, continue to make sure sanctions remain on north korea. and president trump deciding to have this meeting in singapore after his cia director and now state department leader, mike pompeo, is in multiple meetings with kim jong-un. president trump indicated he thinks this is a sign that north korea is ready to give up its nuclear program and enter the broader world community, and abandon its position as a ro

team last week. we are deputy managing editor of u.s. governor, kevin, from washington. question, as far as we know, is jeff sessions a potential person of interest that is a potential target, or is this as a witness to other things? kevin: we don't know the answer to that. there is no end -- the mueller team has been interviewing a whole host of people, including anyone who is associated with the foreign-policy team on donald's campaign. team.ns helped lead that there might have been a set of questions that would be relevant to the things we arty know that mueller has been asking other people about. usesso wrote a memo that part of the justification for the firing of fbi director jim comey. that would be another area of questioning we know that mueller has been looking into. as far as we know, he was interviewed as a witness. it's unclear if it was anything beyond that. it's not clear he took a criminal lawyer to the meeting. maybe that is a sign he thought he is mostly there as a witness. i think everyone will be trying to figure out now exactly where that is. the smaller probe

who confirmed kremlin reports. joining us now is kevin cirilli. time forn interesting a summit given the fact we kicked out a lot of their diplomats, and they kicked out a lot of our diplomats. what will they talk about? kevin: they could be talking about the arms race. public statements from president trump himself following the telephone call between vladimir putin and president trump on march 20. out a ziput congratulatory call from president trump on behalf of community 10 winning reelection. was said at the time that the arms race might be something that they talk about in the future, but he didn't specify where that would be. there has been some developments in u.s.-russia relationships since that call, the treasury department joining nato allies overseas and sectioning russia for that chemical attack against a former agent. the administration sectioning more than 60 russian u.s. based the romance, believed to be russian spies and closing the russian consulate in seattle. flashforward and this morning you have moscow saying that could take place your at the white house. t

seizing ukrainian vessels and kevin cirilli with the drama on the u.s. mexico border. can theresa may get the deal through her parliament? jess: theresa may will be on a campaign to sell her exit deal to parliamentarians. the numbers are not looking good at the moment it looks like she will not have a majority to get this deal through. the northern irish party, the du ithas said they cannot back and other mps in her own party and the opposition have also said they cannot back this deal either because they are programs it or because they are her selling thissee deal. we would hear cabinet ministers driving this through trying to convince the country if they , we will end up with a chaotic brexit or no brexit at all. david: how worried are people about losing their jobs? me a lot of grumbling noises but also they go along with her. she has refused to rule out whether or not she would resign and she's really trying to keep the conversation focused on this deal and getting this deal past through parliament. she says it is not about me, it is about the country. keep hisally trying to focus

three years in south africa. we start with kevin cirilli. the white house is surprised by nikki haley stepping down? kevin: caught off guard. thataid in the oval office she would plan to campaign for president campaign -- third president trump in the 2020 election. she also went through a series of accomplishments she is touting during her tenure in office, ranging from the issues ins area the withdrawal -- in syria, the withdrawal from the nuclear iran deal. the question is who president trump lemay messer successor. he says a decision will be made in the next two to three weeks. i spoke with republican consultants. nikki haley's political future bright. they would not rule out a potential presidential run in the 2024 election, but let's not get too hard -- too far ahead of ourselves. vid: let's go to washington and talk about president trump on his way to iowa. jenna: the president is ordering the epa to make the change to allow a higher grade of ethanol and to be more available around the united states. he is telling the epa to lift summertime restrictions. he is headed to iowa to

. theresa may putting it to europe. kevin cirilli on capitol hill on the confirmation of brett kavanaugh and president trump calls the question on china. first, london. we had a dramatic announcement from theresa may as she said she is sticking to her core, is this where we need to get to where brexit? >> it has been humiliating week for theresa may as she woke up to gruesome headlines in the newspapers after a terrible summit in salzburg, austria where she went hoping to have warm words from her fellow eu leaders but they rejected her so-called brexit plan for a future and she has come out and set it is not good enough and you need to show me some respect. she was angry and annoyed. if we step back we have to see that this is also maybe part of the theatrics of the negotiations appeared some eu officials said they expected her to say the kind of things she had said and help desk and still hope for a deal in october or maybe november. -- and still hope for a deal in october or maybe november. david: something going on at capitol hill regarding brett kavanaugh, will we have a hearing? >>

. kevin: north korea, will it still have been? >> i think so. the message this week's a reduction of two things. they had to say something in the wake of the libya comments from adviser.nal security there has been propaganda from south korea that has been deemed unsatisfactory by the north koreans. at the same time, the north koreans need financial relief that the talks will provide. kevin: is this just the kim jong-un wants to pound his chest and get a win here? what is a win for the north koreans in the stoxx? >> i think the -- in these talks? >> the north koreans want to come from a position of strength. they have the capacity for a missile program at eight nuclear program and possibly a hydrogen bomb. they want some degree of the nuclear program. in exchange, they want a massive financial investment. kevin: that international investment is so timely right now, especially with president trump's decision lifting restrictions on zte. do you think that is a good move or a bad move? they have done business with iran and north korea. is this a way to say that you can get telecommunications

asian american society president and kevin rudd about the implications of ending china's presidential term limits. this is bloomberg. ♪ david: this is bloomberg markets allen's of power. i'm david westin. shery: i'm shery ahn. china's thirty-year experiment with time limits -- term limits are set to end. the party has suggested amending the constitution to allow she jinping to serve more than 25-year terms. considering he rules the party, that means two things. the constitution will be amended and xi could be president for life, much like massie dong. how will this reverberate around the globe? let's bring in kevin rudd of the asia society and the former prime minister of australia. thank you for coming into the studio. we have already seen his name alongside others in the constitution. was this a surprise? she jinping would be pretty cool with having his name alongside those two. this is not a surprise for those of us that have been watching this closely. xi jinping was going to be the most powerful leader since dung. it is clear he is probably the most powerful leader

, where the world of politics meets business. -- we havereally and kevin on personnel changes, and matt miller on the election of the new leader for germany. kevin, we are going to go to you down in washington. what is going on. it's quite a day -- going on? it's quite a day. a lot of personnel changes at the white house. >> the musical chairs has begun here in washington with the trump administration. to ber new art is going named the u.n. ambassador, hasacing nikki haley who announced that she is departing in the administration at the end of the year. reports of surfaced that john kelly my the on his way out within the next couple of days. cnn breaking that story earlier this morning. finally you have william barr, who the president says he will name as attorney to replace jeff sessions. this is someone who had served under the previous president, george h.w. bush. i have to be honest. i have been looking up his faceous comments, he will a tough confirmation hearing on capitol hill and he will get questions about these comments where he has said he does not like how some folks on

in a moment. metta kevin -- now to kevin in washington. a dramatic announcement from the department of justice today. kevin: this is part of a in coordination with u.s. allies to go after, name, shame, and expose a campaign by chinese intelligence agencies of hacking. are accusedhackers for hacking 45 different company, as well as u.s. government agencies, such as nasa and the u.s. navy. david: there's also the investigation going on of russia by bob mueller. mr. mueller well take his time and not even referred to president trump. kevin: as best we can tell, we are expecting a series of legal filings. these may or may not be indictments in the coming months. very maybe all the pieces surrounding the president -- they may be all the pieces running the president. a little bit of clarity and a fair amount of uncertainty, at least publicly, about exactly how that will play out. london.ow we go to the one thing we thought we knew the prime minister did not want a second referendum. now she has a cabinet member saying that maybe it's not a bad idea. cabinet rudd, the minister saying a sec

happening, it could be back on. on the originally scheduled date. .e have on kevin rudd how damaging could the auto tariff be on the economy? we will talk with eswar prasad of cornell university. vladimir putin states do our editor in chief as he hosts his major summit in st. petersburg. what did he say about the relationship with president trump? halfway into the trading day and looking bit mixed. let's look at the markets with julie hyman. julie: thisre's -- fight north korea and other -- stocks not seeing much reaction. the nasdaq is rising as the s&p and the dow are slightly lower. look at the bloomberg for a better picture of the range we are talking about. this goes back to late february with stocks housing around. the rain -- bouncing around. the range is bouncing between the two levels. one asset that did not get the memo is oil. in the session today, intraday , $70 seeking nine cents -- $68 today, down 4% today, the worst one day tumble since september with the body -- audi energy minister saying they will likely increase production gradually in the second half of the year.

. it is going to be a tough negotiation from here on out. kevin: while president trump tries to deal with democrats on capitol hill, he is also having to deal with nafta negotiations. all of this comes as he is set to go overseas to davos. he will be accompanied by top members of his cabinet, including steven mnuchin. walk us through this. what are the goals of the white house when they travel to davos? shannon: it is the president going to davos, a type of meeting that he really a vista rated people for going to during the campaign, this meeting of 1%, in a secluded switzerland town. not very populist there. there will be leaders of people there that he needs to do business with. the white house says they are hoping he will bring his america first agenda. we can expect to hear similar messages that we heard from other international tips, recently in asia. it is a platform for him to talk to other world leaders and get his message out there. he certainly poked fun in the past that these types of gatherings. shery: in the meantime, the government headed for a potential shutdown. what

kevin mccarthy. david: thank you. now we have a news alert. the top democrat on the house intelligence committee says the panel wants more information after bloomberg reported that china tried to infiltrate the computer chip supply chain. adam schiff says the report is deeply disturbing and the example of the length beijing will go to to steal america's secrets. money laundering in estonia. until now, it has been about europe. the u.s. justice department just got interested. that's next. and this is bloomberg. ♪ ♪ david: you are watching "balance of power." does go bank is once again -- desk bank -- ceo.ew they replaced the they had this money laundering problem through estonia. emma: there were those are late to the money laundering scandal and sent to the unit in estonia. for channeling. there are pros in denmark. they lost the ceo. the shares have lost a third of their value this year. the doj here in the u.s. is also leading an investigation. david: do we know how bad it could get for danske bank. doj, whenerms of the you have this number of suspicious transactions, you can ass

happen with a change in the russian government's behavior." we welcome kevin cirilli and tony halpin. the most recent action was taken in washington. is this the end of sanctions as we know it? kevin: president trump taking the most aggressive steps yet on behalf of this administration. sarah sanders saying in that statement they had to take that action in seattle because of the proximity to an u.s. naval base. she specifically pointed to rolling in her statement. this has drawn praise from lawmakers on capitol hill who are in recess this week. it comes at a time in which the president has been criticized for his ties to russia. it could also just be the first step. his taken collectively expansion on behalf of u.s. toicy that thinks back former president barack obama's of ministration when he took similar action and shut down the consulate in new york as well as a wrench in -- a russian mansion of sorts in maryland. david: i saw a tweet from the russian embassy saying why didn't you vote on wish of the consulates -- what is russia going to do? tony: i think that was a sardonic respo

, andy barr, kevin cramer, sean duffy, tom emmer, french hill, no huizinga, david custom, patrick mchenry. the greatest name and politics. i don't know why. every time i say patrick mchenry, who does a great job, more important than the name, i think you have the greatest name and politics. if i had that name, i would have been president 10 years sooner. [laughter] mia love. thank you, mia. luetkemeyer, keith lofquist. thank you, keith. and ann wagner. these are people that have worked so hard. we have been talking about this so long. i want to thank all of them. i also want to thank vice president pence who has been working with me on our previous discussion, long and hard. secretary steven mnuchin, secretary ross, secretary and administrator linda mcmahon, who is doing a fantastic job at the small business groups. he is going all over the company -- country talking to groups of people. and linda, i just heard the other day that you are doing a fantastic job. thank you to the many great avenue forcongress the people that worked so long and so hard. today, i am proud to keep anoth

paul ryan, but now i see there isn't one. steve scalise has set will be happy with kevin mccarthy, and it just crossed to bloomberg that paul ryan is encouraged by that. are you encouraged by that? rep. collins: if there had to be one candidate, let's start with the fact we have to maintain our majority in congress in the midterm election in order to select. the next speaker. at that point in time, whether it is steve scalise, kevin mccarthy, or a third party individual that she might be a dark horse, unlike -- similar to what paul ryan did. that is a decision will make in december, for those of us coming back in the elections. i will be happy with both kevin or steve. typically if there is a challenge, the individuals will make a pitch to all of our conference to about what the agenda will be in the next two years and how it will conduct business. regular order and the like. we also know, presuming we keep the majority, it is likely to be left in the 241 members we have today. let's say it is 228 or 230, you need to hundred 18 votes to be speaker. the last time when boehner with

young. >> i am kevin cirilli. welcome to "balance of power." >> an interview with jeremy corbyn and an interview with presidential candidate john delaney. let's start with trade and a global showdown. vice president mike pence and xi jinping traded jabs, showing there are no signs of a coming truce in the u.s.-china trade war. againkind has once reached a crossroads. which direction should we choose, corporation for confrontation? or zero sum game? the future hinges on the choices we make. clear, theake this initiative is a platform for cooperation. principlesd by the of operation for a share of the benefit. a is not designed to have geopolitical agenda and it does not exclude anyone. >> the united states offers a better option. we know joan are partners in debt. we do not coworker's compromise. we deal openly. r a one-wayffe road. we all prosper. washington, we welcome the president of the national foreign trade council. great to have you. there are concerns we are moving toward that zero-sum game of the cold war. what would that mean for some of your members which includes caterpi

kevin cirilli. how does this new plan compared to president obama' clean energy plans? kevin: it is a complete walk back of the obama era regulation. the is exactly what proposals would do. it would replace the obama era clean power plant weaken pollution limits on coal fired power plants by setting guidelines on efficiency improvements. it will embolden the state sharing to decide exactly how they want to restrict the co2 emissions standards. we see pushback. this could potentially lead to some type of legal argument. but republicans like this. a lot of republicans like this, especially in the coal sector. president trump campaigning west virginia later today. the chamber of commerce says today's announcement is an important step toward a more collaborative process that fits within epa's statutory authority. this revised approach will help continue the trend of lower electric-power sector emissions by preserving america's energy edge and respecting environmental law. democrats disagree with that. , let harris account -- kamala harris of california tweeted out this decision is a rec

telecommunications programs are we will talk with former prime minister is kevin rudd of australia. that is coming up next. this is bloomberg. ♪ this is bloomberg. ♪ david: this is "balance of power " on bloomberg television. i am david westin. we turn now to kailey leinz with bloomberg first word news. about 1200 mourners have passed st. martin's episcopal church for the service of george h.w. bush. carry his casket about 70 miles to college station. he will be buried in a private service. in vienna, opec ministers are talking about cutting oil our pet -- output. they are seeking further cuts for non-opec partners, such as russia. saudi arabia says it does not want to cover that will shortly -- shock the market. british prime minister theresa may is shrugging off suggestions that the government may delay a vote on brexit after a stinging defeat. she isls bloomberg optimistic. >> i think the chances of the no dealer very small, actually, considering what happened in the last few days. the parliament is taking a chance on this process. a defeat of the government the other night, which

and the iran nuclear deal. unlike the french president, she will have two hours. kevin cirilli is here from the white house. what can they get done in two hours? then: not much but top on item for angela merkel is making permanent the aluminum and steel trade exemption tariffs. president macron this week hoping to do the same for european counterparts. two, getting president trump to reconsider his position on withdrawing from the iran nuclear disarmament deal. emmanuel macron said publicly after the visit of president trump will decide to withdraw from the deal on may 12. within the last 10 minutes, angela merkel arrived and was greeted warmly by president trump. they embraced. this is not the same type of pomp and circumstance we saw with president macron when he was here earlier this week. over one hour from now, we are expected to hear from the two world leaders at a press conference. shery: we are getting the latest from president trump and saying it is a great honor having angela merkel at the white house. he says that the chancellor and him have a great relationship from th

mccord kavanagh's -- judge supreme court appointment gets combo gated. -- gets complicated. kevin: ted kavanagh meeting here at the white house earlier today as all of the democrats on the senate judiciary committee urging senate judiciary committee chairman chuck grassley to delay the confirmation vote later this week as a result of christine ford's allegations from 36 years ago ros regarding sexual misconduct at a party. judge kavanagh says i'm willing to talk to the senate judiciary committee in any way the committee deems appropriate to refute this false allegation and defend my integrity. a lawyer for miss ford says she is also willing to testify publicly about an allegation she said in an interview earlier today was "attempted rape." all of this comes with the republicans holding onto a razor thin majority, 51 republicans in the senate. two senators of the republican party say they feel this vote ought to be delayed. bob corker as well as jeff flake. the latter of whom is the senate judiciary committee member. this puts pressure on mitch mcconnell about whether or not there

with colleague, kevin cirilli about the importance of the export, import bank when it comes to trade and her relationship with president trump. kevin: you are one of the few democrats who engages one-on-one with president trump. he recruited you for the republican party, and tell me that story. as this happened. sen. heitkamp: as i told a reporter, you're talking about issues like overregulation and trade. he said, is unlike a republican. so join the republican party. sen. heitkamp: your response -- kevin: your response? sen. heitkamp: my response was give me the bank. he has a wonderful sense of humor. kevin: would you join the republican party if you gave you the xm bank? sen. heitkamp: that is an unfair question. [laughter] sen. heitkamp: i want the xm bank because i think it is important to manufacture in my state. it is important to workers. i continually go back to those 250 thousand jobs. the latest job report you saw, some trending downward, we don't know if that will be a glitch or if we will see seasonable adjustments to we do not know what will happen. are you look at wher

a minute to unpack that. let's go to washington and kevin cirilli. perhaps an expanding investigation into judge kavanaugh? kevin: mark judge, the key witness from the alledge it incident of sexual misconduct has been interviewed by the fbi. this time, the republicans and democrats have press for a one-week investigation. the white house saying he does not want to stand in the way of the fbi investigation but he wants it to happen as quickly as possible. democrats saying that that should not be the case. the fbi should extend at a natural case. mitch mcconnell saying that he is committed to having a confirmation vote on judge brett kavanaugh by this week. david: thank you so much. let's go over to rome. this drama over the italian budget, the markets really responded early this morning, including to one report they may rate cut -- may consider pulling out of the euro and then backs off. alexandra: the officials backed off quickly from that one because the markets immediately went crazy. week.resented 2.4% last the markets already had not liked it that much. the spread ha