tv Bloomberg Markets The Trump Economy Bloomberg June 2, 2017 1:00pm-2:01pm EDT
this hour. president trump's decision to drop from the paris accord triggers a wave of condemnation. that back when you threaten his domestic agenda for tax reform to health care. white house press briefing with sean spicer and scott pruitt which will take place later this hour. we will bring that to you as soon as it begins. saysdent trump's -- protecting jobs of the main reason. environmentalists say leaving the agreement will be a rep of the u.s. economy causing the company investment in clean energy and related industries. the fallout from president trump's decision comes as investigations into russia's meddling of the 2016 election are about to escalate. testifymey plans to publicly before the senate intelligence committee next thursday. quite what start now with the
u.s. jobs reports which showed a pullback in hiring and may. 38,000 months month, but -- below the consensus by 44,000 three unemployment fell to a 16 year low yet which remained soft. morneau on what's ahead in the trump economy, we're joined by sahil kapur. let's start with these jobs numbers. a few month into his administration, the trump administration owned the economy, one could say. out of the white house react what we got from the labor department this morning? sahil: like the white house is celebrating -- the economic advisor -- advisor gary cohn said earlier this morning the this is one point of its agenda, they want tax reform, deregulation. a think the white house is trying to take the mystic feeling this. the forecast came in under expectations, some republicans on the hill saying this
underscores other thing we wants to do. david: i noticed in what followed the announcement yesterday from president obama to others, there was a stress on job, missing out on innovation seems like this is the thing that opponents to the president's decion are making. >> i think that's rit. you have to evaluate us on a couple different planes. this unites president trump space and fulfills a campaign promise he made to pull out of the person or. it's also something a couple different faction in his white .ouse agree on didn't like the paris climate accord that, they don't like international humans. biddle the scientific consensus on climate change. it pits also against the international community, the united states is true and only syria and iraq was the only three countries in the world to not sign or to oppose the paris accords. would distance
leaders who are not particularly thrilled, some of them pretty strongly opposed to trump's decision to pull back. that includes companies in the fossil fuel industry -- and that have adopted accordingly, except in clean energy is the way of the future. the mid-good on this promise, pulling out of the paris agreement. what are you hearing from white house sources about the agenda going forward here, what does the white house want to see happen next? this: gary cohn said morning to three things they want to do or deregulation, something they are ready doing, tax reform, and infrastructure. the second two run a logjam on capitol hill, there's paralysis going on with tax reform. republicans on capitol hill are getting more and more frustrated with a lack of detail. the infrastructure plan, there's
no plan, it's not going anywhere. even republicans are not on board with the adidas running a trillion dollars on infrastructure. the white house is 1-3 right now for important issues. david: thank you very much, we will come back to just a little bit. on the heels of the strong numbers, gary cohn, the director of the national economic council, and the more daybreak america's earlier today to lay out the plan to drive growth in the u.. are going to fix the regulatory environment, tax policy, and drive infrastructure. those of the core principles. david: our next guest sees trouble had. .tephen gallagher joins us now let's start with the agenda, we were talking about that there with some help. there's a lot that needs to be accomplished, has to be by september 30. when you look at all that congress has to do, game it out for us.
what god's anything gets done here in the next few months? >> what they have to do by september is get a budget of some form going into the new fiscal year for october. continuings another resolution, fraught with its own .olitics and pretty soon we will be at a dead-limits. under no september, october the we are trying to find that drop-dead date. we know it's sometime in the fall. that's going to be more problematic if the treasury can't borrow to basically pay down earlier debt interest -- and whatever else the government needs to finance. are the essentials. we want a lot of other thing, we cuts, long list -- tax reform, infrastructure, deregulation, the list goes on. we don't necessarily have to have that by september. it doesn't look realistic by that date. david: stocks about tax reform in particular.
the president talked about tax reform is working its way through congress. what's your sense of how that's gone? >> didn't they already have a plan? one page. david: 200 words. >> we will see. we are getting mixed news, mick mulvaney, mnuchin from the white house. course have a lot of congressional players in the mix, paul ryan is clearly a leader with the house, republican plan. an anova single one that has formed, i know they would like and have some consensus. we have a fractious republican party. it's not a republican versus down, its republican on republican right now. toneeded a strong leader
pull all these different factions together. that's getting more difficult with trump mired in his own controversies that have nothing to do with the agenda three david: let's talk about how those are distracting from what the president would want to happen with james comey. this is merely a distraction, how much is a thrilling things? >> it's a serious derailment. if we look at tax reform, we used to call tech support was aggressive. once i'm trump called that the phenomenal tax plan -- plan. there were some interesting ideas in it, capital deepening, making u.s. companies more competitive on a global stage, just plain cutting taxes. think a lot of those features could help to -- could have helped lift the us economy to come if they could have passed it. think were losing all those reform efforts, they are too debatable, too controversial. on bad tax, interest full expensing
of capital equipment. these are a controversial. i do not think t'reoing to happen. think it's not good news for long-term growth. just thinking about 2018-2000 19, it's a simple tax cut. almost everybody wants a tax cut. think it's just how aggressive getsmay be, precisely who the tax breaks. there may be some shifting on that. i think we need some tax cuts. you look at auto sales, employment -- i'm not sure about that -- you look at our sales yesterday, we are starting to see signs that this economy is getting aged, maturing. we don't get tax cuts, the more negative on the outlook for 1-2 years. to me it's very important that we get some cuts. david: limit pull this chart here, g #btv 906 x. job cuts here over the last two years, we see them diminishing. in light of that we saw happen
yesterday, the president withdrawing, what are the economic ramifications going to be? >> i think very little in the near-immediate future. he's your guest standards on our driving vehicles, we run factories that don't have the specifications on energy emissions that we currently have, or plan to have in the future. free up some resources in the economy, freespending. you can buy a car that's only committed to 20 gallons versus 30 gallons. helps the consumer. but consumers want clean air. you look at business leaders, they are pulling back. it's not what businesses and consumers actually want. terms of how they respond, they seems to want to go towards clean energy, and may be willing to pay the price. --nking about electoral plan they've been building from your
some qualifier to gas fire, gas is so cheap right now. the trump istter making it easier to burn coal. companies have been committing to gas for years, expensive, long-term endeavor. we don't know who the president will be in 2020. businesses have to think that way. they're not going to suddenly invest in a call-burning plan when they know it won't even be built by 2020 and they don't know who the president will be thereafter. more get back to a climate-sensitive world at that businessleast -- a leader you have to think that way. >> great to speak with you. get a check of her stand with julie hyman. jennifer: despite the jobs report this morning payroll disappointing, jobless hoveringng in --
around the highs of the session. -- as you can see as well, nasdaq has been leading gains. that has been the case all year. today it is up three quarters of 1%. if you look at the individual movers within the acid the 500, you will see the story is about hack. these are the top performers come up and shipping the most on the individual basis. gains today -- microsoft broadcom, amazon all the records. out -- apple not quite there. broadcom came up with earnings, forecast ahead of estimates on demand for its chips the going to apple phones. all of these stocks are rising. on the downside, holding back for games, which are modest the s&p 500 index, a combination of energy and financials. a mobile and chevron falling with oil prices. jpmorgan and bank of america and and others falling as we see
rates go down. prevento groups do not necessarily that much of a problem for the s&p 500 index, obviously for stocks obtaining the records. take a look at the bloomberg care. we have a look at financials and tech in particular. on the bottom performance, going all the way back to 2001. technology is here in blue, financials and white. you can see, tech has done better. financials this year are a little changed. they are up two thirds of 1%. tech is up 20%. why buy more of a problem for the s&p 500 index? this is the waiting in the s&p 500 and the top. , financials waiting at 14%. it has been waning, where us tech waiting has been going up over the past couple years and is now 22% of the s&p 500 index, david. w u.s. tdeng up, deals will change under president trump, we'll talk to a former trade representative through this is bloomberg. ♪
president putin joked any new president around the world -- new -- bad weather around the world can be blamed on american imperialism. president's decisiono plug the paris climate agreement was protested by greenpeace, with the words #total loser, so sad, on the facade of the u.s. embassy building in berlin. the group's u.s. climate and energy campaign director said, a decision helps dish hurts the u.s. and more than an hurts other countries. british prime minister theresa may says she is spoken with president trump and has expressed her disappointment with a decision on the climate agreement, but britain did not sign in joined -- joint statement by these leaders who said they regretted mr. trump's decision and insisted be a court cannot be renegotiated. jeremy corbyn accused may of opting for silence", subservience to donald trump, telling supporters that it's not the type of leadership britain
needs. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i'm mark crumpton, this is bloomberg. ared: some trade expert warning that other countries come retaliate against the u.s. for exiting the paris climate agreement by slapping tariffs on u.s. products. here's michael froman, a former united states trade helped crafte who the transpacific partnership. he is a distinguished cap -- fellow at the council formulations. great to speak with you. and obama administration part of your brief including energy and environmental issues. ve your if i could -- rt of a continuum, the rejeion of the tpp -- paris climate accord, is a part and parcel as you see it? >> >> i think so. i'm afraid that with trying from tpp, we have abdicated our ,eadership in the asia-pacific we have seen undermining of the transatlantic relationship over
the last couple of weeks, then pulling out of paris has managed to put us at odds with the rash of the international community as well. i think when it comes time to trying to get other countries to help us on various issues, it will be difficult to do so if they feel the u.s. is an unreliable or non-credible partner. >> would herbert your former colleague counterparts, expressing pessimism about the likelihood of a deal, that would leave the european union. where do you stand a matt, how likely do you think it is we will get something finalized? has madeary ross clear, even though the trump administration pulled out of tpp, it did not pull out of the t2 negotiations, and they might well consider pursuing those negotiations with europe. i obviously think that would make a lot of sense, there's a lot of good work to be done term of various but hurt small, medium size businesses, from trading back and forth that hurt consumers.
the question now is in the context of this paris decision, whether europeans politically themselves in negotiation with the u.s. on removing trade barriers. we've heard negative feedback on that for mark schultz and others in europe over lost 24 hours. that remains to be seen. i thi athing that can be done to put negotiations on back on track would be good. david: there is cticism of the tpp that there wasn't enough in it with regard to climate change. as you look ahead to future trade deals, as climate going to have to be a part of them? >> i think our trade policies a function of -- between executive and congress. congress made clear that they wanted to see climate change. with separately from trading agreements, since trade agreements get accident -- expedited approval through congress. very strong environmental provisions, and touch on issues like transition to low carbon economies, greater energy efficiency, eliminated
tariffs on a whole raft of environmental goods, dovish is a illegal logging, fishing, and overfishingation of and wildlife trafficking, protection of the marine environments. it was a strong agreement from an environmental perspective, and it was always our view and the view of congress the climate change should be. with separately, in the context of the climate change negotiations, which is what paris was all about. david: let's ask about what we know about this and nutrition's trade priorities, what has been built by secretary ross, peter tomorrow, number rubber like heiser, your successor. when you heard what the president said about german automakers, did that surprise scores on a natural extension of what we know about this administration's trade policy? is, germanyhe fact is running a larger current-account surplus right they have historically. it's not an issue necessarily of restrictive prayed -- trade
policy, part of the overall european union. while there are various on agriculture -- it's not as though germany itself isunng its own trade policy. i's not really an issue of currency policies, they are part of the euro. that's determined by the european central bank. they benefit from the fact that they are in a currency union with more -- much less competitive countries. or germany could play a bigger role in addressing these imbalances is by pursuing a more expansive fiscal policy or the voice was doing what's necessary to promote greater demand led growth, that could help affect the trade balance as well. david: great to speak with you as always. that's michael froman joining us from washington dc. this is bloomberg. ♪
david: the senate and the white house might agree to -- we will release her tax plan when we have negotiated with those groups and is consensus among all of us. we have said to everyone in the beginning, this will be a long process, we will get to it towards the end of the year. we are committed to get tax from done by year-end. >> still committed? >> we are working as hard as we
-- jobs and job creation, we will fix the regulatory environment, fixed tax policy, drive infrastructure. those are the core principles. as you know we have had many different business leaders in the white house. uniformly, they have come in and said, those are the three areas where needs to improve the situation for us to drive opportunities, drive up wages and labor opportunities for americans. that's what we are committed to doing. onid: that was gary cohn boomer television. up us daily press briefing, chop -- scott pruitt expected to address reporters. we'll bring that to you live. this is bloomberg. ♪
--n spicer there to address will bring that to live as soon as it starts. it to the headlines on bloomberg first word news. mark crumpton has those. mark: secretary of state rex tillerson told reporters today that quote, hopefully people can keep the decision to keep a paris climate quote -- accord perspective, speaking aligned echelons of the visiting foreign minister the state department trade mr. tillerson said it's important for everyone to recognize united states has in his word, a terrific record in reducing greenhouse gas emissions. secretary tillerson urged president trump stay in the paris climate accord. germany has passed new measures to strengthen the ability of minorities to identify and deport migrants who may be dangerous or not deserving of asylum. germany's migration agency will not be able to evaluate cell phone data, migrants who'll arrive without proper documents,
and share data with other authorities situations considered dangerous. the measures also speed up deportations that come in reaction to december's christmas market attack in berlin, by rejected asylum seeker awaiting deportation. the former british conservative party candidate and to others -- -- the conservative party calls the parties politically motivated. its heavyhut down water producing plants, in keeping with the landmark nuclear deal. according to the associated press, the international atomic energy agency's latest inspecon shows plans -- were to stock pile -- to just below the maximum limit. richter used to make plutonium nuclear warheads. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries.
david: thank you very much. today's white house press re-think scheduled to start at any moment. oftt pruitt, administrator the epa is inspected to address present him comes decision to a draw from the paris agreement yesterday. for more ahead of those comments , i want to bring in sahil kapur, bloomberg's national political reporter. jennifer geoeye -- let me start with you. let's talk a bit about the vacuum created from the president doing this yesterday. we've had heads of states, mayors, executives comments to say, all that they intend to do. it's really tweet from the mayor pittsburgh. it sometime was decided by the president. he wrote, as the mayor pittsburgh i can assure you we will follow the guidelines of the paris agreement for our people, economy, and future. what if people had to say over these last 24 hours? jennifer: they will race ahead even if the president does
pulling back. we have seen a number of governors say they will continue to work at state levels to wretched done greenhouse gas emissions. the governor of california is headed to china where he will press these issues. just today -- we have seen a lot of mayors banding together, the announcement of new partnerships involving a number of mayors saying they are just not going to back down, even if -- as the u.s. sees leadership in this area. david: let me ask you about relationships the presidenhas forged with world leaders. he was in europe last year for e meeting of nato nations -- we've heard from a number of people who'll -- have participated. what's changed is a result of this decision yesterday? sahil: it makes them question how credible the u.s. will be in terms of decisions it makes, agreements that it strikes. think one of the biggest
negative consequences of trump's makeion was bad it will united states allies and world leaders -- that level of commitment during the moments after the president announced that the u.s. would be withdrawing from the paris climate agreement yesterday, france germany and italy put on a joint statement saying, it could not be renegotiated. one of the markers -- at how successful it was, will be whether it strengthened his alliances. as arguments in this case but this decision the president may does not strengthen those alliances david. esqd: jennifer belmar let about business leaders. we heard from a number whose of the present characterized himself as a businessperson's president, called on for counsel since he was inaugurated, admitting support house, councils of executives. we heard from bob iger at disney yesterday, elon musk of tesla, saying they will no longer
participating council responsibilities they had under this white house. tim cook of apple sending a memo to his employees expressing dissatisfaction, noting that he talked to the president yesterday and try to convince him otherwise. how does this stand to change the way this president's were noted by are perceived to be, as it is? jennifer: it's dramatic. for months rll we have seen businessmen and corporate xecutives, ankly, living in fear of trump's tweets, addressing the companies, really being deferential. obviously, eagerly sending it to be part of his advisory council. we are seeing here is this dramatic reversal in just 133 days. they're willing to go to twitter and send other first tweets, and the case to the goldman sachs ceo, discrediting or arguing this decision was a bad idea. it's a pretty dramatic -- i think this is a milestone moment. david: we turn now to -- a
report covers the white house at the waiting -- of the start of the daily press briefing. clarity in the president's decision from the two of them -- let me ask you about what the white house is saying about all of this. as a response business leaders, leaders of foreign countries. what if we heard from the white house today? were framing is very strongly yesterday as an economic argument. they cited a study funded by industry, about how this would impact coal, manufacturing. the oppositest on side of that. i expect there to be prepped ashmore not great expect this briefing, them to be pressed on, what do you say to bob iger and ceos? -- thatinued issue
climate change is real. yesterday when we asked the administration officials about background, they they looked at us like we were crazy. i think there's going to be at -- it will continue to be raised as well. where does the president's day in a global warming and climate change? david: i spoke with senator mike lee, the junior senator from utah, who embraced this decision , that it was a good idea and a long time coming. it were hearing from a lot of legislators on this issue? and coming up to give the president some sort of public support? republicans certainly are. republican leaders in the house and senate including senator mcconnell and house speaker paul ryan praised the president's decision to plug the paris climate accord. a think it goes along with how they view the world. there is not an acceptance of regardinge science climate change in the republican party. 97% climate scientists say it's
real and humans are intruded into it. it also defenses the republican party's general anti-regulation agenda. they don't like any sort of meddling in the market, when you combine the fact that they don't believe for except the science, and that they don't like regulations, it's an easy thing for them to praise the president. it also speaks to the fact that the president campaigned on this, and it reflects his promises to his base, pecily in appalachian states that have been hit hard, that have a significant coal industry and have been hit hard by globalization and the shift towards a clear economy. public in supporting him, democrats critical of him. they say the decision hurts the united states credibility. president obama -- former president obama said the united states need to lead on this. that, a mask about jennifer. we are talking about how this has been couched in economic i'm struck by how
much of a common front -- we are talking about environmental -- spearheaded more innovation. are you seeing more of that coalesced in the same way? >> this is absolutely an economic discussion. i'mident trump -- environmentalists but this is bad for american workers. token, they have made their case over months, that there's more for the u.s. to lose by getting out of this deal, the u.s. can be part of the clean energy economy, and really can help grow these jobs in the clean energy area, wins, renewables, solar power, power storage. the u.s. can be part of fat transformation. it leadershiplly, is doing this deal. we've heard from rex
tillerson, wilbur ross, this administration -- is not opposed to doing something about climate change or global warming. what is this administration doin what are they refring to questio? >> to the point jen was just making, the fact that there is a screen economy, there's a job aspect to trying to find alternative energy, reduce emissions. it's interesting to see rick perry put out a statement that says, yes, the u.s. is a leader in the jobs, especially saying, this is an area we want to continue being on the cutting edge of, and leading the world in. knowledge inherent that they realize that trying to reduce carbon emissions is a worthy goal and has an economic element to it -- they are saying we just don't see doing that through this print -- framework. but they don't seem to have any other clear way of how they're going to do it. there's nothing they are doing to trying to reduce carbon
emissions, there's nothing they have done to try and encourage and stimulate jobs and alternative fuels. there's no indications that other countries that have come to the table and negotiate -- anna perez climate agreement with them. ask you to to stick with me here as we await that press briefing at the white house. i want to think jennifer chloe, she joined us from our bureau in washington dc where awaiting the daily press briefing here from sean spicer who will be joined by the admin the epa, scott pruitt. -- addressected to president trump's decision yesterday. we see sean spicer at the podium. let's take a listen. >> good afternoon. the. minister pruett is here to delivea brief statement on the president's announcement yesterday, answer are -- regars climate accord, the decision the president reached. i ask that you keep your questions for administrator pruett on topic. once he is finished i will be back. answer questions of the day. i would note that she has a flight to catch, so we will try
to keep this relatively short on his end. with that, mr. pruett. >> good to be with you. begin byt a first saying, the president made a courageous decision yesterday. he put america's interests first with respect to environmental agreements and international discussions. i really appreciate it, his leadership in this matter, the discussion over the last -- thoughtful deliberation. he heard many voices across a wide spectrum of points. the president made an informed things and the-- paris agreement. we've nothing to be apologetic about as a country. from 2000-2014, we reduced our carbon footprints by over 18%.
that has been largely accomplished through innovation and technology, not government mandate. when we look at issues like this, we are leading with actions and not words. i also want to sa -- this does not mean just engagement. -- president said yesterday, to export our innovation, export technology to the rest of the world, to demonstrate how we do it better here. as a commitment to putting america first -- the president said, we are dealing. he said the interest of american citizens at the head of this administration, has been trade policy, national security, border security, great set of washington, d.c.. he did that with his respect -- respect to his decision on paris. with that i will answer any
questions you might have. another your names. i do not know your names. hoping you can clear this up --does the president believe ,> all the discussions we have as paris good enough for this country? that's the discussions of had with the president. that's been my focus. focus remains on whether paris you may not know this, but paris -- it's at a target of 26-20% come the entire agenda of the previous and ministration. even if all the targets are met -- temperature by less than 2 --
that is something that the president focused upon with how it impacted us economically. whether there were good nvironmental objections -- >> this statistic you are setting, the m.i.t. scientist -- we misunderstood the findings of the report. pacific lee, what other science? >> there were other studies published at the time. the m.i.t. study was something that come as you indicated, of one degree. they didn't have a corner on the market. there were many other point, we can provide those to you. what's clear about paris, if you go back and look at the -- it wasn't just for
folks in this country wanted to be ratified. the environmental left was very crude will paris. is an-- james hansen, individual who said at the time it was a fake and fraud. general counsel said the same thing if you go back and read media accounts, there was criticism, largely because it did not hold nations like china india countable. as you know, china did not have to take any steps of complaint until 2030. india had india countable. not been no obligations until $2.5 trillion made three russia, when they set their targets, they set 1990 is the baseline, which allowed them to continue -- more co2. in this country we have to have 26-20% duction of greenhouse gases, which represent of the clean power plant and climate action agenda of the past administration.
>> i was there go back to the first question. does the president believe today the climate change is a hoax, but something he said the campaign? he refused to answer a couple days ago. question, i so the said the discussions with the president in iowa last several weeks have been focused on one key issue. as paris good or bad question mark the president to my focus our attention there. he determined it was bad for this country. it hurt us economically. what made the decision to reject the paris deal. >> given the fact that you and other officials haven't been able to outline the president's views of climate change, why should other countries believe that the president wants to negotiate a deal? yesterday, anded the president emphasized in his
speech, this administration and the country as a whole, with taken significant steps to reduce our co2 footprint. the levels of the pre-19 90's -- how did we achieve that? largely because of technology, hydraulic fracturing. that's allowed natural gas and the generation of electricity. you won't hear that from the left. we need to export clean coal technology and natural gas, to those around the globe, india, china, helped them learn. that's what we've done to achieve good outcomes. we have led with actions, not words. trevor -- paris at its core was a bunch of words committed to very very minimal -- cost this country a substantial amount of money and it in an economic disadvantage. believe -- president busy the ministration believe any additional deal on climate -- carbon emissions, whether paris or subsequent deals -- >> i missed the first part.
>> to the administration believe needs congressional approval? a treaty or some other form? >> it's clear with respect to the paris agreement, there are concerns by the administration, the person that express this in his speech yesterday, and similar concerns, but it should have been cap -- submitted to the u.s. senate for ratification. depends on the deal. what you actually negotiate. there were talking about exporting, innovation and technology to the rest of the globe, i would say that's not something that needs to be submitted. if you are setting permission targets that are enforceable domestically through regulation or statute, the very much so. american citizens across the country, and it's we heard through the ratification process. >> obviously a lot of people from the white house are not going to answer this question. let's talk about your personal
views. you said there's tremendous disagreement about human impact would you agree that human activity contributes at all to global warming? >> in a few, confirmation process are not, it's very intense. but the confirmation process, i indicated that in fact, global warming is occurring, human activity contributes to it in some manner. measuring with precision from my perspective, it's very challenging. but it still begs the question, what do we do about it? does oppose next substantial threat? -- existential threat? people have called me a ime denier, i don't know what that means. but would say their climate exaggerator's. i don't know if you saw this article or not, but the climate of complete certainty -- it was a in the new york times.
that talked about -- i will read a quote. " anyone has read the 2014 report of the ipc seethat while modest, 0.85 degrees celsius warming to the of has occurred since 1880, much else in the past has excepted fact is really a matter of probabilities, especially true of the sophisticated but -- models and situations with which silent -- scientists -- to say this is to deny science is into knowledge it honestly." but the market people deserve, the american people deserve, is a debate, objective transparent discussion about -- what paris represents is an international agreement that puts this country in a disadvantage with very little benefit environmentally across the vote. >> why then is the arctic ice
shelf melting? where the sea levels rising? where the hottest temperatures in the last decade, essentially the hottest temperatures we have seen on record -- >> within hiatus since -- 95% of thea says experts in this area, around the world says that the earth is up thereand you were throwing out information that there is -- we have done a tremendous amount as the country to achieve reductions in co2. we will continue to do that, continue to stay engaged. we are part of the yuan of triple c. that process encourages voices by subnational groups and countries across the globe.
we are going to stay engaged and treader work through agreements, achieve outcomes to put americans interests first. this is not message to anyone in america should be apologetic of its co2 position. we are making tremendous advances, we will just not agreed to frame -- to put aside an economic disadvantage. it hurt citizens across this country. >> you're putting your hand in the same -- head in the sand. >> there's no evidence of that. said, this senator will confidence -- president in this. he is very nervous about lower-level -- government employees and the epa and state departments, activating execute what -- executing exiting the paris climate accord. say?you >> was important to know, the
president said unequivocally -- theay, the targets target set in paris come the 26-28% of non-forcible and will not be complied with. $3ted states committed billion of initial funding -- it's not going to continue. that's the case, that will be immediate. there are discussions ongoing with the justice department's come on the steps we will take that something that will be happening over the next several weeks. is parsed targets are concerned, that's immediate, something that is clear. yes. made -- european leaders made it very clear, the deal can't be renegotiated. how does the present renegotiated deal with other parties aren't willing to come to the table? >> as indicated, whether it's part of this are new deal, it's either approach. >> they said they want set down at the table with them. >> that's up to them, right?
what america -- the united states has to say -- after all, we are the men dates. we are leading with respect to co2 production. we have made tremendous progress in nations around the grow -- club, who want to learn from us and what we are doing to reduce our co2 foot in. we will share that with them. that is something that should occur and will in the future. will reach out and precipitate with nations. quick follow-up, you are the -- shouldn't you be able to tell the american people whether climate change is a hoa where we stand >> as i indicated several times, there's enough to deal with respect to the paris agreement, making an informed decision about this important issue. is where focus has been over the last several weeks. i've answer the question a couple times. here.hairman right this gem in right here. yes. >> thank you. visit of concern that the united states has broken a promise to hundred 90 countries, and the president did not address the
particular points? second, your several times raised about the lowering co2 levels -- is the reason for lower co2 levels because of blocking the smokestacks -- that are now not allowed, the kind of relations that the administration is now posing? weas i indicated, largely, are producers co2 footprint through innovation technology, not the least of which is horizontal drawing. first part of your question. >> isn't it a promise -- is in a concerning the wood 190? countries if it wasn't forcible and would obligate this country it should've been ratified as a treaty. the exposure here to us was 26-28% targets part of an international agreement. there are provisions in the clean air act that actually allow for lawsuits to be filed domestically to compel regulations to meet those percentages. this is in as much about a constitutional and legal
concerns as anything else. the president dealt decisively with that. again, the important thing here is, it put us in an economic disadvantage. the world applauded when we joined paris. you know why? the new a put this country at an economic disadvantage. the reason european leaders, going back to the question earlier -- they know it will shackle our economy. we are leading the world with respect to our co2 productions. that's all i got. think very much. >> what if he celebrated french restaurant last night? [laughter] >> thanks, administrator prewitt. the mate jobsning report -- was showing that americans seeking jobs are having more success finding them at any point (s) 16 years. there's a lot of positive signs -- over 600 private-sector jobs the been added --
unemployment rates which gives a look at unemployment rate and -- since the president took office in january. long-term unemployment is down by 187,000 tons the president took office. america's miners and drillers are getting back to work with that sector, showing job growth for the seventh straight month. the president is not going to stop until every american who wants to work can find meaningful employment. that's why we are working tirelessly on policies that will growing, with a tax plan that will leave more moy in the pockets of hard-working americans, making it easier for businesses to thrive. i infrastructure initiative that will generate $1 trillion of investment, put americans back to work, revealing our nations crumbling roads and bridges. repealing and replacing the job killing obamacare with a system that encourages come petition and drives prices down, and a regulatory reform to reduce unnecessary burdens o
manufacturing another key dustri, ending for the most far reaching rollbacks and the reagan years. u can expect the president to focus more on jobs this month and hold events -- pushing his progrowth, pro-jobs agenda. later this afternoon the president will sign to bills that will both passed with bipartisan support, help detect those who protect us. veterans and public safety officers. first the public safety officers benefit improvement act of 2017, cosponsored by senate judiciary commitment -- chuck grassley of iowa, it was unanimously passed by the senate last month. it will reduce the unacceptable backlog of families awaiting approval of survival benefits and public safety officers killed in the line of duty. the second, the american want for spent euros act, cosponsored by senator john cornyn and amy klobuchar, which passed the senate -- and assisted state and local law enforcement and adding
veterans to the forces by prioritizing the department of justice funding to law enforcement it is critical that we support our veterans, and the loved ones that those who have paid the ultimate price. continuing hisre breast-feeding. if you want to keep watching, continue watching on -- sean spicer is continuing his press briefing. if you want to keep watching, continue on our bloomberg app. does this president trump believe that climate change is real? we did not get a concrete come a firm answer to that question.