>> just getting some breaking market,across the exports are coming in at a drop of 1.5%. that was even lower than the 6.1% seen in march imports. picking up from the 5% growth in imports we saw in the previous month. --t leaves us with a smart small trade surplus of $6.6 billion. throughetoric is coming

from the u.s.. we are expecting an announcement when it comes to an exemption for south korea on this deal. washington says the trump administration is extending tariff relief. more decisions are being pushed back to june 1. requestt macron made a when they were in washington last week. >> we're confident that we have an exemption. why would an way? australia has a free trade agreement with the united states. we have a trade deficit. case since thehe late 1950's. north and south korea take their first steps towards a new relationship today. the move was announced at the end of last week's historic talks between president moon and kim jong-un.

moon is calling for a three-way summit with the north and the u.s. in june or july. are closed today for labor day, including no trading in hong kong. south korea seeing a narrow reaction to the trade numbers. australia is trading. the aussie dollar is largely unchanged. japan also open trade, coming back from a holiday yesterday. , coming off the higher quote we had. this is bloomberg. ♪

>> i kind of just want to say, i want my mommy. david: you sold things that are part of ge's history. werepresident worse it -- to say to you, come in is a cabinet officer, what would you say? >> are much or i would make a great public service -- servant. >> would you fix your tie? >> i don't think people would recognize me if i fixed my tie. i'm going to leave it this way. i do not consider myself as a journalist. of being ane life interviewer, even though i have a day job of fourth running a private equity firm. what is it that makes somebody ck?e -- ti

after 16 years as the ceo of ge you have now stepped down. it is a burden off your shoulders? >> i feel if you are doing your job well you feel ownership and you wear that 24 hours a day. time.rs is a long i am starting to feel a little decompression. david: do you think it is too long to run a company? >> that's a great question. i think there is a right time in a wrong time in terms of doing it. accompany our size, you need to run it long enough to be able to make a difference. it has always been our philosophy to give a ceo tenure. but it is good to get a new set of eyes on these things. as things change, you develop habits. think 16 years is on the outer

edge of how long somebody should be running a company. was to give anybody advice, it would be to follow a bomb. -- bum. the best manager of the previous hundred years, you better have some confidence if you are going to take this job because those are some big shoes to fill. david: you grew up in since about the -- cincinnati. your father worked for ge. what was his job? factoriesup around and the technology business. i had the classic kind of middle-class education, public

high school in one of the most midwestern cities that you can have. i was a good athlete. school, i in high thought i would be a football player. in high school i played against a guy who got a scholarship to ohio state. i did not block him once. thought, i better take care of my math skills. david: so you went to dartmouth and played football? yes. i had not thought about going to an ivy league school. were you good enough to be in the nfl after dartmouth? >> maybe as a sideline reporter.

that i went to procter & gamble. i was sitting at the desk next to steve balmer. we had been friends since we were 22. we were like a cartoon. we were encourage a ball and would stay up too late. be what to describe to he was doing and i asked him if he had a backup plan just in case. desktop software, where could that possibly go? david: after harvard business school, you went to ge. why? no connection with my dad. i knew it was a good place to learn and train. businessed the classic

and i was in field sales and marketing. that was how it started. people ask how i put up with stress. likerst job was in places detroit and i would sit in a shoney's restaurant, having -- dryneeds, hope -- try dr i would not have a heart attack. so you were then announced as the ceo. you took the job. and a couple of days later, 9/11 happened. what did you think about what would happen to ge and your career? >> it was an amazing time. every year, i think about the tragedy for the country that is very real. at that moment, we owned 1200

aircraft and nbc. the biggest business was insurance. it was a panic. we went dark on nbc for three days. no advertising. but the most important thing was what happened in aviation. we would have nightly calls. we would have a teleconference and say, airline asked is going to go bankrupt tomorrow. what would you do? ok, let's go.

it was night after night of this airline will out. so we were shutting down airlines around the world because the company had not passed terrorism insurance. so you are making these decisions. that was for 30 days. finally i was thinking, the sun is going to rise again. bob wright said tom brokaw just received anthrax in the mail. rudy giuliani is in the elevator, what you updated do -- what do you want me to do? so that was my first month. david: well, you got through that and then the years -- and then the financial crisis of

2007 arose. >> if you are an american business person at that time, you had never seen a terrorist event. you had never seen anything like that unimaginable. the global financial crisis, 9/11. it made all this smarter about risks. the day washington mutual went down was the worst. the bondholders got nothing. said, what is and the largest secondary in the history of the world? we are going to go $15 billion, we are going to do that monday.

so we have a teleconference sunday morning. board members are calling and saying, monday, we're going to go raise equity. you could hear silence on the and there and align. -- on the other end of the line. weekend washington was desperately trying to find a buyer for walk ovi a. it was the single most stressful, i just kind of wanted to say, i want my mommy. friend?one a so i walked in and said, we are not going tomorrow. tarp fails.

the market was down thousand points that monday. that was the moment when we were totally safe. back, the lesson in any crisis is the people that move first in uncertainty, that is how you became safe. or call your mother if you can. go to universal parks now, you can get in free. i called the guy, we went up, there was a three-hour line. the in the first seat in don't let anybody sit with me. oh my god, i am now the jerk of the year. ♪

david: useful things that were part of ge's history. we were a conglomerate. we went from nbc to pet insurance, jet engines, plastics, we were a classic

conglomerate. the permanentin hold business. i wanted to construct around the things that we do where we can generate a good return and build competitive advantage. we were the biggest provider of long-term care. so i started chopping away. ge appliances, i feel like it is good if you are your own activist and if you ask yourself the question, do we run this business better than anybody else or could someone else run it better? is a classic capital allocation because we are not going to globalize the platform. we do not want to spend the money to be big in china or africa. i work in appliances.

i would not have been ceo if i had not spent four years working in the appliance sector. so i have great affection for the plan. we were just chopping wood, not on a path to greatness. nbc universal?ut your predecessor but that business and it was profitable. good industry, good team. generated a good return for the company. advice. was my make better shows. as a company, we were adding a lot. number two, you could see the industry was going through this kind of change. strategicys did reviews of nbc.

in 2010, the ability to preserve pricing power, we had no interest in owning the pipes. are willing to go into digital delivery, you're going to get trumped. wasone i missed completely a theme park business. i missed it completely. theurned out to be maybe only business that had a sustainable competitive advantage because it takes capital. that was the one i got wrong. david: when you go to universal parks now, you can get in for free? >> maybe. when i bought it, i called the guy who ran it and i said, let's

do a walking tour of universal. i want to see who it works. we got to the mummy ride in 2003. so we go up. there is a three-hour line. i break in the line. i am in the first seat and they don't let anybody sit with me. oh my god, i am jerk of the year. i have just then voted the permanent jerk of the year. why would you have to globalize ge? wasn't it already global? >> no. itt people forget, you see but, the decade of the 90's was a quintessential american decade. this place was booming. it was easy to grow your company. an old though we were company, we were not as global as we needed to be.

that was one of the central missions. today we are maybe the best global company of any multinationals. 70% outside the united states. we have a very strong footprint in any country that matters. there are two ways to globalize. go to washington dc and argue hiretrade deals, or to 10,000 people in a country and say, let's go. that has always been the approach we have taken. i would say we are good in china because we understand the five-year plans. we built a strong team. we go outside of shanghai and into the country, and we see that every country we are in from the bottom up. david: what was the culture of ge that you inherited and how have you tried to change it and

how successful was it? >> it is a study in how to you make scale. inherently, size means bureaucracy. there are no two ways around it. the company i grew up with was process driven and centralized. you could do that because we were an american company. but when you are more global, you cannot have people in boston making a decision for brazil. so we had to become more decentralized. when that happens, you have to be more risk taste. -- based. u.s. me to invest in a power plant in nigeria, i say yes. not because it is safe, but because if or right, we make this much money, and if we are

wrong, we lose this much money. a nuclear facility in india, i would say no. right, youyou are make $7 million, but if you are wrong, you lose $7 trillion. you put bigger leaders in the field and it is the only way you can survive at that moment in time. other what would you say one or two most important lessons that you got out of being the ceo of ge? >> the future always comes. nervous laughter is a bad strategy. ♪

your: how did you move headquarters and why did you leave boston? >> are executives lived in greenwich and the taxes were zero. for 10 years i wanted to be in the city. not that i am in the office that much but there is something about being able to walk out your door, see what is going on. the vibrancy of the city.

when i was in fairfield and i would look out the window, i and deer the parkway running for their lives. it was beautiful but there was nothing going on. wasd an office that probably as big as the first house i owned and i could just years.re for 3.5 but it was imported to be in a city and to modernize the company and begin the flow of ideas. i wanted to be a place where we were important. austin has been awesome. has been awesome. high-tech, good schools, a great community. county -- townie

town. you were on a task force for obama. think it is always important to serve. i think in the era we are in now, it is difficult for a group of business leaders to impact much. david: if the president said to come in for -- as a cabinet officer what would you say? >> i would say i'm not sure that business people make great public services -- servants. i watched my colleagues. here we -- we are used to

saying, here is what you should do. do this. here's the way i would do it if i were you. they were not always that good at context. , it isyou get contacts hard to understand the dynamics of public service. david: what do you do to relax? my family.lly like i like my wife. led a simple life. one wife, one daughter, one company. i like to read. i like playing golf. i like hiking.

the things i trained myself, i have always been able to be at the moment. i've been able to separate different things, even though there is pressure. a nuclear disaster took place in 2011 at some of the reactors were ours. teleconference and we couldn't see what was going on. if something happens to the reactor, this is horrible. i was in perth, australia. i have to go to a town hall with a thousand people. i was going from the world as you know it ending, walking in and saying, i'm feeling good. everything is cool. were going to get through this. i think good leaders know how to be in the moment and intense but

compartmentalized. david: what would you say are the one or two most important lessons that you got out of being the ceo of ge? >> the future always comes. so the notion that, i hope that that issn't happen, bad. nervous laughter is a bad strategy. so i think this notion that they future always comes. health caren the business or aviation business in 2000, if you're a business person today and you turn your back on china, you are crazy. give fully of yourself. every person who works for you has their own story. they have a family. they have their own aspirations. give fully of yourself to everybody that you meet. those are a couple of things that i have learned. ♪

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is 10:30 a.m. in sydney and i am haidi lun with the first word news. kim and president moon last with -- met last week. the president says that the list for a place to meet has been whittled down for him to the three. banks say their financial success delta senses to increasing risk.