tv Bloomberg Markets Balance of Power Bloomberg November 16, 2018 12:00pm-1:00pm EST
headquarters in new york, i'm jason kelly. welcome to balance of power where the world of allah takes meets the world of business. on the brink today, comments on the latest brexit involvement in london. kevin cirilli in washington on robert others it ongoing investigation. theresa may is now taking charge of the brexit negotiations, a fast-moving story. i've been reading your up dates on the bloomberg terminal. what is the latest? theresa may has promoted a pro-eu politician to her cabinet , slightly changing the balance of power within her cabinet. she has downgraded the role of brexit secretary and said she would take charge of negotiations herself. in a way this confirms what was already the defective situation, but it has been a source of tension because theresa may has been controlling the negotiations but the brexit department has been sort of a
bastion of anti-e.u., pre-brexit sentiment. there was always this tension. what theresa may has brought back from the negotiation is something that is basically not particularly palatable to brexiteers. there are reports that she tried to get a couple brexiteer to do the job and they turned it down, so she is saying i'm going to do it myself. interestingly, the balance of power in the cabin has shifted slightly, and in a way that is potentially perilous. the brexiteers are angry because of a deal that she brought back, so that could enrage people a bit more. the fact that the brexit secretary not only has his role downgraded but also a virtual unknown. extra points to you, emma, for using the phrase balance of power a couple times. looking ahead to the weekend, it sounds like a lot of negotiations are still going on.
what are people looking for? disgruntledny conservative lawmakers will send letters in calling for a no-confidence vote in theresa may. the magic number is 48. so far publicly at 22 people have sent in their letters. safe.could be more in the nobody knows the real number except for one man who sort of has the key. potential you be looking at a confidence vote asked week. worth pointing out that she could win that confidence vote because of the arithmetic of her party. weeks of political uncertainty basically. upsetse are no massive and theresa may is not ousted, there'll be a summit next sunday in brussels. then the government will be hoping that this thing will have been signed by all the european governments and have a brexit
deal which they can take to parliament. that is when they were really start to convince everyone to get behind the deal. theresa mayseen tried to go over the heads of lawmakers and appeal directly to voters. a deal that is project your jobs, the economy, delivers on the referendum, and encouraging people to get behind it. they, she is talking to local leaders in her party, trying to convince them that this is the best deal on offer. jason: every minute there seems to be a development. emma ross-thomas, thank you. now to kevin cirilli in washington. i last saw you wearing a tuxedo wednesday night working the room. you are always working the room, your sources. let's start on the muller prove. what is the latest? kevin: president trump expecting to have the indictment come any day now. speculation here in washington reaching a mounting point. we should also note wikileaks
founder julian assange is being named in an unrelated court filing in the eastern district court of virginia. court officials say this was an unintended error that was made but it says that he would be named in unrelated charges. speculation is that julian assange would be named in some type of investigation, charged in connection with the muller investigation. roger stone, a confident to president trump, also under investigation for his ties to wikileaks. meanwhile, earlier this week, we found out rick gates, the former deputy to paul manafort, the president previous campaign chairman, who is behind bars right now, is cooperating on multiple fronts, according to court filings, with the muller pro. all of this leads to speculation trumpthe connection with campaign officials with wikileaks, julian assange, and two, that july 2016 meeting in trump tower with a russian
attorney as well as paul manafort, donald trump, jr., and other campaign officials. jason: yet another fast-moving story. you'll be back with us several times through the hour. to talk about the mueller probe and whether nancy pelosi will take the gavel as speaker for the second time, we have our panel, our go to folks. jeannie zaino and republican strategist e. o'brien murray, a.k.a. ob. let's start with loc. speaking of fast-moving stories, a lot of drama. what is the latest there? is reallyelosi pushing to be reelected as speaker of the house. the first woman in american history to be speaker, she has been minority leader. her argument is she let the democrats to this victory which is now 35 seats. huge victory for the democrats in the white house.
she is also putting this in the context of the me too movement, saying without nancy pelosi at the top will be a country led by all white men. she has really put it out there. thealso says she welcomes challenger and is a great vote counter, says she has the votes to win on the floor. that's the big question because she is facing a challenge from the democratic party. we know at least 20 if not 25 members said that they would not vote for her. jason: if you are on the republican side, are you just sort of chuckling at all of this? >> we are enjoying their own food fight. we are watching from afar. you cannot beat somebody with nobody. a few days ago there was nobody. woman fudgema came forward. we'll should be able to get over the hump on the floor without republican votes? >> now that they have gotten to the 35, that point, she needs to
let some of those members vote against her. the more seats they pick up, the more with the room they have. >> that is a question of whether she can get enough regrets to do that. with going against their word on the campaign trail, there will be a price to pay for that. jason: it feels like one of the things she could do is put a time frame on her next speakership. is that what you are hearing as well, that that could be what gets her over the hump? >> yes, two years. [laughter] to, if think she needs she is elected speaker, develop a bench of leaders from the next generation of democrats. whethernk a time frame, six months, eight months, a year, is important. into 2020, which is why the president has said that he would welcome her as speaker, the republicans think they can use that against the democrats. the one thing republicans
have always done, we have always had youngblood that forward and have 18 oh -- turnover of leadership. democrats have not done that. it is the same old, same old. >> like mitch mcconnell, that young guy sitting over there. let's talk about recounts. we are a week-plus on. you know the history much better than me. this feels like a lot of recounts still out there in a lot of different places, and so close. talk about florida. everybody is having a little bit of a flashback to what we saw in 2000. my brother lived in florida for a long time and he sent me a text saying florida going to florida. they change the rules after 2000, they had some problems again. it seems the problem may have gone away right now, but there seems the problem may have
gone away right now, but there are still some potential games to be played. everyone is down there. it seems to be holding where it was. jason: and georgia, too. too close to call in the governor's race and some key congressional races. is this just a state of politics right now? >> it is. we are so incredibly divided, these elections are closer. it speaks to a larger challenge we have had since before 2000. election administration done at the state and local levels is desperately in need of an influx of money and improvement in the way we run our elections. we can do better on that. >> let's not forget we change the rules along the way. >> not enough, though. >> running them locally is important. the states are doing what they need to do because they will all be different. recounts in tight races are not unusual. every now and then you hear a story about one vote winning, a coin toss. not in-house raises but other races. jason: i spent a lot of time
looking at the markets. briefly, what are the economic implications of this super tight recount-laden situation we're in? the economic impacts are that as we look at a divided congress in washington, for instance, very difficult to get things done. in some ways, that works for a business environment because the government will not be able to step in with a heavy hand, democrats will not be able to reinstate some of those regulations. those impacts are real. >> the recounts don't affect the economy. what will change at some point are the regulations. the white house can still change regulations from the executive level. jason: thank you. always great to get your perspective. we will be looking forward to a lot of those issues. for now, let's get a check on the markets. i start with the pound
today, breaking from normal convention. we are seeing it rise half a percentage point today, this is the chaos in the u.k. over brexit beginning to ease. looking less chaotic than yesterday. the town had its worst drop in more than two years yesterday, following 2% headlines out of the u.k. in the last 30 minutes. the most significant being the prime minister says she will now control of brexit talks, so relegating the newly appointed secretary. allylso brought an old from her home office days into the cabinet, a pro-eu mp, amber rudd. that perhaps tips the balance in her favor. may still facing a leadership challenge. mps that have signed a letter saying they have no confidence in her. number for that vote to happen is 48, so still a little ways from that. back in the u.s., major
averages, dow jones of five point percent -- 0.1%. the nasdaq falling. taking a bit of a leg lower. they had been buttressed earlier in the day by california utilities and edison, but now the slumping retail stocks and tech taking effect. that is why we are lower on the nasdaq. take a look at the laggards and the pain in the chip stocks. philadelphia semiconductor index down 1.8%, was down 3% earlier. nvidia is down 18%. the guidance disappointed investors and that has prompted a slew of price target cuts. jason: looking forward to talking to you later about the stock of the hour. coming up, president trump's explosive tweet aimed at special counsel robert mueller. we speak to a member of the house intelligence committee on what that views. -- that fuse. this is bloomberg.
jason: this is balance of power on bloomberg television. i'm jason kelly. return to mark crumpton for word news. mark: the white house says it quote temporarily reinstate" the press credentials of cnn reporter jim acosta in response to a judge's order. a federal judge ordered the administration to return the credentials that were revoked after things got tense between a costa and president trump during a press conference last week. the judge granted cnn's request for a temporary restraining order. a lawsuit that scene in front against the administration over the issue is continuing. bloomberg lp was one of several news organizations that filed a friend of the court brief in this case in favor of cnn.
iowa republican chuck grassley will take the reins of the senate finance committee at the start of the next congress. he will replace you to republican orrin hatch who is retiring. the panel has jurisdiction over tax, trade, and health issues, and the senate finance chief will be one of the key figures to move trade deals with canada and mexico through congress. this would be grossly's third stint as finance chairman. in florida, workers begin recounting by hand this morning in the state senate contest. ballot counting machines show rick scott leads democratic incumbent senator bill nelson by fewer than 13,000 votes out of more than 8 million cast. scott has called on nelson to end the recount battle, saying it is time to respect the will of the voters. sanctions may have cut as much as 6% of russia's economy over the past four years. a study by bloomberg economics found the economy of the world's largest energy exporter is more
than 10% smaller compared to what might have been expected at the end of 2013. that was when the crimea crisis triggered sanctions by the u.s. and european union. some of the blame falls on the slump in oil prices but sanctions are the bigger culprit. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i mark crumpton. this is bloomberg. jason: thank you. turning now to the pressure pro. robert mueller and paul manafort are expected to update a judge within 10 days about president trump's former campaign manager cooperating in the russian investigation. president trump not surprisingly targeted mueller in a series of tweets, calling the investigation a total mess, and says the special counsel "found no collusion and has gone absolutely nuts." our next guest knows firsthand as a member of the house
intelligence committee. let's welcome from washington denny heck. great to see you. what happens next from your perspective, what should people be looking for as we get another step along the mueller investigation? >> everybody is walking on eggshells, waiting with the mullah report to drop or the next series of and i did. is virtuallyatter inevitable at this point. i don't have eyes on the mother work. have firewalls their secretive work from hours at the intelligence committee. paul plea deals with manafort, plea deal with michael cohen, immunity grant to the cfo of the trump organization, it seems at this point almost inevitable there will be additional indictments. in fact, what i have said for some time, it wouldn't surprise me if there were not already indictments under seal but we
have just been in the quiet period leading up to the election. now director mueller may feel free to step forward with his work today. jason: given what we have heard from the president, both in press availability is as well as those tweets that we just mentioned, what are the conversations you are having with your colleagues on the republican side about potentially some legislation to protect that investigation, is there a willingness on the part of some republicans to step in and do that, how does that move forward? little.recious obviously, when the majority leader of the senate reiterates repeatedly there is no need to provide protection to director mueller, it's a strong signal to republicans in the senate and house that he will not be moving forward with it. the question is as the pressure builds, will there be a change of hearts and minds? that remains to be seen but there is nothing in the record for the last two years that suggests a senate majority
republicans, house minority republicans would be willing to andd up to this president exercise their article one constitutional responsibility to provide a check and balance. you mention implicitly the new majority coming in for the democrats coming into the house. denny: i thought it was pretty exquisite. [laughter] jason: fair enough. sitting here, it was just a little over a week ago that that midterm election happened. let's talk about leadership going forward from here, a lot of chatter about whether nancy pelosi will, indeed, get the speakership a second time. what is your feeling on that, are you behind representative pelosi, do you think it is time for fresh blood? denny: first of all, the election is not over with. yesterday we had another house democratic candidate claiming victory. gil cisneros, running for
the retiring seat of ed royce, has pulled forward for the first time. this election is not over with, we continue to pick up seats. there are others to be called as well. , our internal deliberations will be over within 12 days. now and later, what house democrats are focused on is what we were focused on during the campaign. what can we do with our newfound responsibility to lower prescription drug prices, protect people with pre-existing conditions, to get serious about a substantial investment in our nation's crumbling infrastructure. that is what we are focused on, that is what unites us. that is what we're all excited and eager to get to work on. jason: so are you team lucy at the moment? -- pelosi at the moment? denny: yes. i'm always been used by the question. it is a moot point because she does not have an opponent. i have announced my support for
soon-to-be speaker pelosi. jason: let's talk about facebook. this is within your curfew talking about the recent -- per view, given the recent headlines. what you to happen from a regulatory perspective to address these issues facing facebook? denny: first of all, i would characterize what happened over the last couple of years of facebook having dropped the ball miserably. when they did act, too little, too late. they also engage in some bad behavior. most americans really believe in a market-based economy, they want to reward innovation and hard work, people who build a better mousetrap. but they have deep concerns about growing multinational corporatism which puts the objective of growth at any cost over all else. they want a market-based economy but you know what else they want? corporations committed to the community. in this case we are talking about the community writ large,
namely america, which was under attack, in which facebook did nothing to protect us from. if they don't step up much more aggressively, i predict that we on the policymaking side will get involved. i don't know what that looks like. in fact, it's a little bit of a dicey trail, tough to figure out how to do that. but i know that if they don't exercise some sense of community responsibility, then there will be efforts -- again, successful -- to impose it on them. jason: congressman denny heck joining us from washington. thank you. enjoy your weekend. shares of pg&e rebounding after california's top regulator makes a promise on wildfire liability. more next. this is bloomberg. ♪
over 2% at one point. we heard from the head of the california public utilities commission, saying he could not they a position where would allow to go into bankruptcy. they have been concerned about the liabilities of the wildfires in california. the stock move today is impressive. over two weeks from you can see pg&e was a $50 share company, now much lower. so it has a long way to go. jason: thank you so much for the stock of the hour a red from new york, this is bloomberg. ♪
traditionally, only think about maritime, the given the crease relationship between asia and latin america, -- >> infrastructure sounds nice, but if it does not generate business, it is not good infrastructure. note said clearly we are building a garden in our backyard. we are interested in building a beautiful garden with beautiful -- and jointly all the nations in the world. [ phone rings ] what?! ready for christmas? no, it's way too early to be annoyed by christmas. you just need some holiday spirit! that's it! this feud just went mobile. with xfinity xfi you get the best wifi experience at home. and with xfinity mobile, you get the best wireless coverage for your phone. ...you're about to find out! you don't even know where i live... hello!
see the grinch in theaters by saying "get grinch tickets" into your xfinity x1 voice remote. a guy just dropped this off. he-he-he-he. jason: this is "balance of power ." i am jason kelly. we go now to mark crumpton. mark: special counsel robert mueller and paul manafort have asked for 10 more days before
the update a judge about manafort's cooperation in the rush investigation. lawyers were supposed to cement a status report today. president trump's former campaign chairman was convicted in august of bank and tax fraud. he pleaded guilty to additional charges and agreed to cooperate with the probe. bloomberg has led president trump is trying to fire an aid mira rinero ricardo -- cardo a new job. white house this week after clashing with melania trump's staff over her trip to africa. an official tells bloomberg the president was to find her a good position, and she has been presented nearly a dozen jobs from which to choose. devosion secretary betsy is proposing a major overhaul to the way colleges handle complaints of sexual misconduct. it would require schools to
investigate cases only if the alleged misconduct was reported to certain campus officials and only if it occurred on campus. the plan would narrow the definition of sexual harassment, and allow students accused of misconduct to cross examine accusers and campus hearings. she did away with obama era guidelines last year, saying there unfair to students accused of sexual misconduct. funeral prayers for held in khashoggior jamal more than a month after his killing of the saudi consulate. his friends, politicians and others attended the ceremony, which comes one day after saudi arabia announced it would seek the death penalty against five men suspected in the crime. the washington post columnist's remains of nothing recovered. global news 20 hours a day on-air and a tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries.
i am mark crumpton. this is bloomberg. jason: thank you so much. time for midterm purse more don't -- postmortem. obama cultists turn a "shellacking." george w. bush called it bumpy. president trump was not so generous and cast blame on congressman who sought to distance themselves from the white house. >> you had some that decided, let's stay away. they did very poorly. i'm not sure i should be happy or sad, but i feel just fine about it. elo, mike coffman. too bad, mike. jason: for more on that the welcome now republican congressman carlos curbelo of florida. too bad, carlos may
have been understood. what was your reaction to that now that you've had time to process? rep. curbelo: i really don't think the president understands what happened in the midterms, especially not in suburban america. the types of districts i have been able to represent. i was the top-performing republican in my district, getting just over 49% and losing a pretty close race. governor scott got about 44.5%. governor-elect the santos -- desantis got about 44.5%. most appreciated i had my own brand and i was someone, whether the president has been trump or obama, held them accountable, worked with them when they were
doing things that were good for my community in the country, and opposed them when i needed to. jason: let's talk about where the party goes from here. as you pointed out, it was a different kind of election. i spoke with eric cantor last week. he was talking about this idea that the suburbs, especially the republican strongholds really changed over the midterms. it certainly has been something of a bifurcation in the party. where does it go from here and how worried are you about the state of the party at the moment? rep. curbelo: i am worried because the republican party, when it has been successful in the past is when it is a solutions-oriented party. we have major challenges in this country. right now it is immigration, the environment, national debt, social security and medicare. the republican party should be dedicated to proposing solutions
for these challenges. conservative solutions. instead it has become a party of three. that is -- g party of greed. all this nastiness in the politics, the constant attacks. the issue of trying to split americans, divide and conquer based on their identities, whether it is racial or ethnic or anything else. this is unhealthy for the country. it is also unhealthy for the republican party. as a private citizen, starting in january i will continue doing my best to make sure this party goes back to being a party of solutions, of ideas they can improve quality of life in our great country. jason: what are your plans? rep. curbelo: i don't have details yet but i have worked on some big issues here over the
last four years. obviously tax reform being one of them. i am satisfied with our work. i have worked on some off-committee issues like the climate and the environment. proposed big solution to carbon dioxide emissions that would also find infrastructure in the country. i have worked on immigration. dedicated weeks of my life trying to build a compromise here that could get across the finish line. i have worked on cannabis reform. those are three issues i am passionate about. as i look to the next chapter of my life i am going to remain active in all three. it will show how our parties capable of building solutions to the big policy challenges of our time. jason: do you think one of your chapters a returning -- may include a return to politics? rep. curbelo: i certainly have a passion for it. i have had a wonderful experience here. mynly have gratitude for
community, my family, my friends who make this service possible. it is something i would consider doing again in the future. i think i have something to contribute, and because it has been a wonderful experience despite the difficulty of operating in the political space these days. jason: you mentioned how divided the country is. nowhere is that more apparent than florida given the recounts going on. you mentioned the senatorial and gubernatorial races. what happens next? what needs to happen from your estimation? rep. curbelo: i think it is pretty clear that both governor scott and commerce spent the desantis congressman will win their races. i would ask them to let it go. all these lawsuits, the efforts to change the rules after the election, i think is undermining our democracy. don't get me wrong. every vote must be counted and
we must get an accurate count, but now that the recounts are all the completed it is evident the result is not going to change. what our democratic friends need to do is recognize rick scott will be the next senator from antis will beon des the next governor. only then can we try to heal our political winds and hopefully start trying to work together to improve quality of life in florida and more broadly in the country. jason: congressman carlos curbelo, good luck getting home this weekend. coming up, the other side of the story. congress and ben ray lujan -- congressman ben ray lujan who led democratic efforts to take back the house. he joins us next. this is bloomberg. ♪
jason: some breaking news. president trump speaking on china. the president saying he does not want to put china and at that position. he says he thinks we will have a great relationship with china. that is ahead of the meeting scheduled that he will have with president xi jinping coming up later this month. trump saying he has finished writing his answers to questions submitted by robert mueller. some headlines there. you see the market turning up positive. the s&p now up about .2%. also having an effect on the euro-yen trade. bc that going into the green on some optimism related to president trump's comments about trade. let's go over to chief washington correspondent kevin bashli standing by with
standing -- standing by in washington, d.c. ben ray lujan. we are talking about how pennsylvania went from zero women to four newly elected women. how did you turn the house blue? rep. lujan: there was an effort across the country. people stepping forward. incredible candidates across america. we identify the largest battlefield in a decade that yielded 111 districts with candidates and everyone. it came down to grassroots and candidates. candidates founder stories and grassroot organizers knocking on doors in turning the vote out. kevin: it all turns to who is going to leave the party. nancy pelosi, the current minority leader. it seems like she has the support. there is a melting faction that would like to see someone else.
why is there this opposition? rep. lujan: i have every confidence in the world at nancy pelosi will be the speaker. kevin: you think she has the votes? she has 218? rep. lujan: i believe she will be the speaker of the house. there is no one that works smarter around-the-clock. a lot of people said it was -- said we could not win trump districts. we exceeded everyone's expectations and won as many trump districts as clinton districts. kevin: this is ultimately going to come to the floor for a vote. you have a situation where previously you meet behind closed doors, the caucus fight to see. what happened to the members who ran of the notion of electing someone other than nancy pelosi getting new leadership? if they get to the floor and vote, does that provide them the political cover of being able to fulfill what they ran for on the campaign?
rep. lujan: there is no one running against anti-pelosi. -- nancy pelosi. dear friend of mine has not launched a challenge. i think leader pelosi is dealing when running for speaker, but there is a reason for it. we support her. many members have been talking about this across the country. what happens when this goes to the floor? that is what you organize in a caucus. when the family comes together you should be willing to support whichever candidate you believe best represents how we can move forward as a country. i think that person is nancy pelosi. we have to come together. we should not be empowering the republicans. the american people spoken loud and clear. they want us to deliver and infrastructure package, lower prescription drug prices, and make a difference in people's lives by restoring the voting rights act, overturning citizens
united, doing something about the dark money in politics. kevin: let's talk about that family. you also have some differing viewpoints. think about it thanks giving table -- thanks givinsgiving table. congressman lamb. how do you find a way to make all of them happy? who do you think as the dominant voice and the party going forward? rep. lujan: it is the strength of our caucus, not a weakness. the diversity we celebrate and the number of members of the joint democratic majority now. the brilliance of what all of our candidates ran on and the commitments we made last cycle was moving an agenda that invested in infrastructure across the country. president trump promise and infrastructure package and there is nothing to be seen of that.
we can deliver that package out of the house of representatives. also lowering the cost of prescription drug prices and health care. i am confident we can do that, and cleaning up washington, d.c. the brilliance is not just we will have broad support in the democratic caucus. there is room for a strong bipartisan support in this area. it is not just us working together with an empowered majority, of working across the aisle. that is the brilliance of the program and the agenda that has been laid out. we should be a to work together and get this done. jason: you are at the center of a lot of the success, this wave if we are calling it that now. the blue wave that came across last week. everybody can always improve. where do you think you could've done better? kevin: there is still some races alive. we were encouraged that gil cisneros is up by 931 votes in california. when he wins that, there will
not be a republican represented in orange county -- representative in orange county. we sent an office to open up in february of 2017 to be close to the voters in the candidate. is down by21, tj cox less than 2000 votes. that the district where we need to keep our eye on that and encourage t.j. to stay in this. whether it is now or later we will win that seat in the central valley of california. we stillas, georgia, have some close races that are not called. there is still room for us to grow. there is still some redistricting that needs to take place. the supreme court kicked back those maps where federal judges deemed them unconstitutional in wisconsin, texas, north carolina, maryland. there are more pickup opportunities as well. kevin: when you look at the california map, it literally
went from red to blue. what is a state you have your eye on in 2020? rep. lujan: in 2020, i just rattled off georgia, kentucky. there are opportunities there. we missed one in kansas. paul davis ran an incredible race. and in the midwest, there is room to grow in pennsylvania. kevin: pharmacy benefit managers on pharmaceutical drug prices, you are willing to play ball with the president on that? rep. lujan: we are willing to work with anyone who is willing to lower the prescription drug costs. if the president is willing to will find someone willing to work with him and the democratic majority of the house. i am convinced we will have bipartisan support. kevin: i will ask it to you. if marcia fudge were to emerge as the person, would you support her? rep. lujan: she was a great mayor in ohio but i'm supporting
nancy pelosi as speaker. kevin: i tried to see what would happen. jason: thank you so much, congressman ben ray lujan. eager to see what happens next with you as a leadership starts to change. president trump speaking in the oval office today. he is addressing and moving markets candidly on his comments related to trade and china. the s&p turning up on that commentary, and some foreign currencies. let's go to the playback recapping some of president trump's comments. no, people have to behave. we are writing up rules and regulations. i think you were treated very unfairly because you have somebody interrupting you. if they don't listen to the rules and regulations, we will
end up back in court. more importantly we will just leave and you will not be very happy. but you will get good ratings. >> [indiscernible] president trump: decorum. you have to practice to core of. -- decorah. um. we want total freedom of the press. it is more important to me that anybody would believe, that you have to act with respect. when i see the way some of my people have been treated, it is terrible. we are setting up a certain standard which is what the court is requesting. always freedom of the press, always first amendment, but that is the way it is. we always have the option of just leaving if we feel things are not being treated properly, people are not treated properly. we always have the right to
leave. i think the other media in the room will not be happy if that happens. i have instructed my people when they are not treated properly, you have the right to just leave anytime you want. >> have you seen that response and are you pleased with it? china. the response to the 142 items. president trump: china wants to make a deal. they sent a list of things they are willing to do, a large list. it is just not acceptable to me yet. that some point i think we are doing extremely well with respect to china. i have great respect for butident xi and china, china has taken advantage of the united states for many years. ron johnson knows that better
than anybody because he is a big believer in what i'm doing. i think it will come and and we will open up china and make it fair. it is not fair right now. --y did very little business it just can't be. they have tremendous barriers. tremendous tariffs on us that we do not have on them but that has all changed now. $250 billions on worth of goods, and another $267 billion to go if they want to. china wants to make a deal. china has not done very well. they have been down 30%, 32%. they have been down very substantially. helped create china as we know it by allowing money to be sucked out of our country by the billions. $500 billion a year in many cases over a long period of time
and the cantilever to happen. -- and we can't allow that to happen. hopefully we will make a deal. if we don't, we are doing very well the way it is right now. we have tariffs on $250 billion worth of goods. we are talking about billions and billions of dollars a month will flow into our country. it has already started flowing into our country that comes from china. china has never been put into this addition and i don't want to put the minute that position. -- put them in a bad position. we have to have reciprocal trade. we can't have treatment for stupid people, and that is the way they take advantage of our country. we don't have it anymore and they understand that. i think a deal will be made and we will find out soon. >> there is a list they submitted. doesn't go far enough? president trump: it is a pretty complete list.
there are some big things left off. i think we will probably get them. i think it is 142 items. that is a lot of items. thank you very much everybody. >> on twitter yesterday, you seemed agitated about the mueller investigation. president trump: the whole thing is a hoax. there was no collision. i'm very happy with the white house. i'm extremely happy with our country. we are doing better on the economy. may be the best economy we have ever had. maybe the best unemployment numbers we never had. there are more people working in the united states right now than it ever work in the united states by far, by far. i'm extremely happy. i'm very happy with almost all of my cabinet.
changes are made because they are always made, especially after midterms. it is all fake news. i am thrilled with the with the country is going. on foreign we are doing well making trade deals. we just made a deal with mexico, canada, south korea. they were horrible deals before. >> [indiscernible] president trump: it is just a continuation. a should have never been mueller investigation because there was never anything done wrong end of collusion. you would have known about it a long time ago. there was nothing -- they should have never had it. they wasted millions of dollars. they should've never been a so-called investigation, which in theory it is not an investigation of may. i like to -- investigation of me. i like to take everything personally because he do better that way. the witchhunt continues to go on.
i imagine it is ending. i'm sure it will be just fine. you know why? there was no collusion. the fact is i was a much better candidate and hillary clinton. i went to the wright state's. she went to the wrong states. i campaigned very well and i easily won the electoral college. 306 to 223. that is a big difference. >> can you provide an answer, sir? president trump: my lawyers are working on that. i write the answers. my lawyers don't write answers. i was asked a series of questions. i answered them very easily. i'm sure they are tricked up because they like because people. was it sunny or rainy? it may have been a good day. it was rainy, therefore he told a lie in perjured himself. always be careful when you answer questions of people that
have bad intentions. veryhe questions were routinely answered by me. by me. answers?bmitted the president trump: we have not submitted them yet. i have been a little busy. we have been in europe, working on various deals. u.s.m.c.a.ished the you can see how happy are farmers are. we have done a lot of work so we have been very busy. it has been hard to find time. it did not take long to do them and they were my answers. you need lawyers for submittal and to go over several answers, but they are not very difficult questions. thank you very much.
[grout talking] -- crowd talking] jason: that was president trump speaking moments ago in the oval office. atypically wide ranging conversation with reporters. talking about china and trade, the mueller investigation, even a mention of hillary clinton and the electoral college. let's bring in luke, our market go-to guy. the market moved on those china trade comments. luke: we saw a jump in the s&p moving from red to green. it is interesting looking at the sector breakdown. one might think we got the response from maybe some of the companies that suffered a lot when we were talking about tariffs and trade. xli would be the main area. that did not get as much of a boost. there seems to be more of a nice
beta, the more cyclical stocks tend to move more. when you look at china, you see bigger moves in the etf's linked to china. cqqq. that is a chinese tech fund that was down 1.5% as back to nearly flat. you are seeing a rational response on the sector side in china. jason: let's bring kevin cirilli back into the conversation. as you are listening and watching the president, what jumped out at you related to the mueller investigation? he answered them easily, the questions. be answered them himself but has not submitted them yet. kevin: i think that is the take away. the finished the answers but has not submitted them. julian assange, the founder of wiki leaks.
every single development is really going to the news. the fact he completed these answers, will submit them, reviewing those answers and then what will they respond with. will they be able to conclude their investigation or move? that leadership race and the democratic party, that is something many folks are going to be watching. the tension behind the scenes stills out onto the floor during a vote. watch for that. the notion of a government shutdown. mb