tv Bloomberg Markets Balance of Power Bloomberg April 29, 2020 12:00pm-1:00pm EDT
david: from new york to our television and radio audiences worldwide, welcome to "balance of power," where the world of politics meets the world of business. we will start with a check on the markets. the equity markets are up on hope for a possible treatment for the coronavirus. we turned abigail doolittle. abigail: we have a strong risk appetite demonstrated by the rally we have seen for stocks. the s&p 500 and other major averages up 2%. the tech heavy nasdaq up even more. take a look at the russell 2000 small caps, up 4.7%. that is risk on because the smaller cap companies are said to be growthier. many see this as a sign the rally could continue. you are mentioning hope around a drug treatment for covid-19. that is gilead sciences treatment and the treatment plan around that drug is proving to be more hopeful, helping that
stock higher and helping the idea that maybe this rally will continue. if there is an effective treatment for those who are severely ill with covid-19, the economy can open more quickly than expected. alphabet put up a better than feared quarter as well, helping the risk on rally. david: tech helping to lead the way. thank you so much for abigail doolittle. we are all anxious to get the economy going again but we want to do it safely. we welcome a man involved in making the plans for restoring the u.s. economy. it representative don beyer of virginia, a democrat and vice chair of the joint economic committee in the house of representatives. thank you for joining us. give us your take on the fans being to -- on the plans being discussed, federal combined with state. are we where we need to d -- are we where we need to be in the plans to get the economy going? rep. beyer: no, but we are
moving in the right direction. most of the states have done a good job of flattening the curve. we are worried about the states like georgia who are talking about opening up prematurely. i talked to chris murray who runs the washington university model. those curves could change a lot of people start to get out too much. then we have to deal with you norma's gaps -- with the enormous gaps for state and local governments. larry hogan of maryland suggests it could be as high as $500 million, and we have only begun to address that. david: let's talk about that specifically. there is something of a political battle brewing over the states. people like mitch mcconnell saying we should not be bailing out states that have been profligate in their pensions. how will that get results? we had president trump saying maybe we will condition it on whether they have sanctuary cities. rep. beyer: that is pretty much unconstitutional. few so-called
sanctuary cities anywhere in the united states. got mcconnell's let them bankrupt, let them eat cake thing is the people that would be thrown out of work would be police officers and firefighters and the people that pick up the trash and the doctors and nurses , the people that keep our whole culture and community rolling. by the way, almost every state that mcconnell and the president were threatening were states that give much more to the federal budget than they give back. places like new york and california that are huge contributors. mcconnell backed up yesterday or the day before. i think we will get more money for state and local governments. soon todavid: is it too stay this is political, or is there a point that grants to states should be specifically conditioned on what goes for, that is to say not taking care of pension plans. rep. beyer: yes.
putoriginal guidance, we $150 billion into the first bill. there are strict things that had to be coronavirus related. it is understandable. you do not want a state building a new bridge or starting a new project. the governors have asked for flexibility. one of the things left out of the original bills is any attempt to take care of people that do not have social security numbers, including legal and illegal immigrants. they rely on the governors and the mayors to take care of them. the spending needs to be flexible for that. the leastre probably thing that governors are worried about. they always push that a little bit. what they cannot push are the essential services that make ferments run. the things that is an indication of how bad things are is the unemployment. today we got numbers on gdp that confirmed what we thought. the unemployment numbers have been staggering.
we think it will get worse. one of the concerns of the joint economic committee which you vice chair is the unemployment insurance. we may not be getting accurate reads because it is so difficult to file for that. give us a sense of what the problem is and what can and should be done? rep. beyer: you put your finger on it right away. something like for every 10 people that file for unemployment, there another three or four who tried and could not get it, and does feel more who do not try because they thought there are 26 people -- 26 billion people unemployed, wash i even try? most of the state systems just crashed because they've never seen that kind of volume, and of the 26billion -- million, nine point 2 million americans have lost their health insurance. million americans have lost their health insurance, so we are working about making on employment insurance a
stabilizer. it is about tracking unemployment in the country. the unemployment insurance -- the federal contributions would fall and rise as it rises. we do not know how this will last. david: can you give us any sense of the political appetite on capitol hill, making an automatic stabilizer. rep. beyer: i think there'll be a lot on the democratic side, and the republicans tend not to like government program. why not build a program that rises and falls with the economy rather than rises and falls with partisan battles. to stop said it is hard a government program, so why not make it so they government program stops when it is no longer needed? let's build it into external metrics rather than who has the stick today. david: let's bring it closer to your home, the state of virginia. what is the situation in virginia with respect to the coronavirus?
the northernn virginia area, which is suburban washington, we are almost one of the hotspots. statewide, it has done very well. the governor's leadership has been terrific. have beenia people well adapted to the self-quarantine. the university of washington back, the ih me has moved the day virginia can responsibly reopen by a couple of days every couple of days. we have improved by about two weeks. i think we are good today. our big concern is for protective equipment, as it is in 70 places. so many places. guy: i do not want to let -- david: i do not want to let you know be for we talk about the ppe. you founded your own small business of car dealerships.
as the money getting to the people who need it, the small and medium businesses? rep. beyer: it is a great question. in the first round, it did not. it tended to go to the middle size businesses, 200, 300, 400 people who had good banking relationships, good lawyers, good accountants. the little guys, the so-called under banked, they were left out. they did not get to the bank in time or they were not prioritized. the banks said we want to take care of our best customers first. in the second round that we just approved last thursday, another $384 billion, we specifically the first $60 billion for the smaller under banked that tend to be veteran owned or rural or minority owned or women-owned. ofot off the phone with one our community banks in alexandria and they stayed up all night monday night processing loans, and they are at the point where we think the
money will run out by the end of the week. at that point, we will have been $600 billion in and a seemingly inexhaustible appetite as the small businesses are shut down. we need to do more, very clearly. guy: -- david: thank you so much for your time. that is congressman don beyer. coming up, what is the situation with the emerging asia when it comes to the coronavirus? we will talk to the author of "the future is asian." that is coming up on bloomberg television and radio. ♪
time for first word news with ritika gupta. ritika: the longest u.s. expansion is officially over. after almost 11 years, the world's largest economy shrank at a 4.8% annualized basis, the biggest decline since 2008 and it is expected to get worse. the coronavirus forced businesses to shut down. consumer spending declined at the fastest pace since 1980. sales of plane tickets to and from beijing surged after officials lowered the emergency response levels. the city is pronouncing -- the toing does not apply travelers from hubei province. congress will start its annual session may 22. that could bring thousands of people to beijing. with chinese industries ramping up production, competing indian businesses want to get back to work. businesses owners are urging prime minister modi's government to loosen the country's
five-week lockdown when it comes up for review on may 3. business leaders worry tens of millions of jobs could be lost. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. am ritika gupta. this is bloomberg. david? david: thank you so much. the pandemic is affecting the entire world. that certainly includes asia. what will this change for the longer term? what will permanently change, if anything, and we can we tell? theelcome parag khanna, author of "the future is asian." give me your perspective from asia. you know that part of the world so well, not just immediately what will happen, but what are the longer-term consequences of this pandemic? parag: it is a good question. great to be back with you.
say wef all, i want to are moving into a great divergence. north america will have a different shape to its recovery than europe and the euro and asia. asia is starting to open up already. china is going into a travel week where 85% of chinese travelers will remain domestic. positive impact on china services market. i was on the phone with the ceo --a travel company saying because of the lockdown, the contact tracing apps and so forth, asian societies will have more confidence that they reopen. and incrementally could open more in terms of travel and so forth. largely what we are seeing is although some markets will take malaysia,it --
thailand, indonesia. countries like vietnam and the philippines will continue to see strong growth. -- haverkets are well become more and more integrated. as they reopen, we will start to see them reinforce each other's recovery in consumption and trade and so forth. generally speaking, one can be quite optimistic about this region. the numbers are also there in terms of the population, the density, and the importance of a services economy which is rebounding ok. david: how much of the reemergence will come from china? one of the points i took away from your book is we think about age as china, asia is a lot more than china. what does this mean for india and malaysia. how much of the resurgence will be driven by china specifically? for just about every country in asia, china is the largest trading partner. the chinese recovery is important. one of the things that might be important is economic
partnership trade agreement was agreed to last year as being ratified and put into effect. that according to some estimates could bring in 200 to $250 billion in terms of gains in interregional trade over the next three to five years. it is important, chinese imports. one of the things china has done, owing to the trade war, is they were massively lowering tariffs on imports and goods from other asian countries because they were trying to achieve more of a substitution of the u.s., not just import substitution in terms of domestic production, which they're also trying to do, but simply buying more and building goodwill through buying more from other asian countries that have been part of belt and wrote at the same time. at the sameroad time. china has been a positive story for other asian economy. i will say one more thing about belt and road.
shift in been a huge capital allocation away from the investment going to north america and europe. instead that money is being pulled back to the benefit of asian neighbors in terms of some of the fdi as well. this is why as a broader asian region, even though it is not all about china, have the gdp is not china in the broader asian region, china's revival is good news for many of the countries. david: you mentioned trade quite a few times and what you just said. can we expect trade to be anything like what was before or is there real possibility because of the pandemic -- and the chance it may come back from time to time -- that people will draw up their borders and less globalization unless trade across borders? parag: we will have a lot more regional integration. north america, europe, and asia,
and the supply chains are shifting. global, far-flung supply chains for energy and manufacturing. some of the key strategic areas like pharmaceuticals -- near shoring in the north american context in light of usmca could just as likely mean mexico. just as within asia, china is pulling back -- japan is pulling back from some of those investments. southeast asia is the primary beneficiary of that. it has been for the last 10 years because of the wage differential, fast-growing markets, the way in which they have been performing and because they are part of a global trade agreement. supply chains operate in complex ways, but i do see because interregional trade is strong, i would say we have overestimated the extent to which asian economies depend on those finished goods being exported to north america and europe. that obviously matters
considerably. andvolume of consumption intraregional trade in consumption have been strong. there is a great divergence going on, a global decoupling along three different avenues. asia can probably be more self-sufficient than we tend to think. sells to itself, the better off it is. always a treat to have you on. thank you for that perspective. that is parag khanna, author of "the future is asian." jillian is up on news its drug may shorten the amount of time people suffer from the coronavirus -- gilead is up. that is coming up next on "balance of power" on bloomberg television and radio. ♪
gilead has said in clinical trials they have favorable results, although we have not seen the full results. out earliers come and said he thinks it is encouraging. to explain this, we are joined by max theissen, who covers the pharmaceutical industry for bloomberg. what we know about the trials and the results? max: as of right now we do not know what tremendous amount. there been a few bits of data but the crucial trial is one by the nih. has ae know is the drug statistically significant impact on the key endpoint, which was time to recovery. we heard a low bit more from dr. fauci that is somewhere in the realm of a 30% improvement a few days faster. the sense we are getting, and we will need to have this confirmed when the data from the trial comes out over time is that this does offer a potential way to
get people better and out of the hospital faster in some cases. ,hat it is not is a rapid cure a prophylactic treatment, it is something that needs to be infused over the course of multiple days. while it is something that may reduce strain on hospitals and improve outcomes, we are still very much going to need other tools and a vaccine to dramatically band the curve of this virus. lottill need to know a about this drug as well. david: this is something the president of the united states talked about in a news conference, and at least this one trial may be encouraging. if it is something that will work, you say it will shortly men of time, is not a vaccine or cure, but it will shorten the amount of time and improve outcomes, how long before we can have enough so the people that need it can get it? alone, based this
on the acute need for treatment, this may be enough for the fda to expand use. in terms of further confirming the benefit, gilead has another trial in moderate patients that will read out at some point. that would give us more percent about what patients this is most effective in. their are early indications that the best use might be in people in the earlier course of their disease. what that means is if you target the right people you can have more dramatic effects. there is also a chance when it comes to the most severe ill people, the people most at risk, there might not be much of is in effect. we will find out more this evening from the expanded briefing on the impact of the medicine and more overtime from additional trial still underway. sense -- you have a suppose the trials go well and
the fda gives approval. are there any difficulties in manufacturing this drug in the amounts we need it? max: that is another key issue. this drug is on the complicated side to manufacture. i know gilead has been putting efforts into expanding manufacturing from the time it first began to believe this might be a promising candidate, it may be some time before -- if the fda goes ahead and make this available to a broader population, before could be used on a worldwide basis and in hospitals. that may be another potential bottleneck. we will find out more about that tomorrow evening during gilead's first quarter earnings call. david: and finally, i'm confused. last week there were reports the who had done tests and come out that the drug did not help. is that conflicting that we get -- is that typical that we get conflicting reports?
can that is something that happen and something particularly likely in a pandemic situation where people are slam blank to find out. where people are scrambling to find out. that was a trial run in china. it was underpowered, hard to draw significantly results. back -- toh to go cast some doubt. guy:'s ozark -- david: so sorry. have to go. that is max theissen of bloomberg opinion. i am david westin and this is bloomberg. ♪
economy, confirming what we suspected, officially in a recession with even worse yet to come. welcome michelle girard from natwest markets. give us your take on the numbers out of the gdp. they were a little worse than they expected, or thing? >> they were marginally worse, down 4.8%. we were down 4%. accuracy of anyone's forecast at this point, you know, is relatively low. the range of estimates i think was anywhere from flat to down as much as 15%. in that window. it was a little worse than expected, but not as bad as some had feared. as you said, as we look ahead to the second quarter, we know the numbers are going to be worse. if you think about the fact the u.s. economy really only kind of came to a halt, if you will, with a locked on spreading in the month of march, one month of
the quarter and arguably even perhaps only the last two weeks of the quarter and yet you still saw nearly 5% annualized decline, you can imagine looking at one to two months of lockdown, let alone very gradually opening, what that might mean for second-quarter growth. i have expectations of the second quarter contraction could 30%, and even have numbers that are worse than that. perhapshich takes has to the fed and what they're going to say today with the chair. should we pay a lot of attention to it? we usually say, what does it look like for the second quarter, for that matter, the second half? >> it is going to be different because the fed has done so much in between meetings, it does the interest, if you will, off of today's
specific meaning. we are getting used to the fed acting at any time. it doesn't have to be on the of a of -- be on the day meeting. we are expecting further announcements today, no new facilities, maybe some fine-tuning of programs that are already underway or have already been announced. but we don't expect any new sweeping initiatives. but there will be items in which the markets will focus, from a higher -- high-low economic standpoint. market participants are very interested not so much in with the fed things about the second quarter, but what do they expect about the rebound, the pace of recovery over the second half of the year? i think a lot of interest around the fed's purchases of treasuries and mortgage backed securities. will we start to see them move from a period where they have been taking actions, nothing purchases every week as they
really look to stabilize markets to a more regular program along the lines of the kiwi programs we have seen in the past four we will start to see monthly announcements, get a better will occurere they along the curb. there items like that, operationally execution about planes that are already in place that i think the markets will look to today. david: michelle, one thing i'm particularly interested in, something that happened since the last fed meeting is the price of oil. with futures going into negative, didn't we expect a fed to address the risk of deflation? >> i think you are right. i'm sure the fed chair may be asked about in particular the price of oil, and i'm sure he will note, just like many of us recognize, that looking at the so-called front month contract of oil futures is not necessarily indicative of what
is truly happening with oil prices in the sense that if you look at futures prices further, later in the year, are looking at numbers that are back expected to be close to $25, $30 a barrel. i think you will downplay the magnitude of the weakness seen in -- there are technical distortions. that said, clearly, covid-19 has put near-term, at the very least, downside pressure and downside risk to the inflation outlook, over and above energy, even with respect to the core rate. we've seen weaker numbers for march an outright decline, and expect it to be worse in april. he will have to i think address the fact that we are going to see inflation moving further below the fed's target. the 1.i would expect him to make his they will view this as somewhat transitory, but this is absolutely something that the fed is watchful of an just
another reason why they aren't likely to reverse course in terms of raising interest rates anytime soon. you may even intimate, which people are looking for, any kind of commitment, for example, the fed might keep rates low or unchanged until inflation over sheets on the upside. so strengthening some of the forward guidance around the future of outlook for interest rates tied into this discussion on inflation. thed: michelle, what about since going forward, forecasting about asset purchases? clearly, the fed stepped up for liquidity purposes on the shorthand. are they going to indicate their shifting that approach? >> that is one of the technical aspects, aspirational aspects that i do think the market is interested in. will we start to see a shift in the composition of their asset purchases and buying further out the treasury curve?
of course, we are very focused on the amount of additional treasury supply that is going to be coming to market as the government looks to find their burgeoning budget deficit -- fun d deficit. to what extent will the fed be picking up that additional supply. i think we will get more guidance on that. i think also in the q&a of the press conference, may get a broader question just about the size of the fed's balance sheet. obviously, it has moved over $6 trillion. we think by the end of this year, it could be a trillion dollars. i'm sure there will be questions about the size come how big it might ultimately get, how large my some of these facilities ultimately grow and how long will the fed feel comfortable running a balance sheet of that size. of course, the fed chair, he is only going to be able to provide some of his opinions. they are feeling their way along as everybody else. but i think the broader question around as a purchases that we
are seeing across the board -- treasuries, mortgages, including corporate bonds now and the like -- all of that in total i think is something the market are very interested to see how the fed -- where the fed anticipates all of this will lead. david: michelle, thank you for your time, michelle girard of natwest markets. in the meantime, stay tuned bloomberg television because that 2:00 this afternoon eastern time, we will bring you special for coverage of the bed coming up -- of the fed coming up here. we will turn to a congressman after the break, congressman from south dakota and what is going on with coronavirus with his day. this is "bloomberg." ♪
david: welcome back to "balance of power." i am david westin. south dakota made their relatively small state in the overall scheme of things, but like the rest of the country, has a rather be coronavirus problem. we welcome now congressman from south carolina, dusty johnson, republican, and he is going to give us the perspective from south dakota on this pandemic. give us a sense of how this virus has affected your state. johnson: i suppose it is like everywhere, there are hundreds of impacts that we are a big agricultural state. we pride ourselves on doing a lot to feed this country and feed the world. you look at the smithfield plant , a meatpacking plant, provides 5% or 6% of our entire country sport processing capacity --
country's pork processing capacity. there were 600 to 700 employees who came down with covid-19 and the plant was shut down. it is having big impacts throughout ag country. congressman, president trump yesterday said he is going use the defense production act to make sure those meet plants stay open. there are some that eject to that -- object to that because they say may not be safe. where do you stand? rep. johnson: we do need the plans open, but we don't want to do it any sooner than can be done safely. if you really look at what the president has written out executive orders, and makes it clear that cdc rules and guidelines, osha rules and guidelines, these things need to be followed. the people who run these plans, whether it is tyson or jb yes or smithfield, they have plenty of work to do. this is not a blank check for
them. they have to make sure they create an environment where these employees can be say. when we are talking about food, i think we all need to acknowledge this is a national security issue, just like we need to take a maximum precaution to keep our health care facilities open during this national crisis, we need to view the whole food production supply chain in the same way. this country needs protein. and a place like smithfield in sioux falls is a big part of that equation. david: what do need to do to get to where we want to go here, besides getting rid of this virus? i'm sorry, i'm going to interrupt because the president is on tape having just spoken. data and safety monitoring board which looks at the data, and they are independent, so there is no prejudice on the part of the investigators because they are doing the trial or the drug is from a certain company. the data and safety monitoring board on monday afternoon contacted me unable 27 -- first
on friday, the week before, and then april 27. notify the study team, namely the multiple investigators who were doing the study throughout the world. that the data shows that remdisiver has a clear-cut significant positive effect in diminishing the time to recovery. this is quite important for number of reasons, and i will give you the data. it is highly significant. if you look at the time to thevery being shorter in remdesivir arm, it was 11 days compared to 15 days. p value of zero point 001. that is all the it is 31% improvement doesn't seem like a knockout 100%, it is a very important proof of concept. what it has proven is that a drug can block this virus.
i will give you an example in a moment of we think looking forward, this is very optimistic. the mortality rate trended toward being better in the sense of less deaths in the remdisiver group. 8% versus 11% in the placebo group. it is dark yet reached significant level, but the data needs to be analyzed most the reason we are making this now is people don't fully appreciate was up whatever you have clear-cut evidence that a drug works, you have an ethical obligation to immediately let the people who are in the placebo group now so they can have access. and all of the trials taking place now have a new standard of care, so we would have normally waited several days until the and get further. the i crosst the t.
some of the numbers may change a little, but the conclusion will not change. when i was looking at the data with our team the other night, it was reminiscent of 34 years ago in 1986 when we were struggling for drugs for hiv, and we had nothing. there was a lot of anecdotal reports about things that maybe people take different types of drugs. we did the first randomized placebo-controlled trial with act, which turned out to give a modest effect but that was not the end game because building on that every year after we did better and better. we have better drugs of the same type and we had drugs against print targets. this drug happens to be blocking an enzyme that the virus uses, and that is -- there are a lot of enzymes that ours uses that are now going to be targets for this. this will be the standard of care.
in fact, when we look at the other trials, we will do a trial with another antiviral -- actually, it is an anti-inflammatory. we will compare the combination of remdisiver with this. so as drugs come in, we will see if we can add on that. the bottom line, you're going to be hearing more details about this which will be submitted to a peer-reviewed journal and peer appropriately. we think it is an opening the door to the fact we now have the capability of treating -- and i can guarantee you, as more people, more companies, more investigators get involved, it is going to get better and better. i will be happy to answer any questions. change the timeline of developing a vaccine? >> this has nothing to do with vaccines. this is treatment for people who are already infected. >> jeff any data --
-- do you have any more data? >> everything is on track with the phase one study. we're going to go into phase 2 in the summer. nothing has changed from what i said at the press conference. pres. trump: johnson & johnson and oxford -- >> several candidates moving along. we will have a lot of shots on goal when it comes to vaccines. >> [indiscernible] pres. trump: i think it is the beginning. i thought tony explained well. i love it as a building block. i love that. certainly, it is a positive. it is a very positive event from that standpoint. we're going to be very careful as we open -- a lot of governors are opening.
i know you're very advanced. you're going to be very advanced and getting it going. do it carefully. we have learned a lot over the last couple of months. if there's a fire, we're going to put it out. if there's a little amber burning, we are going to put it out quickly. i think we have learned how to do that. there been some areas that really started up and we put it out quickly. we have learned a lot. >> [inaudible] pres. trump: mike, do you explain what we're doing? >> mr. president, we have the guidelines and now that was 45 days ago. first 15, than 30 days, to slow the spread. frankly, every state in america has embraced those guidelines at a minimum or even dunmore. now our focus is working with likes as governors governor john bel edwards
unveiled plans to open up their states again. and the new guidance we've issued his guidance for how they can do that safely and responsibly. and so not only the gating criteria for when we believe it is appropriate for states to enter phase one are included, but the very specific guidelines for when states open and how they can open in, as the president said, a safe and responsible way are included in the presence guidelines for open up america again. >> guidelines will not be the same? guidelinespence: the currently are incorporated in the guidance that we are giving states to open up america again, but maybe mr. president -- pres. trump: now the governors are doing -- i've had many calls from governors, the governor of texas greg abbott, many, many governors, tennessee, arkansas -- we're speaking to a lot of different people. they are explaining what they
are doing. i am very much in favor of what they are doing. they're getting it going. we are opening our country again. do you want to explain that? >> i think you can see from california, they may slow the spread. every governor is adapting both currently where we are and moving forward of how to move through phase i, phase ii, base three. the governor feels like they haven't met the criteria. some have made phase one and some are phase o. we have been encouraged as the other federal guidelines have helped inform or provide a framework for governors in moving forward, all the way through from what they now call either phase zero all the way through phase three. its. trump: the governor for was here yesterday i thought he get a good presentation of how he is doing it, you may have seen it. he did a very good job.
if you look at the plane he had put up for 30 days to stop the spread, the mitigation measures you promoted in that plan are carried forward in the guidelines for reopening. it is sort of a seamless way to do it, by keeping those mitigation measures in place that you need to as you reopen -- especially for the vulnerable population. i would agree with the vice president, that it is carried forward not just theoretically, but expressly in the document you gave us. >> thank you for mentioning the vulnerable people because we have made it clear over the last eight weeks that there was certain risk groups that were particularly vulnerable to serious disease. that is held up. we see in most of the reports, about 95% to 96% of the individuals was serious disease and hospitalizations are still in those groups. i think in a way that is reassuring but also should be a message to our vulnerable populations as we have set for the last eight weeks in phase one and phase two as well as
slow the spread. we have been clear about them continuing to shelter and those families protecting them from becoming infected. >> what are you hoping to learn about china and the world health organization -- pres. trump: it is coming in and i'm getting pieces already. we are not happy about it. we are by far the largest contributor to who, world health, and they misled us. i don't know. they must have known more than they knew because they came after what other people knew that weren't even involved. we knew things that they did not know neither they did not know it and did not tell us -- right pipe organiterally a for china. that is the way i view it. we are looking and watching and, again, we give $500 million over
the years for many years and anda is giving $38 million, yet they seem to work for china. and they should have been in their early. they should have known what was going on. they should have been able to stop it -- you talk about stopping the spread or stopping the embers, that could have been stop there. why did china allow planes to fly out but not into china? airplanes are coming out of wuhan and going all over the world, going to italy -- big time to italy. but they're going all over the world but not into china. what was that all about? we are coming up with a very distinct recommendation, but we are not happy with it. we are not happy with that. even today, i've heard some statements that are very positive -- there's nothing positive about what happened in china having to do with this
subject. nothing positive at all. i finished a number of months ago with a trade deal, and you would have thought it would've been like somebody would've said, hey, they could have stopped that at the source. they did not have to let airplanes fly out and loads of people come out. we are lucky. as tony said, we are lucky that we stopped it in january flowing into our country from china. outside of our citizens. people say, well, should not have let our citizens back in. let's forget about that one. we are lucky we stopped in january. a lot of people long after that date, as you know, thought the measure that i took was much too strong. we are lucky we stopped it then. onput a border, we put a ban people coming in from china. we will have a recommendation pretty soon, but we are not happy with the world health organization. >> [indiscernible]
helpedrump: unrolled with china to follow. -- on world health with china to follow. chinare's a study out of on remdesivir that came out today that did not find a significant -- statistical significance with that treatment. looks it is an underpowered study. it is not the kind of study -- that is the reason why i was very explicit in saying this is a randomized placebo-controlled trial that power to the tune of over 1000 in hospitalized patients. the endpoint was a clear endpoint. the time that you essentially got discharged in the second year in point, death. othert like to poo poo studies, but that is not an adequate study. everybody in the field feels that. >> what can he do to help businesses with liability issues as workers come back in states that have opened up? pres. trump: we just worked with any processors, and if you think
about it, form of delivery. david: we have been listening to a meeting at the white house mainly between president trump and the governor of louisiana john bel edwards, but we heard from dr. fauci about the encouraging implications of a remdisiver study. vice president pence talked about new guides on how and when states can open back up and the president said they're getting information that a staggering purging about china and the fact it misled us with respect to the coronavirus. we will continue the second hour on radio balance of power. this is "bloomberg." ♪
a lot about remdesivir. dr. fauci clarified what the end were and ite study is broadly positive for those in hospitals, suffering from the coronavirus. hired, it is up about -- has been higher, it is up about 7%. we tune back in now to the president speaking again. off, trump: we started when i was elected, the number was much lower, as you know. it was in the teens. if you said we would have been at 24,000 with what we have gone through as a country, it is pretty amazing. i think i read it this is one of the best weeks in the stock market, this short period of time that we have had, since the 1950's or 1940's.