tv Street Signs CNBC August 28, 2018 4:00am-5:00am EDT
welcome to "street signs." i'm willem marx. nafta renegotiated u.s. and mexico strike a trade deal, the attention now turns to canada as president trump looks to replace the long-term agreement. >> one way or another we have a deal with canada either a tariff on cars or a negotiated deal. frankly a tariff on cars is a much easier way to go. perhaps the other would be better for canada. auto stocks accelerate after
the nasdaq and s&p reach fresh record highs and sterling hits a one-year low against the euro amid hard brexit fears, but theresa may says it would not be the end of the world. we'll hear from liam fox here on "street signs. and italy's ten-year bond yield strikes a three-month high as the deputy prime minister tells local media that the deficit could surpass the eu limit 3% of gdp. ♪ it's been a positive start so far to today's trading in europe looking at the stoxx 600, we see more green on the board than red. that index is up almost a quarter of a percent looking at the european markets behind those numbers, the ftse 100 is up three quarters of a
percent. in germany, the dax up 0.5%. the cac 40 up 0.10%. in italy, the ftse mib down almost a half percent. let's look at the sectors performing well. basic resources and autos, that's up 1.4% telecoms and utilities are the laggard this morning telecoms down around 0.3%. the big news overnight is the u.s. and mexico reached a revised trade pact the deal will tougher content rules for autos but keep agricultural tariffs at zero the u.s. made a concession on energy claiming this would sp f preserve sovereignty mexico's economy minister said he would remain in washington, d.c. this week to attend tri lateral talks with canada's foreign minister
president trump praised the proposed new deal and said he would like to include canada as well but continued to threaten further tariffs on the auto sector in canada >> we have an agreement where both with canada and with mexico i will terminate the existing deal when that happens i can't quite tell you it depends on what the timetable is with congress i'll be terminating the existing deal and going into this deal. we'll start negotiating with canada relatively soon they want to negotiate badly but one way or the other we have a deal with canada either a tariff on cars or a negotiated deal. and frankly a tariff on cars is a much easier way to go. but perhaps the other would be better for canada. >> the president's top economic adviser, larry kudlow, told cnbc the ball is in canada's court but the threat of tariffs on canadian auto companies remains
on the table >> i must say from time to time the president has said if we can't reach a good, strong, fair deal with canada, we might have to resort -- the u.s. might have to resort to auto tariffs. so we'll see what happens. hopefully canada will cooperate and move the ball in our direction. >> we're joined by peter shaffrick from rbc capital markets. we have this deal between the u.s. and mexico. we have very, very few details canada may or may not end up being involved this still requires congressional approval i wonder, given there's no details, given it still requires approval, should investors be as confident as they seemed to be yesterday? >> i think -- if i put one stress on the words you're saying, it's seemingly an agreement. we have to see what it is. ultimately in a broader context we have to see whether that includes canada.
one thing -- i'll answer your question in a second, one thing we see clearly which is relevant for us in europe, what apparently has happened is the u.s. has split the trade talks from tri lateral to bilateral trade talks, which gives them much more leverage but back to your question, when we look at the market reaction so far, it has been fairly limited so far i think that's quite right what we have seen in a lot of trump's negotiations, there's a lot of blustering and a lot of talk when you look at the detail it's fairly narrow. let's, you know, call a spade a spade for what it is, and then look at once we have the details. >> you talk about bluster. trump and merkel talked about an eu/u.s. deal seemingly if you leave aside that bluster, that rhetoric, would a new
eu/u.s. deal be that significant? >> it would be very significant. when we go back a few years before the trump administration came into power, there were talks between the eu and the u.s. ongoing for years that would have a large implication then trump came into office an blew up the whole thing. if there's a renewed vigor to get something off the ground, that would be helpful. we have to again keep in mind these things take a lot of time. even with willingness, it's not that easy to accomplish. >> you mentioned the ability of the trump administration seemingly to split apart canada and mexico, turn trilateral talks into bilateral talks what impact does that have on negotiations with europe >> if he was successful in trying to do something like that, then it would have major implications he has sort of tried to bang against the door basically from the day he came into office, and
deu obviously -- >> he prefers bilateral compared to multilateral. >> of course he's the elephant in the room, if he's negotiating with smaller parties he can throw his weight around with the eu that's difficult that's why he's so antagonistic against the eu so it's a balanced talk between the u.s. and the eu if the eu speaks with one voice. i think it will be much more difficult for him to bounce the eu around. >> another counterpart that could be seen as equivalent, china. we had another round of u.s./china talks last week with no negotiations coming out of that is that the bigger issue when it comes to trade >> certainly it is, particularly when trump has an axe to grind with china the chinese stock market is not doing that well. some kind of a break through there would be very, very helpful. but then on the other hand
currently we're going nowhere, and i think the current dynamics will remain in place the asian markets will probably suffer on the back of that >> we hope to hear from liam fox later on in this hour. i wanted to ask about brexit it's something we have heard a lot about over the last 24 hours. we had the german foreign minister saying no deal is a possibility. it's something on the table. it seems to be something that is taken seriously by people in britain, brussels, berlin. how do you factor that into your thinking when it comes to investment decisions >> about a month ago we put a note out saying if you look at the process of how the legislative process will work, so may goes to europe, negoti e negotiates something, if nothing goes through parliament because nothing is agreed or what has been agreed can't get approval in uk parliament, we're basically back at nothing will
happen so essentially article 50 is running out. the uk will drop out that's just by the framework, it is a real possibility. therefore we have been advising to our clients to prepare for that scenario for quite some time with obvious implications particularly on pound sterling and also on the way the fixed income market is priced. >> from the perspective of business, do you think the british government left too late in order to start this no-term planning around this possibility? >> one hears, so that is what must one presume i heard the previous guest saying because of that, it's just not going to happen i want to come back. that's what i'm telling clients. if you look at the way the process works. it must be seen as a real probability. obviously there's things to mitigate, but we reckon going into or coming out of the summer going into the autumn, the chances as they're priced for
the time being need to increase as far as no-deal brexit is concerned. >> while we've been talking, theresa may has started speaking she is giving a speech during her visit to africa. let's listen in. >> for dreaming of a country in which the color of your skin make no dins fference to your rights and opportunities foremost among them was nellen mandela. as the world marks the 100th anniversary of his birth, a memorial was unveiled in westminster abbey. there it sits alongside tributes to kings, queens, poets and scientists who have shaped my nation's society a fitting tribute to the lasting impact mandela made on the world. mandela's walk of freedom was long and arduous but 28 years ago, barely a mile
from here at capetown city hall he spoke for the first time following his release from decades behind bars. four years later on grand parade the newly inaugurated president of south africa spoke of his election not as a victory of party but of people, of the power of democracy and the necessity of unity of equality of universal rights he spoke of the need to transform not just the culture and politics of south africa, but it's economy, too. of his desire to change south africa from a country in which the majority lived with little hope to one in which they can live and work with dignity, with a sense of self-esteem and confidence in the future, building a better life of opportunity, freedom and prosperity it was a bold vision, one shared not just by millions of south africans but hundreds of
millions of people across the world. people including kofi annan. his unlikely journey to global leadership took a different route from that of mandela yet like your former president, annan's impact, influence and values spread well beyond the borders of his beloved homeland. like mandela the world is a poorer place for his passing but all the richer for his legacy. the life stories of these two great men encapsulate the ebbs and flows of history they demonstrate just how much can be achieved over the course of a lifetime, but also that progress can never be taken for granted, the fight to secure our gains is constant. mandela was born in 1918 with the world on the brink of peace from a war that was meant to end
all war. but when annan was born just 20 years later, those dreams of a lasting peace were about to be shattered once again claiming millions of lives including many from this continent. it was in the aftermath of this devastation that united nations, the organization that half a century later annan would go on to lead was founded. despite false starts and mistakes along the way, global institutions and cooperation established in this period delivered great gains for development. it was at the same time that independence movements of a generation of new nations took on a renewed urgency people across the world won the right to self determination, constitutions were written, and countries were born. and the embrace of free markets and free trade, which accelerated further with the end of the cold war has acted as the
greatest agent of collective human progress the world has ever seen. in those countries that have successfully embraced properly regulated market economies, life expectancy has increased and infant mortality fallen. absolute poverty has shrunk, and disposable income grown. access to education has widened, rates of illiteracy plummeted. innovators have developed technology that transformed lives. the progress that we have made over the past century is remarkable the opportunities for the next generation even more so. but to deliver on that promise we need to recognize new challenges as war and state-based conflicts have declined, it has been replaced by new threats. in the past five years terrorists have killed around 20,000 people in africa. from the 2013 siege in nairobi's
westgate shopping center to lastier's horrific truck bombing in mogadishu and attacks s is n burkina faso radicals are threatening our lives. from cyberattacks on national infrastructure and institutions to the use of chemical weapons on the streets of the uk and syria. >> theresa may speaking there in capetown she is on a trip to three different countries in africa, at a time when her country is facing significant questions about the brexit process and the possibility of a no-deal scenario chancellor philip hammond said there would be economic damage if that were to occur. stay tuned to "street signs. we'll hear from the uk's international trade secretary,
liam fox coming up at 10:45 central european time. coming up, tesla's u-turn sends the shares lower despite a legal win for elon musk. more on that after the break with tough food, your dentures may slip and fall. new fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without worry. fixodent and forget it.
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welcome back to "street signs. a court in san francisco has thrown out a lawsuit against tesla which alleged the electric carmaker misled shareholders over the progress of hits model 3 vehicle. the judge ruled while tesla did miss production goals, the judge said federal security laws does not punish for missing a target. the argument was that tesla's share price was inflated until musk and tesla significantly cut production targets last november tesla shares closed over 1% lower after musk abandoned plans to take the company private.
toyota says it will invest half a billion dollars in uber as part of a deal between the two companies to develop autonomous cars. the app will merge its aek n technologies with toyota's own products like sienna minivans. my colleague, arjun kharpal, he has more details on this what is the benefit for both companies? >> what you're seeing here is the technology companies which uber would say it is, developing the software behind many of these systems. uber doesn't make cars you do have toyota who are a traditional carmaker and have that experience in creating hardware so you've seen it with the likes of waymo and fiat chrysler, they had a tie up you see uber providing
technology to toyota that will allow them to spread the costs of the r & d, and it means toyota does not have to invest so much into an area where it has no expertise in you likely will see more of these deals in the newt xufuture this seems to make sense for reducing r & d costs for companies. do you think this will be happening again and again? >> i think you'll see a lot of that one company has been flagged up by many analysts, apple. tim cook has spoken not too much about it, fairly tight-lipped, but they are developing the technology there behind driverless cars. that's another play their could g get into the space i used the analogy earlier of a smartphone market. you have waymo and uber trying
to become the operating systems for these vehicles, they may be seen kind of like the androids of the world if you look at tesla, they're more the apple company where they want to control the hardware and software so it's interesting to see how this pans out. whether tesla decides to open up its software or sticks to its guns saying we will be the ultimate carmaker with the lu s luxury car of all time. berkshire hathaway is in talks to invest in pay tm. according to "the financial times" the investment could be worth around 3$300 million warren buffett's spokeswoman did not disclose the value of the deal the firm has seen its customer basejump as more than 390 million people in india have access to the internet tune in late their week on thursday when cnbc's becky quick in the u.s. will be sitting down
with warren buffett. catch that interview first on cnbc at 1:1:00 a.m. thursday. shares in atlantia are lower after the italian deputy prime minister said that nationalization is "the only solution to fix the country's motorway system in the wake of that awful genoa bridge collapse." separately italy's transport minister said it would reject the company's plans responsible for rebuilding the bridge. the board of the toll road operator, autostrade is set to meet again on friday to prepare a document defending its investments in the italian motorway network luigi dimaio said the company may breach it's 3% deficit next year. he said the public deficit would exceed the eu level if the government keeps spending
promises made during the election campaign this year. if you look at the italian bonds on the news of this, they have hit a ten-year high. significant amount of movement there on the ten-year and the 30-year there. peter shaffrick is still with us. i want to ask you about italy. when we have the election campaign, when we heard from five star in terms of spending plans, we heard from the likes of liga on their plans to drarsicaldrars drars drastically reduce the tax take, will this really happen? >> what we're seeing now is the real coalition talks previously it was about the people, who will demand what type of post now it's about what will we implement? if they really implement
everything they promised, the budget will balloon. there won't be a little bit of a budget, it will be ballooning. so therefore i think we have to watch extremely acarefully what they're going to put in. if i may come back to the 3% deficit limit, i could imagine a scenario where they want to push against the eu, against the limits, andultimately come up with something that's probably a tad above it the reason is because they seem to be -- they seem to be of the mind they have to pick a fight with the eu to win national votes. >> there's a constant campaign going on among the two parties, and the eu is a convenient boogie man >> absolutely. if i may make that point, for me the question is still if it's around 3%, hopefully a little bit below that, we can
potentially live with that if it's really significantly above that, and the market does not see that at the moment, that's a substantial development that would see spreads driving significantly wider. >> the ecb's bond repurchasing program has been largely helpful to italy in terms of buying up its spare debt i wonder, do you think the ecb has a role to play in italy, whether intentional or not as some italian politicians are saying it should >> in the current environment, in the current program, no the ecb has said clearly first of all what we're doing here is monetary policy. we can have a debate about that, but it's not geared towards a single country secondly the ecb already said their problem programs will run end of december. unless catastrophe strikes, i think they will stick to that plan if i go further, at one point in 2019 interest rates will go up, which will not help italy either it won't help anyone, but it won't help italy either.
so the ecb has a role to play, but it's a different course. italy would have to apply for help, and i can't see this government doing in theory it's there, not in practice >> thank you very much. >> thank you coming up, stay tuned to find out why the ongoing mueller investigation may not dent the republicans in the upcoming midterm elections. happy anniversary dinner, darlin'. can this much love be cleaned by a little bit of dawn ultra? oh yeah one bottle has the grease cleaning power of three bottles of this other liquid. a drop of dawn and grease is gone.
olay. welcome to "street signs." i'm willem marx. nafta renegotiated u.s. and mexico strike a trade deal, the attention now turns to canada as president trump looks to replace the long-term agreement. >> one way or another we have a deal with canada either a tariff on cars or a negotiated deal. frankly a tariff on cars is a much easier way to go. perhaps the other would be better for canada. auto stocks accelerate after the nasdaq and s&p reach fresh
record highs despite the risk that tariffs remain on the table. and sterling hits a one-year low against the euro amid hard brexit fears, but theresa may says it would not be the end of the world. we'll hear from liam fox here on cnbc and italy's ten-year bond yield strikes a three-month high as the deputy prime minister tells local media that the deficit could surpass the eu limit 3% of gdp. ♪ it's a bit of a mixed picture on the major european markets. you can see the ftse 100 well into positive territory. the xetra dax slightly above the flat line, the cac 40 in paris is flirting below that flat line in italy the clear laggard is the ftse mib down 0.95%.
looking at the currency markets, you can see the euro is strengthening against the u.s. dollar once more the u.s. dollar is slightly stronger against the yen the pound is recovering slightly there. strengthened by a 20th of a percent. the u.s. dollar weaker against the swiss. looking at u.s. futures ahead of the trading open, you can see the s&p 500 called slightly higher the dow jones up 26 points and nasdaq also looking to open slightly higher on the back of those huge numbers we've seen the last few days on those indices. in terms of the united states, president trump is hailing a new trade deal with mexico and saying he's laid the groundwork to replace nafta he's also faced criticism for his response to the death of republican senator john mccain he had a fractious relationship with the former gop presidential candidate. blayne alexander reports on
that >> reporter: from president trump the promise of a new deal with mexico and a new name >> we'll get rid of the name nafta. it has a bad con connotation. >> they will call it the united states/mexico trade agreement replacing the 24-year-old nafta, a trade deal with all three north american countries notably missing from the talks, canada today's announcement made in the oval office with mexico's president on speakerphone. president trump says talks with canada will begin shortly. >> we'll give them a chance to probably have a separate deal. >> reporter: this deal not final without congressional approval, and would impact everything from agriculture to steel, aluminum and car parts. as the announcement wrapped up -- >> any thoughts on john mccain >> reporter: president trump ignoring questions about john mccain over the weekend president trump
tweeting condolences to the mccain family but no praise of the man himself. late today a sharp about-face. the white house facing fierce criticism for returning its flag to full staff, keeping it lowered only over the weekend even as the rest of washington flew flags at half-staff by monday afternoon the white house flag once again lowered. then hours later the president saying this during a dinner with evangelical leaders. >> we appreciate everything that senator mccain has done for our country. >> reporter: as mccain's friends in the senate -- >> it's fair to say that the passion john brought to his work was nsurpassed in this body. >> reporter: begin a week of mourning for their fallen colleague. blayne alexander, nbc news, washington >> to talk more about developments in the united states, i'm joined by ver my sha
pe shapiro. we've seen a couple of fast movements the last week. all major polls, despite the bad headlines about paul manafort and michael cohen, his popularity seems to be staying >> we've seen a disconnect from these things getting press coverage, and huge revelations which should have an impact on the voting public, we have very little movement. it's hard to say how they'll come out of this, but it's hard to detect that these events in washington and the mueller scandal itself are having an impact >> if i was to ask you to explain why his political base
is unswayed by these revelations what would your answer be? >> i would say he succeeded in polarizing, making partisan the investigation. his supporters see this investigation as a conspiracy against him. the people already against him see the investigation as validating it. so it changes nobody's minds >> i think one other question is how big of a distraction do you think these investigations by mueller and other federal prosecutors and the consequent indictments could have on his presidency in terms of getting new legislation passed, developing new policies, getting things done? >> on the one hand it is quite distracting. we see the president, he wakes up in the morning and thinks about it, yells at his attorney general about it over twitter. it's a big activity for everybody in the white house it's not really clear that it distracts them from doing anything it's not clear what the president would be doing otherwise.
he has a lot of executive time he spends most of his time watching television. there is no legislative agenda there's nothing we could talk about on capitol hill that they are trying to pass rightnow. so it's unclear that it's distracting him from anything. but it is certainly distracting him. >> one other question for you, how challenging is it for congressional senatorial candidates from the gop and the republican party when it comes to deciding on their stance ahead of this midterm election >> they're having trouble. we've seen that in the arizona primary that's about to take place for governor it's clear that trump's got a stranglehold on the republican electorate a huge proportion of them still support trump and have always supported trump since he was nominated. but that does not seem an advantage at all for the general
election so a lot of republican candidates are struggling between balancing between those two considerations >> jeremy shapiro, thank you protest between far-right groups and anti-nazi activists over a fatal stabbing in a german city have come to an end. policed used water cannons to defuse the situation a spokesman for chancellor angela merkel said germany would not tolerate vigilante justice as her officials urged people to stay calm. stay tuned, after this break, we'll hear from liam fox first on cnbc. with tough food, your dentures may slip and fall. new fixodent ultra-max hold
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scenario would not be a walk in the park, the uk was implementing measures at making such a scenario successful. and germany warned that a hard brexit was not off the table and that the eu must prepare for every outcome. let's look at sterling it is pretty flat against the euro it has fallen to a 12-month low against the euro worth watching how sterling performs as we continue these conversations around brexit. i'm happy to say nancy hungerford joins us from singapore where she's been carrying out an interesting conversation with the trade secretary, liam fox. nancy? >> that's right. we are having a conversation here in singapore as the debate back in the uk really grows over what the economic toll will be if, in fact, the uk heads to a no-deal brexit with the eu secretary fox has been among those saying this is a
possibility. at one point he put the odds at about 60% to 40% that rattled some investors who want more certainty on this outcome. that meeting with the cabinet that theresa may called for september 13th leaving many wondering whether this is just simply for planning purposes, for the worst-case scenario, or if this is becoming more and more a likely scenario given that secretary fox is in asia, he is here in singapore, previously he was in china talking about the prospects of future trade deals, i asked how difficult does the dris agreeme disagreement around brexit affect your job? >> for global investors most of them look at the macro economics and see a stable picture we see an increase in i investment into the uk, the
brexit process is a short-term process, befo process, and they see their investments in the medium and long-term. so it's been a message of reassurance about the macro economic position in the uk. and the measures that the government is taking to improve competitiveness through the industrial strategy and through export strategy which we published last week. in terms of the impact of brexit, it's now dependent on the european union and the message i've been giving here is one of two outcomes happen it's either the peoples brexit, which is about prosperity and jobs, trade, or it's a bureaucrats brexit which is about the purity of the eu institutions it can't be both i have been urging my colleagues in a number of asian countries to make their views known to the european union if the european union decides to reduce impediments to trade and investment that sends a strong
global message about europe's competitiveness. >> you say if there is not a good deal reached by the eu, a no-deal was a viable option. do you think prime minister theresa may agrees with you on that >> the prime minister always said no deal is better than a bad deal we have a number of things we have to recognize which are inevitable consequences of our referendum that we have to honor. that is that we will take back control of our money, border and laws we also said we will not be members of the customs union, which would end up being a strong barrier to independent trade policy all of those things need to be continued. we made what we believe to be a fair and reasonable offer to the european union as a basis for negotiation that would continue open and comprehensive trade across europe. the european union, eu 27 countries have a 100 billion pounds trade and goods surplus with the uk. for that to be translated into
eu tariffs would put a huge burden on european businesses to access the uk market i don't think it makes sense for anyone to pay 14 billion pounds for access to a market they get for free today >> europe may be taking a gamble here that you don't want to get to the brink of a no-deal. estimates say borrowing could be pushed up to 80 billion pounds a year is that an estimate that's realistic? >> there's so many estimates and figures around, and estimates about the shock of the referendum didn't happen if you remember, we were told by the treasury at the time we would lose 500,000 jobs, investors would desert us, the economy would shrink we added 6 00,000 jobs, our economy has continued to grow. you have to take estimates with a pinch of salt. we're talking about the long-term relationship between the uk and eu. that's widely accepted by everyone that it's in our mutual
interests to have an open, comprehensive, liberal trading agreement with the european union. the alternative is to have barriers to trade and investment that don't exist today that doesn't make sense. we want a deal >> does the cabinet need to get more united on this idea of a willingness to go forward with a new deal you say we take them with a pinch of salt. mr. raab seemed to say those projections from chancellor hammond won't come through either are we facing a division >> it's not a willingness to be no deal, we want there to be a good deal. but our european partners should understand if we don't get a good deal, then -- and we have to walk away, we would that's not an outcome that is in either interest. >> just want to talk about your meeting in china as well it seems that both you and the chinese commerce ministry worked towards a topnotch trade deal. we know you can't commit to
anything until the brexit process is complete, but do you have concerns about businesses operating in china specifically when it comes to intellectual property transfers >> i think if you look at the chinese market and the uk's export pattern with china, you can see where the difficulties lie. if you look at the united states, you can see 55% of uk exports to the united states are services it's about 50/50 globally for services and goods for the uk. in china it's 82% goods, 18% services in other words, what the uk has most to offer in terms of the ability for the chinese economy to mature in certain sectors more quickly is restricted by the chinese market for britain the key is the opening up of the chinese services sector. you know, getting the rhetoric right on trade is important.
getting the practice right is more important >> if the uk or -- if the u.s. and china continue to be at odds here in their trade dispute, is there an opportunity for uk businesses if china says perhaps we'll show more favoritism to companies coming from elsewhere? >> we don't see this as being an opportunity for anyone we think that the rules-based international system needs to prevail. we think if there are disputes on issues like steel production, on lack of market access, we may share the u.s. assessment of the problem, but that doesn't mean we will be sympathetic to the means of dealing with the problem. we think that these issues are best dealt on a multilateral basis and best dealt by the rules-based system based in geneva so our central loyalty in this is to the principle of free and open trade based on a rules-based system >> finally, what kind of
assurances if any did you get from wilbur ross when you had meetings talking about the future of the trading relationship post brexit we did hear u.s. president trump's concerns about he doesn't want any impediments to doing a deal with britain after brexit >> the president was clear i met the president when he was in the united kingdom. i met with ambassador lighthizer, secretary ross on numerous occasions there's a strong willingness to see a trade agreement between the united kingdom and the united states. let's face it, as with much of trade it's as strategic as it is economic we already have two open economies with a great deal of trade between them united states is our single biggest trading partner. but for the moment there would be a very strong symbolic importance to a trade agreement between our two countries for a whole range of reasons, system of which you listed. >> how quickly could you wrap up such a trade deal? >> as quickly as we can.
>> that was secretary liam fox the uk secretary for international trade wasspeakin to me about a host of things most importantly is this issue of the no-deal brexit scenario that we know the government is preparing for. liam fox saying clearly, yes, the ball is still in the eu's court. he has spoken before about frustrations with intransigents in brussels. he thinks it's they're fault, they're not willing to come to the table and accept this new plan but he also stressed it was not the preferred option for the government when i addressed the idea whether there was a split in the cabinet they want to get the best deal possible with the eu that's a point that liam fox was trying to drive home when it comes to forecasts from philip hammond, we heard theresa may comment earlier. she seemed to say keep in mind some of those numbers were dated a bit. we heard dominic raab play them down and liam fox say you have
to take them with a bunch of salt, because we have seen so many forecasts that have not always come into existence still the message is there is no division, that's the message we're getting today, and that a no-deal is not the preferred scenario it's something they're currently exploring with those official meetings due now on september 13th for the cabinet moving outside of brexit, i think the talks with china are interesting. there's a focus on really prioritizing relationships and given the dominance of trade that china and the uk play here, they want to look forward after brexit and what that relationship will look like. liam fox saying they want to continue to put an assistance on this multilateral order. he spoke about rhetoric from china about opening up its services economy and putting these things into practice that's it for us in singapore. back to you. >> nancy, thank you for bringing
us that interview with liam fox. manchester united's coach demanded more respect after their second straight befeet det what is going on with manchester united? >> they had an embarrassing 3-0 defeat yesterday he stood in front of the fans that remained in the stadium at full time and applauded them for their efforts. at the same time that wasn't really enough to appease them. they're not used to seeing displays like that that continued into the post-match news conference as well
jose mourinho demanded more respect, not just from journalists but from everyone. >> today the players they left the pitch after losing at home, they were applauded because they deserve it just to finish, do you know that what was the result? 3-0. p- 3-0. you know what this means 3-0, but also three premierships and i won more premierships alone than the other 19 managers together 3 for me, 2 for them respect. respect. respec respect. >> jose with a bit of fire in his belly. he has to translate that on to the pitch. we know manchester united is a huge force commercially. the most valuable club in the world. the share price continues to go up despite their failings on the pitch. they have an interesting looking match against burnley this weekend. normally you would think that
would be an easy one for manchester united, one they would be favorites for burnley not having the best start to the season, but it will be interesting to see how they get on this weekend. not going very well, manchester united in the bottom paf half of the premiere table early on. >> i want to ask about roman abromovich there's indications over the weekend that he's looking to offload chelsea. can you tell us more about that? >> could be an interesting one to keep an eye on. roman abromovich has owned chelsea since 2003 he had huge success in that time five premier league titles, they won the champions league he has rattled through a whole host of managers maurizio sarri is trying to keep them near the top of the table but roman abramovich has taken on advisers that may lead to him exploring the idea of selling the club for what would be an astronomical amount of money for a premier league football club the record at the moment stands at manchester united's takeover
by the glazers at 790 million pounds we're looking at something over 2 billion pounds for this if it does happen. a long way to go speculation at the moment. the club is saying at the moment that the club is not for sale. new stadium plans are being shelved as well. >> so there could be a foreign or domestic buyer for chelsea. let's take a quick look right now. the dow jones also being called up alongside the nasdaq. that is it for today's program i'm willem marx. "worldwide exchange" is coming up next.
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it's 5:00 a.m., here's your five at 5:00 we're reaching records stocks jumping to new highs as the u.s. and mexico strike a trade deal we are on washington watch those nafta talks roll on today. next on the agenda is our neighbor to the north. consequences for canada. larry kudlow sounding off saying if the two countries cannot reach a deal auto car rif tarif be on the line. and pointing fingers that's what the ousted papa john's founder is doing this morning. and ipo in