u.s. tariffs on european meso are in place and more tariffs on cars might be on the way america's love affair with german casts a vive washington's new round of tariffs on imported steel. also coming out u.s. soybean farmers here a worse thing in the u.s. china trade relations but will that worries be good in washington. also in the so dollars a bag is being dealt another blow in the u.s. now for a banking authority calls a. troubled s. and p. downgrade germany's biggest lender to triple b. plus states. welcome to do business i'm. in for a little as for many months we've been talking about a looming trade war between the u.s. and the e.u. well it's not moving any more the first volley has been fired as upset today u.s. tariffs on european steel are in place the e.u. mites now retaliate in a further escalation us president now this is discussing to slap tariffs on german cars too he says there are too many of them on the roads of america and too little u.s. cars in germany but do merican dr

u.s. tariffs on european metal are in place we ask can america's love affair for a highly engineered german cost survive washington's new round of tariffs on imported steel also coming up u.s. soybean pharmacist via a worsening in u.s. china trade relations but will their worries be heard in washington. welcome to the business of so far we have u.s. tariffs on european steel and alan many on but u.s. president donald trump could go even further and slap tariffs on german cars media reports suggest he may even want to ban german luxury car. it's because he says there are too many of them on the roads of america and too little u.s. cars in germany but are you as motorists interested in switching from b.m.w. to fort. richardson gauge the mood on the streets in the u.s. capital. luxury german cars are a common sight on the streets of washington d.c. and the idea of blocking their import isn't so popular. people want to buy german cars they should be able to buy german cars if not they want to

u.s. president says he's willing to escalate. they are now suffering the the 2008xit this sense meltdown. in hong kong, i am rishaad salamat. haidi: in sydney, i'm haidi lun. coming up, oil sliding ahead of what could be a fiery opec meeting with iran leading something of a rebellion. this is "bloomberg markets: asia ." rishaad: just to seeing hong kong closed. shenzhen and taipei as well because of the dragon boat holiday. concerns about the trade war getting worse, but a bit of world war. moment. have it at the that's the picturof what's happening. that one. close for there we have it. haidi. haidi: we are talking about last week being the most important week of the year for investors. we might get more market reaction. we spoke about the concerns over trade playing out across the commodities market. copper, soybeans, cole. we have seen that reaction across the commodities complex. could be a contentious messi opec meeting, divided going into friday. you are seeing declines when it comes

>> u.s. stocks jumped the most in three weeks as tech rebounds, but it is another miserable day for emerging markets. >> the fed forces six u.s. banks to scale back shareholder payout, while at deutsche bank unit fails the test entirely. continues,uan slide authorities intervening at a key psychological level. >> and president trump praises foxconn as he tours the new wisconsin point. -- plant. sydney. from we are just past 8:00 a.m. here. just past 6:00 p.m. here new york. we'll be looking at how the asked -- action -- small pullback in bonds. it is not so much about what happened but more about what did not happen. we did not get any major tweak or statement from -- tweet or statement from president trump on trade. gave the stock market a little relief. of course the nasdaq held by the rebound in tech stocks. everyone watching bank stocks after several days of declines. worsening developments in this trade tiff. not a terrible open set up for friday. just getting underway. also a little mor

companies like u.s. steel are going to have to cover it all which sounds like a good thing but these companies haven't been able to work efficiently for low prices that is why in purchaser of imports were flooding the american market in the first place so there are a lot of potential losers here i mean as we've heard time and time again a trade war will only hurt both sides does trump think he can keep things from spiraling out of control at the same time as getting what he wants. i think he's making a calculation and calculates the costs of terrorists through higher prices as less harmful than the competition with the e.u. or canada mexico china and he is also trying to live up to campaign promises he has made especially to voters in the rust belt and to industrial companies it might not make sense economically especially as the trade deficit is not necessarily going to spring that way with retaliation from so many different sides with hurt mexico and canada the us are not going to be able to export mor

the u.s. government has asked saudi arabia and other opec producers to increase production by one million barrels a day as gasoline prices surge to their highest in three years. president trump has publicly complained about the opec policy that has helped to boost prices and train the glut. sources say it is unusual for washington to ask for a specific output hike. says iran has drawn up a tentative schedule for boosting production of uranium. the plan was outlined in a letter submitted monday and follows the call for iran's nuclear industry to be ready to resume work. the iaea said iran is sticking to uranium enrichment limits under the deal. the ecb is said to anticipate a pivotal discussion at next week's meeting and could produce a public announcement on when it intends to wind up qe. the governing council is likely to treat the gathering in lafayette as an opportunity to debate the in the bond buying. set to rungram is until september and the bank has declined to comment. global news 24 h

tariffs on u.s. products are taking other measures the german steel association fears that it could lead to even more trade barriers and further economic damage. well for more on this we're joined by our correspondent teri schultz ate at brussels now terry they trade commission to see a bunch of them has said that when it comes to america first it will be met with europe united well it will block now be an agreement as to how to respond. so far it looks like it will be helena you know some of these measures were already teed up before today in the expectation that trump would follow through on these threats as we know the complaint has been lodged at the w t o already and the lists have already been drawn up of the u.s. products that will be targeted and all those left now is for member states to agree on which one of them will be one of them which ones of them will be selected for the important duties and so there could be some differences of opinion and we've seen a reaction that ranges from very s

cars coming into the u.s. are subject to twenty five percent tariffs the u.s. car industry profits here are from a much lower ten percent that the euro believe is on ford or cadillacs coming into the e.u. and that twenty five percent tariff dates back all the way to nine hundred sixty three it was known as the chicken tax because it came in response to tires that france and west germany at the time imposed on imports of u.s. chicken just to show you that trades attention can have quite a long history and can actually be quite weird when you look at them closely at it a little earlier i spoke to york tammy's chief economist spungen frankfurt and i asked him whether the e.u. should now respond in kind to u.s. trade tariffs. i'm not so sure whether such a retaliation policy is the right approach because we voted for the u.s. administration a minute ago they fear they are treated unfairly and this is their perception and when it comes to when it comes to defense expenditure they have a point the western allies in europe they have been promising for years to raise t

the u.s. is blasting china for what it called aggressive military actions in the south china sea speaking at an international security conference secretary of defense james mattis accused beijing of using pressure tactics on its neighbors despite trying to claim to the contrary the placement of these weapon systems is tied directly to military use for the purposes of intimidation and we're. trying to militarization of the spratleys it's also in direct contradiction to president twenty fifteen public pressure interest in the white house rose garden that they would not go to resolutions on weeks of violence and gaza's border with israel have failed at the un security council since march israeli soldiers have shot dead at least one hundred twenty one palestinians who have been protesting for the rights to return us block to kuwait backed resolution calling for the protection of palestinians and then failed to get support for its resolution condemning hamas for the un raced. egypt's president of t

the u.s. is following a different path on and and leading a more protectionist policy approach right now, there is still a chance that all those other countries that are united in the g7 and g20 and the member states of the wto will be able to carry on and stick to the global liberal international order. melinda: do you really think they will get to any topics at the summit besides trade? laura: i sure hope they will because there are really big crises like the ones in syria and eastern ukraine, other topics that are really relevant that we should be talking about. topics l like equal rights s for womemen. ifif you look at the a agenda fr the g7, also climate change. these are really the topics we should be talking about rather than getting into those fights. the u.s. is giving its official justification for notsing these tariffs, unfair trading practices, actually, but national security by proceeding under what is a fairly obscure national law rather than under standard wto procedures. is the

the u.s. aircraft is a long way to fly, it is very expensive to fly an aircraft six hours over the korean peninsula. maybe there are elements of the exercises he has picked up on. but it is pretty vague at this point and i gather that the koreanovernment were surprised so hopefully these details will come. what is your reaction? >> i would say a step forward but at the same time, where are we? i think two people, mr. trump and mr. kim, made an agreement from which we can go anywhere. i have already four different scenarios in my mind. one is ok scenario in which north korea wiake the ceary stepfor denuclearization. i don't think they will denuclearize quickly and comprehensively. but they can take steps gradually. the u.s. and north korea can decide to improve directions and it seems that kim jong-un is actually very interested in his country's economy. the second scenario i have is a bad scenario in which we gback to crisis situation. trump expects a lot from north korea and if north korea ca

a first for them and for any u.s. president and north korean leader it almost didn't happen trump called it off before saying it was back on now the adversaries who have threatened nuclear exchange are exchanging pleasantries. we will really get their. practices and prejudices worked against us but we overcame all of them and we are here today i think with. the face to face between the two men moved on to a team meeting at a working lunch the u.s. wants north korea's denuclearization north korea wants u.s. security guarantees commitments that have been promised and reneged on before trump is confident that this time will be different but its past efforts have shown it's a long way between a handshake and peace. so we're live in singapore with our d.c. bureau chief alexander phenomenon here in the studio with that paragraph from the german council on foreign relations bad we've seen some positive reactions at least from trump so far are you optimistic about what this summit is going to look like at the end i'm really o

because if the u.s. is not willinto go ter chinese tanks to avoid what in my view, -- atent violations of ,latant violations of u.s. law what convinces us that the administration will go after european banks and others that might be doing that for a run sanctions and violations. i think these are interlinked. so from my persptive, we can a scorecard. i would say if we're going back to max pressure and the first thing out is not going after chinese networks or banks, it could wind up harming the administration's policy on iran and north korea. . demick: something i find interesting here listening to you speak is there seems to be a reversal of political roles north korea -- i know that there are the traditional democrats and liberals and lefties -- about trump, at least when it comes to the korea summit. most conservatives i know are very skeptical. do you think you have kind of reversed roles? bruce come i just heard you kind of praising bill clinton. mr. klingner: i am comfortable with grumpy. i try to

u.s. tariffs stroke fears about global trade war but the top economic advisor says the blame lies elsewhere. >> blame nafta. anna: stocks rise in asia as investors react positively to the strong u.s. jobs report. perhaps more joel for turkey. -- more trouble for turkey. very good morning, everybody. it's bright and early here in london. you have been watching the spacex launch. up from thee going canaveral in florida. you are in xeric. tell us more. -- you are in zurich, austria. tell us more. manus: we will bring more to you tomorrow morning. are lots of nations here. mine has a middle east feel to it. we are getting at the opinion on global markets. hopefully, the interview will take place. middle east and daybreak europe. this is the rally that we are seeing in the asian equity session. by 1.1%.fic up the market, battered and bruised from the political turmoil. markets focusing last week in the u.s. session and to the asian session. refocusing on the positive. the economic growth engine

the u.s. says north korea will only get sanctions relief after takes verifiable and irreversible steps to denuclearization defense secretary james mattis was speaking on the sidelines of a defense conference in singapore he made his south korean and chinese japanese counterparts to discuss the upcoming summit between u.s. president donald trump and north korean leader kim jong un. to. be very aware of the good of. all. of. this part of the israeli military says its jets have targeted fifteen sites belonging to hamas in the gaza strip it says two weapons manufacturing and storage sites were hit earlier israel said it intercepted three rockets fired from gaza sirens were activated in southern israeli areas bordering the gaza strip. and just thirty protests in jordan of into the fourth day in the biggest demonstration against the government in years riots police used tear gas to break up a rally near the prime minister's office in amman protesters are calling for the cabinets resignation after mi

the u.s.'s allies, mainly the european union, as well as canada. hop into the bloomberg, gtv in the bloomberg library. you can see the breakout that the s&p 500 has done over the 274.687,weeks or so, the last time we hit that was back here, if you follow along, mid-march. 2.5 months ago. you see the drop earlier, that was the italian populist government fears. we have pulled up and away from that. but the question now is whether oris is just the now, or fe the future. haidi: looking at the fragility of this rally, how investors will be getting out if we see another bout of volatility, but take a look at how we are setting up in asia. an excellent handover from u.s. equities. the effect of the blowout johnson report still playing -- jobs report still playing out. and new zealand stocks coming back online, after yesterday which was a publicoliday, upside there. weakness in0.30, the u.s. dollar after pushing seven weeks of gains. eventsey, a lot of risk committed, not list -- least of which

equal.r whether it is u.s. negotiators are better or u.s. negotiators are bad, i might define it as the agreements have been flawed in that, again, if you compare with the arms-control treaties ,e had with the war soul pack and i was part of -- warsaw pact, and i was part of the delegation, if you compare the detailed documents we had with them, very vague, short, not detailed agreements we had with north korea, i think those were flawed because they were so short and last details. by a car from someone eight times and they have cheated you every time, what you want to do is make sure you define what a car is quite it has four wheels, a carburetor, etc. forwant to make very clear all sides what their requirements are, and in talking with some of the u.s. negotiators when some of the talks were under way, when i would talk about, again, the arms-control treaties, north korea is different. we are not going to have a 1000 page document. we have to do it one page at a time. why are we treating north korea differently from every other country we

and how that is positive for the u.s., but we need more u.s. companies speaking out and speaking frankly, andharing stoes i needed to say that. i will mention to other examples that caught my attention. one of them has to do with north dakota. this is not a border story. more along the northern border. --y republican state senator the republican state senator from north dakota, 30% of edible teens are bought by mexico. mexico. are bought by what would happen if there is a tit-for-tat that affects agricultural trade? is bank to nafta that the u.s. can export agricultural products to k a go, including from north dakota. this is not a border issue. but these tit-for-tat tariffs, wto tariffs can go away. gracias, after. -- nafta. this is an aside. who is buying inedible beans? story abouther energy interdependence. mexico, the u.s., and canada had noth [indiscernible] but we have to work together to take advantage and andrew provides a great example to go back, he also studied at san diego. mountainous region between tijuana and mexicali. places a

a civil rights group has asked the u.s. -- a u.s. judge to order trump to unify more than 2000 undocumented children taken from their immigrant parents. the aclu calls for a halt to all future separations of families crossing border to seek asylum. it says that the june 20 executive order reporting to reverse the child separation policy has explicit loopholes. the head of the asian infrastructure investment bank says he hopes they will be no trade was between the u.s., china and europe. bloomberg was told that leaders need to be negotiating to work out their differences. plans tohe bank has no raise any more funds anytime soon. that is after securing aaa credit rating. >> getting the aaa ratings from the three rating companies is very important for us. with highognized standards. not need towe do borrow anytime soon, the triple rating is crucial for the market recognition. >> they have signed a settlement with brazilian prosecutors over the disaster at their money better. say have local and greater in reparation. lawsuitss outstandin

it is a u.s. nominated products, but with the week exchange rate versus usd, costs are scrunched down in comparison to what they would be in the u.s. because of the effect you are talking about, the exit from canadian investment that occurred in the past couple of years, the market has actually come to represent great value for transactions like this one. that's why we went light oil in southeast saskatchewan as compared to a heavy oil products. alix: but if you compare to the permian, they have a lot of oil but also a lot of companies getting in, which raises cost and they have tons of infrastructure and take away capacity issues. do you worry about the issues coming into your play? anthony: not so much. the permian, despite its great deal logic potential, has obvious problems. extremely high royalties, a big severance tax. rising service and infrastructure constraints. we don't have these and we don't really have any of these things present in southeast saskatchewan, in my view. i think we are e

the u.s. denies the charge. there is talk of a compromise in the bottle over raising opec oil production. bloomberg has learned that the cartel is discussing an increase of up to 600,000 barrels a day over the next few days. iran does not want any increase at all come up but there is hope that it may go for a modest boost. inc meet -- meets this week vienna. hurricane maria which devon -- devastated puerto rico is being blamed on what doctors say is an alarming jump in the number of asthma cases on the island. the chronic lung diseases caused by such things as pollution, airborne mold, and policy and -- pollen, all of which have increased wallowing the storm. -- following the storm. global news, 24 hours a day, on air and at tic toc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. vonnie: it is 1:00 a.m. in hong kong. i'm vonnie quinn. scarlet: i'm shery ahn. welcome to "bloomberg markets." ♪ from bloomberg world head

of course, the u.s. has its own issues. the u.s. will have a midterm election coming soon so politicians need to do something in order to win the election. wiinistration there are personnel changes. you know that better than i do. it turns out that the hardliners are now taking more important positions whereas the pro-trade officials either left voluntarily or involuntarily. so now let me focus on the factors for the process of trade imbalance between china and the u.s. if you look at the overall balance of payment that is one person desk -- that is 1.4% of the gdp from last year. on a bilateral basis china's trade surplus of the overall trade deficit. this is greater -- the largest partners combined. mexico is number two malaysia is number nine but all of these account for 44% of the u.s. trade deficit. politicians will definite pick up china to reduce the surplus against me. i think there are a number of factors behind the bilateral trade imbalances. also the u.s. overall trade imbalance. one is the role of llar. this shows that b

the u.s. supreme court. >> definitely a chance for trump to leave his mark on the court for a significant period of time to come. taylor riggs taylor: tackling the immigration crisis. the federal reserve releases results, and companies find themselves in the crossfire. >> in the trump administration, you can go from poster child to piranhanto -- toronto in a new york minute. >> they will have an impact in the long haul. >> we think demand the world needs everybody to be a part of that energy mix. taylor: ray dalio shares insights into the economic scene. downturn, ive a think it will be difficult. taylor: and the prime minister's of malaysia and greece speak exclusively to bloomberg. >> i do not believe in absolute free trade. >> the most important thing today is that this is the end of it uncertainty for greece. taylor: this is all straight ahead on "bloomberg best." ♪ taylor: hello and welcome, i am taylor riggs. this is "bloomberg best," your weekly review of the most important business n

u.s. launches a trade war the targets some of washington's closest allies. hello i'm adrian sun again this is how it is here on live from doha also coming up a real troll is now planning to travel to washington to deliver a personal letter from chairman kim jong il a senior advisor to north korea's leader to meet with donald trump place on friday . pakistan to swear in a can take it government head of july is election. and citizens it and steps down as the manager of rail the dritte just days after the champions league victory. the trumpet ministration is imposing tariffs on steel only minium imports from the european union canada and mexico u.s. trade partners are threatening to retaliate with terrorists of their own as fears grow over global trade war kimberly health reports from washington. u.s. commerce secretary wilbur ross made the announcement from paris where he was attending an annual trade forum. tariffs of twenty five percent on steel and ten percent on aluminum imports into the

u.s. defense secretary persists asia. and in thailand a setback in the race to rescue a group of teenagers stranded in a cave. more than two hundred refugees and migrants have reached land after being stuck at sea while european leaders argued about their fate the charity ship lifeline has docked in malta but only after eight countries agreed to take a share of the migrants office reports from. after six days at sea the lifeline finally came to dock at the letter but also to be impounded the multis government says it is not registered as a search and rescue ship has fails to obey the orders of the italian coast guard and often switched off its transponder to disguise its position raising suspicion that the ship could be deliberately helping smugglers the head of mission lifeline says italian authorities opens the investigation against it and suspects political motives under the new anti migration government in rome because the lifeline operated without problems last year we started in the

because u.s. banks were unwilling to convert the funds, despite requests from the obama administration, ultimately the bank of moscot was unable to affect wait the conversation using the u.s. dollar. the u.s. state department said that they converted it into euros using european banks. the only reason the transaction wasn't executed is because the two u.s. banks refused dpite pressure even though the dmims asked them to help -- administration asked them to convert the money. after the treasury department issued the license, the obama administration maintained the false notion that it had not provided iran access to the u.s. financial system. on april 5, 2016, ambassador thomas shoon said, there is no exchange of dollarse the u.s. financial system. we have not allowed an access to our larger financial system. end quote. on may 25, 2016, the acting under secretary of treasury for terrorism and financial intelligence said, quote, buty y what i said here today and i know he was looking forward to me b

u.s. stocks president trump remains his heart stands on china trade. great the dow is on his longest slump in more than a year after six straight losses. treasuries rise with the dollar. ranil under pressure as i rejects the potential opec output compromise ahead of friday's meeting in the anna. next but it's a bright future for solar and wind power. a new group -- bloomberg report sees them generating half of global energy by the year 2050. hello from sydney where it's just past 8:00 a.m.. were 12 away from the open of -- away from asia's market open. how the openok at here on wall street will play into the asia-pacific trading day. it was red across the board, in large part or whole part to what was happening between the u.s. and china. donald trump coming out with yet an additional $200 billion of tariffs on chinese goods after raising it 10% p.m. you can see the dow down one point 15%, six days down, six days in a row. the s&p 500 down .4%, the lowest since the start of this month. the

is charging on u.s. imports as of now include some iconic american products such as whiskey and harley davidson bikes. perhaps it's fishing that in this new era of and free trade it is the harley davidson the symbol of personal freedom that's going to be hard hit the e.u. has introduced a twenty five percent employee q e one american made motorcycles. customers who ordered their haul before the new tariffs will still pay the old price for everyone else an extra twenty five percent means thousands of euros more. would prefer not to say if and when the extra cost will be passed on to consumers but over time it is almost certain that these much loved motorcycles will be more expensive neither the dealers nor the make is a willing to absorb the new tax but a true holly fan would be easily deterred as this is how it looks but it's also the sound feeling. sort of feeling is a feeling of freedom i have many friends who ride one it's definitely had an effect on me. to make as we'll be counting on the brand's pop

the u.s./eu alliance are losing this argument within the administration badly so far. we are very lucky to have you and many others trying to win that argument, but unfortunately you've come out on the wrong side, and i look forward to exploring these topics over the course of this hearing. senator murphy. dr. wes mitchell is the >> thank you senatoras murphy. dr. wess mitchell is the assistant secretary of state for european and eurasian affairs. he's the author of numerous articles, reports, and books on transatlantic relationships. he received his ph.d from fry university in berlin, germany. secretary mitchell, don't be constrained by the five minutes. give us the full opening statement and then we'll start with questions. >> thank you, senator johnson and senator murphy. members of the committee, i appreciate you calling today's hearing. i am very happy to have this opportunity to talk about the strategy that's guiding the administration's approach to europe. as we celebrate thevictory of

u.s. military exercises with south korea and vague pledges of denuclearization. hello i'm barbara sara this is al jazeera live from london also coming up on the program the u.k. government makes concessions to see off a highly damaging rebellion over to reason mains that breaks it plans italy sends two ships to help transport the six hundred twenty nine migrants it's refusing to accept spain and after a long running dispute to greece says macedonia has finally agreed to a new name. months after the u.s. president threatened north korea with fire in fury donald trump and kim jong il and have vowed to put the past behind them at a historic summit in singapore trump was full of praise for kim and after the two men met initially with only interpreters present the summit in singapore produce the wealth of photo opportunities but only a vague four point the clear ration reaffirming a commitment to denuclearization with no timeline for north korea to the mantel its arsenal but trump did give furt

banks u.s. business troubles and what became a double blow for germany's biggest lender ratings agency s. and p. downgraded the credit status of all that after the bank's new c.e.o. announced restructuring plans to put the bank finally back on track the news had do it your bank shares plummeting tuan historic low on thursday with the wall street journal reporting that u.s. institutions had lost trust in the bank about a year ago the federal reserve labeled the bank's u.s. business as troubled that's now let the united states deposit insurer f.d.i.c to add to your bank to its list of problem banks the list specifies those institutions with weaknesses that endangered their financial viability. the new blow comes in the middle of restructuring efforts deutsche bank's new c.e.o. christiane's evening wants to bring it safely back into the black again after three consecutive years with losses and that's no small undertaking bank shares have tumbled by more than forty percent since the start of this ye

u.s. dollar amount and then you look again at the number of transactions and that's come down as well look, chinese buy u.s. bonds, they hold u.s. dollars, in part because they feel like they have a claim on u.s. assets if we were to reduce that amount or make that conversion more difficult it would be less value to the assets. u.s. firms may face similar on the other side there is a cost to what we call protection >> interesting the journal does a piece loong at options china has one, they argue is simply taking a seat in silicon valley and starting to hire entrepreneurs and engineers at scale. >> you know, the other thing, carl, is there is a great tide that is running right now which is the speed of transfer of technology i was at a seminar not too long ago and saw the time it took for the steam engine or the electric motor to move around the world and compare that with the speed of which an app moves around the world and different ways to do that, both -- theft i think is the smallest

the u.s. government hasn't officially announced these tariffs yet but we have known about them for a couple of weeks the u.s. had said it will publish a list of affected items on the fifteenth of june and the tariffs are expected to come into effect a couple of days after that now the two countries u.s. and china have been holding talks to try and avert a possible trade war ultimately the u.s. wants to reduce its trade deficit with china by as much as two hundred billion dollars over the next two years and the trumpet ministration has also said it wants to give american companies greater access to the chinese market trying to believes tariffs it's one way of forcing china's hand and china has said if the u.s. goes ahead with these tyrants then all trait discussions between the two countries over the past two weeks will announce these boys china had promised to increase its purchases of u.s. energy and farm products much as seventy billion dollars and now it appears that they will no longer wan

the u.s. and north korea can decide to improve directions and isseems that kim jong-un actually very interested in his country's economy. the second scenario i have is a bad scenario in which we go back to crisis situation. trump expects a lot from north korea and if north korea cannot deliver, cannot abandon all nuclear weapons in time, he will and startstrated taking attacks from critics. for exame, the presidential campaign in 2020, he might decide to take strong action including nuclear action against north korea. there is a diverse domestic difficulty to divert attention from his domestic difficulties. third, similarly bad scenario that i have is what i call the bad scenario in which he says well, there is a piece on the korean peninsula so there is no longer a need for the u.s. to remain committed, so we would leave south korea. and if that happens, that would really undermine the security of the korean peninsula and that might create more situations worse situation than before. and anot

but certainly, the u.s. approach on nafta and the tariffs, in mexico there is a lot of unanimity of rejection of those tariffs, saying they are unfair. levying tariffs in the name of national security on some of your closest allies is a stance that is bringing people together within these other countries and amongst them. i think we will see that at the g7 summit coming up. >> when you are talking to your members about the message coming from the white house, we don't -- we are not seeing a unified message disagreement among senior aides and officials within the administration. public admonishing of one official to another. how do you tell them to interpret those messages? and does it make it harder to understand or to predict or plan what is going to happen when you are getting those types of discombobulated messages from the administration? >> what the business community wants is certainty. as i mentioned earlier, certainty ishayou need for long-term investments. without those, you cannot create jobs. that

it would t h entire supply chain in the u.s. and it would hurt u.s. producers in the u.s. and foreign producers in the u.s. really there is a lack of understanding of how integrated and global the supply chain is at this age of the game. jane: it is quite extraordinary becanald trump seems to be taking on china, canada, mexico, and the eu. how likely is this to grow into ofglobal trade war? diane: we keep soracking caps off and saying that maybe it is a 20% chance, 30% chance. the problem is the closer we get and the actual tariffs we are seeing, the closer we are. is like a bad divorce. you don't want it to escalate, family feud -- i'm thinking ere -- butand mccoys it can rapidly escalate by simple tweets and hurt feelings on either side. it becomes loss-loss for both parties involved. because it is global in scope, you are talking about triggering a recession, not just in the u.s., but elsewhere. this could pull forward a recession into the united states into 2019 if we hit a fullra global war. not that far from it. jne: diane swonk, thank you very much indeed fning me.

u.s. and china after washington moves forward with tariffs on chinese goods but beijing answers back. italy and france call for changes to e.u. migration rules following their dispute over a ship full of refugees. the head of the pakistani taliban is killed in a drone strike in afghanistan. and we'll have the latest on the well come up and russia as portugal's one out of banks that. welcomes the program a trade route between the world's two biggest economies china and the u.s. has escalated president donald trump says he will impose twenty five percent tariffs on fifty billion dollars worth of chinese imports saying the u.s. was being taken advantage of what beijing promised to retaliate quickly with its own tower of twenty five percent on u.s. goods also worth fifty billion to start in july ellen fisher has more from the white house. u.s. president donald trump has been hammering china on trade for months and a key or take morning on the white house north lawn where he held a surprise new

with the u.s. . and greece has a big debts but its economy is growing again can it stand on its own to two feet europe pass it aside. get hurt offers we'll have those stories coming right up. global. player. on the right. they make a commitment. they find solutions. they can stronger. africa on the moon the stories of both people making a difference shaping their nation leg and their continent of africa on the move the stories about motivational change makers taking their destinies into their own head and splendid w.'s new multimedia serious look on. d w dot com africa on the move. cold trade war is getting hotter and it is stretching from canada to europe and now india key u.s. trade partners respond to washington's tariffs with retaliatory measures but the e.u. waves a little olive branch saying to trump if you want to talk you know where to find us . more tariff effects germany's top luxury car maker issues a profit warning putting the blame on trade tensions between the u.s. and the rest of the w

u.s. tax cuts and spending hikes are increasing reason -- risk to the global economy. thedirector conceded that trump administration has not always agreed with its view of the american economy. >> it was clear that he regards our medium-term outlook as to pessimistic. -- too pessimistic. frankly, i hope he is right, and we are wrong. it would be good news for the u.s. and global economy as well. juliette: argentina's a central bank is getting a new chief after the monetary authority failed to stop the plunge. the previous finance minister will take over the position following the surprise recognition -- resignation. they need him to curb volatility in the currency. senior eu officials have informally discussed whether the u.k. might need to stay in the brexitst 2019 if negotiations do not accelerate. talks have stalled on the irish border and a future trade deal. officials in brussels have privately questioned whether they can finish on time. facesomes as theresa may another showdown in pa

while the u.s. economy on the other hand locked in this some as a trade deficit and donald trump wants to tip the balance in his favor with the tariffs he has imposed yesterday or this morning brussels meanwhile has already announced retaliation with tariffs of its own all together goods with a trade volume of six billion dollars are affected by punitive tariffs so all signs are pointing towards a full blown trade war or are they can anything be done about it let's get some insight now from got fed up about my he's the director of the center for international economics and he joins us in munich good to have you with us just briefly let's look at this trade imbalance first of all and when we look at that short brussels have been more forthcoming in those trade talks in order to clinch a deal with washington. well the problem with these numbers is that they're referred to trade in goods only so this is old economy if you look at services if you look at digital trade if you look into the profits that y

our u.s.-based customer service reps can help you choose a plan based on how much you use your phone, nothingssore, nothing to learn more, go to consumercellular.tv >> supporting science, technology, for more than 50 years, advancing ideas and supporting institutions to promote a better woled. at www.hew.org. >> and with the ongoing support of these institutions >> this program was made possible by the corporation for nsblic broadcasting. and by contributo your pbs station from viewers like you. thank you. >> woodruff: the moment has arrived: president trumpnd kim jong un are meeting in singapore. mr. trump left his hotel a short time ago in a motorcade headed to the summit site on senta island, a resort off singapore's coast. and in one of the many choreographed moments of this event, kim also departed his hotel under tight security and has arrived for the historic eting. tiit is the first time a s u.s. president has been face-to- face with a leader of north korea. foreign affairs corresponde

as first serious statements about u.s. expectations for the summit those were left to trump's top diplomat who is with him in singapore in light of how many flimsy agreements the united states has made in previous years this president will sure ensure that no potential agreement will fail to adequately address the north korean threat. the ultimate objective we seek from diplomacy with north korea has not changed the complete verifiable and irreversible denuclearization of the korean peninsula is the only outcome the united states will accept. when singapore wakes up on tuesday morning the whole world will be watching to see what comes out of the first face to face meeting between two of its most unpredictable leaders let's get the view now from washington correspondent claire richardson is following the build up to this summit and claire president trump we heard has already announced that he will be leaving the meeting earlier than planned is he lowering expectations there hi sara yes the u.s. is suggesting that things are

some fear that tariffs on u.s. imports including bourbon of course will lead to price hikes but store owner sebastian glasses taken the levees in his stride they're due to come into effect on july the first but for him it's all about pivoting to other regions after all american whiskey isn't the only kind on offer. we're in for life might focus more on german whisky than isn't the only kind to come from the us there's rye as well but there are very good german right brands too right whiskey is really in fashion so you can get people interested in it it doesn't have to be american whisky was there. since the start of june there have been growing worries about an all out trade war on june the first the u.s. imposed duties of ten percent on steel and twenty five percent of our minium from europe and europe has now retaliated with tariffs designed to target u.s. states that main the vote republican a strategy designed to hit the u.s. president's support base the raft of new duties on emblematic american exports like ha

now some lawyers say the u.s. government is preying on their parents' desperation to see them again. and many of them have been kidnapped raped tortured but again they said over and over that that paled in comparison to the pain and desperation that they felt being separated from their children as a result many of them were really considering signing voluntary departure as and really starting the deportation process so that they could get out of detention as soon as possible and they had been told by that if they signed a voluntary departure that ice would reunite them with their children as quickly as possible for us we heard that consistently and over over and over again to the point that we really feel that the administration is holding these children hostage to dissuade people from pursuing compelling and strong asylum cases. after nationwide outrage over family separations u.s. president donald trump vowed to public pressure and announced an end to the policy but his reversal does nothing for the children sti

george: u.s. strategy undoubtedly includes that if their north -- there is a north korean invasion, we might use tactical nuclear weapons. that isn't really the issue. the north koreans have met -- have not made their demands nuclearr getting rid of weapons. i suspect it will have to do a lot more than nuclear weapons in the south. the big threat to north korea is the american presence of over 35,000 troops in the country, aircraft, and a defense treaty where we are guaranteed to defend south korea. they want, i suspect, that treaty to go away. they are regarded as a threat to national security. they will want a high price to get rid of nuclear weapons and there will be more than nukes. david: that is george friedman, geopolitical futures founder and chairman. alix: wilbur ross in an interview with cnbc talked about deal,e has reached a paying a $1 billion fine with $4 million in escrow. much more coming up. this is bloomberg. ♪ david: we bring you back on the news on a deal with zte. wilbur ros

the u.s. and north korea. then a look at global implications of refugee migration due to armed conflicts. that is followed by a discussion about the future of women in politics with kelly ayotte and lauren underwood, who is currently the youngest african american woman running for congress. trumpterday, president the previously canceled summit between the u.s. and north korea was back on for june 12. next, a look at the applications of the upcoming summit and the status of u.s.-north korea diplomacy. from the stimson center, this is just over one hour. >> welcome to the stimson center. i'm the codirector of the program here. we are delighted to have our four very interesting speakers here to chat with us a bit about what is beyond the trump kim summit. when i give that title, beyond trump kim summit, please imagine the heart attack of me seeing that news, but sure enough, it now seems that the summit seems to be back on. we are basically getting whiplash moments every day on this one where the

the u.s. session. eye on this an report, the dollar against the offshore yuan, 6.6188. a lot of decimal points. .hinese stocks in focus $2 trillion lost in the value of chinese stocks. we need to remember all the anxiety around trade. 72.53, down 3/10 of 1%, though the trend has been upwards. the stockpile data delivering the biggest drop in two years, and that is a focus for those in the energy markets, but sentiments are so -- are sort of on hold at the moment, manus, as we try to work out the stance of the trump administration towards china. manus: i reflect back on what mark carney said yesterday afternoon. he is morning on the trade wars. the ceo of schneider electric said businesses are worried about their costs as they look down the pipe -- excused upon excusenyder -- -- the pun for schneider. you have a current sentiment index, and you have the future sentiment index. you are seeing here that the future is turning lower. our sentiment indexes are a president indicator of more pain to c

u.s. has announced so that stepping up its military operations against eisel in eastern afghanistan this comes a day after president ghani announced an unconditional ceasefire with the taliban until june the twentieth to coincide with the end of ramadan but the afghan government is to continue its operations against eisel as well as other groups the thousands of refugees who fled across the border from me amal to thailand have a tough time getting their basic necessities with a shortage of international aid doctors are having difficulty treating patients reports. all about the needs of her community she's both doctor and refugee camp and is getting a new pair of glasses but says basic i care is not easy to come by. i'm an eye doctor but we don't have any equipment to treat patients in the refugee camp people come to me with eye problems so i do basic checks. these doctors from an american not for profit organization are providing inexpensive i wear to refugees and villages in remote areas