the wto has never been led by a 25-year history. global news, 24 hours a day, on air and at bloomberg @quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am leigh-ann gerrans. this is bloomberg. francine? francine: leigh-ann, thank you so much. now the vice presidential debate took a more moderate tone than last week's presidential debate but still featured its own exchanges. they sparred over the trump administration's handling of the virus. sen. harris: they knew what was happening, and they did not tell you. pence: when i look at creating testing, developing a vaccine, it looks a little bit like plagiarism. sen. harris: you respect the american people when you tell the truth, when you have the courage to be a leader, speaking of those things that you may not want people to hear, but they need to hear, so they can protect themselves. vp pence: the reality is that we are going to have a vaccine, senator, and record time, and unheard of time, and less than a year. the fact that you continue t

we need to revitalize negotiating function of the wto. we recently have not had any multilateral agreements. many things are done bilaterally. unblock -- and in general get wto procedures more in line with the current challenges and also being able to deal with industrial subsidies and transparency, forced technology transfer, intellectual property rights -- many things need to be dealt with. maria: there is also a question around what will happen with potential retaliation from the eu when it comes to the u.s. what can you tell me about that? valdis: obviously we are in close contact with the u.s., and our first references is a negotiated settlement where the u.s. is withdrawing their tariff s, and then we do not have to introduce our tariffs, and then discuss how we deal with civil aviation. if we will not see engagement from the u.s. side and not see them withdrawing their tariffs, we will have no choice but to impose our tariffs in line with the wto ruling. maria: if the u.s. does not pull their tariffs, the eu can put those tariffs o

either of the candidates would be the first woman to lead the wto. glaxosmithkline has pledged it will reserve 2 million doses of a covid-19 vaccine for equitable trials. there's concern about who will be able to access vaccines, and french and british companies have signed a statement of intent to make sure developing countries can be vaccinated, this as the world health organization has warned against vaccine nationalism. >> thank you very much. news headlines coming up shortly. 10/28/20 10/28/20 [captioning made possible by democracy now!] amy: from w york, this is democracy now! >> his wife come his children, his family should have him here right now. you should still be here right now. when you call for help, you should get help, not execution. amy: hundreds took to the streets for second night tuesday to protest the police killing of walter wallace, jr., a 27-year-old black man who was

wto andning to the getting a little bit more specific, does the wto have any choice but to basically wait for the outcome of the with selection before attempting -- the u.s. election for attempting to resolve its own leadership? pascal: that is an option. as you know, the selection rest,s is, like the rules-based. they don't improvise. how it is method of selected, which frames the way the competition takes place, and which states what will happen. what will happen now that one of the candidates has much more support than another one is that in other one should withdraw order to facilitate consensus. , the u.s.er reason has not withdrawn, which is what the rules have said it should do. that is where we are. the next stage of the rule-based process is to go to a vote. there are two options. either the double geo members dusty wto membership now votes, and we know what the -- wto number ship now votes, and we know with the results will be. or we wait for a new u.s. the u.s.ation so that and bessette are gets instructions not to oppose consensus, given that one of the candidates has muc

guy: let's get back to the wto story. the wto says the eu can now impose tariffs on 4 billion euros of u.s. exports in retaliation to the subsidies the u.s. gave to boeing. airbus says it is willing to support talks for a fair settlement. joining us now is bloomberg world trade reporter bryce baschuk. what happens now? eu willhe u.s. and the begin talks in earnest. dispute, youame in could say u.s. has a bit of the upper hand in negotiations. the eu says it doesn't want to impose these tariffs, but it will if it has to. right now, this will go into a bilateral conversation, and as far as the u.s. is concerned, it is the eu's turn to accept its offer. alix: is the eu going to do a little dance until november 4? bryce: that seems likely. i don't expect them to act quickly here. with the uncertainty of the election hanging over this, it would probably suit brussels to wait to see who wins the u.s. election, and then regathered to figure out if they are going to have to deal with the trump for another four years or the potent

he has been hostile to the wto. i think biden has clearly said hethink trump's approach -- thinks trump's approach has been terrible p or he does not think the tariff war on china has resulted in much success. we have not really gotten fundamental reforms in china, and look at the latest figures. the u.s. gdp declined in the last quarter and 32% on an annualized basis and china has increased 6%. there's been some shifts in trade within asia. it's hard to see how the trade war has gotten. it cost consumers and businesses a lot. try to work more with our allies and bring an end to action to took against europe and canada and mexico and others. it will increase support for the wto system but push for reforms on china, they will have a .trategic reassessment it will be less of a go it alone approach, working with japan, europe, and other allies. noty: democrats have necessarily been easier when it comes to those issues of protecting american firms. but joe biden campaign platform has included preferential treatment for

that means overhauling international institutions that have to become -- for example wto, before the members can start to address issues liar intel intellectual profiters and digital services. and one way to think but overhauling the wto is the possibility of rejoining the cp- -- which has prolateral trading group can raise the standards standards standards and set standards. but in some cases the effort will require to us credit new rules and institutions where very few exist. we're think here of areas like cyber space, where norms are incredibly inchoate or look no governing norms. an area we the united stateses disengagement has been to our extreme detriment because china has managed to advantage its preferred norms and rules for governing these spaces with almost no pushback. you can see here a china's effort to advance its preferred technical standard through international standard body ored a senses preferred norms of cyber sovereignty which subverts cyberspace on the internet to a states in a way that is against american and allies norms and prefer repses so by moving quickly

the wto ruled both sides -- tom: you're an expert on this. my major travel issue is to they have all of its onboard or not and you are into the airplanes. there is an uproar about the ,etirement of the boeing 747 finally putting it to bed. is there any romance about the airbus design? guy: i'm a big fan of all of them. i think the 747 is a decent airplane. 747 will continue to continue. they are retiring the older ones, but will can you to operate the 747. if you want to fly to this part of the world, you will have to go frankfurt if you're looking for a 747 flight. the 747 was built an awfully long time ago. the 747 was designed very quickly, one of the most beautiful planes ever built. and guy johnson with airbus quite knowledgeable about this air travel we see worldwide. here is ritika gupta with our first word news. ritika: it's the fifth time this year louisiana was hit by a tropical storm. zeta came a storm -- came on shore before heading into -- intosoupy mississippi and alabama. the former chief of staff at the wholemeal -- homeland s

the problem is the wto is a consensus -based body. quite frankly china does not have very much incentive too agree to any set of that would constrain its ability too maintain its liberal markets at home. so as we mentioned earlier we imagine instead is an end strategy. whereby the u.s. can go to unilateral trade agreements with standards and that encompass new areas of the global economy like additional trade that do not encompass the deputy right now. by expanding the scope of what countries are included in this new trade agreements to find countries of asia, the united states can change the incentive china faces as it continues to grow economically. and in the idea openness. there still going to be some carryover where the u.s. is going to have to take targeted, tailored protections too ensure its most vital technologies for example are not exploited or turned against us in the industry. but as a general matter the united states can pursue a more open and fair high standard international trade regime by pursuing policies that do not

the wto will be led by a woman for the first time in its 25 year history. south korea's trade minister and harvard trained finance minister both women are the two finalists. the decision about who will be the next director general is expected to be made in the coming weeks. dollar general is opening a new, more expensive store. pot shop will be aimed at higher in suburban communities with household incomes of up to $125,000. still, about 95% of items will be priced at five dollars or less. top shelf will focus less on necessities like food and cleaning supplies and more on discretionary items like home decor and beauty products and that is your cbs "money watch" report. for more, go to cbs money watch.com. >>> many are bracing for hurricane delta expected to make landfall in a matter of hours. it will be the fourth major storm to hit the area this season. courtney is in lafayette with the latest. >> reporter: residents are packing up and heading north, again. >> it is getting tiresome. >> but it is part of being here. the good times far outweigh the bad. >>

she would be the first woman and first african to lead the wto. the countdown clock keeps ticking. campaigning is intensifying with the candidates going with just six days to go before us election day, campaigning is intensifying with the candidates going from state to state to drum up support. still, the major issue appears to be the impact of the coronavirus and now anthony fauci, who heads the national institute of allergy and infectious diseases, has criticised president trump's rallies, telling the bbc that the events are bound to spread covid—19. david willis reports. the worst health crisis in more than a century is driving americans to the polls in record numbers. 75 million have so far taken the opportunity to vote early and avoid cramming into crowding polling stations and there are still five more days to go. among the early voters was joe days to go. among the early voters wasjoe biden. he and his wife, jill, cast ballots in the home state of delaware and the home state of delaware and the democratic nominee properly took aim at his

washington has filed an appeal against another wto ruling which said american tariffs on chinese goods imposed in 20 were inconsistent to global trade rules. u.k. and eu negotiators have extended talks on a post-brexit trade deal as they count down to a december 31 deadline. the european negotiator has delayed his return to brussels, which some have interpreted as cause for optimism. businesses say they do not have enough guidance to help them prepare. >> time is very short and there are still significant gaps to bridge -- the word of boris johnson spokesperson on the ongoing u.k.-eu divorce deal negotiations. following a brief hiatus, both sides are now trying to secure a deal that would protect nearly 800 billion in annual trade. the british prime minister held that his tactic of walking away had worked. works on the sick, they have come back, i am glad to say, to discuss the way forward. we will see where we go. >> the back-and-forth is worrying for business owners that have been told by johnson's government to prepare for a no deal scenario. economic boundaries have not been drawn

ohio lost a third of all of their manufacturing jobs just because of nafta and china's entry into the wto, think that joe biden is supported in both cases, you will see more in the election day specified into the various states. lou: jason miller great to have you with us. thank you so much. we look forward to talking again soon. joe biden fbi director ron ray shared the same wrong views about antifa, is that a coincidence, we take it up with judicial watch tom fitton, we be lou: president trump giving us the "lou dobbs tonight" quotation of the day, here is the president last night in his duel would joe biden about brainpower. >> did you use the word smart? so you said you went to delaware state but you forgot the name of the college, you did not go to delaware state, you graduated you to the lowest or almost lowest in your class, don't ever use the word smart with me. don't ever use that word. there is nothing smart about you joe, 47 years you have done nothing. lou: the president also condemning the radical left organization antifa and the danger it represents for america and american

he voted for china to get into the wto. he has been sympathetic to china, he does not think that they are going to "eat our lun ch." will he rollback tariffs? if he does any of that, forget about manufacturing in this country. they lost 200,000 manufacturing jobs on their watch. before the china virus hit, we were up to 500,000. 500,000. elections have consequences. and this is what i did for years before i got here, i was a forecaster. and i believe joe biden's dark winter is ahead. you peter, dark winter -- used the term great depression. can you name one economist, be on yourself, can you name anyone else using that term great depression with any kind of seriousness about the biden economic plan? dr. navarro: let me turn that around. when i was the top economic advisor in the campaign for the president, i said we would have growth way above estimates. and i predicted the day after the election, 25,000 on the dow. i was absolutely correct. what was the nobel prize laureate doing? he was writing if donald trump got elected

arena: the imf and wto warning a longer than expected global recovery. the imf will upgrade its growth forecast for 2020 next week. the rebound to pre-pandemic levels may take longer than predicted. says global trade is expected to grow only 7% last year. bank of japan governor here he go kuroda says the fallout from the coronavirus means economic conditions in asia remain "severe." he says supply chains across the region have been disrupted, leading to business weakness and rising job losses. he says globalization will not change despite covid-19 and the need for face-to-face coming occasion remains strong. australia's delayed budget pushes debt and the deficit to peacetime records amid the widening fallout from the virus. the treasurer is forecasting a budgetary shortfall of 215 aussie dollars -- 215 billion aussie dollars. which would be 11% of gdp. his speech came after the rba signaled its willingness to ease further. dayal news 24 hours a powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. haslinda: still ah

wto members are confronting the reality that the future of the geneva-based institution is now in the hands of the american electorate. the trump administration has decided to block nigeria's former finance minister as the next wto would record general. the u.s. is backing the south korean trade general despite overwhelming support from other countries for the other candidate. global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. >> it is 1:00 p.m. in new york, 5:00 p.m. in london, and 1:00 a.m. in hong kong. i'm taylor riggs. welcome to bloomberg markets. here are the top stories we are following on the bloomberg and from around the world. the u.s. economy recovered much of its norma's ground it lost in the spring, expanding at the fastest rate on record in the third quarter. yet it is still in incomplete recovery. we speak to john ryding. one of the worst performers westech yesterday but it is bouncing back today. the sector has a big earnings day after t

the wto has never had a female leader in its 25 year history. brazil's bernardo azevedo decided to step down a year before his term was due to expire. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. vonnie: -- -- amanda: live from toronto, this is bloomberg markets. i am amanda lang. vonnie: i am vonnie quinn. here are the stories we're following. in a few moments, we will speak with the cofounder of lyft about how the house moves to curb big tech could lead to a shift in how washington regulates tech overall. vice presidential debates. a preview of what to expect tonight as kamala harris faces off against mike pence. outbreak at the white house. the number of staffers at the white house infected it continues to rise. we will discuss this with dr. amesha adalja. amanda. amanda: vonnie, we certainly have markets in the positive frame of mind. the ongoing prospect of stimulus or no stimulus still alive issue. so market ana

the wto intends to announce two finalists later tuesday and a winner by november 7. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am karina mitchell. this is bloomberg. haidi: -- shery: let's get you a quick check on how markets are trading at the moment. we are seeing the asx 200 losing .2%. we are seeing utilities leading the declines. this after a weekly loss already and as we are awaiting the federal budget update not to mention the rba rate decision. we are getting australia trade numbers out today. kiwi stocks gaining ground for a sixth consecutive session. we are seeing futures mixed at the moment. nikkei futures gaining ground. we have the japanese yen at the weakest level in weeks but they have given up some of those earlier gains. haidi. some more's get market analysis from jp asset management. carrie craig is with us. let's start off with the news of the day. he would have seen live pictures of president trump walking unassisted out of walter reed medical cen

probability of a deal is below 50%, so i would say the most likely scenario, by a small margin, would be wto terms. is, however,hing how the markets react, so the downside, i think most would agree, is kind of more contentious. if that were the scenario to play outcome of the downside would be significant, so we could see a move down as low as to december 21, but on the others, if we do if we to -- other side, do manage to strike a deal, i see that being more limited, simply because of how sterling on that scenario, the deal perceived to be more than thee for europe u.k., and u.k. industries would be disadvantaged. the upside would be quite limited in that scenario, although i do think it would be reasonably well-balanced around deal or no deal, the market reaction, i think, is asymmetric to the downside. cole,ne: all right, adam rbc capital markets. coming up, we speak to the h&m chief financial officer. estimates said it will close around 5% of stores. we will talk about brick-and-mortar versus online. this is bloomberg. ♪ nline. this is bloomberg. ♪ francine: this is "bloomberg survei

he is really prepared to walk away and , whichno deal settlement would mean ultimately moving to the wto terms, very basic tariff terms, as of december 31. judging by this very muted response by sterling, you can basically tell that no one in the markets believes him. caroline: the slow march continues. no one believing that he is going to be playing this game of chicken quite as hard as he hopes the europeans will be thinking. returningth ireland to a lockdown. he is trying to navigate this ongoing political disaster at the same time that he has the covid disaster. john: i would add an international dimension. he is probably in more trouble over covid at the moment. he is in a lot of trouble with his own party and in a lot of trouble in exactly the northern seats that labor picked up last year. traditionally labor voting seats and now the ones that are being asked to shut down and complaining about it. you might have heard that there is an election in the u.s. and if the polls are right, we will have joe biden as the next president, who is of course of irish extraction and who has made

a no deal exit would be reverting to wto rules. with new tariffs on goods pushing up the price of imports, like food and cars. talks between the two sides have again stalled. with the u.k. refusing to budge on key issues, including fishing rights. emmanuel macron has said that is just one stumbling block. >> [speaking french] reporter: speaking at the eu summit, angela merkel also restated her preference for a deal. but not at any price. there have been continuing talks with the u.k. living the british aside to returnrn to the negotiating tabe -- leaving the british aside to return to the negotiating table. chris: this is clearly the end of talalks, are wewe heading tos a no deal? >> who knows. [indiscernible] going on for five yeyears now. we need for both sides -- i it s comical, you don't even know at the moment, the eu negotiator [indiscernible] concessions to make. this is where we are. there are millions of josb, -- of jobs, company from both sides of the channel. an australian deal means commitments to exports. [indiscernibl

and eu are overng for a clash preferred candidates to lead the wto. observers believe the trump administration is leaning toward the other candidate, south korea's candidate. the other preferences not yet clear. saudi arabia's crown prince is being sued in the u.s. over the killing of journalist jamal khashoggi. prince mohammed bin salman and 20 others are named in the complaint. khashoggi was killed by saudi agents in 2018. crown prince mohamed denies any involvement but accepts as the de facto leader. city,'s most populous officials are imposing a 24-hour curfew following protests over police brutality. a nigerian health officials is at least two officials were shot dead, adding to at least two other deaths across the country yesterday. global news, 24 hours a day, on air and at bloomberg @quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am leigh-ann gerrans. this is bloomberg. yousef? yousef: thank you so much. let's get to the u.s., because the country may be edging closer to a stimulus deal. house speake

the wto is coming up with its news relating to the airbus/boeing case, awarding $4 billion in damages in the boeing subsidy case to airbus. thatxpectation was that would be about the number, but airbus asked for around three times that. let's return to the issue about what is happening with the banks. that jp morganse sounds as confident as it does, and is u.k. -- and as you say, it has reduced to those reserves as much as it has? sonali: they said that they are being more conservative than the fed. they have made their expectations for unemployment ng to be a little bit better than we saw before, but a huge degree of uncertainty, and they have been sounding the alarm on this for a number of weeks and months now. gormanimon joined james and said that stimulus was needed for small businesses in the broader economy when it comes to unemployment, and it is very clear that those issues will run off to the big banks if that is not taken care of sometime soon. will be back.ou we've got the citi call ongoing. it is a theme that is going to be running through the next couple hours. joining us

ending the oil industry as well as his support in the past for nafta, and china is entering into the wto. as you did yesterday and will again today, the president is putting a video up on the big screen using biden's own words against him. putting in forward what he said about nafta and what he said about the wto about the joe biden presidency which would take america further down the road as the president charges joe biden over decades. >> president trump: joe biden is a diehard globalist, by biden enthusiastically voted, guesstimating the manufacturing and enriching china at your expense. >> he also talked today about the swearing in of amy coney barrett at the white house. the president morning at every stop that biden may move to pack the supreme court if he wins the presidency. the president also continuing to paint a rosy picture of the coronavirus even though infections across the country have hit new record highs and the president insisting that the nation is turning a corner and the biden win would lead to new shutdowns. here again is the president. >> president trump: he said i

go back to his support for china on wto entry. we talk about ohio, the astronaut of ohio lost a -- the state of ohio a third of all of their manufacturing jobs just because of nafta and china's entry into the wto, things joe biden supported in both cases. you're going to see a lot more of that between now and election day specified into these various states. lou: jason miller, thanks so much. >>> and we want to remind you about "the trump century," the book is out, "how our president changed the course of history forever." get your copies at loudobbsshop.com. stay with us, we'll be right back. loudobbsshop.com. there only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ lou: joining us tonight is christophr rufo, filmmaker, and he has been at the forefront of the relations of -- revelations that the country is coming to terms with right now. christopher, good to have you with us. did you notice the reference in the debate to sensitivity training rather than critical race theory training? >> absolutely. it's reall

china and during his nearly 50 years in washington one of those who supported bringing china to the wto, he is one of those who did not hold china's feet to the fire on human rights issues anti-human rights abuses to u.s. china trade and he wants a corporate tax level for the united states that surpasses that of china, when you look at the range of domestic and foreign policy of joe biden, it is a danger for the united states on china, we will go backwards not forwards. >> what was the immediate danger be to americans. >> i think the immediate danger would be the signal would be received by the chinese, there is a new sheriff in town and what they are doing all over the world on the african continent in the broader middle east and the south china sea that the united states won't respond with the strength that donald trump has been building because he just sees the world biden in his camp and a very different way, let's cooperate first, even if it entails preemptive consumption making which we know is the biggest danger of all in ieternational relations. liz: white is that the biggest da

go back to his support for china on wto entry. we talk about ohio, the astronaut of ohio lost a -- the state of ohio a third of all of their manufacturing jobs just because of nafta and china's entry into the wto, things joe biden supported in both cases. you're going to see a lot more of that between now and election day specified into these various states. lou: jason miller, thanks so much. >>> and we want to remind you about "the trump century," the book is out, "how our president changed the course of history forever." get your copies at loudobbsshop.com. st i can't believe it. what? that our new house is haunted by casper the friendly ghost? hey jill! hey kurt! movies? i'll get snacks! no, i can't believe how easy it was to save hundreds of dollars on our car insurance with geico. i got snacks! ohhh, i got popcorn, i got caramel corn, i got kettle corn. am i chewing too loud? believe it! geico could save you fifteen percent or more on car insurance. and i'm still going for my best. even though i live with a higher risk of str

go back to his support for china on wto entry. we talk about ohio, the astronaut of ohio lost a -- the state of ohio a third of all of their manufacturing jobs just because of nafta and china's entry into the wto, things joe biden supported in both cases. you're going to see a lot more of that between now and election day specified into these various states. lou: jason miller, thanks so much. >>> and we want to remind you about "the trump century," the book is out, "how our president changed the course of history forever." get your copies at loudobbsshop.com. st we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it - with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. usaa when you

the race to succeed is in its final months and the eu says him and the former nigerian finance wto intendsthe to announce a winner by november 7. the world second-biggest cinema chain cineworld is closing all of its u.s. and u.k. movie theaters amid a resurgent virus and winter blockbusters that have been pushed back. all 536 theaters in the u.s. and 127 in britain will close temporarily, affecting as many y as 45,000 jobs. no timeline has been given to for the reopening. pent-up demand in china as half a million people traveling to medically in the first four days. almost 80% off last year's total. ride-hailing apps crashed and great wall tickets sold out after people spent nine months housebound. the travel industry and the rest of the world is expected to lose more than $1 trillion this year. global news 24 hours a day on air and on bloomberg quicktake in more than 120 countries. i'm karina mitchell. this is bloomberg. shery: let's get over to sophie kamaruddin in hong kong for a check of some top calls as we count down to the asia trading day. sophie: shery, in the face of the u.s. yield

be addressed in collaboration with other countries and with international organizations such as the wto, world health organization, international monetary fund. >> senator hart, what should our policy toward china be? given the situation there, how they treat their minorities and military expansion? >> i will agree with much of what i've heard here. we've got to align ourselves with other countries so we come from a position of strength. yeah, it is clear we are all unhappy with china as a bad actor. that's why it's really frustrating that we went into this trade war from a singular factor instead of creating an alliance with other countries. now, we've gone for almost four years, and farmers have suffered as a result. so, we've got to reengage with diplomatic relations here, and we've got to do this from a position of strength. so, aligning ourselves with other countries with similar concerns. and again, so many of our farmers that are engaged in this trade kind of situation, they understand how to do this, where their advantages are. they need to be a crucial part of that conversation

the wto says the european union can put tariffs on up to $4 billion of u.s. goods over washington's illegal support for boeing. it is one of the largest penalties impose, coming one year after it imposed terrace against the eu over european support for airbus. germany has pledged solidarity with greece and cyprus and their dispute with turkey oversee boundaries. in athens, the german foreign minister warned turkey of a major setback in relations with europe. turkish ships have been searching for gas reserves and waters that greece and cyprus also clalaim. a huge bomb hasas exploded while being diffused remotely near the polish seaport. no one was injured. the 5.5 ton device was discovered last year during dredging operations, one of several bombs dropped by british warplanes to sink a german warship in 1945. u.s. president donald trump is on the campaign trail, just a week since he was released from the hospital where he was treated for covid-19. his doctor say he has tested negative for consecutive days and is free to campaign again. with just three weeks un

manufacturing products down to the normal and legal duty rates that united states had been committed under wto, that could be ice breaker. >> reporter: watanabe said japan could play an important role for pushing forward free trade. >> i think japan is quite prepared actually to play that kind of intermediary roles between united states and china because we have already tpp 11 across asia-pacific involving 11 countries including japan. we have u.s.-japan trade agreement on goods. >> reporter: depending on the outcome of the election, there may be a change in the u.s. stance on global trade. nhk world. >>> department stores in tokyo are changing their new year strategies to cope with the pandemic. they're moving early with their bargain packages known as lucky bags. they contain items worth much more than the retail price of the contents. the only catch is shoppers don't know what's inside until they buy one. managers say sthar bags contain lifestyle items for people to make the most of being at home. one contains a hammock and even a carpet. another bag comes with kitchen tools to make staying

you step back and look at the seeds he planned for nafta, the trade negotiations which creates the wto, apec, which the asia pacific economic cooperation, middle east peace process. frank through the only global climate change treaty the senate has ratified which i was deeply involved with and creates the framework for the paris accord and everything that flows from it. all those start in the bush 41 administration. and the irony is that with a little distance of time, many of the aspects of the clinton agenda for the bush 43 agent in a sense flow from this one-term president. >> it's interesting, if we -- as i suggest that have less a neat progression in our history but more traditions and leaders coming in and out you point out after 9/11, it was a vandenberg resolution that helped us after 9/11. a extra tradition coming in and out and making a contribution. >> actually the only time it was inadvocate wad to help defend the united states and it shows the true nature of alliances. >> you discuss the importance of economic state kraft, trade, technology. one thing you point out, making

on the wto i would for two chad but i think one of the problems is that the united states has complained about the appellate body and the dispute settlement system without putting forward a positive agenda for change. once we identify exactly what the united states wants out of the dispute settlement system , then we can move forward. but unless there is a positive proposal for change, we're going to be in this deadlock. adam: thank you, doug. change. once we identify exactly what the united states wants out of settlement system then we can move forward but unless there is a positive proposal for change, we're going be in this deadlock. doug.ank you, before going on to on the peterson institute www.pie.com, all of the memos and videos are present. continuing to push on a rolling basis new ideas, new before going on to the next substantive question there, have been questions about where to find the memos that these speakers are posting from. on the peterson institute website, www.piie.com, all of thememos and videos are present. we'll continuing to push on a rolling basis new ideas, new v

the who, to reform that, that's another front on which china can talk to him, he wants to reform the wto, china ‘s largest trading nation and... there are multilateral france that china and the us can talk. 0k. then things will get better, probably. before i let you go i have to mention covid—i9. donald trump very strongly blaming china at every opportunity, it seems. what's your response, how do you think your response, how do you think your response, how do you think your response to covid—i9 and donald trump ‘s words about the role of china in it, impact on relations between the countries? i think it is quite a bit of misunderstanding. covid—i9 has hit us as never before, nobody knows what it was. it was very surprising and people were shocked. it took time to digest, get consensus, expert confirmation but once china realised, we shut down the city of wuhan, and in hubei province and we shut down china for two or three months and we have knowledge which is being acted around the world, social distancing, quarantine, massive testing, tracing, ithink distancing, quarantine, ma

the united states, china and brazil also trade with the eu on wto rules. let us get more on what that means in terms of negotiations. shanker singham is a former trade adviser to the uk government. thank you very much forjoining us on bbc news. so much to talk about, so much to pour over. what did you make of what boris johnson so much to pour over. what did you make of what borisjohnson had to say today? this is not a great surprise. i think the uk going back to the pre—coalbed world of the speech in brussels and boris's speech in brussels and boris's speech in brussels and boris's speech in greenwich in february now the uk has been very clear that they wa nt to the uk has been very clear that they want to be an independent state and they want to be an independent state for the purposes of fisheries and it would not have any problems with the eu's regulatory system or would of law over the economy have been very clear about this and i think i've been growing frustration in the uk camp and the eu is not shaking as if thatis camp and the eu is not shaking

expected, the wto has named two favorites to succeed roberta azevedo as leader. the trade minister and former nigerian finance chief will contest the post with the wto set for its first female boss in a 25 year history. the organization will announce a new director general after the election. those are your first word headlines. samsung electronics just announcing those preliminary third quarter operating profit and revenue numbers. both beating estimates. the operating profit number, 12.3 trillion won. let's have a median analysis from the senior research manager. what do you think of the numbers? we don't have the divisional performance as of yet. we were expecting them to actually do pretty well. the expectation was for handsets to have done well given huawei's problems. what are we seeing? a good quarter for samsung. even the new contrasts the business has been getting over the past couple of months. up period in samsung in q2. smartphone sales were at 54 million, which is low for samsung. in general, from the period of march to may, many countries were -- no

the wto plans to announce on november 7. president macron is facing a widening rift with muslim countries over his crackdown on radical islam. turkey's president is leaning calls to boycott french goods, but it is unclear how widespread that will become. early responses are divided along familiar lines with turkeys allies on one side and saudi arabia's on the other. the recent tension sparked by the murder of a french teacher. women's groups ramping up protests in poland after the top court banned abortion. demonstrators blocked key roads and bridges in warsaw and other cities bringing traffic to a halt. a new high in civil disobedience on the five-year real of the nationalist justice party. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. jonathan: thank you. top story, virus cases surging in europe. governments running out of options to fight the pandemic. the continent facing a drastic step of another lockdown and

the trump demonstration upended the selection of a new leader for the wto. washington won't join the consensus behind a former nigerian finance minister because it supports a rival korean trade chief. the u.s. says he is too close to pro-trade internationalists. signs of progress in resolving some of the biggest -- sources in london hope an agreement could be reached next month. london and brussels remain far apart on several areas, including what they term "a level playing field." nasa saying it identified a long-running air leak on the international space station and teams in orbit and back on earth are planning a permanent repair. teams have been searching for the lake for several weeks, though nasa says -- leak for several weeks, though nasa says they were never in any danger. the iss has avoided any serious incidents thus far. that is a look at your first word headlines. haslinda: let's take a look at the markets. asia in losses. not as much as what we saw in the u.s. and europe. the outlook not looking pretty with new national lockdown's, accelerating

because it johnson, is his legacy, be ok with going under wto rules come january? he isnson has been clear prepared to go out of the eu without a deal. i think if you look at michael gove in the cabinet who is responsible for preparations, he has been more cautious about that. weekend, leading without a deal would be no picnic. this would be a very big disruption for business and there would be meaningful disruption at the end of the year. changed theayed -- calculations here. johnson is fighting a lot of political fires now on different fronts. you've got a big argument over government's handling of covid, a big fight between the government and mayors in the north of the country over lockdowns. is brexit one fight you particularly want to have at this moment? that is an open question. francine: thank you so much, edward evans. let's get straight to the first world news. pelosi has given the is nohouse -- if there more progress on a stimulus package, it won't get done before the election. and thet just the house administration, senate republicans are all looking at

and i think trump has drawn attention to china's manipulation of trading regimes and misuse of the wto and the security threat of the chinese scientific progress with artificial intelligence and huawei and the water persons to the western world. this is something obama wasn't interested in i would say and trump overstates but the fact is he has gotten threatened to pull out of huawei and germany he has broken up europe which now views china as a systemic rival which is stronger language than before. the german business groups in germany have a stronger voice and a warning against china trade so i think on china also there has been a kind of wake-up call that trump has trumpeted maybe much too strongly and frankly offered to borrow the foreign-policy chief of the eu u.s. dialogue on china and he did a very good thing. i think it might work better under a biden administration but in principle it's the way one should respond. i think that is something and also if you look at what's gone on for a long time obama worried north korea and whatever is happened there they are still building up

least quite a few or been involved with quite a few trade deals, that is foreign-policy, part of the wto goes against the united states. a big behemoth organization that is interfered with our ability to trade. as far as the tariffs biden didn't even know what tariffs were. he forest taxpayer dollars was how could you vote for somebody like that. it is not taxpayer dollars which it is money that came from china. a different country. that have been punished, intellectual property stealing and finally getting do, the farmers by the money wisconsin. i'm surprised this man didn't mention anything about that. he doesn't want to give trump credit for anything. >> host: let's take the point about farmers in wisconsin getting the money from this administration. did help? >> guest: no doubt the payments to farmers did help with some of the losses because of trade wars. because of the sanctions china put on us in retaliation, those, to make up with those, helps close the gap, the income they lost. the excise taxes, with trade wars going on and tariffs paid by the consumer. we are the ones that pay

the trump administration has amended its selection of a new leader for the wto by vetoing one of the few remaining candidates. washington will not join the consensus behind the former nigerian finance minister because it supports the rival, the korean trade chief. the u.s. is set to -- he is to to trade internationalists. the fifth major storm of the year has passed the u.s. golf coast. it came ashore in louisiana near new orleans and it may be the most powerful system to hit the city since katrina in 2005. windsorm sustained of 110 miles per hour. it is expected to hit new orleans with the strongest guests in 15 years. initial damage forecasts are as high as $5 billion. nasa says it has identified a long-running air leak on the international space station. teams in orbit and back on earth are preparing a permanent repair. nasa says they were never in any danger. a platform is regularly threatened that has avoided any serious incident so far. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries.

tomarie: and the wto plans announce to finalist to be the next director general, and it 2:00 a.m. tomorrow on this side vpthe pond, we have the debate. i'm never seen such excitement on a vp debate in my entire life as an american. with just over two months before the cdu convention that will decide on angela merkel's party successor, the election race is heating up. her longtime political adversary ands to stand a good chance there could be a compromise candidate. boris johnson will have to take the internal market bill off the table if he wants a deal with the european union. be theourse this will which a long period in the chancellor has shaped and strengthened the reputation of dealmaker,an honest and has strengthened trust in engagement,ity and but this is democracy, that governments change, that new people come into responsibility thinkwer, and we have, i we can say we have evolved to be a mature democracy. so new people will follow. the styleperienced and success of the style of angela merkel, but then of course there are new challenges ahead of us. i'm very convinced we ar

the wto plans to announce its new leader by november 7. jack ma is poised to become the world's 11th richest person after its shares were priced of its initial public offering. it will boost his wealth over $70 billion, more than oracle's larry ellison and the richest woman in the world. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. manus: thank you very much. laura wright in london. keeping an eye on the turkish lira. obviously a volatile session, opening 8.099. yesterday, we broke the eight level, that critically important level, so you are seeing, going through another record, 8.1 as erdogan asks the turks to boycott french goods. the central bank did nothing to assist the currency last uckingay, so we are ch when it comes to turkish lira risk this morning, another record. hsbc signals a resumption of dividends that could come this year as the lender beats estimates. my interview with the cfo yuan stephenson next -- ewen stephe

the korean trade minister and former nigerian finance chief will contest the post with the wto set. the organization will announce its new director general next month just after the u.s. election. saidrump administration is to be exploring restrictions .n's tencent -- on tencent bloomberg understands the white house is concerned the chinese giant will win access to the banking and personal data of millions of americans as they come to dominate global payments. we are told no decision is imminent. coming up later, we will have more on what the u.s. curbs on chinese tech firms mean. eternal, markets turn optimistic after a stimulus deal is being discussed. tracie mcmillion is with us next. this is bloomberg. ♪ ♪ investors turn back to risk on even at the prospect of pare down stimulus proposals. our next guest still use buying opportunities. tracie mcmillion joins us from north carolina. great to have you on. so many headlines these days. 27 days until the election, not to mention virus headlines in the stimulus package. what are you paying attention to and how do you take advanta

from downing street, is there a wanting of the deal, or would they be happy to go to a wto agreement? are people in government who want the extreme option, the other etiological rowing -- ideological wing of the movement. the prime minister, the chancellor and others are more pragmatic. they want a settlement, and i think we will finish out with what i would call a minimal agreement. in other words, no tariffs and no quotas, but all the other aspects of european integration that we walk away from. i think what people have not really focused on is the extent to which even if we get a deal, the process of leaving at the end of the year is going to be very disruptive because we are leaving the customs union. that is going to have significant effects on industries and supply chains. it is going to cause a great deal of additional bureaucracy and form filling, and all the feedback we're getting from the various transport troops is that british business is not ready for it. they are not ready for a new process of form filling, checking. they have not done the background work, possibly becau