thank you so much for joining us, secretary mnuchin. [applause] >> thank you for that introduction, and director wray, for welcoming me to the department of justice. i was getting a press conference earlier today at the white house on crypto currently and the debt ceiling, and i get asked about anti-semitism so i gave a little bit of an advertisement for my speech are today. i said i will be speaking at doj on anti-semitism later today. a few months after i became treasury secretary, i traveled to the middle east for the first time. on that trip i went to israel and visited the holy sites. it was a profoundly moving experience to light a candle and tour that the shim, the world holocaust remembered center. it is a place that commemorates the life and death of 6 million jews were victims of the holocaust. that experience was a solemn reminder of the atrocity that we must never forget and we must fight to prevent every single day. last year i returned to the middle east and i do great honor of being part of the presence delegation in town

mnuchin, anyone else concerned? anybody else want to really examine carefully whether treasury secretary, going to trade talks in shanghai next week with the chinese is so thrilled that google has no problem turning all of its potential and ip into a project with the pla. we will dear tech, let's talk. we have a pretty good relationship. you've done a lot of good for the world. but i feel like you have the potential to do so much more. can we build ai without bias? how do we bake security into everything we do? we need tech that helps people understand each other. that understands my business. we've got some work to do. and we need your help. we need your support. let's expect more from technology. let's put smart to work. ♪ ♪ [ text notification now that you have] new dr. scholl's massaging gel advanced insoles with softer, bouncier gel waves, you'll move over 10% more than before. dr. scholl's. born to move. ♪look into my eyes ♪you will see ♪what you mean to me ♪don't tell me it's not worth trying forâ

mnuchin, anyone else concerned? anybody else want to really examine carefully whether treasury secretary, going to trade talks in shanghai next week with the chinese is so thrilled that google has no problem turning all of its potential and ip into a project with the pla. we will lou: 16 of our marines today arrested at camp pendleton in southern california. those marines busted as they stood in formation. they face charges of smuggling drugs, and human trafficking as well. the marine corps says an additional eight marines were taken aside to be questioned further.on their possible involvement and the drug offenses that are under investigations and related to the arrest . today's action came after information was gained from the arrest of two other marines earlier this month. agreed to transport three mexican citizens for $8000 across the border. breaking news now. u.s. officials confirmed tonight i ran test fired a medium-range ballistic missile was in a pit missile traveled over 600 miles from so then i ran to an

mnuchin, anyone else concerned? anybody else want to really examine carefully whether treasury secretary, going to trade talks in shanghai next week with the chinese is so thrilled that google has no problem turning all of its potential and ip into a project with the pla. we will take that up right after the break. are you going 45? -uh, yes. 55 is a suggestion. -...it's kind of like driving with his dad. -what a sign, huh? terry, can you take a selfie of me? -take a selfie of you? -yeah. can you make it look like i'm holding it? -he did show us how to bundle home and auto at progressive.com and save a bunch of money. -oh, a plaque. "he later navigated northward, leaving... progressive can't protect you from becoming your parents. but we can protect your home and auto when you bundle with us. but we can protect your home and auto i was told to begin my aspirin regimen, blem. and i just didn't listen. until i almost lost my life. my doctors again ordered me to take aspirin, and i do. be sure to talk to your doctor be

secretary treasurey steve mnuchin and crist yea ray. they will each give an address and we will conclude as both have other engagements but we're incredibly thankful to both for taking time out of their schedule to be here today. secretary mnuchin was the 77th secretary on february 2013, 2013. he responsible for the u.s. treasury whose mission is to maintain a strong economy, foster economic growth and create job opportunities by promoting the conditions that enable prosperity at home and abroad. he's responsible for strengthen national security by combating economic threat and protecting our financial system. last year, he helped lead the delegation that opened the u.s. embassy in israel. his program has been an certainly element in our country's fight against terrorism. thank you so much for joining us, secretary mnuchin. [applause] >> thank you, beth, for that introduction and for the director for welcoming me to the department of justice. i was giving a conference on crypto currency and the debt ceiling. and i got asked about anti-s

plus, as we mentioned, treasury secretary mnuchin just spoke. everybody expected bitcoin to be battered. it is not. we have treason charges lobbed at google. and charlie breaks it on the future of mortgage giants fannie and freddie. less than an hour to the closing bell on this busy monday. let's start the "countdown." liz: yes, to that breaking news, just minutes ago, treasury secretary steven mnuchin dinged facebook's libra cryptocurrency plan. it is at the moment just a plan that they have announced, but in essence, the treasury department says it is seriously concerned that libra and the entire system of it could be misused for money laundering, even calling the dangers of crypto a national security issue. despite mnuchin's misgivings, bitcoin actually hit a session high, still down about $900, but let me just explain to you, this was a two-week low earlier in the session before secretary mnuchin began speaking. i marked it at $10,410. look at it now, at $10,873 per bitcoin. mnuchin also said the agency warned that facebook must enact proper

mnuchin said he has been briefing president trump daily on this issue. he's also been in regular contact with house speaker nancy pelosi as well as minority leader keviny mccar and senate majority leader mitch mcconnell. ideally they would do aye tw package that raises the debt ceiling and also lifts tde l spending cap. >> i thinka there ieference on both parties to the extent we can agree on the debt ceiling and a budget deal, that that is the firchoice. and i think we're getting closer. >> reporter: treasuryarned it could run out of cash at the beginning of september. and that'sha earlier expected because corporate tax receipts in particular have been so unpredictable. lawmakers are realizing that means they need to vote on this before they go on summer recess. the house departs in just two weeks. e senate leaves in early august. congress doesn't come back until september 9th, after labor day and potentially aftt the d limit deadline. and that's generating urgency in washington to take care o this now. for "nightly business report" i'm ylan mui in wash

last week, treasury secretary steven mnuchin holding a brief and. i asked him about the negotiations for the deal. he said if they want to get ahead of that august recess in just a few short days to return to their districts and their states to talk to constituents, they will have essentially the whole month off for august, so this is very much pressing up against a hard deadline. while makers have to get this done. it will be interesting to see whether the pharmaceutical drug pricing plan will be incorporated into this. that could pose some risk for pharmaceutical companies, and that is something we will be carefully keeping our eyes on. vonnie: according to the details we are getting already, it would give republicans about half of the amount of savings they were seeking. will that be enough, kevin? kevin: no, not for all republicans. whether it is enough to get most democrats and most republicans on board, we will know once those votes are tallied. but just in the last several days, senior staffers on the house freedom caucus, the ultra conservat

that is according to us treasury secretary steven mnuchin. the financial times reports on a boost for the uk's electric car industry, or at least forjaguar, after prime minister theresa may signed off a loan guarantee worth £500 million. money to help britain's biggest carmaker invest in its future. the daily mail headline, "toxic threat to babies in womb", highlights a report by british mps that babies are at risk of being pre—polluted by toxins in everyday household items before they're even born. and finally, 50 years after the launch of the apollo 11 moon mission, the new york times reveals how three reels of original footage of the landing bought forjust $200 are expected to sell at auction for more that $1 million. so let's begin. with me is james hughes, chief market analyst at the brokerage firm axi trader. starting with the washington post. sadiq khan, london's first muslim mayor. justin trudeau, the prime minster of canada. it is a long list. unfortunately, it is not

we're hearing from mnuchin and others it will happen. earnings parade continues to go on. most companies are beating. a lot are beating on revenue earnings and increasing guidance higher. not just blue chips like coke and united technologies, household names, sherwin-williams, stanley black & decker. we have the big tech names reporting later in the week, facebook, amazon, google parent alphabet, the question most people want to know is it too late? i bought in two of the best to answer that. david nelson and david nicholas. let me go with last names, gentlemen, you will understand why. nicholas, your thoughts on the earnings season thus far? >> i think it has been good so far. everyone is saying there is clouds out there, the storm is coming. we haven't seen the storm yet. one of the best things going for earnings season expectations were lower, once you get the beat in earnings that can really push the markets higher. absent of a trade deal earnings is only thing we have to push the markets higher. there are still verdicts out there but i like what i see. charles: nelson

steve mnuchin says he may had to beijing of trade talks aren't productive. this as europe's braces for u.s. tariffs on $7 billion of goods and legal aircraft subsidies. trading revenue will be the talking point for goldman sachs and jp morgan as they report quarter results. we will hear from the cfo, john shrewsbury. and buyers reprieve. the german company's legal payout over its second round up by $55 million by u.s. judge. there are some harsh words in that case. >> he called their behavior reprehensible. --ant to talk about bitcoin everyone has harsh things to say about bitcoin, from president trump to his treasury steve mnuchin, saying it is only backed by thin air. on can see it hit 12,000 friday and just dropped over the weekend, trading now a 10,700 between four dollars. one of the problems for bitcoin is that a lot of people have bad things to say about facebook's libra as well, even maxine waters is out against libra. but i'm not sure they should necessarily be making the connection between those two what it looks like investors are. let's take a lo

treasury secretary steven mnuchin calling out facebook's proposed libra currency asking the social network for more details. >>> and town but not out walmart's ceo admitting his company fell behind amazon but now the pressure is on to play that catch up game. >>> and finally peter thiel doubling down on his attacks against google why he says the search giant's dealings with china should be a huge red flag for the feds it's tuesday, july 16th. "worldwide exchange" begins right now. ♪ >>> good morning welcome to "worldwide exchange" from wherever you are in the world you may be watching. i'm dominic chu in for brian sullivan live pictures here, a screen shot of capitol hill where today congress will be holding hearings on big technology we'll take you there live in a moment first here's how you and your money are setting up right now the global markets are setting up their day stock futures indicating the dow will open just about flat, off by 4 points. not much movement. there the s&p up by 1 point. the nasdaq up by 6 to 7 points this after the major averages capped off another day of, yes

stephen mnuchin calls libra a national security issue. this is bloomberg. ♪ nejra: economics, finance, politics. let's get the bloomberg business flash. viviana: the new designer boosting demand for the u.k. luxury brand. store sales rising 4% in three months ending in june, twice what analysts expected. new designs delivering strong double-digit percentage growth. sales in china rising. investors a 50 basis point premium as it finished the winding down of the scandal. europeane buying crh's distribution arm. of just overlue 1.6 billion euros. other -- beat other bidders. $730 million burrito that for bill ackman. the value of stake in aaa hit ag -- in chipotle three year high. investment this year through july 9. that is the bloomberg business flash. nejra: thank you. onparliament set to vote ursula becoming the next president of the european commission. she needs a majority. some lawmakers are not backing her as she did not campaign as an official campaign in the may election. paris, great to see you again. she has addressed parliamen

steven mnuchin joins the growing chorus of concerns about facebook's libra. but first, to china. it hit the weakest pace since data began in 1992. to rose just 6.2% april june, underscore and how much pressure -- underscoring how much pressure chinese lawmakers are under. 6.2%. do you believe it? >> we do not believe this. i think the key is china's gdp data is never accurate. there are a lot of reasons. it is not always political manipulation. a lot of it is lag. sometimes it takes a long time to collect the data. when the chinese see a problem in the economy, they do not want to show the growth indicators have fallen off a cliff so they spread the weakness until later. a lot being reported his weakness we saw a earlier in the year. we are seeing much better metrics in our own data. taylor: how much better do things appear? what gauges do you look at? signs ofing, positive retail sales and factory output. what other indicators can you look to to give you a better indicator of what is going on? >> it collects from over 3300 firms. within that, we track manufacturing, services, an

debt ceiling, that's according to steven mnuchin the u.s. is due to hit the limit in early september mnuchin said both democrats and republicans would like to raise the debt ceiling in conjunction with a two-year budget deal. nancy pelosi ruled out a short-term hike putting pressure on lawmakers to come up with a budget deal before congress goes into recess. >>> and in earnings, citi group shares lost ground during the u.s. session yesterday to close flat despite a 12% jump in second quarter adjusted earnings per share. the u.s. bank got a boost from lower operating costs and a strong performance in its consumer lending division shrugging off concerns over a weaker economic outlook. revenue at citi's fixed income and equities trading unit fell as michael corbitt flagged develop the. >> citi's revenue and eps were flatted by one-off gain. a lower tax rate and cost controls also contributed in terms of the actual performance, net interest margin fell to 2.67%, lower than the 2.71% expected that said 3% loan growth and 5% deposit growth met net

secretary steven mnuchin trying to soothe fears as a u.s. government default as we get close to hitting the debt ceiling. he joined us in the last hour here on "squawk box" >> i don't think the market should be concerned. i think everybody is in agreement that we won't do anything that puts the u.s. government at risk in terms of our issue of defaulting. i think that nobody wants a shutdown in any scenario so i don't think the markets should be concerned and we're working hard we'll get there one way or another. >> secretary mnuchin is currently meeting with other global financial leaders at the g7 in france >>> morgan standly meeting the top and bottom line in the quarter. it was solid across all of the businesses, that stock is down right now by about 3 cents also dow component united healthbeating forecast for the latest quarterly earnings report and raising its guidance for the full year. united health's results were helped by growth and membership. the company did raise its guidance for the full forecast beat by 15 cents for the current

to say the least. >> i expect -- to be on the conference call with steven mnuchin -- >> pelosi and mnuchin and jonathan swan. >> but i will say she's under very difficult circumstances because you know particularly the progressive base doesn't want to hear she's doing sort of deals with the trump administration. >> axios is looking at a big hire for mayor pete ahead of the debates. what are you hearing? >> so this is my colleague, elena trane scooped this. they have hired a senior adviser, michael howell. he's been a senior adviser for campaigns for hillary clinton, barack obama, terry mcauliffe. he's a really big hire and we're hearing more coming. it's a signal that the buttigieg campaign is getting some of the top establishment talent from around town. >> he'll have to have a big night this week to break through a little bit more. jonathan swan, always a pleasure. thanks. we'll be reading axios in a little bit. you can sign up for the newsletter by going to sign-up.axios.com. >> that does it for us this morning. i'm yasmin vossoughian with ayman mohyeldin. "morning joe" starts now. >>>

we mentioned steve mnuchin, but also jerome regulators. we mentioned steve mnuchin, but alsojerome powell, the head of the us central bank. there isa head of the us central bank. there is a real worry about how this will work. absolutely, there is a worry about how this will work from facebook‘s point of view but it is not just the facebook‘s point of view but it is notjust the facebook crypto currency that gets this reaction from the us. the fed and jerome powell have been concerned about crypto currency in general. point is the most well—known, and trump's comments on the last few days, steve mnuchin and nowjerome powell, we have seen libra fall, and other crypto currencies as well. the reason why these are so interesting and are willing to buy them is because there is that no centralised area, that there is almost a lack of regulation, which is what is attractive about these things. now, theissue attractive about these things. now, the issue with crypto currencies, and this will be the issue for facebook, is you have to walk the t

what is the essence of mnuchin's argument? ,dam: he highlighted libra which is facebook's proposed coin. has entered into the cryptocurrency and the national security issues are what is worrying the white house and trump administration more broadly. thursday,elf tweeted last week, that he is not a fan of cryptocurrencies. all of this really just as for the pressure from some of the mainstream in the u.s. -- adds to the pressure from some in the mainstream in the u.s. there is pullback we have seen in the last few days. monday morning, we were waking up to a 15% decline over the weekend. there are still big moves in the cryptocurrency space, but what the words of commentary, what they do, it has put a bit of a risk to sentiment in the cryptocurrency space so there is no doubt that the adoption rate is still there. there's more institutional money seemingly waiting to invest in this affect, but these words of warnings from such high senior officials in the u.s. just dampens sentiment a bit. like that.y feels people wanting to di

now, treasury secretary steven mnuchin is taking aim at facebook over its proposed cryptocurrency. sec. mnuchin: the treasury department has expressed very serious concerns that libra could be misused by money launderers and terrorist financiers. ben bain covers financial regulation out of washington. crypto used to be this french issue in washington. all of a sudden, facebook wants to do it and it becomes a key issue. what can we take away from steven mnuchin's comments when it comes to the timing and what he just said? ben: he is just the latest, as you mentioned, in washington of high-ranking officials to come out and raise serious concerns about what facebook is planning to do. i think substantively what he said today was not that different from what president trump said last week. basically that there is a lot of concerns this administration has about how cryptocurrencies can be used by criminals. however, the fact he came out four days later, right before facebook's top executives working on this libra project is going to go before the senate banking committee tomorrow and th

secretary mnuchin's crackdown. wilfred is covering citi earnings dion is watching the debt ceiling debate let's begin with treasury secretary steven mnuchin's comments on crypto moments ago eamon javers has that. >> the rarely used white house press briefing room these days, put a marker down on skepticism about this idea of cryptocurrency, and specifically about facebook's plan for its own cryptocurrency i asked the treasury secretary about where things stand on the regulatory side with the fed, and then also whether or not he ultimately wants facebook to be in this business at all. here's what he said. >> j. powell and i meet weekly and we talked about this extensively. there are these discussions going on they will continue to go on. again, to the extent that facebook can do this correctly and can have a payment system, you know, correctly with proper aml, that's fine they've got a lot of work to do to convince us to get to that place. >> so, more gone, the treasury secretary there saying facebook has a lot of w

steven mnuchin says he could go to beijing if a trade talk goes well, and also criticized facebook's cryptocurrency ahead of a crucial hearing. theset to make history, german defense minister steps down as defense minister ahead of a secret ballot that could cement her as the first female european commission president. ♪ ♪ manus: warm welcome to your biggest concern -- to "daybreak europe," and what is your biggest concern, a meltdown or a melt-up? this is the msci world index. to bail on stocks. central banks are giving you a gift, that is their message. more of a risk as equity markets go up, and people don't appreciate that. the question is, do you believe that going into earnings season? the least attractive market for them, the usa, their top calls australia and japan. a couple more markets, even i can't make wti more exciting than it is. downgraded, what will the inventory tell us? and gold, it was red, i do promise you, ahead of retail sales. the point, if you want to protect yourself as yields go back up, do you want a little gold for protection? that is a question for ma

mark: treasury secretary steven mnuchin was less enthusiastic. he says the trump administration still has big issues with france's approach. areyoto, japan, 33 people believed to have died in a suspected arson fire at an animation studio. three dozen others were injured. survivors say a man burst into the studio yelling "you die." and then sudden on fire. a suspect has been arrested. mexico's president says he will use legal channels to get the fortune of convicted drug trafficker joaquin "el chapo" guzman returned to mexico. president andres manuel lopez orbit or said the money will be used for anti-poverty programs. u.s. officials have estimated guzman's fortune at $14 billion. a judge ordered him to pay 12 point $6 billion as part of his sentence was announced yesterday. global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. back to you in washington. david: thanks so much. tensions remain high between the u.s. and iran with con

a warning from steven mnuchin. he has told nancy pelosi the government may run out of cash in early september if congress does not increase the debt ceiling. wantsary mnuchin lawmakers to act before they take their six-week recess starting july 26 but it is not clear if the house and white house can reach a deal by then. president trump says nationwide will be carried out this weekend, focusing on criminals. mr. trump told reporters "we will be taking them out by the thousands." he previously postponed the raids, saying he wanted to give lawmakers a chance to change immigration laws. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. craig, back to you in washington. craig: turkey says it has received the first major delivery of russian defense missile systems. joining us for more on the story is built fairies -- bill faries. what does this mean for u.s.-turkey relations? >> it is the latest blow

treasury secretary steven mnuchin. good morning to you. we want to get your take right now just we want to start off with what is going to happen in this next week and exactly what you think the time line looks like. >> well, good morning. it's great to be here with you the time line on the budget or the time line on china >> i want to go to china first given that markets this morning, both in china and the u.s. seem to be moving on this expectation that there's going to be a team including lighthizer and potentially yourself headed there. >> right so ambassador lighthizer and i will depart on monday. we will spend tuesday and wednesday in shanghai. the reason why we're going to shanghai is that the host country, china, has invited us there. there's a significance to them of the shanghai communique and the symbolism. obviously of that important agreement. so hopefully i'll take that as good news that we'll be making progress next week but i would say there's a lot of issues so my expectation this will be a foal -- follow it one a meeting b

robert lighthizer and steven mnuchin and spoke to their opposite members. steve mnuchin had said if initial phone contacts go well, the team could fly to beijing for face-to-face talks. china has strongly criticized the european parliament for tabling resolution on the political situation in hong kong. brussels is set to debate a motion that would call for complete withdrawal of hong kong 's controversial extradition bill. it denied the hong kong government axis to tell it -- technologies could violate human rights. china said they would not allow any country to interfere. disappointedply and sternly opposed the action. we think good relations are important but it replies -- requires common efforts on both sides. we hope the eu side can honor its commitment on relations with china. relations between the u.s. and iran have been further strained by the seizure of a tanker in the gulf and the shooting down of an iranian drone. iran says the ship was halted because it was suspected of smuggling oil. it happened sunday but pictures have just been released. washi

the democrats are striking back against that defiance by formally taking steve mnuchin to court. that's going to try to make them comply with the law. the fight not only puts new legal pressure on trump, it reminds voters about a broken promise. >> if i decide to run for office, i'll produce my tax returns, absolutely. i would love to do that. >> he didn't and he doesn't, the new york times saw some of trump's tax info decades ago, it showed a billion in losses. it showed evident that he engaged in tax schemes. the times saw them as outright fraud. maybe those reports have something to do with why donald trump broke his promise. i am joined by david corn. who is not only an author and an msnbc analyst, but someone who has made -- i must know for this conversation, a nearly daily habit of tweeting today would be a good day for trump to release his tax returns. take it away. >> that has become my private mantra, my daily moment of zen. we've been talking about his taxes now for four or five years, and he made that promise, he didn't keep it, and a lot of us have been wondering why

chad, this came earlier today in the form of a letter from mnuchin to nancy pelosi. >> mnuchin told the speaker quote, there is a scenario in which we run out of cash in early september before congress recons. i request congress increase the debt ceiling before congress leaves for the july recess. they are concerned about a stock market shock or something like that. pelosi and mnuchin have been talking almost on a regular basis. it looks like they will try to patch together an interest rum debt ceiling increase in the next two weeks to get them through to september or the end of the year. that's what it's looking like live right now. >> i am hearing this is the talks ghght right direction. when you talk about the debt ceiling, it's something no one wants to see implode. it looks like we go through this dance every single time. all the warnings but push come to shove it will be dealt with? >> most of members will deal with that. it was a different scenario in 2011 when you were dealing with the freshmen in the tea party caucus. that's when we got sequestration, the set of mandatory spend

navarro has been on the opposite side of larry kudlow and steve mnuchin on questions of trade. as steve pointed out, it is really quite remarkable that in the white house there was a discussion of maneuvering let's say to use a less loaded word. maneuvering the value of the dollar lower certainly runs contrary to what has typically been american policy but with a wink >> so starting but not ending. so look for more rhetoric about possibly pursuing this depending on how the fed meeting next week goes. >> and larry kudlow pointing out that what the president really objects to is other countries that they themselves may be manipulating their currencies. >> and we might pursue measures there. thanks for watching "power lunch. >> "closing bell" starts right now. >>> welcome to "closing bell." i'm michael santoli. i'm here at the coca-cola post coke actually the best performer in the dow today and for this week broader mpicture is more mixed. s&p 500 and nasdaq both on track for all-time record highs as we get into the final hour of trading. we'll break it all down. >> and i'm sara e

in the last few hours, us treasury secretary steve mnuchin took the unusual step that he had grave concerns libra could be used for illegal purposes, echoing similar comments from donald trump. the social media giant plans to launch its own virtual digital currency, libra and if all goes to plan, libra will be bought, sold, held, sent and even received with the firm's apps, messenger and whatsapp, as well as rival ones, imagine, a and money changes hands almost instantaneously. it hasn't even got started and it's faced a huge backlash. steven mnuchin, the us treasury secretary, said on monday that he agrees with his boss, that crypto currencies are for crooks. donald trump tweeted if facebook and other companies want to become a bank they must seek a new charter and be subject to all banking regulations. other high—profile figures share their concern stop either head of the us central bankjerome powell speaking last week, saying libra raises serious concerns about privacy and financial stability. his statements, head of two hearings this week on capitol hill where facebook blockchain lead

this week the treasury secretary steven mnuchin says he does see a path to complete a deal, however, the president said he has a plan b and is the same as plan a, mark harris. watch. >> we had a deal. and it was a deal that really was close to being done. >> steve mnuchin said you were 90 percent there. are you 90 percent there now? or will you 90 percent before they reneged? >> look, they know what we have to have. if we do not have intellectual property theft protections, if we do not have the opening of china, china is not open. we are open but china is not open. if we do not have the opening of china, if we do not have the things we negotiated and maybe even more than that. look, right now we are getting 25 percent on $250 billion worth of goods. nobody ever heard of such a thing. massive amounts of money. and don't play, do not let anyone tell you that we are paying. we are not paying, china is paying for it. china has devalued their currency in order to pay for it. they devalue their currency and their pouring money into the economy and in these companies which generally are ch

secretary steve mnuchin will talk about cryptocurrency. i was just emailed by a treasury official, this will be about quote, crypto currencies and relevant regulatory issues. fun sitting in for neil. charles payne, i leave the white house half a minute and this news dump. i send it over to you, my friend. charles: blake appreciate it. good afternoon. i'm charles payne this is making money. this is the calm before the storm as markets mark time. nasdaq hitting record highs coming into what is known as earnings season. later in the show i will go in depth what should be moving markets and how to find value when the market is at an all-time high. hint, you might buy what everybody else hates. >>> president trump taking to the mic a short time ago to address his conversal tweets about progressive democrats. what he is saying now. >>> the white house unveiling new asylum rules to deal with the crisis the border. this coming after an explosive hearing at hill between democratic lawmakers and former i.c.e. chief tom homan. >> i'm extremely frustr

nancy pelosi and steven mnuchin have engaged in numerous phone calls. there's a new urgency because the debt ceiling could be hit in early september. that's why they want to do it before august. they have been making very good progress. the offset piece is difficult. they have been trading proposals back and forth. another difficulty, not everybody in the white house wants this deal. there's an element of the white house, including mick mulvaney that aren't keen on giving the democrats the spending increases they want. mitch mcconnell asked for that to happen, democrats are more comfortable with him but steve mnuchin and nancy pelosi could agree to the deal the president might not sign off on. i asked nancy pelosi does she trust steve mnuchin speaks for the administration right now? she said rather bluntly, yes. >> and mcconnell saying he's a lesser player. >>> the trump campaign planning to roll out a new mobile app aimed at targeting the president's most ardent supporters. it's part of an effort of the 2020 campaign manager, brad parscale, will allow

mnuchin says it is a national security issue and that the administration will not allow digital asset providers to operate outside regulation. the top banks working on the field budweiser ipo in hong kong are said to have missed out on up to $170 million in fees. we are told that j.p. morgan and morgan stanley would have split that cash had the sale not been moment.t the last bloomberg data ranks morgan stanley as number one for equity offerings in asia since 2017. have displayed a missile seized in a crackdown on in your fascist political party. police also found a huge. cache of automatic weapons and nazi memorabilia. it is linked to an investigation of italians who took out in a russia-backed insurgency of ukraine. five men have been arrested, including one who ran unsuccessfully as a senate candidate for the far right in 2001. 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 selina wang. this is bloomberg. david: thank you so much. have a look at some of these samsung suppliers, key supplie

that is the unknown that steven mnuchin is talking about that could be used not for good but for bad. quoting him, he said a lot of players use cryptocurrency is to fund their malicious activity and thatis fund their malicious activity and that is a national security threat. what is your opinion on that? unknowns can be leveraged by both sides, definitely. but unknowns are also the fertile ground for us to think about how to move forward and the whole world has gone through so many different crises which have given birth to opportunity. for cyber security and looking at the last few years, privacy issues have really bring everybody into this debate. why should facebook be in this business? i am hoping the lessons they learn from the privacy concerns that people had on this event would give them really the wisdom to design it with the right security. with so much pressure from the white house and from leaders in the white house and from leaders in the federal reserve and capitol hill, could facebook crumble under pressure and just totally give up libra? i think the innovators actually

pelosi and chuck schumer spoke with steven mnuchin today. the speaker pushed back on suggestions that congress could rely on a short-term debt ceiling fix if the broader negotiations fall through. iran says it has no choice but to manufacture missiles for defense purposes. today's comments by the country's foreign minister reflect more backtracking after his comments earlier this week suggesting missiles could be up for negotiation. iran has long rejected negotiations over the missile program which remains under the control of the armeni iranian paramilitary guard. set toame restoration begin nearly three months after the fire destroyed the monument. the chief architect said the safety and quality of the repairs is what counts, despite emmanuel macron's goal of completing the work within five years. slow-moving remnants of what was hurricane barry are still causing trouble. the system dump 16 inches of rain in arkansas. expectedft of barry is to combine with a stronger system, producing more severe storms, rainfall and potential flooding. se

these negotiations, from the white house perspective, our realized by secretary mnuchin. he has interest in seeing a resolution because of the debt limit. we understand mulvaney has not been sidelined, but is not playing as interval the role in the negotiations. david: speaking of secretary mnuchin, there are reports you may be heading back over to china with lighthizer for further talks. what you make of reports that each side may be trying to give the other something and shiny -- and china may be considering -- we are considering huawei modifications. libby: there are incremental gestures of goodwill. the chinese promised these purchases would begin after the g20 summit. we have not seen that. the fact they are moving forward is an indication that may these talks can restart again. how we are talking to clients about this at tim: is that -- at are no signs of the structural issues that led to the breakdown of talks in may have been addressed. while they might be talking, i'm not sure we were the market should expect a breakthrough anytime soon. david: if this goes on fo

>> so secretary mnuchin did have a call with the chinese counterpart. they had a very good talk. we'll see what happens. we're dealing with china, we're doing very well. they are not doing very well. they have the worst year they've had in 27 years and we're having the best year we've ever had so we're doing well but let's see what happens. our farmers are doing very well because i have taken some of the billions of dollars of tariffs that we collect from china, we collect billions and billions of dollars of fees in tariffs and i gave them to our farmers. reporter: [ inaudible ] advise you about the chants? >> false information. it was fake news. reporter: you never talked about it? >> i talk about it but they didn't advise me. they told me but i didn't -- by the way, what you're saying, fake news. reporter: what does rand paul want to do? >> rand is a friend of mine but i have 53 really very good friends and they're in the senate. i also have a lot of friends, you saw that the other day when they brought a ridiculous vote up and only four republicans out of hundreds voted agains

mnuchin. but you made the ponint that fo cloth, with the religious leadership. >> that's right. >> what a night to consider where those teachings land you on speaking out on this. professor dyson, we always learn something from you. >> my friend, it's always great to be here. >> great to have you. we're going to fit in a break. >>> when we come back, did you know with so much going on tomorrow is actually "c" day, criminal contempt day for attorney general bill barr. we'll explain next. oh no, no, no, no, no, no, no... only pay for what you need. liberty. liberty. liberty. liberty. ♪ if you have moderate to severe plaque psoriasis, every day can begin with flakes. it's a reminder of your struggles with psoriasis. but what if your psoriasis symptoms didn't follow you around? that's why there's ilumya. with just 2 doses, a majority of people were clear or almost clear. and over time, even more people were clear or almost clear. all with dosing 4 times a year... after 2 initial doses. plus, ilu

now, the pressure had certainly been on treasury secretary steve mnuchin. he had emphasized that the treasury department based on their protections, he believes they will run out of money in early september. that upped the ante for congress to get a deal before the end of this week, before the house recesses for nearly a month. certainly that coming together this evening. nancy pelosi likely to hold a vote on the house floor at some point this weekend and pushes it to the senate. >> you're also learning new information about robert mueller's preparations for his testimony on wednesday. what are you learning? >> yeah. some new details coming out thenk from my colleague jessica schneider. she reports that robert mueller has, indeed, prepared an opening statement. and that opening statement according to mueller's spokesman has not been seen by anyone at the department of justice nor has it needed to be cleared ahead of time. that's significant as the big question mark is what will his opening statement be going into that important hearing on wednesday. now, mu

documents furnished to them on request, the fact that the trump administration is stone walling, secretary mnuchin, the would you say, it -- white house, it's a for them because they know it will drag out at the courthouse. i don't know why they haven't pressed harder for an expedited review. there really nothing to review because this law is the law. >> tell us why this is such a big deal. why doesn't he release his tax returns? >> he says he's under audit which there's been example -- people say they don't need -- it doesn't matter if you're under audit. you still could furnish your tax records. does the president have something to hide? is it now a game that he thinks because he was elected people don't care? it really does -- he's said in the past, i'll release them. i won't release them. maybe i will. maybe i won't. at this point it's about defying congress and his administration seems intent to do that. >> some have suggested he doesn't want people to say how much charity he gave over the past six years as a private citizen or how much money he actually made as opposed to what he says he mad

. >>> steve mnuchin says trade talks between washington and beijing are ongoing. both sides spoke over the phone on thursday, but mnuchin said he expected in-person fatalks to follow soon. mnuchin said there is a willingness to rekindle negotiations >> i think you know we were very far along on the deal. we were disappointed that we went backwards on certain issues i think we got direction from president xi to president trump to try to get back to the table and move forward and that's what ambassador litehauser and i are working on. that's our objective we want to get a good deal we will only enter into a deal if it's a good deal. >>> in japan the ruling coalition maintains its lead ahead of elections on sunday at stake are several planks of shinzo abe's legacy, including a twice delayed sales tax increase martin tsong joins us live from tokyo with more. the key question, i supposed, is will shinzo abe be able to maintain his super majority? if he doesn't, why shouldn't the market care? what are the key implications of him losing this majority >> good morning. you

the treasury secretary steve mnuchin and u.s. trade representative robert lighthizer will be in shanghai for two days of talks though, charles, it is safe to say going into this one that the expectations are somewhat low. by the way you mentioned that the 2:00 meeting president talked about, tweeted out, rather, as it relates to inner-city pastors. we do not have any information on that at this moment who might be in it. but clearly here the backdrop is the tweets from the president as it relates to congressman cummings and the city of baltimore and the back and forth there. charles: i'm direct messaging a whole lot of pastors. maybe i can bring news. reporter: if you get me scoop let me know. charles: i will let you know. amid the back and forth president trump is meeting with inner-city pastors as we speak. with some great things happening in america should president trump skip the skirmish with elijah cummings? joining me now is former congressman darrell issa. we know president is counterpuncher, cummings and nadler took aim

. >> mnuchin on the phone as well he said we're watching europe with more brexit drama talk about that in a little bit but as you can see slight gain for all a of the market over there. well this this is our top storyt one or two but three big tech hearings on capitol hill today. executives from facebook, google, amazon and apple all facing congress ppg antitrust panel of the house judiciary committee is looking to find out whether company have become so big that they need to be broken up. the hearing coming as regulators around world are voiceing concern about tech giant market power and data correction policy. >> facebook is planning for cryptocurrency libra expected to face tough questions today at another hearing on capitol hill. facebook executives david marcus basically the head of the libra project will answer questions from the senate banking committee, president trump and federal reserve chair jay powell have already raised serious concerns about facebook libra projects. now treasury secretary steven mnuchin says he has his own reservations. >> cryptocurrency sughs bit coin ha

mnuchin isn't focused on 5g. he's focused on soybeans >> i don't know if that's fair >> come on >> this administration has from a national security perspective. it's treasury that's stopped broadcom's ability to buy qualcomm why? because of national security concerns surrounding 5g. >> they think that he's controlled by the pla, which is not true oh, i'm sorry. i did reporting. >> i know there's that, and it's not true >> i just said it wasn't true. >> it's completely unfair. >> totally unfair. >> look, and i want -- look, secretary mnuchin is a very smart man. i'm just saying, he wants more trade. there are other people who don't want any trade that's really what you're dealing with there are people in that white house who said, how much do we trade with the soviet union in 1947 >> that's a big talking point. cramer's mad dash and the opening bell coming up after this quick look at futures we're coming off the biggest decline in three weeks transports, worst day of the year back in a minute dear tech, let's talk

secretary mnuchin reinforced those views yesterday. we strongly agree with both of them. we will take the time to get this right. we expect the review of libra to be the most expensive ever. we are fully committed to working with regulators here and around the world and let me be clear and unambiguous, facebook will not offer the libra digital currency until we have fully addressed regulators concerns and received appropriate approvals. i would like to start by sharing the vision for libra. it is intended to address an important problem. imagine a daughter who wants to send money home to her mom in another country. $14 on$200 she sends, average will be lost because of fees. they can take several days or weeks for the mother to receive the money, a delay that can prove disastrous in emergency. not to mention, lines may be long and collection points may be in high crime areas. it does not have to be that way. wouldn't it be easier and safer if people could securely and inexpensively receive money transfers through their smartphones just like they do for so many other things

there n a tweet. >> with his man in shanghai. >> fire mnuchin. he basically cut him off at the knees. >> you said this a couple days now. >> yeah. >> do you know something >> i no nothing. >> the anniversary of that is friday we are going to play some of that on friday. >> i don't know much about what's really happening. but you know. >> jim, the goldman call they take their 2019 target to 3100 >> right. >> costen introduces year-ends 20203400 even as they cut estimates. i mean, this is -- we are heading into period where earnings might not do a lot but if you get the fed on your side. >> don't fight the fed marty's wife told us marty's wife, we all know him from wall street fame, don't bite the pad don't bite the tape. if the fed is out canning i want to be even in the worst cyclicals. if they did anything that's good i want to be there and i have got to get out of the companies that do well when it is soft. that's the cloud kings hbi was down 4 off the quarter now it is barely down and it will probably be up. if you look at the core really good

>> senator, what i heard from chairman powell, secretary mnuchin and many others is there were serious legitimate concerns have arose from libra. i will commit, again, to do what it takes to address these concerns if those concerns are not addressed, and if the regulatory oversight is not appropriate, then, you know, we will not launch until it is. >> that speaks a lot, mr. chairman, to their accountability and their trustworthiness. >> senator toomey. >> thank you, mr. chairman thank you, mr. marcus, for joining us let me just say, it strikes me as wildly premature for us to come to the conclusion that we have to act now to prevent that could be a very constructive innovation in financial services i think there are tremendous potential benefits in blockchain technology and cryptocurrencies. i can imagine, i think it's clear, that they could help us lower payment transaction costs. they could facilitate access to capital. they provide pseudonymity, security that other forms of currency have not. limit pickup as a medium of exchange might be explained by volatility of currencies here we

treasuryhat secretary steven mnuchin had to say. so marty, facebook has brought all of washington together. republicans, democrats, the administration, jay powell. everyone is against cryptocurrency from facebook, and we haven't even seen it yet. marty: i do think libra is somewhat of a stalking horse for concerns in general about facebook and what happened in the 2016 election, and there are issues about security and safety. here it is, facebook coming up with a cryptocurrency idea that causes a lot of concern on wall the world.throughout germany today said they have concerns. i do think it is a reflection of the general suspicion about the power of facebook. lisa: my favorite part of this is that everybody is railing against facebook and uniting d.c.,ody on washington, and investors don't care at all. take a look at the reaction in the market. they really didn't move that much. you can see a blip, not even. what will it take to actually create some kind of downward momentum at facebook? luke: a lot more, i think. there was a speec

tom: is mnuchin talking to the president? kevin: not that we know of right now. asked himmnuchin, i about this in the briefing at the white house this week and he said he is continuing to have discussions with nancy pelosi. they spoke via phone and were scheduled to talk today. those conversations are continuing. the backdrop to all of this, the final deal will have to be between speaker pelosi and president trump. if this week is any indication of their relationship, it is a rough one. hera: president trump saying could impose more china tariffs if he wants. kevin cirilli, thank you so much. let's take it global and have a look at leaders arising for the ,7 meeting in chantilly, france no doubt discussing the limits of monetary policy. we have already heard from bruno le maire, the french finance minister on the digital tax and libra. ♪ ♪ nejra: u.k. brexit secretary steven barclay answering questions about exiting the european union. riskn barclay saying the of no deal underpriced. 1.24 again. withgeorge sarah bellows an extremely important note from george