On the world stage. Movinge signaling and the dollar to a threeyear low after treasury secretary Steven Mnuchins comment saying that obviously, a weaker dollar is good for us. But again, i think longerterm, the strength of the dollar is a reflection of the strength of the u. S. Economy and the fact that it will continue to be the primary currency in terms of the reserve currency. Advisorg economics Michael Mckee joining us. What exactly does Steven Mnuchin mean here . We dont know. Wilbur ross came out and said that part of the problem is that there has not really been any kind of strong dollar policy. We use it as a slogan, but since the early days of the george w. Bush administration, nobody has paid a whole lot of attention to it. At a conversation with the former treasury there secretary, and he said we are fooling you, but we never said with a strong dollar is. The general idea is the currency a Strong Enough that you are not reporting inflation and not having to raise interest rates. At the same time, you dont want it sos wrong that you are cutting off exports, so it is a nebulous comment. When you say stuff currency traders can run with it. So when mnuchin says that, it gives it more momentum. Add to your point, the chart showing what happened after bob rubin talked about the strong dollar being in the u. S. National interests. You see that against the yen, it appreciated so the trade deficit it narrowed. Then, secretary benson said that andant to see a weaker yen a stronger dollar, and he got that, more than he wanted. Is this what Steve Mnuchin wants, or is he describing the world . We know that to be true he wants that to happen. Works nt put in the in those terms, he was stating a fact. Are you trying to use it as a tool to adjust the trade deficit . I am not sure that even this administration would want to do that comes because back to get out of control. Power does the administration have over the dollar as opposed to the fed . You have some industrial policies that you could adopt that could maybe bring in more cash, and the tax bill does a little bit of that. The other way is direct intervention and currency markets, the we havent done that since 2001. They realized that currency market is too big to be influenced by any kind of intervention, so the u. S. And g7 counterparts. That. Have stopped that. Shery what can we expect in davos . Well, it is donald trump, so we know he is going to defend his America First allah sees, where not going to look out for the rest of the world, which is how the u. S. Look at things for the last 70 years. What benefits us first, and if you guys do ok, that is fine on the side, but that is not our primary motivation. If he were to Say Something like, what wilbur ross said today, that there is a trade war underway and the u. S. Troops are arriving, suggesting some kind tell toritat trade war, then you could have problems. David there is what he says and how he says it. Maybe he is misunderstood, it could be good for all of us, talking about troops and wars and things. Am sure people in the white house writing the speech and the Economic Council are going to restrainede a very speech. The problem with this president is that you dont know if you will go off the reservation and at lip something ad lib something. And we know his relationship with theresa may has been rocky. Theres any world leader who is weaker in popular opinion, it is the reason may, so for both of them, there is a lot at stake in she wants a trade relationship with the United StatesGoing Forward from brexit, because she wants someone trading with the u. K. At the same time, donald trump is unpopular in the u. K. , so she gets too close to him, she loses. Some interesting meeting. A question if President Trump heads up for an invitation for the Royal Wedding . Apparently eric and make our good friends of the obamas, so if obamas going, and trump is ago, the country might fall apart. [laughter] onid now lets get a check markets, and we will turn to abigail doolittle. We are seeing volatility in stocks in this session. We have the dow, the nasdaq, and because500 lower, earlier all three averages did put in alltime highs. Itsthe nasdaq down worst day since december 4 of last year. Some bearish activities, some selling activity relative to stocks, but very interesting. We look at haven bonds, they are selling off, and bridgewaters, and talk about the possible to of bear markets for bonds. However, it doesnt that haven yen is up 1 against the dollar. That could reflect what you are talking about treasury secretary Steven Mnuchins comments about the weak dollar. Perhaps a bit more risk off flair, but if you go into bloomberg and look at the map for the s p 500, we see more sectors are lower on the bottom. Helping explain why tech heavy nasdaq is underperforming. We also have the influence of those rising yields the andor of both real estate utilities on the bottom. Financials, interestingly on the top. It is interesting to see what is happening here. The third worst sector is the industrial sector being jack down by ge. Ge down by 3 . Ge is lower, and this has to do with the fact that the company did, despite maintaining fullyear guidance, they announced a probe around a 6. 2 Million Dollars chart. A break. Ey can get abigail, thank you for that. Coming up next, the secretary will tell us what he thinks of the Trump Administrations leak summary of the insert chapter infrastructure plan, will be paying for that bill, which could hit 1 trillion. This is bloomberg. Shery this is Bloomberg Markets fo. David returns mark crumpton. Honor tok this is my sentence deal, i just signed your death warrant. A michigan judge sentenced former usa Gymnastics Team dr. Larry nassar to 175 years in prison. Massar sexually assaulted gymnasts and other girls for years. More than 150 women have come forward, speaking during his sentencing today, he said no words can describe how sorry he is for his crimes. Mayors isonference of holding its winter meetings in washington. The mayor of new orleans says that american see chaos and confusion coming from the nations capital. Of the citycities of the spec on it is a fact, not a political theory. Where 86 of the population, and 1 of the gdp, we hold 88 of the countrys jobs, and we are where future generations wants to live and raise cap families, and we do this with concert and a Great Respect for our brothers and sisters that live in rural areas, and we know that we in fact depend on each other. Mayor added that jobs on health care and immigration in American Cities will have to take the lead it german chancellor is warning against poison of populism. She made the comments at the World Economic forum in battles davos. We have to have patience. People are much faster to act initially, but then immediately, a National Response by others thereacted this, and channel of communication is broken. Has been ahancellor staunch defender of globalization saying that popular is a the states to increasing and work. Global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. I am mark crumpton. This is bloomberg. So much, mark. We have gotten a peak of the infrastructure plan might look like with a leaked version that puts an emphasis on federal on state, relying local, and private funding, which President Trump could said has said could be 1 trillion. We welcome ray lahood. He comes to us today from washington. Good to have you here. Do the math for us a little bit here. 200 billion, and they have leverage that to 1 trillion, is that global from private partnerships . Probably not. Fine, thee idea is system for transportation is broken because of the idea that the highway trust on is roque. The highway trust fund, which is money that comes from the gas tax, and the gas tax hasnt been almost 25ce 1993, years while 25 states have raised their own gas tax, not waiting for washington. Been willings not to raise the gas tax to raise a big pot of money, so in my opinion, what we need is private, public partnerships. A be some experimental projects with respect to vehicles miles traveled, and raise the gas tax . 10 a gallon, and index it so you create several pots of money to fund the 60,000 structure bridges, the crumbling interstate, and 60yearold transit systems that are falling apart. David lets talk about that gas tax. You are around, and it hasnt increased for 25 years. Advocacyrothers in the group saying that if youre increased that gas tax why is it that we dont have a gas tax . Because politicians in washington dont want to raise it. If you look around the world, china, europe, and what they do in infrastructure far outpaces us because the National Government puts money behind these projects are you i am hoping that President Trump will come out. This idea, lets raise the gas gift more tolling, create an infrastructure bank, create more privatepublic partnerships. If he doesnt, it could possibly persuade conference to increase in gas tax everything america has gone up in the last 25 years, except the gas tax. Shery not all projects will be readily available full private partnerships. What sector d. C. The most potential for this could happen . I think the sector for projects there are the thousand bridges there are a number of privatepublic partnerships. Create a connection between Downtown Washington and the less airport. The bridge in york is being built under a publicprivate partnership. Some of the bigger projects you can do, but many of them you cant do, unless you have other pots of money, other sources of money to do them. Shery at the end of the day, it huge he passing this package, is this feasible in an Election Year . It is only feasible if the president sets the pace and comes out full force behind creating several big pots of money, and if he does that, then i think congress has a hard time going against that. If white house can do this they want to do it, if they do it, we will create the kind of Funding Sources that are critical to fix up our infrastructures. David it is a big assumption that we got the money we need, is the Infrastructure Project we have today the same as 20, already years ago . In a digital about smartlk cities, how has it changed because of digital . Technology has changed everything. You talk about the economist cars, you need the roadways in order for cars to be driven around baton to mislead. You talk about technology and same typeafety, that of technology has to be built into the infrastructure, which currently doesnt exist. You see train crashes that occurred, it is because positive train control, which is expensive, but it is technology for braking systems that would prevent accidents. You make a good point, there is a lot of new technology, it is expensive, and it has to be included in these projects that are funded. David lets go back to the politics because you understand washington well. What will it take for the people to demand this . What is it going to take nationally for the country to say, it is time to do something here are some mark . 25 states in the last three years have raised their own gas tax. They are not waiting for washington to provide the money. Not one politician in those states has been thrown out of office. States,e conservative like wyoming, utah, idaho, iowa, virginia, they all raise the gas tax. The people in those states get it. They see potholes being filled, bridges being fixed, new cars and their transit systems, and theyre saying, why dont people in washington do the same so we can move on and get our infrastructure fixed . Shery when we talk about infrastructure, the lead plan focuses on transportation, wiring infrastructure, land revitalization, how should we sort out the priorities . Thousand there is 60,000 efficient bridges. We have transit systems across america that are 50, 60 years old. We need new cars and you infrastructure, they should be the priorities. Are obviously important, target economic development, but we need the basics. America is one big pothole if we dont fix up our roads and bridges we are not really doing a service to the American People that use these rods, use these bridges. We need to get back to the basics, and the basics, and then we can do a number of other things. Shery thank you so much for your time. Former senior diplomacy advisor. Still ahead, outfox and the federal government. High states are trying to circumvent the new tax laws. Why it could mean 154 billion loss to the treasury. The is next. This is bloomberg. Shery the battle over the new republican tax law has moved from congress to state legislature. Hightech states are said to be hit hard, but new caps on state and local deductions these blue states are punching back, changing their own tax laws to outfox the federal government. They coulds believe completely wipe out all of the savings from the repeal and then some. We welcome Bloomberg Finance reporter, suzanne woolley. States are becoming really creative now. Theres a burst of creativity from legislators and past professors who are trying to figure out a way to change state and local tax deductions, as they call the acronym of salt. Unlimited, we could deduct property taxes, from our federal returns to a large amount. Cap now is 10,000. David we are seeing which states could be affected the most. Your, connecticut, california, they happen to go democrat. Im at i am sure that is a coincidence. They passed a tax cut that was really predicated on their saving some money on this limitation of state and local taxes. Hawkinson is a federal government over this . They ought to be concerned, numbers,hen we ran the we came up with 54 billion, and that is looking at just five states. If they moved to a payroll tax, which is one of the things discovered, what that could mean lost revenue. Shery explain to us what that could mean. To au changed your tax payroll tax, how much revenue would be taken out of the treasury . There are two strategies they are talking about. They talk about replacing the state income tax with a payroll tax, which would be on the tax, which would be on the employer. The employer would pay it, and are talking about a deduction scheme where you would donate, say a fund that supports education or health care, and you can conduct that against your federal return because chargeable to the actions are still do that people in your federal return. David corporations can deduct their state taxes without limitations, but individuals cant. Ultimately, the irs, the federal government sets regulations that apply to federal rules, so why would they come up with rules that, it is second, is the same as your employer think your income tax, and they may charge for that. A highstakes game of cat and mouse, and there is a lot of applications of putting a payroll tax together. There are application and burdens for someone who lives in new jersey and works in new york. The irs may come out and give some guidance or make a ruling that puts the cabal sean this, but it is a area of huge creativity. It is quite an issue because not everyone itemizes but if they change to payroll taxes, everybody can benefit from this. Which couldrue, mean less money going to the federal government. David we know that the lawyers will come out just fine because of legal advisement on this case. Becky so much, suzanne, for being here. Up next, the republican senator from kansas concerned the changes from nafta might hurt nafta is in his state. Jerry moran is from kansas and he has talked with bloombergs wilbur ross they say net that is going to cost jobs in his home state in kansas. Live from new york, this is bloomberg. David this is Bloomberg Markets. Shery lets get a quick check of the major averages, under pressure today. 2 10ths of 1 . Barrel for the First Time Since 2014. Nasdaq is down, falling the most since december. Take a look at the dollar. It is holding at a threeyear low after secretary mnuchins comments that a weaker dollar helps the economy. The british pound is gaining ground. We have stronger u. K. Employment data. For the night consecutive sessions of gains. David now for the first word headlines. Mark the Trump Administration will delay the release of the fiscal year 2019 budget until february 12, a week later than expected. The president s budget is due by the first monday of february, which falls on february 5. A spokesman for the office of management and budget told bloomberg today a Government Shutdown is being blamed on the lost time. Islamic state is claiming responsibility for a deadly attack on the offices of save the children in eastern afghanistan. Four people were killed and 26 when did. The violence follows a deadly weekend siege at the Intercontinental Hotel in kabul. 26 people died in that attack. President cas deputy is promising a new era of accountability when it comes to tackling corruption. He spoke exclusively to bloomberg at the World Economic forum in davos. The wheels of change are moving now. They are going to start speeding up as we go into other government departments, statedont enterprises. Enterprises. D we should rid our country of corruption because that is what is holding us back. Mark the African National congress is considering when the president should step down. He has promised a smooth transition. Ramaphosa was elected party leader last month. Puerto rico is bracing for a wave of home foreclosures. Hundreds of thousands were granted a threemonth stay on their mortgage payments following hurricane maria. The majority of those agreements have expired this month. Many residents cannot pay with ao. What they owe. More than 30 of the island still does not have power. The mobile first media platform founded by Jeffrey Katzenberg will provide customized short form entertainment. Leaving as the head of ceo of hewlettpackard on february 1. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. Im mark crumpton. This is bloomberg. David President Trump has called nafta the worst trade deal ever signed by the United States. Many people in kansas have benefited, which is let their senator, republican jerry moran concernedution, im withdrawing from the agreement will harm our farmers and ranchers and cost us jobs. We welcome him now, coming to us from capitol hill. It is good to have you here. Sen. Moran thanks so much. David how much would withdrawing from nafta really hurt your state and the people in it . Sen. Moran i think it is significant. Nothing wrong with trying to get a better trade agreement, to modernize, to update. But if the actual withdrawal occurs, i think it is very damaging to the economy. The way i explained this during the tax debate, and i think the tax reductions are helpful to a growing economy but you have to have income to get the benefit of tax rate reductions. If we lose our income in kansas, the benefits will be greatly diminished. What i would say is we are in exports state. You mentioned in the prelude to me it was about agriculture. That is absolutely true. Mexico, the number one purchaser of agriculture commodities from the state of kansas in the world. We are also an airplane manufacturing state, an automobile and factoring state. How we do business and how we sell what we produce brings income to our state. We are urging caution. I think there has been a belief on the part of some that american agriculture will always be there and no country could walk away from our market, our ability to export to them. Unfortunately there is significant competition. David you know this is not a particularly good time for this to happen to the agriculture the farmers of america. The numbers show net farm income. It peaked back in 2013. More than 120 billion. It is now down to 63 billion. This is a difficult time for farmers to take a reduction. Sen. Moran absolutely. There is nothing easy about being a farmer ever, but it is especially difficult now. Commodity prices are low. The way i would draw the picture for the viewers is you can drive across kansas, and most towns have a Grain Elevator were grain is stored before it is sold or exported. That grain it is piled on the ground. There has been Little Market and little movement. Were still trying to get rid of harvest that occurred a year ago and we will have harvest again this year. Our access to world markets, not just mexico and canada, but access to the world to export those commodities is how we are in a living. Shery 11 countries, including mexico and canada have just agreed to move forward on the transpacific partnership. The u. S. Has full out of that. Given the situation right now, how good a nafta pullout exacerbate the fallout now that youre not even part of tpp . Sen. Moran im discouraged we are not part of tpp. Besought canada announced the agreement this week. They want to negotiate not multilaterally, but Bilateral Agreements between two countries. Not multicountries. What i have done is encouraged them to negotiate those agreements now. We need every market today. In regard to tpp, real concern that leads china and a better position than the otherwise would be. I see them as our great competitor and they dont play by the rules. We need to make certain we dont make it easier for china to dominate the trade markets. Shery also not easy as we turn to domestic politics. It is a busy day for the senate. Senator schumer taking back is offered to find the border wall. Have negotiations become more difficult on immigration . Sen. Moran with the government running and the conversations that have occurred, one of the things probably not seen on the news is the number i said this week and after the government after the vote was cast to fund the federal expenditures, you look around the senate floor and there are pockets. A dozen senators having a conversation. Two or three are here. The conversations are ongoing about finding a resolution on the issues of border security, enhanced order security, and certainty for daca recipients. I am not discouraged. If the agreement would stay as a basic one, one related specifically to daca individuals and related to increasing the border so we dont have more problems in the future in which we have to deal with people in a daca circumstance down the road, a bottomline agreement, i think it can be achieved. I dont think senator schumers comments there is no question we will have to deal with the border. The goal is to pass a bill in the house and it has to be signed by the president. David sitting in the senate, does the senate come away from this experience even more result not to shut down the government . Has this changed the incentive all . It seems pretty obvious something has to be got on the border and something has to be done for daca. We can talk about how they the bread basket is, but it seems straightforward to us. What is the problem . Sen. Moran something has to be done with daca, the border, i think the vast majority, almost every member of the senate can find themselves in that position. I am optimistic about that. What i would say is this is a wakeup call for both parties. Republicans went down the shutdown path in regard to obamacare. It did not work well. Democrats went down the path in regard to daca. It did not work well. It is a message and reminder that we need to do our appropriation bills in a timely way so this is not become a target of leverage. Secondly, extraneous materials, policyrelated matters dont work. The American People expect a bottom line that republicans and democrats surely can Work Together well enough to fund the government. David give us an insight. Can this be done by the senate and house alone, or do you need strong leadership out of the white house . Can the senate do it by themselves or do you have to have leadership . Sen. Moran i think it is useful for the president and the administration to give us an outline, a framework. Ultimately the senate has to pass something. We all have the back of our minds, over the president signed . You cant divorce yourself from those other issues. The senate needs to do its work. Any kind of guidance i think is beneficial. Shery senator, thank you for your time. Senator jerry moran, republican of kansas. Coming up, highlights of our interview with jpmorgan chairman and Ceo Jamie Dimon in davos. What he said about trade and the Trump Administration. This is bloomberg. This is Bloomberg Markets. Headline across the bloomberg right now. United States Conference of mayors will not meet with President Trump over his attack on mayors. The Trump Administrations decision to demonize immigrants yet again and use cities as political props has made the city untenable. This is fascinating. Mitch landrieu, and he emphasizes they regard themselves as bipartisan, but the attack involving the sanctuary issue where they said we will go after your cities if you do not turn in your undocumented aliens. They said they will not meet with the president. This is fighting words. Shery that meeting was scheduled for 3 00 p. M. Today. United airlines planning to grow its way to better profits and gain market share. That is sending shares lower as analysts say a good trigger an industrywide pricing war. Falling the most in nearly a decade. Taylor . Taylor its about supply and demand of seats. What does that do for prices . Where using a measure called available seat miles. United came out and said over the next three years they want to grow that from 4 to 6 . That was higher than their previous rate last year. In sharp contrast to what american and delta, where they are trying to slow growth to better out that demand. From the streets perspective, they are concerned about margins. One analyst said they are trying to view it as a way to gain market share. The street is worried about margins right now. They are expected to go to about 14 margin. Stay out there over the next two years. Seeing a little pressure right now. The street is a little worried. United, for their credit came out and said we never mentioned prices. You are reading too much into that. David we have seen this before. They have gone in this cycle where they make some money and they are to at and they start to add capacity which is essentially a fair war. They asked Warren Buffett about investing. He said he was interested because he thought they had learned their lesson, that they would not add capacity. Who will get hurt in a fare war . Shery not us. David we benefit just fine. Taylor the shareholders of american and delta, at least from what were seeing, could lose the most if united is trying to expand. You are also seeing other Domestic Airlines fall as well. Spirit, alaska, southwest even. Do they learn . I dont know. David that affairs are cheaper. But the fares are cheaper. Shery and trade might be one of the defining political issues of 2018. Jamie dimon spoke to Erik Schatzker at the World Economic forum about trade and the Trump Administration. There are legitimate issues by the administration that need to be resolved. We think they can be done, negotiated with a strategic framework. Relations with china is more important than mexico. Mexico is a wonderful neighbor. We have not had a war between mexico and the United States since 1848. American citizens forget how many wars china has had with russia, vietnam, over the same period of time. Lets help that country. Modernizing is a good thing for them to do. Then focus on a Strategic Dialogue with china that gets to more reciprocity, more fairness. Obligation, feel an a sense of responsibility to speak out about these issues in the hope you will change the president s mind . Jamie we actively get involved in policy issues around the world. We want to make sure people understand what the issues are. There are issues that are not solely decided by the president. He has the knowledge of that before he makes the decision. Erik on twitter . Jamie i dont tweet. Im talking about detailed policy discussions. The president and his team are quite experienced. A lot of Companies Make sure they know what we think. Erik what is the next Big Policy Initiative you want to see out of the Trump Administration . Jamie they will decide and we will react to that. I think the one out front right now will be trade and nafta. And then trade and china. The president mentioned infrastructure. I agree with that. I dont know how they want to orchestrate that. Erik one more question on tax cuts. I would like to explore something you said on the Conference Call in a little bit more detail. Some of the benefit jpmorgan will see will be competed away. In what markets and products do you expect to see that . Jamie thats a complicated subject. Hypothetically, not everyone will get a higher return forever. People compete it away. They spend money in capital, they pay more, they invest more, they give customers a better deal. But it is not the same for every product in every business. It is hard to imagine what a Chocolate Company will cut their prices so they would see more benefits for a while. If you are pricing eight product in the market today pricing a product in the market in the banking business we have a full spectrum of both. Other things will probably reprice rather quickly. David that was jamie dimon speaking and almost. In davos. The conference of mayors canceled a meeting with President Trump saying he had been attacking them over immigration. Now the white house has responded. We are disappointed a number of mayors have chosen to make a political stunt instead of participating in an important discussion with the president and his administration. President trump committed to tackling the challenges facing this country and looks forward to visiting with a large Bipartisan Group of mayors that represent both rural and municipalities. Did not take the longest in the think it is a political stunt. Coming up, crunching the numbers. Corporations are calculating just how big a difference the tax overhaul will make for them. We will hear from cocacola Ceo James Quincey next. This is bloomberg. Shery this is Bloomberg Markets balance of power. David i recently sat down with an indepth interview with james quincey. We covered a wide range of topics, including how is the new tax laws will affect his company. James we are still working through the numbers. Our tax rate effectively was around 24 . It is not the biggest change for us because we are an international company. The absolute rate has not affected us as much. We are positive on moving the territorial system. We think this application is positive in the long run to the extent it helped create more demand. That is good news. We are still working through the numbers. We will lay it out on our earnings call. We have some of the money overseas. If it generates more economic growth, that will lift all boats. Difference. Some we will lay that out. That is not the biggest moving piece. David if it is significant incremental cash available and you decided doesnt go into capital investment, buybacks of shares, dividends . James they were not short of cash. We have been a successful company. We got the resources we need to invest in the market. We are working through exactly how it works. You have to pay tax on the cash first, in addition. We are looking at how useful and do make capital allegations allocations. David dreamers, the young people brought here as children. The question is do they get to stay as adults . Do you have cocacola people who are uncertain about whether they can stay or not . There are 700,000 nationwide. James we have some people in our company and bottling partners who fall under the daca program. We would love the government to find a way to make proper, on the line immigration reform. And including finding a solution for the dreamers that is not so disruptive and they can stay. Hopefully they will find a path to that. Partial solutions may be necessary, but will it we would love to see fundamental reforms. David you have seen this issue on both sides, at least the southern border. Do you see a constructive path forward on immigration . James i think there is a path forward, but it is also connected and cant be completely disassociated when you think about longterm fundamental reform from getting both economies to grow. Part of what drives the informal immigration is the disparity in the economic outlook. Having a community of north america were all economies are growing actually helps solves that problem. David that was part of my interview with cocacola Ceo James Quincey. Give you get the full interview on a new program called bloomberg big decisions, tonight at 9 30 eastern. It is hard to get your head around it. It has its products in 200 countries around the world. It is truly a Global Company and he has to deal with all these issues. Shery he will not be happy ecb u. S. Move towards more protectionist measures. To see the u. S. Move towards protectionist measures. David he thinks it is not a smart way to go. Interesting conversation given the technological changes we are seeing in this environment. David the fact is ecommerce is transforming his business in china and europe and the United States because people are using apps to order things. How do they get the cocacola in the app . Shery you have mark s in your programs you have more guests on your program. David and the ceo of johnson johnson. Once a month we get one big decision maker. Shery we want to point out a move in the market. We are seeing the brazilian real gained 2. 6 . Confirmed the former brazilian president s conviction in a corruption case. Silva is the favorate to become president if allowed to run. A third judge is now speaking. We are 40 to 60 minutes away from the final verdict. This is something we need to watch closely as the real gains ground. This is bloomberg. Fu. Let im scarlet julie welcome to Bloomberg Markets. David we are live scarlet we are live over the next hour. Here is what we are covering. Protectionist push. Trumps America First message sent ripples across the Financial Markets with the dollar tumbling to a threeyear low. Bill case fires a warning. There is a danger trumps trade threats it damage influence in the longterm. Ceo alex len tell talktalk on immigration and security is impacting his business. We have got u. S. Markets closing in about two hours. Lets get a check on how stocks are trading. Mixed tradingve averages. Earlier we had the major averages, all three putting it alltime highs. That you can see jus