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Say we often disagree. This seems to be the way this relationship has gone, but we do get there in the end. The background is the question about taxation france has threatened on the american internet giant and reciprocal tariffs. We are getting used to the question of trade being used by both sides to try to lever the alliance to get the results they want. There a chance trade may be used to in another way . President trump is not defending nato, but he is concerned about the contributions from members and suggesting we might even use trader tariffs to get various members to contribute, particularly germany. David m. many of the countries in the alliance have responded to the threats mr. Trump is making on the question of spending and have upped their budgets. He says he has come round to nato because it seems to be flexible. Germany is still in his sights and he said explicitly that if they do not toe the line and agreed to increase spending, he will look at more tariffs to try to punish them. Things like tariffs on automakers very important to the german economy, which has girded with recession. That is going to be a powerful tool to get the germans to budge on the question of spending. David and one more source of possible tariffs. Now lets go to Lara Davidson in washington. Lets pick up on what david was talking about. We are threatening 100 tariffs on 2. 4 billion of import from france. Lara earlier this year, fran said we would tack big Tech Companies, google, amazon, facebook. Companies are not using tax. We will put this taxon and youve seen several other countries follow, italy, austria, turkey. The u. S. Said this is not fair. We will look into putting tariffs on you. We did this report that came out last let night and found out the tax france put on was discriminatory and said we will tack sparkling wine, makeup, cheese, quintessentially french products. This was expected but you see unlike some of the other tariffs that the Business Community is behind this. You have Tech Companies saying we think this is Good Movement by President Trump and his administration. David it is good because france is trying to do it all on their own. At the same time, people agree there is a global issue, especially with the Tech Companies because they situate in the lowest tax areas. Oecd is trying to address this. What are the prospects of a Global Solution and is the United States in favor of that . Laura the u. S. Is pushing strong from Global Solution. They have gotten reasonably far for getting there is a lot of optimism they will come up with a plan by next year. It is relatively slow moving. France has said we will continue to tax your companies if there is a Global Solution then we will refund the money. That does not make companies here and now happy when they are having to pay that tax with the hope of getting a refund in the future. David thank you so much. From capitol hill that is Laura Davidson. Staying on capitol hill, kevin cirilli. We got the report we thought we would get a report from the democrats, but we got a republican report before the democrats. Assessment110 page of the impeachment inquiry so far. Republican sticking by the president , who upon landing before the nato summit says he is satisfied with how republicans are continuing to stick by him. Lets play out the next 24 hours. In the past day or so, members of the House Intelligence Committee have been gathered in a secure facility to review the report that has been compiled as is right now. Tonight, 6 00 new york time, members of the committee expected to approve that report, and that he goes to the House Judiciary Committee chaired by the democrat from new york, jerry nadler. That hearing set to begin tomorrow. The president has declined the invitation to ahead 10 the hearing the invitation to attend the hearing and declined the opportunity for his attorneys to participate, saying that as about this he quotes to little more than eight witchhunt. The president not at risk for losing any republican support but democrats keeping the pressure on and moving ahead with impeachment inquiry likely to be wrapped up i the end of this calendar year. David we will be joining you to watch the impeachment hearing. We have attorney general barr apparently sticking with the president , saying he does not like much of the Inspector General report that said it was ok to start investigation of possible russian meddling in the election. Kevin william barr continuing to stand by the president. The Washington Post reported earlier he is at odds with the Inspector General. It is the latest twist and turn in the impeachment saga. David many thanks to bloombergs chief washington correspondent kevin cirilli. Now it is time to get a check on how the markets are reacting to todays news. We are joined by abigail doolittle. I think i know what you will say. Theres a lot of red and i think we know why. Abigial . Trade. Ial trade, trade, it now seems like it is a more realistic possibility the idea the u. S. Could impose tariffs of 25 on chinese goods starting december 15, right before the important christmas holiday, the jewish holiday, and that could create an issue for the numbers we are looking for. The chips down even more than the other indexes. A barometer for what is going on trade wise, telling you investors are concerned. David on the bonsai we see movement on the bond market great it is down 1 but not as much as it was a short time ago. The close will be important. It seems like the buyers are trying to step in and support stocks. If we take a look at the chip index, it looks like coal have worked to the downside. Now, ose where we are if you see big selling into the close, that could be a negative. On the other hand maybe the losses are ameliorated and the buyers step in. David what is going on with luxury stocks . Abigial as Laura Davidson was talking about, the proposed 2. 4 billion on some of the french goods. The idea that these Tech Companies that have had a 3 tariff on some of their services, that they are happy for this. It is certainly hurting some of the stocks today, including lvmh and loreal. Lvmh in the process of taking over tiffany. It will be interesting to see if that puts a wrinkle in that takeover. David they need their stock to stay up. Many thanks abigail doolittle. Now we turn to Mark Crumpton with first word news. Mark President Trump has another round it is legal fight with congress over financial records. A threejudge panel ordered Deutsche Bank and capital want to turn over the records to lawmakers. The president can ask a full Appeals Court to consider or reconsider this decision, and if that does not work, he can go to the supreme court. In the meantime, the president says he wants to work out an usually beneficial tax if the u. S. Cannot resolve a digital tax dispute with france. He made the remarks in a meeting in london with emmanuel macron. The u. S. May slap tariffs on nearly 2. 5 billion of french wine, cheese, and other products. The move would retaliate against french levees on american Tech Companies, including google, apple, and amazon. France is the u. S. Will retaliate if tariffs are imposed. The top european human rights official demanded the immediate closure of a makeshift tent camp in northwestern bosnia. The commissioner for the council of europe said this is not a place for human beings. International Aid Organization have warned the camp is unfit because it lacks any facility and is located on a former landfill close to a minefield. A winter storm that may travel miserable that made travel miserable across much of the United States finally hits the east coast. By the time it is over it may drop 10 inches to two feet of snow an area from pennsylvania to maine. Heavy snow is expected as far south as North Carolina and tennessee. Outyork state has called 300 members of the National Guard to help with snow removal. Almost 800 flights were canceled yesterday and more than 5600 were delayed. Global news 24 hours a day, on air and on quick take by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David fighting a trade war on multiple fronts. How President Trump has managed to win where it matters most and that is the home front on capitol hill. We talked to lanhee chen next. Power onalance of Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. U. S. Stocks are slumping with all major indices off 1 or more as President Trump continues to expand his trade war, going after france, argentina, brazil, and saying he is in no big rush for a deal with china. We welcome lanhee chen, former policy director of mitt romneys 2012 campaign. Start here. Youve advised republicans, particularly now senator romney. What happened to free trade and the republicans . I do not see any republicans saying wait a second mr. President , we are for free trade . Lanhee there are a few. Eight and portman senator romney stand out. Republican party has undergone a shift when it comes to trade issues. You saw this beginning in 2008, the beginning signs of the free trade position not biggest popular as it once was. In 2012 that ship continued. Now the question is how has trade affected American Workers . That is the next front of the battle. The ancillary part is the Public Opinion in favor of open and free markets has slid quite a bit over the last several years and resolve it republicans backing away from what i think is the right Economic Policy position. David you raised a proper question. How has trade affected American Workers . The trade war is not doing a lot of favors for American Workers either. Lanhee it is the single biggest drag on the economy. The fact that we have uncertainty with china and now we have introduced uncertainty with respect to france and other trading partners, the fact that we cannot get the usmca across the finish line, which is not the president s fault. All of these things present significant challenges for the economy when things are otherwise going well. David what are the prospects of china . I know you just got back from china. What is the perception of these negotiations with the United States . Lanhee there are a few things to note. The chinese, particularly those involved with policymaking are keen observers of our political process. They know exactly the kinds of pressures elect electrolyte that members of congress and President Trump are under. They are under no illusions they believe President Trump once a deal and thee deal in time chinese economy is much slower than it has been in the past. You see the result of that as you talk to storekeepers, you talk to ordinary citizens on the street. They recognize the chinese economy is slower so they also want a deal. There is also this nationalist sentiment that has begun to arise in china, a sense that the hong kong protests have animated , a sense the protesters in hong kong have gone a step too far, and that is a view that prevails among chinese nationals and a number of expatriates who live in china now. The perspective is turning more nationalist precisely at the time when i think president xi needs it, given where he is in his negotiation with President Trump. David how badly does President Trump need a deal . It seems like there are two economies. The republican economy and the democratic economy. Republicans see it one way and the democrats he had another way. The democrats see it another way. Lanhee i think the economy is doing well compared to what is happening around the world. That being said, you are right. Immigrants view the economy one way, they view President Trump one way. This will not get changed. The president said yesterday maybe we do not need a deal until after the election. I think that is bluster. The reality is the president would much benefit from having steel because this was the Signature Campaign issue for him and 2016. If he is able to say no other american president was able to get a deal done with china in this way and i was, even if the dimensions of the deal are not robust, it is something for him to market and use in the election. I think that will be valuable for him as he thinks about what the pages for reelection. Romneyyou advised mitt when he was running for president. As you look at the elections in 2020, how will impeachment figure in at all . Lanhee we spent a lot of time thinking about this now. By the time we get to next may or june, it will seem like a distant memory. That is the reality. Impeachment is an example of the partisan polarization we face. Democrats are not changing their minds, republicans are not changing their minds, independence do not know what to think about it. Polling suggests impeachment is not a net positive for the democrats. I think this will be a noisy few months, but once we get past this, the Lasting Impact of impeachment is memo. Is minimal. David some democrats are changing their mind for who we for who they are backing as a president ial candidate. We are now seeing Elizabeth Warren trail off, and we are hearing that might be because of her medicare for all policy. Can she back off of this . Lanhee sheet is drying. This is part of her she is trying. If trying to back off she wants medicare for all she will have to stick to it. She has come out with this plan for how she will pay for it. I think that is fantasy. The reality is this is where she is. This is part of why she has been able to rise to where she has got to and part of the reason she is taking the fall is people are realizing our plans do not make a lot of sense. Maybe she has a liability in the general election and not as appealing a candidate as we thought. I think a lot of progressives are going to Bernie Sanders because they see him as the originator of this. David Bernie Sanders is not backing off one bit. How does it divide between like the mayor and Vice President biden, who seem to be fighting over the same territory when it comes to health care. Lanhee when it comes to health care, they are, but they are such different candidates. They are making different generational pitches. Youve never seen the Democratic Party go for the candidate of restoration. They want the candidate that looks forward. In that way, Pete Buttigieg is a better fix for what we want the what we expect the Democratic Party to want. There is an interesting generational battle for the same voters who believe Elizabeth Warren and Bernie Sanders go too far. The flipside is when our Elizabeth Warren and Bernie Sanders going to engage each other . Are they ever going to engage each other because they are competing for the same voters. David you raise the point that it is a general actual a generational change election. There is only one of the top four who can claim this. Elizabeth warren and Bernie Sanders and joe biden are all elderly. My age. Lanhee even if they were of a certain age and had a Certain Energy level like Elizabeth Warren, the age argument can be buffered. Joe bidens problem is he loves every bit his age. That becomes a problem over an extended campaign. That comes forward. David lanhee chen, always great to have you here. That is lanhee chen of the hoover institution. Cleveland cliffs is getting it steel game buying ak steel. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Ohiobased steelmaker ak steel is jumping or than 4 after iron ore minor Cleveland Cliffs agreed to by the company. Every day is a new steel story. Kailey there is a lot of news. Today it is some nice vertical integration. Cleveland cliffs is the biggest iron ore producer and ak steel as their number two customer. Now they are fully going into the steelmaking business. Interesting when you look at 23 of revenue, you wonder how this make sense or how they make that up you are seeing Cleveland Cliffs fall off up left, the stock is down fall off a cliff. The stock is down doubledigit. The 1. 1 billion deal represents inventory a 16 free inventory. It has a higher valuation than some of its peers enjoy. You are seeing bonds rally off the back and there is hope that the fact that Cleveland Cliffs is buying this Company Means bond makers will get paid back. David is it just a coincidence this happens just after President Trump says he will impose tariffs . Is this a bet that President Trump will come through for steel . Kailey we know when he first that does we know when he first said this it was not necessarily true. Ak steel is now less than half of what it was worth before the president said that. Yes, timing a little bit coincidence. The fact that President Trump said he will reimpose tariffs on brazilian steel could give a lift to steel prices. When you look at it probably, this is a bet by Cleveland Cliffs that the rebound we have seen in steel prices recently, maybe that that will continue and that is what theyre trying to get in on. David you mentioned Cleveland Cliffs stop is down, there a lot of stops down. What is going on there are a lot of stocks down. Kailey you are seeing a third day of decline for equities. This could be the worst threeyear performance since the beginning of october. This is a market that is having to rewrite its understanding of what this trade narrative is going to look like. The president is saying i am fine with not getting a deal until after the 2020 election. That prolongs not of the the uncertainty but economic impact. Youre saying that could last for another year. That is not good for risk appetite. David you seeing it on the bond side. I am struck by our people listening to what we are saying . How could you pricing anything close to a certainty of a deal with china given what has been said . It looks like the market is pricing it in. Kailey the narratives change every day. Just a few weeks ago they said we were 90 of the way there. That is no longer the case. The narrative changes every day. Maybe the Economic Growth picture is better. Maybe the market got ahead of itself as to what the market would look like with pmis. Maybe the market just ran up too quickly and how optimistic it was. David it certainly raises questions for the election year. Many thanks to bloombergs kailey leinz. As nations gather in madrid to talk climate, we talked to stephanie kelly, a senior global economist. We talked to her about her new report on risk and opportunities when it comes to Climate Change. This is balance of power on Bloomberg Television and radio. David from new york, this is balance of power on Bloomberg Television and radio. Im david westin. Jeh johnson served as a secretary of Homeland Security under president obama. He was the principal legal architect of the Obama Administrations efforts to combat terrorism. We are pleased to have him back with us on balance of power for todays conversation in chief. Ave us a little bit of summary of where we are in terms of our national security, Homeland Security. Start with mexico. About theo talk border, but we have these murders of the drug cartels. What is going on with drug cartels . Jeh unfortunately and tragically, the murder of the u. S. Citizens is a reflection of a larger wave of violence caused by these cartels thats been going on for some time now. It is correct to characterize it as a security issue for mexico and the United States. Mexico is stretched when it comes to its own security. They have committed a lot to helping the Trump Administration with Border Security on our southern border, but the cartels ,epresent a much larger threat and they are probably the in thateconomic power country, so addressing the cartels, and i know we have tried to do it before, requires a sustained effort on both the United States and Mexican Governments. David this is not unique to amlo, the president of mexico. Other president s have try to take out the drug cartels. Have we made the situation worse by putting so much pressure on the board to keep people from coming across from Central America . Jeh it is definitely the case by prevailing upon the Mexican Government to step up the security on their southern border with Central America, they have committed resources, their National Guard, to our Border Security, and diverted that away from their Traditional Law enforcement counter narcotics efforts. That is true. What surprised a lot of people to upon the Mexican Government to step up the security on their southern border with central know, mexico Border Patrol as we know it. The Border Patrol agents on our southern border of mexico has almost none of that. In 2014, the Obama Administration prevailed on the mexicans to do more on their southern border with Central America, but they were stretched to do that. They only had several hundred people committed to that effort. To enhance it, they have to diver resources away from Law Enforcement. David what could the United States due to help . There is talk that we could declare the cartels a terrorist organization. With that allow us to do things, to actually go after them . Jeh there is a lot we can do. Mexico is very sensitive to a u. S. Military presence in their country. There is a lot we can do cooperating in Law Enforcement, devoting our own resources, dea, fbi, perhaps even at the state idea of this designating the cartels as a terrorist organization, my question would be, to what purpose . Is there an enhanced authority that the u. S. Government would get by doing so . The answer is probably no. There is a lot we can do in Law Enforcement supporting. Drug dealing is already a federal crime, many sanctions already in place for doing business with the cartels. Designating them a terrorist organization sounds good, but you have to ask yourself, what Additional Authority does that give the u. S. Government . I would say none, if any. David President Trump has made it a priority to have a wall across the southern border. Democrats and republicans agree we should have a secure border. Are we making progress, are we better off today than when he came into office along the southern border . Jeh this year, we saw numbers of apprehensions how we measure total attempt to cross the border of 100,000 a month. That is higher than anything then we saw in the Obama Administration. Was may 2014,saw 60,000 in one month. Over 100,000 is way worse. There are people out there, objective observers, who say one of the reasons it got so high, when the president ended family separation in a public way, it had a boomerang effect that caused people to run for the exits last summer. The ultimate answer is addressing the underlying poverty and violence in the three Central American countries. Lesson learned for me, dealing with this problem for me, you can do a lot on our southern border to secure the border, enhance enforcement, but you have to address the problem at the source. As long as the poverty and violence exist in those three countries, we will continue to deal with this problem over and over again. Talking with jeh johnson, former secretary of Homeland Security. What is the leadership situation for the department used to run . A lot of turnover, its fair to say. Do we have a permanent secretary . No, we have another acting secretary, chad wolfe. He is President Trumps fifth secretary of Homeland Security. There is turnover not just at the secretary level but almost every other seniorlevel position in the department. That is not good. That is not good for the cabinet El Department voted devoted to protecting the homeland and the American People on the 1yard line. Our military, intelligence people protects the American People on the 40, 50. Homeland security protects us at the end zone, 1yard line. To have this kind of leadership turn is not good for the organization or Homeland Security. David once again, we are speaking with jeh johnson. Give us a broader sense beyond the southern border with mexico. As you look at the possible threats to u. S. National security, what is at the top of your list . Jeh Climate Change. My top three threats to our security are Climate Change, Climate Change, Climate Change. The on that david explain why that is, what is the specific threat to us over Climate Change . Jeh Severe Weather impacts on aging infrastructure, in particular, in my judgment, present a security threat. Not just to our environment, but a security threat. So long as we fail to address aging infrastructure, in so long as we failed to address the larger problem of Global Warming and Climate Change, this presents a longterm security issue. President obama used to say, was a slowmotion emergency, because we dont think about it day to day, but i would look at that as our number one Homeland Security issue. Of course, we have to deal with mass violence, the threat of domestic terrorism, and a whole host of things you are familiar with. But top of my list is Global Warming. David there are other subjects like this that people in theis a really pressing problem that we never hear about in the political sphere we dont hear Climate Change tied to national security. Not only from President Trump are his administration, but people running on the democratic side for president. Jeh well, we need to. Crisis forot take a the American Public to realize that we need a national effortus and a national at dealing with, and the leading on the world stage when it concerns Global Warming, Climate Change. But it is definitely a security issue. David great to have you with us, jeh johnson, former Homeland Security secretary. He is staying with us for the 1 00 hour on bloomberg radio. We will be talking about election security. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. From 200atives countries are gathering in madrid for two weeks of talks on Global Warming. Aberdeen Standard Investments is out with an extensive report about how different nations are dealing with carbon, and what it means for investors for that matter. We welcome one of the authors of that report, stephanie kelly. She comes to us from edinburgh. Explain your report. I read through it, it is fascinating. Explain what you were trying to do, what your methodology was. Stephanie of course. Great to be here, such a great time to talk about this given what is going on in madrid this week. The background to this research is basically, clearly, investors have woken up to the importance of Climate Change and of addressing Climate Change and the role plan that private capital can play in trying to assist in the energy transition. However, it tends to be very company focused. What are companies doing, what are their Carbon Emissions . Its important to bear in mind, companies do not operate in a vacuum. Regulation, legislation, that is set by politicians. What we wanted to do was really dig into the relationship and theCarbon Emissions impact that can have, or the relationship that may have with elements of the economy, policy, to better understand those relationships. Relationship that may have with crucially, and this is what we were seeking to give to the investment community, is to provide a framework to incorporate Climate Policy risk and opportunity into the Investment Strategy approach. Essentially, if you have a bottomup strategy, this would be supplementary, providing a topdown understanding on what the Climate Policy risks and opportunities. Thed you focus on europe, u. S. , china, and india, which accounts for 60 of the Carbon Emissions in the world. How did you go about reading those three areas . Isphanie the way we do it through a framework that can be applied to any country. We chose the biggest emitters because they seemed most relevant. Our intention is, over time, to roll this out to more countries and regions. The way we compare across, we have four steps in the framework. You can think of it as a checklist. Questions investors should be asking themselves about Climate Policy and environment. The first is, key characteristics, what kind of climate, weather do they have . We know industry is associated with Carbon Emissions. Do they have a lot of coal or oil . That would set a base level for admissions. Steps two and three look at the politics and the policy. Becausesuper important the United States is a great example of the politics and the role that plays in the failure to address Climate Change. We know particularly the republican party, Climate Change is not an important issue for voters, therefore not for the party itself. The fourth step is to say, given what we know about politics, policy, the preconditions for Carbon Emissions, can we access the market . We are investors first and foremost. Can we contribute to the transition . Which sectors are most exposed, how do we go about making the most of those opportunities . David we are talking with stephanie kelly. I want to dig down a little bit on the u. S. Side. Not quite right to say that americans dont care about it. Differentalmost two cans in the u. S. Where democrats say it is terribly important, and conservative republicans say it is not important. It is all about divisions, not just about the United States not caring about the climate. Stephanie that is definitely the case, it is not all u. S. Voters. We know that democratic voters are very concerned and engaged on the issue, particularly on the more liberal end. But as long as you have a deep division between republicans and democrats, as we see in the rest of the policy severe, you end up with policy gridlock. We know the challenges you have between the house, senate, and white house passing regulation and legislation. We know that is a challenge. But where is the opportunity . From our perspective, if you look at the state level, where there are more democratled, tend to be more inclined toward incentivizing Climate Change, renewables, infrastructure projects, and creating an environment where the policy can flourish. At the state level, you can find those opportunities. David you have an election coming up in the u. K. Coming up. Lets turn to that. Let me ask you specifically about climate, more generally about the economy. To what effect will that factor into the election, or is it all about brexit at this point . Stephanie i think the u. K. Election this time around is very focused on brexit. It is the key issue that will terminate u. K. Economy for the next 10, 20 years. Voters are well aware of that. Isever, what we are seeing kind of a delineation by which the conservative party is pulling pretty well. The labour party, traditionally the leftwing party, has started to pick up momentum, but is still trailing. For investors, what that means is, we think we are likely to get a conservative government in december, but worth bearing in mind for u. K. Assets, the roller coaster may not be done. 2020 brings new cliff edge moments. That will create challenges for sterling in particular. David the potential roller coaster with brexit. What about with europe and france at the moment, with President Trump now saying we are going to have tariffs on 2. 4 billion worth of goods . How do you balance the risk of u. S. Eu trade friction . Stephanie it has clearly been there bubbling under the surface, has had moments of volatility where it pops up. We have seen that not just in the last couple of days but last couple of years. Auto tariffs have been the focus. The challenge you have is because these tariffs are aimed at trying to counteract the effects of the taxation on tech firms in the u. S. , it is in some ways idiosyncratic. Overall, its worth bearing in mind, the u. S. And the eu are fundamentally underlying all of the momentary frictions. Where i tend to be more concerned, watching more closely is around u. S. China relations. We know that strategic rivalry continues. You see the undercurrent of the trade negotiations which makes it harder to talk about a consistent relationship over time. David from your perspective in europe, is what we are seeing with the uncertainty of trade really attributable to President Trump, or is he more a symptom ever broader phenomenon . Is increasing doubt about globalization, the way its been distributed across the population . Stephanie i think thats an important point, and one that we tend to underline a lot. With the polarization and fragmentation of political systems across western democracies, in europe, the u. S. , these movements toward more domestic focus, trying to find new ways to compensate those people who feel they have not benefited from globalization. I think thats an issue for all governments. Unfortunately, it is not clear what the policy solution is. That is why you are seeing in europe the increase of populism. In the u. S. , we often say President Trumps election reflects underlying concerns that existed in the u. S. David stephanie, thank you for joining us today. That is the Aberdeen Asset investment senior global economist coming to us from edinburgh. This is balance of power on Bloomberg Television and radio. Mberg television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. President trump caught just about everybody offguard yesterday with his sudden yesterday with his sudden announcement of tariffs on steel and aluminum from brazil and argentina, including the brazilian president , one of most vocal supporters of President Trump on the International Stage today. Joining us is our brazilian girl chief. Joining us is our brazilian girl chief. Was the president surprised . Yes, he was surprised. It seems to have come a little bit out of the blue. Bolsonaro acted quickly and said that i will talk to trump if needed. It does not seem like they knew it was coming. The foreign minister at the day alsoyesterday with his sudden announcement of tariffs on steel and aluminum from brazil and argentina, including the brazilian said we will try to wt out, we are trying to figure it out. David President Trump has been also there has been supportive of President Trump. How critical are steel exports . Asaro has said time and again he is an admirer of trump and has sided with him. In the White House Press conference they did earlier this year, you could see, he even endorsed the 2020 candidacy at that point. Asaro has said time andhe is my aligned, his government is more ideologically aligned, shifting away from the leftist government had. We previously he has really banked on that relationship to shift brazils foreign policies. David brazil has a lot of issues are due with an president bolsonaro has a lot of things on his agenda. Does he need the u. S. To do any of that, or is it internal to brazil . I think it is more of an ideological stance. We are big trading partners with the u. S. , but also big trading partners with china, which is at odds with the u. S. Economically speaking, it is a balancing act. But he is very much ideologically aligned with what trump believes in. A lot of what he is asking for in the u. S. Is this partnership in foreign policy. Putting aside President Trump in the u. S. , what is the number one item on president bolsonaros agenda when it comes to the brazilian economy . Thehe main thing for government after passing pension reform is getting brazil to grow. We got thirdquarter gdp numbers on the upside. The economy has been struggling for a long time, and this is what we hear from foreign investors. We want to come back to brazil. The agenda is moving forward and we want to see growth. David thank you very much. ,oming up on balance of power we continue on bloomberg radio. More with Homeland Security secretary jeh johnson. Well be talking about election security. We will also be talking about the tense nato meetings in london that happened earlier today. This is balance of power on Bloomberg Television and radio. Lisa im lisa abramowicz. Welcome to bloombergs money undercover. You inside the world of private debt, equity, and real estate. Lets get straight to the burning issues in private markets. Fear seems to be keeping greed in check as private equity prefers cash to deals. Developers treading water as they take out loans to avoid fire sales of their properties. Lifestyles of the rich and

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