The outbreak has been infected industrial activity in the eastern province. According to bloomberg economics, the economy is running 50 to 60 of its normal capacity. Authorities have not seen a turning point yet when it comes to the epidemic. Indicated this week it would deepen the focus on stabilizing the economy. Supply chain and Business Sentiment showing up in global pmi data, u. S. , business, and manufacturing activities. We are also seeing a pickup in cases outside of china, which could indicate a new phase in the outbreak, a search in iran, concernsthe who, given route infection not being traced back directly to china. David a disturbing story. Thanks to Sophie Kamaruddin in hong kong. Now we go to brussels and maria tadeo. They are trying to hash out a budget. There are hawks and doves involved . What are the issues . Maria there are many issues. This is day two of a long summit. European leaders are trying to get to a compromise over the budget for the eu for the next seven years. We are talking about one trillion euros. The obvious question is who will pay for what and what will the money be used for. Toing to tensions, this has be agreed unanimously by 27 countries. The United Kingdom has now left the eu and there is now gap of 60 billion euros someone will have to fill up. There are countries that will say they do not want to contribute more, they want that at 1 Growth National income. Others will tell you we all need to put more money on the table and we do not want to see spending cuts going into this budget. At this hour there is a compromise proposal that is floating around, but it is unclear whether european leaders will agree to this. There a number of issues. You have the north and the south , you have the west and east, countries that have different interests. For emmanuel macron, getting a good deal on agriculture is important. That is a bait and powerful lobbying and then you have Angela Merkel in germany. This is the biggest checkbook. She needs to go back home and show taxpayers she has found value for money. It is unclear whether or not we get a deal on this budget. Terrific reporting from brussels. That is maria tadeo. Now lets go to brussels. Bill faries. I sought announcement from the taliban in afghanistan that said they will have a signing ceremony a week from tomorrow. What will they signed if that happens . Bill they are signing an agreement. That will only happen if we have a sevenday reduction of hostilities between now and then. That remains to be seen. They will be signing an agreement to enter some kind of talks with the current Afghan Government that would presumably lead to a powersharing deal or a peace deal that the u. S. Hopes would allow it to begin drawing forces down much more than it has in recent months. David at the same time, that does not mean we withdraw troops. They have to get the powersharing deal first . Bill exactly. I think the u. S. Sees itself holding 8600 troops in afghanistan for the coming months and perhaps years. It does allow a little bit of a drawdown, and i think president that will look to tout accomplishment. It does not mean it is a watershed moment. It does not mean the u. S. Involvement in afghanistan is over after 19 years. That is a ways away at this point. David we also have to get your thought on this report that there was a behind closed doors security briefing where intelligence officials told Congress Members russia was once again trying to interfere in the elections on behalf of President Trump. Reportedly President Trump was none too pleased about that briefing. What we know . Bill there was a briefing to representatives from the director of national intelligence. It does seem like they were asked about russias role and responded russia continues to ddle in some way and were also asked how russia views the election. The response appears to be russia would favor a Trump Presidency over that of any of the democratic candidates. I am not sure whether the issues are linked. It is not clear they are meddling directly to tip the scales in trumps behavior at this point, that may be a fine line for some. That is one of the reporting lines we are chasing. It does seem from the Intelligence Community point of view that russia is still very much engaged in some of the actions that arose online in 2016. David thank you so much. That is bill faries, our colleague in washington who reports on national security. Now it is time for a check on the market and how they may be reacting to todays top stories. Joining us is Abigail Doolittle. Day,al are risk off certainly in reaction to the coronavirus. Renewed fears we have no idea how bad the tragedy could get. The human impact is devastating, but what will the eventual impact be on the global economy. The number of Companies Cut their numbers. We have been talking about this for weeks and months. Whipsaw has their hands in some volatility but it would come down to corporate profit outlook and there is a view that will continue to be trimmed based on the coronavirus. We have that pmi number coming in. The lowest level since 2013. Perhaps the coronavirus taking a toll in the u. S. Youll probably have cooler heads prevailing. David i wonder if the bond seeet icd 10 year i the 10 year interesting tobe see how all of this plays out. The fed, one of the narratives we have heard this years stocks have continued to climb in the face of all sorts of challenges. The fed has the markets back. As we continue to see this tragedy play out, bonds continuing to rally, it will be interesting to see what does happen. Will they have the ammunition investors are hoping for . Today a risk off town. The first down week. The fed can have markets back but what do they do about the coronavirus . Thanks to Abigail Doolittle for the market check. Now we welcome Mark Crumpton bloomberg first word news. Mark United States plans to United States plans to sign a Peace Agreement with the taliban a week from tomorrow intended to end the war in afghanistan, americas longest ever. The deal is still contingent on a sevenday long partial ceasefire that begins at midnight. Once the agreement is signed, talks will start between the taliban and the afghanistan government. President trump is looking for a Permanent National intelligence director. The u. S. To germany Richard Grenell was the new acting director, what is expected to be a short timer, overseeing the nation 17 spy agencies. The president told reporters he is considering republican congressman doug collins for the job but collin said he is not interested. Germany is stepping up the Police Presence throughout the country. Authorities say they will also keep a closer watch on mosques and other sites after racially motivated shootings that killed nine people. Shotyearold german man victims of immigrant backgrounds and a franklin suburb before killing his mother and himself. Police say he left a number of text and videos with racist views. Through hisn sailed new governments first Major Economic health check as he prepares to leave the nation through a potentially bumpy brexit transition. Several indicators from inflation to retail sales confirm signs of a boris bounce, growth following the conservatives election win. The pathury is also on to borrow less than forecast. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . David coming up, we look at the nevada caucuses, and then onto South Carolina and super tuesday with larry brown of George Washington with lara brown of George Washington university. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. I am david westin. The next step on the road to nominations for president comes with caucuses on friday on saturday, followed by a debate on tuesday, the South Carolina primary on saturday, and super tuesday after that. A brown comingry b to us from washington. Lets start with nevada and then move on. With respect to nevada, explain how important this is in the race. Bernie sanders has a commanding lead. Is the question who is in second . Lara i think the question will be who is in second. Certainly joe bidens campaign has talked about him surging and doing well. I think we saw in the debate that senator Elizabeth Warren had a strong performance. She came out as a fighter. She could eat in to senator Bernie Sanders lead and take some of his vote. If that is a close race at all, there will be a shakeup in this idea that senator sanders is unstoppable. David unstoppable may be strong, but it certainly looks like he is ahead. The question is who can cut into that leader catch up with him. What is the best path for somebody to keep them from gathering more delegates than anyone else before he goes to milwaukee . Lara the most important thing is he has to fare poorly in South Carolina. The question will be what happens in South Carolina . Bernie sanders does not have strong support among africanamericans who are over 45. Much of the electorate in South Carolina is africanamerican and an older electorate that will not be a good constituency for him. When you look at the super tuesday states, you have to realize there are six Southern States that vote that day. Those states are not necessarily teed up for senator sanders to run the table. More delegatesve collectively than california does individually. While much of the race has been focused on who is going to lock up california, i would argue there is a strong chance senator sanders may be locked out of delegates in places like tennessee and alabama, where he will need to gather delegate votes if he is going to win this contest. David how does winning the nomination compared to winning a general election in november . If you look at california and those six Southern States. I would think they might go for very different sorts of candidates. What is the candidate the democrat needs to come up with who could potentially defeat donald trump, which is the goal. Lara i would argue that what the candidate needs to do is build a Broad Coalition of voters. That means for democrats they have to be able to pick up and show support among all different as groups, as well africanamericans and latino voters. There is not going to be a candidate who wins a president ial race who does not have strong support in the minority community, but also strong support among moderate voters for those, especially women, who are living in the suburbs and who are college educated. David is the Democratic Party deserved by the fact we had people of color who were in the race that are now gone and we have two women left, but it is surprising we have a lot of white men, i am one of them, guilty as charged, a lot of white men vying for leadership of the Democratic Party. Lara what that is about is Many Democrats are looking back at 20 and saying to themselves, what 2016 and wrong at saying what did they do wrong . The answer is not that they nominated a woman. The answer is they failed to reach out to bluecollar workers in the midwest. With that knowledge, Many Democrats have said we need to elect or nominate someone who will appeal to noncollege individualste within places like michigan and ohio and pennsylvania. Unfortunately, that fails to recognize there are changing demographics in this country and the states look very different in 2020 than they did in 2016. North carolina, arizona, colorado, all could be in play, not to mention florida. When you look at those states, that means you probably need either a person of color or a woman to also appeal to that more diverse electorate. David you make an important point. I am glad you made it. I have read that if you have the same proportions of the different groups voting the way they did last time that donald trump would not have won the election because the groups growing faster are the ones he did not do as well among. Lara that is correct. One of the things parties fail out as they tend to always want to run the last war. It is a problem where they look back and say what did we do wrong and they do not look forward or account for how the country is changing, how the Electoral College map shifts slightly, and also who the constituents are that will make up the new coalition. It is certainly true that donald trump has not grown his Coalition Since 2016. That puts him in a serious position of weakness. David terribly important point. Thank you for making it. That is lara brown, associate professor at George Washington university, and the author of amateur hour president ial character in the question of leadership. Coming up, carmakers scramble to catch up with tesla. Alix steel is here with the preview of what is to come. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Changen the brink of premieres on Bloomberg Television tonight at 9 00 eastern time. It explores the future of electric vehicles, the path to mass adoption, and the challenges facing consumers and automakers. Steels a taste where alix spoke to the owners of fort hunt coming together to make it in the ev space. This transformation will be a challenge for many. It will be a darwinian period for the industry. Hold on. This will be bumpy. Any one Company Going alone into this new future is something you will probably not see a lot of. Alix ford and volkswagen join forces to develop electric and self driving cars. The leadership part of you requires you do it. Alix ford will build battery cars on vws platform, and vw will invest 2. 6 billion in arco ai. It makes sense for Big Companies to share some of the effort. It makes companies faster and more efficient. Alix volkswagen and its chinese partner are investing more than 4. 4 billion to rev up production. The goal is to have the markets scaled up and allow the group of companies to get technology that may give them a competitive advantage for a few years versus trying to do it alone. David for more, we welcome bloomberg daybreak and commodities edge anchor alix steel. Youve worked hard on this. Alix it was two plus years. David all of the things we heard, the thing i heard was bumpy. Pompey may understate what the carmaker bumpy may understate what the carmakers are going through. Alix you actually did some of those interviews. Companies are losing billions of dollars as they are forced to pivot and make these huge projections. They are not profitable yet. That could be a tough spot to be in. David it feels a little like field of dreams. It is not like their people lining around the block who say give me an ev. Alix we try to tackle that in the piece. The Consumer Needs more options to buy them, but the carmaker needs to buy them. They need to put the money out. I do not know how you solve for that. That is what we explore. Id china alix we learned without subsidies sales of these cars fall. China tried to roll them back and the car sales fall off a cliff or evs. They were thinking about bringing them back or moving them around. Singapore is doing more stuff. Germany will consider expanding subsidies. Without it, it does not float. That does not necessarily create a supply and demand market. You have to wait for that great if you wait for it, you have to spend the money. David thank you so much. Such a treat having you here. A bigger tree to watch that special tonight at 9 00 eastern time. Now we will turn to the stock of the hour. John deere is the bestperforming stock on the s p 500 and is heading for its biggest day since 2016. This after the Company Reported a surprise increased in firstquarter profit. Kailey leinz is here with more, turning us from tractors to cars. Kailey cars to tractors. John deere beat, but there were low expectations going forward. Earningspershare came in 25 above the consensus estimate. That despite the fact that across all of their Major Business segments, there was a sell in the Financial Services division and continued weakness in the construction and forestry sector which saw sales fall 10 . For agriculture and turf, which has been struggling as farmers have not wanted to invest, revenue did fall 4 . The farmer iss still subdued but signs of stabilization are there, mostly because we have a phase one trade deal. David one about coronavirus . Kailey john deere to not mention it in its statement. It says the impact on sale should be small. The bigger issue is the supply chain. The top supplier is based in china. They had to start making contingency plans in order to get the supply should there be any disruption. Then in terms of the trade deal driving a lot of that optimism in regard to chinas agricultural purchases, that remains an open question. John deere says it is too early. David open question may be gentle. Some are saying they may not think about phase one right now. It will postpone the recovery on their top line. As i understand john deere did not do well on the top line. Kailey it was bad. Revenues down 6 year on year. That beat but street expectations were low. All of the profit is because of efforts like offloading the revenues and uploading their inventory, making revenue off of that. There is a lot of things john deere is doing to improve the bottom line, but the top line is still struggling. David many thanks to bloombergs kailey leinz. Caucuseswe talk nevada , with the states former senator, governor, and attorney general richard bryant. That is coming up on balance of power on Bloomberg Television and bloomberg radio. David from new york, this is balance of power on Bloomberg Television and radio. Im david westin. For bloomberg first word news, we go to Mark Crumpton. While china still accounts for the best majority of coronavirus cases, there are now sides infections are spreading rapidly with an other asian countries. South korea, singapore, and japan have seen their totals climb this week. The epidemic is not yet considered a pandemic, in situation where the virus is spreading across multiple continents. The numbers outside china remain comparatively small. Iranians are voting for new parliament today, more than 7000 potential candidates, who were disqualified ahead of the election, including 90 sitting members of parliament who wanted to run for reelection. The election comes at a time of economic uncertainty. U. S. Sanctions have strangled the nations ability to sell its oil abroad, pushing their economy into recession. President Trumps Campaign as will take over youtubes homepage on election day and the days before. They bought the ad space. About three quarters of u. S. Adults say they use the site. The world is on track to have the warmest winter ever recorded. A low pressure system over the north pole has pulled the jet stream north, backing it up against the fastmoving winds that constantly ring the polar region. The result, a tight pair that has kept the cold locked in place. If trends continue, it will set , going back 141 years. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Day foromorrow is the nevada to weigh in on who should be the next democratic nominee president. Pauls showing Bernie Sanders way out in front. Some are raising doubts about whether we would have a repeat of something we had in iowa with the fiasco of the caucuses there. Bryan, us now is richard who served as a democratic senator and governor to nevada. He is now a director of a law firm. Give us your sense of where the race is now. Thatve seen some polls show Bernie Sanders out in front. Richard we will know the results of the caucus until saturday, but clearly, Bernie Sanders is surging, as elsewhere. I think the real winner of the debate, frankly, was donald trump. As a democrat, strong supporter of joe biden, i was dismayed at the colloquy. Inseems the prize is winning november. The primary is obviously an essential step. My concern is some members of our party are moving further to the left than most mainstream voters in america and most mainstream voters in nevada, and thats a concern to me. David a lot of the attacks, if i can call them that, were directed another democrats on the stage. For that matter, they were not directed very much at the front runner. Why are people not taking on Bernie Sanders more directly . When joe biden was in front, when Elizabeth Warren was out front, people took her on. Richard this is bloombergs inaugural presence on the stage, so he was the focus. He had been surging in the polls, looks like he would be a formidable candidate, still may be. But his performance, even for his most enthusiastic supporters, was disappointing. The sharp inquiries by Elizabeth Warren and others, it did not go well for him. This is his first debate, the others have been doing this for months now, so he may will right the ship. But i think it was a poor performance on his part. He was the focus as the new guy on the block. David Michael Bloomberg is the founder and majority owner of our company, bloomberg lp. Does Bernie Sanders have a labor problem . We saw some questions from the culinary labor union out there. Wants to abolish private health insurance, so is that the problem . Richard that is a big issue with the culinary. They did an evaluation of the various candidates. Although culinary has not endorsed any democrat at this point, the analysis reflected very unfavorably to sanders and warren who are talking about medicare for all. , in terms ofs medical, is one of their crown jewels among their workers. That is not popular with them. I think that will hurt him with the culinary union, the largest and most Effective Union in the state of nevada. David we dont spend too much time on logistics, but we have to given what happened in iraq. I understand they are not going butse the same app as iowa, we keep your rumblings that people have not been trained properly, some difficulties administratively. Is there any truth to that in your opinion . Richard i dont know at this point. I will say this. I have been in a number of political campaigns. I think it is time to abandon the caucus system. It is very confusing. The enthusiasm is unbelievable. People waited to, three hours in line. Having said that, it is time to make a primary. That is the most effective way of determining how democrats and republicans feel about their potential nominees. I would hope the Nevada Legislature does that next year when they reconvene. David you are a democrat. You concernedare about the parties being able to come back together when all of this is over and has a nominee . Years youvery four asked this question, but with Bernie Sanders and some of his followers, and even in the last question in the debate if somebody had more delegates going into milwaukie but did not get the nomination, would they support them . It wasnt clear that sanders would go along with that. Sanders has said each of the nominees will support each other. I hope thats true. There are many who feel bernies people didnt get on board in 2016 when hillary was our nominee. No lesson a lack of enthusiasm for her by the most enthusiastic bernie supporters. They felt they had been treated unfairly. Contendbernie cannot that he has not been treated fairly. He is leading in many polls. Im hoping that the enthusiasm his supporters have for him, if he is not the nominee, can be transferred to who the nominee is. Without that, it will be a difficult race in the fall. David as you look at the people on that stage, who do you think would be in the best position to beat donald trump, which is the goal of the Democratic Party this year . Richard i come from the moderate wing of the party by todays standards, and i think one of them. We need to keep our base. Many of them are enthusiastic for bernie, elizabeth, the socalled progressive wing of our party, but we have to bring in all the democrats and bring in independent votes, and there are republicans who are disaffected with from the president. We need that to win. Without that, donald trump could will be reelected. David thank you for your time today, sir. Richard bryan, former governor of the state of nevada. President trump was not pleased when he heard about a classified intelligence briefing to congress about reports of russia helping him to get reelected. We speak to thomas pickering. This is balance of power on Bloomberg Television and radio. Radio. David this is balance of power on Bloomberg Television and radio. Im david westin. United states relations with russia have never been simple or straightforward, but since the 16 there is a new love of complexity on reports of russian attempts to interfere in the president ial election. Now intelligence officials have given a confidential briefing to members of congress that the russians are doing it again in this years election. We welcome a true expert on u. S. Russia relations, thomas pickering, who served as from ther to russia united nations. He falls the highest Position Available in the u. S. Foreign service. Thank you for being back with us. We have this report that this confidential briefing happened yesterday, Intelligence Services briefed members of congress to say that the russians are trying to interfere again. When pressed by democrats, they said when the russians favor . They reluctantly said, president really angered him. Are you surprised that they are trying to do this again . Not at all. Things are true about intelligence operations everywhere by anybody. One is that they will constantly seek to find weaknesses and weak points in the posture of the other side. Secondly, they will never admit they have done so. We have to live with that, that is part of life, part of reality. Fact that there should be rules about being offbase may relate to life and death, and they have in the past, but i dont think they relate to the kinds of operations we see going on here. One, it should be no surprise. Two, i wonder why the president is surprised. He has gotten his own Intelligence Briefings from time to time. I hope he listens to them because they are important. Third, we should be taking every step we can to prevent this activity. There is no excuse that we should remain significantly vulnerable on this course, if that is the case. David, theell you, notion that the truth is whatever i say it is, is a fatal blow to the notion that the United States has credibility, that it speaks the truth, that our campaigns are run on the basis that people can know and discern and understand the truth. That is an undermining of the fundamental part of our democracy. Obviously, it is also the seeds of destruction of the scientific method. I am concerned about it. David how does this affect the diplomatic corps . In the past, has it been the case that the United States has more credibility that perhaps other nations when we go into foreign courts and make our arguments for what is going on . Thomas i would hope so, but once the leadership of the country adopts a different view and whether that was ok on Virtual Reality television, it is not ok in real reality, life and foreign policy. That makes a difference. ,f a problem is from the top and you trust the people down below, in a situation in which they have to speak what is spoken by the top, or they have to leave. That is a very destructive activity. What your diplomats tell you is going on is essential to promote the interests of the United States. For me, that is very significant. If your diplomats are forced into a position where they have to please boss by what they say, that is, in many ways, going to be an undoing of successful american diplomacy, and it begins with our credibility. David lets talk about you was interest in what seemed to be a complicated situation, the situation with turkey and the Northeast Area of syria, and with Russian Support there. Reports yesterday that turkey has requested two batteries of patriot missiles to be provided by the United States in order to help them in that conflict. Syrian troops supported by russia. Where are United States interests there . Thomas you do everything you can to make sure that neither an evenr russia creates more massive humanitarian catastrophe that already exists. It is something of an anomaly that president erdogan, who has convinced himself that he must buy the russian s400 missile is suddenly seeking american air defense to protect himself from even the incursions by the Syrian Air Force with russian planes, or perhaps incursions by whereussian air force, the use of those air forces and bombing attacks to create massive movements on Syrian Refugees toward the turkish border. We all knew that would be a problem. It is no secret. The idiosyncrasies of the middle east never ceased to mystify me, and i spent almost eight years there on assignment. It grows. President erdogan has subtly woven up to the fact that the s400 probably is not the answer to his prayer either, and that he needs something now and more useful from the United States. The United States has been very hesitant to continue to support president erdogan with military equipment as long as the s400 buy goes through. We will have to watch carefully to see how this works out. David we had the munich secretary conference this week, mike pompeo gave his estimate about where the state of the North Atlantic Alliance is. This is part of what he had to say. That theto report death of the Transatlantic Alliance is grossly over exaggerated. The west is winning. We are collectively winning. David are we collectively winning, mr. Ambassador . Thomas i think that is obviously something of an exaggeration when we have watched carefully the Major Pressure by the United States on the nato alliance, to raise its contributions to defense, but in ways that have not been seen before. Obviously, we see some disintegration in what i would to, inliance willingness and, bear a heavy burden Carry Forward in every conflicted area, that we could rely on more for. My sense is we have seen a number of people wanting, in one way or another, to put the Alliance Back together again in a more serious way. I hope that is allowed to happen. Secretary pompeo is obviously entitled to his own view. I suppose in the words that were echoed in the past by senator moynahan years ago, everyone is entitled to their own view but not their own set of facts. We need to look at the facts here and see how and in what way they point to where we are going. But i think the reactions at the munich security conference, more perhaps in the corridors, then in the public, but from the report that i have received, indicated there is deep concern in europe about the alliance and about the u. S. Role there. Anything secretary pompeo and President Trump can do to put that back together is something that is not only in the United States interest but, happily, in their interest. I hope they do it. David one of the conflict points was huawei, the chinese tech giant. , nancy pelosi was there, saying you cannot deal with huawei on 5g. The United States keeps threatening to cut off our allies. The u. K. Seems to have called our bluff. If that is our national interest, what is the best way to get that accomplished . Thomas the best and most useful way and we are not there yet is to have an alternative to huawei 5g. While erickson and nokia have been working on it, many suggest they need u. S. Support. Apparently there is not yes a firm that istech ready to come forward with the answer to that particularly difficult question. So countries will go where they see the economic benefits going. Many of them, i think, would come to us if we had a competitor. Particularly a better competitor logically, and a better competitor when it comes down to the costs, where our allies and friends and coalition of partners could come forward with us and make that happen. I dont think they want to go that way but there are forces in the market and elsewhere that make it hard for us to take a political stand for Something Else, when the Something Else is not quite on the table. David thank you so much, ambassador thomas pickering. We will have more with him on bloomberg radio. Coming up, we will have more on huawei, 5g, and part of my interview with ian bremmer of the Eurasia Group. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. At the security conference in munich this week, u. S. Officials, republicans and democrats alike, urged europe not to deal with huawei as they move into 5g. Spoke with ian bremmer, founder and president of the Eurasia Group about europe caught in the middle attack between the United States and china, and what the u. S. May do to advance its interests beyond posing threats to allies. Ian i certainly believe the data that huawei has access to will be made available to the chinese government, as they find that useful. Is adea that Huawei National champion in the way that Lockheed Martin has been a champion of the was government historically, at the very least, yes, i believe that. More importantly, when we talk about 5g, we are not talking just about smartphones. We are talking about the internet of things, the entire Data Infrastructure around smart cities. The idea that that would be aligned to a chinese set of standards, as opposed to an american set of standards with our allies, even though it is cheaper, rolling out more quickly, strikes me as something the americans need to take seriously. I have onlyfar heard, if you dont play the way we want, we will cut you off. Where is the carrot . You say there are no alternatives in the u. S. For 5g. Why dont they invest in nokia, ericsson, where we could together develop 5g and not need huawei . This was the speech given by bill barr, who has a telecom background. He suggested, in addition to some urgent fcc decisions that needed to be made regarding bandwidth, but also the idea that the americans, a Public Sector consortium, dirty word for many republicans. Except republican government during the cold war were very supportive of the militaryindustrial complex. So what you have barr saying is reading a militaryindustrial complex because the chinese are fighting this war differently. I understand that. But one speech is not a policy. You are right. Moneyropean see a lot of coming from belt and road, particularly in the eastern europeans. Even the italians join belt and road for a reason. The brits are saying it is a cheaper system. Why will he come to the u. S. . Unless we are finding a way to help build up the europeans as that it is hard to imagine they are going to simply say, we are going to go with you, america. David that was part of our talk with ian bremmer. The full program airs tonight at 6 00 on Bloomberg Television and radio. Also available everywhere online. Balance of power continues on bloomberg radio. In our second hour, more with ambassador thomas pickering, talking about afghanistan and india and the upcoming president ial visit. We will also talk about the nevada caucuses. This is balance of power on Bloomberg Television and radio. Jonathan from new york city for our audience worldwide, im jonathan ferro. Bloomberg real yield. Starts right now. Coming up, more signs the coronavirus is spreading beyond china, hitting supply chains, taking a bite out of u. S. Economic data. Sending u. S. 30year bond yields to an alltime low. Data providing a little more fuel for the treasury market. What a mixed bag for u. S. Data. Demand delay versus demand destruction case. Ism going up, pmi going down