Radcliffe was a front runner, choice for the job failed to get and many people were thinking it would be a done deal, so this is enough support from the islands governing body. A surprise. Cirilli, thank rosello stepped down after weeks of massive protests. The italian Prime Minister held you for jumping on that news for talks in rome today with ursula us. We will bring you President Trumps comments on eu trade in von der leyen, the new president washington as soon as he makes of the european commission. An appearance. All of this means that theres a their discussions will range from climate concerns to the lot of factors weighing on migrant crisis. During a news conference, markets this friday. Trade concerns are top of mine, with u. S. Economic data. Jobsyers added 164,000 launder land said and there is no Civil Solution to the migrant issue in europe and that more last month, shy of estimates but burden sharing is needed. Fact thatare of the in line with consensus. The mile meanwhile, the 3. 7 . Oyment rate held at countries like italy, like greece, spain are in an exposed geographical position, so we lets bring in noel corum have to take that into account and solidarity is needed. Noelle koran from invesco. Of course, solidarity is never one way. Two ways. What is most consequential in terms of how you position your portfolio . Elle we are thinking more if we work together, we will find solutions to move forward. Mark the Prime Minister discussed italian citizens longterm, so the fed is more focused from here. After the fed meeting i do not want to get too much in the mistrust toward europe, saying weeds, but the front end of the that europe will need to work harder to offer concrete and appropriate solutions for the curve had some price cuts out urgent needs of italians. Flattened10s global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. Significantly. This is bloomberg. That is telling a pretty big story. It is telling a story that the market does not think the fed is doing enough. Of course now, the geopolitical things that have happened have pushed that up a bit. Longer term, we think that the go another time in 2019, and that is just on a basis of growth coming in around 2 , which is consistent with the live from new york, im payrolls that we saw today. And inflation is not going anywhere quickly. That meanwhat does vonnie quinn. Live in toronto, im amber for the dollar and investment kanwar. Opportunities . We are joined by our bloomberg we are looking at emerging markets going flat at the moment. And Bnn Bloomberg audiences. Look at the msci emerging market u. S. Stocks are careening index, the worst day in the year since the december toward the worst week of 2019 as selloff. Noelle we think that the dollar investors fret over president is positioned to see some trumps latest tweets on tariffs. Strength year, and that is we will keep you updated on market movements. Largely because of the looming risks that are out there. Even aside from trade, we have and mounting risk to the u. S. Economy, the latest jobs report brexit and European Growth shows pressure is in retail, hererns, so we like credit particularly manufacturing, as President Trump friends to boost tariffs on chinese goods. More in the Higher Quality stuff, but positioning with a and an expressive interview with andy purdy, the chief security long dollar as a hedge against your credit. Scarlet you mentioned the officer of huawei, about how the flattening yield curve in the u. S. If you look at what is going on trade war is hurting their bottom line. In germany, the entire yield lets get a check on the major curve is negative. Pretty indices. Consequential for europe, 500, a 90point because Everyone Needs to go further out on the risk spectrum to get some yields. Drop from earlier this week. Does it change anything that you down 1. 2 . The nasdaq is the one beating do or how you think about what you are going to be doing . Noelle if you think about wise, it isth them all, down 143 points. Starting from a weaker spot than 1. 5 . The rest of the world. It is down a lot more than the that is certainly something we other industries mainly on chips are watching. Time, we like and related companies. Yield, 1. 72. Lets look at some currencies to european assets, and that is largely due to the ecb. Show these market moves. We think right now they have the the yen, 106. 53. Willingness and readiness to act, and we think they will do so in q3. We will see if it tests the 105 caroline we have seen an mark. Appearance from trump. The yuan up. Anything . Pecting elleill be sticking in now it was stronger earlier. Amber a good picture of the World Trading today. Will be sticking with us, but lets listen in. Lets take a look at the world we are living in. President trump a wonderful deal for wonderful people. Today, we are signing a trade 14 trillion worth of negative yielding bonds. Bonds that you have to pay to agreement that will make it own. Easier to export beef into the high,s a record European Union. We have been under negotiation accelerating much of this week for quite a while, and our beef on the back of those fed rate farmers we did not feel were cut but also those trump tweets, being fair, but the european and a long way from zero, where union stepped up and we we were in 2010 and 2011. Appreciate it, and we have great representatives here with us today. This is a tremendous victory for the world has shifted in quite a dramatic way, in a very short American Farmers, ranchers, and period of time. We are seeing market today at european consumers, because american beef is considered the least tried to grapple with best in the world. That. We are delighted to be joined also trying to grapple with some economic data. To addployers continued today by ambassador robert lighthizer, deputy secretary of workers at a healthy pace in july. Ki,iculture sense wage gains also picked up. It underlines a solid labor market, as President Trump threatened more tariffs on european ambassador to the chinese goods. United states, stavros, and i and the joining us to talk about the jobs data in julia coronado, president of macropolicy perspectives. Representative of. Lets try to marry some of the storylines. I also want to thank john onwe fear, increased tariffs hoeven, my friend, for being here john, where is john . A basket of goods currently not good job, john. Subject to duties. Tariffs have been in place. Along with the president of the it is seeing any evidence natural cattlemens beef you,iation, thank affecting the manufacturing, transportation, warehousing her, jennifer, and the ceo of the when it comes to job gains . United states meet export federation, dan hellstrom. Julia first of all, yes, the you very much, job gains were in line with congratulation. The agreement we signed today expectations, but came with more will lower trade barriers in than 40,000 in downward europe and expand access for American Farmers and ranchers in revisions in the prior months. On a six month basis, we are your one, dutyfree american beef exports to the european adding just 140,000 jobs a month. Mildis fine, enough to put union will increase 46 . Over seven years, they will downward pressure on the on implement rate, but a lot slower increase by another 90 . Than the 233,000 at the in total, the dutyfree exports beginning of the year. Will rise from 150 million to where is the slowing happening . 420 million, an increase of exactly where you mentioned, over 180 . Manufacturing, which has slowed dramatically from being a big my administration is standing up for our farmers and ranchers sector of job gains to barely eking gains right now. Trade and transportation. Like never before. We are protecting our farmers even leisure and hospitality. And doing it in many ways, including with china. That is more worrisome because you may have read a little bit about china lately. We look to the Service Sector for the domestic resiliency. Agricultural products and tot is a sector that is tied exports have increased by more than 10 billion, and beef discretionary spending, tourism. Exports have increased by more the fact that we are seeing that sector slow a bit is something than 31 . In another major win, we fully to keep an eye on. Vonnie but it is all good opened the japanese market to because the fed cup rates by 25 u. S. Beef. We have also opened markets in basis points, so therefore those tunisia, morocco, and australia i think you are pretty happy yields will come back. I detect some doubt about about all of that, right . You have never seen anything happen the effectiveness of that cut. Like that before, have you . The fed is trying to get ahead of these negative sentiments that may take hold. Not with other president s, you have it. We are reducing burdens and the way chair powell described it was short circu not, it regulations that unfairly impact agricultural producers. When our farmers became the victims of unjustified, retaliatory tariffs from china was working pretty well, markets and other countries, we provided were well supported before this 40 billion over a twoyear latest escalation in the trade period 14 billion over a war. I think there is a strange game of chicken between chair powell twoyear period in relief. And i signed a farm bill that and President Trump right now, but dangerous for the u. S. Economy. Provides our farmers with the amber your job is supposed to kind of certainty that they need be forecasting macropolicy. , while supporting increased you have had a long career agricultural exports. Forecasting economic growth, the agreement we are about to sign keeps one more trying to model things out. How would you put these past couple of years into context and perspective for us . Promised to the great patriots of american agriculture. Are indeed patriots. It seems like these outcomes are very binary. How do you make predictions based on that . Julia trade policy is one of they are always targeted first by other countries to take advantage of the united date. The hardest things to model and the first to be targeted, but we take the target off their backs. Build into a forecast because it isning markets for farmers doesnt matter until it matters a lot. About more than an industry, it we try to measure uncertainty is about a way of life, generations of hard work, and how it translates into investment decisions. Passion, and dedication have gone into making america the it is a very imperfect relationship to hang your hat on highest producer of high quality beef than anywhere in the world from the forecasting perspective. We do the best we can to look at by far. We are proud of our farmers and the tea leaves, bottoms up, how ranchers, we love our farmers and ranchers, and with this are businesses feeling, where announced it, we take one more step in giving them a level are the most discretionary sectors. Playing field that they have so far, the u. S. Has been pretty resilient. We have had some nice fiscal been looking forward to for tailwinds to keep the u. S. On many, many years. They want a level playing field. Track, we have seen the slowing that is all they want and nobody in manufacturing but not can beat them. Thank you all for being here. Contracting the way it has around the world. It has been a good story to i would like to invite a very great gentlemen, a friend of date. But again, when do businesses mine and someone who has done a fantastic job for our country throughout their hands and say ambassador lighthizer to say we cannot make plans for the future amenities changing rules of the road. A few words. We will follow that up with some of the very high officials from the sectors most exposed to Global Supply chains are feeling that pain and difficulty in the European Union. Thank you very much. Bob . Lighthizer thank making those decisions. Vonnie ironically, we have a flatter 2 10 spread that we have you, mr. President , for being here today and for your leadership in making trade policy work that are for all had in a couple of months. Americans, but particularly for what are your forecast for the economy, 10year yield . Julia we have growth slowing to our farmers and ranchers. Im pleased to be joined today here by the deputy chief admission of the embassy of below 2 in the second half of the year. Finland, the eu member state that is a pretty pronounced slowdown from what was just about 2. 5 . We will feel that across a broad that currently holds the presidency of the council of the European Union, and ambassador range of sex yours. , the ambassador from the we have seen investments flow already both in real estate and eu. Capex. What we saw in a jobs report was this agreement will nearly triple the dutyfree access of Slower Growth in hours worked, american ranchers to highquality beef in europe. Initial estimates indicate that u. S. Beef will grow by over 270 and that translates into Slower Growth in takehome pay, a little more moderation and what million a year once the agreement is fully implemented. Has been a pretty boy apace of consumer spending. That is what we will see. Exclusive,ew, the fed will move gradually and methodically, another rate cut country specific quota, american ranchers have a guaranteed market share in europe. We look in september, perhaps another in october, to keep that sentiment forward to the European Union on track. Approving this agreement as youve noted, Interest Rates expeditiously. Are very low, negative yielding debt everywhere. It is not a problem with expensive financing. Mr. President , ambassador it is more the availability and that risk sentiment to continue lighthizer, ladies and gentlemen, i am honored to be going out there and doing business, taking risks, hiring one of the signatories of this workers, making investments. Euu. S. Beef agreement. That is what we are trying to keep on track, what the fed is trying to keep on track. I think the u. S. Still has a [inaudible] good shot but a lot of it for the usa. Depends on how this chineseu. S. Provides a solution to a relationship plays out from here. Lands at ther this longstanding dispute in the feet of consumers, which you wto. Mentioned, could potentially of how a great example slow down in the back half of the year. Questions as to what extent they the multilateral trading system can work for settling trade will bear the brunt of this tariff increase on goods that are more geared toward things disputes. With this agreement, the eu that they purchase, apparel, technology. Reaffirms its agreement to a thatder to what extent is trade agenda and nuvasive blunted by the appreciation in the chinese currency . Julia to some extent it is. Euu. S. Relationships. The agreement will be announced i dont think it is a direct impact of the tariffs that would to the European Parliament and we hope that we will gain the take over the u. S. Consumer. At the end of the day, these are confidence as soon as possible. I would also like to highlight modest increases in retail the strengthening of eu trade prices as a result of the tariffs. With the u. S. Is a priority of it is more, does it add to that the European Union. Sense of caution on the business finally, i think all the negotiators on both sides for cycle as a whole, does that lead to greater caution . Their inputs. Thank you very much, and thank we have already seen the savings rate among u. S. Consumers stay you, mr. President. President trump thank you very much. [applause] really high and actually move mr. President , ambassador higher, even though the labor market gets better and better. That is not what we have typically seen at this stage of lighthizer, dear friends from the cycle, particularly given the American Parliament community, ladies and gentlemen, where equity and home prices today is about delivering real, are. Where a telltale positive, tangible results in the transatlantic trade sign where consumers are feeling cautious, and with relationship. Companies and farmers make more money investing in trade with better prices, may moderate their spending. Each other than we do with anyone else in the world. It is not great to see these scarlet you are watching a live tariffs ahead of holiday season. Conference at the white house, where the president says he is back to school is your last shot signing of the agreement with at cheap goods, and then youll see higher prices. The European Union. Consumers have already been according to robert lighthizer, pricesensitive, so that does the eu has to approve the beef agreement with the u. S. , but that is forthcoming. Not bode well for a Great Holiday season. You are watching that take place vonnie mattel and hasbro down in the white house. If you want to continue listening, it is available on for that very reason today. Bloomberg at live. Julia coronado, thank you for joining. Equity indexes losing at least coming up, from threats against. 6 . With to striking a deal from new york, this is bloomberg. The European Union. How President Trump got to yes on agreement from the europeans. This is bloomberg. Caroline china is vowing to response to President Trumps threat to impose a 10 tariff on the remaining 300 billion in chinese imports starting september. We spoke to larry kudlow about the potential impact on the move amber President Trump is of the move on consumers. Larry our experience and our modeling suggests that expected to make a statement about the European Union and the u. S. Trade shortly. In the meantime, no shortage of Consumer Impact will be very, news on the u. S. China trade war very small, and the biggest burden in economic terms is front as the u. S. Announces it will impose a 10 tariff on 300 weighing on china. Here with more is billion worth of chine