Successful launch, the apple card issued by Goldman Sachs hit some snags in 2019. First, our top story. Tech continues to be the outperformer in 2019 with the nasdaq on track for its best year since 2013. The tech index is up 35 , just 3 shy of 2013s banner year. It is largely due to apple and the chipmakers. Joining us is abigail doolittle. I am showing on my terminal a chart about divergence, winners and losers. What is your take away from the divergence . Abigail the clear winners, apple and facebook. Apple up 85 , facebook up 55 . The others up closer to 20 or 30 . Still great gains. And the complex is overall higher. 2019 really the year of record highs. The complex overall, the last record high overall back in july but those two Companies Really pulling away with the lead, apple and facebook. Apple putting in record high after record high. And behind that buying power, you have to think it had something to do with 2018. Because between october and december 2018, apple fell about 40 . This year, they preannounced early in january and investors went all in even though technicals looked a little bit shaky. You have to think that some of those traders felt it would be a pretty sure bet. Facebook, last year was a real disaster. They had a bumpy road, then of course that horrible second quarter, the trading day in july. Last year, down 25 . Another case of the stock down more than some of the peers. Those two stocks in particular. Taylor earlier, we were showing a chart of the gains in market cap. How much of the total increase can be attributed to the market cap gains . Abigail apple, this year, gaining more than half 1 trillion. There are not a lot of publicly traded companies out there that are even worth half 1 trillion. That stock is almost 5 of the s p 500. The other four stocks, when you put those together, about 13 , 14 . A pretty good chunk of the gains for the index coming from some of those big names. You do not have microsoft on the board but that is another big piece. Taylor you do technicals better than anyone and this is the rsi. Is there any concern we are overvalued . Abigail the faang on top does not look too parabolic. It has been a long time since an alltime high. Even so, that rsi, momentum indicator in overbought territory. What makes it concerning, because a lot of technicians do not mind if it goes above 70. Even if it goes 80 or 90. The thing they are looking for is higher highs. Rsi rounding back to 70. If it goes distinctly below 70, that could signal early 2020 could see some bearish momentum, some consolidation of these huge gains. Taylor talk to me about tesla. A series of record highs, pulling back from that today. Analysts talking about some concerns around demand. Abigail tesla is extraordinary. Lives. Cat, it has nine more than nine lives if you think about all the way back to 2010. It is the best performing of the auto stocks. This year alone, at one point, down 50 year to date. Since the june low, up 140 . The bulls and the bears, the huge sentiment whipsaw shown by this stock. More recently, traders shown that the company could hit some of the delivery numbers. On the other hand, saying they may not make the number relative to deliveries for 2019, a little shy. Plus profitability could weigh a little bit on the Fourth Quarter in terms of when those numbers are reported. Overall tesla on the year coming back from that huge deficit. It seems netnet that the coverage for this company and its stocks seemed to be pretty incredulous and i dont want to say mocking, but a little bit of that. It seems as though the street is getting more bullish, putting aside this note today. Taylor thank you to bloombergs abigail doolittle. For more, i want to stick with tesla. A major milestone. The first 15 units of model three sedans assembled at teslas new shanghai plant delivered to Company Employees on monday. Joining us from new york, bloombergs auto reporter. Craig, i want to look at a chart i am showing inside my terminal. You know the story, all the bulls and bears are banking on china for tesla. Is todays news enough to solidify tesla in that market . Craig you see the red bars in that chart. Really signifying just how much people are expecting china to sort of carry the water for the general ev market. And thats really the case for tesla as well, and the reason why people have been so optimistic about this company. When you look at the rally, it is a significant portion of the reason why investors are growing so bullish with this company. Obviously people were willing to give elon musk a little bit of benefit of the doubt after the thirdquarter Earnings Release when they reported surprise profit. The optimism more recently that this is a company that will be able to unlock potential in the china market is sort of a bet being made here. Its aer your question, little unclear at this point just how much this will have a significant effect on tesla because we are not seeing the price of the model three drop significantly yet. The company, we may find, will be able to bring the price down for the model three once it is able to localize a little bit the production of that car and the sedans are more sort of localized in that market. Taylor are those production targets realistic this time around . Craig we talk about the heated debate over this. A lot of it is because of the shakiness of the execution that is relative to the predictions elon musk tends to make. This is a ceo that has talked about early on being able to make 1000 of these cars per week, at some point getting to 3000. He has talked about the idea that the longterm demand picture for tesla in china could be around 5000 a week. The analysts at cowan who we talked about earlier, a little more on the bearish side, is skeptical that the company will be able to hit those kind of levels. Especially with the government in china sort of pulling back on subsidies. We have seen the ev market in china struggle the last 5, 6 months as a result of that pullback. Taylor we heard from the general manager of tesla in china on their goals. Take a listen, what he had to say. Our goal is to sell all vehicles manufactured at our shanghai factory. We are confident in achieving that. Taylor i wonder, what is the downside risk, that may be the bulls are wrong. If china doesnt live up to what it says . Craig this is a company that has not paid a significant amount of money for the factory that they built so quickly. Sort of an under the Radar Development last week. Was the company securing financing . This is a tab they are only paying off going forward, as opposed to something they have paid for already. Meanwhile, you have a company that, and musk, a company with endless ambition. Hes already moved onto the next factory he wants to build outside berlin. For this rally to be sustainable, musk will be able to deliver some sustainable earnings, something they have not been able to do up to this point. Taylor thank you for joining us. Netflix says the most popular releases on its streaming service this year were things it produced. Among them, the comedy movie murder mystery and the new season of stranger things. Netflix is now relying more than ever on its own programming to keep viewers loyal. Coming up, from the big four of tech and more, we will have the charts that show you what matters most. Thats next. If you like Bloomberg News, check us out on the radio, the bloomberg app, bloomberg. Com, and in the u. S. , on sirius xm. This is bloomberg. Taylor wework reportedly will have to pay almost 17 million to its coceos if they are fired or leave for any reason. Thats according to the financial times. Exit package terms were sent to shareholders ahead of a offer by softbank. Bloomberg opinion has been looking at the top themes of technology for 2019, from unchecked Data Collection to apple shifting to a servicesbased business model. Shira ovide broke it down into a different charts looking at the us nowar, and joining with her, john freeman. One of my favorite charts was the continued frustration between tech management and employees. What have you noticed about increasing tensions between the big tech management and employees . Shira this is not a new issue, but its become louder in the last year, particularly at some of the Large Companies like facebook, google, microsoft, who have an outsized impact on the world. You see more agitation internally from employees who are both concerned about internal issues like pay equity or Sexual Harassment policies, and external issues in terms of how their products are used in the world, whether it is environmental destruction, concerns about working with government agencies, harmful effects of products like social media. Taylor at what point if at all do you incorporate this into your fundamental analysis . John for me, what i like to look at as i am gauging the trajectories of these companies, and in this case, sort of that management versus employee equilibrium, look at the Unemployment Rate in boston, in silicon valley. It is incredibly low. Probably more than any other time that i remember, perhaps since the 1990s. You have had the techies, the programmers, the people who are working, actually have a lot of leverage, a lot more leverage than they did i think historically. There are things they can do to enact positive change. I think at the end of the day, obviously if it is measured and reasonable, it can be a very positive thing. Taylor another chart as i scroll down the list was the rise of tiktok, and the headwinds, government scrutiny, is that outweighing the tailwinds in your opinion . Shira we will see. The other issue about tiktok, they are spending a lot of money on advertising to get on peoples phones, and we will have to see if it turns out to givefad, but we have to them credit for giving this kind of predictive short video app that many millions of people around the world have fallen in love with. Its given us maybe some of the few moments of joy in 2019. Taylor you take a look at tiktok and even other big tech, the increased regulatory scrutiny, antitrust rhetoric, how does this impact your view of big tech . John for facebook and google specifically, regulation is the biggest risk. It is really the only risk that matters i think for 2020, 2021. Otherwise, those businesses are on rails and fundamentally doing extremely well. The big difference i see is how the Companies Manage the risk. On that front, google is doing much better i think than facebook. Facebook still needs to learn how to deal with washington, be more proactive. I think the Libra Cryptocurrency effort right after the Judiciary Committee had come out and said, we will investigate social Media Networks more about nefarious influence on elections, then just weeks later, they are announcing libra. I think that ticked people off. I am hoping facebook kind of learns and follows in the footsteps of google about how to manage Regulatory Risk because it is coming, but it can be very mild. In terms of data privacy, in my opinion, it can actually be a clarifying moment for the market and actually boost the use of data, more of a data market. With all of the users keeping the privacy and control of the data that they dont want out there. I think we need more progress on that. Taylor the third and final chart was amazon. They showed us this Holiday Season that they are a logistics company. What do you feel are amazons successes and blind spots . Shira the logistics data point you mentioned is really instructive. It is not glamorous but you have a company that, in a very short time, has transformed from one that is mostly reliant on Package Delivery companies to a company that now, at least by amazons telling, is handling the majority of packages its elf. That is a very fast turnaround. These are the kind of things we want Large Companies to do, to be able to fundamentally change what they do. At the same time, amazon strategies and products come with enormous downsides. The company has been unwilling in my view to reckon with those downsides. You have stories about the company prioritizing speed and efficiency over the safety of drivers and the public, when you put drivers on roads who are under extreme pressure to deliver packages, enormous volumes of packages very quickly. You have similar stories about working conditions in amazon warehouses and some of the lax standards about products sold by thirdparty merchants. There are downsides that come with the power. Taylor shira ovide thank you for joining us. John freeman, you will be sticking with us for your 2020 tech preview. Bloomberg technology is livestreaming on twitter. Follow quick take on twitter. This is bloomberg. Taylor we are back with cfra Vice President of Equity Research john freeman. His calls for 2020. Alphabets google cloud offering, oracle undergoing a big transformation and facebook entering the Cloud Business. How do you see facebook entering what is a pretty crowded Cloud Business . John it is crowded at the application layer. You have salesforce and all of those Different Software service companies. But in terms of infrastructure as a service, essentially what amazon does with the aws service, there were really only three competitors, at least in north america. There is microsoft azure, aws, and google cloud. Google cloud being a relatively new entrant, that went from zero to now above 8 billion of an annual run rate. I think the thing that distinguishes these guys is obviously they have done a lot of innovative stuff, but it is scale. Facebook, amazon, google, and microsoft operate data center infrastructures, cloud infrastructure, that are orders of magnitude bigger than anyone else. That is the ticket to entry. From my point of view, why wouldnt they . I know they have discussed it. And just makes total sense, and it would give them regulatory protection. They would be the last entrant into a market of three players, they would be the fourth, so they would probably avoid a lot of the regulatory scrutiny as opposed to entering the consumer space. It seems like low hanging fruit. Taylor you have talked about the other three entrants in that market. Another one of your calls is that google cloud will make significant roadway into that. How do they keep up with amazon and microsoft . Which have dominated to this point. John i think scale really wins the game. Google has differentiated to use on analytics, Getting Developers to use the tensor flow framework for machine learning, ai basically. Microsoft and amazon are involved in that too. But thats one of the things google can do to differentiate. Tensor flow is very popular among developers and the Developer Community is always a great leading indicator of what is going to be successful and what is going to be adopted. Taylor finally, oracle is splitting up hardware and software. John i think it is time. There have been a couple of decades of acquisitions that were really targeted at the old Client Server sort of world where you wanted to give an Enterprise Customer the database, operating system, everything. That was effective. But in the cloud world where most of these enterprises are now trying to outsource their infrastructure to the google and amazon and microsoft azure, then Value Proposition turns around and it hurts oracle. They are not able to do deals on the database side because the Application Side competitors get worried, and vice versa. I think there is negative synergy that they can unlock a lot of value by doing so. Taylor we will have you back in a year at least to find out. Thank you, john freeman. Coming up, we continue our look back at the best of Bloomberg Technology 2019. We will hear from apple cofounder Steve Wozniak on his gripes with the apple card. This is bloomberg. Taylor this is Bloomberg Technology. Im taylor riggs in san francisco. Bloomberg was first to report that Goldman Sachs was being investigated for alleged discrimination over its apple card algorithm. Social media postings in november by Technology Entrepreneur and apple cofounder Steve Wozniak complaining about unequal treatment of their wives ignited a firestorm. Bloomberg technology spoke to wozniak from san jose. Articleswere a lot of saying it was alleging gender bias as the only possible explanation. My wife thought that. I know apple is the least biased of all the companies, the least discriminatory, the only big company in the United States that guarantees equal pay for equal work by gender, so that was out of the thing. It was Goldman Sachs. And they have listened, maybe because i got involved. I dont like to get special privilege just because of my past, but they got involved, and they are really going to make the changes. Allow you to will get to a human. I dont believe looking into the algorithm is the solution or changing the algorithm is the solution. It is somehow being able to get individual attention in cases the algorithm misses. You mentioned part of the problem is that when you are trying to get someone on Customer Support for a company this size, it can be hard. He said it is too big. Talking about Goldman Sachs, or apple, or both . Steve all the companies can be hard to get to. Apple is actually good because you have good human support in the apple with the geniuses if , if you have apple care. Apple does a good job making good support available. I decided a long time ago, having a good product isnt as valuable as having good support for whatever you get. When you choose to weigh in on Something Like this, especially applerelated, it will probably get a lot of attention. You said you were a little surprised how much attention the tweets got. You also mentioned the response you got from Goldman Sachs. Did you hear from apple as well . We didnt i dont think we heard from apple directly. They were contacting my wife who had contacted them way back , months ago, calling the phone number and i guess they had her number to call. They said theyre going to have the standard number by the end of the week. Now theyre telling us by tomorrow, i guess, its going to go through to support people. The idea is to get to humans. You cant expect instant solutions because there might be too much demand and not enough supply for a while, but i am glad. Theyre talking exactly right, the way apple would handle Something Like this. We will support the customers. Taylor that was apple cofounder Steve Wozniak. As for Goldman Sachs response to the controversy, ceo David Solomon shared the banks perspective about the apple card launch with Francine Lacqua at the Bloomberg NewEconomy Forum in beijing. Saying we start by are very excited about the launch of this credit card. This partnership with apple has allowed us to offer a credit card that we think gives consumers more information and flexibility to do more digitally , and the launch of it by any standard has been the most successful cobranded credit card launch to date. There is no gender bias in our process for extending credit. We dont ask whether when someone applies if theyre a man or a woman or if theyre married. In addition, when we set up our credit processes, as is required under law in the United States, everyone brings in a thirdparty consultant to make sure there are no unintended biases in that process. You used the words black box. When you look at our credit process, any individual that applies for the card, we can go look at the exact specific characteristics of why a credit decision is made and communicate with them about that. So one of the things we are trying to do is increase the transparency and continue to work at that. So there is no bias . There is no bias. Now, theres no question that different applicants can get different results and that can be for a variety of reasons but were working and focused on making sure people understand that when they apply individually for credit, there are a whole variety of factors that go into it. Gender is not one of them. It is their individual credit. We will work overtime to do more to deliver transparency to clients. Thats one of the things we like about this credit card. How can you have more information . You apply and you are told what your credit line is, and if you dont like your credit line, you can call someone, talk to them, give them more information and there can potentially be a change. Were committed to working with apple to improve transparency, so that it is a unique and differentiated product. Taylor that was David Solomon, Goldman Sachs chairman and c. E. O. Now to the relationship between big banks and attack. The chairman of europes largest the our intertwined but regulatory issues must be addressed. We had an exclusive interview in november. What is a bank . What is a bank . Does a bank just take deposits and make loans . Of course. But we do payments. We have always, and our strategy our strategy since i arrived is to be a responsible bank and grow loyal customers. Loyal customers, if i ask you, eric, who is your bank . You can have one bank in your head even though you might have five accounts, am i correct . Thats true. So youre like 99 of americans and most people on the planet. For that to be the case, i need to know and you thats based on data. So my question to you, why should data be regulated, im talking about europe, in a different way. If youre called a bank or if youre called Something Else . You as a customer should be able to ask me to share my data, but vice versa, also from other players, so i can give you a loan at 6 instead of 7 soft. So that is what i am saying. We need a fair Playing Field and distinctions between sectors. Its not just about banks and payment companies, but about transport, hotel companies. This is the issue we need to sort out. Some of the big u. S. Banks have started forming partnerships with Tech Companies to provide financial services. Will santander do that too . We have been doing that. Manyrtnered with companies. What we are doing, we want to take these companies and approve, when we dont a loan, we pass it on to them. This is exactly the point. We need everybody else to be open. My question to you, what is a Critical Infrastructure in the digital age . We used to saytelcos were Critical Infrastructure. Is a device a Critical Infrastructure . You could make that argument. Digital wallet. You know how many people have a digital wallet in the world today . More than two billion. When you have a digital wallet, who should be part of that arrangement . Is it just the user and the phone provider, for whoever is issuing the card . These are the things we need to make sure we have clarity on. Taylor that was santander chairwoman ana botin. Coming up, the conversation with the cofounders of grab. From ridesharing to food delivery, we look to the future of the singaporebased tech company. This is bloomberg. Taylor lets take a look at todays top tech calls. Victor anthony raised facebooks price target on the prospect the stock will power through the Regulatory Risks in 2020. He boosted the price target to 300 a share from 225. The analyst views facebook positively given continually strong user growth, continued in Global Advertising and progress on monetizing messenger. Crowd strike forecast strong growth for the cybersecurity stock in 2020. Analyst Alex Henderson named the stock their best idea in security for 2020, reiterating a buy rating and price target. Deliveringowth is leverage to the business model. Tesla tumbled monday after analysts at cowen say that they may miss deliveries this year, as model three demand slumps. Excluding the netherlands and china, they expect model deliveries to be down compared three to the prior quarter in the year ago period. That is according to analyst geffreye osborne. He wrote that in a note. About 40 of singaporians have poor access to banking and financial services. Southeast Asian Companies are looking to change that. And Singapore Telecommunications are teaming up to apply for a Digital Banking license before the end of the year. Authority announced plans to grant as many as five a virtual bank licenses to boost participation and competition. Other groups have expressed interest in applying, including founderire alibaba jack mas ant financial. And speaking of grab, cofounders anthony tan hooi ling tan spoke to our reporter in may. We will hear how they have their grab a supering app. It is not just softbank. The 3 billion was raised from hyundai, booking, microsoft, ping an, oppenheimer. Were very blessed with the global best names one can imagine. But why continue to raise money rather than going to the Public Markets . Superause of our ambitions that now involve a much broader set of services to our customers. There needs to be additional investment and innovation, and our partners identify the opportunity and understand, we want you to do it. They are encouraging us to go weger, bolder, better, so can serve Southeast Asia more consistently. Tell me about your relationship with masa. Hes said you can have unlimited capital, but you are not asking for unlimited capital . No, that means unlimited dilution. [laughter] were extremely close and were very blessed to have a mentor and friend and partner in this journey. But i will not right now need that capital or want that capital today, because we have enough to invest in what we need today. So ling, you surpassed a billion dollars in revenue last year. Youre on track to double that this year. Where is the growth going to come from . In terms of countries and regions in Southeast Asia, the biggest trajectory and growth area is indonesia, where we are doubling and tripling down. How far away is profitability . In seven markets, seven verticals, its already profitable. For us its important that we build and create more value. Its easy to say youre the most popular app, just chill. As opposed to, we are the single most popular app but there are lots of competitors, so we need to make sure we deliver more value, so we earn the right of customers to keep us as their single most popular ridehailing app. Uber candy say when they will be profitable. For has been a problem investors. Are you learning from that . Its different. First of all, uber, the majority of its business is ridehailing, plus obviously food delivery. Lyft as well, ridehailing. See ourselves,e our comparable is more wechat, as a super app. So well grab go public . Right now we have no plans to go ipo. We dont need to hence that very , big round. Choosing longterm strategics, again, as part of our tech for good working on conation building. When we talk about nation building, its not five months. Its the next five, 10, 15, 20 years. Given the u. S. China trade tensions and manufacturing that seems to be leaving china and moving to Southeast Asia, is t hat an opportunity . What i can share about the states and china, both regions are equally looking at Southeast Asia as huge future potential growth areas. I think everybody sees it Southeast Asia as a region of growth for the future, and it is not shortterm, not for the next five years. Its going to be for the next few decades and thats the growth we want to help drive and lead in growth for the rest of the country. Weve seen many founding teams fall apart. Theres blood on the floor. You guys seem to have a great working rhythm. How do you maintain that . We have an amazing relationship because we share that foundation of values system and we share that passion for what we believe we can contribute back to the region. And we do know it is unique, and hence why we cherish and value it even more. At the same time, we know there are many more possibilities for others like us to equally find the same passion. So we encourage it. We are helping in the region. Weve launched something called grab velocity. It is our own Accelerator Program to help other startups in the region, trying to do good, trying to find scale. Using our platform and partnering. We want to help them because we were able to stand on the shoulders of giants, and were hoping we can help give them a little boost that they all deserve as well. Taylor that was grab cofounder and ceo anthony tan and hooi ling tan. Cofounder and chief operating officer. Still ahead, how one hacker and exconvict now uses his skills to earn an honest living. A closer look at the multimillion dollar industry of bug bounty hacking. That conversation next. This is bloomberg. Taylor tommy devoss used to into websites illicitly. After serving time for his crimes he now uses his hacking skills to earn an honest living. Hes now earned more than 1 million, enough to afford two very expensive cars. He still gets a rush from doing his job, known as bug bounty hunting. This is a classic nissan skyline. It may look like just another car but only one of these makes you an instant star among car inenthusiasts. And this guy is so rich, he owns two of them. He affords the luxuries not by toiling away at a 9to5 job like the rest of us, but by breaking into websites and getting paid for it. My name is tommy devoss and im a hacker. The businesses tommy hacks are headquartered in cities like new york and san francisco. But tommy works out of suburban virginia. All the hacking he does is legitimate. In arrangements called bug bounty programs, Companies Like verizon and General Motors pay him to look for security holes in their system so they can fix them before the bad guys get in. When you find one of the ones you know is going to be like a 5,000 or 10,000 payout, you can feel your heart racing faster and its just like doing drugs. I dont want to go into detail on comparison with that. [laughter] but it is, the same sort of rush. For some time now, Tech Companies have employed legitimate hackers to test their systems. But over the last decade or so, bug bounty hunting has become much more organized. Websites that match freelance hackers with businesses. The prize money has now gotten big enough to make this a career. Whats the most money youve made on a bug . A single report, 20,000. What about in a single day . 160,000 in october of last year, and i think that only took three or four hours worth of actually working. So if you were to average it out, how many hours a week would you say you work . Five to 10. Five to 10 hours a week . [laughter] and how many money have you earned over the last year . This year . 636,000. What do you think is the thing that makes you so good at it . Just the fact that ive been doing it for so long. I thought tom was going to be Something Like a lawyer or a doctor. Tommy was very, very smart and he was some ahead of everybody else in the class. In our classes you could play on the computers when you finished all your work. Id finish my work in 10 minutes , and then just go play on the computer. It didnt take long for tommy to fall in love with the internet and one day he stumbled into a chat room where people talked about their illegal hacks. They taught him their tricks and he started hacking for fun. The first time he got caught was when he was in high school. He was expelled, spent a few weeks in juvenile detention and was ordered to stay away from computers. But he didnt listen. We got into nasa computers, the u. S. Courts, department of energy. Anybody that had huge budgets that should have had secure systems, but didnt. And he was caught once again, but this time as an adult. The judge told me if i get arrested for computers again and come to his court he was going to give me life in prison. For most people, bug bunty hunting is still more of a side gig than their primary source of income. You get paid only when youre the first to report a bug and even those payouts dont amount to very much. On one platform called hacker one, the vast majority have earlied less than 10,000 over time. But if you are really good, you can make a lot more. Out of hacker ones 500,000 contributors, tommy is among just six people who have earned more than 1 million. As more and more of the world moves online, cyberattacks are only going to grow in frequency and sophistication and the havoc theyll wreak on our lives and. And that means we are going to need a lot more of the good kind of hackers, testing our systems to make sure were safe. But tommy wont pretend his motivations are all that noble. The fact that were securing the internet, its a nice side effect. But i do it for the money. Taylor thats part of a next jobs episode, a Mini Documentary series. You can watch the rest on bloomberg. Com. Speaking of hacking, microsoft is suing a group of hackers with ties to north korea. The group has been breaking into microsoft accounts and stealing Sensitive Information by impersonating the company. The hackers allegedly targeted government employees, human rights organizations and University Staff members. And, hollywood actor sharon stone is back on bumbles dating platform. The matchmaking app reinstated the basic instinct stars access which had been suspended for several hours after several users complained her profile was fake. Stone went on to twitter to lament her suspension, leading to bumble unblocking her and telling stone, we hope you find your honey. That does it for this edition of Bloomberg Technology. Bloomberg technology is livestreaming on twitter. B sure to follow our global breaking news network at quick take on twitter. This is bloomberg. Yousef our top stories this morning. He is in lebanon having fled what he called justice system. Pmi numbers show the economy is still expanding and white house said to dave the trade deal is in the bag. President trumps patience has its limits and he warns that tariffs are likely. And raising more than 100 billion this year. What was behind the