Having a free and Fair Election without external intervention, even when both sides were perfectly wellprepared to play by the rules. We now have a situation before the pandemic hit where that is much more problematic, where issues of saying there is voter fraud happening, impersonations, you should not be doing vote by mail. All of the president s all of the measures for a president who is well behind in the polls but has the ability to shape the outcomes of the way the election is put together. In the Worlds Largest economy, the idea that the election will be contested and half of the population will think it is rigged even before the pandemic hit, we thought that was the single largest risk affecting the markets in 2020. Of course, the pandemic makes this a lot worse. Inid it strikes me that 2016 most of us were not thinking about the election being contaminated by social media disinformation, russia trying to intervene in the election. Now we know what happened. We have much better sense of what happened. Why do we spend four years and have we made any progress in trying to reduce that risk, and if not, why not . Ian we have made no progress. One reason is because congress is so divided. There been efforts to get billions of dollars for proper Election Security through the senate. To ais not being aired vote because the head of the senate does not want it to. President trump certainly understands that to the extent there was russian intervention, it probably helped him and did not help hillary clinton. Lets keep in mind the failed impeachment trump was impeached, it feels like ages ago. In reality it was just a few months. He was not convicted by the senate. He was acquitted. That was a progress to engage in external intervention on the part of the Ukrainian Government to politicize an investigation in the against politicize an investigation against a likely opponent who is soon to be the presumptive nominee against trump. When you have all of that happening, well before you talk about a reality where we will have a pandemic, people will be uncomfortable showing up to vote , you will have massive efforts to do absentee balloting in swing states that do not have a good record of getting that done well. Unless it is a blowout for trump or against trump, the likelihood we know who will win this election on the day after is quite low. The likelihood is contested is quite high. David there is some breaking news right now you will be interested in. It is not a big shock, but it is important. The president is in florida visiting Southern Command and he remarks and he says a china deal is unlikely. Many people thought it was unlikely to get a phase two deal anyway, but now the president is conceding it. What does this do the president s overall strategy dealing with china . Ian when ive spoken to the white house of late, they told me they thought the likelihood that the phase one deal would stay in lays through the ,lections was just under 50 51 it would break. With the exception of the phase one deal, every single piece of the u. S. China relationship is heading into the toilet. Look at hong kong. At american sanctions against the chinese in hong kong in the Senate Passed 1000. You cannot see 1000 against anything, you see against china. Desire to have investigation into the chinese coverup of the virus outbreak. President trump saying we are leaving the World Health Organization. South china sea confrontation between the United States and chinese military, also taiwan. Thatannot find any issue the two largest economies in the world are moving in a positive direction, and indeed the phase one trade deal, which hereto for had been a signature achievement of President Trump and president xi has been holding on by a thread. I think the real question i am not at all surprised that trump is saying there is no phase two. The question is does the phase one deal unwind, the markets will not like that, the corporate will not like it, and one of the reasons why it is in place and stays in place is because the voters are going to be hurt by the additional tariffs that would, if phase one breaks apart. I suspect trump does not want that. You may remember a week ago when peter navarro, the Senior Advisor said the phase one deal was dead, that President Trump got on twitter within a couple of hours, fairly late at night, and said it is all ok. I think that is the real question. Me, we had aikes cold with the soviet union, but we did not have a lot of trade and economic integration with the soviet union out of world war ii. If we entered Something Like a cold war with china, this is quite different, because as the number one and number two economy in the world which are fairly integrated despite a lot of the stresses and strains along the way. How does that play out . Ian it is different and yet there are some analogies. The big analogy is United States and china are also creating more data than other countries in the world. They have the biggest tech firms of any countries in the world, and yet they are functionally not integrated at all. That is forcing countries around the world, the italians just came out and said they will not allow huawei in their telecom process. Youve seen the u. K. , canada, australia, other countries are saying they will have to choose the american or chinese system. That feels more like the u. S. Versus soviet cold war. No matter where u. S. Relations with the chinese go, i suspect if you and i were to walk into a walmart in five years, we would still be buying a lot of chinese goods. I suspect if we go to university in five years, we will still see the lion share of 41 billion that comes from foreign students is going to be coming from the chinese. We may keep them out of some of the advanced classes in ai in caltech and m. I. T. , but i do not think we will suddenly say it we do not want those students coming in. Thats keep in mind, the United States is still free market and much of our policy and Regulatory Environment is captured by special interests that make money off it. There is a lot of money still being made by integration of the u. S. Economy with china, i do think that buffers the question of how bad the relationship between United States and china can actually get in a way it did not between the americans and the soviets. End, just briefly at the but these things together. The possibility of questions about the legitimacy of our election and the reshuffling of global politics. What does it do to our standing in the world if there are substantial questions about our election . Ian there is no question the United States is no longer seen as the leader the way we have been. I saw a stat earlier that nine in 10 canadians think they should not reopen the border with United States. Canada. Easy stuff like this, it does not feel like the United States is leading anyone by example. That is an unfortunate reality. Soft power for the United States has helped us get what we want. We should also recognize there is a reason why the president of mexico just came up and did nice with President Trump that is because United States is vastly more powerful than mexico, and most of our allies and antagonist still understand the u. S. Dollar is the reserve currency, still understand United States is overwhelmingly the most important military player in the world. I would not overstate the idea the erosion of american legitimacy in terms of our Representative Democracy feeling broken and rate is suddenly going to mean america does not matter anymore on the global stage. David always so informative to have you with us. Thank you so much for joining us. That is ian bremmer, the founder and president of the eurasia group. Coming up, we will talk with phil murphy, governor of coronavirus come about his fight with the coronavirus. That is coming up next on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for first word news. For that we go to mark crumpton. Mark we are just seeing on the bloomberg terminal breaking news that a planned rally in New Hampshire for President Trump has been delayed because of Tropical Storm fay. That is being rescheduled. A planned rally for President Trump in New Hampshire being delayed because of Tropical Storm fay. The president telling reporters as he headed out of the white house to head to another rally that new jersey could be hit pretty hard by Tropical Storm fay. Heavy rains in new york city tristate area because of the Tropical Storm. We will continue to follow this story and bring you more development as we get them. Two World Health Organization experts are headed to china to try to figure out where and how the coronavirus pandemic began. Scientists believe the virus may have originated in bats and was transmitted to another mammal before being passed on to humans. A cluster of infections late last year focused attention on a fresh food market in the chinese city of wuhan, but the discovery of earlier cases suggest the animal to human job may have happened elsewhere. Here in the United States, President Trump resumed his campaign to get children back in school this fall. He tweeted this morning that Virtual Learning has been terrible compared to being taught in class. President trump also suggested schools could lose federal funds if they do not reopen. Senate Majority Leader Mitch Mcconnell has cast doubt on his partys plans for a convention in florida. Leader mcconnell says holding a convention in jacksonville in august is a challenging situation. He says republicans will wait and see whether it is safe to go ahead with it. Florida is one of the coronavirus hotspots in the United States. 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. Crumpton. This is bloomberg. David . David thanks so much, mark. Yesterday we talked with new Jersey Governor Phil Murphy about the coronavirus and the fact it appears to be coming back in his state despite all he and his state have done to fight it off. Gov. Murphy little has been enormous, over 13,000 confirmed deaths and at least a couple more suspected to have passed from covid19. That is the tragedy. Our numbers have gotten a lot better. As they got better, we made the decision based on the fact and the science to begin stepbystep reopening our state. We knew when we were doing that, doing it responsibly, that we would take on more risk in terms of increasing the potential for transmission to we were comfortable with that risk, but we were not expecting the explosion in paces elsewhere in the country. The rate of transmission has gotten a little bit uncomfortably high for us, just over one today. It improved slightly. We put in with new york and connecticut travel advisory for folks to selfquarantine if they are coming back into our state from a hotspot. As your colleague noted, and i welcome her to new jersey as a resident, we are now requiring face coverings outdoors. Those are two steps we have taken over the past 10 days. We have held off on indoor dining, which brings me no joy but it is clear this virus is a lot more lethal inside than outside. We are watching this minute to minute, and again trying to make the decision at every step based on the fact. David he was welcoming our colleague airline hide, who has just moved caroline hyde, who has just moved to new jersey. He also spoke about the budget. It is balanced because is a constitutional requirement. In order to get our budget balanced for three months, we had to cut or defer 5. 2 billion of expensive of expenses. We have estimated between mid this year and the end of 2021 is 20 billion. That is amount how overwhelming this crisis has been in terms of expenses that have exploded in revenues that have fallen off the table. David are you going to have to borrow money, and what is your access look like for the Municipal Bond market . New jersey has not always had the best credit. Gov. Murphy we will have to borrow money, and we will probably have to put some revenue raisers on the table as we develop our next budget. The first place we will go is the Federal Reserve special program set up, and that will be the first port of call, and we will go from there. This will be and both. Borrowing in the billions and needing federal cash assistance. We are not alone. This is an american challenge. We are seeing this virus explode around the country. The other states are in our prayers. We wish nothing but a speedy resolution. It is a reminder we are all in the same boat together. David i do not want to borrow from peter to pay paula, but is there any possibility of increased tax revenue from new jersey, including some working at bloomberg were doing their work from new jersey when otherwise they would be in manhattan. Gov. Murphy the answer i assume is yes. Situations if new york goes, a bulk of new jersey goes. I do not wish any ill will across the hudson to our friends, but there is no question there has been a big work from home trend. The Real Estate Market in the commuting suburbs has gotten very hot in the midst of this crisis. We are overwhelmingly all in this together and we have done an enormous amount with new york in particular. Blasio, cuomo, mayor de and our neighbors in connecticut, pennsylvania, delaware, we are the densest region in america. We are all in this together. Speaking with phil murphy of new jersey on Bloomberg Television and radio. You mention the Real Estate Market. Give us a sense of the commercial and residential. You said it is hot. Are you seeing prices go up commercial and residential . Gov. Murphy without question residential, particularly in the communities that are easily commutable into new york. Commercial, i think it is too early to tell. I do believe there is going to be a revisiting of some of what we had heretofore thought over the last couple years of the stranded assets, the suburban spaceship threestory corporate headquarters, which are state was known for for so long. There was a period of time where folks looked at those assets and said the world has moved to a different place, a different paradigm. I believe strongly that not only will those assets be looked at again with a different set of eyes, but they are being looked at. To be determined. David finally, lets turn to politics. Everything is affected by the pandemic. You just had a primary in new jersey. An awful lot of mailin ballots were used and it has delayed a lot of results. Thereve been challenges already. Looking forward to november, what does that tell us about what elections will look like in this age of the pandemic . Gov. Murphy a good question. Too early to tell on november. We tried we moved our primary from june 2 to july 7 and we went to a hybrid model. Everyone, if you are registered as a democrat or republican you were mailed a ballot, selfaddressed stamped envelope. He returned the ballot. If you are not registered, youve got an application for a ballot. At the same time we asked each of our 21 counties to have 50 capacity for in person voting on election day, and every municipality to have at least one location. It is too early to tell for sure, but we think it worked out quite well. We are trying to balance the sacred right of democracy to vote and have every vote counted, and at the same time the realities of Public Health today. Too early to tell what november looks like, but we think based on all of the evidence that the primary worked out well. David you have to take special precautions on the voter fraud claims . A lot of claims coming on voter fraud. People think there is not that much of it, but will you ramp up and have to invest more to make sure you protect the system in november . Gov. Murphy we did it in this primary. In their plain clothes we had National Guard members up and down the state. I am fearful. We take every one of the claim seriously. We have had a norm is a map of backandforth with the u. S. Postal service about delivery and timing of delivery. I am fearful the fraud point is a political talking point more than it is a reality. We take everyone one of these instances seriously. David Governor Phil Murphy of new jersey. This is bloomberg. David this is balance of power on Bloomberg Television and radio. We get a market check with scarlet fu. Scarlet we are looking at stocks turning around from earlier losses. It is not the usual suspects. If you look at the nasdaq, it is lagging behind. Of the five biggest numbers of the nasdaq 100, two are rising. The other three are down. That is unusual from what we have seen in the past. The day started off with a fairly negative tone because Chinese Government funds decided to unload some of their positions, pulling down that hot market. One thing im paying attention to are the technicals. Abigail and her fellow tech analysts all that up golden cross when the trendline breaks above the longterm trend line. That is not happen since late march. According to sundial capital research, the golden crosses have corresponded with the end of every bear market in the last seven decades. This has been an unusual bear market. Today feels a little like early june. You have cyclicals like energy and financials leading the way higher. Even hurts is moving higher and hertz is moving higher cruise line operators. J. P. Morgan and wells fargo will be announcing earnings tuesday before the bell. Safety is back in demand, because gold, while it has backed off, still up for the week. Copper doing better. Plenty of demand for the longer dated treasuries etf. David . David thank you so much for that update on the market. We will go over all of the things that happened in the market on wall street week coming up at 6 00 eastern time this evening. Well be joined by Larry Summers as well as daniel tarullo. This is bloomberg. David this is balance of power on Bloomberg Television and radio. Im david westin. We have some breaking news. We just talked to Governor Phil Murphy yesterday of new jersey and he said they were going to have to borrow money. New jersey lawmakers and governor murphy now agreed on a plan to borrow 9. 9 billion. We asked if he would have to do that, and he said yes, and he also said that they would need to have some revenue enhancers. Now our first word news, we go to mark crumpton. Bek florida continues to one of the countrys hotspots for the coronavirus. Rose 4. 9 in the state in the past 24 hours. Bars, restaurants, and gyms began opening up in may, and weeks later, began experiencing an alarming surge in cases. Hospitals in june and july have seen their numbers of patients triple. Secretary of state mike pompeo is criticizing an independent United Nations human rights experts report about an american drone strike that killed a top iranian general in january. The report said the incident that killed general solemani was a watershed event in the use of drones and amounted to a violation of international law. The secretary called the report spurious and said it gives more cause to distrust. President trump says he is his formerpardoning aide and longtime confidant roger stone who got more than three years in prison for lying to congress and witness tampering. President told reporters today that stone was treated badly by prosecutors. He is scheduled to report to prison next week. Notre dame cathedral will be built the same way that it stood just before it was destroyed from a fire. Tuesday historically accurate, it will again be built with potentially toxic lead. That was the verdict reached by president and officials in charge of reconstruction following that april 29 fire. The landmark wants reopened in time for the 2024 olympics. 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. David thank you so much, mark. Vice President Biden is ahead of President Trump in the polls across the country, although President Trump still seems to have the edge when it comes to trusting him with the economy. The former Vice President tried to address that yesterday when he rolled down his new economic land which he called the bill the back better plan. We welcome now rick davis. I guess it is a progressive plan, but not to progressive too progressive. It is populist rhetoric wrapped up in pretty moderate economic plans. Basically what we saw was vice President Bidens buy america plan versus Donald Trumps make America Great again. He goes after him on some interesting economic issues. Nationalism and building a strong infrastructure in manufacturing in america. We heard about those things from donald trump in 2016 during his campaign but now biden is trying to usurp some of those issues for himself. David you were such an accomplished clinical strategist, running john mccains campaign. To say iood strategy agree with some of the issues but disagree on the execution . They basically agree that they dont like china very much. Both agree we want more manufacturing. So where is the disagreement . Rick one of the things he did, and he did an effective job of this in his speech, he basically said that trumps mishandling of the coronavirus has made the economic downturn worse than it otherwise would have been. Qualified he is not to serve another term, and you to give me a chance to dig out of this economic downturn. In fact, by doing some of the same things that President Trump promised to do like dealing with infrastructure and off shoring of jobs. Said that he failed on those promises and i will deliver on that. David four months until the election. It appears that joe biden appears to have a pretty good lead, including in the battleground states. Take us through the strategy. However risky is it to sit on a lead . I think one of the things that he has done over this economic speech is starting to fill in some of the blanks. He did what you described, which is basically having a basement strategy for the first two quarters of the year, where he respected the coronavirus limitations on his campaign, toically allowed trump succeed or fail with his governance over the coronavirus. Basically, trump has failed. Now biden sees an opportunity to emerge and Start Talking about substantive issues that he would do, unite the party around the central themes. Obviously, the economy is one of those central items. He has to convince americans he as govern as effectively donald trump when the economy was roaring. I think you are seeing that filling in the blanks. He has a lead in almost every targeted state, those states that will determine the outcome of the election. Now he is trying to fill in the blanks to make sure that lead does not get diminished over some of the attacks from trump and his surrogates. David if that is the blue team, talk about the rent team. Talk about what President Trumps strategy is right now. The big issue this meat was making sure kids go back to school in the classroom. He is in florida today talking about drug interjection of latin america. What is the strategy . To confirm trying the School Reopening issue as an economic driver. We know that parents are not able to resume jobs as the economy starts to recover because they have obligations to their children at home if the schools are not open. Trump is saying, as an Economic Growth driver, i want schools to reopen so parents can be free to go back and resume their jobs. Educationreally an issue for trump, its an economic issue. This is one of those things where he is trying to push into the economy, knowing he has limited influence as president over what various School Districts do around the country, but he wants to make this all about regaining Economic Growth. Has to beat theme brokered with the worsening situation with half of the country around coronavirus, and that brings us to florida and the trip today. Have aas decided to schedule around his campaign, which he backed off on after a couple of bad starts, in states that had a lot of cases. They are going to florida at a time when they are peaking we hope they are peaking around coronavirus cases. He will have to try and change the subject, so he is talking about this law and order agenda he has got. In this case, going to miami, saying we are stopping Illegal Drugs from coming into these borders. Some of the experts will tell you that part of the reason the level of drugs coming into the states is also a direct relation to the economic downturn and the closed borders on coronavirus. Nonetheless, it is consistent with his theme around law and order and is desperate to change the topic away from coronavirus every day. David thank you so much, ricky davis. Bloomberg political attribute or. Coming up next, we will be talking with senator gary peters of michigan. He has a proposal on what we can do to get manufacturing going once again in this country. This is balance of power on Bloomberg Television and radio. Sion and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Of pandemic has done a lot things, including exposing some of the mobilitys supply chains around the globe, raising questions about how we manufactured goods, and how much we manufactured here in the United States. Democratic senator gary peters of michigan as a proposal to address that. We welcome him now. Senator, welcome to bloomberg. I do want to ask how things are going in michigan it is my home state. How are things going with coronavirus cases, hospitalizations . Sen. Peters we are certainly better than we were. We were an early hotspot, hit the state aggressively, the city of detroit, the Africanamerican Community and the city took the brunt of it, but luckily we have been able to bring down the infection rate dramatically. Starting to creep up a little bit as the economy continues to grow, which is why its important for folks to continue to wear, maintain social distancing. Hopefully, the level of infection has stabilized, but we take it day by day. Lets turn to this proposed legislation you have about manufacturing, specifically supply chains. Explain what your legislation would do. Sen. Peters it would create a National Institute of manufacturing, and focus on manufacturing as the ultimate goal. Increasing manufacturing. I believe you cannot be a great country unless you make things. We certainly do that well, and in particular in michigan, we are an important manufacturing state. If you look at federal policy over the years, there has not been a coordinated policy. Our competitors, south koreans, germans, they focus on manufacturing. We need to do the same thing. And we can do it more efficiently than we do now. Programs, we had 58 that deal with manufacturing, but they are spread out across 11 different agencies, there are redundancies. That wastes taxpayer money. I want to put it into a Central Agency that can coordinate it. It will save taxpayer money, and then we can speak with one voice as to what are the gaps, what do we need to do to improve manufacturing and make it a larger percentage of our economy . Ultimately, those are good paying middleclass jobs, the multiplying effect is there as well. If we can put it under an organization, similar to the health, institutes of see how government can work with private industry to address those gaps, like skills training, which is a critical element that needs to be addressed, we will do a better job of manufacturing in the country generally. David how do you structure it in a way that this institution would have the clout that it needs to get things done, maybe even deploy money . Sen. Peters that is why you need a strong voice for manufacturing. It creates basically a chief manufacturing officer that would institutem the of manufacturing, and that voice would speak to the administration, congress. Right now, you dont get that kind of voice. When you have 58 programs across 11 agencies, spread out over many congressional committees, there is not one voice talking to the president about manufacturing. It really makes sure that manufacturing is always front and center, and is done in a way where the industry comes together, including having an Advisory Council that can speak with one voice. If we want to increase manufacturing, employ more people in the industry and pay the great wages that come out of manufacturing, then we need to do this. Its important to have that voice. David President Trump came to u. S. E with building up manufacturing as a priority, talked about it all the time. What do you make of his plans, what has he done, has he really helped manufacturing, in michigan, for example . We continue to lose ground. There was a report that i put out last year as the ranking democrat on the Senate Homeland security committee. We looked at it from a National Security issue. Foreignependent on countries for nearly all of the precursors for drugs that we use, medical supplies. Report, when the country experiences a pandemic in the future, we will be in serious trouble. Little did i know, here we are a few months later, and we dont have resiliency in our supply chains. We need supply chain that are efficient and can deliver any cost effect of way, but we have also learned firsthand in a dramatic fashion that we need resiliency, we need to take care of supplies that are critical to National Security. That is either the industrial the, military, and also drugs and medications that are critical for americans. That is why we need to think broadly about manufacturing and not only how it enhances our Economic Security but our health security, and National Security generally. David i want to talk about one in the big topics of the week, schools. What is the situation in michigan . Secretary betsy devos is a fellow michigander, although a republican. What will happen in the school system, what should happen . Sen. Peters what ultimately has to happen needs to be based on science, based on the advice we get from epidemiologists. Clearly, all of us want to get back to the new normal, getting back to school is important, but we need to make sure that we do it safely. It is about that balancing act. As i mentioned, we are taking it day by day, how the virus is advancing through michigan. Right now, it seems to be controlled, but we are concerned as the level of cases go up. Of the to be very weary future but also understand that we want to get back to a normal, but we have to do it safe. David finally, talking about sports in schools. My staff has informed me that beat theatholic other team in football. Are you hoping to get sports back up and running so you can avenge that loss . Sen. Peters [laughter] i love sports like everybody. As you know, michigan is a big sports state. Sports that,o have but we have to make sure it is done safely. I am with everybody saying lets get back to the new normal as safely as possible. David thank you so much, senator gary peters. Coming up next, we are talking with richard trumka, the head of the aflcio. This is balance of power on Bloomberg Television and radio. And radio. David this is balance of power on Bloomberg Television and radio. Im david westin. As much as has been done already , more needsomy to be done. With us now is richard trumka, president of the aflcio. Always great to have you with us. Where are we with the heroes act . Richard the clock is ticking. The virus is surging, the economy sinking, and the senate is still sitting on its hands. On july 31, almost 36 Million People are going to lose 600 a week, unless the heroes act is passed. That will be devastating to the economy. That there were 2. 4 million claims filed. 1. 4 million regular unemployment claims, and then a million public unemployment assistance. Those are people who dont qualify for regular unemployment. Gap weows you the big have in our Social Security net. We need to get the heroes act passed now because, local government, if you want to go back to school, local governments need help with investing in social distancing, the infrastructure they need, ppe that they need. Past,roes act has to get and quickly. Unfortunately, Mitch Mcconnell in the senate are sitting on their hands. David as you say, one of the clips that we are facing is the supplemental 600 for unemployment. Some people say we need to do more, we have to extend it, but the 600 doesnt really work because some are making more being unemployed than employed. Are you open to a graduated Unemployment Program . Richard let me do about that notion. First of all, those people that are getting the 600, they are also losing their health care. Are 24 Million People that have lost their health care because of this as well. It is trying to make up a little bit of the difference between them. It is not some kind of giant bonus. Kept the economy going because we have had 36 Million People who can actually buy things, which they will not be able to if it expires. David one of the big issues is reopening schools. President trump been outspoken on this subject. Where are you on this subject . On the one hand, you could help , but on the other hand, it could put workers at risk. Richard it absolutely could. Teachers are fierce defenders of their students and communities. They are not going to allow us to hurt either the students or the community because we have an illconceived back to school plan. It will take a lot of investment to get schools started, if you want to do that. Again, that is why the heroes act is so important. Right now, local governments are laying off people because they dont have the investments because of the pandemic. Laying offnments are people because they dont have the revenue because of the pandemic. If you want people back to school, we have to do it safely. That means we have to do the following. Invest in social distancing. Invest in ventilation, cleaning. Invest in ppe. Make sure there is tracing, tracking, and isolation involved. All of that requires investment. It will take more to do the same thing with students. We want to get back to school, we want students back, but not at the cost of injuring them or the community. We will not allow another setback, another illconceived false start. David more broadly even then schools, where are you on economy . Down the we are seeing record numbers in florida, texas, california. Melbourne, australia just shut it down. Should we be more aggressive in coming back . Richard i think thats absolutely the case. You have to follow the science and the numbers. You see what happens when you get triggerhappy, or you let politics control what you are doing. States like florida, texas, a number of them thought we will listen to the president and send people back to work without a real plan. Now we are seeing a second surge and we are paying the price. David very disturbing. Richard trumka, thank you. In our second hour on radio, we are going to talk about all of those layoffs in the second half of the year. This is bloomberg. Is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following from around the world. Phase one and done. That is what President Trump says. Phaset while ago, saying two is not under consideration, and the relationship between washington and beijing is severely damaged. In a few moments, ill be speaking with the john boyd, founder and president of the National Black farmers association. We will be asking how the china deal is scoring with farmers. And whether more aid is needed. And it is jobs day in canada. David rosenberg on the report that said canada retrieved nearly a million jobs last month, still ringing the recovery to only about 40 of the 3 million lost. Lets take a look at the