Impact the broader crypto market. From trump, to owe walmart, to zuckerberg. No one is safe from doctored videos that are so good that you cant tell they are fake. One company says it can. First to our stop story. Big Tech Companies were back in washington monday, but not to discuss crypto currency or antitrust, trumps top advisor and treasury secretary called a meeting to talk about the impact of the trade war with china. One stood out. The administrations fight against that and whether the ban should stan. Representatives from microsoft, intel, qualcomm and more. To discuss in d. C. , we have jenny. What is the latest we know about this meeting . Who was there and what was discussed . What we know is that the meeting was called basically to hear a view from the business perspective of this whole debate. Do hear a lot about the fight from the hawks in the administration and on the hill who are in favor of a total decoupling of supply chains. This is the companies opportunity to make their case for why they should continue selling to them. Qualcomm, cisco and few others we are still trying to confirm, but the invitation list was pretty broad in terms of companies affected by this. These companies have sent a letter to wilber ross a couple of weeks ago, making their details in writing and making their case in private meetings at the commerce department. This is basically their second run at it with a broader audience of the commerce secretary was also in the meeting, but he has heard their case before. This is new to kid low and others in terms of why these Companies Want to up continue selling their stephanie. Emily jenny, thank you for that update. We want to get a lawmakers look at the case against chinese tech and the alleged threat to u. S. National security. I want to get to capital hill where the congressman is standing by. Thank for you having me. Emily are you you have been one of the critics. What is taking place . I think it is a very dangerous meeting. Huawai is not an independent actor. It is an arm of the chinese intelligence agency. It may end up having negative consequences for us. The Washington Post this week, and they were working with a Shell Company in north korea supplying them with technology explicitly banned through the regime. We have joined in a bipartisan manner with the congressman from wisconsin to enforce a sanctions regime that we think is being effective. Theshould not do oneoff trades for farm goods for something that could impact the future of our company and allies country in technology. Emily many high level tech c. E. O. s will tell you they see no evidence that huawei uses its equipment to spy on the u. S. Or anyone else. What would you say to them . I hope they would read the panda Shell Corporation set up in north korea to allow them to essentially do wilson with north Korea Companies we have sanctioned. Clearly they are not operating on the up and owe. Number two, it is well known among chinese companies, it is part of their mandate, they must make any absence available to the chinese government. Their goal is to have the highest margins for their corporate shareholders. This sends a very bad message to our allies overseas, who we are trying to convince not to irwin corvette them into the National Security apparatus because it makes it difficult for us to share information with them. You are referencing a record in the Washington Post that they have partnered with a Company Named panda, to improve things. They have been partners with this company for eight years. When the president was asked about this story, he didnt seem particularly alarmed. He said the u. S. Will lead on 5g and we will see what north korea does. How does this new potential revelation about huawei in north korea. They have denied any work in north korea. How does that change the objection here . It certainly makes me wonder. I have checked even harder, and other corporations should be worried about this. The fact that the president doesnt seem to understand the problem and the scope tells us that we should question his judgment when it comes to this key National Security issue. The president does not understand the full scope of what is happening and what could happen if they should have access to our Information Technology market as well as our allies. They are trying to play one trade war against each other. We should not be trading access to the 5n market for huawei to go back to what we had pretrade war, which is for us to trade market. This should be separate. This will have longer last his nexteling than the temporary trade war we have. Emily the leaders of the kohls will say the blast listing has significantly hurt their bottom line. Some of these companies provide chips, for example, to huawei smart phones, laptops and Consumer Products they say dont have much after threat to National Security. Hat would you say to those c. E. O. s . They are wrong. It is the determination of the u. S. Intelligence community as ll as congress that huawei are dangerous operators. We have a duty to stop corporations from engaging with companies that potentially put our National Security apparatus in danger. I dont see those countries having complaints about us having sanctions against other bad actors around the world. They dont have the right to ut them at rask. Hopefully we are able to stop the administration and c. E. O. s getting their way. Emily what do you think the Trump Administration should do and congress . They should continue with the regime they have now and force them to go stronger. Hopefully that stays. If president does not do that, the house and the senate in a bipartisan manner should pass a new sanctions regime or continue the sanctions regime that exists to make sure we are enforcing some good order and discipline to continue to protect our National Security interests. Emily since i have, i have to ask you about iran. The president defends withdrawing from the iran nuclear deal, and in the meantime, iran has seized a british flagged oil tanker. What do you think the u. S. Should do about the iran situation . We have to respond to iran, but in a measured manner with astabs and concurrence with our allies, especially britain and our european allies. I think at the same time we have to recognize that us leaving the jcpoa without any plan more as a knee jerk reaction to antiobama policies that the president has, has created this situation. Right now iran has said they are going to comply with the jcpoa even though they are not going to receive any benefits. But there are other areas. The last thing we can afford or need is a war in the middle east. It is not in our National Security interests to engage in this type of war. But we have other tools in the tool box to keep iran in check and deescalate the situation through diplomatic means. Here at home, the president under fire for now multiple days for what some have called racist or racially charged language about four Democratic Congress women, all women of color. Do you believe the do you believe the president s remarks ave been racist and is stoking racism, given his lack of reremarks . Yes. This is not the first time the president has used race as a way to engage his base and enrage his bayless. Lets remember this president started off his political accusing obama of being born in africa and snuck . Here for some reason. And then a judge for everything dual loyalties. It is not surprising that he describes four american women as essentially not being american and not loving this country. These women are of color. He does not describe nancy pelosi or any other women that are white as being unamerican or not loving their country, these clearly trying to gin up a base of his support that is racist and believes in these racist types of theories. Emily all right, congressman. Thank you for stopping by and gives us the time. Appreciate it. Microsoft has gained a prominent Cloud Computing customer. The Software Maker has agreed to invest 1 billion with open a. Ism. Industry stars like elon mumbing and peter teal committed at least a billiondollar when it was competed. Coming up, libra got at love from lawmakers last week, but with the Crypto Community welcome the new money . We will ask about that next. This is bloomberg. Emily lets take a look at how some of the major cryptocurrencies fared. Look at bit candidate, light coin and ripple. All were down except ripple. This was fallout from facebooks project dubbed libra. Lawmakers spent days last week crilling them. They could leverage the two billion users to create a defacto global currency. I want to bring in brad garlinghouse, the c. E. O. Of ripple and kurt wagner who was in the hearings last week. Brad you were watching and live tweeting. Sboned. Emily you think facebooks plan is presumption. Why . They have taken a very bold and ambition effort. That is why Silicon Valley is big. It was maybe more than ambition, maybe arrogant. The white paper articulates a new currency. The dollar works pretty well. I agree with the president on this. We dont need a new fiat colonels. The g20, the dollar, the pound, the yen. There may be some smaller market, with the argentinean peso, that may sense the as we saw, a lot of turbulence and headwinds. It will be interesting to see how it plays out. Emily we talked last week about the level of skepticism and ire. One lawmaker comparing it to 9 11 and the level of dieng. Now that this hear has happened what, is next . That is up to facebook to figure. They have announced we have this group of 28 partners that are going to be a part of the Libra Association that over sees this colonels. Right now there currency. There is no charter for that organization or payments that have been made. This is continuing to talk about regulation. But on the facebook side, they need to get their Team Together to actually get this moving forward. Right now it is just a white paper. It is an idea, but it is not exactly something that is tangible. Emily do you think the regulate yorlings will let libra happen in the u. S. . Facebook has had conversations with regular lators before the white paper. They had concerns, and facebook didnt really do enough to mitigate that and make them feel comfortable. It is important to the u. S. Gostisbehere and governments around the world. Financial regulation matters. Know about Money Laundering and antiterrorist activities the we need to make sure that the future constructs keep those in mind. I think the only danger that is happening right now is that legitimate projects working on, taking advantage of crypto to solve real problems get caught in the crossfire. Even the president came out and tweeted i dont like cryptocurrency. That is like saying i dont like an Intern Company in 1997. What ripple is doing with banks and with regulators. It is almost the and tito says of how libra is approaching it. Some sigh lillibridge what would reduce ripples opportunities . Facebook is a consumer company. When they think about problem they are solving, it is very much a user problem. We had one of the best weeks we have had in our history the week libra was announced. It is a call to action from banks. David markous came out and said it is the end of western union. That is an assault on the financial sector. We have taken the alps approach. The regulations are enforced at that approach. We cant paint this one broad bush. We have technologies like bitcoin and others that are controlled by chinese minors. Would you ever work with the Libra Association . You saw what happened. A lot of people signed up, the 28 members signed up with an l. Offermanism. There is no money changing hands. They wanted to of a seat at the table and hear what is going on. I think it will be interesting to see if the 28 who signed up continue to participate. I do think it was very noteworthy that there werent any banks or Financial Institutions as a part of that 28. It is an assault on that system which is ambitious to say the least. There have been reports of script simple among the partners who have already signed up. What are we hearing . They are not saying anything publicly. That is swoven the bingest concerns that facebook is out here taking the beating a little bit itself for a project they claim they are a cofounder with many other companies. If i am facebook i am saying hey, are you guys in or not because we could use a little support out there. But with the banks, bloomberg has reported that facebook and others in the association are out talking to banks right now. They want them to be part of those numbers because i think it does add a level of legitimacy to this whole effort if they can have banking partners on board. If you are facebook, the biggest challenge is getting those people to Say Something publicly so they put their name behind what they are doing. On another topic, bank of america. There have been reports that bank of america has taken out a patent that suggests using the ripple ledger for its transactions. Can you comment on that . I saw that. Kill you confirm or or the speaking lation . I can neither confirm or kill. We are known to be working with some of the largest banks in the world, and we will continue working with big banks around the world. I a, too, was surprised by that Patent Application because we have not announced anything. Are well, i had to try. Brad garlinghouse of ripple, and kurt who suffers social media for us. Coming up, how china plans on keying up with big techism p. Offermans by opening a nasdaq style Stock Exchange. That is next. This is bloomberg. Emily in china a trading frenzy dwripped the open of the countrys new nasdaq style Stock Exchange. The companies that made their 140 . Rose an average of that was done in homes of not losing new companies to the new alibaba. The to be exchange has worked with many of the top tech start ups. A roaring start it is, but it is well expected given all antsdpation and limited supply. I am not terribly surprised by the first day performance. But i think that is the beauty of a new market. It is going to take some time to settle down. We definitely see more supply in the company in the pipeline. It is a new market, a little bit of enthusiasm is not bad, but longer term, the anniversary will become more rationalized this is not the first time they have tried to create new regulations. We saw the boom and bust in 2017. What is different this time . The difference is a well defined time table and all about disclosures in the end. Meeting about you certain requirements. At the end of the day it is about disclosures. That is the process for us, who represent a lot of Tech Companies. Tually it is quiet interesting change. There has been some concern about the quality of names that are listed for the country that has the most unicorns after the unless, there are no profile household names. What is your view on that . From the launch of the concept it is barely six months. A lot of them actually are there. Not necessarily because they are the absolute best Technology Companies in china. But oftentimes because they are the ones that you are grating for an i. P. O. But everything said that, we have gone through a lot of companies. I am on the committee for the Stock Exchange as well. I would say the first batch of companies is pretty good in overall quality. How much do you see this shifting the balance of listing from new york and hong kong to china. The u. S. Is still a very attractive place given the opportunity to raise u. S. Dollars and capital control rules . These are different markets. U. S. , hong kong and china, and they all have a different focus. The u. S. , i think if you are a large cap company, lets go. It is the most liquid, the broad cost Capital Markets in the world. Liquid they have a did i to the china market. Hong kong is probably your top pick. If you are a hard tech company, a Technology Based company, hardware companies, china is probably the best choice. From our perspective. It is always good to have more options. I think eventually the chinese Tech Companies always will find that they were grouped toward different selections. Emily that was sumlina wang with bao fan. Coming up, they are continuing to popup creating problems for lawmakers and social media companies. How one company is attempting to stop the spread of misinformation next. This is bloomberg. Hey im bill slowsky jr. , i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Emily this is bloomberg technology. I am emily chang in san francisco. Back to our top story, the Trump Administration versus china. As the trade war stand off continues, the white house has convened a meeting of tech minds to talk about the tensions. You know what that means from a tech perspective. Huawei and the Trump Administrations desire to ban Government Agencies and businesses from doing business with the telecom giant. Tom giles is here. We are still waiting for headlines from this meeting today. What is on the agenda of