Talks could easily collapse. His bank being accused of the biggest breach of financing laws in australian history. We are here live at the Second AnnualBloomberg New economy form. We have big names coming up. Its a big moment in time. We are same economic power shifting from the emerging economies. One of the men at this crucial juncture when it comes to u. S. China relations will get you live pictures from austin, texas where President Trump is touring the apple factory. Imitated or try to copy my conversation, he made up went beforeon, congress, and made up a phony conversation just like he does every time he talks. He is a very dishonest very corrupt politician. The big upset as you folks know is when i released the transcript. I dont like doing that but you have to keep this very classified and confidential when you are speaking to heads of state. I released it because adam schiff and the whistleblower made of a phony deal. You should be ashamed of yourself. The press should be ashamed. They should end the witchhunt right now. [indiscernible] i didnt say that. He has already done the right thing. Of president if you look ukraine and his spokesman said foreign minister, they put out there was no pressure whatsoever. You knew that. You knew that very well. With your fake news and you should be ashamed of yourselves. [indiscernible] [indiscernible] the bidens is a different story. When you talk about corruption, when you have a guy who made no and he becomes Vice President and he is getting millions and millions of dollars from ukraine, from china from all of these countries you just see two of them. This guy made nothing. He got thrown out of the navy. He couldnt get a job. Then his father becomes Vice President. Press doesnt want to report it. The press is dishonest. I think it is a disgrace. The whole thing with biden is a disgrace. [indiscernible] where looking at that. You haveem we have is samsung, its a Great Company but it is a competitor of apple and its not fair because we have a trade deal with south korea. We have to treat apple on a somewhat similar basis as we treat samsung. With all of that being said, we are doing for a nicely with china but i like it the way it is now. We are taking in billions of billions of dollars and were giving some of that money to farmers and others. We are looking at apple. I said someday we are going to see apple building plants in our country not in china. Thats what is happening. All the happening its american dream. Our country has never done better. It is doing better than it has ever done. The lowestt is level. Africanamericans, hispanic americans, Asian Americans the unemployment level is the lowest it has ever been. [indiscernible] i continue this. I can to you this. China would make it rather make a deal. I dont think they are stepping up to the level that i want. [indiscernible] heres what i say. What do you know . Everyone saysfs youre taking in hundreds of billions of dollars. Everybody says thats going to the economy. Ad for as you just heard from tim cook, we have the highest strongest economy in the world and we are taking in billions and billions of dollars. We will see what happens. We are dealing with china. We have a great relationship with president xi jinping. We are a greater country the china. Now, china win right would be a bigger economy in the United States. Up 11 i want, we picked trillion in value and china has lost probably wanted 5 trillion. Lost 25 trillion. That was President Trump speaking at an austin, tex apple plant. Were also watching the house vote happening right now. That they actually want to pass hong kong human rights and democracy act. Thats another one of these to step forward, one step back scenarios. That is our top story today. Supporting the protesters in hong kong. We have had 2425 weeks of continuing violence and unrest from the democracy protesters. This is all playing into the trade story as well. Were being told that these talks are at the make or break stage going into the phase one trade deal potentially being signed. Lets get to our congressional editor. And thisuse is voting is a sign of the sentiment in congress. The senate had passed its version of it. The house had passed a slightly different version. Rather than try to work out the differences, the house picked up the senate bill and thats what they are voting on. Are poised to pass. There is a great deal of support for this measure. To the prodemocracy protests in hong kong. It would require the secretary of state to make an annual assessment about whether hong continues to be a beingutonomous and is not too tightly controlled by beijing. It would also allow for officials in china and hong kong who are responsible for suppressing dissent. Least asure that has at little time and some Circuit Breakers in there for china and hong kong. It is clearly a statement by the congress that they want to act tough on china and the support the prodemocracy protests and hong kong. We are seeing now the book in progress. Now, we are hearing that the house has the votes to pass the hong kong human rights and democracy act. They just needed a two thirds majority. Already last month, they passed a similar bill so it was just a matter of them passing the senate bill. The key question is, what happens next . This bill will not go to President Trump. Given that the trade negotiations are still going on, will he signed into law . That is the question. At the white house declined to comment even before the house is voting. Whether the president would sign it, it seems even the boats votes in both chambers of is ss, it is likely he he would be overwritten. The authors of the senate bill did work with people in the treasury and the administration but it is always donald trump who will have the final say. Some of his aides are not entirely sure which way he will go. Been known from the white house that they would oppose or rejected. Right now, the betting is that he will in fact sign it. Pressure tove some china as they are trying to conclude this first phase trade deal. Be slippingem to off into the distance old but already before this is even taking place. We heard typical gamesmanship from president earlier saying that china wants a deal more than he does. That negotiations are ongoing. Also, there has been an ongoing relationship with president xi jinping. Do we know where we are at when it comes to the trade talks . Whats the latest step . Oddly simultaneously on the verge of getting done and also teetering on collapse. There has been progress supported by the negotiators but there are still some issues standing in the way. Primarily, china does not want to commit to setting any sort of commit to setting any sort of metric for agricultural purposes. They want to be based on market needs. Each of administration is demanding a specific amount of promise for purchases. The chinese also want all terrorists lifted before this can be done. Donald trump sees that as a major piece of leverage for him and he wonders that if this does not get signed, he is prepared to put an additional round of tariffs on chinese goods that would hit things Like Computers and phones and other consumer goods. It would be a little bit more widely felt that the current tariffs. Were still somewhat at loggerheads. It looking less and less leather theres going to be some major signing ceremony involving the two president s sometime before the end of the year. That has been the original promise for november. Now, it may slip into next year. That was our congressional link congressional journalist talking about the hong kong vote in the house. We has in the markets take a hit in the u. S. As there are more doubts about a trade deal between the u. S. And china. David, great to have you with us. We have already seen the Market Impact from the possibility that we can potentially not see a trait of this year. What will happen if we do not get that phase one agreement . We have gone from in this trade war to temporary, small, now we are ratcheting up every step of the way. We approach a december 15 deadline and we dont how thats going to go. He just had report on the status and the conclusion is nobody knows. A full trade arrangement with has eluded us. It is gone. Businesses are now making decisions about location around the world. They are changing what they are doing. The United States is now collecting a sales tax on americans masquerading as a tariff. Is nowunt in the tariffs paying approximately one fourth of the interest bill on american borrowing. We have a rising deficit. You have the president say we are collecting all this money. We are collecting it, americans are paying it. We see it in changes in prices. Orashing machine cost 10 12 more than it did before the tariffs. This is an unfolding story. Adjustingmarkets are to the fact that this is a more permanent state. Which means that pricing is different, location of businesses are different, as that unfolds, we go down first, then there is the reallocation elsewhere. We have breaking news. The u. S. House has finally passed the hong kong human rights and democracy act that backs protesters. We have seen a bill already passed by the senate. Is whether orow not president will sign it when it arrives at his desk. That is the next thing we are looking at. Given there is so much uncertainty about whether this mini deal with the low hanging fruit is going to be completed. How much pressure is on the president now to sit on this bill given that we know it displeases beijing greatly . I think you hit it right on ahead. He has to wait but how long does he wait . Its a bipartisan bill. A veto is overridden. The veto to veto the bill, it would put him in an unusual and inconsistent position. Its unpredictable is what trumps behavior will be. That this pushes the chinese negotiation and makes it more difficult. That is the one thing we can depend on. I dont see a trait of coming. I think anything we get is , and a longterm trade relationship between the United States and china has been permanently injured. David, you are sticking around for us. Back to fundamentals, looking at the takeaways from the last 30 minutes. Stay with bloomberg here at the new economy forum. Live from beijing, this is bloomberg. Where 100 in favor of innovation. We have partnered with Many American companies. What we are doing is, we want to take these companies and services when we dont approve a loan, we pass it on. This is exactly the point. We need everybody else to be open. My question to you, what is the Critical Infrastructure in the digital age . Wassed to say telco Critical Infrastructure. Is it a device . How many people have a digital wallets in the world today . More than 2 billion. When you have a digital wallet, you will be part of that arrangement is it just the user . Online brokerage robin hood is offering stock trading outside the u. S. The Commission Free financial Trading Company is launching in the u. K. In the First Quarter of next year. The cofounder and ceo talked about his ambitions for robin hood. We are very excited about it. Its our first Live International market outside of the u. S. Continueant line as we to democratize our financial system. It feels like youre coming home. You are not that well known over here. Why the u. K. . Why come here first in your International Drive . A couple of reasons. Number one, the market has discerning consumers that are sophisticated and have a long history of having access to financial tools. Despite that, we can add a lot of value here. Its a culture more of savings and investing. We could add a lot of value making investing more accessible , making the barriers to entry lower to a younger audience and eight west less will be audience. We have done a lot of research talking to customers on the ground. In the u. K. As well as many other places. We have a sense that there is a ton of demand for the product. That it is somewhat proved out today with our wait list launch. The impression an initial acceptance and excitement has exceeded our expectations. A bit of a bombshell through the system when Charles Schalk charles from when c3. The way we think about it is our mission is to democratize the financial system. For us to execute on that, its not enough for us to offer Commission Free investing or the lowest cost, highest Value Services to only our customers. Adoptimperative that we are pricing and model so that every customer of any service has the best possible pricing. It is a welcome change, it is great for customers. There is a lot to be done. Whats next in the democratization of the industry . How do you stay afloat and keep your old customers and gain new customers . We look at our mission as expanding our footprint into two dimensions. One is more products to our existing customers. Expanding from investing into multiple assets, multiple platforms. Then, going into any Financial Services customers might need in the u. S. For instance, we recently launched our Cash Management program allowing customers access to highquality spending tools and paying them interest on their on investing cash. Then, expanding into the u. K. And that being a part of our overall Global Expansion to make highquality awesome tools. Two available available to customers worldwide. That was the cofounder and ceo of robin hood. This week, demolition of a building in new york begins. It interview, an exclusive interview, they tell five gcontent technology will stream content at record speeds. There are active discussions about five g in times square. I cant get into the details but one of the most robust places of some of our neighbors are going to be participating in this experience. All of this is going to be happening at the grandest scale in the world. Is it going to be ready around 2021 . Yes we will be ready. One thing i was reading about five g in new york city is that its not just the technology and there has been a really robust conversation about the competitiveness in the u. S. , but that it is a real estate problem because you need to sell towers. Tell us what that is like. When you get into the zoning aspect of it and the local politics of getting Something Like that accomplished and don so that five g can be here and allow the effect to be what you envision it to be. Without preempting this discussion, i can tell you that the community, the authority, our neighbors all are preparing for that. This building is essentially an to broadcast and receive information. Wifi capabilities throughout times square will be unmatched. It is all in the planning and the discussions. Neighbors in the Times Square Alliance as well. That was the ceo of elidel holding company. Cookg up, trump meets tim in austin, texas with a tour of the olfactory. We will have all the details next. It this is bloomberg. Bloombergs is technology. Donald trumps first efforts Economic Growth clashed with his tariff war. I want to bring in bloomberg. Echnologys mark gurman give me your thoughts on how the meeting went between tim cook and President Trump. Mark i just watched it. Tim cook was there with trump. Ivanka trump was there. Flex,l as executives from the facility where the computer is being built. Tim cook basically walked trump around the facility, talked about the components that go into the mac pro and how its final assembly is in austin, texas, while the components are built in china, they are imported from texas. The big news moment that happened is when bloomberg asked President Trump if this is going to lead to some sort of exemption on overall china tariffs for apple, and trump said that is something that his administration is looking at. You saw aftermarket stock moves of 6 , which is significant for a company with a market cap of over 1 trillion. If trump wouldve put in some sort of waiver for apple, that would be extraordinarily significant because december 15, that is when tariffs were going to kick in for the first time on the iphone, with degenerates around 2 3 of apples revenue. Taylor we know tim cook was meeting with him to talk about keeping mac and iphone off the tariff list. The problem you have is you have samsung its a Great Company, but it is a competitor for apple, and its not fair because we made a great deal with south korea, but we have to treat apple on a somewhat similar basis as we treat samsung. Taylor we have a trade deal with south korea so we have to treat apple similar to samsung. Explain. Mark what the president is trying to point out is apple produces the majority of its products in china but is an American Company. As an American Company, they are impacted by those tariffs because the products are built in china and exported to the United States. The difference is south korea is a huge competitor of apple and it is a company not based in america and they produce the majority of their devices outside of china. The point is apple, an American Company, is getting taxed a High Percentage on its products, whereas samsung, apples biggest korean companya are not getting taxed. Hes pointing out that is not fair. He is saying if there were to be a waiver, that is because of the unfair standpoint. Taylor did any of this meeting today at the factory change the outline for the december tariffs and the impact on apple . Mark what we have seen is that tim cook has been extraordinarily influential in Donald Trumps decisions around tariffs. Youve seen apple get waivers in the past. By the same token, apple has not gotten waivers on the apple watch and