This will be a long lasting global recession a contraction for the next 18 months managing director of the World Economic forum so obviously he said the crisis has devastated lives and livelihoods it has triggered an economic crisis with far reaching implications and revealed the inadequacies of the past meanwhile on tuesday taiwan said it was disappointed and angry with the w. H. O. For not inviting the country to join this years world health assembly. The ministry of Foreign Affairs expresses strong dissatisfaction that the World Health Organization secretary has yielded to pressure from the Chinese Government and continues to disregard the right of the 23000000 people of taiwan. Taiwan has been lobbying to join after it was able to contain the krona Virus Outbreak the country is now relying on its own efforts for production of a vaccine this comes as u. S. President donald trump tweeted out a letter he sent to the head of the World Health Organization highlighting some serious concerns over the response will he also threaten to permanently cut off its funding if the w. H. O. Does not commit to some major substantial improvements within the next 30 days Chinese ForeignMinistry Spokesperson criticized that move. But the above mentioned open letter of the us leader is full of language like maybe and it tries to mislead the public in this plausible way to present your control issues the trick the us is responsibility for incompetence and its. This is. Meanwhile the taking new measures to enforce its citizens follow their restrictions while those who host parties will be fined around 2700. 00 attendees will be fined half of that and those not wearing a mask will those could be fined 800. 00 more countries in europe plan to open their borders france and germany proposed a 500000000000. 00 Euro Recovery Fund now this would offer the e. U. Commission some grants for the sectors and regions that have been most affected with coated 19 the plan however has not yet been approved in the u. S. Is also working on more stimulus the 2 trillion dollars from the krona virus act Federal Reserve chair Jerome Powell and treasury secretary steven minucci and appeared before the committee on tuesday and how the 2 have been outspoken about their opposing views on edition from where we are joined by r. T. Correspondent Rachel Blevins rachel what came out of the fiery hearing this morning well this marks the 1st time that Administration Officials were questioned about the results of the 2. 00 trillion dollars kerrys act and it was also the 1st Senate Hearing that was held remotely for social distancing purposes the treasury secretary steven minucci and was questioned about a recent report which found that very little of the 500000000000. 00 that was meant to be used as a loans for businesses and local governments has been used yet and he claimed they still plan to spend the money they just havent done it yet but he was also asked about i qs ations that the government has prioritized helping major corporations while smaller businesses have been left to suffer here was his response to. Companies such as boeing that i had expected would need to borrow from us on a direct basis were able to borrow 25000000000. 00 in the primer. Markets so i would say in the best Case Scenario the markets open up and we dont need to use these facilities in the case of main street facility the minister will society which we expect both to be up and running by the end of the month we expect these to have a big impact on both those markets now that main Street Lending program that he referred to was a 600000000000. 00 program that is supposed to help smaller and midsize businesses that have an eligible for previous programs but even though its supposed to be up and running by june its still not clear exactly when those businesses will get the funding they desperately need plan thats a problem what these these Small Business loans as well there were businesses that were still in the application process and those businesses are basically now having to declare bankruptcy or no longer going to reopen because of this now were also seeing these record unemployment numbers numbers we havent seen since the Great Depression how did officials respond to concerns about americans being able to provide for their families thats right well more than 36000000 americans have filed for unemployment census lockdown began and members of the Senate Banking committee expressed concerns about how those who are no longer getting a paycheck will still be able to pay their bills now in response to that Federal Reserve shared powell said that the focus right now should be on getting americans back to work take us know what he had to say a long periods of unemployment. And really affect peoples ability to go back to work because they lose their networks they lose skills it was contact with the job market so i think anything that people. Intact is probably. In their job but in the meantime keep them out of solvency and things like that if should that should the expansion take start leader or take take longer to get going. Its also important to note that according to latest reports an estimated 44 percent of the americans who have fallen for unemployment recently are either still waiting on those benefits or they have been denied altogether and thats not even the end of this rachel were going to see probably a higher number of these unemployment as business as more businesses begin to close i know paul has been a pretty vocal about getting the fed to do whatever it takes he said not considering a negative rate but like kristie mentioned yesterday that as long as these investors are looking to buy and continuing to buy because the fed will be there to support them then theres theres really not much for them to do and theres only one way from here are to correspondent rachel levin thank you thank you. For more analysis on this on the markets we turn to boom bust cohost christine and todd of a horowitz chief strategist of a trading thank you for joining me today. Christy revenues chrystia lets start with with stocks right there pretty mixed following the testimony that we just spoke to rachel about retail earnings are in focus for the week what are we seeing there. Well i think with retail just like techs youre getting a mixed bag an Earnings Call to try to put a positive optimistic spin on every single story so today you have examples like home depot sales were stronger than expected growing about 6. 4 percent your rear but profits were still down due to a virus related costs so the pandemic has changed customer Shopping Patterns and added additional labor and safety costs for the company as a had to supply extras notation products and limit the number of customers in the store at one time it also had to expand its cost of labor as an employee incentives in order to keep workers coming in during the pandemic so shares are trading down about 2 percent for the day and walmart also traded down 2 percent even though at initial plan it had next activation by a long shot and same store sales jumped by 10 percent in the 1st quarter due to courting goods and Consumer Discretionary products however it withdrew its Financial Outlook for the year saying. The buyer and i may created unprecedented variability so even though its grew cost also grew as a result as more employees need to be stacked in order to help clean the stores stock shelves and most importantly fulfill online orders so it was also announced today during earnings that it would discontinue jet dot com and then use out the brand completely so while walmart did gain off the back of any calm throughout this entire coronavirus pandemic as everybody was Online Shopping rather than going to the stores that segment of the business has still yet to turn a profit and walmart is still actively trying to broaden its online sales beyond groceries and its still heavily behind amazon delivery i know that the report mentioned u. S. Ecommerce sales were up 74 percent but their apparel hadnt been doing as well but much like you said its more about the groceries and essential that they offered todd i want to get this question and lets turn to the Energy Complex our Oil Prices Finally stabilizing or are we seeing just a plunge into xperia rolls again. Well i think what youre really seeing is youre seeing that the economy is starting to pick up again youre getting the economy open youve got the producers are cutting on supply so were starting to burn through some of the glut that we had which will bring in higher prices i mean again were certainly far away away from where we were on both sides but you know as you get the economy rolling you get people driving again you get Companies Working theyre going to consume fuel and thats of course going to keep prices going higher and i think youre probably reached about the pinnacle of where theyre going to go for now because again we still have many issues that are not being addressed but the initial sell off was probably too big which brings us back to probably a midpoint where we are no one that demand is definitely going up as more economies that begin to reopen kristie now focus is gradually shifting from the coronavirus its going back to geopolitics as we figured it might the rising tension right now is between the United States and china and other countries in the middle where if theyre playing the game late or the blame game that is whats going on there. Well recently the the market kind of floated recently on optimism that as todd just said on the optimism that were going to get a reopening that gilliatt or madonnas vaccine will save us all or most of all the power in the fed pledge unlimited support and unlimited ammo for risk assets and dollars at the floor in the market but now as you just mentioned the one thing to do you love this entire rally this entire whole trade is basically the relationship between us and china which has been deteriorating so right now the hostility of the accusation continues with new restrictions on Semiconductor Chips in an attempt to cripple falling now we talked about this last week how the cometh department is completely over the chain to prevent any chip maker foreign or domestic that uses any sort of American Technology at all from supply weiwei without their approval so the end game of all this is to try to force supply chain out of china supply chains and logistic efficiency that has taken over a decade to build up so now washingtons actions for china are becoming increasingly hostile which is the latest move today being that nasdaq tightening up their i. P. O. Rules and restrictions and making it harder for chinese stocks to lift now this is especially significant because it really tightened the huge amount of capital flow between the 2 nations and we spoke about this yesterday when it when this news came out while we said it will struggle if these u. S. New sanctions remain in place costing the company billions of dollars i mean it is possible and that that relationship between United States and china is definitely getting worse but todd can the u. S. Completely decouple from china they rely is so much on the manufacturing what would be that cost what would it look like and what are the consequences that these businesses are are going to eventually face. Well i think 1st of all d i think that weve got too much stuff with china and especially if you look at our drugs and things like that i think thats where brom im happy that were pulling away there and i think that look i believe that we should be able to be selfsustaining what came. What it came down to over the years was it was cheaper to go to china but i think cheaper comes at a cost and i think youre seeing those cost sharp right now with a lot of the issues that were having now whether you believe china or not let the virus out on purpose i have no idea but my point is very simple that we should not have our core items over in china like drugs and things like that because we need to have those and when you have to depend on somebody who might be an adversary or an enemy at some point its hard to have your lives determined by what they do so i think that again itll hurt some companies but the bottom line is prices will rise which is fine i mean i think most americans would not mind paying a little bit more i think the Companies Got spoiled using china by having much bigger Profit Margins let me answer in a day i dont think its that big of a deal and i think we can certainly survive and will thrive without china if that if it ever comes to that i mean they are saying a lot of analysts experts are saying this is temporary that in the long run it doesnt matter because staying in china will be more Cost Effective because while americans eventually want to do these jobs for a cheaper cost. Well i think that americans will be happy to get more jobs here i think itd be nice to have higher paying jobs back here i think one of the things weve missed out over the years is weve gone totally into a Service Sector and we dont have those manufacturing jobs we dont have those jobs that help people that need those types of jobs i mean you know weve got all types and you cant hire everybody at mcdonalds or walmart there are jobs that could be here that we could certainly flourish from and have more of the population participate in these jobs and make a good living i think what originally happened is that we get too priced out and we kept giving raises and unions got too much involved as a story for they havent had the day if you brought in fair reasonable wages here the cost variance would not be as big as anybody might think when you count in shipping duty time and all of the other things that go on. So i think that the more you can manufacture in america the better off youre going to be will all see about that and what the next move like President Trump has wanted to bring jobs back to america well see how that plays out with cohost christine and todd harwich of trading thank you for your time today thank you. Time now for a quick break but hang here because when we return with more people working from home and using online Video Conferencing services how much more vulnerable are we getting casual will discuss with the best cohost spence on and Cyber Security analyst morgan right now as we go to break here the numbers at the club. The collapse of the russian post has exposed yet again the unprofessionalism by news of the corporate looking media the same media consistently project the old slave values to live. In even the truth or to speak to sleep in their news reporting. The world is driven by dreamers shaped by one person with those words. Thinks. We dare to ask. They fail. To do that and she says you said you can. Do. That job on. This. Show this up but for us think think think you would think he could be but you know its. Going to. Be. Pleasing. And it. Should be. 54 jets and more than 1300 military personnel are headed to heal some air force base in alaska where is that to say come on ill show you whats the reason for any type of enhanced u. S. Military presence in this area rush up. What is it suddenly about the South China Sea that makes it so that it 11000000000 barrels of oil. Take a look at this map who really owns what kind of says no it belongs to us india says no we claim that that belongs to us both of these countries have Nuclear Weapons capabilities there is reason for concern so thats why were going to drill down on this story for you today right here on the news with rick sanchez where you know as we always like to say we do believe by golly its time. Its no surprise that online Video ConferencingServices Like zoom and skype have seen a massive increase in users over the past few months well weve reported on it extensively but how safe is it to communicate through these systems plus were learning more today about new powers handed to the f. B. I. When it comes to your browsing history a lot to get to on this subject so joining us now is my internationally recognized expert on Cyber Security strategy cyber terrorism and advanced technology and the west coast an investigative journalist ben so on gentlemen thank you for joining me today. Q ben lets start with you can you give us a little bit of an idea here on what were seeing in terms of the services yes so theres services that have existed for some time than others that are popping up that are fairly new Everybody Knows what zoom is at this point if you didnt know what the zoom was before coronavirus started you definitely know what it is now obviously its a video communication tool thats used now zoom is a little bit different than what some people had originally thought it was it was originally designed for work spaces its now being used for classrooms and other ins it was supposed to be in the in the encrypted but turns out it wasnt then theres Microsoft Microsoft or something called Microsoft Teams thats more of a workflow system its probably closer to slack if you know what that is than it is to zoom you have google that now has something called google meet used to be hangouts r