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tv   Bloomberg Markets Americas  Bloomberg  July 13, 2017 12:00pm-1:00pm EDT

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by the top plan, senate majority leader her worked with the top ultraconservative ted cruz, but meanwhile you have republican governors, jeff and john kasich organizing, and you have senator lindsey graham, a republican muchsouth carolina, a very a critic of the ultraconservative wing in his own party. now you have essentially 3 different factions at the gubernatorial level, the moderate level, and the majority these level working on different plans. it's ambitious to think they can all get to some type of agreement by next week when the majority leader wants to bring this to a debate on the floor. right now it's very unclear. vonnie: we're not seeing too much reaction from health care stocks. that's really the only health care stock that is moving. at the same time, so my people
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have told us, we can't underestimate mitch mcconnell. he's will able to whip up votes at the worst of times. >> he is, but he failed a couple weeks ago. here, capitolian hill, is someone who plays a long political game. i've spoken with lawmakers today as well as their staff, saying that tax reform, tax reform is the big bargaining chip for many of these republicans, not just in the senate but also in the house of representatives. chairman wasaucus in the senate several days ago, meeting with lawmakers about tax reform because while these conservatives might not be getting everything they want in this health care proposal, they are being told that if they get in line with this, they will be able to do more on tax reform once they get health care out of the way. the argument being from the majority leader's office, they want to head into august recess
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with a significant victory under their belt. that said, if they pass a piece of legislation that is dubbed obamacare light, they will head home to constituents who are not going to be happy at the grassroots level, who we all know have a contentious political debate to come. vonnie: you were busy outside the hearing room where janet yellen was testifying and speaking with senators. paul ryan at his weekly conference and told reporters that the house will now stay -- during the recess. is there something going on here lack channel lies, has mcconnel been speaking with ryan and assuring him he will get the vote somehow? >> it would suggest there is cohesiveness in terms of at the leadership level in order to get something done on health care. there's a strong appetite for them to get something done. the question becomes, do they have the vote?
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likeyou have people senator jean heller, republican from nevada, carefully watching everything he says today, every statement he puts out about whether he can get on board, because he's a key vote they will need and if senator rand paul comes out against it, senator jean heller comes out against it, that is a sign this will not move forward next week. senator heller reports up from the election, 2018, his race is being perceived as a political bellwether of sorts. i can't stress this enough. if they're unable to address cannotcare, then they address what they really want to get to, like tax reform. right now this is a huge political obstacle standing in their way. i've spoken with several staffers and the republican party who really are saying they are unsure whether or not they think this will be enough. they will be carefully watching and we will be chasing them all day. senator rand paul, senator dean heller, see where they fall in
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line with this and whether senator graham can rally votes. vonnie: kevin cirilli, busy day on capitol hill. let's recap some of the details now on this health care bill, 1.0 health care bill, slightly different from the last health care bill the gop senator had. it is anna edney from our washington, d.c. bureau. i tripped over my words as i looked at the details of this plan. it's quite similar to the first version of the gop bill but there's very crucial differences. take us through them in a very clear way. >> there are some big are,rences, three key there were some taxes that the original bill looks to repeal that werethe wealthy
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instituted to help pay for obamacare, and those no longer are going to be repealed. would stay the same for some of the wealthy. so, they can take different tactics and decide how they are going to use that money, maybe to help people with cost-sharing on their out-of-pocket costs, things like that. the third thing is sort of the allow theseey would catastrophic plans to be bought by people who are using tax credits to get insurance on the exchanges. vonnie: exactly. i'm seeing sweeteners for particular senators. halls, withg town
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very angry constituents. i'm not seeing anything extraordinarily substantial change. >> you're right. so far we are still going through the details of the bill that we haven't seen any state specific sweeteners that might bring a senator on board. one of the only things i've noticed so far, this is something that senator marco rubio in florida had brought up that he wanted done, which there is going to be a change in the calculation for how hospitals get money from medicaid to help them pay for uncompensated care. and that could possibly boost the levels of those teams in florida, his home state. vonnie: anna edney in our washington, d.c. bureau. continue to check out her stories on this latest version of the gop senate health care bill. u.s. president donald trump and french president emmanuel macron set to hold a joint press conference in the next hour.
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we will be following that and bringing it to you live. you will also go to paris from -- for some perspective. this is bloomberg. ♪
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vonnie: breaking news, senate republican leaders presenting a revised health care plan to their parties. free obamacare taxes providesncome earners, an additional $70 billion to stabilize insurance exchanges over a decade, and $45 billion extra for opioid treatment. this all in an effort to win over or we will continue to follow health care news venture
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janet yellen has completed testimony before congress, it is the last time she will deliver 's semiannual monetary policy report before her term ends in february. joining us from washington is bloomberg's federal reserve reporter. i guess the obvious question is, did we hear anything different at all substantially from what we heard yesterday? >> the one interesting addition we heard today related to inflation. yesterday and in all of her --ent remarks, janet yellen something transitory, something that will fade out. today she allowed that she might be wrong about that, that there may be something else going on here. she doesn't think there is but she mentioned there may be something else going on. i think that's a little bit relevant. vonnie: we did see the market move, particularly the long end of the curve. and she did mention about the anticipation for long rates rising. >> exactly. she talked about that a little
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bit worried she obviously did sort of stick to this common line that the fed has been bringing out over and over again , when it comes to policy going forward. she didn't fundamentally change anything she said yesterday. it's worth noting that she so much didn't change anything yesterday that she didn't have to read out her testimony prayed they let her go straight to questions. vonnie: she seemed a lot more relaxed today as well. there was no question until the .ery end about successors who is favorite to succeed her right now? good question. a lot of media reports and analysts are citing gary cohn. -- someely expected people think he's going to appoint himself. we also have a couple other names that get thrown out there regularly. john taylor is one that comes up all the time. he's the inventor of the most popular monetary policy role. we know republicans like that a
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lot. glenn hubbard is a tried-and-true individual who's been around in the economic sphere for a long time. kevin worse has been .ut and doing speeches there are a lot of names thrown out there and they have their own reasons for being good at the job, right? in gary cohn's case it's because he's not an academic. maybe in john taylor's case, maybe he is an academic. at the end of the day, who donald trump nominates. >> absolutely. it's important to remember this person also has to get confirmed by the senate. they might be good candidates for one reason or another but i think you also have to remember this position does play politics to some level. you have to pick someone who will be broadly acceptable. vonnie: jackson hole coming up, it's the annual symposium but it's well well-known for potentially having market moving
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speeches. this year mario draghi is the person everybody will be watching a jackson hole. traders have already started to look towards that. how are they pricing in a potential jackson hole shock? >> it will be interesting to see how that changes in the months coming up. we know jackson hole isn't until august. we have some time before that happens. it is something we will all play what -- all be watching closely for that speech. we don't have the full schedule yet, so it will be interesting to see who else is slated to speak at that conference. vonnie: exactly. and when somebody doesn't turn out, that's a signal as well. let me ask you about tomorrow plus cpi data. it's a big data point coming on friday of a sleepy enough week. >> right. will be extremely important, it's something everyone in the markets will probably be watching when it comes to fed policy at least.
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get as our last chance to good grasp on what's happening in inflation before the fed meeting. commerceer the pce department gauge but that doesn't come out until august. if you're looking for inflation, tomorrow is your report. vonnie: our federal reserve reporter joining us from our washington, d.c. bureau. it's time for the latest bloomberg business flash, a look at some of the biggest business stories in the news right now. the billionaire a bluecrest capital management said to gain 30% in the first half of the year. that extends a run of higher returns since bluecrest announced plans in late 2015 to give back clients money, about $7 billion of the $8 billion it managed. the shares working space cavity once a bigger slice of life in america, after recent forays into china and india, the startup plans to open several locations. result, mexico, argentina, and columbia.
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the cofounder of the new york-based startup says he will boost the workforce to 20,000 by next year. david einhorn's hedge fund greenlight capital paid back more than $400 million. according to "the wall street journal," for the 15% of eligible work to redeem money. in june green light announced the fund down more than 2%, lagging the broader markets. and that is your latest bloomberg business flash. u.s. president donald trump and french president emmanuel macron have been sitting down together holding a bilateral. these are photographs from just before they talked in private. they will be holding a news conference next hour. we will be live in paris for the news conference. this is bloomberg. ♪
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vonnie: you're watching
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"bloomberg markets." i'm vonnie quinn. senate republican leaders released that revised health care plan just a little while ago. it's the mitch mcconnell plan that would at $70 billion to stabilize exchanges over a decade. bill's an opioid funding which would provide $45 billion to states, and the whole thing being digested by senators. . so, a lot of this we had telegraphed. we knew the types of things that were bothering senators in their home bases and we knew they might be changed. no reaction from health-care stocks, pharmaceuticals, hospitals? the exchanges are relatively small and a lot of them are focused on trying to get as many votes in the senate as possible and making sure the markets under obamacare or under the new republican plan would be
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relatively stable. when you look at these changes in what they are, essentially you've got $45 billion for opioid care and treatment and things like that. it also adds $70 billion and money that we didn't know about before that would go towards essentially helping people who are either ill or high-cost or something like that. get them able to pay their health care cost under the new republican plan. a lot of what's going on here is they are taking money that they had saved by reducing some of medicaiding growth in and cutting some of the premium subsidies in obamacare and putting it back into that pool of insurance coverage and saying, move over some of the higher cost patients to have high insurance premiums, let's segregate them off in their own ands, a higher risk pool, then allow other folks to have cheaper premiums because they will be the type of people who can afford to buy skinny,
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low-cost plans. vonnie: what we're doing here are some band-aids for portions of the revised plan, the gop plan senators didn't like. has the market already priced in this passing in some form? or will we get a major move if indeed there are enough senators passed?something >> is interesting. the companies that have been most sensitive to the markets have been hospital stocks. i will compare them to insurers. if you are a health insurer, you have the option of picking up passed? >>and exiting the aca or republican health plan. stopan say, we will selling these plans in whatever state. we've seen health insurers do that. all the news over the last year or two has been about insurers. take your hospitals. you can't exactly pick your hospital up and move it out of the state where the markets aren't functioning and where insurance rates aren't working. you are stuck there. edicaid growth rates
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get cut or people will have less comprehensive insurance plan, you are still stuck caring for those people. they will show up at the hospital doors and that's bad news for you. that's where the sensitivity has been. i don't think the changes are significant enough to move them around. vonnie: custom is good either way. it doesn't matter who pays for it. hospitals at the end of the day will get paid, whether the person turning up has coverage or no. >> no, they won't get paid. if you are a hospital and you have a er, you are obligated to treat of a person -- treat a person whether they show up with insurance or not. it might be that you can go out and try to collect from someone. if you are an american making $20,000 a year, you have a serious car accident, you go to the hospital, you don't have insurance or you have insurance $10,0005,000 or deductible, if you make $20,000 a year, you don't have $10,000 to pay the hospital. these peoploe who get in, lower
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income people and higher deductible plans, it really hurts the hospital because they still have to provide the care when someone shows up with a serious illness or injury. they are going to be stuck chasing down bills on a person who doesn't have money to pay. police in that dynamic happen again and again with obamacare and higher deductible plans. t dynamicseen tha happen again and again with obamacare and hired dockable plans. vonnie: is $70 billion enough to have insurers to let states return to those states? >> the insurance industry, one of the things you see from them over and over again is they say, tell us what the rules of the road are, make them consistent year-over-year, let us know that you're going to implement and stand behind what you do, and we will find a way to play it. if you are an insurer, you can get in there and sell a plan that works. you can figure out the actuarial risk and dial your premiums up or down accordingly. the reason insurers have been
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leaving is because the markets are so unstable, they don't know if the administration will stand behind the existing law. the law might not exist if republicans repeal part of it. i think you would see insurers come back into a degree. they may be offering different plan types than they were under obamacare. customers are there, premium subsidies to help with coverage, and insurers will be there. it's a question of what those offerings look like and how many people actually take them up on that. that's where the open question remains. vonnie: talk about lindsey graham, this is another one. the exact time to release it. is there anything you've seen in the mcconnell proposal that would impact certain stocks or people in a different way? 40 page summary we have been trying to dig through as much as we can. senators are right now meeting and getting a briefing on what
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is in here. i think one of the things to keep in mind is expectations for passage have been very low. mcconnell's pathways difficult. he's trying to get a handful of people to vote for this measure that is historically unpopular. he will have a tough time. lindsey graham didn't do him any favors by introducing his own legislation an hour before he would chop the revised bill. vonnie: that's for sure. lots to wait upon, and of even didssuming it pass it would have to go back to the house anyway. paul ryan did say last hour -- >> we are not done yet. vonnie: and we also have the cbo score. thank you. julie hyman choices now with a look at some market movers. julie: and lack thereof. really see health-care stocks and moved on this. we did have a bounce from the bottom, the health care group
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has fallen as much as 6/10 of 1%. butit's down to 3/10 of 1% still in the negative here as we see incremental progress towards maybe passing health care legislation. as he were pointing out, a lot of questions here. we are looking at some of the hospital chains. they do tend to move on this but they are moving rather today on an analyst call out from there, community health, second-quarter estimates are too high, the analysts there did a detailed deep dive into hospital records in florida that show material declines in volume, market share, and reputation. those shares are down. aca unchanged. as for the big insurers, they've already sort of adjusted to the changes brought on by the aca. they are sort of a mixed bag, not moving much on today's news. cigna of the most among them, 1.2%. consider the to
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various insurers that are more exposed to medicaid, and in his revised versions of the builder doesn't seem to be a lot for them. down., well care, all we have seen something of a recovery in the health care shares, you look at the bloomberg and the valuation of the health care stocks. we saw, they tend to trade at a premium to the s&p 500, then going into 2017 they dipped to a deficit and now they are back pretty much even. vonnie: julie hyman at our markets while, thank you for them. coming up, pushing the reset button. president donald trump and french president emmanuel macron holding a joint news conference in the next hour. we will bring that to you live from paris. this is bloomberg. ♪
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it is supposed to rain later today.
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i'm vonnie quinn. mrs. "bloomberg markets." let's get straight to the first word news. here's mark crumpton. new government analysis of president trump's budget plan says it would not come close to balancing the federal ledger as the white house promised. the congressional report says the president possible budget, if followed to the letter, would result in a seven to -- $720 billion deficit at the end of 10 years instead of the slight surplus promised. cbo says the budget would reduce the deficit by a total of $3.3 trillion over 10 years instead of the $5.6 trillion deficit promised by the white house. cbothe senate judiciary committe hopes to vote on christopher wray's nomination to be fbi director next week. democrats have signaled support but it's unclear if they will try to delay the vote. wray would replace james comey, who was fired by president trump as the bureau was investigating
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russian interference in the 2016 election. yesterday wray promise never to let politics interfere with the bureau's mission. sayskrainian president brexit should not affect relations between ukraine and the european union. his remarks stand during a meeting in kiev with the -- with commissionn president ukraine is not currently a member of the eu but it is linked economically and politically through the ukraine -european union association agreement. most of the document, the association agreement. it's not a slogan. association agreement, this is our new reality. i want to repeat this quote, the european union acknowledges the european integrations of ukraine. mark: corruption was discussed, with juncker saying ukraine's
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efforts, quote, much work was needed,". theresa may's government unveiled a landmark law that would remove written from the european union. the so-called repeal bill was aimed at transferring eu laws onto the british statute one brexit takes place in march of 2019. the draft would hand the government two years to alter u.k. law through a fast-track process. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. vonnie: mark, thank you. present donald trump is in france for the 100th anniversary celebration of bastille day. he's been meeting with french president emmanuel macron. the two leaders will hold a joint news conference in the next hour, we are told trade in the meantime, we are joined by bloomberg white house reporter in paris and the bloomberg
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executive editor for international government. here with me in new york is bloomberg's editor-in-chief, john micklethwait. we will get to that in a moment. let me come to you first, and ask you what exactly is the goal here on the part of french president, and fighting the u.s. president? -- inviting the u.s. president? >> you have to remember the french president just met with the german chancellor and now he's meeting with president trump. he's a new president in office but he's starting to exert himself on the world stage and show he can stand shoulder to shoulder some of the leaders of the largest economies and the largest countries in the world. he was to actually improve the relationship between the u.s. and france, based on the fact that trump has spoken negatively about the french, about some of the policies, and about paris in
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particular, saying paris is no longer paris and it had fallen into decline. they're going to focus on areas of common interest including national security, syria, trying to solve the civil war there and trying to focus on areas where they can agree. there is so many areas of disagreement on everything from climate change, president trump pulling out of the paris climate accord as well as trade with president trump saying there to make trade deficits for the united states. vonnie: you bring up something interesting, the a's the idea of the merkel meeting before this particular meeting. some headlines came out of that saying the two countries were very united on a number of issues, and that they were holding their positions against the united states. be bringing the message to donald trump, won't he? >> he will be careful about what he says to president trump. in the background, all of this, and we saw this at the g20 in hamburg, we are seeing europe
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pulling closer together in terms of pushing for more reforms and integration. europe, the eu also drawing closer to china. on things like trade and climate change, we are seeing the rest of the world sort of gravitating away to a certain extent. for president macron, it's really all about looking like he is the center of global diplomacy, the president of the united states in paris at the moment, coming 2 or 3 weeks after putin was here. macron, in a lot of ways this is about pushing himself. when of the most prestigious restaurants in paris, and then of course tomorrow, macron will be showing off the best of pop and circumstance the french military can offer when he hosts president trump at the bastille parade. vonnie: let me talk with john micklethwait here.
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macron rolling out the red carpet and putting on the pomp and circumstance. this is one hand, leader that perhaps president donald trump won't be as easy to warm to a some of the others. >> macron setting himself up to some extent as an external power source. probably the really alternative power source is merkel, but all the way from that over strong handshake to other things, macron slightly said no, i'm different. he's doing the same sort of self publicity. putin, said, he's had and is very clever in some ways to get merkel calling and get trump as if this is an average day of the french presidency. that's what he wants to show. also, he uses opposition to trump on a lot of things. vonnie: how well will this proceed? this opposition when it comes to
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international affairs, involvement in different wars and war zones and all sorts. there's this trade and capitalism and the western side of doing things, and macron is trying to open up france's economy a little more. >> you have to almost divide these two. historically france has been relatively american when it comes to rejecting force. in terms of the economy, that is really where macron is trying to open up a little bit of ground. he wants to show there is an alternative way. he's a very passionate believer in the european union and what you can do with that. i think the basic deal that macron is trying to do at the moment is with merkel rather than trump, and that's a simple one. he wants to reform france, and in return he wants her to open up the eurozone particularly. vonnie: meanwhile, as all this is happening, there's a conference going on in ukraine. this one country that may not be
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mentioned too much, and that's russia. will president macron bring up russia with president trump? >> it seems everywhere president trump goes, russia is right there, hovering over, whether it's the scandals plaguing his administration back in washington or his recent meeting with the russian president where he met for more than 2 hours with latimer putin and talked about a number of different issues. i believe this cloud is hanging over the trump administration and it means every meeting he goes into, or if he does a press conference, he will be asked about them. we will have a press conference with president trump later today i'm be are likely to expect reporters to ask the u.s. president about his relations with russia, about his son's relations with russia, now that we have these emails from donald trump jr. showing he was eager to meet with someone he believes to be a russian operative that has political dirt against hillary clinton. it is something that president trump will have to deal with
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given the fact that there are all these investigations and generalists and the public wants to know exactly what is at the bottom of all of these swirling questions. vonnie: do you get the sense that european leaders are warming to donald trump a little bit more? there has been a big effort, it's been quite obvious. but has it been succeeding? have they grown to like him a little bit more, to at least understand him? >> i think what you're seeing not only with european leaders but also g20 leaders, you're seeing a world of learning, how to deal with them. that was the big puzzle for european leaders, especially when trump came in. he was such an unknown quantity and apparently erratic. don't overreact, especially to the tweets. literally take every day as it comes and then just try to grind him down on specific issues. when you do disagree with him, don't labor the point too much.
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for example, we have the rather traumatic aftermath of the g7 in may when trump pulled the u.s. out of the paris climate accord, but then last weekend in hamburg, a lot of what the story was, bygones agreeing to let bygoenes be. it was an issue but it wasn't quite the divisive that you might have thought. then when it comes to the press book chemistry -- it was interesting, looking at the tweets donald trump was sending when he was on his way back to washington from germany. you're seeing again, with president macron, you will be turning on quite a show for the president. what you're seeing, looking at the areas where they can agree, they're looking at the areas of common ground and then the massively divisive issues, perhaps the looming trade war, they will take that -- vonnie: while this is happening,
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there is anniversary as well, john micklethwait, theresa may prospers here is prime minister. his europe winning? of a year in terms ago, theresa may looked great. she looked like she was the new force. she looked like she probably will meet at macron meeting trump and think, this could have been me. she looked like the new stable force in the middle of europe, the clever, reasonably experienced woman who would guide this through. instant she's had a succession of what can only be described as disasters. cash is trying to introduce a brexit bill. she's trying to introduce a brexit bill. vonnie: it's a great article in
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the current edition of "bloomberg businessweek." thanks to john micklethwait in new york, john fraher, international government editor in london, a reporter in paris. we will bring you that news conference as it happens, due to happen in about 30 minutes. 'sming up, lloyd blankfein strategy looks a lot like the old strategy. more next. this is bloomberg. ♪
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vonnie: let's get straight to the news conference in paris. to paris this afternoon and , asrrow, tomorrow morning well as the banking delegation, it was very pleased to be able to welcome president trump.
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he accepted the invitation i extended a couple of weeks ago in order to invite him to join the 14th of july tomorrow. a simple and very important to the president of the united states called to be with us tomorrow. , toattend a military parade which the american troops will take part. we will be also commemorating the anniversary of the american i withjoining world war the allies in france. because beyond the daily news, we live in countries with rich -- roots that are deeper and go further beyond who we are. the presence of president trump
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was not only natural, but i think it's also an excellent thing for the history of our country. sharing partted by of our joint history, and the a rmy museum, -- at the army museum, then we had a working session and i'm extremely pleased about it. we've been able to talk about a number of topics of joint interest and be underlined a number of shared convictions and most importantly, a joint roadmap in order to work together these coming months. this is what the g20 expressed. we want to work together in order to implement some measures to tackle dumping anywhere it is
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taking place in all the fields by sharing the information that we have in making sure the european union's and united states can take the necessary measures to protect within the context of free trade, the fair free trade that we can protect all of our sectors of activities where we are active. we then had a long discussion which enabled us to cover all the security challenges for people. when it comes to fighting terrorism, from day one i can say we are strongly determined to take any necessary measures to eradicate it no matter where. on the internet, we have agreed to strengthen our action and our cooperation in fighting against propaganda.
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we wanted to get all the major operators to limit the propaganda and also tagger cyber criminality. t cyber criminality print we do hope we can strengthen the accomplishments between both our countries. i heard from president trump the very same approach, and our services will be working in the coming weeks and months, just have a solid action mat for that. regarding the situation in iraq and syria, we agreed to continue to work together in particular in order to be able to lunch together some diplomatic initiative in order to put in place a roadmap for what will come after the war. role, butabout our initially we want to put that couldn't place a contact group in order to be more efficient
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and support what is being done by the united nations, in order to support a political roadmap in particular for syria after the war. it's important to put in place an inclusive political solution fo rthat period of time. we know where destabilization comes from. we will cover it and ask our diplomats and staff to work along those lines so in the coming weeks, some initiatives can be taken. and they are supported by the p5. we offer this year the same intentions regarding libya and like i told president trump, i want to take a number of diplomatic initiatives trump wants given the situation we knew, and which requires more stability and better control of i thinkon, that libya, i can say, but we have the same vision, very good understanding
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of the situation in the region and the same willingness to act clearly against any form of terrorism. next, climate. here we know what our disagreements are. we have expressed them on a number of occasions. it's important we can continue to talk about it. i respect the decision taken by president trump. ll work on implementing his campaign promises, and as far as i'm concerned, i remain attached to the paris accord, and will make sure that step-by-step we can do everything which is in the accord. summary, but we've been talking about, we will continu,. securityding trade and
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for both our countries to fight , in the middlesm we havebya, the soho -- a sure determination. the united states is extremely .nvolved in the iraq war i would like president trump to know, and i'm freely determined to act together with him in this respect. fully determined. i very much want both our countries in these matters to increase cooperation in the coming months because the threat we are facing is a global one. our enemies are trying to istabilize us by any way, and believe that this is very much at the heart of the historic alliance between our two countries, and which fully
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justifies the presence of president trump today in paris. thank you. trump: thank you very much, president macron. melania and i are thrilled to join you and mrs. macron. national wonderful celebration. we very much look forward to it. bastille day. we are honored to be here in your beautiful country, and it certainly is a beautiful country, with its proud history and its magnificent people, and we thank you for the tour of some of the most incredible buildings anywhere in the world. that was a very beautiful thing to see. thank you. when the french people rose up and stormed the best deal, -- bastille, it changed the course of human history. our two nations are forever
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joined together by the spirit of revolution and the fight for freedom. france is america's first and oldest ally. a lot of people don't know that. ever since general left eye yet joined the american fight for independence, -- lafayette joined the american fight for independence, our fates and fortunes have been tied unequivocally together. it was a long time ago but we are together. i think together perhaps more so than ever, the relationship is very good. commemorates another milestone, one century ago the united states entered world war i. when the president called me, he had mentioned that fact, 100 years ago, and i said mr. president, i will be there. that's a big, important date. 100 years. remember the tens of thousands of americans who gave their ands anin that valiant
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difficult struggle. we also pay tribute to the heroic deeds of the french troops whose courage at the battle of marne and countless other battles will never be forgotten by us. than one million french soldiers lay down their lives in defense of liberty. their sacrifice is an internal tribute to france and to freedom. french and american patriots fought together, bled together, and then together in the fight for our countries and our civilizations. today we face new threats from rogue regimes like north korea, syria, and the governments that financed and support them. we also face a grave threats from terrorist organizations that wage war on innocent lives. tomorrow will mark one year since a joyous bastille day celebration in nice turn into a
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massacre. we all remember that. andote the 86 lives stolen pray for their loved ones. we renew our resolve to stay united against these enemies of humanity and strip them of their territory, their funding, their networks, and ideological support. today president macron and myself discussed how we can strengthen our vital security partnerships. just had a meeting with our generals and our representatives and it went very well. france has excellent counterterrorism capabilities straight french troops are serving reedley in places like -- defeat these forces of murder and destruction. the united states and our allies strengthen our commitments to defeat terrorism. we are also making tremendous progress.
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earlier this week with the strong support of the united states, and the global coalition, iraq forces liberated the city of mosul from isis control. now we must work with the and ournt of iraq, partners and allies in the region to consolidate the gains and ensure that the victory stays a victory, unlike the last time. g20 leadershe reaffirmed the right to sovereign nations to control their borders. within to strong from defend ourselves from threats from the outside. the nations of the west also es of ourss of challeng own creation, including vast government bureaucracy that saps the strength from our economies and our societies. for this reason, i applaud hisident macron on
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courageous call for that less bureaucracy. it's a good chant. we can use it too. and the europe that protects its citizens. we did not become great through regulation, and in the united states, we also have cut regulations at a level that we've never seen before. so we are very proud of that, although the last is six months. but by allowing our people to follow their dreams, that's what it's all about. we mustve these dreams, also confront unfair trade practices and pursue trade deals that are reciprocal and fair. both president macron and i understand our responsibility to prioritize the interest of our countries and at the same time to be respectful of the world in which we live. live in a very complex world. we have to respect it.
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the united states remains committed to being a leader in environmental protection, while we advance energy security and economic growth. the friendship between our 2 nations and ourselves is unbreakable. our occasional disagreements are nothing compared to the immortal bonds of culture, destiny, and us, so that unite strongly unite us also. as long as we have pride in who we are, where we've come from, how we got here, and what we've achieved, as free and democratic then there is nothing we cannot accomplish together. france helped us secure our independence. a lot of people forget. in the american revolution, thousands of french soldiers spot alongside american troops so that as lafayette said,
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liberty would have a country. every since then, courageous heroes from both nations have fought for the same noble values in the same righteous cause. tomorrow the french tricolor will once again waved proudly alongside the american stars and stripes. our brave selves will march side by side and we will all be inspired to protect and cherish the birthright of freedom that our ancestors won for us with their sweats and with their blood. president macron, thank you for inviting melania and myself to this historic celebration, and to you and your spectacular country, may god bless france, and may god bless america. thank you very much.
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pres. macron: very well. we will be taking 4 questions. pres. trump: he's getting first question, president? the question, president macron, regarding what you said in a press conference with chancellor merkel. did you still hope that president trump could turn his mind regarding the paris accord? is it possible for you to come back to the paris accord and change your mind? describe ituld you
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today? dinner between friends. regarding commitments of the president trump. during the presidential campaign. so did i hear and -- so did i. we talked about our disagreements. we discussed the matter before president trump reached a decision. should that have an impact on the discussion on all other topics? absolutely not. this is the reason we share the same views and some major common goals and many of the topics, or all of the topics we have been discussing today, which we move forward together

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