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tv   Bloomberg Markets Americas  Bloomberg  March 7, 2018 10:00am-11:00am EST

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. they like to keep it hidden, so we are looking forward to engaging with the private sector. david: vonnie: here are the top thanks to beatrice stories we are covering from fihn, executive director of the international campaign to bloomberg and around the world. abolish nuclear weapons known as cohn quits, his departure seen ican in geneva. as a victory. she kicks off her women's day investors now worried about andorists and -- tariffs coverage as well. that is tomorrow. trade wars. will talks with former couple of breaking news, shares here 12% higher him of the california colleagues at goldman sachs -- his take on what terrorists could be -- tariffs biggest increase since 2009. this stands in talks to buy the french government's 15% stake in what terrorists could do for the economy. vonnie: lawmakers consider ault, shares rallying on the changes. we will speak with a key congressman in the debate. news. they hold a 43% stake in nissan. and more can -- on a nobel peace the french stake is 15% in renault. prize. abigail doolittle is here. the talks are in government the bears are out. officials. there had is speaking -- their head is speaking for implement we are looking at declines for with renault to give up control. the worst day in about a week.
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we are well off the lows. the dow had been down 300 the shares of renault surging on that breaking story. this is bloomberg. ♪ points, more than 1%, and the nasdaq is down. was mentioning the fears around the trade wars. we take a -- take a look here. cohnre going to see that effect, his resignation as economic advisor to president trump caused a big decline in the futures yesterday. the lows down 1.5%. investors fear perhaps two things. it could be that tariffs are more likely from the white house thatecond some are saying he was the voice of reason, and now he is gone. we see declines, but well off the road. the possibility of a trade war -- we are looking
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at dear, caterpillar, nike and general motors fear they could really suffer from greater input costs of aluminum and steel if tariffs are imposed. if there is trade war, it could hurt any business abroad. gm is down 5% since the --sibility erected interrupted. -- errupted. we have bonds trading slightly higher, the yen is higher, and the vix is up ever so slightly, but still below the 20 mark. there are declines for stocks but not confirmed in a huge way will he go across asset classes. mark: there has been a cohn effect here as well, we were down roughly 0.6% london time. we are unchanged on the day earlier. it was miners, it was autos, those industries that will be hit hard by the proposed tariffs, still leading to
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clients. we are unchanged, if we rise, it will be the third in a row and the best run since mid february. that is the stoxx 600 unchanged. ♪ big data out of the eurozone exports.p, foster vonnie: let's return to the goldman sachs annual housing and consumer finance conference underway in new york. julia chatterley is back with propelling the euro zone economy to its strongest annual growth in a decade. another guest. julia: we are joined by charlie 0.4% of gdp.ution himmel bird from bloomberg market research at goldman we had capital spending get a sachs. great to have you with us. we have been speaking to peter boost of .2. navarro, economic advisor. much in the earlier estimate, the gains are confirming the broad-based nature of the economic upswing. it has to be said that it is two conflicting voices in the white house, tough to see were moderation in that. economic policy goes now. charley: i think markets took a that was a big data piece, the lot of comfort in the fact gary cohn was there, and they viewed euro against the dollar rising him as a voice for the market for a fifth consecutive day. and a balancing force against the highest since february 15. the terrorist -- the tarriff the euro having snapped a three month rally in february. contingency.
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the ecb may not allude to the julia: are you worried about a currency strength. trade war? charley: not really. it meets tomorrow. policymakers could be ok with it is a tale risk to us, but tweaking that. when you have started the ball recent news events including the anti-establishment surge in italy want to win the argument rolling, it is hard to know how far. julia: the narrative and the for policymakers by draghi to nervousness of the market now, you have done a good amount of avoid sudden moves. still surprises could come in work on volatility, the the form of fresh quarterly moderation and suppression of macro level volatility. projections from the ecb star where are we right now? economist. of that the point that is the big data tomorrow. this is the big thing today. moderation is to say if you look rolls-royce, the engine into the macro data itself rather is volatility of employment, gdp, inflation, manufacturer. shares up 11%, rose earlier as there hasn't been much drama and much as 50%. biggest increase since 2004. the data. the drama has been in the markets, so i am thinking the vix spike earlier in february as well as the latest news out of the chief executive initial job d.c. cuts and cost cuts helped the catalyst or the drama is coming from places other than overcome years of earnings decline. he has eliminated 800 management macro data at the moment. julia: you have describe yourself as reluctantly oldish posts. he has slim down the old wheels based on valuation -- bullish
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and structured and cut more than 4000 jobs of the marine based on where the rates are. charlie: the reluctance comes division. the measures are helping to tap from the fact valuations are the potential of this record order backlog, much of the gain high and everybody knows that. from the power systems division. but the reason you have to go there anyway is because you look at the macro fundamentals were areengine models volatility is not there, it looks like we are on page for a strong year of growth in 2018, experiencing performance issues, but investors focusing on the both in the u.s. and globally. positive, looking at the shares it is hard to see what the rails up over 11%. vonnie: a lot going on this markets in that market. julia: what does? wednesday. goldman sachs is at the consumer charlie: it could be the things we have seen already. finance conference taking place one of the big concerns about here in new york city. something like the vix crash which i would argue is the sort the event coming on the heels of former goldman sachs president gary cohn's departure from the of thing we have seen in major markets. we have seen flash crashes and weight -- rates, the down vix, white house. that will be talked about around the water coolers. julia chatterley's there with seen them in fx. goldman's top economist. betty: when the -- as long as those flash crashes are happening at a time when the julia: when it rolled out, it macro backdrop is solid, sound, markets don't worry about it. but the question that hasn't was the ancestral home, but i am joined by the chief economist. been answered and not tested is let's start with the exit speech what happens if we get a flash by gary cohn from the white house.
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crash at a time when the market is already worrying about the how do you recalibrate your macro environment? thinking on policy in light of his decision? ecb andalking about the >> it raises the uncertainties of what gary's views are and japan, investors are already nervous. ande policy and generally we have seen that, respective of the macro data. what about this? approach that is more market oriented in a number of areas. charlie: i think another example of market psychology, not there is still a number of people with those views in the worried about qt from a fundamental perspective, it is not even a tightening. administration, but there is more uncertainty. we don't know who the new national economic council in our conference this morning director is going to be. a number of names have been we took a poll, and i asked for a show of hands, how many people think the main reason for prices floated, but it is too early to that have rallied is this tell. what we do know is that there is a tariffs step. expansion, and every hand goes up. it is a pillar of belief in the market that qe was a big deal. the steel and aluminum tariffs some withdrawal is taking away will have some impacts. they will incrementally the security blanket. it is not clear how that will go increased inflation -- increase psychologically but so far i think central banks have managed that pretty successfully. inflation, but the size of what julia: charlie himmel bird, we see in and of itself from a macro perspective is not that
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thank you. big. i think it is too early to tell great chat, thank you for what the outcome is going to be. you used the word modest. joining us. julia chatterley. on the european close, following stocks. less than 2% of u.s. imports. to three basis less than 35 minutes from the end of the session. stocks rebounding from earlier lows. the ftse, dax, all of by 0.3%. points. it is teeny tiny. but is this the beginning of something larger? jan: that is right, this is how is the euro failing -- something that could have an faring? onact that is meaningful the euro is it'll changed against the dollar. specific industries if you look at areas like autos or consumer -- sterling is up. staples. it obviously makes more of an the bond close is in three minutes -- this is bloomberg. ♪ impact but from a macro perspective this is not something that leaves me to significantly recalibrate my thinking about what growth is going to be or what the fed is going to do or what is going to happen to inflation. , becauseat about nafta this is another angle people . will look at. the canadians could have this potential announcement over tariffs. are you more alarmed about the prospects of nafta in light of
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gary cohn and what we have seen with -- jan: incrementally yes, but we were already concerned about an announcement the u.s. might pull out of nafta. the probabilities of that have kind of gone up and down. we have seen early in the year that the risk of that was quite high, that it seems like that was taking more of a backseat. now we can mail some additional questions whether that will happen. politically there are also a problems for trade negotiations like nafta. we have got an election coming up in mexico in july. we have the mid-terms in the u.s. julia: what about china? i keep bringing it back to gary cohn. he was a strategic relationship manager with all of these countries. a lot of them are like, who do we deal with now? [speaking simultaneously]
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what we will see how quickly we get more of a sense spokesman white house for economic policy and trade policy is going to be. i think of the moment it is hard because there are a number of different people who have a lot of influence in that area. gary was obviously the director of the -- julia: stephen mnuchin clearly in the hot seat at this point as well as a negotiator. tie all the threads for me. you were already alarmed about nafta. of aluminum and steel not much of an impact as far as the economy is concerned. give us your outlook as we talk about housing, finance. jan: we talked about the risks and the negatives, but -- not only that they are positives
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outlooks for the global economy and the u.s. economy is quite positive. we think the global economy is growing in the 4% range, maybe even little bit better. some high-frequency that we monitor. those numbers have to get stronger. the u.s. is growing between 2.5% and 3%. well above trends. downuto base is coming from levels already very low. we are getting a fiscal boost, so maybe the financial conditions boost that helped us last year will be smaller this year. we are getting the fiscal boost which wasn't there last year. mark: 11:00 in new york and 4:00 outlook for gradual p.m. in london. 30 minutes left in the trading increases in inflation and day in europe. from our european headquarters, i am mark barton. continued gradual increases in vonnie: in new york, i vonnie interest rates. but is our strongest view where you look if we are relative to quinn. where the markets are, we think this is the european close on it will probably hike the fund rate. bloomberg markets.
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♪ we have four hikes this year, four hikes next year. julia: you don't get bogged down here are the top stories by political noise at least are now. the chief economist at goldman we are covering. markets rattled, gary cohn sachs. back to you. vonnie: julia chatterley. leaves the white house, what she will be bringing you more from that conference in fact kind of policies and replacements is likely to push this hour. we will have an interview with for. insights on the markets with the charlie hanover from global markets research at goldman sachs at that conference. chief executive of the u.k. financial giant legal and it is time to check in on first word news. general with their stock up on reporter: south korea's president moon jae-in went to record earnings last year. lower expectations for the summit with north korea. the reform program of saudi will be under the he said it is just a start and can be optimistic -- cannot be microscope as he faces his first optimistic yet. test abroad, he was in london they will brief the trump administration. u.s. officials are skeptical kim and we are live from downing is serious about spending his -- street. getting rid of his nuclear european equities today have rebounded, they fell earlier on the news gary cohn weapons program. the trump administration has stepped up on illegal immigration and sued california over three state laws that interfere with federal immigration enforcement and
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violate the constitution. the laws restricting state and local authorities from sharing information about undocumented immigrants with federal agencies. the poor star who was paid for her silence has now sued the president. she said the nondisclosure agreement is not valid because president trump did not find it. she agreed to $130,000 in pay out. we spoke to her for the election in exchange -- drafting guidelines with the u.k., falls short of what theresa may is demanding. bloomberg has seen the document and it calls for a trade deal similar to the one with canada. british banks would have limited access to the e.u. single market. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am tyler rake. this is bloomberg. ♪ you for that. still to come, i am excited for
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the head of the international campaign to abolish nuclear weapons. you know it as icon out of geneva. it is run by a woman who is discussing investments fueling the nuclear arms race. this is bloomberg. ♪
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♪ live from london, i am mark barton. vonnie: this is bloomberg markets. as we have been saying all morning, gary cohn is out as the chief economic advisor, losing the battle over terrorist on steel and aluminum -- terrace ons -- tariffs on steel and aluminum. hours after a confrontation at
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the president over the terrace -- and the president is on track to sign these by the end of the week. we talked with it policy correspondent. we even have an update in the last few minutes from the president himself. michael: it is bizarre. he said he has asked china to provide an plan to reduce their trade deficit with the united states over the course of the year by $1 billion. they have a $35 billion trade deficit right now months into the year, so i am not really sure what he means by that. vonnie: and you brought a chart that shows graphically how much the deficit has narrowed with china anyway. michael: the trade deficit with china widens last year, but so far it is just under $36 billion. they are the biggest trade deficit partner. reducing it by $1 billion would
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be a drop in the bucket. they can do that very easily. whether they would is another question i don't think they want to be told what to do. vonnie: who is favorite to replace cohn? nobody really knows. the names that came to mind our peter navarro and larry kudlow, both very conservative, but very different views on trade. inarro, the chief nativist the white house, who wants trade wars especially against china. kudlow as conservative as he is, very much a free trader. it could be you are one of those or somebody we don't have any idea who that person might be. generally heavy hitters from wall street or someone with a lot of background in economics like larry summers under barack obama, so maybe he reaches beyond that small circle for somebody that would reassure wall street. were saying
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yesterday, the e.u. is ready to retaliate. we heard from the trade commissioner earlier. she said i truly hope this won't happen. it seems unlikely it won't happen. at this point, yes. you have to retaliate in these sorts of situations, but under wto rules, they can retaliate up to the amount of money that in theory their economies are going to lose because of that steel and aluminum tariffs. the latest calculation is $2.2 billion. that is a very small amount overall for the u.s. economy, hardly noticeable, but it would hurt specific sectors. they are talking about things like business from kentucky and blue jeans. vonnie: and peanut butter. michael: they want to hit the economies of the districts represented by the congressional leaders who could put pressure on trump. not a massive thing for the u.s. economy but surgically designed would affectn that
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those leaders and maybe they would go to the president and say my district hates this. vonnie: there are president -- precedents as there always are. bush had a tax on steel. a small hit to gdp, and most studies of looked at it suggests we have lost more jobs than we gained. gained some in the steel industry, lost some in downstream industries that use steel. there are different numbers produced by people with overall astakes, but wash for the economy but no benefit to the economy. that is the general view from these tariffs. we might gain some still jobs ballou some downstream because our industries will be less competitive and therefore the tariffs don't do anything. when bush put these tariffs on during a different provision, he ended up taking them off because they were not doing any good and we were losing wto
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-- in the wto. forecast. the donald trump's problem is he is complaining about the trade deficits, but he has been president for a little over a year, so he owns the issue. these are his trade deficits now, so if he is going to do something about it, he has got to come up with a plan that would reduce it. vonnie: the bloomberg national economics correspondent, thank you. coming up, peter navarro, office of trade and manufacturing, joining us from the white house. mark: and on bloomberg markets, nobel peace prize recipient beatrice fihn. she is the head of the international campaign to abolish nuclear weapons and discusses what is driving the nuclear arms race. this is bloomberg. ♪
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take you tos
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capitol hill where lawmakers are renewing debate on the dodd-frank overhaul bill. look into kevin cirilli. kevin: let's start with dodd-frank. you said earlier this week the senate bill could be improved in the house when it gets out of the upper chamber. how would you like to see that? >> we have to see what comes out of the senate. the negotiation with senator craig with perhaps the management -- the amendment that could be incorporated. we have had huge bipartisan votes on it. we have 97 bills we passed in the house. we passed them small pieces, and there are 25 or 30 of those that have some large bipartisan votes that could be added to the bill and not hurt it. so negotiation with senator craig and with the amendment going on, we will see how that looks when it comes out, then take a look at it. kevin: speaking of negotiations,
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trade talks heating up. gary cohn, out. who would you like to see replace him from the proposal to raise tariffs on the steel and aluminum industries? blaine: gary cohn has done a fantastic job. jobas really been on the with his relationships to the leadership to try to promote economic policies. ,e was with the tax cut bill the health care bill we were working on last summer. he has managed trust advisor -- been a trusted advisor. he got an crosshairs with the tariffs, and they parted ways. the man did a good job putting people in places around him, so whoever replaces gary will do a fantastic job. i think the key thing is i have not seen anyone talk about a trade war with china with a long time. how do you solve that problem?
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they are reversing industries to --ure my best to undermine industries to undermine others. ? w do you solve the problem the president is trying to figure this out. the tariff situation what he is trying to put together, is that the solution? i don't know. he is indicating other options, so we will see. your billl me about with data sharing and how you would allow for companies if they have a breach to report it? blaine: we think of breach needs to be reported immediately. as it is ascertained what kind of information was breached, if it was personal, and if it is ok for law enforcement. law enforcement wants to find the bad guys, and we need to make sure they can do their job. people do the best they can to protect their information. kevin: do you want to be chairman of financial services committee? blaine: it would be an honor to do that. kevin: back to new york.
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bloomberg -- the bloomberg chief washington correspondent. the campaign to abolish nuclear weapons, icon out of geneva, switzerland, one by a woman who won the nobel peace prize last year. she will discuss the nuclear arms race, north korea and investments propping it up. meantime take a quick look at the stock markets yuri we can see the stocks are lower today. -- .6. down 60 some jitters running through this market. this is bloomberg. ♪
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♪ vonnie: live from bloomberg world headquarters, i am vonnie quinn. mark: and in london i am mark barton. check out what is happening to european stocks, it has been a
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choppy sort of day, investors responding to the departure of gary cohn by extending the benchmark stock 600 lower at the start of the day, but it has retraced those losses and then some by about 0.5%. gains in germany's and london. vonnie: bigger build that we were looking for. 2.4 million barrels is the build for crude inventory. 2.4 this week. crude oil futures have been lower all morning, 62.33.25 at looking at gasoline inventories, there was a drawdown of 788,000 barrels. we were looking for more, so that is bullish. improved by aries fraction of 1%. now we want to get back to the
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stories of the day. and tariffs.tting david westin joins us with a special guest. david: we welcome our audience from tim burke -- the tv and radio as we talked to peter navarro, director of the white house office of trade and manufacturing policy. welcome back to bloomberg, good to have you. peter: it has been a while. david: there is a fair amount of activity in your neck of the woods. gary cohn is going to step away. i want to start there. the president has been exclusive he wants to bring voices even conflicting voices informing economic policy. if he wants to replace gary cohn, should he be looking for someone with gary's particular point of view which might not have agreed with your own? peter: the president tweeted out this morning he has got a long list of people he will interview. it will be a great list. we are going to miss gary.
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gary is a great colleague. i myself, i loved to have him on discussions because we do have differing point of use. it is a deep bench. there is a superb economist, mick mulvaney, this guide leading deregulation revolution in this country. we have not seen this since the days of reagan. outside you have stephen mnuchin in treasury who did a heck of a job on the treasury. wilbur ross is doing and so -- all sorts of great things. so there are a lot of different points of view. the president loves that. here is the point. at the end of the day i like what goes on here like a football team. every year the patriots win the division but with different players. what doesn't change is the coach and quarterback, and that is who we have in donald trump. he had the best first year on
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the economy of any modern president, and we are going to have a great second year. if you look at the economic indicators right now, everything is oldish. investors look at this market, they would be bullish on this market. david: before we come back to that, i want to follow up one thing. you are too modest to say you are up for that job but if the president came to you and said i need you to go into that job, what would your response be? peter: i would be honored, but i am not on that list. the president has a long list of people he will interview. i'm here to defend the working men and women in this country, and i have got a very full plate at the office of trade and manufacturing and policy. in addition to doing stuff on trade, i do a tremendous amount on the defense industrial base, and i take those duties very seriously. i put when -- i put men and women to work in manufacturing every day. david: us go back to your day
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job and talk about the growth. [speaking simultaneously] david: so let's talk about the president's progrowth agenda. you talked about that long before he became president. peter: peter: when the futures were down, i got on the competing financial network and , we, i will lay out for day have a four-point program where we promised at the time tax cuts. we got those, promised deregulation. we are getting energy unleashed in this country. we are turning into the largest energy producer in the world. and the president has been amazing in the trade space. who would have thought when he got elected we would already be renegotiating a better nafta for the american people? if we had all four points on this compass, we will have a tremendous growth, but we will also have higher wages on higher productivity gains.
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people who watch your show are investors. what are they going to do today? long or short? this is bullish. every sign is pointing up. this is great resident and great economy. david: the market has been up and investors have been promising on growth, but let me ask you directly. are the tariffs on steel and aluminum progrowth overall? peter: they are. if you look at the experience last month of the solar tariffs and washing machine tariffs, they were larger than the ones we are contemplating with solar, 40%l, 30% washers. this is the genius of donald trump we had a flood of investment in those industries. looks like we were going to have the solar industry back. that is good for america and making america great again. we are talking to both bloomberg television and radio,
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peter navarro from the white house. my real question is, it is good for the industries involved. it the prices up, even though people pay more for the goods. but is a good for the economy? you studied these things. it is, because my weekend defend an industry from unfair --petition is when we get when we can defend an industry from unfair competition we get higher wages and tax base. that may be clear about the aluminum and steel case. all we are trying to do with that, which is modest in terms of the tariff levels, is to defend industries. the president said clearly we cannot have a country without steel and aluminum industries. i agree with him. illumina industry in particular will go away in just a matter of a few years unless we take the actions we are going to be sixng where we lost smelters since 2013 and only have five left.
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only two of them are altered -- are operating at full capacity. one of the has high security needs. this industry needs our help. the president is there to help this industry for national security, for men and women working in that industry, and it will be a great thing for america. david: not sure what these orders will say whether they are surgical or things are eliminated or not. when will the actual language come out so we know what these orders say? peter: that is to be determined, but we are projecting well for this week. the president has promised it will be a great day for america. trade wars. we hear an awful lot of talk in the media, let's be honest, about the possibility of trade wars. how concerned are you about whether there will be trade wars and if there are, what it would do to the progrowth agenda? peter: the president has said this repeatedly.
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let me echo what he said. we are the freest traitor in the world,- trader in the and all we get for that is a half a trillion dollars a year that offshore's our wealth and jobs. my only view is all the countries who trade with us are getting the better part of the deal, and therefore they have no sense of -- no incentive at all to get into conflict with us. i would hope that everyone would understand that if they want america to come to their defense, we won't he able to do that without aluminum and steel. david: thank you for spending your time. you are a busy man. that is peter navarro, office of trade and manufacturing policy at the white house. vonnie: our thanks to david westin speaking to the economist. ,lso the coming china wars previous to his current role.
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we are back with another key member of the trump administration later on. we will talk with the u.s. treasury secretary steve mnuchin . that will be after the closing bell. mark: still ahead, the international campaign to abolish nuclear weapons. the group run by beatrice fihn, winner of the nobel peace prize, will discuss investments fueling the nuclear arms race. this is bloomberg. ♪
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♪ mark: from london, i am mark barton. vonnie: this is bloomberg markets. north korea has told south korea's we are willing to give up their nuclear weapons. could open up talks, but many including south korea's president are skeptical about north korea.
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coinciding of course with a report out today highlighting the top 20 companies said to benefit from a nuclear arms race. -- joan and meet with more, beatrice fihn, the theutive director of ican, international campaign to abolish nuclear weapons, and nobel peace prize winner. she won the prize in 2017. tell us about this. what does it say? it shows that the companies are profiting from this incredible huge threat to international peace and security we are seeing now. with trump and britain and kim and kim-- putin jong-un, there are companies profiting building these weapons like boeing, airbus. there are a lot of banks and financial institutions that our lending money to do this.
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vonnie: this is capitalism. what good does it do to point this out? you could say it is up to governments to maintain peace. these companies need to be in the business of defense. are they doing anything wrong? beatrice: these do not maintain peace here they threatened to kill us all. they are indiscriminate. it is not good enough for financial institutions to just profit. -- they also have responsibility. nuclear weapons will be used if we keep them forever. vonnie: we have a chart on the companies investing the most on nuclear weapons producing companies. should these withdraw their money because a tiny part that they invest in invest in nuclear weapons? beatrice: they are banking on armageddon, profiting from chaos. this is a small part of these companies' portfolios. they can pull that out and make a real conservation for a more sustainable world.
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mark: how do you pressure these companies as you state in your report? nine countries have nuclear weapons, a compelling change from these nine countries. it will take a variety of approaches. what are those? beatrice: look at the private sector that have a lot of influence. there nuclears, weapons a distance are a small part of their portfolio. most people don't know when i get on a boeing plane that boeing also produces nuclear weapons or when they buy things from honey world they contribute to a nuclear arms race. by making this report available we can put pressure, and consumers are interested in knowing the companies. becausebe more specific there are certain things that if they are put together they are a nuclear weapon but if they are not, they are harmless individual pieces of metal or whatever it may be.
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so why do these companies need to be concerned with what is done with their materials after-the-fact? contact withy have the governments that have nuclear weapons and are producing the missiles and the equipment for nuclear weapons. it is directly contributing to the ability to have met -- weapons of mass destruction. mark: you actually have a hall of fame as well. tell us about financial institutions that have company has the policies preventing investments in nuclear weapons producers. beatrice: a lot of companies are taking responsibility on this issue. withe a drop of that investors that have invaded -- removed investment from these producers because of that. two of the biggest five pension funds in the world have instituted policies and removed from weapons. that is a responsible way to act.
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another direct response is the provision -- prohibition, weapons are illegal and bad for business. vonnie: we see so many areas that is up to the private sector or the public or the so-called elite. tell us about the current arms race, north korea, south korea, the overture from north korea to south korea that might open the door but it is very iffy. what do you see? beatrice: i think it is up to all the states in this conflict to really carefully use this moment and start to provide a process. at the same time it is terrifying we have to push nuclear weapons so far. we are on the brink of nuclear war before we can get to a solution. one day we will take a step too far. they will go off not just intentionally by our leader that presses a button but an accident or mistake. vonnie: what is the best way to
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pressure government? all the governments are so different. look at iran, the u.s., north korea, not the same. is there a blueprint? beatrice: there is. we have seen the other weapons, biological weapons, other weapons. the treaty-based prohibition is the first step to eliminating these, and that will be a mobilizer for governments to take action, for civil society, for the private sector. we have seen that. together all of that pressure from different angles based on the new norm that the print -- that the weapon is illegal can make a difference. we have seen last year the treaty on the prohibition of nuclear weapons, and states are starting to join this. we can build pressure to get rid of these. vonnie: at a time when certain countries are moving away from ultra lateral agreements, and
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countries did not even contribute in certain areas. how do you get a country that just doesn't want to be part of a group like that to also have a conscience when it comes to nuclear weapons and have a responsible policy. beatrice: i think all governments and countries have to relate to international law. they might not admit it, but it matters to them what international law says. we have seen that even the most reluctant countries get dragged along. it does not go as fast as some countries. some are slow. we are dragging them in the right direction. it is up to the people to take action. this is a perfect example. we can look at where our money is. my money, is a contributing to this arms race? vonnie: have you talked to many of these companies? beatrice: we are meeting with banks here in new york. we have seen some responses which shows that weapons
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