tv The Intelligence Report With Trish Regan FOX Business March 2, 2018 2:00pm-3:00pm EST
neil: dow down 184 points. push and pull on trade, whether cracking down on it, help these markets or hurt these markets. whether it will sell after the markets, who knows. trish regan. trish. ainsley: we'll find out, neil cavuto. markets sell off second day in a row, president trump. we're recovering that is the good news. anything can happen. there is two hours to go until the close of trading. i'm trish regan, welcome to "the intelligence report." u.s. trading partners around the world are threatening retaliation with new tariffs slap 25% on steel imports and tin% on aluminum. the president says, when a country is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good and easy to win.
some investors disagree. we'll see how it breaks out. we're down 151 points, after tumbled more significantly early. we'll see how it goes. it is friday at 2:00 eastern. for years the president has been talking b he mass said it is not. we are getting taken advantage of. we need free and fair trade. were is anybody surprised, including the market that he is doing exactly what he would do? is this another wall street overreaction? here is moody's chief economist john lonski, and scott martin and our own nicole petallides down on the floor floor the nys. we're recovering a bit. are investors waking up to the
idea perhaps they overreacted? >> actually the mood on wall street it was overreaction big picture. basically we had nothing less than a 300 point day all week long. we had other pieces of news, including what our new fed head, jay powell said about being obviously moving forward with gradual rate hikes. we're looking at three or four rate hikes. as far as reaction what we saw pertaining to tariffs from steel and aluminum, there was concerns about boeing, caterpillar, raw material costs. big picture, international trade war, walking around on the trading floor, they seem to think it's a negotiating tactic. there is still uncertainty about the whole thing. they're not really worried at this particular time. it was really evidenced we were down 364 points and now down 164. the world has not come to an end. ainsley: no. the world has not come to an end. i said over and over again own this show. we need to get tough with
technology. china is basically deflating its own currency so it can sell more stuff over here. they're subsidizing their steel industry and aluminum industry. if we want to compete, we should compete on a level playing field. not to mention of course, what we're dealing with north korea, the crazy man there. china could quietly make him go off into the corner. they haven't done so. in fact they continued to trade with north korea. we have some economic power. maybe it is time we use it. this is an example of such. but, economists like john lonski are not convinced. you're still worried. tell me why this makes you nervous? >> these tariffs will hurt many u.s. businesses that use steel and aluminum when producing output t makes them less globally competitive. i think the other big worry is, this is sign of things to come? are we going to see more tariffs
imposed. will we see more restrictions on trade put in place? if that is the case, the u.s. consumer will be where is off. we're going to be facing higher prices for goods of lower quality. i don't think that will necessarily happen but there is reason for concern. ainsley: you know, i, sometimes when i speak to groups i love to show this chart of imports and exports. basically the trade deficit over the last 50 years and one of the scary things is, that you see that really starting in the 1970s we began importing, this just accelerated more than we exported, john. alongside that, if you track that compared with wages, you also see that wages really haven't gone anywhere for the last 30 years. >> there is a story within a story here, that is, we have lost our global competitiveness. if your trade deficit is widening, that is one of the best, most reliable indicators that you are falling behind globally.
and one area we have fallen behind globally is medication. when you look at rankings of countries by aptitude in mathematics, what are we 10th or 15th? that is ridiculously low considering the level of wealth in this country. ainsley: i don't think it's a good recipe. if we're so far behind in education, we're obviously not putting people into the workforce that are going to be able to work as engineers or programmers. yet we're taking away all the jobs that they could have worked in i got to get scott in here too. hang tight to that thought, scott. are you worried about this? i'm concerned right now, we're going through some kind of a structural shift. we haven't done anything to help the people that might be left behind. finally, donald trump is saying okay, maybe we need to rethink some of these deals that have not benefited the middle class. he is doing so and the market freaks out. i will use freaked out, in past tense, we're only down 115.
>> right. >> the other thing, trish, we obviously want to make more stuff here, that is no joke. the reality is that is a process. you can't throw tariffs out there and leave trade agreements and make the stuff that u.s. imports to john's point. so if that the is tough talk from trump that getting them to stop doing, that is a good thing. with respect to workers though, talk to a lot of companies around the u.s., there is shortage of workers. you mentioned the education, that is another problem with respect to high-paying jobs are no getting filled because we don't have the educational back ground to do it. ainsley: nicole, people are allowing this news to sink in. were they that surprised yesterday? i mean the president has telegraphed this time and time again. he said that he will get tough on china. we must get tough on china. that we need fair trade. yet everybody acts like, oh, my gosh, who saw this one coming? >> i don't think they were
surprised by the fact they were talking about tariffs. the surprise that he blurted it out, one trader said exactly at that phrase. they thought he would be more tactical on the delivery of the whole thing but they knew it was coming. they considered him a real negotiator. they think this is a way to negotiate against china and other countries, the european union, for example. we have to worry about retaliation and that is where we worry about. the russell, the small cap, that is up 1.2%. not everything is bad on wall street. ainsley: nafta is coming up for negotiation, john. one of the concerns that steve forbes voiced to me yesterday, this may be setting a trend as we move forward. 700,000 people have lost their jobs and i don't know if result of nafta but certainly coincided with nafta. there is less manufacturing here than there used to be. i mean is there any way we can bring that stuff back? >> probably not.
we have to realize we're an advanced economy. we have a higher standard of living than they do in mexico. so we have to produce things that are commensurate with a higher standard of living. ainsley: i keep using this example. my husband is from the buffalo area. i kind of think that maybe back '50s, '60s, '70s they had a better standard of living thatthan they do today. detroit is example. >> when i broke in the pork worse in 1970s, i was not competing with workers from china and india. they weren't part of the game. they're far less expensive. i've been told by people, why hire an engineer from the united states, go to eastern europe, pay them 25,000, $30,000. they're happy and very good workers. it's a whole different world. that is correct. that's why you have to go at that end of the production -- ainsley: we haven't done anything to protect these people. nothing. >> okay. ainsley: you know who gets reward in this? globalists and investors, right?
big companies that are seeking ing profitability, they're rewarded by finding cheaper labor. >> those of us who do have jobs that benefit from globalization are made better off, perhaps that is why we're not, as sensitive as we should be to these issues that now affects -- ainsley: if you worked in one of factories that relocated to mexico. >> lower regulation. ainsley: less regulation. lower taxes is that the prescription. trish: i think it is not as bad as everyone interpreting it to be. market down 130 right now. john, scott, nicole. get more on tariffs right now. for that we bring in gerri willis to break it all down. hey there, gerri. >> the dow down on trade war fears and fears of tariffs. beneficiaries of the tariffs. steel and aluminum companies
trading lower today after a big up day thursday. the brett of the selloff brett of the selloff. tech stocks between positive and negative, ending up positive. corporations weighing in on this. mostly negative. here is what electrolux the vacuum maker had to say. we believe tariffs will cause significant price of steel on u.s. market. this will give foreign-made products unfair cost advantage to products in the u.s. until we have the final order, understand the details, we're putting our commitment to invest 250 tennessee on hold. american international auto dealers association says the burden of the tariffs would be passed on to consumers. automakers gm and toyota,
sharply critical. boatmaker trade groups compare how higher aluminum prices will make their business tougher. makers of chemical, air conditioners, and pipelines weighed in on the negative side. economists say tariffs will boost inflation. wilbur ross, commerce secretary says the impact on prices quote, no big deal. he estimated the cost of a car would rise one-half of 1%. a can of campbell's soup would rise .6 of a percent and can of coke, .3 of a 1%. there is impact on american workers and employment. "wall street journal" that steel using industry, employ a lot of workers 6.5 million, but the steelmaking industry, smaller with 140,000 workers. one study says tariffs can cost jobs. 2002 steve tariffs put in place by bush, more jobs lost and as prices rose and the economy weakened. trish? trish: thank you very much, gerri. just to add to that, we see the imf coming out with a statement
there on tariffs. international monetary fund spokesperson saying the import restrictions announced by the u.s. president are likely to cause damage not only outside the u.s. but to the u.s. economy itself including to its manufacturing and construction sectors which are major users of aluminum and steel. so, lots of concern here that we're going to see increased, seeing trade are war here going on globally that is started perhaps by the united states. i beg to differ a little. we'll continue that conversation. first i want to get with stuart varney who spoke with commerce secretary wilbur ross earlier today. wilbur ross argue these tariffs are no big deal. he says they won't cause any noticeable rise in consumer goods prices. here he is, listen. >> first of all, let's put it in perspective. i just bought a can of campbell's soup today at the 7-eleven. it was $1.99 for the can. there is about 3 cents worth of
tin plate steel in this can. so if it goes up 25%, that is tiny fraction of one penny. that is not a noticeable thing. trish: joining me right now, the president of united aluminum corporation. he was in that meeting yesterday with the president and other aluminum and steel executives. and john, you would stand to benefit, your company would stand to benefit from this, correct? >> well, thank you, trish. i am very interested in your discussion. it seems like you're covering a great many of the issues. i think the major issue for america is rebuilding our manufacturing infrastructure, making sure that there is investment to create the jobs and prevent underemployment of many of our middle class. and investment is critical for our manufacturing infrastructure, for national defense and this all depends on fair trade. i believe we can compete very
favorably with anyone in the world at our company, as long as we're not competing against sovereign nations who are giving unfair advantage to their corporations. trish: let me ask you this though. why should your industry get singled out here? why not do it for he have industry? we'll just do it for aluminum and steel, and just for washing machines coming from south korea? maybe we need to think about doing it for he have single industry so everybody has a level playing field? your thoughts? >> well i don't believe sub sidization. the purpose of this is to protect american jobs. testimony friedman, quite liberal, the things that made us great are infrastructure, best education, the best rules to incentivize risk-taking to prevent recklessness, government funded research to push out the boundaries of physics and chemistry to the best
venture-capitalists, take the best ideas, create business of the future. those things made us freight. these are the bedrock principles that he spoke about. and a ron i cannily, a great liberal in tom friedman is talking about five bedrock principles that -- trish: i don't think anybody would disagree with any of that. we absolutely need all those things. getting back to the help for the aluminum industry, for the steel industry, you saw other reporter quoting 140,000 people work in steel industry, 6.5 million people work anyone industries supported by steel. i wonder if those industry are taken advantage of so to speak that china is subsidizing those industries? maybe not just aluminum or coal. maybe we need to think broader? would you like that to have happen, sir? >> trish, you need to be at the next meeting with the president.
that was terrific of the issue is national security. we need a vibrant, capable, manufacturing sector. and that starts with aluminum production, steel production and the kind of incentives to invest so we have jobs and so we have a vibrant, capable national defense infrastructure. i don't think we can take those things for granted. i don't think we take them for granted when we're threatened by foreign nations. we certainly don't want to wait until a time too late to make the invests to put in place the proper kind of manufacturing infrastructure. trish: let me talk about what you're saying on national security. you see it, if you're using aluminum and steel to make planes that are, or you know, anything that is going to be involved in our national security, then it is a security risk to be using foreign aluminum or foreign steel? >> well i think the question i
would ask you back is, would you expect that in a national security situation or defense situation would you expect our adversaries to provide us with the materiel and know how to make products we would need for defending our nation? trish: okay. i hear you. in this case it's a matter of national security to have an aluminum industry and steel industry that are strong? and can support us in times of need? >> absolutely. >> okay. >> that is perfect. trish: look, i mean i struggle with this, john, i talk about our hourglass economy. we have a lot on the top, a lot on the bottom but the middle class has gotten squeezed and all the jobs people used to work in. i'm not just talking about the aluminum, steel industries, but many, many difficult manufacturing industries. how do we recover that? how do we stimulate that? how do we make sure you don't have to have a phd to support
your family? >> that is a great question. i think the first thing is, i think john who was on before, john lonski, pointed out we need better educational systems. we need educational systems tailored to vocational needs as well. i have a lot of people who work at united aluminum who are extremely capable, who can take any piece of machinery we give them, we try to give them the best, make it work in ways you almost couldn't imagine. there are a lot of kind of intelligence and mechanical capability is one of them. and the ability to understand how to work every day in a manufacturing environment faithfully and productively is a real skill in itself. so, i think that we need to have a level playing field where companies want to invest, and they want to invest in safe equipment that can be used by people so that people get good, high-paying, high-skilled jobs. that we eliminate a lot of this underemployment is carving out our middle class and detriment
to our country. trish: people say it will result in a trade war. it will result in contraction in the u.s. economy, you say? >> well, i say i don't think that will happen. and the reason i don't think it will happen is that the u.s. is a major market. and people can not ignore the american market and be capable and be successful in their own manufacturing operations. trish: so let as use leverage. >> but let me say one other thing too if i may. it is very important also that we send proper signals to other countries expanding their manufacturing capability without regard to demand because it is not a market economy. if you look at chinese, the chinese expanded tremendously without, with tremendous sovereign help of their industries. the industries assuming they could sell product into other parts of the world, either the united states where most of the effort has been, most of the aluminum comes but into the eu and other large consuming areas.
that is the critical thing, send the right message to the chinese. trish: this is indeed a message. it is a message to the chinese they need to hear, especially in light of north korea. i have to leave it there, john. john lapides. next time you sit down with the president to talk about trade, i love to be there, absolutely. >> on the form i can invite a guest. maybe you can come along. trish: i would love to be the puts one. count me in. >> i want to say one thing. trish: yeah. >> tax bill and the president and gary cohn crafted with steve mnuchin, with secretary mnuchin, very valuable to this effort because it is absolutely essential that we are not on a unlevel playing field with regard to the tax rate in the united states that have prevented a lot of, a lot of investment. trish: i hear. >> you we have repatriated a lot of earnings. that will be a tremendous boon to investment in the united states. thank you very much for your time. trish: we're hoping for big gdp growth. john, we appreciate you being here today, thank you very much.
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decision to impose steep tariffs on steel and aluminum, escalating tensions overseas and raising process of higher prices here at home. our steel industry is in bad shape. if you don't have steel, you don't have a country. that is interesting point. we herd from john lapides, aluminum it is issue of national security. both steel and aluminum are issues of national security because if you go to war do you think your enemy will want to supply with you steel or aluminum? that is partly why we're seeing tariffs. that announcement brought a lot of criticism from wall street, you see the selloff, but from a lot of republicans. adam shapiro is live from the white house as well. chinese and canadians have something to say about this too. adam. reporter: europeans, a lot of people are upset with this. when you consider as far as steel is concerned we import canada, 17% of imports are coming north of the border. it is not from china. here is what wilbur ross,
commerce secretary said earlier on fox business, about the effect of the tariffs and that he doesn't believe it will drive up consumer prices. >> people are exaggerating it considerably, but you have got to look at the job creation and impact on american employees. american employees have born the brunt of all the imparted steel steel -- imported steel and aluminum coming in. corporate america may complain. the president is taking up the banner of mr. and mrs. america. reporter: economists say there would be job creation perhaps in the steel and aluminum industries but previous tariffs have been pointed out during the program, trish, have cost jobs in the united states. 2002 we had a tariff which lost to the loss of 200,000 jobs. one of the reasons, republicans, conservatives on capitol hill are opposed to tariffs. senator ben sasse is just one of them. >> when the trade war gets
worse, it means there will be retaliatory tariffs against farmers and ranchers in america and producers and workers in america. we'll lose as consumers and producers. reporter: we're hearing promises of retaliation from the europeans and also chinese, not promising to retaliate, but the head of the chinese steel and iron association actually issued a statement which that person said, this, what an extremely stupid move. a desperate attempt by trump to pander to his voters which i think in fact runs counter to miss america first pledge. the u.s. is now setting a very, very bad example. tell that to the voters in ohio and pennsylvania who work in the steel industry, however. back to you. trish: wow, that is for them to actually -- now have the chinese what our president did a stupid move. and deliberate attempt to pander to voters. i'll tell you, he communicated this over and over and over again on the campaign trail. he has communicated it multiple times as president.
people should have known this was coming. reporter: correct. trish: maybe china should have work ad little harder to live up to the sanctions it signed on to with north korea. maybe we wouldn't be in this spot looking at tariffs on their steel. anyway, adam, thank you very much, we have stocks continuing to selloff right now, down 160 points, following the president's tariff announcement, but we have improved. we were down at lows of the session. spokeswoman sarah sanders is not worried about that one it b quote, the president is focused on long-term fundamentals. she also said that the decision wouldn't come to surprise to anyone because the president has been talking about it for decades. joining me rnc woman 401(k) leigh mcdonald and -- kayleigh mcenany and michael star hopkins. >> we're talking about cars.
we're talking about construction, not just construction buildings but vehicles we use to lift the materials. the president for a long time is tweeting out and trying to do policy from twitter but this center national policy and that will of a affect everyone. this is a terrible idea. i say for once the chinese are actually right. trish: okay, they're right. and have you noticed, kayleigh suddenly democrats are sounding like fiscal conservatives and free traders t didn't used to be entirely that way. >> calling it down the middle. trish: what is your take on this? almost seems, i think he has stolen some of your thunder to be honest, michael. >> he can keep that thunder. trish: and if you're blue-collar democrat in pennsylvania, you hear this news, you're psyched. and that is bad news for you guys come 2018 but your take on it, kayleigh. >> that's right.
ironic to hear, quite crazy to hear the democrats against unions right now. afl-cio came out, head of that union said this is great. we applaud mr. trump. they of course represent 12.4 million union workers. they think it's great. likewise i want to point out, this by the way, we talk about the effect on consumers, one cent on your beer, one extra penny. that cost is nothing when you consider what we're getting in return. right now aluminum smelters, consider in 1993 we had 23 smelters. now we have just five. of those, one of them produces the steel or aluminum that we need for fighter jets. only two other countries that produce that are united arab emirates and china. michael, do you want to be dependent in time of war on china and u.a.e. maybe you do but i think that is crazy. >> we've been in multiple fronts of war in the last 20 years. we actually watched the aluminum and steel jobs rise. in 2013 to 2016 we saw a rise. the u.s. department of defense buys 3% of the aluminum and,
rather, 3% of the steel and 20% of the aluminum. not a issue national security. this is issue -- trish: she is making a good point here. what we herd from john lapides could be issue of national security. why take the risk. >> a lot of things could be issue of national security. if you want to talk about national security, look to china as ally, instead of pisses them off. >> keep it clean. we have kids around here. >> come on. trish: we do. michael, the chinese, in terms of being friends with them, we tried that right? we tried being friends with everyone and it hasn't worked. so, kayleigh, is it time to try something new? put your money where your mouth is? if you tell the chinese, sign on to the sanctions, let's be clear, be on the sail page when it comes to north korea, they trade with north korea behind your back. don't you have the right to invoke some kind of economic pain on them? >> absolutely. i mean look at this. the chinese have made a fool out
of us under the obama administration, slapping a 35% tariff on our cars that we are exporting. we have 3.5% tariff on them. it is in equitiable. they're running circles around us. we have a president elected to change that. talk about china, 1/5 of their exports come into united states. they need us this is just leveling the playing field. it is a smart way to go about it. president trump was elected to do just this. trish: kayleigh, michael, i have to leave it there. at least when it comes to north korea, these guys are threatening to send a missile at us. we have economic power. it is time to use it. it is that serious. >> i agree with that. trish: might as well be losing dollars and not lives. if that is what it takes, an extra penny on a beer it's a price i'm willing to pay, that is for sure. guys, thank you so much. we'll follow the markets more next.
trish: keeping very close eye on these markets right now. we're off about 200 points. we had been off almost 400 earlier in the session. we'll keep watching these, reaction to the president announcing steel and aluminum tariffs. as i said over and over and over again on this show, we need to play tough with china. we can't let them take advantage of us whether economically or in terms of our national security. you see they have continued to play ball with north korea, and that is not good for us. but let's get to another big story we're following on the intelligence report, that is republican congressman devin nunez demanding answers. did our justice department break criminal statutes when it used a fake russian dossier to spy on the trump campaign? according to doj guidelines only verified evidence can be used to obtain a warrant. we know the dossier was full of salacious lies. we know it was paid for by the other side, political opposition research and propraganda.
here is american majority ceo ned ryun. ned, where are we going with this. >> there is no question that the fbi violated their own standards. to have warrant in front of foreign surveillance court, i know that you look at the democrat memo said in fact the steele dossier which james comey defined as salacious and verified helped to use a fisa warrant to spy on a u.s. citizen on u.s. soil. the other issue the democrat memo also clearly shows the doj or fbi lawyers by failing to clearly state where the dossier came from and who funded it, i believe they falsified the application through lies of omission to secure the warrant. those doj or fbi lawyers were not junior level lawyers. she is are senior level lawyers who would have interacted with the application, signed off on it, these are twice that deal with the fisa warrant and fis judges if not daily basis but
weekly basis. i'm concerned someone somewhere lied to somebody for political purposes. >> if that is the case what happens to them? what should happen to them? >> we'll see inspector general horowitz to look at this. the charges laid out by nunez in the letter, are obstruction of justice, conspiracy, contempt of court, deprivation of constitutional rights for a u.s. citizen. these are not light charges. these are fines up to 10 years in prison. horowitz will look into these things. i'm convince at some point along the way there will be a an investigation, a prosecution, quite frankly, trish, somebody needs to go to jail so we get trust in these institutions again. >> ned rye yawn, thank you very much -- ryun. >> thanks, trish. trish: recovering from the lows of the session, there is a lot of fear about tariffs, what they mean. are we headed for some kind of global trade war? not really. you know these markets love to overreact. can you make money off the
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trish: taking a look at the market, we're off 162 points right now. these stocks are tumbling for the second day because you have got a lot of fear out there about the president's tough talk on trade and whether or not it could start a trade war. is this just overreaction, with analysis, our very own charlie gasparino and we have chief investment officer chris. >> i love your kid. trish: what i polled michael star hopkins earlier, keep it clean, we have kid. keep it clean for the kids. i got no, really. >> he is imitating mommy. reading off teleprompter. trish: maybe you will get a chance to see that. i'm not kidding. there are kids what is your take on it? >> i don't know. donald trump is clearly protectionist. he had a weird economic agenda.
he was for supply-side econmics and theoretically for free markets and for weird trade policies advocated by wilbur ross and peter navarro. two of protectionist wing of cabinet. ross commerce secretary and navarro economist. this could be the first, or second, remember he did the tariffs on solar panels first with south korea and china, that this is the second step towards getting rid of nafta and full-pledged protectionism and i don't think it is generally good for the economy. i never -- i like to see some evidence that it works. i would like to see some evidence that nafta caused the hollowing out of the midwest, industrial midwest. one other thing, this always leads to higher prices. i want to know -- trish: pay another penny on your beer. >> will donald trump have to pay more for the fake tan, tanning booths will cost more because of all aluminum in the tanning
booths. >> he always goes for the jugular. chris, what do you think about this? >> i think part of what charlie is saying is right. the question is trump during ongoing nafta negotiations he is trying to improve the u.s.'s bargaining position? at the same time we look at market, the market is unsure whether that is the case or is this really going to happen. trish, you pointed out in another segment, market facing uncertainty, it does what it does, it tend to retreat and that's what we're seeing. my question or bigger concern, sorry we would all love to see a level playing field. i don't think there is any question about that of the market is it starting to look, what is the pain to get there? we want about wanting more steelworkers, employing more people. do we have people out there trained? if not, it will take time for capacity to on on stream. companies will be faced with higher prices, potentially inflation to charlie's point. we might see economic disruption and companies shift around who their suppliers are to get better terms.
there is a fair amount of uncertainty how you slice it. >> i don't buy this is totally unfair. that every trade deal is stacked against us. i just don't believe that. i mean -- trish: not every trade deal. >> trump comes up with all the nonsense about nafta and read the other side of the story how many u.s. jobs were created with it. you start messing with free trade, the one-time -- can i say this? free trade, free trade would have saved the country from the great depression. smoot-hawley caused the great depression. okay? there is no doubt about that. trish: it is one of the factors. >> it is one of the major factors. trish: prevented us getting on track. but we're a whole lot different now than back then, we're more powerful economy now than we were then. >> right. trish: so i'm asking the question, if we're threatening these trade tariffs, maybe it would cause china and other places not to artificially subsidize their industries?
>> maybe, maybe not. trish: maybe they would be a little more fair. >> maybe they retaliate. trish: that is why it is different than smoot-hawley. >> do we really have -- trish: we do, economic power for sure. >> i know the world is an integrated place. if you start jacking up prices of aluminum and steel, being imported, it is going to cost more to build a car in the united states, that is going to depress automobile jobs. that will cause inflation. trish: no no,. >> yeah, yeah. that is economics. trish: not necessarily. not necessarily. >> why are carmakers not for this? why are stocks down? >> you will pay more for a car. you use this example a lot. i chris i like to get your take on it. pay more for cars or iphones because they're made here in the u.s. and people are making wages in the jobs, enough of a wage they can take care of their family we don't have to pay everything in the way of what, disability, welfare, et cetera. that is where we save the money. >> come on. trish: people are actively
engaged in the workforce. your thoughts? >> well i think first of all if we look at average, median income in the u.s., still $31,500. barry unchanged from what it was in 2000. would we love to get these jobs? yes. the question as prices to higher in the short term, will we see more pain by consume years you have lower taxes. you have lower taxes. >> the other thing to think about, what is going to happen, how will fed see this ahead of fomc meeting. >> they will not like it. jerome powell already said -- >> let's be clear here, we're saying that the old industrial midwest, which is totally changed now, steel production is totally changed, and it is much more efficient, it produces a lot less jobs that other industries you really think that is going to come back? that is insane? that makes no sense. it will negative come back. by the way those jobs, those jobs -- trish: i don't know comes back to the same extent. >> those jobs, amount much people needed for the jobs now
as opposed to then is miniscule. just so you know that. >> i don't disagree with that charlie, but reality is, if we look at oil industry and improvements in technology and rebound we're seeing there, we can compete on the global stage. i don't think there is any question. >> prices are coming down on oil and everything because we're using so much. trish: we can't compete with steel and lump yum with the technological advance. >> come on. we'll not produce jobs. trish: getting 50 rap cues from cara, saying please stop, please stop. we have to pay some bills. chris, charlie, thank you. we'll head down to the nyse next
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trish: all right. we've got the dow falling, but not falling as bad as it had been earlier today, down 129. we have hour and six minutes left in trading. anything can happen, it is a friday and you have seen over and oaf again in the 2:00 hour and 3:00 hour things can change dramatically. right, nicole? she is down at the nyse for us. >> you are 100% correct. we had big swings throughout the month of february, into march. volatility is here. we come off the lows of nearly 400 points to the downside today. investors are adjusting to each piece of news. rise of inflation and talk of
tariffs and an international trade war. some is overreaction. that being said, we came up off of the lows. look at some dow laggards. there were plenty of winners, that shows you not all bad. look at mcdonald's, caterpillar, travelers, microsoft, those are laggards right now. mcdonald's down 4 and 5%. of boeing, they pay more for raw materials. we have four down days for the dow. we haven't seen that since september. there is winning week for some things. look at retailers, for example, macy's and the gap. u.s. steel getting a pop on the latest news. and also spirit airlines, netflix, those all have had a winning week this week. for the week though the dow is down as nasdaq, s&p. but russell is higher. s&p is now in positive territory. nasdaq moves higher a short time ago. we're seeing things moving into the green at the close. that is a better sign for the bulls, than ending at lows of the day. back to you. trish: thank you, so much, nicole, we're back with more intel.
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trish: markets still reacting pretty negatively to tariffs. it shouldn't be a surprise to them. really shin. this was telegraphed over and over again by the president on the campaign trail and of course since he took office. and as well and say some countries like china have not fulfilled their end of the bargain, when it comes to sanctions of north korea. earlier i told michael star
hopkins, keep it clean for the kids. i way kidding. i have a new stage manager. mr. jamie ben, making a surprise appearance in the studio here with me, getting ready to set the weekend in motion. liz claman, over to you. liz: trish, my studio is next to yours. send him your way. we have breaking news, coming out of kennedy, airport. new york's largest airport. one hour after the faa grounded all flights due to this on your screen a massive nor'easter storm, this leaving jfk airport, holding all inbound flights. they have lifted that. there is a massive slowdown. one quarter of all jfk flights have been delayed. more than 11,000 flights delayed across the united states. more than a quarter of the flights out of jfk canceled due to heavy wind. 5% of flights canceled out of