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tv   The Intelligence Report With Trish Regan  FOX Business  March 12, 2018 2:00pm-3:00pm EDT

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fallout from today's big stories. i will help you on my show, "making money" tonight at 6:00 p.m. but now trish regan takes you through the next hour. trish, all yours. trish: the market is lower 114 points. because some investors are getting worried about the tariff situation and they're not comfortable with the president's tariff policy but i'll tell you, they may be overreacting. we had extraordinary stellar jobs report adding 313,000 jobs to the economy. our economy is red hot. stronger than ever. i think we can handle a few tariffs along the long the way. i'm trish regan. wealth come to "the intelligence report." critics say tariffs do more harm than good and republicans are threatening to block them. here is the thing. let's not forget we control the biggest economy in the world and
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right now that economy we control is on fire. so isn't it time we flex a little muscle when it comes to some of these trade agreements? moody's chief economist john lonski is going to weigh in for us. plus president trump going into full campaign mode to help the republican candidate in tomorrow's special election there in the state of pennsylvania. election, an election that experts say will be kind of a tossup. this could be tough. what does it say about the republican and their abilities to succeed in 2018? we'll talk about that. but first, back to these markets here. you've got a dow off 110 points here. i'm joined by the "bullseye brief" publisher and author, adam johnson and "wall street journal" economics editor jon hilsenrath. great to see you both.
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>> great to be here. trish: had good news about the economy. what is this about. >> nasdaq has been up most of the day. technology is on fire. a couple of dow stocks are down. he there is uncertainty where interest rates are going and trade tariffs, tongue twister. but the fact is, trish, think about it, we have, i keep saying this every time i come on but it is the truth, but it is story we're not celebrating but here on fox news, americans are working in record numbers. most americans ever making highest grossed a justed income ever. they are spending money. that is driving gains for. companies. earnings are up 20, 22%. this economy is robust. why the rest of the media is not celebrating i don't know. i'm not worried about the dow down 100 especially with technology. trish: i'm not either by the way. >> thank you. trish: jon hilsenrath, what is
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the worry about tariffs? we have the biggest economy in the world. we have lousy trade deals. sean duffy in tells me harley dade son in india get hit 100% on motorcycles. why don't we renegotiate this stuff, so what if the price of aluminum is higher, costs harley-davidson more to make the motorcycle, if they sell them more in india, they're not slapping on 100% tariff, maybe we level playing field that is more meaningful? >> i would say a couple things why the markets are concerned about this. first reason, any tariff is a tax. you're increasing the price on imported goods. so when you increase the price on imported aluminum or steel, it will mean, we have estimate today cost of a car could go up something like $300, about what it might cost to you repaint the car or put on a new steering wheel. so that is one issue. the other issue is these, so
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this one tax from increased tariffs on steel and aluminum in of itself is very small piece of the overall economy. the concern is that this feeds on itself. so the europeans are saying, and chinese are saying, that they might retaliate. now you know president trump has a point a lot of countries, a lost america's trading partners have higher tariffs on their goods than we have on ours. what we want to do is get them to put their tariffs down but their reaction of us increasing ours, they might increase theirs even more, rather than reducing theirs. trish: good luck with that, because guess what? >> we control -- trish: they import more of our stuff than we do of theirs, right? so isn't that a big part of it as well? >> well you know, here -- trish: forgive me. vice versa. >> there is so much misinformation about tariffs. to address the steel thing. here is how absurd it really is. only 1 1/2% of chinese steel
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finds it way into the u.s. that chinese steel that does get here accounts for less than 2% of what we consume. this has never been about chinese steel t was about applying pressure to canada and mexico in nafta. they by the way together account for a quarter. trish: maybe the chinese steel thing is a fringe benefit? >> it might be. here's the thing, that is why the beijing response is virtually nil because it doesn't affect them. mr. trump granted various exemptions for the canadians and the mexicans. trish: temporary exemptions. >> temporary, because they are negotiating nafta. trish: don't they want the leverage? >> that is beautiful thing, trish. i love what mr. trump is doing, he is creating leverage for us. that is good. trish: jon? >> that is what he is trying to do and he is is trying to create leverage and trying to force other countries to reduce their trade barriers and their tariffs on us. what i'm saying is, how is it
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going to actually play out? are they going to respond to his tariffs by doing what he says, saying all right, we'll reduce ours or will they retaliate. trish: i don't think they will retaliate. i think everybody is freaking out about nothing. >> nothing. trish: sort of how the mainstream media was acting on "meet the press" this weekend, the entire panel talking about chuck todd, this meeting with kim jong-un, is bad idea. things could go so wrong. >> get over it. trish: take a deep breath. >> thank you about it, okay the second largest seller of steel to the u.s. is south korea. are they complaining about the tariffs? no. because they recognize what's happening with north korea. they want to get north korea back. if we have to give mr. trump a little bit of leeway on the steel thing and make him look good to the constituents at home that is fine. trish: do you think it is political? i think it is more than political. i think it is economic. >> yes. trish: jon, i know you're not a
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fan of these, think you're coming from the right place. that we need to renegotiate the deals. >> i'm trying to explain to you what is going on in the market. i wouldn't put myself, i don't put myself on opinion side of the ledger. i'm not saying i'm for them or against them, but your question is why is the market is so upset that is going to explain it. trish: honestly they're not that upset. we're down .4 of a percent. i don't consider that upset. >> technology has been up much of the day. so there is your answer right there. trish: we'll keep watching. jon, good to see you. thank you so much. president trump receiving worldwide criticism after, well, talking about tariffs on steel and aluminum. kind of unnecessary you know, no other country really likes it. now he is getting some backlash here at home from none other than than members of his own party, trying to block this move. of course, right, because traditional republicans who have been supported bit likes of koch
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brothers, they don't like this one single bit. it is flying in the face of in much what the republican party has stood for. adam shapiro live on capitol hill with the latest. hey, adam. reporter: when you talk about republicans you had speaker of the house paul ryan says he disagrees with these tariffs. he want as mortar getted situation to respond to this was legislation was introduced by mike lee last year, the senator from utah, to reauthorize congress the authority when it comes to tariffs and remove the ability of the president under article 232 to impose tariffs as we're watching this happen. who is the cosponsor of mike lee's bill? northern other than arizona senator jeff flake who has been a critic of tariffs. he calls them poison. let me let you listen to what senator flake said over the weekend about the tariffs. >> tariffs are awful.
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tariffs married to uncertainty is probably even worse. to have a president in a position to say, all right, australia, what are you going to do for me? wake up one day, say, you know, let's impose mortar riffs here and there, that is an awful situation to be in, where one person is basically deciding, you know, tariffs go up or down depending on what kind of behavior. reporter: so, trish, the question becomes, what would congress really do using this bill as its vehicle? the problem is you have to pass it in the senate to give congress authority over the tariffs remove it from the president. would you have to pass it in the house. president would likely have to sign it into law and likely veto, which means you would have a override on capitol hill which sun likely to happen. this is one of the reasons the bill has been read twice and kicked over to the senate finance committee and had not done anything since then. as for senator flake, he became a cosponsor on last thursday,
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the day the tariffs were announced. back to you. >> so basically this thing is doa. reporter: fast track to nowhere. trish: it does show you how many republicans members of his own party are not on board with what he is doing. adam shapiro thank you so much. joining me with reaction, moody's chief economist john lonski. the republicans do not like this. this is not something the republican party stood for historically. what i don't get, john, everybody is up in arms about the tariffs, let's face it we negotiated some bad, bad deals. this is an opportunity to change that. what is wrong with that? >> that is the important point. that is why donald trump is president today. this is an issue that wasn't openly discussed and debated by either party, for long post-period of time. there is something wrong when you have entire communities wiped out by international trade, yet we ignore them. we try to make believe that they don't exist. this isn't a problem. it is a problem.
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we have to look at international trade closely. and we want to have international trade be fair. trish: you know, look, it has been great for those that own companies and for shareholders. i said all along, this kind of economy we've been in, those with capital, those that can invest have done very, very well. the workers on the other hand, i know, that via their pension plan or 401(k) they may be invested but the majority of workers at a lot of these places they didn't have that opportunity. they were not benefited in all of this. i want to get that sort of equalibrium back, right? where you have some kind of natural relationship between labor and those that are employing the labor. that has not been entirely fair. the democrats, frankly all they talk about labor they made it unfair! >> enentirely, the supporters of
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democratic party they don't want to talk about it. trish: money is controlling all those campaigns. >> that could be part of it. a dogma is both parties, free trade is always good, but not always good for everybody. it may be good for people like ourselves that benefit from it. trish: it is not even free trade, that is what i find kind of annoying. i'm a free trader. donald trump is protectionist. i don't think it is protectionist to say, okay, india, we send stuff to you, you tax it, at some, you know, unrealistic egregious amount but we take everything in from you. we're not going to do that. i mean we have to have it work both way. >> it would be great to have right now a listing of the barriers that u.s. exports currently face in the world economy. trish: hey, team intel, you guys listening? get the brain room on that. we want a list of all the import tariffs. >> the average american has to know this, what they're going
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against. at the same time do we have comparable variables for imports? trish: what is so fascinating in the whole nafta deal. right now, mexico has all kinds of quotes they will take of our stuff. we don't have any quotes on them. how is that fair? we'll take all the mexican goods. they will only take so much much ours. >> the average american worker in the rust belt who ends up subsidizing mexico. where americans elsewhere who don't have exposure to these industries are getting away scot-free so to speak. trish: one of the things i mentioned on the show earlier, i will go back to it, i was so encouraged about it, interesting way to think about the tariffs. congressman sean duffy i spoke with him last week. he was struggling withwhole thing. traditional sense of things we want to trade with as many of people as possible, if they put tariffs on our goods we have a chance to sell stuff and cheap consumer goods are great but he pointed out harley dave son
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which is in wisconsin, they will get hurt by steel tariffs, they will have to charge more for their motorcycles. however if we have to go around the world to renegotiate the agreements and india which putting 100% tariff on the motorcycles being sold there, if we get rid of that tariff, we have the opportunity to sell way more motorcycles there in india because they're half price what they are right now. >> that's right. even if you get the tariff down to 50%. that is progress. maybe it is worth having imposed these tariffs on steel and aluminum. trish: so you're coming around, it is okay, huh? >> on case-by-case basis. you have to lean towards free trade, in my business but the reality is, that these issues really haven't been debated in the open for longest period of time. we tried to hide them for some reason. trish: i look every time i go home to my husband's hometown outside of buffalo, i see it. i see all the closed factories there. he talks about growing up in the
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1970s and how vibrant that economy was in the community was but all those jobs disappeared. driving to my own parents house up in new hampshire, we go through lots of small towns in new england that were once thriving. they're nothing now. they have been so decimated. it is hard to see because nobody cared about the people on the way. >> booming in boston, booming in new york city. if you go not too far from these cities you're in shock. you see economic desolation. trish: pennsylvania will be interesting to watch. that said, rick saccone doesn't have the charisma of donald trump. and lamb seems to be looking out for workers similar shall we say to donald trump. he may fare a bit better there. any sense where pennsylvania will end up? >> they could perhaps be looking for a change, a change this party that will be representing that area. we'll have to wait and see. i have no idea what the outcome might be though. trish: john lonski, so good to see you. thank you so much. >> same here.
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trish: elon musk says a rocket ship could be ready to head to mars early as next year. but he has a warning before you start booking that trip, going to tell you what that is coming up. president trump says he believes north korea will abide by the reported pledge to suspend missile testing ahead of the planned meeting between trump and kim jong-un. we have reaction to that next. >> south korea came to my office after having gone to north korea and seeing kim jong-un and -- no, it is very positive. no. >> "rocket man"! >> after the meeting we may do that, but now we have to be very nice. we'll see what happens. let's see what happens.
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trish: trump administration says there will be no more conditions imposed on north korea outside the promise not to resume nuclear testing before a first-ever meeting between the leaders of the two nations. >> this potential meeting has been agreed to. there are no additional conditions being stipulated but, again, they can not engage in missile testing. they can not engage in nuclear testing and can't publicly object to the u.s.-south korea planned military exercise. our policy is pressure. it is pressure from partners and
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allies around the world. pressure through the united nations. pressure through china. these have had an impact. it impacted kim jong-un's behavior. it impacted his conduct. we're hoping the pressure campaign which will not relent in the coming months is changing north korea's behavior. trish: but critics including many on capitol hill are worried that the president didn't think this whole plan through enough before surprising the world with the announcement of the meeting last week. in fact if you watched "meet the press" over the weekend as you heard me say earlier, my goodness, the mainstream media is piling on, this is really bad idea, really bad idea. >> president trump is not doing this for theater. he is going to solve a problem. this administration has, its eyes wide open and the whole time this conversation takes place, the pressure will continue to mount on north korea trish: why not have the meeting, right? joining me cia officer buck sexton. good to see you.
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>> good toe zoo you. trish: we don't have the clip, i don't believe, but there are many, many members in the mainstream media think this is a bad idea and they shouldn't do this and basically allows the north korea to set terms. no sitting u.s. president has never done this, which i say good. you need a disruptor in chief. clearly the past policy has not worked. do you have any misgivings about this meeting? >> it certainly could go south but the alternative seems to be staying on a path that leads to north korea being able to fire icbms with nuclear warheads at the mainland united states. we've been told for a long time they're getting closer and closer. we've seen the missile testing getting more advanced. we don't really have time on our side here and looking at what the policy has been in the past it clearly failed. the policy was to get north korea to stop firing these missiles and abandon its nuclear weapons program. not only that has not worse but as we know it has gotten more
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dangerous on both of those fronts. something different has to occur here. trump understands with the addition of pressure from the current a administration, there may be a different outcome from talks. i'm not saying there will be, but what are the alternatives? trump understands that's where we are. trish: i'm with you. we tried something, it hasn't worked. maybe it is time to try something a little bit different. the north koreans have been asking for a meeting for decade and no sitting u.s. president agreed to it until this president. it is indeed historic. but there are many in washington that did not like the way it went down because the south koreans came forward with the invitation and apparently our president said, sure, yes, tell them i will go, provided conditions are met i will to. he didn't go through all the proper diplomatic channels usually involved, all the red tape so to speak. well that didn't sit so well with some people like jeff flake. watch. >> the important thing is that the diplomatic work that has to
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go in before such a meeting. a meeting like that would be kind of an afterthought after things are negotiated. here it looks as if, that is kind of the opening gambit. that is a little worrisome. trish: you know all the diplomats, they have lots of work to do. they have to slow down the process as much as they possibly can before the president can agree to a meeting, right buck? >> state department says you only have three options talking about policy suffer if silence, nuclear war or do some diplomacy. that is old state department joke, that is how they tend to view the world, the processes are they have es in place, most important way to go about these issues. as we've been saying it has not worked up to this point. the fact there may be bruised egos and ruffled feathers in foggy got, doesn't matter this is white house initiative. president trump will get the blame or praise as he should. only a few presidents had to
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deal with a nuclear north korea. people talk about we look back all the way to the end of the cold war, origin of north korean state and we had this problem and this approach, but the truth is it is changing very rapidly. this president has to deal with north korea that is more dangerous from a missile nuke perspective than anything recently. to me if he responds to that new reality is change what is happening. what is getting us into a worse situation would be a worse possible outcome. trish: i was very encouraged to hear he said yes. i was very encouraged he didn't go through all the necessary diplomatic channels which might have taken months. he said yes, i will meet with him, provided meets with our terms, that he needs to stop all this missile testing right now. we don't need to do anything, right? we can keep the pressure going. i don't think donald trump is in any way naive. he knows what kim jong-un wants, but at least there is now a dialogue, buck. >> there is now a pathway that
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leads, a viable pathway that could lead to something other than a u.s. military strike on north korea or north korea making a very bad calculation about trying to strike us first. this is the pathway for that. the trump administration sees it as such. by the way on the foreign policy echo chamber critical of this decision, i remember a few months ago a little bit of trump talking tough about kim jong-un was enough to make them say he was trying to push for war. now he is trying to push for peace, he is pushing too rapidly. you almost get the sense no matter what trump does they will be unhappy. i think that is what is going on. trish: for sure. he has the possibility hopefully to save a lot of lives. >> yes, he does. trish: they have got to at some point recognize that. >> this would be biggest foreign policy victory, not just of the post-9/11 era, if he accomplishes it i would be a very big if, it would be the biggest foreign policy victory since the end of the cold war. trish: chuck schumer, take that. buck section ton, good to see
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you. >> thank you. trish: elon musk says space x will be ready to send rockets to mars as early as next year, can you imagine. he has a dire warning for the first passengers. stay with us. dogs and jake, our new parrot. that is quite the family. quite a lot of colleges to pay for though. a lot of colleges. you get any financial advice? yeah, but i'm pretty sure it's the same plan they sold me before. well your situation's totally changed now. right, right. how 'bout a plan that works for 5 kids, 2 dogs and jake over here? that would be great. that would be great. that okay with you, jake? get a portfolio that works for you now and as your needs change from td ameritrade investment management.
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stuart: elon musk is making a belled prediction when the mars spaceships will be ready for test flight. hillary vaughn is in austin at south by southwest. this is so fantastic and fascinating but also a little scary. hillary? >> hey, trish. it's a little scary. elon musk saying that himself for the first very few travelers up to mars. hope as successful spaceship landing will inspire other companies to join in the race to space. is not worried about the competition. instead he is encouraging it because he says the industry desperately needs more players to grow. >> thought of is this some
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escape hatch for rich people? it won't be that at all. it is reads like the ad for antarctic explorers. it is like, difficult, dangerous, good chance you will die. >> unfiltered elon musk held a impromptu q and a with critics and space fanatics at south by south which is. he is shooting for liftoff and landing by next year. spacex bfr system is ready for interplan nary travel. one of these flights costs less than $6 million which is how much the first falcon one flights cost. >> the always thought, is this some escape hatch for rich people but i, it won't be that at all. it is, anyone who, for early people that go, to go to mars it
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will be far more dangerous. i mean really kind of reads like beingshackle ton's ad for ant arctic explorers. difficult, dangerous, good chance you'll die. reporter: elon musk says that he doesn't really have a business plan because he thinks those are typically wrong. he also admits his timelines are not always realistic and a little overly optimistic, trish. they're shooting for early 2019. we'll see what happens. trish: is elon going to go? will he be one of first passengers? >> i don't think he will be one of the first passengers. he is is saying one of those trips will not end up very well. >> i know. he wasn't really selling it, shall we say so well there. not going to be signing up for that anytime soon. hillary vaughn, thank you so much. all eyes everyone on very tight election, special election in pennsylvania right now
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trish: anotherajor shake-up at goldman sachs as the coo, harvey schwartz, says he is stepping down next month. this comes days after ceo lloyd blankfein announced his departure. swartz was considered a heavy favorite to replace blankfein but now president saved saloman is likely being groomed to take over. five people were killed after a tour helicopter crashed into the east river of manhattan, leaving the pilot, the lone survivor. officials are investigating if one of the passengers bags may have accidentally hit the
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helicopter's fuel shut off, there by leading to that crash. police responding to another explosion in austin, texas. injuring are a woman in her 70s. this coming hours after a package killed a teenager in a different part of the city. another package kill ad man back on march 2nd. trish: meanwhile another special election happening for the republicans t has them nervous right now. you've got pennsylvania congressional candidate sick saccone who is struggling against conor lamb in a district president trump won by 20 points. polls show lamb and saccone are in a very tight race for the special election. with the republican pulling out all the stops, including the president himself over the weekend for a big rally there, along with the president today, tweeting, and i quote, saccone will be much better for steel and business. very strong on experience and
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what are our country needs. lamb will always vote for pelosi and dems, will raise taxes. weak on crime and border, except, you know, looks like may be taking a different approach here. he is trying to show himself as someone who is very much aligned with president trump on his trade policies, distance himself, smart move, from the woman who is considered toxic right now, marie antoinette of modern-day society. will this strategy work? how strange is it by the way that democrats that voted for president trump, feel he is more aligned, president, with the democrat candidate than the republican one? a man who was once a democrat himself, turned trump republican, i have to qualify that. you're a trump republican. you're not a republican pub.
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harlan hill, member of trump re-election advisory board and democratic strategist john riley. good to see you both. harlan, i said this all along, during the campaign, forgive me if i'm repeating myself for our viewers here i grew up in a big irish catholic family. my dad came from eight kids. >> yeah. trish: my grandfather was the night watchman there at the naval shipyard. he was a democrat and his kids were democrats like they were irish and catholic that went with the territory. these were hard-working folks, in many ways remind me of some voters in pennsylvania. >> yep. >> i think that those voters in pennsylvania have felt deserted by the republican party. a long comes donald trump. he is talking their book. he is talking their lives, promising to make these improvements which he is working on via the tariffs but
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republicans aren't bikes it. look at traditional republicans out there trying to block the tariffs. it is weird of party and tradition, donald trump doesn't represent anything other than what he thinks is right. >> yeah. trish: where does this leave the republicans in '18 and what does pennsylvania tell us? >> it is interesting to me. i spend a lot of time driving between here and new york and places like ohio. i will go through pennsylvania i see what the policies of the establishment of both parties did to ohio and pennsylvania and michigan. they have gutted them. trish: yeah. >> so there has been wholesale rejection of both establishments and within the democratic party and republican party. we see that manifested in the election of president donald trump and seen that in support of bernie sanders. people want real solutions. the tile for talk is over. and so the reason that this candidate in pennsylvania is
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trying to align himself, this democratic candidate is trying to align himself with president trump because his consultants can read polling. people are overwhelmingly happy with the performance of president donald trump's first two years in office. and it is, in his constituents are much more in line with the president than they are with nancy pelosi and coastal elites. this isn't going to change. trish: republican party, it will not change. but the republican party need to come to grips with in? >> yeah. trish: take advice from the president instead of fighting themselves. >> president trump execute ad hostile takeover of the republican party. it has been two or three years since the process began, get on board! get on board, go create another party. trish: here is the problem. john, they're getting money. a lot of these republicans are getting money from big corporations, maybe from the koch brothers. they want you to be against these tariffs but they know
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voters that we kind of like these. we want someone to protect us. how does it all shake out here? >> there is civil war going on in the republican party, i'm not sure my good friend harlan, what not sure, i think he changed his position on marijuana legalization because he is smoking something. conor lamb is going towards the trump message. he caved out an independent brand. i think what is fascinating about this race, this is a district that is going to disappear in a few months and republicans are still spending $10 million on a district that is 20-point republican district. so no matter what happens, i think democrat will eke out a win, if the democrat wins, the democrats win this exchange, if he loses they win because republicans sunk so much money what ought to be a lay-up seat for them. trish: here is the thing. i think donald trump won because he is donald trump. he had this charisma, he had a way to reach out to people that
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really non-traditional, people welcomed that. i think it's a certain moment in time. but rick saccone, he doesn't have that. so i, and all of these candidates. >> yeah. trish: i don't think people voting by party anymore. i think they are voting for the person. >> yeah. trish: so what, what each of these candidates probably needs to do is maybe focus on being a little more authentic. >> yes. trish: and a little less scripted by donors that want them to have certain position. >> you touched on something i go around the country really hyped up about, there are a lost establishment republicans want to throw out all the maga trump tag lines, but they're not maga candidates, they are not truly aligned with the president. this is the problem for the republican party. you can not have a wholesale remake for the republican party. you change the representatives that we send to the washington.
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we need new candidates that step up to the issues we're focused on. that hasn't happened yet. saccone is probably an example of that to be honest. trish: it will be interesting. any predictions? >> i think he will eke it out. >> i think lamb will win. >> of course. >> i had to ask. >> end of a quentin tarantino movie. they're pointing at each other, shooting at each other, i love. >> democrats had their fair share of doing that too. >> amen. trish: harlan, john, we'll be back. markets are down 174. you see losses accelerating here. investors starting to get nervous. nasdaq is doing quite well. tech hanging on. but the dow losts now looking like they are biggest of the session. we'll have more after this.
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so call now. remember, medicare supplement plans help cover some of what medicare doesn't pay. you'll be able to choose any doctor or hospital that accepts medicare patients. whether you're on medicare now or turning 65 soon, it's a good time to get your ducks in a row. duck: quack! call to request your free decision guide now. because the time to think about tomorrow is today. trish: we are sitting right near the lows of the session down 178 points right now. losses accelerating as they often do unfortunately at 2:00 p.m. but often time they go to the upside. what is it about this bewitching hour? down on the floor of nyse, nicole petallides are watching everything. industrials, telecom taking a hit. >> industrials, telecom,
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materials, selling across the board, down 170 points but we're coming off of a great day on friday. we know volatility is back in action. worries about tariffs, that is on going trend. caterpillar and boeing, there is a lot of talk about them paying for materials, they are really weighing on the dow jones industrial average which is down 3/4 of 1% f you broaden it out to something like the s&p 500, that's down just a quarter of 1%. so you do see that. but we have, we are giving back some of the earlier gains. clearly you hear great singing in the background for somebody's birthday. i toss it back to you. markets have had volatility. back to you. trish: wow, that is, quite quite chorus. thanks, nicole. down 176. we'll continue following markets. we'll have more right after this.
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eric, welcome. >> thanks for having me again. trish: kind of crazy to me that we're live anything what i would call such a state of anarchy that the, you know, various municipalities there in california think that they have the right to go against the federal government, they have the right to -- [laughter] not allow certain people that i.c.e. wants to arrest and deport to be arrested and deported by warning them ahead of time. >> well, and it also puts the law enforcement in danger, doesn't it? and california's lost, and you can't supersede federal authority. i know arizona tried to do the reverse in terms of, you know, helping out their local law enforcement, giving them more powers in 2010, but they were also overruled by the u.s. supreme court. so, you know, california is a one-party state. you know, for us republicans it's a very difficult place to live and also to work. businesses are leaving in droves. they're going down to texas, other places around the country. trish: i get it.
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>> this is what happens when you repeat the crazy mistakes of the past. trish: so what do you think -- or how should i say will the president be received? how do you think that's going to go over in california there tomorrow? >> well, i mean, locally i think it's going to be a little bit difficult. i'm sure there'll be protesters, but california's a great bogeyman for the president. the president ran for middle class america. he is, he is a voice for those people. and right now californians and their leaders care more about illegal immigrants than they do their own citizens. and there are other states that also represent themselves in the same way. so i think the president knows when he comes out here, that he's not speaking to the californians, he's speaking to the rest of the country and saying this is not what to do here in california. trish: right. >> our policies work, our financial policies work, and our, you know, and our foreign policy works. trish: right, right. >> california can east get onboard with that -- either get onboard with that or continue to go downward. trish: how do you think this suit is going to shake out? >> well, i think it's going to
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emulate a little bit of what arizona did. again, what i think is disappointing here is, you know, the mayor of oakland who really put our law enforcement in jeopardy. i understand that california wants to have a sanctuary city, they want to have a sanctuary state. i think the supreme court may, you know, intervene and say, you know, you're not able to do that. they may still limit them to certain powers and results. of course, they don't have to enforce federal authority, but they cannot, you know, they can't dilute it. they can't try to overcome or do something different. they want to do that, they can secede. i think, like arizona, they're going to come in and say, you know, you can keep some of your authorities, you don't have to enforce federal law, but you certainly can't bypass it. trish: it's wild. anyway, good luck to you. eric, thanks for coming on the show. >> love coming on. thanks, trish. trish: a market that's down near 172, lows of the session here. we know that telecom materials are some of the sectors that are doing quite poorly. there's a lot of red right
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across the board right now. we're not seeing, actually, a huge uptick in creeds, so that's good -- in yields, on both the 10 and the 30-year right now. this may be in part, you know, just normal concerns that we've seen as of late about some of these tariffs. i think everybody should just relax, because as i keep saying, we are the number one economy in the world. we can -- if anybody actually wants to engage in any kind of trade war with us, well, guess what? we can inflict a whole lot more pain thanhem. so it's not something that they would be wise to do. and the opportunity really here is to restructure all these agreements so that we have a fair playing field, so it's not right, right? if we send our goods over to one country and they level a gigantic tariff on them yet we take their goods totally free into the united states, well, it's not right. we have an opportunity to correct that right now, and if we correct it, it means american companies can sell a whole lot
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more stuff all over the world. because our goods will theoretically then be cheaper since they're not suffering from all those tariffs. so investors need to relax a little. down 167. liz claman has you through the close of trading. hey, liz. liz: you know who's not relaxing? canada. talking tough on trade, the prime minister of canada has just come out swinging. just moments ago justin trudeau reacting to president trump's plan to impose tariffs on steel and aluminum, justin trudeau saying he'll be pressing team trump to grant canada permanent exemption from those tariffs. not just temporary, permanent. canada is america's biggest supplier of steel, trudeau making that veiled threat saying if it is hit by tariffs, quote, we will see what has to be done. by the way, this comes the same day that the president is about to celebrate the world series champion houston astros in the white house, but also as his administration begins a different


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