Skip to main content

tv   The Evening Edit  FOX Business  July 6, 2018 5:00pm-6:01pm EDT

5:00 pm
ma. you live in the east you've got to learn to expect these things. like fires in california. melissa: the map looks cool but it's not cool when it gets here you. david: have a good weekend. melissa: absolutely. that duds it fo does it for us. president trump wrote the art of the deal. he's committed to making better deals. he's going to deliver better deals. and right now he's called the bluff of other countries that have been abusing our workers for a long time. but he wants better deals. as you're worried about the long run stretch, you should understand the long run goal is extremely worthy. >>.>> well the trade war is on. the u.s. and china implementing $34 billion in tariffs and it looks like that may just be the start of it. steve hilton know as thing or two about international trade. he's here with his take for calls to abolish i.c.e.
5:01 pm
the white house now launching a full scale defense of the immigration enforcement agency. tonight we have a guest that says the democrats pushing this agenda are backing a loser. facebook cofounder wants to see a national guaranteed income. coming up, we have a guest who is worried socialism is on the rise here in the u.s. it's money and politics. we deliver the debate behind tomorrow's head lines. the evening edit starts right now. ♪ ♪ well, the stock market able to brush off the trade war fears today rallying on the strong jobs report, dow closing at 22,456. more on that in a minute the u.s. china trade war is on.
5:02 pm
trump administration saying it wants to protect jobs at home placing tariffs, 25% tariffs on boilers, x-ray machine components, airplane, tires, various other industrial parts and then china comes back going after u.s. soybeans, park and electric vehicles. here is the president talking about china last night. >> i respect china and i respect president xi. but they've been killing us. $507 billion in trade deficits last year. 507. who the hell can lose 500 -- then you want to do something about it and you get attacked that's not nice. not free trade. the war was lost on trade many years ago. they're saying not a free trader. no. the war was lost. but now we're going to win it because we have all of the cards. >> let's talk to steve hilton
5:03 pm
about all of this, and these days the host of "the next revolution" on fox news channel. what's your read on all of this. what do you think? >> i'm very much for it. i think it's a good start. i think we could go further. there's an economic dimension and that's important. the president talked about it there. the impact of the outsourcing of manufacturing over decades to china, the impact of that on jobs and incomes here in america. this is a sphep in the right direction. it's a bigger question than just economics. it's a strategic question over who controlled the 21st century. china has got a strategy to dominate the world economically, militarily. way want to ruin the technology of the future and they are a big threat to us, as big a threat, even bigger than the soviet union was in the cold war. and it's really good news that we're standing up to them but we
5:04 pm
need to go further and actually start to apply some economic sanctions on china and tech companies in particular that are helping china to achieve the come innocence they're looking for. >> you sate i would it also be o this, doing something like that instead of tit for tat tariffs that lead to what we have now, the start of a trade war? >> yeah. that's deaf natali definitely ay and the president sees the tariffs not to the goods traded but as leverage to stop the chinese from stealing our intellectual property and to stop putting so many restrictions on america companies doing business in china. but in the end i don't think it's going to work. china is really determined. and i think the only thing that can really win this war for control of the 21st century which i think is what this is, is to be even tougher than we are now being. >> so it's not going to work, meaning the chinese will be able
5:05 pm
to hold off for a while, they're match 34 billion with 34 billion. we go 100 billion. they go 1,050,000,000,000. the argument is they need us more than we need them, which may be true but there's a lot of time between now and whenever then is, right? >> you're exactly right. and there's a further dimension to it. one of the things that the administration has done is strengthen the role of cifus. they've gotten tougher than the previous regime in blocking deals. but you'll still got the legacy of all of the deals that were done in the past. for example, just to give one example, the massive chinese search company has gotten artificial intelligence center right here in silicon valley. we should kick it out of america. all they're doing by being here is stealing our best technology to further their aim of world domination.
5:06 pm
>> i want to move on to other topics in a moment. one thing i'm curious about. your approach. have you changed your mind at hoi you look at trade and free trade and what it means? have you changed your mind or have you views been constant? >> no, i'm definitely changed my mind. i used to accept the consensus that globalization and the impact of technology and automation, all of these big trends of i the last few years, they've been a good thing, we should support them whatever the consequences. the consequences are good. but when you look at the data, particularly the data on income, the way that huge parts of the working population here in america, also across europe, their wages have been flat or falling for decades. you can't ignore the evidence. and actually see that globalization and this unrestricted trade has been really good for those who own companies, for the people at the top of the economic ladder but
5:07 pm
not for everybody else. >> i tell you, a lot of people feel that way, who felt that way for years and are changing their mind. a quick programming note. peter navarro is on next hour with charles on "making money" tune in for that. he'll make the case for the administration's positions. meantime, 213 nowrks jobs around the country added, the unemployment rate going up slightly to 4%. you had people on the sidelines moving back into the labor force. kevin hassett on fox business talking about all of this earlier in the day. >> the average weekly earnings went up 3%. so they went up at a healthy pace. which means that because it's getting a little harder to find workers, the employers are asking their workers to work longer hours. take home pay is going up. hourly earnings were a little bit disappointing. on the unemployment rate it went from 3.8 to 4 because that's because of increased labor force
5:08 pm
participation and that's the best sign there is in the jobs report. we want to reconnect people that were discouraged by the bad economy that president trump inherited and we want to bring them back into society, get them jobs and back to work and it's clear that that's really the main message of this report, is almost the stampede back into the labor market. >> let me add to that and focus on one sector of the economy which would be manufacturing. we were just talking about trade. manufacturing jobs are strong again, 36,000 of them added last month around president trump since he took office. that's more than 360,000 manufacturing jobs added. that's the area you would think if there's a trade war that's going to impact the economy, it would hit that sector right? it hasn't yet. that doesn't mean it won't ever but it hasn't yet. what do you make of it? >> not necessarily. i think the big point about trades is that first of all there are opportunities not juss people talk about this the only
5:09 pm
way to do business today is to sell stuff to china. there's a whole world that we ignore. look at india, a country that we kowmed have a closer political partnership with. look at africa, the fastest growing part of the world. huge markets like nigeria. there are many, many opportunities around the world with regimes that we would want to do business with rather than china. i don't think it necessarily means that if you restrict trade with china there's nothing else you can do in terms of boosting your manufacturing sales. >> that wrings up that brings r point. if you're going to go after china with, i, if they're the bs out there, why are we going after our friends when it comes to trade. looks like there's progress with europe in terms of the car. pu president trump tough on canada and mexico, very tough on many of our allies. it hasn't just been china, right? >> no. but he would say he's being tough but fair in the sense that
5:10 pm
the tariffs on particular areas -- people give those numbers about the average trif f saying u.s. tariffs are higher than other tariffs. but when you look at specific examples, cars and dairy, there's a real imbalance. what you're looking for is a balance, including a balance that ends up being zero on either side. he's said that a number of times. he would like to see that. i think we're at the beginning of a negotiation and we should wait and see what happens. >> looks like angela merkel in her comments in the last couple of days, the german chancellor, might be open to that. let me get your take on immigration. there are calls to abolish i.c.e., more protesters you see pushing here for that. let's watch for a minute.
5:11 pm
and we are president trump last night defending the agency taking a shot at the democrats in the process. here he is. >> the democrats want open borders which means lots of crime. we want no crime and we're going to protect i.c.e. they protect us and we protect them. >> let me pose this question to you, steve, from a political perspective. you know, a couple of weeks ago immigration seemed like an issue that might be hurting the president politically when all of the news of the border was coming out about families being divided and what have you. now i think there's an argument to be made that some of the protesters are playing right into the president's hands politically. able to use it at the rally last night. >> you got it exactly right. this is a gift to president trump and the republicans for the midterm elections and it's really interesting to me how the democratic party is being so driven now by its extremist
5:12 pm
wing, the lew any left wing. this proposal to abolish i.c.e., i can't believe how quickly it's become adopted by politicians that you would think are mainstream, senator gil gillibrd have adopted this proposal and it shows the need that they need to panner to their base. it's interesting but it's going to hurt them in the elections. >> thanks for all of the time tonight. we appreciate it the next revolution, fox news channel sunday at 9 p.m. let's check the markets one more time for you as we closed in the green today. there was 100-point gain at the end of the day for the douse jones industrial average. and nicole is on the floor of the new york stock exchange with the recap. >> the tariffs go into place and they're overshadowed by a great jobs report. the dow jones industrial average moves up 100 points, higher for
5:13 pm
the week. the trade tariff 34 billion on imparts and also in china as well. back and foor frt it far at thed jobs are rallying. take a look at the tech stocks, doing great today. and the jobs report they're calling it a goldilocks report, more jobs added, 214,000. and even though the unemployment rate went up, that ease because more people were looking for jobs. that's good news. china says the u.s. has started, quote, the biggest trade war in history. doug wead is here the night, billionaire facebook founder chris hughes pushing for a guaranteed income. a guest coming up worried about socialism being on the rise here
5:14 pm
in the united states. mike pompeo landing in new york. reacting to developments there when we come back.
5:15 pm
5:16 pm
if you're approaching 65, now's the time to get your ducks in a row. to learn about medicare, and the options you have. you see, medicare doesn't cover everything - only about 80% of your part b medical expenses. the rest is up to you. so if 65 is around the corner, think about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, they help cover some of what medicare doesn't pay. and could save you in out-of-pocket medical costs. so don't wait. call to request your free decision guide. and gather the information now to help you choose a plan later. these types of plans let you pick any doctor
5:17 pm
or hospital that takes medicare patients. and there's a range of plans to choose from, depending on you needs and your budget. so if you're turning 65 soon, call now and get started. because the time to think about tomorrow...is today. go long. >> you're the obama administration, it seemed like a missile a week. a lot of missiles going up, a lot of rockets and a lot of nuclear testing. tough rhetoric. remember, they said he's too tough, he's going to cause a war. it's too tough now they say he's too nice, he's too nice connell: that was last night. the secretary of state moi mike pompeo is in north korea. pompeo, a meeting with kim jong shul who played a key role in
5:18 pm
arranging the summit in singapore last month. the talks we're told lasted nearly three hours. pompeo with his first overnight stay in north korea, reporting so far that he's quote proud of his team's work. that's what we're hearing. joining us now, bill mcgutter. mcgurt. thanks for coming in. this is the next step after sting por. what is the short term goal? >> i don't think the short term goal matters. the long term goal, there's two things. president trump said we cannot -- we will not tolerate north korea acquiring the missile capacity to reach the united states. right? he drew that line. mr. pompeo, back when he was running the intelligence services said that the new ne yh koreans were a handful of months away from acquiring that capacity. there's a lot of time on did mra
5:19 pm
cd rocket man kind of thing. and that can be fun and we're all getting distracted. there are certainly short term measures and certainly the secretary is there to see what concrete steps puts them on the question of how are you going to do and under what time lynn. connell: between now and then -- the report is the south korea media report, that he reportedly brought a cd of "rocket minnesota" if elton john song over. >> north korea might just be starting. connell: got a s a cassette or t track. since the summit took place in singapore, various reports have come out from media outlets quoting or intelligence agencies here in the united states that seem to suggest that kim jong-un is not so much interested. >> that certainly is history. that's the great danger. this is a man and a regime that
5:20 pm
have not kept their word. connell: when do we walk away or how do we know when to walk away? >> i would assume mr. pompeo is good for that since he was in intelligence before and probably more than anyone in the state department among the diplomats, he knows their capabilities and what we're doing. i'm assuming also that there's a plan b. if president trump is serious that they cannot acquire this technology to strike us at home he may have to use plan b. connell: what do you think it is? >> i don't know. i think it might be more use of military force. connell: really? that would be the next step? >> it's a big step. a lot riding on this. but if you take the president seriously that he said they cannot be allowed to get this capacity, we'll find out. that's the test. either it fails -- and we'll know pretty quickly. if they get the capacity, they'll announce it and so forth. we'll know within president bush's ferm in office.
5:21 pm
connell: within president trump's term of office. just a little flip. the supreme court i want to talk about that. that's the big announcement coming out monday night. first, let's listen to this. >> there's now a vacancy on the supreme court. and if you tune in monday at 9:00, i think you're going to be extremely happy. right? and they're all great. john tes he tester voted againsl gorsuch. that's hard want to vote against, isn't it? connell: that's the question. is there a candidate here, kavanaugh were ow one of the otr picks that is hard to vote against. >> i don't know. i like them all. i work with brett kavanaugh in the white house. i know him well. he's a man of integrity and very brilliant.
5:22 pm
i'm also partial to amy barnett as a fellow noter damar. but i think all of the people on the list is very good and they will be a big improvement over justice kennedy. the question i have with 50 votes in the senate. what that means is every republican senator has a veto assuming the democrats all go the other way. i don't see democrats joining the vote. i could be i don't think. unless republicans have a majority. connell: there are two republicans who might use that veto, murkowski or collins. >> they haven't said. the standard answer on roe v. wade, which is what they're concerned about, it's a precedent, a strong precedent, we take precedence seriously but i won't tell you exactly how i'm going to -- we'll find out if that's good enough for them. connell: as a conservative group tatargeting red state democrats with supreme court ads this time ab around. let's listen to this. >> claire mccaskill voted against gorsuch the last time.
5:23 pm
will she ke kaye she cave to the left? the far left will stop at nothing to block president trump's choice. where high camp cave in or protect our rights. connell: two of ten states represented by democrats in the senate that the president wants. how does this play out in the midterms. >> if you go back to president trump's victory, the washington post poll suggested that a quarter of the people who voted for donald trump did so over the supreme court pick. so it's a very important issue for a lot of people and it's going to be duf tough for these democrats running in ten dates. i actually think they would because there would be more afraid of the fury of their own party. you can see that in the demonstrations. they're really psyched up for
5:24 pm
this. they would be more afraid of that as their immediate fear than losing some moderate vote voters. connell: blood is thicker than water. appreciate you coming in. tune in monday 9 p.m. fox business with special live coverage of the president's supreme court nominee and the announcement made to replace justice kennedy, 9 p.m. monday night . so this socialist push that we talked about, the billionaire facebook cofounder chris hughes, he's pushing for a guaranteed income. coming up, a guest who is worried about socialism possibly being on the rise. china said the u.s. has started quote the biggest trade war in history. we'll see what our historian thinks about that. doug wead is coming up next. we'll be right back.
5:25 pm
5:26 pm
5:27 pm
connell: president trump with tariffs on $34 billion wort of
5:28 pm
chinese good, kicked in at midnight. china came back with tariffs on u.s. goods, including soy beans and victory. and china saying that the u.s. has started the biggest trade war in history. that comes as morgan stanley reports that the u.s. tariffs would be one-sixth of global trade and account for one tenth of 1%. doug wead joining me now. percentage terms, this wouldn't necessarily be the biggest anything in history. but overall dollars i'm sure is what they're talking about. give us some perspective on the size of trade wars if you can. >> america was born in a trade were. you remember the boston tea party? that's what drove us to revolution was trade. and thomas jefferson took on the pirates, the raid war became hot because he wanted to keep the
5:29 pm
sea lanes open. that's where the marine song, the halls to the showers. we sent the marines over there. and even during the civil war, connell, it became a huge issue. the great fear was that great britain would recognize the confederacy because the big textile factories in great britain depended on cheap cotton that was picked by african-american slaves in the south. it was a very controversial time. so we've had trade wars. holly into the depression. connell: that's the best modern day example and might be the last one that we had. and the thought after that for many economists was, let's not do that again. it didn't work out well. >> a couple of things to keep in mind. number one, in my opinion, there is no such thing as free trade. i mean you look at nafta, for
5:30 pm
example, that's 1700 pages, that's bigger than the bible. that's nafta. and most of the simplest free trade agreements are 97 pages. you don't need 97 pages to say the word free. and you had donald trump go to g-7 and we're now hearing actually offer 0%. you could put that in one line and they walked away from it. and the second thing to keep in mind is they comeat. cheat. they always have. i worked in the white house where we had american companies coming to us wanting to to be subsidized by the government because their counterparts are being subsidized. connell: we help some of our companies, peanuts. and even in the auto industry, heavy trucks, the tariff come in is 25%. everybody talks about the 2.5% on cars but we help that industry as well. here's an historical question for you. you hear a lot of people say
5:31 pm
nobody wins these things. the president has said they're easy to win, which is true. if you can name -- name a trade war in history that someone has actually won. >> well, of course he's making the point that we have been losing this trade war where there's $505 billion they're getting. how can we lose this. connell: the question is does it make it worse, is my point. we start the tariffs, we go down this road, is there ever an example where someone said hey, let's do this and it's actually worked out? >> well i think that trump doesn't have a choice. he's got to do something. i mean if america continues what it's doing right now, we know it won't work out. we'll be a poor nation. we can't sustain this. and people say, well, they're communists so they can endure a trade war, their people can suffer, they'll let them starve to death to win. but i think trump is doing right. he's taking on something that
5:32 pm
bush, clinton, two presidents, bush and clinton fast tracked it, a republican and a democrat. it's shameful what the united states has given away to china and somebody has got to take it on. this guy is pretty gutsy for doing it in my opinion. connell: we appreciate your perspective on these issues. good to see you now the soacialgist push. we're going to get to the story about chris hughes, one of the harvard kids that cofounded facebook. he's pushing now for a guaranteed income. what it means -- what people are saying about it coming up. an increasing number of democrats have joined this rallying cry to speak out against our immigration enforcement officers. >> get rid f it, start over, reimagine it. >> look at i.c.e. what a group of incompetents. year, i am sorry about that.
5:33 pm
5:34 pm
[music playing] (vo) progress is in the pursuit. audi will cover your first month's lease payment on select models during summer of audi sales event. touch shows how we really feel. but does psoriasis ever get in the way? embrace the chance of 100% clear skin with taltz. up to 90% of those with moderate to severe psoriasis had a significant improvement of their psoriasis plaques. most people were still clearer after one year. with taltz, 4 out of 10 even achieved completely clear skin. don't use if you're allergic to taltz. before starting, you should be checked for tuberculosis. taltz may increase risk of infections and lower your ability to fight them. tell your doctor if you have an infection, symptoms, or received a vaccine or plan to. inflammatory bowel disease can happen with taltz, including worsening of symptoms.
5:35 pm
serious allergic reactions can occur. ready for a chance at 100% clear skin? ask your doctor about taltz.
5:36 pm
connell: occupy i.c.e. movement is now expanding reaching at least a dozen cities across the united states as an increasing number of democratic politicians have joined the rallying cry to abolish the immigration and customs enforcement agency. >> get rid of it. start over. reimagine it. >> look at i.c.e. what a group of incompetents.
5:37 pm
>> i.c.e. has strayed so far from its mission. he's here to keep americans safe but what it's turned into is it's frankly a terrorist organization of its own. connell: let's bring in fox news contributor deneen borelli. also from the washington times, contributor there, eric schiffer. welcome to you both. >> thank you. connell: let me start with you on this. i brought this up a little bit with steve hilton about what politically, is this a winning or losing issue for the democrats and the protesters that have taken it on. what's your take? >> well, clearly it's a losing issue because what these extremists are not getting is that they're on the wrong side of public opinion. and these extremists include politicians, activists, the hollywood elite and the liberal media. they're on the wrong side of what americans think when it comes to our i.c.e. agents who are only doing their job.
5:38 pm
these men and women are working hard to protect us. and so they're ignoring the people like former clinton pollster mark penn who said 84% of americans favor turning over undocumented aliens to federal agents. they're also ignoring a harvard poll which mentions 70% want stricter immigration enforcement laws. so clearly they're on the wrong side of what americans really believe. connell: the other thing they're doing is giving president trump another topic to talk about when it comes to immigration other than the separation of families at the border. here he is, the president, praising the work of the customs agents. these comments coming right before the fourth of july. we'll come back and talk about it. here's the president. >> a vote for the democrats in november is a vote to let ms-13 run wild in our communities. democrats want anarchy, they really do, and they don't know who they're playing with folks. we will always stand by proudly
5:39 pm
the heros, and there are heros on i.c.e. and border patrol and law enforcement and our military. connell: it's funny, eric, i was at a rally, one of president trump's rallies in minnesota right when all of the news on the border -- or all of the stories on the border were at the top of the news, separation of families. the president didn't talk that much about immigration. he usually does. now he's back to talking about it, an issue that he likes to speak about politically. what do you think of all of this? >> i think that the democrats are giving republicans one of the greatest gifts really in the last five years in that they're presenting an issue that republicans can get very fired up about, which is protecting the border and removing i.c.e. to most conservatives is just outrageous. it is drk it just invokes massive anger and will be something that i think drives a
5:40 pm
lot of people to the polls that weren't going to vote. they're putting themselves in a position politically that is just asinine and dumb and will come back to haunt them. connell: we'll see how it plays out. but it does look like might be a plit cam gift. the next topic i want to talk about is the facebook cofounder and the push for the guaranteed income. you're looking at chris hughes, a cofounder of moib. facebook. take a listen to the case he makes. here he is. >> the idea that everybody deserves cash to be able to figure out what they want to do with their lives is a fundamental value of the social contract of the future. the most urgent thing that we can do is to roll back a lot of the changes and create a tax credit that would be a monthly amount of $500 going to anybody who makes less than 50,000 dollars. so we create an income floor of around 6,000 dollars for a an adult below which no one can
5:41 pm
call. connell: chris hughes, this is the facebook stock price today. we're going to show the stock price as a way of talking about the company. he's not part of the company anymore. he was one of the guys with zuckerberg years ago founding the company but he got out about two or three years. facebook all time high, stock today, $203. back to the topic at hand. eric, why don't you go first on this one. handouts essentially. what do you make of it? >> well, i think that you're going to hear more of this and i think that as robotics gets more prevalent, artificial intelligence, there be a bigger push to turn america into sweden. and i think that it's frankly crazy. it goes against the core of what foundefounded this country, whis really going out and becoming a rugged individual to earn our own income, to build yourself up, build your career, build your business. but it's scary and it should be
5:42 pm
a call to arms to conservatives and those who care about the bedrock of this country that we don't turn into sweden and some crazy version there. connell: i think also the thing, deneen, sames ideas, especially economic ideas that sound too good to be true -- hey we're going to give you 500 bucks. there's a reason they sound too good to be true. they usually have. >> too good to be true or downright crazy. i agree with eric. if this guy wants to do that with his money, go ahead. but i hope that parents are sitting their children down to tell them about reality, life, liberty, pursuit of happiness. get out there, make your own way and don't sit back and expect someone to take care of you. it's not going to happen. connell: things for coming on. so with the tariffs coming back at us from china, it really appears -- you don't have to be a genius to figure it out -- the
5:43 pm
chinese are trying to hurt trump voters the most, right? we've heard that over and over. the next guest loves the u.s. tariffs implemented against china today because they gave his company and others like it a big -- we'll talk about it when we comen' back. we comen' back. we'll be right back. but nothing says "we got married" like a 12 ounce piece of scrap metal.
5:44 pm
5:45 pm
5:46 pm
. what's going on in the metal using industries because the steel and aluminum tariffs have been in effect. if you thought that those tariffs could be disruptive -- let me just finish. the point isdown stream industries saw employment go up in the last month. so right now in the data i'm not seeing signs that the tariffs are causing the kind of disruptions that some fear. connell: so china's retaliatory tariffs targeting trump country, no doubt about it. $34 billion in tariffs on american soy bean farmers, on car industry, other industries that many people who work in them reside in middle america where the president has a lot of
5:47 pm
support. our next guest family business is 100 years old saying that the u.s. tariffs implemented against china, those actually help his company and others that are in similar businesses. we're joined now by metal component manufacturer, zack model. thanks for coming in. trade is complicated sometimes. it depends on what you do for a living. i was in iowa talking to the soy bean farmers worried about this. think things could be far worse before they get better. but in businesses like yours, this helps. explain what you do and how it helps. >> i'm a precision components manufacturer and for me it's about feeghtd into a global supply chain. i'm a little guy and i sell to big companies. when big companies move their supply chains oversea to asia and other places chasing the low subsidies and the low costs that are artificial, that hurts companies like mine. so we need big companies to bring their supply chains back
5:48 pm
to the u.s. and i think that's really what the tariffs are about. connell: it will be american made and then therefore it will be cheaper and it will be easier for you to do your business is the idea, the basic idea. >> it will certainly be a better product and it should be made in the u.s. it's not that we're not competitive. it's that other companies are breaking the rules, breaking their promises and cheating. the president is taking a tough approach. and i say thank you with, mr. president, for you enough is enough approach on trade. this is what we've needed. 23 years we've seen other countries -- we didn't start a trade war. it's been going on and we're finally engaging and trying to defend ourselves. connell: the argument is we're putting tariffs on them, they come back with tariffs on us. this week it's this amount of product, next week it might be different products. and maybe some of the things that a guy like you buys at the store ends up costing more even if you in the business world are benefiting from it. what do you make of that argument? >> first, i don't really buy that argument for a lot of reasons. number one, you know, we are the
5:49 pm
biggest customer of the world. you know, china unfortunately instead of changing their bad behavior, they're going to double down on it and engage in more of it and try to retaliate which is not right. things like soybeans, i think china is going to buy from brazil now but come october they'll buy american soybeans again. things like beef, they don't buy much of our beef anyway. i don't see our producing industries really being harmed. i think the chinese are going to be harmed. and in terms of our prices going up, i don't believe that either. i think you're already seeing -- big companies are making a lot of money off of the u.s. consumer. i think you might see the u.s. consumer instead have a better job and see some wage growth. you talked about the job growth that we have. we certainly have low unemployment but the quality of the jobs, you've got people work in low wage, low hour, not full-time jobs working multiple jobs. you'll see better jobs and american wealth come back to the u.s. and middle class which i
5:50 pm
know is what the president is counting on and i think he's right. connell: thanks for you views and good luck. we'll hopefully have you back. >> great to be here. thanks again. connell: different angle ahead. a new report saying that the u.s.-china trade war could drive prices up for average americans. next we'll ask our money guys about that and how i might affect your investments as well after a quick break. you're headed down the highway when the guy in front slams on his brakes out of nowhere. you do, too, but not in time. hey, no big deal. you've got a good record and liberty mutual won't hold a grudge by raising your rates over one mistake. you hear that, karen? liberty mutual doesn't hold grudges. how mature of them! for drivers with accident forgiveness,
5:51 pm
liberty mutual won't raise their rates because of their first accident. liberty mutual insurance. ♪ liberty. liberty. liberty. liberty. ♪
5:52 pm
5:53 pm
connell: more now on the trade war under way between the united states and china. there is a new report out saying prices we pay for goods will be going up, economic growth may be coming down if in drags on. michael lee is here with us on a friday evening. go first on this one the idea
5:54 pm
that the trade wars are never good long term. you think this one will drag on for a while and are you worried? >> you know, i'm not worried. i would agree with the statement that trade wars are not good and tariffs are simply taxes on your own citizens. the best correlation or comparison i heard for this is similar to a labor strike. and the u.s. would be the workers in in situation. they don't go back to work without better terms. the u.s. and china are the two big boys in the sand box and we're in a bit of an argument right now. everything will run smoother if these two guys can get along better. if they open their markets more, we'll open our markets to them as they have been for a while now and that will benefit everyone. connell: i think you feel similarly about this. i've been wondering why people are making that assumption, that basically it's going to work out in the end to some degree. >> i think for one reason. i agree with michael, that the two big guys in the sand box
5:55 pm
with one subtle difference. we're walmart to their proctor and gamble. they're both two big boys. but if walmart doesn't want to stock tide, they can say see you later. we're 4% of china's economy. flip it in reverse, they're only 0 .4% of our economy. we could walk away. there would be short term pain but you've always got toment come back and say who really has the juice here. it's very clear we do. connell: i agree we don't want to get in a woor. at least we hold the cards in this one. we started off -- we had the tariffs put in place, they put it back. semantics have been argued all day long about whether or not it's a trade war. at least it's the start of one, michael. so the question then becomes what's next. and what leads you to believe the chinese are going to blink here, because it seems like that's what you're thinking.
5:56 pm
at some point they blink, right? >> like gary said. they have so much more to lose than we do. the life blood of their economy is exports. they're a low-cost manufacturer, they manipulate the currency and sell to the rest of the world. they have some tools where they can jam things up and slap all sorts of penalties on u.s. companies doing business there. connell: which they're doing. >> but at some point we could walk away. and if we were to walk away and start building international coalition to go after them for their trade -- they're clearly not just doing it to us. when you push -- you run the threat of pushing china into a recession which is the only way where their government could be turned over. connell: that's what they listen to. all i can say is have a great weekend. happy friday. we appreciate it and we'll be right back. we're the most isolated population on the planet. ♪
5:57 pm
hawaii is the first state in the u.s. to have 100% renewable energy goal. we're a very small electric utility. but, if we don't make this move we're going to have changes in our environment, and have a negative impact to hawaii's economy. ♪ .. on our power grid. (colton) this technology is helping us integrate rooftop solar, which is a very important element of getting us to our renewable energy goals. ♪ (shelee) if we can create our own energy, we can take care of this beautiful place that i grew up in. ♪
5:58 pm
5:59 pm
connell: stay tuned the next hour and charles payne.
6:00 pm
peter navarro. the white house office of trade and manufacturing policy where he is the director. he's charles payne's guest the next hour on making money. i'm connell mcshane in on "the evening edit." charles: good evening, i'm charles payne. the economy firing on all cylinders backed by pen more impressive data today. 213,000 non-farm payroll jobs last month. the unemployment rate rose from 3.8% to 4%. but that was driven by a gigantic increase in the neighbor force. it's underscored by a new gallup poll that shows nearly half of americans who say the country's best years are still ahead o

21 Views

info Stream Only

Uploaded by TV Archive on