tv After the Bell FOX Business April 4, 2019 4:00pm-5:00pm EDT
by the way i survived. [closing bell rings] don't worry about me, great experience to be the first reporter to do a live ride along with way -- waymo. that will do it for "the claman countdown." >> the dow closing at new 2019 record. major averages mixed at close. the dow up 166 points. less than 500 points from all-time record territory amid trade talks between the u.s. and china. president trump is set to meet with china's top trade negotiator at white house any minute now. we'll bring you the president's breaking comments as soon as we get them. i'm melissa francis. connell: i'm connell mcshane that will be the big story at the hour. s&p 500 barely extended gains. that is six days in a row to the upside for s&p. longest winning streak in 14 months. tech-heavy nasdaq down a little bit.
that had a five day winning streak so that is history. a lot we have you covered from washington to wall street. edward lawrence live from the white house and gerri willis at floor of new york stock exchange. edward, start with you. reporter: the chinese vice premier left the u.s. trade representative es office. he is making his way over here to the white house. president donald trump saying woe sign a good deal with china or not sign a deal at all. but all signs are pointing in the right direction as far as the last couple days have gone. relaxed positive feelings is the vibe. the chinese have put more on the table than they have in previous round. white house economic advisor larry kudlow even saying that the chinese acknowledged that the u.s. has a point in stealing of technology, cyber theft, intellectual property stealing as well as forced transfer of technology. president donald trump confident he can get a win.
listen. >> it is going very well. top fishes are here. and we're very well along on the deal. it's a very complex deal, a very big deal, one of the maybe biggest deals ever made. it will be a great deal for our farmers. reporter: now in this deal it is guaranteed basically more bonus for agriculture of the chinese will buy more products, agriculture, manufacturing, other things. the u.s. make sure china protects intellectual property. that is at the top of the list here. some experts wonder if china will stick with the deal long term? >> now what kind of mechanism has been worked out by the two teams where there is going to be what i call a court of appeal that american companies can file complaints anonymously if they wish, go through three layers of appeal. we can put tariffs or other penalties on them and they will not object. this is really quite a breakthrough from last year. reporter: the u.s. trade
representative's office is preparing for another day of talks for tomorrow so a deal is not finished but they are pointing signs in a positive direction. like the u.s. trade representative says unless all of it is signed none of it is finished. connell: as we await for big meeting. erin begins, s&p portfolio advisor and jon hilsenrath, "wall street journal" economics editor and fox news contributor. the lags comments edward played for us michael pillsbury is usually plugged into as regards to china. it's a big if. talking about tariffs could be put back in place, they can't object, as enforcement mechanism that would be a huge breakthrough. what do you make of it? >> well i find it a little unusual to be honest with you. because the u.s. put tariffs in
place and in the fast year. it put close to $250 billion worth of tariffs in place on the chinese. it does have the authority to do that unilaterally right now. the big question whether we would do it and the chinese would be in a position to retaliate. connell: right, right. what do you think of that part? >> the chinese are effectively saying we won't retaliate if we go through a process to put them in place again but what they get out of this is that there is a process in place. it doesn't happen unilaterally at the president whims. both side get a benefit from an arrangement like that. connell: erin, supposedly a timetable, go out number of years to 2025, whatever they end up signing, that the chinese have time to comply with some of this. not like they have to change tomorrow. looks like we're getting close. what do you think? >> i think really interesting,
we're just waiting on whether trump is going to commit on a date. obviously if he actually commits to a date he loses leverage, because he committed to having an agreement. i like the fact, i know it is scary for the markets we don't have it finalized yet but i think that helps with the negotiation tactics. melissa: pushing forward, a new voice for the fed. president trump set to appoint herman cain to the federal reserve board. go to gerri willis for details on this one. gerri? reporter: that's right. so herman cain's appointment as federal reserve governor is moving forward. the president expected to send that forward to the senate in short order. former gop presidential candidate, former godfather's pizza ceo. he served multiple roles in the kansas city fed, most recently as chairman. we'll be watching for that. shares of boeing are higher today after a report on the crash of the 737 max in ethiopia. said pilots were not at all. you can see this stock up 2.89%.
here as we are in the close. here is why, according to traders i talked to, successful test flight of a 737 max in which ceo dennis muilenburg rode alongside the pilots believe it or not to test out the new software patch. that is what had investors interested in boeing today. interesting muilenburg also apologizing for the crashes. finally the question everybody has wanted to have answered, jeff bezos, what will be the resolution of his divorce? what will happen to his huge stake in amazon shares? he will be keeping 75% of the couple's amazon stock and will retain voting rights for all of it as well as interest in "the washington post" and blue origin. mackenzie bezos tweeting about this today. she will be one of the five richest women in the world. she has 35.6 billion shares of amazon's stock but she will not be voting on it. i think for wall street that is
going to be the most important thing. she will be biggest shareholder, third biggest shareholder behind bezos and vanguard. so interesting stuff there. good news for amazon shareholders. back to you. melissa: gerri, thank you so much. erin and jon are back with us. erin, my question is, what did jeff bezos give her to get her to take just 25% of the stock? because there was a lot of talk she was entitled to 50% of it, give up her voting rights to calm all the shareholders? i mean i want to know the rest of the story. what are your thoughts? >> i would know to love the real juicy story behind it as well but fortunately as investors of amazon stock this is great. this what which all wanted to see but it is interesting how much she has given up. jon, what are your thoughts? besides don't get divorced. >> even with a quarter of amazon shares, your report says she is one of the wealthiest women in
the world, not like she is making out very badly on this. melissa: no, she is not, but you understand the exact the point i'm making. she was entitled to half of it. >> right. melissa: a lot of people were very concerned if you have any acrimony between them and they're controlling this company, there was a lot of value to get her to take this slice, give him the rest, give up the voting and -- >> that, i have no idea what her calculation was but it might have been given the outcome that amazon shares in the company are better off with her remaining a passive investor and that she will be better off in the long run if the investment community, wall street have confidence in where amazon is going. melissa: you are so sweet. you have never been divorced, have you? what a darling individual you are. connell: a good thing. melissa: very sweet, yes. we want to know the rest of the story. the stock is better off like this, but that is -- >> interestingly the stock is not up today.
it is down a bit. hard to make sense out of any of this. melissa: thanks, guys. go ahead, connell. connell: president trump getting set tomorrow to travel to the border. he will be along the border with california and mexico. issuing a new warning today, to mexico. that came earlier in the day. get to fox news correspondent casey stiegel he is live along the border in el paso, texas with latest developments there. casey. reporter: good to see you. the president changing course a little bit in terms of his messaging, straying now from the thought of closing the entire southern border or large portions of it. now he is saying that he will give mexico a year deadline. he will give them a year to try and stop the flow of drugs and illegal immigrants into the united states, and then in a year, if they haven't helped, then the border closure could be on the table again. no doubt here, people here in the border communities, talks of
tariffs, talks of shutdowns it has them very nervous especially when you consider the synergy between the two communities like here in el paso where the international bridges and ports of entry, they're experiencing long wait times, commercial traffic congestion. 18 wheeledders loaded with goods to be imported into the united states stuck for hours. trips that would normally take 20 minutes to get through the border crossing. mexico, by the way, the third largest trading partner of the u.s. it is america's largest supplier of agriculture products like fruits and vegetables. if you like avocados, listen to what may happen if you see a closure. >> some of the obvious effects perhaps avocados or other fresh produce from mexico may not be available for a very short period of time. reporter: the president of mission produce, the largest distributor and grower of
avocados in the whole world said that the united states would run out of avocado supply in about three weeks or so if the imports from mexico were halted but it sounds like that now is not going to be the case at least for the interim. the president for today, kind of backing off the closure of the border for now, talking about this extension, this deadline this, one year deadline for mexico. if mexico does not assist, then they could look at putting tariffs on imports coming into the united states like cars specifically. so we're trying to get this all sorted out, fast-moving and evolving story along the border here, connell. connell: especially the time frame surrounding it. the auto tariffs that was a new wrinkle. casey stiegel in el paso. melissa: three weeks that is before cinco de mayo. the avocados. connell: i thought you didn't like avocados? melissa: i don't. i don't want to deny people guacamole for cinco de mayo.
connell: i love guacamole. that is one of the differences between us. melissa: who can read this? connell: probably yours. tesla's elon musk is, this is interesting. not everybody expected him to be there. he was. there showed up in court in new york city. the sec is going after him, accusing the ceo violating a fraud settlement. we're live at the courthouse with latest on that. we'll talk to judge andrew napolitano after the break. melissa: congresswoman alexandria ocasio-cortez in hot water again over a campaign finance complaint. we're asking karl rove, former george w. bush senior advisor all about the creative financing there. connell: we'll also have more on the president's big meeting this, trade meeting happening this hour at the white house with the vice premier of china of the as soon as we know you will. we'll bring you the latest breaking details throughout the hour. don't go away. melissa: and some guacamole.
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comments, whether from the president or the chinese vice premier as the hour continues. melissa. melissa: elon musk versus sec a surprise appearance by the tesla ceo kristina? reporter: he left court 25 minutes ago. he left via his legal team. i have to editorialize for a second. what a showdown going on between the judge and both sec legal counsel and tesla's legal counsel. there was a lot of back and forth regarding definition of materiality. what con con constitutes being material. elon musk's team said what elon tweeted out was not material did not move the stock price. even the market deemed it non-material. this tweet came out february 19th. elon musk was alluding to the
production rate of vehicles. at end of all this, back and forth, you had the judge ask the sec legal team how would you define ambiguity? how would you define materiality? did elon musk need preapproval before sending out that tweet in february? and the legal team for the sec said maybe yes, maybe no. so of course you had tesla's team argue, see, they're being ambiguous in their responses. so in the end judge ended with three points, three points asking both teams to meet for one hour over the next two weeks and those three points consisted of her first saying the court orders must be followed whether you're small potatoes or a big fish. the second point is that there is contempt of court, serious business, that if anything, these issues should be worked out between both teams before coming to court. last but not least, serious concerns these issues won't be resolved. overall conclusion she felt this
should have been happening behind the courts, not coming all the way to courts. they should have disputed this monks themselves. connell: fox senior judicial analyst, host of "the liberty file" on "fox nation," judge andrew napolitano. what we heard in court, kristina said, take a couple weeks. the judge punted. what do you make of that? >> the judge punted. some judges prefer to make clear, crisp certain decisions and end it. others feel their job is to allow the litigants to achieve a meeting of the minds between themselves. charlie gasparino texted us from the outset of the oral argument that musk lawyers said to the court we need a new relationship. we need to renegotiate the agreement by which he agreed to get preapproval before tweeting. and she said all right, negotiate that on your own. but look, contempt is very, very
serious. you either find it or you don't find it. i think it is wrong to leave it hanging over someone's head during the negotiation. you should be free to negotiate without that sword of dam mow close hagging over your head. if it was material and serious she should have ruled on it. that could have after an effect. connell: you could argue this was, this tweet by mr. musk, talking about 500,000 vehicles, i was reading something an analyst put out at jpmorgan talking about whether it was material or not. basically even what we heard from tesla on the actual deliveries why the stock got hit today, kind of undermines the argument that maybe it was material? >> this all started not with a tweet about 500,000 vehicles in 2019, this started that he tweeted after he finished a
session for joe rogan's show. that is for another time. his mine was not clear. he tweeted and financial angel would rescue him. that had profound effect on market. as a result of that the rules were you can't tweet anything material without running it past your own internal legal team. he out of the blue tweets, hey in 2011, we produced zero cars. in 2019 we plan to produce 500,000 cars. connell: that is not material? >> i was about to say if that is not material i don't know what is. connell: right. >> then they followed up the next day a formal k-8, sec filing which they said they will produce the 500,000 cars. they did that to try to rehabilitate him sew wouldn't be where he was this afternoon. connell: they have to figure out something in couple weeks otherwise the judge backed herself in a corner i would think she with have to hold him -- >> she would have to hold him in
contempt. what does that mean any think some financial fine. i don't think she removes him further from the operation of the business. put more restraints, name the human beings through whom he has to pass his tweets before he can send them out. can you imagine henry ford or thomas edison going through this? [laughter] connell: something similar with their day, too, not twitter. melissa have lyft ride-sharing company retaining the ipo price, closing $72 a share. the company went public last friday. connell: back to 72. president trump heading to the border. he will be down there tomorrow as we talked about earlier amount major warning given today to mexico. we try to figure out what the president meant by that. our next guest says we need to secure the border no matter the cost. stay tuned for that. melissa: former starbucks ceo howard schultz sitting down for a town hall this evening.
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>> frankly better but less drastic than closing borders to tariff the cars coming in i will do it. you know i will do it. i don't play games. we'll give them a one-year warning. if the drugs don't stop or largely stop, we're going to put tariffs on mexico and products, in particular cars. the whole ballgame is cars. if that doesn't stop the drugs, we close the border. melissa: so will president trump's latest warning to mexico address problems at the southern border? here is ron coal burn former u.s. border patrol national deputy chief. thanks so much for joining us. i want to start with the idea that you have the homeland secretary saying we're at a cat-5. that you know, the border, it is on fire, it is at a breaking point. what does that mean as someone
who has been down there and worked on this? it sounds like we're on the verge of all hell breaking loose and i don't know how to think about what that actually looks like? >> i agree with the secretary. it is chaotic on the border right now. it's a different kind of situation than it was 20, 25 years ago, even when we had tens of thousands of people crossing back then though, we still had some teeth in our laws to call it that. right now we don't. it has become very chaotic. getting border patrol agents to the border, to patrol the border is almost impossible because they're changing diapers and mixing formula in the back rooms in figurative form of speech. i'm for throwing everything including the kitchen sink at border security. so the president's promises of tariffs or sanctions toward those countries that are feeding the border chaos, i agree with, but, that does not solve the
problem of resourcing the border with manpower, boots on the ground, technology, infrastructure, whether that is wall or new stations, all weather roads and lastly, situational awareness. sometimes known as intelligence. melissa: yeah. you know, when you say that the border patrol agents aren't at the border right now, they're doing all of these other things because some people have come across recently, do you think that is one of the things driving this tremendous surge here? that we've seen in the last month or so where you have in places it's up more than 1000 percent, the crossings, is it about that idea that there is intelligence making it self at the border, basically border patrol has the hands full, they're so busy everybody should rush for it right now? >> yes. the message that they are receiving in mexico and central america, south america, the caribbean, europe, asia, come now, get out of jail free. they will let you go. we are so overwhelmed at border,
people are walking out backdoors of immigration offices with i.c.e. and border patrol, being released on their own recognizance. the public knows that, in south america, central america, europe. melissa: congress, members on both sides, republican and democrat ignored the problem and let it grow for so long and haven't come up with comprehensive immigration reform much less a way to secure the border. if, how does that backfire on them? what needs to happen in order for -- seems like a lot of americans are waking up to what is really going on down there but what would have to happen to wake up these lawmakers in your opinion? >> i really do blame congress. the bipartisan politics that are currently occurring need to end. if there was ever a time for reaching across the aisle, this is a national emergency. this is not a partisan emergency. and it needs to be taken care of
now. the congressional laws on the books have been circumvented through policy and through recent court injunctions and other limitations through federal courts. they need to be overcome through good and smart legislation. i would like to think there's a smart team set aside somewhere working on that now, i hope, if not, shame on them. melissa: absolutely. we'll end on that, ron. appreciate your time. >> my pleasure. connell: finding common ground. at any minute president trump will sit down with the vice premier of china at the white house. they will be talking trade. can the u.s. and china reach some sort of a deal. breaking headlines from the meeting with the president as soon as we get them. melissa: firing back. congresswoman alexandria ocasio-cortez responding to claims that she violated federal election rules. what the ongoing fight could mean for the democratic party. karl rove former president george w. bush senior advisor coming up. ♪
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melissa: breaking news right now. president trump meeting with the chinese vice premier at the oval office as the two sides are working to reach a trade deal. let's go back to edward lawrence at the white house with the latest of the edward. reporter: breaking news coming out of that meeting. the president saying there is no deal yet but they're getting closer. he says which will know if we have a deal with china within the next four weeks. president donald trump also saying he got a very nice letter from president xi which again points to further progress in these trade talks. now this round of talks, the most significant, positive signs going forward. all morning it was smiles all around significantly, the u.s. trade representative was joined by treasury secretary steve mnuchin to greet the vice premier from china coming into the trade talks initially. it is the first time that the treasury secretary has been involved in this. earlier today the president says that he would only sign a good deal for america. listen.
>> the vice premier is here and lots of top people from china. they're very much want to make a deal. we'll see what happens. reporter: one of those top people that is coming into this with the delegation here is actually the head of national development and reform commission. that's the department that oversees foreign investment, building building permits as well as overseeing the mechanisms of enforcement which include enforcing the new foreign investment law, that bans agencies, government agencies, and employees demanding trade secrets from companies. back to you. >> edward, thank you. connell: let's talk more about this, former democratic senator, former ambassador to china, max baucus is our guest, skypeing in on us. i'm sure, senator baucus you heard what edward lawrence reported moments ago. the meeting is going on, head negotiator for chinese and president says we're close to a deal. we don't have one. we should know within the next month if we have one.
he received another beautiful letter as he described it from president xi xinping. what is your reaction to this, hey, we're almost there kind of talk? >> i think it is accurate because both sides have been talking now for quite some time. i know liu he, the vice premier quite well. he is a very smart man. i think deep down reform-minded but of course he has to listen to his boss, president xi and of course president trump on the one hand very much wants to be a deal. he is beginning to be concerned looking forward anyway towards re-election. he wants the stock market to be positive. i think they're close. that doesn't mean there will be a good deal. my guess it will be an okay deal because both sides want something more than the other side can give. connell: what are the differences then in your experience as ambassador between liu he and xi xinping who we happen to have on the screen right now? you say liu he would make a one
sort of a deal that xi xinping would not want to go along? >> liu he is the negotiator. he is a bob lighthizer. xi xinping is, on the other hand like donald trump. they're the top guys. they finally decide. but i think, liu he will get a good as deal as can be reached both from the american perspective and from the chinese perspective. he is a good man. very smart. connell: a little more from the president. we're rounding the turn he says, we made a lot of progress, that is how he is describing things, senator baucus. as a final point i talked to a lot of people over last how many months, sometimes the take from wall street types and the like, hey, whatever you think of the president and his approach, maybe you don't even like the tariffs he is doing more than his predecessors has done, he has made more progress than say president obama who you worked under with regard to china. what would you say to that? >> i think it is true that president trump has been much
more aggressive, much more direct, almost up frontal assault if you will against china compared with his predecessors, not just president obama but president bush as well, that is basically because the problems we're facing in china are getting more acute. are more difficult as time goes on and add to that, donald trump is kind of an in-your-face kind of guy. that is his negotiating style. that he has been toughwer tariffs he has imposed. on other hand the american business community is quite upset with the terrorists because it is hurting their profit margins. the u.s. economy is starting to falter a little bit partly because of the terrorists. long term, president trump is going to cause some problems with china. they are quite upset how he negotiates. add to that, they don't know if they can fully trust him. he pulled out of hanoi with
kim jong-un. they see he changed his mind very quickly. trust will be a big factor here. connell: we'll see if he can get it hammered out as he says over the next month. former senator max baucus, former ambassador to china. we appreciate you coming on today. >> you bet. connell: okay. melissa: interesting stuff. connell: yeah. melissa: i mean he has a unique insight into this. connell: he knows the people involved which i thought was interesting, yeah. melissa: setting the stage for 2020, former starbucks ceo howard schultz taking on the already crowded democrat field. is he closing in on a formal white house bid? plus a scheme being blamed in part for the opioid epidemic. prosecutors accusing former drug executives of bribing doctors to help boost sales. it is a crazy story. the details are next. ♪ rather than worry about how to pay for long-term care. brighthouse smartcare℠ is a hybrid life insurance and
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connell: breaking news out of the white house, as we've been telling you president trump has this meeting, it's happening right now with the chinese vice premier in the oval office and tell you some of the other headlines we've been hearing from that meeting. keep in mind we'll probably have it played back to us when the meeting wraps up that is how these things. he said a deal could be reached in the folks four weeks. we're very close to an agreement but it is not done deal yet. whatever he says or vice premier of china says we'll bring the comments to you as soon as we have them. melissa. melissa: closing comments in a opioid conspiracy case. prosecutors accusing the founder after drug company and four former executives of bribing doctors to help boost sales. fox news's rick leventhal is in the newsroom with the details. rick, this is a crazy story. reporter: yeah, it goes pretty deep, melissa.
prosecutors painting a picture of pure greed that pharma executives allegedly paying bribes to boost sales of this substance known to be highly addictive to pad their own pockets. the trial lasted two months with dozens of witnesses. they allege that doctors doctore paid hundreds of thousand of dollars to give lectures in a sham program, often with empty rooms. the doctors really getting paid to prescribe the drug and boost doses to get insurance companies pay for it. one of those is charged a former stripper hired by the company to be sales manager even though she had sales experience who prosecutors say used her sex appeal and lab dances to sway docs to write more scripts. sales rep wrote a music video, to wrap up a patient's dose and cameo by character you see there yesterdays as the product they were pushing.
♪ reporter: that was in 2015, when more than 50,000 people died of drug overdoses. at least 33,000 of them from opioids. now in this case these executives are being charged with racketeering which is typically associated with drug kingpins and mafia bosses. these are also the first executives of a painkiller manufacturer to face trial over conduct involving the opioid crisis. two former executives have already pled guilt at this and testified against the others about the scheme that allegedly included paying for highly expensive daily reports on every prescription written by competitors, so the company could go after the doctors writing those scripts and convince them to prescribe their own drug instead. the executives who are on trial face up to 20 years in prison. they all pleaded not guilty, melissa. closing arguments began this afternoon. we're waiting for update from the court now. melissa: between a video and
stripper it would be funny if there weren't lives at risk. what they were doing is incredibly serious. an amazing story. rick, thank you. reporter: sure. connell: you said it was crazy. no doubt about that. melissa: yeah. connell: there is room for one more. congressman tim ryan making news, best known, right, challenging nancy pelosi in the race for speaker some years back. he announced he is going to make a run for president, tim ryan will in a obviously crowded field but maybe there is an open lane. take a listen. >> i believe in the free enterprise system. i believe that we need to reform government. we can't just ask people to pay more in taxes to dump them in these old systems. i'm a reform-minded democrat if we green the economy you need innovation and power of the free market to do that. connell: tim ryan, not only 2020 presidential hopefuls looking to challenge the president by embracing free enterprise. we've been talking about howard schultz, the former ceo of
starbucks. of course he is mulling an independent run for the white house while out there, you know, sounding the alarm about democrats left ward lurch. mr. schultz is holding a townhall meeting tonight. that will be on the fox news channel and we do have our own hillary vaughn on the ground with us in kansas city where that town hall will be held. hillary? reporter: hey, connell. we just caught up with howard schultz outside of starbucks. i got the chance to ask him if he has any hints or details about a possible 2020 run, if he is ready to announce his plans but unfortunately he did not spill any details. saying he is focused on preparing for the town hall happening tonight. he had his starbucks coffee in hand to calf fenn nate before he talks to missouri voters here. he will field questions at a town hall live exclusively on fox news channel 6:30 p.m. this evening. he is staying tight-lipped about the his 2020 plans he has been
busy blogging. the possible third party candidate has been accused by democrats being a spoiler who think an independent may ruin their shot taking over the white house in 2020. schultz really had one target over the past two days, calling out president trump over policy, especially the blog post last night. he targeted trump over immigration saying quote, president trump's impulsive and ill-considered threat to close the border with mexico is a big mistake. he also accused the president of basically trying to score political points instead of trying to solve the problem of immigration. schultz has also been very critical of democratic candidates in the race for 2020. while he kind of lobs attacks at both candidates headed into the race he really says he is keeping his eye on the 42% of voters that he says identify as independent. connell. connell: hillary, thanks, hillary vaughn for news kansas city. melissa. melissa: new comments from president trump during his meeting with chinese vice premier. the president saying mexico has done a good job on its southern
border in the last four days and that there would be a 25% tariff on mexican cars coming into the u.s. if he decides to apply tariffs. we will continue to bring you the biggest headlines from the president right after this. ♪ as the one who is always trapped beneath the duvet i'm begging you... take gas-x. your tossing and turning isn't restlessness, it's gas! gas-x relieves pressure, bloating and discomfort... fast! so we can all sleep easier tonight.
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melissa: breaking news right now. president trump is meeting with the chinese vice premier in the oval office. the president says if there is a deal with china on trade, he will hold a summit with president xi in washington. let's bring in karl rove, former bush 43 senior adviser. seems like they're getting close on a deal. at the same time we heard earlier today the president kind of waving off this idea of closing the southern border, saying mexico's done a better job at its own southern border in the last couple days. how do you see these things tying together and you know, how do you think -- it seems like his goal is to get congress off its bottom to do some work on the southern border. how do you do that? >> well, look, both of these are
pieces of good news. now, china, it's in the details because the question's going to be what's the priority of the administration. a lot of people in the world of commerce are concerned about the violations of international trading norms by the chinese, particularly when it comes to stealing intellectual property of american companies. so what is going to be done to sort of not only reduce barriers to the sale of american goods and services in china, but what's also going to be done to stop these practices in which they are basically stealing our intellectual property. the president has been clear that he understands that these are both problems but the devil is in the details. we will see how good the agreement is. but this is a good sign. so is the problem -- so is the issue of the mexican/u.s. border. with all deference to the president, mexico's been doing a good job on its southern border for several years. they have been beefing up their control on the southern border, they have been apprehending hundreds of thousands of people who have been attempting to come
up from south america or excuse me, from central america through the south of mexico, and so i think the president was briefed on this and wisely stepped back from it. if we were to shut down the u.s./mexico border, there would be a huge problem for supply chains. the american automobile manufacturers association said they would start -- melissa: we know that, but that's the problem, we have had this huge flood of people across the southern border in the past three weeks. it's gone up so much. >> no doubt about it but look, here's the problem. the nature of the transit has changed dramatically. if these were solitary men coming here for work, individual men, we could return them quickly, but there is now an industry in central america that is getting families up here in order to -- melissa: we have to go, i'm sorry. we have to cut you off. here's the president. let's listen. >> they will speak to my lawyers. they will speak to the attorney general. reporter: are you directing the irs to do that? >> they will speak to my lawyers and they will speak to the attorney general. thank you.
reporter: -- one that lowers the u.s. trade deficit with china and how soon before you can judge this particular trade deal? >> well, i think a trade deal with china is good for the world, it's good for us and china, but it's good also for the world. i think it's very important. we'll see if it happens. we've never done a deal like this with china and it's very unique set of circumstances but it's a massive deal, could be one of the -- i guess it is, if you think about it, the biggest deal ever made. there can't be a deal like this no matter where you look, there can't be a deal like this. this is the granddaddy of them all. and we'll see if it happens. it's got a very, very good chance of happening. i think that it will be great for both countries. but it will be -- it will be a much fairer deal for us, because over the years, we've lost a lot of money to china. china has done very well and i don't blame china. i say it all the time. i don't blame china. i blame the people that sat
right at this desk. they should have never allowed that to happen. so it will bring a lot of things back. i think it will be great for the united states. i think it's going to be hopefully really good for china, too. it's going to be good for everybody. yeah. [ inaudible question ] >> we have things. we're talking intellectual property protection and theft, talking about certain tariffs. it's very important that certain elements of the tariff threat is in discussion right now. we have a number of things but we also have agreed to far more than we have left to agree to. and in fact, i would say, i think i can say that some of the toughest things have been agreed to. we have some things that are actually easier right now that we're doing. but it's a very, very, using a word i don't like using too often but it's a very, very comprehensive deal.