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tv   Maria Bartiromos Wall Street  FOX Business  June 1, 2019 3:00am-3:30am EDT

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thanks for watching "strange inheritance." and remember -- you can't take it with you. >> from the u.s. embassy in ottawa, canada, this is a special edition of maria bartiromo's "wall street." maria: happy weekend. welcome to program that analyzes the week that was and helps position you for the week ahead. coming to you this weekend from ottawa, canada. coming up in just a few moments, i'll be speaking with vice president mike pence about the new usmca deal as well as secretary of state mike pompeo. the vice president just finishing a meeting with the prime minister of canada. we will talk about that. but first, while much attention has been given to administration's trade talks with china, the united states is on the verge of implementing another major trade agreement, the usmca. vice president mike pence traveled to ottawa this week to
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meet with canadian prime minister justin trudeau to talk about the deal's ratification and its importance to economies. i had a chance to sit down with the vice president in an exclusive interview right here in ottawa. we talked about usmca and how he believes it benefit america. >> first and foremost, let's recognize that the american economy is booming. 5.8 million new jobs, in the last quarter 3.1% growth. more importantly, wages are rising at the fastest level in more than ten years, and we've seen 500,000 manufacturing jobs created. and the president's done all that because he drove for tax cuts, he's been rolling back federal red tape, we've been unleashing american energy. but also a central pillar of president trump's vision for this growing economy is free and fair and reciprocal trade that we've negotiated in the usmca. and i think the american people
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see that, and they see that the president drove a hard bargain. we put american agriculture first, american workers first, and we're just taking that message not just to capitol hill, but i've literally been traveling all across the country carrying that message to farms, to factories, and we have every confidence that as the american people let their voice be heard, that the usmca will be approved by the congress of the united states. but we're just determined to carry the message of what this will mean for jobs, for growth, for opportunity, and we think it's absolutely essential. just like they're doing here in canada, that the congress move on approving the usmca and approving it this summer. maria: you want this approved by the summer, but speaker pelosi has said she's not even sure that she's going to bring it down to floor for a vote, so how do you convince her to bring it for a vote assuming that it does pass once it gets down on the floor? >> look, we've been in regular consultations with democratic leadership in the house, republican leadership in the
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senate. we've been talking to rank and file as well. and what the usmca's going to mean in their districts -- maria: some democrats that heavy had on the program have said they want a stronger enforcement mechanism place so that mexico in particular keeps its promises when it comes to labor laws. they also a want changes to the drug patents, the biologics getting ten years of patent protection. they say that's going to impact pricing of pharmaceuticals. has any of those things been addressed? have you made changes to the treaty as a result of these demands? >> well, let me say the discussions are all underway with leaders on capitol hill about what's called the implementing legislation. and we're in negotiations with democrats in the house of representatives to bring about some of the changes in the way that the usmca will actually be unpacked for the american people and the economy. those are ongoing. when it comes to drug prices, i'll tell you, you never met
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anybody more determined to lower drug prices for the american people than president donald trump. we're so proud of the reforms the president has already advanced. we know it's going to result in a lowering of drug prices over the counter to american people. so as we work through all the deals with usmca, the american people can be confident this president's going to continue to fight to lower drug prices for them. maria: let me move on to china. this weekend the retaliatory tariffs from china on u.s. goods go into effect. on the $60 billion of u.s. goods. are we at a stalemate at this point? do you see an end to china fight? >> well, i would tell you that it's been, it's been amazing to watch this president and the way that he's forged relationships with leaders around the world. being with prime minister trudeau here in canada, seeing the way he was able to negotiate the usmca with canada and
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mexico, and it all begins with president trump with personal relationships. and i've witnessed it. that relationship people saw with prime minister abe that now has us talking about a free trade agreement with japan. the president will be traveling to u.k. just in a few days, and you'll see that relationship writ large as he visits with the queen and as we continue to talk to e.u. about the possibility of a free trade agreement even as brexit continues to work its way through for the u.k. but with regard to china, i can attest firsthand that the president's forged a good relationship with president xi. but we have our differences. and it's not just the structural -- it's not just the fact that china is half of our international trade deficit. it is those structural issues, intellectual property rights, forced technology transfers,
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essentially the respect for private property that at this point china has not reflected in their practices, and we need to see reforms in that regard. maria: those are the big ticket item, i know that. >> these are the big ticket item, and we've made it very, very clear with the chinese leadership that these are the things that have to be addressed. president trump will be meeting with president xi when he goes to g20 in just a few short weeks, and we remain hopeful that china will step forward. they were coming our direction, we had made great progress, but as the president said last week, they started to step backwards, and so the president called it off. we believe we're in a very strong position with the tariffs that we've imposed. we could more than double those against china, but the president hopes for better, he hopes we can make a deal with china that'll reset our relationship, put american jobs and american workers first and really level
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the playing field in ways that it's never been leveled in the modern history of our relationship with china. maria: it was interesting to see how aligned you were with justin trudeau on china given the fact that you both discussed what you call the wrongful detention of two canadian citizens after the cfo of huawei was arrested. have you gotten a response from china on this? what are you expecting in terms of these two citizens that are being detained? >> china knows where we stand on the wrongful detention of two canadian citizens. and prime minister trudeau and i discussed it at length today. it just, it's unacceptable, and the united states is going to continue to stand with canada until those canadians are free and, hopefully, back home in canada. but the whole issue of huawei is, it's an issue of national security. i mean, huawei is, in effect, a
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wholly owned subsidiary of the chinese communist party. and to have huawei operating as a 5g network in our country or in our allies' countries, we believe represents a fundamental compromise to our national security and the privacy of millions of citizens. maria: don't go anywhere, more of my exclusive interview with vice president mike pence when with the quite" come -- when "wall street" comes right back. >> trade isn't the vice president's only concern with mexico. >> we've got a crisis on our southern border. >> but can he get the democrats to the table? next when "wall street" returns. ♪ ♪
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vo: mrs. and mrs. jimmie and mindy beall. jimmie: i came from five generations of teachers. losing my job was the bottom falling out of my world. ♪ ♪ maria: welcome back.
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more now of my exclusive sit-down interview with vice president mike pence. >> we've got a crisis on our southern border. you traveled there very recently, you saw it firsthand as did your viewers on this program. i mean, we're on track to have more than a million apprehensions at our southern border. and yet, and yet congress, some in congress continue to focus on investigations, baseless allegations while literally last month alone more than 118,000 people were apprehended at our southern border, and congress continues to refuse to act to close the loopholes that are being used by cartels and truck traffickers to entice people to make the long and dangerous journey north to our southern border. the american people want to see a congress focused where this president and our team are focused, and that is op their security, closing loopholes, bringing about asylum reform and
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bringing about the policies that'll continue to create -- maria: we saw at the border was quite extraordinary, women are renting out their kids, $140, apparently, so the smugglers can bring the children over the boarer. are you expect -- border. are you expecting reform on immigration? will the congress actually take that up in terms of changing the flores decision, the asylum standards? is that even doable this year? >> it has to happen. president trump has taken decisive action to call on mexico to take further action to intervene in this massive flow of people that are coming north from central america to our border to come into our country and take advantage of those loopholes. and the president's also going to continue to call on this congress to pass the kind of common sense reforms. look, we have a humanitarian and a security crisis at our southern border. i mean, the drug cartels and human traffickers, you heard it firsthand, they are telling anemia guatemala and el salvador
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and throughout central america about loopholes in our laws and that if they come up with children, that they'll have the opportunity to come into our country. that's just unacceptable. we ought -- this congress ought to be willing to set politics completely aside and, at minimum, bring about the kind of changes in our asylum laws that would fix this immediate problem overnight. we're building the wall, we're building hundreds of miles of wall over the next several years. the president's kept his promise in that regard. we're providing resources for customs and border protection. but we have to close the loopholes in our law, and the action the president is taking are all designed to say that congress needs to step up and bring about the kind of reforms that'll close these loopholes and end that magnet that drug cartels and human traffickers are using and we'll continue to call on mexico and take actions necessary to see to it that mexico does their job to insure
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that this mass exodus and humanitarian crisis comes to an end. maria: my very special thanks to vice president pence. there's more "wall street" right after this. don't go anywhere. >> all eyes are on china trade, but does the u.s. have much more to be concerned about? >> we've watched them engage in a very significant arms buildup. >> secretary of state mike >> secretary of state mike pompeo spells
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♪look into my eyes ♪you will see ♪what you mean to me ♪don't tell me it's not worth trying for♪ ♪you know it's true ♪everything i do ♪i do it for you
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♪ ♪ maria: china trade a major concern for investors. markets look to administration to secure a new trade deal with the chinese, but it is complicated. there are national security issues. in my exclusive sit-down interview with secretary of state mike pompeo earlier this week, the administration's concerns go far beyond any trade
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deal or numbers on the economy. they have serious national security implications. here now is what the secretary had to say. >> we've watched president xi make commitments that he wouldn't go to south china sea and build up militarily, and yet he's done so. we've watched them engage in the very significant arms buildup not only in the quantity of arms, but in their lethality, their capability and their capacity. so on boths, we need to in-- on both fronts, we need to do all we can to stay in a posture where we can deter this threat so we don't have to send our people into a war. i can't imagine that happening. it's our job at the state department to make sure we never put america in that position. maria: let me stay on that theme because there is speculation that the chinese have not only stolen intellectual property from our companies costing them tens of billions of dollars every year, but also from the department of defense. there's speculation that there
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is, for example, a buildup in terms of stealth technology which they stole from the united states, submarine secrets that they've shoalen. can you characterize that? is that a fact? >> i can't say a whole lot other than it's the case that we worry about it every day. the threat of theft not only of commercial intellectual property, but of military technology is real, and we're doing our best to prevent that from happening. i am confident that it is imperfect and that other countries have obtained some of this. you can look at some of these systems and you see similarities that suggest they may well have not created these from scratch. maria: this is basically operating below the level of conflict -- >> that's right. maria: -- and yet gaining dominance in the region. do you believe that the u.s. has a comprehensive whole-of-government strategy to fight this? >> yes, i do. we need to execute it with great vigor. the great news here is this isn't a partisan issue. i've spoken to nearly every
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member of the united states senate about these issue, democrats and republicans alike understand these concerns, express their willingness to push back against immaterial, and we'll be successful in doing so. maria: i was reading a piece called america begins to see the consequences of the past policy errors. >> yeah. this is a really good point. we're late to game. we just, we watched this happening and kind of like when you put the frog in the pot and turn the heat on, you didn't see the temperature rising as quickly as we should have. frankly, that's true for the whole world. i think the whole world is waking up to these concerns. so we spend a great deal of time making sure that we have the right strategy, that we have resourced it properly but also in sharing with our allies in the region; singapore, vietnam, all of these countries in east asia and southeast asia. insuring that they too understand these risks so they can be part of the team, part of the alliance that pushes back against this chinese threat. maria: what are the implications
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of no trade deal? do the two largest economies have to be to have a partnership? >> you know, we may not get a deal. i couldn't tell you the answer to that. much will turn on whether china's prepared to do what president trump has asked them to do. it's pretty simple, right? fair, reciprocal, a set of trading rules that apply to both countries. president trump is perfectly prepared to allow american companies to compete, but he's not prepared to allow them to steal our intellectual property, to allow them to put tariffs on american goods when there aren't any on their goods coming into our country. i hope there's an arrangement that will work to benefit of each of our two countries, but i'm very convinced the american economy will continue to grow. maria: should we be worried about them lashing out at the united states? now we know china is considering u.s. rare earth export curbs, these rare earth that are 17 chemical elements used in
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high-tech consumer equipment. there was a story recently the chinese have taken all their panda bears. this is sort of, you know, opening up into consumerism and where people can understand what this means, that china may stop the exporting of important chemicals that the u.s. needs. >> i always, when i hear these concerns, these worries, i'm always reminded that the american people have lost and suffered for decades under the current rules. so there's somehow this idea that president trump's decision to push back against china caused problems for the american economy when, in fact, the challenges have been the fact that the chinese were in a trade war with us a long time ago. we're simply trying to get back to fair, to reasonable, to reciprocal, to transparent. that's the president's mission. i can't predict what the chinese will ultimately do, how they'll make their decisions. will they attempt to respond? they did, they put some countertariffs on. i'm sure they'll take actions in
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response. but the american people should know china has had a unfair trade relationship with the united states for an awfully long time, and president trump's singular focus is to push back against it. maria: what do the american people need to understand about huawei? this fight with huawei is getting worse. the chairman of huawei over the weekend gave an interview basically saying i'm not going to take the president's call if he calls me, we don't need the united states. there's real espionage that's going on, isn't there? >> huawei is an instrument of the chinese government. they're deeply connected. it's something that's hard for americans to understand. we would -- our companies cooperate with the united states government, that is they comply with our laws, but no president directs an american private company. that's very different in china. they just simply operate under a different set of rules. that's the most fundamental thing i think people need to try and get their head around. if it's the case that the chinese communist party wanted
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to get information from technology that was in the possession of huawei, it is almost certainly the case that huawei would provide that to them. that deep connectivity exists inside the way their political economy operates. that's very different than the united states. that's the threat that president trump sees from huawei. maria: what about the limit on huawei actually limiting the growth of 5g in the united states? there was speculation today the, an article basically saying that the administration's offenses aimed at stop thing huawei may, in fact, limit the growth of 5g in the united states. >> i don't know if that's true or not. i couldn't tell you. i've always found our economy to be incredibly row bust and dynamic. when obstacles pop up, someone steps in to fill those shoes, to make up -- the dynamism, the competitive nature of the united states economy. i suppose there's a possibility it'll slow down for a little while, but i'm convinced that american engineering -- frankly, western. not even just american. western, european democrats will
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move to -- democracies move to provide world class services at affordable prices to american consumers. maria: don't go anywhere, more "wall street" right after this. ♪ ♪
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what's my passion? finding balance with every dance move. the sound of the ukulele, the softness. what's my passion? hearing stories helps me tell them better. discovering what's yet to come. being creative. my son's nonverbal. but when he is ready to talk,
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i need to be able to hear him. it takes good hearing to enjoy a full life. to think. to stay vital. yeah, i'd like to keep my passions. hear well. stay vital. kiai hearing loss is linked to increased risk of dementia, depression, falls and isolation. stay engaged and keep doing what you love. check your hearing wellness every year. maria: welcome back. coming up next weekend on the program right here, join me for union square hospitality group ceo danny meyer, my special guest. also this weekend join me on the fox news channel on "sunday morning futures" sunday morning at 10 a.m. start smart on fox business weekdays from 6-9 a.m. eastern for "mornings with maria." that'll do it for this weekend.
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thanks so much for joining me. have a great rest of the weekend everybody, and i'll see you again next time. ♪ ♪ gerry: hello, and welcome to "wall street journal at large." for two years robert mueller has loomed over the american political landscape, silent and menacing as a darkening sky on a summer afternoon. his investigation into the 2016 election and donald trump was for a long time feveredded speculation in the press and elsewhere. yet for all the chatter, all the noise, mr. mueller maintained an almost eerie silence. it was his written words, not the his voice, that did the

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