tv Mornings With Maria Bartiromo FOX Business August 27, 2019 6:00am-9:00am EDT
customer who ordered, first of what could be many lawsuits. plus major milestone for netflix and this one has nothing to do with streaming, mornings with maria starts right now. ♪ ♪ dagen: big show this morning, joining the conversation real clear politics, tom bevin and jackie deangeles, jon hilsenrath. good to see you. we are already talking. you are always ahead, jon
hilsenrath. no, no. never. also on deck this morning fox news senior strategic analyst and retired four star general jack keane, at the bottom of the hour talking about iran, pesm congressman member of the house of judiciary commit yes and service's committee, former toys"r"us, former vice chairman, gary on china and consumer, fat brands international chairman ed ramsey is here. saturday night live alumni talking about eddy murphy, right now checking on futures this morning, losses slight on the dow futures down 7 points after major turnaround in the markets yesterday as cooler heads, calmer heads prevailing in the trade fight between united states and china yesterday.
president trump softening his stance toward china after announcing new heightened tariffs on friday saying yesterday at g7 saying he sees a trade deal happening. >> china wants to mick a deal, now, whether we make a deal, has to be great deal for us you know, i tell this to president xi who i really respect, i said, look, you're starting up here and you're making 500 billion-dollar a year and stealing our intellectual property, we are down in the floor, lower than the floor, 50/50, this has to be deal that's better for us, if it's not better, let's not do business together. i raise and he raises, we have to catch up, we have to balance our trading relationship at least to an extent. they were unwilling to do that.
it's going to happen. dagen: president said u.s. representatives had two phone calls with chinese officials about restarting trade talks but china foreign ministry say it's not aware of any, did they call, did we talk on the phone, jon, what do you make of it? jon: the real problem for markets right now isn't the tariffs so much where thet it'st all, it's the uncertainty that what's going to be the cost of doing business a year or two year, 5 years, 10 years down the road. you know, if the president just said we are done talking, we tried, it's over, we are will leave the tariffs in place and i'm done, i think the market would rally on that because at least executives would have cost of business doing forward. this back and forth and back and forth, you can see it on in the market every day, it's not helpful for someone to plan out how to do business in the long
run. dagen: it's the nature of the presidency, it's not something that's happening behind the scenes, again, you get a tweet that it was the tweet and then the declaration of china as a currency man nippulater in -- manipulator starting the beginning of the month and some of them delayed until december. the fact that these negotiations and these grenades are happening -- >> last week's tweet about hereby looking for other places to do business, legal possibilities of something like that are in question. you would think that in a different environment you would think before putting it out there. dagen: i spent the weekend of reading about economic power's
action of 1977. [laughter] that's where a lot of people were and things seemed to calm down saturday and sunday. >> how much more can the market take today even though it's closed, a barrage of tweeting coming out, it's had not come to the table before president trump up the stakes,le and he's reallg the market through the ringer, but if it works strategically, all of a sudden they want a peaceful resolution to all of this, perhaps there was a method to the madness. dagen: voters are not -- voters are slightly different than investors and that's what president trump and the campaign are focused on, the article, jon, in the wall street journal, i want to get your reaction that trump is gambling that the china trade war will pay off in 2020.
if you look at the gallup polling from a short while ago, 62%, to 32% believe china has unfair trade practices. they see this as a winning issue, he can't just step away and do kind of a half deal, if you will. they will keep pushing it until china changes its practices on stealing intellectual property. jon: that -- >> that clip that we played, 80% of folks around the country believe, even donald trump critics believe that that's the case. the problem is with the style and -- and the tactics, right, the imposition of tariffs, the pulling back, calling xi an enemy and now he's a great man, it plays out publicly on twitter and elsewhere and so it is causing a lot of congestion -- i'm sorry anxiety among voters,
trump supporters, farmers in the midwest. jon: we talked about how this plays with investors and plays with the market, i think what matters how is it playing in board rooms and executive suits because the way the rebounds back on the president negatively if it does, if companies start saying, i don't -- i can't invest more in this environment or i don't want to increase my hiring when there's so much uncertainty, then it starts to affect the economy and potentially hurts the president, so i think it plays both ways and the real important thing to watch over the next few months is how is it playing out in board rooms, their uncertainty result in less investment. >> just really quickly, i will point out in campaign trail, elizabeth warren would say i don't believe in fighting the trade war by a tweet, i'm paraphrasing, but she and bernie sanders kind of agree with the president on taking on china.
so this can't -- based in a corner and can't win on the issue essentially because they do agree with the president. >> they will say stylistically they would do it differently. to jon's point, china is suffering, their economy is suffering, but our economy is doing great, everything is great, the more pressure we put on china, the tougher it is for their economy and the more chance we have being connected globally of suffering a slowdown possibly tipping into a recession here in america -- jon: the leverage here is all playing out economically, on the one hand we know china is suffering leverage that the u.s. has on china, on the other hand, they know there's an election coming up, if they can shet short-term economic pain out of this, that helps their case, so it's a long-term versus short-term pain. dagen: we will talk about the china pain, i want to turn to johnson & johnson, major
decision yesterday, the pharmaceutical giant has been ordered to pay more than half a billion dollars in the oklahoma opioid crisis, we will get that $572 million, the state has been seeking as much as $17 billion, billion, to fight the opioid crisis but instead 572 million, johnson & johnson planning to appeal, oklahoma was the first of hundreds of caseses looking to hold drug makers, retail pharmacy chains and distributors accountable, the judge wrote j&j is eminent danger. [inaudible]
products they created but for the way it marketed them, i think this is a long story of volatility that we will see in medical care companies like johnson & johnson and pharmaceuticals over what responsibility they claim. by the way, there's a china angle on this too, people think china sending fentanyl to the states. dagen: passes settlements by two other companies reached in run-up to the trial, 270 million and then agree today pay 85 million, but, again, the next step could be if you're not johnson & johnson you may want to be tempted to settle? >> i think it was a landmark ruling in some ways, they were going after 17 billion and the charge ed them with 572 million, the stock is trading higher, it
starts this sort of slippery slope if you will to pin liabilities on the companies, the opioid crisis is a crisis and a lot of people involved in it. there's, you know, potentially with doctors and prescribers, a lot of people that you can point the finger at besides johnson & johnson and pharmaceutical companies. dagen: this was based on public nuisance laws in this ruling as it pertains to the oklahoma case exclusively on the public nuisance laws, they vary from state to state. jon: there's a question of whether this is going to hurt small pharmaceutical companies and whether our access to improving drugs is -- is going to be diminished by the rulings, so many fa credits of this, important story to follow. dagen: also talk about personal responsibility in all of this
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washington post is now reporting some surveillance video outside of the jail cell where epstein hung himself is unusable but it's not unclear why that is at this point. well, we are learning more about the business dealings with former nissan chairman carlos goshn, ran technology firm from executives, one of nissan's partners, the operation which was only known to a few people as important details as to most serious criminal charge against, goshn continues to deny any wrongdoing. there's boeing, boeing facing lawsuit over 737 jet, russian aircraft group accusing boeing of breach of contact and withholding information from safety inspectors, a result of quote of negligent actions and order for jets to be canceled and max has been grounded since
march. and long live the bbd, netflix may be king of streaming service but disk groups, not dead yet, shipped 5 billion, this is 21 years after delivers began, 2.4 subscribers, dagen, someone told me to get rid of disk player and i said, no, i might still need it, maybe i'm old and school, i don't know. dagen: you don't know need your disk player. [laughter] dagen: i think my brother still has one to have giant laser disk player, the giant disk player. >> okay. [laughter] cheryl: i can't find my calculator, thank you very much. dagen: really nice turn-table, what are you talking about, jon?
jon: you're saying get rid of the dvd. dagen: you can't give up -- jon: i should have kept my mouth shut. dagen: that's okay, thank you, cheryl, hong kong unrest, leaders starting a dialogue with protestors who aren't budging on demands, the latest fun fact: 1 in 4 of us millennials have debt we might die with. and most of that debt is actually from credit cards.
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ticking up slightly as mortgage rates fall to multiyear lows, joining us managing director jeff taylor, jeff, what does the road ahead look like for housing? >> good morning, when we came into this year predicting $1.6 trillion year, right now as we sit here potentially $2.4 trillion market this year. that's 50% more than we came in year looking like, if you also take a look where interest rates are now, 3.7% on the 30-year fix and 10-year is 1.5, right now everything that was originated in 2018, if you're a consumer, you can refinance that loan and probably pick up an entire percent on mortgage rate reducing the monthly payment by about 10%, it's incredible time for housing market if you're a lender and if you're a borrower right now first time to make first purchase or buy a house.
jon: you know there was a lot of talk a few years ago about how millennials we wanted to stay out in big cities and be in suburbs, are you seeing movement, i'm asking this in part because i live in suburb, are you seeing any movement out in suburbs or is it in big cities? >> you're in luck, you will see movement in suburbs, what people are realizing they can afford a house what they want in suburbs, also working remote, working from home or wherever you are, that's much more in trend, large companies and small companies are offering, if you get the ability to get the house that they want and work remote and so that's going to actually provide for -- how they continue. dagen: u.s.-china trade tensions could rattle the markets, what do you expect in terms of supply and especially new home supply?
>> great question, starters new home sales 10% of the market every single year, so home builders have double-edge sword, they have a great demand but yet their supply chain comes globally, a lot from china and other place where is tariffs are, how do you gauge what the house is going to be, that's the moving target that we are dealing with right now. it's had great runway ahead of them right now, it matter the price point where you're going build the house at 200 or 250. >> people are taking advantage of that rate with respect to mortgages they already have but not necessarily new buyers getting into the market. >> look at the space, you do see people refinancing homes they have 4.7 million houses that were bought last year, such a
huge part to the market, on the purchase side you have double-edge sword. you're currently renting and want to buy, buyer's market, if you have to sell your house first, most have to and buy a new house, you sort of have finding and when you can you sell your house and what can you buy in the marketplace, that's what the sentiment is towards refinance, again, we are all-time refinance highs right now over the last 3 years. dagen: thanks for being here, jeff taylor. >> thank you for having me. dagen: tropical storm doria threatening to become hurricane, getting political, taylor swift calls out washington, that's next.
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hong kong's leader says no need for china to step in, her ad dorian, first atlantic hurricane of the season, look at latest path up next. we will tell you how. and mtv music video awards, taylor swift getting political on stage calling out president trump, more highlights. u.s.-iran tensions, iranian president rouhani says iran has no intention of talking to the
u.s. unless sanctions are lifted . the sanctions are absolutely hurting them horribly. we can't let them have a nuclear weapon. i think that there's a really good chance. >> retired four-star general fox news senior strategic analyst general jack keane, general, is there any way that the u.s. would lift the sanctions in order to just have talks with iran? >> absolutely not. i mean, this is -- this is the tactical mistake that the previous administration made with the iranians when they wanted to sit down and talk about 3 things, nuclear weapons, ballistic missiles and iran's behavior aggressive iran behavior in the region, iran said we will only talk if -- if what's on the table is only nuclear missiles and we agreed
to that and from that point on the talks never went to the right direction. this administration is too savvy for that, we will not give up on the one leverage, dagen, that we have which is -- which are the sanctions. iranians are back on the heels, president trump is on driver seat and all he needs to do is have patience and resolve and iranians will come to them without preconditions on the table. dagen: at what point do iranians come to the united states and i will point out this is a note from the intur -- euro asia group, the idea of sitting down, president trump and rouhani sitting down. said that's part of what's going on here. >> the supreme leader call it is shots here, rouhani in less than
24 hours, less than that had agree today meet with the president and once it got to supreme leader, like this has happened in the past, he rejected, he's the key actor and player here to be sure and iranians, listen, this is the toughest adversary we are dealing with, russia, china, north korea, it is the iranians, since 1979 they have never ever changed their objective, dominated control of the middle east, acquired nuclear weapons, all that of the expense of the united states and allies and killed as many of us as possible to put us in the right direction and they have been steady about that for all of these years, so they are focused, we have to hang tough with them, we cannot be given in certainly. dagen: no more money. by the way, this story just broke on the wall street journal website, the u.s. reported looking to initiate direct talks with the iran-backed hooty
forces in yemen, the trump administration wants to push saudi arabia in taking part in these negotiation, it put this in perspective with what is happening with iran, is this trying to take some power with iran by initiating negotiations, general? >> well, we must have information that the public isn't privy too in terms of intelligence, where the houthis in their own mind, we may have some insights to that and i do think that getting key actors in the region involved here, saudi arabia, uae and the houthis themselves, remember the for audience, houthis are friendly to the united states and to our allies in the region and every single weapon that they are firing is provided to them by the iranians, when they shoot down a drone, when they fired at
oil infrastructure in saudi arabia, that's provided by the iranians, they will be in the backseat to be sure and the hoot -- houthis and something of significant proportion and if we can get the fighting stopped and get medical assistance and reduce famine that's a huge step. dagen: the violence stiming from the demonstrations could lead to police crack-down, listen to this. >> starting dialing doesn't mean that we will -- if violence continues, the only thing that we should is to send violence to
law enforcement actions. dagen: also saying there's no need for beijing to intervene, general, where do we go from here or where does hong kong go from here? >> well, first of all, beijing has intervened, lam is a figure head now, they are calling the shots, communist chinese party advisers around her, the police officials in hong kong, the hong kong police officials now have communist chinese police advisers involved in population control around them, the ccp is calling the shots here and they -- this is the problem of regime, they don't want to show any weakness, to their mind, sitting down with protestors and trying to work out a deal given some of their requests, what do they really want? officially withdraw extradition
legislation, let's deal those arrested for committing a crime by participating in riots and minimum 8 year sentence to it and let's talk about universal suffrage for officials inside of hong kong, those are the demands, they are not unreasonable but they are for an authoritarian regime. this is going to continue, dagen. dagen: pleasure and honor, tropical storm dorian barreling through the caribbean overnight. cheryl: puerto rico has declared state of emergency now because dorian could turn into a cat 1 hurricane today, several royal caribbean cruises have changed course at this point, winds measuring at 50 miles per hour, starting to get pictures as you can see of dorian. well, facebook, reportedly testing a new messaging app that would be used on instagram,
according to the verge, thread, many snapchats possible features, the thread designed to work close friends list on instagram. for the first time ever, the mtv music awards took over new jersey, taylor swift, cardi b, knockout performance of her hit truth hurts and then missy elliot takes up video and long-time achievement award, shout-out to influencers, madonna and janet jackson, the night didn't go without political pitch. >> at the end of the video there was a petition and there is a petition -- [cheers and applause] >> basically just said that we all have equal rights under the law and -- [cheers and applause]
>> half a million signatures with -- [cheers and applause] >> 5 times the amount that it would need to warrant a response from the white house. [cheers and applause] cheryl: actress and rapper french montana to address the immigration debate, dagen, musical performances but you have to wonder if that's why major show award ratings keep going down every year. dagen: i actually cried during ce, it was just so fantastic and it's about finding strength in yourself. other people don't acknowledge that. i loved it. cheryl: good. [laughter] dagen: i guess we can show that on morning tv.
dagen: headlines across america this morning, 3 employees surrender in nursing home, hurricane irma knocked out the air-condition and workers scrambled for days to keep residents cool, 12 people died in heat, 3 workers face manslaughter charges. the chicago tribune writes this, teacher's union regrets new contract proposals setting clock for possible strike, mayor counters money on the table, students heading back to school next week but maybe not the teachers, chicago teachers rejected latest offer from the city meaning they are close to striking. 3 design teams proposed la brea
revamp, a mammoth family can keep at home, revamp the famous la brea, a giant sloth. you're looking at me. >> no, no, look, being from chicago and rahm emmanuel thought teachers union and lost repeatedly, it was particular sore spot. looks like we are heading towards teacher strike. dagen: coming up mission canceled, spacex stopped launch of star hopper rocket at the last second, what went wrong, plus the sports betting business, how landscape is
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dagen: welcome back, sports gambling transforming the gaming industry in new jersey, the country's first digital 24/7 gambling network open for business at the racetrack, maria sat down with the two men who made it happen. maria: sports grid announcing this multiyear agreement with meadow here with jack and lou to talk more about that. so you're launching sports grid this week, tell us what to
expect? >> 18 hours of live content coming on a daily basis, coverage, news, opinion, we are excited. maria: what i love about it is the analysis about it. giving people the edge, so, jack, let me ask you, you have a gold mine here at the meadow lands, you've been sitting on this for a long time, why did you agree with the multiyear agreement with sports grid, what was the track this week? >> great salesman and convinced me of the idea of having content and 24-hour source and there's no question that sports betting is infancy right now. maria: he's going to be bringing people in? >> yeah, he will be bringing people in and people want information, who is hurt, which team does better, you know, at home, which team does better on the road, how do they match up, a lot of data that goes into it and you have people who really
are professionals, they can bet a lot of money, so like wall street, really, you have people who are analyzing data all day and then coming to conclusions, that's what you need from our business. maria: you came from wall street? >> that's right. maria: and then gaming industry. tell us how you started with partnering with fanduel. >> i started few years ago that it was going to be legal not just from federal standpoint but in the states and doing that i know content is king, whether financial world or sports world, content is king. think the players are your stock, think the teams are etf's, we look at it from that perspective.
we make sure the odds work in the favor of the gambler and give them as much information as possible to make them successful. maria: he said to me, the way you reach young people is take -- make sure they understand who the players are, those are the stars, they connect with people. so in terms of sports and what you think most people want to see, they want to see analysis of the players. >> yeah, so jeff and i talk about this all of the time, back when we were younger everybody was about their team, it's only about the team, now for the player, about the player and all about the players so, you know, players are moving, think of the nba, 15 teams that are going to compete, why, they are moving everybody around and back in the old days the team would stay -- think derek jeter, without that data, without knowing how this person plays with this person how would you be able to bet,
it's not the same team anymore, it's always changing and in ever-changing market we have to be there first and report on the news. maria: obviously the idea that new jersey went legal in terms of gambling was the opening of the door for you here, tell me how big of a deal that was for you, jeff. >> saved the day, you know, i was losing a lot of money. i expected -- i'm a racing guy, when governor christy announced he was going to close the place it was shocking for everybody, it would have destroyed racing and horse racing in new jersey and fortunately was able to persuade legislature, the governor to do this which truthfully make no sense. why can somebody be legal in nevada and be illegal in new jersey. the opposition was the leagues, mainly the nfl and they are going to make a fortune by
losing and this may be the only time in history that somebody, group of people are litgaiting something and they didn't win and now we are where we are and obviously we have a great location. maria: you are you in terms of the competitiveness with las vegas right now? >> number one sports in the world, $500 million this year and people tell me it's just the beginning, i don't know. $500 million, i believe the biggest does 300 million. in one year we surpassed a lot, a company that's been in vegas for a long time. dagen: later in the show maria takes firsthand look in sports betting network in meadow lands,
democrats break short-term spending bill to fund the government. early autumn, early pumpkin spice latte next hour on new -- mornings with maria i'm worried about my parents' retirement. oh, don't worry. voya helps them to and through retirement... ...dealing with today's expenses... ...like college... ...while helping plan, invest and protect for the future. so they'll be okay... without me? um... and when we knock out this wall imagine the closet space? yes! oh hey, son. yeah, i think they'll be fine. voya. helping you to and through retirement.
fun fact: 1 in 4 of us millennials have debt we might die with. and most of that debt is actually from credit cards. it's just not right. but with sofi, you can get your credit cards right - by consolidating your credit card debt into one monthly payment. you can get your interest rate right - by locking in a fixed low rate today. and you can get your money right. with sofi. check your rate in 2 minutes or less. get a no-fee personal loan up to $100k. dagen: good morning. i'm dagen mcdowell, in for maria bartiromo. it's tuesday, august 27th. your top stories 7:00 a.m. eastern. markets searching for direction after uncertainty over china trade talks, futures losing steam after china said it hopes the u.s. can create conditions for trade talks. we have an 11 point loss on the dow futures, this after president trump said china wanted to come to the table which sparked a major rally in
the markets in the u.s. yesterday, a 269 point gain on the dow yesterday. 1% to the plus side on all three major market gauges in the us. taking on global market action, the english market, the british market open for business after being closed monday. the ftse 100 lower there, gains in france and germany. in asia overnight -- in asia overnight, mostly higher, after renewed hopes of a u.s.-china trade deal, he except for the hang seng, which fell ever so slightly. historic ruling, a judge holding johnson & johnson responsible for the opioid crisis in oklahoma, ordering the company to pay $572 million. but again, the possibility was $17 billion, that's why you see the stock heading higher. we break down this complicated ruling and what it means for other drug companies and j & j in the months and years ahead.
border battle goes to the courts, more than one dozen states over the plans to detain migrant children and families longer than the flores rule allows. current rule, 20 days. spacex launch aborted at the last second. why the giant star hopper rocket didn't leave the ground. pumpkin drinks returning to starbucks today. you can get the pumpkin spice latte but there's a new beverage this year and we will have it here on the set. here to break it all down with me, real clear politics co-founder and president, tom bevins, jackie deangeles and senior writer at the wall street journal, goajohnhilsenrath. i have a message from one of your family members but we'll wait for that. >> we'll tease it now. dagen: there's so many important stories to discuss, including the opioid ruling and what it means down the road. there are 2,000 municipalities that have sued opioid makers and
distributors. this is the beginning of what will be a long -- >> big case in oklahoma. there's another one coming up next in ohio and who knows how many plaintiff cases there will be following that from actual casualties of the opioid crisis. dagen: we have an attorney here who will be talking about it in a short while. also coming up this morning, former toys r us and hbc ceo jerry storch will be here. as well as ed rensey, as well as financial expert, chris hogan on student debt and the scams that people are trying to work on former students and "saturday night live" alum, joe piscopo, eddie murphy coming back to host, what does mr. piscopo have to say. the budget battle, democrats eyeing a short-term spending bill to testimony prai temporare
government. there are three workweeks for congress to reach an agreement before september 30th. joining us now, pennsylvania congressman, guy reshenthaler. good to see you. talk about what could happen and what should happen in september. >> dagen, thanks for having he me on. i appreciate it. with the budget, we have to remember that the senate was acting responsibly and they were waiting for the topline number, the entire budget. the house democrats were passing fantasy wish lists with their appropriations bills. i think ultimately we'll avoid a government shutdown because we all know we have a responsibility to fund the government. i just wish this could have been done ahead of time instead of waiting for the last three weeks of session. dagen: tom? >> congressman, as you sit there we've got the u.s. debt on the screen and it's cranking up pretty quickly. deficits topping a trillion dollars.
this used be a hard core republican issue, fiscal sanity. what's going on in the republican caucus? how are folks feeling about where the debt and deficit currently stand? >> right. i can tell you that's an issue that comes up all the time in conversation. we've got to do something about the nondiscretionary spending that is just growing exponentially. until we solve that, we're going to have a problem with our deficits. but we've got to remember, that we can't necessarily cut our way out of this deficit. we've got to grow our way out of it. we only grow the economy by cutting taxes and reducing regulations, that's what we should focus on. >> congressman, you talk about growing our way out of the deficit. we a achieved near 3% growth last year and the deficit is nearing a trillion dollars. so how do you explain why we've gotten better growth and the deficit is only getting bigger? >> right. well, of course you do have to do something about nondiscretionary spending, but we can be doing better with the economy. if we make the tax cuts
permanent, if w regulation, we can grow the economy even more. we have got to win this trade war with china. if we win the trade war with china, that will also help the economy. dagen: what is winning? >> well, winning is making sure that china is not dumping steel and aluminum into u.s. markets. that's crushed a lot of these industries in southwestern pennsylvania. we have to make sure that china isn't stealing our intellectual property which is going on. we've got to hold them accountable and they have got to stop acting as rogue players on the international stage. they've got to abide by the wto agreements. they've got to honor their commitments that they've made with us in former trade agreements. >> congressman, our trade deficit with china is actually increasing in spite of the fact we put tariffs in place. so are we losing? >> no. so there is going to be some short-term pain and everybody knows this. this is a trade war. we've got to look at the long term. we've got to make sure that
china stops exploiting u.s. companies, make sure they stop stealing our intellectual property. we've got to hold them accountable. we've got to remember that for decades other presidents have just let china run amuck and finally president trump is doing something about it and he's standing up to hold them accountable. >> he is doing something about it but even if we do get a paper deal, how do you actually ensure that in practice china sticks to that deal? that's the biggest sticking point for a lot of people that are looking at this. >> right. well, there has to be enforcement mechanism with whatever deal we do. we have to remember that china w tt when presidentble. trump says that he's going to have tariffs, that there's tariffs. again, that's bringing them to the table, forcing them to negotiate and hopefully we can get good terms here. i can tell you a that in southwestern pennsylvania, we've got to do something to help our industry such as steel, aluminum and so forth because we cannot compete in the decades ahead if kentuckiana keeps cheating. dagen: you had steel and aluminum tariffs out of the administration. did that help? >> it has helped.
it's helped. i talked to a lot of folks here, a lot of folks in factories, i can tell you they are cautiously optimistic with these tariffs, that they're going to be able to compete on a level playing field. that's all they're asking for is a level playing field. they don't want dumping of steel and aluminum in the u.s. market which cripples this sector of the economy. dagen: it hurts manufacturers that use steel and aluminum because of increased prices. i forgot how many jobs have been shed in the automobile manufacturing sector in the united states this year. i think it's -- i'm guessing, i think it's 16,000 jobs have been lost. >> well, dagen, look, i'm a free trade guy. you i also want our trading partners to act fairly and they're not. i've heard horror stories of business that's have had intellectual property stolen from them. so we just want china to be accountable. we want them to be a fair player. and again, thankfully president trump is holding china accountable. dagen: i want to move onthe
flores agreement, facing backlash now. 19 states plus the district of columbia suing the trump administration over the proposal to overhaul the settlement that limits the amount of time that migrant families can be detained. congressman, you represent pennsylvania. one of the 19 states backing this lawsuit. what say you? >> well, i was at the border a few months ago. led a bipartisan group to the border. i can tell you what i saw there really troubled me. the flores decision, which says that you have to release somebody, that an illegal immigrant that has a minor accompanying him or her 20 days, has completely devastated the immigration system. we have to end the flores loophole. it's creating a pre verse incentive for illegal immigrants to take a child that's not related to them, take them across the dangerous journey and bring them in illegally to the united states and after 20 days the illegal immigrant is released into the interior of the country and the child,
sadly, is returned to the coyotes, the smugglers, the cartels and recycled to make the dangerous pro process over agai. we have to do something to stop this and we have to do something to secure our southern border. dagen: good to see you. thank you for joining us. coming up, johnson & johnson and the landmark decision, the oklahoma judge ruling that -- finding that the pharmaceutical giant directly responsible for the opioid crisis. how j & j is fighting back. plus, launch delayed, why spacex's star hopper is still on the ground and when the company will try again, next. ♪ -and...that's your basic three-point turn. -[ scoffs ] if you say so.
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dagen: tensions flairing between china and australia after chaff arrests an australian writer on spy charges. cheryl casone with the details. cheryl: dagen, yang hung ju is a chinese born blogger and spy novelist who once worked for the china government. since moving to australia he has been critical of the communist party. he was detained in china while visiting with his wife. if convicted, he could face 10 years in prison. spacex launch aborted, less than one second before liftoff. the star hopper test was called off, spacex founder elon musk said there were issues with device that's light up the rocket's engine. they plan to try again today. this would be the final launch of the experimental rocket. we should add, this is where the windows may be t shattering around the neighborhood close to this. starbucks' pumpkin spice lattes
are hitting menus starting today. the company released a pumpkin cream cold brew. this is the first new pumpkin beverage they've put out in 16 years. get this crazy story. a new survey shows how dedicated pumpkin spice people are as i fall on my chair. when asked what people would do to get pumpkin spice for life, 30% said they would sit in traffic for two hours a day, 35% would name their child pumpkin spice. we've got the new pumpkin spice latte'lalattes here. john has the new cold brew. i've got it as well. dagen, yours is dairy free. 41% said they would give up alcohol if they could have pumpkin spice every day. dagen: they're definitely lying. i want to say something, john.
some years ago we were discussing pumpkin spice lattes about this time of year. on this show. and john's brother craig has been giving him a hard time about drinking pumpkin spice lattes ever since then. i can just say, craig, john might have one in front of him but that doesn't mean he drinks them. i don't know why that would be something to basically throw shade about. >> i'm a latte drinker. there's just no pumpkin spice in it. that's something i wanted to clarify. dagen: there is no shame in drinking pumpkin spice. cheryl: i think it's great. i miss the pumpkin spice scones. let me call star. dagen: i don't understand the phenomenon of it. i don't understand. i really, truly don't understand the a allure of the pumpkin spice. it's fine. but it's not -- i would be more obsessed with like, i don't know, halloween candy or
something like that. cheryl: for companies like starbucks and dunkin, they've had incredible sales success. dagen: the shamrock shake, right. pumpkin spice, shamrock shake. >> they remind you of fall. the irony is it's august and we've got the pumpkin spice. >> that's probably why they have the cold brew. i'm not -- i'm just drinking my straight latte. dagen: you're going to leave that untouched. >> i'm going to stare a. cheryl: send it down this. dagen: how about iced espresso, nothing in it, just iced espresso, if you want the back of your head to explode. thank you, cheryl. by the way, you see what cheryl did when she sat down? these chairs are too low. cheryl: i totally fell. i kept reading, that was the trick, so, you know -- >> that's a skill.
dagen: we're here to help you up, always. cheryl: thank you. dagen: u.s.-china trade uncertainty, markets reacting after china shed doubts on restarting negotiations. plus, the johnson & johnson ruling. >> we are disappointed and disagree with the judge's decision. we believe that it is flawed. dagen: a judge ordering the company to pay more than half a billion dollars for fueling the opioid crisis just in oklahoma. how the drug maker is fighting back, ahead. ♪ but i'm almost out that door. ♪ i'm a number away from calling you. ♪ i said i was through but i'm dying inside. ♪ got my head in a mess. ♪ girl i confess. ♪ fun fact:
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dagen: u.s.-china trade, we're looking at modest gains at the open, picking up steam, 41 point gain on the dow futures at the moment, this comes after president trump said china wants to make a trade deal but china's foreign ministry reiterating he doesn't know anything about phone calls between the u.s. and beijing on trade. this is how granular we've gotten. for the big picture, joining us now, portfolio wealth advisors president and cio, lee monson. how do you invest in this climate where we're literally arguing over whether phone calls were made or not? >> i know. the phantom phone calls. i think what you have to do, you have to think about this rationally. we're going to have to get a trade deal done with china. i think since we have the inverted yield curve a few weeks we've got about six more months of decent markets he despite the volatility. we know the fed is going to have to cut another 75 basis points before the end of the year. you look for opportunities where investors freak out on phone
calls that didn't happen because the reality is, we can't live without china and if you just look at some of the things in the news that people aren't looking at, like how we're not making them happy selling 60 plus f-16 to taiwan and how the pentagon said we can't just ditch china here, they provide us with all the active pharmaceutical ingredients that go into our prescription drugs in this country. so i think you've got to buy the weakness. dagen: john? >> lee, can you talk a little about the profit outlook. we've talked so much over the last few weeks about the economy is slowing down, there's a risk of a recession, et cetera, et cetera. how are companies doing? how are their profits holding up? are they going -- what's the outlook going into 2020? >> okay. this is the great setup of this march he get between now and the end of the year. so in january, after the big december debacle, we had estimates saying this calendar year profits were going to be
6.5% growth, right? as of a week or two ago, those are down 75%. the estimates for calendar year down to 1.5. so how i think the second half of the year is going to shape up, everybody knows it's weaker. small cap stocks, the estimates are down double digits. i think we're going to he see q3 and q4 surprise to the upside because we brought estimates down into negative growth territory. so again, it's about the consensus. it's about people's expectations. we're expecting debt. i think we're going to do better than death. that's going to move the market higher. again, we're finally seeing the effects of tariffs, especially in the industrials where it's hard for firms to really figure out how are we going to invest without certainty. >> you mentioned the fed and cutting, 75 basis points, do you really think that's realistic? >> i do. put it this way. the bond markets think it's realistic. i think for those who think it's going to be more, i think that's pie in the sky.
i think if we don't get 50 basis points by the end of the year i think it could really shake the market. again, this is a different fed than before. they're here to sweet talk markets and assure people that everything's going to be sunny. i think because of the trade war and the national security issues that go along with it, i think the fed has their back to the wall. they're going to have to cut or else this market's going to tank. >> you mentioned we will get a deal with china. were talking about with the election coming up, china playing the long game here, do you think we'll get a deal before president trump's re-election in november of next year? >> oh, yeah. nobody said it was going to be a good deal, though. i think the reality is, there's so much pressure to stop this tense negotiation that's going nowhere, i mean, we just had the president say stop doing business with china on friday and now he's dialing it back. the issue for investors is the perception of what kind of deal are we talking about. do i think it's going to be a strong deal that long term is
going to make markets stronger? i do not think that's going to happen before the election. are we going to having that puts lipstick on a pig and will assure people before we might hit a recession? highly likely. dagen: lee, thanks so much for that. good to see you. take care. coming up, a historic ruling, a judge holding johnson & johnson responsible for the opioid crisis in oklahoma. why shares of j & j are rising on the news. because it could have been much worse. a that stock up 2% in premarket trading. plus the booming business of spiked seltzer. one company hoping to give the industry a run for its money. stay with us. ♪ lonely heart calls. ♪ oh, i want to dance with somebody. ♪ i want to feel the heat with somebody. ♪ yeah, i want to dance with somebody. ♪ with somebody who loves me. ♪ (vo) the ant mindlessly marches on.
dagen: welcome back. i'm dagen mcdowell, in for maria bartiromo. it is tuesday, august 27th. your top stories at 7:30 a.m. eastern. an historic ruling, a judge holding johnson & johnson responsible for the opioid crisis in oklahoma, ordering the company to pay $572 million. the state was looking for $17 billion in claims to abate the public nuisance caused by the opioid addiction. shares of j & j are rising more than 2% on the news. again, this decision a much lower dollar amount than some were expecting. u.s.-china trade uncertainty, the focus shifting to phone calls, china's foreign ministry reiterating it's not aware of calls between beijing and the u.s. and saying it hopes the u.s. can stop its, quote, wrong actions. markets search for direction amid this fresh uncertainty over the trade talks. 35 point gain on the dow futures after a strong showing
yesterday. yesterday the markets up handsomely after president trump said china want todd come to the table, sparking a rally. you saw the gains of more than 1% on all three major market gauges here in the u.s. checking on global market action in europe, the ftse 100 is down slightly after the british stock market closed yesterday for a holiday. the french and german markets to the plus side. in asia overnight, similar story, markets mostly higher on renewed hopes of a u.s.-china trade deal. except for the hang seng in hong kong which was down slightly. tropical storm dorian, it could become the first at lain lain -t atlantic hurricane of the season. eddie murphy is coming back to "saturday night live," hosting the show for the first time since 1984. look at that photo. if you can he see it, joe piscopo and eddie murphy. joe piscopo will weigh in on the comedian's big return to the
show that made them both famous. to our top story this half hour, johnson & johnson ordered to pay $572 million in the oklahoma opioid case. the state had been seeking as much as $17 billion. johnson & johnson planning to appeal the decision. oklahoma's case was the first of hundreds to go to trial, looking to hold drug makers, pharmacy chains and distributors accountable for opioid abuse. the judge ruling that j & j launched a misleading marketing campaign to convince the public that opioids posed little addiction risk. >> the opioid crisis is an imminent danger and menace. my judgment includes finding of facts and conclusions of law that the state met its burden that the defendants, jansen and johnson & johnson's misleading marketing and promotion of opioids created a nuisance as he
defined by 500s, section one. including the finding that those actions compromise the health and safety of thousands. dagen: joining us now, criminal defense attorney, former new jersey prosecutor and former new jersey detective and officer, anthony hope. much to talk about in this decision. what is your initial take-away? >> it's the first time a case like this has come before the court and normally in civil matters, which i do a lot of civil work, in civil matters you're sue forg suing for a cere of action and you want damages for pain and suffering, lost wages, whatever it may be. here's a unique situation where the attorney general decided to sue johnson & johnson under a nuisance statute in oklahoma. and the nuisance statutes are normally what people would think somebody is invading your property, somebody's causing you a problem, there's annoyance, harassment. it was expanded in this instance.
under the statute, which is very broad in oklahoma, it appears as if they had a legal right to do so and the judge agreed with them. but it certainly was unique to bring it under the circumstances. they weren't looking for money for individuals or looking for money for lost wages or suffering, pain and suffering. what they want is an abatement plan. they want to be able to try to reverse the effects of what they believe was unfair marketing and aggressive marketing and down-playing the significance of the opioids. down-playing the addiction factor and trying to suggest that somehow opioids, which were originally intended for short-term, chronic, malignant pain, is no now okay for long-tm pain. that was never the situation. that started around 1997, the whole labeling just changed course and it's caused a great deal of addictions. >> where are the plaintiffs in this case? where are the victims suing the company for some kind of compensation for pain and
suffering? are they next? are they coming down the road? >> one might think that. right now, the attorney general sued on behalf of the community at large. >> what about the individuals and the class action suits that you usually see? >> you usually do that but not in this instance. something may follow. i think what was going to be determined here, is this going to follow the tobacco litigation of years ago or was it going to fall by the wayside with the gun lawsuits where people tried to sue manufacturers of guns because they were killing people. so this i think is now clearly smack in the middle of what the tobacco lawsuits were years ago. i think it's just the very beginning of this. dagen: to john's point, in this decision, this is a one year abatement. i think the state was looking for a 20 year abatement. this is a money grab, a port grab by the state and how is this going to help people who are ad addicted to opioids in tt state? we can get into the nuances of this nuisance law but just
continue, because this on the surface looks like just a classic government money grab where people who actually are suffering or suffered don't get anything. >> well, that's a great point. and i think the victims aren't going to be addressed the way they should have. and this is a situation where i'm not sure why the judge didn't give them more and didn't extend it for five, 10 years. his position was that he didn't feel there was enough evidence to support that and to be confident that they needed it for longer. so he gave it to them for one year. there's a host of programs, juvenile programs, addiction programs, medical care, treatment, advertising, everything that tried to remediate the effects of the pharmaceutical companies putting out false and misleading advertising. dagen: before i goa get to jac, i'll point out that johnson & johnson's opioids including a patch and pill constitute less than 1% of oklahoma's
prescription opioid market. so 1% of the march he get there and you get hit with a judgment north of half a billion dollars. jackie. >> i just was wondering what you think the chances are for success on appeal here? i think that's a big piece of this story too. >> i think first it's going to be appealed to the appellate court and we'll see what they say about, whether this nuisance law applies to these circumstances. and johnson & johnson is clearly in the fight. i don't think they're going to give up. so it may be something that ultimately once the state remedies or exhausts it, they may go federal. ultimately it may be a supreme court decision that has to be made on this. >> do you expect to he see, now they they've used the public nuisance law, do you expect to see other states, other all atty generals follow? >> it's certainly unique. if the other states have a nuisance law that is as broad-based as oklahoma, i think they're on solid ground to do so. dagen: that raises the issue -- i want to get to the wall street journal editorial board piece
out, an editorial on the j & j case, entitled an oklahoma opioid stickup. it says this in part, the ruling will be cheered by everyone who wants a scapegoat for the scourge of addiction. it could have larger and dangerous consequences by opening a vast raw ren arena fot liability suits. they're talking about the nuisance suit. they were tried to be used against oil companies. this is part of what the journal is discussing in this piece. >> i think this is very different. it really is. this is a situation where the drug itself has an add dick testify an addictive quality that is being downsplayed. if you use the drug as intended,
for chronic, short-term pain or chronic malignant pain, cancer patients, people coming to the end of their life, the drug has a base and point for being here. there's no question. what they did was they expanded the purpose of the drug and it's not -- the effect of the drug is minimized over time. it becomes more ad addictive. it doesn't have the short-term effect it was intended for. i clearly see misleading in advertising that caused people to be addicted. are doctors responsible as well? are other people responsible? i don't disagree. dagen: from a legal per spec perspective, like most of the opioid plaintiffs, mr. hunter -- the jury mal journal writes abo, the state of oklahoma can't draw a clear line between doctors who relied on the alleged misrepresentations and the actual injuries suffered by
victims. they can't connect those two. and didn't have to, based on using this nuisance statute. >> they didn't have to. there were doctors that testified during the lawsuit that the reason they used the drugs for more people was because of the advertising, because what the representatives of the drug companies were telling them. that listen, they're overstateing the addictive effects. this is really something that should be used for chronic pain and people in this country are not being given the medication they need when they have this chronic pain. so the doctors accepted it on some level. i'm not saying they have no responsibility. but i think it's a very unique case and it's just the start. >> i want to come back to something i just don't get here. this is the government suing and in ohio we're going to see more government cases. why aren't individuals suing? where are they in this? >> 2?>> they can do this. there have been other class action sites. it takes private lawyers to get
involved, start a class action suit. >> are they lining up right now? >> i can't answer that question. i would think so. i would think based on this opinion, it's going to open the floodgates for that type of litigation, that's for sure. dagen: to john's point, 2,000 states and municipalities have sued opioid makers and distributors and there's two counties, a trial in cleveland, in ohio -- >> this was a republican attorney general in oklahoma and a red state, a lot of these cases have happened in red states. usually you think of republican as kind of being in opposition with plaintiff's attorneys and interference with american business. political boundaries are scrambled in this case. dagen: anthony, great to see you. thank you for being here. coming up, a former snl cast member, superstar, weighs in on another superstar. eddie murphy hosting the show again. and the booming business of spiked seltzer, one company breaking into the industry.
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♪ we are peachy keen. ♪ you are white. ♪ you are black and who cares. ♪ who cares, baby. dagen: that was a slip from "saturday night live" from 1982. eddie murphy as stevie wonder and our next guest as frank sinatra. this week "saturday night live" announced eddie murphy will be live from new york once again, hosting the show later this fall. this is his first time back hosting since 1984. joining me now, radio host, former "saturday night live" cast member, joe piscopo. it puts a smile on your face, my friend. >> dagen, i'm telling you, i still laugh. i can't believe it. you know what? we did things back then, back in -- what was the year you said? dagen: he '82. >> i ain't that old. come on, now. i don't know that we could do
that sketch now adays. so i'm excited that eddie's going back. this is huge news. dagen: what can we expect? he's not -- we can get into this. there were reports that eddie -- i'm using his first name as if i know him. i don't. eddie, mr. murphy, is in talks with netflix. $70 million was a number being thrown around for him to come back with a standup special. what can we expect from him, do you think? go >> i think it's long overyoue that eddie murphy comes back to the comedy scene. i have such respect and love. i can't be objective because he's one of the funniest guys. not before or since has there been anybody on the comedy scene that's as funny as eddie murphy. we've been so politically correct, oh, be careful, you can't say this or that, eddie is going do come on the scene with the netflix special, he goes on snl and he will push the
envelope and people will just be blown away by how far he can push it and dagen, it's about time. even on the radio here on am970, dagen, i have to watch what i say, i have to be careful what i say. god forbid i'm going to offend isn't maybe we can do ebony and ivory in the old age home. dagen: we're watching a clip of eddie murphy as james brown, about getting in the hot tub. i'm dating myself as well but this was when i never missed a minute of "saturday night live." that i would stay up late and these sketches, these routines are just burned into my memory forever. >> yeah, think about it, you were just a baby girl. he said i'm going to do james brown in a hot tub and we went what? he wanted to do mr. rogers, i'm going to do a street version of mr. rogers, called mr. robinson.
who's at the door. it was so funny. this is he'd department h eddie. he's goes i'm going to do buckwheat. i said to the great eddie murphy, that i'm great follow be a friend with and not to mention being able to work with and i said eddie, you can't do buckwheat, that's going to come across so racist. he said i'm doing it, man. this is going to be spectacular, dagen. dagen: he's badge i was looking at photos online, paparazzi shots from the set of "coming to america" the sequel that he's doing. cannot wait for that. i want a beverly hills cop reboot. let's bring back -- i'm not joking. because i think i own video cassettes, i have delirious and raw somewhere in a storage unit. >> did you watch it? he would walk -- i remember when
you were a kid, dagen mcdowell, and i was snl with eddie, the first thing i would say to my friend, eddie murphy, he was 19 years old at the time, check it out, whic i would say , there's kids watching and be careful on what you do. on snl we were a little careful. we pushed the envelope but we were kind of careful. but when he went on stage and he did those hbo specials or raw, i mean, raw he went way out and i think that he's going to even further this time around. dagen: i want to give a shout-out to my dear friend, rob bartlett. he was doing comedy in a group called the identical triplets with eddie murphy before "saturday night live." he met eddie at the white house comedy like venue out on long island. and if you look, there are pictures online and eddie was i think 18. so you want to talk about an incredible career. you too, my friend.
>> rob bartlett, i'm telling you something, is a comic genius as well, one of the funniest cats in the world. eddie came out of the long island comedy scene. i was on the west side. there were people on the east side, jerry seinfeld, out of the comic strip. i was at the improve says. eddie came out of nowhere. i met him on "saturday night live." he was 19. he was grounded. he was a great guy. he was down-to-earth. we've been best friends evers since. to me, with due respect to everybody working, eddie murphy, the king of comedy right there. it's going to be awesome on "saturday night live." dagen: awesome to see you, my friend. joe piscopo. >> thanks, dagen. always great to see you. and thank you. dagen: coming up, hard seltzer made in america, the founders of a you new company made in america here to talk about the extremely popular bubbly summer drink. ♪ i like it. ♪ i love it. ♪ i want some more of it. ♪ i try so hard. ♪ i can't rise above it.
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dagen: welcome back. made in america, head to any picnic, barbecue, bar, even the vmas, you know hard seltzer is the cocktail of the summer. beer, wine, mixed drinks, getting a run for their money. offering a healthy alternative, also takes great. joining me the founders of the company, two robbers, vi vicrimd vivik meyer. you come from the world of finance, now into this. how did you do it? >> we launched about two months
ago in philly. my brother and i are outsiders to the industry. we started looking at this can category about two years ago. really came a across it i think the way that most people do which is looking for healthier alternatives to beer. and i think a couple things were clear to us when we saw some of the bigger players out there. number one was really this category is going to be huge, it's going to take a huge amount of market share from beer. there's a ton of long-term potential, because it's low carb, low sugar. there's an opportunity to make something differentiated from some of the bigger brands that were out there, the biggest being white claw and truly. we spent a ton of time on our formula and our branding an and packaging to make something that stood out from the crowd. >> like he said, we started working on this about two years ago. i was actually in graduate school at the time and same thing, just saw the category had a ton of potential, decided to make the decision to drop out and pursue it full-time and kind
of been running with it sense then. dagen: is it hard distribution? >> yes, so distribution unlike most food and beverage categories for beer is regional. for us, we started by -- towards the end of 2018 we started having conversations with distributors in eastern pennsylvania and kind of locked in an agreement with a distributor out there. so since then, we've been selling in eastern pennsylvania, primarily the philadelphia region. for us, we're going to be launching in new jersey soon. we partnered with some distributors out there which we're excited about and working on moving to new york and western pennsylvania, pittsburgh area. >> why do you call it two robbers? >> i was going to ask that. >> true story. when i moved to philadelphia, my apartment was actually broken into twice within the first month of moving there which was -- dagen: that's not funny. >> it wasn't funny at the time and it was a bizarre experience to go through and as we thought about coming up with a name for
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dagen: good morning, i'm dagen mcdowell in for maria bartiromo, it's tuesday august 27th, your stop stories at 8:00 a.m. eastern, u.s. china trade uncertainty, back in the forefront, the focus now shifting to phone calls, china foreign ministry reiterating it is not aware of calls between beijing and the u.s., saying it hopes the u.s. can stop, quote, long action, markets search for direction with this uncertainty, 26-point gain on dow futures, last trading week of month, it's been a rough month for stocks coming up 4 weeks of losses in allow. this after president trump says that china wanted to come to the
table, sparked major rally, 269-point gain on the dow, checking the global market action this tuesday in europe you have gains in france, and germany, slight loss on ftse 100 in england. in asia, except for the hong kong dropping ever so slightly. and historic ruling, judge holding johnson & johnson responsible for opioid crisis in oklahoma, ordering to pay $572 million, why shares of johnson & johnson are rising. tropical storm dorian, first atlantic hurricane season.
path ahead. here to break it all down with me president tom bevin, jackie deangeles and jon hilsenrath. jon: i would think that that's -- dagen: i bet you dollars engineering. jon: that's a good one too. i didn't get my degree in journalism. >> jackie has a law degree. dagen: asking her for information, parking ticket i've got, thank you, we will get more from you guys in just a moment. former mcdonalds ceo ramsey, ramsey solutions craig hogan and stuart varney, you don't want to
miss any of the guests coming up. u.s. china trade in focus, president trump after announcing new heightened tariffs late friday, yesterday at g7 he discussed what is on the table. >> china wants to make a deal, now whether or not we make a deal, has to be a great deal for us. you know, and i tell this to president xi who i really respect, i really do have great respect and i like him too, tough guy, i told him strongly, look, you're starting up here and you're making 500 billion a year and stealing our intellectual property, we are down on the floor, lower than the floor, 50/50, this has to be a deal that is better for us. if it's not better, let's not do business together. i don't want to do business. that's the way i negotiate. dagen: joining me now former
toys"r"us and hbc ceo gary. gary, much to talk about the press conference yesterday but consumers are really finally going to start to see the tariffs september the first as tariffs kick in then and december the 15th, what do you think the impact would be? >> frankly not much and i know i may be outlier on that, consumers are fire, spending at record levels, you take a look at the size of the tariffs, it might impact consumers by a two tenths of 1%, not at all -- a lot. will impact retailers and businesses built independent upon cheap chinese sourcing, but the consumer overall doesn't add
to a lot when you look at spending. jon: when you talk to board members and executives, what do they tell you about how uncertainty of negotiations is playing out in their planning, is it a real problem for them or are they able to just kind of plan for 2020 as they would in any given year? >> it's totally situational, so most of the people you talk to will come on and speak about from their perspective which everyone does, it could be a company with specific business address, could be trade association, a lot of them complaining about all of this or could be politician who is trying to view this as a political issue on one side or the other of the aisle, but depending on your view of this, uncertainty is certainly bad for business and most business people can react to something, again, trade issues of this magnitude relatively well and, again, i want to be clear, because i don't want letters,
there are companies that built their whole business around sourcing parts from china and are moving quickly to move it. they just move there in the last decade, but could take a while for somebody to move, if you're one of those people you're very, very worried and you're not very much to do but bite it or eat it in the short-term. most people what we say don't be a victim, go do something, this reminds me of retailers that complain of bad weather, the strong ones don't. i noticed on recent earnings call you heard from home depot, yeah, the tariffs are real but we are negotiating, we are managing these. you're from nordstrom, this is an issue but will not material for us this year, strong retailers will find their way around this. some industries and some companies that are so dependent on china that this won't be a fast fix for them. dagen: i do want to point out
something too that we need to talk about impact of china and businesses in china, some of the rhetoric that you hear from president trump but there's real evidence that's hurting the country, a story fortune did overnight in last 24 hours, quarter of chinese production by global sportswear brand is lying idle and there's a real problem now because you're seeing shift by these very retailers here in the united states of -- of sourcing from other nations. >> management malpractice not to be searching for alternative. everybody is doing that. they are saying they are working aggressively to find alternative sources. you know, many of them are opening up -- heard stories of factories across the board in vietnam, this would be managed by the chinese but are coming
manufacturer right across the border, you'll see a lot of energy around moving production out of china and there's no doubt that it will hurt the chinese economy if that continues. >> if we can go back to consumer for a moment, tariffs are impacting the average household to the tune of $60,000 a year, i'm not minimizing how much that is to a lot of folks but at the same time i've spoken to a lot of folks who have said i'm willing to pay the 1.60 a day to win the trade war with china. >> so i haven't seen the reports from that study, i haven't read details of the study, it's confusing to me, i don't know. specifically talk about study, i've seen many studies that seen things multiply in effect of tariffs, if you take a look, $300 billion that would impact consumer most directly at 10%, do the math, $30 billion, the
majority of that is not this year when you take a look at where the numbers come. 127 million consumers in the u.s., so thousand dollars a consumer, a thousand dollars, that's $127 billion worth of impact which is many times the -- the total of the tariffs, doesn't make any sense to me. i think company -- what maybe missing from some of this is how rapidly rap -- capitalism adapts, in terms of the actual impact that we will see on the consumer and the economy, again, $35 billion worth of tariffs or $45 billion worth of tariffs is not a lot in 14 trillion $consumer economy, i want to be clear, individual businesses will be hit very hard by the
tariffs if they have no where else to go and can't move quickly. dagen: thank you for the insight, what a great discussion, we've learned a lot. come back soon. >> thank you. dagen: legal battle over immigration laws, blake berman at the white house with the latest. >> dagen, good morning to you, lawsuit just filed was widely anticipated attorneys generals from 19 different state as long with the district of colombia suing trump administration over new family detention proposal at its core here is the detention of immigrants who are caught along the southern border for longer than 20 days which had been the cap determined in the 1997 flores settlement agreement, california's javier becerra writing in lawsuit, detention of children and family and prison-like conditions will harm the mental and physical health of children and their parents, many of whom will ultimately be released to communities within the states.
>> we wish to protect them from irreputable harm which may be caused by the trump administration, detention which is unnecessary. >> now trump administration argue that is the flores settlement has led to increase flow of central american immigrants and new rule establishes standard of care and custody for children and families and will protect kids from human smugglers. the acting customs and border protection mark morgan is one of those named in the suit, he takes issue with labeling it as indefinite detention. >> this is not about indefinite detention, if anybody says that, that's an complut lie, we are going to hold them together as a family in god-safe environment just doing the immigration proceedings which history showed us takes between 40 and 60 days.
>> dagen keep in mind rule put forth by the trump manage needs to be approved by u.s. district judge that oversees flores one way or another, this is going to be settled it appears by the legal system, dagen. dagen: blake, thank you so much for that, blake berman live at the white house, tom, i want to get your reaction to this because this an administration with the election 14 months away, little more than 14 months away that will keep pushing and pushing each and every immigration issue, you name it, they are going to keep forging ahead. >> correct. the trump administration hasn't had a lot of success in the courts on some of these issues, the lawsuits have often times been decided against him and we see how trump reacts to that but the administration and the president, they continue to try and pull every lever at their disposable to try and work because nothing is getting done in congress and nothing will get done between now and election day. resinates not only with trump's
base but broadly across the country. dagen: thank you, tom. tracking dorian and tropical storm gathering strength, look at latest path, a major decision, one new study pinpoint the most and least valuable college majors, we will tell you what they are before you head off to school or send your kids off to school and how to manage sky-rocketing student debt ahead .
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johnson & johnson is calling this a flawed ruling, they do plan to appeal, but the company stock we should add rose more than 2% and the fine is a lot less than expected, as you can see the stock is higher in premarket 1 and a quarter percent. tropical storm dorian can turn into a hurricane in the next 48 hours, national hurricane center issued hurricane watch for puerto rico and dominican republic as dorian deals west and northwest. just south of puerto rico tomorrow afternoon, this is just 2 years after maria. it did cross into barbados but officials advising people to stay inside, could hit south florida maybe this weekend as tropical storm. then there's this, actor
loughlin will go back to court today, well, their lawyers may face conflict of interest, they represented the university in a previous but unrelated case, also new york post reporting daughter olivia jay not return to go fall this school, instead, dagen, she wants to launch beauty line, the post reporting that she wants to capitalize on her fame as the now fake crew child. dagen: she had a social media present and could have done that out of high school, the warrants wanted her to have a degree, she could have been a multimillionaire without ever going to usc. >> supposedly they are still using the defense that we didn't know it was wrong. [laughter] dagen: good luck with that, thank you, cheryl. cheryl: you bet.
dagen: trade turmoil, china and u.s. on different paths, former mcdonalds ceo ed ramsey will weigh in on how businesses are handling the uncertainty, major decision, one new study pinpointed the most and least valuable college majors, how to manage student high-rocketed student debt as well. ♪ all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route.
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ceo, former dave's barbecue ceo, fat brands international chairman ed ramsey, ed, what to make of this, you always bring heaping common sense, give us common sense? >> well, this international trade thing is really kind of interesting. i think strategically trump and his team and i want to emphasize team are doing exactly the right thing. china has to be dealt with, the intellectual property theft is well discussed. i think the economic matter is very important, to small business people in china are really starting to feel the effects of the more aggressive political leadership in the country and starting to close down. these tariffs are having an impact and i think china does want to come to the table and talk and ultimately trump and his team and the chinese will come together and do something sensible and when that domino
falls the rest of the dominoes will fall, so i'm optimistic about it. let's not kid ourselves we are dealing dealing with chinese communists and you never know what they're going to do. dagen: i want to correct myself heaping morsels. ed, i want to move to fight of 15-dollar minimum wage, the union targeting highway rest stops, bloomberg reporting that tomorrow fast-food workers in connecticut will announce wage step claims including 3 mcdonalds franchisees and declare their plans to unionize, i want to get your reaction to this. >> well, the whole effort to get to 15-dollar minimum wage denies the reality of unskilled, low-skilled workers and what their inputs are versus outputs,
takes an awful lot of money to train a mcdonalds employee, somewhere north of 4 to $500 just the initial month of training and on boarding people that don't have skill sets and paying $15 an hour in new york city make a lot of sense, i don't disagree with that. paying $15 in a rural community where cost of living is significantly less makes no sense and on turnpikes the costs are through the roofs, it's expensive, rents are high, i find it ridiculous that the $15 are being pushed as it is globally, certain cities i get that, i'm all for it, but i think the minimum wage ought to be determined locally where you have congressmen and senators, local state government that understands the economics of
their state. jon: national debate going on now that immigration policy and how to handle immigrants both legal and illegal, can you talk about the restaurant industry and in particular the fast-food industry and what role immigrants play there and economically what's the best way to fashion immigration policy right now? >> well, i think in the large chains like mcdonalds and fat brands and others with a lot of franchisees, they are careful about this immigration issue because it can be very costly, look at what happened at pawei in arizona, had to close out restaurants because they didn't have employees, a lot of employees also that are found in grocery stores, you find in all kinds of little neighborhood convenient stores and in full service restaurants, it is a big issue. i know that there are a lot immigrants in those facilities
working that are not here legally, they are really outstanding employees and it's tragic that we haven't resolved this issue. but the flood borders with the kind of people coming in today which are really highly populated with illegal behavior is not acceptable, it's going to be an ongoing problem until we get control of our southern border and start to sort this out. but any company that hires a large number of minority -- immigrant workers to get those low wages, better watch out. i think the chicken plant processors down in the south that found out recently and it's just wrong, we should not be exploiting workers ever. dagen: we should figure out a way to -- again, make these jobs available and make people legal in this country who are hard working and who have not committed crimes, i want to get your reaction really quickly and that's up to congress, but we
can talk about congress all day long, they never do anything and still get paid, i don't meat, ed, kfc is tasting chicken-like nuggets, what's your take on meatless meat trend, vegan trend? >> well, i think it really is here to stay, keep this in mind, the church with mr. kellogg behind in 30's, worthington food founded by harding in 1939, the vegetarian meat crazy -- craze is not something new. the flavorings are getting better, processes are getting better. we used impossible burger at fat brands and our customers loved it. it's at the beginning stages of technology catching up with reality and i think over time
you will see more and more vegetarian products an that's not to say that carnivores and meat lovers won't have their opportunity but the products will get better and i think it's good, any time you can advance science and technology for the bettermen of the diet i think you ought to do it. dagen: amen, amen as a vegan i say that. i do not shame people who choose to eat meat. don't shame us. >> i happened to like the impossible burger that we sold at fat brands, it's a great product, do i like it every day, my favorite thing a a filet fish sandwich. i'm not afraid of missing out frankly, it's either this or that and like everything. i didn't get to 270 pounds by not eating. dagen: you look great, thank you for the wisdom.
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dagen: welcome back i'm dagen mcdowell in for maria bartiromo, it's tuesday august 27th, your top stories at 8:30 a.m. eastern. u.s.-china trade uncertainty, focus shifting to phone calls, china's foreign ministry reiterating it's not aware of calls between beijing and the u.s. and saying it hopes u.s. can stop, quote, long action. markets search for direction, uncertainty over china trade talks but we have 75-point gain on dow futures after big rally
in the market after president trump said china wanted to come to the table and you saw gain as cross the board in the u.s. in europe, if you look at market action today, gains there as well, we now have plus signs in england on the ftse 100 in addition to france and germany. in asia overnight similar story, the only market to the downside was hang seng in hong kong off less than one tenth of 1%. the most valuable college majors find out degrees that are most likely to turn into a high-paying job. plus big businesses sports vetting and inside look at gambling facility in new jersey and how it successfully is taking on nevada, las vegas, futures pointing to higher open coming up the highs of yesterday's markets struggling over china trade situation, gerri willis on the new york stock exchange.
>> off the highs we had premarket this morning, we were up -- 100 points higher but down a little bit now, china foreign ministry says yet again today they have not heard of any recent phone calls between china and the u.s., they want washington, they say to stop their wrong actions, not my words but the china ministries, they want washington to create conditions for talks, as you can see the markets here improving even on this news yesterday the president saying, of course, that the resume of talks was imminent. half percent. joining us lawsuit from 737 max customer, russian company, subsidiary of russian state conglomerate, filed in chicago, maintaining that boeing intentionally failed to disclose information about the air worthiness of the 737 max jet, company ordered 35 of of the
jets, they want $135 million from boeing, back to you. dagen: thank you so much gerri willis. let's turn to 2020, former vice president joe biden slipping in support, biden is at 19% down from 32% in the same poll back in june, bernie sanders and elizabeth warren are now tied for first place with 20% each. is this a one off, you think, tom, and what do you make of this particularly heading into the fall campaign season? >> yeah, it's always dangerous to read too much into one and that's why i tell people look at the average, real clear politics average that has 5 or 6 polls taken over the same period of time in the last couple of weeks, biden still has the lead, obviously. dagen: not in that poll, he doesn't. >> potential warning sign for joe biden, the core of his -- his argument to voters is his
electability, he's the guy that can beat trump, some of the data supports that idea, to the extent that that argument gets chipped away by some of the polls showing -- if lead start to slip that's a big problem for him. dagen: it's hard to connect the two has to do with kind of biden being biden and the repeated gaffes and i know that they're amplified by the media, i know that when you strain the gaffes together kind of makes you pay attention but people who were at rallies particularly in early voting states, do you think that the gaffe-field august, if you will, has had effect on the numbers? >> i do think there's concern among democrats and you saw this voiced by governor of montana, whoever goes against trump we need somebody at the top of their game and joe biden is not
on top-his game. one individual gaffe or the things taken individually not a big deal but they add up over time and to the extent that they start to reflect, you know, things that are more than just stumbling of words where he's like the other day when he was in new hampshire and said he was in vermont that kind of stuff does worry democratic voters and chip away of the idea that joe biden is her policies are actually further left in some ways particularly with wealth confiscation, wealth tax that she talked about on sunday.
split among, you know, warren and sanders and doesn't look like both candidates have tons of money and tons of support across the country, the longer that goes on, the better -- the better opportunity it presents for biden that they could sneak with nomination. >> who is the alternative to biden if you're not far left of the party? >> i mean, that is what's been frustrating for centrist democrats, nobody has really occupied that space, really risen to the challenge. amy klobuchar who hasn't caught fire, not really connecting with voters, so i think there's no real alternative to biden for centrist right now, that doesn't seem somebody will not emerge but it's concerning that nobody has really risen to that. dagen: one reason certainly the candidates, i will move onto this that they focused on, student debt and debt forgiveness and college and we have been talking about this
story, picking college major can be huge decision and new study that finds some might be better choice than others, jon and i have a bet, according to bank rate naval architecture and marine engineering is the most valuable college degree with median income of $90,000, drama and theater arts, the least valuable generating median income of $35,000. so, jon. >> dagen was right. i said economics, you were right again. >> the question is how do the numbers change if college is free? >> right. dagen: you can't get to -- you can't get there. >> your debts are forgiven. dagen: you want to make combine an economic and political discussion, i've said this that it was the bank bailout that gave birth to tea party movement and so there is on the left
there is still this anti or where is my bailout crowd and a lot of student debt forgiveness was borne out of the same sentiment. why are taxpayers pay to go bail out other people when you were fiscally responsible, it was about cutting spending and reducing the debt, it is the antibailout notion that the federal government will swoop in and rescue the big banks, jon is making the face. where is my bailout -- >> when the government gets involved in paying for things it distorts the markets, the reason -- one reason it's so expensive right now because the government has been subsidizing loans for so many years, that's why the debt is out there in the first place, it's not a clean way at least in the united states to make it -- you could argue that the government should not be in the business and not be even more in the business.
>> absolutely. dagen: housing too, fannie mae and freddie mac are still controlling mortgage. exactly. jon, love it. bernie's climate plan, stuart varney says he's living in fantasy land. betting big on sports, maria bartiromo inside look at new network at meadow land, first update from the tennis channel. >> welcome back to tennis channel report from fox business, danny, williams sisters in action. serena williams blasted old rival maria sharipova. the american with all-time win, claims 24th major crown in big apple. sister venna also enjoyed day at
this is how car buying was always meant to be. this is truecar. on a scale of one to five? one to five? it's more like five million. there's everything from happy to extremely happy. there's also angry. i'm really angry clive! actually, really angry. thank you. but what if your business could understand what your customers are feeling... and then do something about it. turn problems into opportunities. thanks drone. customers into fanatics change the whole experience. alright who wants to go again? i do! i do! i have a really good feeling about this. dagen: 2020 hopeful senator bernie sanders setting himself apart from the pack of democrats with his own version of a green
new deal. joining me now the host of varney & company stuart varney, what say you, sir? i've got a lot to say about this. [laughter] dagen: bring it. stuart: we didn't have time yesterday because of press conference at g7 and breaking news, we do have time for it today, i want to go through some of the main points in bernie's climate plan because it's radical in the extreme, i don't see american voters going for it, try, this all power generation and all transportation must switch to renewables by 2030, that's only 10 years away, no coal, no oil, no net gas, no nuclear power, bernie says that after 2035 electricity will be virtually free because it comes from renewables, now look at some of the spending that he's got in mind, $2.2 trillion to weatherize and retro fit businesses, $2.1 trillion for families so they can switch to
electric car, gee, didn't you want a tesla paid for by somebody else? $527 billion for free universal school meals and expand food stamps, $36 billion to help people transform their lawns into food-producing or reforested spaces. all of this will cost $16 trillion paid for by the oil companies which he will bankrupt, paid for by the rich, he will take their money an paid for by you the taxpayer and i think he's also just going to print money like there's no tomorrow, how about that for a vote grabber, i think it's an absolute vote loser, that's just my opinion, dagen. dagen: i will leave it at that. can't wait for next 3 hours, 9:00 a.m. to noon, monday through friday, this one will be a doozy, i can guaranty you that, stuart varney, teaming up
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>> tell me a little bit of what we are seeing here, explain what's going on today. >> we are partners with fanduel and this is where the action takes place, on game day people placing bets they come in here, they get to see the games and the odds, what they can bet on. >> what a great location because you have all the games, whatever games you want, all the different sports, tell me about the monitors and why each of the different sports are important. >> yeah, people think it's just about football, listen, nfl, they are the big in the room, i'm going to tell you this, nfl is special because we love watching on sundays, what's great about sports it's every single day, you have baseball, tennis is huge, golf is huge. maria: not just gambling it's actually handy capping the game, it's actually getting the edge knowing the odds. >> that's right, it's entertaining, right? for us it's not just about news
and opinion, it's about, hey, here is the stats, we partnered with sports radar, they have the api, the data that we need to be experts at what we do because we are generating content. >> you have the beautiful area here, you bar, places where people will sit and watch the game, you can look over here at the track. maria: dinner and get a drink. real entertainment. >> it's all about entertainment and bringing experience back in the area. >> social media being to broadcast live, news, update. all should be done which is great. >> we have more revenue in gaming here than in nevada? >> well, what you're seeing over the last few months is the handle, the handle is the amount of bets placed in a particular area. in new jersey in the last few months we basically have taken out nevada from a handling
perspective. you have to guess it, here you're crossing the bridge, see great content, get the edge, watch, have a drink, place a bet. what else could be better? [laughter] maria: terrific. dagen: thanks to jeff and lou, still ahead final thoughts from all-star panel, stay with us. kevin, meet your father. kevin kevin kevin kevin kevin kevin kevin kevin kevin
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dagen: final thoughts from this all-star panel? tom, to you first. >> regarding the last segment on sports betting, there's a lot of betting going on on politics right now in 2020. we are in the process of working on a project, we will be rolling something out the next couple weeks that deals on betting on the political market. keep an eye out for that. dagen: awesome. i was showing somebody in my hometown the realclear average of polls and how to read into them. jackie? >> slowly watching the futures turn around. we started out negative, we are up 90 now. hopefully the markets are digesting the news from yesterday, still optimistic and there won't be a wrench in the optimism. >> we have been talking about china all morning. the markets want a resolution and a fast resolution. we are talking about fundamentally changing the way the world's two largest economies interact. it just doesn't make for a quick resolution. we got to be prepared to sit this one out for awhile. dagen: john, good to see you.
jackie, tom, thank you one and all. it is always such a pleasure. we've got to talk about hard seltzer as well. "varney & company" is up right now. mr. varney, stuart varney, take it away. stuart: good morning, dagen. good morning, everyone. johnson & johnson has been ordered to pay the state of oklahoma $572 million. the judge said they played down the dangers and oversold the benefits of opioids. now, there are more than 2,000 opioid lawsuits still going forward. you'd think that would be bad news for j & j's stock but look at this. the verdict came after the market closed so today is the first opportunity for investors to pass their judgment, and the stock is up $1.40. that's premarket trading. we are going to get into this just a little later in the show. that monmouth poll has thrown a big wrench into the presidential campaign of joe biden. he's lost his lead. he's made another gaffe. on occasion when he goes off prompter h