tv Shepard Smith Reporting FOX News August 1, 2019 12:00pm-1:00pm PDT
got started today. of course we also have to have a little bit of fun for you on "the five" so tune in for that as well. thanks for joining us everyone. i am dana perino. here is shep. >> shepard: breaking news. any notion that we are in a manageable trade dispute with china is now dispelled. this is a trade war. america just fired another shot and you are about to pay. the trade talks with the chinese effectively collapsed today. the president announced new tariffs today. the markets were treated today in a big way. the dow was up nearly 300 points. then the president tweeted about the new tariffs. that was 1:30 this afternoon. now the dow is down to 28. more than 500-point plunge. what does this mean? every single thing that china sells to america will be taxed. every toy, every piece of clothing, every bag of tea,
every drop of oil, every pound of aluminum, every chemical, railcar, cell phone, electronic. everything tax. you will pay it. first the importers will pay it, then the distributors will pay up, and the stores will pay it, then they will pass it to you. the buck stops with you. you pay. that's how this works. always. it's a new tax on things you buy and the president says it starts next month. big picture: if you and everyone else is paying more for stuff, over time you will have to buy less of stuff, that hurts the economy here and everywhere else. that is what trade wars do. trade wars that are thrown out as threats try to manipulate in negotiations but failed to do so, that's what trade wars produce. higher prices, weaker economy. remember, there was already a 25% tax on industrial items. now a 10% tax on everything else, mostly consumer products.
so with president trump firing the leader shot in the trade war between the world's two biggest economies, we wait for beijing to retaliate. this is not the end. from here, we can't see that or begin to guess what that looks like. john roberts reporting live from the white house. the latest tweet from the president, the latest official statement is a clip of lou dobbs railing on cnn. is anybody talking about this trade war? >> yeah, and we are about to talk about it, shep. the president will likely respond as well. he is leaving for a big rally and fund-raiser in cincinnati tonight. the secretary of the treasury, steven mnuchin, trade representative robert lighthizer return from talks with the chinese in shanghai. they brief the president before noon today. while more talks are scheduled with the chinese for september, the president's sensing that china is trying to slow walk a deal here, so he has tried to light a fire under president xi,
tweeting: "trade talks are continuing entering the talks the u.s. will start on septembel tariff of 10% on the remaining $300 billion of goods and products coming from china into our country." the president have threatened tariffs as high as 25%. he is starting slow. the president is not happy that china went, as he said, 98% towards a deal and then reneged on it. the markets certainly didn't like today's news. they had a pretty healthy rally after being down nearly 400 points yesterday because what the president said was been anemic quarter-point cut and they federate yesterday. the president still believes that despite all of this that the united states is in a better position to weather trade tensions within china is. the president also today indicated that he is not happy that president xi has not made good on his pledge, which was sometime ago, back at the g2020n buenos aires, to help curb the flow of a deadly synthetic drug
from china into the united states. the president tweeted "additionally my friend president xi said that he would stop the sale of fentanyl to the united states, this never happened and many americans continue to die!" all of that said, the president is also playing the role of good cop, tweeting that series "we look forward to continuing our positive dialogue with china on a comprehensive trade deal and feel that the future between our countries will be a very bright one." he is hoping that will pay off. no indication at this moment that it will. the president believes that the chinese are trying to drag out trade talks all the way past the 2020 elections in hopes that the president will lose. the chinese are also making a bet that the u.s. economy will begin to slow as a result of all these tariffs and therefore improve their negotiating position. it looks like in golf when they force them ahead of you is going slow, you tee up early to give a hurry of ball.
that appears to be what the president is doing. >> shepard: there is another china problem. these trade talks that effectively fell apart, the u.s. is backing down on human rights. the reporting from "the wall street journal," the journal parent company and fox news parent company share joint ownership. residents in hong kong have been protesting for months in numbers not seen since the hong kong handover from british rule. beijing has been adding more control. years last month when it tried o change the law such that a hong kong residents could be extradited to mainland china for big legal matters, things escalated. the protests erupted. first peaceful and then sometimes violent. the u.s. urged restraint by china. before trade talks resumed this week, word went out from the white house the members of the administration should be measured on hong kong. they have been. secretary pompeo said china should do the right thing.
the president has said little at all while speaking of the chinese leader as his good friend. yesterday the government of president trump's good friend blamed america for the hong kong protests. they mainland government to the violence in hong kong is a creation of the united states. as chinese troops reportedly at the border and fears rise that democracy is about to be crushed, white house officials should go easy on china. so that the trade talks won't be hurt. one china, two systems appears to be in jeopardy and american officials are urged to be quiet about it. human rights and democracy in deference to trade talks that just ended for now with nothing, and the white house bringing new taxes to america. that's where we are. back to john roberts. any change coming on this matter? >> think it all depends, shep, on how the trade talks go. at the moment, white house
officials, as recently as last evening have been uncharacteristically quiet on this whole idea of protests in hong kong and what are seen as possible chinese moves on the border with hong kong. there's a couple reasons for that. it's because china is saying that the u.s. is somehow behind all these protests that have been going on in hong kong and the united states does not want to inflame such talk in china. they did want to get the trade deal back on track, and this goes all the way back to the beginning of june when these protests started, they didn't want anything to derail the sum of between president trump and president xi, the talks did resumed this past week and they say they're going to continue in september. we will see if that happens. but here's an indication of where u.s. officials are on this. listen to the typically outspoken hawkish john bolton when he was asked by lou dobbs last night what the united states is saying or thinking about the president pf some chinese forces on the border.
>> i would say i hope people who remember what happened after tiananmen square in june of 1989 take that into account. i think china made a commitment in the joint sino british declaration to give hong kong 50 years of separate status after the handover. if china doesn't honor its international commitments, it sends a signal for other possible commitments they might make in the future. stick a slightly understated compared to what we typically hear from the national security advisor. china remains on the chinese side of the border with hong kong but if chinese forces were to cross over into hong kong, shep, that could change the whole equation. i think there are a lot of people here in washington for crossing everything they can in hopes that that will not happen. >> shepard: john roberts. here is an update. dow is down from the highs before the tweets more than 580 points. the yields on a 10-year treasury note have reached lows not seen
this year, and oil just dropped since the tweets 8%. that all indicates the markets believe a slow down is coming because taxes are coming. a rocket launcher in somebody's luggage again. what the man who packed this one said he planned to do with his rocket launcher. plus, lots of talk from democratic presidential candidates after last night's debate. what senator kamala harris and the former vice president joe biden had to save on all the attacks that came their way. not much happening today, obviously. super busy on a thursday afternoon. we are glad to have you. hi i'm joan lunden.
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a scenic overlook where people watch military planes. a navy spokeswoman says the f a-18 super hornet with on a routine training mission. the injured tourists told a local television station they were just taking photographs when the fighter jet screamed into view. and slammed into a canyon wall. tsa agents found yet another rocket launcher in somebody's luggage. it's the second time this has happened in just days. baltimore-washington international airport in maryland. apparently the person didn't get the memo from tsa earlier this week. please don't bring your rocket launchers or grenades to the airport. state fire marshal's office reports agents on a rocket launcher in the baggage area early this morning. the owner, an air force sergeant who wanted to keep it as a souvenir, same as the last one. fire marshal said it didn't pose a risk to anybody in the ground but that it wasn't allowed on the sergeants commercial flights because of the slight chance that could contain pressurized gas.
justice department will not prosecute the former fbi director james comey over his handling of the fbi memos, and it wasn't even close. that's what sources familiar with the discussion tell fox news. the decision, despite a referral from the department's inspector general. remember, james comey kept notes on his interactions with president trump in the days before the president fired him back in 2017. james comey told congress he gave them to his friend, a columbia university law professor. that professor, he says, gave them to "the new york times." after all that, the fbi classified the memos is confidential. for his part, james comey told fox news he did not considered part of any kind of file and that it was more of a diary. so far, no comment from comey's attorney on the decision not prosecute him. democrats hitting the campaign trail after their debate in detroit. the front runner, joe biden, talking to reporters just this afternoon after he faced some
fairly tough questions from some of his own opponents about his political record and about president obama. the former vice president said he expected the attacks but he hopes democrats can focus on how to fix things that president trump has broken. >> i want to make it clear, going back 10, 20, 30 years is a game that's a game to make sure that we hand the republicans in election. >> shepard: vice president biden was not the only candidate on the defensive last night. senator kamala harris faced some questions about her record as a prosecutor and it came from an unlikely source. peter doocy reporting live from detroit, as he has been throughout. hi, peter. >> kamala harris has had her resume under a microscope since coming out of the first batch of debates as the star, by tulsi gabbard. >> should put over 1500 people in jail for marijuana violations and was -- laughed about it when she was asked did
she ever smoke marijuana. >> a few minutes ago, senator harris address the attack on her record by congresswoman gabbard and echoed online she started using right after walking up the debate stage last night. she says she doesn't take congresswoman gabbard seriously because she thinks commerce woman gabbard has embraced the syrian dictate dictator bashard who she famously visited in the midst of that country's civil war. >> shepard: former vice president biden said he expected the attacks. that what surprised him was the attacks in reference to the obama administration. >> that's exactly right. joe biden seems to be of the mind that democrats running for president long for the days of barack obama as president. he did not believe that there would be these attacks on obama's record concerning immigration and health care. >> i must tell you i was a
little surprised about barack, about the president. i'm proud to have served with him and i'm proud of the job you did. i don't think there's anything he has to apologize for. it kind of surprised me, the degree of criticism. >> last year in 2018, barack obama was the most sought after surrogate in the country by democrats were trying to flip the house of representatives. they did it. but in 2019, not so much. >> shepard: its interesting camera angles. maybe we should start, i don't know. maybe this would be more effective, doing at the other way around. i think some viewers would probably like it. peter, thanks. the father of the twins who died after he left them in a hot car in court today. we will talk to a former prosecutor who was handled similar cases about why some
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and go see, fast & furious presents, hobbs & shaw august 2. >> shepard: this one is tough. a father in new york was 1-year-old twins died after he left them in a hot car. the father in court today. we'll have to wait to find out whether he will face prosecution. the judge said his next hearing for the 27th of this month. cameras were not allowed inside. our producer was in the courtroom and says that juan rodriguez appeared distraught while his wife and children sat in the row behind him. rodriguez now faces manslaughter
and negligent homicide charges. plus endangering the welfare of a child. he says on friday he dropped his older child off in day care with the twins inside the car in the backseat. then he drove to work in the bronx. it wasn't until he left his office later that day and started driving again that he realized his kids were still in the back of the car. it was super hot in new york on friday. really hot. they died there. he told police he just blanked out, that he didn't remember. his wife says he's a great father, would never hurt his children on purpose, never. he's not that person. there's a chance rodriguez will not face prosecution. prosecutor's heather -- have yet to make their own decision wheto move forward. the nonprofit group cars and kids says their research shows that nearly 40% of accidental death cases, parents not face charges.
why? bob bianchi is a former prosecutor who worked on cases where children died in hot cars. this is so hard. you know the father, who by all accounts is a great father, think what he's going through. >> he's got a life sentence right there. that's why as a prosecutor, if there was no other evidence of child abuse or neglect or they weren't under the influence of drugs or alcohol, simply made a tragic mistake, i never prosecuted because i knew -- what are we going to do? sledgehammer up with this person in jail. is that accomplishing deterrence? is it something in the best interest of society? i don't think so, absent any other circumstances which appears in this particular case he was a good father who just forgot. forgetfulness isn't necessarily negligence. >> shepard: without passing any judgment, there is another argument and that is that the court has to be the advocate for the child who is now gone, and the court has to make these decisions. we are all human beings. that must very hard for those
who make these decisions. >> it is. it's gut wrenching. the prosecutors going to make the charge as to whether they going to present his case to a grand jury or not. >> shepard: what kind of things play into this question might be obvious you've already talked about but like the stress of the day. what plays into it? >> you want to debrief the guy and find out exactly what it was that led him to forget. you want to become we convincee forgot. you face the risk and you put the child in harm's way. you have two victims and that's going to be weighing on the prosecutors. >> shepard: does with the mom says have any -- >> great question. she is a victim as well. if that mother is going to say listen, this is what i would be staying as a defense attorney. they have a very good lawyer. they're going to be saying wait a minute. are you going to harm this wife
and the other children further by incarcerating from anywhere between 5 and 15 years, one of the charges against him, does it make any sense? let's not criminalize what is a tragic accident. over the last two decades, shep, things that used to be considered accidents and will be handled in civil court, for some reason they become criminalized. i think we need to take a step back in a case like this. >> shepard: it depends on the prosecutor and how the prosecutor thinks about the sort of thing. should this be more institutionalized? should there be stricter rules? is using your own common sense when everyone doesn't have common sense, the right way to go. >> prosecutors using a tremendous matter of discretion and whether to go forward or not. as you suggest, one case in one county, prosecutor can say no way am i going to charge for this and you could step over a geographical line into another place where you have a prosecutor who said i'm going to charge every single case like this. there is disparity there and
nobody likes disparity in the legal system. i am still not a fan of having a one-size-fits-all approach. i think the county prosecutor should hopefully if they are competent and professional, make their own decisions. >> shepard: your heart hurts for all of them. thank you, bob. a deadly explosion rocking a small town. new details on how the blast killed a woman. we are learning that the son of the former al qaeda leader usama bin laden may be dead. the sun, the air to it all. he may be dead. how did that happen? that will lead things off coming up at the bottom of the hour, the top of the news. hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens.
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the feds are now warning that company's settlement is not what it was foreseen. these are picky when it comes to stealing cars. which model do you think they swiped the most? we will tell you. it is not a beemer or benz. the blast was so big, people saying it's like the surface of mars. huge gas explosion tearing through a small town in kentucky. investigators say the extreme heat from the fire likely killed a 58-year-old woman as she left her home. emergency officials say a natural gas pipeline blew up in junction city, about 30 miles south and west of lexington, shooting flames hundreds of feet into the sky. the explosion so big, local meteorologist says you could see it on the weather radar. matt finn picks up the story live in our midwest newsroom. >> this explosion was so massive, it happened in junction
city, kentucky, and people 30 or 40 miles away in lexington reported seeing it. this afternoon unfortunately now the lincoln county sheriff's office has identified the person who died as a 58-year-old female. five other people were hurt. officials say the debris area is about 3 acres wide and now looks like the planet mars. void of grass and vegetation. five homes were destroyed. asphalt roads and train tracks were mounted. the explosion appears to have caused by a rupture in a 30-inc. one witness says her house shook like an earthquake and she had to flee the intense heat. >> our windows were shaking really bad, and our doors. you could see the ground moving and tumbling and rolling. >> the explosion happened around 1:00 a.m. emergency officials say it could've been even deadlier if it happened during the daytime when people and children were outside. an autopsy is scheduled for the 58-year-old woman who perished.
the sheriff's office said the woman might've made it out of her house but then died from the extreme temperatures. >> this could have been much, much worse. we believe that the female that died as a result of the incident that occurred today may have seen or heard the fire or the explosion occur, left her residence, and at which time we believe the heat may have overtaken her and led to her death. >> right now, emergency officials say people who live in the area and even rescuers are being kept at a distance because the debris field is still too hot. shep. >> shepard: this is a major pipeline, right? >> huge pipeline that extends all the way from the mexican border up to new york city. actually there's two neighboring pipelines, and as you can imagine, emergency officials were concerned about those. the pressure is dramatically been reduced in those pipelines. >> shepard: matt finn in our midwest newsroom.
bin laden's son is believed to be dead. we don't know how it happened but u.s. official tells us that the son is dead. his name is hamza bin laden. he was seen as a rising leader in al qaeda and the fed say his father had been grooming him, grooming him to take over the terror group back before u.s. navy seals killed him in 2011. rick leventhal picks it up from there. >> details are surprisingly vague. an official confirmed to fox that the u.s. played a role in hamza bin laden's death but wouldn't say when, how, or where it happen. nbc would only say that happen sometime in the past two years. the bbc also weighed in, saying that hamza was killed in an air strike but doesn't specify. after usama bin laden was killed in 2011, officials say documents found their show that osama was grooming hamza bin laden. he was designated as is a global
terrorist. in february, $1 million reward was offered leading to hamza's capture. no word on whether that reward has been or will be paid. his whereabouts are were murky. he may have beemovi b killed. >> shepard: any read on whether it will have any effect on al qaeda? >> a short time ago us state department official said al qaeda is as strong as it's ever been. some experts say that the group was weakened. we have also been told that hamza was seen as someone who might bring more young fighters into the fold. >> obviously with the death of hamza bin laden, it's going to be harder for the group but it still has affiliates in yemen, somalia, syria. the group isn't down and out yet. >> it could hurt them in recruiting but in terms of
organizing and carrying out attacks, maybe not so much. one reason for all of the secrecy surrounding his death could be operational security, the theory is that maybe they have tracked down a region or a village or a cell where other tariffs are and they don't want to give up any more details until they take out the rest of them. >> shepard: rick, thank you. iran, the iranian president is calling u.s. sanctions that went into place yesterday against the foreign minister, the western face of iran, calling those sanctions childish and a barrier to diplomacy. yesterday the trump administration official said they are imposing financial punishments on the foreign minister mohammed zarif as part of a pressure campaign against the islamic republic. we kind of. this would be coming. when we met with him a couple weeks ago, it was talked about tensions have been escalating since president trump pulled america out of the nuclear deal.
in recent months, there have been tanker seizures, drones shut down in the gulf region. sanctions on the western face of iran, and we will see if that creates the escalation. there are a lot of ways for cops to stop possible drunk drivers. this one is rather unusual. cops say not only was he has to be having trouble staying in its lane but as see, a gas nozzle came along for the ride. see it hanging? i wonder how that happened. this is wilmington, massachusetts, about 15 miles north and west of boston. police say they returned the nozzle to the rightful owner. the driver due in court in a couple months. a man apparently fired a gun in a national park in kentucky because he thought he saw bigfoot. obviously. the feds say they are looking into it but so far no bigfoot. this happened in mammoth cave
national park, about 75 miles or so south of louisville. the guy says he was camping with his girlfriend when a man and his son woke them up around 1:00 in the morning. the guide told them they heard some weird noises and were going to go check it out. soon after, boom, gun shots. the camper says the man and his son saying bigfoot came out of the woods, prompting him to fire his gun. no word on the shooter, who he is or where he is now. or what he might have been ingesting or whether there was a gas nozzle on the side of his suv. an american rapper facing assault charges in sweden. he says he begged the guy to leave him alone before the street brawl broke out. news from the courtroom in a case it's captured the attention. that's next. looks like the millions of customers whether privacy stolen in that massive data breach won't be getting the money they
were promised. did you get the notice? you may be a victim. get $125. log onto this website, boom, $125. let's get shoes! you're not even getting shoestrings, okay? first, even celebrities are not immune to tsa troubles. look at this. after kevin bacon says airport security check his bag when a sweet potato showed up on the scanner. he posted this picture after the incident. kevin bacon says he packed a snack thinking he would get hungry on the flight. >> i was on my way to l.a. i knew that i was going to be arriving, you know, and five hours and i knew that in problem seven and half hours i was going to be hungry. so i saw a nice sweet potato sitting there, ready to go and i threw it in my suitcase. >> shepard: healthy food. the tsa allows food, healthy and otherwise on flights, but it recommends that you remove it
from your bags so that it doesn't block x-rays on the x-ray machine. new today, sweet potatoes block x-rays! really? bottles of shampoo do too. kevin bacon says he doesn't blame security for searching his stuff and that he had everyone there was about five to six steps removed. newday usa has some great news for veterans with va loans. mortgage rates are down! and you could lower your monthly payments right away by calling newday now. you can refinance at newday usa with no income verification, no appraisal, and no points and save over 1,000 dollars a year. lower rates means lower payments. get the most of your va mortgage benefits. refi now at newday usa. refinance now and save. plp8 we're oscar mayer deli fresh your very first sandwich,m... your mammoth masterpiece. and...whatever this was.
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>> shepard: breaking news. they fell in love but he's doing it again. north korea has marked some type of projectile, u.s. defense official telling fox news. not clear with the projectile is exactly. this reporting from the pentagon team. the lodge marks the third time in roughly a week that north korea's kim jong un has fired off a projectile. the launch comes one day before the defense secretary mark esper departs for asia, his first overseas trip as president trump's defense chief, according to the pentagon. secretary of state mike pompeo is currently on a trip to asia. muscle cars in a pickup truck top the list of the most stolen new cars in america. in answer to that analyzes crunched the numbers and here are the top five most
stolen models. beginning with number five, can i get a drum roll customer coming in fifth place is the most stolen vehicle, the gmc sierra for 200 crew crab truck. infinity q x50 four-door sedan. number two most stolen, the challenger srt. the very top of the list, the dodge charger with its trademark hemi engine, apparently the favorite car for thieves to steal. it turns out electric cars are among the least likely to get swiped, according to the study. the american rapper accused of beating up an afghan refugee in sweden claims the alleged victim attacked his security guard. they begged him to go away. a$ap rocky taking the stand in his assault trial in stockholm, testifying that he was scared and that the man was repeatedly
harassing his entourage and appeared to be on drugs. >> just for the cameras, we don't want no problems. they keep following us. >> shepard: a$ap rocky released his own video of what happened leading up to the scuffle and the whole thing has turned into a bit of a diplomatic kerfuffle with president trump demanding the speed 21's release and sending the administrations top hostage negotiator to the country. swedish prosecutors accusing a$ap rocky and the crew for kicking and beating the man. benjamin hall reporting tonight. >> as you point out, this case comes down to two crucial pieces of video evidence. one released by onlookers claiming to show the salt itself, the other release by a$ap rocky on his instagram page. according to a$ap rocky, he was acting in self-defense. his video appears to show him
and his entourage just trying to de-escalate the situation, claiming that jabari was harassing them before hitting his bodyguard and today he gave evidence in court to that effect. >> we told him no. we said we didn't want to fight. nobody wants to fight. please leave us alone. we don't want to fight. go that way. go another way. >> the centerpiece of the prosecution's evidence is that jafari was assaulted, hit on the ground and the video shows that and they go on to say that a$ap rocky's assistant sent a text message later on after the assault or parent assault saying i hope rocky deleted all the videos on his phone and kept only the one. the suggestion that the prosecution, that a$ap rocky has edited more carefully selected the videos he put out and got rid of the rest. no one has been able to find asap rocky's phone. and and the judge will make the
decision tomorrow. >> shepard: it sounds very regal when you say it. >> thank you, shep. >> shepard: benjamin hall in london. how much is your privacy worth? lastly, the credit reporting agency at colfax got us all excited. they reached a $700 million settlement. this overrode data breach that exposed personal information arena nearly 150 million customers, almost half the u.s. adult population. part of that settlement includes an option for the effective customer to claim a $125 payment or get freaked current monitoring. who would do that when you can get 125 bucks? the feds are warning folks who chose the cash won't get nearly that much. according to the federal trade commission, there's been an overwhelming amount of people opting for the cash. imagine. those payments come from a fixed pot of $31 million.
there was a $700 million settlement but 31 million of that goes to the victims. wow. if the people who opt for the cash will see 18 tiny amount. it would be nowhere nearly $125 they could've gotten that there hadn't been such an enormous number of claims filed. from a settlement that amounts to about 20% of equifax's annual revenue, people will see pennies on the dollar of the amount the attorneys determined they were owed. on top of that, equifax wasn't required to admit was guilty of anything as part of the settlement. let's bring in staff, managing partner of business and compliance law. he specializes in government contracts and technology law. this company is so big and so powerful with all of our data that we can even get a fair $125 out of them? is that where we are? steagall unfortunately that's the bottom line. this is an outrageous settlement
result in a devastating data breach case. this is one of the largest data breach, personal data breach cases in history. as a result of this, virtually all of the office of the attorneys general throughout the united states were holding equifax accountable in aggressive litigation but the bureaucrats in washington swooped in, took over the cases, and locked down the settlement that was opposed to create a money option for the victims of this vast breach. now they have notified everybody that there is virtually no money left in the pot, despite the fact that there were significant damages that were incurred by all the victims. >> shepard: it was $700 million, and the victims only get 31 million. where did the rest of it go? >> that's a great question. some went to the lawyers. always, right? some went to the public treasuries. people who really ended up out in the cold were the consumers, and i think -- >> shepard: the victims. >> the victims, exactly. they have the following
breaches. almost half of the u.s. adult population, breaches of the names, addresses, social security numbers, credit card information, absolutely devastating, can take years for them to recover. now in this instance, if you did a mathematical temple equation that's how much money each victim was set to recover, it would've been a little bit more than $4. this is a wake-up call that shows how clueless the federal government is at protecting people with respect to their personal data protection and cybersecurity and that's why states are leaning forward and taking the lead. if you look for example at the data privacy legislation in new york and california, they are leaning forward and starting january 1, there are new rules were people can be protected on the state level. they're not getting in a production from the fed. >> shepard: they are a data business. their job is to take care of data. they lost all of our data. they didn't pay us anything, they don't have to admit any guilt. the data people own the nation, and we are sitting over here
with pennies. it's not right. it's not fair. the big guy always wins and the little guy always loses. nothing is new except that there's breaking news. president trump is speaking to reporters live at the white house. you can't see him because it's one of those tape turn things so he speaking to them and we get pool notes. he started to speak. they talked about tariffs, the president says we tax china on all of the tariffs, there's been no inflation. he says it costs china. until there is a deal, will be taxing china. news flash: this is not tax on china. tariffs are paid by the consumer. china pays it, passes it along to the importer. the importer passes it along to the distributor. the distributor passes it to the retail outlet, and the retail outlet passes it along to you. when there are tariffs, there are taxes and when there are taxes, you pay them.
anyone who says otherwise is not telling the truth. tariffs are taxes. it's like they just added a 10% tax at the end of the day, like right now your sales taxes may be 7% or 8% or whatever you pay. they are adding another 10% on everything that comes from china. you may say good. we will make it in america. really? when? you want to make cell phones, i will make toaster ovens. i will have them ready tomorrow for all of you. that's not how the world works. the honest thing is he wants to use this as a negotiating tool. so that china will be fair in its trade practices. his tactic is until you are fair, and putting taxes on all of this stuff. the american people will pay, but it's going to make it a lot more complicated and it's going to hurt your economy, china, which it has. but in the end, now that we're talking about consumer products and that's what it is this time, you pay the taxes. that's the bottom line. it's trickle-down, as someone
once said. they pay it. they pass it along to the importer. they pass it along to the distributive. they pass it along to the retail outlet and then you pay. ka-ching. tax on everything. we will hear from the president in a moment. limu's right. liberty mutual can save you money by customizing your car insurance, so you only pay for what you need. oh... yeah, i've been a customer for years. huh... only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
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so let's get after it. ♪ everything is all right what would you like the power to do?® ♪ all right 's >> neil: trade war on. the president prepares to take off for a big rally in ohio but he is taking reporters' questions as we speak. welcome, everybody. i'm neil collegial. yesterday the federal reserve chairman, the president says he didn't cut rates enough. today, when it comes to rattling china trade talks, did more than enough. via tweet, president trump promising new tariffs on china that rocked wall street within minutes. stocks reverse what had been a healthy triple digit gain. triple digit losses en