Skip to main content

tv   Closing Bell  CNBC  March 8, 2018 3:00pm-5:00pm EST

3:00 pm
trade. we'll be watching all these things into the close. >> major averages are higher have a lot of leverage here. here with the new developments this is a power the president we want to mention treasury has to act unilaterally. back over to you. secretary steven mnuchin will >> thank you very much join "squawk alley" tomorrow let's bring back a couple guests morning, so pay attention to we started to talk to. that that's a key interview for they've been waiting very tomorrow patiently. >> lots to watch scott paul back with us. thanks for watching "power the president of the alliance for american manufacturing, who's in favor of these tariffs. and christine mcdaniel, senior research fellow at george mason lunch. "closing bell" starts right now. welcome to the "closing university i'll start with you, if i may, and then -- thank you for your bell." patience on all of this. i'm michelle caruso-cabrera in for kelly evans. i know you're against these >> i'm bill griffeth tariffs but is this at least a the countdown is on right now. you heard, we think we're about start in negotiations that could 20 minutes from president trump's meeting on tariffs where lead to fairer trade for our he's expected to sign country relative to these other proclamations on steel and countries where we don't aluminum imports we'll bring you live updates on inevitably impose tariffs? >> yeah, that's a good question that as we get started here. >> cnbc senior contributor larry listening to that. kudlow will bring us his instant the president did promise he would do the tariffs with a lot analysis steve liesman is looking at how tariffs could impact jobs. of love. listening to him speak about it, let's bring in kayla tausche at
3:01 pm
the white house with the latest. it was -- you almost got this >> reporter: that announcement comforting feeling the thing we have to keep in is coming, as you said, in 30 mind is these are government minutes. here's what we know about what it will entail it will be the official actions trying to prop up one proclamation of the president's decision on tariffs for steel industry i can spin it however you want, national security, economic security these are taxes on americans and aluminum imports on steel the tariff will be 25%, that money out of our pockets aluminum is 10%. going to the steel industry's canada and mexico will be pockets. setting that aside, setting exempt for how long is still the question the associated press is aside government intervention in reporting these tariffs will the marketplace -- michelle, you take effect in 15 days like were saying you didn't see steel other tariffs the white house has previously announcesed company's prices go up much. meanwhile on capitol hill they can't lie to the market senator jeff flake of arizona they know if the only way they has told reporters that after the president announces these can get more investment is tariffs, he will introduce legislation to nullify them. through protection from competition, then, you know, is that is symbolic of the opposition to this type of that really sustainable? we saw march 2002, it wasn't action from republicans on capitol hill and from advisers sustainable. here within the white house. you can see it in the jobs numbers. it's that criticism that caused jobs continue to go down after this announcement and this decision to be delayed multiple those tariffs were imposed. >> so, economically, i get it. times internally originally the white house let me ask you this. wanted to announce this last summer, despite the fact that the people who work in foreign
3:02 pm
policy who have the darkest view president trump has well of china say they are practicing telegraphed his decision to pursue these type of tariffs as far back as june 2016 on the predatory pricing and it's by design you lower steel prices to the point we no longer manufacture campaign trail >>. >> if china does not stop, its in this country because it's not economic to do so and then in illegal activities, including the event of war, we do not have its theft of american trade the capacity to defend ourselves. i've heard very legitimate secrets, i will use every lawful present -- look, this is very people make that argument. easy this isso easy kyle bass made that argument on cnbc yesterday what is wrong with that i love saying this argument i will use every lawful >> well, we all saw the presidential power to remedy department of defense secretary trade disputes, including the ross on page one said the u.s. application of tariffs military currently skuconsumes >>. >> these tariffs have previously of u.s. produced steel been questioned by the wto when so, where is this -- unless there's some top secret need for george w. bush instituted a lot more u.s. produced steel, similar tariffs back in 2002 there's a juxtaposition then, you know, this is really happening on the global stage just good old fashioned today. on one hand you have the president set to unveil what protectionism. but setting aside that, because with we've talked about that so many call protectionist much, i want to stalk about one measures, significantly
3:03 pm
increasing the cost of foreign thing the president said that companies and countries doing we're going to talk about more business here in the united and more -- we'll do this again, states meanwhile, the 11 countries that are part of a new transpacific steel and aluminum, let's do it again. sounds like he wants to use this partnership deal signed that new as a negotiating tool to go to deal, that excludes the united states today in chile. these countries and then do this back to you. >> kayla, thank you. reciprocal mirrored 10 for 10 or i'm sure we'll be hearing more zero for zero. that's kind of interesting from you as the next few hours here's the thing, even if we did progress in the meantime, let's bring in that, even if we got to zero for our senior contributor, larry kudlow as far as mexico and canada goes, it sounds like phone calls zero with everybody, that would still not lead to balanced trade from prime minister trudeau had some impact. necessarily in the u.s >> could be. could be that's something you have to by the way, i won. think about. >> got it. i mean, they're taking it off scott paul, i'll get your final canada and mexico. that was the worst part for me thought on all this. two allies, big economic impact, with these proclamations being signed today, you're in favor of tariffs but we don't have them steel small, autos, krukz, yet. they've been delayed are you, as i asked the ceo of infrastructure - >> and the canadian dollar nucore, are you hopeful we can strengthening intraday. come to some fair trade >> this is a great position by agreements without having to use the president. maybe gary cohn got it together. tariffs inevitably >> i think we'll use tariffs and it's important to look at i like it very much. i love kayla's point, however, that while we're doing this, the the statue here.
3:04 pm
the president had up to 15 days tpp is going to get signed to impose them but that was the and i think it was a pity we maximum. proclamation means something different in trade law weren't engaged in that. i'm not saying it was a good it means he has proclamation authority to do this treaty i don't think there's a legal i just wish we were players in that treaty. issue here at all. the battle will go on. i think this is a smart strategy we'll see how to -- that plays to bob lighthizer's >> we have to hold on because we have to go to paul ryan speaking strengths. the goal is to get steel in atlanta as we show the industry up to more capacity mexican stock market moving as utilization. well. >> he's at a home depot in the farther back you are as a nation in line to make a deal with the united states, the atlanta. >> as a follow-up to that, what worse the outcome is going to can you and congress do to be this is going to start a bidding persuade the president to -- >> we're working on it. war. here's what i need to say, >> -- to a better path, so to though. >> quickly >> it needs to be limited to speak? >> we're working on that right steel. it needs to be limited to steel. now. i think it can be effective. we're working on that right now. i think it's a smart strategy. i look forward to bob lighthizer >> thank you >> you bet yeah >> so, i kind of wrote this getting some fair trade deals from our trade partners. question down. i've had it for many years we need them i know - >> scott paul and christine >> what's your name? mcdaniel, thank you for your >> collin. patience we appreciate your insight. i know the republican congress >> joining us via phone to talk is weighing the 2018 agenda now. more about these tariffs is
3:05 pm
here's something to consider roger newport, the ceo of aka in february 2005, president obama outlined a major steel. initiative to reform social thank you for calling in your initial thoughts and are you disappointed about the security, which would include carve-out for canada and mexico? partial privatization of the >> no, we're okay with it. we're glad the president's taking the bold move to address system, personal social security account -- >> we wanted to listen to that first question, it was all about tariffs but the response was the -- to defend our national security and combat the flood of this long. >> yes, it was. >> and time is precious right imports caused by global steel overcapacity now so we want to give you as it's really making sure we're much information as we can about what's going on. looking out for the economic we'll go back to that if he security of our country. starts talking trade once again. >> what are your plans >> ryan doesn't like this you know, i know the difference actions. >> nope. >> free trader between steel and aluminum but i've spoken to him we already talked to the ceo of well - >> well, it affects his an aluminum company that's district. planning to ramp up productions >> you bet right now, even before we see 100 other republicans agree with the ink drying on any agreements that view, led by kevin brady, who was in the white house for a here are you making any plans to ramp up your own production as we get meeting. europe's threatening, for ready for whatever kind of trade example, harley-davidson's, in agreements we're going to come up with here >> we actually have capacity to ryan's district. and bourbon and -- i thought increase for electrical steel, bourbon was kentucky. stainless steel and carbon steel with the imports that have been >> definitively american. >> yes but the gop and the house is not coming in, we've seen a doubling
3:06 pm
of imports of electrical steel happy with this. in 2017 compared to '16. >> not at all. we're the only producer now of >> we want to bring you up to date on market movement since electrical steel that's used for word got out about what the the electric grid system in your president is going to sign electrical transformers outside your home. dominic chu with details. >> what we're watching is this so, we're able to serve that idea the currency markets are market better and increase our reacting to some of those capacity if the demand is there. associated press headlines with regard to what the tariffs could >> and you think that's going to look like. you can see by the charts on the go up as a result of these >> well, electricals are boards shown that the dollar has included in the -- in his weakened against the canadian section 232 remedies dollar as well as the mexican so, we'll see how things play peso that means those two currencies getting stronger relative to the out. our products are covered in there. u.s. dollar in reaction to the >> i'm confused because your idea that maybe we could see stock is down 3.5% in the last some exemptions from these tariffs or negotiated exemptions week you know, president trump made from some of these tariffs, this announcement on thursday last week and took everybody by especially for nafta partners like canada and mexico surprise and a lot of the stocks, like yours, did very, that's carrying over into some very well. of the etfs that track these major markets with the stocks ultimately, it hasn't performed as one might expect if you associated with them thought the industry was going to get more help can you help me understand that? the canadian etf and mexican why isn't the stock behaving better, do you think etf, both track large companies >> well, it's sometimes hard to in those particular markets. they are rising. find what's driving the stock
3:07 pm
at i would point out that much of these rise is likely market there are a lot of factors attributed to just the currency besides just what's going on here and the discussions going on in the 232 remedies moves. they are not moving as high there are also trade issues and nearly as much as some currency moves are implying interest rates, et cetera. hard to say to pinpoint it to a michelle, bill, if you take a single item. look at some etfs, it's >> mr. newport, i just can't important to understand as they resist because michelle has been go higher in value, much is asking this question and it's a driven because of the currency great question moves, a little less so for the the reality is canada was our biggest. actual stockses themselves i didn't see the break in the back over to you. >> something you always have to law. mexico is number five. consider whenever you buy a this thing has been watered down stock that's oversaes. quite a bit, isn't that what the that's, dom. larry, stay with us. stock market's telling you we'll speak more about how tariffs will impact jobs in the your prices and profits have united states. done well. steel is on a bit of a roll. let's turn to cnbc senior economics reporter stooeft basically in terms of this leaseman, who's been looking at action, it was watered down to that steve? the point where it won't apply >> there's not much the debate to importers. >> we believe the approach he's over economists. they will cost jobs on net taken he announced today will work on addressing the entire a lot more jobs will be gained supply chain for example, in electrical by tariffs in those industries steel, we want to make it's a first, the u.s. has a lot more comprehensive approach so no one workers in industries that use is able to cheat or circumvent steel than those that make it.
3:08 pm
second, higher prices on steel our trade laws that's been happening in the past and our goal is to make sure the actions will cause companies to reduce put in place are effective output some estimates are as low as >> roger newport, ak steel ceo 55,000 a study by the trade partnership that's an economic consulting group found 33,000 steel and aluminum jobs could be gained thank you for calling in but 179,000 could be lost. >> you let's bring everybody up to date on the markets many in the service business we've been so preoccupied, authors say they use the same rightfully, on tariffs, trade and so forth when all is said and done, we database the commerce department had a mixed bag today for the stock market the dow finishing up 94 points used to calculate rate just below 25,000. the s&p sitting right on steve clearly, the steel industry has been hurt by imports but a grasso's resistance level. >> bob pisani highlighted the bigger problem is technology while steel jobs have fallen, market meandered as we waited. output stable. we did not know what was going down a little recently, showing to happen today. the president tweets something's strong productivity gains from going to happen at 3:30. automation this is a rare area of agreement nothing on his schedule. between economists they might debate the magnitude all day long the news out mexico but not the overall effect of and canada will be excluded jobs that's solidly negative. indefinitely that's when we really started to >> steve, can i also ask you see the market go into positive
3:09 pm
about what the effect might be territory. it was higher by more than 100 on the federal reserve points at one point. we hear people say tariffs are finished very positive. >> the president made positive inflationary comments about the nafta that makes sense as prices go negotiations and that's when we up finished near the highs. but when it comes to inflation tomorrow we get the jobs number. and the fed combating it, aren't this is where the market will they usually more interested when it's demand-driven and not sit until we get that number driven by issues of supply where tomorrow morning at 8:30 eastern time >> yes joining us with their reaction, maybe raising interest rates isn't used to -- >> you distinguished yourself as having paid attention in your mickey mcnamara, and levine economics course in college. that is absolutely right what the fed folks have said so far is it's not big enough to gandhi good to have you here. really matter. what do you think about -- i think you're right you could have a push me/pull me you're against these tariffs are you pleased with the fact that we saw canada and mexico on this. it could gate demand, on the other hand it could raise prices i'm sure what the fed is worried about is a trade war excluded >> i'm sorry, was that for me? one where one tariff begets >> oh, that was for me sorry. i thought you said mickey. another tariff, another tariff and you have a change in the pricing structure globally in the united states and that would >> you're the one against them. >> yeah, yeah. >> are you pleased about the create concern about inflation carve-out of canada and mexico is that okay with you? overall. that's where you get the fed's >> yes i do think it's good because attention. >> i agree with steve.
3:10 pm
it's less putting us on a but we put tariffs on canadian slippery slope to a trade war but it was amazing to me to lumber last fall lumber prices have soared since watch the president because, i then they they were riding up and mean, it's a fascinating time. then just spiked up. our president is a flat out cost push inflation. protectionist. this one could, depending on how and i wonder, has he ever been to a walmart this is structured, cost push has he ever bought anything on inflation. now, if the fed monetizes that and keeps keeping money and amazon.com because i do not know rates low, that will create if americans are willing to pay the prices if all of these factories that are going to general inflation. watch the dollar i've said this a million times flower up and fullment and grow the dollar falls - >> which it does it has been. in america as he says is going >> i know. to happen -- >> he's not worried at this it's a bad trend point, as you well know, with the dollar is telling you, there the consumer are too many reserves in the he's more concerned about the producer, which he feels has united states. been unfairly disadvantaged by and these other currencies -- the vats and other tariffs that cost push could -- the dollar is we have to pay when we export over there he's just trying to level the your signal. that's all i want to say playing field. >> all right thanks very much, larry. is that what's happening here, do you think thanks, guys >> i agree with what mr. kudlow said earlier this afternoon which is the notion of dumping what does it really mean in a thanks, larry. capitalistic society the market sets the price. >> now to the markets. steve grasso is sitting here
3:11 pm
we'll hear from him. we're sitting on a number he's you know, 45% of all the sales been watching carefully in the of the s&p 500 are to other s&p right now. we're at critical levels here, countries. and how can we live in a world where the president, in my view, robert. >> the important thing is we've my opinion, he has his head in been meandering around all day the sand and thinks that awaiting news on the tariff. everything should be only made we changed 20 minutes ago when in america i mean, is it really fair to we started getting who rd that demonize every american company canada and mexico reports, that offshores canada and mexico would definitely be exempt and immediately moved on this. i think it's really, really dangerous. we moved a good 12, 13 points in >> let's get in mickey the s&p 500. we are now essentially at the i take it you disagree highs for the day. straight up in the last 20 or 25 >> yes i would like to say it was minutes. heartwarming to see president the markets have other problems trump and secretary ross speak with such passion and knowledge keeping it down. about the difficults facing our fundamental issues oil has been a problem industry clearly, they have a lot more we're knocking on the door at 60 knowledge about what's gone on in our industry than a lot of people that have been commenting we get caught up in this price, d and mr. gandhi likes to talk bank stocks have been behaving well we saw a number of these about the free market setting the price. regionals at 52-week highs we talked about it last week the reality is in our industry, it's down a little here. down 1%. all the banks are down as the there is no free market price. the vast -- a large percentage ten-year yields have moved to
3:12 pm
the downside of the capacity, the excess we have had technology as a market leader. capacity, is subsidized. therefore, the prices -- >> tell us what you do here's hewlett-packard remind everybody what you guys make at zekelman. nae some of the other major tech >> we're north america's largest stocks three events the traders are pipe and tube manufacturer watching number one, we want more details also the largest consumer of hot-rolled coil in north on what's going on on the tariffs and how much it will america. >> what do you think of that hurt growth prospects. when he says china does have far we haven't gotten models on that we want to know about the wage more capacity than they need and inflation, is it more moderate the government subsidizes it so than january and the fed, march as a result a lot more steel 21st, three or four rate hikes comes on the market than three big issues on board for otherwise would be traders in the next week or so it's not economic to produce back to you. >> a lot on that list. except the chinese government is thanks, bob. subsidizing those companies. joining us for our "closing bell" exchange is jonathan isn't that unfair? >> i do think certain aspects of hertl, executive chairman of hertl and steve grasso and what he's saying is absolutely cnbc's rick santelli checking in legit. i'm all for those steel workers, from the cme in chicago. tell us about the level you were it's mazing to see those people. every single day in my industry, which is a $9 billion industry, every single day i talk to watching. >> 27.39 if you saw where we stopped people, american companies who think china's prices are too
3:13 pm
today going into these high, too high, believe it or last-minute headlines on the not. tariffs, that's where we they are looking at indonesia, stopped. they are looking in vietnam, so, the market wants to breach that to the upside malaysia, india. it's a bullish sense and all -- >> all that proves -- all that the market wanted to hear on proves is that china's not the tariffs there were carveouts for mexico, for canada only bad actor in the world. >> but then what are you going to do? we get more steel from canada, this is whack-a-mole. >> you're right. so that was the big moving it is absolutely element to this whole piece. if we cross over, there's going it's absolutely whack-a-mole, which is why - >> what do you think is going to to be a big vacuum happen - >> listen, it's -- 2% to the upside >> one at a time. >> you asked him a question. so, if we can close above that let him finish. >> one at a time. >> it's absolutely whack-a-mole. 50-day moving average, you're not going to get a lot of time naets why it's important to apply the tariffs across the to chase this market and get on board. board. if you're a bull, i would say when we have exceptions, we have to look at them very closely buy the market now. >> rick, we see the dollar because exceptions lead to continue lower essentipecially evasion. and if you listen to what against the canadian dollar and% commerce secretary ross said, the mexican peso very clearly, any exceptions will be limited and there will that's no surprise that's logic at work right now what do you expect to happen be other protections built in. it absolutely needs to be here addressed systematically because >> i look at the dollar index what the steel industry has been and i understand 57% of the doing for decades is whack-a-mole we spent -- in our company we dollar index is based on the euro valuation so it may be spend millions a year in trade distorted but it's acting just cases against this country or
3:14 pm
that country fine the dollar index, the pattern when we get relief, the production and the -- and the year-to-date looks quite product comes from a different friendly interest rates, looks like the country. that's what's brilliant about tenth day in a row we'll see a this approach is that it's systematic and that in order to ten-year note yield close on the get an exception, have you to -- 280s there will also be other trade the bund is closing in the 60s, at it covered pretty much its protections to support those exceptions. whole range from 62 to 70 basis >> four of the most dangerous -- >> you make nonstick coatings. ravin, let's talk about your points after mario draghi. business specifically. i see a market acting pretty you make nonstick coatings that well once again, and i use this go on home appliances and other analogy many times, if i wasn't things how are you affected by the trade imbalances we're talking aware of the trade war that about here. well, every day, 40 million seemed to be brewing, i would be people in this country, middle hard picked to pick it out class people use my product on almost every single famous, looking at markets to take it a step farther, i iconic american brand and they are made out of steel and just don't get the whole concept aluminum. of trade where i'm a free market >> talk about -- >> mickey, let him finish. trader the problem is globalization includes way more than just >> sorry. >> go ahead. >> to the extent the consumer trade. demand falls, obviously, you it includes many things. that's why brexit became an issue. the brexit thread is alive and know, we would suffer very well throughout the globe. you can't isolate trade. greatly. and i think it's just -- i pretty soon, you're sharing a really cannot believe that the lot of other commonalities that
3:15 pm
maybe don't work out so well president is picking and if you're looking at economics, choosing where to put his thumb on the scales. there's nothing more efficient mickey is an expert in the steel than making globalism center industry but what about every single bell leaguered industry stage, making them in america where do we draw the line? multinationals the entire area you concentrate where do we stop saying who gets on i get that to call balls and strikes? but in the end, i also i think it's a dangerous understand sometimes you have to take stands. situation because as soon as we i know there's a big debate, get a little retaliation from one of our allies -- mr. trump everybody's mentioned, it today said some of our allies carveouts. the problem with carveouts is, are the ones that treat us the is that we've learned the chinese are pretty good at worst. what about the eu? getting around carveouts he tweeted at vw and bmw over the weekend. they make sure aluminum can come that is very troubling times through mexico. >> as the president pointed out. and the fact is what scares me is many, many americans agree with the resident. i do not the president is not alone out there. there's a lot of people who believe in it. i just think they're heading off a cliff and it could be a big, big mess. >> mr. hertl, what are you doing >> got it. thank you. here when you see the market mickey, last word. >> i think there's a lot of being pushed around by trade, do people that support this and believe in it because they you pay attention to that or not? >> we do understand the market and they understand what's gone on in the because basically there's information in markets steel industry and is the if you and i were going to bet
3:16 pm
on a football game, we might say tremendous negative impact that what's the las vegas line? there's information in markets but a tremendous amount of noise illegally traded products have had on american steel and american workers. as well. >> this time it's -- it's always so we have to try to separate dangerous when you say this time the noise from the information it's different. >> mickey mcnamara and ravin any endeavor you're trying to -- we're chief investment officers. gandhi we're managing $20 billion for >> thank you. back to the markets. small caps, they were on a tear this week with the russell 2000 serious investors in 46 states so we're looking at those market up more than 4%, in part, on the movements saying, is it telling us something belief that if there were going >> what is this market telling to be more tariffs, smaller you right now? >> very healthy market companies, domestic producers, still below 3% with all the information out would perform better there that the fed is going to should investors buy in now? joining us to discuss our "fast normalize their balance sheet, for example. money's" dan nathan and guy adami. and that is not moving the what do you think? >> well, let dan take it away. ten-year. >> is that your worry knot. you can't just throw it up there. you've done this a long time >> no, it could go higher than you have to identify who you want to talk first that if you're a long-term investor, dan? >> it's funny -- >> you guys are pros you can figure that out. >> exactly >> i got you the differential is the -- the here's the thing, obviously, the relative strength since last fed funds rate and what's going on with those earnings week, since there's been a lot earnings estimates since the of volatility around this topic beginning of the year have gone in the market, small cap stocks up 10% have obviously outperformed
3:17 pm
the multiple basically hasn't changed and interest rateses are large caps large caps perceived to have the same that means everything is more positive than it was at the greater exposure in a trade war. beginning of the year. >> why do you say the multiple i'm actually short the russell hasn't changed 2000, the iwm. we were trading 18 times plus i think we're going to have a last year. >> it's better if it's changed, retest of those february lows it's gone in the right and sigh the correlation we saw, direction. we're actually -- the spread is small caps, midcap, tech more positive today. the other thing is, up, this i think we've seen a market that's been rotating for months notion of a trade war. and months now it's more complicate the than we're just rotating in now that i'm always struck by the fact -- something that seems to be a little better. i'll make one quick point. the line of if you lined every you look at the s&p 500 since economist in america up head to foot they wouldn't reach a the january 20th, 27th highs, we're about the midpoint of the conclusion peak to trough range here. these general statements about what's going to cause inflation, there's the underperformance of the devil's in the details the s&p. we have to see it impacting you have this relative outperformance of the small caps i don't think it's going to stick, especially if we back and earnings. >> presumably we'll get details in a few minutes we'll wait and see on that test the february lows. >> guy, would you please talk thank you for joining us we'll let you get back to work now? as well. rick, good to have you back. >> congratulations, great news, heading to the close here. >> 33 minutes before the bell. bill congratulations. very proud of you. i'll talk about it the dow jones industrial average i'm sort of in dan's camp. i think we're sort of taking our right now heading to the highs of the session, higher by 84 eye off the ball the volatility in this market points started four fridays ago, if you we can assume this is because include tomorrow, on the back of much the carveouts for mexico what was a great jobs number and
3:18 pm
and canada yesterday at this time we heard a healthy wage number. you're going to see probably there might be carveouts for mexico and canada and the market similar again tomorrow what's the point the point is the fed is on the rally -- >> sounds like there are. >> the s&p 500 is higher by 11 table this year. points nasdaq higher by almost 32 i think that's what spooked the russell 2000, which many expected to be the biggest market tariffs are interesting, tax beneficiary if there were reform all interesting tariffs, that's negative. the driver of this market is our >> probably taking a breather federal reserve and what they're today. >> absolutely. one of the strongest performers going to do this year. over the last several days. >> as we await the president's >> guy, i was going to say, announcement on these tariffs, whether it's a small versus large question or not be, the here's what else is coming up on fact that the small caps have been outperforming recently the "closing bell. >> announcer: the white house along with semiconductors, high isn't just dealing with steel and aluminum beat that stocks and banks, it violent video games also on the at least tells me there's not agenda a lot of these high-flying some flight away from risk right here and maybe that's telling you the market is trying to sort stocks may be about to move again. plus, semi stocks and small caps of embrace a little risk again, whether we get that retest or on the rise. not. >> the buy the dip crowd is up big in the last week. it's all ahead on the "closing being empowered once again obviously, the last couple weeks bell," live from the new york tested their mettle, no pun stock exchange models can be simulated... intended, but they're proving to be victorious. that's been the case the last eight or nine years. i'm in dan's camp. i don't think this will be as tiny as the market wants it to
3:19 pm
be the leadership to the upside has been feebl, at best, i would say. and i do think there's a retest in the cards, especially if you get a strong number tomorrow, which, quite frankly, you're probably going to get. >> what's a strong number? >> i'm not -- that's -- larry -- that's a larry kudlow cap for me >> all right >> punted that. >> over 200,000. >> there you go. >> larry, i told you, he's there. >> donated to dell barton nothing compares to the real thing. experience the command performance sales event for yourself, now through april 2. athletic department. >> i don't mean to usurp this experience amazing at your lexus dealer. thing, but you want to break news here? today, the new new york >> we tried that yesterday is sparking innovation. we'll try it again. >> buy the dip. you see it in the southern tier with companies >> some people are wonder why that are developing powerful batteries they're congratulating me, if that make everything from cell phones you hadn't heard, i'm going on to rail cars more efficient. "dancing with the stars." which helps improve every aspect >> you'll kill it. >> see you later. >> don't forget to join them on of advanced rail technology. "fast money" beginning at 5:00 p.m. eastern time. all with support from a highly-educated workforce that's at the top of the hour. and vocational job training. >> today is international women's day. a day designed to celebrate and
3:20 pm
across new york state, promote women's work we're building the new new york. our next guest is a woman who has made closing the investment to grow your business with us in new york state, gap for women a top priority visit esd.ny.gov. our own julia joins us with the ceo of elavest take it away. >> reporter: thank you so much sally, thank you for joining us here today you, of course, are very much interested in cloesing this investment gap what is the gap and why is it so important as you press for progress on this international women's day? >> we've heard of the gender pay gap. many haven't heard of the gender investing gap. women don't invest as much as men do the reason it's important is because it's important for our economy and society. when women are financially stronger, it's not just good for them, it's good for their families, it's put money into the economy, the markets it's good for everybody. >> do you think there is a blind spot when it comes to men's understanding of this? why does that matter if you're just trying to get women to
3:21 pm
invest in your platform. >> i think there's been plenty of investing issuetives on wall street most have failed because they've seen it as a marketing problem gee, we just need to market better to those women. what we did different from anyone is we changed the underlying product our product, our investing algorithm em which has patent pending on it, takes into account women live longer, their salaries, unfortunately, peak sooner and then a bunch of subtle things that women aren't as driven or thrilled by outperforming the market they're much more excited about can i meet my goal >> now, the company is about 16 months old how big are you? your growth rate in the flb of people investing and also the assets under management. >> i can't give all the numbers but we're growing at double digit percent month over month what we believe we're seeing, proclamations on steel and and we're seeing real energy aluminum imports we'll bring you that event at -- around this is we hit this sweet
3:22 pm
live as soon as it happens >> but, they are not as onerous, spot where the business is beginning to work and the brand is beginning to grow. >> do you think you're growing apparently, as feared early on for the stock market in part because there's a that's why we're up 103 points cultural awareness of me too and right now. >> triple digits on the dow time's up? jones industrial average do you think this talk about higher this session. >> the other issue the white house is dealing with today is gender equality and sexual harassment is putting more focus video games. video game stocks higher as on this? industry executives meet with >> it's putting more focus on the president at the white money is power one thing that's united the women that has come up with this house. another big meeting there today. me too moment, is not that and to revisit the debate they've been financially whether video game violence independent but financially triggers real world violent stable talk about susan faler calling behavior joining us, chris ferguson, out uber professor at stetson university. women are coming together to he has done studies on this. allow that speaking up his book is called moral combat: and so we're saying if money is why the war on video games is power, we don't have as much as wrong" and our friend ed lee the guys do. time to close some of these gaps. >> you pointed out three of the from rico. 46 people whoare promoted to b professor, you say based on your studies, there is no connections between the violence of video advisers as morgan stanley were games that children play, or women. now, you just made a comment about this on linkedin teenagers, and the violence we this really prompted a lot of see on the streets, right? headlines. what were you looking to do and >> yeah, that is correct
3:23 pm
pointing out just three of the we have a pretty large pool of research right now looking at 46. >> i asked a rhetorical violent crime and violent question they put their announcement, i behaviors as an outcome. it really doesn't matter how you guess, in the "wall street journa journal" i said, gee, looks like something is missing from this cut the onion. from different pools of data, group of managing directors. what could it be, question mark, question mark, question mark, #wherearethewomen. they seem to be converging at the thing got 1.2 million views. hundreds and hundreds of this point, they say other comments on both comments on bo. violent games or violent media don't contribute to societal violence we look at kids and predict who will get arrested, in trouble, women and our male allies like or mass shooters, it doesn't wtf and folks saying if none of look like there's any kind of the women qualified none of the clear connection or even a partial -- >> give me some of that data women qualified then bloomberg said i blasted morgan stanley. what's the rate of violence in i said can you blast somebody the last two or three years with a rhetorical question versus the rise in video games i didn't know you were able to do that. but what i think it showed, >> great question. the consumption of violent video first of all, an increasing games has soared in society. awareness of the gender no question about that imbalance we see in some of these businesses and the energy people have around them. we're definitely a society that >> what's your message to morgan consumes a large number of violent video games. stanley, though? that they should be thinking a during that time period youth violence has declined by over 80%. there's a correlation between thbt mo video game sales - -- about this more?
3:24 pm
>> i don't think anybody needs >> that's good. >> it's just in the opposite to think about it more the gender imbalance has been direction of what most people think. >> why do we keep having this debate >> i believe it's a bit of a 86% males as long back as i can remember so i think thinking feint. video games are violent, that's about it, waiting for the true there are a lot of violent pipeline to get it right, et movies and tv shows out there. i don't think that's necessarily cetera, it doesn't go anywhere going away they come with disclaimers, with the way to ching ange is for individuals like me to start warnings, "m" for mature. businesses that target underserved parts of the market >> i'm sure that keeps those and i love the fact that our part of the market is 51% of the from below the age of playing it. >> if you want a discussion, population. >> salie krawcheck, thank you so that's a fair discussion but linking this, it's still a much for joining us on international women's day. feint. again, even if you limit this or back to you. thank you. curb this, people are still going to find it online, some let's talk about the reaction to version. >> mike santoli was talking to us earlier about this segment because he reminded us there trump's tariffs. gentlemen, good to have you was, it looks like, back in the here, mike santoli '50s senate subcommittee on mr. yoshikami -- i'm calling you that because we have two michaels -- now with this event juvenile delinquency, a comic book hearing to see if that was are we going to get back to
3:25 pm
trading on other things or are we going to be focused on trade? causing delinquency. >> we had the same thing in the >> we'll be totally focused on 1980s with rock bands, trade. everything from ac/dc to cyndi it will be controversial i was watching some of your previous guests going at it head lauper they did target cyndi lauper, looking at whether bands in the to head. '80s contributed to suicide, you have folks in the steel violence, satanism and everything else. nobody today really thinks these industry and then you have coca-cola. bands contributed to problems in you'll continue to see the push and pull between the two society. but it's just -- whenever constituencies there's new media or new the users of these products and technology that comes out, we go the manufacturers of these through the same exact pattern products. it tends to be older adults. >> caharlie, you're a classic value investor, would you buy it's mainly older adults that any of these steel or aluminum have difficulty adapting to new companies with all the talk of the tariffs? technology or media. they don't like it so they begin is this going to help their business to believe it's harmful. >> i'm glad you asked me that. even if there's a lot of evidence that suggests it's absolutely not one of the things we've learned not -- is these supports tend to be temporary and when they go away >> professor ferguson, do you e any of your research money from the underlying economics of the business comes to the forefront. any video game makers? >> no, none whatsoever look what happened to the solar no financial ties to the industry panel companies when those >> no financial ties tariffs and barriers to foreign >> none whatsoever. >> ed, when you look -- i mean, competition went away. those companies went under you watch -- i've watched other absolutely not this is a case -- everybody
3:26 pm
people play. talks about how economists disagree about everything. i haven't played myself, mortal combat this is the one thing economists agree on -- that these kinds of it's way beyond anything you saw in a comic book. tariffs are bad for the overall you are immersed in the violence and shoot the gun. economy. if anything, what you want to do you can see why parents would get upset. is import raw materials, low >> it also -- it goes back to value-added materials like steel, and then export higher columbine where it was discovered the shooters practiced on video games ahead value-added materials like deere equipment or caterpillar equipment or cars. of the incident. so that'sbritish empir that was at least a supposed direct link. to echo what the professor is saying, clearly, studies don't became so powerful in the 18th bear it out. these video games are widely distributed, globally century, importi ining commodit distributed. in europe and places like sweden and exporting manufacturing goods. that's what we want to do. where there's nowhere near the >> i think it's interesting that same type of gun violence. the market once again is in one of these zones where day to day, partly due to access, but minute to minute we're fixated that's - >> we solved that. on these headlines not really thanks so much everyone's decided and programed >> very interesting. the machines to trade off on what will happen here. >> there are two big meetings i don't think tariffs will be the thing that will make or with executives at the white break this market in trade house today. one was about with the video policy or not. i think too your question game makers and also critics of before, we will probably get the video game makers and then back to has the market paid enough of a price from those there's also the one with steel workers and aluminum workers as
3:27 pm
we await the president >> and we're bringing back larry gidty higi -- giddy highs in january what do bond yields do kudlow to set this up for us the last couple days the market it occurs to me if the guidance is correct, there are no tariffs has refused every excuse to panic about this. >> we have to move on here because we're getting our first being imposed per se by these reactions, believe it or not, from china to the president's proclamations because they are move on tariffs. delayed for canada and mexico charlie, michael, thank you both indefinitely and for other for joining us countries they are inviting them to come negotiate exclusions eunice yun set the alarm clock so, there is no real tariff and she has that reaction. what are they saying imposed unless a country chooses not to come and ask for an >> well so far even before the exclusion. >> it's very tricky. apparently australia is on the announcement by the president exclusion list also. china had joined the chorus of that's very important. voices that had been criticizing trump singled them out. >> in addition to mexico and president trump's tariff as well as threatening retaliation so canada. >> that's correct. >> the prime minister was just here, too. earlier today i spoke with an >> listen, they're one of our greatest allies. we don't know how this is going to work exactly. official who represents the proclamations are proclamations. aluminum industry. this is what he has to say >> translator: the u.s. exports a lot of aluminum scrap to at some point, there's got to be china. we would suggest to our government to take action a document to sign he has the executive order -- >> just for those who don't against this and agriculture know, what's the difference
3:28 pm
between a proclamation and executive order. products >> a proclamation is something we are willing to talk but the you say, you crow about and have u.s. has shut down the conversation to us a bugle -- we are now forced to advise our >> frame it and put it on the wall. >> give it to your mom government to act. >> he also expressed frustration executive order is actually with the trump administration's documents that are signed in a very formal fashion. unilateral approach. you have national security >> translator: we are not scared executive orders or directives, of a trade war because chinese for example. aluminum production is for the regulatory directives. that's very, very important. domestic market. what we need to see, though, are we are against protectionism and we are against a trade war these exclusions within however if the u.s. wants one, exclusions within carveouts. that's the tricky part we are not afraid. the exclusion for canada and mexico is contingent apparently >> reporter: many governments on progress in nafta around the world, not only the white house, have been very critical of the chinese for not and i don't nl what progress means. doing enough on various trade i'm delighted with this move matters so on excess kpatty the chinese say they have cut capacity, they say they're going go ahead. >> it seems to me with all the to do more so yesterday we went to a town, an industrial town sabre rattling, all the tough that's in the heart of china talk on the tariffs and things, this is what it's come to? steel making country it doesn't seem like there's a it's a town that was recently whole lot here declared steel-free. so when we were there on the it's just a warning. ground we did find that the
3:29 pm
>> thankfully. steel mills were all closed but as is often the case in china, thankfully things aren't always as they >> what happened did gary cohn have some influence? >> he may have appear because what we also other people talked to the learned was that the steel president. company that owned the last a lot of lobbying and weighing remaining steel mill in the town in on this that had just closed had other countries -- i want to organized a deal to transfer the finish that thought. other countries may or may not have these tariffs capacity to another firm in the it depends op the european south of the country so it's union, for example, obviously very important that kind of situation that i'm not quite sure what they're really, really frustrates going to do there or what china's trading partners, including the united states. barometers or guidelines they're going to use to lift the tariffs guys >> all right, thanks very much, or leadthe tariffs eunice yoon, very insightful this is tricky last point, michelle we talked so much about chinese trump has a lot of executive steel overcapacity. power here but i don't know how >> are we destined for a trade this is going to be structured, war with china >> not necessarily in, out, barometers -- but the president used strong >> there's one thing i'm certain language and i have to say i about, as we watch the steel agree with him workers and aluminum workers i think china has to be come out into the roosevelt room challenged i know there's complications on at the white house, if china were to apply for an exemption, security with north korea and they wouldn't be so foolish, what not but they have to be would they, the answer will challenged i don't know that dumping is the biggest issue. >> reciprocity, intellectual be -
3:30 pm
>> no. >> no. >> i would have loved to have property. >> when they invest in china, it seen full-bore targeted tariffs has to be with the chinese government, owning more than 50% on china this is my problem with the is nearly impossible whole thing. they have none of those the problem with american trade is not canada. the biggest unfair trade restrictions. >> you have to go to the violator on the planet is china. provincial governments who then demand that you lay out all your go for it. >> okay. now, we have some news coming plans and that's where the from this meeting here technology steel comes and with kayla tausche has that right bribery and so forth that's got now. >> reporter: those bills we have to stop. some tariffs on them i would rather he led with the 25% steel, 10% for aluminum as china trade attack rather than we knew they will take effect in he did having said that, most of the 15 days as the associated press faangs were defanged on mexico previously reported. a senior administration official and canada that's why your point is so says the orders that the valid. >> you're not talking about president will sign today will have flexibility to be modified facebook, apple and netflix. you're talking about real faangs in the future. unclear exactly what that means or how that flexibility will be baked in defang it h for those who did not want them defanged the terrorists. >> you kept asking them why the to be permanent or adjustable, stock went down and the tariffs that's something he can offer were watered down enormously and them mexico and canada will not pay the likelihood of any pain on these tariffs. the economy is now less and the senior administration official references a security less that is a good thing
3:31 pm
relationship with mexico and mr. trump sometimes has a very canada as the reason for that big bark and then a less big exemption as nafta discussions bite and i think that's one of the negotiating tactics and i go on in the back drop and this official says nafta is a part of like it and i feel like the good guise one this, how about that that security relationship and >> the other side will figure those talks will figure heavily that out eventually, right >> if he does this enough. into their qualification for >> all i know is profits are this exemption this official described it as rising, the economy is strong, short term but declined to we're on the on from end of the biggest investment boom in 25 quantify exactly how long that years, lower tax rate and exemption would be granted to regulation will help everybody mexico and canada. even steel had a good run in the last year. as far as other countries, there >> even if it doesn't turn will be a provision that allows around, jobs in the steel sector, steel workers love what they saw today i mean, he's got a really -- a national security relationship >> well, they have to be hopeful with the united states to apply for a similar exemption. there will be a clear-cut application process for those about it it's only a start. >> they like hearing the countries to be able to do that. president saying he cares about coal company, he cares about finally, this senior steel company. >> that's part of his charm and administration official who briefed reporters today said that's part of his political there would be no negative antenna. there's a special election in downstream effect on jobs. pennsylvania next tuesday, that's in steel country in this person called the various economic reports estimating job southwest p.a. losses in the hundreds of i feel good about this whole story today.
3:32 pm
thousands fake news. >> good. says this is something we have news that maybe isn't so unassailable, that the president good thank you, larry. >> what we need more of is news has wanted to do for some time right now and we have some on and said the effect on pricing toys "r" us, kate rogers, what's at companies that make aluminum going on >> you may remember toys "r" us and steel products would be filed for bankruptcy in negligible september, this is from we'll see the president of the united states flanked by workers from companies that will benefit cnbc.com's lauren hirsch citing from these tariffs sources that toys "r" us are prepping for the liquidation of we saw him flanked by executives the u.s. operations and the from those companies last week situation regarding toys "r" he'll be in friendly company as us's u.s.operations remains he announces a policy that's become a lightning rod for the fluid so we wanted to bring you that brief update. republican party and for this >> they had a lousy christmas and things weren't looking good. white house as well. guys, back to you. >> a failed lbo so that was part of the story with toys "r" us. >> go ahead, larry thank you, kayla >> kayla was great >> we have not gotten our money's worth. that's my understanding, too >> to wrap a little bit of this because we're not going to have canada -- up what's interesting is in >> steve mnuchin walking in the january, up through january it was everything's good and room wilbur ross. getting better >> because this is being called and what's the bull case today off, there won't be any something we thought was going downstream problem with jobs to be bad called tariffs might if that had gone through, my not be as bad or bond yields are judgment is there would have been downstream problems with going up but maybe not as much as we thought. jobs. i think that's what explains a >> peter navarro in the room on the right. i haven't seen him out in a long more volatile market a little more of a two-way market and we have too see when
3:33 pm
time. >> he's the biggest proponent of those things we agree on are the tariffs, right good like corporate profits and growth maybe finally reflected >> you know what's less harmful more in the market or in the conversation right now than tariffs, make a deal with it's just a little bit of a less canada and mexico -- i'm being very serious here. if the steel industry has clear path than we had last year in the market. problems, keep them alive with >> we're waiting for inflation data and employment data. subsidies. subsidies are less economically harmful than tariffs >> very -- and we'll have that >> less distortion. >> less distortion, thank you. for you tomorrow so we hope you you make an agreement and you join us at that time put it on the budget thank you all, that's it for maybe the defense budget closing bell. >> great to be with you, bill. the point i'm making is it's >> always a pleasure transparent. everybody knows about it and it's a much better, less here's "fast money." economically harmful downstream >> "fast money" starts right now approach i don't know why we do that. live from the nasdaq market site i don't know why we make a deal overlooking new york city's time with our partners in canada and square i'm melissa lee. mexico it's a simple solution tonight on "fast" the crypto tariffs aimed at china that's what i want. >> i was going to say, let's crush raises on as the universe bring in eamon javers. braces for a wave of regulation. what are you hearing as this don't worry, a widely-followed thing has been so fluid over the crypto investor says there's one last 24 hours? >> the only person missing here big winner the crypto crackdown, is the president, by the way. he will tell us what that is >> reporter: i'll tell you what, i was standing a few feet from plus, top strategist julian where that picture is inside the white house and i saw peter
3:34 pm
emanuel says we could have the navarro behind the scenes start of a lot more volatility coordinating with junior white house staff, a very much figure he'll be here to xplain what's in action here at the white house. you point out how rare it is to see him on the big stage here. keeping him up a he's somebody who has emerged as the voice of the trump administration on trade here, particularly in this week of tariffs. watch this space in terms of who's going to succeed gary cohn has the national economic counsel director the personalities really matter. cohn, not in the room liningup wilbur ross, peter navarro are in the room lining up alongside steven mnuchin we're told was somebody who was skeptical of tariffs as mnuchin will be at the president's sign if this current lineup holds up. watching the personalities and the players is important here. we're also hearing that knight is somebody on the national economic council who knows about taxes, but she's someone who could be a candidate for the job as well.
3:35 pm
it depends on the rapport with the president, where the politics are at the moment and where the white house sees things going all of these players are worth watching as this shakes out. interesting moment here for peter navarro. >> thanks very much, eamon javers at the white house. let's remind everybody what we're seeing this is the roosevelt room of the white house. still waiting for president trump to come out. on the left, workers who would benefit from imposition of tariffs on steel and aluminum from other countries on the right, treasury secretary steven mnuchin, wilbur ross, peter lighthizer and navarro. >> i've known lighthizer for years. he's a good guy, very nice man, very amenable. he's the king of the anti-dumping laws. that's his practice. if you have skepticism about dumping, i believe in market forces i don't know what dumping means. lighthizer is your guy.
3:36 pm
>> presumably he came back from mexico and the latest nafta negotiations and filled the president in on just exactly how much opposition there was from the other two countries on these -- on these tariffs. >> that is possible. >> i had heard, this is unconfirmed, but i had heard he wasn't really thrilled with the blanket tariff he's a - >> light ithizer. >> i can't confirm - >>'s a hawkish guy on trade anyway, right? so he's not -- >> he's very pragmatic special trade rep for bush senior or -- i can't recall. he's a practical guy, lighthizer. >> while we wait for the president, and this can happen any second, so we may have to interrupt this, but we have two more guests we want to bring in with their points of view. scott paul, president of the alliance for american manufacturing and christine mcdaniel senior recertain, the senior research fellow there at george mason university.
3:37 pm
thank you both for joining us. >> i think the details matter. i hope they're tough i just want to say i think this is a great day for many of those men and women in the room. i know a lot of them i've been to their communities in minnesota, ohio, western pennsylvania i saw a few familiar faces there. and i think these are the human faces that get lost in this debate we talk about tariff rates and trade policy, but it has a real life impact. and many of these men and women have seen their colleagues laid off. they've seen their families destroyed. i think their communities downready down trodden. we'll see a steel mill in
3:38 pm
illinois, aluminum add-on in kentucky i'm eager to see the details i think exemptions should be very narrow in scope - >> that's what i wanted to ask you, mr. paul. if there's a carveout for canada and mexico, are you going to be disappointed did you want them included is it important to you hold on. here comes the president we'll have to wait >> we'll bring them back here as we get more details. the president there greeting some unionized steel and aluminum workers who will act as a backdrop for the president as he signs these proclamations imposing these tariffs, delayed for 16 days and it includes the carveouts for canada and mexico. >> i'm honored to be here with our incredible steel and aluminum workers and you are truly the backbone of america, you know that. very special people. i've known you and people that are very closely related to you for a long time. you know that. i think it's probably the reason i'm here
3:39 pm
so, i want to thank you. i also want to thank secretary mnuchin, ambassador lighthizer, secretary ross, peter navarro, mike pence, our great vice president. they've worked so hard on getting this going and getting this done and people are starting to realize how important it is. we have toll protect our steel and aluminum industries while at the same time showing great flexibility and cooperation toward those that are really friends of ours, both on a trade basis and a military basis a strong steel and aluminum industry are vital to our national security. absolutely vital steel is steel you don't have steel, you don't have a country our industries have been targeted for years and years decades, in fact, by unfair foreign trade practices leading to the shuddered plants and
3:40 pm
mills, the laying off of millions of workers and the decimation of entire communities. and that's going to stop it's going to stop this is not merely an economic disaster but a security disaster we want to build our ships, we want to build our planes, we want to build our military equipment from steel and aluminum from our country. and now we're finally taking action to correct this long, overdue problem. it's a travesty. today i'm defending america's national security by placing tariffs on foreign imports of steel and aluminum we will have a 25% tariff on foreign steel and a 10% tariff on foreign aluminum when the product comes across our
3:41 pm
borders. it's a process called dumping. and they dumped more at any time on any nation anywhere in the world, and it drove our plants out of business. it drove our factories out of business we want -- a lot of steel coming into our country, but we want it to be fair and we want our workers to be protected and we want, frankly, our companies to be protected by contrast, we will not place any new tax on product made in the usa. so, there's no tax if a product is made in the usa you don't want to pay tax? bring your plant to the usa. there's no tax which we will benefit from the massive tax cuts we have in place. we have passed the largest tax cut plan in the country's history and that has caused really tremendous success between that and regulation
3:42 pm
cutting. and i think maybe regulation cutting every bit as much. we have a long way to go on regulation but we've already cut more than any president in history. we're urging all companies to buy american that's what we want. buy american the action i'm taking today follows a nine-month investigation by the department of commerce, secretary ross, documenting a growing crisis in our steel and aluminum production that threatens the security of our nation and also is bad for us economically and with jobs the american steel/aluminum industry has been ravaged by aggressive foreign trade practices. it's really an assault on our country. it's been an assault they know better than anybody. other countries have added production capacity that far exceeds demand and flooded the world market with cheap metal that is
3:43 pm
subsidized by foreign governments creating jobs for their country and taking away jobs from our country. i've been talking about this for a long time. a lot longer than my political career i've been talking about this for many years for example, it takes china about one month to produce as much steel as they produce in the united states in an entire year because we've closed down so much capacity. plants closed all over the united states and some plants i see, massive plants from 40 years ago and they're working in a little corner of the building pop we're going to get those buildings open again and producing again. that's going to be a great thing for our country. and this is only the first stop. aluminum imports now account for more than 90% of the primary american demand. over the last two decades, nearly two-thirds of american raw steel companies have gone
3:44 pm
out of business. more than one-third of the steel jobs have disappeared. six primary aluminum smelters, which is a big deal, have permanently shut down since just 2012 the actions we're taking today are not a matter of choice, they're a matter of necessity for our security we're already seeing the natural security benefits of this order. yesterday in anticipation that we'd be here today, u.s. steel announced it's reopening a mill in illinois, a big one, and recalling 500 workers immediately. that's going on all over the country. by the way, it went on with solar panels, which we did three months ago and washing machines, where they were dumping washing machines all over our country. now they're expanding plants to make washing machines. we put the tax on it
3:45 pm
a lot of you were here a skilled, trained workforce in steel is a crucial element of america's national security and must be protected. after the signing of this proclamation, aluminum in kentucky -- century is a great company -- will be investing over $100 million to restart and upgrade their idled military grade high-quality aluminum production, which is critically important to our natural security that's 150,000 additional tons of aluminum. and think of it, this is a closed plant now they're doing 150,000 tons production and an additional 300 workers and ultimately many more hired in the great state of kentucky a package of sometimes $90,000 per worker
3:46 pm
our greatest presidents all understood from washington to lincoln to jackson to teddy roosevelt, that america must have a strong, vibrant, and independent manufacturing base has to have it president mckinley, who felt very, very strongly about this, the country was very, very successful we actually operated at a cash flow, if you can believe it. the protective tariff policy of the republicans, he said, has made the lives of masses of our countrymen sweeter and brighter and brighter and brighter. it is the best for our citizenship and our civilization and it opens up the higher and better destiny for our people. many politicians lamented the decline of our once proud industries and many countries announced global excess capacity but no one took action many politicians have seen
3:47 pm
what's been happening to our country. i've seen it for 25 years. talked about japan talked about china but the politicians never did anything about it. but now they are our factories were left to rot and to rust all over the place thriving communities turned into ghost towns. you guys know that, right? not any longer the workers who poured their soul into building this great nation were betrayed, but that betrayal is now over i'm delivering on a promise i made during the campaign and i've been making it for a good part of my life. if i ever did this, i never really thought i would, i said, let's run for president and look what happened. and part of the reason it happened is you. and my message having to do with you. and other messages also. security, military, the wall, the border a lot of good messages but this is one of the most
3:48 pm
important. my most important job is to keep american people safe as you know, we just had approved a $700 billion military budget, the largest ever $716 billion next year that means not only safety but it means jobs. it also means the use of steel from our country but the same goals can be accomplished by other means, america will remain open to modifying or removing the tariffs for individual nations as long as we can agree on a way to ensure their products no longer threaten our security so, i've put ambassador lighthizer, a great gentleman, in charge of negotiating with countries that seek an alternative to the steel and aluminum tariffs the fact is we've been treating -- we've been treating
3:49 pm
so badly over the years by our countries. we've been treated badly by our politicians, our presidents, by people that represented us that didn't, frankly, know what they were doing and we lose $800 billion a year on trade every year $800 billion it's been going on for a long time $300 billion, $400 billion, $500 billion, got up to $600 billion. and it keeps going but it's going to start changing. it has to change we're negotiating now with china. we're in the midst of a big negotiation. i don't know that anything's going to come of it. president cxi, i have a lot of great respect for. we'll cut down the deficits one way or the other we have a deficit with china of at least $500 billion.
3:50 pm
when you add intellectual property, it's much higher than that that's a year. at the same time, due to the unique nature of our relationship with canada and mexico, we're negotiating right now nafta and we're going to hold off the tariff on those two countries to see whether or not we're able to make the deal on nafta, national security, very important aspect of that deal. and if we're making the deal on nafta, this will figure into the deal and we won't have the tariffs on canada or mexico. if we don't make the deal, on nafta and if we terminate nafta because they're unable to make a deal for our workers and farmers -- we love our farmers -- and fair for our manufacturers, then we're going to terminate nafta and we'll start all over again or we'll just do it a different way but we'll terminate nafta. that will be it. i have a feeling we'll make a
3:51 pm
deal on nafta. i've been saying it for a long time we either make a deal or we terminate. and if we do, there won't be any tariffs on canada and there won't be any tariffs on mexico one other thing, some of the countries we're dealing with are great partners, great military allies and we'll be looking at that very strongly the tariffs don't go effective for at least another 15 days and we're going to see who's treating us fairly, who's not treating us fairly parts of that will be military who's paying the bills, who's not paying the bills we subsidize many rich countries with our military. they pay not 100 cents on the dollar, in some cases not 50 cents on the dollar and they're massively wealthy countries. we have to stop that that will enter into the ee indication also. very interesting, i saw a tweet that just came in from elon musk
3:52 pm
who's using our wonderful space facilities and did a great job three weeks ago. he said, for example, an american car going to china pays 25% import duty. but a chinese car coming to the united states only pays 2.5% a tenfold difference an american car going to china, think of that, pays 25% import duty we send our car over there pay 25%. they send their car over here, 2.5% that's from elon but everybody knows it they've known it for years they never did anything about it it's got to change we're going to be doing a reciprocal tax program at some point. so that if china is going to charge us 25% or if india is going to charge us 75% and we charge them nothing, if they're
3:53 pm
at 50 or 75 or 25, we'll mirror those numbers. it's reciprocal. they charge us 50, we charge them 50. right now they'll charge us 50, we charge them nothing doesn't work that's called a reciprocal tax, mirror tax and we'll be doing a lot of that. it's -- really the first year we set the stage. a lot of it had to do with -- structurally we had to go through certain procedures in order to get to this point but now we're at this point. american companies have not been treated fairly and some american companies have taken advantage of it, gone to other countries and developed in mexico massive automobile plants, taking our jobs away and taking our companies down to mexico to make the cars and then they send them across the border without tax, without anything. so, we lose the jobs
3:54 pm
they make the cars they get all the benefits. then they sell the cars back into the united states we're changing things and we'll have a lot of great relationships. i think companies will be very happy in the end i think countries will be happy. we'll show great flexibility again, many of the countries that treat us the worse on trade and/or military are our allies, as they like to call them. we just want fairness. we just want fairness. we want everything to be reciprocal and i think in the end, we'll have a lot of great jobs, a lot of great companies all coming back into our country. chrysler announced they're leaving mexico, coming back to mitch niche with a big plant you haven't seen that in a long
3:55 pm
time, folks. so, because i sort of grew up with this group of people, i know a lot about the steel industry and i know a lot about the aluminum industry. we're going to bring them back i thought maybe a few of you would like to say a couple words. there's only 25 million people watching, so don't worry about it you want to say something? come on up >> my name is dusty stevens. i work in kentucky right now we're running at 40% capacity two years ago we shut down 60% of the capacity when we had a downturn in the market my father worked in the industry and worked at that plant for 40 years, so this hits home for all of us. these tariffs going into place, this gives us the ability to come back to 100%, invest $100 million in our plant and over
3:56 pm
300-some-odd jobs will be brought back to the communities. i'd like to say thank you. >> thank you very much thank you very much. one thing also, the quality of our steel is much higher it's of a much better quality which especially for certain things is very, very important please. >> thank you, mr. president. i'm president of local 2227. and i'd like to tell you a story about my father during the '80s. he lost his job due to imports coming into this country and i want to tell you what that does to a man with six kids is devastating. so, i never forgot that looking into his eyes in my household what that does to a family you hear about it, but when you're actually involved, it impacts you, it will never leave you. so, with that being said for
3:57 pm
herman sarich, your story didn't end. for all the people that i've represented in my union, i never want to see it happen again. for these workers and these folks, i appreciate the opportunity. i'm very humbled with this so it's very important to us. i never want to see it happen again. i say that insesincerely from m heart. thank you for the opportunity. >> your father, herman >> yes. >> your father is looking down he's very proud of you. >> he's still alive. >> e on, he is well, then he's even more proud of you then he's even more proud. anybody else please, come on up let's arm wrestle. >> my name is ron davis, steel worker just wanted to say, 2009 my plant supplied a majority of the armor for the humvees and all the vehicles in theater.
3:58 pm
it's sad to say because all these imports coming into our country, our plant will be idled in september so, at one time our plant had 400 members. we'll be down to about 71. these tariffs definitely have an impact and maybe not for our plant, but for the other plants out there. appreciate what you're doing. >> thank you thank you. appreciate it. anybody else anybody else you're okay. you're going to accept great jobs, right? you're going to be very happy. you'll see things changing very rapidly. it's really my honor to start this process it's going to be a very fair process. it will be fair to other countries, especially those that treat us well. we look forward to it. we look forward to having lots of mills opening up, lots of plants opening up. both steel and aluminum and other things we'll be doing other things. very positive things you are great people would you like to take a picture
3:59 pm
in the oval office i assume you've been many times into the oval office come on, let's go and do that. let's go and do that we'll go into the oval office, sign this up, go into the oval office and have a picture, okay? thank you.
4:00 pm
about time, right? >> that's right. >> yes, sir. >> you've been waiting for a long time. >> yes, sir. >> let's pass them around. >> thank you, sir. >> mike, come on up. let's take a picture in the oval office, okay >> yes, sir. >> thank you very much, everybody. thank you. >> we're going to stop the transshipping or let it happen but they have to pay trans-shipping, frankly, is a big deal china says it's about 2% but it sends much more. we'll have a great relationship,
4:01 pm
hopefully, with china but we have to do something we're losing with china $500 billion a year we have to do something. and they trans-ship. and we're going to accept their product but it's definitely going to cost a lot of money from the standpoint of the trans-shipper. thank you very much, everybody >> the president with those signed proclamations, which we'll talk about we have a whole bunch of people who will respond to these. let's bring kayla tausche back in from the white house. pretty much as expected with these proclamations that exclude canada and mexico for, what -- indefinitely while they're still negotiating nafta. and the other countries have the ability to negotiate their own exclusions, is that the idea, right? >> reporter: correct, bill administration officials will caution it is a short-term exemption, though they won't quantify how short term it is.
4:02 pm
this is a proclamation the president began referencing nearly two years ago on the campaign, launched this investigation 11 months ago. originally had wanted a decision by 60 days from then, by last summer in that speech you heard in the roosevelt room, he borrowed some of the language from his somber inaugural, calling factories full of rot and rust and calling them ghost towns he's using a national security statute as a tool to narrow trade deficits and bring allies and adversaries to the negotiating table. he says his trade ambassador bob lighthizer, will be leading those talks with countries who want exemptions from very strict tariffs. 25% for steel and 10% for aluminum you saw ambassador lighthizer on the side of the president, on the left side, with the administration officials who supported this policy, secretary mnuchin of the treasury, was ambivalent about this a few weeks ago. in the back, the press pool
4:03 pm
notes that gary cohn, outgoing national economic counsel director as well as jared kushner were talking quietly in the back kushner just returning from a trip to mexico this week where he met with high-level government officials this was one of the topics, as well as nafta. the president interestingly, this is going to be a comment the market hangs on, the president says, i have a feeling we're going to make a dealon nafta. certainly that is the very high stake for those exemptions to be permanent for those countries. we'll see exactly what he wants from them in the coming days and weeks. >> thank you very much, kayla. yeah, i had the same observation that that speech was so similar to inauguration day, eamon, no >> coincidence or not, we saw a rally on the close i mean, we were virtually unchanged on the dow until the last few seconds of trading and we finished up 94 points.
4:04 pm
>> that could because the carve-outs, they wouldn't be -- we were going to go to eamon. >> 20 seconds. kayla's last point, the president is now optimistic about nafta. is a wonderfully important point. nafta is really important to our economy and the other. so, i like this nafta point a lot. >> he also said about these steel and tariffs, this is only the first stop i heard there could be more tariffs on other things. eamon, let's get to eamon. what do you think? >> reporter: i agree with you, that moment jumped out at me as well what struck me here is how much this was about history the president's own personal history in terms of his comments on trade going back decades. he talked about china, japan he said this has been something he believed and he grew up among these people and so he knows something about this issue personally also about american history. he tied this into previous president's actions.
4:05 pm
went back to william mckinley, who is not a president you hear quoted all that often these days william mckinley called a special session of congress to paz the dingley tariff in 1987 that tariff on a wide range of commodities, had taxes as high as 57% so, that's who trump sees as a role model here in terms of the trade action that he's taking today, rooting this in an american history of protectionism. that's the legacy that he's seeking to recreate here >> before you go, we've got other things and other people we want to talk to, i just need clarification on this. we were talking briefly with larry about this i think you know the answer to this, eamon. in is a proclamation the president signed this is not an executive order. >> reporter: right. >> how enforceable is this why was it a proclamation, not an executive order >> reporter: there's a really nuanced answer to that the reason is the president wasn't able to put an executive order together on this this was described to me as
4:06 pm
legal papers, but a presidential proclamation is not even a legal document in the sense that it doesn't have a triggering mechanism to it. the question is exactly what the president signed we'll have to get the exact wording to see exactly what was signed in the ceremony today there was back and forth up until the very last minute about what would actually be in the document here. and we'll have to go inside the west wing and see if we can get a copy of what was just signed bottom line the white house says the president is signaling his intent here to put these tariffs into place in the coming days and that's going to be the direction of u.s. trade policy going forward. >> thank you, eamon. eamon javers live at the white house. he'll get us that information. president trump referencing century century aluminum as part of this tariff announcement. >> after the signing of this proclamation, century aluminum in kentucky, century is a great company, will be investing over
4:07 pm
$100 million to restart and upgrade their idled military-grade, high-quality aluminum production, which is also critically important to our national security. >> let's get reaction now from century aluminum ceo who is joined by jackie you ought to let him know, stock is down 7.5% not necessarily reacting so well to what's been announced today >> good afternoon to you that's exactly right we've been reporting on this story all day. mike joins us again. kelly mentioned the stock price was a little lower today, but you heard what president trump hadto say. your recollection? >> we're not worried about the stock price. it will get where it needs to be and we're pleased, we're excited. the president's announcement was exactly as we were hoping and expecting. it was a proud moment to see my colleague standing there with the president of the united states that was quite something happy for them and happy for this community that this plant supports and is going to support to a greater degree when we get
4:08 pm
started here. >> reporter: your thoughts on the bullet points. we're talking 15 days on implementati implementation, an exclusion for canada and mexico as well. that's a quick turn-around, 15 days. >> that was as quick or quicker than we were expecting or hoping he's getting going we're going to get going the exclusions, as long as they work as they're intended to work, as we expect them to work, we think that they support the president's capacity we think the remedy works, we're excited, ready to go. >> one of your employees got up and made a statement. >> that was quite humbling to see. he's he was fantastic. he represents all the employees here it's not just him. he's a fantastic guy, but he represents -- what you see is what you get with this plant, its employees and the community. it's a bit humbling and proud. >> bring it back to home talk to me about how important it is to make the type of aluminum you make, to make it domestically in terms of national security. >> it's a very skilled job the tolerances that need to be kept, especially to make
4:09 pm
high-puhigh high-purity aluminum, that's the type of people we have in this plant and the type of people we need to hire >> reporter: what's the next step in. >> first and foremost at this plant, we have to get the first pot line going, 100 people, and then 200 to 400 people we have peers in the industry that will be restarting capacity as well. we'll be rooting them on as well it's a rising tide it will be good for the entire industry it will help support r&d and further competitiveness of this critical sector. >> reporter: thank you for your time again back to you at post nine >> jackie, thank you very much thanks to the president of -- the ceo of century now, we want to get reaction to the president's proclamation today from john. we brick him back, ceo of nucore, largest steel producer in the country he's in charlotte. you've made it clear that you're
4:10 pm
in favor of tariffs. are these strong enough when there are all these conditions you have the carve-outs on mexico and canada indefinitely while they renegotiate nafta, and you have the possibility of other countries negotiating their own exclusions as well are those strong enough for you? >> let me start by saying thank you to the president for this meaningful action to support the steel industry and the aluminum industry two critical industries to our national defense and to our economy. to your point about the tariffs and do i feel they're strong enough, the president was very clear in saying that he's going to tie the tariffs, the implementation of the tariffs, or the forgiveness of the tariffs to whether or not we get a bad trade deal from those countries. that's really all we've ever asked for. we want a fair deal, reciprocal, level playing field. if he's able to achieve that goal, then the tariffs will no longer be needed we're pleased with his statements of tying the tariffs
4:11 pm
to a fair resolution to our trade negotiations. >> the stock is off by more than 2% actually, hasn't performed all that well over the last week, sir. since we learned the possibility of tariffs, the market is suggestioning they are disappointed by the carveouts from mexico and canada and perhaps it's not going to lift prices as much as they originally thought what do you think is going to be the impact on pricing here in the u.s. >> the impact on -- really the impact most felt is the impact on the jobs that it will create. and the positive impact those jobs will have on the economy. i feel very good about the impact in terms of performance at nucore and the industry and the stock price will always naturally follow the performance of the company so, i don't worry about the short-term ups and downs of the
4:12 pm
stock price. >> but the ability to hire more people, isn't it based on the assumption that prices are going to be higher and, therefore, there's going to be more -- it's going to be -- it's going to be a greater economic incentive for you to produce more? >> there's more than just profits when you look at the number of people working at a plant. it's utilization with the demand being as strong as it has been, it's been improving but the problem is the improved demand has been stolen by the illegally traded imports taking up that new demand. by getting a fair trade deal, we'll be able to bring increased demand into our facilities, increasing our ut zalgtilizatiod that means for people working in those factories longer hours. >> before we let you go, very quickly, and we just heard from the ceo of century there in kentucky, and they're already talking about ramping up production, bringing a number of workers back do you have concrete plans yet
4:13 pm
to ramp up your own protection >> obviously, our utilization is a function of demand that demand has been going to imports that have stolen that increased demand once we see that reversed, demand will improve and we will definitely bring our people back and increase our utilization and our employment >> the ceo of nucore, largest steel producer in the country. thanks for your time thank you very much. >> thank you >> now we want to go back to the white house and bring in someone you saw is there in the roosevelt room he's no stranger to cnbc viewers. we welcome commerce secretary wilbur ross, who famously held up the soup can and the beer can the other day. i know the policies evolve and the intent when you held those up the other day, is that the policy that's announced today or has it softened to some degree because of pushback from countries like
4:14 pm
canada and mexico? >> remember in my report i recommended three alternative ways of dealing with the problem. one was blanket tariffs, one wa mortar getted tariffs and the third would have been quotas this takes some of the last two of those potential remedies, namely some blanketing and some specific targeting >> what do you mean by the specific -- i'm assuming quotas are somewhere in here? i haven't heard details in here. what is the specific >> no, no, no. what i'm saying is in my reports to the president, quotas will want to be alternatives. he discarded that alternative. i was describing that he picked a combination of the other two the notion of generally everybody being hit but coupled with specific exclusions for specific reasons >> wilbur, one thought on this
4:15 pm
>> larry kudlow is here, too. >> hi, larry, how are you? >> hello, sir. my best to hillary i was just thinking, okay, you're taking off the tariffs from mexico and canada i approve of that. i think that was great stuff why not collect an alliance of nafta countries, european countries, asian countries and really go after china which with respect to aluminum steel and lots of other things, including intellectual property rights, you know they are the biggest unfair traders on the planet why not really target these tariffs directly onto china and get some response and negotiation? >> well, here's why, larry china has been very clever trans-shipping product through other countries and dislodging domestic demand and other countries which causes their producers to dump on us. if you look at the raw numbers,
4:16 pm
china is actually shipping us less steel now than they did several years ago, but we know that's not what's really happening. the reason we have to go on a broader basis is to deal with the problem of trans-shipment and the problems of displacement similarly, same thing in aluminum. >> just to follow up on that you know, selective tariffs could be aluminum, it could be steel, it could can be other commodities, sir, it could be businesses lots of transactions in other words, really hit china with a coalition behind you that will agree not just the commodities but the whole -- until they shape up and stop stealing our property rights, for example. >> right. >> our intellectual property rights. >> you're certainly right about that our hope is that in negotiation with the other countries, part of the basis for potentially
4:17 pm
releasing others will be them acting in concert with us and them holding down the excess dumping into their markets and the trans-shipment through their markets. that's why the president made it clear that as long as we get improved national security and economic security, tariffs aren't the only way to do it too much time has been spent just talking about steel over capacity very little time has been spent doing anything we are taking the leadership in steel and aluminum to deal with this chronic overcapacity problem. >> secretary ross, you've highlighted the issue of trans-shipments. it was our understanding that's why initially there was a desire to impose the tariffs on canada and mexico if you remove them, doesn't that mean we'll still have a big issue with trans-shipment? in other words, chinese steel
4:18 pm
coming into the u.s. ain a different path >> you're assuming the negotiations with canada and mexico don't deal with that problem. that's not a good assumption >> god gt it you think that could be solved through nafta? >> through nafta or a separate agreement. the form of what happens isn't so important what is important is the substance. the substance has to be to hold down overproduction resulting from overcapacity. that's the - >> wilbur, just one, sir steel is a national security issue. i get that that's the administration's point of view. what if you made a deal with mexico, canada and the u.s., instead of tariffs as penalties because it disrupts the economy so much, why not have direct government subsidies for these steel industries, maybe right on the budget, defense budget
4:19 pm
because it's security, it's transparent, everybody would know about them, you can set them higher or lower it would be cleaner and have less harmful economic consequences. >> first of all, i don't think what we're doing is going to have such harmful economic consequences the total tariff assuming all the steel and all the aluminum still comes in, which will not happen, some will be restricted because they won't pay the tariff, they'll ship it elsewhere, but if all came through you're talking $9 billion a year $18 or $19 trillion economy, that's a half of 1%. so, please spare me the idea this is going to be massively destructive to our economy the point of holding up that campbell's soup can, the beer can and all that was to illustrate it's a fraction of a penny per can. those products sell for way over $1 a can you won't even notice the half a
4:20 pm
penny in the pricing all this talk about destruction and other industries is simply not going to happen. >> mr. secretary, cue shed a little more light on whether we're -- the president had a throwaway line at the end there where he seemed to suggest he was optimistic we could get a deal presidents want to say that. the reason i bring it up, coincidence or not, when he made that comment it was about that time when the market came back again and we finished up almost 100 points on the dow. we know ambassador lighthizer has come back and given his feedback on what negotiations look like. we know jared kushner just came back from mexico can you tell us what kind of progress we're seeing right now? are you optimistic we'll see something on nafta more so than you were even a few days ago >> i think there's no question the action the president took today is a further motivation to
4:21 pm
both canada and mexico to make a fair arrangement with the united states it's pretty clear that is the case this is not being done as a negotiating ploy we are deadly serious about solving the problem in steel, aluminum, and as the weeks and months go by, other industries the important thing is solving the problem. the less important thing is the exact mechanism for doing it, but we have to get it done >> secretary ross, it's michelle again. today you have helped out the producers of aluminum and steel, but the consumers of aluminum and steel are unhappy about this what would you say to them >> what i'll say to them is notice, what is the actual impact you notice no one has refuted my estimate that the impact on a can of beer is a fraction of a penny that the impact on a can
4:22 pm
of soup is a fraction of a penny. the impact on a can of soda, a fraction of a penny. the impact on a car, a fraction of 1% of the price those are the real numbers nobody who has complained has disputed my numbers. is it really that those companies are living so per perilously that a fraction of one pen is going to make them lay off people i don't believe it for one minute. >> can i jump in i'm sorry to override. the president mentioned yesterday, the day before, a 25% tariff on imports of european cars how does that figure now with this proclamation and with the ongoing negotiations is that on the drawing board, a 25% tariff on european cars? >> well, as you know, my
4:23 pm
practice both when i was in private life and now in public life is to comment on actual things that are actually going into effect. there are lots of things we're considering, lots of things that are being worked on. let's deal with them as they come into reality, if and when they do. >> secretary ross, it's michelle again. i'm looking at the performance of the steel stocks over the last week. and maybe you're right about the ultimate impact on what it's going to mean on pricing because they're not performing as if this was a good thing for them maybe it wasn't strong enough. i'm trying to square what's happening. the market is telling us one message about what's happened and yet supposedly this is going to be a great boon for the steel and aluminum industry. the market's not convinced >> first of all, i've spent many years ignoring daily fluctuations in stocks you really have to look at the longer term.
4:24 pm
i don't think people have understood or adjusted to the true impact of this. but the real impact in my view is going to be in volume, not so much in price. because there are some products that will stop coming in as a result of these tariffs. the benefit to a steel company as you know, i was in that business and did very well in it in the old days. the real benefit is getting that extra million tons because that absorbs only the variable expense of producing it and, therefore, is at a much higher profit margin even without price increase than your overall margin on steel. and the exact same thing is true in the aluminum industry so, the real kicker is going to be increased volume. and part of the reason i think impact on consuming industries will be so small is there's
4:25 pm
going to be fierce competition for getting that incremental volume i don't believe the prices will go up even as much as the tariffs. >> mr. secretary, always a pleasure we appreciate your time. thank you for joining us once again. >> thanks for the good questions. thank you very much. >> thank you, wilbur. we know the tariff talk has divided the gop in congress and one senator is taking action on all of this. elon is stepping in with that right now. >> the senator jeff flake of arizona announcing he will introduce a bill to nullify these tariffs. he said in a statement that trade wars are not won but lost. house speaker paul ryan out here at home depot's headquarters in atlanta putting out a statement saying, unequivocally, i disagree with this action. i asked the speaker if he might seek legislative -- he said he's working with the administration but that the more surgical the
4:26 pm
approach, the better he called it prudent and wise to exempt our allies, canada and mexico from these tariffs. he also said businesses should be able to apply for exemptions as well. this is not what republicans want to be talking about right now. ryan was out here at home depot's headquarters to taut the benefits of tax reform but during an employee town hall, the very first question he got was about the tariffs. >> i really think the best policy is to be surgical and specific and go after those specific unfair trade practices. because they are unfair. but the president's right to point that out i'm just not a fan of broaeportt
4:27 pm
4:28 pm
4:29 pm
4:30 pm
4:31 pm
4:32 pm
4:33 pm
4:34 pm
4:35 pm
4:36 pm
4:37 pm
4:38 pm
4:39 pm
4:40 pm
4:41 pm
4:42 pm
4:43 pm
4:44 pm
4:45 pm
4:46 pm
4:47 pm
4:48 pm
4:49 pm
4:50 pm
4:51 pm
4:52 pm
4:53 pm
4:54 pm
4:55 pm
4:56 pm
4:57 pm
4:58 pm
4:59 pm
5:00 pm

67 Views

info Stream Only

Uploaded by TV Archive on