tv Cavuto Coast to Coast FOX Business May 30, 2018 12:00pm-2:00pm EDT
house voted in favor of it which would allow terminally-ill patients the right to try unproven experimental drugs. the president is expected to sign the bill 12:30 today. that i think is good news. charles payne, in forfor neil cavuto. >> i'm charles payne in for neil cavuto. >> we're ready for anything the chinese state wants to do in defense ever our intellectual technology. in terms of this issue, this issue has united america. we have senator schumer and senator rubio saying exactly the same thing. we need to defend those crown jewels. charles: well, let's get reaction from charlie gasparino,
"wall street journal's" james freeman. prudential chief market strategist, quips sy crosby. quincy krosby. i look at boeing our stock proxy, up five, almost sick bucks today. the market is up huge. we're recoup a lot of yesterday's losses. seems like the rhetoric at this point doesn't have the same impact. what do you think? >> first off, i think there are two stories here. there is the potential trade war story and then there's the war inside the trump administration about the trade war. you literally have peter navarro, robert lighthizer, stuff i hit on last week when the president was talking about a deal over zte, that we would bail them out or give them second life they probably shouldn't get because they're such a bad actor n any event that deal underscored fissures between that rare yo,
lighthizer, and other side, mnuchin and larry kudlow. they're at each other's throats. it is battle royale. how it plays out i can't tell you. president trump often talks loud on trade and backs off. the marketses are sensing some of that. yesterday's decline was not trade related. it was more euro -- charles: we'll get into that. >> i don't think yesterday was a proxy on the market, on trade, excuse me. charles: neither one. i'm pointing out the fact that we're up pretty big today, quincy, the fact that these headlines are not having impact they did once before. i think that is great. i think there is diplomacy going on behind the scenes we don't know about. >> absolutely. markets can only absorb the headlines, once, twice, after that, it becomes a buying opportunity if the market selloffs but the fact remains when the president stays with his theme from the campaign about reciprocity, that is
something that not only all americans understand, our allies overseas understand because they want the same exact thing. companies went in. they allowed their technology to be taken and adopted by the chinese because of the market, because of the ability to sell ultimately to billions of people. and that has to stop because china has moved up the value-added chain. now it isn't about just automobiles. it isn't just about christmas tree ornaments. it is about technology. charles: sure. china is on the cusp, right there nipping at our heels, some say in artificial intelligence they have passed the u.s., james. >> the goal is to be the world leader in technology. i think that is where there is a difference between a lot of the business community and the administration, along with the factions within the white house. you have had this general approach saying we want to lower deficits or get chinese commitments to buy more. and i think most people in business would say, we're not
looking for specific quotas. we're looking for a rule of law in china, reasonable transparent rules we know we can go there and be treated like we're civilization. charles: if you talk to people that have done business in china 20 years, they say you have to pay this person that person, there is limitations. if we have something closer to close fair trade i think everyone -- >> china has been better at that but i think there's two issues here. how -- >> not lately. >> not lately. okay, but better if you're looking at it over the past 10 years i would say, maybe a little less lately. >> 30. >> maybe a little more time to be right. but i think there is two issues here and we should decouple it. there is the zte issue which i'm telling you, i never thought i would say this but peter navarro is 100% right on zte. i did a little research. this company acted as a criminal. it stole stuff from us.
we should put a line in the sand. charles: should we put them out of business? >> yes, yes. they, it is only way to -- if you don't put them out of business you're creating moral hazard. moral hazard means there is no consequence to risk. charles: we have never done that before. >> we do it all the time. that is the problem. it comes back to bite us in the rear end. charles: you mentioned yesterday's market. let's switch gears. italy is in the midst of a power struggle. james, i think populism is starting to win out and i think it would be a problem for the elite establishment there. >> people of italy deserve to be able to choose their leaders and this was kind of an interesting moment where you had an an unelected official in italy rejecting political choices of voters. eu bureaucrats piling on with the same message that will not fly. eventually italians get the people they want but they will also realize they do have to answer to global markets. this is a heavily-indebted
country, two trillion euros in debt. they have to respect the issues of investors. >> i know a little bit about italian politics. i have family there in the south. the way it was traditionally set up the north always was the industrious and it is true, industrial part, which created, south always has been poor and created a welfare state. there was an export of capital to the south, right? and the, including debt, right, to help the south. so there was always this fissure between the north and southlyally. what is interesting many people in the south are starting to agree with the sentiment in the north over immigration. the north doesn't want -- the north hates the fact it's a welfare state. the south hates the fact that you have politicians allowing unfettered immigration. you're getting this mind meld in italy. it is potentially dangerous for the euro. charles: i will point out to the audience, you had a march
election, two anti-establishment, it was equivalent of bernie sanders and donald trump both winning, sharing the white house. five star is the bernie sanders. most recent poll they are up to 28% of the vote. they are extraordinarily popular. that means a lot of people throughout the entire country are jumping on the bandwagon. >> what is one issue they agree on? charles: they doesn't like the euro. >> immigration. >> and immigration. >> just remember, take a look at germany. look how difficult it has been for angela merkel to form a government. it took her a long time precisely because of anti-immigration party. that began as a euro skeptic party by the way. that party began as a anti-euro party, that morphed, evolved into an anti-immigration party this is throughout europe. it isn't italy. it is throughout europe. it is throughout eastern europe. we saw it through "brexit."
charles: we've seen it for a decade in belgium with the dutch, french, even in germany, bavaria, there has been a movement six or seven years to separate from germany. i want to ask you about this the german chancellor said this market selloff yesterday should teach voters in italy a lesson. this scares the hell out of a lot of people. scares the hell out of a americans, the market can go down to teach people to a lesson who to vote for. how can people invest confidentially in that kind of environment? >> it is very difficult. that theme is echoed many saying head of european central bank, mario draghi should not go out it start calming markets, we'll go into the secondary market and buy italian debt. that he should stay away in order to make them suffer and make them realize the ramifications if they go that path. >> that is the way markets are suppose to work.
markets are supposed to make you suffer for stupid economic decisions. charles: who gets to determine what is stupid? if we say voters after country can't elect their own leaders because bureaucrats from the central bank -- >> he was the wrong guy to deliver that message. the european union, this layer government, this was supposed to be a trade and currency union. it has become this big political bureaucracy. that is the problem in on the immigration issues but so he was the wrong guy to deliver the message but you look at italy, this is, this is a serious issue where investors are -- you have to pay attention to them if you're running italy. >> it would be like saying donald trump once mused about this during the campaign. maybe i won't pay off the debt. i will renegotiate the debt. then saying obviously the markets would crash if he did that as president. charles: we are talking about the industrious part of the country saying hey, we want
reforms and removal of the welfare state, which would mitigate the immigration policy and wouldn't have moroccans who are only people making pizzas. there will never be a bureaucrat saying teach you a lesson that for lohow voted for. that is scary stuff. i hope they reject it and reject it everywhere in the world because the markets -- >> but they are not going to reject it. charles: they are going to reject it. the party is getting popular. >> a reckoning will eventually come. this monetary adventurism where italy pays roughly the same amount to borrow as the united states. that makes no sense. their country is. charles: they asked me to wrap five minutes ago. >> positive savers go down to zero because of stupid policies, they will elect the right person. charles: we'll see what happens. great seeing everyone. donald trump meanwhile responding to the roseanne controversy right after this.
patients to access experimental drugs not jet approved by the fda. we'll bring that to you as soon as it begins. president trump hitting disney's bob iger his reaction to roseanne's racially-charged tweet. susan li. >> u.s. president, bob iger, drugmaker sanofi and of course roseanne barr herself all busy on twitter. roseanne can't seem to stay off of it, tweeting and retweeting 100 times whoever night, blaming the sleep aid drug ambien for her controversial tweet about valerie 2018. her show was canceled by abc. probably more weighed down bit disappointment in the latest "star wars" movie but disney ceo bob iger weighing into it, defending the abc's swift
decision to cancel the show. canceling roseanne's show was right thing to do. bob iger doesn't tweet all that much. it caught the attention much u.s. president in the last hour. donald trump firing back at iger, tweeting that bob iger of abc called valerie jarrett to let her know that abc does not tolerate comments like those made by roseanne barr. gee, he never called president trump to apologize for the horrible statements made and said by me on abc. maybe i just didn't get the call. well, mane time the maker of ambien, the french drugmaker sanofi, also getting into it, also busy tweeting. it said all pharmaceutical treatments have side effects racism is not a known one. charles, it seems like that is the main way to communicate these days is on the twitter page. charles: get your message out there instantaneously. reaction as well the susan li, thank you very much. here now with reaction, media research president brent bozell. all right, tweets are flying
fast and furiously today. the aftermath will obviously continue for some time. what do you make of how it has all gone down so far? >> for starters abc made the right decision. i've never been a fan of roseanne. i think her behavior has been piggish her entire career. remember what she did with the national anthem. and you knew it was only a matter of time before she was going to do that now all that said, i do not want to get anymore lectures from bob iger at abc news on the justification for anything. this is the same abc news that has allowed joy behar to state on the air after she called christianity a mental illness. it took a huge amount of effort, including the vice president himself before she apologized for that. but it was okay for her to stay on the air, for her to say that. but, you mentioned tweets. i want to read you a tweet here. this is going to give
justification to the president for what it was he said. this comes from mr. keith olbermann. i'm going to edit this. f-u, at real donald trump. nazi nazi, nazi, f, nazi, racist nazi bigot, go f yourself. fing nazi f-ers. why is that important? he was resigned to a new deal as a guess host of "sportscenter" by espn, owned by abc. charles: brent, that is an example, and as you were initially speaking you mentioned joy behar. we also see a lot of people are saying hey, you know what, jimmy kimmel, some of the comparisons that he has made, listen i agree. i remember, you know, seeing president bush compared to chimpanzee. now we have regularly president trump compared to an orangutan. will there ever be universal
standards or can hypocrisy get any worse than it is already? >> let's be very clear. i'm not saying that because these people are allowed to remain on, she should remain on. i think just the opposite. charles: sure. >> because it was correct to fire her. none of these people should be allowed to be on the air. you can not have a double standard. bob iger, do not give us any lectures about anything. the only statement i will agree with is ambien's. [laughter]. excuses for the ages. charles: that was a good tweet. >> i already told our security guard, next time i take ambien, get ready when i call him. charles: take away your cell phone. bret, we'll talk real soon. donald trump wishes he never would have suggested jeff sessions for his attorney general. we have a live report from the white house right after this. so you can be less concerned
about your retirement savings. talk with your advisor about shield annuities from brighthouse financial- established by metlife. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you book early at hollidayinn.com save up to 15% when you book early and now you know.ed- jardiance is the only type 2 diabetes pill proven to both reduce the risk of cardiovascular death for adults who have type 2 diabetes and heart disease... ...and lower a1c, with diet and exercise. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing.
ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. do not take jardiance if you are on dialysis or have severe kidney problems. other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract infections, which may be serious. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. tell your doctor about all the medicines you take and if you have any medical conditions. isn't it time to rethink your type 2 diabetes medication? ask your doctor about jardiance- and get to the heart of what matters.
charles: well, stocks hovering near sessions highs as fears over a trade in italy are fading. financials bouncing back. energy the number one sector leading this rally. president trump making stunning comments about picking jeff sessions as his attorney general. blake burman with the latest from the white house. blake. reporter: charles, president trump's frustration with his attorney general reigniting this morning after "the new york times" put forth a story about incident they say took place in march of 2017 down in mar-a-lago. according to this "times" report, it was at mar-a-lago a month after jeff sessions, the attorney general recused himself from the russia investigation, that president trump berated sessions for doing so and asked him to reverse his decision. now the "times" reports that the president, that rather, has also drawn the eye of special counsel robert mueller. so that "times" report comes out this morning. congressman trey gowdy was then asked about it on the cbs
morning show. he responded to it this way. listen. >> i would be frustrated too. that is how i read that. senator sessions, why didn't you tell me this before i picked you? there are lots of really good lawyers in the country. he could have picked someone else. reporter: here is why that is important. president trump took to twitter. he quoted trey gowdy comments, he ended tweets by writing, quote, i wish i did. he wish he would have picked another attorney general. we asked if the department of justice had any comment on this they did not weigh in whatsoever. by the way, one thing president trump did not speak about on twitter, comments that trey gowdy also made that he feels the fbi acted properly in regards to that informant. charles? charles: blake, thank you very much. meanwhile, a top north korean official meeting with secretary of state mike pompeo in new york, signaling that the summit is still on the table. reaction from fox news foreign
policy analyst, kyron skinner, along with the "washington examiner" tom rogan. when i read president trump's letter, how he ended the letter, with sort of open invitation, i felt the summit would be on, perhaps the original date would be still possible. is that still the case? >> it appears to be and i agree with you, charles, the letter was artfully written to lead the door open for equitable talks. it appears we're on the pathway. what i mean by that, is the fact that denuclearization of the korean peninsula, for washington is the key issue in the negotiations that should happen. and the president has made it clear that any attempt by the north koreans, chinese or anyone else to depart from that specific objective in the meeting, figuring out how to denuclearize will make it so that the president either goes to the summit, and you know,
gets a deal or walks away in the middle of it. i think the letter and pulling back initially from the negotiations or from the summit really made that clear to the north koreans, and they hustled to get back in the game. charles: tom, no doubt about that. they had surprise visit to the dmz, on the north korean side. seeing a breaux hug on the -- bro hug on the korean peninsula. right-hand man of kim jong-un negotiating with mike pompeo. is it possible we could get too enthusiastic about something universally skeptical about just a month ago? >> i think it's a good thing, inherently we'll have this summit. that gets the cards on the table. it allows president trump to test kim jong-un at his word. but as you say, charles. there is concern that is the he have did sill -- devil is in the details with summits like this. measure of success will be after
june 12th, one or two weeks. i think it has to be that sort of a period. iaea inspectors, which is the international atomic energy agency, get in there to start doing snap inspections at a limited level, just to test kim jong-un to see if he is being serious. if he is not, he won't allow that, then we go back to maximum pressure i think. charles: we know denuclearization is our ultimate goal. we know what the definition of it means. i'm pretty sure north korea does as well. what i'm not getting from a lot of experts, what exactly does north korea get out of this? in other words, they have security, because nukes give them security degree of security. the ability to all over the world enhances that. what kind of monetary policy goes along with additional safety promised to him? how can we guaranty that? >> charles, that is really a central question for the north korean side, what can they get out of dough nuclearizing the -- denuclearizing the korean
peninsula when it worked so well for them isolated rogue nation and kept them front and center for a very long time? i think they get out of it the 2013 objective that kim put forth, kim jong-un, and that was to bring north korea into a modern economy that can not be done without the pathway that the united states provides. and the united states has been the lead nation of the world pushing the united nations to enforce sanctions and put some very heavy sanctions as you know last fall against the north koreans. to lift those sanctions the north koreans have to make major concessions on the nuclear program and their ballistic missile activity as well. charles: right. >> they can't join the community of free states, of nations of the world, and be part of the global economy in the absence of a very different military paradigm. charles: tom, president trump
articulated over and over again, that the country would be safer, wealthier and people would do exceedingly well also. >> i mean he has. but i also think the north koreans, what this will look like if there is a deal is more of an opening in the style of mikhail gorbachev. charles: hold on one second folks. president trump prepared to sign the "right to try" bill. let's take a listen. >> do this first. much more important, you know, words. this is much more important. [inaudible conversations]
let me get this done. i will tell you that. thank you very much, everybody. i really appreciate it. to me this is a very important moment, a very important day. been looking forward to this for a long time, along with senator ron johnson and, i will tell you we worked hard on this. i never understood why it was hard. they have been trying to have it passed for years. i never understood why because i would see people, friends of mine, other people i would read about where they travel all over the world looking for a cure and we have the best medical people in the world but we have trials and we have long time, 12 years, 15 years, even when things look really promising, so many years, and i never understood why they didn't do this we worked very hard and i want to thank
vice president pence for helping us so much. mike was in there, and i would say mike, how are we doing on that? we got to get it approved. and he was really working it and in my state of the union address four months ago i called on congress to pass right to try, such a great name. some bills don't have a good name, okay? they really don't. [laughter] this is such a great name from the first day i heard it. so perfect, right to try. and a lot of that trying is going to be successful, i really believe that, i really believe it. so we did it and we went through the senate. we went through the house. the house had a bill. the senate had a bill. we go and mesh them together. we have to go back and take votes. and i said, do me a favor, tell me which is the better bill for the people, not for the insurance company, not for the pharmaceutical companies, i don't care about them. i really don't. i couldn't care less.
[applause] and that's the bill. i won't tell you which one but i took the one -- they said one in particular was great for the people, not so good for others, great for the people. we don't care about the others right now. it is giving terminally ill patients a right to try experimental life-saving treatments and some of these treatments are so promising, and we're moving that timeline way up anyway, beyond this we're moving it way up. but it is still a process that takes years. now it takes up to 15 years, even 20 years, some of these treatments are going. but for many years, patients, advocates, lawmakers, fought for this fundamental freedom. and as i said, incredibly, they couldn't get it. and there were reasons. a lot of it was business. a lot of it was pharmaceuticals.
a lot of it was insurance. a lot of it was liability. so you take care of that stuff. that is what we did. today i'm proud to keep another promise, to the american people, as i sign the right to try legislation into law. [applause] if i looked like that i would have been president 10 years earlier. if i had that face. [applause] if i had that head of hair, i would have been president so long ago. that's great. so i want to thank a couple of people. secretary azar is here. secretary, secretary, please stand up. you have worked so hard on this. [applause]
thank you very much. really done a great job. we're going to have another exciting news conference over next what, three weeks, four weeks, two weeks, what do you think? on health care. have great health care. we got rid of the individual mandate. without that we couldn't be what we're doing in a few weeks. we're going to have great, inexpensive but really good healthcare and we have two plans coming out. we also have through our great secretary of labor, we have a great plan coming out and that's through associations. and so we're going to have two plans coming out. for the most part we will have gotten rid of a majority of obamacare. gotten tremendous -- [applause] could have had it done a little bit easier but somebody decided not to vote for it. it is one of those things. i want to thank secretary azar,
and i want to thank commissioner gottlieb. where is scott? scott, stand up. i like those socks, scott. [applause] and scott, let me ask you, so it takes years and years to get this approved, right? you're bringing down, beyond this, you're bringing down that period of time. what is the average time now it takes for, you know a major, a major medicine or cure? what is the average time it takes to go through the system and get an approval. >> three to seven years. >> three to seven. some go long over 10. >> yes. >> and you're trying to bring that down for safety, very good. and you in particular you're very happy with this, aren't you? a lot of good things in the wings, frankly if you moved them up a lot of people would have a great shot right. >> we're trying to get -- [inaudible]. under your leadership. >> thank you, scott. we're very proud of the job you're doing. we're also working very hard in
getting the cost of medicine down and i think people will see for the first time ever in this country, a major drop in the cost of prescription drugs, right? [applause] and mr. secretary, that is already happening, right? it's already happening. you were telling me yesterday we're seeing a big, a tremendous improvement and, you're going to have big news. i think we'll have, some of the big drug companies in two weeks. they will announce, because of what we did, they will announce voluntary, massive drops in prices. so that is great. that will be fantastic thing. we're working on really great things, aren't we, when you think about it. ron, pretty good, huh? we could do some of those. health care, drug price, but this is the baby. right now.
we would not be here today without tireless efforts of dedicated members of the congress. i want to especially thank senator ron johnson. stand up, please, ron. [applause] whose tremendous leadership, i just tell you, he doesn't stop. he doesn't give up, you know. it is good. it is good for all of us. this guy, ron, very capable, very -- he just doesn't give up. so, when we started working i knew this was going to happen. i also want to thank senator donnelly. senator donnelly, thank you very much. that is really great. thank you. thank you. [applause] a fantastic, young gentleman, brian fitzpatrick of pennsylvania. brian, congratulations. i know how hard, i know how hard you worked, brian. [applause]
dr. michael burgess. do you like being called doctor or congressman? i think doctor. i like doctor. we'll call him doctor. [applause] thank you, michael, very much, great job. you know, i know how hard you worked everybody worked. everybody appreciates it, the country appreciates it because nobody understood were this was happening. we've been talking about this for how long, are ron, 25 years? a long time. politicians, it is a lot of talk. i also want to thank energy and commerce committee chairman greg wadden who is not here but he really worked hard with us. he really did. [applause] thanks as well to state and local officials here today who fought for this important cause, they fought so hard, so many of them. i want to thank you for the incredible work you've done on behalf of these and all of the wonderful americans. i mean anybody can be there,
some day. anybody can be there. could you all stand up, state, local, people, that worked so hard on this. because you have really been, yep, thank you, fellas. [applause] couldn't have done it without the state and local and i appreciate it, really great job, thank you. most of all we're honored to be joined by several brave americans for whom this bill is named. matthew belina, who is battling als, and his incredible wife kaitlin. [applause] thank you. laura mclin, and her son jordan who is battling muscular dystrophy. some good answers right there. [applause] that's so great. thanks, thanks for being with
us, jordan. i have some good answers for you, that you will be happy. you are happy. frank mongello, who is battling als, who is joined by his wife marilyn and their six children, wow. that's fantastic. fantastic. [applause] thank you. six children. and finally i want to thank for being here and introduce tim wendler, who tragically lost his wife triket to als and by their three children. thanks so much. [applause] i want to thank you all for being here. you have extraordinary courage,
determination and love, you have love, real love. thanks to you the countless american lives will ultimately be saved. we will be saving. i don't even want to say thousands because i think it is going to be much more. thousands and thousands. hundreds of thousands. we're going to be saving tremendous numbers of lives. and it is so great that you're up here with us. that we're all on the front line together. each year thousands of terminally ill parents suffer while waiting for new and experimental drugs to receive final fda approval. takes a long time. the time is coming down. while we were streamlining and doing a lot of streamlining, the current fda approval process can take, as scott just said, many years. many, many years. for countless patients time is not what they have. they don't have an abundance of time. with the right to try law i'm
signing today, patients with life-threatening illnesses will finally have access to experimental treatments that could improve or even cure their conditions. these are experimental treatments and products that have shown great promise. and we weren't able to use them before. now we can use them. and, often times they're going to be successful. it is an incredible thing. the right to try offers new hope for those that don't qualify for clinical trials or who have exhausted all available treatment options. there are no options but now you have hope, you really have hope. matthew, who is here with us, is just one example of many americans who today has new cause for hope due to the late
progression of matt's als, he doesn't qualify for any clinical trials in the united states. he wouldn't qualify. couldn't do it. they tried. didn't qualify. despite his limited mobility and budget, he was planning on traveling thousands of miles away to israel to receive a treatment that is still awaiting fda approval in america. no one in matt's position should ever have to travel from our great country to another continent or another country to receive a treatment. now with the passage of this bill americans will be able to seek cures right here at home, close to their family and their loved ones. we are finally giving these wonderful americans the right to try. so important. [applause]
america has always been a nation of fighters who never give up, right? we never give up ever, right? never give up. we're fighters like the amazing patients and families here today. now as i proudly sign, this is very personal for me, but as i proudly sign this bill, thousands of terminally ill americans will finally have the help, the hope, and the fighting chance, and i think it is going to be a better than a chance, that they will be cured. that they will be helped. that they will be able to be with their families for a long time. or, maybe just for a longer time but we're able to give them the absolute best as to what we have
at this current moment, at this current second. and now we're going to help a lot of people. going to help a lot of people. so it is an honor to be signing this and, if, if i might, i think i will present, i think i have to do this, i will have to present this good-looking guy with the first pen. is that okay? you don't mind, right? okay. i'm going to do that. [applause] [inaudible].
charles: stocks rebounding big time after that big selloff. trading eu fears fading. want to break it all down with deirdre bolton, kristina partsinevelos, and connell mcshane. deirdre, i love these kind of rebound to the market. even yesterday into the close we started to come back a little bit. i think it makes a statement. on other side we have not been able to break out of trading range we've been in. >> it is really financials, right? this was the group that was so beaten down yesterday. worries about italian debt. worries what that will do to banks in france and banks in germany, trading in banks here. that was really the group that weighed us down yesterday. we're seeing some of the fears not be the front and center fire. towards august, end of september we'll talk about italy yet again.
we'll see that particular worry come back but until then -- charles: definitely come back because the northern league is getting stronger and stronger in italy. it's a political party. yesterday the biggest loser in the s&p was morgan stanley. financials were down over 4%. they are getting some of that back, but still the question mark why they haven't taken off. every expert coming on our expert last six months says you have got to be in financials. what do you think? >> they have been saying that for how long, now? you have to be in financials until it was 2018. that is the case. we're not seeing a full rebound. there is too much fear in the market at the moment. volatility, movement we saw yesterday. today italy seems a little bit calmer, there are reports that five star and league can work together to form a coalition. they don't want a referendum, i'm sorry, vote, a defacto referendum from the eu that is a big talk. financials have exposure to that. that is the reason why we're not
seeing massive of a rebound right now. >> trade, you need calculation from both issues from investors. they look at italy, as bad as it is, at end of the day some government will be formed and italians won't leave the european union. is that different from yesterday? maybe not. that is a different calculation. on trade there is a lot of people reading what they put out this morning, talking to people, they look what the president did yesterday, really what is going on here, this could be wrong, what is really going on here president trump is trying to regain leverage after what happened in the last round of trade talks with the chinese. the idea tariffs threatened yesterday go into effect, that would be a fairly low probability effect. charles: looks like we're heading resolution, from the major headwinds, non-fundamental headwind whether nafta or authority cree, and markets maybe are not listening to the
headlines as much as we were. we were getting whipsawed on those things. deutsche bank are planning to cut 7,000 jobs by end of 2019. kristina, a lot of people are wondering, we talk about the european contagion, could this be another lehman moment? >> when you think what is going on with the company, 60 billion euros with derivatives. they are lost positions. they're losing $100 million in u.s. for years. associate -- ceo said at meeting here in new york, cutting more employees in the front office, client-facing office. that is more than rao people a day could -- 50 people a day could lose their job. management reorganization, past four years, new ceo. has exposure. reached out to a banker in germany, the thoughts there, no, deutch is not going down because so interconnected into germany, german government will come in. >> that is it what we thought
about lehman. the question, can deutch exist without a government bailout? to your point as well, 7,000 jobs being cut by end of next year, they're getting out of a pretty big business. we actually can't compete in investment banking where a lot of banks make a lot of fees. spotify did a direct listing. i think that whole industry will shift. if you're not top five players, look a lot of companies are saying we don't need investment bankers for everything. >> maybe they get back to actually good old-fashioned lending that might be a novel idea for banks these days. thank y'all very much. the big question, could a trade war be back on? there are some signses saying not only did it go away but it could be bigger than we thought. ...
so i go national, where i can choose any available upgrade in the aisle - without starting any conversations- -or paying any upcharges. what can i say? control suits me. go national. go like a pro. ♪ with expedia you could book a flight, hotel, car and activity all in one place. ♪ the wonderful thing about polident is the fact that it's very, very tough on bacteria, yet it's very gentle on the denture itself. polident's 4 in 1 cleaning system consists of 4 powerful ingredients that work together to deep clean your denture in hard to reach places.
charles: welcome back to cavuto coast to coast i'm charles payne filling in for neil cavuto. the big question about a trade war china showing signs that perhaps is back on this as the white house continues its strong tariff talk that china would be hurt in such talks. i want to bring in edward lawrence who has the latest. edward? >> charles, yeah the u.s. is fighting off the trade war on many fronts actually in fact the imposing deadline of friday is when the steel and aluminum tariffs go into effect for canada, mexico and the european union. now canada already said they're ready and prepared to take appropriate action to protect their workers, in fact the canadian trade representative was supposed to have another meeting here in washington d.c. with the u.s. trade
representative today but they ended up going home. the european union says they will retaliate on possible sanctions and the trade representative for the eu is meeting today with the commerce secretary at a conference in paris trying to stop the tariffs , again tomorrow there will be another try lateral meeting with the u.s. trade representative in paris with the eu and also japan, now add in the possible tariffs of 25% on chinese goods, technology coming into this country that was just announced and also the limitation that the u.s. will put on chinese to invest in u.s. technology, and this has the chinese the only word i can find is irate, ahead of the next trade meeting which is going to happen june 2 through june 4 in beijing with the commerce secretary. >> as president trump said we lost a trade war long ago, president obama, bush, clinton going on back in history we lost that trade war when china joined the world trade organization and when we got into nafta president
trump has the courage and vision to turn that around. >> now, the bottom line is that these countries are at the table to try and modernize the agreements i know canada may be sort of holding up the nafta it appears but these agreements they are at the table to try and work them out we'll see if the deals can actually be done, charles? charles: edward thank you very very much so are president trump 's negotiating tactics on trade actually working? it's a real clear market editor former finance share for ted cruz, national taxpayer's union senior fellow maddie dupler, and market watcher john layfield. maddie, the markets now sort of ignoring all of the headlines and zig zagging back and forth and i think everyone sort of just wanting these meetings to happen and something to come about it but are we encouraged that could actually be the case? >> well charles i think when you look at the administration and what they're doing now you have to ask what is the end goal here? at the beginning of the trump adminitration there was a lot of talk about both tariffs and nafta and the question remains
now, which one is really the serious negotiating tactic? i would argue that nafta still remains a goal for this administration to accomplish and tariffs seem to be the means by which they think a lot of their trade goals can come to fruition but both nafta and i would argue the discussion with north korea and how that plays out are big objectives this administration still wants to pursue but they have large trade ramifications so i think all observers want to know what the administration will do and what tools they will use to pursue both those goals. charles: john to that point we have seen some overtures from china including the lowering their auto tariffs that announcement that is going to happen very soon, but where do you see this heading right now? >> well hopefully -- charles: i'm sorry go ahead lay field, since you're bigger than everybody else here. >> well i'm in the bermuda triangle so i have a problem with audio apparently. i think that the problem we had here the election campaign was people were worried about trade
tariffs and border adjusted tax that didn't happen and trade tariffs look like they could happen. i don't think they will. we sent our best team to china, they brought back nothing and we're seeing incremental changes and the problem with china is the theft of intellectual property and i don't think tariffs the answer i don't think the markets think that's the answer either but i think the markets believe nats just reit or ic. charles: layfield just mentioned the election, president trump did articulate using tariff wars and things like that to fight back against china so the folks who put him in office, you know, said they can deal with it they can handle paying more, wal-mart for the plastic stuff including tv's but is it working? do you think these negotiations will yield anything substantial? >> i hope not because tariffs by definition injure the american people, the sole reason we get up in the morning is to get in return for our work so tariffs would raise the prices for all americans, let's also remember when we can't buy as much from chinese producers,
they can't buy as much from us, and that's important because apple sells 20% of its iphones in china. boeing sells one-quarter of its planes, there are more starbucks in shanghai than all of new york city. gm sells more cars in china than it does in north america. to war with china is to war on every single american. charles: by the same token, would that be another reason to at least make them open up their markets even more despite the success apple has is the number four or five smartphone manufacturer maybe if there's even a more level playing field we can do better. >> oh, absolutely charles. what we're seeing here is america first trade negotiation which we haven't seen in years so the markets are a little nervous, nervous about it and the american people are watching this but president trump is doing the right thing because what's really hurting the american workers is the property theft, the lack of open markets in china. it's really bad for america.
charles: so how do we square the issue of effectively putting zte out of business and recess it tating them and even president trump tweeting about creating jobs in china. how does that get back toward being an america first policy? >> well it's all part of the negotiations going on right now so we don't know all know what's going on behind the scenes but president trump is taking a stick to these negotiations and we've been taking carrots for years and years and china has been eating our carrots so we're finally going to have a stick going and he keeps the sticks there and they're tariffs. same thing with nafta. charles: maddie if you can how could an ultimate trade deal look because i think china which is obviously trying to grow its domestic economy, to john tamney 's point probably wouldn't mind lower tariffs so they can afford and get more purchasing power so i would suspect that we'll get something where we could take a victory lap and maybe they could as well. >> well yeah i think the best trade agreement is one as fair
and free as possible and to tamn ey's point you look at the chinese economy this is a country that has 1.4 billion people that is a gigantic consumer base so of course we want our american companies to be able to access that but we also want to make sure we're looking at china as a rival which it certainly is in this circumstance. the united states is the largest economy in the world and it can continue to be so if we play smart and make sure that american companies can compete globally and by making sure that our practices here at home both when it comes to trade, when it comes to tax, regulatory reform making sure those are as robust as possible ensures that both american businesses and taxpayer s win. charles: guys i want to shift gears a little bit because the market was smoked pretty good yesterday on this whole thing can italy and that political crisis, layfield, how dangerous do you think this could become for global markets including ours? >> i don't think it's as dangerous as the markets i think the markets overreacted and they wanted something to react to yesterday.
brexit looked like it was going to be something dire. it doesn't look like it's going to be now there is this anti- establishment phase going around the entire western world, so italy i don't think they're going to dropout of the euro but the northern party is gaining power as you documented that's the party they want to get out of the euro. people don't like to be ruled by nameless face less bureaucrats in belgium that's where people in england and britain were saying. i think there's a chance they could. i don't think it's going to completely ruin markets. if france started talking about getting out of the euro that's where things get really bad. charles: john tamney, steve bannon is over there and they've gained tremendous momentum and it's echoing across the continent no doubt about that more than the economics of it if we saw the establishment lose their power lose their grip, what would the economic implications be? >> i think we vastly overrated. let me explain. italy can leave the euro but it cannot leave the euro.
for any company in italy to try to borrow money in global market s it will still be borrowing euros, dollars, yen, you name it. all italy would be doing is making itself a less attractive place simply because it would attempt to essentially isolate itself it would be the equivalent of west virginia suddenly issuing its own currency instead of the dollar and do nothing for italy's economy so what's dangerous here is not that a bank defaults or anything or the bank declines what's dangerous is that the government intervenes gets in the natural way of people working together. charles: on the other end of that some are saying the government intervening yesterday and deliberately tripped up these markets something echoed by the german minister who made a quote overnight that maybe the folks in germany learned their lesson, the markets were badly damaged and people are worried about that. you already have a bureaucrat in italy who appointed a finance minister who was not elected by the people there and now we're talking about yet another
election. in this country we talk constitutional crisis a lot. forgetting about the economics of it, if the will of the people isn't adhered to, that could be devastating couldn't it? >> oh, absolutely i mean what we're seeing is pop you linx and pop you linx is arising around the world but the biggest problem is that europe is a socialistic block in general, and so italy is just simply a symptom of an economic policy that doesn't work for as a block i mean they've benefited from our protections for years and they don't have to spend any money on the military. italy has 11% unemployment rate. their economic growth is below where it was in 2007 so of course they're upset and they're got representatives that are not following through with the things they said they would so you're going to see more of this i think in the short term it was an over reaction but in the long term it's serious problems for europe and in many of the countries in the euro block. charles: europe has serious issues and i go back to tiffany 's earnings and you look at where all of the growth was and profits are being generated
and every time these quarterly earnings come out, europe fades further and further off the page , real quick, these markets from here rangebound but they show resolve every time we think they break down is that a good signal? >> it's a great signal charles we see earnings beat since 1994 it was an absolute incredible blowaway earnings season this tax cut is starting to take effect and the economy and markets are trading on the fundamentals of the economy not necessarily the president's twitter or what's going on in geopoliticals around the world that is a good thing for the market to trade on that. charles: you were a fantastic panel thank you all very much appreciate it. meantime, roseanne, well we know she's facing backlash but the question is is there double standard in the media happening at this very moment? president trump signaling as much, right after this.
we have got a problem. a few problems actually. we've got aging roadways, aging power grids, ...aging everything. we also have the age-old problem of bias in the workplace. really... never heard of it. the question is... who's going to fix all of this? an actor? probably not. but you know who can solve it? business. because solving big problems is what business does best. so let's take on the wage gap, the opportunity gap, the achievement gap. whatever the problem, business can help. and i know who can help them do it. that's it. i'm calling kohler about their walk-in bath. hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ snap ] the kohler walk-in bath features a low step-in at three inches. the bath fills and drains quickly. comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. we need this bath. yes. yes you do. call and ask about saving $1,000 on your walk-in bath.
issues about the level of racism that people don't even understand is simmering between below the surface. >> executives at our network today decided to cancel the hit show "roseanne" hours after a racist tweet from the star of the show roseanne barr. this breath takingly fast fall speaks volumes about america right now. charles: well the media reacting to abc canceling roseanne, but last hour, brent boselle questioned where their outrage was over liberals saying outrageous things, to daily mail white house correspondent and the conservative millennial blog ger allie stuckey. i'm not sure if you were able to hear what brent had to say. he did read off a keith oberman tweet that had me very nervous because it had a lot of f words in it and i was afraid he would make a mistake. i think he did make a pretty good observation about a double standard. >> yeah, absolutely.
first of all, i do want to preface what i'm going to say in agreement with him on that. with one this is not a first amendment free speech issue a lot of people are trying to conflate those two things it's certainly not, abc had the right to cancel the show if they wanted to. number two the comment was wrong , and she was right to apologize for it and however it is also a legitimate concern there is a double standard if you look at michelle wolf who made light of abortion at the white house correspondents if you look at jimmy kimmel and the sexual harassment he has on his show, steven colbert, alec baldwin they all have a history of making very troubling sometimes sexist, sometimes discriminatory comments and they all still have jobs and the same jobs they've held for a long time. i just want the outrage to be even. i'm okay with outrage against conservative racist comments. i want there to be outrage on the other side as well. charles: of course as we came in we played some of these
commentators actually taking the words that came out of roseanne 's mouth placing them in donald trump's mouth and that actually also i think exacerbate s the issue in this country of race and race relations and i don't think it's doing anybody any favors. >> this puts the president in a unique position because of course he's been very supportive of roseanne and he talked about the ratings and how that's very reflective on him and his administration, so it felt like the white house had to make a comment about this issue but at the same time when so many people are saying that her remark about valerie jarron was racist it put the white house in a difficult position. we heard sarah sanders first saying president trump didn't have time to talk about this he was busy with north korea and the economy and yesterday president trump weighing in on it today and we see that so many times at the white house where the white house secretary will say one thing and then president trump will say another thing. we have a press briefing today
and she will be asked about this again and why the president did decide to weigh in on this after her saying he didn't have time for it. charles: do you think there will be questions at this press briefing or projections at this press briefing, and sort of connecting the comments is from her tweet that president trump as if they came out of his own mouth. >> well i certainly think that there will be questions about things that president trump has done or said in the past potentially as well as again, the president's own support for roseanne in the past, but especially going back to what i said moments ago about the idea that the white house has said yesterday not just on this issue that president trump also didn't have time for the russia probe any more to keep talking about that because he's busy with these other pressing issues but that he also had bigger things to deal with, roseanne, and we saw the president yesterday of course tweeting about the media and then this morning about this roseanne thing, so i think that the white house will face a few
questions on that. charles: allie i think it might be wise if we learn anything from that roseanne tweet and certainly the white house maybe taking a pause before initially reacting to any of this kind of thing might do the president a lot of good but having said that , particularly as this issue of race will be circulated in that white house today i don't have confident dense that many of the reporters are seeking solutions and i feel like the questions are going to be phrasing away that only fan the flames of animosity more so than help. what are your thoughts? >> right, well we've seen this a lot since trump became president even when he was running from president for president. any instance of racism or bigotry or discrimination that we see out in the world, they tie back to president trump as if president trump is the center of the universe and the center of racism. not all acts of racism, not all discriminatory comments go back to donald trump and the left continues to use every negative instance as proof that president trump's presidency is divisive
and i just don't think it's fair to conflate those two issues so i think you're right today we'll see them projecting, we'll see them accusing, we'll see them presuming that president trump thinks the same thing about valerie jarrot that roseanne apparently does and i don't think it's right. charles: we know race relations have gotten a lot worse in the last 10 years so hopefully things will get better. thank you both very much really appreciate it. >> thank you. charles: well secretary of state mike pompeo set to meet with the top north korean official in new york, this as the north korea summit continues to look like it's more likely, we'll have the latest read on that and much more tonight on my show, making money, 6:00 p.m. eastern time. into retirement... and a little nervous. but not so much about what market volatility may do to their retirement savings. that's because they have a shield annuity from brighthouse financial, which allows them to take advantage of growth opportunities in up markets, while maintaining a level of protection in down markets.
so they can focus on new things like exotic snacks. talk with your advisor about shield annuities from brighthouse financial- established by metlife. benjamin franklin capturedkey lightening in a bottle. over 260 years later, with a little resourcefulness, ingenuity, and grit, we're not only capturing energy from the sun and wind, we're storing it. as the nation's leader in energy storage, we're ensuring americans have the energy they need, whenever they need it. this is our era. this is america's energy era. nextera energy.
with tripadvisor, finding your perfect hotel at the lowest price... is as easy as dates, deals, done! simply enter your destination and dates... and see all the hotels for your stay! tripadvisor searches over 200 booking sites... to show you the lowest prices... so you can get the best deal on the right hotel for you. dates, deals, done! tripadvisor. visit tripadvisor.com
betty called me at she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day. charles: secretary of state mike pompeo traveling to new york later today just to meet with the top north korean official to retired four star navy admiral, if president trump's hard ball tactics are paying dividends. sir does it look like maybe
president trump will get the deal that he sort of wants to get, even maybe the summit on the original deadline? >> well i think he's on a trajectory to have an opportunity to achieve the objective. charles: said hey listen, kim jong-un's father, his grandfather they made overtures to the west, they took money from the west, but they never intended to fulfill but what do you make of the series of overtures that are historic now we've had two meetings at the dmz including one over the weekend on the north korean side , we've had verbal commitments with north korea with respect to denuclearization are these signs, can we take these as signs that perhaps this time, it could be different? >> well, i think that's our
only option here. we need to go into this clear- eyed ensuring that their actions related to expectations, and as long as both parties do that then we've got an opportunity to come to an agreement here. charles: make it so that when these two world leaders sit down there's no brinksmanship, they both understand the objective its been laid out clearly and perhaps that gives us a better chance of coming away with something. >> yeah, it's hard to separate that from negotiating. having said that this meeting as you suggested is very important so that expectations can be laid out and then both sides go back and say all right how do we get to the point where we can satisfy their expectations and
we can ensure that they're satisfying ours. charles: well what are their expectations that you think at this moment? >> well look kim jong-un went to school in scandanavia so he knows how a society and a nation can exist and can prosper. he knows he's not doing that and his people certainly aren't either so i'd expect that to be one of his top priorities. he also wants to not have a threat to the south and with the support of the united states. that's got to be another objective. we obviously have objectives and we're well aware of what those are, and so coming together, negotiating so that both sides can ensure that their expectations are if not guaranteed, have the high probability of success. charles: with all due respect, knowing that millions of north koreans died from starvation, we understand neglect, we saw an elite soldier, defect his body riddled with worms.
should we really believe that kim jong-un wants prosperity for his people when he always will have a certain amount of income and always have a certain amount of wealth, could it really, could he have some sort of epiphany do you think that's really possible? >> well i don't want to read too much into what the other side is thinking, what their expectations are. our negotiators ultimately the president has got to go in there clear-eyed objective and sit down and ensure that whatever is negotiated can be assured and inspected, on both sides quite frankly. charles: all right, sir, admiral natter, thank you very much really appreciate it. >> thank you charles. charles: president trump tweet ing he wish he picked a different attorney general after reports surfaced that he pressured jeff sessions to rescind his recusal from the russia investigation. the fox news senior judicial analyst judge andrew napolitano. just amazing revelations being
made in the last 24 hours. >> incredible pressure is being put on the attorney general. now i understand that this pressure has been put on him before and that he twice submitted letters of recommendation, after -- charles: recommendation? >> yes. and the president took those letters and wrote "rejected" and had them hand delivered back to them. i don't know if the president would reject it this time around now 20/20 is hindsight. he should have never accepted the appointment as attorney general or once he decided to recuse himself he should have offered his resignation right then and there because he is a witness in more than one aspect of robert mueller's investigation and you can't be a witness and the boss of the prosecution investigation in which you are a witness at the same time. charles: obviously it's hindsight but should he have brought that up during the interview process? >> yes, yes he should have. what he really should have done was said do you know what i'm going to stay in the senate. its been a lift time dream of mine, tough to do because almost all lawyers and this end of the
things would love to be the attorney general but mr. president i am just too intertwined in this russian thing, to be the attorney general. now look this is the most important investigation in the justice department right now. the attorney general has nothing to do with it. every time the president meets with doj officials the attorney general is not there. there's the impression that he's not running the justice department and the president is entitled to an attorney general he can talk to freely and that runs the justice department the way the president wants it run. charles: now, this pressure, is it enough now apparently it has caught the eye of robert mueller what are the legal ramifications of president trump pressuring jeff sessions or being upset at him? there's some sort of ramifications? >> okay, great question. can the president pressure the attorney general to leave office yes, can the president fire the attorney general?
yes. can he do that because he wants another attorney general, one that he can talk to one that runs the department of justice? yes. can he do it because he wants to influence the outcome of the mueller investigation? that would be very dangerous of the president. it is the purity of motivation that turns lawful behavior, fire s james comey into obstruction of justice, firing him because he wouldn't stop investigating mike flynn to give you an example. charles: could he pull his recusal, is it too late? has he crossed in that? >> he has. he has. it would violate department of justice regulations in fact he's in even deeper as a witness than we thought he was at the time of the recusal. charles: trey gowdy of course is on television and he said he understood president trump's frustration with all of this which sparked president trump to put out a series of tweets making this another major news topic, so where does it go from here then? there's so many different balls
being juggled and so hard for everyone to keep track of it all. >> well you know if the president were to fire jeff sessions, he'd have a very difficult time getting a new attorney general confirmed. the acting attorney general would be the same person that's serving the justice department anyway rod rosenstein, under the law the deputy becomes the acting. he could stay as the acting for the rest of donald trump's term so i don't know what would actually be accomplished by firing jeff sessions other than removing him as a foil for the president. charles: but to your point, if he's submitted two resignation letters and they were rejected and we've heard from a lot of people in president trump's inner circle saying that jeff sessions won't be fired, can we take a sort of comfort in that and just know that president trump occasionally will speak outloud or think outloud via twitter saying i just i think i made a huge mistake here >> yes from time to time i think he will do that and as difficult as that is for jeff sessions i don't think it's going to submit another letter
of resignation unless he's told they fire you in 15 minutes so if you want to resign you can. charles: what's the typical term they don't usually, usually they last for a couple years or so. >> they usually last, eric holder lasted for four years, loretta lynch lasted for four years, and john ashcroft lasted for four years, he had two attorney general in his second term. it's usually two or four years. charles: right so it wouldn't be uncommon then if some point perhaps next year if jeff sessions were to gracefully bow out. >> the time to do so would be whenever the mueller investigation is over either by exoneration or by prosecution or however it ends. charles: this doesn't change the mueller investigation? >> no but a new attorney general would because a new attorney general would not have that conflict and would remove the need for a special counsel, the president knows that. the senate knows it too and that's why the no new attorney general is going to be confirmed until the mueller investigation is concluded, one way or another charles: judge thanks a lot
really appreciate it. >> any time charles always a pleasure. charles: well the kilauea volcano destroyed more than 70 homes as fast moving lava shuts down a highway we've got the latest from the ground there, next. as a control enthusiast, i'm all-business when i travel... even when i travel... for leisure. so i go national, where i can choose any available upgrade in the aisle - without starting any conversations- -or paying any upcharges. what can i say? control suits me.
charles: fast moving lava in hawaii has forced officials to close down parts of a highway, as more evacuations are now underway fox news jeff paul is there with the latest. jeff. reporter: yeah, evacuations in fact are happening as lava picks up speed on the big island its advanced around 800-yards in 80 minutes and it's covering a very crucial highway here now emergency responders worry that some people might not be able to get out if this continues. now just to give you an idea how fast this lava is moving in just the last 48 hours, the lava has destroyed at least 20 homes that brings the total from 51 homes
destroyed to 71 at the sharp increase in just two days. geologists say recent advanced rates show that the lava is moving at about 200-yards per hour and as a result, people are now evacuating at a higher rate. i just spoke with one woman who was evacuated this morning. >> you wake up to the horns and sirens and you just hear people yelling telling you that you need to go now, now, you need to go, so we got dressed and loaded what we could and left. reporter: geologists estimate there is some lava shooting as high as 200 feet in the air, eight fissures remain very active and in some spots there were power outages after lava knocked down several power lines and poles and now they estimate there could be around 1,000 people still living in those lava zones and they say they're not just concerned about the lava and some of these spots the air quality is so poor packed
with ash, sulfer dioxide and other airborne toxins, charles? charles: thank you very much really appreciate that. meanwhile the price at the pump remaining steady despite the recent drop in oil flow jock has got the latest from chicago. jeff? reporter: yeah, it's steady but i'm going to split hairs charles and give you a piece of good news. take a look at this we're at a gas station actually in chicago some of the highest prices over $3 a gallon but current price regular gasoline $2.96. yesterday it was 2.96. we have come down half a sent in the last day. that qualifies as big news. multiple states across the country with gasoline in excess of $3 on this run up in oil prices, kind of reminds me of that kix brooks song, $3 and change at the pump cost of living high and going up. the thing is that song came out in 2011 i think when we're in the teeth of the recession.
there, cost of living was going up but there people didn't have jobs it was about a guy who couldn't get a job. now, fortunately, folks have jobs so it's kind of good when you're at least able to work and pay the extra cost. take a look at oil prices it had been on a losing streak five consecutive sessions but today we're back up there wisdom had been that maybe opec was coming off the production caps but now the speculation today is that perhaps they will not. and if so, oil could continue to rise and if so i suspect gasoline will continue to rise as well. charles: thank you very much from a story about gasoline to one where you don't need any the chevy bolt trying to compete now with tesla but are electric cars still a hard sell to fox news .com gary. i saw you tooling around earlier on varney man. you should have been in india over the weekend you're pretty good on the track. >> yeah, chevrolet, you'll see electric cars very soon but
there are a lot of electric racing cars look electric car option is growing not that quickly sales in the u.s. were up about 25% last year but that's only 200,000 vehicles and only half of those are pure electrics like this the rest are hybrids, sales are going up again this year too, but they could explode look if tesla gets its production in order, they could be selling a lot of cars this year. chevrolet as well as going to be increasing production on the bolt. globally though sales were up 50 % and over the next two decade s or so, they're expecting things to go from 3 million cars on the road today to about 125 million but even though that number sounds big at that time, there's going to be 2 billion cars on the road so still a pretty small number of them will be pure electric vehicles like this but the adoption is starting to catch up and comes down to the vehicles being able to go further like the tesla and chevy and just to drive more normally and of course the infrastructure is going to be a big part of that as well,
because if you can't charge them up you can't drive them. charles: so it interesting because we see these automakers not making regular cars right? there's just no profit motive there. the demand form has gone down and people are driving these big suv's. it was always going to be the sort of gasoline thing that made us go full tilt until electric cars. is there something else that could make it more attractive besides that? >> well i think you're going to be seeing more electric suv's as well and one of the things you have to keep in mind about this bolt is it's small but technically a crossover, but they'll be having the tesla model y coming out in a couple years which is an even bigger sell a lot of people think they should have came out with that first but larger suv's on the way, ford is working on a high performance one selling in 2020 but until then if you want something affordable really just this and the tesla model 3 and you can't buy the cheap tesla model 3 yet a couple more months before it's available.
charles: i think they just got that consumer reports thing just done in the last few minutes gary, that they were having trouble. so let me ask then when it comes to this and the infrastructure you referred to moments ago, whose responsibility is that? is that the government's responsibility, automakers? how are we going to get more of these stations that we don't have that sort of anxiety about how far we go the distance. >> automakers are starting to take a larger role the way tesla built out its own system remember the other automakers are starting to team up and help facilitate the growth of these networks that's really the difference. a car like this goes 240 miles but there's places not far from here where you can get to the frontier of the charging network and after that you're on your own you won't make it very far. you need to stay within that sort of network of chargers, you have to plan where you're going even when you have 240 miles, 300 miles worth of charge available. the growth is the expansion of
those charging networks is happening, probably not as fast as the availability of the cars though. charles: all right gary you look like you're having fun as usual thanks a lot appreciate it. >> sure thing. charles: trump continuing his calls for mexico to pay for the wall, but the mexican president has a say about it, next. what's a gig of data?
well, it's a whole day's worth of love songs. 300 minutes of baby videos. or, it's a million chat messages. a gig goes a long way. that's why xfinity mobile lets you pay for data one gig at a time. and with millions of wifi hotspots included, you'll pay less for data. it's a new kind of network designed to save you money. click, call or visit a store today.
president trump: in the end, in the end mexico is going to pay for the wall. they do absolutely nothing to stop people from going through mexico from honduras and all these other countries, that caravan all of this stuff, they do nothing to help us, nothing. they're going to pay for the wall and they're going to enjoy it okay? charles: [laughter] well that was president trump doubling down on calls for mexico to pay for the border wall, well mexico's president is firing back saying mexico will not pay for the wall adding not now, not ever. to new york republican congressman tom reed, on the border funding debate. you know, congressman reed, i do find it interesting though when we put a sort of voila long the san diego tijuana border, that both sides of the border saw an
amazing amount of economic growth, they saw prosperity, they saw less crime and it does sound like something that would be a pretty good development for mexico considering the crime they're enduring and the humanitarian crisis along our border. i would agree with you and i think there's an opportunity to work this out with mexico but at the beginning we immediate to agree putting a wall and putting a security measure in place across-the-boarder is appropriate that's why we're working hard to find that compromised position that potential the dreamers, i think there's a sweet spot. charles: when you say we are working hard are you including a democratic colleagues? i thought the offer from president trump first of all that kind of came out of left field with daca recipients having a path to citizenship i thought it was a fantastic offer from the republican party and jet it as rejected almost out of hand and it echoed the theme of resist resist and obstruct more than the idea that anyones reaching across the aisle.
>> i would agree, but there are members on the other side of the aisle working in the caucus which i coach on the republican side with my good friend a democratic leader from new jersey who have put together a proposal and we signed the discharge position to have a debate on four proposals four compromised positions that match up border security with the dreamer solution and i think there's an appetite there with members across the spectrum across the aisle to get this done for the american people because we need border security and we need that wallace part of that solution. charles: should the issue be coupled with things like a continuing resolution and issues like that, that threaten the wider parts of our economy like shutting down government? >> i really don't think we have to go down that path. we should be able to take care of this because it's a problem we all agree that needs to be addressed. we have criminals coming across-the-boarder, human trafficking occurring reallies being to our national security and the dreamers that the president clearly wants to address in regards to the action
he took to put the deadline into effect but the court took care of that for the time being. there is a compromised position here standalone proposal that could be donald working together we can get it done for the people back home. charles: could it be done before the mid-term elections or you think we're at the point where both sides are saying let's put some things together the framework and get them done you mentioned four proposals and see how things shake out after november? >> i think there's an opportunity to get it done but those on the leadership on both sides the left and the right that are more engaged in partisan politics in regards to mid-term election, they maybe trying to just not deal with this issue but for us who want to solve problems who want to legislate for the people back home and listen to the call to get things done that's what we're delivering on and i think there's an opportunity to get this to the finish line and i think there's an opportunity in the senate as well as the white house to engage in this and i lock forward to that engagement. charles: what's the next step if you had your way the way that you keep articulating that you envision this being done even
perhaps before the mid-term elections what would the next step be? >> it's with that discharge petition that device that will force these four bills to go to the floor will ripen on june 7 if two more republicans and a couple signatures come on the democratic side and that's providing a leverage point to say to our colleagues let's resolve this without going down that path and there's a good conversation as my understanding , working with folks on the right and the center of the republican party to come up with a solution and they recognize the clock is ticking and it's time to get it done so stay tuned june and july is right for an opportunity to get this resolved. charles: congressman reed, thank you very much really appreciate it. >> always great to be with you. charles: stocks now near the high of the session take a look at this market, obviously eu fears trade fears, they've all faded away leading the charge energy a big oil itself making a nice rebound, we'll have more right after this. [music playing] (vo) from day one, we always came through for our customers. it's how we earned your trust.
until... we lost it. today, we're renewing our commitment to you. fixing what went wrong. and ending product sales goals for branch bankers. so we can focus on your satisfaction. it's a new day at wells fargo. but it's a lot like our first day. wells fargo. established 1852. re-established 2018. welcome to holiday inn! . . . at hollidayinn.com
hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ snap ] the kohler walk-in bath features a low step-in at three inches. the bath fills and drains quickly. comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. we need this bath. yes. yes you do. call and ask about saving $1,000 on your walk-in bath.
♪ charles: president trump holding a meeting with mike pompeo before the secretary of state travels to new york for his meeting with the top north korean official. the stock market near session highs. exxon, chevron, leading the rally. financials also making a pretty good rebound. i will have a lot more on this tonight, all the top stories, 6:00 p.m. on my show, making "money." we'll talk about winners and economic nationalism.
here is trish regan. trish: thanks, charles. we have a lot going on. right now we're moments away from the new report from the federal reserve. the hope it will provide us new insight into thinking about trade right now, specifically about trade with china and how the fed is thinking about the overall economy. don't forget, the fed has gotten a little bit of a gift recently in way what we're watching in terms of the dollar, in terms of europe. challenges in italy may be lending a helping hand. i'm trish regan. welcome, everyone, to "the intelligence report." we have a nice rally going on. did you see this? stocks bouncing back, what did i tell you, in a big way as investors await release of fed beige book report. economists expect the central bank to raise interest rates at june policy meeting but there is knew data out this week that may cause the fed to think differently, possibly change its
tune. that's the big question right now as we await the release of these minutes. ii want to go trait to the federal reserve. we have our own jennifer schoenberger. she is standing by with the beige report. >> the economy grew at a moderate rate across the federal reserve 12 bank districts in late april through early may with inflation continuing to percolate but widespread concerns about trade according to the federal reserve's beige book. trish, in 10 out of 12 districts businesses reported that they are concerned tariffs will hurt their business, with steel prices already beginning to rise. but it doesn't appear to be hurting the economy, at least not yet. a tight job market is leading to boosting wages. employers across districts are responding to qualified worker shortages by raising wage so overall wage pressure appears to be moderate. also on