tv The Intelligence Report With Trish Regan FOX Business June 1, 2018 2:00pm-3:00pm EDT
idea tomorrow, live, 10:00 a.m. to noon eastern time. we'll know what is in the letter. what the president is thinking, where he will have to go. what republicans are saying, where he should go, what the community things and investors. all that tomorrow. trish regan. trish: hey there, neil. we look forward to seeing you tomorrow. president trite now -- right now is meeting with secretary of state mike pompeo along with a north korean diplomat who is delivering a letter from no none other than kim jong-un himself. you're looking at a live picture from the white house. all this as the president's steel and aluminum tariffs go into effect today, creating a wave of backlash from u.s. trade allies around the world. might they make their agreements more fair? i am trish regan. welcome, everyone, to "the intelligence report." ♪ we have a market up more than
200 points right now, after a new report shows the u.s. economy added 223,000 jobs. how about that? in the month of may and how do you like this, the unemployment rate falling to 3.8%. that is the lowest, folks in 18 years. lots of good signs there. can anything stop the booming economy. all-star economic panel to break it down straight ahead. we'll look at the fallout from the president's decisions to slap tariffs from some of our closest trade partners if any. republicans in congress are criticizing trump's protectionist policies. what is wrong with wanting to level the playing field, wanting to get a fair deal? columbia business school professor, dean, glen hubbard, he is here to weigh in on all of that. but first, new developments on the north korea summit as the president meets with an aide to kim jong-un at the white house right now and reportedly has received a letter from the north korean leader, a letter that
"the wall street journal" says gave no significant concessions, if that is the case, then maybe the summit doesn't happen? are we on, are we off? we'll find out momentarily. we'll go right now to blake burman at the white house with the very latest. hey, blake. reporter: trish, pretty remarkable what is playing out right now inside of the oval office as our cameras have been pointed on the oval for 49 minutes and countying. president trump on one side of the table. as best as we can tell on the other, secretary of state mike pompeo and the number two, the right hand to kim jong-un in north korea, kim yong chol. now the headline in all of this coming in was that kim yong chol was coming here to the white house to hand deliver a letter from kim jong-un to president trump and we were led to believe this interaction might take place for five minutes, at least those two in the oval office. as i mentioned now it is on to minute 49 that they are discussing. keep in mind with all of this, even though 49 minutes is a long
time especially considering who is talking here, the americans and the north koreans at the senior most level, there is an interpreter here with both. so maybe not necessarily 9 -- 49 minutes of discussions. this has gone on longer than anyone anticipated. kim yong chol met twice with mike pompeo in new york over two days. the secretary of state yesterday described this as discussions moving in the right direction, real progress over the last 72 hours. it is 11 days until june 12th, the summit, the on again, off again, potentially on again expected to happen in singapore. while this letter was getting a whole lot of play coming into it as it should be one has to question now, trish, exactly how significant it might be in the overall scheme of things considering the president, the secretary of state sitting down right now in the oval office with the number two inside of
north korea. a high-level meeting like this hasn't taken place here at the white house in some 18 years. by the way, still uncertain if we will hear from the president after this. still don't know if our cameras will be brought into the oval office. we wait and see as we are now approaching close to an hour of this high level talk. trish? trish: it was supposed to be five minutes. we're coming up on an hour we don't know if it is good news or bad. blake burman, thank you very much. i want to bring in fox news strategic analyst, general jack keane four-star general. the guidance was five minutes. it has been roughly 50. can you read anything into that, sir? >> i will take it on face value all that is in the letter is kim jong-un's response to the president's letter, telling him, yeah, i do want to go to the summit. i'm definitely interested in making some kind of a deal with
you. he is leaving it up to the emmys se ri and the one in pam one john. pompeo deprevioused him. he told them where they are and where we are and what differences are. president knowing he has confidence in his own negotiating skills is doing that right now. he is trying to push this guy and find out, is there potential to bring them to the u.s. position? is that possible in one, two or three summit meetings? are they so intractable does it make any sense to have a summit meeting? trish: in other words, can you actually make any progress with these folks? how real are their intentions? it is our understanding that "the wall street journal" is reporting that this letter, general, didn't actually give any concessions but perhaps it need not. perhaps as you point out this is
really an opportunity for the president to the allies of kim jong-un to understand exactly where he might be willing to go but then again, general, you have got to trust that kim jong-un's people there, his envoy is actually giving you truthful information and i guess that's still questionable? >> well that's been a concern from the beginning as we said so many times the track record has always been to lie, to cheat, to manipulate, to promise that you're going to do something and never fulfill the promise but in return to get some kind of concession from the united states. look it, president here is really in the driver's seat, trish. he terminated the summit because he didn't think they were serious. they're coming back here to convince him that they are serious. okay, if you're serious, then show me a little bit. i want to see where you are. and he has got, he is in the driver's seat because he does not have to have the summit.
the north koreans really want this thing. trish: why do the north koreans need it so badly? is it really economic pressure they're now facing, general? >> yes, certainly is. trish: sanctions do work? >> they have significant economic pressure on them. and they also, it is not that they're going to fold in the next six months or year but they see the implications of it if it continues. then they will be in serious trouble. they understand that and they're trying to get as much pressure off of them as they possibly can. that is what this is all about. denuclearization for kim jong-un could be aspirational and at best, partial denuclearization, and give it all up. what you're guys are trying to get out of him, maybe not president trump in the meeting, pompeo in the previous meeting, look it, if you're serious, tell us where all your nuclear weapons are, how many do you have? where are they located, storage sites, fuel sites, research sites? if we have verifiable process we
have to know what you have, where it is, we want to put a process in place, that is a tough position. those are the kind ever details that we would have to have in we are going to move forward in a positive way. trish: general, can i ask you what is ultimately the north korean's goal here? obviously some relief from the economic sanctions but if they give up their nuclear capability, you know, look, it has happened before in other countries and the outcome for those dictatorships hasn't always been the best. quite possible north korean leadership is looking at that we have to be careful about it. what is it that they offer them for in exchange for denuclearization makes them feel like okay, they can still stay in charge? >> that is the primary question. you put your finger right on it, trish. the reason the nuclear weapons under the grandfather and father, and nuclearized iccbms
to secure the regime. they want security. they will not move in a direction our president wants unless they have some assurances where they feel comfortable that there is a guarantor of their security and it is not just a bunch of words after the libya issue, we gave up his weapons and we took him down. they don't want to have that happen to themselves. how we present that, how convincing it is and what other things we throw into that to convince them we're serious will be major factor. at some point i suspect the president will put on the table if he is making progress in these negotiations and we're heading towards that objective, he would put on the table some phased withdrawal of u.s. troops out of south korea to give them that kind of assurance. he won't put that on the table immediately but it would be something he would do eventually. yes. trish: wow, thank you, general keane. we'll keep watching this all intently right now. good to see you, sir. again the white house there
having that closed-door meeting where cameras are peering into the window as the president sits down with the top aide of kim jong-un and secretary of state mike pompeo, general kelly we also understand is inside of that room and they try to negotiate terms that might make this summit indeed happen. we'll find out momentarily where we stand on this. when we do hear from the president. i do want to remind everyone, this is supposed to be a five-minute meeting. we're coming up on well over 50 minutes at this point. you can read whatever you want into that. i suppose glass half-full, glass half empty depending how you look at it, but they're having important discussions. president trump's america first steel and aluminum terrorists are in full effect today. what do you know, some of our allies are threatening retaliatory tariffs. i keep asking this, what is wrong with leveling the playing field. we should all be at 0%, right? wouldn't that be fair?
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trish: big rally under way. we're off the highs of the session, still up 200 points despite all the concerns about trade. our closest allies and trade. edward lawrence has latest. reporter: trish, loud, boisterous, arguments coming from canada, mexico, european european. they are fuming at this hour still on 25% tariffs on steel and 10% on aluminum coming into the united states. canada, mexico, european union will file grievances with the world trade organization. canada doing it right now. canada, mexico and european union slamming tariffs on our steel and aluminum products going into their countries.
adding other things. canada affecting sleeping bags, yogurt, inflatal boats, among other things. mexico slapping tariffs on cheese, pork products and lamps. european union penalizing porks, graping, apples. president's economic advisor has a message for allies upset about these tariffs. >> to our friend in europe, to our friend in canada and mexico, talk to us and work with us. we are not making awful demands. we are being pragmatic, all right? treat us the way we treat you. reporter: the president tweeting today about canada, basically saying that canada must remove trade barriers on our agricultural products going in there. the canadian prime minister saying he will not back down. >> we will continue to make arguments based on logic and common sense in hope that eventually they will prevail against an administration that
doesn't always align itself around those principles. reporter: there are still on going talks with canada, european union and mexico, just not meaningful talks, yet. trish? trish: edward, thank you very much. joining me for reaction, new york congressman peter king. good to see you. we'll get to tariffs first. become to the white house what is going on behind closed doors. we have a very serious meeting happening. are you optimistic? will there be a summit? i point out we were given guidance about five minutes. he was going to look at the letter, president, that is, from kim jong-un and hopefully give us a readout of something but here we are 55 or so minutes later and they're still meeting. how do you interpret that? >> well, it has been 60 years since the end of the korean war, waiting an extra hour or two, i can see why -- you know, this is really complicated. i doubt that in that letter kim jong-un is going to say, i'm
giving you everything you want. what it will be, a diplomatically-worded letter, president, mike pompeo, john bolton will have to go through it to see if there is enough in there justifies going ahead with the summit. the president has made it clear he would rather have no deal than a bad deal. not doing what president obama did with iran. i think the fact that north korea is going to this length sending a minister over here, by the way is a criminal, but closest man to the top. if you have to deal with the devil that is what you do sometimes. again i don't think they would be going through all this unless they are looking for a summit. now what they're going to do at the summit, the president has to have some assurances going into it. i think it will be tough. it will be complicated but president is setting the right tone. he is not tacking down. i give him credit for that. trish: all right. turning to tariffs right now. a lot of people are upset about this because they say, congressman, we might be on the verge of some awful trade war
that will cause our economy for a pullback, not just our economy but economies everywhere. what is your response to that? >> basically i am not in any way supporter of tariff wars. generally i don't support increasing tariffs. if this is part of the president's negotiating posture with canada or mexico -- trish: do you support that, if it is negotiation? >> yeah. he is the commander-in-chief. he is the guy doing the negotiations. listen, i give him that prerogative. he is the guy that wrote "the art of the deal," not me. but i would think at time like this when we are involved with north korea, with china and with russia, i don't know if we want to bring on a trade war with canada and the eu having said that, again the president can juggle, more than one thing at a time. if this is part of overall negotiations, then you know, that is his prerogative. we have to be very careful about tariffs. trish: with all the north korea stuff, play devil's advocate for a second here, congressman. maybe that actually helps us to a certain extent, right? in that, look, china has got to
understand one thing, we're not going to be okay, with one, them supporting north korea or trading with north korea in any kind of way. >> right. trish: we've seen them sort of relax on sanctions that had been put in place. >> right. >> we're also conveying we'll not allow them to keep stealing our technology and to put heavy tariffs on our foods coming in. so, maybe it is sending a signal, if you would, to the chinese, thus the north koreans, while multly to the world. i would like to see zero for anyone, congressman. why not have zero for everyone. zero for everyone and then it is fair? >> again i can support that but again i was talking about canada, mexico, eu. as far as china i think president should certainly be given a free hand to whatever he feels is necessary as far as tariffs because china is trying to have it both ways. they want to give us enough to show that they're putting some pressure on north korea. they also want north korea to be there. they don't want to put too much
pressure on kim jong-un. they're trying to play both sides. president made it clear china will to the get away with that whatever he does with china. i fully support that. that is really part of the overall negotiations and to me, that almost falls into a military area. because we're talking about, you know, live and death here with north korea. as far as others, that is more the economy. as i said, president using that as negotiating tactic, then fine. for the long run i don't think anybody wins when we get into a tariff war with canada, mexico, eu. to put pressure on them now i think -- trish: it makes sense, but you have to be careful you don't openly convey that, then the canadians think it's a tactic. >> right. trish: you have to mean in negotiations what you say. congressman, before i let you go, should the president sit down with robert mueller, give an interview, yes or no? >> only if there is evidence that he has to answer to. if there is some fact out there they want the the to discuss fine. just having a freewheeling, open-ended conversation who he
may have spoken to 10 years ago or eight years ago, why he got a bank loan back in 2011, whatever it is, no. they should ask specific questions, specific areas and tell you, being on the intelligence committee, i've seen nothing that even comes close to involving the president in any type of russian collusion. if something has come up, they want the president to address that, yes. don't play a perjury trap game. trish: congressman, peter king, thank you so much. good to have you here today. >> thank you, trish. always, thank you. trish: thank you. stocks soaring today. look at this, we're up 207 following a strong jobs report, awfully strong jobs report. we'll look through the numbers, talk about what it means for your wallet. we have the dean from columbia that, mr. glenn hubbard in the house. he will be weighing in as well next.
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during the course of their disease. if your loved one is experiencing these symptoms, talk to your parkinson's specialist. there are treatment options that can help. my visitors should be the ones i want to see. trish: market higher up better than 200 points. investors cheering stronger than expected jobs report. what do you know, very, very good jobs report. seeing up tick in wages. seeing unemployment rate come
down. we're seeing jobs added to the economy. joining me right now with more as we watch right now, through that window, in the white house, a live picture of the president meeting with north korea's top envoy there, the top guy in the kim jong-un regime and as well as a couple of other folks from the u.s. secretary of state mike pompeo is in there and general -- secretary kelly, secretary kelly. james freeman from "the wall street journal" along with former ubs chairman robert wolf thinking, are the two of them thinking this might actually get pulled off here? robert, starting with you, might there be a north korean summit and if so, could much come from it? >> we're definitely feeling like heading towards the summit or june 12th, or delayed, only time will tell. diplomacy is always a good thing. i don't think we'll get conditions set in advance. we should have some conditions
set. this is not a picture opportunity for kim jong-un to be with the president of the united states. the other thing we were speaking about before with the three of us, you know russia's involved now, because they have had their meetings with kim jong-un. you can only trust it as much as the paper they're being handed today. trish: now you mentioned a sort of photo-op. in other words, kim jong-un wants legitimacy of the world leader on the world stage and he is out there meeting with the chinese and meeting with the russians? of course perhaps meeting with president trump? >> yeah, kim absolutely craves that. like all dictators, he wants legitimacy for meeting with a democratically elected governor or president of a great nation like he is doing right now. i worry about the photo-op occurring as we speak. if they let this envoy, the other mr. kim into the oval office i hope he is bringing something real. you are running a risk when you
meet with this regime that you're just allowing them to kind of string us along and get a propaganda victory. i'm not seeing so far any real give on the north korean side but certainly let's hope that happens. trish: in your paper, "wall street journal" is reporting that nothing in the letter offers any concession. >> right. trish: that may be why there is back and forth. we have come up on one hour and eight minutes. one hour ten minutes the team corrects me there, one hour ten minutes this meeting has been going on. shifting to something related here, especially when it comes to the chinese and our influence on them, the whole issue of tariffs. we're putting tariffs on some of our main allies including canada and including mexico. robert, i know you're against this idea but, but -- >> okay. trish: you look what happened to our economy, jobs, i mean, you look at some democratic voters, right in states like pennsylvania which has seen
their jobs displaced, isn't there some there there for him to be going after? >> there is no question that some of the trade agreements need to be iterated, especially nafta. that being said, the way we're going about it is not policy. throwing tariffs with our allies is not actually the direction we should be going. we should be sitting down, trying to figure out where we can both benefit. there is a benefit to all of us by having fair trade. if there is not benefit -- trish: isn't that what larry kudlow was trying to say today talking to stuart varney? guys, come on talk to us, we want to talk to you? >> first of all i agree with larry, and for the most part i have been to the right of where conservatives are on trade. i always felt like there is a need for bilateral in trade agreements. i was a big supporter of tpp as you know. i think the best thing the president could do, one, work out deals with our allies and be tough on china. the best way to be tough on
china to go back into it. pp, to have trade agreements with all the 11 countries. >> he is not necessarily adverse to that it was politically expedient to perhapsville noise tpp on the campaign trail. of the we could see tpp 2.0, look, i will get all the countries together and he will, i would imagine package it a little bit differently. part of that was the packaging, how they sold that. you have to sell these things. if you say we'll have influence of china as a result of this newbie lateral agreement you might get more support? >> it needs a new name. that would be es about case scenario. you mentioned a, i know it is early days, policy of cutting taxes and regulation on business is working. you have to ask now why does he want to raise taxes and regulation when it comes to ininternational business which is what we're talking about with
trade? trish: the hope being maybe people buy more american goods. it's a big, big, conversation. dennis gartman and i got into it yesterday. unfortunately we don't have a lot of time. we're keeping an eye on that meeting. it is a biggie. the middle class is getting squeezed. how do we fix it. it has to get fixed. >> most of the states that are getting hurt are republican states with agriculture and steel and i think we, we need to be cognizant, in some ways we may be hurting things we actually need to help the most. trish: james and robert, good to see you guys. thanks so much. >> trish: samantha bee apologizing for using a vulgar word to describe to ivanka trump. it is not really that much of an apology. meanwhile other folks out there defending her, i couldn't believe what i read in the "los angeles times" last night this one op-ed, i thought this guy is a real jerk. he is trying to defend this. as a woman, as a mother of daughters there is no excuse for what she said, there is no
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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. trish: we saw the president exit the white house alongside the top north korean negotiator there for kim jong-un. they have left the white house exited, we're waiting to find out what exactly happened. this meeting went longer than was originally anticipate ad, thinking was, that the north koreans would read the letter to our president, and it would take maybe five minutes or so, but indeed it took well over an hour. we have yet to have gotten a readout. "the wall street journal" is reporting that there was nothing that was in the letter that would offer any concessions there. you see the president, the president of the united states,
donald trump, his back to the camera, talking with folks there as they exit the white house. this is a bilge, big deal. this could be monumental. if he is successful in this, in having a summit which may lead to another summit, which may lead ideally to the denuclearization of north korea, that would be a heck of a thing t would be a great thing for the word. it would be a great thing for the united states of america. it would be a great thing for everyone on the korean peninsula. it would be a great thing for this president, donald j. trump, who has had a lot of naysayers who say he should not be entering these discussions. don't forget, when he originally decided to take this on, he had been sent an invitation by kim jong-un to sit down and, he said, very much just, almost on a lark, yeah, okay, i will do it. now we're watching him carefully there. we'll see if we get any sound
coming up. if we do we'll bring it to you. reminding the producers if we get any sound coming to us from this live picture from the president. sometimes when you listen in, you hear some interesting things. but as we await that, the possibility of the president speaking and giving as you readout from that critical meeting i am lucky enough to be joined on the set by the dean of columbia business school, glenn hubbard. >> good to see you. trish: good to see you on a very important day. >> indeed it is. trish: what is your gut reaction what might happened or could happen here? what is the potential? >> potential is hugely positive for the world if this could be resolved. there are risks of course, but i think the president is on a good course here. trish: what does it tell you as economist about sanctions? do they work? >> sanctions do work, they have to be done carefully but they do work. >> i like that. too often some people on the political side or military side say, no, no, we need to get
troops over there, et cetera, et cetera. i say, wait a second, shouldn't we do everything possible, glenn? >> absolutely. trish: economic reins to exert pressure before we end up risking the lives of our young soldiers? >> absolutely. we should be careful. this is a difficult issue. north korea is difficult to handle. not always been straightforward in the past. certainly our thoughts should always be with the president. trish: i mentioned sanctions but i wonder how much tariffs, threat of tariffs with china have also played into this. don't forget, china is holding a lot of cards here. they have a heck of a lot more intelligence on north korea than we do. they have a closer relationship with north korea. and the chinese have kind of liked having north korea there as a bit of a buffer. so if we put and exert this pressure on china, with the threat of things like tariffs, does that have an effect perhaps on what they're politically willing to do in north korea? >> well, to me, that is, i think
we need to put pressure on china of the president is exactly right, about china being a bad actor. the question is whether -- trish: forgive me, professor. the president is speaking right now. >> get to know you kind of a situation. mike has spent two days doing this. we've gotten to know their people very well. and we will, you people are going to have to travel because you will be in in singapore june 12th. and i think till was process. it is not, i never said it goes in one meeting. i think it will be a process. but the relationships are building and that is very positive. >> mr. president, what is your sense of what the north koreans are willing to do on the issue of denuclearization? are they -- >> i think they want to do that. i know they want to do that they want other things along the line. they want to develop as a country. that is going to happen, i have no doubt. japan is involved, as you know, and south korea very much
involved we're solved in terms of getting everything, everybody wants the united states. without us it wouldn't happen. but i think that you see a lot of very positive things including with china. i think you see a lot of very positive things happening with president xi who is helping me quite a bit with this. so we'll see where it lead. we'll be june 12th, we'll be in singapore. till was beginning. i don't say and i never said it happens at one meeting. talking about years of hostility, years of problems. years of really hatred between so many different nations. but i think you're going to have a very positive result in the end. not from one meeting. >> you appeared to question, you appeared to question their sincerity in your letter to kim jong-un last week. have they gone far enough now -- >> don't forget, my letter was a response to their letter. the media forgot that. the media said, you had a meeting and you canceled.
i didn't cancel a meeting. i canceled in response to a very tough statement. i think we're over that totally overthat. now we're going to deal and really start a process. we're meeting with the chairman on june 12th and i think it is probably going to be a very successful, ultimately a successful process. we'll see. remember what i say, we will see what we will see but i think it is going to be a process that we deserve to have. i mean we really deserve. they want it. we think it's important and i think we would be making a big mistake if we didn't have it. i think we're going to have a relationship and it will start on june 12th. [shouting questions] >> what can you get done in one meeting? what can you get done on june 12th? >> don't forget this was a meeting where a letter was given to me by kim jong-un and that letter was very nice letter. oh, would you like to see what was in the letter? would you like it? how much? how much? how much? >> give us a a flavor what is in
the letter is. >> it was a very interesting letter. at some point it may be appropriate, i will be able to give it to you, maybe. you will be able to see it, maybe fairly soon. but, really this was a letter presentation that ended up being a two-hour conversation. >> why did it end up going so long? >> because we found, we found the whole subject matter very interesting and because i really think they want to do something. and if it is possible so do we. >> what did he ask you? >> i think all we're going to do is be there on june 12th. and we're going to see what happens. mike has been dealing very well. they have a very good relationship with mike pompeo, our secretary of state. it was actually very interesting because this was literally going to be the delivery of a letter. and it ended up being a two-hour conversation with, with the second most powerful man in north korea. >> [inaudible] >> we talked about almost
everything. we talked about a lot. and we talked about sanctions. >> did they -- >> i don't want to say. >> [inaudible] >> we talked about a lot of things. we really did. but the big, the big deal will be on june 12th. and again, it is a process. it doesn't go, we're not going to sign, we're not going in and sign something on june 12th. we never were. we're going to start a process. i told them today, take your time. we can go fast, we can go slowly but i think they would like to see something happen. if we can work that out that would be good. but the process will begin on june 12th in singapore. >> do you believe kim is committed to denuclearization? >> i do think so. he would like to see it happen. wants to be careful. he wants, you know, not going to run and do things but i told him to be honest with you, we have sanctions on, they're very powerful sanctions. we would not take sanctions off, but the sanctions are very
powerful. you've seen how powerful in other ways. you will see how powerful sanctions are when it comes to iran. you will see what that is doing to iran. so we have sanctions on. and at a certain point, i tell you what, i look forward to the day when i can take sanctions off of north korea. >> talk about human rights today and do you expect -- >> we did not talk about human rights. >> do you expect to talk about on june 12th? >> could be, yeah. could be. i think we probably will, maybe in great detail. we did not talk about human rights. >> [inaudible] >> we talked about, yes, they asked about sanctions. >> excuse me? >> maximum pressure. >> will remain what it is now. i don't want to use the term maximum pressure anymore. i don't want to use that term. we're getting along. you see the relationship. it is not a question of maximum pressure. saying essentially the way it is. at some point hopefully for the good of millions of people a deal will worked out. >> would you describe the state of relations now between the
united states and north korea after your meeting? >> i think they're okay. i think they're good. is it like the relationships we have with a couple of other countries? probably not, right but i think the relationship we have right now with north korea is as good as it has been in a long time. they had no relationship under the previous administration. there was, there was nothing. it was nothing. they were explaining, nothing, nothing was done. hey, folks, this should not be up to me. this should have been handle a long time ago. this got to critical point this should have been handled years ago not only by president obama but other presidents that preceded me. this shouldn't have been done. it should have been done years ago. reporter: north korea economic aid? >> what will happen, north korea will do that. no, i don't think the united states will have to spend. i think south korea will do it. i think china, frankly china will help out. i think that japan will help out. no, i don't see the united
states spending a lot of money. you know, we have three hostages. how much money did i spend for the hostages? we're very far aware, we're very far away. those places are very close. it is their neighborhood. we're 6,000 miles away. so i already told south korea, i said, you know, you're going to have to get ready and japan also. and i think they really want to see something great happen. japan does, south korea does, and i think china does. but that is their neighborhood. it is not our neighborhood. reporter: yesterday you were concerned about the meeting lavrov was having with kim jong-un. >> i didn't like it. i didn't like it. reporter: where are you today? >> i didn't like it but it could be very positive. i didn't like the russian meeting yesterday. what is the purpose of that? but it could be a positive meeting, i love it. if it's a negative meeting i'm not happy. it could very well be a positive meeting. reporter: [inaudible]
>> that could happen. we talked about it. we talked about ending the war, and you know, this war has been going on, to the to be the longest war, almost 70 years, right? and there is a possibility something like that, that is more of a signing of a document that it is very important in one way. historically it is very important but we'll see. we did discuss that, the ending of the korean war. can you believe we're talking about the ending of the korean war? we're talk building 70 years. reporter: has that document been prepared? >> we're going to discuss it prior to the meeting. that is something that could come out of the meeting. i think really that could something could come out of the meeting. reporter: where is china on that? >> i think china would like to see a very positive result. i have a lot of good relations with, as you know, chairman xi. he is a great, he is really a very wonderful guy. he is a man that loves china, however.
he wants to do what is best for china. i think china and president she would love to see something happen here. >> when you say you're going to guarranty kim's security and north korean regime security how would you do that? >> we'll make sure it is secure. we'll make sure when it is over, it is over. it will not be starting up again. they have the potential to be a great country. and i think south korea is going to help a lot. japan will help a lot. i think china will help a lot. reporter: how do you -- [inaudible] >> that is very complicated question frankly. you will see that over a period of time. reporter: when you gave your speech in seoul last november, right promise of north korea should it choose to join the company of nations. if you leave kim in place can you really have a transformation there? >> i really think you can. i think it will be very successful. they're incredible people. i think it will be a very great success. we'll see what happens. but we will see you, we will see you on june 12th. but i'm sure we will see you little bit before then. meantime, how is sara doing?
[inaudible] >> which one. i think you will have probably others. hey wouldn't it be wonderful if we walked out everything was settled all of sudden sitting down. i don't see that happening but i see over a period of time. frankly i said, take your time. take your time. going to remain as is. but take your time. the one thing i did do, it was very important, we had hundreds of new sanctions ready to go on. and he did not, the director did not ask, but i said i'm not going to put them on until such time as the talks break down. we have very significant sanctions on that. we had hundreds. we have hundreds that are ready to go. but i said, i'm not going -- why would i do that when we're talking so nicely? reporter: is this part of personal diplomacy and -- >> getting to know you meeting, plus. that could be a positive thing. reporter: what was response to the letter? did you send anything back?
>> no, i haven't seen the letter yet. i purposely didn't open the letter. i haven't opened it. i didn't open it in front of the director. i said would you want me to open it? he said you can read later. i may be in for a big surprise, folks. so long, everybody. reporter: next move on nafta, sir? trish: let's listen in. >> been a terrible deal for the united states. people are starting to see it. we lose lose over $100 billion a year with mexico. we lose many, many billions dollars with canada. canada doesn't take, they're very restrictive taking our agricultural product and other things. and you know, all of these countries, including the european union, they charge five times the tariffs. we don't charge tariffs essentially. they charge five times what we charge for tariffs. i believe in the word reciprocal. you're going to charge five times, we're going to charge five times.
that hasn't been done. no other president has brought it up. it will be done now. so we're negotiating numerous deals. we're talking about nafta. to be honest with you, i wouldn't mind seeing nafta where you would go by a different name where you make a separate deal with canada and a separate deal with mexico, because you're talking about a very different two countries. but i wouldn't mind seeing a separate deal with canada where you have one type of product so to speak and a separate deal with mexico. these are two very different countries. it has been a lousy deal for the united states with day one. we lose a lot of money with canada and we lose a fortune with mexico. it will not happen like that anymore. mexico has taken our car companies, a big percentage of them. we can't do that. look, the american worker agrees with me. obviously the stock market agrees because when you are look what is going on with the
stocks, they're starting to see i'm right. but if you take the european union, you see the kind of tariff they charge and then we don't that is called not fair trade. i want fair trade. i like free trade. but i want fair trade. at a minimum i want fair trade. we're going to have it for our workers and for our companies the you know what? the other side understands it. to be honest with you, they can not believe that they have gotten away with this for some decade. reporter: canada, uk, closest allies are complaining long and loud about the new tariffs. what do you say to them. >> they're allies they take advantage of us. i love canada, and mexico. i love them. mexico is making over $100 billion a year and not helping us with our border. they have strong laws. we have horrible laws. we have horrible border laws. they have strong. they could solve our border problem if they wanted. they don't want to. when they want to, then i will be happy. but i think we have a good
chance of doing some grade trade deals. that will make america great again, right? that is with we're doing. but america has picked up, we made about $8 trillion in value since. we're double the size of the economy of china. we picked up a lot of value, a lot of wealth since i've been president. more than $8 trillion that is very low number. we're talking about stock market wealth. we're doing great. our military is rebuilding. we have a lot of great things going. trade is going to be easy. and other countries understand. when i talk to them, this is in closed doors. not for you people. and they essentially say, we can't believe we've got enaway with this for so long. like you guys you can't believe you've got enaway for so long.
reporter: what is on the agenda -- [inaudible] >> i want everyone to watch. we have such a great, we have such a great country, right now, at that level, i don't think we've ever been on economic scale, you look at number, 3.8%. we have the lowest numbers of unemployment we had, i think it is 50, 50 years, right? we have some of the best economic numbers we've ever had as a nation. that goes a long way and we're building something very special. just remember, we're twice the size, our economy twice the size of china. good meeting today i think it's a great start. reporter: what is on agenda for camp david? >> a little relaxation and lot of work. lot after calls set up. talking with foreign leaders. a lot of trade deals. working hard for you people. have a good time.
thank you. trish: president of the united states telling reporters get ready, you're going to singapore june 12th. it is on. he will be sitting down with kim jong-un, the leader of north korea. interesting we talked about the letter that kim jong-un sent to the president that was being hand-delivered by the envoy. he didn't read it. he hadn't yet read it. hopefully this whole thing is still on. i'm here with glenn hubbard of columbia university, my all mamater by the way. you're the dean of the business school there, glen. you're reaction. >> obviously a positive development there will be a meeting. we'll see what happens. the president had right amount of patience and caution, we'll see. trish: that is what he said's well. may take some time. it is progress we haven't had one of these. let me ask you about something else he brought up. this is something you've been watching very carefully. and that is sort of this whole idea of globalization, trade,
tariffs, and what it has meant to the american worker. i'm excited to have you here today. i was reading, saw your piece recently in the "wall street journal" you talked about how you say look, globalization has had many benefits but it hasn't come without costs. you want your students to see this. so you have taken them to places youngstown, ohio. can the president solve this leveling field on tariffs. >> no. but he picked up the problem. globalization and technology are big plus for our economy. they have left people behind. the right way to help those "people," support work and create jobs in these areas. we should be tough on china and intellectual property and idea of tariffs solving the problem isn't going to get there. right diagnosis, but unfortunately wrong medicine. trish: he recognizes the problem, which is good but i don't get it, if we're sending
cars to china and they're charging 25% but they send a car here, but they don't send a lot and we charge 2.5%, doesn't make it harder for u.s. manufacturer of cars to sell into global markets, sell with a 25% tariff in china? >> remember, we are making cars in china. that is a big market for the united states. so this isn't all just about imports and exports. remember a lot of foreign manufacturers actually make things here and employ people here. so i think we have to be careful. but i think the president's right. we shouldn't assume everybody wins here. trish: okay. so what is the way to fix it? >> well you want to go into places where people have been left behind, focus on education and training which support work. which tangibly means better earned income tax credit and work. work is dignity. trish: you're spot on. you're spot on. all these people, bernie sandersesque types that say look, we can redistribute income, you're stripping away a
person's very soul, their dignity and really the values of our country, glen. >> right. assets for our economy, yes. trish: glenn hubbard. so good to see you. >> my pleasure. trish: thank you so much. liz claman, taking it from here. market is up 225. keep it up. liz: tell you something. that was pretty incredible to see what the president just said, trish. breaking news, game back on. the stock market likes it. the dow is up 223 points as president trump announcing moments ago the u.s. north korean summit june 12th in singapore will take place. the president making the statement this afternoon, with the second most powerful man who delivered that as of unread letter to the president from kim jong-un in the oval office. after two hours behind closed doors, the meeting has culminated with this decision to move forward with the historic summit. to the white house and blake burman. blake, unless things change between now a