tv Maria Bartiromos Wall Street FOX Business July 1, 2018 7:00am-7:31am EDT
i'm jamie colby. thanks so much for watching "strange inheritance." and remember -- you can't take it with you. [ gunfire ] or being with us. good night from new york. >> announcer: from the u.s. treasury department from washington, d.c., a special edition of maria bartiromo, wall street. maria: happy weekend. welcome to a special one-hour edition of "wall street." i'm maria bartiromo. coming to you from the cash room of the u.s. treasury department in washington. i have got a huge lineup. some of the country's top leaders on fiscal policy coming up. steven mnuchin will be here. and larry kudlow. along with the advisor and daughter to the president, ivanka trump is here. along with the office of
management and budget director mick mulvaney. and we have an extended preview of my exclusive one-on-one interview with president trump. that interview airs sunday at 10:00 a.m. eastern on "sunday morning futures" and monday morning at 6:00 a.m. on fox business network on "mornings with maria." here are the big headlines this week. reporter: another rocky week for the markets. despite a late-week rally by nike, jp more dan and goldman sachs. the markets finishing in the red in part from trade concerns. despite a strong month, consumer stocks and real estate raising rates for the second time this year. trade concerns causing the mark totes finish mixed this week.
oil prices hitting a 3 1/2 year high. president trump was in wisconsin this week to break ground on foxconn's facility that could employ 50,000 people. he took a shot at milwaukee-based company harley davidson after they announced they will move some of their production overseas because of the president's trade policies. the court dealt a devastating blow to organized labor. the court rules the government workers who don't want to join a union cannot be charged for the cost of collective bargaining. the decision reverses 40 years
of president and imposes right to work laws on 22 states. later that day, justice anthony kennedy announced he'll be retiring at the end of the july. he's a pivotal swing vote on the court on gay rights, affirmative action and the death penalty for 30 years. maria: i spoke to treasury secretary steven mnuchin about the tax plan. >> we couldn't be happier with the progress we made, but we still have more to do. you have seen how we are pleased to, the president in wisconsin. this is a perfect example of bringing advanced manufacturing back to the united states. this wouldn't have occurred if it wasn't for the tax cuts and
us changing from an international system that was broken to a competitive tax system that works for business and hard-working americans. maria: last time i spoke to you've i asked you about things slowing down and you said i don't see that. you see where oil prices are and products in terms of consumer goods. they are moving higher in price. are you worried that cuts into the growth numbers? >> i'm not worried. first of all, a year and a half ago when we were talking about 3% growth, everyone was laughing saying that was impossible. now we are talking about a gdp number that's 4% or higher. it could be 4.7. we'll have sustained growth. we have been very clear. the plan is 3% sustained growth. a little bit of inflation is a
good thing. the fed has been for a while targeting higher inflation. obviously during the campaign we have been focused on wage growth. great financial markets. no wage growth for the last 8 years. now thanks to president trump's plan we are seeing wage growth. i think inflation will be under control, but that's something we have to be careful to watch. maria: tariffs and trade according to markets and individuals looking back and forth, the tit for tat. i know you have talked a lot about the investment restrictions we were expecting are not happening. give us a status check on what's going on with china and the united states. are we in a trade war? >> we are not in a trade war. we are in a trade dispute with them. we have been very clear with them. our objective is to have
reciprocal trade. we have one of the most of open investment markets. the restrictions we are putting forward, this is about protecting critical technology. this is not about doing. we'll be sure to make sure american workers and american companies get a fair fight in china. maria: firma, tracking foreign investments in the u.s. that's what you are going to strengthen. or there is no answer to that? >> there is an answer to that. whether it's china or anybody else. we couldn't be more pleads. we passed it in the house 400-2. if that's not bipartisan, what is?
we want to protect united states critical technology. and we are going to. that's not directed at china. that's directed at everybody. whether it's joint countries or export controls. we'll make sure the crown jewels of american technology are protected. people know china has been stealing our own intellectual property. but what about the aluminum steel tariffs. people are wondering, we get the issue on china. but why put trash rivers and all of our allies. if you want to get to china, why not team up with you are allies that we want to stop china from its wrongdoing. >> we are working with our allies. at the finance ministers meeting, this is an issue we discussed and it's important to all of the g-7. the president was clear he wanted to protect the steel and
aluminum industry that are critical to the u.s. i think it's very unfair. we put tariffs on that were specifically designed. we have been careful. we put quotas on certain countries. we have been careful on negotiating deals. i think it's unfair that the e.u. respond with tariffs on other things. they have done that and it's politically motivated. if they object to our steel tariffs that's something they should go through, the wto and others. but they do not have the right to respond in a political fashion and hurt or farmers and other critical areas. maria: how many employees do you have in the aluminum and steel industry versus the number in the importing industry. you are talking about 6.5 million jobs versus 300,000
jobs. these two industries are smaller than the industries using aluminum and steel. >> the economic team and the president understands these issues very carefully. that we are not going to let this hurt economic growth. we'll be careful. but the president is determined to negotiate free trade. by the way, it's not coincidental you saw a bunch of german car companies lobbying to reduce tariffs to zero. that didn't occur out of coincidence. that occurred because the president was fighting for our car companies and industries, now all of a sudden they are willing to drop their tariffs. let everybody drop their tariffs. maria: you mentioned the wto. the president wants to withdraw from the world trade organization. >> there is no breaking news
here. i won't use our favorite word about. maria: fake news? >> this an exaggeration. the president has been clear with us and other. he has concerns about the wto, he thinks there are aspects of it that are not fair. he thinks china and others used to it their own advantage. but we are focused on free trade. that's what we are focused on. breaking down barriers. maria: don't go anywhere, more of my interview with steve mnuchin. plus larry kudlow and ivanka trump coming up right [thoughtful sigh] still nervous about buying a house? a little. thought i could de-stress with some zen gardening. at least we don't have to worry about homeowners insurance. just call geico. geico helps with homeowners insurance? good to know.
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secretary steven mnuchin. you cut the corporate tax rate to 21% and critics say it's not helping others. why the focus on lowering the corporate rate and what impact has it had? >> i traveled with the president during the campaign. we literally met with tens of thousands of people. we met with small business and big business. we heard two critical things. please cut regulation and allow us to do business and give us a competitive tax code. if we can compete fairly, the united states will win and we'll see products made in the u.s.a. advanced manufacturing coming back to wisconsin. that's a result of the president fighting for hard working taxpayers and creating a level playing field. that's what this is all about. i would say creating a system that works for business. by the way, small business
passthrough rate the lowest since the 1940s. maria: were you surprised by all the bonuses companies were giving? >> we were surprised by that. we weren't surprised by the growth. but we are were surprised by all the companies that came out automatically and rewarded the their workers. and that's just the beginning. maria: what are you look at in terms of metrics to make you feel like this is still working? >> i think gdp is the number one indicator. we are also look at the unemployment rate. we want to increase the participation rate and make sure people who gave up on look for good jobs come back into the workforce. but as the president said, jobs jobs jobs. >> were you surprised we didn't get a great gdp number
yesterday? the first square is usually seasonally lower than the other quarters. alan greenspan was with me yesterday and he said we know we are getting a strong second squared. >> the first quarter was a seasonal issue. our objective is higher than 3. the revision was not material and we are looking forward, not backward. maria: are there areas in terms of triseeing the impact. technology, healthcare, what industries do you see as responding the most of across the board? >> i think it is across the board. one of the things i was impressed by yesterday when i went to wisconsin. i knew about bringing flat panels back into flash flooding in the yts united states. they are creating advanced medical device. i got to witness advanced
surgical radiology in was all different times of aspects of advanced medicine they are going to manufacture those times of equipment here in the u.s.a. maria: the new 1040 tax form has been released it's supposed to make it easier for individuals to file their taxes. how does it make it so much easier. >> we said there would be a postcard size form and we delivered on that. many americans will be able to fill out the simple form. this is about simplification for taxpayers whether they do it electronically or through this form, this is about simplification. maria: our special treasury edition of "wall street" returns after this. larry kudlow and ivanka trump will join me for a it's easy to think that all money managers are pretty much the same.
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are you look for a phase two? president trump: we are doing a phase two, this will be aimed at the middle class. one of the things we are thinking about is bringing the 21% down to 20% and the rest would go to the middle class. one of the things i'm doing that you have been reporting on, but i'm not sure a believer, look what's happening with the steel companies. they are expanding and going wild. we need steel and aluminum and solar panels. there is like a dead business and we did a 30% tariff because they were dumping all over the place. and washing machines. but if you look at what happened to steel and aluminum, we practically built a new industry in a period of four or five months. but the big thing i'm focused on is trade. we have trade deals as an example with china.
we don't have a deal with china. nobody bothered to make a deal. they will charge 25% for a car and we charge 2%. we have -- we have the worst trade deals in the world. we lose money with everybody. when somebody says how much do we lose in we lose with everybody. we'll make threat reciprocal and fair. you don't know about this. but every country is calling every day saying let's make a deal, let's make a deal. maria: be sure to catch my full interview with president trump sunday morning on "sunday morning futures." then again monday morning on "mornings with maria." larry kudlow is coming up on this very special edition jardiance asked- and now you know. 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...
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maria: it has been six months since president trump has signed the tax cuts and jobs plan into law. larry kudlow was a big advocate and advisor before it was passed. he's bullish on the economy, the stock market and the president's position on tariffs and trade. >> it's come on faster and strong. it's a healthy economy right now. folks said it couldn't be done. gdp may be an abstract number. a lot of our critics say you can never beat 2%. we are beating 3% and we are on an upswing when the comes come out for the second quarter. stock markets may be slightly off the high. but they had a fabulous run. one of the great things about president trump. he stuck to it. you know, steve moore, myself.
art laffer. steve mnuchin. we worked together very closely during the campaign. friends of mine, skeptics said no, he won't follow through. he has followed through. he never flinched, not once. we got the legislation through. the economy is responding. this is now the u.s. pavment the hottest economy of in the world. capital investment for new jobs and better careers flowing in from all corners of the world. maria: the left and the detrack towards, the skeptics like to say this was a giveaway to corporations. it was important to you to lower the corporate rates. why was that so important in terms of seeing the impact that it had lots of legs everywhere.
not just the corporate sector. >> you are quite right. our larger corporations, our middle sized companies, and i wanted to add the smaller businesses had huge benefits from this overall tax bill. including not only a drop in corporate rates, but the 100% in media expensing of new plant and equipment. it's stimulating capital goods and investment spend. yesterday my office had a visit from the correct to of chevron. he's pouring $25 billion into the economy. maria: the oil story is part of this. >>man fantastic. from the investment comes the jobs. let me make this generic point. the war against business is over.
the war against success is over. the war against energy is over. the president has an attitude, take a swing at the ball. take risk. that's what makes america great. and that attitude has translated as you know into huge increases in the confidence indexes. consumers, small businesses, large businesses. maria: there is a narrative in two years things slow down because of demographics and higher interest rates. ' the dallas federal reserve. what do you say to those people looking for possibly a recession in all i will say is they have been saying that a lot. they could never get the 3% growth. f