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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  July 2, 2018 3:00pm-4:00pm EDT

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on twitter, and we're going to put those on facebook, and we're going to put those on instagram so you can listen to them all week long for the fourth of july celebration. [laughter] >> hooray. trish: ashley webster is in for liz claman -- ashley: how can i follow that? you hit that high note beautifully, trish regan. trish: like i said, triple axel. [laughter] welcomeashley: very impressive,. thank you very much. big business pushing back on the pro-business president as the markets cut into early losses. president trump holding a headline-filled oval office meeting with the prime minister of the netherlands just in the last hour. the president talking also to the new president of mexico, revealing details of his supreme court nominee search and also raising questions about the world trade organization. all of this as the u.s. chamber of commerce puts on the full court press against the president's trade tariffs, highlighting so-called faces of trade, the nation's biggest
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business group claiming the president is risking a global trade war that could come back to hurt american businesses of all types. now this comes one day after canada imposed new tariffs on nearly $13 billion of american goods, as china's expected to tack on new tariffs this coming friday. and the chamber of commerce not alone. general motors' ceo mary barra firing off a letter to the commerce department saying the american automaker may have to scale back its business if tariff threats on european automakers become reality. we have got it all covered. we have blake burman, ambassador rufus -- [inaudible] the president of the national foreign trade council and the ceo and president of the american apparel and footwear association. we'll be talking trade. we are less than an hour now to the closing bell. i'm ashley webster in for liz claman. let's begin the "countdown." ♪ ♪
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ashley: breaking news for you. after taking over time warner, at&t has announced it will be raising the price of its directv now streaming service by $5. the service's cheapest package will increase by 14% to $40 per month. that begins july 26th for new customers, the change for existing customers will be rolled out based on their billing date. shares of at&t not really reacting, essentially flat on the day at 32.11. it is the first day of the new trading month and the third quarter. what happened to this year? it's flying by. right now the markets are off session lows to begin the holiday week. trade concerns pushing the dow down as much as 193 points as session lows with the nasdaq solidly, though, in the green today. one tech company making headlines, dell is set to become a public company once again. the iconic computer company announcing it will acquire its
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tracking stock for 27 -- 21, that is, $21.7 billion. dell went private five years ago after initially going public back in 1988. michael dell wants vmware to remain an independent, public company. casino stocks taking a tumble after macaw gaming revenue fell short while revenue did increase by 12.5% year-over-year, analysts had expected a rise of 17-21%, so that was a miss. shares of wynn, mgm and las vegas sands all down, wynn resorts down 8.5%, and mgm also down more than 3%. well, he may not be back from his italian vacation just yet, but charlie gasparino has sent us the latest in the bidding wars sister fox business' parent -- for fox business' parent company. according to gasparino, disney bankers are growing increasingly confident that comcast not issue a bid for all of 2 21st century
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fox due to concern over shareholder leverage and price the d. of justice has already ruled in favor of disney's bid. we will bring you any updates on this story as they happen. now to the white house. the pro-business president being challenged directly by america's largest business group. the u.s. chamber of commerce launching an anti-trump trade offensive today complete with a web site called the wrong approach.com. be it shows state by state the impact of tariffs from china, the e.u., mexico and canada. the chamber says $75 billion worth of u.s. exports are at risk with the state of washington taking the biggest hit, a $6.2 billion hit. louisiana not far behind at $5.9 billion. california coming in at $5.6 billion. the campaign also comes complete with personalized stories, and it calls faces of trade like bassets ice cream in
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philadelphia, 20% of its total sales come internationally. and tariffs significantly impact its ability to sell overseas. and the crazy mountain brewing company in denver. it exports to ten countries and was hurt when tpp fell through. now according to the chamber of commerce, these are just a few examples of tariffs beginning to hit businesses, workers, farmers and consumers. the president, though, he's staying on course. fox business' blake burman joins us now from the white house. and, blake, the president certainly doesn't appear to be backing down anytime soon. >> reporter: no, he is not, ashley, but the white house is pushing back on a story that kind of popped the headlines last night and into this morning. there was a draft document that was published by the web site axios which, according to this draft document, would have upended the u.s. involvement as it relates to the world trade organization, would have given the president greater powers to deal with tariffs. however, i am told that there is no activity whatsoever with this
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document, it is something that is months old. the white house tried to put the kibosh on this earlier today by saying that they have not dealt with this for quite some time now. just a little while ago the president was asked about the world trade organization, a governing body that he is very, very skeptical of, but he tried to distance himself from this report. listen here. >> wto has treated the united states very badly, and i hope they change their ways. they have been treating us very badly for many, many years, and that's why we were at a big disadvantage with the wto. and we're not planning anything now, but if they don't treat us properly, we will be doing something. >> reporter: president trump made those comments inside the oval office. he is meeting inside the white house right now with the prime minister of the netherlands. this is sort of a good test drive for next week when the president heads in to part of the european union for his overseas trip, and the president sort of laughed it off just a little bit, a while ago, ashley, but also did continue to
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threaten the e.u. with auto tariffs. watch. >> if we do work it out, that'll be positive. and if we don't, it'll be positive also -- [laughter] >> no. >> because we'll just think about those cars that pour -- >> no. we have to work something out. >> it'll be positive. >> reporter: the president has threatened 20% on auto tariffs as he told maria bartiromo in his interview last week, and it is something that will have to be watched, ashley, as next week he heads overseas. ashley: he remains definal, that's for sure. blake burman, thank you very much. let's take a quick look at the markets. the dow, s&p and nasdaq, as you can see the dow and s&p down but certainly coming off session lows for the dow, down nearly 200 points earlier, now down 77, but the nasdaq up a quarter of a percent at 75.28. now even though this is a holiday week, there is still a lot of economic data points investors need to be watching. first, as a reminder, the stock
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market will be closing at 1 p.m. tomorrow ahead of the fourth of july when the markets are closed. then on thursday jobless claims, ism non-manufacturing and the fomc minutes will be released. a busy economic day. and then on friday keep an eye out for that big june jobs report. it's a busy week. so what will our traders be watching this week? the world cup? who knows. let's get right to the floor show. traders at the new york stock exchange and, as always, at the cme. all right, scott redler at the nyse, scott, it's almost like groundhog day with this trade tension continuing to happening over this market -- hangover this market. i know this is a holiday week, the trading will be light, but until we get this trade situation resolved -- and it doesn't seem like it's going to happen anytime soon -- it feels like this is the way the market's going to be, pretty volatile. >> yeah. you know what, sometimes volatility is good and sometimes you get some downside volatility which could actually happen, and that's why traders are on their
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toes. last week we started to see a bit of technical damage starting to add up especially around the world. you have china, the shanghai 20% off the highs, you have the dax, which is the leading index in europe below the 200-day, so we're trying to figure out can we hold the 50% of the 2018 range. many traders coming in this week are like can we continue to hold 2700, and will flows continue to go to tech. and today we came into futures down 15 happenings, and then tech went green and the downside was muted. so we do have some new flows for the first day or two of the third quarter. we'll see if that'll help support this area. i think the telltale's going to be next week whether or not we can hold that line or start seeing more downside. ashley: good point. todd colvin at the cme, we had a market watcher earlier today that said, you know what? we peaked. the markets here and world markets peaked in late january, and his contention was we're six month into a bear market. would you disagree with that? >> well, i certainly would
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disagree. if you go back to that late january high, we made the 2018 lows a couple, a week later. it's tough to say where we peaked already especially given the fact that all the focus is where we are right this moment, and usually we're talking about where we're going to be at year end. we're keeping the focus very close to the vest. i certainly can't say right here and now that the highs are in especially with all the data and fed activity that's going to come in the second half of the year. ashley: that's a good point. phil flynn, we have to talk oil. this kind of strange deal over the weekend where we had the president say, look, i've spoken to the saudi, the king of saudi arabia, he says, yeah, we can hike our oil production up maybe by as much as two million -- two million barrels a day to pick up the shortfall from iran, and then he backtracked. i'm having a hard time trying to keep up with it all. what does the oil market make of
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that? >> you know, i think they're taking it somewhat seriously that they're going to get more oil. ashley: yeah. >> we've not necessarily seen it so much here in the u.s., but if you look at the price of brent crude today, it was down over $2 a barrel. and some to have spreads that we've been seeing have been going wild today. so apparently, it's true. you can tweet yourself to oil independence. [laughter] or you could tweet yourself or to get opec to move to produce more oil. but believe it or not, i think this is the worst thing that donald trump could do right now. you don't want opec raising production just for the sake of raising production because if you do, you're going to take away all the world's fair production capacity, and you're not going to have enough if something comes up like a hurricane or some other disruption. and there's a lot of scary places on the globe right now where things could blow up very easily. so i hope that the saudis hang on to that oil, because we're going to need it for a rainy be day. ashley: very good point. we're already out of time. scott, todd and phil, thank you,
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gentlemen, for joining us today. really appreciate it. let's get back to that big board, if we can. as we say, the dow trying to make a comeback here. we're just down 50 points now, 24,221. coming up next, president trump's threat to take on european auto imports has u.s. automakers calling for him, well, to hit the brakes. the former deputy u.s. trade rep is here exclusively to tell us if team trump is headed for a high-speed collision on world trade. "countdown" is coming right back. ♪ ♪ ♪ a hotel can make or break a trip. and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage. now after booking your flight, you unlock discounts on select hotels right until the day you leave.
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♪ finish♪ >> the european union is possibly as bad as china, just smaller, okay? it's terrible, what they do to us. european union, take a look at the car situation. they send a mercedes in, we can't send our cars in. look what they do to our farmers. they don't want our farm products. now, in all fairness, they have their farmers, so they want to protect their farmers, but we don't protect ours, and they protect theirs. the european union last year if you look at a trade surplus $151 billion. ashley: well, president trump says his big westerns in his trade strategy -- biggest weapon is to impose global auto
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tariffs, but general motors warning another wave of those tariffs could force the country's largest automaker to scale back its business. in a letter to the commerce department, the company says increased import tariffs would lead to less investment, fewer jobs and lower wages. i want to bring in a former wto deputy director general, ambassador rufus i didn't -- ye. thank you for joining us. >> my pleasure. ashley: would you agree with the assessment that gm is giving out? >> oh, yes, absolutely. i think that you have to look at the resurgence of the u.s. auto industry. by the way, a lot of german companies building autos in the u.s. now and actually exporting them to europe and around the world, the u.s. auto industry produced about 17 million units last year, something equivalent to what it was before the economic downturn. we exported 2 million
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automobiles. the industry has become globally competitive, its biggest problem right now is actually finding enough workers to fill the jobs that are there and to be talking about a trade war with some of our best markets and trading partners at a time of such significant gains for autos is really a mistake. ashley: having said that, the president points out that the tariffs charged by the europeans, the e.u., is closer to 10% while it's 2.5% coming the other way into the united states. he says that is clearly unbalanced and needs to change. would you agree with that? >> well, i would like to see us get the european tariffs down, but actually, you know, the u.s. has a 25% -- ashley: on light trucks, yes. >> -- which is the biggest category, the biggest market in the u.s. now is for suvs and height trucks. so, you know, this is -- the picture is more complicated than
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it's being portrayed. yes, there are barriers elsewhere, but the u.s. has some trade barriers too. and the most important thing is the way to resolve that is by working with our allies and trading partners. they've been willing to negotiate on this in the past. we were making progress in the ttip negotiations towards getting both and european tariffs down to zero. so i think we ought to be focusing our attention on building better trade relations rather than blowing up the trading system, raising tariffs, building tariff walls a because in the end that's actually going to turn the world against us, and trade is terribly important to the u.s. we export $3.2 trillion worth of goods and services, one of every five american jobs depends on exports. one out of every three acres of agriculture is planted for exports. europe is a big market, but so are canada, mexico, japan, and these are the countries we've been taking these trade actions against. ashley: right. >> we should be focusing on
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china instead of penalizing our best trading partners with these kinds of tit for tat trade actions. ashley: so would you agree that china's been getting away with it, so to speak now, a became a member of the wto, i think, back in 2001 ask at the timed had promised, you know, we will open our markets and in many cases that hasn't been the case. and the whole issue of stealing intellectual property separate to that. are we not doing enough to enforce more regulation on china? >> no, i think it's absolutely true that china has a lot of practices that the companies i represent are very concerned about. there's a lot of, you know, forced technology transfer, discriminatory licensing of u.s. companies and intellectual property and other things, and we ought to be going after that. but, look, we're not going to be successful in pushing china towards better behavior simply by getting into trade wars and particularly not by alienating all of our best trading partners
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where our export markets have been increasing dramatically. we ought to be working with them in the wto. we certainly shouldn't be pulling out of the wto system. we should be leading the wto system to put pressure on china. because if we don't, what's going to happen is the u.s. is going to become more isolated, all of our trading partners are busy making free trade deals with each other and raising tariffs on the united states. we now just as a result of the recent administration actions on steel and aluminum, we're now facing increases on, tariff increases on $45 billion of u.s. exports. that could jump to $70 billion if we go forward with the china trade tariffs. so, you know, to me, this is no way to run a railroad. if you want to get better behavior by china, you've got to be a leader in promoting rules and promoting more open trade, not throwing out the rulebook and walking away from our international obligations. ashley: could you ever envision,
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ambassador, a world where there are no tariffs at all? it really is pure free trade? >> well, actually, you know, that's what the nafta was. it's a pure free trade agreement with no tariffs between the three countries, and i've heard that described by the president as a terrible deal. that's what tpp was. yes, we could push in the wto and in other agreements towards zero for zero tariffs across the board, but there's ways to get there that are -- require some comity between nations and showing each other that we're going to respect our agreements with each other and build upon them rather than throw them out and start raising barriers against them. ashley: are you confident we can get this resolved, that the countries will come together, you know, certainly the e.u. and the u.s., mexico, canada, china? i mean, can this all be resolved? >> i think it's a long, hard haul, you know? we've made a lot of progress over 70 years building this global trading system.
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in the end, the u.s. has a greater stake in it than anyone. you can't just look at trade deficits and say it's been a mistake. look at our economy. we are the innovative leader of the global economy, we are the second largest exporter in the world and the second largest manufacturer. we have industries that are growing and getting stronger, and they need world markets because as technology replaces workers, the only way you can keep good jobs in the u.s. is to sell to the 95% of the world's consumers that live outside the u.s.. ashley: right. >> we cannot maintain a high income, good-job economy selling to each other when the rest of the world is engaging in global trade. ashley: very good. we'll have to leave it there. ambassador rufus yerxa, thank you very much. appreciate your time with us. >> my pleasure. ashley: you can see we're watching the prime minister of the netherlands departing the white house. he a arrived earlier today to
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meet with president trump who gives him the thumbs up. it was a bilateral meeting speaking about issues, talking about issues important to both countries. maybe we'll hear what some of those issues were when we hear from sarah sanders a little later on this afternoon at the press briefing. but there you go, the prime minister of holland heading out from the white house. walmart and nike, the biggest drags on the dow 30 today. nike falling after a high profile defection and, no, it's not lebron james. roger federer jumping the nike be ship after signing a $300 million deal to wear uniglow gear. wimbledon's top seed and winner of 20 grand slam titles inking the deal to become the outdoor brand's spokesman. he won his first round match at wimbledon but still wore nike shoes on the grass court. nike, as you can see, down nearly 2% at $78.14. coming up next, facebook still struggling with how it handles your data.
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hillary vaughn is live in l.a. with an update on mark zuckerberg's social network and its latest data dump. "countdown" coming right back. ♪ ♪ holders 10 miles on every dollar they spend at thousands of hotels. all you have to do is pay with this... at hotels.com/venture. 10 miles per dollar? that is incredible. brrrrr. i have the chills. because you're so excited? because ice is cold. and because of all those miles. obviously. what's in your wallet? i'm not sure. what's in your wallet? metastatic breast cancer is relentless, but i'm relentless too.
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♪ ♪ ashley: facebook notifying over 800,000 users of a bug in both facebook and messenger that basically led to people that users have previously blocked becoming unblocked between may 29th and june 5th. the company also claiming the bug has been fixed and all blocked contacts have been, well, blocked again, reblocked. this comes on top of new revelations of even more third party data sharing by facebook. seems like it goes on and on. hillary vaughn has more on this seemingly endless saga. >> reporter: that's right, ashley. facebook gave over 700 pages of answers to congress in a document dump before the weekend, but those answers are sparking more questions. facebook revealing they gave
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some companies extra time to comply with data standards that they enforced in 2014 as part of a privacy revamp. they granted a six month extension to 61 companies including nike, oracle, panasonic, snap, spotify, the dating app pinge, even ups. facebook also says they gave access to 52 hardware and software makers including amazon, apple and microsoft. 38 of those companies on that 52 list have already been phased out. they're working on the rest. but facebook says three companies will continue of the data access. these special partnerships with amazon, apple and toby are critical to making sure users that use the app as part of a social hub or an older smartphone are still able to use the app, and users aren't hit with a facebook blackout. facebook's vp of product partnership saying, quote: the purpose of these partnerships was to build facebook and facebook features into the
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partners' devices and other products. people were only able to access these experiences and the information needed to support them when logged in or connected to their facebook account. facebook says these three special partnerships with apple, amazon and toby don't have independent access to your data or your information. it's only accessible when you log in and are currently using the app. there's no selling, scooping or saving of your information. ashley. ashley: uh-huh. all right. hillary vaughn in l.a., thank you very much. one of the latest on facebook and what it does with your data. take a look at the markets again for you, we are really making a fight-back here. the markets closing in about 28 and a half minutes, the dow down just 18 points now, very close to positive. could it get into the positive territory? almost. 24,252, the s&p has turn positive and the nasdaq up nearly half a percent. all right, warren buffett finding himself smacking in the middle of the trump trade war.
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canada's tariffs to hit kraft heinz. coming up next, why one ceo says it's not just corporate america, but you and me that will pay the ultimate price in this trump/trudeau tariff battle. "countdown" is coming right back.
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fallout from this tariff tiff, not easy to say. christina, i guess a lot of u.s. companies going to take a big hit north of the border, right? >> reporter: right, but it could take time for us to see an effect. they put it into effect yesterday, retaliatory tariffs, 25% on steel and aluminum and 10 president on consumer products -- 10%. and i've got questions about this, felt pens and body wash? why are you putting that on your list? but there's a reason why canada has put these products like yogurt, because the vast majority of imports comes from wisconsin. they are specifically targeting certain states, states that support president trump. the same thing with whiskey. there's an article in the canadian media telling canadians to buy crown royal now because it's canadian. and last but not least, i want to tough ketchup because heinz is a very company. they had a market in canada, they closed down their meant in ontario -- their plant in ontario, and they've shifted
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back to the united states, but they're still exporting goods to canada. french's saw this as an opportunity, hey, let's become more canadian, stick a flag on our logo right there, and canadians will start buying our product, and that's exactly when's happening. even though french's is owned by an american company. this is just one example of how will heinz retaliate? will they possibly consider moving back to canada and opening up a manufacturer there? just so they can start producing and avoid these potential tariffs? going forward, though, you have president -- prime minister trudeau who said on friday he reached out to the president, spoke to him on the phone and pretty much said he had no choice but to put forth these retaliatory tariffs. the big problem though would be if this escalates to include the auto sector, because it's a huge part of the canadian landscape, the canadian economy, and so that's what's really going to hurt canada, because they rely heavily on that. the u.s. commerce department said they're going to be holding hearings on auto tariffs and
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will investigate this later in the summer. to go back to what this means for the u.s. economy, you have a lot of american companies that are in a state of flux right now because they don't know what's going to happen. harley davidson saying, oh, let me shift some of my production to overseas to combat or fight these tariffs, and so that's just one example. will other companies follow suit. ashley: right. christina, i also notice the canadians are imposing a tariff on maple syrup. what the heck is the u.s. sending maple syrup to canada? they've got a maple leaf on their flag. >> reporter: right. and canadians, they do support and export a lot of maple syrup around the globe, but vermont does export. i've been there many times, it's because of vermont. ashley: it's like sending coal to west virginia or new castle in england. christina, thank you very much. appreciate it. while the canadian tariffs kicked off the week, another big bill is looming this friday. that's when china is set to raise import duties on $34
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billion worth of u.s. goods. the trump administration has largely spared the clothing and footwear industry when imposing tariffs on chinese imports, but does that all change when china and other nations retaliate? well, with me now is rick, he is the ceo and president of the american apparel and footwear association. so, rick, from your association's point of view, where are we headed on these tariffs, and what impact will it have? >> the impact is going to be huge, and i can explain that. but first i would phase back to now thinking about getting on a harley davidson, getting some ketchup and riding up to canada with my old sneakers on. [laughter] you know, there's a lot of concern with what's going on with tariffs. ashley: sure. >> now, we were spared in the first $34 billion that goes into effect this friday, and they did catch some of our made in america stuff, some embroidery machines, sock-making machines and weaving machines. we went and we spoke to them,
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and they removed those items, so we got a passover, we got a clean bill on the $34 billion. but what does this say? it says that eventually you go to $50 billion. the president has expressed interest in $200 billion. eventually we're going to get hit. and anyone who's a responsible manufacturer or brand realizes they better take a hard look at how much they're making in china. i'm not surprised to see the market going up, going down, registering concern that we're going to go into an inflation their cycle. it's one thing to propose tariffs, it's another thing to enact them. and, you know, it's hard to blame canada. 16% of the steel coming to the u.s. coming from canada. 9% comes from mexico. is and if anybody thinks that's, you know, a threat to our national security, i think you
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need to think twice. we call in the trump tariff. we're concerned, trump tax, why are they taxing us? ashley: so you're saying, essentially, we could well be playing more for our clothing, our footwear because of the impact of china and elsewhere in the world. >> absolutely. as i've said very often -- ashley: does it begin immediately on friday? >> no, no. it's a slow hike, but it's going to happen, and it's the threat of all in that just makes everyone concerned. we don't like surprise in the supply chain. nobody wants surprise in the supply chain. so we have to plan very carefully, very effectively, and we also have to worry what does this mean to the retail consumer. ashley: right. all right, we'll have to leave it there on the word of worry. rick, thank you so much for joining us. we really appreciate it. thank you. all right, let's check the big board for you. the dow, it just missed turning positive, down 20 points at this hour at 24,251. we've got about 17 minutes of
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trading left. maybe we can turn it positive. next to trade, nothing has caused more fireworks for investors during the first half of this year than bitcoin. but will cryptobulls have anything left to celebrate as bitcoin teeters near lows and wipes out scores of other digital currencies from the market? we'll have the answer to that and more next on "countdown." ♪ ♪ 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. it kills 99.99% of odor causing bacteria and it helps to remove stains. polident should be the first choice of every person that wears a denture, to clean their denture. at crowne plaza, we know business travel isn't just business. there's this. a bit of this. why not?
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♪ ♪ ashley: bitcoin beginning the second half of 2018 with a big bounce. right now, as you can see, the cryptocurrency up $765 at $6630, good for a 13% gain. now, bitcoin tumbled from nearly $20,000 in december, hit a low of $5,755 last sunday, and there have been casualties along the
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way with. over 800 digital tokens have paid the ultimate price according to a web site that tracks cryptocurrencies. these are initial coin offerings or that are now worth less than one cent. critics say many of them were never be legitimate, maybe even scams. here to walk us through it all exclusively the cameron shell, the chairman of icox innovations. all right, cameron, when you hear things like that, 800 cryptocurrencies being wiped out, it does fill one with a sense of safeness, if you know what i mean. it feels like it's very much up in the air. tell me why i should trust in cryptocurrency. >> well, cryptocurrency really is, it's a technology that is going to usher in a new era of trust in commerce by reducing friction. and like anything that's revolutionary, as it comes in, you're bound to get, you know, a rush of new players and/or potential scams or such that are
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in the market and looking to do nefarious deeds. the reality is that cryptocurrencies are ushering in this new era of trust, and so at icox, for example, we're working with organizations, large brands that are actually using cryptocurrencies to streamline their supply chain, have stronger trust relationships with their customers, and we think the future of this and the future of investing into cryptos isn't going to necessarily be into small, unknown start-ups, but more into big brands and large organizations that are using this technology for the benefit of the consumer and their partners. ashley: what are the advantage to your customers of using this technology. what's wrong with the current banking system? >> well, the current system works, but when any new system comes in that does offer efficiency -- and, effectively, this efficiency is trust in a way that your consumer or your partner doesn't need to have a reference point, if you will, or
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an exact direct relationship with you as a customer but can absolutely trust the transaction that's happening, that's going to reduce friction. so, ultimately, it does reduce your cost, increases your potential customer base and reduces your liability. ashley: interesting. do you support, you know, strong regulation of this space? >> 100%. without regulation we're going to see what happened over the last year continue to happen. now fortunately, we've seen a bit of a fallout in the bitcoin price which has reduced a number of the weak players in the ico market and will continue to do so over the next six months, and i think you'll see the emergence of stronger and stronger brands and larger and larger companies continuing to take up this mantle. but when we see legislation come in in the way it has come in, you see the quality players actually moving into the market. many people have talked about us being in a bubble, but the reality is for us and i think most of the world, we haven't even seen cryptocurrencies hit
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the main stream. we're not really in a bubble, i'll call it a precondition which are lessons learned from the dot.com era where we're preventing a bubble from happening. ashley: seems to me that everyone that's looked into this is block chain technology is the foundation on which this works, and that is very efficient and has a lot of potential. >> well, the reality of block chain is that it's more than a technology. it's something that actually can gauge and quantify trust. and, again, i've said it before and i'll say it many times in the future, trust is the ultimate currency. when we're talking about cryptocurrencies and being able to apply something that inevitably initiates a environment where you don't require trust and everything becomes trustworthy, the impact on the economy is not more -- is not just economical, it's actually psychological. this is bigger than the printing press. ashley: very good. cameron shell, the chairman of
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icox innovations out there in beautiful vancouver, british columbia. thank you so much. really appreciate it, cameron. the closing bell rings in just, well, eight minutes or thereabouts, and look at that. i did it. i got the dow to turn positive. i don't like to brag, it's all me. we're at 24,290. by the way, tesla's been speeding along. earlier today ceo elon musk sending out a big congratulations to his staff for reaching a goal many thought couldn't be achieved. but shares have been hitting a bit of a speed bump as we head into the close. nicole petallides will have a live report from the floor of the new york stock exchange. after the bell, fox business we'll take you live to the white house press briefing. right there. trade and immigration sure to be among the hot topics, among many things. "countdown" coming right back. booking a flight unlocks discounts on select hotels
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♪ ashley: closing bell rings in just about four minutes from now. dow turning positive in last few minutes. session highs. big reversal over 200 points negative. now we're up 24. that is a 200 point swing. tesla road wasn't easy but they confirmed it. electric vehicle maker hit model 3 production of 5000 cars per week. let's go down to the new york stock exchange where we find nicole petallides. >> you know it. we're watching volatility on tesla. it has had a great run since april lows, but up 40%. elon musk promised 5,000 model 3s and he delivered. there is still skepticism. stocks are swinging $35. we had multiple analysts talk about the sustainability, whether he hits marks, whether he can sustain it. last but not least.
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6,000 a year over at tesla. we'll see whether or not that actually occurs. stock is down 3% right now. ashley: more tense, as my next guest says. appreciate it. heat wave slamming u.s. it is supposed to be hot, given economic indicators, so should the markets. instead they have been pretty volatile. third quarter will be pivotal, figuring out where the markets are going. phil, ceo of saloman berg asset management. we had a guest earlier on the network, we hit the peak, back in late january. we've he bull run is over.
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we're seeing volatility. we're heading down. >> russell 2000 hit all-time high. ashley: long way to go? no? you don't buy it? >> i wouldn't buy it at all. >> we're stuck in trade tensions we hear about every day. a lot of uncertainty out of there. we continue to get great economic data. economy is humming along. doesn't always translate to the markets. this strong economy. we have second-quarter earnings coming out soon. where does that lead us with regard to the markets? >> do you want to buy stocks expensive or cheap? >> cheap. >> this is your opportunity. just look at russell 2000 barometer, day, look, what has speck of our economy or stock market biggest boom for the buck? small caps, right? >> no exposure. >> seeing it in revenue. that tells you experiment is working. it has to flow through to the economy. does it go on forever, but opportunity to buy stocks cheaper. >> any particular sector? >> i think the market heating
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up. late-stage. >> pretty volatile? >> if you want to make money, look for opportunity. >> call the oil patch the widowmaker. >> especially couple days i like. lng. western gas. >> i like. >> all right, more in the natural gas production and liquification, or movement of energy. powerful opportunity not directly correlated to oil, directly benefit from it. >> what about the fed? get in the way, with two exuberant with rate increases? >> don't fight the fed. it does hurt. two reasons why we're here. geopolitical headline, fed a spade a spade. interest rates go higher. earnings erode. you're not there yet, you're not inflationary yet. don't be long your bond portfolio, keep duration short. see an opportunity take advantage of market. >> we'll have to leave it there. phil, thank you very much. good stuff. stocks reversing course. closing at the high. how about that? the dow wiping out nearly 200
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points in losses? as we hear the bells starting to ring. [closing bell rings] that is the countdown. david asman, melissa francis with more "after the bell." david: of course, ashley is completely responsible for the turn around on wall street as he told us, dow recovering from earlier losses turning green in the final hour of trading. ending up, looks like it will end 30 points. down as much as 193. s&p 500 in the green. biggest names in tech are driving nasdaq higher. good monday morning to you, or afternoon. i'm david asman. i'm still on holiday time. melissa: there you go. i'm melissa francis. this is "after the bell." more on big market movers, here is what else we're recovering very busy hour ahead. we're awaiting daily press briefing at the white house. sarah sanders will address reporters any moment. we'll bring you there live just as soon as it begins. we are one week away from historic decision that could

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