tv Mornings With Maria Bartiromo FOX Business July 6, 2018 6:00am-9:00am EDT
added 195,000 jobs last month with unemployment rate holding steady at 3.8%. futures are showing losses across the board but this is important to watch as we get closer to the job's report and here is what investors are really looking for. president trump, will he tweet ahead of job's report. he did last month setting us expectations that he should, would do it again. 40 point lose on dow point after gain yesterday. there you see yesterday's closes, up across the board in the u.s. in europe markets are hoovering near the flat line, mixed market action right now, ftse 10 slightly lower. france and germany moving up ever so slightly. in asia overnight we had gains across the board reversing the action from the previous day. the biggest winner there was nikkei in japan up more than 1%. taking matters into her own
hands a texas mom shoots a suspected carjacker in the head as he tries to steal her car with her children in the backseat. plus blaming obama, mrs. obama, the statute of liberty climber says first lady michelle obama inspired her to scale lady liberty which happened to ruin independence for hundreds visiting the park. feeling the need for speed, we will tell you who was just cast as son in long-awaited sequel to top gun later this hour. right here this hour fox business network kristina partsinevelos, steve forbes and cfra investment strategists lindsey bell. welcome one and all. pleasure to spend the morning with you, steve. >> good to be back, thank you. dagen: highly anticipate your wise words, guidance. >> i love this build-up and it's
going to be tough to live up to it. >> don't let us town. dagen: in terms of trade story i get a lot of heat online what i have to say about how tariffs and taxes are decriminatal to businesses in the country and individuals and i only base that on history because showed that they can -- they can destroy more jobs than they create. >> they always do and the thing to remember again about tariffs, another word for sales taxes, putting sales taxes on american businesses is not going to help this economy. the economy is getting ahead of steam and the thing that will be holding back is uncertainty, what the rules of the game are going to be, are we going to be able to export to china and politically the chinese no dummies are putting the traifs on the way to influence the elections and so -- watch out. dagen: in terms of retaliation we are seeing the same thing from canada, picking and
choosing the areas the products they import and you are seeing it from europe as well. that's why harley davidson right in wisconsin -- >> for trade abuses there are other ways to deal with specific trade abuses than putting taxes on the american consumer and american businesses and american farmers. dagen: hold that thought because that's what we are going to talk, beijing responding in kind after the trump administration's slapped a new 25% tariff on $34 billion worth of chinese goods coming into the united states. the import targeted by us include more than 800 products ranging from farming plows to semiconductors and china says retaliatory tariffs of equal value are in effect on 545 items from the united states including soybeans, corn, seafood and
electric vehicles. president trump still standing firm on his trade stance and here is what he had to say during the rally last night in montana. >> i respect china and president xi but they have been killing us, $507 billion in trade deficits last year. 507. who the hell can lose -- then you want to do something about it and you get attacked, oh, that's not nice, that's not free trade. the war was lost on trade many years ago, you know, when they are saying not a free-trader, no, no, the war was lost and we are going to win it. we have all the cards. dagen: steve forbes, i understand what president trump is talking about, they look purely at the import into the united states, we import more than $500 billion worth of goods and china only $130 billion, just on that the president thinks that we can hit their
goods with tariffs and we will do more damage but so much more that china can and will do to retaliate, increased inspections at ports, holding up import, doing damages to businesses in the country and we saw on south korea, they put out message campaign telling chinese people not to buy anything from the united states potentially. >> well, this is a thing we have huge complex global trading system's today, supply system completely disrupted and the other thing that you have to keep in mind is this, a lot of american companies have facilities in china that sell to chinese people. gm sells more cars in china than it does in the united states, where do you think that's going to go? apple $40 billion of sales, where do you think those are going to go? china will be hurt but we will be hurt. maybe hurt more but imp will be hurt when you get in trade wars and the other thing to keep in mind is, the cash cow going out
of the united states to foreigners is matched by cash coming into the united states. 4 trillion. we are not losing cash. it washes out and the other thing to keep in mind is we've had trade deficits for most of the time since jamestown, 400 years ago, you to look at the whole picture, strong economy, don't hurt it with sales taxes. dagen: steve, you said that there are other ways to fight this and clearly president trump ran on this going -- >> absolutely. dagen: going after the trade deficits, what are the other ways that you would fight it? >> well, for example on trade abuses specifically from beijing, we should unit with european allies that are hurt from transfer of technology, unit, go to beijing and say, here are the abuses, here is what we want you to do about them, here are the specific companies we will target, specific industries, specific companies that aren't dealt with. when you is united front and
laser front, you will get positive reaction and if you want to put the pressure up militarily, increase naval patrols, we will not see either. put it together. dagen: one issue is the messaging coming out of white house adviser. this is what peter navarro told maria back in march when he asked about retaliation from china specifically. maria: should we expect china and others, really, america, take this, i'm going the -- to raise tariffs, harley davidson motorcycles, john deere tractors as the journalists are writing this morning, are you expecting china to come back with retaliation? >> i don't think any country in the world will retaliate for the simple reason that we are the biggest market in the world. they know they are cheating us and all we are doing is standing up for ourselves. dagen: well, lindsey, what do you think about that? guess what, that was the moment
when wilbur ross went out withholding up the cans of campbell soup and cans of beer, don't you worry your little heads about the impact of tariffs, it's gotten a lot bigger than just steel and alum. >> it has gont a lot bigger, $34 billion in tariffs, that's not a huge impact on economy but if this escalates, that's what the market wants to know. trump made big promises fanned he fulfills the promise, the u.s. consumer will be the one that gets hurt. right now the u.s. -- the trump administration was very tactical about the tariffs that they were putting on, they made sure that it was very limited with regards to impact on the u.s. consumer that will trickle through over time. we already have seen it in steel and aluminum tariffs, we will see potentially in autos and things like that. dagen: china is slapping tariffs on our auto import, some auto import, 40% tariffs now on auto
import that hit ford, it hits tesla and hits actually bmw and mercedes benz vehicles built here in the united states. that does impact u.s. jobs. kristina, as lindsey pointed out, it's a small slice. $34 billion from us and china in terms of total goods hit. there's additional $16 billion that they are looking at that they are going to study but president trump has thrown out another 400 billion. >> exactly. dagen: that's where the uncertainty is. >> where are we going to pivot in american consumers like cheaper goods, where are we going to get the goods going forward in we are talking about affecting companies, shopping habits. on twitter and some viewers are really -- they agree that china has gone after our ip, this is way to combat them but really deep down give it a few months from now we will revert to cheaper prices so where are we
going to get the cheaper prices, that's something that i'm trying to understand, what's the end goal? when you look at balance, it's positive. so we are focusing on, yes, one company -- country china as well as canada and méxico, but i don't -- i don't necessarily agree with escalating it that far. dagen: steve, you mentioned how strong the economy is, we have the june job's report, expectation that this country added 195,000 jobs last month one employment rate holding steady at 3.8%. steve, if you're going to deal with the trade deficits and take on people who are abusing us in terms oh our technology and essentially stealing intellectual property in terms of china, is this a good time to do it or no? >> a good time to do it but make distinction between trade abuses and trade deficit. when grow and buy something at a restaurant, you have trade deficit with the restaurant.
the amount of cash leaving trust and coming back to the u.s., pretty much washes out. trade deficits for more than 400 years. the thing is we have capital coming into the country because it's the greatest economy in the world, about to show it again as reports come in. you will see wages start to rise up again because of job shortages. a lot of skilled jobs are out there. trade deficits not equivalent of company losing money. let's attack abuses. dagen: real quick, lindsey, why hasn't there been market reaction? the market has been volatile, the volatility started earlier this year for different reasons because the steel and aluminum tariffs were even announced. it was really early february job's report. what should investors be looking for in terms of trade war? >> yeah, i think the market has really given the trump
administration a pass on the trade negotiations and they've viewed as negotiations, they think we will come on top at the end, the question is when, we need a timeline. we can't let this go on for over a year. consumers will going to start making decisions, they will start getting hit in the pocketbook an the whole reason we are doing this is protecting intellectual property, one thing if we are using as negotiating tactic but we need to make that clear. dagen: soybean council said chinese have stopped buying soybeans period. keep it here for special job's coverage in america it all starts at 8:00 a.m. eastern time. we will be talking about it all morning lock. the woman who scaled the statute of liberty in protest of trump's administration immigration policy, explains why first lady
michelle obama inspired fourth of july stunt. you don't mess with texas, and you don't mess with a texas mom, a mom shoots a would be carjacker in the head when he tries to steal car with children inside. she has a message for that man. [music playing] (vo) from the beginning, wells fargo has supported community organizations like united way, non-profits like the american red cross, and our nation's veterans. we knew helping our communities was important then. and we know it's even more important today. so we're stepping up to volunteer more and donate over a million dollars every day. so our communities can be even stronger. it's a new day at wells fargo. but it's a lot like our first day.
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dagen: futures pointing to lower open this morning. we will be watching the numbers closely as we get closer to the job's report, i would argue some fears are showing up about tariffs being slapped on chinese import by the u.s. and now retaliation from china. that's weighing on markets but if we find out how strong the economy at 8:30 a.m. eastern time that could alleviate concerns. scott pruitt resigns as environmental protection agency chief. cheryl casone has more details, cheryl. cheryl: yeah, dagen, good morning. scott pruitt said in resignation letter, quote, unrelenting attacks on me personally, my family are unprecedented and have taken sizable toll on all of us. president trump tweeted, i've accepted the resignation of scott pruitt as the administrator testify environmental protection agency. within the agency scott has down outstanding job and i will
always be thank youful to him for this. well, take a look at today's new york post cover on the heels of resignation poking fun at pruitt's resignation with the headline, white house survivor season 2. i don't know if we had it. maybe we don't. thank you. there we go. we have to show you. this is great. come on. pruitt stepped down amid multiple allegations including taxpayer money, wife's business dealings, several ethics investigations open on him. okay, one win and two for california immigration policy, federal judge ruling that private companies in immigration firms on their promises without warrant however the judge said uphold two other sankway -- sanctuary provisions, limit cooperation with officials and the other requires inspections
of detention facilities. meanwhile the trump administration in race to comply with court order to reunite 3,000 children separated from their parents after crossing the border illegally. they are countering logistical problems right now. the government has until tuesday to reunite children under than 5 to unit with participants under court order issued last week. finally there's this, the woman who climbed statute on liberty oh to protest trump administration's immigration policies has pled not guilty to charges. she says that she took inspiration from get this, the former first lady. >> michelle obama, our beloved first lady that i care so much about, said when they go low we go high and i went as high as i
could. [cheers and applause] cheryl: well, the 44-year-old woman also said that the decision to climb lady liberty was spur of the moment and then president trump chimed in on the incident at rally in montana last night. >> you saw that clown yesterday on the statute of liberty, you see the guys that went up there, i wouldn't have done it. i would have said,let us wait till she comes down, get some nets. cheryl: the president recognizing the bravery of the workers, nwpd. they took a lot of risks to go up there and get her, by the way. dagen: they ruined fourth of july for people that wanted to visit lady liberty. cheryl: fourth of july. dagen: i have been in the business a long time, quarter of a century and this -- i've never
seen a news cycle like this. president trump gets nets. just wait and get nets. we are all laughing. why major effort by saudi arabia's prince maybe fizzling out. supreme court short list. the president's big decision about future of high court comes monday as democrats dig in for a battle over the bench touch shows how we really feel. but does psoriasis ever get in the way?
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>> it's just like we were talking about yesterday. >> they leave early in the morning and come back late. >> the curtains, they're always drawn in this place. >> i know. >> there are so many people. >> i don't even know if it's the same people i saw last week. >> that guy seems like he's in charge of them. [ shouting in foreign language ] >> i don't know... i don't feel very good about this at all. >>jogger good morning! [ shouting ] >> we have to report this. >> yes, absolutely.
dagen: the oil market is a bit nervous as potential for all-out trade war between united states and china escalates with billions of dollars in tariffs kicking in overnight. checking oil prices right now, the cost of crude, let's take a look, where is it trading, down 20 cents a barrel, 72.74. joining us now phil flynn. what does this trade battle fine for oil, where does it go from here? >> the biggest concern is if we have the big trade war would it slow down economic growth and slow down demand, and as you can see by the price of oil, little impact. this comes even as china has threatened to put 25% tariff on u.s.-crude import which amounts to about 400,000-barrels of u.s. crude a day, about a billion dollars a month, already chinese refiner are looking for alternatives to u.s. crude.
and let's face it. the u.s. crude industry in china is just beginning, this is just a small part of what u.s. exporters hoped to see as major market for them and obviously this is going to slow things down a bit but at the end to have day, oil commodity and with the global economy consuming near record amounts of crude oil i don't think it'll slow things down that much. >> phil, this is kristina partsinevelos speaking, i know you're speaking positive right now, there have been reports about spare capacity around the globe that's not going to be able to fulfill demand? >> you're absolutely right. that's my biggest concern about the economy. the trade war is secondary. the capacity in the globe is probably at historic low. we really don't have oil in the bullpen to bring down quickly if there's major disruption. today we have a tropical storm
in atlantic that's developed and if we lose production because of that, where would we go to replace it. not a lot of places left. dagen: i have been predicting, i don't know if it'll happen, it's me thinking out loud frightening enough. >> thinking god. dagen: 650 million barrels, that would be something that the president could do release some of that oil to bring down prices. >> absolutely. i think you're absolutely right. he will do it. that's -- that's our spare capacity right there. and president trump has shown that he's willing to sell oil from the reserve for budget reasons. we've already sold probably 100 million-barrels of reserve over the last couple of years and president trump would use that in the case of an emergency, but you don't want to rely on reserve. you want to get back to investment in the globe, energy,
gets to the point where it could meet expectations of the future. dagen: phil, real quick, steve, much anticipated publish offering of saudi arabia's giant state-owned oil company aramco has reported stalled, the wall street journal reporting that it will probably never take place, this was built as the world's largest ipo, what's behind the unraveling, phil? >> mohamed is under a lot of pressure at home. some of the royal family wants to see him out of there. at the same time it was just too big, you know, the london stock exchange basically said if we were going to do saudi ipo, we would have to make special rules for ipo because they don't fit the traditional definition of a normal company that would be going public and they never wanted to show everything that they had to show. you know, there was a lot of things on the books that normal public company would have to disclose, saudi arabia didn't want to, it made it almost impossible to make this thing
go. dagen: phil, thanks so much, phil flynn for joining us, great to see you, have a great weekend. >> thank you. dagen: coming up the red hen reopens, virginia restaurant where sarah huckabee sanders was asked to leave is back in business but protestors are cooking up something of their own and the top gun sequel kicks into another gear with details of who will play the son of tom cruise's friend goose. those stories ahead. more and more people are finding themselves in a chevy for the first time. now you can too during the chevy 4th of july sales event. now through july 9, get 10 to 20 percent below msrp on your favorite chevy models when you finance with gm financial.
♪you know it's true ♪everything i do ♪i do it for you dagen: welcome back, it is friday, july 6th, your top stories at 6:30 eastern. a trade war between the two largest economies officially begins just after midnight. the united states triggered $34 billion worth of goods against china with china implementing retaliatory tariffs hours later. investors eyeing the june jobs report. is our economy strong enough to withstand this trade war, this
tariff fight? economists expect the economy, 195,000 jobs with unemployment rate holding steady at 3.8%. checking global market action, we have a 75 point loss on dow futures, the dow is up triple digits yesterday. a little bit of a pullback. in europe, you see yesterday's close. in europe we have a slight loss in england but gained tiny gains in france and germany. markets closing higher across the board in all four major markets. the race to replace justice kennedy, donald trump in new jersey this weekend the link possible candidates for the supreme court. the president expressed his appreciation for justice kennedy during a rally in montana last night. >> i went to thank justice kennedy for his distinguished service and he had confidence
in me. dagen: apparent's nightmare averted, texas mom shoots a suspect, potential carjacker in the head. after he tried to steal her vehicle with her children in her back seat. the red hen restaurant reopens amid protests after refusing to serve press secretary sarah huckabee sanders, the backlash ahead. do you feel the need for speed? we will tell you the actor who has been cast as goose in the next top gun movie. donald trump and his country club, he will decide on the supreme court nominee. the commander-in-chief giving a preview of the monumental choice at a campaign style rally in montana. >> there is a vacancy on the
supreme court. if you tune in monday at 9:00 you will be extremely happy, right? they are all great. they are all great. dagen: here if you go garden, washington examiner editorial director, there is much fanfare surrounding the nomination. once we find out who the nominee is if you have any ideas among the finalists please tell us. how big a fight is this going to be with democrats over this nominee? >> it is a huge site. it will be the biggest fight since the clarence thomas fight. the democrats are in a reasonably strong position in that republicans only have 51 votes on the senate, and john mccain is very ill doesn't turn up to vote, democrats only have to peel away one republican
vote to kill whoever is nominated. the democrats want to inflict a defeat no matter which person the president nominates but they have particular reasons for each of those. the when they most want to make sure does not get nominated or gets defeated is amy barrett because she has become a judicial star. she would be a brave choice because she would undermine democrat suggestions and constant contention republicans and donald trump is anti-women and if she were on the course and the case came up that allowed restriction on row versus wade, the abortion law, it would undermine the claim it was just men who made this decision. and she would be the brave choice, i can't tell which of the three is most likely. dagen: with amy barrett during her confirmation last year for the seventh circuit court of
appeals, she was hammered in her stance on abortion because of her catholic faith. that would be the central line of attack. joe donnelly, a democrat up for reelection in indiana, into joe mansion in west virginia. there is political calculation in that. >> you are have a lot of political calculation, several democrats do not want to be seen to be opposing a woman who have already voted for her and republicans like susan collins who is the target of a campaign by democratic organizations to flipper against any nominee. democrats are weakened by the fact therefore majority leader got rid of the filibuster, the
republicans can get a nominee through on a majority vote rather than facing a filibuster. a lot of politics goes into this. it depends whether donald trump who generally tries to make the brave choice which suggests it might be amy barrett, if there's a better chance of getting ray kethlidge through who is less of a star but a solid conservative, maybe he would go for that. dagen: steve forbes is here. >> in terms of politics, 51 republicans, you alluded to the fact a lot of democrats are running in readjust election debate reelection. how many will go against the popular choice of donald trump? they have all been through the fires of confirmation and know how to handle themselves.
they won't embarrass themselves. sounds like mcconnell thinks he can get this done before the next supreme court session and the democrats have to vote for the nominee, presentable nominee with tight reelection race is coming up. >> that is a good bet and the point is exactly right. it is difficult for people like heidi heitkamp and joe manchin to go against him when they voted for before. they are also calculating if this nominee is going to get through, why do i want to be the person who votes against her and that is used against me and my reelection campaign, if there is a sense someone is going to get 3 you don't want to stick your neck out and get your head cut off for the next election. dagen: donald trump moving more from the president last night taking aim at maxine waters and
elizabeth warren in his speech last night. listen to this. >> she is a low iq individual, i said it the other day. honestly she is somewhere in the mid 60s. pocahontas i apologize to you. to the fake pocahontas i will not apologize, even liberals are saying take a test, take a test. dagen: how this trump's branding of the democratic party help the gop in november? >> a difficult calculation. they help donald trump. he has a very odd unusual technique, he both draws attention to people and belittles them at the same time. calling elizabeth warren pocahontas is to make her look small, talking about maxine waters and elizabeth warren's iq to make them look small. it is meant to be funny and the
audience there finds it funny but i don't know if it helps or hurts. it is an expression of contempt and belittles the democrats. that works for donald trump in 2016. whether that helps in 2018 for the midterm elections is difficult to say. >> do you think democrats realize people like maxine waters are perfect for donald trump, puts democrats in an unfavorable position, pocahontas, don't know why he doesn't call her fake -- maybe that will be next. >> there are some democrats, nancy pelosi realized maxine waters is an embarrassment. she makes ridiculous suggestions and extreme suggestions but elizabeth warren talks in an extreme way but the base loves her so there's a constant calculation,
are these people on this panel would regard as ridiculous and embarrassing in what they say but they jenna the base. >> do you think democrats will fall into the trap of making impeachment an issue? that will arouse the base of the gop like nothing if they think that is where this is headed. will they fall into that trap? >> they certainly want it. there's 70% support for impeachment in the base. nancy pelosi was there when donald -- when clinton was impeached, knows there is a backlash in the 1998 election against republicans for that. the public does not like to see what is clear, it would backfire but doesn't mean to say with that kind of surge
from the base that it will not happen. i would not say would not happen and leadership will resist it but they have to push hard against base pressure. dagen: great to see you. have a fantastic weekend. a quick thinking texas mother saves her children from a suspected carjacker, shooting the guy in the head when he tries to steal her car with her kids inside. maverick and goose the next generation, big top gun news, who will play the son of tom cruise's best friend goose in the long-awaited sequel. ♪ . [music playing]
that's right -- half. nearly fifty percent. mostly by making small, everyday changes in your diet and controlling your weight. walking more, eating less. and eating foods that help you and your family to seriously reduce the risk of cancer. and of course, by not smoking. visit the cancer prevention, together we can website and get a free 30 day planner filled with tips, recipes, stats and more about protecting your family. go to prevent 50 dot org. dagen: with the trade or underway weighing on markets, 70 point loss on dow futures, triple digit gain on blue
chips, less than an hour and 45 minutes away from the june jobs report. leading up to that and after. a texas mom shooting a man who allegedly tried to steal her car with her kids inside. cheryl: this is proof the dallas mother shot the man in the face after he jumped into her car at a gas station while her sons were in the backseat. the 36-year-old allegedly attempted to steal her car while the mother was paying for gasoline, she jumped in the car, pulled out her gun from her glove compartment. >> just wanted to give a warning shot. i am not a killer or anything like that but i do believe it was mine. >> she hopes she made the right
impression. he crashed into a fence, was taken to the hospital for treatment, he is expected to be okay. luckily the kids were not heard. the red hen in lexington has reopened for the first time in two weeks. the restaurant has been closed since sarah sanders was refused service. a handful of protesters showed up holding signs and waving flags which according to a sign on the restaurant door the restaurant was booked for the night. mit showing off its latest creation from its robotics lab. the cheetah 3. this robot doesn't need eyes to run, climb or jump which is unusual for robots, typically they depend on different cameras or sensors but that can be limitation in dark areas or confusion in a chaotic situation. mit relies on algorithms, joints and gyroscopes to move around unexpected obstacles. look at the little guy run.
dagen: these red hen protests, make a suggestion for folks, i told gary, our automobile editor, he was driving down that part of virginia, i 81, i told him to go to natural bridge nearby, drive-by lexington and the red hen and go to natural bridge, one of the great american wonders. >> if your time is pressed go to chick-fil-a. dagen: would you eat at the red hen? would you eat at the red hen? >> know. there are plenty of other fine restaurants was why go in and get thrown out? i want to go where they want my money. dagen: and man and wasp looking to have enough bite to stop the dinosaurs of jurassic park in their tracks. the weekend movie roundup next.
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michael douglas and paul rudd. joining the is wb i film critic mike sgt.. what is your take on this? this is the second in a series. >> like the comic books it is its own adventure. he had something else to do and was under house arrest from what happened in the last adventures movie. i have to say michael piña almost steals the movie. dagen: what else has he been in? >> so many things, so many things. dagen: what is the potential opening? black panther was incredible. what do you expect? >> i don't think it will make avengers or black panther money, it is a solid film, a lot of fun. a lot of times the superhero movies the first history and origin so you don't get to see the potential of the character.
this time he fights, so many fun sized gags you love about the movie. dagen: paul rudd is not nearly as hot as chris pratt and i say take it from me, paul rudd, that is a calculation and this is a conversation. >> the wasp is featured a little more, she really takes a strong lead. dagen: strong female characters. you think the superhero will not jurassic world from the top of the box office? >> it might. marvel has fed this animal they created. people's appetite for superheroes movies. dagen: fans of top gun, the
goose may ride again. >> maverick, here about ice? >> what that? >> want another one? >> i feel the need -- >> the need for speed. dagen: actor miles teller is joining the cast of the sql to top gun playing the son of goose. i don't think i am giving anything away, goose died in the first one. they cast miles teller, best known for big-budget films, best known for the movie whiplash. >> he was great in whip loss, and above heels is best known, he plays the son of a top gun, something that everybody can say they did. dagen: do you think the sql to top gun because it has been so long, when did the original come out in
everybody knew. it is one of those films that was iconic. even if you don't grow up and see the film, on video or cable or something, has to do with drones, they need the real pilots back. that is my guess. dagen: tom cruise is well-preserved. he looks pretty close to what he looked like in the 80s. >> kelly mcgillis does not look like she did then. dagen: val kilmer is expected to be in it. good to see you. as always. i will be binge watching naked and afraid instead of going to
the movies this weekend. >> is that the name of the show. dagen: thank you so much. still ahead, raining nascar world truck series champ christopher bell is here with a big announcements with toyota, head of saturday's sugar 400 next hour, "mornings with maria". ♪ ♪ hit me baby one more time ♪ like the american red cross, and our nation's veterans. we knew helping our communities was important then. and we know it's even more important today. so we're stepping up to volunteer more and donate over a million dollars every day. so our communities can be even stronger. it's a new day at wells fargo. but it's a lot like our first day.
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dagen: good morning many i'm dagen mcdowell in for maria bartiromo. it's friday, july 6th. your top stories at 7:00 a.m. eastern. the trade war is on. the united states triggered tariffs on $34 billion worth of goods imported from china with the retaliation announcement from china coming hours later. president trump sounding off on the trade battle last night in a rally in montana. >> our allies were worse. they put up massive barriers to keep our products and our goods out of their country because they didn't want that competition. that's not free trade. that's stupid trade. we're not going to do that. dagen: investors eyeing more than trade this morning. we are an hour and-a-half away from the june jobs report, economists expecting the economy added 195,000 jobs last month
with the unemployment rate holding steady at 3.8%. checking the market action this morning, right here, right now, futures are lower across the board, 08 point loss on the -- 80 point loss on the dow futures, after a triple digit gain on the blue chips yesterday. we had gains across the board in the u.s. so the market is volatile,in, gg back and forth, jobs, hour and-a-half, you'll get everything you need to know right here. in europe, markets are going back and forth between losses and gains. we now have losses, slight, on the ftse 100 in england and the french market. in asia overnight it was gains across the board, shanghai, japan, south korea, the biggest gainer was the nikkei in japan. the race for a rescue in thailand ramping up. there's a new sense of urgency to get the trapped boys out of the cave after a navy seal working to save the group died overnight. london preparing for president trump's arrival next week.
one activist group protesting the visit with a 20-foot tall blimp meant to be president trump wearing a diaper. it got approval to fly from london's mayor. the threat over a work stoppage in the nfl, after president trump you calls out the league's new anthem rules. with me this morning, christina partsanevelis, steve forbes and lindsey bell. it's great to have you all here this morning. >> great to be here. dagen: this economy, this jobs report, we've actually had job growth that is picking up steam compared to a year ago so far, which is really incredible how long above been in this expansion, it's a nine-year expansion, did it have acceleration job growth, pretty outstanding. >> 93rd straight month of job increases. we'll be closely watching on that wage number. we're going to start seeing the number go higher. but i think if we get anything
with a three handle on it, the market won't react well to it. what's been interesting in nature get, it's been a tug of war between trade tensions taking the market down on any given day and strong fundamentals pushing us back up. today we have the jobs report and we have the tariffs being put on by china and the u.s., so who is going to win today. dagen: great tease, lindsey bell. thank you so much. the u.s. and china now fully engulfed in a tit-for-tat trade war. china retaliates hours after the united states triggered tariffs on $34 billion worth of goods. president trump amping up the rhetoric at last night's rally against china and the e.u. hours before finalizing tariffs on china. listen to this. >> i respect china and i respect president xi but they've been killing us, $507 billion in trade deficits last year. we're paying for anywhere from
70 to 90% to protect europe and that's fine. of course, they kill us on trade. they kill us on other things. they make it impossible to do business in europe. yet they come in and sell their her semere say degrees and -- hs and bmws. dagen: tennessee, transportation equipment is the top export. how are the back and a forth tariff, how will they impact businesses like volkswagen and general motors with major plants in the state? >> good morning. obviously, this tariff situation is concerning to a number of manufacturers in tennessee. it's also concerning to our agricultural sector as well. this is going to be something that there's been a huge trade imbalance for quite some time. what's been going on in the past in terms of our trade deficit is not working.
having said that, tennessee, my home state, has long been a beneficiary of free trade. so we're going to have to wait and see. obviously we have to take each country on a country by country basis. the e.u. is different from china, china is different from canada, canada is different from mexico. right now, the focus is on china and i will say this. we have got to protect american intellectual property. that is key and that's not happening. >> congressman, steve forbes here. do you think in terms of trade abuses there are better ways to do it than putting the equivalent of sales taxes on the american people, american businesses, american consumers? is that the best weapon? >> steve, thank you for saying that. there are a lot of different tools in our arsenal with trade. trade is very important. as you know, steve, trade can be something that can be used for diplomatic purposes, trade can be used for a lot of different things. the tariff is a very effective weapon but what happens
sometimes is when you launch that weapon, you get a retaliation back and that creates what we would commonly call a trade war which usually does not benefit anyone. i would say this, in an ideal world we would have open trade everywhere in the world. china has really cheated over the years. they've not been very fair. there's a huge trade imbalance. i would prefer to see other tools, other than this, but i do trust the president. i will say this. even though i'm a free trader, president trump knows what he's doing. he's a good negotiator. and what i think will happen, steve, is ultimately this is a process that will play out over time. this is a negotiation process. we probably have one of the best negotiators in the world in donald trump. dagen: christina. >> i have a quick question. have you heard anything from these bourbon and whiskey companies in regards to investments or laying off employees, do you have any insight into that? >> yes, as a matter of fact i think you're alluding to the tariffs that mexico put i
believe at 25%, a tariff on domestic why whiskey, tennessee whiskey. obviously that's a source of concern. what that does is basically it makes our whiskey more expensive in those countries and it's basically a trade barrier. so there are concerns there. there's concerns in agricultural sector. but the largest amount of concerns we've heard really have been from manufacturers who have seen the price of steel go up, the price of aluminum go up. but i would say this. this is a process. it's going to have to play itself out. and we just have to be very careful and i would kamon tore the process -- i would say say e have to monitor the process very carefully. we have to see how the markets and the conges her react. -- consumers react. dagen: if i'm running a business that is going to get hurt by the tariffs that have already been thrown on, say, my exports to china, i'm calling your office hot mad, yelling at
you, yelling at whoever answers the phone and you're up for re-election in november. are you worried? >> well, we have heard from our constituents. first of all, our manufacturers and our citizens in tennessee are very pleased. we've cut taxes, especially corporate taxes which was so critically important. we've made sure that we reduced regulations. unemployment is at an all-time low. the basics are very good. so for example, my re-election prospects are excellent because i have voted to do those things and i've worked with this administration. obviously there's a concern on this trade issue. tariffs are a part of it. but there are other parts of that. we've heard from our constituents who are very concerned about the protection of their intellectual property rights. china continues to cheat in that realm. they view the president as a hero in this regard, in trying to combat that. so this is a process. we're not going to agree on all the issues. but, yes, we're hearing from them. we're hearing from our farmers.
but ultimately i think we need to move towards free trade and in that process we just have to watch how these tariffs work and keep them as narrow as we can. >> congressman, steve forbes. would you support the president making a major free trade initiative, starting negotiations with the e.u. or even britain or japan to get a real free trade agreement process going so we don't do these tit-for-tat equivalent of sales taxes but get something comprehensive going? should the president take a initiative on that or is it a matter of timing before he does it? >> steve, that's another great question. if you recall, originally president trump opposed the t.p.p. now he has said he's actually open to looking at that. i think that shows a great flexibility on his part and the administration's part to look at trade in a region by region manner. so i think that's a very good step in the right direction.
just the other day he said he was going to hold off on nafta until after the elections. obviously the canadian situation poses different unique challenges. so he's looking at this as a business person, and i know you're a great business person. i remember when you ran on the flat tax many years ago. i remember that fondly. but be that as it may -- >> still pushing it. >> still pushing it. i understand. it's simple and it's flat. dagen: i've still got that book, congressman, the first book that steve ever wrote. it's in my office and i crack it open every now and then to get some religion. lindsey bell has a question for you. >> go ahead. >> your state is being severely impacted by -- could be severely impacted by the trade tariffs and with regards to that, you have received significant benefits from the tax cut and jobs act. when does that start to really get hit? when does unemployment start
creeping up? when do businesses start making business decisions and cutting costs to offset some of these tariff increases and start cutting jobs? >> well, the great thing about the free enterprise system and businesses in general, business people react to situations and they react in a very smart way. so tennessee has long done well because we're a state with no state income tax on wages. we're a state that's a right to work state. we've got the basics here. that's one of the reasons why companies chose to come here. we had the added benefit then when what i did with the president is reduce corporate taxes, reduce regulations, that's why we're seeing not only tennessee's economy booming but really our american economy booming. so as to when there is a reaction to this, i think they will watch their bottom line. they'll watch their sales figures. they will look at the different indicators that are out there. and they will act. -- will react.
i much prefer the way the free enterprise system reacts to adversity than the way the government reacts. the government borrows and spends more. the private enterprise system will look at this. i think america will move ahead. trade is one part of an overall problem and this is where i credit the president. we're looking at regulations, we're looking at taxes, we're looking at trade. we have to look at the deficit at some point in time. dagen: we keep hearing that, congressman. so far, we're waiting. medicare, hospital trust fund goes bankrupt, runs out of money in eight years. there you go. congressman, it's great to see you. thank you for joining us this morning. coming up, remembering a hero, a former navy seal died during rescue efforts to save 12 trapped boys in a cave in thrarched. thailand. we'll tell you what went wrong. plus, the trump baby blimp getting the green light to hover over parliament in london during our president president's visit.
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working to rescue the trapped boys has died. he was a 37-year-old volunteer. he lost consciousness after running out of oxygen while he was planting air tanks further inside of the cave's system. it's been nearly two weeks since the boys and their coach became trapped underground because of rising floodwaters. they're being taught to use scuba gear with one plan having them making the hours long journey out of the complex cave system. diving experts are trying to assess whether the boys are strong enough to make the trip. it's been estimated it would take about six hours to get the boys out. here's a live look at rescue workers right now. despite the tragedy, efforts continue as there was an incoming storm that's threatening to trap the boys underground even longer. iif the storm is really bad, it could be september. shares in germany's troubled deutsche bank jumped by 5% following a report that jp morgan chase, and industrial and commercial bank of china might
be interested in taking a stake. jp morgan is denying the report that came out. u.s. operations in deutsche bank failed a regular la th regulatot by the federal reserve. this is something to watch. there's been the talk of of this in the mix of all the troubles. president trump could be a upstaged when he visits london next week. a giant trump baby balloon is going to fly above parliament when the president arrives there. the mayor of london gave the green light to the 20-foot blimp. it will be one of several protests expected across long den when trump arrives for his three-day visit to the u.k. next friday. a new report suggests that gender pay gap starts with childhood allowance. thanks, parents. data collected shows that boys earn twice as much for doing household chores each week than girls. parents are granting their sons
a weekly average of $13.80, girls earn just $6.71 a week. the a.m. founapp found that boye given more opportunities to earn money. boys were more likely to save their money. girls donated on average $2 per week to charity. have fun with that one. dagen: there's so much wrong with that. cheryl: there's a lot wrong with that. dagen: other than the charity part. cheryl: the fact that boys', their allowance is double, your brother is getting double what you are. where are we, parents? dagen: just a note to the dads out there, women are more meticulous at mowing a lawn than boys are. i'll just add that. coming up, president trump bashing the nfl again. what essaying about the league's new national anthem policy. plus a chosen counter, drone video capturing the moment, watch for it, a baby blue whale
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that didn't stop president trump from touting his record on jobs at a rally in montana last evening. >> we've created 3.4 million jobs since election day, which nobody can even believe. unemployment claims are at a 45-year low. our economic policy can be summed up in three very simple but beautiful words, jobs, jobs, jobs. dagen: joining me now the founder and ceo of lasalle network, tom gimgle. what are you looking for in this report. >> it's not irrelevant whether it's 175,000 or 210,000 jobs, it will be what it is. what we're seeing is continued growth. we're seeing the participation rate is at a point where that's the key number, and wage increase is the key number, not how many jobs are added. >> just a quick question on what the components of the jobs report is going to look like. manufacturing has been strong
last month, 18,000 jobs were added. out of the ism and pmi numbers that came out earlier this week, employment was still strong there. do you expect to see strength there and going forward what do you expect? >> what we continue to see, both in the midwest and throughout the country, is that manufacturing continues to be good, professional services continue to be good. and now we're in the heat of the summer, no pun intended, and the fact is we'll get more of the hospitality workers and people taking those types of jobs as well. we'll continue to see those numbers increase. i think we're going to see a wage increase tick up. >> to what number? >> i don't know, maybe -- it will be higher. it will grow. that's what we need to see. when you have for the first time this spring, we have more job openings than we have people looking for jobs. so we've got this influx in the market right now and that usually will increase wages. >> we have june and in june you
usually have recent grads, new people entering the market. we know baby boomers are aging, leaving the market. isn't that going to have a negative effect on wage growth because they earn a little bit less? >> that is absolutely, you are correct. those aren't the jobs en masse. we're seeing with minimum wage increases and municipalities laws going into effect to increase minimum wage, that drives a lot of the wage growth. we should see that uptick. also, jobs being shifted overseas, if we don't have the workers in this country to do the jobs, where are they going? we're going to offshore those, whether for technology, legal, finance, what have you, and companies that are multinational, they're going to have their offices in other countries doing the legs of that work. dagen: also the burning question this morning, president trump tweet about the jobs report before it comes out? he broke with white house protocol last month by doing just that. if the president doesn't tweet, do you think that means it's going to be -- again, what does
it mean if he does or doesn't? that was -- in the wall street journal's article, the five things to watch for this jobs report, number one was -- this is from last month -- number one was will the president tweet or not. >> that's going to attract eye balls but the relevance of it is really as long as he keeps moving forward with the deregulation and making people believe that his number one motive is to keep the economy going and i think -- i don't even think. i know when i talk to our ceos, cfos, vps of h.r. clients around the country, what they believe is the number one goal of congress and the president is to keep the economy going. and while that may be popular or unpopular, depending on which side of the aisle you're on, what it says is the message is there's going to be job creation and there's going to eventually be wage increases. >> tom, steve forbes here. how much in terms of wages -- they haven't risen very much. is the prime reason for that
health care expenses that companies have to pay more and more? do you see more companies going to high deductable plans to try to get control of these things. health care counts as part of your pay even though you don't receive the cash. but it's grown enormously. >> you're exactly right, in the concept of where health care comes into play and how as a country, even though it's not at the forefront with obamacare falling to the back page but health care isn't what's keeping wages flat. what's keeping wages flat is really the global economy. if i can have somebody in a developing country do the work for a third of half less than what's happening here, that's where the competition exists. and when we have a situation like i mentioned that there's more jobs available than there are people to do the work, that's the problem. so we're not competing against people on our cul-de-sac or apartment building, we're competing against people in other countries. we have people that are higher educated than we are and they're
willing to do the work and that is where the jobs are going and that is keeping wages from increasing at a really high rate. dagen: tom, thank you for being here. thank you so much. be sure to stay tuned right here, special coverage, jobs in america. it starts at the top of the hour, 8:00 a.m. eastern. we have incredible -- well, even more incredible people coming up. we have three incredible people here right now. as the trade fight heats up between the united states and china, we look at the impact on america's farm earns. we'll talk to one of them, live from iowa, next. plus, facebook apologizing again. get this, the social network sensorred a -- censored a post as hate speech, that post was part of the declaration of independence. we'll try to explain and the backlash, ahead. ♪ half of my heart is in havana.
states triggered tariffs on $34 billion worth of chinese goods. president trump vowing to renegotiate previous trade deals with other countries during a rally in montana last night. >> for too long we watched and we waited and we saw, as other countries stole our jobs, cheated our workers and gutted our industry. i have a feeling they'll come along. we'll see. and if they don't, we'll actually do better. we'll actually do better. the united states of america was the piggy bank that everybody was robbing. dagen: meantime, i object vesters are eyeing the -- investors are eyeing the june jobs report. the question is why now, why would the u.s. and president trump take on these trading partners right now. because the economy can handle it, quite frankly. economists are expecting that the u.s. added 195,000 jobs last month with the unemployment rate holding steady at 3.8%.
if the unemployment rate ticks down for the third straight month it's going to push the jobless rating to the lowest level since december 1969. incredible. almost 50 years ago. checking the market action, futures are showing some losses at the moment. they're starting to pick up a little bit of steam as we move into the day. 90 point loss on the dow futures. this is after a triple digit rally on the blue chips yesterday. we had gains across the board. in europe, it's been some mixed action in england, france and germany. all three of those markets are lower right now, slightly. in asia overnight, a different story, all four major markets in asia gaining this friday. facebook under fire again, the social media company facing backlash after censoring a post on the declaration of independence, censor it because
they said it was hate speech. a debate in the nfl heating up as players call for guaranteed contracts. the developments as a potential work stoppage takes place. president trump is speaking out about the league's national anthem poll civil why he said the policy is worse than the original, coming up. plus, one whale of a time, the incredible video of a blue whale swimming underneath a boat that goes viral. we'll show you all of it coming up. our top story, the president arriving at his golf club in new jersey for the weekend as he weighs the final decision on a supreme court justice nominee. allison barber has the details. good morning, allison. >> reporter: good morning, dagen. president trump started with a list of 25 potential nominees. now he says he can count his favorites on one hand and that he will announce his pick monday evening. yesterday on air force one he
told reporters this, quote, i have narrowed it down to four people. of the four people i have narrowed it down to three or two. i think they are all outstanding. he went on to say i'll have a decision made in my mind by sunday. the president said he does not expect to meet with anyone in bed minister this weekend. president trump finished the interview process and the president spoke with six judges. sources say the top contenders are brett cavenaugh, raymond ketlledge and amy coney barrett. >> the president is looking for someone who will overturn roe versus wade. equally important, he's looking for someone on the court who will make sure that they rule that the affordable care act's protection of those with pre-existing conditions is unconstitutional. that means many will lose their health insurance over this decision on who will fill the kennedy vacancy on the court. >> reporter: chuck schumer
called the president and asked him to nominate marik garland. mitch mcconnell refused to hold hearings on a nomination because he said it was a presidential election year. a source familiar with that call between schumer and president trump told fox news that schumer told the president he could unify the country by nominating marik garland. dagen: thank you, allison. turning to the escalating trade tensions, china slapping tariffs on a number of american agricultural goods including cheese and pork. u.s. hog production overseas is a big business. one in four u.s. hogs raised in the u.s. are sold abroad. china slapping tariffs on soybeans as well. here now is an american soybean farmer, ron heck. what is your reaction to these
tariffs and how are you preparing or bracing your business? >> these tariffs are ill-conceived and totally inappropriate, using food as a weapon, raising the price of food to the chinese people and devastating the united states farmers is a lose-lose situation for everyone. every soybean farmer i in the u. and around the world is unable to make any profit from raising soybeans at today's depressed price as a result of these tariff discussions. so the only choice for farmers is to do the best they can to wait it out and hope for a recovery and hope that we go back to a rational system where the chinese buy soybeans like they have been. the best answer for this is just for china to buy more u.s. soybeans. dagen: ron, how are -- again,
how long can you last as a soybean farmer? how long can this go on without -- maybe it's already severely impacting your business. can you just tell people like that -- i grew up in a farming community, my mother's family were toe back co--- tobacco farmers. people refer to being a farmer as a professional gambler because you deal with demand and prices, oversupply, droughts, weather, you name it. so how are -- have you seen an impact already on your business? >> well, yes. each farming situation would be different. farmers may get one paycheck a year when they sell their crop. and when there's a 25% cut in that paycheck, like there has been for soybeans in the last month, that changes the situation from making a profit to having a substantial loss for the year. so for those farmers that can
wait, that's their best answer. but we don't know how long we have to wait or how severe the price damage will be. so it makes the gamble much larger than usual. this isn't a gamble between a little profit and a large profit. for some farmers this is about survival of their business because we are in a loss situation. hopefully farmers can wait it out until the tariff discussions are settled. >> this is steve forbes here. is this going to put pressure to try to have more subsidies or something to see the sector through all of this? this is going to cost the american taxpayers, as you say, your business has been impacted and we may have to cough up money to prevent even more damage. how do you see that unfolding in the months ahead? >> i hope it doesn't come to that, but it could. farmers want trade. they don't want aid. >> right.
>> the secretary of agriculture, sonny perdue, said by labor day he will put together an aid package and that aid package will protect the rural economy and not just farmers because when the farmers don't have any money to spend, they can't spend it in their local communities like we're very good at doing. it happens every year with seed, fertilizer, chemicals and machinery. so we would be looking forwardsd to something if this continues in the fall. that is china's normal buying season, when they buy from us during harvest. and if that doesn't happen this year, aid will be necessary. dagen: ron, christina, one of our reporters here has a question for you. but christina, i'll lead into you with this. we have the u.s. soybean export council, because ron was talking about when china buys soybeans typically, they're saying that chinese importers have mostly stopped buying u.s. soybeans. we talk about the tariffs on u.s. imports but that's another -- that's something that china
is doing to our soybean farmers is cutting off purchases all together. >> a lot of them are buying from brazil now too. i want todd ask specifically about aid. you brought up aid. as a farmer, would you be willing to give up all aid? this is an argument used by other countries that the subsidies toward the agriculture sector, that's the reason we're in the predictment and the trade war is hurting so much. would you be willing to give up aid if we had no trade tariffs? >> i've heard that a lot and it's not very accurate. farmers around the world are subsidized much more than u.s. farmers. the united states says the only cheap food policy in the world. we don't receive a lot of aid, contrary to popular opinion. on the other hand, the chinese have over $200 billion a year in farm aid. so this is a situation where we're disadvantaged by their
government action and our government response of the cheap food policy. so i would very reluctantly accept the aid but only in response to massive subsidies in other countries. >> ron, don't you think if it's because of this trade war that china and other buyers are going to encourage countries like brazil to increase their production in the future, so even if the tariffs go away, we're going to have a permanent loss of market because of this? this happened in the early '70s when we cut japan off, brazil became a big producer. >> absolutely. there is a risk of that. the largest risk in this whole thing is that over a period of time that other areas of the world are brought into production. but fortunately, the u.s. has a production advantage and we will still be able to produce. we're negotiating over what price that might be. china's tariffs raises the price
of soybeans for everyone in the world, including china. it's not a good situation. it makes food more expensive for no reason. we'll still sole our beans but rather than sell them to china it might be europe, japan or mexico or indonesia or other good customers we have now. they'll be extra expensive, moving the beans around. dagen: let's hope the customers step up. good luck to you, ron. thanks for taking the time this morning. >> thank you dis coming up, president trump bashing the nfl again, what essaying about the league's new national anthem poll civil that's ahead. plus a chosen counter, drone video captures the moment a baby blue whale swims under a boat off the california coast. more of this incredible video coming up. ♪ [music playing] (vo) from the beginning,
wells fargo has supported community organizations like united way, non-profits like the american red cross, and our nation's veterans. we knew helping our communities was important then. and we know it's even more important today. so we're stepping up to volunteer more and donate over a million dollars every day. so our communities can be even stronger. it's a new day at wells fargo. but it's a lot like our first day.
dagen: the declaration of independence as hate speech, that's what facebook decided. under fire once again, the social media company is apologizing. cheryl casone has the details. hey, cheryl. cheryl: they are in this mishap. a small town newspaper in texas says they posted the text of the declaration of independence on the facebook news feed. one portion was flagged by facebook's hate speech sniffing programs and that program blocked it. facebook later reinstated the post and said, quote, looks like we made a mistake and removed something you posted on facebook that didn't go against our community standards many we want to apologize. taking a look at shares of facebook in the premarket, they are lower, down almost half of a percent. well, now to some football. nfl players are calling for guaranteed contracts that exist in other leagues and they may be
willing to walk off the job to get them. nba and mlb players have guaranteed contracts in their deals. well, los angeles rams running back todd girly tmz that -- told tmz that nfl players may have to strike to get the contracts. the current agreement runs through the 2020 season. meanwhile, at a rally in montana, president trump going after the nfl's new anthem policy. >> how about this, they passed a stupid thing, you don't have to do this anymore. if you don't respect the flag or if you don't like the country or whatever it is, just go into the locker room. i think in many respects that's worse, isn't that worse than not standing? the ratings are down 20%. you know why the ratings are down? yes, the flag. cheryl: nfl owners voted to implement the current policy the president referred to.
players will be fined if they kneel on the field. they can also fine individual players if they want to. technology is not perfect. ask a truck driver whose gps steered him in the wrong direction. the driver was supposed to drive south on route 12 in north carolina monday. some how, he traveled north. he tried to find a place to turn around and he reached the end of the road and ended up on a beach in the outer banks. once you saw the ocean, he thought it was wrong. finally, check this out, stunning drone footage captures a massive baby blue whale swimming under a boat in sand sn diego. this is rare to see in southern california, especially this close. the baby whale, approximately 3t
can measure about 100 feet. there's the baby whale saying hello, how are you, have a nice sail today. those are your headlines. dagen: i love that by the way, the viewer who told me that natural bridge isn't in virginia needs to get a map and a clue. i grew up in virginia. so please check yourself t before you pick up -- yourself before you pick up the twitter. thank you very much. coming up, shifting into high gear, toyota bringing the supr to the nascar series, we're live with christopher bell from daytona with more, next. ♪ more and more people are finding themselves in a chevy for the first time. now you can too during the chevy 4th of july sales event. now through july 9, get 10 to 20 percent below msrp
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dagen: any excuse to talk about racing. toyota found acceptance on nascar tracks. they're switching up the model, going with a true sports car, the toyota supra. it will make its debut next year but joining us from daytona international speedway in daytona, florida, nascar champion christopher bell, vice president of toyota division, ed loukos and david wills. chris, it's dagen. are you excited to race in this car next year? >> i'm beyond excited. to be able to be the first person to drive the supra earlier this year was really special. to be able to race it next year starting at da daytona, it's gog to be wonderful. hopefully i'll be the first driver to put it in victory lane. dagen: we're counting on that.
the gentlemen sitting next to you are counting on that too. why bring the supra back after 17 years. what do you expect to get in terms of sales from this exposure? >> well, obviously the supra is an iconic toyota brand, race car, sports car. the dealers are excited about seeing it. and we're coming back to nascar, especially in this series, is a great entry point to bring in this vehicle. there's not a better platform to come back to, to bring the supra back to nascar. we love nascar. toyota loves nascar. the supra will be great. dagen: this is a change for toyota. you talk about moving into the supra. what do you expect from this exposure? >> well, it is a big change.
we've been obviously having camry and tundra on track but adding supra to the lineup adds great diversity to the cars that we have the fans exposed to in the sport. it's a terrific opportunity to broaden the fan base, bring back the exciting supra. what's neat is the back store rim these things don't happen overnight. there's about an 18 month runway to actually get a new car on-track. so great collaboration between trd, our friends at kelsey design and the chief engineer of the supra, mr. dada. dagen: a great win for kyle busch by the way, last week. >> that was awesome. dagen: in terms of exposure, i'm curious about this, toyota, and this applies to all of the automakers, how does racing on these tracks in nascar, how does
it help sales, ed? >> so, nascar has been a big piece of our organization since 2004 when we started struck racing and 2007 when we went into the cup and it does translate toyota, we get a chance to talk about our americanization message. we get to talk about our plants and all the people that we employ in the united states and all of our dealerships and the investment that we've made. it really has translated to more sales. our acceptance rate amongst nascar fans alone is 50%. that's on par with the other automakers. dagen: good luck. be safe this weekend. i hope the track is good to you and i hope it's not too hot. chris, ed, david, thanks. jobs, next. but i'm relentless too. mbc doesn't take a day off, and neither will i. and i treat my mbc with new everyday verzenio- the only one of its kind that can be taken every day. in fact, verzenio is a cdk4 & 6 inhibitor
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dagen: good morning, everyone. . jobs friday. i'm dagen mcdowell for maria bartiromo july 5 for you when top stories 8:00 a.m. eastern, it is jobs day, in america, 30 minutes from now, the june jobs' report is out. >> economists are expecting the economy add $195,000 jobs last month, with unemployment rate holding steady, at 3.8%, some investors are waiting to see whether president trump will tweet ahead of the jobs' report like he did last month. so far, we are watching the president twitter feed -- and not yet! we have full coverage analysis coming up investors also watching the trade fight with
china, just after midnight the united states triggered tariffs on 34 billion dollars worth of goods against china, with retaliation announcement from china coming hours later. >> to put that in spechl we import more than 500 billion so 34 billion very small slice what is the impact going forward? president trump, slamming previous trade policy at campaign rally last night in montana, saying things are changing undering his leadership. >> i respect china i respect president xi, but they have been killing us! 507 billion dollars in trade deficits last year the war was lost on trade many years ago you know whether they are saying not free trade i said don't no the war was lost now we're going to win it because we have all the cards. [cheering and applause]. dagen: seeing market reaction
let's talk about automakers under pressure, the retaliatory tariff from china just hit u.s. auto imports, with a 40% tariff, it went from 25% down to 15% but now back to 40%. this impacts look at losses across the board. impacts tesla ford o foreign automakers that make cars in the u.s. bmw will be hurt by this retaliation from china in europe check on markets, we have losses across the board, earlier, markets have been back-and-forth between green and red, markets in england, france are still under pressure. in asia overnight gains across the board however, in japan, hong kong shanghai composite, and south korea gains galore, scott pruitt out epa administrator resigning as he faced more than a investigations test lav beyond autonomous driving model 3
will park itself, remove movie pass can expect surge pricing we have details, with me fox business network christina parks, forbes media chairman former republican presidential candidate steve forbes cfra investment strategist lindsey bell welcome one and all getting to scott pruitt story later when you are in a job that is going to be under scrutiny from the last every move that would be perfect steve forbes. >> shows hypocrisy of the media mccarthy had a bad agency in obama administration, deleted 6,000 e-mails illegally, they had that gold mine disaster in colorado where they covered everything up all he scandals one after another and she spent 600,000 dollars, own overseas travel she and her people unfortunately, with this administration, if you do
anything, jaywalk you are going to be called to the carpet that is where pruitt made a huge mistake he didn't realize anything you do is going to be scrubbed and they are -- scrutinize knifed. >> we have an economy on fire, we are expecting 159,000 jobs, added, last month this is an estimate from economists, the unemployment rate holding z 3.8%, today's report is backdrop for other big news of the day, u.s. trigger being tariffs 34 billion dollars worth of goods coming from china, then china with its retaliation coming hours later joining us the "the wall street journal" global economics editor jon hilsenrath, jon you can talk about everything but first, your prediction on this jobs' report and what are you going to be watching? reporter: i am watching unemployment rate, you know i think that theme song for today's show on fox business should be the summer of 69
that brian adams song because if unemployment rate falls from 3.8% where it was last -- where it was, in may, to 3.7 or lower in june will be the lowest unemployment rate since december of 1969. and i think that will be a real milestone, that will be have headline all papers tomorrow that's what i am looking for. dagen: jon lindsey is here. >> hey, jon we talked many times before but with unemployment so low, jobs the job options out number unemployed people jobless claims 45-year low -- all-time high are we are we at a peak maybe? is this the turning point where we are at? where you know unemployment might start ticking up things could turn for the worst? >> well, you know, history tells different stories because, the last time we were at this unemployment rate, it was 2001, and we were just
about to we were going into a recession. and the end of the internet bubble so that suggesting that we were at a peak. but the time before that the o unemployment rate was in the high 3's, mid 3's even, for years before anything bad happened, i mean inflation slowly built up, but it didn't unwind several years, then you can go back into the 50s, stayed at low levels for a while so it is really hard to tell from history whether this is as good as it gets, or whether we could stay here for a while, or get even better perhaps. . >> jon steve forbes here is federal reserve talking about overheating as if somebody's pays going up going to overheat is fed series about trying to slow this economy down? >> well the fed is serious about continuing to raise interest rates in a gradual way, their conscious of the history it is the case when we have gotten announcemeunemployms
this allow bad things happened in the past the internet bubble late 1990's in 60s unemployment rate got this low we got, we got inflation getting tell levels that took a decade to unwind. so the fed just doesn't want this thing to get out of control so they are trying to get interest rates after being exceptionally low a long time back to some more normal level. dagen: we haven't had 3% wage growth in this country since 2009. and, again, i know earlier this year it was that 2.9%, a year-over-year average hourly earnings growth, that came in, for january, right in early february that kind of kicked off this market volatility, and that initial he sell-off, but, again, we as you are pointing out we have a long way to go. in terms of real wage inflation. reporter: the thing about wages is thifb picking up they average 2% for a lot of expansion, now getting closer to 3% level, so they are
rising that is a good thing for many workers. but you know why don't we say -- it is really important to look at real wages wages have been low in environment where inflation has been exceptionally low what workers get to keep in their paychecks, has actually been pretty positive for a lot of this expansion. you know. and that wasn't the case in the past. when sometimes inflation kind of outran nominal wages even when wages were higher, and workers ended up getting less so workers have been doing all have not been doing poorly we talk so much about very slow wage growth. >> jon do you think markets expect or want weakness in jobs report given bonds market flattening of yield curve difference between two and 10 year do you think they are going to reward any weakness in the jobs' report. >> i think in a -- these last few reports that we've gotten have goldilocks type reports
with, you know, an improving job market a lot of jobs being created, a fall in unemployment rate but nothing yet looking like the economy has truly overheads, i think that is what the market wants to see, one of the things, that is interesting, that is going on in the bond market right now that long term interest rates have come down in part because of -- it is artifact of the stacks cuts companies pouring money into pension funds a story about this in "wall street journal" today taking that pension fund money putting into bond market holding down longer term interest rates the treasury market is looking pretty stable. dagen: quick, investors keeping eye on the president twitter feed, i am i've got it up right here, tweeted about an hour before the jobs' report, was released last month, says he was looking forward to the numbers, and now people are wondering is it a good thing? is it -- if he doesn't tweet is it how are you reading it?
>> i suspect that his advisers got to him after that last tweet said mr. president, it is probably not a good idea for to be tweeting before a jobs' report, because the markets could start trading off that, makes you look bad. you know i think he is probably decided he is going to stay quite on this one, he was speaking in montana last night he didn't say anything about it a lot of opportunities to talk about what a great economy he had. so you know, i think we will probably here from the white house, after this report comes out but i wouldn't read into his silence at this point. dagen: thank you jon we are talking about tariffs coming up as well, the back-and-forth the tit-for-tat between u.s. and china, also coming up, passport denied thousands of meshes won't be getting a passport because of unpaid taxes. we are just under 20 minutes away from the june jobs' report we break down everything you need to know, next. ♪ year, i am sorry about that.
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dagen: hundreds of thousands of people could be denied their passports, because they didn't pay taxes. cheryl casone has details. cheryl: this is coming -- interesting dagen the irs says that more than 360,000 americans with overdue taxes will be denied if they don't settle up debt this comes as irs issuing details on enforcement of a law that actually passed in 2015 irs sending names in batches to the state department, okay? scott pruitt has resigned, as the environmental protection aggregation chief, here is what he said in that resignation letter quote unrelenting attacks on me plernlt my family unprecedented a sizable toll an all of us president trump tweeted i accepted the resignation of scott pruitt as administrator of the environ protection agency within agency scott has done an
outstanding job i will always be thankful to him for this today's "new york post" cover kind of making a joke out of the resignation when haven'ts survivor season two pruitt stepping down in multiple allegations against him so many hard to name all misusing taxpayer money rented apartment from lobbyist his away's business dealings several ethics investigations open on him that is it tesla, available for model 3 some let car park itself without somebody in the driver's seat can open the garage door pull in also power down, you don't have to be in the car tesla add this had to model xvehicles last year hit production goal we should say manufacturing 5,000 model 3s per week shares of tesla though, still not looking too bright down more than 1% right now in the premarket.
moviepass subscribers may fork extra cash peak pricing meaning more to see movies in popular time marked with red lightning bolt from 2 to 6 dollars extra they have got more than 3 million subscribers moviepass allows the chance to see a remove a day for 9.99 he sustainable business model back to you. dagen: thank you so much cheryl we are 14 minutes away from the most important number we get on the u.s. economy, every month. what you need to know ahead of the june jobs' report. straight ahead. [music playing] (vo) from the beginning, wells fargo has supported community organizations
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dagen: 10 minutes from now we count down to that june jobs' report. economists expecting 159,000 jobs last month unemployment rate holding steady 3. 8% the off the top of your head of capitalist.com fox news contributor jonathan honig with sr., vice president head of traditional investments group u.s. bank wealth management lisa ericson what are you watching for.
>> expecting a -- employment report nice numbers on payroll gains steady unemployment wage inflation in upper 2% that being said, i think the key things is -- if there is any upside or downside surprise it could be either on the payroll numbers, if it comes in extremely low i think that would be potentially something that could move markets in terms of of people are expecting really generally very robust numbers, though and the other thing is an upside surprise on headline inflation. dagen: jonathan what are you looking at? >> certainly inflation, and the markets reaction more than anything you know, it had been a tremendous run at as you know, for the market for quite a period of time after the president run the big worry is tariffs from federal reserve, taken from successful ceos business leaders you are not necessarily going to see that reflected, of course, in today's jobs number but i think the reflection will be
very indicative where this market economy goes that is what going to be watching that number the markets reaction as a result. dagen: jon hilsenrath if you dig into numbers you look at the at or near record low unemployment rate, for black individuals in this country, latinos, you look at people who don't heaven a high school diploma, the unemployment rate late last year hit 25-year low held below 6% so far this year, really incredible at how strong on almost every corner of this job market is jon hilsenrath. reporter: what is happening when you get late in a business cycle or deep into a business cycle like we are now, with unemployment rate very low you tend to see benefits of expansion hitting people who get left behind for most of the expansion that is what is happening. i mean you just ticked off right numbers african-americans, hispanics people without a college degree or any college education, those are all folks
who got kind of left behind early in the expansion, and catching up now we are also seeing wages pick up for those demographics too. i might also add that for women the unemployment rate is as low as it has been more than 60 years. dagen: steve forbes let's point out benefits of tax cuts, what is really jump started this economy, you have an exception for second quarter growth coming from atlanta fed of over 4%, 4.1%, and job growth this year has picking up steam averaging 207,000 jobs, every -- every month, this and that is faster than last year so deep into expansion steve forbes that is pretty incredible. >> it is incredible. and i hope though the federal reserve doesn't overraeblth by trying too -- doesn't overreact trying to put prosperity as a matter of fact republicans should be doing coming to up elections president hints at that in interview with maria bartiromo few days ago that is go for tax cut 2.0, reduce personal
tax rates reduce the cap gains tax no reason can't have years of vigorous growth we have done it before. dagen: bottom of the hour, hold on to your seelths seats june jobs' report right after the break. a tomato you can track from farm, to pot, to jar, to table. and serve with confidence that it's safe. this is a diamond you can follow from mine to finger, and trust it never fell into the wrong hands. ♪ ♪ this is a shipment transferred two hundred times, transparently tracked from port to port. this is the ibm blockchain, built for smarter business. built to run on the ibm cloud.
dagen: welcome back. i'm dagen mcdowell for maria bartiromo. it is friday july 6 it is jobs day, the jobs' report out in less than 3 minutes' time economists expecting this country added 195,000 jobs last month, with unemployment rate holding steady at 3.8% let's check on the futures, ahead of this number, coming out, we've had losses all morning long, in 81-point loss on dow futures right now waiting to see what the impact of this jobs' report will be whether it is a better-than-expected number
lower-than-expected we can't wait lindsey final thoughts before we get to this number this is most important number we get on the economy every month. >> exactly i think going to be a good number, the economy is strong, the labor the labor department it is tight, i think we are going to get solid wage growth of 2.8%, this is just a continuation of what we've been seeing all year long we have the fundamental economic strength here in the u.s., and that is the a bread and brurt of outter country i think will continue. dagen: no tweet as jon hilsenrath expected a tweet after numbers number comes out this economy jon firing on all cylinders. reporter: certainly is one thing looking outlined for in this report what happens to the labor force, it was very slow labor force getting last month possible that it ticked up again that could hold unemployment rate -- about where it is so if there is a
surprise it is going to be to be on labor force side. dagen: in what way jon? that. reporter: we might be a surs had the of labor force growth holds unemployment rate 3.8 or possibly move it higher, that is just where i think there could be a surprise in the report. dagen: what are you watching for. >> labor participation i want to know how er we getting creative to get americans back into the market really far reform untapped market those out of the jail retired coming back i want to look at. dagen: something maria bartiromo talked about on this program there are more job openings in this country than people unemployed, and you've had employers waiving drug testing on individuals. >> marijuana. dagen: marijuana testing on individuals years easier to fin people 78-point loss on your futures right now as we get close to the bottom of the
hour that much anticipated jobs' report. 195,000 jobs is the expectation, 207,000 jobs is the average, so far this year, so we're taking to you labor department -- >> unemployment rated actually rose to 4% in june, the job market created 213,000 jobs breaks down to 202000 jobs private sector 11,000 jobs in the public sector the increase to 4% largely labor force participation rate increased .2% to 62.9%, labor force grew by 601,000 people, now in april estimates were up in jobs, from 159,000 to 175,000, in may they were also up, to 223,000 to 244,000, that is a net revision again
37,000 jobs longer term unemployment rate u6, 7.8% ticked up from 7.6% average hourly wages rose 5 cents, 26.98, up .2%, that is 2.7% rise over the year, now, average workweek 34.5 his or her that is unchanged, in manufacturing, though, the average hourly work rate edged up one hour to 40.9, now nonsprooifr average wages up 4 cents, 22.62 white unemployment rate 3.5% black unemployment rate rose to 6.5% his tannic unemployment rate up to 4.6% asian unemployment rate also rose to 3.2%, health care gained 25,000 workers manufacturing added 36,000 workers, mining up 5,000 workers added 59,000 jobs --
95,000 jobs since october 2016 retail lost jobs 22000 offset by may gains of 25,000 or that did offset the 25,000 gains in may. so among the unemployed people searching for work 27 weeks or longer rose, 289,000 headline here unemployment rate in june rose to 4%, economy created 213,000 jobs back to you. dagen: edward thank you for that report in washington for us this was a much better-than-expected number, on the overall job creation, but it watch markets the markets are off their lows dow futures only down 13 points, right now jon hilsenrath, why is that? it is because this is not as strong as this job growth is 213,000 jobs this report not inflationary, so this is this is a -- a this is a goldilocks report if you will. reporter: right, it is exactly what we were talking about right before these numbers came out, we saw a lot of
people pouring back into the labor force after slow labor force growth in may many of those people coming back into the labor force still looking for jobs that lists the unemployment rate to 4% not a cause for alarm 4% unemployment rate exceptionally low, 200,000 growth of 200,000 jobs, for the month is again, exceptional growth a pickup from last year, so it is a good report the economy on solid footing. dagen: lisa with 213,000 jobs added last month that is going into this report, the average, so far this year, with 207, this number came in, even above the average in 2018. another thing to point out jon was talking about the labor force growth the reason you saw this unemployment rate tick up is because 601,000 people came back into the labor force, that is a huge indicator of optimism. >> we think a nice impact
overall in markets again as you well put it, it is a goldilocks report we are still continuing to get nice hiring we are seeing those payroll goals come in higher, gains higher than we expect, but yet you are not seeing huge pressures on inflation while it has ticked up actually a positive thing it stayed year-over-year at that 2.7% again i would agree with jon nice increase in the labor force a participation is very encouraging, expands the capacity available, of workers, and indicating that people are continuing to be more optimistic about their pro spektsdz. dagen: no tweet from president trump yet one number jumped out at me is the sector by sector growth, that we had incredible growth in manufacturing, manufacturers added 36,000 jobs last month, construction payrolls up by 13,000. so again, this is spread far and wide we did have a loss in retail of 22000, but most of
these industries will bright spots. reporter: a fact of report. >> excuse me, ironically as you pointing out the fact the headline number tooibz to up 4% because labor participation rate increases perhaps that is one of the reasons the presidential didn't tweet about it in higher labeling participation higher jobs number in this case a good thing this is a -- report you have seen until the market lower before numbers out turned higher interesting to jon hilsenrath's point we didn't see futures market for the bond market fall, a significantly, at all meaning there is no, no expectation for inflation any only question moving forward a lot of economists posit great did heo egression was mild recession before smoot-hawley came on all eyes on tariffs every won from big businesspeople to small are worried about the potential impact including inflationary
on their business, so the job number we know is good, what is going to be the impact of the tariff war? at least according to the president's words starts today in terms of trade war that is moving forward now that number is out the number is good. dagen: steve forbes markets are looking at this number, right now, and you see, the futures turning around 24 pointed gain on dow futures, what are you looking at in in this report this is a lot of good news. >> there is a lot of good news it shows the economy is going in the right direction if we don't get a full-scale trade war, going to be a real boom for this economy, you will see the stock market go up several thousand points if we get that cloud out of the way. but that is a cloud over there. and we have to remember, tariffs are sales taxes the household surveys another thing to look at in this jobs' report didn't go up that much small businesses they are improving, but i think there is still a lot of uncertainty out there i.e., a lot of room to grow.
>> what jfrpd out in this report you to. >> to me perfect goldilocks report also moans fed is going to continue to be more dove iraq than hawkish supports markets i am impressed at markets reaction to this report because it shows that the fundamentals of the economy in u.s.r winning out over trade wars potential geopolitical concerns. >> christina that is a argument you hear far and wide why do we take on trade abuses, now, because the economy is strong enough to do that? this jobs' report certainly reafrirmz -- reafirms that goes with what president trump said strong economy can hold it will it last long term we don't know right now this is a time the yu straights puts its big foot forward and says we are not going to be taken vanning of labor participation was a good concerns
manufacturing where often we look higher 36,000 jobs add forked june much higher than month of may all good signs. >> jon hilsenrath is there anything within this report as you dug into numbers that is worrisome? because, again, the reason that the unemployment rate went up 2/10 of a percent 600,000 people back into labor force with that labor force participation right still annoyingly below 63%, but nevertheless it is picking up, so regardless how you read that and then muted wage gains greets in terms of federal reserve is there anything here you find troubling? >> well, i mean the thing i find troubling is just the risk that at this point in the cycle the economy could overheat you know 213,000 payroll increases really good and feels good, but this is the point in a business cycle when investors start making mistakes, businesses started
making mistakes, and it feels good right now but where are we going to be a year or two years down the road. you know, this economy if it overheats a price to pay later. dagen: i hear you -- >> to add to mr. jon hilsenrath. >> business make mistakes as well one of them would be tariffs -- just this morning estimating a trade war could cost global trade two trillion dollars, that is not billion that is two trillion dollars, i don't know how one can make that suggestion have any type of beneficial impact on the u.s. economy. dagen: i have been very concerned about tariffs and trade fights with a wide range of other countries, but lisa, this market for the most part is giving the administration giving the president room to breathe on this, is it not? because, again, you see this bounceback in futures this morning, this is when the -- we are watching just to be
crystal-clear we are watching futures higher, when we have got -- this is the beginning of a tariff fight with china that started to date lisa. >> granted to the administration's point we've got good growth numbers we've got very solid macroeconomic fundamentals, that being said i think our view is really the risk overall and the rewards are balance the positive top-down data including jobs' report today, you've got very good corporate earnings, there are a number of geopolitical risks that could potentially disrupt the growth inflation ticking up moderate levels we need to keep eyes on that, again in our view, any kind of -- tariff or trade war that could potentially dampen that economic growth still would be a negative for the market. dagen: quick -- go ahead. >> i just want to say two things about on the trade
front, one is that the president always says we can't lose a trade war, well that might be the case there is a cost the cost is to consumers pushes up cost of what we buy we import a lot of rally cheap stuff that is one thing the cost the other thing i would say is where are the wins, we put on tariffs against china, and they immediately retaliated we put tariffs steel and aluminum europeans cade adams immediately retaliated president said going to lead to better deals for u.s. but right now i am not seeing the wins out there for the united states. dagen: but steve forbes, president trump told maria bartiromo that other leaders of other nations are calling him on the phone getting ready to do trade deals that is part of the cancellation here, and cal in my upside down logic tariffs laid on chinese imports retaliation there problems retaliation on steel
and aluminum tariffs but in my crazy head may be that is way to keep economy from overheating when jon hilsenrath used that word overheating steve forbes chuckled that is why this maybe good moment if taking on fights maybe that is why we do it now steve forbes. >> i think we have to keep in mind what larry kudlow president's chief advisory said prosperity does not cause inflation period bad monetary policy causes inflation so far in trade front we are seeing equivalent of series border skirmishes not a full-scale trade war if it did would you see market down several thousand points the markets are anticipating, despite skirmishes, greementsdz will be reached we continue have a full-scale trade war as in 1930s, but, again, the markets are assuming this thing will be taken care of before it gets out of hand. >> the market is giving a pass causes not seeing this in the
economic data yet we got great manufacturing numbers on monday, the consumer confidence is still remains at levels wages going up at a moderate pace, so the consumer is feeling good, and until they really start to see the prices of the goods they are consuming go up, and feel it in pocket bock, they are going to continue buying and this is this is a will the consuming economy. dagen: for all viewers took issue with me using the phrase trade war during the show jeerl steve just shot me down so -- >> everybody, feel good. >> i will back you up these are becoming big numbers talking now about hundreds of billions of dollars worth of tariffs that are going either way, this is the biggest trade skirmish if you want to call it that since smoot-hawley you can't name a period of. dagen: trade war this is what it is. >> you can say it, you can say trade war the president said it straightaway he said they
were good, and he said that they were easy to win so he has been looking for this i don't think you can underestimate the impact on the consumer it was mentioned tariffs are attacks on consumer, automobileing association estimated as much as 5,000 dollars per new automobile, for every consumer again, how you that has a better impact of u.s. economy i don't understand. dagen: i point out that we had -- >> if this war escalates you are going to see real impact first on markets then on the economy but the markets amazingly are assuming that this thing is going to be worked out they will come to agreements. of the and we will see next few weeks alwhether that happens not a full-scale trade war not yet smoot hyou have a but a endangering i and others warned about no one wants full scale real trade war we can slip into them if not careful. dagen: 36,000 jobs added in manufacturing last month much higher than expectations, so
you want to talk about i say goldilocks, report, that kind of -- dates me ages me, jonathan honig and i have been doing tv 17 years, together. that is where we got our start. on the fox news, so that harkens back to the 90s economy. so i am dating myself, quick i want to get to nicole petallides. >> good morning they are talking about two things on the floor the labor force participation rate, obviously we saw that unemployment rate move higher more people moved into workforce you have over 600,000 people that moved into the workforce looking for jobs, that shows optimism in fact you are starting to hear peonage in one job looking for another job, that means, good economy, the second thing they are talking about, is that manufacturing number, that 36,000 number in fact that is the best number since december, that comes along, with particularly a rebound in
aubldz the financials pared losses futures went into positive territory i thought dow moved into the green after having been down 70 points i see it fluttering around that unchanged line did bring some of them treasury yields flipped some overall feeling optimism of the economy steve forbes said birth of prosperity we will watch for fed indeed, now on this goldilocks report what is that they are feeling optimistic about they like the people are back into the workforce looking for jobs, the one area, wage growth 2.7% year-over-year they like it they would have loved more that manufacturing number is rallying wall street they like that part back to you. dagen: thank you nicole, nicole petallides, jon hilsenrath you have to jet but your final thoughts before you go. . reporter: this economy, is on really solid footing and that as you said dagen correctly, is beginning of the emboldening president to push trade spats with allies and
adversaries farther trade war whatever you want to call it is far from over. dagen: jon hilsenrath thank you for being here everybody else is staying with this staying put, more on this june jobs' report after the break. >> welcome back to another tennis channel court report for fox business, day four wimbledon another day of upsets as two more super stars were sent packing in london. ♪ defending champion became 6th top 10 seed in the ladies draw to go out early was taken down by three sets will be jinz fieg back from setdown to put biggest win of career in the books. >> elsewhere former u.s. open champion upset, argentine fired 14 aces in victory over number three seed to reach
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report just out this economy added 213,000 jobs last month, they came in well above economists expectations, unemployment rate did tick up 2 tenths of a percent to 4% that is because 601,000 people came back into the labor force looking for jobs. lisa your final thoughts on this number before you go? >> yeah, it is really a very nice report and, again, that you are seeing some signs of economic strength you are also seeing capacity with that labor force participation number going up, as well as inflation still coming in higher levels but, overall, moderate pays so we think this provides really a nice base i think a relief for markets watching for this number closely i think the key really going forward is if that allows the economy to continue to chug along corporate earnings estimates for 2019 come down into the upper single digits or lower double digits so there is expected to
be a gradual ratcheting down whether this provides opportunity for those fundamentals to continue to pick up, that would be great to see. dagen: just one note in terms of reaction to this jobs' report we look at the market futures, dow futures are down 12 points right now but, again, job growth healthy economy very little inflation, that wage number coming in 2.7%, year-over-year growth, average hourly earnings, and the yield on the 10 year is again, people are -- this is not an inflationary report the yield on the 10 year is lowest level since may 30. that is right 2.81% 2.82% if you round up your reaction what would you be buying here? >> i think you have to be cautious, warren buffett politics i don't agree with, but investment acumen i think
you have to always talks about being cautious when others are greed, greedy when others are cautious a fantastic number unemployment statistics no matter what sided of the aisle you have to give respect unemployment situation is stunning, historically stunning that being said for my money at least for my investors i think now is time to put that rainy day fund in place, we talked about now being great time to perhaps have a trade war what about not being great time for most investors, simply to have that 3 o to 6 munlz living expenses so if a trade war does come up if interest rates start to rise if economy really does start to falter you have cash on shrines idelines how you inv not so much what you invest in a great time given the compromise i to -- the economy starts with savings. >> lisa, thank you both for joining us, this morning,
again, i think we are i was on tv for the first time with jonathan like 13. 002001. >> only 12 years ago how is that possible? >> is it 2001 so long ago coming up final thoughts from our all stares on the june jobs' report. [music playing] (vo) from the beginning, wells fargo has supported community organizations like united way, non-profits like the american red cross, and our nation's veterans. we knew helping our communities was important then. and we know it's even more important today. so we're stepping up to volunteer more and donate over a million dollars every day. so our communities can be even stronger. it's a new day at wells fargo. but it's a lot like our first day.
final thought to explain because 601,000 people came back into the labor farce but not all of them and 100,000 of that number roughly that didn't find jobs that's why you saw that number l go up but more people looking for work is mog but great news. >> right remember feds rate is 4.5% that is a good thing and healthy jobs report and i think that's reflected in earnings. so -- that will keep the markets run. christina. >> on your point they enter the market yet there's fewer that got jobs they're found jobs so in the future how is trade war and business uncertainty going to have an affect on that market and one bright pot is manufacturing the fact that it was up 36,000. steve forbes your final thought. >> good report clouds overhappeninging because of the trade war and federal reserve thinking prosperity causes inpolice station both bad. m you want it see are from the
administration some guidance on what their strategy is on trade. >> yes conclude these agreements get a great deal and put mnuchin in charge of trade tell people go back to academia. >> charles payne you were missed but you have three hours go, my friend. go. >> have a great weekend stuart will be back from vacation next week we have a ton of big stories for you first let's start by the way this the first friday of the month it is a good one a lot of things at work here. government moments ago releasing that big monthly jobs report coming in better than expected 213 jobs added last 2.7 year over year. whole thing all arranged very solid. meanwhile 34 billion in tariffs on chinese goods went to affect the midnight last night. comien responding by slapping