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tv   Mornings With Maria Bartiromo  FOX Business  July 11, 2018 6:00am-9:00am EDT

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cheryl: go england. thank you for watching "fbn:am." over to maria bartiromo. >> happy wednesday. thanks for joining us. i maria bartiromo. wednesday, july 11th. 6:00 a.m. on the east coast. a nato summit showdown. president trump take enough meanings calling out allies over their lack of defense spending, saying it was too little. here's what he told the secretary-general earlier this morning. >> they are not paying what they should did a tremendous amount of fun money years back for the delinquents caused some concern because the united states had to pay with for them. maria: an escalating trade with china. the trump administration preparing to impose a 10% tariff on an additional $200 billion from chinese imports if the country does not change its trade practices. markets this morning on pressure
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as a result of that. we learned the news last night and immediately features turned negative. the decline of the start of trading better than 200 points. 1% lower. the s&p 500 is lower by a muslim% as of tonight that composite down 72 points. the dallas better than 100 points at the close yesterday. 143 points higher, two thirds of a percent higher. the nasdaq was flat. europe this morning markets are lower on the heels of wall street's losses. xt 100 right now up one and a 3%. the cac in paris down one and a 3%. asia overnight markets closed lower by the bravura strait tensions with beijing. the worst performer there was china through the china composite down 2% on the session. a surprising turnaround for pfizer to the pharmaceutical giant has put on hold the price hikes it was good to put in place. that took the company to task in
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a tree. the upcoming changes coming up this morning. a gas explosion in wisconsin. look at these pictures. injuring at least two firefighters and a police officer. more of a harrowing video later this hour. facebook is taking a snap shot now is the social media company is testing augmented reality. this morning to break it all done, fox business network susan leigh with us this morning. kevin kelly and senior managing partner riskless capital, mike murphy. great to see everybody. >> good morning, maria. maria: happy wednesday. >> a lot of the big asset managers are turning up. blackstone just announced they raise $20 billion. that signals to me a lot of opportunity about especially in the u.s. here. that is probably where they are
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deploying the majority of their capital. lots more m&a. >> utica features over 200 points. of 100 points yesterday. we've had a nice four-day rally in the market. the hope is that the potential trade war doesn't escalate. maria: at this point, china doesn't even admit they are forcing the technology. how do you get a partner or competitor to change practices when they wanted to admit they're doing it? >> there is in a whole lot of panic selling because people expect another $200 billion bid to sell the panic selling a few weeks ago when they initiated that against the trade war. it's about the strong u.s. dollar because that also takes money away last night. maria: you would expect something after all the gains we've seen recently. we're watching markets this
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morning. dear congressman tom revisits us this morning. the heritage foundation national security foreign policy analyst james kerry fonda was with us along with judicial analyst judge andrew napolitano. david perdue coming up as judiciary chairman, iowa senator chuck grassley is with us this morning. big show had you don't miss them all another. and of course the nato summit kicks off this morning in brussels. talks already off to a fiery start. president trump at a nato unnoticed. blake byrne live from brussels with the very latest. sounds like there were real fireworks at the kickoff. >> you know what, it is just new here. president trump set to arrive in nato next hour, but what a breakfast he had this morning. not that we need the president sat down with members of his staff would hans stoltenberg and the president took direct aim in germany as well. the president protesting
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essentially an energy deal that germany has with russia and the president wondered what in the world that has anything to do with the benefit of nato. watch this exchange between president trump in hans stoltenberg. here it is. >> a country is getting its energy from the person you want protection against her from the group you want protection. >> when we stand together, we are stronger. dagen: you are just making russia richer. >> allies keep in mind. afterwards, stoltenberg and uphold an impromptu press conference to downplay the idea that there were tensions boiling over there were just too much. he was stoltenberg after the exchange. >> i met the president several times that we are used to having a good and constructive
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discussion and i think that's important that we can meet, and discuss a lot of different issues. >> president trump set to arrive here at nato in the next hour. there will be meetings here including a meeting we are told the president will have with angela merkel, the chancellor of germany. it is just new here. we haven't even gotten to lunch or dinner yet. the soundbites we just played at nothing to do with 2% defense spending, which the president wants to see raised by member nations as well. there is a lot on the plate here. should be an interesting day. >> that's amazing. great points you made there. blake verminous live in brussels this morning. markets taking a hit on all of the above. certainly the trade situation. the don't just throw stun 200 points right now, about 1%. the trump administration said they are in fact preparing to stop an additional 10% tariff on $200 billion worth of chinese
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goods. everything from seafood to shampoo to luggage and the list goes on. the reaction of beijing was immediate but the officials saying there is a proverb in the west, like a bull in a china shop. the u.s. approach undermines the process of globalization and undermines the trade order. the new tariffs on more than 6000 products will not take effect for at least two months giving industries in the u.s. tend to weigh in. kevin kelly, your thoughts on what is about to take place at these tariffs. >> the market is going to assess how would this impact the gdp, especially coming off of a great earnings season, great gdp last quarter. one of the biggest issues as there was no end in sight right now. the u.s. hasn't gone nuclear. going nuclear would be imposing to china. that would be really devastating and impact through 2025 plants. what people are really missing
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here is the administration is trying to negotiate and bring them to the table to take these conversations seriously because we know what they are trying to steal the technology, that is currently playing out right now. they also stole titanium dioxide from dupont. corporate espionage for decades in previous administrations have been analyst. this is turning them into negotiations. 10% tariffs is not the end-all, be-all, but the markets aren't over react to. maria: a balance they have to walk occurs while the administration is trying to prove a point to get china to change practices, you also don't want to do too much to impact corporate earnings here in the u.s. >> that's the biggest concern, what is the blowback going to be here in the u.s. strong economic fundamentals here. small businesses feeling good
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about the economy. if this turns into something where now we start to impact u.s. corporations negatively, that's the concern for the market, but i don't see that here right now. >> only 5% of u.s. revenues actually come from china right now. i actually think the u.s. economy and u.s. administration is playing from a position of strength given what's happening in the economy. darker conditions tightening on shadow banking so they have their own problems to deal with. maria: analysts look at the growth potential is really where the story is. not necessarily what they have now, but what they could represent. >> nike, starbucks. maria: exactly. >> river pipeline company. there will be certain stories were these tariffs or trades back and forth is creating negative impact on u.s. corporations and now look at
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some headlines and that's what we want to minimize that it will happen. maria: pfizer meanwhile will postpone some recent drug price hikes after public criticism by president trump. the president was the first to announce pfizer's reversal. just talked with pfizer ceo and secretary at a czar. our drug pricing blueprint for rolling back price hikes. american patients do not pay more. we applaud pfizer for the decision and hope other companies do the same. good news for the american people. another case, mike murphy, where they call out. harley davidson and the current president. should you be calling out individual companies? he said yes, but the fact is he's been successful on that. >> he has been. this is when he first got in talks and sat down with all the ceos and said this is a big thing. he wanted drug prices down for
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the american people and it seems that pfizer was following on. if drug prices are too high, there's a clear distinction between motorcycles which you can buy for don't have to buy drugs from a life-saving drugs at some point. but the president is doing is making things better for the overall american people. maria: there is a cancer drugs that work reduces. it's about $150,000 a year. these are expensive prices for things that when you're in desperate need, you're sick, you have to pay it. >> but at the same time you have to consider these companies deemed to invest and make these drugs. i'd rather have a drug out there that can save people's lives that cost $150,000. >> the president would make the r&d getting the drug to market. >> the issue is our system for drug and how we pay for them are completely different than a single-payer system over in europe.
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maria: gigawatt price control. you don't want government getting in the way because you want to feel like an investor feels the confidence they can invest in drug development to make money from it. >> one of the reasons pfizer is playing ball is because the fda has been overhauled. we've got great leadership in there now. one of the biggest things is the medical industry is really pleased with what this administration is doing. maria: will take a short break. a lot, and appeared rescued but not totally out of danger. the tag soccer team coach facing major hurdles now that they are above ground. with the worst may not be over for this brave crew. we'll take you there. the idea behind an augmented reality feature that may soon pop up in your newsfeed. i would show you that. back in a moment right here. ♪ [music playing] (vo) from the beginning,
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maria: welcome back to the thai boys and their coach trapped in a flooded cave for more than two weeks are okay this morning but they will not trouble to the world cup in moscow. cheryl casone with the details. >> i'm not sure what the more upset about. the cave were not get into the world cup. they were invited to attend the world cup final but the doctors
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won't let them go. they have to remain hospitalized for at least seven days for monitoring. the boys in their coach rna solution right now. parents have been the way to see their boys, but only through glass windows. meanwhile, the tight navy seal his fate at the until they were safe emerged from the cave. they are being hailed as heroes. they assess them glimpse inside the cave that trapped the team and cause the death of one rescue diver. the bidding war for sky is heating up. twenty-first century fox is sweet as ever to buy 1% of the company to put $35 billion topped the $1 bid from comcast. fox has agreed to sell its entertainment assets which includes stake in sky to walt disney. the u.k. government to issue a final ruling on the offer for sky to america the 21st century fox is of course apparent of the fox business
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network of 43% this year. facebook is testing a new feature i minted reality. they are working with advertisers to show up products that would use the technology to guide shoppers to virtually tried sunglasses like you see in your screen, maybe make up. and get this. the technology users face a game. facebook is trying to promote a more compelling way for them to advertise to their customers. the were in the premarket. facebook come as something else there you go. maria: rolling out ways to make money with their ad. >> yeah, they need to. they need to monetize at some point. augmented reality in silicon valley. maria: but we'll see. all of these companies if you're not using a.i., you're probably behind the curve.
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>> totally. facebook is making so much money from advertising. they advertise almost exclusively on facebook. what is interesting here is snapchat of the augmented reality, the characters on your face really start of a snapchat of a snapchat in facebook has been a concerted effort to go after snapchat and make them irrelevant. it seems like it was working to a degree, but it will be interesting how that plays out. >> there is no motive for ronstadt chats business. what's important to take away is realized out integral errors going to be to augmented reality in their lives. when you think about 19 days for pokémon go to get 50 million users. it took about 100 years to get 50 million cars in the world. the thing is that apple is now developing into their phones. every time they have a developer conference, showing how it is
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used the apple cell phone. that is going to be to let next leg of growth for apple to refresh cycle coming up. that is why you see the apple perform well in facebook for a while because they are starting to monetize their platforms. another leg of growth. the only concern investors are shrugging off his regulatory concern when it comes to facebook. >> we should stop comparing facebook to snap it not seem so relevant with 300 million users. these numbers are just so divergent. maria: not to mention another billion on messenger. they really haven't even monetize debt. >> a year ago, two years ago twitter is kind of irrelevant in being written off and all of a sudden it's not so relevant anymore. i wonder if snapchat is that
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second life in it. we will see. >> they can get the free design that some point. >> when they come back, the wisconsin war zone after a gas explosion rocked the neighborhood be at the state capitol. we will tell you what happened and what's happening now. the men and women in blue bringing the funk. police officers in virginia but in other first responders around the country on notice. back in a minute. ♪ metastatic breast cancer is relentless, 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 for postmenopausal women
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of hyatt technologies budget. good to see you. thanks for joining us. your main customer is the h.r. department of companies. tell us about your company's a.i. technology which uses humans like "avatar" to conduct interviews with the h.r. department. >> a technology originates from the university of southern california's institute of creative technologies. we've built upon that. it is basically an "avatar" that shows up on the screen that knows how to ask questions, listen to the answers and also answer the candidates questions about the company and the job position and score those answers appropriately such that the average of 250 applicants for jobs in the united states, you essentially get a list of them are prioritized in terms of job skills, cognitive skills come answers to behavioral and
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situational questions not only just knockout questions, but a full-blown conversation with the candidate the results underscore the employers can decide who they like for the last interviews that his industry average. >> what are my favorite days every month is jobs friday. we talk about how talk about how there's over six by 6 million job openings out there. six by 6 million job openings that haven't been filled yet. part of your technology helps employers place essentially. what can your technology do for those employers in regards to cost because it's very expensive. they cost an average employer $4200 per employee. >> so what we do in fact the minimum we replace the telephone interviews. interviews that recruiters to
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did take about half an hour or so each. 20 to 40 minutes depending on the situation and is extremely repetitive and frankly the recruiters do not like doing these things. they come to work every day. they do 30 of them and go back home, come back in again and do the same thing. we take over that function altogether. that is one. secondly, we allow the companies to do much more comprehensive task than asking routine questions. we actually force them to think about what is the right question for this candidate. >> the artificial intelligence nuance. is that positive? >> we watch the candidate and
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gestures, et cetera. we judge -- we use it in two ways. one is to judge what they are saying and whether or not they are stressed. secondly, we feed that to her "avatar" to behave accordingly. if we sense that the candidate is nervous, then we direct the "avatar" to say things in a certain way. for example, go back a little bit, soften up a little bit, move it seven degrees to the left. maria: the "avatar" gets smarter. >> the learning is built-in to the whole process. "avatar" gets smarter in terms of its behaviors in the way it talks as the intelligence questions in scoring. >> technology goes beyond the screening process. reference checks, performance reviews. >> absolutely. there's so many other things inside of h.r., let alone
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outside of h.r. instead of h.r. commends arnold training, for example. even exit interviews can be conduct to for us to do ourselves. >> companies need this because first of all it not an appealing job for many people to make these phone calls and do these exit interviews. it's really helping, it's a cost effect is? >> it is cost effect is. the $4200 in the united states grew approximately one third of that and we reduce that cost by about 70%. so we do offer a cost reduction, let alone -- >> 25% cost savings. >> we were pushed by quite a few companies. our first purchase order came from who is doing clinical
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trials. these talked to hundreds of thousands of people. that is being tried on these people for like six to nine months. they need to interview to be reached. this is repetitive. people hated and why don't we just did a using an "avatar." maria: interesting idea. we'll be watching the development. coming up, airlines clamping down on service animals that are a bit too exotic. but now, how the government is stepping up its rows and animals, too. what is allowed or not allowed and why a well rested dr. is good for your health. the stunning statistics about burned-out medical professionals. ♪ year, i am sorry about that.
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maria: welcome back, good wednesday morning, thank you some for joining us. i'm maria bartiromo, it is wednesday july 11th. top stories 6:32 on the east coast. markets rattled this morning as trump administration last night confirming that it is targeting another $200 billion in tariffs on chinese goods including everything from handbags to
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refrigerators, the president tells me he would continue to pressure china for fair trade when i sat with him two weeks ago. >> nobody bothered to make a deal. we will make them reciprocal and fair. maria: sending investors running for cover this morning. take a look at decline of start at trading, down 1% as we speak. s&p 50 is down 20 points and nasdaq down 63. that's 1% as well. that after pretty good day, stocks rallied on expectations of strong earnings, dow was up 143 points yesterday, two-thirds of 1%. in europe markets are following wall street lower. take a look, ft100 down as dax in germany. take a look at the shanghai composite in china, down and three quarters percent.
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meanwhile there's this on the immigration front, a judge ordered the white house to reunite immigrant families who remain separated. they want it done faster, that includes scrapping dna testing, backlash coming up. take a look at explosion in wisconsin, flames shooting out of the ground, what sparked the blast coming up this morning. no-fly zone, airlines have had with emotional support animals especially those that belong in a zoo. find out what they plan to do about it now. local police lip sing to uptown funk, the video goes viral. wait till you see the rest of this. first top story half an hour, that is the trump administration releasing a new list of chinese goods that could be hit with 10% tariff, the list covering $200 billion in chinese goods ranging from seafood to tobacco,
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chemicals, handbags, joining me new york republican tom reed, congressman, good to see you this morning. >> thanks for having me on this morning. maria: we have to question whether or not we will see retaliation from china and this thing escalates, your thoughts on what we are seeing from the trump administration? >> clearly they are raising the stakes on both sides with the increase of the taifs are you at the end of the day, we are going to hold china accountable and i believe the president on his campaign made it very clear, he was going to disrupt our trade relationship not only with china butters across the world looking for the fair and balance trade opportunity and my hope that we ultimately lead to sitting down with china and working this out with a trade agreement that sets the table to enforce rules of trade unlike where we have today. maria: i feel like china is a different story than the rest of the world because of the theft. you know, it's this bizarre situation that we find ourselves in that we are negotiating on
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what they're going to pay for, negotiating on tariffs on trade that goes on at the same time that they're feeling from us. [laughter] maria: it's bizarre and they won't admit that they are steeling from us. is any of this going to be enough to change china's behavior. >> look at the other unfair practices, look at currency depreciation that occurred in the recent months. they are manipulating currency, forcing us to put our ownership of our intellectual property in china so they can take it long term, those are the things that have to be addressed long term not only viability of our country but workers in the american soil. maria: i get that. congressman, how concerns how concerned you about effects on the economy, we are finally talking about 4% growth once again and here we are putting
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tariffs in place that may cut into that growth. >> i see the economy only getting stronger, this is an opportunity with the economy in the u.s. being so strong, you have seen the numbers that we haven't seen in decades showing such strength in the u.s. economy, now, i agree, there are going to be -- nobody wins in a long-term protracted trade disagreement and that's where we have to get to the table, force the stakes to be raised to force china and others to say, okay, the u.s. is serious, there's new policies coming up and let's get this taken care of as it should have been taken care of years ago. maria: how willing are you willing -- how far are you willing to go, i mean, there's talk out there that maybe there should be limits on investment from china, limits on the number of ipo's that china can do on the new york stock exchange, are you willing to take it that far? >> i think we have to be willing to disrupt the trade relationship, it's going to take unique measures on the u.s.' point of view as well as others, at the end of the day, both sides recognize, you have to remember, the u.s. economy is
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the largest economy in the world. maria: right. >> for the folks to play with access to that market is something they don't have the will to do long term just as nobody wins in the trade disagreement, what we need to do is force this, raise the stakes, get them to the table and that's where we end this situation. maria: that's a fair point. congressman, i want to switch gears and ask you about the tax plan, obviously you're on house ways and means, i spoke with president trump in exclusive interview two weeks ago and when he talked about potential of second round of tax cuts, i want to get your take on it. here is the president with me just a week and a half ago. >> does the economy need more stimulus, are you looking for phase 2? >> we are doing phase 2, probably in october, maybe sooner than that, it'll be more of middle class, we did a lot for middle class, more aimed at the middle class. one of the things bringing 21% down to 20 and the rest would go to middle class. maria: congressman, you're on ways and means committee, do you think it's realistic to get that
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done taking corporate rate from 21 to 20%? >> i know we will move 2.0 to set the foundation to move this and fundamentally what we are looking is both individual and corporate side, we have the tax increases that are within window 5 to 7 years out. i think that to me should be fundamental issue number one and remove tax increases on the horizon and call out the leagues on the other side of the aisle, we agree with you, individuals, corporations, small businesses, no one should be looking at tax increases because we have artificial deadlines, tax reform 2.0 is where folks need to stand with us to protect and mainstream of economic engine of america. maria: i get what you're saying, you're talking abmaking the tax cuts for individuals permanent, what about the corporate rate that the president referred to, 21% to 20%, are you considering that? >> oh, absolutely. make no bones about it.
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i support lowering the tax burden on all americans, corporations, small businesses and individuals, we are taxed way too much in this country overall and so if we can reduce tax burden for people, i think that's a good policy and unleash even more economic might when we see the numbers already from tax reform 1.0 delivering its results that we knew it would happen, we are seeing this potentially as another opportunity to raise the economic engine of america to a higher level. maria: but how do you pay for it? >> that's the question that will be asked, you know, we will have to have a balanced debate about, you know, does the growth of these -- look at the economy engine, 4% growth. maria: right n. >> no one said that was going to occur. when you have growth of that level, that type of magnitude of growth that takes care of a lot, they don't take into account in dc, let's deal with reality. maria: so you think that the growth will continue, you continue to say this growth will pay for additional tax cuts
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then? >> absolutely. long term when you actually see the results of what tax reform has done, 4% growth, no one said we would be 2% growth, all the economists told me impossible to see the growth we are seeing, that type of growth leads to a lot of renew coming into the covers, a lot of ability to pay for tax reform language term. maria: let me move on, a judge siding with aclu saying that dna testing is not necessary to reunite every family, do you think that would promote crossing border with adults because you don't need to do dna testing anymore? >> it's not children coming without parent, children being smuggled for children trafficking. that's what people are missing in the debate. most of the individuals are coming with their families and their parents, even if it's 1% of those that are coming because they are being smuggled to human traffickers, don't we owe it to
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kids and to ourselves to fix immigration reform. let us get it done in congress, to my colleagues, at least we had a vote, let's continue effort to get to 218. maria: why can't you get it done? everybody keeps saying if congress were to do their job we wouldn't be sitting on this place on immigration? >> i will continue to use my position as one of 435, i forced the vote with my colleagues on the discharge petition, forced the vote on immigration, told our leadership that should have been addressed six months ago, we are going to have to deal with it again. it's not going away. to my colleagues on both sides of the aisle, enough is enough of politics, we are in campaign mode to folks that are worried for reelection, don't worry about that, do the right thing and politics would take care of itself. maria: i know where kirstjen nielsen is in guatemala, where are most people coming from when they come to the border? >> it's obviously coming in the southern border and particularly not just guatemala, central
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american states as well as méxico, gaut m threa is a problem and that's why it's appropriate for u.s. recht tiffs to discuss with their leaders to solve it. maria: congressman, good to see you, thanks so much. congressman tom reed joining us there. we will take a short break, when we come back, a firefighter has died in gas explosion in wisconsin. it leveled several buildings, look at the smoke, we will take you there with the latest details. speaking of heros in uniform, some virginia police officers giving bruno mars a run for his money in viral video that will sure to make you smile. back in a while.
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t today. ♪ ♪ build and run apps anywhere you like, while keeping your competitors at bay. the ibm cloud. the cloud for smarter business.
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the ibm cloud. and butch.aura. and tank. and tiny. and this is laura's mobile dog grooming palace. laura can clean up a retriever that rolled in foxtails, but she's not much on "articles of organization." articles of what? so, she turned to legalzoom. they helped me out. she means we helped with her llc, trademark, and a lot of other legal stuff that's a part of running a business. so laura can get back to the dogs. would you sit still? this is laura's mobile dog grooming palace and this is where life meets legal. maria: welcome back, we have a situation underway here with markets, markets are under pressure this morning, down 200 points on new tariff rules. we know that the administration
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said that it is, in fact, targeting $200 billion additional of chinese import to tariff. about 10%. market is lower across the board on futures. mean while there's this, a major gas explosion has leveled part of wisconsin town killing one firefighter. cheryl casone with the details in headline, cheryl, good morning. cheryl: images that we are seeing incredible. another firefighter we are learning is in critical condition, several other people were injured after the explosion, this happened prairie, a few moments ago, spokesperson shared news of one fallen firefighters. >> six firefighters who were transported to the hospital, three with minor injuries an we leased and one with minor injury and was admitted and one who is still in very critical condition and one who succumb to injuries tat hospital. cheryl: explosion when a contractor struck natural gas
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pipe. once the leak reported, likely saving lives. includes a lot of bars, restaurants, according to wisconsin red cross, about 80 residents had to spend night at shelter. well, the need for emotional support animals isn't flying very well with u.s. airlines, the u.s., remember the peacock? remember the woman? the u.s. department of transportation are taking a look at the rules following airlines complaining about passengers trying to bring exotic features like peacock. usually it's dog. some animals are not trained and leave behind messes, they want to draw trained service dogs with physical disorders and animal that is offer emotional support and no, the peacock did not board the flight if you may remember. all right, this is fun, check
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out these cops in norfolk, virginia getting their uptown funk during break. ♪ ♪ [laughter] cheryl cheryl this thing has gone huge. the norfolk police department lip singing to uptown funk challenged by texas police department. racked up 20 million views in 40 hours. this is about 40 officers as well as, yes, members to have bomb squad and fire department, now they are challenging seattle and st. louis police departmentings to put on their own performance. i don't know, have you ever been to norfolk, maria, maybe not high-crime area. love it. maria: definitely something to think about, time on their
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hands. it was nice to see that. good story. cheryl: so much fun. >> great to see first responders having fun and talking in positive like. i love that story. maria: i love it too. >> good recruiting. [laughter] >> great recruit to go show that police officers and first responders are human beings and they are likable and you can actually -- >> they can move. [laughter] >> i like that. maria: very good, find out if your doctor is fresh off of vacation your health care might get a boost, link between medical professionals and better treatment is next. ♪ ♪ my father passed this truck down to me, that's the same thing i want to do with you. it's an emotional thing to watch your child grow up
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and especially get behind the wheel. i want to keep you know, stacking up the memories and the miles and the years. he's gonna get mine -but i'm gonna get a new one. -oh yeah when it's time for your old chevy truck to become their new chevy truck, there's truck month. get 18% of msrp cash back on all silverado 1500 crew cab lt pickups when you finance with gm financial. that's $9,000 on this silverado. plus, during truck month make no monthly payments for 90 days. 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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he is walking with head of nato right there as you see, we heard press conference and the conversation that took place at breakfast yesterday but this morning the official meetings began in brussels, belgium, there's the president walking into the meetings with the head of nato arrives at headquarters in belgium. we will bring you the very latest here, of course, trade big issue on docket for nato members an the spending on defense as the president has spoken repeatedly that most nato members are not paying their fair share in terms of defense spending, that's going to be a major issue on the president's agenda as well as, of course, trade and keeping trade fair and that is another subject of conversation, but, again, the president just arriving at nato headquarters this morning in
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belgium for the beginning of the meeting. then there's this, keeping doctors healthy could impact the wellness of their patients as well. researchers are finding that medical errors may stem from burnout in the workplace, 55% of physicians reporting burnout and 32% complaining of fatigue, according to new stanford university study. joining us also known as dr. mike. what is being done to make sure doctors are staying healthy and characterize the issue for us. >> the first step of this is identifying that there's an issue in the first place and this along side with abuse of healthcare workers are two important issues that have been overlooked, when we are talking about physician burnout, we are talking about three things, physical and emotional burnout where you are becoming tired from making a lot of decisions all day and number two depersonalization where you become cynical, sarcastic toward job and patients and the final piece is that you start noticing
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a trend of deaccomplishment, you don't feel like what you are doing is meaningful and that comes from burden set forth from electronic health records, administrators, legal system, it feels that everything you are doing is not accomplishing anything. when i spend an hour with my patients, afterwards, i have to spend 2 hours calling medicare or medicaid to get approvals for medications or tests and this type of system is leading to this burnout that we finally have identified as being a cause of medical errors, before we used to say it's errors in communication, lack of checklist and blame it on system wide errors, now we are finding out it has to do with physician well-being, it's so important that we tackle this issue. kevin: how do we tackle it then? seems a lot of it is rooted in regulation, hippa laws.
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>> hospitals are taking good steps towards attacking the issue by hiring wellness officers, by giving doctors ways to put outlet to stress, they're giving the mindfulness and this is great but really where the biggest work needs to be done is attacking the administrative burden that's sets forth to doctors that is really unrealistic, it's insane that if i'm ordering a simple test, like a cat scan or given a medication that's widely use and i have to spend 30 minutes on a phone call arguing whether or not my patient needs that, that's a hurdle that's unnecessary for doctors and that needs to be looked at that. maria: you make a great point. thank you so much. the president arrived at nato headquarters moment ts -- moments ago, we will head to brussels live next in mornings with maria. stay with us.
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my family got me help. slowly i found my voice and learned all the ways i could live with it better. announcer: early intervention can make a lifetime of difference. learn the signs at maria: welcome back. good wednesday morning. thanks so much for joining us. i'm maria bartiromo ment it is wednesday, july 11th. a nato summit showdown, president trump arrived at nato headquarters moments ago. he kicked off the meetings in brussels, demanding more defense spending from allies and attacking germany's relationship with russia. here's what he told nato's secretary general earlier this morning. >> germany as far as i'm concerned is captive to russia because it's getting so much of its energy from russia. so we're supposed to protect germany but they're getting their energy from russia. maria: investors are reacting
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to an escalating trade war with china. the trump administration is preparing to impose a 10% tariff on additional chinese imports if the country doesn't change its trade practices. the administration confirmed it last night. futures are now down about 200 points. we're slightly off of the lows of the morning, down 186 right now. s&p is down 17. this on top of a pretty good day yesterday. yesterday the market was up 143 points on the dow, two-thirds of 1%. the s&p and nasdaq were also up. in europe this morning, markets taking a yo a cue from wall str. they're lower across the board. in asia overnight, markets lower at the close, rattled by u.s. trade tensions with beijing. the worst performer was beijing. defying a congressional subpoena, former fbi attorney lisa page says she will not
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appear for a private interview on the hill today. this comes as fbi agent peter strzok gears up to publicly testify tomorrow. the very latest developments coming up here. plus, george clooney is recovering thissin this morninga terrifying motorcycle crash in italy. the shocking surveillance video shows the actor thrown several feet in the air. we've got details on a new game show paying off your student loan debt, wait until you see that. all those stories coming up this wednesday morning. joining us, susan lee, kevin kelly and mike murphy. good morning, everybody. >> it's been a good morning. we've seen the futures rebound a little bit. we're only down 3/4 of a percent. that shows the market is starting to digest and not -- mike was bringing it up, there's not doom and gloom.
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we're still going to see an ex opinions of the business cycle. -- expansion of the business eye kell. we won't see a level off in profit, investment or payroll which is typically what happens when a recession comes. i think the march kits actually die -- market is actually digesting the tariff situation very well. maria: corporate earnings is reported to extend growth in the second quarter. >> it's funny to see the russell 2000 which is the u.s. focused businesses for the most part outperforming the rest of the market recently. the u.s. is doing great. we want to avoid too many different controversies if we can. u.s., if you look at the corporate earnings, they're going to be strong. they're going to support a higher market. maria: i feel like the market is giving this administration some leeway. they know he's in negotiation mode. you're thinking, the market's been up in the last ki couple d. >> you're seeing the futures rally off the low.
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>> donald trump is protecting their i.p., he's protecting their businesses. if anything, corporate america should love what he's doing. maria: you would think. we've been talking about this. we have a big couple hours coming up. joining the conversation, national security and foreign policy analyst james karafano is with us. judge andrew napolitano is here. senator david perdue will join me from georgia and senator chuck grassley of iowa is here. don't miss a moment of the it. we kick off with this, president trump arrived moments ago at the nato summit. he's already putting allies on notice. blake berman is live in brussels with the latest. you showed us earlier the breakfast that the president took to task germany. >> reporter: quite the breakfast president trump had this morning. it was with jens stolenberg, the
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head owe nato. he arrived here about 10 minutes or so ago to nato headquarters to get the meetings here at nato under way. he sent a message earlier this morning and specifically to germany. the president questioning why germany has an energy deal with russia and how that alliance in -- aligns in the interest with nato. watch this exchange between president trump and the head of nato from earlier this morning in brussels. here it was. >> how can you be together when a country is getting its energy from the person you want protection against or from the group you want protection against? >> because we understand as the world we stand together in dealing with russia, we are stronger. >> you're making russia richer, not dealing with russia, you're making russia richer. >> reporter: so that played out before the cameras. afterwards, stolenberg felt compelled to go before them as well. he held a press conference and tried to down diss plaplay the n
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that there were tensions between the two. >> i met the president several times. we are used to having open and frank and good and constructive discussions and i think that's important for the alliance that we can meet and discuss and a dress a lot of -- address a lot of different issues. >> reporter: the president had the gripes about germany earlier this morning. we're learning that president trump will meet with angela merkel on the sidelines later today at nato. he will also do so with france's emmanuel macron. you saw the exchange back and forth, we didn't even get into the 2% of defense spending which is the president's biggest concern with nato. he expressed that as well earlier this morning. maria: that's coming. thank you, blake. blake berman with the latest there. >> reporter: it is indeed. maria: on the ground in brussels. joining us now is james karafa karafano. good to see you this morning. thank you for joining us.
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>> good to be with you. maria: we were talking with blake about the president slamming germany and europe over energy deals with russia. what do you think? is he right? >> well, you know what's really interesting, and this will never get much news play, but three-quarters of europe is secretly clapping and applauding and slapping the president on the back. they're not fans of germany. they don't like how germany pushed the immigration policy that affected all of them. they're really angry that their tiny countries are struggling and striving to get to 2% of gdp spending to meet defense obligations and germany ignores it and they're really angry that they're working really hard to build energy independence in europe, particularly in the north, south energy corridor, and the germans have been pushing north stream which would undermine that. i should point out that merkel herself has said germany should spend 2% of gdp on defense and she has recently been skeptical
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of nord stream too. >> when the president comes back to the united states from this trip, is the biggest win that he can come back with, or the biggest box he wants to check the 2% defense spending or what else is there that would really constitute a win for president trump? >> reporter: well, actually the administration's already won on this summit. i think the hype about nato, it's all over-hyped. there may be fireworks because the president is always the president. they've already won on the defense spending issue. a lot of countries have agreed on plans to ramp up to 2%. even germany has agreed to significantly increase defense spending. the united states really likes security, looking at -- maria: and trade. >> reporter: there's a lot of -- they've already won. maria: there's trade as well. >> one of the things i'm having a hard time reconciling is that the issue with the russian pipeline, right, what is the alternative, right.
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so there's a lot of smaller countries in the periphery that need that actual natural gas for the winters to sustain their well-being. what could nato do to steer away from that? >> reporter: there's what's called the three season issue which is develop this north, south connector so they can move energy north and south which includes significantly ramping up the capacity to bring in lng from abroad. there's energy options. nord stream undermines everything the market is trying to do in western europe. the trade thing is super important. the conventional wisdom is you can't press the europeans on economic issues because we need them for security. trump is like dude, they're not meeting their security requirements. so he's actually doing the right thing. he's pressing them on both. they need to do both. they need to vibrate and liberalize their economy and get in the 21st century and they need to spend more on defense. maria: following the summit he'll meet with vladimir putin
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on monday. the president said the meeting may be the easiest of them all. vice president pence had this to say when asked about president putin. >> is he a friend or a foe? >> the president made it clear that we have competing interests with russia. but it doesn't change the fact whether it be syria or russia's involvement militarily on behalf of the assad regime where our military forces have been in the process of destroying isis at its source, we need to find a way to work in common cause for a long-term solution in syria. maria: what about that? is syria the big issue on the table with russia or meddling in the u.s. election? what do you think the u.s. wants from russia with this meeting on monday? >> the president said exactly what's written in his national security strategy which russia, china, iran, they're competitors. we don't want to get rid of those countries. we don't want to fight a war with those countries. but we want them to stop meddling in our vital interest
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like destabilizing europe, like messing in our elections, increasing the genocide in syria. the administration says stop the bad behavior and we can get along. that's the policy. that's always been the policy. maria: when i spoke with the president a week and-a-half ago i asked him about european sanctions and whether or not we're going to see sanctions on european companies if they do business with iran and he said yes. so doesn't that further strain the relations between the u.s. and europe, if in fact we were to see individual sanctions on european companies? >> reporter: look, the iran deal is like dead deal walking. it's already dead. european companies are walking away. i don't think we'll have to do a lot of sanctioning. i think most people are already checking out of the net. maria: all right. we will leave it there. james, great to see you. thanks so much. coming up, george clooney's scooter crash caught on camera, no video shows the moment the actor's morning commute could have turned deadly. the shocking video coming up. paying off student loan debt,
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we'll tell you about a family feud style game show promising to wipe out the winner's student debt. back in a moment. ♪ dear great-great grandfather,
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♪ maria maria: welcome back. markets are under pressure this morning. we have breaking news right now, pfizer is announcing a major reorganization. cheryl casone has details. cheryl: pfizer says it's going to completely reorganize. they announced this plan to reorganize its three businesses. one will be a hospital business unit for anti-infections and sterile injectables. the changes will be effective in fiscal 2019. this is after they reversed a price hike on select drugs. shares of pfizer are flat in the premarket. they gained 3% this year. fire forcing thousands of people to evacuate l.a.'s iconic
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griffith observ obesrvatory. the fire damaged some cars parked in the area. luckily, nobody was hurt. there was a huge plume of smoke you could see that was visible throughout the city. this happened as high heat and high winds have fanned dozens of fires in the area. a wildfire erupted on the california, oregon border torched more than 36,000 acres and has destroyed about 82 homes so far. more weather for you, a tornado whipping through north dakota overnight that killed a newborn baby. the deadly twister destroyed more than 100 homes in an rv park with winds reaching up to 135 miles an hour. the storm injured more than two dozen people. well, google facing a multibillion dollar fine from
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e.u. anti-trust officials. the issue, the dominant position of goo gel's an -- google's android operating system. they fined google nearly $3 billion last year. shares of google's parent, alphabet, up nearly 11% this year. and then finally this, check out this video from italy. this captures the moment george clooney lands in the windshield of an oncoming car, he was on a scooter. he flies into the air afterwards. reportedly he was on his way to film a new tv show, catch 22. police say the driver didn't respect clooney's right of way. a spokesman says he is recovering at his home and he is going to be fine. by the way, there are reports he was going about 60 miles per hour on a scooter when this went down. he's lucky he didn't have worse injuries. maria: we know he's recovering
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this morning? cheryl: he got an mri. he had some bruises, but he's at home. he says he's fine. his publicist is like we're good. the video is pretty crazy. maria: we want to talk about the pfizer reorganizing. is this a way to monday ties the business. if they've -- monday tie mondaye business? >> i think so. the stock hasn't done much in the last 10 years. maria: it's higher in the last year. >> they're looking to capture the growth of the drugs and the growth of the consumer business, but by separating those out, they get the higher growth drug business away from the lower growth, lower valued consumer business. i think this is great but could a spinoff happen, could a total reorg. with the stock happen, i think that would unlock value for shareholders. maria.>> you see this happen a n the health care space, mostly overseas.
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you talk about high growth versus low growth. you have higher growth business that's deserve a higher multiple. you have lower growth that are getting market multiples. we've seen this play out more recently with ebay. ebay spun out pay pal. pay pal has done tremendously well. ebay has done well -- maria: on its own. >> what's happening in the market is the cost of capital is going up for different types of businesses and you also need to incentiveize different business lines and different business managers. they haven't performed well in their stock price and they're answering to shareholders. maria: they've got to. 3% in the last year, underperforming. well, i don't know that it underperforms the market. the market is flat. >> one of the ways they were trying to extract value was to do the inversion situation where they would move corporate overseas. >> it's interesting that this
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comes on the heels of the aannouncement they would roll rl back price hikes. >> maria: when we come back, paid off, we'll tell you about a new game show giving contest takens the chance to have student loan debt wiped out. tesla is building their first factory outside of the united states. we'll tell you where, back here in a moment. my father passed this truck down to me, that's the same thing i want to do with you. it's an emotional thing to watch your child grow up and especially get behind the wheel.
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welcome to paid off.
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this is a game show dedicated to helping you pay off student loans. one of these three contestants is 30 minutes away from the chance to pay off their student debt. maria: this game show fee thursday an interesting grand prize for the winner, the opportunity to have student debt paid off in full. joining us now the author of retire inspired and financial expert chris hogan. good to see you this morning. >> good to see you. maria: your take on this show? >> well, i think, maria, it's a grade idea. who wouldn't love the opportunity to have a game show where someone else takes care of your student loan debt? the reality is, very few people are going to make the show or win that opportunity. so there is no student loan fairy. you'll have to take care of this yourself. maria: the main prize on a game show is your student debt is going to be paid off, i mean, that alone, isn't that a sign of how bad this situation really has become? >> you are absolutely right.
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we've got 44 million americans that have student loan debt to the tune of almost $1.3 trillion. we've got a student loan epidemic. it's a big deal. people need a path. they need to know what can they do. because you can't bankrupt student loan debt. it's not going to go anywhere. so the way to deal with it is to attack it. and i tell people i know it can be a big dollar amount. if you sit down and make a budget and start to look at this and start to pay more than the minimum payments, i promise you're going to make progress. i'm talking to people on my show all the time that are paying down student loan debt, even paying it off, i'm talking about baby boomers, millennials. you need a plan. >> it's mike murphy. i have six children. so i think when you talk about student loan debt, i think one thing to talk about is educating the kids before they end up with six figures in student loan debt and they're looking for a job, trying to figure it out. it's helping them understand the
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power of money and what it means to have debt. i don't know if you look at that or is there -- i don't think there's an age that's too young to teach kids the value of money. maria: i totally agree. what age do you think is appropriate? i've been thinking about this for a lot of years. initially i said let's start planting the seed at five, six, seven years old. do kids start to care when they're in their teens? >> my 7-year-old son spent $25 on fortnite the other day. he understands we'll take his ipad away and he won't be able to play the video game if he does that again. maria: if when i was a kid, 5 years old, i would hear the ice cream truck, i would say can i get an ice cream cone she would say you can, but how are you going to pay for it? little things like that make a difference, is that right? >> you're right. five, six and seven, helping young people understand the
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value of money, that's essential. my boys they were taught to spend, save and give. they were taught to understand budgeting at a young age. talking to young people, helping them understand there are ways to be able to go to college, ways to get higher education without taking on student loans -- >> also, you don't have to go to college. that's the whole premise behind this. listen, college is expense is. you can get skills elsewhere that are a bigger benefit. society needs to understand that college isn't for everybody. not everybody needs to get in debt in order to get the skills to have a great lifestyle. >> you're right. there are trade schools out there. there are many jobs where it doesn't require college education. but i think it boils down to people understanding about how money works. unfortunately, you don't have to go to college to make a good living but if you don't understand how to make money you'll be living paycheck to paycheck. 78% of people are living paycheck to paycheck. people are needing to learn how to handle money.
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it's not a matter of making more, it's a matter of doing more with what you earn. maria: all right. we will leave it there. very good advice, as always, chris. good to see you. thanks so much. >> thank you. maria: coming up, the push for answers on capitol hill. former fbi lawyer lisa page defying a subpoena to testify today. she says she's not going. the fallout coming up next then, more national anthem woes in the nfl. therthey are fighting back agait the anthem policy. more 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.
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it's a new day at wells fargo. but it's a lot like our first day.
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maria: welcome back. good wednesday morning, everybody. thanks so much for joining us this morning. i'm maria bartiromo. it is wednesday, july 11th. your top stories right now. markets rattled this morning as the white house announced it will in fact follow through on a promise to put more tariffs in place. the trump administration targeting another $200 billion in tariffs on chinese goods. the list includes everything from handbags to refrigerators. president trump said he would continue to pursue better deals for america when i sat down with him two weeks ago. >> we have the worst trade deals in the world. every country is calling every day, saying let's make a deal, let's make a deism it's going to work out -- deal. it's going to work out. maria: the latest round of tariffs taking a toll on markets this morning. there was a selloff of 212 points. we're back near the lows of the morning again, down about 1%
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right now. s&p 500 and nasdaq also weaker by almost 1%. this after a good day yesterday, stocks rallied on expectations of a strong earnings season. the earnings season for the second quarter kicks off this week. dow industrials were off 143 points. we're waiting on the banks. they all report for the second quarter this friday. european markets are lower this morning, taking a cue from wall street. they are down better than 1%. in asia overnight, markets closed lower across the board at the close, after the tariff announcement, the shanghai composite down. pay up, that's the message from president trump to nato allies. the president pressing them to spend more on defense. an act of defiance. lisa page refuses to comply with a subpoena to appear before congress. the fallout coming up. no reservations required, tesla p opening up model 3 car sales to everybody in north america. what it means if you already put money down coming up.
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the stock this morning down 1%. a new development in the battle over national anthem protests. the nfl players union is fighting back against the league's new policy. we'll tell you what they want to see coming up. our top story, defying a subpoena, lisa page says she will not appear for a private interview with lawmakers, citing the fbi's failure to make materials available to her in time to prepare. her lawyer's statement reads this in part, instead of responding to our requests to explain the scope of the interview and provide sufficient notice to allow her to prepare, the committees chose to issue a subpoena demanding that lisa appear on wednesday, july 11t july 11th. the committees would ask lisa about materials that she has not been shown. as a result, lisa is not going to appear for an interview at this time. joining us right now to talk about that is judge andrew napolitano. judge, she's ignoring a congressional subpoena? >> this is a head scratcher. maria: double standard.
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>> as to why her lawyers would advise her to do this and she herself is a lawyer. the proper procedure, if you haven't had time to prepare and you can't get the adjournment is to show up. the subpoena doesn't compel testimony. it compels presence. you can show up and refuse to answer and you are in compliance with the subpoena. but your lawyer tells the committee, look, the reason we're not answering is not because of the right to silence, it's because we haven't had a chance to examine the documents. this is not a game. if you really want information out of my client, i'm speaking as if i were her lawyer, then we need the time to examine the documents. the documents she wants to examine are not in the committee's hands, they're in the fbi's hands. she's complaining about her now former employer refusing to make available to her documents that she had when she worked there that the committee has that they want to ask her about. maria: what documents, judge? we know all the documents we need to know, we've seen her texts. >> i don't know what documents they are.
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i'm only going by -- maria: what documents does she need to say to tell us about her anti-trump bias. >> there must be some documents that the lawyer has asked for that the committee hasn't given the lawyer a copy of. if this were a court, a judge would say i'm not playing games with you. if you want to ask somebody questions about documents, give them the documents. she's a lawyer. for her to refuse to comply with a subpoena, it exposes her not only to potential criminal liability but ethics prosecutions against her license to practice law. >> because of her position with the fbi, does she have some sort of immunity if it were to go criminal? >> no. no. she might have a privilege to decline to answer questions about ongoing fbi investigations depending upon whatever the committee is going to ask but she must show. look, the house of representatives held the attorney general of the united states, eric holder, in contempt because he showed up in complies
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compliance with the subpoena and refused to have documents with him. maria: she sent peter strzok a text t saying donald trump will not become president, right and he says no, we will stop him. >> he has answered those questions under oath. we don't know what his answers are. maria: he's got a public hearing tomorrow, testimony tomorrow. >> right. she has not yet answered. the subpoena today is to a deposition, meaning under oath and the committee there but private. i've been condemning these private interrogations. all we get is the democratic spin on them and the republican spin on them. i would rather watch them myself and let us form our own on collusions. maria: lawmakers are saying she must having to hide. is that a fair statement? >> it's a political statement. i respect the right to remain silent. it doesn't mean you're a crook. maria: absolutely. but these not showing up. >> that's wrong. that is exposing her to liability and jeopardy that she doesn't need.
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she's already got one foot on a banana peel, so-to-speak, because of these crazy textless. why give your add vee adversaris something else to push you off the ba banana peel. maria: judge kavanaugh, chuck schumer making claims that judge kavanaugh was nominated to protect president trump from the mueller probe. this was vice president's mike pence response last night when he was asked about it. >> does this decision have anything to do with the mueller investigation? >> i don't believe it did in any way. what the president focused on was a judicial philosophy, what he focused on was a body of work by judge kavanaugh and we examined other candidates who were finalists for this poe to see if we could in that body of work determine that this was a judge who would faithfully uphold and interpret the
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constitution as written. maria.>> the basis for chuck scs statement in my opinion is a law review article that judge kavanaugh wrote many years ago in which the language is ambiguous. he doesn't say a president can't be prosecuted. he intimates on the problems to running the executive branch if the president is defendant in a criminal prosecution at the same time that he's the president. there is no set answer on whether he can be indicted. but the idea of him being prosecuted while a sitting president, i've never heard a rational argument in favor of that. you would defer the prosecution until he's no longer president. bottom line, i think it's a political stunt that chuck schumer is saying wow he shows kavanaugh because he's going to protect the president. that's absurd. >> would chuck schumer be saying this should president obama had no, ma'am nailed judge kavanaugh because actually judge kavanaugh wrote this opinion during the
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obama administration. >> let's change this. would chuck schumer be saying this if president hillary clinton potentially under indictment for the e-mail scandal had put brett kavanaugh on the supreme court -- maria: funny you would say president clinton. we were saying during the break it looks like hillary clinton wants to run for president again. >> come on. >.maria: is this possible. senator grassley said he had a pleasant conversation with the nominee, said the confirmation process will be done quickly and correctly. do you think they'll be able to get him in place by the time the term starts in october. >> three names, susan collins, murkowski and rand paul. he has gibbin misgivings about e judge's record.
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senator mor coul murkowski saidm taking my time. there's 300 opinions and my staff will read all of them. if they read all of them, this won't be done by october. if chuck schumer gains any of those names, mitch measure connell has to get a -- mcconnell has to get a democrat. maria: heidi heitkamp, joe mansion. >> they're democratic senators in red states. so president trump really actually put those people in a tough position because they especially voted for neil gorsuch, right, so they've already set the precedent that they're willing to vote for republican nominees to the court especially in an election year. the situation we have is senator paul is going to come around. we've seen him do it before. at the same time, he's doing it on legal precedent. so the nsa spying programs, they weren't illegal in regards
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because they went to fisa courts and so the issue is i don't think he's not going to take a stand, do you? >> i have discussed this with him. and he and i are of the same view. you want to get inside of this, get a warrant. >> i agree. >> that's not what brett kavanaugh wrote. he said if it's for intelligence purposes you don't need it. i think that rand paul probably will look to other issues and big picture will find himself in general agreement with this choice. but this will be a bit of a stumbling block. they'll ask him questions about it. they'll ask questions about roe versus wade. can you assume he wants to reverse roe versus wade because because he's roman catholic that he would reject precedent? we talked about this during the break. even if he did vote to repeal roe versus wade, i don't think there would be a majority. the chief justice who is just as catholic and pro life would vote with the liberals to keep it on
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the theory that the court shouldn't undermine juries prudencpry-- jurisprudence becan election. >> if it's one side versus the other and he doesn't get confirmed, won't it be a political back and forth again, a never ending back and forth? >> the reason anthony kennedy is on the supreme court is because robert bork was rejected. you never know who the follow-up will be. i think it's extremely unlikely that he would be rejected, extremely unlikely. maria: everybody that we've spoken with continues to say they're going to try to get this done before october 1. we'll see. >> that's when the court term starts. that's a -- maria: certainly they want to do it before the mid terms in november. >> if this is hanging out in november it's not good for either side. maria: the democrats may have hit a new low, the party slamming president trump's nominee on twitter but mistakenly used a photo of judge
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thomas hardiman, the latest example that the party would oppose any of the nominees regardless of who he selected. you thought hardiman was going to be the nominee. they thought so. they put his picture up. >> some of these people are off the wall. maria: it's a new low. >> one of those attacks came out yesterday, said judge and three xxs. they didn't have the decency to put kavanaugh in there. maria: they don't even know but they're nasty about it. kavanaugh with a c. >> could have nominated the arc angel michael to come down from heaven and these people would have opposed him. maria: is anything getting done? a lot is getting done despite the resist movement. >> ask chuck grassley. he's the focus of how soon this will get done. he knows the answers. maria: thanks so much. coming up, no reservations, tesla opening up model 3 car
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sales to everybody in north america. what it means for customers mo have forked over $1,000 to hold their place in line. back in a moment. year, i am sorry about that. [music playing] (vo) progress is in the pursuit. audi will cover your first month's lease payment on select models during summer of audi sales event.
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maria: welcome back. you no longer need a reservation for the tesla model 3. there is a catch gerri willis has the details. gerri: you no longer need to order the model 3. you can't forget about paying just $35,000 for the privilege of you currently have to buy a car with the long range battery and premium interior which pushes the price to $49,000. you can choose rear or all wheel drive, a performance option, auto pilot. there are options out there.
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but you're still going to pay more. each sale writers a 2500 -- requires a $2,500 deposit. once they start building the car it can't be refunded. this is dependent on whether tesla can maintain production schedules. they struggled in the past with that. they estimate deliveries of the model 3 in three to five months. in other news, the company may be finding a yeah around tariffs in china. it will build a factory in shanghai. the automaker to set up and own a plant expected to produce 500,000 vehicles a year sometime in the next dec decade. china is the company's second biggest market after the u.s. chinese customers are expected to buy 3.5 million electric cars in 2022. the move is ground-breaking. no other foreign automaker has built a factory and network of suppliers in china without support from a local joint venture partner. the move means tesla will be able to keep all the revenue it
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generates without having to share it with that chinese partner. beijing is phasing out rules that requires automakers to manufacture cars with chinese partners or face deep import tariffs. maria: that's a really important point that you make, because for the longest time, forever, you were only able to own a 489 49% of a joint ventur. gerri: a minority stake as well. tesla, this is a brilliant move. they get all the revenues. they don't have to share the technology with chinese partners. maria: not all industries can you own 100%. gerri: not 100%. >> that's changing a bit. financial services, you're starting to own 51%, brokerages are allowed to get in now. black rock has been one of the main -- maria: auto sector you'll be able to own 100%. >> that's by 2022. i'm sure the chinese can change
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their mind by then. also in the financial services side, we're seeing -- maria: you have a dictator for life. >> the fact that we're talking about this, i think this trade war, if you will, is kind of working out because the fact they're even at the table giving in to some things is a win. maria: this is a result of the trump administration. >> you've seen the capital reserve requirements are extremely high. it's not really panning out. we're not seeing them go over there. gerri: if you're expecting this to happen tomorrow and you know how upset drum is with harley, for moving jobs offshore, it will take a long time. two years before the factory's up and running, another two to three before they have production at a rate of 500,000 cars and they employ right now 40,000 people in california. so not clear, they haven't said how many people they'll employ in china. if this goes forward and happens, i'd point out that sometimes this stuff elon musk says doesn't come true. maria: that's true. thank you. when we come back, france
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punching its ticket to the world cup final while cristiano ronaldo is making headlines. we have all the stories. sports is next.
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hospital that accepts medicare patients. whether you're on medicare now or turning 65 soon, it's a good time to get your ducks in a row. duck: quack! call to request your free decision guide now. because the time to think about tomorrow is today. maria: welcome back. france punches its ticket to the world cup finals. what a win, with the city of paris going crazy yesterday. >> absolutely wild. early second half, 51st minute, scoreless between france and belgium until a corner kick that was headed in scores on the header, france goes up 1-0. france into the world cup final for the first time since 2006. fans erupted in france, fireworks, red flares in paris.
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france's only title in the world cup, 1998. who do the french play? we'll find out today, either england or croatia. second semifinal match this afternoon, it will be on fox 2:00 eastern time kickoff. the soccer world shaken by news as cristiano ronaldo signed a deal to leave rial madrid. he's going to uventis. the deal, four years, it will pay him an annual net salary around $35 million. rial madrid gets $140 million as a transfer fee. so the one and done is about to be done into the nba. the league commissioner told reporters he expects the nba minimum age to be lowered from 19 to 18. he says my personal view is that we are ready to make the change. condoleezza rice and her commission recommended those one and done players now come
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directly into the league. the college community he says is saying we don't want those players anymore. that tips the scale in my mind that we should take a serious look in my mind we should look at lowers the age to 18. two months since the new policy on the national anthem which states players may protest if they choose but not on the field, the players association filed a grievance. they say it was not consulted before the policy was implemented in may and that it infringes on players' rights and is inconsistent with the collective bargaining agreement. the nfl has 10 days to respond in writing. the case will be heard by an arbitrator. i was talking to judge napolitano about this. there's tricky matters because this is the state by state basis. so if you play in a state that the government owns the state yum, the -- the stadium, the property, you cannot suppress freedom of speech. it has to be in a state where it would be privately owned. you have a case by case basis.
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it's going to be interesting to see where this goes. >> i think the big thing here is that legal -- whatever the legal ramifications are, state by state or nationwide, the fans spoke last year. there was backlash against the nfl. the players are paid by the fans watching and spending money. i think they should get away from this and figure out a different way to protest and keep earning the big money they're getting. >> well said. maria: great stuff. thanks so much. catch the sports reports on fox news headlines 24/7 or sirius radio. president trump kicks off meetings in brussels this morning by calling out u.s. allies we have the latest from brussels, next hour, right here, "mornings with maria." stay with us. she believes in research. it can take more than 10 years to develop a single medication. and only 1 in 10,000 ever make it to market. but what if ai could find connections faster. to help this researcher discover new treatments. that's why she's working with watson.
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sfliechlths. . thanks for being with us this morning. i'm maria bartiromo wednesday, july 11 top stories right now 8:00 a.m. on the east coast. a nato summit showdown president trump at nato headquarters right now live pictures a group taking at a family photo he kicked off meetings in brussels demanding more defense spending from allies, hear what he told nato secretary-general this morning. >> many countries are not payinging what they should frankly tremendous amount of money -- may hear where this are delynn kwent. >> a trade dispute with china
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trump administration preparation 10% privilege additional tariff on chinese imports futures indicate decline 200 points outs of the gate futures indicating we are down, almost 1% on the dow, two-thirds of a percent on s&p, almost 1% on nasdaq, this after pretty good day yesterday dow industrials up 140 points as you can see, optimism over second quarter earnings kick off this week we heard from pepsico yesterday better than expected in europe markets lower taking a cue from wall street this morning, ft 100 cac quarante. dax all down better than 1%, in asia overnight markets closed legislator rattled by u.s. trade tensions with beijing shanghai composite down almost 2% on the session. surprising turnaround for pfizer the pharmaceutical giant putting hikes on hold after president trump bash tess tweet changes as drug company today announced a plan, to reorganize, into three separate businesses,
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pfizer shares up on that news, by a fraction. fallout for facebook, the social media facing a fine over the cambridge analytica scandal questions raised over data sharing processes with a russian company very latest on facebook coming up, a new 3-d crosswalk looking to improve road safety eye-catching pictures coming up all those coming up wednesday morning joining me to talk about it fox business network susan li, kevin kelley ceo managing partner rosecliff capital mike murphy great so, so far. >> lots to talk about. >> interesting the administration, is talk about new tariffs on 200 billion dollars of goods, but 10% tariffs lower than 25% tariff they started out with -- >> kons towinconsultation. >> negotiations there are concerns in asia why you saw shanghai composite market down almost 2%, also, hong kong falling over 1% as well
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because there are negotiations talks right now people are pricing in this might be proing loaned than anticipated. >> not letting up. >> especially when it comes to allies in nato i think that these are positive are conversations that he brought on the campaign trail, and also bringing them up as president so he is actually, promises made promises delivered talked about over the past year, actually played out going to do play out during this earnings season we have j.p. morgan reporting this friday he we have seen them do some revisions to the dodd-frank especially on -- going to be great financials are 20% overall s&p 500 so they are going to dictate how this earnings season goes, so that has -- >> year-to-date. >> they haven't done much year-to-date optimism -- >> earnings are expected from banking sector alone up 16% year-over-year. >> earnings expected up 20% a second quarter. >> i expect good news from financials when they come out. >> would you buy them --
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definitely buy them hold back 10 do 15% a think great buying opportunity. >>ps eps estimates up 30% revenues up 30%. >> friday. >> 16% that is incredible number. >> yeah. >> interesting to so a how finalizes reality to threatening yield curve not much back over that 10 years period. maria: big week in terms of earnings special coverage on friday all banks are reporting numbers second quarter we will watch that top story right now high stakeholders summit president trump, participating in the class vote with leaders at nato summit right now live pictures you are looking at out of europe from brussels blake burman there on the ground in brussels with the very latest good afternoon to you blake. reporter: good afternoon to us good morning to you maria welcoming ceremony taking place right now behind me probably couple hundred yards behind us as president trump the other world leaders at nato member nation here inside nato headquarters what a
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welcome breakfast it was for the president earlier this morning, at an off-site event the president sat down with head of nato, and immediately took issue with germany, specifically, energy deal that germans entered into with russia, the president asking the nato head about directly how this aligns with interests of nato watch here. all these countries, and then numerous of the countries go out and make a pipeline deal with russia, with everything billions of dollars into the could have coffrs we are specialed to protect you against russia they pay minutes of dollars to russia i think that is very inappropriator. >> back-and-forth after is to then perking tried to tamp down worries there might be tensions between the two.
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don't believe we have that stoltenberg said we are al relies friends issues on table one 2% defense spending the president, wants to see member nations liver up to a handful of 25 -- 29 nations rather have committed to that 2% of defense spending. it is an issue the president has talked about for months, and continues to do so. now that he is here, at nato headquarters, by the way, speaking on the issue of germany, the white house saying today that the president will meet on sidelines here with angela merkel be able to talk about that pipeline he germans have with russians including defense spending president will meet on shrines with macron he is only expected here another hour or so maria, a lot to get to, and release already seen a lot. we have seen a lot this morning. >> we will be watching the developments blake burman in you brussels this morning, joining me right now member
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senate armed services committee georgia senator thanks for joining us. >> good morning. >> you and a few colleagues introduced resolution yesterday rein focusing need for greating defense spending in nato you agree with president trump's criticism of european allies. >> it is a serious issue maria every president since president eisenhower tried to get allies to pay fair share for national defense a huge generally accepted accounting principles between what they have been paying about 1 percent gdp when a we have been paying 3% gdp collective about the same as all european nations, marrab collectively 400 billion dollars a year subsidizing nato allies. >> that is incredible now talking about it this has been a case so many years, trade also sort of decompose tails into this the president earlier in breakfast called out germany for wanting u.s. to keep helping in terms of defend giving all money to russia for gas.
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>> the president is absolutely correct, if we are going to continue to subsidize national defense, of european nato allies i mean he has every right to question that kind of we will do, look energy is a big issue, with putin in russia we know that europe overly gent on energy from russia we can subsidize that take care that have if we get after that i i would say trade conversation is appropriate trying to create a more level-playing field after 70 years unlevel playing field in trade environment. >> trade first off with china the trump administration is now confirming they are looking at assessing 10% tariff are on additional 200 billion dollars in clooinz goods we have experience here, you do, as fortune 500 ceo what is your take on this? >> well, i generally don't like tariffs but i tell you what i do like i like the president fighting for american workers american companies to gain a level
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playing field you know i spent a day i was in china met with politburo head spent a day with jack alibaba not right alibaba can do cloud computing in u.s. we not do cloud compute there go one way to open a dialogue to recreate a level playing field with allies especially klein. maria: i understand that i also see that it is just unfair situation whereas china doesn't open up markets to american companies they continue to force the transfer of technology continue stealing our intellectual property, but senator they are not even committing this how do you deal with a country won't admit what they are doing? >> well, i used to live over there chinese culture 5,000-year-old kulthdure, president trump has done what he had to do to start with get attention we have attention they have entered into a dialogue right now know we have unlevel playing field they characterize themselves wormdz's largest developing country, economy call is largest developed economy i am
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plied is the fact we need to have a level playing field president trump was not subdined to that net do i. >> let me ask you about retaliation, i mean when we see retaliation from china, isn't that going to make so many products much more expensive, so while this president has done so well, in terms of economic policy, with the tax cuts rollback in operation, do you take that back, do you -- do you x, all that out? china is about to retaliate with tariffs making our pruts more xf cutting into pocketbooks. >> it picks winners and losers as long as trying a level-playing field you have risk everything you mentioned i think we have 70 years of imbalance with asia partners and this president trying have to correct that, i believe, that what endgame not to increase tariffs, back-and-forth i think it is to get into reciprocity conversation, and get at it specifically, industry by industry and product by
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product not this industry wide approach that we see taken now. >> we will see how that develops let me ask you about pfizer we heard from phaser will postpone drug price he increases after criticism from president trump tweeted yesterday just talked with pfizer ceo secretary azar on drug pricing blueprint pfizer rolling back price likes so he american patients don't pay more we applaud pfizer for this decision hope other countries do same great news for american people your thoughts i know in this situation presidents had really good outcome built should the president of the united states be calling out specific companies? >> well i do worry about that, i remember, the price environmental in 1970s, i hope we don't go back at the that i will say this our health care delivery system is out of control it has gotten out rageously expensive obamacare we know a total bust we have not been able to put together a bipartisan bill to correct most of that and fixes are there to be had, i do applaud
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president for calling out increases asking industries to reflect the upon that until he gets his program put together later this year this is a problem that is not going away maria it is devastate to go me that people out there, and that should be are primary focus balance after we get government funded in september. >> senator give me a realistic look in terms of the senate when it comes to judge kavanaugh, how -- what are you expecting in terms of confirmation. >> judge gorsuch went through a large debate outcry loevent he was unreasonable nominee, we see his rulings since in the supreme court, i think we got another candidate nominee in kavanaugh that is very much like neil gorsuch will get broad support we hope from democrats as well as republicans if you look at his record, it absolutely bears that out i hope we will get to it in a timely manner last two nominees got through in 66 days so i hope we can move expeditiously on judge kavanaugh.
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>> are you expecting you need democratically is for? >> well, we don't want to take anything for granted i don't know why we wouldn't get democratically support for a candidate like this great nominee being fantastic legacy of rulings this is not kicking sflb outside judiciary we don't know how they are going to react once on the bencher this is somebody has a long track record. maria: right, and moon we heard positive comments from susan collins, your thoughts on rand paul he made a neutral comment. >> well at the end of the day, you know we got to get 51 votes that is what we are working to do wherever they come from i suspect we will get democratic support on here this is this is a nominee that should get broad support. >> yeah. >> all right we leave it there senator good to see you this morning. thanks so much coming up more trouble for facebook to report new questions circle a russian internet company access to facebook user data a creative way to keep pedestrians safe cool street design aiming to reduce danger on the road.
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and my doctor and i choose to treat my mbc with verzenio. be relentless. ask your doctor about everyday verzenio. president trump arrives with leaders for the first nato summit meeting this morning we are looking at live pictures of the group gathering agency meetings are about to begin, we will have more details as those meetings develop, and tell law comes out of the
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meetings coming up this morning, there is angela merkel, as you can see, in brussels switching gears major gap explosion lefldz part of wisconsin town killed one firefighter cheryl casone. cheryl: another firefighter in critical condition maria several other people injured, after that explosion, this happened in sun prairie last night press conference earlier this morning a police spokesperson sheing taring the of one fall-frierlt. >> six transported to the hospital, three with mine injuries released, one with a minor injury, was admitted one who is still in very critical condition, and one who succumb to injuries at the hospital. >> explosion happened a contractor struck natural gas main first responders votinging once leak reported likely saving polices
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explosion area multiple builds includes barings and strands according to wisconsin red cross 80 spent the night at shelter last night. >> well, united kingdom has signed facebook for role in cambridge analytica scandal regulatory slapping company with maximum fine 660,000 dollars, personal data 87 million you users taken to target voters in britain and u.s., facebook could have sharply higher penalty if breach occurred after the eu data protection went into effect in may. new questions are being raised over facebook sharing data with russian company reportedly gave company with ties to kremlin temporary access to users' information, shares facebook, they are they have been trading lower in premarket down now almost 1% is to being to watch. finally, check out in montreal
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painting their crosswalks to look three dimensional trying to get drivers to yield to pedestrians this is new to canada actually tested elsewhere like this one you see this is iceland. this is i mean, very interesting, nay they paint them white black shades of gray it is optical illusion, a white bars are elevated tricky, cool. maria: where we are looking on screen but in person, i mean that is what you see in car 3-d. >> it is obviously for safety. >> people slamming brakes on see that -- >> oh, my god a good point. >> should not -- >> charlotte saying they want you to slow down as you go towards the crosswalk. >> would i trip over that. >> you think you are going to hit it come to complete stop. >> right, i know, all right.
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we will watch that thank you. coming up escalating trade tensions request china break down investor reaction to the trump administration latest terror threat against beijing markets down 195 points real estate realities the suburbs are bouncing back, back in a moment. ♪ ♪ joelene, i'm begging her ♪ ♪ joelene ♪ we have got a problem. a few problems actually. we've got aging roadways, aging power grids, ...aging everything. we also have the age-old problem of bias in the workplace. really... never heard of it. the question is... who's going to fix all of this? an actor? probably not. but you know who can solve it? business. because solving big problems is what business does best. so let's take on the wage gap, the opportunity gap, the achievement gap. whatever the problem, business can help. and i know who can help them do it.
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which could save you hundreds of dollars a year. it's a new kind of network designed to save you money. click, call or visit a store today. i'm 85 years old in a job where. i have to wear a giant hot dog suit. what? where's that coming from? i don't know. i started my 401k early, i diversified... i'm not a big spender. sounds like you're doing a lot. but i still feel like i'm not gonna have enough for retirement. like there's something else i should be doing. with the right conversation, you might find you're doing okay. so, no hot dog suit? not unless you want to. no. schedule a complimentary goal planning session today with td ameritrade®. maria: welcome back president trump arrives with leaders for the first nato summit meeting this morning this is live on the ground in brussels as leaders are gathering, and meetings are about to begin, we will bring any developments justin trudeau canada angela
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merkel earlier, of course, president trump with head of nato walking in just a few minutes ago meanwhile, real estate reality a report shows new mortgage applications rising but for the weakest level of application for refinancing since december 2000 last week maining director digit risk thanks for joining us how would you characterize the housing market right now. >> i think you said right now the market pretty much off 50% year-over-year looking to refinance looking to get cash out, market is very slow we are very encouraged about right now is millennials first-time home buyer recent survey basically says 86%, want to buy a house 35% this year big shift from last five years encouraging for housing market. >> data signs show housing strong across network marshal prices up 7% whole building
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strongest, i am trying to square that with the latest data you mentioned. >> it is one of the bigs issues housing market is lack of event inventory affected appreciation where do people buy along that looking to make a first-time home buyer offer bigs advice we can give is very finally sound have information together, when you go to make offer so you are taking sealings compete with cash offer incredibly tight market now across america. this is very solid, stable market today. >> jeff kevin here one of the bigs things that came out this week was in "the wall street journal" talking about how institutional investors are gobbling homes renting them out because saying, certain families now just want to be renters your thought in that sentiment abo sentiment? >> that is true we came out this month rents all-time high averaging 1400 nationally
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right now very true coupled with staggering fact a lot of thank you houses bid on in 2017, 35% of them bid on without somebody going to look at house a make that first offer very consistent right now, still with represents that high good economic price for investors. >> jeff mike murphy i would have bet five years ago with smartphone everyone's pocket you would have scene a push in suburbs away from cities what is happening quite a opposite millennials want to live in the big areas that is why you are seeing this growth of smaller, smaller housing seeing scooter craze i don't see thening do you have data on that or do you think urbanization continues. >> i do think urbanization continues building built 40
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years ago all residential, commercial, retail, so that is a pocket for micropocket that really make an entire lifestyle continual to be built all around the country, so i think that is very strong trend going forward, flip side is if you are millennial want to have kids, sometimes those are moving out tour about an, empty nesters further outside cities i think a lot of strong for urbanization going forward. >> thanks shg, jeff taylor. >> break down trump administration tariff threats against beijing latest out of nato brussels this morning, plus this say good-bye to the iphone x , apple is reportedly dropping existing models coming up stay with us. ♪ ♪ from before, ♪
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wednesday, july 11 top stories 8:31 a.m. east coast, breaking news, period of time trump walking into the first nato summit meeting, you are looking at live pictures there, the president message heading into the meeting? pay up! the trade dispute with china continues, trump administration is targeting additional 200 billion dollars in tariffs on chinese goods,
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the list includes handbags to reinfringe rateors president trump told me he would continue to press klein for fair trade when i sat down with him recently. >> we have rebuilt china i have a great relationship with china great relationship with president xi tremendous respect for him but i said we have to straighten this out, we can't continue to do this. >> we've very latest on tariffs a toll on markets futures sell-off start trading down 170 points off lows of the morning on dow s&p, nasdaq having said that, this after yesterday stocks rallied on expectations strong earnings season dow up 143 points we are expending second-quarter earnings, to be up 20%, and those earnings begin this week with major banks reporting friday in europe this morning markets sharply lower being take a look at european indices down across the board off lows looking at declines between one and 1 1/2% across the board.
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asia overnight markets down across the board at close after new tariff announcement, china was worst performer shanghai composite down 1 3/4%, supreme court nominee brett kavanaugh back on capitol hill today looking to win bipartisan support from senators democrats vowing to fight. >> is to pfizer going to split into three business find out how the giant plans to break itself up, the stock is down fractionally the company announced that it will reorganize, into three separate companies this morning. apple leak reportedly confirms expensive iphone cancellations details on the dropped models coming up also, this hour we just got producer price index out, it is up 3/10%, versus 2/10 of a percent fractionally worse than expect offis expecte. >> u.s. adding tariffs on 2 hundred billion dollars more on chinese goods, things from
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fish to hand bags dog pleeshz market reacting take a look at futures we see the market is lower this morning, as i just mentioned we did get breaking news on economy, the ppi above expectations kevin your analysis on ppi number waiting for it we want to see what this means in terms of a tariff. >> yeah this is actually u.s. wholesale prices rose most since november 2011 cost of services accelerated you are seeing services side really push that we are roughly two-thirds service economy that is pretty telling, that you are starting to see you know, where the fed mind-set has been when it is given guidance like we're not going to raise three times we are going to raise four times leads further creed tense on that cover to the fed to do four rate hikes. >> good number about in that not too hot where you are talking about a surprise 50 basis point hike i think that
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would really spook markets i think this maria: you are right. >> this is what we want. maria: because we were all worried susan about what tariffs are going to mean for companies are they going to raise prices, and that would show up obviously in the ppi, you don't think it is? . >> i don't think so i think right now as far as tariffs go affecting a very small percentage of the companies negatively much bigger is the growth and strengthen in u.s. economy so i think we are getting kind of the goldilocks you hear a lot kind of best both worlds. >> wouldn't you say earnings kind of in place expecting 20% earnings growth this quarter i think what is key for the markets forward is guidance i mean how much does a tariff bite in how much consumers back on spending, investment spending by companies at federal reserve -- al i most important i totally agree in terms of priced in i don't know market itself basically flat. >> i think, there is a lot of geopolitical concerns trade war concerns, that held market
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down so i think so long as, earnings are strong the economy is strong, we get some sort of stabilization globally i think markets -- >> i am on earnings side, one of the issues that we're seeing is market is trading at 17.5 times earnings, now that is not -- that is not too high not too low that is a multiple the market feels comfortable especially rising interest rate environment one of the things trying to digest why copper down 14 if economy doing well one of the biggest indicators has not done well the last few months, and so i think, investors issue really nervous to put money to work here if we get a great earnings season you see companies beat like last time so much pessimism you will see market taking a leg meyer what we are seeing in ppi number teal is going up affecting inflation if you think steel it is a core integral part of
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building 15% of any building if you think about it, and then, all the new construction, that certainly playing into that especially because then workers wages are going up -- so -- the -- inflationary environment will weigh as well as the cost of capital will weigh on earnings, two big -- >> wages go up, don't forget earnings coming down as well, just to get back to the inflation part of the equation, people have been taking a look i know it sounds boring a lot of jargon but yield curve the inversion of the yield curve if we have inflation, 2% already at fed target, i mean, can they push monetary policy even further and did he press that 10-year yield with tariffs do we inverse recession? -- >> i am going to camp we're not seeing four rate hikes because -- >> i am with you. maria: look at copper look at worries over trade look at an economy that yes is growing 3, 4% but not so much, that you
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feel like overheating i think the fed is -- if they go four hicks i know. >> i don't think raising four times. >> interesting inflation discussion we spent years talking about never 3% growth the fact we're getting growth good thing but with growth eventually comes inflation, so you know that will come whether this year or next year. maria: that is what we want we want wages to go up. >> talking about late in the cycle, the cycle didn't start till president trump took office, and he actually unleashed american economy, right? >> it is different. >> i mean we were in regulatory environment put chokehold on financial services business that is why the economy was growing 1% gdp. >> in general not just financial. >> exactly but it is really hard for me to think that we are not going to see recession in 2019 people are talking about 2020, but the situation is that companies are still putting capital to work. >> yeah, it is funny we hear
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narrative we are going to slow down substantially the end of 19, beginning of 20, 2020. >> doufrt feel lidoesn't feel like. >> it never does. >> how to get into recession how can we look out that far the way things are going payrolls going up investments going up. maria: a lot to do with trade he has got to get a trade a big trade deal on the books before midterms for sure certainly i would say sooner than that, by september dealing with south korea but some point markets say okay. we want to see -- >> a lot of people looking past the current positive looking for negatives out there you can find negatives if you look at right where we are right now things looking pretty good. >> we want to talk about major meeting in sun valley, idaho medial moguls garth there i for the conference, what a great time to be in sun valley this year wul the media merges
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consolidation happening good morning. >> good morning, maria. there are going to be tons of conversations, we have to say maybe even some tension, a lot of meeting rooms because we have rivals in a pretty small group, if going to be let's say, not next to each other may be sitting next to each other we expect our big boss rupert murdoch chairman of 21st century fox to have extra swing in step a bid for sky the largest british pay-tv channel, for the 61% fox doesn't already own, independent board of directors from sky approved's's higher bid scooped comcast february bid 12% -- seems if fox on way to getting sky, a property that comcast is very much wanted, maria sky has 23
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million viewers, in uk, in ireland, across europe premier league rights sets up proxy for larger conversation disney versus comcast for fox entertainment assets, back to you. maria: i saw brian roberts walking around ceo of comcast from video you are right, that is a what i mean. >> in a fight. >> right next to each other. >> yeah i don't know if you have time but we saw ceo of cbs les moonves walking in last evening video of that as you know three months' time has go in court in delaware facing off sheri redstone here as well we saw her they are in same room they are in a legal battle over voting rights agency cbs, so a lot of
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freneemies, competitors. >> great spot thanks so much, in as you know valley, changes for pfizer a shake-up the drug company announcing a plan to reorganize, into three businesses, while also says, no, we won't raise prices on drugs apple leak reportedly confirms and have iphone cancellations, details as dropped models there are back in a moment. ♪ ♪ don't want to see anymore ♪ ♪
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we can rush an emergency survival package to help one desperate elderly person for a month. call right now. - [eckstein] call the number on your screen. maria: welcome back, okay president is tweeting from nato summit, this morning, here is what he just tweeting show you right now i am in you brussels but always thinking about farmers soybeans fell 50% from 2012, to my election, farmers have done poorly 15
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years countries trade barriers tariffs destroying their businesses i will open things up better than ever before. but you it cannot go too quickly fighting for level-playing field for farmers will win president tweeting from nato this morning not giving up you guys. >> he is not giving up i think if you look from standpoint, right or left whatever side if you are united states citizen president fighting for equal rights, and fair trade deals, i think that is a good thing. >> by the way, i mean i would expect president of america to be fighting for america! >> yeah. >> i don't know. >> novel thought. >> pfizer splitting into three business jupts floridians nonprofits on the floor of the new york stock exchange checking this out stock up 3% year-to-date they have he do something right. >> they have to do something ceo basically saying natural evolution given landscape innovative medicines established medicines consumer health care just saying given
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the market products pipeline patent expiration down a tenth of 1% apple analysts saying going to phase out the -- still saying loud and strong apple will turn down stock on 10, and also the -- special edition that three others would be coming, 9 more affordable lcd screen, 11, or 11 plus oled someplace iphone 11 plus will fill any needs those were iphone x would have wanted, that they just have sluggish demand for 10 down 1%. maria: thank you so much switching years u.s. embassy in london warning americans to quote keep a low profile during president trump's visit to city, host of "varney & company" stuart varney. >> good morning to you. >> ask you believe that? i don't fault embassy i fault
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the brits, embassy doing right thing issuing warning of danger where coming from to americans in london coming from brits i find this traujs they need us badly need a trade deal democratic support what do they do trying to run us out of town? threaten us like this, with embassy warning then that mayor of london chan going to allow this insulting balloon to fly over london -- there you got it on picture there insulting balloon, it has president trump in a diaper floats around monday while our president in britain they need us as they insult us vigorously maria i think this is a case of the elites hating him there and elites here hating him here as well i find it ironic this president the president that they hate is
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the very person who can help them save themselves from themselves. appalling. >> derange meant syndrome amazing, you told us yesterday incredible, now seeing it. >> have how many times has america bailed out brits? or helped them when they needed help they turn around do this? >> it is disgusting. >> outrageous i know more in 10 minutes see you top of the hour. >> i will calm down maria. >> "varney & company" top of the hour join stuart and company just 10 men's after "mornings with maria" first i am speaking with chuck grassley next will weigh in on supreme court nominee trade with china and a lot more. back in a moment right here ♪ ♪ get out of my life, ♪ ♪ you just keep me hanging on ♪ ♪ [music playing] (vo) from the beginning,
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>> supreme court nominee brett kavanaugh to capitol hill yesterday with vice president mike pence senate majority leader mitch mcconnell met the man who will lead confirmation hearing chuck grassley senator joins me right now thanks very much for being here good to see you this morning. >> glad to be with you. >> your biggest takeaway from meeting with judge kavanaugh? >> a person that is well versed in the law very respected by other judges, quite -- i should not say -- great faith to interpreting the law not stretching the law following congressional intent. and i would say being very strictest strict on interpretation of the
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constitutional things like that impresses me thatout to impress most people what constitution writers meant that judges with not sponsored to interpret law our job to make law judge should not do what we do they can't be voted out of office if you don't like what they do. >> what do you think in terms of brevity or in terms of getting this through do you expect to have votes to confirm judge kavanaugh by the time supreme court term starts oeb 1. >> ponlt five or six democrats all republicans sticking together yes if all republicans don't stick together democrats smell blood, then i don't think we will get any democrats, so i think we've got to work from the standpoint that most of the democrats have said they are going to vote no. there might be a possibility getting a few i don't think any of those few would dare help get over the hurdle if we
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lost a republican or two. >> they were against this regardless of who it was, i mean they had a press release out with, you know, we do not support the president's pick of xxx. i mean they hit a new low yesterday, the partly slamming president trump's nominee brett kavanaugh on twitter but he mistakenly used a photo of judge hardiman latest example would' any nominees regardless who he selected. >> that was clear to day kennedy resigned the story since then, and i am being asked by people in your business, journalists, how many documents they want can democrats get all documents they want? automobile we are going to do what we've done in past supreme court will nominations sometimes wonder if going to vote no what more do they need to know? >> yeah, let me ask you about trade, senator because the administration last night said that it is in fact moving
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forward on 200 billion dollars worth of goods from china, to be tariffed, at 10% level president tweeted, about it from the nato summit just tweeted from brussels senator said i am in brussels always thinking about our farmers soybeans fell 50% from 2012 to my election are farmer have done poorly 15 years other countries trade barriers tariffs have been destroying their businesses i will open things um better than before it cannot go quickly i am fighting for a level playing field for farmers will win sir you are, from iowa, and you are representing farmers, what is your take on this are you concerned about the impact of tariffs? >> my son operates family farm corn and soybeans every farmer including every senator that represents those farmers in several states particularly midwest is veries very nervous farmers basically are free traders, there isn't a single farmer that wouldn't be
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supporting the president to get a better level-playing field with countries that have high tariffs, so we would appreciate his doing that but uncertainty of it drop in prices is if it continues, going to be catastrophic and that worries us. >> quick senator, are we suing accounting from fbi in department of justice we got peter strzok testifying tomorrow? >> that is before the house committee, i think that there is every day there is going to be more news coming out that would say that this has been political bias, against president trump. >> senator good to see you this morning. thanks so much for joining us. >> you bet, thank you. >> senator grassley, we'll be right back. embrace the chance of 100% clear skin with taltz. up to 90% of those with moderate to severe psoriasis had a significant improvement of their psoriasis plaques. most people were still clearer after one year. with taltz, 4 out of 10 even achieved completely clear skin.
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that will do it for us today. have a great day. "varney and company" begins now. >> could good morning everyone. hard-line trump. he arrived at the nato summit and comes out swinging. we are protecting you from the russians, he said. he put it really bluntly, germany is captive to russia. the europeans were not expecting that. hard-line trump on trade with china. the administration proposes a 10% tariff on $200 billion worth of chinese exports to america. that is escalation. beijing is not pleased but so far they've not announced retaliation. hard-line trump on drug


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