Skip to main content

tv   After the Bell  FOX Business  November 29, 2018 4:00pm-5:00pm EST

4:00 pm
market -- [closing bell rings] susan: thank you, art. markets lose gains in the close. connell mcshane, melissa francis pick it up from here. melissa: we got it. connell: interesting the way we're closing out here, fighting for gains and coming up short in the broader market after the federal reserve signaled plans to hike rate in december. follow-up on yesterday we had 27-point loss on the dow. we wiped out more than 100-point gain. we were down earlier. it has been back and forth. the s&p also fighting to end in the green. nasdaq turning negative in the final hour of trading. now one thing interesting about the week. we're on track still to have at least best woke since february. we'll take that. i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." we have more on the big market movers but here is what is knew at this hour. president trump heading to
4:01 pm
argentina. the commander-in-chief on his way to the g20 summit but while in the air he called off a meeting with vladmir putin among others. the russian president isn't the only one getting his formal sit-down with president trump taken off the schedule. we're live in bind knows ares with that. michael cohen pleading guilty to a new criminal charge today in the mueller investigation. the president fighting back, calling his attorney a liar and weak. the new details from both sides. slamming general motors once again. president trump's latest message for gm. connell: all that coming up on the markets. the dow ending negative territory. visa, american express helping to drag it down. gerri willis joins us from the new york stock exchange. as i said at the top, kind of an interesting day, back and forth. >> back and forth is right. i have to tell you ending down 27 points, that is a win after a day you're up 600 points.
4:02 pm
it is unusual to be strongly positive two days in a row. s&p and nasdaq were both down today. we're talking about factors influencing trader decisions. consumer spending on the rise up .6 of a percent. why? because of prescription medication price, higher utility bills. this is the highest increase in seven months in consumer spending. consumers out there, spending maybe not on the stuff they want to spend on. that is only thing i would say. one cautionary note, abercrombie & fitch, i want you to see this stock, amazing up 21%. they beat on earnings. retailers said they will close fewer stores than expected. they topped third quarter earnings and sales expectations. total same-store sales up 3%. they're describing this as a solid start to the holiday shopping season. a rare win for a brick-and-mortar retailer there. finally boeing stock, bucking expectations here and the negative trend we've seen. shares up almost 3%. hear what cowan had to say about
4:03 pm
the number one aerospace stock for 2019. it would take a sharp economic slow down they say to disrupt favorable production outlook. talking about boeing shares, you can see they're doing very well today. the rest of the market pretty flat. good news in my view. back to you guys. connell: gerri willis on the floor of the exchange. melissa: wall street keeping a close eye on the upcoming meeting between president trump and the chinese president. blake burman in buenos aires with latest. blake. reporter: president trump set to land here late in the evening and after that couple high-profile meetings with world leaders here in buenos aires. this will culminate after couple days, saturday evening he will sit down with dinner with president xi xinping of china. during the discussions trade will be of course front and center. the guest left on this one had been very fluid. but the white house announced
4:04 pm
today, one of the president's top trade advisors, peter navarro, who wrote a book once, called, "death by china." will be at dipper. if that didn't send a signal to what president trump is looking at going no this meeting, president trump cast doubt on any breakthrough. >> i think we're close to china doing something, i don't know i want to do it. what we have is billions and billions of dollars coming into the united states in the form of tariffs or taxes. so i really don't know but i will tell you that i think china wants to make a deal. i'm open to making a deal but frankly i like the deal we have right now. reporter: so that saturday evening the president also on saturday was supposed to be meeting with russia's president vladmir putin but he decided to cancel that today. he did so on twitter aboard air force one, after being briefed by his chief of staff john kelly, secretary of state
4:05 pm
mike pompeo and his national security advisor john bolton as it relates to the on going situation in the waters off of crimea. relating to russia's recent aggressive actions against ukraine in the area there. melissa. melissa: blake, thank you so much for that. here to react jonas max ferris, also a fox news contributor and danielle dimartino booth, former federal reserve advisor. danielle, bless blake's heart there. he is a reporter. i'm not sure he a deal guy. the way i read what president trump said, we're very close, but i like it the way it is, i take it or leave it. that is what you say close to the end when you're like there, both sides are trying to decide, you're signaling, you know what, i could stand up and walk away at any moment i really don't care. makes me think they are close? >> or i could have my trade hawk, navarro, that sends a huge signal in terms of what blake
4:06 pm
was saying, xi xinping, we can make a deal, we can make it on my terms. i'm bringing my major trade hawk with me. by the way i hope you like the dessert. melissa: what do you think, jonas. >> get out of the tariffs, ruining the economy, that doesn't make you get out of a good deal, which is the chinese is not a good position in this case. trump doesn't have mind having permanent tariff situation in this country. not a 50%, tariff, somewhere in the 10 to 25 range. at the end. day it is just china. it doesn't spread to other countries. it doesn't become some global trade war. it will not cause major problems over here. like having value-added tax in the country. will raise prices on stuff out of china. not particularly high tariff. won't lead to massive changes, not that high of a price. there is a huge cost advantage still with relatively low tariff. granted he wants to go to a
4:07 pm
higher tariff. that is the threat he is using to kind of get a deal going. connell: more on trade coming up in a few minutes but we also want to talk about the fed signaling a decent rate hike. looks like -- december rate hike, but next year we're not so sure about, data dependent. with that in mind, listen to former treasury secretary larry summers, he spoke out on the tension developing between president trump and the federal reserve. here he is. >> i think we're also in a more dangerous monetary environment because we've got a president sounding off about the fed. that has just got to increase uncertainty premiums everywhere, make it harder for the fed to do its job. and i think that kind of political rhetoric about monetary policy is really quite dangerous. >> on the issue you sounds like you basically agree with the president the fed is in danger -- >> way president has spoken, i don't think any thoughtful economist would agree but i do think there are more risks of
4:08 pm
overtightening than there are of undertightenning thus far. connell: point out you can catch the full interview, "wsj at large" with gerry baker, larry summers interview, 9:30 p.m. tomorrow night. on last issue, danielle, you know the fed, that last point larry summers makes is interesting. even if you think it is inappropriate, whatever you think about the president's attacks on the federal reserve you can make other arguments for pausing in terms of interest rates? >> one of the reasons we saw the markets come back today in the fed minutes that were released at 2:00 p.m. eastern standard time we actually saw a discussion taking place among fed members about the damage to sectors that are dependent upon interest rates such as automobiles and housing. so i think it encouraged the market not only are they saying yes, we'll go in december, but there was already discussion ongoing at their last meeting three weeks ago, that was already speaking to reasons that
4:09 pm
they could find leeway to pause going forward. again i think that is, that is why precisely we've had such a mild reaction today in the markets. connell: right, back and forth between the president and jay powell, almost a distraction to that. i have no idea whether powell was influenced at all by the president's comments. you can find other reasons. do you think they're on the right track what we heard from federal reserve officials, from powell and the fed minutes? >> the situation with the fed is much more significant with the economy than the trade war with china. even though people think it is other way around. to be honest the president was right on this you could argue whether he should use twitter to influence federal reserve policy what i'm trying to hear summers. he wants rates to be also low, he was scared being too aggressive the fed was raising rates but doesn't want the president to tell him to raise rates too high. the only real risk despite the
4:10 pm
president the federal reserve chairman will raise them to look like he is not under influence of the white house? that is only danger doing it. not like he had a nixonian meeting he had with the guy. it was just twitter. president says a lot on twitter. you're seeing slowdown in real estate and other areas because the fed is going too high. the fed was under delusion we need 5% to get normal. the new normal is lower than that 3% is the price real estate is adjusted to. you can't go back to the low levels and can't do it quickly which was started market gain, when rates got to 3.25 on 10-year. the support this week besides the fed seeing things more trump's way. seeing rates 3% on 10-year. that will keep mortgages below five on 30-year which is very important at this stage of economy. melissa: sounds good. oil bounced back after dipping below the $50. let's go to phil flynn at cme.
4:11 pm
phil. >> oil did come back on the assumption maybe actually opec and russia will have the courage to cut production. there was a lot of concern in the morning that russia would not go along with saudi arabia calling for a production cut. that is one of the reasons we saw oil prices in the overnight session dip below 50 but we heard reports later in the day that russia could agree to some type of production cut. they didn't give a number but traders believed the low below 50 could be the low for the near term. not only do we have to look at opec we have to look at the g20, i think also if we get a deal with china, that could he be very bullish with oil. melissa: phil, thank you. connell: the battle for the top spot if you will, microsoft and apple neck and neck for the title of being the most valuable company in the world. quick comment from each of you on this. jonas, you first. is this a microsoft story or
4:12 pm
some other story of apple and these other so-called fang companies lose their value? >> it's a very interesting story that apple, excuse me, microsoft is still in the game in market cap against apple, who is most innovative company of all time. microsoft, everyone talks about cloud base not doing well. they're milking this monopoly they built decade ago. this is not a company you really want products. i'm a little mad, few hours ago, i was having window 10 problems i have to install on mac runoffs thing they get a money out of monthly basis out of me to run my old excel sheets. it is huge cash cow. apple doesn't run at that way. a monopoly of a different kind. microsoft is stable monopoly. investors like that. where "fang" stocks are collapsing. connell: scale matters. you hang around, danielle, interesting story, what do you make of it? >> that is true.
4:13 pm
people had written microsoft off as a dead horse. you look what is happening, only thing that bothers me, if you're in the foot race who will get to a trillion first, when you pile all the market capitalization in a few stocks, we find out what happens on the flip side of it which was october. same way momentum works on upside i think a lot of investors especially index funds and etfs, they found out these huge market capitalization stocks correct to the downside as well. i prefer not to see all this mania. connell: interesting take. good to see you both. thanks a lot. melissa: taking on general motors? president trump slamming the company for closing its u.s. plants as the economy grows. where do we go from here? our next guest says getting rid of automaker subsidies is a good start. connell: i heard that somewhere. michael cohen, president trump's long-time attorney pleading guilty to a new crime.
4:14 pm
president trauma weighed in on that. judge napolitano weighs in on that. melissa: the commander-in-chief canceling high-stakes meating at g20 summit. how this will impact our relationship going forward. ♪
4:15 pm
4:16 pm
4:17 pm
connell: certainly not backing down. president trump again slamming general motors for plant closures and layoffs, tweeting earlier, general motors is very counter to what other auto and other companies are doing. big steel is opening and renovating plants all over the company. auto companies are pouring into the u.s., including bmw which announced a new plant. the usa is booming. david macintosh, joins us, club for growth president. sometimes these issues are more
4:18 pm
complicated, trump versus the fed, trump versus general motors, so i will try to take it apart like the subsidies issue which came up yesterday in a second. on the general motors theme, they make a decision and the president hammers the company. are you uncomfortable with that? >> one of the big problems when an industry or company like general motors take government subsidies, they become subject to government threats when they have to make a business decision. in this case gm says the lines are not profitable. we have to shift our capital to ones that will make money for our shareholders. the government says no. if you do that, we'll take away our government subsidies. it's a huge problem when you get the subsidies. connell: so you think the two, i was going to try to separate them. that is very interesting, you think the two are actually connected? >> i do. the president has a mouthpiece he can use to say i don't like the decision. but it is when there is real teeth and real money behind it,
4:19 pm
that the companies are forced to make bad business decisions, ultimately american consumers pay more for it. >> so we should have zero subsidies period. that is your point of view in tax breaks are term of some of these sub sip dis? >> some are tax breaks. some are subsidies. grants, money they get. yes. the ideal the government only pays for things it needs as the government. doesn't try to play favorites in the marketplace between one industry and another, or one company and another. these types of subsidies inevitably turn business decisions into political decisions. they're bad, they're bad for everybody. bad for the economy. connell: in hypothetical world where that was eliminated. general motors could have made a decision like this, more people buying suvs and sedans, for reasons they already gave. they could have sided, isn't specifically worth pointing out
4:20 pm
in this case, could have cited higher costs tariffs president put in place that they said cost them a billion dollars. there could be other reasons could have cited, completely legit business decisions and are you still all right with the president going after that company in that case? >> i don't think it is good for the president to view himself i'm the head of american industry. let the marketplace make those decisions. gm wanted to avoid criticizing the president's tariffs even though they did earlier when they made this decision but i think the real reason is, that they were driven by the costs and the fact that the market for these vehicles was going down. they realized we want to get ahead of the curve, shift our production to things that consumers want to buy. connell: david, always good to see you. good discussion on this issue we'll come back to. thanks for joining us. >> great to be with you. melissa: striking a deal. president trump's former attorney making a deal, and what
4:21 pm
it could mean for the commander-in-chief for the russia probe. brushing off the competition, why president trump says the potential democratic 2020 field will be a dream to challenge. we'll talk to kayleigh mcenany, rnc spokesperson, coming up. ♪ it's really this constant juxtaposition when you're a mom and an entrepreneur. with more businesses starting every day, how do they plan for their financial wellness? i am very mindful of the sacrifices that i make. so i have to manage my time wisely. plan your financial life with prudential. bring your challenges.
4:22 pm
(tonand all thro' the house. 'twas the night before christma, not a creature was stirring, but everywhere else... there are performers, dancers, designers the dads and the drivers. there are doers of good and bringers of glee. this time of the year is so much more than a bow and a tree. (morgan vo) those who give their best, deserve the best. get up to a $1,000 credit on select models now during the season of audi sales event.
4:23 pm
but some give their clients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.
4:24 pm
connell: markets which we're following throughout the day similarly shrugging off any concern that might have been there as president trump's former attorney, personal confidante michael cohen cut as deal with special counsel robert mueller. rick leventhal outside of the district courthouse in new york city with the latest. rick. reporter: and, connell, this court appearance was a well-kept secret. when we first got a tip to come down here, we were told usa versus john doe. john doe was michael cohen, spoke with the mueller team for 70 hours of interviews which led to a guilty plea.
4:25 pm
one count of lying to the senate special committee on intelligence in a letter. at a hearing back in august 2017 regarding timeline of his, then candidate trump's interactions on potential real estate deal in russia. cohen told congress all discussions with russia about a trump tower in moscow ended in january of 2016. before the iowa caucuses, and the republican primaries. but today he told the judge that he lied, claiming that the discussions actually lasted until june and that he had more talks with president trump when he was a candidate than he had previously admitted to. cohen also saying he lied to congress to keep up with the political messaging of the trump campaign and out of loyalty. cohen admitted lying to another judge when pleading guilty to other charges back in august. while his attorney says he is simply doing the right thing now, the president says cohen is still a liar. >> if cohen is such a bum why did you hire him, have him on your payroll for 12 years and have him do so much of your
4:26 pm
dirty work? >> because a long time ago he did me a favor. a long time ago he did me a favor. reporter: trump's attorney, rudy giuliani tells fox news that the questions about the russia real estate deal were part of a written questions that bob mueller gave to the president which he answered, and rudy giuliani says, there was no contradiction and he remains comfortable with the president's written answers to those questions. connell? connell: rick leventhal, in lower manhattan. melissa. melissa: here to react, judge andrew napolitano, fox news senior judicial analyst. judge, i'm so glad you're here. if the president submitted his answers in writing and as we just learned giuliani said what the president wrote down does not contradict what we read in the court filings today, that michael cohen said, isn't it possible went through, wait a second, this contradicts what cohen said and that is how cohen
4:27 pm
now is in trouble, and is making this deal? >> well, let's look at it this way. as our colleague rick leventhal just reported, cohen was debriefed for 70 hours. seven hours a day, that is 10 days probably over the course of a couple of weeks. we don't know what he told the special prosecutor in that time period. but whatever it was, it was enough to reduce his exposure from about 60 years, to six months. where do you get 60 years? five years per lie. there were a dozen or so lies to which he admitted. so to get that kind of a reduction, you have to trade for it. when you trade for it, you have to give the special prosecutor something. question, what did he give him? melissa: wait, wait. i don't want to let you go without asking what you said. a dozen or so lies. i saw the court filing. i saw two big points of discrepancy. >> well, i'm talking about the lies which he pleaded guilty in two courtrooms in lower manhattan. melissa: yeah.
4:28 pm
>> one, where his adversary is the united states attorney for the southern district of new york. the other where his adversary today is bob mueller. all of those taken together, a maximum of 60 years, now down to a maximum of six months. you don't get that kind of reduction -- melissa: how do you know he is getting six months for both things put together? >> we don't know. we know that he expects six months because that's what is in the plea agreement. so we know the government agreed to ask for six months. the court is not obliged with the government's request. but normally when the government and the defendant ask for the same thing, the court grants it. melissa: but judge, he was asking, he was asking for six months in this case from today. that doesn't cover what the southern district of new york is doing? >> it is six months. so, southern district of new york agreement is also for six months. the question is, what did he give them in order to reduce it all the way down to six months? we don't know. and rudy giuliani doesn't know
4:29 pm
but is it a coincidence in timing that this came out after the president's certified under oath answers were in? and is this an effort to say, hey, we have something to contradict you. we don't know. we don't know what he said in those 70 hours of debriefing. >> a lot is being made of this communication went back and forth between michael cohen and felix sader, essentially described as extension of the kremlin. >> yes. melissa: like so many high-ranking people we hear about in russia, does a little bit of everything. it is all related to money. all related to putin. so the two of them are having a conversation back and forth maybe this deal with the president, maybe the building. maybe he could become president. what needs to happen in that conversation in order for the president to be implicated in some sort of wrongdoing? >> well i don't know the answer to that but i think know what bob mueller is trying to do. i think he is trying to show a series of agreements that
4:30 pm
somehow connecting, when you connect the dots, run through a circuitous route from the trump campaign to the kremlin. not everybody in the agreements know everybody else, take as series of agreements, like a jigsaw puzzle, you have to fill in the pieces, some of those pieces were filled in today by michael cohen. but if the president has said under oath, i had no deals in russia, i wasn't doing anything in russia and michael cohen, lacking in credibility as he is, can contradict that, and bob mueller can find corroboration for michael cohen's contradiction, well that helps him in his case against the president. melissa: all right. judge napolitano, thank you. >> you're welcome. connell: while you guys were talking about all of that, russia in the news for a different reason. you almost fell off your chair? melissa: i did. connell: good job for me pointing it out. melissa: i don't think they missed it. you're fine. connell: the meeting is off between trump and putin. that was canceled today on the
4:31 pm
plane. we'll be back. hopefully melissa -- melissa: still in my chair. connell: to talk to walid phares, the fox news foreign affairs analyst who is coming up ♪ .
4:32 pm
4:33 pm
4:34 pm
connell: breaking news in from washington where house democratic leader nancy pelosi said if speaker ryan, paul ryan refuses to take up the bill that protections special counsel robert mueller, that the democrats will fight to include it in the must-pass spending bill.
4:35 pm
that is in from nancy pelosi. melissa: who is in, who is out? president trump announcing today that he is canceling a high-stakes meeting with with vladmir putin at the g20 summit this weekend, tweeting, quote, based on the facts that the ships and sailors have not been returned to ukraine from russia i have decided it would be best for all parties concerned to can sell my previously scheduled meetings in argentina with president vladmir putin. i look forward to a meaningful summit, again, as soon as the situation is resolved. trump also canceling scheduled sit-downs with turkey and south korea, so who will the president actually speak to at the g20? walid pharis, fox news national security and foreign affairs analyst. let me start with the fact, how big of a deal is it when you're on the plane, on your way over. all of sudden we're seeing notes that he is canceling these meetings? diplomatically, what message does that send? >> actually this is a perfect
4:36 pm
diplomatic move. yes, it could be on the plane. it could be in the limo. basically what has happened, not a decision to decrease u.s.-russian relations. actually we need to talk to the russians in terms of resolving so many issues, including between ukraine and russia, and in syria, and elsewhere. but the russians have captured boats that are a part of a soverign country, ukraine. the american position was, the president himself said they need to return those boats. this action is not with relation to russia and america. it has to do with that specific incident. once that specific incident is resolved. i think it will be resolved at some point, then, the president said there will be a summit. so he is messaging very clearly, i want this to be resolved. then we'll have a summit. we'll talk about other issues. melissa: how about south korea and turkey? >> say it again? melissa: how about south korea and turkey? those were also canceled today? >> yes. the president is, i assume, i'm
4:37 pm
not in the administration but i assume he is listening to the national security assessment that is telling him with each one of these countries there are assessments and those assessments, basically want the president not to do those meetings because there are issues happening. some are with the countries themselves. some are with a third country. he is using this g20 series of meetings or non-meetings as messaging. as political messaging. melissa: hmmm. so to a meeting apparently never on the schedule, president trump answering questions about a possible sit-down with the saudi crown prince. >> i would have met with him but we didn't set that one up. >> why? >> i'm meeting with president xi which is very important meeting having to do with trade. as you know i'm making about three or four meetings. we just didn't have time. melissa: so what do you make of that one? >> well that one also is logical. we are not living in a normal season of international relations meetings. the crown prince of saudi arabia
4:38 pm
has been criticized and actually, frankly under assault by his opponents in the region because of the khashoggi case, but the president was very clear. he will have a measured response to the case. so judicial investigation, once those results are clear. to me, technically speaking we don't have a clear results on the investigation. we have a general assessment but at the same time saudi relationship with the united states are so crucial and in terms of containing iraq, we know the whole story. of course the saud i dids today are the heart of a much wider regional bloc which is the arab coalition. he is trying to balance between what needs to be done to message the crown prince of saudi arabia and of course the commitment to the saudi-american strategic relationship. melissa: yeah, but how that answer change if it is shown definitely? you say we don't have all the pieces. i mean it is hard to believe the crown prince wasn't behind that, say it was even more definitive,
4:39 pm
what do you think the right response is? >> melissa, there are too many scenarios. look, when we talk about the killing of an individual, we're dealing with it, in our own cases we stay years to investigate. i'm not saying we stay years to investigate this case, basically yes, maybe the crown prince knew about it. it will open a chapter t maybe the crown prince ordered something else. we don't know. we don't have these answers. it was ordered somehow from saudi arabia. could stay here a long time making all these scenarios. president, white house, other quarters of government they don't have definitive answer on responsibility. melissa: walid, appreciate it. >> thank you. connell: one meeting of the minds that will happen in buenos aires. president trump making his way there to meet with xi xinping. the president on his tough trade stance. will it work? we'll come back.
4:40 pm
jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade starts with a december to remember at the lexus december to remember sales event. lease the 2018 ls 500 for $769 a month for 36 months. experience amazing at your lexus dealer. is important to me so father being diagnosed with advanced for 36 months. non-small cell lung cancer made me think of all the things that i wanted to teach my kids. (avo) another tru story with keytruda. (roger) my doctor said i could start on keytruda so i did. with each scan things just got better. (avo) in a clinical study, keytruda offered patients
4:41 pm
a longer life than chemotherapy. and it could be your first treatment. keytruda is for adults with non-small cell lung cancer that has spread... ...who test positive for pd-l1 and whose tumors do not have an abnormal "egfr" or "alk" gene. it's the immunotherapy with the most fda-approved uses for advanced lung cancer. keytruda can cause your immune system to attack normal organs and tissues in your body and affect how they work. this can happen anytime during or after treatment and may be severe and lead to death. see your doctor right away if you experience new or worsening cough, chest pain, shortness of breath, diarrhea, severe stomach pain or tenderness, nausea or vomiting, rapid heartbeat, constipation, changes in urine, changes in eyesight, muscle pain or weakness, joint pain, confusion or memory problems, fever, rash, itching or flushing, as this may keep these problems from becoming more serious. these are not all the possible side effects of keytruda. tell your doctor about all your medical conditions including immune system problems, or if you've had an organ transplant or lung, breathing, or liver problems. (roger ) before i'd think of the stuff i might miss.
4:42 pm
but now with keytruda, we have hope. (avo) living longer is possible. it's tru. keytruda, from merck. ask your doctor about keytruda.
4:43 pm
>> i think we're very close to doing something with china. i don't know that i want to do it. what we have right now is billions and billions of dollars coming into the united states in the form of tariffs or taxes. so i really don't know but i will tell you that i think china wants to make a dial. i'm open to making a deal but frankly i like the deal we have right now. connell: so that was president trump earlier today before he left for argentina. will he come home with a deal from buenos aires though? brian wesbury, joins us from first trust advisors where he is chief economist. joins us out from chicago. it is interesting, brian, melissa feels that is the president in midst of a negotiation might be close to a deal. markets hope that is what it is. one thing that stood out to me was a little odd, why is the president essentially bragging about the billions of dollars coming in from tariffs when the end of the day you and i the american consumer picking up the tab on that, right? that is a little odd.
4:44 pm
what did you think of that? >> it is, isn't it kind of trumpian in a way? connell: yes. >> he never lets the pressure up. that is one of the things that is fascinating. we lived with these bureaucrats for all these decades who really never sat down across the table from somebody, made a billion dollar deal, real estate deal or anything like that. and their first instinct is not want to create trouble. connell: yes. >> trump just keeps the pressure on. connell, here is an interesting fact, and hardly anybody knows it and i don't know why it is not being reported but china has already cut tariffs on their side on 1500 different goods. they have gone from an average tariff rate of 9.8 in 2017, to now an average tariff rate of 7.5. i have read statements, statements from some of their economists want to go down to
4:45 pm
about 3%, which would be reciprocity. same tariffs we have. connell: they are moving. >> they are. connell: xi xinping's speech, that he gave recently. not only last speech but last few. he sounds in rhetoric like a free trader. he doesn't mean it. do you think he sort of does cut another deal? >> one thing we know, and i don't want to pick on china this way, nobody likes to lose face, but it seems to be one thing that china has done over the years is capitulating in public is one thing. connell: right. >> doing it quietly behind the scenes is another thing. and they're doing it. they're already cutting tariffs. so in a way, this is trumpian word president trump is winning already. tariffs are coming down from china. in the end, that is the goal he said he wanted. connell: let me ask you this then, if you're right, he is winning already, making progress
4:46 pm
already, is he close to a point, he being the president where he can quote, unquote, declare victory, hey i made progress, let's walk away with xy and z, we'll not get everything we need or does he put the hammer down on them? >> this is kind of interesting. clearly he is putting hammer down right now, with that comment, we're collecting billions of dollars, i will put 25% tariff on goods, that is the hammer. there has to be carrot behind the scenes somewhere. i hate to muddy the waters but we know china has been in the business of stealing technology from the west and that really has to stop. and i think that, the real end goal of all of this. connell: yes. >> so my, my belief is that if there is announcement, it will be more as if both sides are winning because. connell: they have to save face,
4:47 pm
i get it. >> exactly. connell: we'll see if that, that would be huge this weekend. >> it would be. connell: financial markets put behind us or, great -- >> great to talk to you. melissa: great perspective. that is lot of stuff we haven't talked about before, that was currently going on the tariffs. connell: i thought you were saying because he agreed with you. which he did also. melissa: he agreed with you. connell: he is a good thinker. not kind of the stock answer. melissa: demanding money to fund the wall. spending showdown in washington continues. will the congress satisfy the president and avoid a government shut down. we're going through scenarios on capitol hill next. with liberty mutual new car replacement, we'll replace the full value of your car. ♪ liberty. liberty. liberty. liberty. ♪
4:48 pm
for christmas because they keep getting better. there's smartouch for selfies, then there's four way stretch for flexibility. they even have smartdri. see? stays dry. so get isotoner gloves for the whole family. comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems.
4:49 pm
to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast.
4:50 pm
4:51 pm
melissa: countdown to shutdown, maybe. funding for several federal agencies expiring at the end of next friday if congress can't make a deal. president trump says, any deal has to include $5 billion in border wall funding. edward lawrence is live on capitol hill with late-breaking details. edward? >> president donald trump serious about more funding for a border wall. listen what he had to say as he left for the g20 summit. >> possible shutdown, if we don't get the wall money. very possible. [inaudible] we're in negotiation. if we don't get border security, possible shutdown. reporter: the shutdown would be part of the government. one of the agencies affected, department of homeland security. they pay for border infrastructure and ideally also that wall. $5 billion is what the president wants. it could pass the house but likely not the congress, not the senate. what is in the bill right now, 1.billion dollars. the administration points to what is happening right now on the border is the reason they node this funding.
4:52 pm
representative matt gaetz says he does not believe that republicans will shut down the government just as they're giving up power in the house. >> what i think you're seeing president of the united states actively trolling congressional leadership. the reason he is doing it he is pretty ticked off for the last two years when republicans had control we haven't built the damn wall we promised the american people we would. >> if president trump wants to throw a temper tantrum and shut down some department the or agencies over christmas, that is certainly within his power. but he has two more sensible options. it would be a shame, if the country suffered because of a trump temper tantrum. >> there are just nine days left. so congress should get moving if they want to do. the farm bill, there has been a deal in principle, house and senate on farm bill going forward. back to you, melissa. melissa: edward, thank you. connell: step right up.
4:53 pm
not afraid of any of these people. president trump said he is dreaming about some of the democrat challengers in 2020. melissa: i bet he is. connell: we'll talk about some of those folks coming up, who stacks up against them the best or the worst when we come back. helped put a roof over the heads
4:54 pm
4:55 pm
4:56 pm
of hundreds of families, he's most proud of the one he's kept over his own. brand vo: get paid twice as fast with quickbooks smart invoicing. quickbooks. backing you. >> all day in june but the 2020 democratic field. while the president did an interview when he talked about potential rivals. the quote, i dream about them so for everyone have seen i am dreaming about. we bring in the rnc spokesperson, with a calm they should not underestimate his power and the gop machine. let's start on that. then we will talk about the potential opponents. your point is that politically,
4:57 pm
the president is a pretty good closer and i guess mississippi being the latest example.do you think democrats do not give them enough credit? >> i think they do not give them enough credit.it took about the president, our party lost seats which is far shy of 60 through that obama lost. they like to talk about that bliss talk about with the president actually wins. texas, tennessee, missouri, indiana. he strategically rallied in all of these locations. all of those candidates went on to prevail. they underestimate his closing power but they are happy when they underestimate the president in 2020. >> he went to places we could be successful for obvious reasons and make sense. for the republicans to be fair did struggle in key states in the midterms. whether it is wisconsin or pennsylvania. even michigan. that was the case for him that is what put him over the top. i remember that's what really did it on election night. that is where the trouble could be, no? >> there were some hard races.
4:58 pm
and there were some circumstances and that we have 44 retirements, it's an extra ordinary number of retirements. there were a lot of extenuating circumstances but we still believe in the power of the president to put us over the top. >> let me get to the idea that the president dreaming about his opponents for 2020. he was asked about the mayor of new york city, thinking about running spent a lot of money in the midterms, even other people from this particular area cory booker, senator gillibrand.do you think here we go, the possible challengers with the barely fit them on one screen. do you think there is anyone in the group if you're being fair that republicans should fear? or is there anyone out there that really could give the president a good run? >> i don't think so and here is why. because of the economy. it is booming, it is roaring, just a reversal in the trend in manufacturing jobs.i know we had the news for gm this week which is heartbreaking news. generally speaking, we are in a booming economy and think all
4:59 pm
of the candidates will have a very hard time facing that. of the candidates, we have spartacus, booker and elizabeth warren. >> but if we turn down, it will not be as robust then as it is now. real quick and then we have to go. >> i have a hard time seeing that. we are about to get annual three percent gdp or higher. they have structurally this is a sound economy. you have the president with his free-market principles. >> i have to wrap, be good. thank you for being here i appreciate it. >> and alice give a look at the new york stock exchange. look at that! they are getting in the holiday spirit in the tree, is it lit? >> it is gorgeous, the tallest tree in new york city standing at 80 feet. the tree at rockefeller center by the way in case you were wondering, --
5:00 pm
>> i would say -- you have federal hall across the street. visiting new york it is not as crowded as rockefeller center. anyway, thank you for joining us. >> "bulls & bears" starts right now. >> hi everybody this is "bulls & bears" think of joining us. i am david asman. today we have charles payne, tracy carrasco, lauren simonetti and gary b smith. the president is on his way to argentina for the g 20 summit. he will be landing a couple of short hours from now where he will once again, be on the global stage the next couple days will be crucial with potential for some major market moving headlines. our own blake is live in buenos aires with headlines

42 Views

info Stream Only

Uploaded by TV Archive on