tv After the Bell FOX Business June 5, 2019 4:00pm-5:00pm EDT
in this market turmoil period where they're giving you opportunity. reporter: closing bell rings] liz: great to have you on the show. >> great to be here. liz: looking 700-point rally over two sessions. the dow looks to close up 295 points. s&p up 22. nasdaq up 27. melissa: we were looking to see if it would settle below 200. cross 200. mexican officials meeting right now as president trump is set to impose fresh tariffs. the dow closing up 208 points at session highs, marking three straight days of gains. the s&p 500 and nasdaq finishing in the green today. oil officially entering bear market territory after a rise in inventories? a good day. i'm melissa francis. connell: i'm connell mcshane. this is "after the bell." we look like we made the 200-point move. first, here is what's new at this hour.
♪ president trump on the ground in the beautiful country of ireland, first trip to ireland as president of the united states. trade, jobs, economic ties, dominating the again today there. we will be live in europe with what to expect. escalating tensions here at home. vice president mike pence meeting with the mexican foreign minister at the white house over the president's proposed tariffs on mexican imports. both sides working to strike a deal, avert any potential economic consequences. we'll have the latest as it develops throughout the hour from washington. not backing down. apple ceo tim cook insisting his company is not a monopoly as the tech giant face as potential antitrust probe. the legal fallout. melissa: fox business team coverage following today's top stories. gerri willis on floor of the new york stock exchange, jeff flock is live in arkansas as walmart's annual meeting is going on, and phil flynn standing by at the cme.
we have jackie deangelis following today's events at the white house. we'll start with you. reporter: good afternoon, melissa. so far we've only seen secretary of state mike pompeo arrive here at the white house. the meetings were set to start at 3:30 in terms of the conversation about the tariffs and what is going on at southern border. what is at stake? 5% tariff on more than $300 billion of imports to the united states. that could take place on june 10th. that's monday. while there has been some gop opposition, there also has been support for the president's position. listen to this from senator john cornyn. >> i support getting mexico doing more. i hope that conversations occurring today produce more cooperation by mexico. they could have a big impact. i think tariffs are unnecessary. if we can get congressional democrats to do their job. reporter: basically saying there the democrats need to do more and there is support for
president trump and his initiatives. earlier today u.s customs & border patrol calling the border issue a full-blown emergency. it announced there were close to 133 apprehensions in may that was beyond any other single month in the last five years. certainly an unconventional approach here to use tariffs typically used in trade negotiations regarding immigration issues but the president has taken an unconventional stance before the mexicans have expressed willingness to negotiate. we have not seen how high the president set the bar and if mexico can meet the bar, see it through, do they have the technology, money and authorities down there to actually do something at the border. in ireland earlier today president trump said he is standing by this. he is ready to impose tariffs on monday. he said before he is not you have abouting, guys. connell: yeah.
jackie, thank you. jonathan hoenig, capitalist pig founding hedge fund member todd horowitz today, bubba trading show host. jonathan, all talk of tariffs, mexico china, last couple days, in the stock market at least we've seen a nice bounceback. appears to be fed fueled. what stood out to you? >> brett is improving. -- breadth. throughout may there was not just endless talks about tariffs but tweets about tariffs. you saw what happened there. last couple days, more new highs than new lows. 180 new 52-week highs, 150 new 52 lows. the breadth is a little bit positive. to see stocks like coca-cola, insurance companies, real estate doing well, would seem to me from my eyes the less the president tweets about tariffs, better market seems to do, certainly the case last couple days.
connell: especially when the federal reserve has their back so to speak. todd, what do you think is going on right now? jackie was telling us about the negotiations with the mexico foreign minister and the president? it seems assumption by investors tariffs won't go in place monday. what if they're wrong? >> you're seeing a lot of things priced in ahead of time. i don't think if they do what they are supposed to do, tariffs will go into place. markets are seeing what i call a dead-cat bounce. volume is pretty pathetic last couple days on this rally. it could break out could to much higher. i think this is dead-cat bounce will be sold into no matter what is said and done. i don't think problems suddenly goes away. the markets are reflecting actually what the money is saying not talking about the tariffs. i think the tariff deal is priced in with china. it will be done eventually. if that doesn't get done. if mexican tariffs goes in,
market falls on the own weight anyway, it could get a lot uglier. melissa: gerri willis to the floor of the new york stock exchange on those happy words. what is going on down there? reporter: it is all about the fed rate cut. we could get as many as three fed rate cuts leading the dow down here, walmart, microsoft, leading the "beige book." that doesn't talk about any of the trade talks here, not in this report. meanwhile adp number right here, private sector job growth a huge disappointment. 27,000 private sector jobs added. we were expecting 180,000. so big downside. the only positive i think that the markets could take out of this, this is what traders were telling me, that this adds fuel to the fire for people who are pushing for a rate cut. again, rate cut is the big headlines here. talk about a couple stocks here. gamestop down dramatically, some
30% or so. and that is because they had a horrible report. earnings report there. they're at a 16-year low. listen, investors have sold short 39 million of the company's shares that represent 40% of its float. uber also interesting today, that company trading above 45. that was the remember, the offer price at its ipo? good news for ipo investors there. what happened? well good news for uber. 20 firms launched coverage of the stock this week. 17 with a buy rating. so good news for uber. good news for the ipo market. back to you guys. melissa: gerri, thank you. connell: taking aim at walmart. senator bernie sanders stopping by the retail giant's annual shareholder meeting. he had a specific goal. trying to give walmart employees rep 10tation on the board, and more money. jeff flock live in rogers arkansas with the latest.
jeff? reporter: outside of the meeting. it is a three-day meeting, it will continue next couple days. the business meeting started with bernie sanders on the scene. talk about a big runup in the market, bernie sanders would make the point that doesn't help a guy making $11 an hour at walmart. he can't afford to invest in the stock market. he would like workers making $15 an hour. the way to get there, put actually hourly workers on the board to have their voice heard. bernie sanders making the case that the company has done tremendously well in terms of profit. the walton family is probably the wealthiest in the country. listen. >> if you work 40 hours a week in the united states, especially in a company owned by the wealthiest family in america, a company which apparently has enough resources to pay its ceo over $20 million a year in compensation, 1000 times more than what the average worker makes, if you do all of that, you can pay your workers a
living wage. reporter: you heard from that fellow making 1000 times from the average worker makes, that is doug macmillan. he almost, seems inside of the meeting was addressing his comment not so much to the board or to shareholders but to bernie sanders directly when he talked about what the company has done for workers, specifically in addition to the $11 an hour or whatever it is they make, bonuses, a lot of promotions of workers. a great place to start at the bottom work your way up. 75% of people that manage stores started as hourly workers. in addition a surprise, doug mcmillon supported a increase in the minimum wage. >> it is clear by our actions and other companies that the federal minimum wage is lagging behind. $7.25 is too low. time for congress to put a thoughtful plan in place to increase the minimum wage. reporter: of course with walmart
paying $11 an hour, 7.25 if they hike that, doesn't affect them all that much. interesting he came out for that as well. both sides i would leave you with this thought. both sides came, made their case. nobody screamed at anybody. nobody called anybody any names. good old-fashioned old time america. people made feelings known at the end of the day they agreed to disagree. connell: you know what? now more than ever we'll take that as a win. jeff flock in arkansas. thank you, jeff. melissa: all right, guys, jonathan, they said it is 1000 times more than the average part-time worker, the wage. i think the ceo of walmart actually might do 1000 types more work, if you think about how big that company is, how much work he does, how many people he is responsible, job creation, negotiation, planning, foresight, what do you think? >> sure, people like bernie sanders would have you believe that anyone can be ceo. melissa: right. >> but a good ceo is worth it.
melissa: yeah. >> i can look a line like of retailers haven't made it. game stop, we talked against walmart. jeff flock said something stood out. this is very much the american way, bernie sanders a shareholder made his case. that is perfectly, that is perfectly appropriate. what isn't appropriate for government to come in and force those higher wages. what happens inevitably whether it has been new york city or seattle recently, those higher wages, higher minimum wages destroy jobs, particularly at the lower end of the make your case as a shareholder but when government gets involved it is bad for business, it is bad for the country. melissa: it is true. todd, you tell the feds, everybody in the government go lay the table, set the table for the economy to do well. jobs take off. now companies like walmart are competing for people. they're being forced by the market to do things, saying we'll pay for s.a.t. courses. we will pay for college. we'll do all the things to keep
you working for us because the economy is so good, the job market is competitive. wasn't it clever of the ceo, even though i don't agree with the argument, how about raising the federal minimum wage, you're picking on us, what are you guys doing? that was clever. what do you think? >> he looks good because they're paying 11. melissa: right. >> we're paying 11 so, listen why doesn't congress take a pay cut? why doesn't congress quit with extra benefits, they were not on obamacare when everybody else was. why don't they get their money back? they don't earn it for god knows how long. the job market is never better if you get a job, if you have any talent, go anywhere you want they will overpay you, everyone is offering special perks. why worry about minimum wage. if we're worried about minimum wage. it means we have no jobs. we're looking at total bottom end. nobody goes for kids except high schoolkids.
everybody has aspirations moving up the food chain. that is totally ridiculous. i think he is ridiculous. there you go. melissa: there you go. thanks, guys. connell: one more market note for you today, oil. oil sliding into bear market territory. let's go to phil flynn for more on that at the cme. phil? >> flood of supply today. it really caught the market blind-sided today, connell as we saw the prices, supply of crude increase by 6.8 million barrels. that was unbelievable. a lot of questions where it came from. part of it was imports into the united states which eclipsed over one million barrels a day. look at price of oil, the stock market, something is out of sync, right? if the fed stimulates economy, cut interest rates, the demand for oil should be higher. or maybe the stimulus will not work. the price of oil is showing a major slowdown in the economy. maybe that is something that the fed is looking at right now.
my take right now, that the floods in the midwest probably added to the supplies, as well as record u.s. production to 12.4 million barrels a day. a lot of oil in the short term pressuring prices down. connell: interesting on the floods. we'll continue to watch it. phil, thank you. melissa: president trump visiting ireland right now. one small town is welcoming him with open arms, crediting the president and his golf course for creating a lot of jobs in the area. bill mcgurn from "the wall street journal" responds to this and other presidential news after the break. connell: plus russia's vladmir putin and china's xi xinping meeting in moscow today, as tensions remain high with the united states. the latest details coming up later in the hour. melissa: marking 75 years, world leaders meeting in england today for the anniversary of the d-day landing. a report from france to remember the americans and allies who risked their lives coming up. ♪
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melissa: you did that so well. connell: hey, edward. reporter: how long did you practice that before you said it. i have had to say that too. i practiced that one. the president leaving the royal pageantry behind. today was a day to come medical rate the 75th anniversary of d-day from portsmouth, england, where many of the troops in the invasion launched from. the queen, president, many world leaders and 300 veterans joined in the ceremony. the president went on to ireland where he talked one-on-one with the irish prime minister. during that bilateral meeting the president making a lot of news including talking about the meeting that is going on right now in the white house with the mexican foreign minister. he gave a warning to mexico. listen. >> mexico has to step up. if they don't, tariffs will go on, if they go high, companies will move back into the united states. reporter: and he said there the
companies could move back into the united states if the tariffs continue of the president went on to talk about, or signaling china, saying that the tariffs taking effect, he is happy with taking in all the money that china is giving them. he says the time is right we will make a deal with china. he says all the signals there are pointing they want to make one. the president also weighed into brexit, the mess that could be the borders with brexit. he talked about the irish border, ireland staying in the european union, the northern ireland side of that. northern ireland wanting to or having to break away. many folks in northern ireland sticking around. listen. >> this has to be a border, hopefully that will work out. i think it will work out. there are a lot of good minds thinking about how to do it and it is going to be just fine. reporter: the president goes to normandy tomorrow. he is spending the night in
ireland. will commemorate the 75th anniversary of d-day on the beaches where they happen. connell: a lot of ground to cover. well-done, edward lawrence. melissa: president trump spending the night in this small irish village of dubeg, home to trump internext golf course and hotel, credited with fueling the local economy. here is bill mcgurn from "the wall street journal." this is a fun side story not a lot of people going out on the trip. at the press conference, he was watching that live. he made a good point saying he is going to dubeg, hope i'm saying it right. he can't wait to go. the golf course is great. put in a nice commercial about it. interviewing people. we love him, he provided a lot of jobs in the town. what are your thoughts on that? >> people who provide jobs are generally popular in towns like this. my understanding that the visit to ireland is not an official visit, mostly to see his his
golf course there. and he will probably enjoy it. melissa: no doubt. it was interesting too, to see them talking about their trade relationship, especially at a time when, you know, he is having all these different spats with different countries over different terms. if you look at ireland, the united states accounts for 70% of the foreign investment in ireland. direct investment, 700 american companies employ 155,000 people. this has sort of been the model and ireland has the tax policy to encourage this, yes? i mean others could learn from this example? >> absolutely. i lived in ireland for a year in the late '70s t was a lot more poor. they made their wealth the way east asians did, becoming more open trading economy, built on international markets. so they are naturally concerned with the u.s. market, with the eu market, with brexit, so forth, that is where their bread
is buttered. melissa: i think that it is interesting, you know, that was one of the undercurrents i don't think was highlighted enough when the president was in the uk as a whole, encouraging brexit, he was saying look, i want to make a great trade deal with you guys. if you compare that to president obama, when he went on his trip, was ahead of time said he wasn't going to talk about the special relationship between the uk and the u.s. and asked them not to bring it up, because he wasn't going to reciprocate, that they would got back of the line if they left the eu president highlighting how much he wants to trade with the uk as contrast what is going on back here. could it mitigate some of the challenges with china and mexico potentially? >> i think you hit on something that is extremely important. as you said, a lot of people neglect it. i long thought the president should make a trade deal with britain a top priority for several reasons.
one is, the president always says i want other places to treat us and our products and goods and services the way we treat theirs. that would be relatively easy to do with britain i think. i don't think we have many trade disputes. i would argue we should make a deal with britain, make the model to be as free and clean as you can. then say to other people, we're willing to have the same deal with you. at the same time it is very important for britain because if they're going to lose the access they have to the eu, having access to the u.s. market would be a big thing. so i have long thought this should be a real priority. it's a win-win for everyone. it might even force a little better behavior from the europeans. melissa: i think it is time for another "wall street journal" editorial on that topic, bill. get back out there. >> thank you. melissa: brilliant. brilliant. connell: we'll get to amazon in a moment. some new announcements came out today, new features for virtual assistant alexa.
you may think some will be cool. should we be worried as she gets smarter and smarter? melissa: i don't like that. connell: tim cook shooting down the notion that the apple has total power in the marketplace. what does the judge make of it? andrew napolitano joins us after the break. o, no, no, no, no, no, no... only pay for what you need. liberty. liberty. liberty. liberty. ♪ that have made the rx crathe leading luxury suvogy of all time. lease the 2019 rx 350 for $399/month for 36 months. experience amazing at your lexus dealer.
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connell: panel has been under pressure. the tech giant facing scrutiny from federal regulators this week, trying to crack down on silicon valley. ceo tim cook insisting his company should not be a target of an antitrust probe. here's what he said. >> i don't think anybody reasonable will come to the conclusion that apple is a monopoly. our share is much more modest. we don't have a dominant position in any market. >> you're saying you're not a monopoly? >> we are not a monopoly. connell: here is judge andrew napolitano, fox news senior judicial analyst, the host of "the liberty file" on
"fox nation." is apple a monopoly? >> i'm holding my iphone. this is one market. there are many markets that they are in. their iphones, ipads, other products they serve, all their apps. i don't know the answer whether or not -- connell: why not? there are plenty of competitors. other companies make smartphones, correct? >> correct. the question if they are a monopoly, did they get there unlawfully and has it hurt the consumer? if they got there unlawfully by predatory pricing, to put competition out of business but they're not hurting the consumer, there is no antitrust case. the bottom line of every antitrust case except price fixing the which not the case here, bottom line is harm to the consumer. where the consumer benefit, where there is no measurable harm to the consumer there is no antitrust case. i suspect that is what he is talking about. connell: there is no case as far as you can see? >> there is a case to make a case meaning --
connell: you really are a lawyer. >> i don't want to sound too legalistic. so many people use these products, apple with a bite out of it is ubiquitous, members of congress say nonsense. they're too big to regulate themselves. what about the market? connell: the elizabeth warren argument, right? if you sell something you can't also be a platform? >> that is another case which in my opinion has triggered these antitrust investigations that case is the following, somebody buys an app for 99 bucks. apple bought it from the developer for 99 cents. just picking numbers. they could be a little bit different. purchaser says, what value did you add to it you are charging me 100 times what you paid for it? i will sue you. under the rules until three weeks ago, you couldn't sue the seller, had to sue the developer. under the new rules, came down
from the supreme court, justice kavanaugh said you can sue apple this is class action case. connell: issues are more than antitrust? >> this is civil antitrust case. the government is not involved. there are a potential billion people in the plaintiff's class. so if varney were here, how is this going to end? this will end with the lawyers getting a fee, everybody in the class getting a coupon for a couple free apps. it that's supreme court opinion, in my opinion which triggered the ftc, the doj and now the house judiciary committee investigation. connell: involving not just apple but all the big tech giants? >> correct. connell: do you distinguish the three companies? they're far different businesses apple, facebook, google? >> they are very different. no allegation there are price fixing. no allegation that they. the accusation they have sharp
elbows. connell: how will this end? >> cross-examination of google executives. connell: not a good varney. >> not bad. the plaintiff is going to say, wait a minute, didn't you just google us here in the courtroom? [laughter] connell: you're right. >> varney will say it's a scheme bit lawyers. connell: most he has ever been mentioned here. >> pleasure. melissa: more than telling you the weather, amazon announcing a whole list of new features including new skills from its virtual assistant alexa. let's go to kristina partsinevelos in the newsroom with the details. >> these announcements come from the amazon conference underway in las vegas. they are talking about a lot of far out stuff, including alexa you saw on your screen, this is a newer version a little smarter, aka, it can multitask. if we all could do that. the newer amazon alexa will book a restaurant and dinner at the exact same time. one of the speakers on the stage said in the past it would take a
user to speak 40 times to ask for you to book a reservation for movie and a dinner. now it will only take you 13 times. it will slowly start to understand ambiguous sentences. the whole point is showing how it is slowly evolving with the use of artificial intelligence. that was the first announcement. the second announcement was about the drone delivery service. amazon has announced they want to provide one-day prime shipping to all of its prime members across the country, which means they will be overwhelmed with delivery services. what are they working on? the drone you're seeing on your screen right now. the person who spoke on the stage said that electric drone could be used within months. it can carry on up to five pound within 30 minutes, fly up to 15 miles. they're hoping this will reduce shipping types. for those listening a little bit of a heads up. amazon prime day is the big sales day like black friday. there are rumors it might be july 15th or 16th. last but not least, another use
of artificial intelligence and your alexa app. amazon is working on finding styles and helping you shop better. this may sound creepy. say you're on the street. you see a woman in a dress you really like, snap a picture of the dress, up load the picture, the amazon alexa app can determine right away based off the picture where the item came from, and suggest similar items on the platform. i gave you a creepy example, but you can grab pictures from online do that as well. there are some of the announcements from amazon. looks like i will never have to leave home. melissa: yeah, perfect. kristina thank you. connell: creepy examples and all. growing tensions between the u.s. and iran. president trump says there is a chance the u.s. military will have to take action against tehran. we'll have list latest comment, come son text on the escalating crisis. melissa: top mexican officials meeting in washington right now to plead their case, to avert president trump's looming tariffs on mexican imports. the potential impact on you and
your wallet. that is coming up. connell: with all the busy news today, maybe you missed this. your nutella fix may be in jeopardy. workers are striking at the largest nutella factory in france. blocking trucks that enter or leaving facility. they make 600,000 jars of nutella every single day of the week. melissa: uh-oh. connell: this is big. the standoff could lead to a worldwide shortage we're told. we'll be right back. ♪ i'm working to keep the fire going for another 150 years. ♪ to inspire confidence through style. ♪ i'm working to make connections of a different kind. ♪
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melissa: president trump speaking out on a possible course of action with iran during his state visit to the uk. take a listen. >> do you think he will need to take military action? >> there is always a chance. do i want to? no. i would rather not but there is always a chance. melissa: joining us john hannah, former cheney national security advisor, with the foundation of defense for democracy. thank you for joining us. what did you make of that response? >> listen no american president with adversary like iran can afford to take possible military action off the table. having said that if you look at the entirety of that interview, as well as what the president and secretary pompeo have been saying in recent weeks their first preference is really to get the iranians back to the negotiating table to see whether or not we can hammer out a better deal than that nuclear
deal we had in 2015. melissa: do you think there is any chance of that? >> listen, i think the iranians are right now under enormous pressure economically. they're getting very, very close, maybe months away from potentially being insolvent. they are having a terrible time trying to sell any of their oil on global markets now. so, if they have any sense to them, they will figure out a way to try and get back to the table, and have that economic pressure released. >> yeah. i want to get your take on meetings between chinese president xi xinping and russian president vladmir putin in moscow. it is obvious why the two would get together and what they want and how they both would very much like to tweak president trump. what do you think of this meeting, and you know, how much there there is there? >> yeah. i mean, you always have to be careful because the history of this relationship between the chinese and russians is fraught with difficulty and conflict.
having said that, it is clear in recent years that there is a concerted effort by putin and xi to draw closer together in some kind of an alliance of convenience against the united states. they really want to build up pressure on america. russia wants the sanctions eased. the chinese clearly want us to back off from this trade conflict. never a good thing to have your two most dangerous adversaries joining forces against you. which is why in part, president trump despite all the criticisms he has come under, it make as sense to try to develop some better working relationship with russia to try to be able to play these two major great powers off against each other, rather than them having them unite against us. melissa: absolutely. lastly let me ask you, russia claiming, speaking of russia, they successfully test launched
a hyper son i can interscepter missile system, what do you think of this claim? >> welcome to the new arms race. hypersonic missiles and tremendous speeds and manueverrability. they are potential game-changers once they're deployed because there is no missile defense system that we currently field that is capable of shooting these down. so it is a very dangerous development. both the united states, russia, china, are all developing these sieves. melissa: wow. john hannah, great insight, hope you come back soon. >> thank you, melissa, a pleasure. connell: covered a lot of ground. honoring our heroes. president trump and other world leaders commemorating the 75th anniversary of d-day. we have a tribute coming from england. that's next. want to follow yours rather than worry about how to pay for long-term care.
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honoring allied forces who risked and gave their lives to help liberate europe from nazi germany. president trump joining queen elizabeth and prime minister theresa may at an event today in portsmouth. the president reading a prayer delivered by fdr as troops embarked for the beaches of normandy on june 6th, 1944. >> they will need thy blessings for the enemy is strong. he may hurl back our forces but we shall return again and again. and we know that by thy grace, by the righteous of our cause, our sons will triumph. reporter: across the english channel u.s. rangers scaling the cliffs of normandy, just like the allies did 75 years ago to take out nazi guns. of the 235 men who took the cliffs in 1944, only 90 were fit for battle two days later. >> i can only imagine they saw
on single ropes, people shooting, grenades, bombs going off, it would be an amazing thing to be able to do. reporter: nearly 300 members of the british royal region on hand, humbled by their countrymen who helped bring out a turning point in world war ii? >> you can't imagine feelings with people who took part from our angle, sailing into the unknown. reporter: today's event part of two days of ceremonies commemorating d-day. world leaders meet again tomorrow on the beaches of normandy. in portsmouth, england. benjamin hall. fox news. connell: thank you, benjamin. melissa: this was touching, the queen said at the 50th said they wouldn't be around for the 7 ath. here i am, here are all the people as well. connell: i saw that this probably obviously will be time for major anniversary you have so many of these brave folks that took part in d-day landing. they're all in their 90s.
melissa: reminding you how forces can come together. connell: i know. melissa: a last-ditch effort to find common ground. vice president mike pence meeting with mexican officials at the white house as the u.s. gets ready to slap businesses with additional tariffs. how are businesses reacting to the plan? we'll talk to hector barreto, former small business administrator, after the break.
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>> is it too little or too late or maybe in nick of time? mexico's foreign minister meeting with the vice president pence at the white house as president trump says he is preparing to impose 5% tariffs on imports coming in from mexico. if mexico does not get illegal immigration under control to the president's satisfaction. small companies may be bracing for the impact. 58% of u.s. businesses that import products from mexico, fewer than 20 employees. this number from the
international trade administration. hector boretto, the former small business administrator is joining us. he held that position under president george w. bush. great to see you. >> thank you. >> it is interesting. this has been thrown at people, right, kind of last minute so there wouldn't be a lot of time prepare. i wonder what small businesses are doing. maybe just hoping for the best? hoping they strike a deal and it doesn't end up happening? how do they handle it? >> they are concerned. obviously small businesses are always looking for plan b, but they are also cautiously optimistic because at least the leaders are talking to each other, and that's the best place for them to engage and to come up with solutions that help both countries. so we're looking forward to see what the feedback is, but we're -- we believe that something can get done here, and it will help both sides. >> is this a bigger story for the community that you have represented, the small business community, than china, whereas china might be more of a big business story, i would think, multinationals, apple and all
the rest whereas maybe this that statistic at least we showed that maybe more small businesses would be worried about this or should be. >> you're right. there are more small businesses doing business with mexico than are doing business with china. but small business looking at china as well. we hope we will get a trade agreement there and open up opportunities for that small business sector, but there's no doubt that there will be immediate impact on small businesses on both sides of the border. i was just at mexico last week. our organization opened up an office there. and they're optimistic about things that can be done in the future, but obviously we have to get past this glitch in the road, if you will. >> i'm sure people ask you what you thought was going to happen. what did you tell them? it is a negotiating thing, it will get worked out or should they be really worried? >> they are starting to get used to this, again on both sides. a lot of things have been said over the last year that didn't happen. we didn't close the border down. we didn't eliminate nafta without anything to replace it. there were a lot of things in actually the usmca that benefits small business. it is one of those things don't
always pay attention to what they are saying. pay attention to what they are doing and what the impact is on our small businesses. >> any impact of that just in the lack of trust going forward, you know, you're worried, it isn't maybe worth as much as it used to be, is there an impact there? >> trust is critically important. it is in short supply on both sides of the border. i will tell you a lot of small businesses in mexico are concerned about some of the things that are happening in that country and looking more to the united states as opportunities to expand their markets. this is one of those things that we will have to monitor very closely. it is going to change, and again, don't always listen to what they say. pay attention to what they do. we think they will work this out. we think small business is going to benefit from it. >> we may even know tonight, who knows or the next few days before monday anyway. let me talk about jobs, if i can. we had this report private sector jobs report that came out from the payroll adp, if you look at very small businesses, there was a problem area there last month, cutting 52,000 jobs. what's going on? >> well, a combination of
things. obviously in the old definition we are at full employment already. when i was in government, if you were at 5%, you were at full employment. we're under 5% right now. also small businesses are having challenge sourcing jobs. they are still looking for skill sets that aren't always available. so anything that we can do to train up our workforce and get them ready for the jobs of the future is critically important. >> do you think it is a sign of some sort of big-time slowdown coming, though? or just other factors? >> the business people i talked to are still optimistic this is going to be a good year. they like a lot of the things that's happened. created a more positive environment, so they not only start businesses but they grow them over the long-term. on the whole, there's still positive about what's happening. obviously we're only in the middle of the year. we will see what happens from here on out. >> there's an argument going on about whether there's still momentum from the tax cuts and some deregulation. is there, or might the president kind of mess all that up with the trade war?
what's the balance -- >> i don't see it that way. i don't think a lot of our small businesses see it that way. you mentioned something, the regulatory rollback is the untold story. that gives small business a lot more optimism that they are going to be able to grow and to continue to invest in their businesses. so on the whole, i think small businesses are still optimistic. there's some bumps in the road. we have to get past those. i think the administration is trying to do that and right now is the time to do it when we have the leverage because our economy is good. >> all right. fair enough. always good to talk to you. you know a lot about these issues. thanks a lot. melissa? >> all right, calling all first dates. in the swipe right dating world, encouraging users to take their digital conversations off line. the company announcing the launch of a new cafe and wine bar in new york city so users can mingle in real life. the location dubbed bumble brew will offer pastries and small plates specifically designed to keep diners away from embarrassing food moments.
the location is set to open this fall. >> this is great. it will be just as awkward as the video we used for the story. [laughter] >> terrific. i love awkward. >> that does it for us. >> thanks for joining us. bulls & bears starts right now. >> -- people that are coming in unchecked -- [inaudible] -- mexico can stop it. they have to stop it, otherwise we just won't be able to do business. it is a very simple thing. david: the president speaking in ireland earlier today. fast forward now to this afternoon, and we are awaiting remarks from a very high-stakes meeting at the white house that's now underway between vice president mike pence, secretary of state mike pompeo, u.s. trade representative robert lighthizer and mexico's foreign minister. now if anyone comes out to those microphones to speak, we will bring it to you live. hi everybody.