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tv   Mornings With Maria Bartiromo  FOX Business  July 25, 2018 6:00am-9:00am EDT

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over auto terrace did the president reiterating his call to make new deals. >> the way we keep america great is to make at least reasonable. i'm not saying at least reasonable. the least fair trade deals, not trade deals. we are changing it and we are changing up rapidly. >> the administration helping america's farmers this morning already coming under fire. breaking down the key issue strata had. futures indicated a fractional gain trading for the dow industrials. nasdaq up six points right now. dow in s&p 500 close to gains yesterday. the nasdaq was flat yesterday. three quarters of 1%. the european markets like this. down 40 points. cac in paris is flat and the index in germany than a quarter
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of a percent. winner on the hang seng index in hong kong up 1%. another possible that the escalating trade fight. apple iphone is the company's most profitable exported from china. look at this. robbers making out with nearly $30,000 worth of products. they were stealing everything they could get their hands on right away. what a video. extreme weather heading both coasts this morning. the heart of yosemite national park closed due to wildfire. severe rain triggers flash flood in the pennsylvania making it look like a chocolate river flowing through hersheypark. and then there's this. safety regulators warning people against doing that in my feelings challenge.
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but god biro. all the stories coming out. fox business network dagen mcdowell. kevin kelly and former home depot chryslers eeo bob nardelli feared this morning. >> great to be here. >> you knew him very well. >> a sad day for his family. he certainly will be mass. he's a formidable force. a very sad day. 66 years young. mike manley i know extremely well. very confident. he's a strong leader browning was there. i think he's going to do just fine. obviously he'll have a transitional period to picking up the fiat portion. he knows the chrysler business like the back of his hand. train to earnings in the
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spotlight as well. >> jenkins about sergio marchionne. workaholic saved chrysler. some terrific and it doesn't demand the bitterly divided 24 hours a day of his life every day of per week every month to saving and revitalizing chrysler. in particular caffeine the jeep grand. one of the quotes in the article is the nationalities do matter to car buyers. he tapped a great potential of the jeep brand. >> when we extracted chrysler in 07, we said seven, we said all of that up again and the team did an effective job in repositioning jeep. the challenger charger. the team did a heckuva job in repositioning.
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>> what i've read is 80% of the operating profits for fiat chrysler is cheap in the ram 1500. >> this talks about domain name mike manley as the processor. it is a testament to the leadership, the team you're talking about. he didn't see a big drop-off in the shares and shareholders were confident in mike manley and wendy's done. >> i think i read about mike manley would be a mirror image of sergio relative 24/7. guys for a lot less. >> when it was a brookings seminar that sergio marchionne was attending any pointed to ask what was going on with chrysler. he pointed to the pointed to the unpreventable bathrooms unfit for workers expected to turn out high-quality products to compete internationally with the best of the best and you understand that starts with the workers.
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>> exactly. attention to details. we spend more time at work that we do at home. >> it took a canadian and italian to understand the american attachment to the jeep brand. the nationalities that brands matter and that is very true. >> i don't think people realized he was sick. >> i think what i read this he kept it quiet privately and i think the surgery again as i read was one of his only last resort in trying to remediate his situation and something went terribly wrong during that surgery for him. maria: did he want to do another deal, a bigger deal? >> sergio was always interested in a bigger deal. he approached about accommodation of gm, fiat chrysler. he wanted to do something with
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nissan. he was focused on trying to get further consolidation in the industry. dagen: and access to the chinese market as well. maria: one of the busiest day for second-quarter earnings. three dow components. also reporting before the bell. analysts are expecting numbers. $1.72 a share. now the negative press with cambridge analytics a good your thoughts on facebook. >> and interesting analysts and investors are focused around the user numbers, especially around instagram in the corporate data station of that platform. i think that is really going to be the saving grace for
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facebook. and how is that play into the regulatory environment that they are probably going in europe. only a matter of time until the europeans come down on facebook and what they're doing with the data. and think investors right now are really excited about the margins. a good read through from google's earnings that everyone is on their screen and so there's really two giants and its google and facebook when it comes to mobile ad and display advertising. later this week we will see amazon, how because they only know your habits at mike's. especially when you talk about the echo been in your home. facebook will address that on
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how they're going to combat amazon. able to take care of snapchat and copied all of their functionality. we'll have to see what they say on that. we are talking about members of the dow 12% organic revenue. that is predicated on retail sales. that leads into how well the economy is doing. >> you talk about the fortune 500 reports today. fortune 500 accounted for $30 trillion in revenue for 20% of the gdp. the fortune 500 now has 111 chinese companies.
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>> we see the impact of china in the fortune 500. obviously what were watching for what the report with general motors and ford. the trump administration is deciding whether to impose on auto imports from the european union. topic and when the president meets with european commission president jean-claude juncker for trade-offs. what happens at the white house this when we get to e.u. commissioner? >> politically and at least in terms of optics when you have donald trump inviting a guy named jean-claude from luxembourg into the white house coming guess who's going to come out the winner. that being said, a $12 billion handout, the welfare to farmers
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at the trump administration has cooked up to try and offset the trade problems that have been corrupted from the tariffs we slap a deal in aluminum and retaliation from canada, mexico and europe on american farmers is welfare and it's an admission this is not a rounding error, but a problem for the country. soybean farmer on this program more than once said wants trade, not aid. this is a mistake. starting with the trade fight that need to be paid. >> with the car manufacturing talking about gm ford and yet christ to delay in earnings because of this. tariffs is one of them, but the other one is flowing car demand. they are starting to come down right now. as the price of cars go up, and i can only exacerbate the problem further.
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we have to get an indication on how it will impact earnings. it's not the import tariffs which every single manufacturers opposed to. the fact that steel and aluminum enough for all the automakers. >> putting tough tariffs on auto or auto components. some manufacturers on the auto will export component manufacturing so you're not paying 125 and deal. they'll bring in lower costo components into assembly. going to be very intricate and delicate decision. >> what we hear from the impacts of tariffs. cultural secretary sonny perdue about the foreign aid at 6:30 a.m. eastern.
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talking with u.s. farmers and producers about the impact of tariffs on their bottom line. the big show at 7:00 a.m. eastern. they with us. extreme weather from coast-to-coast. the very latest coming up this morning. robbers stealing $29,000 worth of iphone's and a lot more from the store is all caught on camera. the impact of the u.s.-china trade fight. all of that coming up in a moment. ♪ 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
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>> welcome back. extreme weather across the scorching heat in the triple digits on the west coast. raging wildfire forcing yosemite national park to close. deadly flash flooding on the east coast. they've been tracking it all in is here now with the latest. good morning to you. >> right outside your window here in midtown. lots of rainfall has been the sort of been on the east coast in the heat. can you believe we broke a record in phoenix, arizona yesterday. 115 degrees yesterday. the heat is ongoing. july typically as format here, but record-breaking heat is on
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going today, tomorrow and things will relax a little bit in terms of high temperatures and get moisture in the area. high heat advisory is posted for the southwest, southern california up towards the northwest. dozens and dozens of wildfires here. they need the moisture and heat relief. we will start to see that in the next couple days. southern california. we want to make mention of the heat across texas more than 100 degrees surpassing 110 degrees what it feels like. working its way into new mexico appeared a little bit of relief across the four corners. when we see the rain in relief for flash flooding. the east coast from florida all the way towards the mid-atlantic in the northeast.
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all of this moisture and tropical moisture coming into the area. in some cases the foot of rainfall the ground is saturated or they can't take any more moisture. unfortunately for the next 24 to 48 hours we will go see the rain thread, but things will start to clear up is to get into the weekend. flood advisories are posted. know what to do if there's a watch or warning in your area. don't travel through water kids to the bottom of. flooding is one of the major causes of weather-related deaths across the country. 77 in new york with her and the forecast. cruelty delays in the airport across the northeast. he tends on to the south in a little bit of relief across the southwest and the west coast this weekend. back to you. >> when we come back, congress getting an update on north korea's denuclearization this
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morning. remains from the korean war. there may be more questions than answers as secretary of state pompeo takes the hot seat today and testifies. where the ntsb is issuing a warning about the drake and my feelings challenge. back in a minute. ♪ hawaii is in the middle of the pacific ocean. we're the most isolated population on the planet. ♪ hawaii is the first state in the u.s. to have 100% renewable energy goal. we're a very small electric utility. but, if we don't make this move we're going to have changes in our environment, and have a negative impact to hawaii's economy. ♪
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trump and george w. bush and former north korean human rights deputy special envoy. good to see you. thanks for joining us. what you expect? lawmakers are hoping that testimony will clarify the administration's policies on russia. many hoping to uncover what was said between the president and putin in private. do you expect them to learn any of that? >> we look a little more detail in the three topics would be north korea, russia and iran. give a speech at the reagan library this week. you're also going to get a lot of partisan sparks. the foreign relations committee and a fair amount of deference that the judiciary committee party scene. you have the democratic ranking member of menendez but the chairman bob corker. you'll see a lot of attention on russia and a lot of got you effort towards a secretary.
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preparing to travel to south korea to assist with the repatriation of u.s. service members in the korean war. a lot of uncertainty a lot of uncertainty. especially the transfer without final approval. do you think north korea will follow through on this? >> eventually they will. they have proceeded with talks more or less on the timeline agreed in pompeo's last visit to pyongyang. he did miss one meeting gave her range of possible date and follow through on the last date and that sort of a confidence building measure in remains of the americans have been there since 1950, 1953 who died in the war. the law to update the pompeo could provide information on. that was the one specific thing trump and kim talked about in singapore. the factors progress on that is very good. likely to go to the region next
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week. i doubt they'll talk about that, but we should get a little more detail. >> edition, one of the biggest impediment speculated about the north korean negotiations is the interference by china and right now it seems we are only having escalations in our discussions with china, with the terrace. where do you think the implications are with north koreans would make him pay with his negotiations given that it seems to be really energetic and in those affairs. >> the fundamental part which differs with that in the george w. bush administration and the clinton administration is frankly not to put china in the center of these discussions. they're almost always in beijing different parts of north korea. trying to create an economic future for north korea that is not dependent upon china has been a big part of it and
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frankly part of engaging russia. we don't know how specifically that came up between trump and putin but they did discuss north korea. russia has a great fear of china. a very unpopulated nation. russia can use labor but doesn't want chinese labor. that might be an area of cooperation. china does things unhelpful and while they're not wholesale violating sanctions against north korea, we do think i've gotten loosey-goosey with enforcement. >> bob nardelli here. you served in several administration so you would have been inside. president trump is talking about taking away security clearance from brennan and others. what is your point of view? is that a good thing or what's the implications? >> i thought it was weird people would want to keep clearances. if you plunge into academia or consulting, not to be accused of leaking classified information. it sort of a vestige of time when positions are held by
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people who had a bipartisan inclination. the idea being you might want to bring people back who done the job before. president or secretary may want to call in a predecessor and have automatic access and give them access to highly classified information. i do have things that the former cia for a national intelligence who gone and become extremely partisan talking heads. another thing politicized and what trump has done is catching up with the times. maria: for the most part, brenneman clapper trashing the president daily on cnn. >> this isn't going to a think tank to a think tank thing i respectfully disagree and this is what we try to do. this is gone out the door to go to the most partisan of partisan tv networks to become a paid talking head. if you do those types of things can you shouldn't expect to have a clearance. clearances for people in the executive branch who made that further job.
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dagen: christian, taking away their security clearances are going to shut them out. turning to have been leaking information in arabic son cnn. >> if they were doing that, they should prosecute them because that's against the law. one thing i will add if john brennan, bob goodlatte told you on sunday he wants to call john brennan in front of congress come in front of his committee. if john brennan has to look at classified documents as part of the testimony, he will need to have security clearance in place. they could give him temporary clearance. this is from a 32 year military veteran. security clearances are essentially part of a golden parachute that are given to the intelligence officials when they go out looking for a very lucrative consulting jobs. every american a shock that these things are dylan plays.
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maria: especially as you have these people on cnn trashing what is going on at the white house and president trump's policies daily over and over again. we will see that list. about 50 names on the list of people that could not want to question in testimony and john brennan as i'm not last. christian, thanks for weighing in here. important information. we appreciate you joining us. coming up, farm aid 2018 to ease pain of the trade dispute. american farmers the $12 billion of aid from washington. a one-on-one interview coming up with sonny perdue is next. end of an era for a bongo drum. the first daughter shutting down her fashion company and shifting focus to more work in washington. more details there. coming up in a moment. ♪
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maria: welcome back, good wednesday morning, thank you so much for joining us. i'm maria bartiromo, july 25th, 6:30 a.m. on the east coast. announcing quarterly earnings general motors and facebook after close tonight. speaking of automakers president trump set to meet with european commission today to discuss
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tariffs on cars imported from the eu. >> how did it get so unbalanced, they said nobody ever called, they said nobody ever called, they do whatever they wanted and we just put up with it. not any longer, folks, making tremendous progress, they are all coming, they don't want tariffs, they are all coming to see us. maria: the president trump announcing both u.s. and eu dropped tariffs. futures this morning are flat, dow industrials are up, fractional moves. dow breaking at 3-day losing streak, 3 quarters of 1%. nasdaq inch lower and s&p up 13
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yesterday. in europe major indices are mixed as well. the cac quarante is up a fraction and dax index in germany down a fraction. asian markets mixed overnight with best performer in hong kong, one company that's keeping close eye on overseas tariffs is apple. the president ready to tax all goods coming out of china, technology companies like apple have manufacturing there and that could be a tough. these meanwhile steeling i pads, it's all on video while customers are in the store. the store wasn't even closed yet. the fed not too happy with social media challenge tied with rapper's song. throwing themselves out of moving cars to dance.
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>> all going viral, we have details. summer time, time to hit amusement park, right? we will check in with six flags to see how they are handling this season, first, though, half story -- first half an hour, aid package for farmers who have been hurt by tariffs while president says it will help farmers, gop senators are skeptical of this aid. >> the farmers will be the biggest fiduciary, watch, we are opening up markets, you watch what's going down. just be a little patient. >> it's a lot of money, we are talking b, compared to what farmers lose over time it's not. farmers don't want aid, they want -- >> when you start playing
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insurance policy that they'll be no pain in tariffs not sure it's going to work because once you start where do you stop? maria: joining us sunny perdue. >> good morning, maria. how are you? maria: i'm doing well, you heard lindsey graham, pushback on aid not coming from lawmakers but soybean farmer ron hegseth on the program earlier the month. >> the tariffs are ill con seeferred an totally inappropriate using food as a weapon raising the price of food to the chinese people and devastating the united states farmers is a lose-lose situation for everyone. farmers want trade, they don't want aid. maria: there you go. trade not aid, your reaction. >> absolutely, farmers want trade, there's not a farm ner this country that would rather not have a good crop and fair price, the problem is they haven't been getting fair prices because of restrictions of other
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countries placed on productivity and the president trump is the first one to call them on that. china has been cheating for years and no one has called, it's like watching a game where the umpire is clearly prejudice and nobody stops him. maria: yeah, i was reading your comments earlier, you're calling illegal retaliation, didn't the u.s. start the fight? >> the u.s. started this by calling that, the negotiations had taken place, the response should be for china to stop their own fair trade practices like inintellectual property theft, that's even happening in agriculture, stealing corn seeds in iowa, those kinds of things as well as force transfer, that's the appropriate response not creating a file and then filing somebody at the file line, that's what's happening with china. maria: i totally understand what you're saying about china because they have been steeling us for years but that's not the only country getting impacted. tariffs on eu, tariffs on
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méxico, and on canada, so it's not just china. >> well, let's deal with eu, frankly more nontariff barriers for american producers, all american farmers want is a level playing field, our productive farmers and ranchers in this country could outproduce anyone in the country in the world and they would if they had a level playing field. that's what president trump is trying to get and it's not there, the eu is one of the offenders, even our neighbors canada and méxico have not played fair, canada as you know charges tariffs of 1250 to 300% on products and they are access to open markets. maria: when does it stop, the 12 billion-dollar aid, are you going to have to do aid, is the government going to doll out more aid for technology, for auto, for every sector out there basically? >> this is the temporary measure for agricultural producers.
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it's authorized in the usda and part of their rules and we are using that to temper this. this is a temporary measure, hopefully to show china and other countries they cannot bully the u.s. into caving in on unfair trade practices that's exactly what president trump's strategy is and i think it will work and certainly we'd rather have trade than aid and restore the markets but not at unfair practices. maria: what's plan b if they don't stop, continue retaliating? >> that's their decision, i think the pain will get worse on them going forward as the president said, you see the eu is in town today looking to negotiate and talk about these things, we think we are very close to an agreement with méxico and often times the president doesn't like to do this but when people don't play fair you have to throw the following. maria: tell us the details on aid package, $12 billion, how
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soon will farmers feel it? >> the details will come out in probably mid to late august and program begins after labor day, september the fourth when farmers are able to sign up there. they'll be a portion of payments directly for crops like soybeans and corn and wheat and even some dairy and some pork payments there and then for the rest of money we will buy those commodities and redistribute to food banks and school -- school nutrition programs there. thirdly, there's a program about creating different markets, the markets where we can go in and have a level playing field. maria: are you surprised that these countries are targeting many states that voted for donald trump? >> no, these are smart political people, they know exactly what they're doing, they are trying to bully the president politically and you hear some of the comments from congress, that's what's happening, is that they politically they are
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playing a game and we expect that to continue. maria: but are you playing a game also, the timing of this right before midterm elections s there any reason to believe that this idea that everybody is going to drop all tariffs is based on any reality is the president really expecting that? that's what he tweeted last night. >> i think that's exactly right. i think this is not a political game, this is president trump doing exactly what he told farmers he would do. he knew that there would be discomfort and disruption and retaliated against because we have a surplus in agriculture, our farmers are some of the most product nif the world and we export more than we import and therefore the farmers and agriculture products always the tip of the sphere when retaliation comes. maria: real quick before you go, secretary, when would you expect us to have a real realistic picture of this is going to my out. how long are we going to play
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this? >> we hope to have a deal with méxico very soon, restore that part of canada, hopeful that canada will see the president is serious about this and they need to more fairly and get a deal with canada and then move onto have china as well. we think there's discussions going on with china and a lot of things you see in public is different than what you see in private. maria: what do you think the president wants to get out of junker today at the white house from the eu? >> i think he wants to remove the nontrade tariffs in in agricultural products as well as other products, the eu has a huge economy and they only import a smidging from the united states, we are capable of producing product that customers want an president trump simply wants to level the playing field. auto is a good example. that's their juggler. maria: we do charge 25% on light trucks, right? >> that's correct. maria: thanks very much.
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>> thank you, maria. >> sonny perdue, i will be speaking with a group of dairy farmers and cheese producers to get perspective on tariffs and farm aid plan and impact on businesses. first though coming up swiped apple, $25,000 of iphone and hardware stolen from california store right in front of everybody. we are watching it happen right now in this braising heist video, incredible. drake fans, ntsb has a warning about the in my feelings challenge, you to hear this, back in a minute.
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wild fires, there, cheryl. cheryl: well, maria, it's so sad 10 tourists managed to survive the fire they were running from but they couldn't escape the sea, they were on vacation near athens and had to flee for their lives only to tie when a boat that was trying to rescue them capsized in rough waters, at least 79 people have died in wild fires, some of them as they try to drive to safety. witnesses say wild fires like a flame thrower. amazing video, a group of men in hoodies stealing about $30,000 of iphones and i pads from apple store, then they cut and run, look at those poor little teenagers, they are all scared right there. happened last night in orange county, california all caught on camera, meanwhile apple is vulnerable in the escalating trade fight between u.s. and china. president trump threatening levy in import which would cover about everything china ships to the u.s. that possible you could
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include apple's iphones that are assembled, yes, in china, shares of apple up 14% so far this year. well, ivanka trump is shutting down fashion brand more a year after leaving to become white house adviser, trump made decision that the business should be shut down and has nothing to do with the brand's performance but decision to remain in washington indefinitely. now the brand which sells clothing, handbags, perfume, saw sales decline over the last 18 months or so, they were dropped by nordstrom, knee neiman marcud the sales were strong during campaign but after inauguration start today fall. finally this, make nos sense, the internet challenge is causing the feds to get involved, even celebrities like will smith have shared version of popular new dance, you watch.
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♪ ♪ cheryl: they are jumping out of my car in my in feelings challenge, you go, grandma, looking good. ntsb isn't amused, they issued warning. motorcycle crashes are the leading cause of death in the u.s., hopping out of vehicle and jumping into lanes of traffic is foolish and dangerous to you and those around you. so the challenge initially went viral after social media started posted video of himself doing the dance. so, you know, the dance is fine y'all just not in the middle of moving traffic. maria: yeah, not if you're getting out testify the driver's
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seat and your car is rolling with no one in the driver's seat. we needed a warning for this, dagen from the ntsb, thank you, cheryl. dagen: i'm so glad the government is there to tell us that this is stupid and dangerous. [laughter] maria: we spend billions of dollars in crash tests in the automotive industry but that's to protect the person behind the wheel when they are driving and now when they are outside tansing. it's foolish. kevin cech just so you know, this isn't new, this is form of ghost riding the whip which was popularized by the movement in the bay area back in 2008, this was really, this is -- i mean, this doesn't surprise because it's been going on for almost 10 years now. >> have you done it, kevin? kevin: no, i haven't, i know somebody that has done it and got injured.
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i have people that want to impress their friends and show off for some reason. dagen: the driver's side door is open but the driver is not out, i don't think -- maria: you're not buying it. dagen: yeah. stupid to be rolling with the door open whether you're the passenger or not. maria: ntsb to tell us that. coming up summer time in six flags, parent company of the amusement giant reporting earnings and the ceo is here to talk about he keeps things flying high back in a moment. year, i am sorry about that. [music playing]
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maria: welcome back, earnings continue, six flag reporting second quarter earnings before the opening bell this morning, theme park giant 8 8 cents, joining more to talk about that, chairman and ceo and president of ceo of six flags. >> great to be here, maria. maria: characterize business? >> business has been fantastic, we had another record quarter and we are heading for ninth record year in a row. attendance is up 7%, revenue is up 10% and earnings 16%, very strong. maria: are there trends that you saw that are indicative of the broader economy right now or is there something specific to six flags? >> we have a series of initiatives that i described that i can talk about that drive the business, the economy itself is doing well. if we look at active past, people that come to parks
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regularly, season holders or members, that's up 8% in the last year, we are seeing strong growth, a lot of people coming to parks. kevin: one of the biggest things that shareholders are focused on diverse fibbingcation of revenues throughout the entire year to 2q, 23, where are you on that on expanding out your revenue sources, i know special events are happening, international licensing, can you expand on that? >> yeah, it's a great question, when i joined the company we really earned money in two quarters, second quarter which was a good quarter and a third quarter was always the greatest strongest quarter. we now make money in three quarters, the second, third and fourth quarter, we transformed the quarter into a very strong profitable quarter. maria: how? >> i will describe in one second, we are looking to do that with the first quarter as well. we have done it in exactly the way you describe, we added series of initiatives such as really expanding fright fres brand overhalloween we had incredible event and i think bob you may have gone to visit our
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georgia park and experienced it, we do that and make it the scariest event possible and as a result word of mouth people want to be there. maria: >> we added holiday in the park, we have holiday event, christmas in our parks and we are doing and expanding the number of parks, july 4th events, mardi gras events now and expand the season and people want to come more and more. >> you've done a marvelous job and this is the second tour here of bringing something out and having phenomenal performance when it went public, when you stepped in you had fabulous track record, one to have competitive advantages is you're local, think globally but act locally and so people can visit your park, it's not like they have to take a vacation or trip and what you've done through events to really attract and retain has been phenomenal so what do you do on the first quarter, what's your plan? >> so we are really the biggest thing that we are doing is looking at five initiatives that
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i described. the first and moe important initiative is expanding the membership base that we have. season ticket card holders, converting to memberships, they are paying monthly and we have seen huge increase in number of members, that smooths out revenue, the second thing is pricing, we have been pricing up. we haven't been taking big increases, reasonable increases, mid-single digit increases and that has really led to success. food, we started adding food events and broadening culinary experience that's been very positive. international which we talked about last time you were interested in that and now since i saw you last, we are up to 13 international parks being developed. maria: 25 parks in all. congrats to you. jim reid-anderson we will be right back contemporary make-overs. then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today.
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maria: welcome back. thanks so much for joining us. your top stories right now, 7:0. fiat chrysler says the former ceo has died. breaking news. he was 66 years old. he is being replaced and was replaced over the weekend as the ceo unexpectedly amid complications from recent shoulder surgery. the earnings parade rolls on, the earnings right now being talked about, coca-cola reported better than expected numbers in terms of earnings as well as revenue. fiat chrysler just reporting as well. the stock is down on the news.
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fiat chrysler lowering its guidance for revenue. the stock is down better than 4%. rising trade tensions, president trump holding a high stakes meeting with the presidents of the european commission today at the white house amid the standoff over auto tariffs. the administration rolls out a package to help the nation's farmers. sonny perdue defended the plan last hour, right here. >> there's not a farmer in this country that would rather not have a good crop and a fair price. the problem is they haven't been getting fair prices because of the restrictions of other countries, placed on their productivity and president trump is the first one to call them on that. maria: we hear from a group of dairy farmers this morning, along with cheese producers, coming up straight ahead. markets this morning are flat. futures indicate a mixed opening, dow industrials down 13, the nasdaq up 2 points, after the dow and s&p 500 posted gains yesterday. the nasdaq was flat yesterday. the dow picked up 200 points at the close, three-quarters of 1%
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higher. in europe this morning, mixed performances there right now as well, it is now decidedly negative. the cac is flat, the dax index in germany down a third of a percent. in asia overnight, mixed performances there as well. best performer was hong kong, up almost 1%. snoozing on the job, a dmv worker caught sleeping and she did it for years. plus, we have a winner, we have the details on the mega millions drawing last night. it was a biggy. a new kind of ride from segue, the somebody known for scooters now getting into the shoe game. wait until you see this. all that coming up this wednesday morning. joining me to break it down, dagen mcdowell, kevin kelly ankellyand bob nardelli with uss morning. >> of the 13 companies reporting this morning, only three are down year over year.
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the economy is really cooking. dagen: to be balanced because i've been very negative on these tariffs and these unnecessary trade tiffs that the administration has picked, however, many manufacturers have come out and said just yesterday, united technologies and 3m are taking the tariffs in stride, they're still growing through them, they're not exceptionally concerned about them at this point. united technologies was up almost 4% yesterday, 3m gaining almost 1%. it is not playing out in the markets and even in the businesses of the big manufacturers. maria: they think he's in negotiation mode and they're waiting to see how it plays out. gm is lowering guidance and fiat chrysler is lowering guidance also. look at gm right here, kevin, down 3 3/4%. have you news on fiat. >> fiat chrysler actually cut their full year outlook, they you cut their earnings, they've revenue outlook. shares are falling about -- well, now over 5%. but their call's going to start
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at 8:00. we'll get a read-through on what they're saying about the transition, about tariffs and slowing demand for car sales. we were really at peak sales, this goes back to the industrials that we're talking about. utx came out yesterday. last quarter we had caterpillar talk about th high watermark for earnings. 100 companies so far this year have talked about spins. the anticipation is a lot of the industrials will spin off units to add more shareholder value. maria: how do you see it, bob? gm is cutting the full year earnings forecast and revenue forecast. gm is down 3 3/4%. fiat is cutting expectation as well. >> i think what you see, kevin mentioned it earlier, in addition to 17 million, we're starting to see that soften. why? because incentives are being pulled back. so they're making more profitable revenue than just driving unit sales to be ranked number one. interest rates are going up. you won't be able to do the 70
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months, 0% financing. so we're starting to see some multiple impacts on the auto industry and dagen, to your point, i'm not sure, some will use tariff as an excuse, others will plow through it. maria: we'll see what the guidance says. that will be key through all the earnings. joining us this morning is am fox, as well as darryl isa, along with judge andrew napolitano. a real estate co-founder and ceo, dali lens will give us a check on real estate this morning and dr. mik is with us as well. we've got a big two hours coming up. our top story this hour right now, aid for american farmers, the trump administration announcing $12 billion in emergency farm aid, trying to ease the financial burden caused by retaliatory tariffs. i just spoke with agriculture secretary sonny perdue about this action. >> this is a temporary measure for agricultural producers. it's authorized in the usda and
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part of their rules and we're using that to temper this. this is a temporary measure, hopefully to show china and other countries they cannot bully the u.s. into caving in on unfair trade practices. that's exactly what president trump's strategy is. and i think it will work. and certainly we would rather have trade rather than aid and restore these markets but not an unfair practices. maria: joining us to talk more about that are three dairy farmers from america's heartland, mark check, a minnesota dairy farmer, jim ostrum, ceo of milk source with farms throughout the u.s. and jeff swagger, president of satori cheese. thank you for joining us this morning and weighing in. jeff, tell us how the tariffs are affecting your cheese exports. >> roughly 10% of our business is export business. we had to reduce basically our
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selling price to cover the tariffs in mexico with our import partners and customers there so the consumers aren't seeing an impact on it. what was profit aable business e is now unprofitable or breakeven at best. maria: what would you like to see happen, jeff? what was your life like before the tariffs went into place, knowing you were probably on the losing end of a deal. >> before the tariffs went in place, we were focused on growing the business and growing profitable business around the world. now we're focused on maintaining business. it's not good for the long term. maria: jim, when will dairy producers feel the effect of these tariffs or have you already in your dairy business, jim? >> good morning. yes, the dairy industry's feeling the effects, i would say substantially. i think what separates our situation from really the rest of the country is that we have just recently started to come
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out of a pretty substantial recession as an industry. and just as we're seeing some upward tick to futures prices, the trade war broke out. i estimate that the industry's going to lose about -- and is losing about $10 million a day, $3.6 billion a year, just in dairy. so that's not soybean. that's not corn. that's not pork. that's just dairy. and i can also tell you that i know personally large farms and small farms that are under immense stress and they don't have a lot of alternatives to survive this. so we welcome help from the government, from the department of agriculture and secretary perdue. i think it's going to be needed. maria: so this -- you're saying this $12 billion is really needed right now. i mean, the question of course becomes when does it end. is the government going to start doling out money to every
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industry affected by the tariffs? >> i think that's a very fair point. i don't know anybody in agriculture that wants any government subsidy. we want a free market. i urge the white house to negotiate aggressively, find trade partners starting with mexico, our largest trade partner. we've already lost markets to mexico. our markets to china and canada are under stress. any success that the white house can get will help the industry to move forward and all of agriculture in general. maria: let me move on to you, mark. tell us about your dairy farm. how is it doing right now? will this help over the long term? or are you also looking at a money losing situation? >> this is a short-term fix. we need to be on fair trade. i honestly, our dairy farm is struggling right now, probably worse than it ever has.
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i do agree with president trump. we need to fix this long term, so that we can have sustainable agriculture. maria: are you seeing higher expenses and are you passing them on to the consumer as a result of the he retaliation? >> we really can't pass it on. we have a perishable product. we milk ou cows. our milk leaves the farm. we basically get what the market is. it's very hard. it's one thing with farming, it's always been. what other business really puts a product out there without knowing the returns. maria: what do you want to see from the administration at this point? jeff, kick us off on this one as well. what would you like to see the president do at this point? >> i think we would like to see free trade as people have mentioned here. we need to get trade agreements in place. europe's ahead of us. they've gotten free trade agreements recently done with canada and mexico and we're
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sitting on the sidelines. we need those agreements in place. maria: right. but the president said look, let's drop all tariffs. that went unanswered, jeff. your thoughts on the same question? what do you want to see out of government now? is this going to be effective, $12 billion in aid for you? >> it's not going to affect the manufacturers at all. farmers need the help. it needs to go there. but $12 billion is not going to -- as jim mentioned, $3.6 billion in a year is just dairy. it's not going to cover the other markets. maria: yeah. so mark, let me show you what the president is saying now because he's actually right now tweeting about trade and about the farmers. he says every time i see a weak politician asking to stop trade talks or the use of tariff to counter unfair tariffs, i wonder what can they be thinking, just
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going to continue and let our farmers and country get ripped off? lost $817 billion on trade last year. no weakness. your thoughts on the president's tweet right now? >> i agree with the president. we have to stand firm. we have to stand up. congress has to stand up and fight for this free trade. it just needs to be done. this has been a long time like this. this isn't just something happened in the last couple years. maria: what are you going to do -- >> this has been going on for decades. maria: what are you going to do? jim, weigh in here. if this is sort of the law of the land, that our trading partners across the world do not back down and they retaliate and they target the farm belt? >> i think what's important, and i would ask the president to be acutely aware of this, is there's a massive transfer of wealth going on from agriculture in the united states to
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agricultural producers elsewhere because they are taking our market from us because of these tariffs. so while i agree with leveling the playing field, the playing field is getting swiped clean here in the united states because wealth is being transferred. i think going forward unfortunately we're in commodity production and it is a difficult business and as we were coming out of the dairy recession and starting in march and april, now we're going to have to solve this with people leaving the industry and that's really heart-breaking for many people. families, we in agriculture, we raise our children to raise farmers, our grandchildren, and it is going to be a very painful process if we don't solve this trade problem. maria: do you think this aid is a good idea from the government? >> i think it is nothing more than a short-term fix and if dairy is 3.2 or $3.6 billion of it, it's probably not going to be enough and i'd much rather
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see some solid trade deals come along. maria: and so in terms of solid trade deals, you just heard sonny perdue saying look, we're probably going to get something done with mexico sooner than later, hopefully canada follows suit. is that what you would like to see, jim? >> yeah, in that order. i think that's going to be very essential to our success. maria: mark, do you agree with that? >> yes, i do. maria: jeff, final word here. >> definitely mexico first, canada second and really on the dairy side we've got to get rid of the supply side management that canada has for dairy and get to a true free trade agreement up there. maria: we will leave it there. mark, jim and jeff, great to see you all. thanks so much, gentlemen. >> thank you. >> thank you. maria: we will be watching the developments and the president just tweeting this, when you have people sniping at your heels during a negotiation it will only take longer to make a deal and the deal will never be as good as it could have been
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with unity. negotiations are going really well. be cool. the end results will be worth it. the president walking us through the negotiation strategy. coming up, one lottery fan waking up much richer today you've got a good record and liberty mutual won't hold a grudge by raising your rates over one mistake. you hear that, karen? liberty mutual doesn't hold grudges... how mature of them. for drivers with accident forgiveness liberty mutual won't raise their rates because of their first accident. liberty mutual insurance. ♪ liberty. liberty. liberty. liberty ♪
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maria: welcome back. breaking news this morning, fiat chrysler's long-time ceo has died. share casone has the details. cheryl: the holding company of the family which founded fiat said that sergio marchioni died
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due to complications from surgery. this news this morning came just days after fiat chrysler announced that his condition had worsened after the shoulder surgery. the company named mike manly, who ran the jeep, suv and ram truck decision as the new ceo. he was just 66 years old. meanwhile, we should take a look at the stock right now. shares of fiat chrysler with lower in the premarket. the company actually cut their earnings and revenue guidance this morning. there was a question of whether they were going to actually release earnings this morning. but they did. the stock is down more than 7% right now in the premarcmarket. it was also under pressure when the ceo switch was announced as well. let's stay with earnings news. the season's in full gear right now. we've got coca-cola, dow component, checking in with better than expected numbers. we're going to be hearing from g
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and visa. general motors is out with better than expected numbers. they did cut guidance for 2018. facebook will report today. that company will release today after the bell. ahead of that, facebook said it will open up an office in china where its network has been blocked since 2009. some interesting news there. we'll get those results for you as soon as they come out. taking a look at all of those stocks in the premarket, boeing, visa and facebook to the upside, gm and coca-cola in the red right now. well, here's this, one lucky californian is waking up a millionaire this morning. a winning mega millions lottery ticket was sold in san jose. the winning numbers are 1, 2, 4, 19, 29, the mega ball, 20, the cash payout, over $300 million, this is the fifth largest jackpot actually in u.s.
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history. maria: wow. cheryl: it's huge, right. i have a dog story for you. meet the cutest dog on capitol hill, this is a boxer dog, belongs to liz cheney's chief of staff. hank's known for making friends with capital police. he's also friends with former vice president dick cheney. runners up are matte from senator chuck grassley's office and sadie who belongs to karen handle. maria: i love that sore store -- story. one pizza delivery man held by i.c.e. ordered free after being detained last month while delivering a pizza a military base. one dmv worker snoozing on the job for three hours a day for four years, she still has her job.
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joining us right now is judge andrew napolitano. what a story. >> my heart broke when i heard this story because this is the classic example of somebody who should not be deported. a technical violator of the law but a hard working american, a hard working person in america, with an american wife and american children, a person who pays taxes and doesn't break the law. a question. does he deserve to be in jail? there's two standards for putting somebody in jail. one is the evidence of your guilt is so strong that you're like live to leave. -- likely to leave. you the other is you don't have the right to be here in the first place, we're going to hold you until we deport you. we have a federal judge saying this is an exception to both of those cases. this person is not a flight risk. this person is not a danger to himself. he's not a danger to anybody else. he's a productive member of society. he's a provider for a family of five people, let him out of jail. maria: we're learning this man was actually issued an order of
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removal from the united states back 2010. >> and he defied it. that's the reason that he was put in jail, was that dedefiance. can the president have a zero tolerance policy? yes. can the president have hardship exceptions to his zero tolerance policy? yes. should judges be deciding what are the hardship exceptions? no, it's an executive branch decision. do i agree with the judge that let him out of jail? absolutely. should he be removed from the country? it's not up to the president personally but it's an executive branch decision. dagen: i want to point out, a senator when she was speaking at some event in new york over the weekend said that priority number one for the democrats if they take back congress in november is to abolish i.c.e., not the economy, not the health of the nation, not national security, not defense, but abolishing i.c.e.
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i just -- judge, again, they seem to stand for no borders and no rule of law. >> that is such an extreme unwarranted and dangerous position. there are other ways for them to advance their agenda. you just ticked off problems that affect far more people than i.c.e. they may not like the way i.c.e. does its job but to suggest its abolition is some of the most extreme arguments i've ever heard. i don't see it resonating with voters. maria: exactly. people don't want all these wide open borders and abolishing i.c.e. and for that to be their number one priority -- also elizabeth warren the other day was out saying america was much more prosperous when we had 50% tax rates at the top. >> oh, boy. >> she doesn't understand there were loopholes and they had to revise the tax system them. >> to make it fair. >> to make it more fair. >> abolishing i.c.e., i.c.e. does not protect the borders, i.c.e. goes after people who got in through the borders. are they saying we want them to
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get in and stay here illegally and we won't go after them? maria: can you believe this is their campaign. >> abolish border patrol? dagen: it's not extreme that you're hearing this increasingly from a lot of democrats. kirstin gilbrand has her eye on the democratic nomination for 2020. maria: that's why she saying it. they won't get the nomination until they go all the way to the left. >> how will they win a general election? dagen: i.c.e. also stops child an human trafficking. there's been protests when i.c.e. shows up at a house, the protesters will come out of the woodwork when they're there to bust up a child trafficking ring. >> i was critical of children being separated from their parents. that's a judgment call. that's not required by the government. that's not being done by awe
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i.c.e. that's border patrol at the border. i'm not sure democrats understand the difference. maria: they're lurching all the way to the left. it's getting harder and hadder for moderates -- harder and harder for moderates to want to be a part of the party. great to get your insights as usual. coming up, a tax attack, elizabeth warren going on the attack, calling for tax cuts to be rolled back, she says if and when they take control of the house, taxes are going up. we'll tell you more of what she's saying. on a roll, the company known for scooters pedaling roller shoes. how much a pair of these segue kicks will cost you, next. ♪ [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.
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maria: welcome back. goods wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, july 2nd. your top stories right now, 7:3. a big week for earnings continues. boeing results just hitting the tape, better than expected on both earnings and revenue but the stock is down 2 1/3% out of the gate. the revenue coming in at $24.3 billion, better than $24.04 billion. earnings also above estimates and yet we are waiting to see the commentary about what's ahead in terms of the guidance, what the impact of the tariffs will be as well, so boeing shares are down 2% right now. other big names announcing
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earnings this morning, general motors reporting better than expected earnings but the company is cutting its profit guidance for the year and that has the stock down 4 3/4%. we are also watching fiat chrysler down sharply. plus, later today, ford and facebook, ford motor reporting, the company's stock is down 2% and facebook is reporting after the close tonight, stock's flat. this as president trump prepares to meet with the president of the european commission today to discuss tariffs. >> this country is doing better than it's ever done before economically. this is the time to take off the rip-off. we have to do it. other countries have tariffs on us. so when i say well, i'm going to put tariffs on them, they all start screaming, he's using tariffs. maria: the president tweeted this morning about this, saying negotiations are going really well and that the end result will be worth it. the president writes. futures meanwhile indicate the
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markets will open lower. take a look, the earnings are having an impact on what's happening for the broader stock market, dow industrials down 100 points, almost 1/2 o21%. -- 1/2 of 1%. we're getting more information on guidance. that's cutting into stock prices this morning. the major markets ended yesterday mixed with the dow breaking a three-day losing streak, picking up 200 points yesterday. the nasdaq inched lower yesterday. european markets are mixed this morning, take a look at the european indices. we're looking at down across the board. fq100 down almost 1%, the dax index in germany down 3/4 of a percent. asian markets ended the night mixed as well. fractional moves. the hang seng did well, up almost 1%. chinese real estate investors reportedly backing off of buying property in the united states. we're taking a look at what's behind that changing trend and what it means for real estate prices. a dmv employee in california should be one of the best rested
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workers in the united states right now, clocking three hours of nap time a day for four years, according to an audit. the details coming up this morning. forget hover boards, segue has a new product to make it easier to hurt your knees. it's a pair of self-balancing roller shoes. we'll check out those pics coming up. the top story this half hour, the economy under president trump, house republicans unveiling a tax cut 2.0 package yesterday that proposes permanently extending last year's tax cuts for individuals. house weighs and means committee chairman kevin brady spoke with me about the plan just last week. >> it's going to be a very tight, very focused package, the centerpiece of course is permanence because that's growth, a million and-a-half new jobs and to make sure the future can't come back and steal the tax cuts back. maria: that's exactly what they want to do. senator elizabeth warren said in a recent interview she is vowing
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to roll back the gop tax cuts if democrats take control of the senate come november. she says the economy was much more prosperous when tax rates at the top were above 50%. joining us right now is senior vice president, vice chairman of the company, michael sencra. what do you think in terms of the democrats going back to the taxes, 50% for the top end like the elizabeth warren would like to see. what's the impact on the economy and what's been the impact of the president's tax cuts. >> we talked about the importance of getting the tax cuts through. you're seeing the positive impacts. i still think we're in the early stages of the tax implications and the freeing up of capital. some of the things that chairman brady's talking about here is fixing things that i think inherently we knew. there were a lot of technical corrections, things affecting restaurants and reterrells. there's work to do to get them
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permanent. there's no question that the tax policy has had a very big impact on the economy and i think a lot more to. maria: are you worried that the cost of this will cut into growth because of the trillion dollar deficits? >> certainly that's an impact of it. i think it far in excess will be the growth implications and ultimately the taxes companies will pay on profits. we continue to see that. we've gone from a consumption based growth stimulus over the last four or five years to now an investment base. the tax cuts are in many ways the anchor around that opportunity. we haven't begun to see those impacts. >> especially for small businesses. we see the biggest beneficiaries of the tax cut is the small businesses. they had to pay a high corporate tax rate. you look at the s&p 500, those companies were paying low net effective tax rates. we're seeing even with the nfib talking about you know what small businesses are doing, they're reinvesting in their businesses, as well as people. they're doing more hiring. in order for us to train more
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people and get better jobs for people, tax cuts are the way to go. >> that study that came out shows a 99.6% optimism among small businesses. i believe they believe this tax program is creating investment capital for them to invest. >> speaking of the tax law, one of the benefits will be the ability to expense capital. we were talking earlier that we're seeing a lot of corporations starting to sell off businesses for reinvestment, repurposing those funds into technology. you talk about my saying you innovate or evaporate in this market. >> we just did a study on divestments. it's interesting, something like 87% of the c-suite is talking about the need to divest a as. why? 75% say they need to invest and overweight their investments in the digital economy, including their workers. this upscaling of workers is
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critical. if you look at two year and four year universities, they're about flat. we're forecasting flat through 2022. we don't upscale the workers, we're going to have a challenge. the good news is the productivity we continue to see from innovation technology continues to be i believe one of the unsung heros of the economy. maria: the ceo of microsoft was on the program last week. he called that digital transformation business a $4.5 trillion opportunity, dagen, because so many companies have to transition to digital and he's calling it a $4.5 trillion opportunity. dagen: business is extremely healthy. that's one of the reasons it was so important to make the corporate tax cuts permanent so businesses can look not into next year but even five or 10 years down the road and decide where they want to be and make investment decisions for the long haul. in terms of this tax cut 2.0, though, this is more political and kind of a marketing move by
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republicans ahead of the midterm elections, because it's going to meet major resistance by republicans over in the senate coming into the mid-terms. they're worried about getting brett cavanaugh on the supreme court. it's a way marketing-wise and slogan-wise to offset what's going on with some businesss in the country because of the trade fight we've got oen into -- we'e gotten into since march of this year manufacture you said you think -- maria: you said you think this will have a long runway. the president weighing in on previous trade deals in washington this morning and yesterday during a speech in kansas city. here's what he said. >> the way we keep america great is to make at least reasonable -- i'm not saying at least reasonable, at least fair trade deals, not stupid trade deals like we've put up with for 25 years. so we're changing it and we're changing it rapidly.
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maria: michael, your thoughts. >> well, there's a lot going on in that. some of that is impacting some of the volatility in th the marketplace. i think the trade and the tariffs are way for complicated. we have such an interconnected global economy and supply chain, more than ever. you look at how a phone is made today or a car is constructed, the steel may be coming from multiple mills in multiple different countries. so we do need a balanced trade. we need to do it in a thoughtful way. we need to follow protocols and programs and agreements that are in place. there's no question, we need to continue to evolve that but i think the implement aatioation s creating cause in executives' minds. if they don't understand how they're going to apply the tariffs to their supply chain, it could have untold impacts on investment capital. maria: which dagen's being saying for a long time, companies need certainty in order to make plans. you said a minute ago we've got the business investment fired up. we want that to continue getting fired up.
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dagen: the european commission president will be at the white house. i think everybody has their fingers crossed on this about getting something done and these auto tariffs not getting put in place. to the audience, that's why all of the auto manufacturers are opposed to import tariffs on automobiles because theoretically it would also apply to auto parts. this is, again, the majority of cars and trucks that are sold in the u.s. are assembled here but the parts come from all over the place. you have planes all american is trying to build a pipeline from the permian basin down to the gulf coast which is what we need to loosen that bottleneck in terms of petroleum flows. they ordered the steel from greece. they ordered it last year. they wanted a waiver on the steel tariffs from the commerce department. didn't get it. now they're struggling with where are we going to source the steel and how much more are we going to have to pay to build the pipeline. again these stories are piling
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up day by day. >> i think we have to be thoughtful, right, michael? you could use tariff as an excuse or we're seeing the earnings today plowing right through them. and you see that all the time in the c-suitings, those discussions. >> i do think structural changes in tariffs and trade are good. they're good long-term plays. but this uncertainty about how to implement it is more critical than ever. we don't want to disrupt what i think is the momentum. we're seeing it with small businesses. we're seeing it generally in the c-suite. we're seeing optimism. you see some of the counter veiling winds, meaning unemployment at historic lows, even upticks, the real story will continue to be workers, the retooling of the workers. productivity gains is another fueler of the economy that i think is helping us in the steady increases. maria: we're getting the gdp report out this week. we're expecting above 4% for the quarter. do you think things slow down towards year-end, real quick? >> i don't think so. maria: you're not looking for a
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slowdown? >> not unless something else talks about we haven't talked about. we continue to be bullish. >> the gdp is going to help the deficit. maria: michael, good to see you. thanks so much. we'll be right back,
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maria: welcome back. uber's self-driving cars now back on public roads for the first time since a fatal crash back in march. cheryl casone has the details. cheryl: uber resumed testing of self-driving cars in pittsburgh. but this time the cars operate only in manual mode with a human driver in control. the decision made four months after uber suspended the testing program nationally after one of the self-driving cars killed a woman in arizona. meanwhile, some other uber news. the company hitting 10 billion completed trips across rides and deliveries and more than 20 countries, one year after uber hit 5 billion trips. i'm going to steal your line from earlier.
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this dmv workers should be one of the most rested employees ever. a california dmv worker caught sleeping on the job. get this, according to an audit, the worker slept three hours a day for nearly four years. even worse, the report says her supervisors knew about the problem, didn't do anything about it. estimated cost to california taxpayers for the napping, more than $40,000. okay, two space rocket launches within 15 minutes to show you. a rocket launched over the atlantic ocean carrying four satellites. this launch for the european commission. and moments ago, spacex's falcon 9 rocket launched from the west coast of the u.s., delivering 10 satellites into orbit. segue is releasing details on its new product. self-balancing segue skates. they're called the segue drift
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w.1's. they're available for $399. they'll start shipping probably around august. they're like the hoverboard that was popular back in 2016, just split into two. if you're clumsy, think you might fall off, the segue skates come with a free helmet. likely a lot of people will fall with them. if you've got the guts, go for it. back to you. maria: thank you. coming up, real estate buying spree reversed. why chinese investors are net sellers of commercial real estate in the u.s. for the first time in a decade. we're going to get into that, next, when we look at real estate prices. stay with us. ♪ there's a lot to love about medicare.
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maria: welcome back. now this, china dialing back its real estate buying binge. the wall street journal reporting chinese real estate investors are reversing years-long sprees in the united states where they often bid record prices for lavish properties like the waldor wallr had as -- waldorf astoria hotel. dolly, it's good to see you this morning. characterize the market for us first in terms of individual and commercial. what are you seeing out there in terms of real estate? >> the commercial market is tough. it's been slowing down, prices got way too highway too fast, partly because of chinese purchasers. now they're saying they have a new high, all the sellers are expecting a new high. ism going to wait. and that's what they're doing, a pause, it's good for real estate -- it's not good for real estate manufacture what about individuals -- maria: what about individuals?
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>> individuals are doing almost the same thing. they're putting houses back on the market this year, expecting a 50% increase. they're not going to get it. we can track lots of people who suffered losses in the last year of something they bought a year ago. maria: why? why is it slowing down? >> there's too much inventory of the type they're looking to sell. new development is an example. everywhere you go there's a hole. new york city, there's a hole, everywhere you go. right? so what happens, all these new buildings, banks got back into the financing business of buildings, they're doing better with clawbacks et cetera, but they're still in the financing business of buildings. there's going to be building when there's money. maria: the supply dictates things, once again. >> that's why vegas is doing better. that's why seattle is doing better. their supplies are not as high. they're going lower and their prices are inching up to a point where i think they will have pullback as well. >> here in new york city, time
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on the market has gotten longer and longer and what eventually happens to apartment prices here in new york city, as one example. >> as one example, i say apartment prices continue to be flat which is what they are righter now. they're not down. they're flat. there will be good deals to be had here and there if you have a great broker. >> there's concessions happening in the market. you've had supply come on. you've seen mass investment go on over the last three years. what apartment companies are doing is they're not cutting the rent. they're giving a couple free months here, a couple free months there, so there's concessions coming into the marketplace. >> they're not recorded. the new people coming in don't know about that. that's the interesting part. >> this goes back to that you're seeing a shift where people are wanting to rent because home prices have become so expensive that it's been more advantageous to rent as opposed to purchase homes. >> the buy, sell analysis is always a key analysis that we go through with every single bu bu.
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we say you can buy for this, you can rent for this, which one would you prefer. one is more permanent. one keeps you mobile. >> there's a lot of discussion about millennials not wanting to buy a house. it depends on the market. i'm in atlanta. i think the problem may be an inventory or price issue but it may be an age issue. >> millennials want to buy. they don't have the money. they have student loans. they have other pressing issues. maria: but they want to. >> the american dream is to buy a home, 100% of the time. maria: let me ask you about the journal's story today. the data reveals chinese investors were more than $1 billion in the second quarter, purchases remained in the millions, the first time since 2008 that the chinese were net sellers for the quarter. will that be a game changer for the u.s.? is it a different sentiment out of beijing. >> i think it will be a game
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changer in the short-term. there's the usual short-term blips. it will be. then somebody will scoop up the property that they'll sell cheap and they'll benefit from it. so it's just a shrm thing. >short-term thing.>> beijing cat to delever the companies. that's why hna is selling properties, including the hilton stake. >> they have great property, i must say. they did pay top price but they have great property. maria: great to see you. come back soon. still ahead, creamy goodness, the new sweet treat that's divided the internet. we'll tell you about may may's ice cream, yeah, i did say that, next hour, right here. amping, we go camping. when it's too hot to work, we work. too wet to keep going? nah. this is the gator xuv835. with game-changing heat and air and three-wide seating. it's never too anything for anything.
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maria: welcome back. good wednesday morning thanks so plump for zwoing us i am maria bartiromo. it is wednesday, july 25 top stories right now 8:00 a.m. on the east coast, the earnings parade continues, rolling on dow boeing coca-cola reported earlier boeing under pressure this morning jet maker commercial sales missed expectations on commercial side down 3 1/2% automakers general motors fiat chrysler cut outlook for 2018 fiat down almost 8%, gm down better than 5%, the wave of earnings a toll on broader markets as well foourts indicating a lower start trading this morning dow industrials set to open down 100 points one-third of a percent 1% s&p, nasdaq flat lower this after the dow
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s&p deposited gainlz nasdaq flat check out dow, picking up 00 points 2 close three quarters of a percent, in europe, this bhorng, european indices down across the board ft 100 down 1% almost germany down 3/4 of of a percent in asia overnight best hong kong up almost 1% on hang seng issue for investors this morning rising trading tensions president trump holding a high stakes meeting, with the president of the european commission today at the white house, amid standoff over auto tariffs the president slammed eu yesterday in a speech. >> what the european union is doing to us is -- incredible. how bad. they made 151 billion dollars last year sell nice but rough. >> administration rolls out package to help americas farmers it is already coming under fire, we are breaking down key issues ahead what
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this aid will mean, breaking news this morning, as well' chrysler says former ceo sergio mar marchionne died, earth that of yosemite national park closed, making it looked like chocolate river through hershey park, the student suspended for wearing a pro border wall shirt gets a pay out find out how much he got, later this hour, mixing sweet and savory may on ice-flavored ice cream hitting one scoop shot going viral, we will tell you about it all those coming up wednesday morning joining me to break it down fox business network dagen mcdowell, benchmark managing partner kevin kelly former ceo home depot chrysler bob nardelli great to see. >> i thank you it is great to be here. >> boeing is almost 10% of the dow so it is going to weigh heavily on it because dow is a
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price weighted index with boeing being around 350 dollars a share going to weigh heavily on the dow so people know. maria: really what took an market down had that light sales in terms of commercial vehicles. >> core earnings per share missed analysts midpoint they want to see a beat in raise especially because a big backlog. >> so will aide huge backlog. >> great shape. >> automakers fiat as well as gm lowering guidance the rest of the year. >> i think a lot is pressure we have been talking about interest rates going up, incentives will be reduced, i can put not as much on hood not getting 70 month interest free kinds of loans i think seeing that, plus i think, you know the economy, is maybe shifting some buying preferences we talked about. >> and the trump administration with the steel, aluminum tariffs raw material costs are going up in part for
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no reason, other than some trade ti"fox & friends" administration, number would be threat of tariffs on imports auto parts another major worry that needs to get wiped away today, at that meeting, with jean-claude junctureer at the white house. >> auto parts to your earlier comment decide where putting that tariff. >> bmw added one billion dollars, helped our trade to tune of one billion dollars, 70% exporter out of yu stated. >> holding up 1,000 jobs until they see what happens. dagen: yep i want to say that in south carolina bmw holding up 1,000 jobs until they see what happens one example of many. maria: gm is fighting the expectation of higher commodities call they are -- they are citing expense every higher prices. >> last night tweeted no tariffs we will get rid of tariffs evidentliu get rid of you're tariffs. >> not that is -- that is
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awesome get there quick that is awesome better get there quick. >> market wants clarity top story that is exactly what is taking center stage trade president trump set to meet with european commission president jean-claude you juncker amodular trade sensations darrell issaen m of house judiciary a pleasure to see you thanks for joining me. >> thanks, maria thanks for teeing it up the way you did clear the president would take a deal of everyone gets rid of their barriers so we need all equal access, what he doesn't want is and very clear about it doesn't want deals in which at the end of the day, they keep their barriers from goods like europe does for our food, while in fact we strip away our barriers, to them, and that is that is the difference between the democrat tariff which is all about permanently protecting failing industries and republican tariff which is really about using it in order
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to create something to trade off, against those who already have larger barriers to entry. maria: sounds like that is exactly the negotiating position, the president is in, and is sticking to. the president tweeting about it this morning, congressman he said this, every time i see a weak politicians asking to top trade talks use of tariffs to counter unfair tariffs i wonder what can they be thinking are we going to continue and let farmers country get ripped off, loss will the 817 billion dollars on trade last year no weakness, then he says this, congressman china is targeting our farmers, who they know i love and respect, as way of getting me to continue allowing them to take advantage of the united states, they are about vicious what will be failed attempt we were being nice until now china made 517 billion dollars on u.s. last year. so the president has a point in terms of getting tougher but congressman what is plan bif our friends stick to it? and continue with retaliatory
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tariffs? >> well we are the largest buyer from the rest of the world, of important consumer goods, and even with the -- the tariffs we will continue to be a major buyer of aluminum, and steel. we certainly are the largest consumer of automobiles, but those automobiles could be made in the united states, rather than depending on the imports quite frankly in some cases are genuinely trying to be competitive, and in some cases sheltering domestic markets germany being a good example. >> look when what the administration is doing today, announcing this 12 billion dollars in aid for u.s. farmers affected by current trade dispute early i spoke with agriculture second perdue as well as american dairy farmers this morning joined me this is what they said about this farm aid and trade tensions listen to this. >> this is a temporary measure he hopeful to show china other countries they cannot bully u.s. into caving in on unfair
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trade practices that is exactly what president trump's strategy is i think will work certainly we rather have trade rather than aid. >> i estimate the industry is going to lose about and is losing about 10 million dollars a day 3.6 billion dollars a year. >> i do agree with president trump we need to fix this long term so we can have sustainable agriculture. >> what what are your thoughts congressman on this aid? 12 billion dollars, i mean what does it stop? you know, is government going to be expected to give aid to technology companies? and manufactures and apparel makers, et cetera, as tariffs start to take hold? >> well to be partially offset any time a trade difference has been every trade deal including nafta, dollars have been set aside for reeducation, or for lost jobs other compensation. so there is nothing unusual here we can debate the amount and the lengthened based on what events occur, but look,
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americans sometimes look at everything as america versus the rest of the world if you step back for a second and i had know you look at the globe, if you look at brexit, that tells what you europe is all about. they're saying to britain we are going to treat you like the yu tates. if you leave us. and you know what that is having a real effect because the relationship within european union what is we have a they are beiethical promise o brexit is showing that they intend and they can use the same techniques against great britain they used against us that is having an effect americans realize we are not in this alone europe uses barriers conveniently against africa china europeans have come into my office saying we are happy you are doing what you are doing on steel we need to do that but, at the same time, when it when they are
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unfair traders like on our agricultural products, they go out of their way to pretend it is all about gmos concern for help the when it is a bair to entry of our product. maria: that is important analysis that you make comparing to breksitxit, you thk the president is in negotiations mode and at the end of the day, this will work out? or are you worried about this? >> republicans are backing this president. free trading republicans are backing him because we know that we can't just make deals and then not look at the deals to see whether it is actually giving both sides access. and we have looked at them now the president looked at them he campaigned saying, we are not getting the access from nafta we were supposed to get seeing chinese goods come in with mexican names on them with very little mexican content he looked at each in my district in ka not having sanitation requirements in our agreement from mexico honored
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so there are lots of issues, this administration whether it is through epa or commerce or trade ambassador, they are trying simply to get what we were promised what the other side says they have but doesn't have. >> important points you make let me ask you about secretary of state mike pompeo o set to of itb the senate foreign relations committee today what would you like to hear from him regarding the trump-putin summit about and where are we in terms of that relationship in in your view? >> mike is incredibly honest straight forwarded guy when we served together in house never pulled puns i think before senate going to say any time you have to correct and explain a statement by the president of the united states multiple times, it wasn't good wasn't ride what wasn't we would have achieved it does happen but at the end of the day he is going through item by item current sanctions against russia current intent to continue and expand them,
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if we can't get the cooperation in syria, in iran, in other areas of the world and, quite frankly, he is going to be asked going to answer just as any member of the house would today are we going to continue to not tolerate and not accept crimea, and ukraine, intervention, and the answer is going to be this administration is not going to simply let those countries regions be taken and accept it so i think those are important questions, they were not answered as well in helsinki as they should have been, mike is prepared going to very clearly secretary is going to collateral but a position that is the final position we understood from the president, and not nell the confusion in helsinki. >> do you think there was success on any level? i mean there are stories out there that they came to an agreement, on syria, putin and president trump did. and also, you know, what is
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your take in terms of what the president how is the president needs to handle russia? the two countries 90% of the world's obviously nuclear capability? >> first of all, i think, i have known the president behind closed doors, and always much more fv in that one-on-one, so i wouldn't be surprised that in fact he made real progress, on dealing with the go forward on assad keeping iran out of essentially owning that country as a captive state. on the other part of it i quite frankly think that we have a lot more to do with russia but the one thing we have to understand, is we have to treat them as a first world military power able to extended that anywhere in the world not everywhere but anywhere in the world and then we have to remember, they have an economy to size of italy not an economic giant at all. >> for sure, is there an appetite in congress to put new sanctions against russia right now. >> if necessary, we certainly
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could. >> congressman good to see you this morning thanks so nufrp. >> thank you. >> command darrell issa joining us we tell you about wildfires in the west the flooding in the east that is next dow xoenz boeing and coca-cola reportedly reporting are quarterly earnings we break down numbers as the stocks, trade heavy volume this morning boeing down 3 1/2% back in a minute. ♪ ♪ ♪ 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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fidelity. open an account today. >> busy day week for secretary convert earnings boeing and coca-cola reported today not-guilty pleas independence on the floor of the new york stock exchange, watching action this morning good morning. >> good morning, maria. so i spoke with over he was basically saying this market environment very volatile rising rate environment weeks the futures this morning, are to the downside the tune before 89 points some people are moving to more active trading rather than passive looking for more liquid types of investments, when we see what we've seen with the earnings, so far pretty good in line with that 20 1/2 percentier overier yoeg coca-cola a half 1% they have
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seen higher demand for boeing higher costs into defense business shaving off 80 dow points alone the worst for boeing. dagen: would likely be in green i spoke with -- like boeing says better than airbus, really likes raytheon also northrop grumman favorites, auto group two downgrades going forward basically of outlook you can see chrysler down 8% gm down 5 1/2% we had summit on untimely death of sergio marchionne fiat chrysler the picture both companies are cutting their outlook and throughout every at a we burn through neumbers companies concerned about tariff, so are investors very interesting to see next quarter how tariffs uncertainty of tariffs weigh into this group back to you.
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>> thank you so much we are watching guidance coming up a teenager recycles receives an apology money from his school district after suspended for wearing a pro border wall t-shirt we till how much he got that is coming up this isn't vanilla ice cream internet reaction to mayo i-flavored ice cream this hour. >> ♪ ♪ you can't stop it ♪ makes plans and life changes you're trying to lower your very hwith a healthy diet... and exercise. and maybe even, unproven fish oil supplements. not all omega-3s are clinically proven or the same. discover prescription omega-3 vascepa.
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a plan like this helps pay some of what medicare doesn't. so you could end up paying less. and these are the only plans of their kind endorsed by aarp. selected for meeting their high standards of quality and service. call unitedhealthcare insurance company now to request this free decision guide, and learn more. like, medicare supplement plan, give you the freedom to go with any doctor who accepts medicare patients. it's nice to have a choice. and your coverage goes with you, anywhere you travel in the country. we have grandkids out of state. they love our long visits. not sure about their parents, though. call unitedhealthcare and ask for your free decision guide today. maria: welcome back health-care industry shifting focus to keep patients healthy rather than treating them after they fall ill seen
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industry branch into neodelivery, transportation. >> joining us dr. mikhail varshavski dr. "mik" good to see you living longer sort of necessary. >> this is absolutely necessary, about time, i have been a huge proponent of pushing health care in the system, the united states, we spend more per capita than any nation on planet, that is incredible, because our results health care, are not that good. and the reason that is is that we don't focus on preventative care we tell a patient what you need to do but don't give them any resources or any education, how to achieve those goals, i have patients that i worked with, in the past, urban care centers would come in with a heart failure can't breathe perhaps because they weren't easiesting right foods had salt intake we get them stabilized find them in er later because they don't have quality meals to have meals delivered correct meals
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for condition. to have transportation, to go to the gym to go to doctors appointment, that is so important, there has been plenty of times where i have a patiently come in, i say you need to see surgeon on this day they don't have a way to get there, they don't go, and get ill end up in er, costs thousands of dollars. >> we spend more treating diseaset rather than preventing it. >> we are seeing a lot of shifts towards doctors now doing house called extended care elderly care homes to accommodate them so they don't have to get in car we see a lot of oppositional facilities urgent care is that an emerging thing now. >> intermediary level care, you would think we want the take care of people in the hospital as soon as admitted into hospital first thing we do try to plan how to get you outnumber one very expensive number two not good for
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health, you get more sick being in a hospital because of cross contamination just part of what it is like to be in hospital faster we get you out the hooerlt you are now a lot of surgeries that used to be you would spend two, three days in the hospital they are same day surgeries sending obviously,al therapist directly to your home right move. >> doctor has boot on your buttb, as soon as you are wake it is lyiwake send you home. >> win-win for everybody insurance saves patients better quickly. dagen: avoid infection. >> think how great you sleep in hospital bed noisy monitors going off commotion as opposed to being in your bed that is a choice that most patients want to make if they want to be at home. >> urgent care centers that are popping up anywhere and everywhere many of them run by large hospital organizations, mt. sinai an example terrific
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job, primary care physician i can only go to this doctor if anything goes wrong in between sore throat infection cut in between your gp and emergency room. >> a lot of times quality family medicine internal medicine doctors don't have many same day appointments available. what owned up happening to patients is they end up going to the er for something simple as sore throat appointment unavailable. >> diet in terms of preparing, and making sure that you don't get to that spot that you have to go into -- what is your recommended diet i want to ask about-flavored yoga-flavored yogurt top treat for kids now we are requesting is it good for them recent international journal of o bestity report claims 92% pageantries underestimate sugar content in yogurt sounds true. >> parents underestimate entirety how much sugar children consume there was a
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whole project on by kind bars granola dumped in times square 10,000 pounds of sugar showing how much kids are consume each year that is part of what is fueling, in fact a significant part of what is fueling obesity epidemic added insures refined cash hydrates. >> heart did see starts when you are 10 years old that initial layer of plaque forge in your artery starts when you are 10 years old, so important to get your kids off the refined sugars use it an occasion treat not a healthy snack it is not. >> sodas gatorade you name it hith hidden everywhere even yourth. >> if you are going to eat yogurt eat et al that doesn't have added sugar. >> like -- the chobanis, is
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landic great protein rich meal. >> alternatives for people to look for, added sugar again we have to look at added sugars, puts on pounds. >> all probiotics. >> again i hate using the term good or bad and labeling certain things because it is. >> sorry. >> it depends depends honor. >>-flavored yogurt. >> can carry a lot of sugar in it and that is why maybe not such a healthy meal to eat every day, but useds reward or treat now and this en. >> great advice dr. "mik" thanks so much greet to see you extreme weather rocks country we tell you who how residents are coping with wildfires in the west severe flooding neither east i talk with dr. leon fox breaking down expectancies ahead of president trump's meeting with the european commission president juncker, that is next. ♪
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maria: welcome back. good wednesday morning everybody thanks for joining us. i'm maria bartiromo pch wednesday, july 25 top stories 8:30 a.m. on the east coast, the big earnings train continues we heard from boeing, general motors, fiat chrysler literally a we are expecting ford and took take a look at impact on stocks this morning gm down almost 6%, as company cut guidance, for the year, boeing, had light sales
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of commercial that is where that stock down almost 4% tariffs in focus with president trump today meeting with the president of the european commission at white house, to discuss trade. plus trade debate hitting heartland trump administration unveiled aid package for farmers agriculture secretary perdue defended the plan and chinese tariffs as well. >> all-american farmers want is a level playing field our productive farmers and ranchers in this country could out produce anyone in the country in the world, and they would if they have a level-playing field that is what president trump is trying to get. >>. maria: taking a closer look at debate coming up markets look lower we are at lows of the morning, down 100 points on dow jones industrial average s&p down 4 points nasdaq, down 5, fractional movers there, in europe as well the markets are lower across the board take a look. the ft 100 down 65 points almost 1% cac quarante and dax
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weaker in germany the dax index down two-thirds of a percent, about asian mixed take a look at performance there with hong kong bests performer hang seng up almost 1% extreme weather hitting both coasts heart of yosemite national park closed due to wildfires rain triggers flash flooding in pennsylvania to look like chocolate river flowing through hershey park a payout for student suspended wearing a pro border wall shirt find out how much he got this hour. >> middle of the summer nothing refreshes quite like may on aiz-flavored ice cream? wow, that is what one scoop shopping, we tell you about it coming up this morning first topping news this half an hour, to have you talk on trifrz with europe european commission president jean-claude juncker visiting the white house amid threat of auto tariff the president tweeting last night with an idea to resolve the trading
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spat answered president trump wrote european union coming to washington tomorrow to negotiate a trait deal i have an idea for them u.s. eu drop all tariffs barriers subsidies that would finally be called free market and fair trade. hope they do it, butdz we are ready. we are but they would be the uk looking to make deals with u.s., as britain work on exit from european union, joining me right now uk international trade second dr. liam fox good to see you, sir thanks very much for joining us this morning. >> good morning. >> what do you wanted to see victory for both sides what do you hope to see out of eu meeting today with mr. juncker and president trump. >> we like deescalation of the old tariff issues particularly on steel and aluminum. but it is britain still in european union, of course, would we follow policy my visit is looking at what we do as you correctly say post exit from european union and when you look at our relationship with united states, we have a
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trillion dollars invests in one another's academies companies by million american workers here, u.s. companies by million uk workers in uk how do we take that relationship on trade and investment to the world's top innovative developed economies how do we shape into global economy in future the challenge real opportunity that acquiesce as we leave european union. >> i know president trump theresa may want to make something work you are in washington today, talking to counterparts about trade after uk leaves the eu you are also getting the pulse of the british people on this issue, why do you see that that is one of the key elements here? >> is this well, we know from recent polling, that well over 60% of the people in united kingdom want a trade agreement with united states, they see the united states, as far and away most important ally, and here i think the rub, that not just about you know whether we can get an extra half percent
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on exports or whatever, there is a strategic element, to our trading relationship, global narrative that we need to have, now we are countries that believe have long believed, in an open global trading system we helped set up what is the world trade organization, but if we are going to have a free trade system, wills need to be enforced countries behave like market economies although we have differences over two, for example, for dealing, with chinese, excessive production of steele we accept it is a problem we accept that there is a problem with forced transfer of technology there is a problem with lack of market access particularly in the service sector these things have to be dealt with. maria: right walk us through your time line in terms of britain leaving the eu and then doing a deal with the u.s. on trade. what is the next year and a half look like? >> well, we know, that whether we leave the european union
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formally on 29th march next year we are able to negotiate a trade agreements for ourselves, knowing that timetable, if you read it backwards, u.s. tr has to get congress 90 as the' notice that means it has to be done before christmas really that means that we've got to finish our discussion of a mandate he internally by end of october that means we have to begin our public consultation, on potential free trade agreement last week when we did last friday in uk we have begun public consultation for 14 weeks we will take a look at that decide what we think the he level admission show be what it is going to be against on european european the moment what i describe as whether they want a people's brexit or a bureaucrats brexit prosperity economies of europe or about political theology of
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the commission. >> president has been tweeting about this an hour ago said this when you have people sniping at your heels during a negotiations, it will only take longer to make a deal and the deal will never be as good as its could have been with unity negotiations going pel be cool end results legal worth it dr. fox what would be the best end result in your opinion? >> well we would like to see comprehensive free trade agreement with the united states, we have begun discussions also with the australia and new zealand and we have begun looking to see whether it would be possible for uk to exceed to the cptpp agreement we believe we need global trade liberalization we all come from slightly different perspective as we leave european union we want to make it clear we are with outward looking open free trading country we are looking to have agreements with countries that share our strategic vision. maria: so would britain agree to no tariffs no subsidies as
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president trump suggested? >> well, we would have an ability to to do that when we don't the present time car tariffs a differential between tariffs applied to european cars coming to the states, and american cars coming to europe, we would have ability to to unilaterally make that choice for ourselves, of course, it would be dependent own u.s. making its own adjustments to tariffs on things like lights trucks we pay 25% tariff coming into u.s. that is agreements, ripe if we are able to reach a position that is of mutual advantage speaking at heritage foundation this morning pointing out from adam submitting onwards point is mutual benefit if we can achieve mutual benefit liberate brooiz global trading sprierm helps write rules for that global economy in the neuter not just economic but strategic gain for both every
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juice that strategically gain hopefuling comes at some point soon sooner rather than later we are in a period right now uncertainty, where we are not sure where this goes, you have got a handful of companies this morning, whether they give guidance saying well we are expecting higher commodities expenses, you know we're not sure where trade issues are going what kind of impact, does this uncertainty period have do you think, in the broad economic growth story? >> -- i wish i had a dollar for every time i have done an interview people have said it is very uncertain period i must admit period of uncertaincertainty past us there are potential disruptions out there problems inside european union tensions with new i tall lan government wider issue what is happening in global tariffs that all needs to be involved, i think that the best way to look at that result of back to first principles, recognize that having an open trading system, has not only been the means by which we have taken a billion people out of abject poverty
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but a means to spreading prosperity provides a politicohesion political stability the building block of global security countries like united states and uk, who have al had the strong belief that open trading system, isn't just end in itself but is actually in the end, a means of underpinning our security and stability, we need to get those goomths o arguments out there make them more widely than in fact past. >> what do you think mr. juncker wants from the president today. >> that is unclear, i have not been party to those discussions. clearly, there want to see de-escalation of the tariff issues but there are fundamental differences of opinion across europe and between europe and united states not immediately apparent to see how that can be done but certainly true, that it is in the interests of all of us, and to de-escalate
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turn the tension in interests of all of us to move by what everybody means to more open free liberal trading environment, that in the long term, will be to the advantage of those academies that are the more innovative and creative would i say plays extremely well to natural strengths of the u.s. and united kingdom. >> mr. fox do you think you will be able to do in uk a deal with the european union post-brex post-brexit. >> well we think that we have made a reasonable officer to european union, and it will really be determined now, by whether the decision itself is made by the european commission and bureaucrats in brussels or whether made by leaders of the eu 27 let's face it unlike the commission need to have trade and prosperity and jobs because they have to be reelected, so if there is going to be as i say people's brexit or bureaucrats brekszit the choice europe has to make. >> we will watch developments
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dr. liam fox good to see you. thank you so much. >> president trump tweeting now about michael cohen what he wrote what kind of a lawyer would tape a client so sad is this a first never heard of it before? why was the tape so abruptly term naitsdz cut while i was presumably saying positive things i hear there are other clients and many reporters that are taped. can this be so? too bad. the president referring to tape that his lawyer taped when on the phone, and then the tape was given to cnn, coming up a vacation nightmare parts of yosemite nationalize park shut down wildfires rage on the west coast. >> details stuart stuart weighs in on how president trump's meeting with jean-claude juncker would being the market we are back in two minutes' time.
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. maria: president trump tweeting again this morning here is what he said congratulations to brian kemp on very big win in georgia last night wow 69 to 30 those are big numbers, now go win against the open bordered, crime loving component democrats have given you weak on the military the second amendment, trade the top priority when european commission president jean-claude juncker meets with president trump today at white house in a few mowers joining us right now host of "varney & company" stuart varney to weigh in good morning to you. >> maria, good morning to you, i am going to pose a question, let's suppose they emerge from this meeting white house a less epgs of tension slightest agree of agreement smiling faces things look apple don't laugh i think the market goes
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up big time, because that takes a trade worry trade tension takes it off the table, at least for this afternoon. and i think this is possible. juncker coming to the white house "new york times" says has a couple pro positivals slashing car tariffs globally not faraway from president trump's idea abolishing all auto tariffs may be wiggle room between two maybe we can get progress i am going to eternal optimist would like that what do you think would happen to the market if we got those smiling faces i think it goes up what do you say. maria: i think anything that would calm investor nervous about what impact these tariffs will have will be mark moving i don't know if you get that just from their look when they come out of the press
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conference. >> total optimist 12-billion-dollar bailout of farmers applies the president time for negotiations with china. because it takes the shock and the damage to the farm belt off the table, because we are paying them off bailing them out so i think we have kept hard-line position against china spun out negotiations. >> all about china, we know that. >> ye. dagen: good luck to republicans running on corporawelfare enacted so far by united states retaliation from nations want to know where is my bailout where is my -- >> look, the president went to kansas last night, goes to iowa tomorrow. that is farm country obviously, doesn't wanting to there without some kind of -- if i can call that it. >> perdue said a couple minutes ago was on this program said this is temporary, and we are going to
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come out in the end president still negotiating. >> tariffs have a way of hapgdz around chicken tax in this country 25% import tariff on light trucks, that has been around since 1964. was part of a trade fight we got into over poultry imports into europe, so we can sigh temporary but temporary better be months not years. >> i don't deny that these negotiations could be spread out over a long period of time. but not going on for years and years and years i don't think the president will are like that. >> wouldn't let. >> it markets won't let it perdue was optimistic about a deal with mexico, we will see if that happens next has done one with south korea now mexico hoping canada comings along we will see what happens out of this meeting looking for smiling faces. >> we always look for smiling faces. >> thanks, stu see you in 10 minutes "varney & company" top of the hour join stuart and
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guest 9:00 a.m. earn right after "mornings with maria" first a triage receivers an apology and big money from his school district, after he was suspended for wearing a pro border wall t-shirt we tell you how much cash he got 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
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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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>> welcome back breaking news fiat chrysler long time former ceo sergio marchionne died cheryl. cheryl: that is right the holing company of the family found fiat marchionne passed away engineered turnaround to save fiat chrysler from near certain failure after fiat chrysler announced his condition worsened after surgery on shoulder the company named mike manly who ran jeep division as ceo,
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marchionne was 66 years old. >> fiat chrysler lower in premarket the company wut earnings revenue guidance for the year we got financial numbers today fiat chrysler premarket down, nearly 8%. stock to watch for several reasons. >> well, excessive heat warnings advisories from southwest to pacific northwest firefighters in california battling a raging wildfire in heart of yosemite national park evacuation orders, the threat for heavy rain flooding continues across mid atlantic northeast flash-flood watches from north carolina to new york hershey park in pennsylvania closing again today because of flooding, second time this week heavy rain made it appear as though, revere of chocolate running through park you can see on
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your screen, incredible pictures. all right. well a school district in oregon apologized to student after he was sent home for wearing a about aned t-shirt that supports president trump's border wall gets 25,000 dollars to cover attorney fees sued the district after claiming first amendment rights to free speech were violated they said shirt would contribute to hostile learning environment. >> if you like mayonnaise could you eat it for dessert. >> in scotland known for doing things with ice cream made this out of hellman's real mayonnaise response kicked home say looks like cut ofard could be fine others disgusted now mayo ice cream what else
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can even go wrong in the world. well, they are known for whacky things also, by the way, made a modernize energy drink flavored ice cream one point sounds kind of good i would try it. >> scottish better than -- >> southerner eat may annize on anything out of the jar there is a market for it. maria: are you got to get on mayo trend. all right, what do you think. >> final thoughts from this all-star panel. we'll be right back. ♪ ♪ jump, ♪
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maria: great to see everybody. at that thank you so much. great show. "varney & company" begins now. thank you, stuart. stuart: good earn mornings maria. good morning every one. he has arrived. he is going to the white house. he does have the power to do a trade deal. jean-claude juncker is is president of the e.u. trade commission. he will have 15 minute closed-door session with the president, 15 minutes. "new york times" says he brought proposals with him. most interesting one, automakerrers worldwide would slash tariffs on foreign cars. president trump wants more than that. he no tariffs. i have an idea for them, eu


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