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tv   After the Bell  FOX Business  August 2, 2019 4:00pm-5:00pm EDT

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growth. the deposit growth has been growing for five years. if you're a short term investor we think great returns. [closing bell rings] liz: it's a friday. we hear the closing bells ring. dow jones industrials losing about 110 point, even though we got a decent jul of 164,000 jobs gained. jackie: walking away from a cold war era arms pact. the trump administration pulling ashley: thank you very much. the u.s. out of a 1987 missile the trade threat we've been following all day. treat with russia known as stocks down across the board. just a bit of a recovery in the soviet union citing russia es final hours of trading. non-compliance. the dow closing down, well, 96 president trump said a new pact should include russia and china. points, not triple points. well off session lows . lucas tomlinson. >> mark esper recently made the case to congress. >> i think the inf treaty served as well. it only serves if both parties comply. we cannot stand by to russia arms itself, intermediate ranged
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missiles that are nuclear tipped, have most of europe i'm ashley webster in core within their range. machine nell mcshane. >> nato calls russia's new jackie: i'm jackie deangelis in for melissa francis. missile the screwdriver because ashley: president trump likes to it is screwing with the u.s. not talk to the cameras before he up everyone thinks it is wise for the u.s. to pull out. jumps on marine one. here is the u.n. president says he has to do a secretary-general. >> the world will lose an lot for china. invariable break on nuclear war. the u.s. has to have a better it will not reduce the stress deal not an even deal. caused by ballistic missiles. reporter: china, iran and we'll bring comments as soon was we get them. north korea not party to the inf fox business team coverage. treaty. all have huge stockpiles of edward lawrence at the these types of missiles, another white house. deirdre bolton on the floor of reason the u.s. wants to pull the new york stock exchange. jeff flock watching action in out in addition to russia's oil from the cme but we begin at violations. the white house with edward in a recent interview with bret lawrence. edward? baier the secretary of state reporter: ashley we'll hear from explained why the the u.s. is the president in a matter of leaving. >> unto the gnat the russians minutes. he talked about the european chose to violate the inf treaty. union. he says auto tariffs are not off two parties. the table on this. one party bailed out. the president dealing with the european union. we ultimately it wasn't wore the he signed a limited agreement with the european union today. ruse, the ruse previous talking about hormone-free beef. administration taken, with two the u.s. will be guaranteed a parties only one actively market share for importing that complying. reporter: the u.s. will test a beef without tariffs. new intermediate range missile
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the president says in the first year exports from the u.s. will from ground-based launchers in coming weeks, likely based on increase 46%. then over seven years, they will the tomahawk missiles on ships increase 90%. and submarines, one used to strike syria. the imf only banned land-based intermediate miss silks. jackie. jackie: lucas, thank you very much for that. [no audio] >> we're proud of our farmers ashley: here to react, rebecca and ranchers. we love our farmers and heinrich, national security analyst, senior fellow at the ranchers. with this announcement we take hudson institute. one more step giving them a level playing field they have we knew iran was breaking terms been looking forward to this for of the inn treaty. many, many years. you folks know that. they want a level playing field. that is why we pulled out. that is all they want. he says china should be involved in any future pact. nobody can beat them. reporter: the u.s. trade we know china has been steadily representative says this could mean immediate impact of building up it is arsenal of weapons. where does this end up, do you $270 million per year for ranchers and farmers. think? >> this was a treaty between the the president watching development and reaction in nights and russia but the china to him saying on september russians have been violating the first, tariffs go up on 10% for treaty for years. the obama administration the rest of everything that we admitted as much. tried to get the russians to import into the united states from china. comply. that is $300 billion worth of they were unsuccessful. the trump administration tried
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to use diplomacy for russians to merchandise. economic white house advisor comply. they did not. peter navarro saying now is the at some point we're suckers we time we have to go after china? stay party to a treaty which >> he is always willing to talk we're only ones on the planet with the chinese about the restrained by it. it is the right thing to do. structural problems we're facing, but when the chinese now the united states can work fail to honor any of their on deploying these ground-based systems to make up for this commitment, he takes actions and balance that has been coming measures to move forward to over the years with china the defend this country. indo-pacific but house democrats are opposing efforts to do that. reporter: now the chinese the chinese couldn't ask for threaten countermeasures related to this. better lobbyists than the house our chinese sources say in the democrats on this issue. face-to-face trade meet national ashley: to that point, if you shanghai china refused to add read a little bit into this, the back any concession language the chinese have been steadfastly u.s. removed. team theys say that the china building up these weapons. will not change their laws. so-called guam missiles. missiles that could hit guam and the chinese sources say there is also a directive in beijing for defend the whole area to the the departments there to start south china seas while we've decoupling from the reliance of been sitting around doing nothing. the united states. do you expect a movement of that means buying things from missiles from the u.s. into that other sources, making them there part of the pacific to equal up in china. the odds? we'll have to see if the >> exactly what we should do scheduled meetings, scheduled because right now we are for next february actually vulnerable. the chinese have been working to happen under the threat or build up this massive arsenal, possibly these tariffs imposed. over 90% of their current back to you, ashley.
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arsenal would violate the inf ashley: edward lawrence, thanks treaty had they had been party to it which they were not. very much. let's get to deirdre bolton at why are they building up the new york stock exchange. it has been a struggle for all missiles? they're specifically meant to target not just u.s. carriers but u.s. bases there to assure the day but we cam back a little our allies and to assure that the united states has access to bit. reporter: no other day to say it those critical sea lanes in the the dow down fourth day in a region. so now with the united states has to do, is make up for that row. s&p 500 and nasdaq down fifth balance, that has been day in a row. developing because the united you have to go back to march to states was restrained by this cold war outdated treaty which see weeks like this especially for the s&p 500 and nasdaq. the russians were cheating on. focusing on the dows looking at ashley: critics are saying stocks that sold the most, in you're unleashing a massive fact they accounted for half the global arms race again that we saw prior to this 1987 treaty decline on that average. see on the screens, apple, with the then soviet union? goldman sachs, ibm. we've been talking about the >> i would just note that all of trade tensions between the u.s., nato, the nato alliance is china, apple very much affected supporting the trump by that. huge part of this revenue coming administration. so this was not something that the united states did from china. of course the manufacturing question, a very open-ended one unilaterally. and the russians tried to use as president trump spoke this as a cudgel. yesterday about this additional they tried to cheat on the 10% tariff on $300 billion worth margins, continue to cheat of goods. if you look at some of the increasingly, tried to get nato to oppose the united states stocks that limited the overall losses on the dow, we can show withdrawing from the inf treaty you pretty defensive names. to splinter the alliance t
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didn't work. mcdonald's is the one really stands out. boeing is a bit particular. trump diplomats worked overtime to make choanate toe was with this. the arms race has been going on. then travelers. overall ashley, the only two just the united states hasn't groups on the s&p five hundred been participating. ashley: does that put europe at that held on in any gains, not a disadvantage? ones with international does russia have a line of exposure, real estate and attack with a large part of the utilities. back to you. jackie: thank you very much. continent of europe? >> this is part of what the oil rebounding after the russians are doing. it puts our allies at great steepest selloff in four 1/2 years. risk. jeff flock has the details for the best thing we can have for us. our allies is a stronger nato. reporter: a little bit of a as much as people have been rebound, jackie. 55.66 at the close. criticizing the trump administration approach, nato, we lost additional in the after-hours on perhaps president specifically president trump being harsh on some of our nato trump's further negative comments that we'll hear moments allies trying to get them to contribute more on their own away. the only good thing i guess to collective defense it resulted in good fruit where they are becoming stronger, they are becoming a better, closer say, baker hughes rig count down alliance. this is a good example of that. eight rigs from the last report. ashley: last question, rebecca. lower gasoline prices, how likely would china agree to tremendous stability of late. take a look at numbers. a nuclear pact? >> countries only agree to arms i call gaits stability. control if they are at a disadvantage. 2.75 a gallon regular. because china is at military
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superior advantage to the united 2.73 last month. states they are not going to that is good news, pat dehaan of participate. ashley: that is sobering gas buddy told stuart varney on comment. rebecca, thanks for joining us. >> thank you. fox business, he thinks gas jackie: what seems like ordinary could be down 50 cents a gallon task across the globe. by december. a early merry christmas perhaps. women in saudi arabia in the restrictive nation celebrating a jackie, that is the latest. major win. we have the details. jackie: jeff, that would be ♪ remarkable. terrific. ashley: michelle gerard, lanhee doesn't love you back, chen, hoover institution stay smooth and fight heartburn fast research fellow, courtney brown here in the studio, "axios" with tums smoothies. markets reporter. ♪ tum tum-tum tum tums michelle, let me begin with you. we have trade uncertainty on back and forth with china. every day there is a bad but allstate helps you. with drivewise. headline. the market takes a hit. feedback that helps you drive safer. we have historic low interest and that can lower your cost rates. now we don't have such a dovish now that you know the truth... fed. are you in good hands? there seems to be a lot of clouds hanging around the markets right? >> there are a lot of clouds. one thing i would say, now the fed maybe this week, they threw some caution on the amount of additional stimulus that they
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might you know take, they were very clear that they will do what is necessary to keep the expansion going, to offset downside economic risks. these tariffs would present a downside economic risk. there is uncertainty, something that weighs on economy and a cockroach can survive submergede guy. underwater for 30 minutes. markets, i think we can feel wow. confident, if indeed the economy yeah, wow. is losing steam as a result of this uncertainty, we will see more action from the federal reserve. ashley: yeah it is interesting, michelle, anytime we get decent data, there is tendency for the market to go down for fear the fed will use that data as an not getting in today. excuse not to cut. not on my watch. but listen, we are in the dog pests never stop trying to get in. days of summer. we never stop working to keep them out. the volume is low. volatility is high. terminix. defenders of home. how much should we read into these market moves? >> well you know, again, the market is going to be very volatile, reacting to every piece of information. as you said illiquid markets
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moves get magnified. you need to step back to keep the bigger picture, understand that ultimately policymakers sort of have your back. ashley: right. >> that doesn't mean we're out of the woods but to some extent, you are going to get whipsawed. a headline about tariffs, just as quick the president could announce some deal has been reached. so there is going to be a lot of volatility here. ashley: lanhee, look, you look around the world, i still think we're the only game in town. things are slowing down. we're still expanding just at a slower rate for u.s. economy. we're still the best game in town, right? >> that's right. you look around the world, there is a ton of geopolitical headwinds. china is subject of some cvs. you look how much the chinese economy has slowed. there will be continuing pressure because of the chinese economy on president xi. so that will affect the u.s.-china discussion as well but looking around you do see a lot of storm clouds in other countries. the u.s. is still a relatively
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better place to be but i do think that some of that stability, some of the instability we're seeing now could certainly put a damper on that going forward. ashley: yeah, look, courtney, michelle mentioned the expression whipsawed, that is almost on a daily basis to get back to these china headlines if the president doesn't sound optimistic, boom, down goes the market. until we get something done with china is the normal for the markets right now? >> i don't mean to play down the last few days selloff by any means, imagine what the reaction would have been had the fed not come out and prioritized trade watching trade very closely. and, you know, it is not lost that president trump set a deadline for september 1st. guess what is coming two weeks later? the fed decision. that is important to keep in mind as well. ashley: we'll have to leave it right there. thank you very much, panel. we'll back. jackie: we continue wait for the president's comments. we'll have those momentarily.
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unemployment rate holding steady 3.7%. michelle, your thoughts? ashley: new demonstrations in hong kong. the report wasn't bad. thousandthousands of civil servants protesting the government in a rare display of. average gains are not what they were last year. i think that is what the market is focusing on? they are supposed to be >> that is the thing i guess i was focused on. politically neutral. don't get me wrong, the legislators came out nine weeks ago opposing extraditions to year-to-date trend is almost exactly in line with the job china. gains that we saw and that is, demands include the resignation of chief executive carrie lamb. jackie: some of those pictures 160,000 jobs, new jobs a month look relatively calm. at this stage of the cycle is ashley: they do. jackie: but we've seen earlier this week it was really, really really impressive. it is certainly sufficient to quite dicey there. ashley: it has been, i want to keep downward pressure on the say there has been speculation unemployment rate. it is as you said, kind of a china may or considering step down from what we had been enforcing marsha law in seeing. of course all of this happened before renewed uncertainty -- jackie: michelle, i'm really story. we have breaking news. hong kong sunday. president trump speaking to that is major pecklation. reporters on the south lawn you don't know how it will work moments ago. let's listen to this. out, it could lead to greater he is walking out there. you can see, he made a number of confrontation. a lot of eyes on hong kong, how comments, ashley, that we sort of got the headlines from. these demonstrations develop and ashley: what i love, as he heads how they are dealt with
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essentially by beijing. to the helicopter, president jackie: all in the context of many times cannot resist to talk negotiations of trade with our president. to reporters there. the united states will be it is amazing how much watching very closely to see as information he gives out. well. a lot at stake here certainly. he will take questions on any meantime saudi arabia moving subject. jackie: absolutely. as you said, if the chopper is a by the closer to the 21st raging in the background, even century. the desert kingdom granting if audio is not good. right of women to travel ashley: he will shout. independently to hold on to he off to bedminster for a their passports. until now they needed permission little r&r over the weekend. from a male guardian to leave before he left. the country. this is what he had to say. fox news's ellison barber in reporter: [inaudible]. jerusalem with the details for us. >> which process are you talking reporter: in saudi arabia adult women are allowed to get about? reporter: confirmmation process? passports, and travel without permission of a man. >> because i felt that a series of royal decrease were congressman ratcliff was being published friday, changing amendments to say every treated very unfarely. i was reading the press. applicant holding saudi arabian i think i am a student of the nationality which be granted a press and i could see that the passport. any person over the age of 21 press was treating him i thought does not need permission to very unfairly. travel. other amendments allow women to he is on ought standing man, i register childbirth, marriage or asked him do you want to go through this for two or three divorce, to be issued official months or would you want want to family documents, to be eligible as a guardian to children who are minors.
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do something else. he thought about it. crowns prince mohammed bin it will be rough. i can see exactly where the salman, saudi arabia's defacto press is going, fake news. ruler, wants to open the kingdom he is a fine. up to make economic changes. he is a fine man, he is a fine as part of that he eased social man. restrictions. so we hadn't started the last year he eased ban on women process. i thought it was easier before driving. we start. he has gotten credit for giving but i read things that were just women more rights but does not unfair. he is just too good. welcome dissent. he doesn't deserve it. he arrested and tort touredded a dozen female activists. [reporters shouting questions] jamal khashoggi was murdered and reporter: [inaudible]? they say he ordered his murder >> what? >> and dismemberment. reporter: [inaudible] this weakens the country's male >> i like sue gordon. guardianship system. it doesn't get rid of it. sue gordon is there now. he will need permission to get i always liked sue gordon. it could be. married or marry on their own. we'll make another choice. women cannot pass on citizenship sue will be, she is there now. to their children, and they certainly she will be considered can't give their children permission to marry. for the acting. only men can. that could happen. we'll probably be talking about back to you guys. jackie: ellison, thank you for it either later today or next that. week. you like sue gordon? seems like two steps forward but many more to go.
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ashley: this story, puerto rico reporter: [inaudible] >> no i think he was treated very badly, very harshly by the governor ricardo rossello is set press. to leave his position any moment he had a decision to make, you but who is set to take over? want to go through this, it have breaking details coming up could be months. and i said i think i see exactly next. what they're trying to do. ♪ dual-coated technology nobody understands the press but i think i understand them as well as anybody. for great taste. i didn't think it was fair. plus intense craving relief. every great why, needs a great how. reporter: how was it unfair? reporter: [inaudible]. >> no they didn't. i didn't think he had support. we were very early in the process. we hadn't started. we were early in the process. he would have had report from (carrying up to 50 times its tbody weight.essly marches on. the -- reporter: they were pretty it never questions the tasks at hand. chilly at first. >> i haven't seen that. the democrats were chilly for but this year, there's a more thrilling path to follow. sure. the republicans i think would have been very good. .. but a lot of republicans didn't know john. i think he would have had good receptivity. he was getting that.
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i believe he made the right decision. reporter: [inaudible] >> do you understand? [reporters shouting questions] reporter: [inaudible] >> no, you do that for me. no, uvet i think the white house is a great vetting process. you vet for me, when i give a name, i give it out to the press. and you vet for me. a lot of times you do a very good job. not always. with tough food, your dentures may slip and fall. reporter: what does that say fixodent ultra-max hold about the white house? >> if you look at it, if you gives you the strongest hold ever take a look at it, the vetting to lock your dentures. process for the white house is so now you can eat tough food without worry. very good but you're part of the vetting process you know? i give out a name to the press. fixodent and forget it. and they vet for me. we save a lot of money that way. but in the case of john i really
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believe he was treated very harshly and unfairly. reporter: [inaudible] reporter: republicans expressed concern about ratcliff's experience. was that -- >> no. i think he would have had very gimme two minutes. good support. and i'll tell you some important things republicans love john ratcliffe. to know about medicare. i think he would have had very first, it doesn't pay for everything. good support. he wasn't in that world that say this pizza... much. i think he would have picked it is your part b medical expenses. up very quickly. i think he would have had great this much - about 80 percent... republican support. medicare will pay for. probably no democrat support what's left... this slice here... well... which would have been nice to get some. you have to pay for that. but, i think he would have done fine. and that's where an but it would have been a long, aarp medicare supplement insurance plan, it would have been a long hard insured by unitedhealthcare insurance company comes in. slog. reporter: another question if you don't mine, sir -- tweet this type of plan helps pay some of what medicare doesn't. about elijah cummings attempted and these are the only plans burglary on his home. to carry the aarp endorsement. that's because they meet nikki haley said it was so their high standards of quality and service. unnecessary? what do you say? >> i don't mine that. review aarp medicare supplement plans the tweet was repeat what i and their rates in this free decision guide. heard over the news. i know his house was robbed or i
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call united healthcare insurance company thought that was too bad. that was really just, that was or go online. visit really not meant as a wise guy to request yours. tweet. his house was robbed. even apply online... it came over the news at a any time. oh. speaking of time... certain moment last night. about a little over half way and i had just mentioned it. and there's more to tell. like, how... with this type of plan, reporter: [inaudible] you'll have the freedom to choose any doctor to avoid tariffs going into who accepts medicare patients. force september 1st? great for staying with the one you know... >> i think china number one, you or finding... somebody new, have to understand we are so far like a specialist. behind, we have been treated so there are no networks and no referrals needed. badly, and i don't blame china. none. i blame our past leaders, our and when you travel, past presidents, our pat trade your plan will go with you anywhere in the country. representatives they have done a so, if you're in another state terrible job. china, we can't just go make an visiting the grandkids, stay awhile...enjoy... even deal with china. and know that you'll still be able to see any doctor we have to make a much better deal with china. who accepts medicare patients. because right now, they have a very unfair playing field. learn more with this free decision guide. and i'm turning it around. call or go online to request yours. so we're getting 25% of tick, tick, tick, time for a wrap up. $250 billion. a medicare supplement plan now we'll be getting 10% of helps pay some of what medicare doesn't. probably close to $350 billion. you know, the pizza slice. it allows you to choose any doctor, it's a lot of money.
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who accepts medicare patients... and these are the only plans china has to do a lot of things of their kind endorsed by aarp. to turn it around. whew! but you will be seeing. they have to do a lot of things. it goes on september 1st. frankly if they don't do them, i can always increase it very substantially. in other words i could increase it, if i wanted to, i could increase it to very much higher reporter: political uncertainly number. reporter: [inaudible] minutes before the deadline. >> well it is in the process the country is still without a right now. i know the case very well. clear successor. it is a very sad situation. really heart-breaking but that reporter: two minutes 5 second is in a process right now. i will not get involved in the process. as you know they are going to be from now is the time the making a final decision the next governor are you cardio rossello 10 days. so i won't interfere with promised he would resign. process. reporter: [inaudible]. they don't know who will become >> say it? acting governor? reporter: how many troops are will it be no one, triggering a you withdrawing from afghanistan? >> we've been moving it down, constitutional crisis weekend? moving it down from syria where the house of representatives we defeated the isis caliphate.
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we have now 100% of that. voted to confirm the nominee for we have 2500 prisoners and europe will have to take them, secretary of state. but the senate is not dealing or somebody will have to take them but we have 2500 isis with him until wednesday, which means the island remains without prisoners and we have told a secretary of state. europe, hey, some come from france, some come from germany. rossello did not issue a they are going to have to take statement today, no good-bye, them. so we'll see what happens. but we have pretty much, nada. a large crowd it gathered reduced, we have taken it way down in syria. outside his house chanting ultimately it will be down to a very few people, if any. with respect to afghanistan, we made a lot of progress, we're positive speeches for his talking but we've also made a lot of progress. resignation. we're reducing it. we've been there for 19 years. in the middle of the storm we we're really serving as have been living, i'm at your policemen. we could win afghanistan in two disposal offering the best of me days or three days or four days so we can get to safe harbor. if we wanted but i'm not looking to kill 10 million people. massive demonstrations demanded that ross sell oh step down. reporter: [inaudible] >> what about it? reporter: [inaudible] >> we could win that war very all men making sexist and
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easily. i could win that war in a week if i wanted to but i'm not homophobic comments and making looking to kill 10 million fun of hurricane maria victims. people. many of them would be innocent then the secretary of justice, people. i'm not looking to do, i'm not talking nuclear by the way. wanda vasquez. i'm talking totally conventional, i'm not looking to to accept in as governor. she says she is willing to do kill millions of people in that. afghanistan. reporter: [inaudible]. reporter: the clock is ticking down. >> that i can't tell you. interesting story. i mean, you know, we'll find we'll continue to follow it here out. reporter: [inaudible]. on the fox business network. that does it for us. >> well i hear he has done a "bulls and bears" starts right now. good job. i don't know congressman hurd. david: u.s. china tensions i heard he has done a good job. sending stocks lower for the we differ on certain subjects. i heard he has done a good job. week. it is too bad he is leaving. as the president continues to really don't know him. reporter: [inaudible]. make the case for china tariffs. >> so i do have a short list. president trump: we are so far i have a list of a few people. behind and we have been treated we're looking at very well-known so badly. i don't blame china.
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people. people where the vetting would i blame our past leaders. go very easily because that's we need to make a better deal what they have been doing, with china. they're in the intelligence world. so we have a list of three now we'll be getting 10% of people that i'm going to be probably close to 350 billion. working on over the weekend. we're going to bedminster. i will be working on that over the weekend. probably on monday i will give you an answer. i do like sue gordon very much as acting per your question. reporter: [inaudible]. >> say it again? reporter: who would you like? >> i think we have a lot of good people. we have three people specifically. i mean i could tell you. reporter: tell us the names. >> they're right here. right there. it is too early. you want a piece of the list? go ahead. reporter: [inaudible]. as far as negotiations with the taliban -- >> i don't want to say if they can be trusted or not. history i would say is not so good. they don't like us much either.
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we brought them down. we brought the number of soldiers down very substantially. they're coming down. we are talking to them. we have a lot of advantages making a deal with us. we're doing very well as you know with pakistan. i met a gentleman who i liked a lot as you know last week from pakistan. i have a lot of respect for him. we have a good friendship. a good feeling, a good chemistry. i think pakistan will help us. i think others will get involved but we've been there 19 years. we're not really we're not really -- we're more than lot.emen than anything else. we could win the war, if you look at it, look at it any way you want, we could less than a week but i'm not looking to kill 10 million people. and i'm not talking nuclear. i'm not talking nuclear. we could win that war less than
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a week. i have that as an option always. but that is what we're not looking to do. [reporters shouting questions] reporter: how do you avoid a nuclear arms race now that you decided it withdraw -- >> we've been speaking to russia about that a pact for nuclear, so they get rid of some, we get rid of some. we probably have to put china there, but right now we're number one, russia is number two, china is number three, but china is quite a bit down in terms of nuclear. china is much lower. we would certainly want to include china at some point. but i would think that the relationship is good. we're trying to have a good relationship. it is very hard, in light of the phony witch-hunt which is now dead but i will say this, with russia, if we could get a pact where they reduce and we reduce nuclear, that would be a great thing for the world. i do believe, i do believe that
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will happen. we have discussed it. i have also discussed it with china. i have discussed it with president putin. i have also discussed it with china. i will tell you china was very, very excited about talking about it and so is russia. i think we will have a deal at some point. the particular pact you're talking about that expired as of today, they weren't living up to their commitments. i said if they're not going to live up to their commitment, then we have to, we always have to be in the lead. you know i have redone our nuclear. we have new nuclear coming. i hate to tell that to people. i hate to say it. because it is devastating but we've always got to be in the lead. hopefully, and hope to god you never have to use it. reporter: [inaudible] >> say it? reporter: [inaudible]. >> we have new everything. we have the finest military in the world. we make the finest equipment in
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the world. by far, whether it is fighters, whether it's missiles, whether it's the ships. whether it's submarines. nobody to compete with us. but if we could hold off spending by getting a pact with russia and china would be very good for, that would be very good for all three countries. reporter: [inaudible] >> you're talking about the trade with the, on beef? reporter: [inaudible]. >> the eu is very tough to deal with. there. they are very difficult. they had barriers on beef. we broke that barrier today. i appreciate it. it's a group of countries, as you know. we love those countries but we're dealing with them, they're very, very difficult but we did a very big deal today, beef. we'll be selling them a big percentage of their beef. that is great for our ranchers
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and farmers. so we were happy to do it. reporter: auto tariffs off the table? >> auto tariffs are never off the table. if they would not treat us fairly, which they're not, i mean, you know, right now, look, the eu has tremendous barriers to us but we just broke the first barrier and maybe we broke it because of the fact that if i don't get what we want, i will put auto tariffs because it is all about the automobile, it is all about the tariffs. if i don't get what i want, i will have no choice but maybe to do that but so far they have been very good. i want to thank mexico, the numbers are way, way down, apprehensions. the numbers are way down. mexico, they have about 21,000, actually now maybe have more than that on our border. they have another 6,000 on their northern border, okay? view it that way, their northern
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border, near guatemala. i will tell you mexico is doing a great job. reporter: [inaudible]. >> well i would love to see, before we start talking about secretary i i tell you i would love to see the democrats sit down, work out loopholes in 20 minutes that is what it would take and work out asylum. we're moving along with an asylum fix and asylum bill. lindsey graham is heading it up very capably. we'll see what happens. reporter: [inaudible] >> i will always help our farmers. our farmers were targeted by china. and our farmers frankly, these are great patriots. i will always help our farmers. there will be a time when the biggest beneficiary of what i'm doing with respect to china and trade generally, you're seeing it with the eu. they couldn't do the cattle thing at all, beef, they
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couldn't do it at all. now all of sudden this came out of nowhere. our farmers will ultimately be the biggest beneficiaries. they know that but our farmers are great patriots. reporter: [inaudible]. >> no. what happens is china devalues their currency and china also es pouring money out. that will pay for the tariffs. it is a total misnomer. i don't say that with all countries but with china, they're very highly sophisticated but so are we. more than anybody would understand. all you have to do is ask china. all you have to do is ask china. but let me just explain, so china is devaluing their currency, and they're also pouring money in. their currency is going to hell but they're also pouring money in. that will totally pay for the tariffs. the tariffs are not being paid for by our people.
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it is being paid for by china. because of devaluation, and because they're pumping money in thank you, everybody. of. [reporters shouting questions is. >> reporter: they say -- [inaudible] >> you interviewed the wrong farmer. number one, number two, any amount china sucks out we're making up out of billions of dollars we're taking in. remember this, our country is take being in billions and billions of dollars from china. we never took in 10 cents from china. and out of that many billions of dollars, we're taking a part of it, we're giving it to the farmers because they have been targeted by china. farmers, they come out totally whole. you interviewed the wrong farmer. [reporters shouting questions] ashley: you interviewed the wrong farmer. there you have it from the
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president speaking with the media, short time ago from the south lawn before he heads back to his golf resort in new jersey. covers a wide range of topics, which he usually does, everything from afghanistan, russia, mexico, finding a new head of the national intelligence agency. we want to focus on financial issues here on the business network. we want to talk about trade. michelle gerard, lanhee chen and courtney brown, gamely sticking with us today. i really appreciate that. courtney, let me come back to you. talk about tariffs. firstly with china and the on going trade dispute with them. he talked about the eu, we got a beef deal done but i'm still wanting to figure out this auto tariff issue. europe needs to play at the sail rules we need to play with. do tariffs work. are we taking the right tact? >> economists and are insure
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what winning would look like? how do we win a trade war? is winning do enough to undo economic damage that may occur as we're in the trade war. this additional threat of 10% on 300 some odd bill dollars worth of imports, we get from china this is the first time the consumer is really, really going to be target. so far the trump administration stayed away from items on the shelf from walmart and the like. when you think about the bedrock of this economic expansion has been, it has been the consumer. we'll see china does not pay for the tariffs. u.s. companies pay for the tariffs. ashley: right. >> they will pass those on to consumers for sure. ashley: lanhee, argument being, short term pain, long-term gain. the president already said we had economic damage done by china for some years, for decades now. this is the only way to get them to the table to actually make the reforms that we would like them to make. what do you say? >> i think if that theory ends
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up being true, if the chinese do indeed end up making changes, for example, on forced technology transfer, i.p. theft, the industrial policy elements we really find objectionable probably some of this pain will have been worth it. the question though, is that the deal we're headed toward? are we headed for a long-term deal or a short-term deal that addresses the current account he have deaf fit and couple issues opt margin? if this is the case that we're leading to a long-term deal which i'm still acceptable about, that would be one thing. all we're dealing with is dollars an cents on the margins. we're not getting to fundamental reform. ashley: michelle, the president touched on this, no one has been doing anything in the past. they have not been able to get china to reform, stop forced transfer of intelligence, of knowledge. we've come to this point. he is trying to finally break that pattern. is this right way? >> yes. i think the president looks at
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the, first of all the relative positions economically between the u.s. and china. obviously china is on much weaker footing, if you will, from an economic standpoint than the u.s. so the timing of taking china on now is certainly there. and i think it is exactly as you said, the u.s. is beginning to think about, talk about themselves, the long game, if you will. you listen to some of the advisors to the president who say, you know, this is not about what the stock market is going to do over the next months, even six months or more. this is about taking on china now so that 10, 20, 50 years from now, we don't find ourselves having to be much more aggressive in terms of keeping china check. and so i think that, you know, this is what has come together. the time is now. because of this president. because of the relative strength
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of the economies in the two countries, to actually, to take this fight on. and that is what the president is doing. ashley: courtney, very quickly i want to ask you another question i herd what you said earlier, nothing has worked at all when it comes to china, is this worth the chance to make the reforms they claim they never make but never do? >> it would be worth it, traders, analysts, i talk to, we come out with a deal that shows some reforms, not just a deal in name only, yes, perhaps the short-term pain that we've endured would be worth it. ashley: we'll have to leave it there. thank you, panel. courtney, michelle, lanhee, thank you for sticking around half an hour to join us today. thank you all. jackie: for more, let's bring in ford o'connell, pacific o'conne.
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he said we don't want an even deal with china. we want the terms to be even better for the united states. this is where sort of politics and business really sort of have a crossroads because the president is using this political posturing to get an end goal that will have an impact on markets and the economy overall. do you think he is doing a good job in these back and forth negotiations? >> he is absolutely trying his best. understand we haven't done anything about china in the last 30 years. one great thing he could do, go to the wto to change china to most developed nation status. right now they're shirking responsibility at the wto as well. absolutely this is the right time to do it. essentially china is in the worst economic situation since the 1990s. essentially also there is a lot of companies that are leaving china, like apple, dell, they're relocating in southeast asia. as long as that continues to
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happen, it will drive china to the table. the question whether or not which get terms that help american workers. ashley: kristin, a lot of folks will say this is a tax on the consumer as courtney was saying before. u.s. companies pay it, it will get passed on but there is still a month until the president will impose the tariffs. the deadline is september 1st. so do you think over the course of the next 30 or so days progress can be made and we don't see it happen? >> hopefully progress can be made. obviously there will be someut k folks need to work together. as a democrat i'm glad the president is actually taking on china. they have been shirking their global responsibilities for far too long. i do think though on the political side of things the tariffs in general that have been harmful to farmers, i think that could have some political repercussions for the president in 2020. jackie: okay. yeah. we'll be watching it very
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closely. i want to get a final word from you, ford, because you mentioned the fact that the president you know, he is in a tough spot here, right? he is dealing not only with china but he, you know, renegotiating the nafta deal, waiting for ratification of that. he also made comments today about the e.u. it is like he is trying to straighten out a lot of wrongs that came over long period of time, that kind of fell in his lap. >> he is trying to deliver on his promises. no one should be shocked. this is exactly what he said he would do when he took office. frankly will take a long time to do it. this is the problem the democrats are not getting about china. that is president xi is president for life. the chinese like to tell you what you want to hear, they hope you lose focus and won't stay on for the long fight. what president trump has done, say, come hell or high water. the problem we sold our soul for cheap consumer goods at the price of the american consumer. that is a something that the
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democrats don't point out. jackie: ford, kristin, thank you. >> thank you. ashley: the white house officially withdrawing from a nuclear treaty with russia. so the question is what happens now? we're live from the pentagon with details. >> puerto rico's governor expected to step down less than 30 minutes from now. as the house approves his successor's nomination. breaking details are coming up. this was me six years ago... and this is me now! i got liberty mutual.
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