we talked to senior department officials. it was one of the biggest cases they ever handled, and it is also a criminal case as well. it is involved with the treasury department and the department of congress. they are scheduled to please guilty include conspiracy to unlawfully export goods. also an obstruction of justice. false statements to yoous statements. just a few minutes in the department of commerce behind me. it subpoena 11 a.m. in wall street, and "squawk alley" is

live. good morning and welcome to is "squawk alley." breaking news out of commerce this morning wilbur ross is about to make a statement. total combined criminal and civil penalty paid to the departments of commerce, justice, and treasury. with this action, we are putting the world on notice. improper trade games are over with. those who flaut our economic

sanctions, export control laws, and any other trade regimes will not go unpunished. they will suffer the harsh of consequences. this case is just the beginning. under president trump's leadership we will have the dual purpose of protecting american national security and protecting american workers. it was as insulting as it was dangerous will improve by the court first pay an immediate out of pocket monetary penalty of $892 million. zte has then agrees further to a

seven-year suspended denial order and a seven year $300 million suspended fine. both of which provide long-term deterrents to further bad behavior. if they step out of line, those penalties will be immediately imposed. they will also abide by an incredibly strict monitors, auditing, and record keeping requirements. and they must maintain a strong commitment to ongoing cooperation with investigators. the results of this investigate and the unprecedented penalty reflect their premeditated egregious scheme to avoid u.s. law. their most senior managers lied

to, obstructed, and misled investigators for years. starting in march 2016 when we caught them red handed. during the investigation, zte secretly restarted shipments to iran and then carefully destroyed evidence. at times delating e-mails on a daily basis. zte was able to obtain hundreds of millions in contracts and sales to iranian entities. adding further insult to injury, in this time they also under took illegal actions involving 283 shipments of controlled

items to north korea with the knowledge that such shipments violated the department of commerce's congress administrations. zte is china's second largest tt telecommunication firm. the department of commerce is committed to insuraning that ju and -- >> you're listening to wilbur ross there announcing from the commerce departmentment the settlement with the chinese phone maker. they violated american rules and a guilty plea though those charges, we will speak to wilbur ross later here on "squawk alley." also, house republicans

introducing the plan to replace obama care, and the president talking about reducing drug prices. we're speaking to joe bernestein, and bill george, a senior fellow and medtronic's ceo. here we go again with the drug makers at the bottom of a stock list. no specifics, but president trump says there will be more kp competition and lower prices for americans. what do you do if you're a drug maker? >> i think it was a mistake that every other area of commerce and american life. and some of the drug makers, thelesser known ones, have taken

advantage of this. i think they were raising pri s prices. >> since bill clinton signed wells we form into reform. secretary price who believes this is repeal and reform. we will work with them but we need them on board to make this happen. this is the first and most important step to giving relief to americans from this terrible law, and to begin the replacement principals of restoring state control and restoring the free market. the conservatives, moderates, and all republicans built consensus around. we had 84 co-sponsors including

members and leaders of the freedom caucus. we're following that consensus. here is, i guess, my main point. as remembers we have a choice. question act now or we can keep fiddling around and squader this opportunity. house republicans are choosing to act now. >> he said he liked bill and it was on to negotiation. on one hand you have conservatives in your own caucus, and holding a press conference later today. they say it is dead on arrival. they are going to say it will cover less people and reduce the

protections for people. >> we held a lot of sessions with our conference members. i met individually with the leaders of the various groups in our conference. we had a lot of discussions over the weekend with the white house, and various folks there. we now have a big that is available for all to read. i encourage you to do it. i encourage them to look against their own bills and what they supported in the past, and let's have a thoughtful legislative discussion. there will be a process at the budget committee, at the rules committee, and it will come to the floor. this is an important step moving forward to fulfill our progress. >> do you think the metic of how many people are -- >> you know, it is interesting because if you back to what they predicted would be covered on

lts exchanges today, it was only off by a 2-1 ratio. and we're chasing young people away from insurance cover. so those people that decided not to sign up, and wanted to pay the penalty instead, they are people under the age of 35. we need to reform the markets so we can give options affordable and available for more people, we also believe the stating will ld build into the california process they need to get waivers. >> the cap on the exception was one of the main options you were looking at, is that something

you decided on over the weekend? >> we listened very carefully. the entire conference across the spectrum about how best to restore state control, how best to return to create a free market, and to how to make sure we do that in a way that balances in the budget. we looked very seriously at the option of actuallyly providing the same health care available that works to others through the exclusion at the end of the day. the conference, the direction they gave us was not a provision they were comfortable with today. so they decided to go a different direction. >> will it cover more americans or less americans? >> more americans with affordable health care than today is probably the key question. here is what i know.

more people got out, and those who have it francely can't use it. the deductibles are too high, it is just a card that doesn't help them. giving our people an option, i think we're accessing care for those who want it. and as i see the tax credit, i have a small business background. so for decades i watched small business people struggle to get health care. they get no help. workers in big businesses got all of the help, so under the republican plan for the first time, if you look hard and play by the rules, you're treated equally. you get that help as an

interpret noour. so those businesses, frankly, are not taking the affordable care act, it doesn't help them. >> here is what we do know, last year 225 counties had one option left. this year it is 1022. it is collapses before our eyes. as i talked to insurers, they're looking to sus stain the facts of the matter are not what this will or won't do going forward. we arrived at the scene of a big wreck. if we don't interseize. fewer people have access were period. we're not kicking anyone off medicaid today. we're going to give power back to the states, and hopefully

expand assess to affordable insurance. if you have one plan, and we're hearing there may be zero, that is the gab that we're trying to prevent. >> candidate and president trump have been promising better coverage, lower cost, and better health care. are you on the road to meeting that right now? >> i think secretary agrees with that. >> do you have internal ceo numbers and internal numbers of how many people may lose their health care that you're working with? and is there a reason ewe not sharing that? >> we're waiting for a score of

the bill as it is printed. >> can you explain about the insurance gab premium? this is a collar version of this to cover pre-existing conditions in medicare part b and d. we modelled it after that. one of the issues we found is that some people were gaming the system. it's not that they had a pre-existing position. that is part of what is causing this spiral downward. what we want to make sure is if you have a pre-existing condition, you get coverage, and the coverage is not rated based on that condition, but if you

let it lapse, there was a marginal penalty there. it is a little bit like you don't get to buy fire insurance for your house when the roof is on fire, you have to buy it ahead of time. you can have a gap of 63 days, that is two months. last thousand it is in other areas of federal law today. if you have a pre-existing health condition, you're not priced out nap is what we accomplish here. >> the repealing of the obama care taxes, the tax cut for the most affluent americans, what is your response to critics who say this is a big tax cut for the rich? >> yeah, i disagree. i look at the 20,000 jobs that left america because of the irresponsible medical device tax. i look at the nuns insurance

taxes and others. you run down tax increase after tax increase, they hurt the economy. they hurt health care, they achieve nothing. i don't want americans to continue to struggle under the obama care taxes. that is why we're working to repeal them and the subsidies. at the end of the day this has to balance in the budget. >> where are the deviations between the 2015 bill this year. >> on the side that we're focused on, very little from the standpoint of repealing the taxes, the penalties on the mandates, the subsidies as well. making sure that we're fudefundg

planned parenthood and redirecting those moans to health services, so we use the foundation for repeal, but we go further with the two key principals. so communities can get health care, restoring the free market so people can choose the health care they need. >> i think we have crafted the biggest entitlement reform. i don't believe that was in the 2015 reconciliation bill. i think that is really important to empower states and to put medicaid on a bujd. so that is probably the biggest. we have the fund in here as well, because there has been all of this damage done to the market as well. we want states to come in, texas

or oregon. >> that sustaining fund, is that an annual pay in, or an endo iment? >>. >> it is about dr 10 billion a year. >> we have been listening to congressman greg walden. they are the chairman of the house wanes and means, talking about the relacement for obama care. still with us a great pair of guests here to discuss what we have just been listening to. jarrett, i know that you're probably against this. you're a democrat.

does this insure more or less americans, and the chairman said does it -- >> i'm glad you raised that, sarah. there was an alternative fact in there. i thought he said obama care covered 10 million, it is widely expecting is is much bigger than that. we thought the answer was a really one, we have to wait for it, but they found that what they do is they increased cost sharing on moderate and low income people. fins, the sub sud i dids, are lower and this the current subsidies that get.

and that leads to getting rild of the medicaid expansion. that will leave more people unnumbers. so i'm certain that the proposal will reduce it. >> how do you see it, getting rid of that tax could be potential, they love to cite the ceo's that say is doesn't work. >> first of all, this is not repeal and replace obama care. this is a revision. i think if they are pieing it, they would have to do revisions as well. i think it puts the whole insurance market very much at risk. i didn't favor the individual mandate when it came through, but i knew it served a purpose.

i expect the exchances will collapse further. insurance rates will rise, and it shifts from wealthy americans to poor americans and middle class. i think when the medicate progr -- medicaid program is shifted to the states, they cannot run deficits, and fewer and fewer people will get medicaid coverage in the states. it doesn't address cost. >> what should congress be doing here. i think a lot of people would agree that obama care, the way it was going, needed to be at least amemdnded. what is needed do you think? >> first, what we heard earlier about drug pricing, the

government is a big buyer. that is big pharma. i think the two of them are the tax premium credits, the subsidies that help people afford insurance in the exchanges, they're too low. when people say they -- that the premium jumps are too high, i take their point. they need to ratchet up the subsidies. and some of those markets are very, very thin. most markets are not like that, but some of the rural ones are, and there you really need options in the exchances and we always thought there should be a public option in these exchances. it is something that president obama came to appreciate and write about late in his tenure. >> we're out of time, but we

will consider the conversation, no doubt. bill george, good to see you as well. >> we can take stock of all kinds of things this morning. jeff besos on the record, his plans to cut costs when it comes to travel and space. and later, the commerce secretary when "squawk alley" comes back.

america, you're welcome. >> i'm in a really sharky mood. you come into wing foot with two majors. >> many people look at the drive on 18 as the problem but that was not the problem. 26 trombones lead the big parade ♪ ♪ they were followed by rows and rows of the finest vi rr♪ >> the director of floor operations for ubs, happy

birthday to you, my ma'am. >> thank you, i think. >> second day in a row now, a weak premarket, yesterday we had more 52 week lows than 52 week highs, what does that mean? >> it's a mild warning, to be honest. when we saw them before, the market stalled or pulled back. you can be setting up for 5% to 7% pullback. some of it is bases on what is happening in washington. the president tweeting about the supposed wiretapping and what not, it took some of the goodwill that popped up last week and made it less cand you have a gab that fell from the

day that we spiked. >> is that new? it seems to me the market has been drshrugging off tweets. the tweet about president obama's administration wiretapping, is it intensifying or has it been happening all along? >> i think it was a new and different reaction because if you recall going after the speech and the rally, it was maybe this administration could get some things done, maybe not fully con stciliatoronciliatory charge about former

administration is unusual. it makes democracy work so well. i think that is why the market had a reaction. >> what are you hearing for health care stocks. they're getting hit on the trump tweet this morning. >> i think they're sorting through it. there is not enough sign that it is fully passable the way it is. the president was saying before this was issued that we're going to have your ability to buy insurance policy across state lines, is that going to be part of it? that races more difficulty. it is new, and that could have a filibuster attached to it. so it will be a lot of heavy

duty play down there in washington around this. it will take a good deal of attention. the other thing the market is doing is you have the ecb coming up on thursday, maybe beginning to moe -- move on brexit. >> we want to wish you a happy one as always. we will let the viewers guess what is inside. >> the ice cubes don't have a chance. >> happy birthday, art. >> very happy birthday from me as well, arthur, love you. here is the news update at this hour. wikileaks publishing cia cyber documents. they have implanted malware in samsung smart tvs for recording.

russia has denied they were responsible for discriminating against ethnic groups in crimea. the storms tore the roof off of a hanger and damaged small planes. and in a study, drivers feel unsafe sharing the road with several driving vehicles. only 10% say they feel safer sharing the road with driver less vehicles. let's get back down to, sarah back to you. >> stocks losing some steam here. let's goat jane wells now. with a special guest, jane? >> hey, sarah, it happens every three years. we have 3-d printed concrete and

steel. machine that's can diagnose there is a problem, and the deer is cases thasing the cat. we have to quit meeting like this. >> nothing runs like a deer. >> it has not been a great time to be in the equipment manufacturing business, realistically, what does it mean for deere? >> it could be very substantive for all of us. the critical thing first is that it has to pass and be funded. in the past a lot of times they have passed but not funded it on a long-term basis. if it can be close, it could be a very, very important sustainable improvement to our business for a five-plus year period of time. >> are tar riffs good for deer?

>> in the last 40 and 50 years, we have always been a proponent of free trade, we still are. certainly the border adjustment tax they're talking about were a net exporter. on a company level standpoint, on the short term, it would be okay for us, but we're very concern it'd would be difficult for american farmers. the three largest countries that we export to, if they were to retaliate, that would really be bad for our customer and bad for us. >> most of your sales are in ag, but you're making a big push in construction. you're saying your corruption and forestry sales grow 7% this year. can you take on cat? it has been their sand box for a long time?

>> we're trying to do what deere can do well. we respect cat, we think they have the same time of value proposition that we have in this space, and there is more room than for one or two players, but you're right we're expanding at the o top and with production class equipment. >> a lot of cool new tech here, what is the coolest new thing from deere? >> probably our work site technology. our operation center where we track 90,000 machines in customers hands and do advanced deeg nos tick work. >> the machine can tell the owner hay, i have a problem here you need to take care of. >> they can tell our dealer and our technicians and go to the customers. >> are farmers spending money this year? >> some will, not as many as we

would like, i'm sure, commodity prices have to come back, but we're in a good state right now. so this will be the first year that we come close to building to retail demand. >> you're the chairman on the u.s. council, but you have not met the president yet, what would you tell him? >> first of all, i don't know that i would try to tell the president anything as a individual myself. other than i appreciate he has been listening to a lot of ceos. and he has the interest of trying to do the right things. i feel i would tell him, you're going the right way with regulatory reform, you're going the right way with reduces taxes, but i would add a caution on the border adjustment tax and say retaliate against others, but don't put barriers up that

cause them to retaliate against us. >> thank you for joining us. >> karl, back to you. >> thank you very much. when we come back, a first on cnbc interview with the commerce secretary, wilbur ross, in a moment. when ♪ou have $4.95 ...you realize the smartest investing idea, isn't just what you invest in, but who you invest with. ♪ but who you invest with. and her new mobile wedding business.tte

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today on the halftime report, investors that missed the trump rally about to get in. and the president's tweet on

drug prices. and what a judge just called activist hedge fund managers. >> amazon founder and ceo jeff besos speaking alt the conference in washington. sharing his vision for the future of space travel and the outer space economy, take a listen. >> we have now more than 1,000 person team at blue or begin, and that team is incredibly talented and they're doing a great job. the long-term vision is millions of people living and working in space. we need space for civilization. for a whole bunch of reasons, and that's the vision. >> blue orgin signing their first customer for satellite launch services. recently he has said he thinks

earth is the best plan et in th solar system. apparently he doesn't mean as opposed to earth, this is still home base. >> important disfings, i guess. this coming right after two citizens are going to be going, according to elon musk in the liunar capsule next year. >> it does seem to be a rivalry. when he has a successful launch, musk will say that wasn't as hard as what we pulled off, so they are keeping track of what the others are doing. but you know, in tech, probably as in space, competition can push both parties forward. and saudi arabia's minister,

speaking exclusively last hour in houston, his take on any possible production cuts. take a listen. >> i think it is going to be may before we consider if such is necessary, and we will do what is reasonably doable to guide the market forward. >> jackie deangelos is back with more. >> the saidy aramco chairman talked about russia's compliance with the cuts. he said it was slower than expected. the energy minister of russia told me that they were working to achieve the target at a fast pace. there is always two sides to every story for what is going on with opec and nonopec producers. and he said that the supply and

demand balance is happening now. take a listen. >> i am always glad. >> i believe that currently we have a supply and demand balance for this winter period. down the road, we will need to see how the situation will evolve in terms of the command growth. as well as in terms of production in other countries and we will need to assess the relationship between supply and demand. i believe in the near term we will see the results in terms of the reduction with refined product stock and the petroleum product stock, and this reduction in stocks will be a positive for the market. >> what is interesting there is wall street is looking at the rebalance, and giving us the next six months to the end of the year for it to happen. they're saying they will monitor the situation, but they think we achieved it saying the price stabilization between 50 and 55 is a tweet spot for oil prices.

speaking to mr. novak, it is certainly an issue of national security. i asked for his take on russians being involved in hacking and marginalizing the u.s. election. >> we do not interfere in the domestic politics of the united states of america, and weapon prefer that every country resolve internal issues independently. >> a fascinating conversation, we're going to have more all week here. >> a lot of good interviews coming out of there when we come back we'll talk to commerce secretary wilbur ross. the dow is down 27 points, we'll be right back. where, in all of this, is the stuff that matters? the stakes are so high, your finances,

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the trump administration moving wickly to enforce trade laws. they have an alleged sale of u.s. technology to iran. joining us is secretary wilbur ross. good morning. good to see you. >> you told us last week on our air you're going to see more

from us on enforcement. is this a settlement for what you have in time? >> i don't know if we will get a billion dollars every time, but we'll try our darnedest to do so. the suspension of the ban, the resumption, what would happen at the end of march? >> the bureau of industrial security has been hard at work on this, and it is a fairly small entity with only a dozen or so agents, so it is a severely under staffed group, and they have been working at it for quite a little while. >> zte confessed they signed the papers this morning, and they are the second largest company in china.

i can't imagine that i did all of that without informing the government. >> mr. secretary, did you find that any u.s. companies were implicated at all in this? we know a decade ago hp was seen to be selling printers into aaron through a subsidiary and was not head to account over that. do you have any evidence that the components were in the zte commitme equipment? >> we have continuing investigations under way on that topic. >> i wonder how we should read this as we try to figure out what the relationship between the u.s. and china will look at under a trump administration. the deficit widened with china

as we import more of their products. is this how you go about it? enforcement rules, what do you have in in mind? >> enforcement is the key to everything and it's not just bringing cases, it's also collecting them. i was appalled to learn that there are literally billions of dollars of counter billing duties that have gone uncollected. we're going to find a way to solve that and actually collect the fines that we impose. second, strict enforcement, including self-initiation of actions against foreigners to relieve some of the burden of american companies in bringing the cases. that will be an important part of our activity. and then the final and most important thing, we'll be fighting very hard to relieve the non-tariff and tariff trade barriers to american exports to

other countries. >> we do want to get to that. on this zte issues, in your comments you said they should have known better. you said it was as insulting as it was dangerous, premeditated, agreeg jous. you said this case is just the beginning. last week with andrew you discussed the likelihood that there would be counter punches to the degree the united states got tough. do you expect something in response so this or any future settlements? >> i think it's very hard for anybody to rally to the support of somebody who has admitted multiple iterations of a crime. i don't think that's something that's going to get a lot of support elsewhere in the world. >> sara mentions a border tax. we know the president today is going to meet with purdue. i guess we can assume somewhere in there a border adjustment is going to come up. can you give us clarity on how this discussion is evolving between the white house and

congress? >> well, the whole tax reform issue is a very, very important one, a very central one to the administration. and my hope is that they will work collectively toward an agreement that the house ways and means, the full house, snats, finance, full senate, and the white house can agree to. >> not tipping your hand there on the border adjustment tax yet. what about this idea that trade deficits are bad? peter thnavarro who is working with you, writing in the journal yesterday, talking to a conference, equating deficits with risks toward national security. do you agree with that idea? >> well, i think there are many threats to national security. one of which we dealt with today with the zte, namely taking sensitive materials and allowing it to get into the hands that shouldn't have access to it.

but industrial power at the end of the day is, by definition, a national security issue. >> mr. secretary, how do you correctly incentivize companies to manufacture in the u.s.? you have loads of experience in the textiles business, which has moved many jobs to mexico and across the world. and you have been a part of doing that when it made economic sense. what sorts of moves in the near term, during this administration, do you think are going to reverse that tide? >> well, i think a couple of things will clearly do it. one is the tax reform. cutting the u.s. tax rate on corporations will be a powerful incentive. so will a very low cost of bringing the foreign trapped capital back into this country. so tax is one part. regulatory is another part. as you may know, the president has asked the commerce

department with developing the database of all the regulatory rules and permitting problems that american manufacturing faces and we will be soon reporting back to him and recommending what changes have to be made. over-regulation is the single most important thing that bars quick and effective and economical business decisions in this country. >> we've already seen, through executive orders, the president start to roll some of that back. but what percentage of the regulations you think should be undone, have been undone by that? are we in the top of the first here? >> oh, i think we're still in the very early stages. i can't forecast exactly how many of these burdensome rules, permitting problems and other regulations we'll uncover. but i would bet it would be in

the hundreds, if not the thousands. >> speaking of where we are in your policies, you've told us that your priority is reopening negotiations for nafta. where are you in that? when can we expect that to start? >> well, the president made the announcement some weeks ago and we are now in the early stages of the tpa process, the fast track approval process. so we hope there will be more announcements relating to the progress there of the process, not of actual negotiations yet, very shortly. >> mr. secretary, bill gates has suggested that we may need a tax on robots because of the incentive that there is to get them to do so much of the work that, indeed, you are trying to move back to the united states. the manufacturing work. do you agree with that in concept, at least that that may be necessary? and how do you keep, once jobs

perhaps are manufacturing does move back to the united states, how do you keep it from being humans -- how do you keep it from being robots doing the work, instead of humans. >> first of all, i'm not in favor of trying to hold back technological advance. we need technological advance. and if we don't employ robots, the chinese will, the vietnamese will, the europeans will, the japanese will, everybody will. so anything that handicaps american business is not good. but what we really need to do is to fix the educational system so that it properly equips the young people and the middle age people to be part of the workforce of the future. president conveneed a very effective group last couple of weeks ago. andrew lavarus headed up that segment of it and both ivanka trump and i were active participants in it. there's some very creative ideas

about how to use community colleges, how to use corporate training, how they can interact with the community colleges, and how they can interact with high schools and voe vocational training. a lot of things we can do. and the right solution is properly to equip the american workforce, not to try to hold back technology. >> speaking of technology, we've heard from jeff bezos today outlining plans to launch commercial satellites. in his words eventually he sees millions of people at least working in space if not living in space. probably both. how much attention should that get from the white house? how much of a public push should it give to something that's already happening in the private space? >> well, as i say, immigrately in favor of fostering technological improvement, not impeding it. and to the degree that there's a useful commercial purpose for outer space exploration or even people operating there, that's

fine. i have some questions in h my own mind how that's ever going to be an economical way to manufacture goods. but let's leave that to the technology people to try to solve. >> last week you moved the peso when you argued that a trade deal between the united states and mexico could end up being good for that currency. did the market take your comments right? >> well, my purpose is not to manipulate currencies. that's a very hotbed issue. and responsibility for determining whether somebody is manipulating currency really belongs to treasury, not to commerce. but my point was that fixing nafta is not all going to be burdens on mexico. there's going to be some very good aspects of it that come out. and we're just trying to deal with the marginal benefit to the u.s. of correcting some of the original flaws in nafta and even

more so building upon it to create new opportunities for american business and reduction in our trade deficit. >> i'm glad carl brought this up. it's an important issue and i don't think that people have a lot of clarity on where the white house is. with so much of your focus on trade and getting exports back up and deficits down, is the strong dollar hurting your efforts? is that standing in the way? is it a problem? >> it's not so much that the dollar is too strong but some of the other currencies are probably weaker than they should be ideally. and -- >> like who? >> -- that's something that -- as i say, currency valuation is really the province of treasury. but as a general thing, obviously the lower currency exchange rate helps exports. on the other hand, it also has implications for your imports. so it's a very complicated issue as to what's the actual effect

on the economy of the strong dollar. >> mr. secretary, it's good to talk to you again. we hope you will come back soon. >> i hope so. i hope we'll have news that's worthwhile to be reported. >> we look forward to it. wilbur ross, commerce secretary. with all that let's bed back to headquarters. scott wapner and "the half." ♪ >> welcome to the "halftime report." i'm scott wapner. top trade this hour, the states of the trump rally. stocks in the red again today. are investors missing the warning signs? with us for the hour, joe terranova, stephanie link, josh brown, jon najarian. stocks, a modest pullback this hour with some calling for a bigger pullback in the weeks ahead. does it mean investors who missed the trump rally will get a new chance coget in. doc, you think we're going have a pullback in the short term as some are now calling for? >> we're sort of feeling it