by the hammer price... let's have a round of applause. frank: ...it just goes to show you that even in vegas, the house doesn't always win. buckle up. global markets in selloff mode as fears of a trade war slam stocks another white house shakeup. the president's national security adviser is out and saying sorry facebook's sheryl sandberg sapologizing for that massive data scandal it's friday, march 23, 201 "worldwide exchange" begins right now. good morning welcome to "worldwide exchange" on cnbc. i'm dominic chu. >> i'm courtney reagan

here's the five big things you need to know right now it's a sea of red around the world as trade fears fuel a global selloff the dow is pointing to a triple digit drop at the open, down about 110 points following yesterday 720-point decline. national security adviser h.r. mcmaster is out he will be replaced by former u.n. ambassador john bolton. president trump confirming the move in a tweet. congress passing a 1$1.3 trillion spending bill effectively averting another government shutdown. it heads to the president's desk for his signature. drop box pricing its ipo at $21 a share, higher than many expected. facebook's coo, sheryl sandberg is apologizing for that massive data scandal exclusivitely to cnbc.

let's go over to dom he has more on the global selloff. >> a lot of what's happening in red across the board threats of a u.s. trade war fueling that major global selloff. if you look at what happened in asia, if you thought it was bad in the u.s., look at japan, off by 4. 5% the hang seng in hong kong, down 2.5% the shanghai is down 3.4%. we're seeing broad based weakness in the european markets. the dax in germany off by 1.5% the ftse off about 1%. the cac off about 1.5% as well the fut chures market here, we' seeing weakness, though not to the extent we saw in asia and

europe the dow jones off by 103 points. on the treasury side of things, we are seeing a bid to safety, people buying for safety the two-year is 2.28%. and the ten-year, 2.8% joining us is edward campbell. thanks for joining us. quite a big end to the week. is this a tough negotiating tactic by president trump or is this the beginning of a whole new world when we talk about trade for the united states? >> that's the $64 million question a full blown trade war would be catastrophic for risky assets as we are seeing play out now i think we're a long way from

that just yet. there will be a lot of opportunities for parties to stand down here. i think we have to hope that cooler heads prevail we have been taking down risks in portfolios in response to this rising threat of a trade war. we started the year very bullish on risky assets, but we've been trimming our overweight positions there and buying things like treasuries, gold and holding more cash. >> ed, if we talk about what gets you more bullish or what turns the sentiment for you, what would you need to see beyond the headline no trade war? what are the developments you're watching for >> i think we need to remember that this is coming at a time where the back drop is relatively good. the global economy has been doing the best it's been doing since -- in the post-crisis

environment. corporate profits are booming. expectations began the year at 12%. now that we've gone through the earnings season and analysts factored in the tax cuts, that's been revised up to 19% corporate investment has been increasing it's very unfortunate that this comes at a time when the back drop is so positive. why would you want to mess things up by -- with the risk of a tit-for-tat trade war. china already responded in a measured way we have to hope this does not spiral out of control. >> does this negate anything that the tax reform did on the positive side for you when you look at equities >> i don't think it negates it completely just yet. it definitely does throw some cold water on things >> besides looking at treasuries and gold, what other advice do you have for investors waking up to see potentially another selloff here >> yeah. obviously things like defensive

equity sectors did well yesterday. those will continue to do well in the coming days i don't think you want to overreact here as i mentioned before, it is coming in the context of a very positive environment so while we are taking down risk in our portfolios, i would describe those more as fine tuning changes than wholesale changes. >> as we talk about the risk environment in general, we talk about this idea that equities in the u.s. have been rising towards record high force a while. we're off those levels now how much is the market priced for perfection given the idea that we could have something like this derail things and how much downside could we possibly see if things do escalate to a point of bringmansh sbrinkmanshp >> the numbers are down around 17 before yesterday's action so i have to look at the latest

data the valuation froth has been taken out of the market here we've seen now two 10% corrections off the high i don't think this is likely to be the beginning of a bear market we have a framework that we use. most times you can't catch these corrections in equity markets. you only want to go in full-off mode when the threat of a bear market is high, we define that as a 20% or more pullback that is sustained, and we think that risk is low. >> thank you for joining us. the global selloff fueled by fears of a trade war, this after president trump slapped a new round of tariffs on chinese imports. we're getting strong reactions from around the globe. we have willem marx standing by at the eu headquarters

let's begin with the big bl blow back in china eunice yoon has more from there. >> i'm coming to you from u.s. trade deficit central. american companies we e. rely on manufacturers like this one to sell and produce goods for americans. this factory makes men's shirts. a lot of other factories make toys, gadgets. and there's a word to describe the mood in this part of the country, i would say it's nervous. this morning we woke up to some very strong reaction out of beijing. some tariffs of their own. these tariffs are not a reaction to president trump's announcement last night, but actually to the steel and aluminum tariffs from earlier this month the chinese chose quite carefully fruit, nuts, wine, modified ethanol, ginseng, pork

and aluminum scrap the chinese are targeting president trump's political base, american farmers as well as swing states. as this unfolds, i've been speaking to business people on the ground, basically they're fearful. because we don't know what the tariffs are going to look like president trump has said that he hopes that the guiding principle is going to be the made in china 2025 initiative. but at the same time people here are saying the u.s. doesn't import a lot of these chinese goods, so where is the shortfall going to come from they believe a lot to of the other products important to the u.s./china relationship will get hit. there's been a big scramble over here trying to figure out how to survive a potential trade war. people tell me they plan to tweak the products once they hear about tariffs or they might dump products. there's also a lot of companies

here who say they will shift the production or split the produ production to do the finishing in hong kong or in taiwan or ship the production altogether to countries in southeast asia but not to the united states over to you. >> thank you very much, eunice yo yoon in china. let's go to willem marx in brussels >> we've had this diplomacy with the trade commissioner, cecilia malmstrom traveling to the u.s. and perhaps persuading them tha the security aspect of the

tariffs were not legit only a third of u.s. imports will face tariffs now. two big questions for european leaders this morning whether those exemptions that are currently lasting until may 1st will be made permanent and whether the excess steel we'll see facing tariffs into the u.s. will be diverted to europe that's something they expressed concern about when these tariffs were still floated that could end up on european shores and could depress prices and damaging local producers >> willem marx, thank you very much we're also following a developing story out of washington as if trade wasn't enough national security adviser h.r. mcmaster is out at the white house. president trump replacing him with former u.n. ambassador john bolton the president confirming that move in a tweet overnight. let's bring in ben white chief

economic correspondent from politico and a cnbc contributor. h.r. mcmaster was a move that people feel was telegraphed over the course of the last few weeks. >> a little bit. >> put it in perspective is this move a surprise and will it have an impact on the overall workings of the trump administration >> it will have an impact. it wasn't a surprise the story has been reported for weeks that mcmaster would be out and bolton would probably replace him. they denied it a week ago and then it happened bolton is very much a throw back to the dick cheney foreign policy, very pro iraq war. he's very much america first he wants to get rid of a lot of the u.n., international treaties america first like trump on that front but hawkish on north korea, iran, iraq. so the worry in global markets will be is this guy going to try

to take the u.s. into a bunch of wars >> john bolton is also the guy that the new incoming national security adviser that wrote the paper on a legal case for a war against north korea. >> exactly he's been in favor of a unilateral first strike by the u.s. not that that's going to happen. that's a theoretical idea that he has i don't think trump wants to get into a bunch of wars he ran as candidate saying we need to focus on america first, our economy, and not get involved in these foreign entanglements, but he's also aggressive and hawkish in many ways it will shake things up. >> fears of a trade war front of and center yesterday and today, continuing into the weekend. we asked edward campbell, is this a negotiating tactic by president trump or is this really what we're into now >> it's really what we're into the question is will be like steel and aluminum

so much of that has been taken off the table with our biggest steel and aluminum exporters to the u.s. will the same thing happen with china? they have a window where there could be negotiating between th two countries. it's not clear they will materialize into something we will have tariffs going into play this is a question inside the white house, too, will china react in a way that angers president trump and causes him to escalate and say if they're doing that, i'm doing this and we get into a tit-for-tat. nobody knows the answer on if this is a trade war or a negotiation. >> there's another big development coming out of domestic concerns. that's the government shutdown that looks like it may not happen, but we're talking about a budget that will add more money to our deficit take us through how you figure that will play out >> this is an amazing story. we averted the shutdown with this 1$1.3 trillion spending bill republicans are in control of the white house and congress

spending in ways that even president obama didn't do. this was a bigger budget than he would have proposed. the era of fiscal austerity is over we have the tax cut adding to the deficit. 1.3 trillion on the spending bill republicans shut down the government over and over and threatened default for spending and now doing that on a massive scale. not saying it's the wrong thing to do, but president trump has taken the republican party from one that wants to cut debts and deficits to one that wants to spend everything so they got the vote done, so thankfully we have a weekend >> but it's prifriday, you knoww tumultuous the white house can be on a friday. still ahead, the facebook fallout. sheryl sandberg says sorry we'll have more of her comments coming up. and topping expectations dropbox pricing its ipo above

the expected range those full details straight ahead. and here's a look at the s&p 500 sectors now in correction, down by 10% or more. we'll have much more on this bigger move lower in the markets when the show rerntus. arly. oh, that's great sarah. let's talk about this when we meet next week. how did edward jones come to manage a trillion dollars in assets under care? jay. sarah. so i have a few thoughts on that early retirement... by focusing our mind on whatever's on yours.

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exchange." i'm dominic chu. u.s. equity futures pointing t another lower open we're looking to be off about 145 points the s&p off by 15 points, the nasdaq off by 67 dropbox pricing its ipo $21 per share. the software company selling 36 million shares in its initial offering, valuing the company at 9$9.2 billion dropbox will begin trading today. sheryl sandberg speaking out on the cambridge analytica scandal here on cnbc let's get to arjun kharpal with the latest details there >> a quick recap, 50 million facebook profiles it harvested for data, data sent to cambridge analytica. they told facebook that they deleted that data, but now reports surface that the data is

still there. cnbc spoke to sheryl sandberg and asked why was this data not checked that it was deleted. >> this was a huge breach of trust. people come to facebook every day and they depend upon us to protect their data i'm so sorry that we let so many people down. we spent the last few days trying to get to the bottom of what happened. cambridge analytica should have never had this data. they told us they deleted it it's our mistake we did not verify that. years ago we changed platforms so apps get less data, but that wasn't enough. >> the whom episode has really thrown up questions about whether big tech should be regulated, particularly those social media companies that are using large amounts of data, that is fundamental to their business model sandberg said she would welcome regulation but wants to know what that might look like. >> on regulation, mark has said

it's not a question of if regulation but what type right now we are not even waiting for regulation the most likely legislation is around ads we've gone ahead and built transparency tools ourselves and we're putting them out so people can see. and then people can help us find the bad ads. people can see what's happening. >> it sounds like you would welcome regulation are you asking for regulation? >> we work with lawmakers all around the world >> has been fallout from advertisers. mo z mozilla has pulled ads from facebook time will tell whether users will flock off of the platform, but it's clear the lack of the clarity about the future will be a black cloud hanging over facebook in the near-term and investors are reacting the stock is down nearly 11% for

the week >> the biggest story in technology these days. arjun kharpal, thank you very much for joining us. still ahead, cashing out steve wynn selling his entire stake in wynn resorts. a check on that stock reaction ahead. and nike getting a nice pop on earnings. first here's all the international markets in a correction that 10% pullback. spain, germany, uk, japan, switzerland all down more than 10% from their recent highs. woel have much more on this ob market selloff when "worldwide exchange" returns how do they find the time? with audible. audible has the world's largest selection of audiobooks. books like peak performance... and endurance. books that energize and inspire for just $14.95 a month. less than you'd pay for the hardcover. with audible, you get a credit-a-month... good for any audiobook. if you don't like, exchange it at any time. no questions asked.

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now it's time to make yours. ♪ everything is working, just like it should ♪ welcome back to "worldwide exchange." let's get you up to speed on the market action. futures are poised for a triple digit loss if we were to open here down about 176 points as of right now. wynn resorts says founder and former ceo steve wynn sold his entire stake in the company, worth about 2$2.1 billion wynn resigned last movrnth amid allegations of sexual misconduct galaxy entertainment is buying more than 5 million shares giving it nearly a 5% stake in the company. those shares flat in extended

hours trading. nike reporting adjusted third quarter earnings that beat forecasts. revenues rose more than 6% nike also expects north american revenue to continue to grow in 2018. micron reporting better than expected results and raising its revenue outlook for memory-related chips let's check on what's happening outside the world of business frances rivera is live in new york with the latest headlines this morning, ahead of the march for our lives mass protest for gun control, a new poll finds 58% of americans say gun ownership increases safety by allowing citizens to protect themselves 38% say it reduces safety by giving too many people access to

firearms number 11 loyala chicago will get a shot at tournament after a one-point win over nerve nevada kansas state beat kentucky, and florida state handled gonzaga. the wolverines hammered texas a&m 99-72. the sweet 16 continues tonight with ckansas, west virginia, texas tech and purdue. and a new farm tractor has set a world record for the fastest tractor at more than 87 miles per hour >> that's fun. i like that. thank you very much. still ahead on "worldwide exchange," trade turmoil president trump hitting china with new tariffs global markets reacting in a big way. as we head to break, a look

at the big u.s. companies being weighed down by the tariffs. you have boeing and caterpillar closing down more than 5% yesterday. u.s. steel plunging nearly 11% big stock moves. stick around much more on that seofllf when "worldwide exchange" returns after this break - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.

market alert global stocks in selloff mode as fears of a trade war slam stocks we're breaking out your protection playbook.

another big shakeup. the president's national security adviser is out. we're live in washington with details. and how small businesses are reacting to the new tariffs. it's friday, march 23, 2018. you're watching "worldwide exchange" on cnbc. good morning welcome to "worldwide exchange" on cnbc. i'm dominic chu. >> i'm courtney reagan brian sullivan is off today. let's get you up to speed on what's happening around the world, it is eventful. the u.s. futures picture pointing to another lower open following yesterday's selloff. as you can see, the dow jones, if futures stay the way they are, will open down 176 points the s&p off by 17. nasdaq down by about 75 points in asia, it was red across the board as well. very heavy losses being susta sustained in key markets

especially the nikkei in japan off by 4.5% overnight. the hang seng in hong kong, off by 2.5%. the shanghai down 3.5% the kospi 3% declines. that's translating into things in early action on the european side of things if you look at the dax, we are near the session lows, off by 1.8% the cac in france off by 2%. the ftse 100 in the uk off by a full percent as we talk about fears of a trade war, it makes sense we're seeing a flight to safety. look at treasuries yields on the ten-year saw the biggest one-day drop in six months now at about 2.817 for the yield there. gold prices moving higher. they closed up by a half percent yesterday. so far the action today higher by a percent the price of gold sitting above

1,342. the dollar exhibiting some weakness here. you can see the euro is stronger against the dollar the pound is stronger against the dollar the dollar is weaker against the yen. >> much more on the markets in a few moments. first we're following a developing story out of washington, d.c. national security adviser h.r. mcmaster is out at the white house. he will be replaced by john bolton kayla tausche joins us with the latest >> reporter: good morning. the president announced the replacement of his national security adviser by tweet thanking general h.r. mcmaster for his service and noting the change would officially take place april 9th. ambassador bolton supports military action to prevent nuclear capabilities in iran and north korea, two areas where trump faces foreign policy deadlines in the next two months he's the third cabinet departure this month alone

the president has unveiled three tariff packages so far this year thursday's tariffs punishing china for intellect cal property theft. those are the most onerous so far and risk the highest possibility of retaliation the chinese embassy says it urges the u.s. to cease and desist, make cautious decisions and avoid placing china-u.s. trade relations in danger with the purpose of hurting others that eventually end up hurting itself ambassador robert lighthizer said on thursday that's not a reason to back down. >> it's something we're worried about, it's unfair that farmers, particularly soybean farmers would be singled out having said that it's not possible to take the position because of soybean farmers we won't stick up for our rights in a variety of ways and have hundreds of billions of dollars of other exporters and domestic

producers be punished. >> it's not just soybean farmers. china overnight releasing a list of products it would retaliate against including wine, steel, fruit and pork >> kayla, as we talk about, let's turn back to mcmaster and bolton for a second. it does feel like over the course of the last month, like you said, this is a circling of the wagons in the trump administration it's no longer a team or a group of rivals debating things. this is very much about a like-minded approach so what do washington circles think about how this will play out? is this overall going to be a healthy development or are there skeptics who believe this could put us on a path towards being very one-sided with regard to our views? >> you do still have one contrarian voice, that's larry kudlow, someone who is familiar to cnbc viewers who is in the process of completing the paperwork to become the director of the national economic

council. but it is true, dom, you have very -- you have people who have basically will be in a position of affirming the president's views on various issues. one of the things that the market should be focused on is what this means specifically for the geopolitical landscape you have two people in pompeo and as well as ambassador bolton who have hawkish views on iran and north korea. the deadline for the president to make his decision on whether to stay in the iran deal, that's may 12th and there is an expectation that there's a commitment to meet with kim jong-un of north korea by the end of may. those are two issues coming to a head certainly he's going to be getting advice here that affirm his views. >> thank you very much, kayla. appreciate it. there's a lot to cover today on this friday. >> let's turn back to the market selloff in the process right now. joining us is a global market

strategist from jpmorgan asset management i have to wonder whether you see any kind of a hugely risk-off driven environment in stocks or is this just driven around trade. are we seeing a deterioration in sentiment or can this be resolved simply if trade is resolved >> we would say that some of the nervousness we're seeing in markets today and this week would be mostly attributed to the trade news it's touted as one of the larger headlines. it is different to two previous eras of open trade or trade not a huge policy agenda for the u.s. administration. we would say it's a small percent of chinese gdp which makes us think that this is certainly a news-grabbing

moment, but also in the context of broader chinese and global growth, a small amount so we're maintaining our positive view on global markets despite some news this week. >> so this appears to be an overreaction so is this a buying opportunity in different areas around the world? >> in fact, we think some of the positive areas of growth are the u.s. equity markets, some emerging markets as well in terms of the long-term potential. if for the right kind of investor with a medium to longer-term horizon, this could prove to be a point where some sectors, some geographies are more attractive on a valuations basis. the macro data has not deteriorated we expect high teens earnings per share growth in the u.s., 10% in europe and the uk so there's potential for companies to deliver earnings. if that view maintains, being long or positive on the equity market doesn't necessarily mean any bad thing for a global

investor >> so the developments we have now in the marketplace, the risk sentiment is coming on the heels of a mixed reaction from the federal reserve policy meeting earlier this week. the interest rate environment globally, is it still one of the primary drivers of the overall sentiment for risk assets right now? are we solely focussed on trade and tariffs? >> i think to there's much more than trade and tariffs on the mines of investors this year central banks will be the biggest game in town for a lot of economies when we see the fed with jay powell's first meeting, how denavigate some uncertainties around stimulus and trade in the u.s more importantly the true fundamentals of the u.s. economy. we have a mysterious lack of wage growth. overall we do see the fed is on the path of normalization. three interest rate hikes slated for this year. two more after the one this week but that is more than is around

the rest of the certainly that means we're less positive on core bonds but the bond market is global. so you have the ecb, the bank offya pof japan buying lots of bonds so there's going to be a cap on how high yields go so it will be interesting to see how far u.s. treasuries go when you have central banks buying many as well >> many people thinking we're in an extended period of volatility that we should expect major market swings especially with what we have going on with policy changes do you believe we're in an extended period of volatility? if so, what should investors do to make sure they're protected through that >> when you look at volatility and compare it to 2017, that was really the abnormal period of low volatility now in 2018 when markets are a

bit more heightened, sentiment a bit mixed depending on various news flow, these are the markets moves you would expect in a market cycle, particularly the later part where we're coming into several years of positive growth and market valuations may be higher than 5, 10 years ago how do we see volatility playing out? we think it will be elevated compared to last year, that's more the norm. drawbacks will be expected for the right investor that could be a buying opportunity but for many it's part of the ride dr drawdowns of 14%, 15% are the average since 1980 when we get movements like this week or the early part of february, if the fundamentals have not changed we recommend looking at the strength of the market rather than the day-to-day price moves >> reminder that the volatility regime of the last two years is not typical. >> that's true

nandini ramakrishnan, thank you. still ahead, main street sounding out on tariffs. small businesses weighing in on president trump's trade policies some are saying this could make or break them. details next. and let's check on the stock market and see what stocks are dragging down the dow, boeing, 3m, caterpillar the biggest laggards yesterday i'm very proud of the fact that i served. i was a c130 mechanic in the corps,

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welcome back to "worldwide exchange." let's get you up to speed on the market action. futures hovering above their lows of the session. if things stand the way they are, the dow jones will open down by nearly 200 points, about 194 at this point. the s&p off by 20. the nasdaq off by 82 we are seeing some moves in the energy patch prices are moving to the upside in oil wti, 64.68, up by a half percent. ice brent, 69.16 broader dollar weakness may be helping to contribute to some of those upside moves in commodities. saudi arabia's energy minister making headlines on the saudi aramco public offering here's what he said on cnbc. >> the markets are ready for us to do that, we're ready to do it

in the second half if we determine the timing is optimum if we have to slip we will slip. i don't see 2018 as a necessary year to list unless it's opti m optimum. >> oil patch will be a huge focus for investors given the risk environment now at least for right now a slight bid to oil prices. main street is weighing in on president trump's tariffs kate rogers joins us now with more >> they're talking about it and it's on their minds, but some entrepreneurs like rockville maryland based andrew berman of spectrum graphics are breathing a sigh of relief he imporlts aluminum plates fro the european union, and the president has exempted the eu from the steel and aluminum

tariffs for now. he feels others may not be so lucky. this may be well-meaning, well-intended, but how this will affect a lot of different industries, especially ones like hours that don't have a domestic alternatives may have not been thought out. >> the national small business association says while some jobs may be created in the wake of tariffs, more will likely be lost >> these trade policies always cut both ways for different companies depending where they are in the economy but in general there's more room for harm to happen for small companies than good. >> the small business and entrepreneurship council said there are few upsides to implementing tariffs like this, especially when you take china into consideration ray keating said it's a good thing the administration is concerned about intellectual property but this is not the way to go about it the national federation of independent business did not respond to requests for comment on the tariffs but did note

trade and exports in particular ranked 75 out of75 issues polled in its problems and priorities survey. that says their membership is less manufacturing intensive what is interesting about a business like andrew's, he would have to overhaul his entire system, which would be about $250,000 to do if he wanted to use a domestic alternative, which he doesn't believe exists. when you run a printing press and raise your prices, people say why do i need to print this anymore, we can do it online it's all of these small unintended consequences that matter >> did he give you an indication how much his costs would increase and how much he would have to pass on to the consumer? >> he's saying a 10% increase for him, which was assuming he would have to eat, that he would have to pass it on to consumers. printing is a business already facing so many challenges and headwinds. companies like that that we done necessarily think about when things like this get

implemented, but it matters to the bottom lines >> small business a huge part of our economy. >> absolutely. we're approaching the top of the hour that means the team at "squawk box" is getting ready. becky quick is live in times square at the nasdaq market site with a look at what's coming up. >> you tricked me, no must-reads today. good morning it's good to see you we have a lot coming up. obviously everything that's been happening with the markets it's happening on a friday that always leaves people wondering before you go for a weekend will things stabilize or are we going to see more pressure today we'll talk about that. we have mike santoli here, he's already explaining some of the ins and outs of what's happening under these trends, why financials were weaker yesterday. we'll talk to him about that we'll dig into trade this morning as you all have been doing. robert hollyman is the former deputy u.s. trade representative he will talk to us if this is what the beginning of a trade war actually looks like.

all of those concerns, the retaliatory measures that china is taking. those retaliatory measures are really from the steel and aluminum tariffs we have not seen anything yet in terms of a response to what the president announced yesterday. we will dig into facebook and get deeper into what's happening there, what to make of sheryl sandberg's exclusive interview here on cnbc yesterday ben mezrick is the author of "the social network" the book that became the movie that has everybody trying to figure out how things happen to facebook and where we stand now and we'll speak with the pennsylvania attorney general who is one of many state attorneys general who is looking into potential ways -- not saying they're investigating facebook, but this could be the beginning of tougher regulatory restrictions for facebook. and then you know mcmaster is out at white house john bolton is in. we'll speak with michael

o'hanlon on what this might mean in terms of foreign policy things like iran bolton has been outspoken about that and about north korea we have all these things coming up it starts in a few minutes >> so many important conversations to have in today's market thank you very much. coming up on wn"worldwide exchange," markets in the red as fears of a trade war heat up 9 out of 11 sectors in the s&p 500 are negative on the year tech and consumerdiscretionary are the only ones holding on to green territory.

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with audible, you get a credit-a-month... good for any audiobook. if you don't like, exchange it at any time. no questions asked. you can also roll your credits to the next month if you don't use them. audible members use the free mobile app... to listen anytime, anywhere. on the go... or in the car. the audible app automatically keeps your place. no bookmarks required. so you'll pick up right where you left off, even if you switch your phone to your echo at home. get more books in your life with audible. join audible now and get $50 off an annual membership and a free echo dot. just text echo deal to 500500 audible. listening is the new reading. welcome back to "worldwide exchange." let's check futures. we are just hovering around session lows for the dow futures, off by about 208 points

if cash trading started right now. the s&p down by 21 points. the nasdaq off by 87 points. joining us is tim seymour, a cnbc "fast money" trader tim, is this as bad as we think it is? the nikkei down 4.5% huge selloff in the markets, spreading to europe. is this really bad >> the impacts of the tariffs announced were significantly less than they could have been it was ambiguous, 60 billion in total tariffs, or tariffs on 60 billion of goods tariffs matter if you think about china's 18% of our goods and services, the impact from an inflationary perspective could be up to 25 basis points so not insignificant but in terms of trade terms now, this is about positioning. if you ask me, we had trade war talk of this heated magnitude or

follow through two, three months ago i think the markets would have been concerned but not trading down 4.5% in japan which is the largest export economy in the world, and in germany also suffering its 40% of gdp so i get why people are uncomfortable and why certain sectors are affected i think if we were not going through challenges in washington, going through interest rate concerns, people talking stagflation now with the fed. this is the entire mosaic. >> are you not following the crowd into treasuries and gold do you see buying opportunities here >> emerging markets are still up on the year small. one thing that was interesting about yesterday's trade action, you had the chinese internet names which are domestic consumption plays over there down 10% in tencent, 5% alibaba, over to 11% in vipshop so for emerging market investors, some of the same

themes for now are alive and well, and that is the global economy is growing from if >> if we were to see signs of stability in the market, where would we look first for a stability/bounce in the area >> you want to look at the consumption stories. that's part of what rides you through. looking at the global economy, the things that -- i would be very concerned if we continue to see major deterioration in global pmis. one thing that's been a concern over the last couple of days is european pmis were weaker yesterday. because to early january numbers, but they were significantly weaker japan had trade numbers weaker yesterday. i think the macro data f it starts to deteriorate, that's where people will be concerned if it doesn't, remember that you have eps revisions that are not only better here because of corporate tax, but around the world they probably have not had this momentum in north of ten years. it's an interesting time

>> tim seymour, thank you very much for being with us that's it for "worldwide exchange." "squawk box" is coming up next i'm leaving the track behind, but i'm not standing still... and with godaddy, i've made my ideas real. ♪ ♪ i made my own way, now it's time to make yours. ♪ ♪ everything is working, working, just like it should ♪

good morning global markets under pressure this morning the nikkei plunging nearly 5% overnight after the dow dropped 700 points, 3%, on trade fears facebook fallout coo sheryl sandberg says it is not a question of if regulation, it's a question of what type her comments to cnbc coming up plus going public. a major listing here at the nasdaq today we're all sort of excited. it's friday, march 23, 2018, "squawk box" begins now.

♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and mike santoli. look at the u.s. equity futures, you know that the markets were under some pressure yesterday, big pressure after the dow briefly entered correction territory yesterday, down 10% from its 52-week high at one stage. now down by 9.9% you can see this morning we are facing some continued pressure dow futures indicated down by close to 200 points. decline of 188 right now s&p futures down by 19