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good monday morning. welcome to "squawk alley." i'm carl quintanilla with jon fortt and morgan brennan mike santoli joins us here at post nine as well. the markets well off the highs a couple hundred points off the highs of the session trade is a big story facebook down almost 5%. >> the rubber band sna esnappedk we'll see if that is followedly volume we took back the last hour of losses last friday it seems like the weekend didn't have anything bad. kind of conciliatory talk on trade is helping the mood. just not clear if a lot of the bigger picture stuff is cleared away >> i believe facebook is about ten bucks a share away from losing all of the gains of the past 12 months microsoft is 5% or so away from the 552-week high

>> the market is trying to sequester facebook and alphabet on privacy issues. i don't know about microsoft launching to a trillion dollar market cap in a hurry. that's a big call. but people still want to find ways to play the long-term themes that got the nasdaq to where it is now. >> you mentioned facebook and alphabet sequestered do you think that signals a breakdown in the fang trade that's been so popular >> it's been fractured a bit if you look at the last six month charts, well before the news about facebook and the privacy stuff came out, the market was sort of preferencing amazon and netflix by far. these are where customers actively decide to buy the product. i don't know if that's an enduring thing semiconductors have been another important story within tech. it was interesting how last week you could tell the story by grabbing at a lot of these different stray headlines and making it a theme of tech under

assault. at&t/time warner, the self-driving car kills a pedestrian maybe the future is coming more slowly than we priced in before. but that's a rhetorical device >> we mentioned the so-called cooling trade tensions despite the rhetoric, both the u.s. and china busy negotiating behind the scenes to avert a trade war. joining us from the white house is the director of office trade and manufacturing policy, peter navarro. good to have you back. good morning >> great to be here with you >> we use those words cooling trade tensions, is that how you would put it today >> w >> i would say we're doing a great job at the white house putting forth president trump's vision of growth president trump is a builder i want to talk about the four major building blocks of the economy that we're trying to achie

achieve. we have the historic tax cuts that president trump orchestrated what we'll see in 2018 and 2019 is a wave of investment in the country. that will lead to high productivity growth. so we'll get in noninflationary economic growth on the wings of the tax policy we have over at the office of management and budget the architect of our deregulation move, historic days back to reagan we have never seen anything like this under president trump's vision and direction that's a supply side stimulus that's noninflationary and pure growth inducing. that's going on. it will continue through 2018. the third point of the billing block is lower energy prices president trump has unleashed the energy sector. that means lower costs, higher competitiveness for manufacturers as well as lower

consumer costs when we get to the trade building block, we made great progress so far without having tensions as you say. for example, in january president trump instituted tariffs on solar panels and washing machines what we got out of that was not tensions but a flood of new investment into those industries here so we have american factories building washing machines with american hands that's all good. we're renegotiating both the korea deal, which is one of the worst deals ever done. and if it looks like we'll have a good result on that thanks to two people, president trump himself as well as ambassador robert lighthizer, the stuff, smart negotiator that president trump promised to appoint, it looks like we'll get a good deal on nafta as well for the

american people. we're making great progress. when you turn to the china issue, i think everyone on set would agree with the promise that china engaged in the theft of intellectual property, as well as forced technology transfer ambassador lighthizer and secretary mnuchin at the president's direction and personal direction is talking -- they are talking with the chinese as we've been doing since day one. we will continue to do that. i think we're hopeful there that china will work with us to basically address some of these practices. so i see nothing but bullish signs ahead. we have four building blocks of a very strong economy. we've got a global growth synchronized growth pattern going on europe and asia. so from an investor's point of view, just looking at that plus the economic indicators

themselves, it's extremely strong ism manufacturing index, above 60 consumer confidence off the charts >> and doing what we need to do. to your point the markets responded to all of those things, tax cuts it took us straight to the january highs. but the introduction of those tariffs or at least the notion of tariffs has created some of this chop. i'm wondering, what's the earliest you could deliver some assurances the way the secretary said he was hopeful for that these tariffs might be forestalled? >> let me push back a bit on the chop last week was an interesting week we had the fed chairman talking about an interest rate cycle that looks to be going up. everything we're doing in terms of stimulus is also noninflationary. where you have the tax cuts

leading to more investment and productivity that was going on. all i can tell you now, is that ambassador lighthizer and the secretary treasury are actively engaged with the chinese and ambassador lighthizer is a wonderful asset to this country and the president under the direction of the president he's negotiating with the koreans. he's negotiating with the chinese. negotiating with mexico and canada this is the way it should be you wonder why it took a president like president trump to do all these things the bottom line is president trump has the courage and vision to tackle this structural imbalance that we have in trade around the world and i think we're doing great things i think the move to 25,000 on the dow is reflective of that. >> petter, i want to ask about the wto. what happens if the world trade

organization pushes back on this administration's trade approach? the wto is less than 25 years old. is it expendable in this administration's view? >> look, the world trade organization and president trump has been very clear on this, there's over 160 countries in there. and we have not been treated fairly in things like dispute resolution, which ambassador lighthizer is an expert in, and just the way the whole system works. it is unfair and not reciprocal for china to charge 25% tariffs on autos and then when they export cars to us, ours is only 2.5% we have simila europe what president trump is trying to do is get fair, free and reciprocal trade >> do we need the wto for that. >> we would love to have the wto embrace those principles but right now the wto has rules

which work against that. things like the most favored nation clause which allows for s what needs to happen is the wto needs to change with the times we want to be part of that i think that if we can get to an era where president trump's vision wants to take us to a world where we move from now we have massive trade imbalances, driven by unfair and nonreciprocal trade to a world where we have free and fair trade, where trade is balanced with the help of the wto, that's the vision we're going to. it's the man behind me in that house who is responsible for that. >> peter, you mentioned the washing machine and solar tariffs, looking at aluminum and steel tariffs and now broader potential tariffs on klein fchi.

how much of this is narrowing that trade deficit and encouraging more companies to invest here stateside. >> one of the benefits of imposing these tariffs has been new foreign direct investment in the country. but the goal really depends on what the target is for example, with the aluminum and steel industries, let's be clear about that the president says correctly that we can't have a country without an aluminum and steel industry there's 20 countries flooding this market with steel 15 countries flooding it with aluminum those industries here domestically need defense from that for national security purposes that's the purpose there the 201 with the solar panels and washing machines that was an action taken because of an unfair import surge. the 301, we do a lot of numbers

here, but the 301 investigation by ambassador lighthizer was directed at the unfair and burdensome practices related to china's acquisition of intellectual property and our technologies in ways which are counterproductive to a free market economy the purpose of anything we do here is fair and reciprocal trade. that's the president's vision. it's very growth oriented. every day that president trump comes to work, he's trying to figure out two things, how to make this economy grow and how to put men and women in america to work in manufacturing jobs. the first year of this administration is one of the most successful not just in modern history but in history. he needs to get credit for that. he has not been given appropriate credit >> prime minister may says she welcomes the temporary exemption given to the eu over steel and

aluminum but needs to be made permanent how likely is that >> let me be very clear about the exemptions, temporary exemptions given to a select amount of countries. by necessity if you're defending your aluminum and steel industries, any country exempt from the tariffs will also have to have some kind of restriction, likely a quota in order to defend our domestic industries we are engaged it's robert lighthizer, the ustr, who is the head of this with the president engaged in trying to figure out ways where we can work with allies and partners in a way which accomplishes their goals and ours let's see what happens may wants the deadline for that. i think we can come to nice accommodations with our partners where we're friends and allies but we want fair and reciprocal trade while we defend key

industries like aluminum and steel. >> one last time, for investors looking for a timeline on those deliverables, you think we could get something out of the negotiations say in a month? in six weeks >> this is up to ambassador light hauser, secretary mnuchin and the president to release that information all i can do is provide strong assurances to the investors watching this program is that we're actively engaged and our goal is growth and stability and fair and reciprocal trade. that's where we're going >> peter, appreciate you coming on the show, whether it's with seas santelli or us see you next time. thanks >> for more reaction, let's bring in jeff kleintop from charles schwab jeff, you were listening did he deliver what investors are craving?

>> it soend sounds like the end of the 301 investigation is simply some talks, discussion about ip protection in china china wants ip protection. they're the leader in new patent applications they need a court system to support that i think we'll get some progress there. may 1st doesn't leave a lot of times for conclusions there. stocks are hopping today but could be bouncing back down again if we don't see a conclusion in four weeks >> jeff, several times peter navarro mentioned the term inflationary and said this is all about stoking growth but keeping inflation from running away essentially how do you do that >> well, how do you keep inflation from running away in this context -- >> yeah. >> it's certainly worrisome. as you close borders, you see these types of problems. we have not seen a trade war in 90 years for good reasons.

a lot of good reasons. both economic, related to inflation and so many other factors. these trade spats are not likely to result in a lot of inflation. much of what was targeted in the chinese tariffs were tied to business products, technology products and not direct consumer products the escalation of this is something we have to watch out for and what the fed's response would be if we did see higher inflation as a result of these tariffs. >> the trump administration seems to be challenging the idea that we need these institutions and agreements to support global trade. how much insight do we have to the markets if we see more of these things dismantled, like the wto? peter navarro saying the wto has to change the way it works, it

doesn't do a good job holding china to the rules the way we expect if they don't change, maybe we don't need it at all >> the wto is built on the premise that more trade makes the pie bigger, and then long-term it's beneficial for everybody. it's not compatible with that idea of cut the best deal with individual trading partners. i think in general the market continues to look at this issue as at best a distraction, at worst an unforced error when you have all these things going behind the economy and you want to interrupt that story with the tariff idea. it's one of those deals with the market, if it looks more like a give and take or better market access in south korea, that's fine we can roll with that. i don't think the market will be made or broken by the trade issue ultimately >> it's not unlikely that this came last. you talk about the pillars, you got a head of steam with taxes

then you can afford to be more aggressive at the expense of minor spooks like this >> if you were sequencing it, this is the way to do it it doesn't help market wise when the market got to this perch in late january where everything was good and getting better, nothing is in the way. that's the psychology that this has gotten in the way of it still could be the right thing to do. just from an investor point of view and a ceo point of view, they're like why are we picking this battle in this way. >> i want to ask you about this. it seems like the trump administration's position thus far only works if they're prepared to threaten to pull out of the wto if the wto says this tariff thing is not going to work how is the market going to react to that and is there confidence that it all could work out >> certainly pulling out of the wto gets us closer to a trade

war. there's a lot that can be done ahead of or even during wto investigations, which can often take a year or two or longer to make any resolutions on that we all know that's a lifetime in politics more importantly we have to focus on -- yes, we have tax cuts here. that's boosting the bottom line for companies, but more than 50% of sales for the average company is tied to international trade that's critically important. it f. if it looks like barriers will come up and sales impacted that will have a bigger impact on the bottom line. >> thanks for that we'll continue to watch the markets. dow up 233 facebook below 150 >> that rally continuing averages are up for the first time in four days but well off the highs. the dow was up 511 points at one point in the session this as trade concerns continue

to ease. our next guest says china started the trade war, not trump. more on that when "squawk alley" continues. you know what's awesome? gig-speed internet.

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chapter? >> well, data harvesting and fate book and other companies that do it have become a really core part of how the world works now. it's about time we looked into it and decided how we wanted it to function. glad there's investigations going on >> there's that and the pressure to appear before congress. there's warner over the weekend saying the companies have been less than forthcoming. does this add up to something? can we predict what might become of this? >> i think it's a little early to say that, but, you know, we are seeing the beginnings of the apology tour here. who knows how long that will continue with cambridge analytica and that scandal but what other scandals are there and what other companies will be a part of this like we're seeing the google and android news coming out i think we're at the beginning

of this thing. >> phil, this idea that data is kind of the life blood of the future of silicon valley when it comes to either artificial intelligence or when it just comes to big data in analytics, and there's regulation about to come down on the way data gets used, how much is that coursing through the way the value and the way they store various data over the years >> there's always been two types of business models in silicon valley one where you make money on the product you are selling. apple makes most of its money by selling us desirable devices, and the other is where the revenue is disconnected from the product and some vague thing where they're selling data and targeting. facebook and google make most of their money that way we'll see a big split between

what companies who make money by selling products want and what companies who make money on selling information want >> the focus today is on facebook, given that the ftc is probing that company we saw this data scraping report come out over the weekend on android devices. how much is this going to broaden out and really put focus on alphabet and some other companies? >> i think it will absolutely. i think that's inevitable. phil and i were talking earlier and he was saying maybe we only have band width for one outrage at a time. i don't know if that's true. the android google news that came out of this, that will be looked into. you know, like i said, who knows what other app developers were misusing some of the data that was available at the time on the facebook platform to them.

there could be other app deve p developers that could become a part of this and other social media platforms and device makers >> phil, speaking of, the idea is that there are a bunch of data stores floating around out there from the time when facebook first opened up the platform i'm not sure it's possible for facebook to track down all of them a lot of the companies operating back then are not operating anymore. there were thousands upon thousands of these little apps cropping up sucking our data out of facebook. how likely is it that we'll see more heat from some of those data stores coming to light? >> i think the good news is this kind of personal data tends to go stale fast. i think data that may be a few years old is less important and

useful i don't worry about it -- >> but i have not dumped all my friends over the past seven years. most of them are still there i'm still the same guy >> there's actually -- there's research that shows that some of the psychographic data that facebook has been collecting and app developershave been utilizing, that stays consistent with you throughout your lifetime so it could not only be years but decades of use to whoever is utilizing it whether it's political information or like you said, who your friends are so i think that that -- it's a little frightening because of that >> and i think that brings up a central point -- >> we'll find out soon to what degree this affected engagement or net ads or what have you. that's little ways off good discussion for today.

thank you both for talking facebook, which is down about 5% we are keeping our eyes on the markets. they're rallying but well off their highs as trade tensions between the u.s. and china begin to ease. peter navarro joined us moments ago saying he's hopeful that china will work with the united states ambassador lighthizer and secretary mnuchin at the president's direction and personal direction is talking -- they are talking with the chinese as we've been doing since day one. we will continue to do that. i think we're hopeful there that china will work with us to basically address some of these practices. so i see nothing but bullish signs ahead. >> for more let's bring in ambassador ron kirk, former u.s. trade representative during the obama administration and greg ipp from the "wall street

journal. ambassador, i want to start with you. also a question of however the president and the administration are willing to push at what is fair even if it puts at risk global relationships and trade agreements are you concerned with the way the trade rhetoric has heightened or do you think it could cool down and this could work out >> since you just heard from peter navarro, i'll let his statements stand on their own. i do want to make a couple of points as the other speaker noted the united states has been concerned about china's behavior since joining the wto. particularly over the last several years as not only our administration but also the bush

administration consistently pressed china to comply with our intellectual property laws, but also to fully open up their markets. i don't have any quarrel with the trump administration continuing to make that case but i do think the reason you have seen the markets react in such a volatile manner to the recent actions on tariffs is it's generally accepted that tariffs are kind of a blunt tool to achieve that goal i'm willing to give them the benefit of the doubt let's see how the talks go we still have another seven, eight days before ustr is to release the list of specific goods and the amount of tariffs that would be targeted and if there's any way to back away from that, that would be great. i done flow that we shouen't kne encouraged by china's muted response if past is prologue, when china

is attacked they attack back and fairly quickly and strategically. >> greg you make the point that the trump administration is on firmer ground, directly addressing china on these issues than any of the other moves that they have made will this come down to babies and bath water how much bath water can you get rid of before you lose the baby on global trade? >> absolutely. in every negotiation or confrontation it's a matter of who blinks first i think you have a few things on the u.s.' side when trump came out with the aluminum steel tariffs, he faced blowbac blowback, from his own party and trading partners abroad. you have not heard that blowback this time around beau there'sca' a consensus that china's misbehavior is unacceptable. there are concerns with some of the follow from this action, that will be a wait and see

process, but the fundamental thrust of the direction is meeting widespread support >> like the treasury secretary over the weekend, navarro tries to push back a bit on the argument that stocks had been moved by tariffs, and the tariff discussion he brought up the fed. do you think they're worried about the markets not liking this >> they probably are a little bit. i happen to agree that i don't think trade is the number one issue affecting the markets now. i think it's mostly a little pressure on interest rates and inflation, plus perhaps the market got ahead of itself it's not specifically this trade action that's worrisome for the markets but the whole tone of the administration, a year after focused on low taxes and less regulation, there's a piece of this agenda which is less favorable to trade i don't think this should be a uniform concern. there's two trade stories going on here. china and everybody else on china, it's worrisome

on everybody else things are looking better we have seen exemptions on steel. this morning we learned that the united states and korea have an agreement on how to amend the korea free trade agreement it looks like that on some of these bilateral fronts, tensions are easing >> greg, if i might jump in. i do have to note, i agree with you about how the rest of the world views china. but i can tell you in frequent conversations and outreach from former colleagues, the world is very concerned about whether or not they can count on the united states to sort of be a standard bearer for the rules-based trading system yes, the administration made an accommodation to some trading partners on the steel tariffs. one of the small tools we had in confronting clean that in the past was a unified front between the united states and europe, japan, mexico, canada and others because of the factors that you

mentioned previously, those countries are not sure whether or not they can count on the u.s. for that. i can tell you the successes that we've had with china in the past, it helps them to save face if they are responding to a global challenge from a number of partners than being in the position where it's just united states saying you have to do this we have to remember president xi just got the party to agree to allow him to be president for life he has his own political dynamic. i would serve caution at their muted response so far. >> i would 100% agree -- >> unfortunately, we have to leave it there lots of this to continue to watch. these trade discussions are ongoing. >> thank you >> i'm sure we'll be talking about it in the days to come the dow at this hour, we are off the highs of the session, but still up about 281 points right

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hello. i'm sue herera the u.s. along with more than a dozen european nations kicking out russian diplomats on monday. britain's for minister is hailing it as an extraordinary international response the expulsions are in response to a nerve asdwrgent attack on a former russian spy in england. remington could not service its mounting debts and is seeking bankruptcy protection. remington was cleared of wrongdoing in the sandy hook shooting, but investors had

distanced themselves from the company. cleaning crews cleaning up that spilled paint you saw and the diesel fuel on a florida high creating closures and significant delays today a crash involving multiple trucks created the mess on interstate 75 near tampa yesterday. only minor injuries were reported. this is a new high-tech way to take your new car out for a spin alibaba and ford teaming up in china to launch an unmanned car vending machine. it will offer consumers three-day test drives. the idea is to create a quick and hassle-free car buying experience you're up to date. that's the news update back downtown to "squawk alley." carl >> thank you very much, sue herera let's get to seema mody back at hq with the european close. >> europe has erased all of its gaining closing lower on the day following a tough session overnight in asia. look at the german dax

down 258 points from the high to low. the big laggards include adidas, commerzbank and deutsche bank. traders say the weakness in the dollar on the back of these trade worries is a source of concern, a stronger euro is not good for those european exporters. though we should point out europe's auto sector ending mostly higher on the heels of a report that beijing and washington had begun to negotiate u.s. access to chinese markets easing some concerns of a full-blown trade war back downtown to you >> thank you when we come back, the facebook fallout continues over data practices including calls for increased federal oversight. brendan carr is join us with some insight more "squawk alley" straight ahead.

dow session high was up 511. we've come off that just touch let's get to bobs by s s bpisani >> we went straight down after 9:45 we are bouncing now that europe is closed. we saw tech sort of open up nicely, everything was up 2%, straight down. europe was bouncing a little f.a.n.g. stocks were up 2%, they cut that many half

facebook still on the down side. boeing, proxy for the trade wars started up nicely. 331, $332, just moved to the down side around 325 or so pharmaceutical stocks have done nothing for a up withal of we c. merck at a 52-week low general electric just broke through $13. sitting at lows of 2009. back to you. >> bob pisani, thank you looking at stocks now, the dow is up about 318 points right now. rallying after that dramatic selloff last week. all 11 sectors in the s&p 500 are positive the s&p 500 is up 28 points. the nasdaq is up 8 6 "squawk alley" will be right

back (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley

the federal trade commission announcing a private open investigation into facebook's privacy practices after the controversy around cambridge analytica and user data. lawmakers are calling for increased regulation leaving many wondering what those regulations could look like for the industry with us now is federal communications commissioner brendan carr good morning

>> good morning. thanks for having me on. >> about a year ago there was a lot of concern about the fcc saying really broadband privacy rules and regulations, that ought to be up to the ftc. people were worried that various itps, comcast, our parent, will be selling user data a year later we're worried about facebook and user data how do you see this issue evolving and peoples concerns about user data and where it ought to be regulated? >> that's right. as you noted, federal communications commission where i worked was looking at this question of online privacy about a year or so ago the fcc had a choice on whether we focus on the edge providers or allow the federal trade commission to focus on the edge providers or the networks, the isps the fcc went down a route where we put a myopic, heavy handed focus on isps, both on online privacy and with title two

internet regulation. congress rolled that back under this idea that when you look across the whole internet ecosystem from the edge providers like facebook to the networks like comcast, as you mentioned, there should not necessarily be an undo focus on the networks, and we should look at consumers online privacy in a holistic manner. >> so, where does that leave us with consumers who are concerned about just how their safety online will be looked after? does the fcc have any role in that whatsoever? or do you view that as belonging to other people? >> yeah. so consumers care passionately about online privacy as you made clear. the federal trade commission is actually much better suited than the federal communications commission principally because the federal communications commission can look across the spectrum of the providers.

at the fcc we principally regulate the networks. so the federal trade commission is better positioned and they announced this morning they've opened an investigation into this issue >> want to talk about 5g it was all the talk in barcelona at mobile world congress where fcc chairman ajit pai was speaking you are looking at this issue. it's seen as a race between the u.s. and china to get out with this first how important is it from a trade and economic perspective for the u.s. to move forward quickly with 5g? >> it's incredibly important when you think of the new cutting edge innovations from autonomous cars to the internet of things, virtual reality, this 5g is necessary to enable it it's estimated to be 275 billion in investments to get g across the finish line. the country that gets there

first in terms of the regulatory framework, that's where the investment will go and that's where consumers will see the benefits of 5g first it's important that we win this race last week the fcc took a vote to help the united states maintain its leadership in wireless >> light of that, do you think it makes sense that the trump administration stemmed in and blocked broadcom's bid for qualcomm >> there was a cfius process that the transaction went through. i wasn't part of that. more broadly it's important that we maintain safe, secure networks infrastructure deployment is key. infrastructure deployment in washington, d.c. is a hot topic. 5g is a key piece of that. last week at the fcc we cut regulatory red tape that has been slowing down the deployment of broadband infrastructure. >> all right we'll leave it there thank you, commissioner carr

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coming up in a few moments, we are trading the bounce back in stocks as fierce of a trade war with china may be easing. and eddie lampert on the

record he is speaking publicly for the first time in more than a decade we'll speak to the reporter who scored that big interview and what he learned. and the race to a trillion dollar market cap could have a new front-runner we'll explain in our call of the day. top of the hour, about five minutes away see you then >> looking forward to it as we head to break, looking at shares of snap. the stock is slipping after model chrissy teigen said she will stop using the app. this follows a string of celebrities who bailed on the company or sd aithey will stop using the app. stay with us directv gives you more for your thing.

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welcome back watching the markets bounce as europe closes at about half past the hour dow up 320 facebook has trimmed its losses? >> it has. microsoft up as well up near 96 bucks it is close to 92 bucks a share, also trading higher is adobe they expanded their partnership

into china that could explain why they're both doing well. >> another company to keep an eye on, not actually trading publicly until next tuesday, spotify. they came out with guidance numbers for full-year 2018 revenue will grow 20% to 30%of 2017 net losses will narrow the total monthly active users will jump 26% to 32% to 208 million subscribers. everybody is focused on that ahead of this direct listing on the new york stock exchange. >> cramer said own it when discussing spotify this morning. dropbox as well doing well >> a number of these premium stocks -- we had the founder of evernote on earlier, that company did not make it public the question is now that so many of the giants, amazon, google, appal are competing in the same space as a spotify, as a

dropbox, how much growth head room is there? >> more coverage today about apple's spending on original content. some big names they're drawing we'll watch and see how the markets hold on. let's get to the judge and the half ♪ welcome to "the half time report." stocks surging back as the trump administration tries to ease fears of a trade war with china after the worst week in two years as there's even more volatility ahead with us today is joe, jim, steve, rod is here as well he's one of barron's and forbes top 100 financial advisers the markets, there's rebound for stocks joe, you tell me, more volatility ahead as the administration puts out what i characterize as a