the president wanted to go on this trip and navarro said that the president is very focused on an issue that is far more important. that is, the singapore trip. this is a president who does not like personal one-on-one confrontation, who will meet with some of the united states' closest allies that he has been in spats with, whether over twitter or in person over recent days a president who is very much focused on the north korean summit, which is coming directly after this this is a summit that is going to be fraught with all sorts of tension, carl. definitely worth watching. >> tension, indeed kayla tausche covers this, the 14th foreign nation that the president has visited so far kayla, widely said to be potentially the most contentious g7 we've ever seen. >> and it was thought that last year's g7, which was trump's first as president, was going to be contentious it pales in comparison to some

of the issues on the table today. joined by some of his top economic advisers here on the ground in quebec city. he has made it clear that trade is the top issue on his agenda, even as many of the european allies want to talk about iran, the paris deal they want to talk about a lot of these issues on which there has been some significant division between them and the white house in the past. earlier today, donald tusk, the president of the european council, was among eu leaders briefing reporters he was asked about that comment that trump made to reporters this morning about russia and the possibility that russia gets reinvited or rejoins the g7. and tusk did not mince words he said what's actually needed more importantly is for america, which has historically been what he called the guarantor of world order. there are enough challenges. certainly many of those challenges will be boiling over

today. the eu and canada are threatening retaliation against the u.s., beginning in about three weeks time for steel and aluminum tariffs that the president put in place a week ago. so, we will see whether those issues can be resolved experts and officials that i speak to say they will not be this weekend but certainly there are going to be heated discussions on those topics, carl. >> as we watch the rotors start to spin on the helicopter, kayla. we will keep our eye on the president as he makes his way closer to the actual site. i'm carl quintanilla at post nine along with kelly evans, who joins us today good to have you. >> thank you it's been quite a day. >> the dow just went green, on pace for the best week in about three months. >> we had some selling pressure overnight. go back to when these headlines hit, the macron tweets the fact that we're coming back tells me there's a sense that people are settling down

the interesting thing as well, this all goes back to the tariff dispute. yes, the g7 is getting together that is highlighting this, other things to mention. but markets should be as concerned about these issues but taking it in stride today. the president this morning saying, look, when this is all said and done, we'll all be friends again and get along just fine. >> he did say we'll all be in love again when this all straightens out. >> yeah. >> eamon, i would like to get your take on the change in rhetoric yesterday with trudeau, saying that these tariffs were laughable and macron saying an american president may not mind being isolated but neither do we mind signing a six-country agreement, if necessary. so, we'll find out whether these harsh words actually turn into policy on paper. >> yeah. that's the big question going into the weekend of course, this is a huge breach in the relationship between these countries. usually it's all smiles and

pleasantries between leaders of the united states, canada, france and britain this week it's been anything but. the president earlier tweeting out about prime minister trudeau, saying he is being so indignant, bringing up the relationship that u.s. and canada have had over the years but doesn't bring up the fact that they charge 300% on dairy, hurting our farmers. the president going toe-to-toe with trudeau, the host of this summit in canada this weekend. that is a remarkable thing at the same time, the president has been posing for pictures with north korean officials at white house, in negotiating with north korea over denuclearization and urging russia to be brought back into the g-7. this is a president that's got a very different approach to foreign policy as we've seen in the past, and that's unsettling some of the allies who will be meeting with him in canada. >> eamon, don't go far way

former deputy secretary, and from maryland's school of public policy, former assistant secretary for economic policy join us. philip, let me begin with you. how much of this do you think gets translated into a firm communicae or even departure with bad feelings between the president and some of these other leaders? >> it sure seems like the bad feelings are baked in. i wouldn't be surprised to see that either in the comumunicae. sometimes it's between the lines. the u.s. and president trump are headed to tariffs. he's itching to impose these there's no way around that there's no way around the bad feelings that will foster. >> phil, to be a little glib about it, who cares about the

g-7? what is the importance of a good communicae the photo-op that the president might miss in the working lunch tomorrow what issues -- i think he's going to skip out the part on climate, too what issues -- there's so many important things happening right now -- is the g-7 aiming to resolve and will this have bearing on it? >> symbolics and the wording on the comunmunicae. i worry that president trump's skipping out or leaving early is a symptom of the problem that will just divide us from our allies and make it difficult to reach, eventually, a deal with them to defuse these trade tensions that's the key having this meeting will help president trump, will help president trump reach that agreement. i worry that him leaving early and all the spar something just

going to take us away from dealing with the problems. >> bruce, market, stock, investors have arguably punished industrial multinationals relative to the rest of the market it's hard to make a case for broad concern when you look at what the dow has certainly done this week and over the past few weeks. i just wonder whether or not in the end we go back to kudlowe's family quarrel, which he has taken pains to say this is. >> the challenge is we haven't seen the pain caused by these tariffs that have imposed the tit-for-tat, back and forth. we have serious issues that we need to be addressing in a multilateral way unfortunately the u.s. is proving to be the biggest source of global instability right now. and at a time that we should be working with our allies to really focus on the challenge presented by china, instead

we're focused on fighting with each other i think the markets won't react until we start seeing the real negative impacts of the back and forth between the tariffs, whether that's with canada, mexico or the eu but those will have a real impact we're already seeing that around the country. the markets don't seem to be taking that into account yet. >> bruce, a couple of things about that, though for one, you could say the g-6 has never been closer. nothing like having a common enemy or frustration in the u.s. to get those nations all on the same page to say we want to step up on the international stage and take the initiative. don't you think the u.s. should say, you know what great. go for it. >> i think the challenge is two-fold one, our alliances have always been a huge source of strength both for economic security and for our national security and the challenge is -- and all these countries, instead of working with the united states on common challenges, are working to hedge their bets against the threat and the

instability they see from the united states. so we saw macron going to the st. petersburg economic forum, angela merkel going to beijing unfortunately at a time that we should be cementing our alliances and working more closely together, they're all looking to hedge their bets. if you talk to countries in southeast asia, they all don't believe they can count on the united states in the way that they always have so, unfortunately, we're abdicating the leadership role that we've played. and if it meant that the g-6 would step up in the way we want it to, that would be one thing unfortunately they'll have to deal with the instability we're causing instead. >> philip, some call it maybe abdicating past relationships. others argue it's a new axis of support that includes israel, gulf nations and maybe some of the fringes of europe and maybe russia, if he's serious about arguing they should go back to make it a g-8 again.

maybe it's a broad geopolitical shift. >> those other countries are important. it's tough to replace the other g-6. i think what the president could say and what the united states could say is sure, there's $15 billion worth of tariffs and we understand that other countries are frustrated with that but the u.s. has taken action to strengthen our economy, tax cut and other things and we have 3%, 4% growth. and that's going to do a lot of good for these other countries sometimes that's a message we could be sending, to say, sure, we're frustrated on trade and we'll work that out. meantime, the u.s. is acting to have a strong economy and we're contributing to global progress. i would take a little issue to the idea that the u.s. is the source of global chaos and things like that. >> yeah. i was just going to say, bruce, going back to your point about our allies in southeast asia not feeling like they can count on

the u.s. quite as much, markets and everybody would agree that the u.s./china relationship is more significant here, whether it's on trade or what they're doing in the south china sea but isn't that exactly where the u.s. is being more aggressive to try to demonstrate to vietnam, australia, whoever it may be, that we're willing to send our ships in there, call them out on militarizing those islands we're certainly not backing down on that front, are we? >> no, we're not backing down on that front but you have to show the economic relationship is so important and those bonds that tie us together. for example, pulling out of tpp sent a message that the tpp 11 that they can't count on the united states anymore. and a number of those countries -- the reason they were engaged in tpp and willing to make what were, in many cases, significant concessions to the united states, was because they wanted the united states as an ally and an off-set

to china now you see what the philippines has done, for example, where they have backed off on some of the pushback in china. you see that in other countries in the region because they can't be confident that the united states is going to be there for them they're, unfortunately, having to rebuild bonds that they're very uncomfortable with, with china. >> stay right there. i want to bring john harwood in, as well. john, we're watching the president just kind of arriving there in canada. what do you think can be accomplished today what is kind of the goal for this whole summit, do you think? >> well, i think the goal for our counter parties at the summit, the g-6, is to stand up against president trump. i have to say, guys, i understand you were being devil's advocate in discussing the issues surrounding the increasing isolation of the united states, but i don't think we should under play the danger both economically and as a security matter as our guest

indicated a moment ago we're not only isolating ourselves from the g-6, we're isolating ourselves from asia and pacific countries by pulling out of the tpp that leaves us in a weaker position economically. as a security matter, we rely on alliances to advance our security interests around the world. there's a reason that we built a postwar order led by the united states we are the indispensable nation. we cannot say to every other country in the world, you take care of it we are the biggest nation, the richest nation, the most powerful nation, but we are powerful as the head of an alliance and the president is, right now, taking a sledge hammer to that alliance in numerous ways. and the last point is, whatever his motivation, when you've put together the idea that he is asking russia to be part of the g7 again and that he is

splintering the western alliance, that is precisely what vladimir putin wants to happen so it raises the question of why is he doing what vladimir putin wants? >> that's interesting, john. as you're saying that, mark warner, senator, tweets one simple tweet russia is not our friend your points about historical alliances are even more potent because this week was the anniversary, 74th anniversary of d-day, which points to exactly what you're saying but then why is there ammunition in the president's argument that the tariffs that have come out of europe, specifically since they joined together in the eu, are expensive? they're expensive for us and they hurt u.s. trade. >> tariffs do hurt trade and they're going to hurt us in two ways the tariffs we place on steel and aluminum and other goods is going to raise the price for people who consume those

products in the united states. and the retaliatory tariffs we get from the eu and other countries are going to put people out of work who are fueling the export market. it's all one conclusion. trade war, tariffs, trade tensions are bad for the economy. and so the president may be vindicating the nationalist, america first ideas that he campaigned on and those workers, especially white working voters who have been displaced in the economic transformation of the last generation, but that is not a recipe for turbo charging american growth or american strength. >> and let's not forget, russia was kicked out of the g8 after invading crimea. that's a pretty serious -- if they're allowed to waltz back in without any repercussions or being held accountable for that, it's a scary precedent, john. >> kelly, let me say, when you combine that with the

president's reluctance at the beginning of his term to affirm the alliance to nato to say one is an attack on all raises the question in the minds of our nato allies, does the united states have our back or not? >> right but the flip side, john -- >> a louder question than at any time in our lifetimes. >> on nato, you can't argue with the fact that they haven't been carrying their weight on the spending front so you could still take issue with the way these institutions are functioning and the amount that's being placed on the u.s. to carry the water for everybody else so if the g-6 gets together to kind of ban together and want to support each other on trade, that's great maybe they can make the progress and the u.s. can rejoin tpp like you said and germany is saying by 2020 we'll spend 2% of gdp on defense. you've got to do something to get -- look how reluctant they are, even in the face of the

shakedown effectively. you can't quibble with the fact that they're not doing what they had promised. >> there is a price for leadership of the world. and, yes, the united states has carried a disproportionate amount and it is prudent to ask our allies to do more. you press that argument too far to say if you don't, we're not in that alliance, you raise a serious threat to not only the security of europe but the security of the united states as well. >> philip, interesting the new yorker today reports that germany is working on an america strategy, really, for the first time since the war and everybody is sort of recalling what mcmaster wrote in "the journal" last year, that op-ed, america first is not america alone. do you think that piece would hold water today >> i would point to some of the frustrations that the administration has expressed

with europe with germany, with their defense spending, as it was just indicated, and then with their trade surplus, current account balance, which is something that the obama administration complained about as well germany's economy is doing well their trade surplus is probably too large because they save too much their government could be more active in terms of the international economy as well. and this is a complaint -- it's not just a trump complaint it's an obama complaint as well. i would look at what the u.s. is saying and, in part by saying we're asking europe to do more more on the defense side more on the economic side. those are legitimate complaints. >> and when it's done, we're all going to be friends again, right? we'll be in love again it was stronger than that, wasn't it? that was the president this morning. >> bruce, phil, thank you, gentlemen. eamon, kayla, john, you'll be

with us all day today as we watch the president get closer to the event we'll take a quick break but we'll take you live to the president's bilateral, the first one of the day, with macron later on in the show both leaders have promised tough rhetoric the dow on pace for the best ckn mitemohse nt ba ia nu ♪ that's confident. but it's not kayak confident. kayak searches hundreds of travel and airline sites to find the best flight for me. so i'm more than confident.

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welcome back the president there for the g-7 summit or g-6 plus one maybe s&p down 1.5 points. small caps seems everyone is waiting on more clarity for what's happening there and all the events next week eric davidson is chief investment officer atwells fargo private bank welcome to you both. david shall we've got this summit, the north korea marks.

>> i think investors are in a wait and see mode. the summit between the u.s. and north korea next week but you have an inflation print in the u.s., ecb meeting which could potentially be as important if not more important than the fed meeting next week. as a result you're watching the market sit tight where it is until they have more facts to determine the next correction. >> we think they'll taper again in september we think that will get announced next week. previously we were expecting a july announcement. we think that's been pulled forward a little bit tapering into the end of this year, probably not hiking rates until late 2019. as the staff forecasts begin to show inflation, returning to 2% on a sustained basis that, to me, will be a signal

that the ecb is more comfortable tightening policy. >> with the u.s. suggesting that russia should become part of the g8 once again and italy open to that russia is putting itself out there, whether it's greece, whether it's italy, saying we've got some money, if you're looking for growth as the ecb starts to tighten, as those bond yields start to rise. >> no surprise that conte says i agree with the president that russia should join -- >> there you go. there's a lot at stake here for policy decisions. >> i think trump bringing that up today, regarding russia, that's a little bit out of left field. when we're really talking about

a g-6 plus one, to start talking about a g-8 again, since russia was moved out. this meeting with north korea. the two heads of state, that's huge fed, ecb the meeting of the warriors and cavaliers this evening, too. >> i don't think it will be that complicated. >> if it's a sweep, carl -- >> the market here does not -- it doesn't smell fear. >> certainly a trade war say bad thing. what gets lost, four of the g-7 countries are at a net trade deficit. there's three others as well this is important for everybody. the united states, we're the world's second largest exporter. a trade war would be a really bad thing. don't get worried about a tweet

war. that's definitely going to happen. >> i don't know if it prefigures -- real quickly, though, david, looking at the way that other emerging markets have been plummeting against it. every week there's someone different at the front of the line, turkey, south america and so on. is that going to get worse >> i think it could get worse for individual countries the imf announcement as it pertains to argentina, that will provide some relief. venezuela, south africa, turkeys of the world given their dollar denominated debts, we think they'll remain under pressure. that doesn't mean that you run away from emerging markets but become more selective. >> treasury move, some argue that's another worrisome move that liquidity will haunt us in the days and months to come.

fair or not? >> fair. what you're seeing investors prepare for -- you were talking about the low vix. and in general investors not seeing a whole lot of risk look at the ten-year treasury note that tells a different story about investor expectations, global economic growth trajectory and the impact of central banks going forward as this liquidity is withdrawn and as assets gradually turn negative over the next 12 months. >> thank you both. >> appreciate it. >> thank you very much krechlt. o of face book, sheryl sandberg, making comments on recent issues julia boorstin joins us with that. >> speaking at mncht i.t.'s commencement address, power to inspire change and also its dangers. she addressed the facebook scandal issues directly. >> at facebook we didn't see all the risks coming and we didn't do enough to stop them

it's painful when you miss something, when you make the mistake in all the good you're seeing that you don't see the bad. it's hard when you know you let people down. >> saying building technology that supports eequality, democracy, throwing up every roadblock against hate and deception. carl, certainly continuing her apology tour here for those issues in that cambridge analytica data scandal back to you. >> julia boorstin, thank you very much. we'll take a quick break and back out to quebec city for the g-6 plus one summit when we return stay with us ♪ approaching medicare eligibility?

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european markets closed lower as worries mount over the potential trade war. we'll see if that summit does anything to alleviate concerns ftse was down nearly 2% today. monitoring political developments meantime british prime minister theresa may to end britain's membership in the eu ahead of a series of crunch time parliamentary votes. closer eu ties, that's next week may's brexit plan will begin its largest date, date of the nuclear summit as well she'll ask her divided party to overturn changes to parliament's upper chamber. lastly, chairs of bt gavin patterson will be stepping down later this year after the chairman said a change in leadership was needed. patterson led bt for five years. attempting to address a lot of

pressures on that business year-to-date, the share is down 24%. >> news update with sue herera back at hq hello, sue. >> hi, carl. hello, everyone. happening at this hour, president trump telling reporters at the white house he may pardon late heavyweight muhammad ali before departing for the g-7 summit in canada. >> i'm thinking about muhammad ali. i'm thinking about that very seriously. and some others. and some folks that have sentences that aren't fair but i am thinking about muhammad ali. >> however, ali's attorney, responded with a written statement. we appreciate president trump's statement but a pardon is unnecessarily. the u.s. supreme court overturned the conviction of muhammad ali in a unanimous decision in 1971 there is no conviction from which a pardon is necessary, end

quote. a study by kaiser permanente says people with high pain may not need those high doses of opioids. patients taking them for at least six months, 86% were still satisfied with their care after their dose was lowered you are up-to-date that's news update this hour back downtown to "squawk alley" and kelly. back to you. >> sue, thank you very much. i thought it was interesting how the president this morning tied the anthem protests to the pardons saying if you have a legitimate dispute with what you see as an abuse of power i want to hear about. whether it's muhammad ali, whether that needs to happen or not, or anybody else, saying i appreciate how people use their celebrity to bring attention to some of these cases and i will help you if that's something you're focused on. >> said he was looking at 3,000 potential pardons. not to say he would do that many. >> yeah. i'm sure we'll find out more names that may be on that list

when we return, walter iscs, aaonas we await his arrival at the g-7 with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you book early at hollidayinn.com

we have an unprecedented g-7 summit about to begin today. the president tweeting before

his departure i'm headed to canada and talks that will mostly center on the long-time, unfair trade practice against the united states. from there i go to singapore and talks with north korea on denuclearization won't be talking about the russian witch hunt hoax for a while. with direct shots at canada and france, will the u.s. be left increasingly alone walter isaacson, former chairman of cnn, time magazine, of course he joins us. walter, it's good to see you. >> thanks, carl. >> struck by the "time" cover with the title "king me," and the president looking in the mirror with a crown on his head. what do you make of the fact that america is headed toward isolationism or is already there? >> breaking up the alliances that have served us well for 70 years and trying to treat russia as if it's more of an ally than an adversary that doesn't seem to make a lot of sense to me

obviously, trump has some good points to make, that the trade order needs to be recalibrated a bit. there's unfair trade practices, but that should be separated from breaking up the 70-year alliance we've had with europe, canada, north america, which is the greatest economic and trade zone of the world. things aren't going that bad, as trump will tell you. unemployment is very low it's not like we're facing some huge trade crisis now. so, i don't quite get why you would do what sometimes republicans accuse democratic presidents of doing, alienating our allies and embracing our adversary. >> walter, we know he's transactional by nature, in his business history he's letigious, not afraid to have uncomfortable showdowns, at least on paper isn't that where we are, in the middle of that uncomfortable part before everybody signs the agreement to whatever transaction everybody was working on >> i sure hope so.

i mean, this is a different style but perhaps this style will work. perhaps you do a whole lot of bluster and the blustering gets you partly where you want to go, but it's more bluster than action i guess we're reduced to a position, especially on tariffs, that we're hoping his bluff is -- >> the president will leave the summit tomorrow morning following the session on women's empowerment. and he misses some of the climate stuff later in the day is this what the leaders of the free world gathered together, are they really talking about women's empowerment or is that a way of saying, okay, we're going to go back to tariffs, we're going to go back to trade, or is he really missing anything >> i'm not sure he's missing anything that he would contribute to. however, the whole point of a g-7 is to say here is our common values i noticed macron said it in this weird battle of the twitter

feeds that we're having. but you ought to say, look, at a foundati foundation, we share certain values and women's empowerment is not a bad value to share if he has something -- he does have to go to north korea. if there's a real reason to leave, fine. but let's not forget that the foundation of this alliance for 70 years has been a set of people in europe and north america who try to share the same values. there's not a particular reason to be defiant of that, or rude about that or nasty about that. >> as i said earlier on the anniversary week of d-day, that does hit home, i think, for some who have studied some history, as you have, walter. have a good weekend. we'll see you soon. >> thank you, carl. >> walter isaacson. >> more "squawk alley" when we return first, rick santelli, what are you watching today >> i'm watching the calendar for next week. we've all talked about it a great deal i find it fascinating that the

final curtain might be falling on crisis era monetary policy. we'll be discussing that and the big number today is 31 you'll figure out why, after the break. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.

s

i'm scott wapner at the top of the hour, rally and risk big week lies ahead. we'll get you ready for all of that plus the race to a trillion. apple may have the lead but another stock is poised to get there and it's not the one you

may think. and our call of the day is one that analysts best idea. how much room is really left to go see it on the halftime report, kelly, about 15 minutes away. >> scott, twitter, having a nice day, too day two in the s&p up like 3, 4%. anyway, see you in 15 minutes time to the cme and rick santelli has the santelli exchange. rick >> thank you, kelly. it certainly seems as though the final curtain is fall iing on monetary policy. i don't think any of its creators are those continuing to orchestrate and the ongoing process of quantitative easing, bank of japan, ecb and to some extent on our rolloff the u.s. federal reserve. i don't think any of those people would have expected that 2018, and we still have a fed. granted, they've bought less but still, what, 4.4 and change

trillion in balance sheet. yesterday we learned their balance sheet shrunk by 18, 19 billion. sounds like a lot until you think 4.5 trillion with a "t." every person on this trading floor i talked to seems to be taking a position in options, whether they own both puts and calls on the long side or they are selling, being short to premium. no matter how you slice it, every trader thinks that mario draghi on thursday will be the definitive central bank meeting because it's going to be up to him, now that the cat's out of the bag. we all expected -- they've already trimmed their purchases in september supposed to make the next move what will the timeline be? mario draghi certainly wanted to make this meeting coming up a hot meeting and we're all waiting with bated breath. can he deliver that seems to be the topic

will his promises to wind down, a, be implemented? will there be a commitment and the biggest question, as the curtain falls, will there be any encore performances? after saying all that, do you remember what my special number today was, big number 31 that represents mr. kuroda, the 31st head of the bank of japan my own opinion, to weigh in on this, i think friday is the big day. i think that mario draghi's course, especially with what's going on with italy, will be tricky the trickiest of all has to be the bank of japan. like any good poker game, where you sit makes a lot of difference terms like check to the highest bidder, meaning mr. kuroda will have much more pressure, if mario draghi even delivers a little bit of what many traders think. he will be the odd central bank out. could it have come at a worst

time they just had their first negative quarter over quarter gdp number in several years. i'm not saying that they're economy hasn't improved. they also have a threshold for inflation that seems highly unrealistic. in the very beginning of the crisis era, i remember policies. it's not directed to any particular country it's nice to have a target for inflation. if it's something that isn't ever going to occur within a logical timeframe, does that mean these insane policies will go on forever? you may learn friday if you're looking for the big meeting for volatility, let's learn what the bank of japan says after mario draghi. carl, back to you. >> provocative take there, rick. either way it's going to be crazy. rick santelli. thank you very much. when we come back, we're on triple crown watch at the belmont stakes live at the track next more "squawk" after the break.

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but we're keeping a close eye on the g-7 summit kayla tausche is in quebec city. ameamon javers in washington how is the schedule shaping up this morning >> there has been, carl, a postponement of the bilateral meeting between president trump and french president emanuel macron president trump was slightly late leaving washington and slightly late arriving here in quebec city, so that has been moved, but the expectation is that it will still take place.

of course, tariffs and trade were expected to be at the top of the agenda in the meeting in the meantime, one of the most influential business groups from back in the united states, the business roundtable, has issued a statement calling on the u.s. to drop the tariffs on steel and aluminum on allies and instead engage with allies against china, that they could put up a better and united front if they were to not kwaubal with allies and instead present a more united front against china so certainly, some interesting comments from the business community back in the u.s. even as the president tries to defend the hard line on those tariffs that he and many of his administration officials believe is necessary to bring leaders like macron to the table >> i wonder, does delay mean there's any kind of problem with these talks happening? it's been a remarkable back and forth between these two going into this meeting.

>> well, kelly, you're right to focus on it. this is going to be one of the most scrutinized g-7 events of all time probably because of the acrimony and tension leading up to it. and just to fill you in on the background of this, emanuel macron, the french president, issued a tweet earlier that got the white house's attention, saying the american president may not mind being isolated but neither do we mind signing a six-country agreement if need be that is to excude the united states because these six countries represent values they represent an economic market which has the weight of history behind it, and which is now a true international force it's possible that that tweet had something to do with this postponement the white house does say they're going to try to reschedule this meeting between trump and macron that was a relationship that had been called something of a bromance earlier in the year now it looks more like a bro breakup between the two leaders, as you listen to the acrimonious tweeting going back and forth between them i'm just struck as we watch some

of these images as we have seen some of the iconic symbols of both countries here. the bright blue of air force one, the crisp red of the mountys jackets, the green and white of marine one. these are iconic symbols of our two countries. i can't think of a time when we have seen them in this sort of an atmosphere of tension and strain between these allies. this is a situation where the president is going in to effectively stare down america's economic allies and say we need to rebalance the trade agreements between all of these countries. the allies don't like that at all. and it may be that that has something to do with the postponement of this macron meeting or it may just be legitics and the president is running late we'll wait and see >> as you're talking, reuters running a headline quoting a french presidency official that europeans believe conditions are not there for russia to return to the g-7 and adding that even the final statement should mention caution on russia.

so we will see the degree to which the president's comments this morning color the summit overall. >> yeah, there's some question about whether there will be a state at all jointly issued by all of these nations at the end of this. that's to watch for too. >> thank you very much dow definitely in a holding pattern, up five back in a moment hi, i'm joan lunden with a place for mom, the nation's largest senior-living referral service. for the past five years, i've spoken with hundreds of families and visited senior-care communities around the country.

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doesn't happen often, but justify is hoping to win the triple crown tomorrow at the belmont stakes our eric chemi is live from the tracks with more eric >> that's right, so when the triple crown is at stake, the numbers go up in every dimension. the tv ratings are expected to be 20 million people that's an olympic sized audience compared to decision million in a normal non-triple crown year the betting could be $80 million to $100 million compared to $50 million in a typical clear it's bigger than that. justify the horse has its own sponsorship deal leverage agency put it together, a seven-figure deal from wheels up, and the breeding rights. they're expected to do a deal for $60 million for justify's breeding rights. so just the fact it's a triple crown race, there's a lot of money involved if that horse wins there's even more money invol d

involved >> they think 20 million people are going to tune in you know who carries this thing? >> who >> nbc >> that's right. >> that's where they can all watch. >> have you seen the difference in ratings historically when a triple crown is on the line? >> he was saying - >> at least a factor of three, right, eric? >> it's exactly, a triple. like 6 million normally or 20 million when the triple crown is on the line. big difference >> even though they just won it a couple years ago it has happened, what was it, 2014, they did the triple crown? >> yeah, in the last few years, but it had been like 40 years. 37 years, i thing, in the meantime maybe it will be another 37 years or every four. >> yeah. i don't know we'll see. eric, thank you very much. eric chemi there >> also the "time" story about one of the investors in justify is run by a company -- run by some top employees of george soros. >> it's not uncommon for these guys, seth carmen owns a horse is this the one, rob gronkowski

is going to be there, too. a lot of people like to get involved >> your point earlier about the market treading water in advance of so many things we do not know, is well taken. the dow up two >> well, it's four now, carl >> it's been good having you here have a good weekend. let's get to the judge and the half >> all right, carl, thanks welcome to "the halftime report." i'm scott wapner our top trade, the march to new highs. as the dow paces for its best week in three months, can stocks keep climbing even with several critical events ahead for your money? here to debate that key question, jim levinthol, josh brown, sarot, jon najarian, and carrie firestone stocks are mostly lower. you saw that ahead of a crucial stretch for investors. the fed, the summit, and