it is 5:00 a.m. here in new york and here are your top five stories right now and they are truly worldwide. here in the states, stock futures in the red again trade war fears hitting wall street and your money. that leads us to china the white house reportedly working up new trade restrictions but could china do something that would shock everyone the european union firing back at the threat of new auto tariffs. we are headed live to brussels on that. in turkey, president erdogan cementing his power following nationwide elections. and it is a sign of the times, saudi arabia, decades of bad policy coming to an end on this monday, june 25th as

"worldwide exchange" begins right now. ♪ ♪ hey, listen. the weather's good so it is a beautiful day. hope you're having a great start to your day or great afternoon, wherever in the world you may be watching from. i am brian sullivan. the markets may be the only thing that is not beautiful today. trade fears are going to hit your stock investments dow futures indicating a likely drop of 167 points at the open we've actually been losing steam the last few hours since futures began trading. bond yields also staying lower this morning benchmark ten year yield still holding under that key 2.9% level. it is a sea of red in the asian markets. trade fears hitting every major index. the hang seng losing 10% the trade rhetoric with the eu

is heating up. both sides of the atlantic threatening new tariffs. most indexes are down nearly 1%. in fact, you have italy down more and spain down 1.2% the ftse 100 down .9%. outside of stocks, here's a look at your weekly stock. the oil market coming off a rather bizarre meeting at opec saturday's announcement with the russians, seeing wti crude continue to creep a little bit higher at 68.72 brent crude down 1%. let's get a check on the currency markets currency has become a big story certainly in the last weeks and months we're seeing the dollar euro at $116.62. gold not a huge mover this morning. not a big flight to safety not seeing all of the trade war talk, send people rushing into safe assets. you're seeing gold up very fractionally pretty much been the same price for most of the year your top money story this morning, president trump reportedly working up new trade

restrictions of china. let's get right now to eunice yoon live in beijing with more on this round. eunice >> reporter: thanks so much, brian. well, tariffs are no longer enough president trump is piling on the pressure to get beijing to change what washington believes are unfair trade practices, especially when it comes to beijing's tech ambitions the wall street journal was reporting this morning that the trump administration plans to announce two new measures by the end of the week, one is barring certain chinese companies from investing in u.s. tech firms and a second one is block beinging additional tech firms. these could be state owned or private owned companies. the trump administration apparently doesn't distinguish between the two because it believes that private companies in china come under great scrutiny and influence of the chinese government secondly, the u.s. companies that are offer limits to chinese

investments would be firms with industrially significant technology separately, to make sure that the chinese don't get these technologies through trade, the u.s. would impose what the trump administration has called enhanced export controls on these products for china now these plans are still not final and companies will be able to weigh in during the comment period the foreign ministry also just commented moments ago saying that they are always encouraging chinese companies to invest and abide by the laws of the country and also reiterating that the china/u.s. trade relationship is beneficial based on the previous statements of the chinese are likely going to feel this is protectionist and discriminatory and given that made in china 2025 is core to china's economic competitiveness in the future, it probably would be very, very difficult, brian, to change the way the chinese are operating.

>> eunice yoon with some big news out of china. sort of our weekly trade war update thank you very much. let's get reaction and analysis boris schlossberg is here. a cnbc contributor boris, you've heard the term, bring a gun to a knife fight, i am sure. now we have president xi and president trump sort of pairing, if you will. do you think there is a chance that china could bring out what i'm going to call the economic bazooka and devalue their currency >> well, yes, they could do that they could do other things that i think would be much, much more harmful to u.s. business interests. they could really make it very hard for u.s. companies to do business in china. apple sort of is the poster child for this problem how much, 25% of apple's profits come from china. they could make all sorts of regulatory barriers that are arbitrary and make it much more difficult for them to operate. so i definitely think the escalation of hostilities here

is not something that investors want to see and the markets are clearly reacting at this point because they fear that instead of de-escalation, we're actually having an increased escalation of trade war talk and usually when these things go, it's like a snowball effect. it never stops it gets worse before it gets better. >> yeah, it does we're starting to see some articles coming out about the possibility of devaluation, something you and i have talked about for a while. we've asked other guests on the program about it they've poo-pooed the idea it would make china look weak. going to the last mile resort that you have economically. >> i agree they have other tools at their disposal that are stronger they actually did pump about 500 billion yuan over the weekend by lowering the rr rate which created more liquidity they are trying to respond monetarily but not on the exchange rate front yet. yes, i think they're clearly concerned. everybody is concerned at this point. the trade war issues is not just

simply a bipartisan iss shaby pe it could create problems with the tariff in the 1930s that created a complete problem on economic activity in the world investors are getting very concerned that this could turn much worse. >> we are beginning to hear some rumbles from the corners of the internet, it is very early, boris. there's always going to be the fear mongerers out there on the internet do you think there is a risk of a global trade war we have the news from the eu that we'll get to about auto tariffs that would shut down the global expansion right at the peak moment? >> let's take the auto tariff issue at hand. the big argument from the trump administration is that the germans have a 10% -- they have a 10% tariff we have a 2% tariff on cars.

germans sell three cars for every one that we sell to them german's population is 1/3 of the u.s. it proves tariffs don't work so it's very, very hard to see whythey're trying to go toe to toe with euro peengs on the particular issue europeans are very scared. the amount of business near they could effect is tremendous the point being here is if you're going to have sort of a trade war, you really want your allies on your side. what's happening is we're going to war with everybody. if we go to war with everybody, it's a multi-polar world it will be very difficult to achieve our ends given that everybody will be with us. >> many of our viewers and list eners might agree with you they're drinking a coffee thinking, okay, what do i do does that mean we dump stocks and hide our money in cans in the backyard what is the reaction to this do we need to take some risk off

the table? do we need to be more cash heavy and wait this out? >> yes i think it -- you know, there are all sorts of signs that are flashing yellow at this point. the s&p on a technical basis is stalling at the highs and if this gets worse, it could get much worse very quickly. the problem here, investments should lighten up or drive some protection going six months. if all things resolve themselves perfectly, then should be no problem. you want to be protected you buy hats in the winter >> hats in the summer. >> buy skis now. swimsuits in january. >> yes it is precisely because things are still looking okay that i think it's very important to be cautious. >> very well said. a huge story boris, cash may be king. thank you very much. appreciate that. >> thank you. let's get a check on the

monday morning who else but contessa brewer with us. >> hi there, brian big individual stock stories include general electric "the wall street journal" says the company is close to a deal to sell the industrial gas engines business for about $3 billion. that could help streamline the power division which saw profit fall 45% last year you can see the stock is off half a percentage point. look for the year down 25% year to date. toshiba says the sec has completed a probe of the accounting practice without fining the company the accounting scandal in 2015 forced the company to recognize huge cost overruns now westing house, that's off by 1% clinic came drug dicentrix with chemotherapy works on an aggressive form of lung cancer

we'll see you back for some trending stories, contessa thank you very much. coming up on this monday program. the european union vowing to fight back against any american auto tariffs heading to brussels with that. hitting the road in saudi arabia that country finally lifting the ban on women drivers we're live from riyadh next. kayak searches hundreds of travel and airline sites to find the best flight for me. so i'm more than confident. how's your family? kayak. search one and done. happy anniversary dinner, darlin'. can this much love be cleaned by a little bit of dawn ultra? oh yeah one bottle has the grease cleaning power of three bottles of this other liquid. a drop of dawn and grease is gone.

well, good morning 5:13 on the east your futures are looking like it could be a sea of red at the open, folks. trade war talk, increased rhetoric with china and the european union sending the dow futures to slightly open, nasdaq and s&p also in the red this morning. well, the trade war fear is not just limited to china or asia now the european union vowing to fight back if america slaps a 20% tariff on cars that are imported from europe willem marx is live in brussels with more. willem >> reporter: good morning, brian. yeah, we heard in the last couple of hours from one of the european commissioners here, investment, competitiveness. speaking to cnbc, he said they would consider an adequate response the e.u. had to defend the interests. what we've heard again and again

and again in brussels there are no winners in the trade war. there are some challenges at the wto. just bringing some other comments from him. he argued unilateralism is poison essentially european officials feel the threat to multi-lateralism is the deepest since the second world war in terms of the car makers, you look at their performance as you might imagine, not particularly positive the three major stocks there pretty bad day for them so far if you look at the numbers, i'll tell you why that is in terms of the europeans, they of course have a 10% tariff on u.s. imports. the u.s. talking about 2.5% right now, looking at 20%. so there is a disparity there. if you try and buy a pickup truck right now, brian, from europe, you're going to pay 25% tariff in terms of volkswagen, their brands, 12% of audi sold in the u.s. 5% of vw brand mercedes-benz, bmw

i'll view you one other number you can be 100% certain trade will be the top of that agenda. >> a long agenda, a long weekend. willem marx in brussels. thank you. speaking of autos, after decades of a policy to confuse the world that angered many, saudis finally lifted their ban on women drivers hadley gamble is live in riyadh, saudi arabia, with more. hadley >> reporter: hey, good morning, brian. women in saudi arabia finally in the driver's seat. we had the chance to catch up with several of them who are taking the wheel for the very first time let's listen in to what they had to say >> just moments ago saudi women finally taking the wheel you've made history. how does it feel today women in saudi arabia can finally drive. >> reporter: is this exciting to be able to drive >> yes i am very, very happy. >> reporter: it's just the latest move by the country's

crown prince to transform a traditional society into a 21st century economy. >> saudi arabia had to come a very long way actually right now with the new vision 2030 that we have in place with his royal highness announcement two years ago, we've seen things accelerating significantly. >> reporter: but today saudi women make up just 22% of the country's total labor force with the government hoping to boost those numbers to 30% by 2030 while the government hopes that putting women behind the wheel will finally cut down on an over reliance of foreign labor, they hope it means added economic opportunity. kare careem was one of the first companies to sign up more than 1,000 women drivers. >> reporter: you decided to become a captainah for careem. why? >> because women have been ready

for the challenge. they're slowly integrated into the work force and by work force i also mean just -- i mean, in every field you see women now. but it wasn't -- it wasn't commercialized it wasn't talked about so now it's going to be more -- just more visible >> reporter: it's breaking down barriers, isn't it >> it is. >> reporter: while the rapid reforms have finally put women in the driver's seat, questions remain over how quickly the saudi vision can deliver so now at least 120,000 women have applied to get their driver's licenses here in the kingdom and, of course, this is all speaking to the broader consensus that this is a really positive development, not just for the kingdom, not just for women in society but also for the country's economy, brian. >> how many women are going to be allowed to drive? is it pretty much anybody who wants to go out and get a

license can? the saudis like to control things >> reporter: you're absolutely right on that, brian what is really exciting about this yes, women that haven't previously trained to get their driver's licenses do have to go to a school to do that most of these women, a lot of them have been educated abroad in the united states, europe, elsewhere. they already have driver's licenses it's quite quick and easy to convert the licenses we're doing this not just to have the freedom of movement inside the country but to show our other saudi sisters this is something possible and this is something that they ought to be doing. it makes life easier and adds to their ability to be autonomous. >> i don't want to put you on the spot too much hadley, but is it more difficult to get a license as a woman than a man? is it easier to get a license or is it equal playing field? >> it's an equal playing field in the sense that both men and

women do have to take their driver's test before they're able to get that license this is still a pretty segregated society even in spite of all of the movement we've seen with all of the reforms from the crown prince. these driving schools, women feel more comfortable learning from women drivers they had to bring in the women drivers and set up the schools from scratch i have to say when it comes to the process as long as you go to the school and get your driving school, you can get your license. >> as a foreign national, would you be able to drive would you be able to rent a car? >> reporter: this is the question this is the question so i've been trying to find someone who can give me an answer to that i think that's just one of those many questions that they're going to have to resolve i don't think anybody would put the brakes on me going to the airport, renting a car and taking it out for a spin. >> there's only one way to find out just be careful.

>> reporter: you've got it. >> you know what i mean? they have some strict laws -- hadley gamble, women finally -- god, decades still ahead, turkey's president tightening grip on his power. we're going to show you how the market is reacting as he takes five more years. one for the dogs the annual world's ugliest dog contest finds a winner beauty is in the eye of the beholder we'll show you the pretty pooch with the amazing tongue coming up

welcome back to "worldwide exchange." 5:23 in washington, d.c. beautiful shot the sun beginning to rise. no doubt there's already a little bit of traffic. just a smidge of traffic on the beltway on 66 heading into the capitol. that is where the immigration and family separation discussion remains front and center nbc's tracie potts is live with more >> reporter: good morning, everyone the latest thing is president trump is suggesting something that his critics say is illegal and unconstitutional president trump is suggesting turning people seeking asylum right around at the border a big push to reunite grant families. >> i'm ashamed of my president this is a disgrace. >> reporter: the senate's top democrat insists the administration do more. >> appoint a czar in charge of the reunification process.

>> reporter: but president trump has a different idea he tweets, when somebody comes in, we must immediately, with no judges or court cases, bring them back from where they came immigration advocates say that's illegal. >> people coming to claim asylum are not illegal immigrants. >> reporter: right now they're being detained despite president trump's order to keep families together, the government says more than 2,000 children remain separated from their parents. >> we want to get these families back together again. >> reporter: congress hopes to vote on that and unable to agree on a solution to protect dreamers or build a wall. >> what they want is catch and release and open borders. >> reporter: and the president. >> president trump and jeff sessions decided that they wanted to use babies as a deterrent. how downright cruel is this? >> reporter: with no clear solution so this is interesting we'll be watching the president. he's supposed to head down to

central america this week which is where a lot of these migrant families are coming from tracie potts, thank you for bringing it to us. let's get a check on this morning's other top stories including a scary situation in massachusetts. nbc's philipp mena with that. >> 20 people have been hospitalized in salem, massachusetts, after a major hazmat situation there was a chlorine leak at thermal circus workers began complaining of nausea and difficulty breathing. the building remains closed. with rainbow flags held high, millions of people around the country paraded around the country for the annual lgbtg pride celebrations they took over the streets along with 80 floats on the west coast, san francisco

wrapped up a week end with pride events organizers there say as many as 1 million people turned out. and meet the winner of this year's world's ugliest dog contest. that is zsa zsa, the 9-year-old english bulldog with a big, pink tongue that would make gene simmons jealous. they crowned zsa zsa over many other pooches who flaunted their loveable imperfections her owner, brian, got 1500 bucks for it. >> i don't find the dog to be that unattractive. >> me neither. >> a big old bulldog with a big old tung >> that's what i tried -- >> you referenced kiss i was thinking the rolling bones. >> i like that. trade turmoil making investors nervous. coming up on "worldwide

exchange," real world advice how to manage your money as trade wars heat up

it is 5:30 on the east coast. here is your worldwide reset trade fears hitting stocks everywhere dow futures indicated down 150. turkish president downing his opponents and declaring another victory? firming up erdogan's power. box office boom. the jurassic world sequel

roaring to life over the weekend. "worldwide exchange" rolls on. ♪ ♪ welcome back happy monday i am brian sullivan. let's get a check on what is leading cnbc.com contessa brewer is back. >> the white house reportedly is working on new trade restrictions against china "the wall street journal" says president trump is planning to for bid many chinese companies from investing in u.s. tech companies. the white house also reportedly wants to block additional technology exports to china. new measures could be announced by the end of the week european union is vowing to fight tariffs on cars. president trump tweeted build them here. it's a sign of the times in

saudi arabia the nation lifting the long-standing ban on saudi drivers. a majority of the women still don't have licenses, brian. >> contessa brewer, see you in a bit. thank you. there is the news. dow refutures deeply in the red. down 150 points at this hour keeping a check on bond yield. oil is a wee bit higher. saudi arabia and russia held a bit of a meeting opec meeting was on friday and the russians came in and they blessed the saudi/opec plan to raise output by a net 600 to 800 billion barrels. first let's turn to over seas where turkey's president erdogan

claiming victory in a pif voe talt election. seema mody joining us with more on that. >> reporter: turkish president erdogan won the election he's been at the helm of turkey for over 15 years. the results grant him sweeping executive power, the a bilgt to have larger over sight of the government, military and even the central bank it comes at a time when turkey, once seen as a vastly growing economic market is seeing pain growth is slowing and the lira is down over 20% just this year. this is a move that has pushed the central bank to high grades. nato is important to this as well turkey stores a significant

percentage of u.s. nuclear weapons. so the state of u.s./turkey relations will be key for investors. so far the market reaction has been positive. you're seeing the turkish lira higher and the stock index basically flat on the day. any further signs of an economic deceleration and that will be a big test for the market. >> yeah, seema mody, it certainly will we'll see you all day on cnbc with this important story. thank you very much. let's turn back to the broader market joining us is the chief global strategist at wieden company we have rachetting up trade war tariffs. the e.u. is threatening to slap tariffs on us. the turkish situation. huge global stories going on right now.

they're wondering, what do they do >> it's tricky the transition is happening at different speeds. >> should the market go through a regime change? in other words, stocks have been king for nine years. >> yeah. >> is it time for u.s. stocks to switch out to something else >> well, i mean, that's -- that's -- you know, this is a little bit of a non-answer in a way, but it's the reality, which is that there are so many different factors driving these transitions at once. what i think is important to look at is the economic picture in the united states is pretty strong the earnings situation is pretty strong but getting those, you know, low volatility double digit returns, last two years and so many years since the 2008 financial crisis, that's just not going to happen as easily, right? >> you feel you're right everything is good

what it feels like, there's a brewing storm. is it going to bring down trees and the trade war fears are like that it's over happening. we don't know exactly what it's going to do. how does the trade story end ultimately >> well, that's -- you know, my analogy here is it's a little bit like brexit. big, scary headlines. >> a lot of doom sayers. >> and big implications, but the process by which we understand what brexit really means or how it is resolved is something that takes months, quarters, and years and the trade -- you know, we're all trying to sort through. where are the second order of tax for trade. you have the headline numbers on tariffs. what is ultimately the impact on consumer demand. >> we have yet to see a ceo come out that i know of anyway, maybe there's one i haven't heard from, which is we're lowering

our outlook on trade war fears that has not happened. >> correct. >> we've had ceos make concerning comments about currencies which are second tier or second derivative reactions. >> correct there are several ceos that i know that are not fans of the trade wars sentiment surveys don't show that this is something that unfolds over a long period of time so when you think about the vix being down at 12 last week, well, why isn't it up at 25 with all of these scary headlines it's because the process -- it's just unfolding at a slow pace. >> a little higher i get your point the fear gauges, i don't believe in the vix because of changes to the market even if you look at gold, it's not saying -- >> it's done. >> -- people are panicking, there's fear in the streets and not yet. nothing is a problem until it is you're not changing your s&p

target no reason to alter the 285 >> yeah. what's happening here is that earnings in the u.s. economy are really pretty strong there is pe contraction, right we have a lot of pe expansion. half the return over the last six years was pe expansion not so much anymore. >> is netflix immune i'm not going to ask you to pick a stock. >> that's the big factor. >> do you get zmard do you sit home and blood watch "bloodline"? >> you get the tech stocks and fang stocks, they have a real lack of economic sensitivity tech is leading the way up if you look at facebook, sure, you know, if it gets -- you know, its chinese expansion plans are put on hold. it doesn't have a vertical expansion into china.

>> it would like to. china has something to say about it. >> so the economic insensitive fang stocks are geo politically insensitive. they have phenomenal earnings. >> bottom line, scary headlines. no need to change your investment theory but if you do, let us know. right now, keep calm and invest on. >> it's going to likely persist. >> thank you very much michael purvis. time for the top trending stories. what are people talking about today that want to make you smarter at the office. contessa brewer, professor brewer is here. >> that's what i prefer. either that or your highness. >> doctor brewer >> no. too far? the first thing that i was greeted with in the office this morning was all the talk about

"jurassic world. the quote is it was awesome. it took the top spot the sequel earned $150 million domestically and crossed the 700 million mark worldwide it easily beat out the second place film ""incredibles" two" which i saw with my 4-year-old twins and we had to leave because it was too violent. >> the cartoon was too violent. >> yeah. yeah for 4-year-olds? >> yeah. don't you think this is going to add movement and excitement? if you had seen "jurassic world" then you are excited to see the an him n animatronics at the parks. >> we have a story from friday officials in kentucky assessing the damage after a bourbon distill larry warehouse

collapsed. some local water ways were so contaminated it killed fisch. >> th-- fish. >> they died happy. >> it wasn't pappy van winkles >> southern comfort. >> soco? >> yeah, that's one of the brands they contained it in a pond. apparently the fish are already re-entering. >> the safest waters in america. there are going to be people dipping their cups did you ever hear the term grog? >> i have. rum in water that's where the term groggy came from. random but interesting that's not our rbi this morning. that's one to grow on. >> you have so much knowledge. >> some of it is made up. the second half of a women's

premier league match was delayed for 20 minutes because a kangaroo invaded the pitch ground crews were out there chasing the animal around the field. you never want to see ground crews look so ineffective as when they're chasing a kangaroo. maybe they should hire the kangaroo. >> i would say that game was hopping. that game was hopping. australians have all their own unique problems. a plat at thplatipus wandering street. >> i can find lower. still ahead, an upgrade and a downgrade for two dow components just crossing the tape, if you own intel or microsoft, we'll tell you what analysts are saying right now about those stocks buckle up, could be otr anheday. dow futures down with soft surfaces that trap odors and release them back into the room. so, try febreze fabric refresher.

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welcome back to "worldwide exchange." 5:45 looking at a live picture of new york's times square. in health news, we are getting new comments from the new head of berkshire, amazon and jpmorgan's new joint health venture. bertha coombs joining us with these important headlines. >> good morning. one of the headliners at the aspen institute conference, c ceo gawande said he has to come

up with a name of the new venture. overall with 1 million patients to try to help and the three workers, trying to find better health and better cost it's a technical order it will take narrowing his focus. >> the list is really long the opportunities are as long as my arm so all we have to do in this new venture is pick a few of them and try to bat them out of the park. >> that's all they have to do. the issue here is that the majority of workers for these three companies are people who really work physically the fulfillment workers at amazon, they are at the lower end of the spectrum. they come in and out of the health system. we have to try to find a way for them to afford the care without the huge deductibles that get a lot of people in trouble

the other thing he says is this has to be a multi-pronged approach. >> there are three sources of waste. they each require different work one source of waste is our very high administrative costs. there are a lot of middlemen in the system there have to be solutions that simplify that. take some of the middlemen out of the system. second, there has to be solutions around pricing, that's another bucket the biggest bucket is misutilization often it's meaning the wrong care, the wrong time, the wrong way. we have the wrong care pushing out the right care >> those are the three things that do impact outcomes and how much we spend. it's said from the school of management he's concerned he's not hearing gawande talking about pricing. you have to get at pricing in

order to bring down overall costs as well. he is not sure if that's something that is atul gawande's strong point he's going to need people to help him do that very interesting to hear his thoughts brian, he says he's going to take three months to really assess what's going on with these companies and -- before he starts hiring, before he starts making any moves but he's been told that this is a long game and that resources won't be a problem so we're not going to expect to hear anything from him soon. >> relative unknown arguably running one of america's most well known ventures. thank you. let's find out what's coming up on "squawk box. andrew ross sorkin joining us with a preview. >> welcome back to the u.s i saw the tweets i saw the tweets i want to know about the drinks with joe, the whole thing. >> it was random he was coming throughvienna fo a family vacation. i happened to be in vienna and there we go. i mean, it's -- it takes going

to austria to have drinks with my co-workers. >> how late did you keep him out? >> i didn't stay out too late because i had a 5:30 a.m. van to the airport. >> got it. >> which was side lined by a four hour delay to heathrow. we had to make what's called an unscheduled landing. it was quite a day but i'm here. >> i'm glad you're here. >> so am i. >> separately from that, here's what's coming up on "squawk. tom farley is going to join us, former president of the new york stock exchange he has a new venture he'll be our guest host. a lot to talk to him about also talking to former u.s. trade rep robert dahalman about all of the big trade efforts taking place this week and what it's going to mean to our relationship with china. jason furman is going to join us on the economy ed lee is in the house to talk media, comcast, disney, 21st century fox debate by i don't

know what you call it. john kilden is coming. >> a lot to talk about with john great show, andrew. still to come, tariffs from the center breaking down what turmoil means to your money? are you feeling festive? today's national day big one for all of you christmas shoppers we're not kidding. christmas shopping stick around

welcome back two big analyst calls. intel getting downgraded nomura. neutral from buy that follows the abrupttive departure of the ceo separately, dow component microsoft going the other way. getting upgraded to overweight at atlantic equities a cloud call atlantic equities saying

microsoft has successfully managed the cloud transition microsoft upgraded, intel downgraded. a big week for jeff kilberg. jeffrey, to all of you, what's going to be the biggest story this week? >> i think the biggest story is about the quarter end. everyone is looking to rebalance. look at the ten-year note. as we see the anxiety focusing on this trade tussle not going with trade war but trade tussle continues to be front and center as president trump is now talking about imposing some kind of tech tax. that's what options trades are looking at getting more expensive as you saw the vix go above 15. >> why are you calling it as

tussle when everybody sells calling it a war >> we haven't seen if it's $50 billion, potentially $250 million. the trade, tussle. it's been tit-for-tat. every time they come out with something. right now this is a big one. he campaigned on the i.p., protects this, keeping the chinese from raiding american i.p.s. that is where we're focused. if that rhetoric elevates, which i expect it will, that's where we're looking. all markets are reacting last two months, we have $6 billion of outflow as people continue to digest the trade tussle not calling it a trade war yet, buddy. >> does that mean you believe it will become more of a tussle that you sell european and asian

stocks and you buy u.s. that could mean our market would be a winner go this escalates >> i think that's spot on. we've seen every type of selloff, this morning every type of selloff we've seen has been met with buyers. bigger picture, 50,000 foot high some type of big event the chinese and americans have to have a resolution that's going to continue to get met with buyers. however, that will be a little bit of a bumpy road. utilize the sector rotation. end of quarter rhetoric elevation bring out your christmas list. >> we have a christmas reference coming up in one minute's time wrap it up with ideas. a lot of viewers nervous but they're cautiously holding on. is there any kind of trade that's starting to peek your interest >> well, it isn't just international trade. it's been beat up all year,

correct? you look at some of these names over here. look at some of the opportunities. we look here domestically, this tech trade i was at the nasdaq in 2017, winning in 2018. i still think there's room to run because people are looking for the zbleeld trade tussle jeff kilburg says keep calm. kkm financial. jeff referenced christmas. wrap it up with your rbi today is national leon day leon is knoll spelled backwards. why do i care? well, today june 25th means it's exactly six months fll christmas. that means there are some people, those super early birds, so let me be the first to wish

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good morning stock futures in the red we have the latest straight ahead. also, a blockbuster weekend at the box office. the fourth biggest weekend ever thanks to "jurassic world" a." it is monday, june 25th, 2018. "squawk box" begins right now. live from new york where business never sleeps, this is "squawk box. ♪ ♪

good morning and welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm michelle caruso cabrera here with ed lee. he's a cnbc contributor. >> newly named, by the way. >> i was going to say. >> was that a couple of weeks ago? >> couple of weeks. >> the news. >> you guys actually did. >> is that a promotion >> sort of promoted. >> u. sums. equity futures sugg we're going to have a lower opening. let's show you what happened overnight in asia as this news came out that the u.s. administration is considering investment constraints on china. japan lower by 3/4 of a percent. hang seng over in hong kong lower by 1%. th