hi everyone. welcome to "on the money." i'm becky quick. trades, tariffs and turmoil. why it could cost you more when you buy a beer, washing machine or a house how millenials are having bad habits from home to the workplace. ghosting it has everything to do with angry bosses. money 101 what your college-bound kid needs to know and wonder what $20 million will buy you? we go in a mansion and a house that mel gibson used to own. >> this is "on the money" your

money, your life your future, now becky quick. >> we begin with tariffs and your money any trade dispute is complex, the cost of extra duties on imported goods could be better for some and worse for others. diana olick found out there could be tariff tradeoffs. this week's cover story. >> in the woods of central maine, pleasant river lumber is moving a lot of logs cutting lumber day and night as the company's co-president lays the groundwork for big expansion. >> we're confident our industry and the economy and in the housing market >> and in the value of his xhod. framing lumber shot up 50% in the first half of this year to a record high, as a perfect storm swirled around canadian supply forest fires, a transportation shortage and new duties imposed by the u.s. on canadian lumber

>> in 2017 we were expecting the tariffs to increase, home prices by about $1300, $1400. it's gone way beyond that. the impact is now $7500. >> a blow to home builders and buyers but a boom to u.s. lumber producers. >> that's given us a level of confidence we didn't have about ever that we have a level playing field. >> he says he's putting $20 million into his business, planning to expand production by 50% in the next two years, and adding about 40 more workers to the 300 he already employs the canadian lumber duties are giving producers the capital and the confidence to increase production, but there is one thing they cannot grow in these forests, that is, steel. the u.s. just slapped new tariffs on chinese steel, aluminum and machine parts,

increasing the cost to expand mills like this one. he claims he's not worried >> it's not a factor in our decision-making. we're not looking ahead saying oh, gee, stuff might be more expensive, we better hold back we feel that, confident that we'll put in the equipment we need at the price we need to put it in and expand and grow and we're going to do that >> lumber prices have been rising for a year but so far, saw mill employment and production are both flat >> we've seen a couple of percent increase in the volume of lumber production in the united states, but it's not keeping up with the demand particularly the growth in single family construction >> which means american home builders won't see much relief in the short term, even as u.s. lumber producers take made in america to a whole new level the latest reads on housing starts and sales of newly built homes were weak and that has all to do with high prices builders say they are concerned

about passing on their costs to buyers it's a tough balance to strike builders need to profit, but they also need to sell houses. becky? >> diana olick, thank you very much by the way, folks, house something just one area of the economy hit by tariffs where else could the trade war cost you more? matt gould is former u.s. trade official and current adjunct professor of international trade law at fordham university. thank you for being here >> thank you for having me >> when we say tariffs and duties we're talking about taxes getting slapped on things. the question becomes who pays the taxes. how does that generally work out? >> the way it works is u.s. importer pays the taxes to the customs duties or customs tariffs to the u.s. treasury that will affect the sale price, whatever price the exporter can sell to the importer is going to be lower because the importer has to pay the duties in addition to paying the purchase price. >> we are talking about a while since we've seen some new tariffs that come on, steel and aluminum almost two months and talking about a few weeks we've seen chinese goods a total of $34 billion of goods having tariffs slapped on them, too what is the impact right now

are we seeing higher prices passed on to consumers >> absolutely, higher prices passed on to consumers almost immediately as this affects supply chains. of course a lot of goods are warehoused that were imported months ago, so it takes a little bit of time to catch up. prices catch up pretty fast. >> where are we talking about seeing higher prices in. >> across the board. with the china retaliatory taxes we've imposed them on different goods from china and there is the threat of another $200 billion that's a very broad array of consumer products, industrial products so everything from the person who walks into walmart is going to pay a higher price to u.s. manufacturers buying material inputs to are that i manufacturing processes. from which gets back to the goods they're manufacturing and consumers too. >> they have to pay more for

their material inputs. >> the president says he's doing this because the rules have not been fair to this point. >> actually, the international trading system has been very fair to the united states and always been a fiction that it's unfair the united states is a chief architect of the system, we're the principal author of the agreements we wrote the agreements to sustain our position as the wealthiest and most powerful country in the world, in 1946, '47 and served that purpose continuously for 70 years. it's not slanted at all. >> there are pockets in the united states where people have been left behind they lost jobs because of these trade agreements, and nothing ever was brought in to show them any sort of economic hope so we as a nation may have done better but i think there would be some who would argue those went into the pockets of the wealthy there are areas when you look and realize it's not tit-for-tat.

>> globalization has done that it's not really fair to beat up on trade agreements because of a globalization is doing >> let's talk about globalization broadly. maybe this is a reaction to that >> it is a reaction to that. what happened when the united states moved into global economy we lost a lot of manufacturing jobs in the center of the country that don't require college educations and we got a larger number of better services jobs in the coast that do require college educations, we dominate the world in financial services, business consulting services, insurance services, education services, those all require college educations and so people in the center of the country have felt very left out and they have injured by our move to the global economy >> what you just described explains a lot of the real split in this country right now. how you see things depends on where you sit and whether you benefitted from this or not. >> absolutely. >> if you talked to anybody whether they agree with what the president is doing or not they say there's intellectual property theft how it we fight that past administrations have tried to figure that out >> china has stolen u.s. intellectual property for 15 years systemically, great damage no question it might have been time for to us shift from engagement for decades to

confrontation but president trump's mistake was to confront in a manner that was outside the wto process for retaliation. if he had gone through the wto retaliation process, we would not have retaliation to our retaliation, and the downward spiral that we're facing >> thank you for your time today. >> thanks. now here's a look at what's making news as we head into a new week "on the money" america's economy grew at its strongest pace in four years the gross domestic product the value of all goods and services produced by the economy increased at an annual rate of 4.1% for the second quarter. that is the best number we've seen since 2014. it was slightly below expectations consumption, exports and government spending were all strong facebook had the worst one-day loss in value of any company in stock market history on thursday the high-flying stock to that point saw about $120 billion of

its total value disappear after disappointing earnings news that sent the nasdaq overall tumbling after a record close on wednesday. the s&p 500 and the dow posted a strong weak. stocks fell on friday. the makers of kitkat chocolate bar got crunched in a european court. they've been trying to trademark the look of the candy but a court ruled it wasn't distinctive enough across of europe it put to rest a 15-year court battle up next looking for a job, guess what you are in luck. businesses are hiring. why are so many recruiters getting stood up and later, sending your kid to college in a few weeks? paying for it can be overwhelming we have some tips to help you tackle the tuition bill. right now look at how the stock market ended the week.

we're here to talk about ghosting it usually happens after a date. one person thinks it went well and tries to set up another date and all they get in return, radio silence. but ghosting isn't just happening on the dating market these days it's happening on the job market so why are candidates leaving recruiters and companies hanging? joining us right now is catherine minc huh u founder and ceo of the muse, online destination for job postings and career advice. when we talk about ghosting when it comes to the job market, what happens? >> this is when a candidate is in the interview process or some cases received an offer and all of a sudden, nothing the recruder can't get a withhold of them sometimes they accepted the offer and don't show up to work. it's a new foe nom none and employers don't like it. >> how often is this happening it's not carefully collected data but seems to be on the rise we're seeing this behavior common practice in dating and starting to enter the job market

which obviously you know say big change but i also think companies have been ghosting candidates for years. thinking nothing of it and now there's a taste of their own medicine people are losing their minds and there's i think a reckoning happening in the industry because of the practice >> how much of this is millenials i hear it getting blamed on millenials is it them or happening across generations? >> it is happening across generations. it's more common in millenials partially because the less experienced and less mature someone is in general the more likely they are to be nervous with communication, so we are seeing it more in the younger set but not exclusively by any means. >> how much of this is just the changing jobs market i think about this, this used to be, we used to play "take this job and shove it" song the now it seems like that's shifting and it's hard to find qualified candidates >> i think that's part of what

is changing this dynamic candidates have so much more power than they've had in the past employers are having to work to market themselves to market their companies to sell their roles and candidates especially talented ones have more options so it's only natural some are taking advantage of that power to readjust the dynamic. i also do think though, that it's become so easy to apply for jobs online. we think about dating, swiping left and right, it lowers the barrier to entry so it also introduces more casual behavior including disappearing off somebody or ghosting >> you would say things on twitter that you'd never say to somebody's face. >> absolutely. >> and i'd love to hear the boston squirm, see power back in the job seeker's position but what advice would you give somebody, a youngster who maybe doesn't realize what a small

world it can be. >> absolutely. the world is small you may want to apply for that company again in the future. the recruiter may move to another company where you want to work and ghost something bad -- ghost something bad form just communicate we published an article with templates you can copy and explain you've decided to go in a different direction. i've come from the word is my bond school and i do think integrity is important and if you accept a job unless there are extenuating circumstances it's considered bad form not to take it. i don't know if everyone has been brought up that way lot of the people that come to the muse for career advice we try to say where you can look out for yourself and where do you owe people common courtesy up next, college tuition is getting more expensive, how to cover the costs. and later, if you have a cool $20 million to spend, the home once owned by mel gibson. it might have gotten him into character during "braveheart."

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sending your child off to college and figuring out how to pay for it can be overwhelming americans now owe more than $1.5 trillion, that's right, $1.5 trillion in student loan debt. many borrowers are parents who may take on larger loans than their children senior personal finance correspondent sharon epperson is here with more and tips for you and your college bound kid,

that's a staggering number >> it is a staggering number >> let's talk about this your family has already received the financial aid plan you know what you're getting and what you have to put up. at that point, what can you do >> there's a lot that you can do more than 40% of families borrow money to send their children to college according to sally mae the number students are borrowing where student debt stood in 2015-2016, the latest data available it was over $29,000, close to $30,000. for parents though it was over $32,000. >> gosh. >> saving for college in a recent analysis they expect those numbers to climb, while student debt will climb just a little bit, maybe a couple hundred dollars for this current upcoming school year, anticipating parents college debt will be $37,000 we're talking more than 9%

increase there over that period of time. >> so what do you do, if you're trying to tackle that number >> you have to know what you owe. so when you go to school when you go to campus before you do, you need to have a family meeting. the numbers show that college debt is a family affair. it's not just for the student. you need to know not just for the first year but what's the total debt going to look like. the best rule of thumb according to a lot of financial aid counselors you don't want to borrow more than expected when you graduate >> what if you're a liberal arts major out there, nothing out there, nothing going >> the repayment plans is another thing you need to discuss. what are the loan repayment projections and what are the income based repayment plans, how much are you going to owe every month and can you make that number and now is the time to start thinking about the 2019-2020 school year. it seems so early but by october 1st you can turn in your federal form, your fasfa form and figure out how much you may be able to get for the next school year >> sitting down and having a family meeting about it is probably the first step.

that's a point you could make a realistic budget and everybody sits down and realizes, kids, this is what it's costing, must be a huge part of the plan >> it's a huge part of the plan. the first thing everyone needs to know, how much money is coming in, what is the cash flow and you have to track your spending you want to make sure you have one of the budgeting apps on your phone and make sure you set up separate accounts for easy budgeting. what are your needs, what do you have to pay, what are some of the things you want to be able to do and make sure you have that account for savings as well >> when it comes to fixed expenses, things you have to pay for versus things you want to pay for, go out for a sushi or a salad. things about textbooks, fixed costs. >> there are ways to cut the costs and you want to look for as many discounts as possible. one way in terms of textbooks, renting or the electronic version is a lot cheaper, check.com, amazon.com, great

places to go getting your laptop for school, apple, dell, best buy, amazon. look for student discounts and we do want to eat out. there are local restaurants and fast food chains that offer student discounts. the one many students may not realize a lot of detailers offer 10%, 20% off, j. crew, american eagle, many of them. >> thanks for the advice, sharon. >> my pleasure up next, a look at the news for the week ahead and luxury listing. we take a tour inside a miami we take a tour inside a miami mega mansion, where even the 800 gallon fishtank can withstand hurricanes fixodent and forget it.

are you in the market for a new home, looking for something with a little bit of character how about something that has the essence of braveheart? robert frank has more. >> for just under $20 billion this estate in greenwich, connecticut, is the former home of mel gibson who bought it while filming "braveheart. every inch of the 16,000 square foot residence has a middle ages feel from the great room with stained glass windows to the library's oak paneling even the game room feels medieval check out the walls of the breakfast room >> the murals aput in by the owner before mel gibson, a close friend of picasso and very much entrenched in the arts community. >> the 15-bedroom residence also has a movie theater, where gibson screened his own film out back there are four formal gardens, an english maze and a

swimming pool and if that's not enough -- >> this is the private island on a private lake how many properties have their own island >> write the owner a check for just under $20 million and you can own one of the largest estates in all of greenwich, connecticut. and a funny little story about that place, mel gibson hung his "braveheart" sword over the fireplace. the current owner wanted to buy it but mel said no way and didn't include it with the house. next step an unbelievable mansion in one of the most exclusive neighborhoods in all of miami welcome to a stunning estate built by a cuban coffee baron that's sure to blow your mind. >> the $24 million mansion is located on tahiti beach island >> if you've been to the coffee section of any grocery store you've probably seen some of his family's brands. >> the mega home is overflowing

with art and includes a glowing onyx bar, a poker cigar room and 800 gallon fish tank that's built like a fortress. >> encased in hurricane proof glass. >> plus the owner installed a skylight so the fish can catch some rays. >> if you love to entertain, have a couple hundred closest friends over, then this is the place to do it >> own he hops on his super yacht called mambo unfortunately the boat is not included whoever buys the place for just under $24 million has to apply to the homers association first, that homeowners association fee is $135,000 and nonrefundable. >> let's go back to the mel gibson house is he taking a loss? >> yes, mel gibson sold it in 2010 for $24 million >> that's what they said >> it's now listed for just under $20 million. >> why

>> the old world style mansion, bruce wayne type house is not as popular. it takes a particular buyer to love 16,000 of wood in your house. >> and someone super excited about mel gibson >> he owned it for 15 years but it was his main house. >> robert, thank you >> thank you >> it's a pleasure >> that's the show for today i'm becky quick. next week meet the 13-year-old entrepreneur who took a stand, fought city hall and won each week you can keep it here, we're "on the money. have a great one and we'll see you next weekend.

the guys here getting ready behind me. while they're doing that, here's what's coming up on the show. >> don't be a -- >> good advice because despite a 100% gain this year, the chart master says now might be the time to sharapovas of square we'll break it down. plus, what do these two men have in common? they're both really good-looking but only one has a way to make money on tesla earnings. mike will break it down. and worried abou