thursday when i get back >> over the next couple of days we are meeting and tomorrow giving a big speech. i'll be back on thursday i spoke with rod today we'll have a meeting on thursday when i get back to the white house. i want to say this the united states is doing better economically than we have ever done before. new numbers will be released i think it will continue this forward march

whether it is unemployment numbers we have more people working in the united states than ever before in our history. that's it, right you know, it's a number that people did not expect to see it's a number that nobody thought would happen certainly within two years we are not even up to two years of the administration. we have more people working in the united states today than we have ever had. unemployment are among the best we have ever had it is the lowest we have ever had. i appreciate your kind words our economy is the envy right

now of the world we are the fastest growing economy in the world as fa as we are we are the fastest growing economy in the world, up 10 trillion. we are proud of that thank you very much. >> reporter: [ inaudible question ] >> thank you very much everybody. >> you have been watching bilateral of president trump and president moon president trump here in new york for that as far as headlines, likes like economic and security. president trump is excited about the new trade deal.

he will meet on thursday as expected we should get reaction on all of that welcome to the closing bell everyone let's bring in reaction from those comments from the president just now >> yeah. the president there not really showing a lot of clarity in terms of what happened with rosenstein today a flurry of media reports suggesting he was going to resign or was about to be fired

does he want to fire him in is he simply waiting until thursday or is there something else going on here? did rosenstein intend to resign and then blink or did the president intend to fire him and then blink the president not offering a lot of answers here this afternoon >> is a resignation likely or him being fired outright more likely does the president have enough political cover to do that >> he can legally do whatever he wants here the president doesn't need cause to fire him. the question is politically how would republicans on the hill act if he is trying to put the squeeze on the mueller investigation and whether there

were any -- that's an unknowable political calculation for the president to make. we don't even fully understand today's developments in terms of exactly what happened here >> so as we watch the president here meeting with leaders from around the world president trump says we are in envy of the world. which bilaterals are you looking for? which leaders as far as security tensions between the u.s. and other countries? >> there are so many others but the one i'm interested in is whether or not we see the president or leader of iran together in a room at some point talking face to face.

they were discussing the trade deal we'll get his reaction to that event and much more. chinese tariffs coming into play today. let's talk about what all of this means for the markets kim forest from douglas c. lane and in chicago we should also update you we are down about 150 points on the dow. s and p down 3 it is close to 200

we are off of the lows keith, it is sort of the market sentiment. it has been more positive than people have expected today we are seeing that >> china will retaliate. we have more on how the president is not playing fair. it will have a bit of a cooling effect on the market let's bear in mind where the market has come from i is not rare we would see stocks take a little bit of a pause here we have to keep in mind it would be a low volume day. it is a summer friday or summer thursday here. i wouldn't play too much into it we'll clear out all of this noise which we have done for the past two years i think the equity markets march forward for the rest of the

year >> when you get that, first a report that she was going to verbally resign as an investor what do you do how do you read those as they relate to the hurting in a sense that there's no clarity here. you don't really do much in terms of on the south side i think you add that today as well you mentioned everything in there, a day, a week really where we don't have a lot of news on the earnings front

>> do you see any reaction whether it's in the dollar, bontd market to any of these headlines around washington? not just today but we have gotten nothing in the past as well >> there is always vibrations but really no lasting movement stocks will be effected because they have so many key issues and they doing so well general nerically for 2018 you want a big reaction? i can hear that famous economist that works for the new york times on november 9th 2016 saying that's it bye bye to the market. it wasn't bye bye to the

markets. the markets were saying good-bye to an administration and party that didn't look very favorably unbusiness i can't tell you what today east headlines are going to do. i can tell you this. if it leads to the republicans losing the house and the senate and this president is impeached the market will satisfy that new york economist motions from november 9th it will do it after the midterms >> are you talking about paul? i'm trying to figure it out. >> that might be it. >> i usually don't utter those two words. >> all right >> stay right there everyone j.p. morgan gets it down today with our own jim cramer. he weighed in on the growing trade war. here is what dimon said. >> what point should we be worried it has really gone

overboard? it could get worse from here i hope they sit down the president raised very very very good issues we are only talking about the process. i hope their process works i think it's a risky way of going about it >> so still he said he is worried about it >> i think a lot of us are the markets are look for earnings growth.

>> they will start to leave the

market which becauwas a he'laltn >> it is one of the companiest parts. >> it came up in the interview >> you can -- it's expensive for us it is cheap and if you look at the balance sheet and look at where you'll get we the return of capitol not just are you going to get dividends growth and the market is not giving you any credit for that. i think in the financial sector as a whole there's a lot of opportunity. >> we'll give you the last word. lack of clarity, would you be a buyer like keith on financials >> i think so. although it is a global world and a global world financially, if you're going to buy u.s. banks they are going to benefit from the increase.

>> all right thanks >> good to see you >> i've been going back and forth. >> what does jim think >> that's what he put to jamie >> yeah. >> it's a good debate. >> much more from that conversation between jim cramer tonight on mod money at 6:00 p.m. eastern time. coming up, s&p getting a major makeover in an effort to keep up the times, details on what some are calling the biggest change and after the break it's a massive day for media as pandora gets snatched. enor nay the flood gates areow op f more deals.

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>> welcome back. pandora is being bought by sirius xm. >> it will create the largest c. it is combined with 70 million monthly act ifr users and 6 million paying subscribers the fact that the two have complimentary offerings will if they don't want to pay for serio sirius

the deal does have a provision which allows pandprora to talk o other companies. back over to you >> that's good question. i also want today ask you about winning the bid. it is including and i know this is one you have been following, hulu, what's going to happen there? >> well, comcast is paying $40 million this deal makes rivals coowners of two different media companies. comcast still owns 30% of hulu but with disney owning 60% of hulu there is speculation disney

will push to buy out comcast and hulu it is unclear whether comcast will acquire the balance but it is certainly a logical possibility. if such transaction were to be part of a larger clean up transaction it would be significantly more creative for the reason that hulu looses money. it makes sense they would prefer to avoid having to share ownership. back over to you >> thank you very much for that. certainly some questions to be answered after that extraordinary auction that happened on saturday cle clearly comcast stock is down. what are they getting? the biggest factor is 23 million

new subscribers. it simply means they are spend more because they will be able to pay back -- >> i thought you would lead with the football league. >> the primary league is crucial to subscribers in europe it doesn't apply here. >> it is already on. >> right i think the deal is overrated. i think increasing the subscribers is key and those subscribers have continued to grow sky hasn't faced the same cord cutting that a lot of companies here in the u.s. have. it is more of a cross between a

roku netflix model >> and i think a lot of people pointed out comcast lost similar reaction and went all in and made other deals in the past. anyone holding stock has done very well. so they already agreed to sell their stake. disney gives up 39% at this

price. >> that's another question by the way. >> they get 15.6 billion let's discuss this further very good. thanks for joining us. if i start with you, daifrd, why do you think it's down 7% today? do you think it's justified? have they overpaid >> certainly i think stocks being down reflects investor concerns about the price being paid it would indicate comcast did not need to offer as much as they did

here hay feel like they need to add content to compete against time warner to become an end to end distribution company you're building on top of your content with nbc they paid up here. i think strategically they had a loaded weapon. they paid such a high premium. >> what's your take on whether this now means it is done for the time being given that the

potential big acquirers made the what they made for the short term >> i think it becomes an immediate land grab. it continues for the next 178 months there are still a lot of assets out there. it is just on the public market and they have tremendous assets. look at potential buyers you have amazon, amazon prime. netflix is choosing to build their own content. you know, they have very strong cable net wrorks that is definitely for the taking do it's on a distribution i think it's in the cycle here >> it's good i'm glad you named some names. what do you think will be the

biggest rational is it to add more subscribers as comcast is doing is it an international play? a technology play? >> well, i think clearly the key here for kom skas that it gives a global reach time warner is more u.s. north american centric kom skas adding on a lot of global subscribers here. maybe they do more once it is settled to build onto that base. i think it depends who the acquirer is. you want to be content distribution. >> do you share that view that we'll continue to get more or do you think it peaked? >> well, from the point of view of the service providers we feel like we may see a lull in activity some of the large deals that are

going to happen have happened. at&t made its play for time warner we now have comcast. when you start looking across landscape the other potential players, verizon really expressed the point of view they are not interested in they have

not shown much interest there acquiring media players. i think it would come from those players and is there a willingness on their part to go forward? >> all right thank you very much. later on the show national trade council director will be joining us to break down today's meeting with south korea and the latest round of tariffs. big news of thtre ade deal peter is joining us on the closing bell later

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people lead healthier better lives. >> i can't believe where we are in the world these days with political correctness. >> it's not political correctness. >> it is something you're in the allow today do >> i think you missed it i think wellness is that in. >> wellness is in. are you saying no part of this is driven fwi fact that it's seen as bad as wanting to lose weight >> i don't think the name even matters. we talk about celebrity influences they have oprah win fri. that's all they need the stock is up 570% over the past two years. >> i don't think any influence has not only helped the company and made so much themselves. >> right >> and it's made >> speaking of a winning

investment soaring after the company's fish oil capsule showed benefit to heart patients so many of their patients can take stouf lower their cholesterol levels which can be effective. this helped save lives that's why it is a whole different ball game. we are not talk about an orphan

drug this is heart disease, the number one killer in the united states >> stock was down 25% year to date >> at the united nations strongly denied president trump's cabinet december cussed used the 25th amendment to remove him from office >> i have been at the center of this administration az long with lots of other folks from virtually day one. i have never heard anyone talk about it, whisper about it in any way. i have been in a lot of meetings with a lot of senior officials with this government >> michigan governor add

dretszing the issue of sexual assault on college campuses. releasing the sixth edition of skrubl agd more than 200 words includes the long awaited word, ok, o-k. it's the first update in four years. >> what is business jet as in a business private jet >> bisnet. >> i was going to complain about ewww >> that will give me -- i'm not very good at scrabble. >> yes

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>> this merger creating an $18 billion gold company with a

powerful position in africa. talk about bringing these two minors together. it has ban whilecoming >> thornton will be executive president. on a conference call today they said the companies are the perfect pairing because they cut at the same cloth. they are thinking and acting exactly the same you can see it gold production has slowed it. it is to help balance things out a littlebit.

gold prices are down >> we have 20 minutes to go. i'll show you where we stand remember, friday dow closedat record high. pulling back, around more trade friction between the u.s. and china. nasdaq is positive russell 2000 still to come ton show it's the beginning of the new era we'll tell you what's shaping thins uninside the index zb asking for a big rule change. the details on how it could benefit hosts coming up next on the closing bell later we'll talk to the white house on how much longer the battle between the u.s. and china can last we are back there a couple of minutes. [knocking]

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current rules only allow to

give a to investors and employees. dan is here, business editor we noticed your story. give us a little more background >> yeah. what they are trying to do is something uber tried do a couple of years ago and failed. it has all of these companies. uber and lyft have a lot of stock options. they have hundreds of thousands of so called economy workers it asked for comments and air bnb was the first to mention one. >> when you mentioned going down this path and failed to do so it is probably the most pronounced in terms of launching the whole business model

it too fail today get that over the line do you think the sec is close tore wanting to clang the rules? >> yeah. the sec not only realizes the rules are antiquated, it seemed to actually want to find a solution there are a lot of legal hurdles you to jump. you have to clang the definition of employee or add a new category of employee so long as you have shareholders if you go over 2,000 shareholders you would clearly if they gave thousands and thousands of post equity in the company they would go over that rule one solution just go public. they not quite there yet >> so what's the pushback? what's the argument against doing this is it just that it's complicated and would require rethink of

things like tax structure? >> there are things on how they actually get efined they weren't able to provide

equity they offered a big apology in general the companies haven't been promising it. they simply want to try to do it they haven't figured out a way going public wouldn't be an easy way. >> thanks for joining us we have 12 13 -- 12 minutes before the bell. when we come back s&p

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we are back with a closer look at what this new sec or means for investor >> sectors are going to change their waitings overall services was the smallest one out there. we are going call the communications services. it is one of the bigger ones here is how the metrics shape up as we look at the estimated waitings i said telecom before was at 2% waiting before proximately it becomes a 10%

wait now because of new tech and discretionary additions. the technology sector goes from the big toast slightly smaller a 26% win and down to about 21 or there abouts. the consumer discretionary because of media names kind of move to this new communications services sector. it goes down t 10. technology, not a lot there as well communications services sector that gets a lot of that big bump because of that change

it will be something to watch. back over to you >> interesting and in terms of their future plans it used to be such a nice round ten sectors. do we have nor break things up and adjust the contents? >> i guess they already broke it >> to do whatever they want. >> and i don't believe that the s and m takes this kind of sector reconstitutionlightly.

the lines are really blurred i guess is the way to put it >> thanks very much. they should also take insurance out. >> no. >> up next when we come back with the closing countdown we have five minutes left to trade. >> and after the bell here is white house trade adviser peter navarrjos o inus and whether it will end up hurting the u.s. economy.

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>> welcome back. you can see somewhere in the middle of the range and we did have declines in asia and europe overnight. the s&p looking like it was going to close down. you see the nasdaq out performs relative to the others it was the under performer last week the dow is down about 167 points the low of the day down. we did see declines throughout the session. let's have a look today. sky and comcast. sky is up about 7ov or 8% people wondering whether comcast

is verpaid. >> apple is higher didn't really translate to the dow to rest of the s and p the other thing is health care hitting another all time high for the sector it is the best performer for the

third quarter today. great trial results really boosting that sector >> thank you very much ringing the bell here. nasdaq is down 180 points on the dow. we are quite near the session lows down about a half a percent on the dow. s&p only down 0.4% back to you. >> welcome to the closing bell i'm sarah here let's take a look at how we are finishing the day. lower mostly across the board. the dow closing with a loss of 181 points pulling back from a record high where it closed just on friday the s and p held down thanks in part to the big bounce we saw in

energy stocks. it is up as a group. a big climb in crude oil helping the entire group nasdaq managed to close poz ti technology did fairly well today. all big winners. russell 2000 down 1% president trump confirms second summit he has had terrific trade talks a big winner abiomed leading. generally trade set us off on a negative tone. didn't help to get that

political noise in the middle of the day. >> no. really just a coupleover excuses to back off of the all time highs. stocks were looking about 150 open for the dow i think it was the excuse. it is this market -- >> nothing is being settled. >> no. it's basically moving further apart. >> do you see it as a negative >> it is certainly a negative. i don't think it's the only thing that matters for the markets. today once again some groups kind of step up and limit the damage so it seems like the market as a whole never seems to undergo any type of wholesale pressure >> we have been lead by asia and europe and we couldn't shake it off. >> there was a tail wind we didn't have that help today

obviously pretty big selloffs. it proved those were kind of bounces last week and not a change in trend or not stabilization. we'll have to see if that's way it turns >> we go to the trade jup. it was down today but nothing severe in terms of some of the headlines which make it look like the u.s. and china are nowhere coming close to any sort of deal. do you make any changes on these headlines? >> we are looking at individual stock opportunities. so i will say china and japan are close today. we didn't have any reaction there. i think we'll see tomorrow how serious the market takes us. we are overweight industrials. we like a number of names in the group. it has run more than tech. maybe you saw a little bit of lightning up there we are looking for opportunities to buy more in the u.s. space

because that's where we see the value and growth >> and i quickly want to come back to this in oil and energy names today. last week materials is also the best performing sector >> it's unclear how much momentum today the headline helps a little bit with oichltl. i don't know that it's back on we will be up and away with that it certainly shows you they were beaten up enough >> feelslike there's a risk going in >> brent went to 80. yeah we are still back up to the very upper end of the range so once again, i don't know that it tells you anything about the economy or what parts will work

best but it shows that it doesn't seem like the market ever kind of goes all in one direction, all of its pieces up or down. >> the market did close down for s and p and partly because of political pressures

>> clients tell me they care, keep informing me of what's going on here. i will not make an investment decision about this just yet where we were about 24 hours ago to now is about the same point but you couldn't have had more volatility in terms of the information coming out of washington d.c. than what we already got today. >> and if we did see it do you think it will have a big impact on themidterms

>>. >> one of the frictions may eventually be the issue that turns things in another direction. when they so strong as they are now i am worried but i am not unwilling to invest in stocks at these levels.

>> the senate and the senate alone confirms nominees. when you look at the house the most likely legislative adjust da is probably a continuation of fiscal stimulus, continuation of government spending at current levels those are a win-win potentially here for the market. >> okay. thanks very much for joining us. she just mentioned that interview earlier. he weighed in on the economy when he spoke exclosively. >> there's tons of friction. it's mounting, brexit, turkey, argentina. we don't know the fullfect

we keep our eye on that. it's growing at 3% it has been far couple of quarters >> if you go back 12 years he was not the optimist he was looking at big risks and he positioned his bank the same

way. we don't know how to explain that it isn't people saying there isn't enough credit worthy kind of borrowingcapacity

>> we are getting our exposure we added i mentioned recently goldman sachs. it has had his own struggles i'm concerned about the group. i actually think we may have hit a peak of sorts or at least a midterm peak >> what do you make of the fact that wells fargo announced it was cutting up to 10% of the work force it would do better than the folks that are in the trenches it is due to lack of confidence in management. >> okay. thanks for that.

>> we are explaining why head funds could be the bigwinners. it will be for him and other firms sky has surged 86% as investors wagered over which media tightened comcast or fox they were joined by keep ner had also been pushing for a higher

bid. that's according to british regulators over the weekend comcast proposal came in about 15% higher than the price that he had been initially seeking >> thank you very much for that. two points to make the investor banks as well there has been so many moving

parts. >> it goes at a very high price. it is pretty much winning all around there you have $10 billion reduction. it goes back to disney today >> there are a lot of questions we can ask about moving forward and bo might be next but one would be what's next in the saga, specifically around hulu and around the rest of the sky portion. you wonder if there's some sort of tradedeal

>>. >> we actually in the summer we sold our shares and swapped them back into disney. we may go back in and went concentrated so we are at capacity >> want to bring it back to the hedge fund point some have made a percent or two. the one big winner in london has been the sort of terrible years of returns this year coming

together >> there was strong performance from the names today including netflix it gets back to what we are talking about. it has lagged since the last earnings >> it is part of this new communications it is really unclear to me how much kind of mechanical pressure there was on the big stocks that

moved. sit the traditional leaders in this market are still the ones there are questions about that lately >> i would like to thank vice president pence for joining us for the ceremony and u.s. trade representative for his incredible efforts he worked very very hard on this thank you all as well to treasury secretary and director of national economic council for

their tremendouswork >> it is something most people thought would be happening i promised the american people we would renegotiate to ensure our agreements were fair and reciprocal >>. >> it was only to do absolutely nothing about them my administration is the first to actually keep our promise and

deliver it is a reciprocal deals and they make a tremendous difference and to the united states as a whole. the new u.s. korea includes significant agreements to reduce our trade deficit and to expand opportunities to export american products to south korea. in other words we are going to start sending products to south korea. these outcomes give the finest american made automobiles much better access to korean markets

we are doubling it and that's a double it's 50,000 per manufactured cars that's each year so that's a doubling of the cars per manufacture that can enter the market leaving u.s. safety standards. workers will find new opportunities to expand and grow teams will be working hard to ensure that the terms are fully

implemented. president moon, i just want to tell you we developed a great relationship on many different fronts this one is on trade we are working very well on north korea. a lot of positive things are happening with chairman kim of north korea. we have an agreement to work out another summit we look forward to doing that. i'm going to be meeting with chairman kim in the not too distant future, the location is being worked on. the time is being worked on. we'll be announcing it as far as these negotiations are two countries have set an example of friendship and cooperation for trade that rarely you see in this achlk i just want to tell you i'm

honored to be part of it and i'm honored to call you a friend i'm honored to say that the united states and south korea have a great friendship together thank you very much. mr. president, thank you very much >> we expect to hear dments from the south korean president and talking tli not just of the progress in the trade terms that can be exported every year up to

50,000 but such a positive tone in terms of friendship moving forward for some one that initially they can clashed on. it is never as big of a clash as china. it shows progress can be made. >> yes there has been movement in some of the terms it shows -- >> it is an easy one it was a deal made in 2012 there were some revisions made to this. president trump is right to claim credit it is better trade terms we'll talk to him about this, whether you can extrapolate or see this as a template >> probably a little bit. >> it's not all done and dusted on the particular deal in front of the media today

>> i would just say president trump there for the economic administration vice president pence is there for u.n. generalassembly >> it was the trade agreement and brought in a lot of countries instead. he wants to go country by country. it gives him the upper hand he feels in terms of the negotiations of how to get what he wants for american workers. you particularly saw the president there focused on autos. that has been something that's been top of mind for this administration and how to purr

new life for that sector you see just generally the president's approach to the world here this is the president's world stage. this is what the administration wanted this week to be about he will be in new york through wednesday dealing with a host of world leaders throughout the course of the week sit an opportunity to make an impression and to deliver to the voters back home who elected him. unfortunately they have been dogged by some of the political issues including the problems around the brettkavanaugh. >> is north korea a factor here?

we thought it because big factor tied to negotiations the two in terms of distance in terms of negotiations. the south korean president have been moving closer together. is this something that comes together as well >> yeah. i was particularly struck by the president's language in terms of north korea saying we have an agreement to move forward. he is not necessarily saying explicitly there that he has another summit despite some of the frustration has felt in not getting the complete denuclearization the president saw it earlier in the year we saw the secretary of state out over the weekend saying this administration is making progress >> we are going listen to the president again here.

if our two countries could live up to the spirits i think we won't be able to expand mutual trade and create new jobs and usher in a better future.

a deal being passed over between the two presidents they made opening remarks. we'll see if they will take questions from the press at all.

not planned for but as they do get through. >> the president has said it is an example of mhim delivering that he would renegotiate better trade deals. it is one that went into place it is a revamped version that his administration has been me gauche ya -- negotiating. >> and the question of course will be peter coming up is this and was mexico low hanging fruit compared to the likes of canada, the eu and not just low hanging fruit in terms of negotiation but also the factor of how big

it is and how big an impact it has for the global -- >> if something happened this is a fine man and we certainly hope it will be confirmed and quickly. >> thank you very much >> as you predicted, the president did stop far question there. the president has repeatedly expressed report saying that his family has suffered and that according to the president he is still on track >> let's bring it back to this particular trade deal.

she able to join us with reflections of how big a win this is. in terms of headline numbers going from 25,000 cars a year to 50,000 it can be exported based on u.s. safety standards >> a drop and drop and drop of a bucket it is really small you're talk about a global auto market of 70 million vehicles. korea, having checked the numbers recently but as far as total volume it is 7 or 8 in terms of auto involve yuchlt lit not move the needle a lot for ford or fiat chrysler. korea is a lot like japan in the sense that it was a protected market when it started opening up the u.s. auto makers were not making the small vehicles and concentrate tong types of vehicles that the people in this

country want today buy as a result they didn't put a lot of effort into it. gm also had a subsidiary there for a number of years yes they do have plants here and build more here than they have built in the past. they export from south korea to here if we were to say we will put tariffs on vehicles it would

definitely hurt that industry. >> thanks very much for us in chicago. coming up we'll speak to trump's top trade adviser. we'll get his reaction to that event and much more. negotiations front and center. cannabis stocks have been on fire lately. >> matt gaetz will join us to scs at and his views on the latest trade developments. we are back here in a couple seconds.

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sending marijuana to the united states how much are they getting and whose fault is it? >> it is the fault of the united states government. we seat it where time and again you see advanced research and the opportunity to commercialize that research exists within the united states. our state governments have demock ratized because the federal government says cannabis in all forms under any circumstances regardless of the medical pro pryty is illegal. it means so much of our financial community can't get involved in growing these businesses in the united states. >> cities and states are moving on their own on this >> investors can't you can't get constitutional investors into a world which

they fear it is to not create the opportunity for job creation that's green wave going on across the country our policies are driving the ben

filt of that instead >> i want to talk about positive trade headlines we just heard between the u.s. and south korea. the main focus markets have on is on china. does the example suggest a deal will be done and do you support the kind of tough start the president has taken? >> if we go back the assumption would be that china would sweep through and create their own sort of political and economic center of gravity. i think today you see that the strategy regarding china isn't solely direct engagement but also to create other bilateral trading relationships which will put it under more favorable terms. it is about the amount of pain you're willing to inflict. so i think the movement today while it may not be the biggest

block buster is symbolic to engage in these. >> and are you actually advocating for full on federal legalized use or are you talking about medical marijuana? do you think there's any shot the republican party can get on board with that? >> we need a youth movement if we'll be able to advance the cause. i don't think it is an issue which the federal government needs to be involved i think my role in the movement is to make sure the federal government doesn't stand between patients and something that could make them feel better or dobetter trump trade adviser joining us next.

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don't forget that the past can speak to the future.

♪ ♪ i'm going to be your substitute teacher. don't assume the substitute teacher has nothing to offer... same goes for a neighborhood. don't forget that friendships last longer than any broadway run. mr. president. (laughing) don't settle for your first draft. or your 10th draft. ♪ ♪ you get to create the room where it happens. ♪ ♪ just don't think you have to do it alone. ♪ ♪ the powerful backing of american express. don't live life without it. >> moments ago the two leaders signing a free trade agreement joining sus peter, office of the manufacturing policy to president trump. nice to see you. thanks for joining us. >> great to be with you on this historic day >> you call it a historic day. the president said there were significant changes made from

the original one what are some of the biggies >> it certainly is top line here, i think it's a very bullish signal to the markets. sit more broadly for the validation of the trump trade strategy you'll see cars going over to south korea. this is a -- kind of a special deal for me in a sense that i go back during the campaign to the president's job speech, june of 2016 where he promised to do kpangtly what he did today which was take that 2012 south korean deal which is one of the worst and fix it i think what americans love about this and as he keeps his promises so check another box there. it signals that the trump trade strategy is working as well.

i think there will be more deals to come. it is all good from our end. a good day for america and a good day for south korea >> do you believe it is much less important than countries like canada and regions like the eu and china >> i don't see it that way it is a key ally and it is important both for stable on the peninsula as well as our economic relationships in asia they have deals which set the standard for fair and reciprocal trade. so i think whatwe need to do i look at all of the different buckets of trade issues we are working with the common denominators are allies and partners like china ripping us off and the american worker off the president is going through these areas whether it's mexico,

canada, japan, china and so on and europe and basically calling them to account and getting to the bargaining table and getting a better result for the american people it's also a bullish for the economy. it is all of the things that contribute for world so this is great leadership from president donald j. trump good for him and good for america >> we want to ask you about china. the trade agreement was the source of controversylately

>> i'm sure he is happier than he was in the white house. i think the book speaks for itself i appear in it i can tell you there's a lot of fiction rather than fact in it we'll leave it at that i think the people who deserve credit for this today are two people really. that's president donald j. trump and robert e. lighthizer they basically got this done it was the division of donald j. trump. long before gary cohen was ever in this administration was back in 2016 and pennsylvania donald j. trump promised he would do this guess what

he did it. >> you have been in the room for negotiations with many countries on trade which do you name as the least flexible and least likely that you'll reach a deal on >> not my lane. it is a little volatility because the president takes strong trade positions as you see today these are the fruits of that strategy. again, if you're a market investor i think what you should see is a bullish move towards the structural realignment of a global economy more towards the

kind of free and fair trade that will make everybody prosper rather than kind of what we have had. there are a bunch of cheaters in the world. >> i guess whether it's bullish or not might depend on whether other trade deals with follow a template like this your starting point is they have been ripping us and american workers off far long time. how do you get to an agreement >> it isn't the first one. nafta, we have been able to successfully negotiate a deal and principal with mexico. it is very important we have a $70 billion trade deficit with mexico. a lot of thaharm has hurt our manufacturing industries we have a deal in place that's good for both countries. it will allow mexico and the

u.s. working together to recapture the supply chain so check that box. we have south korea now. we are talking to the europeans, and talking to the japanese. we are in trade dispute with china that needed to start long ago because since china got into the world trade organization back in 2001, they have been engaging in unfair trade practices which they promised not to do when they joined that. so again, the point is that we're doing great with renegotiating nafta, the korea deal, we're talking to the europeans moving forward there. >> are you talking to the chinese, peter i think there was a little worry that the chinese are not going to come to the table under this kind of pressure, whether it's through the policies of tariffs ou the tough rhetoric. it's not in good faith >> i think -- i think you should be cautious at this point,

taking your cues from what's reported in the press. i think that there's a lot of misinformation that's out there. our position is really simple. we're happy to listen to the chinese whenever they want to talk the chinese are well aware of the problems which we've raised. ambassador lighthizer in a 400-page report outlined all the unfair trade practices that china does, in just one space, the intellectual properties space. we published a report on chinese economic aggression. the national security strategy in december 2017 called china out for its predatory practices and economic aggression. we'd love to have china come into the world of free, fair and reciprocal trade and behave a way -- >> but are your negotiation tactics working? you said not to believe what i read in the press. so tell us, what are the chinese telling you? what is their response

>> it's not my lane to talk directly to the chinese. we have one united states trade representative, bob lighthizer i never get in the way of bob lighthizer because he's tougher and smarter than i am when it comes to sitting across the table from whoever it is have bob on. but i think what you're really asking is are we trying to move toward some sort of deal with china or whatever. >> yes. >> we're listening they know what needs to be done. the challenge, of course, is that they engage in so many egregious practices that it's difficult -- far more difficult to get a deal with china than it would be with mexico and there it is. but at the end of the day, at the end of the day, if we can get a structural realignment of the global economy where all players that we trade with engage in free, fair and reciprocal trade and we have

balanced trade, that's a global economy that will prosper for the next 50 years. >> peter, thank you for joining us congratulations on the south korea deal today. >> congratulations to the president. still to come, michael call is reportedly close to a deal for versace. find out if is penalthotti merger makes sense for both companies. "closing bell" back in a couple of minutes your brain changes as you get older. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown

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michael kors shares lower in taports that it may by versace deils on that high-fashion deal when we come right back

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shares of kors sinking on news it could soon announce a deal to take over italian design house versace. courtney reagan has the details. >> so might be al-- michael kors ceo has made no secret of

the fact that it's shopping. there are reports that are confirming michael kors is buying versace reports suggest that kors could pay upwards of $2 billion for the italian fashion house. over the past year or so at least considered going public. the versace family owns 80% of the company. blackstone owns the remaining 20%. if of the deal goes through the versace family would reportedly remain involved, although unclear to what extent, and blackstone would exit. michael kors wants to become a global fashion group versace would help kors to get closer to those goals. for versace, there are benefits to being part of a bigger company. scale could improve the brand's reach, help the supply chain but kors shares are lower on the reports. shareholders are less than thrilled because the jimmy choo

deal closed just 11 months ago and hasn't been fully integrated to the company plus the versace deal would be dilutive 30 to 40 cents. back to you. >> courtney reagan, thank you very much. we'll see what happens on this deal after that thumbs down from the market today it is interesting that a lot of these brands, kors and coach and now tapestry are going the european route >> that does it for "closing bell." "fast money" starts right now. >> live from the nasdaq market site overlooking times scare, i'm melissa lee. tonight on "fast" energy stocks on fire. the best performing sector today amid the sell-off and traders will tell you the names they think will surge higher. plus marijuana madness a slew of pot ipos come to market and how much money are they making? there's a special report first we start off with the turmoil in d.c while president trump attends the united nations general