it is 5:00 a.m you are looking live at buenos aires, argentina will pump maresident trump makel with china it is friday, november 30th. "worldwide exchange" begins right now. all right. good morning welcome from wherever in the world you may be watching. i'm brian sullivan hope you're having a great friday wherever you may be here's how your money and the

global markets are setting up their day. stock futures not giving us indication on where things will go we are down about 24 points. early trade. things have time to turn around. more on the markets and your money coming up. first your top story president trump arriving in argentina overnight for the g20 summit he is expected to hold a face-to-face meeting with china's president xi jinping we have full team coverage as always of this high stakes visit. eamon javers is live on the ground in argentina eunice yoon in beijing and gordon chang is on set to break down what is likely to happen eamon, take us through what we can expect over the next 24 to 48 hours >> good morning. let me take you through what you can expect in the next 24 to 48 minutes here first we saw the two leaders of the

summit arrive last night, president trump and president xi jinping arriving late last night. president trump is now expected any moment now at the pink house, which is where president macri of argentina conducts business we hear the security helicopters overhead this is a city that is on lockdown very much today here in buenos aires as we get through the course of the day of these meetings that we're expecting. we will start with that meeting and go through a number of world leader sessions throughout the day as president trump begins his schedule we will not see a meeting with vladimir putin the president announced yesterday on his way here via tweet he canceled that expected meeting. it comes at a time when there's increased focus on the mueller investigation after the guilty plea by michael cohen yesterday. within the past few seconds the president has been tweeting about that investigation

this is as the motorcade would have been on its way here. this tweed issued by president trump. i get it i'm a good developer, happily living my life when i see the country going in the wrong direction i decide to run for president and continue to run my business very legal and very cool talked about it on the campaign trail. lightly looked at doing a building somewhere in russia put up zero money. zero guarantees, didn't do the project. witch hunt that tells you what's on the president's mind as he is rolling here the development he's talking about there in moscow is the one that michael cohen testified to yesterday suggesting that he had been involved in negotiations during the presidential campaign to build a trump real estate project in moscow. that's something that the president said didn't happen at the time he had no deals with russia.

now michael cohen said there were conversations about a deal in moscow that ultimately never happened a lot on the president's mind here >> certainly is. eamon javers, thank you very much let's turn to what is at stake for china. eunice yoon is live in beijing >> thank you very much china does not want a trade war and is putting on its game face. today the foreign ministry said china hopes the u.s. will show sincerity at the g20 and meet beijing halfway in their negotiations the chinese state press went one step further recommending that the trump administration give its winner take all approach the weekend off. the hope here has been that washington would hold off on tariffs at least to the spring instead allow for the two sides to have a discussion about coming up with a trade architecture or a trade framework where they can make some progress on issues that are important to both sides. including th

such as forced technology transfers. the inclusion of white house trade adviser peter navarro at the dinner between president trump and president xi has raised a lot of eyebrows here. it is not going down very well navarro has a reputation for being a big china critic and the chinese have had strong reservations about him and are concerned that he is not so interested in a trade deal inasmuch as containing china because of that, in the run up to the g20 a lot of chinese business people had already been concerned that the trade deal wasn't -- the prospects for a trade deal weren't good. i was talking to one executive who said winter is coming because he believed that things wouldn't get better. and a lot of that is because the structural changes that the u.s. have been asking for are not really something that beijing

might be willing to do so a lot of people here are concerned that it's just going to get worse because navarro is so critical of the chinese brian? >> how much play is this getting over where you are, eunice, this meeting? >> it's getting a lot of play in the state press, but it's all put in a very, very positive way. there's some more hawkish papers by the communist party pointing out perhaps that the trump administration should try to not be as winner take all as it has been in the past for the most part, the way it's spun in the state press is still hopeful that the two will be able to make some progress >> eunice yoon, thank you very much. let's bring in gordon chang author of "the coming collapse of china." what do you think will and will not be accomplished this weekend

in buenos aires? >> i think there probably will be some accommodation, some meeting. i don't think there should be one, though. they may talk about winner take all in china, but all we want them to do is stop stealing our stuff, stop taking our intellectual property and stop committing trade violations. to me that's pretty simple we don't really need to talk to the chinese about this we've been talking to them for decades about it the last deal we had with them, september of 2015, they stood in the rose garden against president obama saying we will not cyberattack against companies for commercial purposes they never stopped >> so even if we get a headline deal, you don't think it's worth the paper it's written on. >> basically they'll stall, steal more technology, they'll commit more wto violations this is not good for us. what we need to do is just put

on costs until they stop it. >> if people in the administration have your view, and we have to assume that navarro and others probably do, why even try to make a deal? what's the point if you're going to make a deal and you think the other size will break it or get around t where is the incentive >> precisely >> then you don't do anything. >> we do things. we pile the costs on china so that at some point they decide it's no longer worth it. they're taking hundreds of billions of dollars of u.s. intellectual property every year that means our costs on them have got to be hundreds of billions of dollars. when that happens, they'll stop. before that, they won't. >> do you think this tariff strategy then is a good one? >> tariffs, i don't think will do it. i think we'll probably have to go to something more like banning the products that benefit from the theft of

intellectual property. i think trump's general strategy is to disengage the two economies. that's already starting to work as you see supply chains starting to think about leaving beijing. when you look at this, probably disengagement is the way the u.s. will eventually go. the chinese are leaving the u.s. no choice. >> a lot of ceos watch this show if you're a ceo with manufacturing facilities, a supply chain in china, you're kind of waiting right now. >> sure. >> i still have my supply chain. i need it. how long do you wait before you say, all right, close it up. bring it stateside we'll have to raise costs a bit. let's do it because we can't hold out forever >> i think that's starting to occur already. especially low-end manufacturing is looking at what's going to happen in argentina. if there is a prospect of a deal, they'll keep their production in china. if there isn't, they'll move out quickly. even higher-end manufacturing at some point will have to leave because this conflict will not

go away. whether there's a deal or no deal >> if you're china, your back is being put against the wall >> what do you do then you punch back >> it's our back which is against the wall when you look at the theft -- >> do we have all the leverage, do you think they don't buy that much stuff from us. >> we have most of the leverage. last year china's merchandise surplus against the united states was 88.9% of their overall merchandise surplus. that's enormous leverage that we have we ran a 375$375.6 billion merchandise trade deficit that gives us hower we're the much bigger economy. china is 66.2%, and in reality we're growing faster than we are >> in reality. >> because the numbers don't say that you're saying the numbers are, as we say, cooked >> certainly they're cooked. also we're seeing for instance china's critical manufacturing sector in november the official pmi was at 50, that

means no expansion, no contraction. probably the real situation is worse. also some of the underlying indicators that went into that pmi look bad >> aren't we kind of -- what is it the hobson's choice, the only outcome is the choice of two bad outcomes are we cutting off our face to spite the head >> you know, we cannot have run decades of misguided trade policy and expect to come out of this without costs we will have costs >> could it take us into recession? >> could easily. >> is it worth it? >> long-term, yes. we have an innovation-based economy. if we cannot commercialize innovation, we will become a third world economy exporting agricultural products and scrap metal. that's unacceptable. >> so you believe no matter how bad the economic pain will be, it ultimately be worth it and this needs to happen >> absolutely. every year the chinese impose a

tax of several hundred billion dollars on the u.s. economy by stealing ip. they do other things as well, which also imposes a tax we're already bleeding >> gordon chang, thank you we appreciate your views >> thanks. all right. trump is to hold a bilateral meeting with the argentinean president. that is the room in which they will be speaking right now it's a couple of flags. two argentinean, two from the united states. they will be speaking very soon. if that happens during this program, of course we'll likely take you there live. on a related to trade not re alarm on the trade war contessa has those. more tariffs on china are said to be bad for consumers according to the pvh ceo

>> who will be purt by this is the hurt by this is the consumer that balance and how we do that intelligently, so some lead tim would help in that situation hopefully that situation resolves >> pvh shares are down this morning. off by almost 7% the company told investors it has seen weakness in its calvin klein business it's not just luxury brands grappling with tariffs dollar tree's ceo last night joined jim cramer to express concerns >> we do about double at dollar tree as we do at family dollar from around the world. clearly the biggest part is from china at dollar tree 40% is coming from asia. 40%, 50% is domestic people forget that sometimes so we worked real hard on the tariff piece knowing that 10% is in place we're expecting 25% to come

beginning of january >> dollar tree shares are down nearly 18% year-to-date. >> contessa brewer, thank you very much. we are just getting started on "worldwide exchange." up next, trade turmoil and your money, breaking down the key factors that need to be on your radar. later, more bad press for facebook why sheryl sandberg is topping the headlines this morning it has do with george rosos. it's a story you need to hear. , causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life. so they say that some day ai will transform the human race.

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good morning. about 5:17 on the east coast you're looking live at the nation's capital good friday morning. certificate lit bainly the today is not on d.c., it will be on argentina, buenos aires the president is gearing up for his high-stakes sitdown with xi jinping and leaders of over 18 major nations. what's at stake for the markets and your money globally? let's bring in sarah leing a pleasure to have you on "worldwide exchange" what will you be most closely watching for in this meeting this weekend >> i think the markets are pretty excited about this meeting. it's an opportunity. the china market has been

terrible the onshore market is down 20% this year. so any bit of good news would be welcomed by the market i think that we could see a good bounce on the back of that we're not necessarily expecting any material deal after tomorrow's dinner. it's more just the fact that there is a conversation and the fact that if things don't escalate from here, that would be a good thing. >> define escalate from here things are tough right now doesn't seem to be a lot of communication behind the scenes. what would escalation look like to you >> well, escalation would be the additional 2$267 billion of good that have not been taxtaxed, ife see a tax on that amount there would be more pain on both sides. that's a worst-case scenario >> what's the best-case scenario >> i think the best-case

scenario is we don't move forward from here. the 10% is in play we don't go to that 20% that is promised on january 1st. if we don't see that additional increase, then i think the market will like it. >> what if we get a nice thing, a hug, a handshake, mismiling faces. what happens to global equity markets? is it up, up and away? >> i think talk of a deal -- this sentiment is to weak across asia the markets sold off tremendously this year people are looking for any bit of good news we saw with chair powell's comments, the market reacted very strongly to that. i think a hug and a hand shake and a smile, it will be taken very well. we're looking for any bit of sunshine we can find >> the clouds are breaking, maybe we see a stream of sunlight come through. representative of the sun coming up this morning in the eastern

united states. outside of the g20 meeting, what is the next most important thing for you and your clients right now? >> look, we are just looking across the board when markets have sold off like they have this year, they sold off across sectors, across countries in asia. we're sniffing around. there's great companies that have sold off. the baby has been thrown out with the bath water. we're looking for good value ideas g upside opportu ideas, good upside opportunity we're finding that we think asia is -- when people are looking where to allocate next, if we see some stability in terms of the trade war scenario, if the fed rate -- if the fed pauses, if the u.s. dollar starts to weaken, this is positive for emerging markets and asian equities we think it's a good place to

be >> good place to be. we'll leave it there let's hope for a ray of sunshine coming through from argentina where it is spring thank you very much, sarah have a great weekend the president is also scheduled to hold birat rlatera talks with the president of argentina. we expect those two presidents to come out momentarily. that's a place where they will be doing thachl that. up next, a crypto crackdown. the s.e.c. settling fraud charges with two of america's biggest names in entertainment. and instead of bitcoin boosting blockchain, could blockchain be helping save bitcoin? the authorf oa new book is here

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. we have a story that spans sports and the cryptos hard to believe but true floyd mayweather and dj producer khaled settling lawsuits over their initial coin offerings they were charged with promoting icos without disclosing payments mayweather did not disclose a $100,000 promotional payment, and khaled did not disclose a $50,000 payment. both settled charges without admitting or denying wrong

doing. bitcoin dropping again this morning. in fact, we've seen a little run in the price of bitcoin lately we're back down, almost 5% down. dangerously close to going back below 4,000. let's bring in the author of a new book called "the blockchain and the new architecture of trust. he's from the wharton school at the university of pennsylvania where his students are working on blockchain products you're the guy you're like one of six people that knows what they're talking about. welcome, professor >> thank you >> we talk so much about how bitcoin may save blockchain. can we flip it as blockchain gains more credibility and use in the real world, you can tell me if it is, do you think that will help bitcoin? that's what our audience cares about. >> people have to understand bitcoin doesn't come into existence out of nothing it rests on the foundation of blockchain technology.

all cryptocurrencies are valuable because you can trust the underlying infrastructure. >> i described it to my father this way, tell me if this is a terrible nalogy. blockchain is the track, bitcoin is the train >> i think that works. it's like the internet is the foundation, and there are applications built on top of it block chain is the foundation of trust. blockchain is why you can trust bitcoin and the value in the currency unless the blockchain infrastructure is trustworthy, doesn't matter what happens on top. >> you have the trains that can go away. in the 1800s we had hundreds of train companies. we now have three or four big ones do you think in blockchain we'll see a dramatically different surface level of the cryptos in the next decade. >> we need a maturation of this market blockchain ensures that you can trust the transaction. you know if a bitcoin went from here to there, it got there.

that doesn't necessarily mean you can trust the exchange or trust the wallet, you can trust the infrastructure these recent actions against mayweather and khaled are about trust in the whole infrastructure >> sit tight for a second. i want to call attention to our audience the president of argentina and our president outdoing a foelt photo opportunity. it's not just the g20 meeting occurring in argentina this weekend. the president putting in a translator this will be done in spanish by the president of argentina. argentinean president making comments in spanish right now. i do not believe we have a translator live on the air, so when our president begins making comments, we'll bring that to you. one final question for you blockchain is not new. we think about it being new

because we're talking about it so much more it's not new when does blockchain gain that commercial acceptance or has it already and we don't know enough about it >> it's established as a new asset class. investors believe this is real that's what is critical. this is a long maturation process. you think about how the internet developed from the dotcom bubble in the '90s, it takes 10, 20 years. we're seeing lots of enterprises around the world adopt blockchain technology, but it requires time, confidence, government regulation. >> kevin werbach, thank you. appreciate your time >> thanks for having me. we see president trump and the argentinean president, mauricio macri, speaking now, or at least president macri is. eamon javers is standing by. we've been focussing so much on g20, maybe not enough on the fact that these two men will meet as well what is the argentinean/united states part of this story going to bring us?

>> this is the president's first trip to south america. this is a fascinating moment for him to engage in a part of the world wer here he has not had an opportunity to be. we're looking at pictures live inside the pink house as it is known. that's the official house for government for the president of argentina. president macri there standing in the building that's probably most famous for that balcony where the public used to be addressed and famous from the musical avita. that's the location of that famous balcony there i don't think either man will be at the balcony today they'll focus on the bilateral relationship the economy here in argentina has really been struggling you can see some of that in the streets. there's a lot of areas here in argentina that need some developments this is a president who is eager to show, macri is, that his three years in power have been

successfully economically. and he needs to bring home more wins for his country >> the president is speaking let's listen in to president trump. >> we knew each other very well. and i actually did business with his family, with his father, great father, a friend of mine and i purchased the west side railroad yards a great job. successful job big job. one of the largest jobs in manhattan. that was in my civilian days so i always had fond memories. little did i know his son would become the president little did you realize that i was going to become president. so we've known each other a long while. we'll talk about lots of good things for argentina, for the united states, including trade including military purchases, and other things but we have a lot to talk about. little bit of old-times, about

95% business i would say but this is a great honor to be with you you're my friend for a long time great family you're doing a fantastic job congratulations. >> thank you >> all right looks like no q & a there in buenos aires at the pink house, the state capital in buenos aires, argentina what the president was referring to, by the way, it's really interesting, eamon, this meeting between these two men. there is actually much in common the president referred to it president trump, obviously the son of fred trump, his father a successful real estate developer. the president of argentina, mauricio macri, his father also a successful real estate development witdevelo developer with a lot of projects in new york city he's still a real estate developer. these two men not just running nations, not just real estate developers, but also the sons of successful real estate developers who actually did

business together. it is quite the relationship >> it is a very small world sometimes, isn't it? >> among the millionaires, yes, it is. >> right that's right it's a small world at the very top. definitely the president here running about a half hour late getting to the pink house while he was tweeting his frustrations about the mueller investigation, from his r residence here in buenos aires so the president expressing that frustration, that outranl at geh mueller investigation over twitter while the motorcade was delayed. he arrives here, and we see this warm scene with the president of argentina. this president is in multitasking mode this morning >> we'll see you in a few minutes. joining us is the president of the national foreign trade council as well as jimmy pethokoukis from the american enterprise institute also a cnbc contributor, a guy

we've been working hard the last couple weeks and months. you guys at the nftc do argue the china and u.s. trade relationship needs to be fixed but you believe we're going about it in the wrong way. if you were in the room with these two men this weekend, how would you advise them to settle this dispute >> i would think that the most important thing is that they start to actually seriously negotiate on the issues that the u.s. cares about we accept there are a lot of problems with china's commercial practices, affecting our industries and our technologies. we think the appropriate way to go about it is to get the rest of the world on our side, to focus on building a multilateral effort it would have been a good thing if we had gone ahead with the tpp agreement that would have brought in japan and other countries in creating rules that

the chinese wouldn't have been able to ignore we missed that opportunity we still have the chance to work with europe, to work with japan, with our pebest trading allies n north america to put pressure on china to conform to international norms and to start to change practices. that might not happen overnight. but it's ultimately going to be more successful than this tit-for-tat trade war. >> agreed. do you believe our trade partners, specifically mexico and canada would be willing to do that? >> i think they were more willing to do it before we were hitting them with tariffs on steel and aluminum, threatening them with tariffs in a major sector like automobiles. beginning to walk away from our commitment s commitments to them. that's a big part of the problem. we've been urging the administration to boack off from these security restrictions.

europe and japan already joined us in a trilateral effort to begin to shapeicy towards china we have every opportunity to work with them including in the wto. the nice thing about that, the chinese care about being seen as a good player in the wto it's one of the few places where they could start to make concessions. much more easier to do that than it is to do it under the threat of bilateral action by the u.s the big problem now, is that this kind of confrontation makes it very difficult for either side to back off without losing face >> you're right. jimmy, it's like the schoolyard, right? once you get to a point where both sides have stepped up, fronted, they're nose to nose, nobody wants to be the first one to back down that seems like where we are do you think china any way is underestimating president trump's resolve on this matter

>> i think it's clear that they misunderstood who they were dealing with it's logical to figure he's a businessman president, wrote the art of the deal. they can strike a deal they can buy a little bit mor s soybean. the president is focusing more on the economic relationship between the two countries, not just that bilateral trade deficit. whether that will continue is the big question if i'm sitting in beijing, i see the president did badly in the elections. i see the president is touchy about the stock market you have an american economy that will be slowing over the next couple of years perhaps they can wait this president out. of course china has its own economic issues they have to

deal with. i'm sure they do not want to see an escalation. what we want presumably, among other things, is for chinese companies to stop stealing intellectual property. those are chinese companies. there are thousands or tens or thousands of them. i know it's a top-down economy in china, but is president trump in some way asking xi jinping to deliver something he can't he can't just stop thousands of companies from doing something >> well, right listen, there's sort of this mistaken belief that the president of china says something, things happen that's not exactly the case. certainly they could do a lot more the problem is that you -- even if the chinese make a concerted effort and they agree -- one side of them agreeing is a lot of this stuff would fall under their auspices, but we will have to monitor them over a number of years, which means if the president comes out talking about a deal, this can't be a

short-term thing will this administration have the resilience to stick with these tariffs and monitor and accept that over a number of years if china changes its behavior, maybe it will. that's the point the president of china can say whatever he wants. the president of the united states can get up on a podium and say i want everyone in america to stop drinking okay maybe they will. maybe they won't you can't go into the household and tell people what to do that's kind of what trump is trying to do with china. tell your companies not to steal our stuff. easier said than done. what outcome would your members be happy with? a realistic outcome of the weekend. >> i think it would be realistic to expect that the two leaders would say, look, let's begin to work on some kind of a blueprint, a framework for us to start to address these issues. obviously the chinese then have to agree to put certain things

on the table the trump administration in return has to say we'll start to back off from pure unilateral action i think that's actually going to be in the best interest of u.s. business, of u.s. exporters, of the u.s. economy the costs of this now, of these rapid escalation of tariffs, both on imports into the u.s. and exports, it's having a big impact on my companies, a big impact on their supply chains a big impact on their exports. it's not easy to adjust to this. when you accumulate it with what's happening in their cost structure because of these steel and aluminum tariffs, it gets worse. you know, the ultimate reality for all of them is last year was one of the best years they had in selling to china. we still sell a lot of stuff there. we sell semiconductors we have deep supply chains that not only are in china but

throughout asia. the real question is are we going to be able to sustain that model going forward without some kind of a path forward between the two governments. >> i think the key factor is the president thinks these tariffs are working and we are winning and i think he wants to win harder he thinks the chinese economy is on its back foot to me that does not argue for anything more than a pause in raising this new group of tariffs or raising the tariff rate i think this is going to continue nothing will end at this meeting. >> thank you both very much. have a good friday and a good weekend. a lot going on if you wanted a slow fall friday, i'm sorry. a lot is going on. let's get you up to speed with the markets and your money the one thing not happening is sizable moves in stock feutures we are down about 32 points.

watch two other things, the bopd m bond market and the price of oil. bond yields just a hair above 3%, 3.12%. keep an eye on that 3% level the price of oil, as it has come down, a lot of energy stocks have come down as well it's hard for the market, the big market if you owned the s&p 500, it's hard for that to do well if energy stocks, which are about 10% of that market do not do well. it's hard for them to do well if the price of oil does not go up. we're down again to just under 51 bucks up next, sheryl sandberg under fire it has to do with george soros the soros/sandberg ahead. and we'll talk about some casino names and what they hope

to get out of the g20 summit

all right. a live look there at buenos aires, argentina a lot of talk about president trump, president xi, 18 other people also will be there. not just those two that will dominate your headlines all day today. it's not all that is going on. they won't be like, bart, how

about that g20 meeting this weekend. let's find out what else you will be talking to bart about. we have top trending stories i don't know why i said bart >> clearly you're thinking about bart and what he might like to know here's some news sheryl sandberg is making headlines again for her reaction to a critique from billionaire investor george soros. the "new york times" reports that andberg instructed the facebook team to investigate soros after he bashed facebook and google after a meeting in davos. she wanted to know if soros stood to gain financially from the attacks. the company was already beginning to research the finances of the billionaire because he's a prominent investor before sandberg asked >> when you have a headline with george soros and sheryl sandberg in it, that's peak everything. >> value add >> what else will bart be

talking about? steph curry is on the front lines for gender equality this morning. a 9-year-old girl wrote curry a letter saying, hey, why can't i find these curry 5 sneakers for under armour she is like it's only under the boys section he told the girl he teamed up with under armour to fix the problem so they could find this in the girls and boys section. and also they had something in the works for women's day coming up in march and she would be invited and to plan to be there. it was incredible the way he responded to her of course he has daughters, so it's probably near and dear to him. where there are losers there are often winners. in this case romaine lettuce is the loser. an e-co. coli outbreak forced people to remove it and throw it away iceberg lettuce has jumped 168%

in a week on the back of the romaine scare. with the outbreak now relegated and defined in a certain region, central california, that may allow other growers to put romaine back on the shelves and offer opportunity for labelling for consumers, so iceberg lettuce may moderate prices. it had a brief resurgence. probably feels so good for iceberg to go, yes remember the days when it was the only thing you could find in the grocery store? there was no such thing as baby kale >> there was no other thing. e. coli wasn't the loser, the people were. >> you're right. >> or romaine. the poor romaine no, poor you e. coli is not fun >> i never had it. >> bart had it once. he's fine now. >> we digress. >> contessa, thank you very much let's find out what's coming

up on "squawk box. andrew ross sorkin, how many times in the three hours of your show will you say g20? >> maybe we'll have a competition to see if we can avoid saying it at all how about that >> if you do zero, there's a ten spot for you >> we then have to pay ian bremer for that. i think he has a copyright or a trademark on g-zero strategy he has a tv show >> i think it's on linkedin. >> and on pbs on the weekends. >> i only watch cnbc a couple big things. neel kashkari will be on the program. we'll have a big conversation with him as you would imagine about the fed and fed rates and where they're going. what jay powell said earlier this week. we'll say the g word, without adding a number to it. i don't know how you want to do it we'll talk about the weekend, about dinner with president xi,

with president trump we have robert kimmett on the show to talk about all of this hopefully we'll have a better sense of what the deal is going into this, if you believe there's a deal going into this perhaps a bit -- i've been thinking, do you remember when we used to talk about uncertainty? we used to use this word uncertainty after the financial crisis for eight years or nine years about what was supposed to happen do you remember that a lot of that was man made, self ma man made uncertainty, i feel that's what's happening here >> i feel we have to say g20 it takes four g5s to make a g20. >> i like a g6 >> that's even better. still ahead, rolling the dice today's g20 could be a big gamble, especially for china's casino market. how could this impact the gaming business special casino correspondent

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president trump may be rolling the dice at the g20 summit in argentina. he's expected to meet with xi jinping. those talks could be a big gamble, especially when it comes to a red hot part of china's economy, gambling. gaming revenues in macau topping 33 billion last year how does that compare? that compares to 26 billion for vegas. macau now far bigger than vegas. the question is this, will this trade turmoil impact the casino names? joining us is david katz from jeffries and also contessa brewer who covers the casino stocks for us. first to you, contessa, i know you have to run to do other things this is a big deal for gambling as well.

there's a lot ri >> there's a lot riding on this. names like wynn, mgm, las vegas sands need to know they have some security, that their gaming license in macau, their concessions will be renewed. if the chinese have run out of goods that they can tariff from the united states, they start looking at qualitative measures. one concern is that they could look at those u.s. operators in macau. generally the consensus is they would not do that it would send a chilling message to western business if you were to endanger billion dollar investments however it's something that the casinos and the analysts, david, may be eyeing somewhat >> i think you're characterizing correctly. we look at it two ways number one, you are right, there's a political context in which those concessions are going to be facing a rebidding process. i choose the word carefully

rebidding rather than a renewal, which is what we're used to seeing in the united states with gaming concessions that rebid process provided very little insight as to what will happen we know sjm and mgm have their concessions expire in 2020 the other four including wynn and sands in 2022. so far very little information about what that process will entail there could be a political context to it. there could be also a cultural context to it. from the people that we've spoken to, the asian or chinese approach to these concessions is, look, you were given a concession, you opened a business, you got paid back. and, you know, let's see what happens now. so it is the one biggest question in our mind relative to those stocks >> let's be clear, i don't know how good those concessions are they could be at lvs and wynn until 2022, but they're at the mercy of the chinese government.

here's the connect the dots. sheldon adelson controls las vegas sands, also one of the biggest republican donors. the chinese obviously know this. do you think they can influence white house policy by influencing gambling policy? >> i -- that sounds like a logical and linear thought but as i said, we have very little information about what those prospects or probabilities are. i think the way we're looking at it today really are which companies are best positioned to withstand any events or pressures that may occur as to going through this process from that perspective we look atlas vehic atlas -- at las vegas sands. they have a more balanced business than wynn, who is about 75% of their cash flow is out of macau. they have five times leverage.

so that's an important difference to point out. >> if you're an lvs, wynn, mgm shareholder, should you be nervous now? >> i think you should be the discussions we have are with investors who are appropriately nervous. because i think if we sit down and pick up a pencil or a spread sheet and try and calculate what the impact could be and what the range of outcomes are, it's extremely difficult to get to a conclusive answer that you feel comfortable with >> david katz, we appreciate you joining us especially nice and early from kansas city. have a great weekend n >> you, too. a lot of angles to that g20 meeting, not just about trade, individual sectors and individual stocks also at risk, on the line, or something to watch. futures mildly down. a lot more coverage will be picked up by "squawk box." i'll see you on "power lunch" later today 1:00 to 3:00 p.m

have a spectacular friday. that's it for "worldwide exchange." "squawk box" is nextt's talk a . ♪ oh, there's no place likargh!e ♪ this one's a pretty big tree... ahh! i'm trying... [ glass shattering ] ♪ yippiekiyay.

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good morning president trump arrived in buenos aires for the g20 summit. trade will take center statement as the president is set to meet with the leaders of canada and mexico today china tomorrow more bad press for facebook. "new york times" said that sheryl sandberg told employees to investigate george soros after he disparaged the company in davos amazon prime customers spend 16% more after they sign up. more details on how amazon is increasing market share is

straight ahead it's friday, november 30th "squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's look at u.s. equity futures at this hour it is the last trading day of november check it out you'll see right now the dow futures are down about 60 points s&p futures are down by 5 points the nasdaq off by close to 16 points right now believe it or not we're in this final trading session, and if things don't go south with any major market disrupting news you might get from the g20 meeting, we may just end for the dow