a national emergency and announce $8 billion for a new border wall. this is lawmakers passing a new spending bill to keep the government open. we are live in washington with all the late-breaking details. also, high level trade talks between the u.s. and china wrapping up in beijing we'll take you there live. futures in the red as the s&p 500 snaps a four-day win

streak, but the oil trade hitting a new high for the year. we are drilling down on all of these big stories. that's ahead it is friday, february 15th, and worldwide exchange begins right now. ♪ futures under pressure this morning. the dow pointing to a drop at the open we'll have more on the markets as you can see there coming up in just a few minutes. first, we are following three big developing stories at this hour first, president trump expected to declare a national emergency today to get more money for a border wall. second, chinese president xi jing ping meeting with the u.s. trade delegation in beijing today, and, third, new fall-out this morning after amazon decided to pull out of new york

for its hq2. as always, we have full team coverage of all of these big stories. let's start, though, with tracie potts, live in washington d.c. with the latest d.c. drama >> good morning, everyone. the announcement comes at 10:00 a.m. at the white house. we will learn -- we are expected to learn that there will be no shutdown there is a deal in place, and the president will sign it the president wants to add to the $1.4 billion that he is getting for a boarder wall, pulling money from the treasury department for the pentagon for a total of $8 billion that he will use to build the wall is this something that could be tied up for months, maybe even years in the courts? that's what democrats are wondering. they may actually take this plan to court president trump making that announcement in the rose garden later today, and interestingly, the deal that he will sign off on, the budget deal that

prevents the shutdown is worse than the deal he would have gotten the democrats offered last summer. the big news today will be president trump pulling fund to build that wall that he couldn't get from congress. >> really quickly here, what is the sense right now? is there rustling, panic on both sides? how are both sides tackling this particular issue we know that a legal battle possibly is brewing with this whole situation. >> right i wouldn't describe it as panicked democrats are frustrated some republicans fear it could set a bad precedent, and the question -- a lot of questions right now about whether the president will actually make official at 10:00 this announcement that has been predicted and a precursor came from the white house as they explained what the president would do not panic. frustration really on both sides of the president gotten to this point that he feels the need to declare a national emergency

where some democrats and republicans think there's no emergency at all >> it could be one of those days thank you very much, tracie potts, live in our nation's capital. let's switch gears now to trade. china's president xi jing ping meeting in beijing today uenice live in the capital with details. >> thanks so much, dom treasury secretary steven mnuchin and adam lightheizer had a meeting with president xi jing ping they took a photo with president xi along with the vice president premier. the vice premier has been hosting the two for the past couple of days, and he is really the lead negotiator, and just a fact, earlier today mnuchin tweeted out a photo of the two delegations and said that the conversations were productive, though he didn't go into detail about what that might mean now we're expecting to see whether the two sides will be issuing a statement later today.

it is talk here has been both sides have been working very hard to try to hammer out a memorandum of understanding that would act az framework for a summit between president trump and xi at a later date possibly as early as next month. also, the south china morning post, which is a hong kong newspaper has just started quoting sources as saying that the trade negotiators will continue their discussions next week in washington again, that is not confirmed, but what we do know is that the two sides have been very far apart on some of the thornier structural ieshsz, and as of tonight, mnuchin and lightheizer will be heading back to washington >> step by step. thank you for that update. let's talk more about these high level trade talks. joining me now is miranda carr, china macrostrategist. she's in london. miranda, we just heard eunice run through the details of what we've seen out of these talks. what's the next stage for these

negotiations >> the next stage if they go to washington extending the talks, but we're not really going to get a final deal before the 1st of march that means the next debate is how long the talks then go on for extended by another 60 days, extended by another 90 days. in order to get the fully comprehensive deal that trump and xi can then sign off on, and that's what everyone is waiting for. >> miranda, nobody expects an overarching deal to happen just overnight, but it has been months now what exactly in your mind is the big, big overarching sticking point right now? is it the transfer of the -- the forced transfer of glekt e intellectual property? is it the idea that we could see perhaps certain items on these tariff lists and not others? what could move these talks forward in a substantial way >> well, basically it's all the verification mechanisms. it's not so much the -- i mean, china can promise a lot of things on ip protection. it rushes through the foreign

investment law right before these talks. giving foreign companies better rights in china. protecting ip. not doing forced transfers, et cetera of course, because of all the stuff which has happened since china joined the weto, no one really trusts that these are actually going to be implemented. what mechanisms the u.s. can put in place and that china will agree to is arguably going to be the biggest factor because it's really hard. i mean, china accepted u.s. investigators going into its own companies. really, really tough for them to agree to that. >> in your opinion are these trade negotiations generally positive or do they have a ways to go? >> well, the thing is the trade can probably get agreed fairly quickly. you can get -- you know, china can import more semiconductors, more soy beans balance off the trade deficit. that can be done quite easily. to be honest, it's the longer term issues because the u.s. can still target chinese technology. we've seen sort of moves on the

auto market as well as in things like the communications equipment. you have now got china being a national security threat, a technological competitor and on what the u.s. sees as, you know, nicked ip, that's a longer term issue, and that's going to take many, many years to resolve. it's not the even -- even if we get a trade deal, we're still going to get targeted measures there, i think >> all right, miranda carr live in london. thank you for that update on the trade talks. we are going to stick to the overseas side of the discussion. big news out of spain crossing just moments ago spain's prime minister calling for a new general election after his 2019 budget plan was defeated the new vote set for april 28th. this would be spain's third election in just four years. now, let's turn our attention back stateside and get another quick check on the u.s. markets. futures right now, as you can see, lower we are seeing the s&p 500 down by seven points. the dow jones off by 58. that's an improvement over the

course of the past half hour or so, and the nasdaq off by about 22 points. let's bring in ian steely, manager of the jp morgan global bond opportunities fund. ticker symbol gbosx. as we talk about the developments that we're seeing macro, from the global perspective, china trade, what's happening with brexit in europe, all of that is playing out in the markets in a fairly substantial way to start the year what sticks out to you as being the most significant development so far >> i think you have to look at a couple of things i think you've got to look at what the fed has done, shifting its rhetoric from a tightening policy to a more patient policy. i think that's had a big impact on markets, and trade has got to be front of mind, and i feel that as we've gone through the course of this year, it does feel like the mood music around it is getting better obviously, the meetings over in china this week. it now sounds like we're going to be back in washington next week it feels like both the u.s. and china want to come to some form

of agreement i think the combination of those two have actually led to the performance we've seen in markets so far this year >> ian, we got weaker than expected economic data out of germany. the euro zone isn't exactly growing quickly. there are signs of a slowdown here in the u.s. the retail sales number yesterday was pretty dismal. does that mean that we are on the verge of a global contraction or recession any time soon? >> i would phrase it more as a global slowdown. we've obviously seen some weaker data out of china. we've seen weaker data out of europe now, if we do get some of the big stimulus that's coming through at the moment from china and as that filters through the system over the next couple of quarters, that should support the chinese economy, and actually, what it will do is it will be a knock-on effect, and it's very supportive of global trade. i think you have to be aware that as you said, the -- it

looks like we're going to slow down that said, i do feel that what's happened on the central bank front especially with the fed taking its foot off the gas on the tightening side, probably means that the cycle gets extended and we have a slowdown and not an actual contraction. >> slowdown, but not contraction. that still begs to me deposit debt around the world. sovereign debt for developed economies. that seems to be the play, but is that the right way to go about doing that you manage a bond fund how do you position yourselves given the idea that it's a contraction -- not a contraction, a slowdown, not a recession. >> i think with fixed income markets, you want to lock at a couple of things you probably do want to end some duration maybe that wasn't the case this time last year as the fed was raising rates, but if they are on pause, having government bonds and ten-year treasuries, that probably makes sense. though i would avoid areas like germany, which sub-ten basis points on the government side. actually, if you are not having a contraction, just a slowdown,

and you are not going to see a default cycle, then that actually means that parts of the credit market, whether it's high yield, whether it's investment grade, can be supported, and then, again, think about the fed. if it's pausing, maybe the dollar doesn't strengthen so much that should support emerging markets. i think there's a lot to be done in fixed income. what i would take it from that is you want to be diversified and be agile and be flexible to navigate these markets >> slow down not contraction. thank you very much, ian. we are just getting started here on the show on deck, the crude oil rally oil prices hitting their highest levels of the year we're drilling down on what is fueling that move higher, but, first, amazon ditches new york the retailer dropping its new york headquarters, and this morning the fall-out is growing. contessa brewer is live for us in long island city. contessa >> yeah, there was supposed to be the biggest economy development deal in new york state history, and instead on valentine's day, new york got

dumped by amazon what's the fall-out? i mean, as aside from all the swearing and the shouting that i heard in this neighborhood, i have that ahead on worldwide exchange guys go through a lot to deal with shave irritation. so, we built the new gillette skinguard with a specialized guard designed to reduce it.

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new york city. we'll look that the in just a bit. stock futures pointing to a lower open you can see the dow down by about 45 points. the s&p off by five points, and the nasdaq down by nearly 20 points we have new fall-out this morning after amazon dropped its plans to build a second headquarters facility in new york city. contessa brewer is live in long island city, queens, with the latest on that story contessa >> reporter: a lot of hope dashed here in queens where there was supposed to be 25,000 amazon promised jobs coming here jobs that you were due to pay on average $150,000 a year. the politicians who opposed the fast-tracking of the amazon deal may have gotten more than they bargained for. political insiders tell me they were really pushing to get amazon to come to the table and sweeten the deal and then instead amazon just got up and walked away from the table this valentine's day announcement left no love lost

here in queens where neighbors turned against neighbors watch this >> where are you going to get that revenue that we're losing >> well, those neighbors shouted down the local leaders who have fought the amazon deal and were doing this victory news conference yesterday the shouting matches erupted among the pro and anti-crowd with lots of finger-pointing to go around and promises that political consequences are coming >> we have someone coming in that's going to funnel money into a community and grow. not just long island city. not just astoria, but queens in general. they made a big mistake. >> new york state governor andrew cuomo was an especially ardent supporter of this deal and helped broker it in. he had argued to these local leaders who were furious over the $3 billion or so in incentive that is were going to amazon, look, we may pay $3 billion, but we're going to get $27 billion in revenue in the end, though, this may not

have been a match made in heaven, because here it was, valentine's day, and new york city got dumped. >> so, contessa, what's curious about this and, again, this is not because of any position that i'm trying to take on this the issue is $3 billion worth of incentives were offered up those incentives were not a check that was going to be offered to amazon. these were tax credits, that sort of thing. we have -- >> and over ten years. >> and over ten years. we had folks like representative ale saying we could spend that money on other things, but that money is not there per se. how exactly does that sit with some of the local politicians right now? it's not like they can just cut a check to rebuild bridges for $3 billion right now >> the local politicians who fought this seemed rather stunned yesterday that amazon had just upped and walked away the local businesses who were koub counting on this as a rising

lifts all boats kind of thing is sorely disappointed. there's no replacement, other deal to get a trillion dollar company in here, and all of that influx of creativity and energy and everything that you get when a neighborhood gets revitalized. i want to point out, amazon says it will boost hiring in new york city it's already got some 5,000 people here. they plan to add to that they're just not going to have a big hq2 here the real question is what kind of a message does this send to other businesses who might be wooed into considering new york city >> contessa, the big question right now is what does amazon do next what's up next for the company what's up next for the city? how is it going to play out? >> yeah. well, i think amazon has made it clear in a statement yesterday that it's going to focus jest on the virginia headquarters and nashville at this point, boost local hiring here. for the city i think that we're going to have to see how this plays out politically speaking for those who voted against it,

whether their constituents turn against them, or whether this really was sort of a grassroots movement of the people who got what they wanted >> all right contessa brewer in long island city with the latest on amazon thank you very much. zpliencht coming up next on the show, facebook under fire. the social media giant could be su subject to a fresh multi-million dollar fine. plus, two pops and a drop. top entertainment stock on the move today we'll bring you those names. when worldwide exchange returns after this break met a burst pi. so grant met his insurance: you are caller number 12. which didn't quite cover the steinway. but what if he'd met pure insurance? owned by members. he'd have met: lisa, your member advocate. who'd introduce him to gustav: leave it to me. a temporary address,

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remember, those nvidia outlooks weren't so bad, and they pronounced a few weeks ago canopy growths reporting a third quarter loss due to higher operating costs and marketing costs. revenue surged up 283% as marijuana became legal in canada the company told more than 10,000 kill grams of pot and related products up from 2,200 kilos a year ago, but at a lower price per gram cbs's forecasresults missing forecasting. it topped eight million subscribers for its streaming platforms and expected to have 25 million subs by the year 2022 well, coming up next, dc drama, like we mentioned president trump planning to declare a national emergency and announce $8 billion for a new border wall. we are live in our nation's capital. that's straight ahead. plus, berkshire's big bets warren buffett's firm pulling

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a national emergency that's what president trump is planning to declare to get more money for a border wall. we are live in our nation's capital with the latest. u.s. trade talks with china wrapping up in beijing we'll bring you the newest developments on that front, and crude oil hitting its highest level of the year.

we're drilling down on that big move in oil. it's friday, february 15th, 2019, and you are watching world wythe exchange here on cnbc. ♪ baby, please don't go ♪ please don't go ♪ if i wake up tomorrow, will you still be here ♪ >> good morning, and welcome to worldwide exchange i'm dominic chu. brian sullivan is off today. what's happening out there bertha coombs has your morning headlines. >> hey, good morning, dom. here's what's leading cnbc.com at this hour high level trade talks between the u.s. and china wrapping up up in beijing. no immediate announcement from either side has been made. we're now closing in on two weeks until the u.s.-china trade truce expires. although president trump has said that deadline could move. amazon ditching plans to build its hq2 in new york city this comes as the company faced fierce backlash from some lawmakers. activists and union leaders. the company originally planned to build the campus in the long

island city neighborhood of queens shares of ceasar's entertainment getting a nice pop. this on a report that shareholder carl icahn is pushing the casino operator to sell itself. wall street jurm says it has been approached by two suitors, dug el dorado resorts, and gold nugget you might say carl icahn placing a bet there, dom >> i would say that's probably a good way to look at it bertha coombs, thank you for those headlines. let's get a check on the morning's other top headlines out of business. nbc's francis riviera live in the new york newsroom with the latest >> hi, dom good morning to you. mudslide warnings across the bay area were a monster storm has brought torrential rain and flash flooding dozens of homes north of san francisco have been evacuated out of concern for those mudslides. residents remain on alert. we have the weekend forecast calling for even more wind and rain now to the fight against the flu. word from health officials that

this year's vaccine is doing as good of a job as can be expected figures show the vaccine is 47% effective in preventing a flu severe enough to send you to the doctor officials say anywhere between 40% and 60% shows the vaccine is doing a good job a large fire ripped through a five-story apartment building late last night in fort lee, nnl new jersey, sending flames shooting into the air. the smoke could be seen for miles. officials say they believe the fire started in the basement and quickly spread upwards firefighters rescued residents from the upper floors escorting them down fire escapes 48 apartments were considered a total loss and 48 apartments next door had to be evacuated. three volunteer firefighters suffered minor injuries. so far no word on what started that blaze dom, those are your headlines on this friday morning. >> all right thank you very much, francis riviera with the latest there. we are following a major developing story out of the nation's capital president trump planning to declare a national emergency and announced $8 billion of funding for a new border wall. this as lawmakers pass a new spending bill to keep the

government open. eamon has more it's kind of complicated, but it's also very controversial take us through the reasons why. the national emergency declaration will let him access funds in the rest of the federal government that weren't necessarily appropriated by congress for the purpose of building a border wall the president said the grand total will be about $8 billion according to white house aides here's the breakdown of what we expect the president to announce today. that's money coming from congress the rest is going to come as a result of the national emergency degs declaration from different pots of money, including $600 million from the treasury's drug forfeiture fund. $2.5 billion from the department of defense's drug interdiction program. and $3.5 billion, that's the bulk of the national emergency

declaration there, from the department of defense military construction budget. now, under the law, the national emergency will give the president access to that money to do with what he feels is appropriate on the southern border as a result of what the president says is an emergency there. some republicans have been confirmed about the precedent this would set a u.s. president in the sense going around congress's intent on funding and accessing this money on his own republicans have worried that a future democratic president could use that for gun control or climate change or some other issue. democratic speaker of the house, nancy pelosi yesterday made that threat all but explicit in her reaction to the president's decision here's what she said >> democratic president can declare emergencies as well. the precedent that the president is setting here is something that should be met with great unease and dismay by the republicans. of course, we will respond accordingly when we review our

options. first, we have to see what the president actually says. >> now, dominic, i asked sarah hucka huckabee sanders what the white house is saying with regard to that precedent issue she said we'll just have to hope that there are no future kriess crisis on the border for a president to respond to. they're sort of brushing off that earn concern that a future president could use this for other purposes this white house very much focus odd getting this border wall funding and getting it right now. dom. >> eamon, maybe you and some of the viewers may remember the movie -- the presidential movie "dave. it had kevin klein and significant ownsigourne weaver dave met with his cabinet to find areas he could cut. this seems like an exercise. there is a legal implication as well

is there a question right now among democratic lawmakers that this is even something the president can do >> well, there's a question of whether the democratic lawmakers will get behind the lawsuit to try to block this, right this could be tied up in the courts for some considerable period of time here. we'll see whether the president can actually execute on it and get access to this money this year democrats up on the hill have said we'll wait and see, as you saw pelosi say in that soundbyte, we'll wait and see what the president does before we decide our course of action it seems likely that they will try to block this in the courts. in talking to folks over at the white house, what active done here in going through the buckets that i just laid out for you, they've looked at all the different pots of money in the federal government that they could get access to in a very dave-like exercise you know, sort of on the back of the envelope they've gone after the ones where he this think they the most bullet proof chance of surviving a lawsuit. the white house says they are confident they can run this gauntlet the democrats on the hill say,

wait a second, we're not so sure we might file a lawsuit. we'll have to wait and see how that all plays out maybe as early as this afternoon after the president makes this nounment in it the rose guardern at 10:00 a.m. this morning >> lots of d.c. drama. thank you very much for that -- all of that. it's a complicated one let's get the market reaction to all of this. joining us me now is ceo of commerce street capital, dori whily. this is not an easy thing to understand or comprehend with regard to how they're going to fund this or if it's legal or what the implications are for democratic lawmakers out there or the republican ones take us through whether or not this is something the markets really should be concerned about. this wall thing is relate to china. we separate all the issues here, but the negotiations over there are based off of how they view our leader and how strong he is. if he can't get a win against

the democrats, then -- or get his wall, then the chinese view that as a sign of weakness they will continue to play him and make promises, and string this out and look for extensions, skps that will be a bad thing for the market even with it is headlines we've seen late this morning, the dow futures are indicated to olympic down maybe 50 to 75 points at this stage does this mean that investors and traders are handicapping this with a little bit more skepticism >> at least the china perspective because we don't

know a lot of this delay is already built into the market. if you came out tomorrow and mnuchin said, hey, we got a deal with china, you're going to see a rally in the market. you know, if he comes out tomorrow and says we don't have a deal, and we have to extend, that's already built in. >> energy has been the two best performing sectors in the s&p 500. they were the ones that investors bought a lot of on the dip that we saw. is it justified given the outlook for the global economy with u.s. trade relations with china and what's happening with the u.s. economy >> well, i think it is you know, one of the things i've been pointing out is just looking at the dollar. a lot of people forecast a weaker dollar next year.

i feel that way about our stock market there are a lot of sect ors and throwing technology and financials as well they were very undervalued and still look good going forward. >> i can't let you go without asking a little bit about what's happening with amazon because it has business and political ties and implications to it. i guess it shows you there are consequences to electing certain congress people. they threw away a really good deal, and that -- they've really got to be looking at how to reign in that congresswoman. i can't believe she would let a

war against amazon when you would have had 25,000 really good jobs there. it doesn't make a lot of sense you got to hand it to them to say, hey, if you're not going to throw out red carpet for me, there are plenty of other places in america to go that's a very capitalistic thing to do, and i'm sure that goes against the socialist cortez >> it's a huge debate on both sides. no doubt, dory wiley, thanks for the thoughts on the market and everything else happening overall. >> coming up next on the show, berkshire's big move buffett pulling back on one of its top tech holings and adding fresh conditions to some surprising names we'll bring you those details. that's coming up plus, break out the dramomine because the trade turmoil and hitting the high seas. frank holland is live at the miami international boat show for us, frank, and i get grief for my assignments, but luxury boats has to be a pretty good one. >> hey, good morning, dom. you know, we are around a lot of luxury boats we're talking about something

very serious retaliatory tariffs. a big concern for u.s. boatmakers coming up, i'll explain how they're impacting the industry and why this year's miami boat show is especially important e tas mi uonngp worldwide exchange we're drowning in information. where in all of this is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you partner with a firm that combines trusted, personal advice with the cutting edge tools and insights to help you not only see your potential, but live it too. morgan stanley.

welcome back berkshire hathaway the firm acquiring a new position in software maker red hat and upping its stake in

general motors berkshire also boosted italy investments in many u.s. banks, including bank of america, u.s. bank corp., pnc, bank of new york melon, and jp morgan chase. meantime, berkshire dumped shares of wells fargo and united airlines as well it also dissolved its stake in oracle and decreased its holdings of apple stock. warren buffett's right-hand man charlie munger talking apple at an event yesterday in l.a. here's what he said. >> i don't know why apple stock is going up or down. i know enough about it, so i admire the place, but i don't know enough to have any big opinion about why it's going up or down recently part of our secret is that we don't attempt to know a lot of things we have -- i have a pile on my desk that solves most of my problems it's called the too hard pile, and i just keep shifting things to the too hard pile

every once in a while an easy decision comes along, and i make it that's my system everything is the too hard pile except for a few easy decisions which i make promptly. >> i am going to develop a too hard pile, i think that might be a way that i can sort my life out we are going to hear much more from charlie munger coming up later on this morning. he is sitting down with our own becky quick. be sure to catch that interview 7:00 a.m. eastern time on "squawk box" right here on cnbc. well, time for this morning's top trending stories bertha coombs is back with those stories. taxes part of this trending story. >> it's always difficult for most of us the tax man cometh for one florida man. tampa resident and self-described freelancer managed to scoop up a $980,000 tax refund after fraud lently filing his taxes the man claimed that he had

earned about $20,000 and withheld $1 million in income taxes. in reality, he earned just about $3,500 for the year and didn't withhold anything. needless to say, that raised all sorts of red flags at the irs. >> i'm surprised the money went out the door from the irs in the form of a refund >> this wasn't from his 2016 taxes. look how long it's taken for them to catch up to us >> i guess you could claim use of funds for almost $1 million worth of cash over the course of almost three years >> i wonder with all of that cash whether now is he going to have to pay income tax on that, right? >> you never p maybe zero interest rates plays into the part of that story. >> if he was smart enough to do that well, a super rare copy of super mario brothers just sold at auction for a record $100,000 the game is one of the very rare first cartridges created for the

nintendo entertainment system in the mid 1980s. it is still sealed in its original packaging the company that certified the game says it is the only "sticker sealed copy" in existence. >> i was just having a conversation with elizabeth cordova, one of our dot-comdigital managing editors, and he were with having this conversation about the video game franchises that we were most identified with, and we had talked about this. she claimd claims super mario brothers she could beat it so quickly that the game got boring for her. mario cart is different. this resonates more with me because it was so much a part of my upbringing. mario cart came along much longer -- much further down the line, but just remembering princess peach and bowzer and all these things i'm not sure i could pay $100,000 for it, but i might chip in a few bucks as kind of a consh consorti consortium >> that's what happened. now what happens if you all own it >> you can't just pay it

>> it won't be worth anything if you rip the tape off we all know that finally, did you have a nice valentine's day? >> we did. it was low key we didn't do very much we have a small child at home, so it's kind of like have a little take-out and maybe a little wine and that's about it. >> then go to sleep. >> there you go. >> well, kim, kanye, and kenny g are all trending this morning. ♪ >> kanye giving the gift of music to his wife, kim kardashian for valentine's day he hired famed saxophonist kenny g to play "somewhere over the rainbow" in a room filled with roses. >> i mean, that is something else i mean, first of all, nobody in my lifetime growing up has been more identifiable with a saxophone in that way as kenny g has. you know, clarence clemens maybe in the old e street band before he passed. this is a very big -- i guess

it's only something kanye could do for kim kardashian. >> well, or if you were a billionaire, you could probably arrange it and pay enough. >> how was your valentine's day? >> my valentine's day was very quiet. i was basically unpacking, doing laundry, and getting to sleep. really romantic. >> sounds like what grown-ups do bertha, thank you very much for that all those top trending stories well, let's turn now to trade. president trump may let a march trade china deadline slide, but that's not helping u.s. boatmakers who say that they are seeing major losses of revenues due to retaliatory tariffs on their exports to major markets frank holland is at the progressive miami international boat show with more on that story. this has a real world effect on producers of these crafts. right, frank >> they're hoping for an increase in domestic sales to make up for a loss of half a billion dollars in international sales. it's all because of retaliatory

tariffs in the european union. canada and mexico, that's where about three-quarters of u.s. exports and boats go the industry is also facing a similar tariff in china. we also sat down with the president of marquee yachts, a high-end boat maker. he said he lost 30% of his overall revenue in 2018 because his international customers just didn't want to pay that tariff he said if that continues in 2019 or the u.s. economy takes a downturn in the domestic sales suffer, he will have to make some dramatic business decisions. >> we'll be forced to maybe

possibly move some of our product development back i will not have the revenue to come up with 30% decline off of what i'm gaining in america. >> in dollar amount, how much revenue are you lose sng. >> it could be in the $25 million, $35 million range again, this season, the show more important than ever dom, back to you what are these boat companies going to do from an execution perspective to get those sales up i sew some boats that you could buy. on a serious note, they're trying to attract more millenials

right now the average age of a boat owner is 58 years old 20 years ago it was 48 years old. they're trying to attract younger boat buyers. they're also putting out boats that have lower margins. very different than what u.s. automakers are doing they're putting out lower market product and they hopefully build customers over decades >> all right, frank holland live in miami at the boat show. enjoy the rest of the day out there. a lot of news coming out for sure >> we will almost got breaking trade news china's official news agency says u.s.-chinese trade negotiators will meet next week in washington. stock futures moving into positive territory we were down by 100 points just in the last hour now we are indicated to open up 12 points -- one point on the s&p, 12 points for the dow, and the nasdaq down by about 2 points as well well, coming up next, crude rates. oil prices seeing a nice pop

we'll see what's driving up that icg gain in oil. stk with us. worldwide exchange will be back. imagine traveling hassle-free with your golf clubs. now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks.

. well, the trade talks will continue in washington next week he also had said that the two sides had reached an important step by step progress in the latest trade talks and in terms of his approach, he says that the chinese are willing to adopt a cooperative approach to resolve and promote an agreement that's acceptable to both sides. there was one other interesting sentence that he added on there. it's just that the cooperation is principled, and essentially it means that china also has its bottom line. dom. >> all right, eunice, thank you

for that big breaking news out of china and u.s. for the trade talks let's bring in helena croft. you just heard those headlines trade has been a big part of the oil trade for sure take us through what you're thinking right now >> i mean, the fear of a china slowdown has been hanging over this market. any progress on trade talks will be supportive for oil. i would argue that the demand story has been the biggest psychological head wind for oil this year. >> so if it's china trade, where do we see brent crude wti trending if we see these incrementally positive headlines coming out >> we see them trending higher i mean, the big story this week was a decision to take their production below ten million barrels. they're basically saying we are going to balance this market if we have to by ourselves. there have been real questions after the last opec meeting about what was the resolve of saudi arabia to do this. will president trump call the saudis and say waback off i think the saudis are showing

their determined to do this. >> what is it we are missing about the trending crude that could send prices higher or lower out of the range >> i think with the head wind, again, it will be something about the global economy a sense of a slowdown that would impact demand. in terms of the up side for oil, i mean, really watch the fact that we have two opec countries now under sanction we have iran under sanction. very complicated for them to sell their barrels they've lost about $1.5 million of exports venezuela under sanctions. the administration is now signaling not only will the u.s. not be able it take those barrels from venezuela, but potentially they may pursue the secondary step of saying to foreign countries, don't take venezue venezuelan barrels either. if we target india, china, that will tighten this market as well >> just a couple of seconds left in the show. where is brent crude in the next five to six months >> i mean, we see brent crude for this year, you know, averaging $68. could it go higher based on supply disruptions absolutely >> all right thank you very much for that

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president trump expected to sign a new spending bill, and then plans to declare a national emergency. raising the stakes in the border wall funding battle. the markets watching for any developments on the u.s.-china trade talks after officials wrap up two days of negotiations. that's a big deal. the first thing i said was a big deal, and then this. amazon versus the empire state the company killing plans to open up headquarters in new york city let the blame game begin andrew is unhinged on this

"squawk box" begins right now, though ♪ live from new york, this is "squawk box." good morning and welcome to "squawk box. we're lamenting the loss of amazon kelly he have arnz is with us this morning becky quick is in los angeles. she's going to join us just a little later from now. she has a huge one-on-one interview with berkshire hathaway vice chairman charlie munger one who never holds back and always makes news. let's show you the u.s. equity futures at this hour the dow looks higher just a little bit higher ab