it is 5:00 a.m. here at cnbc here's your top five at 5:00 they broke the deal. the whole deal global markets reacting, and futures falling as president trump blasting china in a fired up speech overnight. the president's comments come as high level trade talks kick off today in d.c. we will take you there live. disney, they delivered, but it's not just movies that are superheroes for the company. why your kid is also powering earnings the countdown is on. uber expected to price its ipo tonight. magic number you need to watch and bitcoin just did something it has not done since before thanksgiving what that is on this thursday, may 9th, as worldwide exchange

begins right now. breaking news. north korea just firing what south korea's military is calling a unidentified projectile it is still unclear if this was a missile or not it is the second time this week that north korea has apparently conducted such a launch. details are early right now. we will bring you more as we get them now back to the story that is captivating the country and investors around the world trade. president trump blasting china at a rally overnight in florida talking tough and sending stock

futures lower. >> they were in the middle and came back last week and marked up pretty much everything china had agreed to marked out. we won't back down until china stops cheating our workers and china is going to stop that's what's going to happen. otherwise, we don't have to do business with them we don't have to do business we can make the product right

here if we have to >> to try to even that $378 billion trade imbalance. those high stakes negotiations get underway today, and the u.s. trade representative has said if china comes back to the table and fixes everything that they road back on, they'll stop the tariffs. otherwise, we're looking at a continuing trade war brian. this koomgt on top of a waenging market the s&p 500 and nasdaq are down three days in a row coming into today. dow futures off 108. the bond markets also remain nervous. the ten-year yield still under

2.5% right now we are at 2 .45% on the other side of the trade deal and on the other side of the world china shanghai index losing 1.5% overnight. the hang seng down nearly 2.5% japan falling as well. off just under 1%, and a lot of red across the screen in europe as well with a major market there down the red not stopping at stocks either now, oddly, oil is lower because despite all the rising threats around iran, there is more concern about the help e health of the global economy if the trade war continues to escalate. that would reduce demand for oil. we do right now have ample supply crude oil down half a percent. gold up about 3/10 after more than a year of debate argument, blame, and tariffs the markets may finally give a resolution on the china trade conundrum. maybe. or we could get an escalationing of tensions and higher tariffs

that would send the american economy into recession faster than many believe. joining us now is james lu, founder and head of research at clear-nomics 19 hours to go you get a deal do you think we get a deal tomorrow >> our best case is that a deal will eventually happen >> eventually. >> but the challenge for markets and investors is that, you know, over the last year even over the last two years with the threat of trade escalation, we basically have been watching this very public negotiation happen in real-time. obviously, it's basically, you know, a soap opera that we're seeing with the market swings in each direction >> multi-year soap opera >> right now the plarkt is focused on tariffs i think it's important to remember that the issue with what's happening with the negotiation is when a short-term market reaction. the question is not whether or not tariffs will be put in place. we do have them already. these tariffs were already supposed to rise to 25%. that was delayed.

>> those are goods in shipments. in other words, if it takes three to four weeks to get from a port in china to here, the goods on those ships will be immune from the tariffs. in other words, maybe that buys the president trump and president xi a couple more weeks before the impact on consumers is felt. >> there are certain technicalalities we're talking about a couple of hundred dollars in goods that's the bigger question the other issue for investors, too, is that this is something that's going to rattle markets for quite some time.

even if a deal is put in place, the questions are enforcement, around monitoring, around intellectual property. the beggar underlying core issues of this negotiation that's not going to go away any time soon. i think the key message to investors is, look, this is a source of short-term volatility. yes, you know, the last few days have been -- the market has been rattled by this. this is an -- this is a short-term market reaction not a long-term economic issue >> would a 15% jump in tariffs, james, on $200 billion in goods, about $30 billion max, would that have the power to send the economy into recession >> we think the answer is no the question isn't does it hit the economy directly it wouldn't. it basically gets balanced out throughout the economy, and we're talking about tariffs on chinese goods coming in, and so,

you know, again, there's a balancing effect the issue is really, you know, does that -- would that basically throw us into a recession of some sort, and answer is probably no. >> let's put that into perspective. maybe the best way we can. a $30 billion jump in tariffs is approximately three hours of federal government spending. federal government spends about $10 billion an hour. you look at that and put that through. so you are saying a couple cents increase may be on goods for all americans across the year is really what we're talking about. not defending the tariffs in any way. that is not a no with wages on the rise and economy pretty strong to hurt us >> it's important to put into perspectives one is on the overall economy. it's really, you know, ultimately negative for the global economy, but it's not enough to send us into a recession of some sort the second piece is on individual companies obviously this effects those who require, you know, foreign made

goods, foreign manufacturing, foreign imports a lot more than those that don't you look at where stocks have been trading obviously, over time this could affect areas like technology a bit more because, you know, a lot of these inputs are produced elsewhere, and it may affect large cap stocks, which we've relied more on international revenue sources rather than let's say small cap stocks >> we think they should look through economic impact. >> let's look through the second derivative the president is not just threatening 15% jump in tariffs on 200 billion he is threat nipg new 25% tariffs on another 300 billion which should effectively be all the chinese imports. we import, what, $5le 0 a year in goods we don't sell that much to them. we import a lot more if we got a 25% tariff on

everything we import, then what? >> then you start seeing issues. it's not just those additional tariffs on the majority of chinese imported goods, it's the row taltory impact you would have from china who would also start escalating tariffs on our exported goods then you have a real escalation in trade wars, and that is sort of the left tail worst case scenario that the market is trying to figure out how to price in right now we do see that as a possibility. obviously, that's been a possibility for two years. we just do not see that as the most likely scenario they are having trade talks in d.c. this week clearly, both sides have shown goodwill of these negotiations even just last week -- >> you think so? goodwill >> there's been goodwill >> there's a lot of rhetoric on the campaign trail, like last night, and let's not -- let's be clear, that is the campaign trail. >> that's right. >> you think behind the scenes there may be more hand shakes than harsh words >> we think so the underlying economic realities of both countries is they do want a deal to get done.

you know, obviously there's lots of issues underleague that, but if a deal can get done, then hopefully that will calm the markets and reduce another source of uncertainty for investors. >> thank you very much >> thanks, brooen. >> appreciate that >> coming up, getting lit. the one u.s. stock losing half its value overnight. plus, a bitcoin break-out. the crypto doing something it has not done since thanksgiving. we'll be the force with disney investors or has star wars fatigue finally set in a deep dive on disney's big quarter next dear tech... you've been making headlines. smart tech is everywhere. but is that enough? i need tech that understands my business. i need tech that works at scale. dear tech... dear tech... dear tech... we're exploring quantum to develop next generation energy. we're using blockchain to help make sure food stays fresh. we're using ai to help create more accessible health care. we're using iot to create new kinds of digital wallets. let's see some more headlines about that. let's expect more from technology.

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>> welcome back and good morning. 5:13 achl eastern time the sun is not far off the weather finally getting warmer potholes are being filled on the turnpike everything is looking up welcome back let's get you caught up on some of the morning's other top movers frank holland joining us now with your stocks to watch. good morning, mr. holland. >> hey, good morning, brooen as you mentioned, right before in the break there is one stock that's really getting licked today. more on that in just a second. first off with soft bank japanese conglomerate says the full net year profit -- i'm sorry. full year net profit rose 36% driven partly by the higher valuations of the tech bets made by its $100 billion vision fund. those investments include uber soft bank also announcing a two

for one stock split. etsy's first quarter earnings beating forecasts. revenue rose 40% on growth from services and its marketplace, but sales were just shy of analyst estimates, and etsy shares, they are falling this morning more than 7% now to the owner of that mystery chart. stamps.com really getting crushed, losing nearly half of its value. the mailing and shipping company is lowering its revenue forecast for the full year. in february stamps.com announced it had ended its exclusive partnership with the u.s. postal service after nearly 20 years. brian, back to you >> frank holland thank you very much.

later on, we are going to make you smarter about trade why it may be more important to focus on mexico city than with beijing. stick around ♪

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it's 5:18 a.m. the other side of that trade debate, that is a live shot of hong kong. i think that camera is in causeway bay, to be honest with you, looking at the financial center there you can see the tall buildings well, the countdown to chinese tariffs is on. new developments this morning in the case against chinese tech firm huawei. the company cfo appearing in a vancouver, canada court as the united states seeks her extradition. >> away we saw in court was really huawei's lawyers going to the front foot and take the fight to the brgs. what they seshlgly laid out was a defense for huawei's cfo, and

they said the extradition case should be thrown out the window, and they laid out a few reasons why. the first was that they argued this was a case that has become of political nature, citing coercive comments from president donald trump they didn't specify which comments, but donald trump has made comments saying he could intervene in this case if it formed part of a u.s.-china trade deal they argued that the arrest violated her civil rights. they called it unlawful, and they allege that her phone and personal computer was detained, and her pass words were requested as well. they say that space is for this case to be thrown out. the third reason is they cited the extradition agreement between canada and the u.s. and said actually this case does not fit the bill because of a ruling there which they call double criminality. essentially saying that what she's alleged of having to have committed may be a crime in the u.s., but it's not necessarily a crime in canada, and, therefore, this extradition hearing should not go on.

this is something that -- as the pressure begins to stack up against huawei bough. >> what has been the global reaction to this story >> i think it seems to be slightly separate from what we've seen in the 5g battle. you know the u.s. has been pressuring other countries to block huawei from 5g the likes of australia and japan have followed suit it seems like a lot of countries want to romaine separate from this case. huawei has tried to stay separate and not be dragged into the politics of this all.

>> on a separate note, you have been in china, really the manufacturing and export hub of china now. arguably for a couple of weeks, getting ourgt new studio set up. i hope to visit you someday soon. >> the government in particular

they're trying very, very hard to get in foreign businesses you see a few you see foreign businesses set up around the area, and they're trying very hard to switch this, actually, from not just a manufacturing, but switch it over to a technology hub there's a lot of discussion here about trying to bring in foreign technology companies to do work here i think that was a manufacturing hub, and the switch is to become a tech company much like shen zen has become >> argen, many happy returns, and we'll see you a lot here on worldwide exchange from those studios. thank you very much.

>> he was shot and killed after lunging. it was his bravery and selflessness that saved the lives of countless others. a wave of grief watching over the community as police try to piece together why this happened heavy rain and powerful winds wreaking havoc across the south. three people and a dog lucky to be alive in austin, texas. the police department releasing this dramatic helmet video showing officers helping to pull him to safety after their car got caught in fast-moving floodwaters. they were being pulled back by a raging river and tragedy avoided thanks to an alert school bus driver. samantha call grabbed that student's jaktd and pulled him back from the door just as that car was speeding past. samantha says her years of training kicked in and that looking at her mirrors had become second nature to her. she's been working as a school bus driver for six years now, and admitted that something like this happens almost daily on her route. just a frightening thought,

brian. back to you. >> it certainly is by the way, just from everybody here at worldwide exchange to the family of kendrick castillo, their son is a hero, and i hope he is resting well in heaven thank you very much, phillip >> well said still ahead, gearing up for a big debut. uber expected to price its ipo tonight. will lyft's woes and the china trade fight, though, slam that hotly anticipated debut? first, the clock is ticking. new tariffs on china kicking in in 18 1/2 hours. will america and china be able to hammer out an 11th hour deal or will you be paying more with everything you buy at the store? we are live in beijing coming up servicenow put our workflows in the cloud.

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>> they broke the deal >> they broke the deal the whole deal president trump blasting china in a fired up speech overnight saying china is stealing our jobs that is sending stock futures down again trump's tough talk on the eave of arguably the most important day if deal negotiations will that scuttle the art of the trade deal by the way, disney, they delivered, but it had nothing to do with the avengers it has everything to do with your daughter. uber's ipo, will it need a lift? why the biggest new stock of the yoer may be coming at exactly the wrong time and is bitcoin back? what it did that it has not done since thanksgiving it is thursday, may 9th, and you are watching worldwide exchange right here on cnbc

>> we just keep on dreaming. >> wrk from wherever in the world you may be watching. a good thursday morning. the clock literally is ticking in about 18 1/2 hours from now, a new round of tariffs will kick in on chinese goods. we raise it by 15% on 200 billion of what we import. >> it's getting the attention of the commerce ministry. the commerce ministry responded today saying that beijing opposes unilaterally imposed

tariffs and will not succumb to any pressure this came after a statement that the customers ministry issued earlier threatening to take necessary counter measures if the u.s. imposed the new tariffs. now, the hard line stance gives us an indication of how the chinese negotiators will approach the trade talks today the chinese delegation has arrived. now speaking earlier today to a source of mine who is very familiar with the chinese way of thinking he wouldn't give me any specifics as to what concessions of the chinese vice premier might bring to the table, but he did say that the vice premier would be looking to clear up any misunderstanding, possibly seek a lifting of the tariffs or at least not to have them imposed, but he also reminded me that china believes that any attempt to try to change the political system here or the economic model here is seen as an infringement of chinese sovereignty. now, view has been demoted he no longer has the title of

special envoy of the president that could mean that he is on a tighter leash when it comes to making any sort of compromises. >> greater fire inspections, licensing delays, custom checks as well as aint monopoly probes. brian. >> do we know, eunice, why lee was downgraded. >> not -- no not necessarily. i mean, it hasn't been explained at all, but the commerce ministry did say that sending the delegation, which, of

course, includes him, was a sign of how sincere china is in trying to dpet this trade deal done, but what was interesting when i was talking to my source, he actually said that the vice premier was also being sent because there aren't that many modes of communication between the u.s. and china anymore he was telling me that in the past several different layers of government officials on the working level would be meeting very regularly, but with this administration, and he said for the past year or so, that has dramatically changed he said that another message that the chinese are sending when they send him to washington is that they want to still have at least this one channel of communication with the united states >> it's really amazing, eunice we've been talking about this gentleman for weeks now as maybe being the lynch pin in the negotiations outside of president xi nobody more important than him, and all of a sudden he gets the downgrade on the eve of the

talks. really interesting development eunice, always interesting thank you. >> just a reminder, tariffs on $200 billion in goods imported from china moved to 25% from 10%. it's also important to note that many reports suggest that the tariff will only be on goods that have yet to be shipped. in other words, anything that is being loaded on a boat right now or is that in the pacific ocean or the panama canal may not be tariff once it hits the shore. why is that important? because it gives about a two to four-woke grace period on those higher prices working their way through the american economy joining us now is lind >> here or globally.

sternl one of the big deterrents to what is happening in terms of exports and imports is the world's two biggest economies, the two biggest traders imposing taxes, tariffs on each other's goods and services i think what we can't estimate at the moment is how many deals have been impacted as well investment, of course, is something we don't talk about enough if you were uncertain about whether the u.s. is going to restrict investment and china is going to do the same, that's going to put off businesses thinking about supply chains we won't get an indication of that probably for a little while yet. to me that's another big impact we should be looking at. the final one is how many m&a deals didn't go ahead this year because big multi-nationals were unsure if they would get anti-competition approval by both china and the united

states remember, qualcomm steel to buy nxp $55 billion suffered because the chinese withheld permission for that big m&a to me the investment and deals, that's the bigger longer term impact we've yet to see, but we already see an impact in terms of global trade. >> yeah, true, but are you surprised at all, linda, that given the tariff fight and the trade fight and brexit and iran tensions, are you surprised the global economy is doing as well as it is should we find solis in that fact the patient is up and walking around the u.s. has a pause on interest rate in the euro zone. there's already been counter cyclical monetary policy measures easing of liquidity. same with the bank of japan. of course, they've been easing for quite a while. jap app as well as china has done a fiscal stimulus

expanded spending at the beginning of this year all of that is counter cyclical measures intended to cushion this global downturn in fact, expectations are provided the trade war doesn't get much worse, which, of course, we can't really count on before it gets better. there is some support for the fact that we're doing all right despite all these tensions >> are we the baby bird in the nest, and the fed is the mama bird feeding us the worm and keeping us afloat. are global central banks the ones who are in charge >> normally when you have a cyclical down turn, you would look to monetary policy to do this, and i think the big question for everyone is weather there's any fire hour left in central banks, and i think the mama bird, the fed by the pause in easing, although little conflicting signals coming from the chairman, of course they

have actually done enough tobacco dative at least for the moment i think the real firepower is actually coming from central banks which are willing to ease, and that's why i mentioned the ecb here in europe, the bank of japan, and as well as the pboc, the people's bank of china what's different this time and maybe i don't want to say this too soon, because of the cyclical downturn gets worse because of the trade war will fiscal policy come into effect will governments be willing to spend and borrow to spend to right the business cycle the success is i'm not sure that china and much of europe is china is >> china is. remember, there's a down side to how china does fiscal stimulus they're doing tax cuts, which

should help households and firms, but it's not clear whether or not the tax cuts, especially for firms, and the credit easing, is going to the right firms. in other words, it could go to state-owned enterprises, one of the points of contention, of course, in the trade war that could create a debt problem later on in fact, that's probably when we're looking out to see what is going to happen with the u.s.-china trade talks that's the one thing i think i'll be looking for, which is the u.s. really wants -- china will stop subsidies, the state-owned enterprises and create into its own market, and that is something that chinese are backtracking on. in many ways that's surprising because this is what the chinese said they were going to do to improve capital indication within its own economy and i suspect the downgrading, the conversation you just had, is because he probably promises in previous negotiations went back to beijing, ask beijing said, actually, we're not going to

engraij grain law changes that's going to change our economic model. that's a step too far. to me that's something to really watch out for. that may be why the talks this week don't make progress changing chinese laws is a whole other thing than negotiating greater market access. >> amazing getting a downgrade linda, always a pleasure to have your views thank you. we'll see you soon >> joining us now to talk more about all this and what it peenz for you and your money is chad morganlander of washington crossing advisors. i don't know did you like my bird analogy

overall it's still a strong start to 2019. put everything in context. i get it has the recent move, the skittishness, the nervousness of the market made you nervous? >> didn't make us nervous, but we do believe that the equity markets are somewhat overstretched or over valued at this point we are in a lower return environment. what will happen here is if this starts to escalate, they'll have to reduce, and this is the imf and market participants reduce the expectations for global trade for global growth as well as perhaps s&p earnings. there is a major impact this could have on investor sentiment. >> i feel like you're a guy that

owned a car wash that just said he prefers dirty cars. you are a stock fund manager, and you just said that the markets overall are overvalued >> we look at consumer staple companies. the health care companies have gotten really beaten up over the course of the last three months. >> are you a buyer into that weakness >> we would be a buyer into that weakness also, we would be investing in bonds if you are a balanced investor >> treasury bonds or corporate bonds? >> treasury bonds, and high quality corporate bonds. >> you and the central banks are the buyers of all that government debt. >> this thing could escalate where this 15%, 16% return within the u.s. equity market could dissipate. you could see a 5% to 7% retrenchment in a quick rapid way. >> which, listen, jim cramer has been calling for that. by the way, many people would probably welcome would you welcome that

it's okay if stocks employ down. it's healthy >> i think people are conditioned to buy because they think that the federal reserve will protect them. when you have interest rates so low here in the united states and negative interest rates across the globe, that is the perfect recipe for asset inflation where, that doesn't necessarily mean that that's the most prudent course of action by central banks. >> we'll leave it there. health care stocks, treasury bonds. >> and consumer staples. >> great stuff good to see you. >> on deck, we're always talking about how companies make money, but not next we're going to show you how uber loses so much money. don't call it a comeback bitcoin just did something it has want done since you are washing down mom's turkey with a nice zinfandel on thanksgiving we'll tell you what that is next (client's voice) remember that degree you got in taxation?

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made with ingredients you can trust. for a smile that's a true force of nature. new burt's bees® toothpaste. skbrienchts uber, it is expected to price after the bell tonight. uber is coming to the market as a company that is not profitable and likely won't be for any time soon forget asking about how uber makes money.

we wanted to find out how uber loses so much money. deirdre bosa has that. >> reporter: uber is a classic two-sided marketplace. it connects drivers to riders through its app. for each ride a portion goes to the driver and the rest goes to uber. >> it's investing in moon shot projects like e-bikes and scooters, even flying attacks. ultimately, uber wants a piece

of every passenger and public transportation mile traveled globally what it calls a $5.7 trillion market opportunity >> by the way, another company that is not profitable that does the same thing is lyft uber's rival it's had a rough go since going public in fact, that stock down again this morning lyft, another all-time low since its ipo in march at $52.50 right now, down .7%. well, bitcoin is doing something it has not done since november it is moving above $6,000 per coin bitcoin up 105 to 6,045 right now. if you have not been paying attention, listen to this. bitcoin is up 60% this year and more than 12% this weeks e week alone. bitcoin is dead. long live bitcoin.

>> edgewell is the parent company of schik razor, and it's offering cash in stock this would mark the second mega deal in the shaving world. recall, a couple of years ago unilever bought dollar shave club for $1 billion. all right, coming up, deal or no deal president trump blasting china's speech overnight people cheered, but will that tough talk sink the hopes of a last minute deal forget beijing why it may be more important to focus on mexico city when it comes to trade your morning rbi going to make you the smartest person on trade you know in the office today promise. we're back after this.

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dear tech... you've been making headlines. smart tech is everywhere. but is that enough? i need tech that understands my business. i need tech that works at scale. dear tech... dear tech... dear tech... we're exploring quantum to develop next generation energy. we're using blockchain to help make sure food stays fresh. we're using ai to help create more accessible health care. we're using iot to create new kinds of digital wallets. let's see some more headlines about that. let's expect more from technology. let's put smart to work.

>> that would value uber at roughly $80.5 billion if it does price on the low end of the range. disney topping wall street expectations last quarter. the company seeing strong growth in its direct to consumer offerings. theme parks also hot all this ahead of disney plus, their streaming service, coming out later on this year remember, the avengers end game movie, the biggest movie of all time, is not in this quarter it will be in the second quarter numbers. disney shares are actually down .2%.

skbro we won't back down until china stops cheating our workers and stealing our jobs, and that's what's going to happen. otherwise, we don't have to do business with them we don't have to do business we can make the product right here if we have to like we used to. remember leak like we used to. >> let's bring in mr. chicago himself, jimmy, director of -- all i can think about is bluto from animal house. they took the bar. the whole bar.

anyway -- >> was it over was it over? not i not over -- >> when the germans bomb pearl harbor >> where he going to deal a deal maybe this is all part of trump being trump, manny being manny >> this is the interesting part. whether everything was really falling apart or whether trump was posturing just for the negotiation, they would -- it would look exactly the same. really, we know nothing. deadlines don't matter to anybody. everybody just stloez them out we have to decide this by then, and then we have to decide somehow miraculously we kick it down the can for three more months the entirety of this thing, and this is from fundamental is that he realizes that china is dragging their feet for political reasons. they're hoping that the closer we get to the election, the glimmer of hope that they're going to be negotiating with a different administration.

>> it actually happened before that to me it seems like the market spulz back to around the 28, 25 level. i'm talking about the s&p futures. whereas where we broke out of, you know, it's a very significant level.

if the china trade deal is heating up north korea. there are other things that are going on the fed is not going to be quick to talk tough again. stocks probably go higher. >> okay. coal it's up today. do you think it's a short-term haven, or is gold a real buy here we never talk about gold >> gold has been in a five-year range from $11.50 to $13.80 and has done basically nothing i don't even understand necessarily what gold is anymore. in moments of safe haven, trade people rush to treasuries. they don't seem to rush to gold anymore. i don't know why gold is in my big question mark list i'm not even sure right now what it is. >> well, it's maybe some kind of a currency very quickly here, jim, as a level you're watching on the markets, s&p three-day losing streak, what's the level >> 2825 i'm going to start to

get back in. i think then, again, i think it's going to be a fed trade, which to me, and i hate banging this drum because i always do, but i think tend of the day the overarching theme is that rates are low, and the fed is scared of asset prices going lower. >> given that maybe we should be more focused on ottawa than on beijing. something else to think about. random, but interesting. we're seeing dow futures down

right now just over 100 points "squawk box" going to pick up all the coverage 18 hours of the trade deadline and tifarfs see you tomorrow "squawk box" is next ♪ ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. thank you. there is reward. beyond the classroom... there is inspiration. ♪ ♪ beyond work and life...

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zpliefrmts china broke the deal. president trump warning that beijing that the united states is not going to back down on trade talks. today is the day it's what's being called the most anticipated public offering of recent years. uber is set to price its ipo after the bell disney shares getting a pop right now. the media giant posting better than expected quarterly results. benefitting from strong theechl park performance it's thursday, may 9, 2019 "squawk box" begins right now.

>> welcome to "squawk box" here on cnbc. we are live from the max market site in times square i'm becky quick along with joe kernan and andrew ross sorkin. let's get to today's top market story. of course, that would be trade president trump speaking at a rally in florida last night. he talked about his threat to raise tariffs on chinese goods as soon as tomorrow. >> by the way, you see the tariffs we're doing, because they broke the deal. they broke the deal. they broke the deal. so they're flying in the vice premier. good man but they broke the deal. >> the global markets continue to follow the trade fight very closely with u.s. equity futures