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that looks like it would open about 40 points lower. the nasdaq just fractionally higher. right now we want to take a look at some of the biggest gainers and laggards on the nasdaq 100. we're going to start with the gainers right here. at the top of the list is actually microchip tech moving higher on some layoff news. just announcing some layoffs. global foundries astrazeneca analog devices and workday rounding out the top five. then the other side of the coin the nasdaq 100 laggards. taking a look at those you see strategy formerly microstrategy of course right here at the bottom down almost 1.5%. this stock often moving in sympathy with bitcoin. we continue to see bitcoin under quite a bit of pressure. tesla shares down more than 1% exxon, lululemon and baker hughes

rounding out the bottom five. big week for consumer data and retail. lululemon shares down three quarters of 1% going back to yesterday's sell off, also pushing tech, materials and energy 10% below their 52 week highs, also known as correction territory. you're also seeing consumer discretionary and the russell small caps also in correction territory. we continue to talk about the pressure on the markets. you're seeing these five parts of the market again moving 10% below their 52 week highs. we also want to do a check of the etfs that are tracking the countries at the center of the trade war. again, 25% tariffs on canada and mexico, those going into effect today, plus an additional 10% tariff on chinese goods. taking a look at these etfs right now we're seeing the macd actually moving higher up 1%. the iww that tracks mexico down a quarter of a percent. the canadian etf actually moving higher up a third of a percent right now. the president also announcing agricultural tariffs that will begin on april the 2nd. take a look at some of the moves here. take a look here. this is an etf the dba that

tracks soybean corn also other agricultural commodities. you see that's actually up right now up one 3.75% corteva shares pulling back a third of a percent. but actually seeing some other agricultural stocks moving a bit higher right now. vital farms, one of the biggest egg producers. those shares up fractionally right now in the pre-market. however when it comes to the market's volatility, that still remains elevated. with the vix hitting its highest level in two months. you're seeing the upside moves right here all the way back here. last time we had volatility at this level right now the vix at about 23. we'll continue to look at the moves of the vix as we see this kind of disruption when it comes to the markets from tariffs. and this morning we're also watching treasuries. with the ten year yield sinking below 4.2% for the first time since december. looking at the benchmark right now we see the benchmark at 4.16. we continue to see downside moves when it comes to bonds. as investors, they kind of pile into bonds for safety. also, a lot of talk about concerns when it comes to economic growth moving yields lower. and we're seeing a similar story for gold investors that continue to pile into gold.

again, another safety play right now, gold up three quarters of 1% year to date. gold up over 10%. and also we're seeing a move away from risky assets bitcoin and most of the crypto complex giving back the gains after that trump crypto reserve announcement. bitcoin now at its lowest level since before the election. bitcoin of course another trump trade. we're seeing bitcoin pulling back two and a third of a percent ether down more than 1%. solana and litecoin, both of them pulling back more than 5% right now. and we've got to look at the energy markets. oil also on the move on new growth fears, as well as the decision from opec plus members to move forward with a plan. april output boost. taking a look right now wti the u.s. benchmark pulling back just about 1%. brant crude being hit harder down one and nearly a quarter of a percent right now okay. that is your setup. let's now turn back to those tariffs retaliation and the start of a new global trade war with president trump's tariffs against allies and adversaries moving forward and him trying to move his agenda forward. those new tariffs are coming, despite

warnings from economists and money managers that tariffs will lead to higher costs for consumers. our own megan costello and eunice yoon, they join me now with the very latest from d.c. and from beijing. megan, good morning. let's begin with you. >> good morning. frank. busy morning. this is trump's most aggressive trade move yet, far bigger than anything we saw in his first term. and i'll say there was a lot of hope and even expectation that we would not get to this point, that we would see another delay before midnight. but as of 12 a.m. this morning, the 25% tariff on mexican goods, 25 on canadian goods and 10% tariff on canadian energy are all in effect. plus that extra 10% on china. so this covers well over $1 trillion in trade. and that's before you start to count in the retaliation. and it upends not only what has been decades of open trade across north america, but it also tears up president trump's own north american trade deal that had been a signature accomplishment of his first term. now, all three countries are preparing to respond.

canadian prime minister justin trudeau called the move unjustified. he vowed not to let it go unanswered. canada has now put out a list of $155 billion in u.s. exports, mostly consumer and agricultural goods, that it's going to hit with 25% tariffs. some took effect immediately. some will kick in within weeks. we could also see some non-tariff measures from canada as well. ontario's premier is threatening to cut off exports of electricity and nickel, and potentially to end contracts with elon musk's company, starlink. now, we do expect to hear from mexico's president at a news conference later this morning. but, frank, i would say the big question for today is whether we hear anything more from the white house and whether a strong market reaction like we're starting to see so far, whether anything like that could lead trump to potentially pull back. frank. >> yeah, a lot of questions about how this develops. megan, i know you're going to stay on top of it. great reporting on this story. thank you very much. now we want to turn to the

response from china. we have our eunice yoon who's live in beijing. eunice good morning. >> hey, frank. well, the chinese government had threatened all to take all necessary countermeasures. but it looks as though even though we're getting a lot of noise, that at the end of the day, these countermeasures are relatively mild. so the main target is the agricultural sector of the chinese government announced 10 to 15% tariffs on u.s. imports of soybeans, sorghum. beef, fruits, chicken, wheat. all of this is going to start on march 10th. in some cases, china is a major buyer of these goods. say for example, with soybeans as well as for cotton. and during trump's first trade war, during his first term, the chinese had taken some similar action where they reduced the purchases of agriculture. a lot of that was seen as a way to make a political move by the chinese and target trump supporters. this time, the chinese have also imposed various restrictions on

25 companies. so these are mostly defense related and don't have sizable businesses in china. but ten were added to the unreliable entity list, 15 added to the export control list. and then another one. aluminum is probably the most interesting. this is a biotech company that was hit by the black list in february, after trump's first batch of tariffs. it now is going to be banned from importing it's gene sequencing companies a machines and frank, just in the past hour during your show, the chinese also said that they're launching a probe into u.s. fiber optics here, alleging that the u.s. is attempting to circumvent some of their anti-dumping measures. and they also said that they said that their customs folks have targeted or noticed tainted u.s. soybeans and are targeting three companies. so a lot of noise,

but still not necessarily meaningful at the end of the day. >> are you live in beijing? eunice, thank you very much. joining me now is ambassador michael froman, former u.s. trade representative under president obama, former deputy national security advisor for international economic affairs and currently the president of the council on foreign relations. ambassador, good morning. thank you so much for joining us. >> thanks for having me. >> ambassador, you have so much experience with these issues. the former u.s. trade rep i just want to get your take so far on the fact that we did see these tariffs be enacted at midnight today. a lot of people thought it was just a negotiation tactic. and also the response from some of these other nations. >> well, look, i think president trump has made clear that he very much likes to use tariffs as a tool, not just for economic policy, for broader foreign policy. and tariffs can be a source of leverage. they can be a source of revenue, and they can be a way of encouraging companies to move their production to the us. i think the question right now is right now, things have become more expensive for american consumers

and for american manufacturers who import inputs into their manufacturing process from other countries. for example, in the auto sector, the north american auto sector is a fully integrated sector. a car parts may pass over the border 7 or 8 times in the making of a car. now each part is going to be subject to tariffs. each time it goes across. that's going to raise the price of american cars and make them less competitive. and then you've got the issue of retaliation. as your reporter noted, china, all the countries are preparing and are announcing retaliation lists in trump one during the first trump administration. the trump ministration collected about $70 billion of revenues from china, and 92% of that went to pay off the farmers. the china that china had retaliated against. so not much new for the treasury. things are going to become more expensive. there's going to be disruption. and the question is, what are we negotiating for? you know, leverage is great. but if it's if it's actually used to negotiate a solution to problems. but what does he want

from canada, mexico and china? and it really isn't a clear agenda yet over how these tariffs are going to be used to reach an overall agreement. >> you know, i mean, you're saying leverage is great. and you mentioned the word can a number of times that tariffs can do some different things. i was speaking to an expert from the cato institute yesterday. they said tariffs they impact foreign policy about 20% of the time. they're not necessarily so effective. i want to ask you the retaliation, as we look at that, as someone who's negotiated trade deals. once we get to a point of retaliation from other countries, do we does that generally does that spiral into just a worse and worse situation, or does that lead both sides to come back to the negotiating table? because there is a lot to lose when it comes to economic activity and gdp? >> the challenge is once tariffs are in place, people and industries get get used to it. and so they're very hard to ramp back after being put in place. the industries that get that protection, like that protection. and so they don't want to see it reduced. you saw that the trump administration imposed a lot of tariffs on china, and the biden administration kept them on and added a few more, even though

there were efforts to review the tariffs to see which were really strategic and which we could afford to reduce because the pressure was there to keep them on. and so i do fear that once you impose tariffs, you're ratcheting up the cost of goods and it's very hard to reduce them. and at a time when there are already a lot of inflationary pressures, including a lot of other policies like tax cuts that can add to inflation. tariffs is not very helpful. >> what about when it comes to sentiment, whether it comes to businesses here in the us or foreign businesses? how do you think this impacts them? i mean, there was questions about uncertainty, but now we have quite a bit of certainty. we are going to see these tariffs. what do you think that means for foreign direct investment and also the confidence of u.s. companies to hire and grow their businesses. >> well, we have more certainty than we did yesterday that they actually are going to go into effect. what we don't know is how long they're going to be in effect for. the president just referred to in the clip you showed that there these are for punishment. so it's unclear. are these permanent? are there a

country to be punished until what. and so companies have to decide is this the new reality, the new normal. and do they need to change their supply chains in order to adjust to that? supply chains are difficult to change. they take investment. they take capital investment in years, oftentimes to change, particularly if you're going to move production back to the united states, which tends to be more expensive than where they originally situated it. and so companies have to decide, is there enough certainty to make those kinds of decisions? i think a lot of companies will still sit it out, because it's unclear how long these tariffs will be put in place, and then have to make decisions somewhere down the road. >> you know, ambassador, if you don't mind, i want to go back to another job that you had. we kind of listed some of your resume. you were formerly the chief of staff of the secretary of the treasury. the u.s. relies on a lot of foreign governments and foreign other people outside the u.s. to buy our bonds. we've seen a lot of sentiment when it comes to the other countries and other governmental blocs like the eu. in fact, the vice president of the eu saying it's

time for a new leader of the free world. do you think this impacts the foreign buying of our bonds and just the general confidence in the u.s. when it comes to, to that, kind of that, that kind of business? >> i don't i think the u.s. is still the strongest economy economy in the world. we have deep capital markets, we have strong rule of law, and people want to put their assets someplace safe where they can rely on it. like like the united states. there are issues that affect our long term credibility, including our fiscal situation, our debt situation, how we use our financial system for sanctions, which can sort of erode the role of the dollar and dollar debt in the system. but i don't think tariffs fundamentally are going to affect the desirability by central banks and others to hold us debt. >> should we worry about retaliation, besides tariffs, other actions by other countries to impact our economy, and if so, what might they be? >> absolutely. you already seen that in the case of china, where it's not just imposing tariffs on a bunch of agricultural

products, but it's looking at sensitive technologies where u.s. companies are still reliant on china for parts or for inputs. and they know whether it's, again, critical minerals, rare earth minerals or critical technologies that go into even our defense companies, that they have certain technology that our companies need. and now they're going to use export controls, the unreliable entity list, in order to restrict our access to that. so they have leverage to and i think that's the question is, you know, this becomes a tit for tat because we import so much more from china than they import from us. there's only so much they can do with regard to tariffs. they can punish us. they can they can raise our prices. but when it comes to other mechanisms, other tools that they have at their disposal, they can deny us access to critical inputs that we need for our economy, including our electric vehicles, our battery production, etcetera. >> ambassador froman, so much to talk about. hoping to have you back. obviously, the story is

going to continue to unfold in the weeks and the months ahead. thank you again. >> thanks for having me. >> all right. we also want to give our viewers an announcement here. squawk box will have much more on president trump's tariffs when the anchors the squawk box. they speak with commerce secretary howard lutnick. that comes up at 8:40 a.m. eastern time. so a lot more to on this tariff story there. coming up here on worldwide exchange, the apparent m&a activity that has shares of walgreens taking off, you can see shares are up over 5.5%. see shares are up over 5.5%. much more at ameriprise financial we know our clients are so much more than clients. they're go-getters and legacy-leavers, and what matters most to them matters most to us. it's no wonder we have a 4.9 out of five client satisfaction rating. ameriprise financial. still smell good. every man jack aluminum free deodorant with many naturally derived ingredients so you can dance for seven seconds, but you still

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>> welcome to worldwide exchange. let's get a check of some of your morning's other top stories. president trump ordering a pause on all u.s. military aid to ukraine following last week's tense meeting with volodymyr zelensky at the white house. this is eu leaders announcing this morning the bloc could authorize as much as $840 billion in defense investments. saudi aramco reporting a drop in profit falling from $120 billion in 2023 to $106 billion last year. the saudi state oil giant is also slashing its dividend. walgreens is nearing a $10 billion deal to sell itself to sycamore partners, according to multiple reports, which would likely lead to a breakup of the company and bloomberg reporting. the office in charge of carrying out the u.s. chips act is set to lose roughly 40% of its staff due to president trump and elon musk's ongoing purge of government workers and city once again apparently finding itself the subject of a potentially costly trend. bloomberg reporting the bank almost sent about $6 billion to a customer's account after an employee

handling a transfer copied and pasted the account number into the area for the dollar amount. this comes after reports last week the city accidentally and temporarily credited a customer's account with $821 instead of just 280 bucks. all right. coming up here on worldwide exchange reports, this latest results in less than an latest results in less than an hour. the one number you need t (♪♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com [sfx: wind, rain and rolling thunder] with the vision to see what's possible and the grit to make it happen, morgan stanley can help create the future

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underway in just about an hour when target releases its latest results. you can see shares are essentially flat marginally lower. ahead of that, a key focus will be the sales of discretionary merchandise, which has been a key moneymaker for the retailer for much more. let's bring in stacey witless, president of se retail advisors. stacey good morning. good to see you. >> good morning frank and happy tariff tuesday. >> it's definitely a tariff tuesday. all right stacey target they put out the numbers for their for the holidays for november and december. so we kind of have a lot of insight into what we're expecting for the quarter, especially for same store sales key metric. i want to ask you what are you expecting when it comes to guidance? and also the conference call from target? >> yes. so today they're doing an analyst investor day. and as you said they've already reported holiday comps up 2% which was better than expected. i think the real key thing here is they didn't up guidance. the 2% was higher than the 0% the street was expecting. so what did they do? did they have to promote and give away to make that comp happen? you've seen the other effect at walmart, which is full price comps higher

and consumer here. and we also really want to hear about is walmart and that higher income consumer. it's coming from somewhere that was most of their comp. is that coming from target. i also expect that, you know we've seen the majority of companies. this environment is just every day you wake up and it's something new. so we're likely going to see a very conservative view here. but i think a little extra color, particularly on the discretionary that turned positive. they talked about apparel and toys accelerating. it is going to help the street get their arms around this story. that's been super volatile. >> well, two questions for you. do you think that tariffs impact any of that part of the business. and also how do tariffs impact some of the other companies reporting? i'm looking at best buy reporting later today. ross stores discount retailer. then later this week abercrombie and fitch the gap and also bj's. >> yeah. so everybody is behind the scenes like probably scratching at their guidance right now. it's a big impact obviously consumer electronics

abercrombie much less so target and walmart a portion of their discretionary comes through there. but also frank if you think about just the consumer in general, the consumer is thinking, oh my gosh, everything i pay for is going up 10 to 20% here. so it impacts psychology. and if the consumer is paying more in one area they have less to spend in the other. so it's overall it's a it's a big negative that's going to weigh on the consumer if these tariffs actually have staying power. >> all right. we'll have to wait and see. again target reporting its earnings. stacy willis great to see you. thank you very much. >> good to see you frank. >> and speaking of target earnings, target ceo brian cornell will have much more on the results when he joins squawk box coming up at 6:30 a.m. eastern time. much more worldwide exchange coming up right after this. >> stay with us. >> totalenergies has been hunting for the best entrepreneurs across africa to tackle energy poverty. >> farmers are highly dependent on rainfall, but water is scarce with drought. our solution is mobile solar containers for off

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vast swaths of this economy that have been underserved, almost abandoned. so my view is let's lend in 50 states. we are looking to do our part at lafayette square. our ambition is to bend capitalism in the direction of being good for working class people. and it's personal for me. my dad is a bus driver. my mom is a 40 year veteran of the federal government. it's a huge bet on america. passion matters. >> welcome back. trump's new tariffs now in effect taking a look at stock futures. just kind of searching for direction. you're seeing the nasdaq up fractionally. the dow and the s&p moving a bit lower. let's now bring in kevin mohn president chief investment officer at hennion. and walsh asset management. kevin good morning. great to have you here. morning, frank. let's start off your word of the day. on a day like this. >> rotation we've seen thus far this year some big rotations taking place in the market. value is outperforming growth. international stocks are starting to outperform domestic

stocks. and sectors such as consumer staples. energy utilities are outperforming information technology. i don't know if those rotations are going to hold for the year, frank, but investors would be wise to start to position their portfolios, to look, to take advantage of some of those rotations, because the mag seven isn't necessarily going to continue to lead the way for this bull market. >> i want to ask you about sentiment. we're seeing a lot of bearishness out there, but also it's kind of due if you look at things like the atlanta gdp now. yes, 1.5% just a few days ago. now they're have their estimate for a q1 gdp decline of 2.8%. when we're looking at these safety plays. is there some place that's safe from this kind of decline? again, it's a forecast before this kind of decline. >> the only thing i've reminded investors is that trying to time the market is an exercise in futility. and generally, the biggest up days in the market come after the biggest down days. we know that you need to be positioned in stocks. it's not about timing the market. it's time in the market. so there will be more short term bouts of volatility ahead. already this year, we've had 7%

of the time where the market has moved by 1.5% or more or lower. last year that happened just 4% of the time. we're nearly double that already. so buckle up and brace yourself for more short term bouts of volatility. but that doesn't necessarily mean you should abandon the market or abandon your long term financial plan. >> put you on the spot just hitting a bunch of sectors going into correction tech, materials, consumer discretionary very quickly, any one of those and buy the dip mode or are right now are you just keeping a hands off of any of those? >> i think you stay true to your risk tolerance and your overall investment plan. i like information technology. the ai revolution has a long road ahead, but don't give up on aerospace and defense. we saw coming out of europe, they're actually pledging $840 billion in additional defense spending. look for european defense contractors like bae systems to benefit which. >> is your pick. >> for us which is my pick of the day. >> one question for you. if you look at the chart over the last week, big spike up 20% or so over the last week, are you worried that all the gains are actually priced in when it comes

to that? >> i think there are more gains ahead. they're still trading a relatively reasonable valuation around 22 times current earnings. they have a 12 month dividend yield of over 2%. i think they benefit from this increase in defense spending. >> all right kevin, i'll leave the conversation there. thank you very much. thank you, frank, and for your word. >> of the day. my pleasure. >> one more quick look at futures we mentioned. seen a lot of fluctuations when it comes to futures. futures continuing to try to fight and find some direction. the dow looks like it will open pretty much flat. that does it for us. squawk box starts right now. >> good morning. the us pulling the trigger on tariffs on its biggest trading partners. and they waste no time in hitting back. we'll get you up to speed on how china, china canada and mexico are responding to president trump's new orders. futures as you just heard, stable this hour. single digit moves either up a little, down a little. the s&p is worst day of the year, but small percentage terms. one key tech stock was hit particularly hard. and the

us has paused military aid to ukraine. following that oval office blowup between president trump and volodymyr zelensky last friday. today it's tuesday, it's march 4th, 2025, and squawk box begins right now. >> good morning, everybody, and welcome to squawk box right here on cnbc. i'm becky quick along with joe kernen andrew is off today. but as joe mentioned the us equity futures right now seem to be taking things in stride at this hour. you're going to see the dow futures are off by about 16 points. the s&p futures down by three. the nasdaq down by less than a point. it does come after the s&p 500 worst