[laughter] >> but you've got to sign up for in the first place. >> i see her head down so now we know why. >> you are absolutely killing me. [laughter] >> stop it. i can't imagine what neil caputo will say. what are you going to say? >> i find you are suppose it ignorance about it funny. >> good one. >> have a good weekend my friend. we are on top of all the trends you were following on this unexpectedly strong employment report that is wiping away any fears for the time being about the tit for tat that's going on globally. we've already heard from a lot of countries in which we are putting these tariffs on steel, aluminum related products. they're all going to respond.

they are returning the favor with tariffs of their own. we will get into that. if there's is concerned this is spreading like wildfire and going to dampen the mood for stocks, that employment report had a funny way of showing it. we are up 208 points. the unemployment rate going back to an 18 year low which was the level we haven't reach back since 1969. we were at 3.8%. we've created a lot of jobs and a lot of people are reading into that. there's more than enough to support what comes our way. again, that does not seem to be the worry for the time being as we kicked off the first trading day of the month of june. one thing that is very, very clear is the markets are not going to worry about trade. they're gonna focus on the underlying economy which they do seem to like. >> neil, you keep saying for the time being. what economist keep saying is

this could actually expedite a recession and maybe were not seeing it right now, but in the coming year or two things could look a lot worse for the one thing i want to say about the trade in the tariffs and the retaliation, especially right now is that the trump administration has not explained how raising these tariffs would impact national security. you even heard justin trudeau saying i don't understand how canada is in any way a national security threat to the united states. it begs the question why is the president doing this to some of our staunchest allies who are ready to retaliate. >> his argument seems to be that it won't come to it. in other words the threat of tariffs, even after today, will be realized because they're going to come back to us with something that will pass as a concession. what do you think. >> i actually think that will happen. i'm not trying to say were the

best negotiators in the world or that the white house is, but what i will say is for 75 years tariffs have been coming down after peaking in the 1930s, every institution, every government, every company in the world, in a sense is in this trajectory. the momentum is amazing. don't forget reagan put tariffs on semi conductors. every four or five years. >> most of those presidents later regretted those respective move. >> i totally agree. that's my point. every four or five years we put tariffs on canadian lumber and yet even though we have these little skirmishes, the net effect is that tariffs keep going lower. when you look around the world, the u.s. does have the lowest tariffs on trade on average of all these other countries. the eu is over 5%, we are about three and half% on average.

they need to bring those down. these skirmishes, if you look back over the last 75 years, every time we've had one, they've resulted in the world with lower tariffs and i think this will be the same thing. >> you might be right. one of the things you can say about this is whether you're for or against the presidents approach on this, a lot of republicans are against it, a lot of economists and smart folks like yourself have concerns, but it has open the world's eyes to the possibility that a lot of countries do rig the trade situation in their favor, mostly notably china who is not affected by this particular wave of action. i'm wondering why the markets are ignoring this. i think erin touched on it in the beginning for now i'm focusing on the good economy and the good jobs numbers and the strength in the retail and et cetera, but this is going to weigh on all of that because it's going to mean the price of a lot of goods goes up.

a lot are talking about mexico responding with tariffs on everything from steel and apples and porkchops and i could go on and on, but this could spread far and fast. >> it could. >> i'm sorry, vincent i do want to get your take on this. >> certainly a medium-term risk to the outlook, he can't deny it. in the short run you also have to worry about the uncertainty associated with just how this will all stake out, it can't be good for investment. i think the reason markets are mostly shaking it off is there is other sources of strength producing momentum in the united states. i.e. strong consumption growth, the fuel associated with tax cuts, regulatory reform, the tariffs are going to pose a median turn headwind on economic

activity. they are going to be a tailwind to inflation. they are a risk, but for now people are focusing on the data. in some sense, the big surprise for everyone is can actually deliver the policies they said. candidate trump talked about using tariffs as a wedge in negotiations to cut better deals. the surprising thing so far is we haven't really done a lot of dealmaking and i think that is related to the uncertainties of who is in charge in terms of setting the trade position in the u.s. >> and i was coming her point at the outset. be careful what you wish for and you might get it or you might not get the countries you think will respond and blank. they might go the other way. i was mentioning what mexico is planning to do, the eu is going

to be targeting some agricultural products and blue jeans and rice, canada looking at whiskey, orange juice, a lot of steel and aluminum, et cetera. this is already escalating and i'm wondering, forget what the markets are focusing, understand this is a day by day event. if that were to come to pass, that could be monstrously negative. >> think about it for a second. what you had said before, if mexico does impose tariffs on american exports of cheese products, dairy, pork products, fruit and then it begins to hit agricultural sectors of the united states, red states, those are staunch supporters of president trump, let's think about how the president messages back to those people. that is a kick in the teeth to some of the president staunchest supporters who have continued to hurt and are not really feeling the effects of the upswing in the economy.

so when those effects start kick in, what does the president say? what does he do? does he take a tour through rule america? >> i don't think he thanks that's going to happen. i'm betting he thanks they will pull back before they have to pile on. >> he keeps pushing the envelope. >> no doubt, i'm not here to judge, i'm just saying, brian, i think he's banking on that that he will never have to implement this. sort of like a parent threatening their children with you know what if they disobey. you don't want to act on that and hope that it will be enough. >> i totally agree. what's amazing to me is how u.s. and all these analyses, somehow we put tariffs on that's bad for us. if we put tariffs on us that's bad for us to, but don't forget it's bad for them. if mexico goes the terroris tare there economy is a lot weaker and they will hurt themselves more than they hurt us.

in reality, what that means is the u.s. market in the u.s. economy will win because we are the strongest economy in the world. we might find a couple smaller economies somewhere that are doing better, but no developed nation is as strong as us so we are in the most powerful position to enforce this and push tariffs down. they need to come down. china has average tariffs of 10%. south korea 14%. mexico is way up there. we have three and a half% tariffs. that's where, actually, everybody needs to come to zero. don't get me wrong, i hate tariffs. i think they should be zero everywhere, but we are pushing the world to get better and if they want to retaliate, they're going to hurt themselves more than they will hurt us. i get aaron's point. there are going to be voters were mad were you think they've been somehow hurt by these, but in the end, mexico is shooting itself in the foot by

retaliating, and that's why this land up with lower tariffs at the end. >> i hope you're right. these countries are our friends. it's not as if were negotiating with our enemies. canada is as loyal as you can get. having said that, do you fear that if this backfires, a lot of things start backfiring. >> i would like to get to brian's point to a place where everybody lowers tariffs and i do hope this is "the art of the deal" midstream, but there are two points to emphasize about our negotiating leverage and the first is arithmetic. we have an enormous trade deficit. that means, if where we export two puts the same absolute dollar value of penalties that were putting on our imports, it

proportionally will hit our exporters a lot harder. that's why your feeling that pain in the middle part of the country. the second part of it is, yes, we are the largest economy in the world, but if you look at the ims forecast, china surpasses us in a year or two. the president of reagan or bush one putting tariffs is a little bit different when we were so proportionally larger. were not as big as we used to be. the rest of the world is bigger. >> i don't know. i hope, i have my worries, but a lot of people say i'm. [inaudible] we shall see. guys, thank you. have a wonderful weekend. we will be weighing all of this with kevin at the white house council of economic advisors and we will hear his thoughts on all of this and whether the admonition could be going too far or whether this threatening game might have the desired

effect and get these countries including some of our closest friends to bend. we shall see. meanwhile, kim jong-un and the letter that apparently says i love you, but i don't love you that much. running a small business is demanding. and that's why small business owners need more. like internet that's up to the challenge. the gig-speed network from comcast business gives you more. with speeds up to 20 times faster than the average. that means powering more devices, more video conferencing, and more downloads in seconds, not minutes. get fast internet and add phone and tv for only $34.90 more per month. comcast is building america's largest gig-speed network to give small businesses more. call 1-800-501-6000 today.

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>> all right. everybody is waiting to see exactly what kim jong-un had to write president trump in that letter and apparently some people have peaked at it ahead of the president seeing it. i don't know how that could be the case. you shouldn't be opening it if it's a personal letter to him. anyway, letter talks about kim jong-un interest in a nuclear summit, not offering anything or conceding anything, not leaving anything off the table but leaving a lot of people wondering what will come of it and whether the letter itself will speed up getting these negotiations going and presumably as they originally were scheduled in singapore. blake is at the white house with the latest. >> at setting up to be a pretty consequential our at the white house. forty-five minutes from now president trump is set to meet with the secretary of state mike pam pao to get a debrief of the interactions and meetings over the last two days with the right hand of kim jong-un. we are expecting him to come

here to the white house and hand deliver the letter you were just talking about of which the wall street journal reports that it is quote, fairly basic in nature, but that it also details kim jong-un wanting to meet without the lift kit threats or concession. pompeo described the last 72 hours meeting with him in the lead up to that as both sides making good progress. it is important to note there are no firm commitments as far as the june 12 summit actually happening although there is an optimistic feeling as we stand here on june 1 on the north one of the white house that this could potentially take place on the 12th. forty-three minutes from now the secretary of state behind my cameras is probably 20 photographers. i just heard the clicking, a lot of clicking's of the cameras. i believe we have some movement and we hope to see it shortly.

>> good for you. you've got to be quite a big deal. >> i'm just a dude reporting the news. >> sure. thank you. again, we are waiting to hear what the delegation with north korea including the ranking official. [inaudible] a similar number two official met with them. let's get the read from admiral, on this letter and the attention it's getting, how important is it to you? if you were reading it, what would you want to see? >> think this is probably going to be fairly basic letter. probably an attempt to reach out and make sure things are still moving forward after the blowup here in the last week or ten days. clearly there's a desire to try to do something, but i think the most interesting thing about this initiative began about a

year ago when president trump made his comment that he would be willing to meet with the leader of the north. i think that was a real spur to action because nobody had ever done that before. the expectation was probably low, but let's give it a try. since then there have been halting steps to try to get something going. i think we need to be realistic but this is not going to be a one and done deal in my view. it's going to take quite a while and it's very complex and i suspect the motivation for the north koreans and getting these nuclear weapons is because they're afraid of us or they expect were going to make good on our claims in the past for regime change in these nukes are deterrent against that. there's been a lot that's gone on and i think a lot of possibilities. were looking forward to it. >> in the meantime while

watching this delegation arrived at the white house. it's proving very good at parallel parking which is a lost art. frankly, i can't say how many times that compromised, that last ticket we had to parallel park. >> will give you something unsolicited. something was just made public in the last couple days, doctor sigman out at stanford, i've known him for many years, he used to run the lab, he probably knows more about north korean technical business regarding the nukes and anybody in the world. he and bob carlin, who also has extensive experience, they've been to north korea many times and the only scientist that's been able to show everything they have or at least we think they have, but the to put together makes a very interesting outline of the

relationship between the dpr k and the u.s. regarding nuclear weapons. it goes back 30 years or 40 years and it's very detailed, very comprehensive. it's pretty enlightening. the bottom line is don't expect this to be an easy road ahead. however, there's an awful lot that could be achieved and they have some pretty detailed proposals on how to go about doing it. i hope folks in the administration are looking at this because i think will be very useful. >> we are learning from this letter, according to the wall street journal, that it does express the north korean leaders interest in meeting without making any significant concessions or threats. so if it's quite vanilla, maybe that's the standard for these sort of things, will that be good enough or if you're president trump and you can react in a volatile way depending on the tone, would you just say the hell with it? >> i think there ought to be

continued interest. the stakes are very high and the potential is really good on the upside or bad the other way, but we shouldn't be blowing any smoke at ourselves. the north koreans view us, the word i've heard again and again from them is hostile. there hostile toward us. of course we think the same thing. >> exactly. admiral, thank you very much, it's very good seeing you. admiral, this is the scene outside the white house where we are told most of the north korean delegation has arrived and is proving very adept at parallel parking. why do we have to go through this ritual, but they are going through it and this will be an opportunity now for the vice chair, the highest ranking

official to meet with the u.s. president since someone, his counterpart if you will, back in 2000 that with him, bill clinton, those talks went awry shortly thereafter, many say the north koreans hoodwinked us and president bush experienced the same thing when he was trying to couple together a deal about seven years later. more after this. copd makes it hard to breathe. so to breathe better, i go with anoro. ♪ go your own way copd tries to say, "go this way." i say, "i'll go my own way, with anoro." ♪ go your own way once-daily anoro

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all right. world peace on the line, a trade war on the brink and starts on fire. the dow is up 218 points. good employment report. optimism that the economy can sustain any near-term damage from a trade war. we will raise that with the chairman of the council of economic advisors. he'll be joining us shortly. we are focusing on some interesting domestic developments concerning roseann who is going to be speaking out later this hour on joe rogan's podcast.

there's apparently a move afoot to try to resurrect that canceled show. the question is, how do they do that since she is the premier producer of roseann. what would you call it, not roseann? anyway, that's one of the things that might come up in this discussion. also, the fire back and forth with samantha, the president indicated today that after the slur against his daughter, he think she should be fired. former republican ohio state secretary of state ken black well on all of these. the president is rightly upset, this was the comedian referring to his daughter in the crudest of terms. a lot of people are going back and forth on this saying focus on the things that matter right now. you on the brink of dealing with north koreans, good jobs report, that kind of stuff, and don't get bogged down in the spread what do you think. >> i agree. samantha b is a diversion. we had good numbers on the jobs front with a little concern

about the downtick in labor participation, but the overall news was very positive and we should continue to look at economic growth and job creation and what's happening with the economy. >> this is a president that operates on three principles. he never apologizes himself, he uses controversy to animate and advance his agenda, and he believes if you're right you fight. given that, i think you should basically take her on as a sideshow. basically talk around the mainstream media and say look, there's a double standard. he speaking to his base when he talks about the double standard. >> he did just that. he said she should be fired. but look at this. criticizing crude terms from donald trump is sort of like me offering you dietary advice. i wouldn't go there and nor should he.

>> look, basically, let trump be trump. if we can give him some guide rails and throw the punch and i get back on message because your base understands there is a double standard at these networks in terms of how they treat people who use that language, bad judgment, if in fact it's directed at conservatives versus if it's directed at somebody that the left embraces. >> fair enough. do you think, when you hear the kind of language that roseann was using and the tweets and things she said similarly in the past, do you think she's a racist? >> work. i think she in fact uses terms that attract attention. if you look at her overall

behavior and you look at the folks who she interacts with, i don't think you can make the case that she's a racist. she used bad judgment and bad language and she in fact should have had her hand spanked for that. if in fact this is the standard of abc, then i will make sure it's equally applied when folks come out and they call a black conservative, i want to see that they treat those racial slurs the same way when they come out of the mouths of liberals. >> i don't want us to get off track. the job numbers are great, this is a president that's on the verge of a breakthrough set of negotiations with north korea. we have a situation where we've moved our embassy to jerusalem. >> you're right.

there's a lot of substantial things going on in substantive things going on. >> absolutely. >> can, always good seeing you. thank you very much. >> always good to be with you. >> we were mentioning roseann with karen and the notion that maybe her show. [inaudible] >> if you're thinking of that saying the show goes on and that's a little weird, there is a precedent for this. in fact there several precedents for this. in fact, we will explore that tomorrow. 10:00 a.m. until noon eastern part of the many subjects we get into. we look at the money in the entertainment and the politics, we look at it all. we look at the possibility that roseann does go on without roseann. more after this as a control enthusiast,

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all right. let's take a look at the dow. up about 233 points. this is surprisingly good employment report we have for the month of may with the unemployment rate down to 3.8%. it was last matched in 2000 because back to 1969 and wages are moving up at about 2.7% annualized clip. also the number of jobs created about 223,000. many more than was thought to be the case. people are focusing on that and thinking in that economy we can absorb what whatever trade that can come our way. they're threatening dramatical s from canada and mexico on our tariffs for steel and aluminum.

associate editor jack, a lot of people like to step back and say the stock market notwithstanding, interest rates are moving up just enough where i might look at something conservative. >> yes, but as you know, i like to play debbie downer on your show. >> yes you do. american going right there to point out what makes a difference, as good as it feels to feel see that real number, it's really the difference between what you're getting and inflation so you're actually better off for getting a 1% return than a 3% return in which case you lose money day after day. we've been in this incredibly low inflationary world and i know people will say they've certain entrancing certain prices go up, and that's real and true but overall, low inflation.

now, yes we are seeing yields go up but were seeing lots of reasons inflation might be going up as well. you just mentioned one of them. tariffs. the steel inputs are going up percent, the journal writes that hershey kiss wrappers are going up in price. you could really feel that. yes, take advantage of them, but also think about other ways to get income. we like master limited partnerships for the pipelines that carry oil and gas. bad crash pretty hard and investors seemed a little wary of getting in so we see some pretty good value there even as companies have gotten more conservative. looking at six or 7% yields. >> we see a lot of signs outside banks for cds and it's your

preference if one is a little further out her closer up but it's still not an eye-popping return, just more than it used to be. >> when rates go up banks are quick to charge you more but not so fas fast to pay you more. look at your brokerage statement. if you have money in cash they're paying you nothing. you can go to a short duration bond fund and get a lecture there. with the cd, i would still stay in the shorter duration, one or two or three year rather than tenure but one trick you can do is if the payout on the cd is a lot better, check the fine print. say if i were to cash this in early how bad is the penalty. if it's only one or two months, go for it if rates go way up pay the penalty and invest at a higher rate. >> wonder why a lot of firms don't raise the cash rate

because a lot of people think they can get more at the bank. >> because they don't have to. >> you mentioned the tariff environment that can be inflationary. with a host of goods that come into this country and will be hearing from the mexicans who are going to slap tariffs on a lot of steel products themselves, apples, porkchops in canada is looking at whiskey, orange juice, steel, aluminum and on and on. this will get nasty and expensive. does that filter into higher inflationary. or does it just depend? >> i would say it depends. there's one thing people forget. when you slap tariffs on, steel workers raise them and so everything goes up. if things get more expensive for our trading partners and they start charging more, not

necessarily in retaliation but there input goes up because prices around the world go up. it's a great way to spark inflation. >> this is going outside the purview, but are you surprised with the threat of a trade war that is indeed escalated beyond china, to our friends and promising retaliatory or efforts of their own, is that not concerning at all? >> and the reason is because the market really discounts the donald trump factor because he does change his stance. >> they don't think it's going to happen? >> there's a certain amount that's priced in, but the rest people are just thinking is this really can happen. the other time we thought it was going to happen it didn't, it was just a negotiating tactic. >> to people think he won't deliver the goods?

invariably in these trade wars, someone miscalculate. >> yes, i think it's a very dangerous game to play. i don't recommend it, but i do think the market is still holding back to see where it all goes. one example if you did hold back is on this vt thing. it seemed like maybe a tougher stance would then wanted so if you're not to be tough on cte, will you really go to a full trade war with the french immigrant germans in english? i think the market is dubious. >> do you think there's a method to what he does? i don't mean this to be patronizing. i'm just wondering. a lot of people say he's shrewd, he's "the art of the deal", this is a strategy or is it impulsive which might have the same effect. >> i've struggled with this. i'm not inside his head. i will say what i said other

people, at the moment i'm seeing a little more crazy and a little less fox, but that can shift. we've seen movement with north korea that we haven't seen before so maybe the negotiating is working so i don't want to discount the possibility. but it does worry me when you see things like this morning tweeting in advance of the jobs number. on wall street that's actually illegal. you don't do that. >> a lot of people are looking forward to the employment report that he knew what was an hour before it turned out. >> the u.s. dollar went up. the market recognize that. this was probably accepted. >> larry kudlow was saying no, no, no, but you have to be the ingres approach and make sure there's no hint of that. >> can i make one more point that i should've made. for all of our adult lifetime, the bond market has been a pretty good place to be because

the yields have been coming down to the point that they're painful. that means the value of your bond actually goes up which is a strange inverted relationship. we could be at the turning point where that goes in the other direction. you mentioned 1969. i don't get the coincidence that the job number was low and there is about 20 years of really bad pond returns because yields were going up. that means the bond people were going down in value. we could be in a position where your bond portfolio does not act as a shock absorber to your stock. in our lifetime when stocks have fallen bonds have tended to go up. they could be when stocks fall bonds will fall. the cds will be fine, maybe these mlps and floating rate funds will really diversify and don't expect that bond fund will always stay fixed.

>> when people asked me what you remember most about 1969 i see the 3.8% unemployment rate and everyone point out all yeah, neil armstrong walked on the moon. there was that little detail. we have a lot more after this. big bets on self driving cars right now. they're putting a lot of money down. does that mean this will be wise? maybe not. until... we lost it. today, we're renewing our commitment to you. fixing what went wrong. and ending product sales goals for branch bankers. so we can focus on your satisfaction. it's a new day at wells fargo. but it's a lot like our first day. wells fargo. established 1852. re-established 2018.

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this is interesting after rising more than 12% yesterday, it had to half billion dollars into this driverless technology, you have to wonder, they're always very smart and know about good strategy but you're talking about a technology that's all about no human beings involved. is the jury still out on that for is a good deal. that's a lot of money to plunk down. softbank has a hundred billion dollars.

it's a lot of money but it's a worthy bed and soft bank just closed on owning the biggest chunk of labor. they own about 15%. there's a lot of interest in this field. the whole industry is about $5 billion. now they say it will be about 285 billion by 2030. >> the question is who wins it. that's for the jury still out. it's was indisputable, at some point, whatever the year, driving will be far safer around the world because it will be human beings. >> do you buy that? better than human beings. >> we do have a lot of human accidents. >> i don't think there's even debate. a billion people die every year in car accidents.

>> would you be comfortable in a vehicle -- >> one 100%. as soon as the technology is where it needs to be, it almost definitely goes close to zero. >> i would like some sort of control if he goes awry. >> like my mom always said, she trusted me, just not the other drivers. you take away texting and drowsy and drunk drivers. >> , jim driverless car be hacked. >> it can be but they will make as many mistakes as human. >> so on the investment level alone you think it's a good technology to invest in. the question is what will happ happen. >> there's gm, they're calling it autonomous gm cruise.

don't i kind of fight against themselves at some point? >> i think it's a great move for gm. they really have the infrastructure. one of the reason softbank wanted to invest and not put more money in uber and competitors is that gm already knows how to make cars. >> would you care as much about the car you're driving up at several. >> if you're just using it as a taxi service like the lookout over driver. >> in uber might be a better company to that on long-term. >> but wouldn't gm be making the car, it wouldn't be uber? >> i don't know.

[inaudible] in europe a lot of cars have these auto features. >> while it got you here, joe broken is going to have roseanne on her show to talk about the plan. that podcast is not happening she doesn't feel well. there has been talk that she will try to make a comeback with producers behind her show to try to resurrect it without her. what you think back? >> listen. i understand she called in sick for this, whether she is or not she probably just needs a little time out in the timeout chair. >> this may be the best change of subject of your entire career going from autonomous cars to roseanne. >> the career that crashed.

>> i think there is room for her show to go on. i'm thinking house of cards without kevin spacey, the have one more season and try it. >> to be honest, everybody, the writer, the producers, everyone who had nothing to do with her statement, i hope it goes on for their sake. >> there's definitely a market for the show. >> but she was really the glue. >> maybe, but the idea that there aren't enough programs on television or any of these places that appeal directly to an audience in the middle of the country that have more conservative values, maybe we can debate whether it's roseanne but there seems to be an opportunity businesswise for more these types of shows to be created. >> never say never.

>> it's a sentimental play. people wanted to show to come back kind of like full house and fillers fuller house. >> wonder if she'd go to the podcast in an uber driverless car. >> that's neil. >> that podcast everyone was waiting for isn't happening right now but again the producers behind roseanne are convinced they can make it work. more after this. what matters to you? you got a1c, heart, diet, and exercise. slide 'em up or slide 'em down. so let's see. ... helps to manage a1c, type 2 diabetes still increases your risk

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neil: all right, we're awaiting that meeting that the vice chair of north korea is going to have with president trump, so you know all those vehicles we were showing arriving outside the west wing a little earlier? they were the delegation and apparently several of them were practicing parallel parking because i'll tell you, it went on forever. i have failed more license tests for that. just a second and now you have to parallel park and it didn't happen but now it's still a requirement apparently when you're at the white house so anyway when we see the two meet we understand it will be what is it ralph a potential what? >> both. neil: [laughter] i live with these things so when that happens, we are there, and in the meantime, we've got the may jobs report out a lot

better-than-expected the unemployment rate you'd have to go back to when neil armstrong landed on the moon to see number s like this. edward lawrence that was years before he came on to this planet and he joins us with the latest on all of the above. sir? >> i will never tell my age. you know, it's always nice to be the guy who gets to give the good news here. the job numbers were much better-than-expected. in may we added 223,000 jobs to this economy. just take a look at this over the past three months the march, april, may the number of jobs added to this economy half a million jobs in that timeframe. the unemployment rate sits at 3.8% now the last time it was that low 18 years ago, the sopranos had debuted as a show. black unemployment asian unemployment rates hit all-time lows again. the labor market participation rate is 62.7%, wages went up in the last 12 months 2.7% and that's a number the federal reserve is looking at to see

whether two or three more rate hikes later on this year. now these numbers are so good that democrats are looking for a way to attack the president, so president trump tweeted this morning, before 8:30 a.m. he tweeted this saying looking forward to seeing unemployment numbers. the former chairman of the council of economic advisors for president obama fired back saying that the president just tipped that the numbers are good and then he broke the law. here is the response from one of the presidents economic advisors >> he didn't use the number. every other american or people that follow this is looking forward to the jobs report so a break in the law, my friend, has gone way too far on that. >> now the tweet was just 11 words there were no specifics there, neil you decide. neil: all right would he have done that though with a lousy report? >> you know that's a good question, but as larry kudlow said, everybody is looking for the jobs report, whether it's good or whether it's bad they're

looking forward to it and i'm sure the president would have been able to find something in that report, even if the unemployment rate had gone up there would have been something in there he would have been able to to the as a win. neil: that is perfectly answered my friend brilliantly done. thank you very very much. all right, the latest on all of this with the fall out from all of this, chief investment strategist we've got fox business charlie gasparino and last but not least susan li. in the middle of this, susan we have this brewing trade war and of course waiting for the high ranking north korean official to meet with the president. they seem to be focusing on the good today and not the potential bad and the nasty, you know, tit for tat. >> yeah, well i put a call into the prime minister' office in canada and they said we're going to stick with the statement yesterday where he says these tariffs are unacceptable but they did point out again to the u.s. trade reps website that it is true. they said canada runs a deficit with the u.s. , so the deficit basically u.s. runs a surplus, a

trade surplus with canada and they said this is a fact. neil: we buy a lot of steel from them. >> that's right and used in a lot of, yeah, lots of cars and motorcycles to be made out here, harley-davidsons and the like so yes, but the tit for tat is they've come up with a very weird list of items they're going to -- neil: whiskey, orange joyce, that's your basic -- charlie: is vodka on that list? neil: what do you think of this? charlie: well if you look at the dow just look at the dow from december 22 which is when trump signed the tax cuts to now, it's essentially flat. it might be a little higher or lower based on today's actions but it's basically flat. what the dow is saying is that there's one thing that could screw up what is obviously a good economy based on what we have today and that's a trade war and so remember, investors are worried about the trade war, the tit for tat, tariffs against all these players rewriting nafta as a way to slow down

economic growth and i think it's the one thing that could screw them up. the other thing is obviously trump, there's a political story as great as the economy is his approval ratings still aren't that great and it's just weird he steps on his message. if you saw some of his tweets you'll see, we're talking about samantha bee instead of like jobs and by the way one other thing i don't know what austin g oulsby is a good guy. i don't know what law could he have broken by tweeting that out you realize if the president actually -- neil: on the trade report? charlie: yes, i would tell you this if the president actually traded on that positive news it wouldn't have broke the insider trading laws. neil: much to do about nothing. jeff let me ask you about this we're awaiting the highest ranking north korean official of the united states since essentially his counterpart back in 2000 with a meeting with bill clinton are we ratcheting up the hopes for this or is this justifiable? >> i think it's justifiable.

i think president trump has actually brought north korea to the bargaining table. i don't know what's going to come out of it. i doubt he's going to get rid of his nuclear arsenal if you will but he might stop producing any more so any time you can talk and negotiate i think it's a good thing. neil: do you know what's weird about it though jeff apparently he's going to hand over this letter to kim jong-un apparently a wall street journal leader had the letter or someone read the letter and told them about the letter, so so much for the privacy thing there, but do you think that the fact that in that letter is no promise to do anything or to rule out anything that it's very nebulous but maybe that's okay. the letter isn't going to open any doors, nor will it close any >> yeah, i would say it's a very fluid situation and we'll have to see what comes out the other side of it but again, i think the fact that they're going to sit down and talk i think it's a good thing. charlie: why would he give up his nuclear weapons though? neil: well he wouldn't

immediately. charlie: or ever. listen, he can do a couple things and stop acting that way, open up trade and be like china and have a decent economy. he really doesn't have to give us that much. neil: there's nothing crucial there and susan you've gotten into this before even with your discussions with trudeau this idea that a lot of strategies go through china and i'm wondering the role they're playing we knew before he came from this country was coming right from beijing and meeting with the chinese president so what's going on there? >> yeah, well china has a lot of influence over north korea. you're talking about trade. how do you think north korea accesses hard currency? they have to go through china in order to do that. charlie: supposedly he did this, just supposing. suppose he backed off, he basically -- neil: kim jong-un? charlie: kim jong-un. he started opening up his economy a little bit, copying what china did, have more with south korea, he could keep his nuclear weapons and improve that economy immensely within a year.

>> you think south korea would agree to that? charlie: yes. this guy? >> i completely disagree. charlie: the current prime minister this guy is bending over backwards. >> technically they've still been at war for 16 years. charlie: whatever he's bending over backwards i think that he wants to cut a deal. like i said this guy doesn't have to give up that much to get a lot. neil: we can go back and forth on what could come of these discussions but they are precedented and jeff you and i chatted this the idea that it's even happening or stands likely to happen is something republican and democrat predecessors have not seen so whether you like president trump or you don't like president trump, just that alone is a big deal. now, what if it's a thing, where they leave without anything done done or the president walks out because it doesn't look like they're going to get anything done, then what? >> i don't think it hurts the market. in fact on your show i think the february 9 undercut low i've been pretty adimate ever since then that was the low. i think we're building a base to

trade this market out to new all-time highs so even if nothing comes out of the talks with north korea, the economy is strong, earnings continue to surprise on the upside, and people are still underinvested. neil: by the way i think is this chief of staff? he's waiting outside for the arrival of the north koreans. now, we don't know if anyone else will greet them of course he is the chief of staff but i was interrupting you. charlie: that was no problem. i think it would be good right? neil: we should stress out it went on for a few days: charlie: reagan wouldn't give up to an absurd demand by gorbachev so i think that would be good in this context but again the reason why others wouldn't do it because they didn't want to get in a room with this guy. they thought he was nuts and he was a bad player, so i mean, put that in context. neil: but it never even got remotely that far. charlie: they were part of the access of evil until recently.

>> i want to point out that kim jong-un is a younger generation and he was educated overseas and he's seen how the west lives in switzerland and all the wealthy countries maybe he's thinking if we open up our economy give up our weapons maybe he can bring a better life. charlie: he's friends with -- neil: he's been sort of wooing the russians and vladimir putin is he try and you lating? >> i think he is everybody. charlie: but he doesn't have to give up that much and one way a dictator stays in power is through arms, and i just don't see how he gives stuff up and he doesn't have to. he just has to be better and people will do business with him neil: the thing about doing business i touched on this with susan, this notion or jeff i'm sorry, this notion that we're working on a variety of levels here and one is with china and sending on trade even when it initially hurts our friends, forget about the chinese.

is that playing with fire in realizing that the chinese are going to be in a role to whatever comes to these talks and whatever happens after these talks? >> i'd say it again. i think that the nafta thing, i think is going to go through okay. i don't think it's a trade war. i think it's a trade skirmish. neil: wait i don't know. i respect the hell out of you but i think it's a war when this now has mexico talking about slapping tariffs on grapes, apples, pork chops, cheese, cold cuts, that just in just in fur crated me, canada with whiskey, orange juice, steel, aluminum and a host of others. this is going to be far flung, than was originally thought and if it all follows through that sounds like a war to me. >> i'm not sure it's going to go up to the matt all the way. things will be worked out. neil: go ahead, jeff.

>> i think things will get worked out between mexico and canada. i think it was ford that closed their engine plant in windsor and moved it to mexico. neil: you never know. all right i'm just going to break into the vice chairman, i guess should be considered north korea's independence chief? now meeting with the delegation that includes the chief of staff . we got a good view of his back because oftentimes you do see their faces but you fairly see their backs so that came in handy there and i think the cameras position were literally with this suv, blocking the entire shot was a moment that i think it would have ended. >> [laughter] neil: we have a lot more on this , with the dow up about 242.25 points north korea delegation arriving first time such a delegation has been at

the white house since bill clinton was president. remember that setup a deal to try to get the north koreans to reign things in that was at the time dealing with the north korean leaders father and that fell apart a little more than a few years later a similar deal that republican president george w. bush had scored with the north koreans also, fell apart. this time, the trump adminitration is saying we won't be like that. we shall see, more after this. into retirement... and a little nervous. but not so much about what market volatility may do to their retirement savings. that's because they have a shield annuity from brighthouse financial, which allows them to take advantage of growth opportunities in up markets, while maintaining a level of protection in down markets. so they can focus on new things like exotic snacks.

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neil: all right just a few moments ago, the vice chair of north korea kim yong-chol he is their intelligence chief the head of their spy agency for lack of a better term you can see him being escorted into the oval office there with the chief of staff john kelly and that includes some spokespeople and the like we're told secretary of state mike pompeo is already there at the white house and he is going to deliver, that is kim yong-chol a letter from kim jong-un now. first i thought this was sort of only the president but apparently enough people know what's in that letter been relay ing that the wall street journal detailed that it includes no promises and no threats so kind of let's move forward whether that's good

enough to dot the i's cross the t's on a meeting on june 12 in singapore that was originally scheduled then unscheduled anyone's guess so something we've not seen in close to two decades a high-ranking official from north korea coming to the oval office last time was when bill clinton was in office, bill richardson, ambassador very good to have you. some of this must feel like a little bit to you, what do you think? >> well, it's good news that there's a meeting taking place at the oval office, if it weren't good news like yes we will do the summit june 12 or if we don't do it june 12 shortly thereafter but at least we're working together. it could be that the news is going to be we're continuing to move forward but we need more work together, less tension. this is since 2000 that was the last time that president clinton

met with the number two guy from north korea, the father's top lieutenant. this man is very high-ranking the spy chief, but i think these are good developments. north and south korea are also meeting right at this moment on family reunification on military issues so tensions at the very least are easing. we're not talking about bloody noses or preemptive military strikes we're talking about diplomacy and meetings, so this is good. neil: but you know, i'm old enough to remember that hope was freeing eternal after the administration which you were working withs trying to cobble together some sort of an agreement with the north koreans, they were dashed a few years later when the bush administration tried to do the same so we've within disappointed by the north korean s in the past. if you had to give advice right now, what would it be? >> well it would be if you have an agreement with the north

koreans, do enormously a lot of inspections. international inspections. american inspectors. make sure that their timelines that the north koreans give their inventory of all their missile and nuclear sites. many are underground. they're hidden that there'd be very unfettered access to those inspections. that's number one. neil: well what if they, ambassador i'm not blaming but use i'm just saying what happened that was the first tip off to you wait a minute these guys can't be trusted? >> well for nine years in the clinton administration the north koreans did not build any nuclear weapons. we did have an agreement that was working but then the north koreans started to cheat. they started producing enriched uranium and then made a little deal with the pakistanis and then got out of the deal so this is why you have to watch them. the same in the bush administration. things were going good.

there was we took them off the terrorism list, so this is oversight. this is why you need -- neil: some say it didn't take that long. they were almost immediately breaking that agreement i don't know what the truth is here but bottom lynn is to your point and the democratic republican administrations they routinely broke a deal, but not before cashing checks first. how would you advise if we're financially incentivizing north koreans trying to help them out economically how we deal with that carrot and stick? >> well what i would do is do what actually the president and the south koreans have advocated have a step by step process. the president said he's now, he supports denuclearization but in phases. let's see how they perform and then if they perform, give them some kind of sanctions relief. give them the peace treaty that they want. give them some kind of status

where you assure kim jong-un that you're not going to try to knock them off. these are basic things that don't exist that they want. what is worrisome is the same time this good stuff is happening, kim jong-un is very crafty. he's meeting with the chinese saying hey, take off some of these sanctions and meeting with lavrov, whose very skillful and the russians have not been observing sanctions. they let north korean ships dock in russian ports and there's an 11-mile border between russia and north korea, so you know, they're playing games. kim jong-un is skillful and getting a little help from russia and the chinese, so you know, he's making moves at the same time, he's trying to get a better relationship with us, so this is somebody that we've underestimated. he's somebody that you've got to watch very closely but this is a good event happening at the

white house. it wouldn't be good. it has to be good news other why no white house, no president would make this happen, but it could be just okay, let's keep working. things are going good. pompeo's made progress in new york, or it would be we're going to announce a date. you know the president likes a lot of drama and he wants to have it for himself so he may be announcing that the summit is back on on june 12. i hope not. neil: you mentioned the point, i'm sorry, sir, you mentioned the point that kim jong-un is nobody's fool, of course he has met with the top russian officials here, he might be playing that triangulation card for one of a better term and that might work with other presidents and might sort of force them into sort of oh, i guess we should talk. this one, it could lead donald trump to say the hell with it. i don't like you playing these kind of games. this ain't happening. what do you think? >> well, it could. it could, but i don't think

that's good. this unpredictable style of the president everybody seems to be praising. i think it's a problem. i mean look, we need international support for what we're doing. we've got to keep the south koreans, we've got to keep the chinese. we've got to keep the japanese more intune with what we're doing. meantime, we're having a trade war with the european union with mexico with canada at a time like this you want allies. neil: yeah but look at the thing they're meeting in the oval office now whether it's impulsive and crude or whatever, unpredict unpredictable, wacky, whatever, we have not seen a u.s. president get this far with the north koreans and to your point, ambassador, it could all unravel very very quickly and these trade tensions could be anthropology unraveling feature especially if the chinese get annoyed but are you surprised with all of this that you tried all typical routes of diplomacy doing all the thing that we're told and diplomacy 101 you do, and none of that has been

practiced here and here we'd be. >> well, but the south koreans have had a lot to do with this. kim jong-un has had a lot to do with this and i think the president's unpredictability and his accepting this summit was the right thing to do because you're right from the bottom to the top in the past things have not worked. i'm just saying that his style should now change to having a strategy, to being tempered. practicing diplomacy, letting pompeo run the show, not the vice president. you've got to have one message and we've had 50 messages on this issue so don't spoil a good thing. that's my message here. neil: bill richardson great see ing you again thank you very very much. so we're following that, so making a joint appearance before reporters we're told a full group did go in so at the very least we'll get something from

that. going to be either delayed, it's one of my favorite things about this job when we turn to a pool spray because unpredictable things happen, questions are thrown out and then they try to throw people out of the oval office or wherever else they're meeting and it gets to be pretty fun stuff to watch, because this is historic. this is big. this is all happening now, after this. they appear out of nowhere.

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for leisure. so i go national, where i can choose any available upgrade in the aisle - without starting any conversations- -or paying any upcharges. what can i say? control suits me. go national. go like a pro. >> welcome barbara bush to cavuto coast to coast i'm nicole petallides live on the floor of the new york stock exchange stocks higher across-the-board, and taking a look at the 10 year treasury yield after a better-than-expected jobs report today, you could see it's at 2.9 % on the rise, had been falling in the last nine trading days and that is pushing along these financials, we have several reasons to show some optimism when you look at some of the financials you see goldman sachs today up 1.7%, ubs

up 2.6% also watching citigroup gaining more than 1% bank of america also on the rise 1.6% and here is a look at american express, which has been a winner of about a half a percent but over the last 52 weeks, 25%. a quick note on microsoft, which is also moving to the upside, as we watch microsoft topping $100 for the very first time and looking at a record close as well, and neil as i toss it back to you we'll keep an eye on these finances they will be facing those stress tests at the end of the month and traders are feeling pretty optimistic about those. neil: nicole thank you very very much so again, this market is kind of doing what it was doing almost from the get go when we got word that the employment report was much better-than-expected last month, of course an hour later when stocks opened they opened sharply up and this has been in and out of the level they've been at up about 253 points and the back drop is the president meeting with the number two north korean official, the

highest-ranking official to meet with president of the united states and that is something of significance, obviously because that number two as the vice chair kim yong-chol is known is important because he's passing a long a letter from the number one guy the leader of north korea, kim jong-un. the read from former army reserve member, kathy barnette, kathy good to have you. i know the line everyone uses oh , to be a fly on the wall there. not that that would happen because flies don't understand english but i digress. my point is here, if this meeting and the significance of it will apparently set the stage for whether the talks are back on and back on on the 12th in singapore. how important is that to you that not only be promising but the date and the time of those talks be back on? >> yeah, i mean, this is exactly what the president should be doing, right? we hear so much noise from the left and sometimes from the right which would make one think that there is those among us who

would have the president to just walk away from these conversations altogether, but this is exactly what the leader of the free world should be doing and this is going to be a walk, a slow waltz at that and it's not a fast paced dance and he's not offering a ridiculous reset button nor if he's shipping millions of dollars under the cover of dartmouth. he's doing exactly what he should be doing having these conversations and negotiating because north korea is a real problem. neil: kathy i began thinking about some of the weird things that kim jong-un has been doing lately, that is meeting with the top russian official, checking back with the chinese in fact in the case of kim yeah going to the white house, he came when he had these two days of discussion s with mike pompeo over at the state department, he came directly from beijing. it wasn't north korea but beijing so he had obviously met

with chinese officials first. so do you think if you're donald trump and you don't like people playing games with you, he just says the hell with it. >> no, well i mean why would he do that? neil: but he might be offended that all of a sudden i'm just putting myself in his head, it's dangerous i know, but to say that wait a minute you and i are supposed to be talking what the heck are you doing talking to the russians now, and that could fire him up. >> and if he thought that i think that would be very naive of him and i don't think anyone would charge this president as being naive. we understand that we're on a world platform and there are world leaders who have their own interests for their own country in mind and i think it's as a former military person i'm very grateful to have someone in office who actually, who actually loves his country and is not apologizing for this country and i have a lot of faith as i'm sure many of my other comrades have as well that

this president is going to go in with that mind set that america is first and let me take into consideration the best interest of my country as everyone else seems to be doing for their own country whether we're talking about north korea, whether we're talking about trade, everyone seems to be concerned about their own country, but it seems to be to many on the left for america to actually stop, pause and to consider her own interests. neil: you know, many on the right to your point as well because you included some on the right who have been critical of the president particularly with regard to trade policies that are tough on our friend, before we even though tariffs on the chinese, we're throwing the canadians, the mexicans and many of our eu partners under the bus for trade in fractions that pale compared to the chinese and alienating our friends just when we need to be rallying them what do you think of that? >> are we really alienating people when we have such huge disparities in trade? are they really our friends?

i don't think so. i wouldn't necessarily think someone taking advantage of me and has taken advantage of me for years and hundreds of billions of dollars a year is being exported out of our country only in washington d.c. i guess we would consider those people our friend, but not generally, right? i think this is exactly what we should be doing. neil: you don't consider canada or england or germany? >> well they are our allies if you're talking about fighting against a war of terrorism but when it comes to trade, we have verified facts as in our trade deficits with these particular countries that they are reeping huge benefits and a tremendous amount of our own wealth is fleeing this country on a annual basis and i think it's high time we have someone who actually appears to be interested in helping america. neil: all right well argued kathy thank you very very much, of course, so we're following

these developments here following a president who appears o right now the fact that he will have the upper hand here, and that he's eager to meet the north korean delegation and eager to get these talks on and now apparently has been given a letter from his counterpart in north korea that echoes much the same. no promises, no things that are off the table or warnings or threats, just we're told and i don't know how the wall street got this, am icable offer to sit down and talk. and right now, the number two for the north korean leader is doing just that with the president of the united states in the oval office of the white house. something unthinkable, a little more than weeks ago. more after this.

neil: you know, there is really no overstating the importance of what's going on behind that window in the oval office right now the president is meeting with the north korean delegation that includes the second highest -ranking official in north korea vice chair kim

yong-chol who runs the intelligence agency there. this has been going on for the better part of half an hour right now. those are significant developments in and of themselves as we set the stage presumably for an exchange letter to the president of the united states from kim jong-un where there's interest expressed in meeting after all, despite all the dumps of late, through the attorney general and the bush 43 judge alberto gonzalez. very good to have you. you know what it's like and you go in that room and no matt r how many times you go there of course the idea of being in there home to the leader of the free world it can be intimidating i guess for any delegation but they're setting the stage for something it's all about setting the stage for something isn't it? >> well no question about it given the history with north korea, i think still today, it's more likely than not our hopes will exceed what ultimately comes out of this but i will say that we have a different kind of president who does things in different kind of way and we may get a different kind of result and i think this is a

good first step and hopefully, i'm wrong in terms of we'll achieve something that will result in everlasting peace on the korean peninsula. neil: you know, we haven't been this route before in quite some time the last time similar to north korea was when bill clinton was president, i had this trade negotiator at the time with me a few minutes ago, attorney general and bill richardson was telling me the one thing he learned that was the north koreans are very wiley , and that's probably an understatement that deal fell apart shortly after it was made the same under under the bush administration so what do they do to make sure it's not a trifecta? >> you know, i don't know the particulars or the details of what a good agreement would look like. obviously, we need to have the nuke removed from north korea. i think their number one objective would be to have america off the core en an peninsula whether or not that means a one on one trade-off i

don't know. what it does require is a level of trust between the united states, north korea, and and i think china is a very important player here and obviously verification on both sides is extremely important, so you know , these are all the details that have to be worked out by both sides going forward. neil: as a former attorney general i think these things are legal documents in the end beside just political ones, and everyone has to honor the letter of that agreement. the north koreans in the past have not, whether it's the president, the north korean leader's father or grandfather before him and i'm just wondering then, how you make that happen, how you get them to honor that agreement, get them to follow that contract, nothing like that is going to be signed here, maybe might not be signed and ready whenever they meet next month, if it's as soon as next month, but how do you make sure they follow through? >> when you're talking about executive agreements directly between the leaders of two countries how those can be

enforced without the cooperation or the involvement of say our congress for example, or natural body like the united nations, it's very very difficult with respect to executive agreements quite frankly if it's simply a pure executive agreement the next president could theoretically rescind that agreement so yeah, i think you asked a very important question how do you make sure that if to the extent we are able to reach an agreement with the north koreans how do we ensure that they follow it and i guess that's something that this president is going to have to wrestle with. neil: if he does succeed in bringing the north koreans all the way to the table and extract ing concessions from them , it will completely change the way we go about making deals right? there was a lot of bluster and a lot of in your place approaches here to say nothing on trade and everything else and yet its brought this moment and the threat of concessions have

brought some countries to blink and rethink just how far they go not all but the approach is very unlike any of his predecessors. what do you think? >> well as i said at the outset we have a different kind of president who does things in a different kind of way and truth of the matter is i think the old saying that if you want a different outcome sometimes you have to do things in a different kind of way so we may be seeing it here. again i don't want to put the cart in front of the horse, we have a long way to go. this is i think just the first step. it's an important first step but we have a long way to go in dealing with as you described earlier a very wiley group of individuals that serves in a position in north korea. neil: alberto gonzalez former u.s. attorney general under bush 43 thank you very very much. >> thanks for having me neil. neil: this has been going on for a half hour little longer maybe and still no one is coming out of that room or so far address ing any pools, so best we

could tell the reporters might be waiting to get a sense of where these two stand and where the talks stand, for the leader of north korea who isn't there but his number two is and the president of the united states, we don't know, what we do know is they're still talking and what's that old line john kennedy used to say? better that than the alternative more after this. ger, ger, it took a whole lot more. that's why i switched to the spark cash card from capital one. with it, i earn unlimited 2% cash back on everything i buy. everything. and that 2% cash back adds up to thousands of dollars each year... so i can keep growing my business in big leaps! what's in your wallet?

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neil: all right, we're still focusing the oval office there a view of a lot of important people in there the president of the united states obviously his chief of staff is in there, mike pompeo we're told is in there as well, but the big news is that the highest-ranking north korean official to meet with a u.s. president in 18 years is in there as well, of course that would be the vice chair kim yong-chol who has apparently given a letter to the president from his boss kim jong-un back in north korea who has apparently talked about wanting to get together and talk without any promises without anything being ruled out or or in to the national review contributing editor, deroy murdock so that alone is a big deal no matter what you make of the president what you make of the north koreans, they're in there talking. >> absolutely i mean a week ago we were talking about a totally different letter which is the breakup letter, we're donald a week later we have the number

two man from north korea delivering this letter maybe a love letter, hey let's keep dating letter whatever it is from kim jong-un to the president of the united states so that's quite a turnaround in a week and as churchill said better to judge than world war. neil: yeah, i'm wondering whether this is going to help though and we're getting very tough on trade in the middle of this and it's more to the chinese down the road because they're actually getting tough on trade with our friends but sending a signal this president is going to work on a variety of levels and not do the conventional things you would think would be necessary but for those a question and there's no denying that the north koreans are in that room with them. no that's very true and it is surprising to me to see the president putting pressure on trade on the chinese while at the same time we need the chinese to keep a leash on little rocket man and make sure he intends to negotiate and do the things we want to see and yet things keep moving forward so i guess i'm pleasantly surprised to see this pressure and yet the chain hasn't been let loose until the talks are

over, we're done. neil: is it your sense that the president is just sort of doing this by the seat of his pants or is it a gut instinct that by threatening to just throw the talks away last week, he knew that they would come back this week. >> i think he's probably operating by instinct more than anything else. i don't think anybody has ever said donald j. trump spent years at the school of diplomacy studying these things but when you spend your career putting up skyscrapers with a lot of very tough customers you learn a lot about negotiating and how to deal with other tough people. neil: he violated every rule of diplomacy i was even raising that with ambassador bill richardson negotiating the first big north korean accord with bill clinton and that fell through and you did all the things you do when you get together and the other side just cheated and lied just as a few

years later with president bush same thing happened so how do they make sure it doesn't happen for a third time? >> well i think the important thing if is there an agreement a couple agreements one is to end the korean war with nothing else and maybe we'll put the korean war behind us and bring peace as far as that goes but if there is a nuclear arms deal it absolutely has to have verifiable on-site inspection, not the kind of nonsense that obama did where under the current iran nike deal with say military bases are totally off limits because why would anyone look for weapons and if you do find a suspicious site the iranians can say we need a 24-78 day waiting period before you set foot on those premesis and look around. neil: but a country can always cancel that right? even if it's immediate. it shouldn't be on paper. the fact obama went along and said okay sure, we'll stay away from military bases and if we want to go somewhere we'll wait at least 24 days before we show up. they should have been laughed out of the room, instead obama went along with this and of course the deal wasn't even signed which i find it amazing.

if you bring in a plumbing contractor for an estimate you have them sign it. obama didn't get the iran nike deal signed so i think that -- neil: there are a lot of differences, but -- >> insist on the inspection that's vital. neil: and then who are those inspectors right? so we're getting ahead of ourselves here but is it your sense though that the president means what he says that even if they get to a table and all of a sudden something wild is introduced as was gorbachev with ronald regan all of a sudden saying and you agree to stop your whole star wars space initiative stuff and then ronald regan just walked away. do you envision anything like that? >> oh, i think this president gladly will walk away from anything he finds unsatisfactory he does this alt time and that may cause them to come back to the table and say okay, fine we'll come up with something more reasonable if it is a good deal he'll agree to it and bad deal he'll turnaround and walk away. neil: all right, great. you've got it going big time. we are following this, they're

not coming out yet we have the dow about 227 points in and around this range pretty much all day from when stocks first opened. still happy still buying still long, still hopeful, after this. . . .

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neil: they are still talking. this is still going on. north korea's number two meeting with america's number one, the president of the united states, setting the stage for what could be an interesting development, fallout we'll have pretty good

idea tomorrow, live, 10:00 a.m. to noon eastern time. we'll know what is in the letter. what the president is thinking, where he will have to go. what republicans are saying, where he should go, what the community things and investors. all that tomorrow. trish regan. trish: hey there, neil. we look forward to seeing you tomorrow. president trite now -- right now is meeting with secretary of state mike pompeo along with a north korean diplomat who is delivering a letter from no none other than kim jong-un himself. you're looking at a live picture from the white house. all this as the president's steel and aluminum tariffs go into effect today, creating a wave of backlash from u.s. trade allies around the world. might they make their agreements more fair? i am trish regan. welcome, everyone, to "the intelligence report." ♪