away. but ultimately i think so. >> the economies have to side with vermont. kim jong un needs to keep his middle-class happy to stay in power and it's not good was happening. interesting question. i'm sure we'll figure out the answer at some point. time is a. it is yours. >> thank you connoisseur. awaiting the arrival of prime minister abe. a couple of key to this visit of course not only telegraphing what the japanese want to see out of the upcoming meeting in singapore, but more to the point ahead of the outcome of the meeting, the japanese like the canadian common they are very, very concerned about the president could be a divisive g-7 summit. but of course, these two have a very special relationship. he was one of the first leaders

to meet shortly after the president election. >> we are waiting for the prime minister of japan to arrive now. japanese are up and to capitalize the relationship that he has. that's a big deal for the japanese. they have been paying steel and aluminum tariffs when they went into effect. there's also a broader representative office negotiation going on in the bilateral trade deal with japan. some of that going on behind that. the japanese are also concerned about being left out of any deal if the u.s. makes a deal with north korea and could attack japan and that's a concern for them. they would also like to get hostages back. in the 70s and 80s, north

korea took some hostages from japan. some of them are still in country. >> japan is an incredible partner and ally for this admin is duration, this country. the president has an amazing relationship with prime minister abe. north korea, trade, china, although things on the table for this discussion later this afternoon. a cold reception because of the terrace. the administration has now been paid to strict sanctions or settlement they've ever made on a firm related to cte. they have come back in a settlement of the enforcement action. they can buy u.s. technology again, that they will pay $1,000,000,000.400 million in a trust fund for escrow fund for future violations in addition to the 900 million day verity paid.

the settlement takes the extraordinary step of adding compliance officers at the commerce department gets to approve them are portable to the commerce department for 10 years. the ban on u.s. technology is still in place, but suspended in the agreement f 10 years and that allows the u.s. to make sure they are following the agreement. >> replacing the board in people with eyes and ears to watch the operation of the chinese telecommunications company for addressing concerns about the national security. >> some senators on the republican side a little bit east entrance of this. democrats night is happy about the deal by senator chuck schumer putting on a statement saying there's no good reason they should get a second chance in this marks the 180-degree turn away from the president's promise to be tough on china.

waiting any minute for the prime minister of japan to come to the white house. everything so but the undercurrent here right in front of the west wing. >> waiting for the other shoe to drop on the zte thing and that is either concession on the part of the chinese with trade and beyond the 70 billion in nonspecific agricultural items in the united states because we apparently still plan to go through these tariffs from $60 billion. was the zte thing an isolated case, no quit row qualifier? >> u.s. the commerce department and the administration it was a separate issue. the settlement have been all the time. this is a separate issue from trade good folks in the media clump them together. the u.s. is hoping they would get some quid pro quo out of this. this was again separated in the u.s. feels they got a really good deal out of north korea.

take an extraordinary step of allowing the u.s. to actually get a compliance officer do we approve of in order to watch and make sure they follow the rules. >> thank you very much my friend. you can see here waiting for the arrival of the japanese prime minister. when he arrives of course we'll take you to that end we walk into the oval office. interesting things can come out. in the meantime, former dallas federal reserve advisor. connell mcshane what does senior vice president ups gemma camp. looking out what is at stake, we had the dignity and of course in singapore, that people forget how important a g7 summit is. it's going to get pretty hairy. >> it is. they've got 24 hours to getting airtime because they are all pretty unified against president trump right now. if you look at the reaction in

the market in you add to this the fact the trade deficit is voluntary seven-month low, we've got the data out yesterday morning. something is going right. >> the worry >> the hard economic data has been good. we are exporting more oil. there's a lot of fundamentally good news offsetting the rhetoric and though much of it really is rhetoric. neil: traveling all over the place, a lot of people hope none of this comes to fruition. but it could. certainly just and the prospect of something possibly happening. none of that. >> the market issues are one thing and i think people are kind of assuming the ruby suns of assuming dover be some sort of a deal cut. political issues are interesting being in iowa the last few days. sometimes you go in with an assumption and you have to be

careful not to let that drive. i was surprised there wasn't more nervousness and more anxiety they just have less income and nothing has happened yet. generally supportive of the approach because the rest of the economy is doing so well, because the labor market is doing well, and regulatory practices that seem to work, but these people that ordinarily might be more nervous or willing to cut the president a little bit of slack and give him more time to negotiate on trade. train to argue that way? >> the facts are there is not much that is happening. i love pork and kentucky bourbon, but in the grand scream of trade, the numbers aren't getting a little bit bigger. now we are talking about 60 billion. investors know that they need us whether it's europe, canada,

mexico, china come and they need us more than we need them. all sides are talking and all sides have said they don't want a trade war. >> either away, prime minister abe of japan at the entrance of the white house shaking hands with the president. they will discuss these things. particularly concerned about the presidency is not only in trade, but more specifically and the big summit in singapore that he might be promising too much or would be tempted to promise too much. the guy obviously very concerned that he is in the neighborhood where they could launch these missiles. this is a special relationship, these two. >> i think what is not being spoken about is the fact that other countries economies can affect hours. we saw disappointing data out of germany again. steel prices, aluminum prices. the biggest risk to me as a lot of the rhetoric has fed through

to increased brought input prices and a think the concern that investors should have. we've seen supply chain being disruptive and a very difficult to source product. neil: would he think of terrorists? they don't like them even though they're reminded we wouldn't be doing this if the other guys for free markets here. >> again, this is a situation that is trying to correct for what has happened in the past. we don't necessarily have the right tools in the toolbox to do it precisely. but by that same token, something has to get the process started because we know what we know and that is china is on the ground, that their factories have been improving and they have not cut deal output. they've made steel output more efficient and a lot of this has to do with intellectual property being stolen. certain things are flat out wrong about that. neil: sometimes it's good if

you're deemed crazy. nobody knows what to make of this strategy you are using. i am wondering if the president's approach is to scare the chinese and to say this is how he treats his friends, canada and mexico in germany, imagine -- >> everybody cut -- miracle on ice. here's the thing. the market never knows what to make of trump. they've come around to the idea that the obama administration and bush administration before then tried to play nice. he has a point. we kind of lost a trade war. >> they are increasingly trusting the president got. i'm not making a statement about him personally. they've been through this before. either they're ignoring the threats are saying we'll get through it. >> i cut more slack than a month

or two ago. hey listen, there might be a deal to be cut. the special relationship between prime minister abe and president trump. the two of them like to play golf together. i was in mar-a-lago the last time prime minister abe was in the united states on trade. there definitely is between the two of them in the president and europeans which does bring up the argument. you may be right that scaring the chinese by going after enemy is maybe a strategy, but the other leaders in the world pretty much think that why wouldn't we all team up to go after china. >> because they all secretly agree that china has screwed them as well. they are concerned about it. >> they are sensitive about both europe and japan to your point. very sensitive about their automobile industries and that is for the moment what appears to be in the crosshairs. they have good reason,

justification for the high anxiety to be out there. the situation with abe is another political issue and that is that they want relief from the wrongs that they feel china exacted upon them generations ago. >> they say why not think canada and mexico first and go with a unified approach to china. neil: let me ask you about this. if it does come to this, the comes to a trade war and they make good on their threats, we make good on our threats, back-and-forth, goes way beyond deal and aluminum already covering barley, grapes, urban, better. so then what? then will the markets get hit? >> look at what daniel said earlier. you could argue that the sign of a strengthening global economy. but it's tied directly to end the trade talks have occurred in the numbers keep getting bigger.

20 billion, 60 billion, 100 billion. the markets will react to this at some point, but the markets were now are saying we don't think it will metastasize. we don't need to accelerate. cooler heads will prevail. >> it's a timing issue for them. not to say that they are not nervous. one guy was saying we don't know which way to jump right now. at the same time, nothing has really happened yet. for them to make any changes in the way they plan their business, it would make sense because they are rolling the dice hoping the bad and they do thing for the most part, not to speak for all of them, but for the most part things will work out and they really don't have any other options other than to hope it works out. neil: thank you all very much. speaking of the doubt now. a lot of this by financials once again when i was last checking here flirting with a 3% handle on the know. you know the drill on that.

right now the feeling seems to be it's probably best that a warren buffett earlier today that the economy is looking pretty good to him. we are only in the sixth inning of this, which made me think -- >> sometimes they go into extra innings. >> absolutely. sure enough. we have a lot more including what is going to happen and map room with the prime minister of japan and the president of united dates. a very friendly relationship, that they do let each other know how they feel bluntly. man: i got scar tissue there.

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>> europe about 140 points now. this meeting coming up before the big meeting in singapore between president trump and kim jong un of north korea is a trade meaning and that was a firework session in and of itself. our own allies, on friends are angry at us for targeting them for tears and sanctions because they don't play fair. some of them are risking our national security. the prime minister of canada, trudeau apoplectic. he wants a bilateral meeting with the president.

he just got one, so did the french president who also wanted a private meeting with the president and he got it. of course, emanuel macron has urged everyone to be calm, nice, civil. but it's been anything but in the face of these trade by the president and he not lighting up. jon hilsenrath. i was positing maybe the wacky notion that this was to the chinese comment that we are so determined to get fair trade that we will even count on our friends to get it. take the message. what do you think? >> i think the overriding issue is that the president had called, you know, feels that we've got to take a tough stance on trade. we have large trade deficits and he's going to go after anyone that has trade surplus with us. i would point your viewers to a piece on "the wall street journal" website right now that

looks at how the president is managing the process and looks at the fighting going on inside the administration around him over trade issues. one of the really big ideas that comes out of the article is that the president just decided a few weeks ago he wanted to take a tougher stance that we are negotiating back and forth with the chinese and getting nowhere and he's going to go after anyone that he thinks is treating us unfairly. >> i might have asked you this in the past. how much of this is a method and how much is pure madness. by that i mean, how much of this is impulsive, how much is well thought out on multi-levels to get the desired response. >> certainly a lot of impulsiveness about it and this is why return back to the article we ran right now it looks at what happened over the last few weeks on trade. treasury secretary stephen stubbs explodes like he was

calming tempers down with china and moving towards a deal where they would agree to increase their imports of u.s. goods and the president's view turned very quickly over the course of a few days when he started getting bad publicity, bad headlines, bad commentary on fox and elsewhere about looking soft. i think there's an impulsiveness to the way he is handling the. i think the overriding issue is the one to show the world he's changing the way he's going to deal with these issues. he also feels as a matter of his own strategy that this impulsiveness that is very much a part of what he does keeps other people off balance to his advantage. i think it's a combination of impulsiveness certainly tactically, but he thinks that helps them in the long run. neil: the market seems sanguine

with all of this. not really panic in othello this. what do you make of it? >> there is an element of momentum going on right here. a lot of this is the tech stocks, and netflix, google, amazon. they've been on a good run. the view in the market since they are somewhat insulated from the old economy like agricultural, steal cars in the middle of all these trade disputes and investors are piling into the momentum stocks that look safe right now. the only thing i would say is that the dangerous game to play when they have the valuations so high. that way things to get overdone. neil: indeed. in the face of what is more buying in dependent stocks here. thank you very, very much. jon hilsenrath, wall street

global economics editor. the zte deal that has been breached in the company willing to pay a $billion fine to get back in our good graces here. what do we get in return? that is what everybody is asked in. ♪ we came with big appetites. with expedia, you can book a flight, hotel, car, and activity... all in one place. ♪ everything you need to go. ♪ expedia®

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>> welcome back to coast to coast, i'm susan lee live from the new york stock exchange. the dow still trading higher by just around 151 points, the s&p 500 flat at this hour. but today it's all about the smartphone suppliers, the zte dealith the u.s. commerce department. qualcomm rallying today as it looks like china will finally approve this $44 billion deal. also on the move up as well,

let's track technology. in fact, a reversal of sorts in the early morning session, and now we're looking at gains for the quarter, it's been a big one for the likes of facebook despite declines today and really this week, fb stock. amazon, apple and the like, google, a stellar three months. these technology names, again, intraday records for apple. pulling back a bit at this hour from some of those stock gains. neil, back to you. neil: thank you, susan lee, very much. these privacy concerns, apparently, are not a big concern to investors by and large despite the selloff today. i want to go to gene munster, he's one of the best reads in this industry that i know of, so i'm very happy to have you with us, or gene. >> hi, neil. neil: you actually have to know what you're talking about, but my theory on this is this, yeah, we have our privacy concerns, but we like the ease of use of all of these technologies, facebook included, and we deal. we're okay with it.

we're not happy with it, but we'd much rather have the technology than not. what do you think? >> that's exactly right. and i think that we are going through a period of awakening around this privacy topic. we're still relatively early into it, and i just wan to put some quick perspective on it. i think the substance of this is we're going to be okay with some of these limitations, but i think consumers will progressively more want to put some slightly better controls in place. and so we're three months, effectively, into this post-cambridge analytic phase, and we heard a lot from apple last week around privacy, we heard a lott from google at their developer conference a few weeks ago on privacy. and i think people in general are going to accept some of these privacy issues more broadly, but they are going to adopt some tools. and i want to put a finer point on that. on the last facebook earnings call, they talked about some new tools to manage your privacy that they're rolling out in europe for the first time.

and they said that those tools, as consumers start to manage their privacy more aggressively, are going to have an impact in terms of the amount of usage that they're expecting. so still early, and they will roll those out for the rest of the world. so i do think you will see, as google and facebook in particular are set to roll out some to more of those tools, an impact. and i think this is going to be a good may for apple longer term, because they're in a -- they have higher ground when it comes to privacy in terms of not wanting to share people's data. neil: but wasn't apple among the companies, twice makers that got a -- device makers that got a lot of this stuff? >> well, they, they've built a platform that shares, that other people can share data from. but what apple's doing is with these more recent software updates and a future software update -- ios 12 in particular which comes out in september -- is going to make it more clear to consumers when their data is being shared to who and what

kind of data is being shared. i think that's kind of the higher ground. the way apple tells narrative is that they make money on selling devices, they don't make money on selling users. and so i think that that's that higher ground that i'm talking about. neil: the only reason i mention it is because facebook was getting some of this information they handed to device makers, including apple, so it just struck me as odd. having said all that, i understand what you're saying, is there just as collective reef -- nhing as big has come to light outside you know, facebook revealing that maybe some chinese entities got their hands on this stuff. generally not good, but that barring that or revelation are of a huge magnitude these stocks have moved on from that, particularly facebook? >> yeah. and there's a bigger thing going on when it comes to these tech names. and to put some perspective around that, let's go back to 2000. at the peak of the internet boom, the top five tech

companies had a collective market cap of $1.7 trillion. so only one of those companies, microsoft is now one of the top five tech companies, but the top five today largely the fang stocks have a collective market cap of just urn $4 trillion -- just under $4 trillion. ing the reason why that happens and the reason why these stocks continue to make new highs is tech is taking over areas that it historically hasn't taken over. so if we go back eight years, the tech narratives were around apple trying to gain share from nokia or blackberry or android trying to gain share from apple. but then you have amazon coming and kind of disrupting retail. and investors that we talk to today, the reason why they believe in these big tech names is that they're starting to gain opportunity in whether it be under health care or transportation, even energy, you think about tesla what they're doing, that's the exciting part that can keep these stocks at

their peaks moving higher for the next several years. neil: gene munster, thank you very, very much. a very good read of the industry. >> thank you, neil. neil: so many meetings, so little time. we told you about the g7, that could be tense. we told you about the singapore meeting, that could be tense, and now opec planning a meeting, and that could be tense. whatever happened to just going to restaurants, saw some movies, maybe checked in to act like they were there? you can't do that. after this. ♪ jardiance asked: when it comes to managing your type 2 diabetes, what matters to you? you got a1c, heart, diet, and exercise.

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neil: all right, to the white house n. the president meeting with shinzo abe of japan. >> thank you very much. it's about attitude, it's about willingness to get things done. but i think i've been preparing for the summit for a long time, as has the other side. i think they've been preparing for a long time also. so this isn't a question of preparation, it's a question of whether or not people want with it to happen. and we'll know that very quickly. [inaudible conversations] >> photo op, what do you tell them? >> well, it's going to be much more than a photo op. i think it's a process. i've told you that many times before. i think it's not a one-meeting deal. it'd be wonderful if it were. you know, they've been doing this for a long time, they've made a lot of enemies out there. a lot of dislike, a lot of hatred between countries. this will not be just a photo op. this will be, at a minimum, we'll start with perhaps a good relationship, and that that's something that's very important toward the ultimate making of a deal. i'd love to say it could happen in one deal, maybe it can.

they have to denuke. they don't denuclearize, that will not be acceptable. we cannot take sanctions off. the sanctions are extraordinarily powerful. and i could add a lot more, but i've chosen not to do that at in this the time. but that may happen. by the way, with iran we're adding tremendously powerful sanctions. they understand that very well. i think iran already is not the same country if you look -- i don't think they're looking so much to the mediterranean like they were or two months ago. so it's a big difference. it was, number one, nuclear. but also out of it you also get the site benefit that iran is a different place. and is we'll see what happens, and maybe ultimately something will happen with iran. but for our meeting next week, i think it's going to be a very fruitful meeting. i think it's going to be an exciting meeting. i think we're going to get to know a lot of people that our country never got to know. this is something that should have been handled many years ago

by other presidents. it shouldn't be handled now, it should have been handled years ago, but it is being handled now, and i'll take care of it. thank you very much. >> let's go, press, make your way out. let's go! make your way out. let's go, guys. [inaudible conversations] >> any chance of -- [inaudible] >> no, i'd love to. >> all right, let's go, guys. >> thank you very much, everybody. thank you. [inaudible conversations] >> let's go! come on, let's go, make your way out. >> [inaudible] neil: you never know. all right. the president meeting with shinzo abe. a number of the questions had to do with that meeting or the upcoming g7 summit which is going to be fiery in and of itself. most dealt with the upcoming north korea powwow in singapore next week, and the president says he's ready for that.

so a couple of things to let you know about that meeting before or that meeting is, of course, what's going on in canada. the canadian and french leaders have already been talking jointly about their concerns, the american posture on trade, but they will deal with this in a civil way with the president, but it will probably be one of the more divisive g7 meetings we've seen because this is the first american president to call their trade policies into question, going after the chinese as well. we'll keep an eye on that. separate developments today on the national football league, a big meeting going on. in fact, some of the sponsors meeting with the nfl. charlie gasparino with a lot more. hey, charlie. >> hey, neil. right here in times square. the nfl executive summit, it's a yearly powwow between the nfl and its major sponsors, companies like visa, you name it, anheuser-busch. they're here meeting with roger goodell, the nfl leadership. there are some owners here, jonathan kraft of the new

england patriots, the president of the new england patriots, the owner of the jacksonville jaguars, he's here. as i said, it's nominally a powwow between the sponsors and the nfl to update both on what's going on affecting the business of the nfl, which is a huge business, one of the biggest businesses in the country. but this year, as you know, it's a little different. this is a year where you essentially have the lingering anthem controversy. and while the anthem controversy or donald trump, who see to t at every turn, is not named specifically on this agenda -- i have it right here -- from what i understand internally they are talking about it including the latest nfl, i guess, response to this which is to have the players, if they want to kneel, kneel inside the locker room, not outside. stand for the anthem outside. the president has been really critical of that. i can tell you from my reporting some of the sponsors, even some of the sponsors here are worried about the continuing controversy here that the president continues to stoke. the real question i have for the nfl -- and, by the way, just want to say this, neil, you

know, i i, this is -- i'm being spied upon right now by nfl officials doing this story. so i just wanted to get that out there. the real spygate is occurring right here in times square because they're worried about what i might say. and all's i'm going to tell you is this: you know, there is some worry among sponsors about this lingering issue and whether there is a sort of a bleedover to their brands. does the anheuser-busch brand, budweiser and all the stuff they do, is there any bleedover from this controversy to that. is there any bleedover to visa. there have been some statistics that initially when this controversy first happened, yeah, there were some problems. pepsico, for example, got a lot of flak from viewers and consumers calling in to pepsico headquarters in westchester complaining about sponsoring the nfl while there was no specific law outlawing players from taking one knee. so this is still going on. the president is still stoking

it. they are talking about it internally. i'd love to be a fly on the wall in there, but they won't let me in. but we do have nfl officials watching our broadcast. neil, back to you. neil: maybe there's a guy named bubba like three feet away from you. [laughter] they're big guyses. >> really. where? neil: watch out, charlie! thank you very much, my friend. [laughter] be well. >> okay. neil: a lot of tense meetings, we told you about the g7 that could be tense, we told you about the upcoming meeting in singapore, the opec powwow on how to get a handle on the supply here, word that the white house was asking opec just to increase production by a million barrels a day to ease the gas pinch for a lot of americans. don't know what's true, what's not, but i do know that alan knuckman has a good idea. he's at the cme. alan, how big a deal is this,

that we, of course now one of the leading producers of oil through a variety of means, are are now urging opec to help out here? >> wow, that's, that's a little different than what's happened in the past. but i think people are, you know, rightfully worried about the price of oil moving back up because we've had that 10% construction. and we looked like we bottomed out. it was much needed to have a pullback after this run-up, and now you're seeing the dollar stop moving higher. so you're looking to see if we can see this west texas intermediate crude that we have here in the states rebound and catch up to brent crude which is the world benchmark, that spread's gotten to be the widest it's been in a couple of years. and typically, you'll see that snap back. so that could very well happen in the next few weeks, next few months. neil: you know, when i hear airlines -- this may be outside of your purview -- raising ticket prices in response to the higher jet fuel costs, now, i

know even with hedging and all if they go up, they go up. >> right. neil: all of that aha since been going -- has since been going on. it seems to me an excuse to hike. >> pricing power. they're able to hike prices because the economy's gotten better. let's look at some other companies, amazon able to raise the price of their prime service 20%. so you have to look at it as a good sign. you talked about hedging, and i wanted to bring that up as well, that's very important. that's why these markets exist be right here, so users and producers can hedge their prices and know what their costs are. so an airline, if they're smart, obviously, they're hedging properly. you've also got to remember that jets now are that much more efficient than they were a few months ago, and we've seen a lot of turnover in the fleet. you've got better, you know, better mileage, so to speak, and it's now a smaller component in their overall cost. so they did raise prices years ago when oil prices were high, and they begrudgingly took those additional fees off.

they make a lot of money on fees right now. neil: yeah, yeah. >> but let's remember that that airlines made all-time record profits here recently, so i don't think we need to worry so much about them right now. it does hurt psychologically to see the price of gas at $3, but, you know, we had extremely, extremely low gasoline prices for a long time, and i think people just got too used to it. let's also mention one thing here that as oil prices go higher, that's going to give the market a catalyst. think about it, we're making new highs in these small caps and in the tech sector, and the s&p and the dow are kind of being left behind, but when the oil prices move higher, that's going to support exxon and chevron. that's going to help the stock market because that's what we want to see, that's what's important to us. they're big components in the dow, and that's going to help the dow move higher. neil: indeed, two prominent components, and both up sharplied today. thank you, my friend. >> exactly. neil: alan knuckman. >> thank you. neil: in the meantime, are you

looking forward to your social security? well, it depends on when you're going to be getting it, because we're told now by the year 2034 the social security trust funds will be depleted. what does that mean? after this. ♪ ♪ how do you win at business? stay at laquinta. where we're changing with contemporary make-overs. then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today. book now at lq.com.

♪ ♪ >> social security is in

trouble, and its problems will only get worse. >> and yet the last time that we actually addressed this issue actuarially was in 1983. ronald reagan was president, tip o'neill was speaker of the house. ask they made the adjustment -- and they made the adjustments that were necessary that would extend the life of social security. neil: all right. of course, he was referring to the so-called grace commission. peter grace was the author of that working very closely with the reagan administration to f social security. whatever they put in place, including higher taxes and dealing with an aging population, all of that might have come to pass here. i want to stress this is not a crisis yet, but it could be. what they're saying is the social security trust fund will likely be depleted by 2034. so it has enough money right now to deal with whatever monies are handedded out through then --

are handed out through then and even after that time. but again, it becomes a little bit like looking for coins under couch cushions after that. the committee for a responsible federal budget, how big a deal is this? we get news that the medicare hospital insurance fund will be depleted even sooner, by 2026. what's going on? >> what's going on is that we're many trouble as a nation. 2034 may seem very far out, but it's actually quite close. this is a retirement program, if you think about it, and it's only a few years away. neil: so what happened? i mean, i knew when they started raising taxes and that was part of the effort here to shore up the money coming in and the revenues coming in, the proverbial lock boxes and everything else. the lock box is gone? what happenedsome. >> we fixed the program in 1983, and that bought us 50 years, but now our 50 years is almost up, and we didn't do anything. we've known since the early 1990s the program was out of

balance, and we haven't done anything in the last 20 years to try to bring it back into shape. neil: among those things we can do is recognize the fact that americans are living longer now. a lot of people get concerned about that and say, well, wait a minute, why are you doing this to me? you can grandfather these age changes in as they did during the time of ronald reagan. what are some basic things that could be done similar to what was done back in '82 and '83? >> well, look, we're living longer, so raising the retirement age, i think, is a smart idea. but that's not going to get it all done. we're also going to have to make some changes to the benefit formula. we can do those progressively, and we're going to have to bring in new tax revenue. we're past the point where either side can have their solution. for example, scrapping the cap, that wouldn't fix it all, price indexing benefits, that wouldn't fix it all. we're probably going to need some kind of combination. neil: democrats say scrap the cap because all of a sudden people who, you know, cap out at their contributions wouldn't and

it does the trick for medicare, it'll do the trick for this. what do you make of that, and others say that's a painless way to do it. you say -- [audio difficulty] >> it would help. it's definitely not painless. it would help, but it's just not enough. scrapping the cap would get us about eight years of surpluses and maybe 30 or 40 years of solvency. neil: is that right? >> if we're going to increase that cap, we need to combine it with some reductions in the future growth of benefits. neil: the other oh idea that concern -- other idea that's been bandied about is make it means tested so that if you're wealthy, you shouldn't get it. now, a lot of people come back and write me, e-mail me, i'm sure i'll get that for even raising this now. i've poured a lot of money into this over the course of my career, and you just can't take the rug out from under me, no matter how wealthy you think i am. >> look, there's only a finite amount of benefits. either we need to raise people's taxes, cut their benefits or a mix.

and this is a government program, and it's focused on helping seniors stay out of poverty. so i do think it makes sense to at least slow the growth of benefits for the very highest earners. but i want to emphasize, again, how close this problem is. on crp.org, we have a tool where you can check, and, neil, you'll be 76 years old when the program is insolvent, and you're going to get a 22% benefit cut at that point. we just can't keep delaying this. neil: i really wish you hadn't done that, but i'm very grateful you did. [laughter] it is ridiculous, you know? this is fixable. it's not, you know, rocket science. but do you think part of the problem, real quickly, is that we've built into this as a sole means of survival in our retirement years when it was supposed to be part of the three-legged stool when it was first brought up by fdr along with pensions and savings, that that would provide for our older years? what happened? >> i think there's this myth

that social security is somehow sacrosanct. the truth is most people are saving for retirement in other forms, and we need to encourage of that. neil: i think you're right. mark, thank you very much. good seeing you. >> thank you. neil: all right. the president of the united states and the leader of japan, they're going to hold a joint news conference. you remember one of their joint news conferences all hell broke loose. these two have a very close relationship, and japan's prime minister has been very critical of the president's approach on trade as well as warning him when it comes to the upcoming meeting with north korea's leader not to give away the store. so, of course, this could be a pretty frank exchange. more after this. ♪ ♪

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>> this will not be just a photo op. this will be at a minimum we will start with perhaps a good relationship and that is something that is very important for the ultimate making of video. i'd have to say can happen in one deal. if they don't do nuclear riders, that will not be acceptable. >> the president a few minutes ago as the leader of japan talking about the upcoming singapore summit with north korean leader and what he is expecting out of that denuclearization is a must-have, got to be conclusion of the

summit. dan hayward, along to that came the sudden trade event in canada that is getting more headlines, certainly in the affected countries like canada, the host country and a lot of our friends are agitating up to, including prime minister abe letting the president know you are killing your fans here, mr. president. how does this go down? >> i know the president is keeping his promises to the american people when he said he would change our trade policy. to rebalance as we all know. he's doing everything it can to put americans back to work, to increase product everyday and of course to rebuild our military. he is a negotiator. he is definitely unorthodox in the history of american presidents. he has put a whole lot of

libraries and action. he is definitely willing to step on some toes, but fundamentally our allies know the most potent military economic power on earth. we are friend with whom they want to work. the president is basically saying, look, the united dates can be taken advantage of them were taken taken advantage of for many decades. neil: i wonder ether he spread himself very thin. of thing routine and all of sort that. you want to keep some of your friends close going into a big international summit with the north koreans and the chinese and all that. >> for sure. i agree with you. look, if you look at it from the perspective of our allies and friends, when they look across the rest of the world, we know that they don't look at china

and say wow, there's my best friend. they don't look at russia, the other superpower and say there is my best friend. they certainly look to the united states to be friend, ally and protector. i think the president is fully aware that we need to hold our allegiances to gather. but he's also made clear, we've seen it with germany as one example. germany has actually gone along with our sanctions plan on iran, which is of course another direction the president has moved forcefully. terminally it's actually worked with us even though angela merkel is a skeptic when it comes to the president's plans. i do also know that germany has also tried to step into the

united states because they know. they know that ultimately they want to work with us and have allegiances with us and not with other superpowers. neil: man hayworth, very good seeing you again. >> and you always, thank you. neil: it is unprecedented for a president is taking on the sacred issue never raised publicly with her friends about their own abuses. but there was another president taking on an issue considered not to be talked about in public. human rights abuses worldwide. doubtless jimmy carter. >> numerous and more politically aware are crazy. and now they are placed in the sun. not just for the benefit of their own physical condition, but for basic human rights. the passion for freedom is on

the rise. tapping this new spirit, there can be no more ambitious task for america to undertake. >> it might seem a little odd. i was considered quite revolutionary at the time. no one started judging how countries were when it came to human rights or addressing the concern within their own country. president carter, the white house years poster that. stuart eisenstadt come a good friend of the president and of course his chief domestic policy adviser among many other things drinking right now. can you check for returning. i appreciate it. >> always a pleasure. neil: let me get your take on donald trump and i know i'm mixing issues here. similar to what president carter was trying to be one human rights. these were i wouldn't say taboo issues. people knew they were issues, but they didn't raise down the

way jimmy carter did >> we have the support and the human rights policy of our european allies. which is not the case with the tariffs. we used human rights and say what i've been in war against the soviet union for the hearts and minds of people all over the world expressing the best american values and support for democracy, free speech, and in the democratic movements and we had the full support of our allies at the time. what is happening here is that there is huge bipartisan support at home and very large support among our g-7 allies for a joint attack on china's trade policies. unfortunately, what the administration is doing by

imposing a limit on the deal terrace under a so-called closest allies is dividing them, when we should unite them against china. they want to take china with us. now instead they will be retaliating against many of our products because of our imposition of tariffs against those. i have been involved in for g-7 summit. they recorded in my book president carter, the white house years. always under republican and democratic residents commit the u.s. was the leader of the g-7 summit. we had a breakthrough in 78, for example, an international trade agreement to lower taxes. now we are faced with a g six versus one situation. if you take a poll out from the jcp away nuclear agreement, if you take the tpp, transpacific

withdrawal, the president to reach his legitimate goals. what if the president is right that a lot of these trade deals we have been getting come apart in vernacular, hosed. when it comes to light with one trade deal or another, this might've been built into the system a decade ago. we have gotten the short end of the trade stick and the president is responding to that. but that it could work and extract confessions from them. >> i'm sorry i don't agree. if you are aiming, as he should be and is in china, which has pernicious trade policies, deep subsidies for state-owned

companies, first technology transfers from our allies to jon going after that rather than dividing us. if you look at steel and aluminum, the excess capacity at the european allies. that's where the your problem is not with the people with whom we share our most precious intelligence. >> if he's going after her friends can what it will do to us. but there's a method to this. >> i can assure you they would be much more likely to respond if we came in with all of our allies together to attack these policies and do it separately in their cells. among the more successful comparing them to the likes of herbert hoover and warren

harding and george h.w. bush. sometimes the most inconsequential was james polk only under what happened with their self promise him a one term goal and he kept it at. become a consequential in a third term. a lot of people look at the carter presidency. you dealt with this in fact with blemishes and everything throughout this book, that this president failed to take initiatives that he probably should have in retrospect. it wasn't because of bravery. it was because he was simply out campaigned. what do you think of that in the end that this wasn't in her presidency as much as a hapless one. >> is a good question.

if you look at the accomplishments, energy, environment, deregulation of industries, camp the soviet, rebuilding military, human rights, all of these are accompshments. i do not whitewash. silly details and getting lost in nonsensical kind of issues. >> particularly with iran. that was our achilles' heel. the way it was handled that bank was incorrect. we should've used much more forceful military action, the cia was completely wrong in not understanding how weak it was in terms of internal support. believe it or not he was getting cancer treatments for five years. the rescue mission was poorly coordinated. we didn't have the kind of

practice. i don't want that to overcome the positive elements as well. getting almost 70% of his i saye president, for one term he accomplished an enormous amount. sure he had problems. he was defeated massively by ronald reagan. we only won six states. remember also and this is verified the interview, one of 350 with james baker, we were dead even with president reagan going into the debate he days. but they saw a debate book. they knew all the attack plans were being made. jim baker confirmed that in my interview in that debate really turned things around. suggesting we didn't have other problems? absolutely not. if we have lower inflation, no hostage crisis, but it was razor thin at that point and when that

debate occurred, reggae and one made in part because he had a little bit ofn advantage having our debate accord with edward sadat and that went on for weeks. this is a one and done event. but it's unlikely to be wrapped up so quickly. have we put too much stock in what happened there were? >> the president is going to the summit. i don't want expectations to be too high. the difference between camp david, which lasted not only 13 days and nights, 20 dressed in

by the president himself come individual negotiations with egyptian prime minister sadat in this preparation, preparation. we are at a negotiated for months beforehand. we knew where the gaps were in the president was well prepared. he knew exactly what has to be done to accomplish the result and he didn't go into it simply hoping for a handshake. now, that is the problem. don't overpromise because we have not had this kind of preparation for north korea. no american president has met with them. we don't know what their bottom lines are. we don't have enough time to find out. what we don't want to do is give him a big greek is seeming to be of equal and ending his isolation. we need to keep the pressure on, keep the sanctions on and make re those until we get something much more concrete than a vague pledge, which other presidents have gotten a denuclearization. we have to have a plan,

timetable and inspection. ironically, if we had anything like the intrusive inspections that we have with the president pulled out of, that would be a great fit tree. i doubt we'll get that at this stage. again, it is good that he is meeting, but it requires preparation and that's the lesson of camp david. >> a different view on those inspections whether they were as you stated, sir. i'm not here to debate that. i'm here to talk about the challenge from the left like ted kennedy. this president could potentially be facing a challenge from the moderate wing of the party if senator corker were to take him on. the ohio governor k. sake could do so as an independent candidate and normally, such challenges hurt the party in power, in this case the white house. i am wondering whether, when you look back at the carter years it

was that he lost and that this president could be a danger in the same way. >> i doubt this president will face a challenge, but i will describe it in my book, any president who faces an internal challenge to his nomination as, for example, ford did is going to be weekend. we had a continued fight with ted kennedy in the liberal wing of the party. the president was a moderate. he was a centrist. in the end, he was too liberal for the hard-core conservatives. too conservative for liberals and he fell right in between. ted kennedy won an all encompassing health insurance program at a time of high inflation, high budget deficits. we said let's do it incrementally and that was his wedge issue. i can tell you at the convention, and i've been in almost every democratic convention, such anger and ritual. when i was trying to beat talk

16 minority planks that ted kennedy and the liberal wing put together. i almost felt that my life is at stake. at the end of the convention instead of having the classic handshake when opponents fight and one wins, we're twice as many delegates. ted kennedy gave the most distant handshake and he gave a speech that said, in effect, let's remember the future belongs to us. the dream will never die. tree into you never mention jimmy carter at all. >> never mentioned it. >> you are recounting that moment in that time and that convention as do all interparty challenge all interparty challenges of you think about it you're quite right about that. all part of a remarkable book, exhaustively researched, exhaustively footnoted. president carter, the white house leaders, the book is longer than the carter president

dave. this is the best i've ever read. you must read this and you've got to respect the author you're looking at there. >> thank you very much. train to thank you, sir. a little more after this.

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neil: the doubt aba points right now. half of our gains a little bit earlier. the markets nonplussed by a growing trade wars and the like perhaps because maybe jimmy carter's former top domestic policy advisor don't see it happening. who knows. market watcher steven were sired. just going through the whole background. i'll spare you those details. is it your sense that markets ignore this, the trade threats and fears because they don't think they're going to be realized? >> they certainly haven't ignored it. i think the fact that the market expects some kind of favorable resolution or most of these issues is the reason why you you see large gaps getting small caps over the last couple weeks. up about 8% this year, we've seen a little bit of a reversal. you might get a little risk off

this weekend i had the g-7 summit. we are headed that direction was something up on us. neil: so you are buying into this environment? >> by pete at what to very cash in january february. peeked around 46%. i've been putting money back into the market. i'm still in the high cash for wall street guy, but a much lower level than it was and i do intend to get there further. also raising revenue by selling almost on my long position this way. tree into what are you buying? >> i've always focused on the cloud names and focusing on the summit could not or names. are getting kicked in the teeth a little bit. that is where the growth is in the potential lies. i also think energy looks good right now. it's a little bit dangerous, but the 64 level seems to help with crude. i'm tipping my toe into the

royal dutch shell's. drink it's interesting you look at technology because every time you think it's about to go into a correction phase it doesn't. the interest rate play the raw materials are not as high as there is an increased margins a lot of analysts say the fundamentals are there. looking at revenue earnings for tech stocks, a lot of opportunity. those are some of the major drivers and last but not least attacks cuts brought back a lot of money into thenited stes. thre tech sec as a whole benefited from shareholder buybacks. that's pushing up the stock price as well. >> warren buffett says that his economy and economic growth is very real. the heavy hitters are coming up

and i think the reference was a nine inning game. we've got at least a third of the way to go here. >> the world bank said yesterday it sees growth this year three by 1%, which matches last years and is the best run 11. two obvious points where the idea is earnings will continue to improve, whatever field you want to invest in, there is some tech angle to that. i think a lot of those tech stocks are very safe place. the idea is that earnings is going to deliver and trump any trade were raised. we've seen the markets. >> it erupts a war and gets nasty. it looks good next quarter as well. what they play a doubleheader?

i think we could have a little bit of a melt up here over the summer. there are growth problems in a year and a half or so. >> especially in the retail base. that is what happens with a whole group of managers that miss an industry that moves and a lot of positions on top of that. they have a day after day, little sloppy but those are still higher. >> they've been pricing us for quite some time. investors were unaware of how to deal with public negotiations. we talk about trade never in the limelight and nowadays. we have to figure out how we price cutting. q1 they did price again. now we may see some swings. that is because also going into the summer you see lower volume. any headline could digitally sign the markets. one interesting from jpmorgan came out singing that they looked for a march on all the trade talk came out and

essentially net loss for markets was negative for point x%. the trade talks have whipped up over a trillion dollars. it has a negative effect. neil: but not going to stop this. >> no, you just mentioned jpmorgan. comes up in a couple weeks over the last few years we've seen tremendous lives in the banks that. not just an interest rate story to you. >> at the buyback and dividend story where they're going to tour some monies. between it to win a 10. back down to 43. as long as they throw some money will take it. neil: they are throwing around. the leaders. these things are always pay-per-view events. the last one with these two

leaders was practice. the cnn questions about the rest. i was with the japanese prime minister. you never know what could happen. they could actually argue over money supply. that is where this has gone. more after this. i called usaa and the first thing they asked was 'are you ok?' they always thank you for your service, which is nice because as a spouse you serve too. we're the hayles and we're usaa members for life. see how much you could save with usaa by bundling your auto and home insurance. get a quote today.

neil: there's a new "wall street journal" nbc poll that finds the democrats interested in the midterms running ahead of republicans are more engaged and presumably more inclined to vote fox news.com here in new york city, counsel minority whip job or rally. what do you make of that? some data shows that republican democrat mayor went to single digits. what you make of it? >> an outlier in a number of different profits with a 10-point lead to democrats and we are seeing one, two or three-point lead. that is really different.

i don't know if this is a phone call which i think is interesting because that's asking people and generally thinking that doesn't work well for president trump. it'll be all about turnout. the democrats are in a weakening position because of the economy. it's just that simple. 60% of the people said the economy was pretty good and a plurality gave that to donald trump is having impacted back. republicans should be running why change horses in middle stream for some cliché why you'd want to get rid of this and things are going so well. it's a very powerful message. >> normally when you get a change in one or both houses. all of the above.

if anything, the economy is picking up speed. >> i'm a novice on california politics, but silly me for thinking the biggest newspaper in the state read the headline to democrats labour election they can be a good sign for democrats in california. dems avoid shutout. just qualifying for democrats in most of these house districts. look at the turnout in the seven districts where republican house member was on the ballot in 2016 and clinton won. those seven seats the turnout was five, six, 10 points higher for republicans. those are the districts if they want to pick up 23 seats. neil: but if you are feeling good about things, are you inclined to support for the party or just feeling good. they would walk over broken glass. >> i think that is what gave ever in such a mess them about a

blue wave. we saw bettinger. we saw that passion after the 2016 election marching in the streets. i think it dissipated a little bit. guess what, they are working. date or time to march in history. excepting california and a few other states where that is an issue on the ballot. but i think that the most interesting data point is 50% of democrats said they would vote against trump. that is not saying much about the message that democrats are bringing to their own voters. they're truly has to be something more than that. >> if you go back to when democrats were saying that come in the second point of the talking point was trump was so unpopular within his own party. >> the voters are getting better under donald trump. republicans and democrats alike. the wealth is being spread out. that's the one thing.

it's not like wow he happened to be president. he does something and make it happen. >> of course is one tweet away. still waiting here for the president and they'll do a joint press or -- it looks like they're doing it in the rose garden outside.

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neil: all right, waiting for the press are right now from donald trump in shinto ayub, the prime minister. a lot of people all over on this crucial meeting with the north korean leader. whatever it is, does the work. in the end doesn't work for the president of the united date. the markets have shown it yet. independent women's forum.

in "the wall street journal" chief economic editor greg. why with all this concern the president is all over the map in fighting with everyone and why aren't the markets freefalling? that would be the stuff of which a selloff could have conveniently been made in the past. >> the bottom line is the amount of money at risk really are quite tiny and relative to a $20 trillion economy. it's a small negative compared to the big positive for example that tax cuts, the tailwinds of global growth. it used to be terribly used for the united states. that's probably marginally positive and a shirt on because they produce so much oil. take away the longer picture in the longer-term protectionism, tariffs are bad for everybody's growth. the fact the market is not responding today shouldn't take there at the long-term picture that is a problem for the global economy. neil: a lot of people that their protections. their eyes were opened that so

many countries, some with built-in systems in place for decades routinely new brick markets in their favor and the president responding to that, whether that response is the way to go about it has reminded folks, this is happening a lot. you might not like terrorists, but a lot of tariffs on us. >> it's true. we are all free traders. the white house has talked about this as an issue of rocha and trade system or countries to exert their own protectionism when it comes to imported goods from america. i think they look at it as a way of leveling the playing field and if we engage in free trade that we are doing so in that in fact countries are not trained to protect their own market at the cost of american businesses. neil: is one thing to talk about a trade war. another two cnc prices go up because governments don't pay that. you and i do.

we are not at that point yet. what happens if and when we do? >> what we see right now is the one thing that has come from a lot of this chaos is unity. unity of allies against the spirit already japan is just one of the

happens. i think it can be helpful, but at the end of the day it will raise costs on businesses and american families than what we are sending, then we have to really wonder if the trade-off is worth it appeared neil: i talk to more and more people, like hezbollah in the china shop, that well, you shaking things up. when you make about? >> absolutely. this president promised he was going to be a chaos candidate and you sample in the china shop here to definitely changing the

way people have these situations. if he wanted to have a conversation with japan, he could've just picked up the phone. our relations with them have been improving ever since the second world war. they wants to be the preeminent power in the pacific. they don't trust china or north korea and they trust us. if they were really flooding our market with cheap video games are poorly constructed vehicles coming could've had the conversation one-on-one. you see the rest o the g7 uniting against us. whatight work to sell condos in new york that the team like it's working right now on the world stage. neil: you are begging for a presidential suite. i can still hear it now. thank you all very much. in the meantime, we are waiting for the press conference at the top of the hour or the president might outline. the brief remarks on much of the

attention. maybe quite properly upcoming summit with the north koreans appeared of course, this has been a preview to coming attractions in canada because all of our friends are very angry at us. after this.

neil: i'll write here as we look at the markets up certainly this week and certainly today, even though we are finding out a little more on this zte deal. they are going to pay off $1 billion in fines as part of the a settlement to do business with the united states. again become a team of over workers to make sure they don't cheat, lie, steal stuff. how they are going to do that, i don't know. apparently it is not topping us from considering terrorists on about $50 billion worth of chinese goods. no word as well whether this is part of the for tat where they would promise to buy more products from us. separately we had heard yesterday the rumors were for circulating the day before the chinese were inclined to buy about $70 billion of largely agricultural goods like soybeans from the united states. we are still waiting for the details on that. it is not yet transpired.

for the time being, avoiding a trade war on that front is still way, way too early. in the meantime, looking at some big news in the worst world here that ufc president dana white, in case you are looking, kp looking becae they seem to get this weekend. runs the show and gets all this publicity. good to have you. >> thank you. neil: where do things stand right now? boxing in favor mutually beneficial in helping each other. boxing is still kind of coughing up a little bit here. but not so in ultimate fighting. what happened? >> i think boxing is always going to exist. it is on a site by site basis. it is huge in everybody's talking about it.

when it's not, people are. neil: or when they mix of sports, draw some attention. >> you mean like the conor mayweather fight? neil: exactly. >> yeah, that was massive. the right site in the right place at the right time. i was bit all over the world. turn into what is it that draws particularly young males, of course a crucial demographic for any industry company's board to ultimate fighting? >> sport is very fast and exciting. there's so many different ways to win or lose. a guy can be in a fight for three rounds and lows in the last minute of this site. it is just a fast, exciting sport. turning to i noticed you guys don't get caught up in the whole controversy around the anthem and all of that.

but i don't know what it is that none of that controversy comes up either among your fighters, fans, what is the deal? >> yeah, we don't do the anthem. we don't do the anthem for the fights. i had a situation when we first started this company when we did the national anthem and we ran over the pay per view. stopped doing it. neil: so it's a monetary decision. football used to be that way where they didn't do it. i am just wondering, this is not in your wheelbarrow, but has not become a distraction now to the point that people capitalize on it for their rights stripped rest their view. >> yeah, the anthem thing is pretty crazy right now. it is a hot topic in a big deal to a lot of people. neil: is it to you?

>> yeah. i am for standing for the national anthem. i believe in it. neil: but you don't do the national anthem. it was a timing issue for you is what you're saying? >> yeah, it ended up becoming i did the national anthem, we did this huge thing and went over in the pay-per-view, had to refund everybody's money. literally after our third event 18 years ago i started doing the national anthem. neil: look at you now. best of luck. president out of chicago on fire. making money hand over fist. thank you, sir. we are getting ready for the joint press there with shizo abe and donald trump. anything and everything comes up at these affairs. the last one was pretty raucous. we will see how these go after

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neil: we are up 40 points. 25,186. you know it is interesting. looking at the board here. some of the issues would think give back some gains like financial issues and process of higher rates still doing quite well. this has been a financial-led rally and this has been a rally even well off the highs seem to dismiss the possibility that the world will go to hell in a trade basket here. that does not appear yet to be

the case. we'll get a sense of that. upcoming g7 summit in canada, two participants, president and leader of japan, joint presser coming up from minutes from now. trish regan takes you through that and busy 2:00 hour. trish: thank you, neil. this is the live picture from the white house. you see it. any minute from now the president and japanese prime minister shinzo abe will hold a joint news conference this is happening ahead of tomorrow's big g7 summit and tuesday's north korea summit. we have all kind of things going a market appetite six -- 36 points. i'm trish regan, welcome to "the intelligence report." we'll hear live from the president and prime minister abe shortly, moments from now.