expense of real rights, roe will take care of itself. that's my prediction. lou: that's it for us tonight. have a good weekend.orororororo. good night from new york. >> announcer: from the u.s. treasury department from washington, d.c., a special edition of maria bartiromo, wall street. maria: happy weekend. welcome to a special one-hour edition of "wall street." i'm maria bartiromo. coming to you from the cash room of the u.s. treasury department in washington. i have got a huge lineup. some of the country's top leaders on fiscal policy coming up. steven mnuchin will be here. and larry kudlow. along with the advisor and daughter to the president, ivanka trump is here. along with the office of

management and budget director mick mulvaney. and we have an extended preview of my exclusive one-on-one interview with president trump. that interview airs sunday at 10:00 a.m. eastern on "sunday morning futures" and monday morning at 6:00 a.m. on fox business network on "mornings with maria." here are the big headlines this week. reporter: another rocky week for the markets. despite a late-week rally by nike, jp more dan and goldman sachs. the markets finishing in the red in part from trade concerns. despite a strong month, consumer stocks and real estate raising rates for the second time this year. trade concerns causing the mark totes finish mixed this week.

oil prices hitting a 3 1/2 year high. president trump was in wisconsin this week to break ground on foxconn's facility that could employ 50,000 people. he took a shot at milwaukee-based company harley davidson after they announced they will move some of their production overseas because of the president's trade policies. the court dealt a devastating blow to organized labor. the court rules the government workers who don't want to join a union cannot be charged for the cost of collective bargaining. the decision reverses 40 years

of president and imposes right to work laws on 22 states. later that day, justice anthony kennedy announced he'll be retiring at the end of the july. he's a pivotal swing vote on the court on gay rights, affirmative action and the death penalty for 30 years. maria: i spoke to treasury secretary steven mnuchin about the tax plan. >> we couldn't be happier with the progress we made, but we still have more to do. you have seen how we are pleased to, the president in wisconsin. this is a perfect example of bringing advanced manufacturing back to the united states. this wouldn't have occurred if it wasn't for the tax cuts and

us changing from an international system that was broken to a competitive tax system that works for business and hard-working americans. maria: last time i spoke to you've i asked you about things slowing down and you said i don't see that. you see where oil prices are and products in terms of consumer goods. they are moving higher in price. are you worried that cuts into the growth numbers? >> i'm not worried. first of all, a year and a half ago when we were talking about 3% growth, everyone was laughing saying that was impossible. now we are talking about a gdp number that's 4% or higher. it could be 4.7. we'll have sustained growth. we have been very clear. the plan is 3% sustained growth. a little bit of inflation is a

good thing. the fed has been for a while targeting higher inflation. obviously during the campaign we have been focused on wage growth. great financial markets. no wage growth for the last 8 years. now thanks to president trump's plan we are seeing wage growth. i think inflation will be under control, but that's something we have to be careful to watch. maria: tariffs and trade according to markets and individuals looking back and forth, the tit for tat. i know you have talked a lot about the investment restrictions we were expecting are not happening. give us a status check on what's going on with china and the united states. are we in a trade war? >> we are not in a trade war. we are in a trade dispute with them. we have been very clear with them. our objective is to have

reciprocal trade. we have one of the most of open investment markets. the restrictions we are putting forward, this is about protecting critical technology. this is not about doing. we'll be sure to make sure american workers and american companies get a fair fight in china. maria: firma, tracking foreign investments in the u.s. that's what you are going to strengthen. or there is no answer to that? >> there is an answer to that. whether it's china or anybody else. we couldn't be more pleads. we passed it in the house 400-2. if that's not bipartisan, what is?

we want to protect united states critical technology. and we are going to. that's not directed at china. that's directed at everybody. whether it's joint countries or export controls. we'll make sure the crown jewels of american technology are protected. people know china has been stealing our own intellectual property. but what about the aluminum steel tariffs. people are wondering, we get the issue on china. but why put trash rivers and all of our allies. if you want to get to china, why not team up with you are allies that we want to stop china from its wrongdoing. >> we are working with our allies. at the finance ministers meeting, this is an issue we discussed and it's important to all of the g-7. the president was clear he wanted to protect the steel and

aluminum industry that are critical to the u.s. i think it's very unfair. we put tariffs on that were specifically designed. we have been careful. we put quotas on certain countries. we have been careful on negotiating deals. i think it's unfair that the e.u. respond with tariffs on other things. they have done that and it's politically motivated. if they object to our steel tariffs that's something they should go through, the wto and others. but they do not have the right to respond in a political fashion and hurt or farmers and other critical areas. maria: how many employees do you have in the aluminum and steel industry versus the number in the importing industry. you are talking about 6.5 million jobs versus 300,000

jobs. these two industries are smaller than the industries using aluminum and steel. >> the economic team and the president understands these issues very carefully. that we are not going to let this hurt economic growth. we'll be careful. but the president is determined to negotiate free trade. by the way, it's not coincidental you saw a bunch of german car companies lobbying to reduce tariffs to zero. that didn't occur out of coincidence. that occurred because the president was fighting for our car companies and industries, now all of a sudden they are willing to drop their tariffs. let everybody drop their tariffs. maria: you mentioned the wto. the president wants to withdraw from the world trade organization. >> there is no breaking news

here. i won't use our favorite word about. maria: fake news? >> this an exaggeration. the president has been clear with us and other. he has concerns about the wto, he thinks there are aspects of it that are not fair. he thinks china and others used to it their own advantage. but we are focused on free trade. that's what we are focused on. breaking down barriers. maria: don't go anywhere, more of my interview with steve mnuchin. plus larry kudlow and ivanka plus larry kudlow and ivanka trump coming up right -♪ he's got legs of lumber and arms of steel ♪ ♪ he eats a bowl of hammers at every meal ♪ ♪ he holds your house in the palm of his hand ♪ ♪ he's your home and auto man ♪ big jim, he's got you covered ♪ ♪ great big jim, there ain't no other ♪

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maria: welcome back to our special one-hour edition of wall street. now my interview with treasury

secretary steven mnuchin. you cut the corporate tax rate to 21% and critics say it's not helping others. why the focus on lowering the corporate rate and what impact has it had? >> i traveled with the president during the campaign. we literally met with tens of thousands of people. we met with small business and big business. we heard two critical things. please cut regulation and allow us to do business and give us a competitive tax code. if we can compete fairly, the united states will win and we'll see products made in the u.s.a. advanced manufacturing coming back to wisconsin. that's a result of the president fighting for hard working taxpayers and creating a level playing field. that's what this is all about. i would say creating a system that works for business. by the way, small business

passthrough rate the lowest since the 1940s. maria: were you surprised by all the bonuses companies were giving? >> we were surprised by that. we weren't surprised by the growth. but we are were surprised by all the companies that came out automatically and rewarded the their workers. and that's just the beginning. maria: what are you look at in terms of metrics to make you feel like this is still working? >> i think gdp is the number one indicator. we are also look at the unemployment rate. we want to increase the participation rate and make sure people who gave up on look for good jobs come back into the workforce. but as the president said, jobs jobs jobs. >> were you surprised we didn't get a great gdp number

yesterday? the first square is usually seasonally lower than the other quarters. alan greenspan was with me yesterday and he said we know we are getting a strong second squared. >> the first quarter was a seasonal issue. our objective is higher than 3. the revision was not material and we are looking forward, not backward. maria: are there areas in terms of triseeing the impact. technology, healthcare, what industries do you see as responding the most of across the board? >> i think it is across the board. one of the things i was impressed by yesterday when i went to wisconsin. i knew about bringing flat panels back into flash flooding in the yts united states. they are creating advanced medical device. i got to witness advanced

surgical radiology in was all different times of aspects of advanced medicine they are going to manufacture those times of equipment here in the u.s.a. maria: the new 1040 tax form has been released it's supposed to make it easier for individuals to file their taxes. how does it make it so much easier. >> we said there would be a postcard size form and we delivered on that. many americans will be able to fill out the simple form. this is about simplification for taxpayers whether they do it electronically or through this form, this is about simplification. maria: our special treasury edition of "wall street" returns after this. larry kudlow and ivanka trump will join me for a coppertone sport. proven to protect street skaters and freestylers.

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maria: president trump continues to tout new trade policies and tariffs. he's not backing down. he seems confident the united states will come through. these tensions with better deals and a stronger economy. i spoke to the president and a lot more in even interview you will see country morning on sunday morning futures and monday on "mornings with maria" 6:00 a.m. eastern. but some of that exclusive interview right here. let me ask you about what's next. we have seen the impact on the economy. what do you want to see happen now? does the economy need even more step up plus?

are you look for a phase two? president trump: we are doing a phase two, this will be aimed at the middle class. one of the things we are thinking about is bringing the 21% down to 20% and the rest would go to the middle class. one of the things i'm doing that you have been reporting on, but i'm not sure a believer, look what's happening with the steel companies. they are expanding and going wild. we need steel and aluminum and solar panels. there is like a dead business and we did a 30% tariff because they were dumping all over the place. and washing machines. but if you look at what happened to steel and aluminum, we practically built a new industry in a period of four or five months. but the big thing i'm focused on is trade. we have trade deals as an

example with china. we don't have a deal with china. nobody bothered to make a deal. they will charge 25% for a car and we charge 2%. we have -- we have the worst trade deals in the world. we lose money with everybody. when somebody says how much do we lose in we lose with everybody. we'll make threat reciprocal and fair. you don't know about this. but every country is calling every day saying let's make a deal, let's make a deal. maria: be sure to catch my full interview with president trump sunday morning on "sunday morning futures." then again monday morning on "mornings with maria." larry kudlow is coming up on this very special edition you might take something for your heart... or joints. but do you take something for your brain. with an ingredient originally found in jellyfish,

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maria: it has been six months since president trump has signed the tax cuts and jobs plan into law. larry kudlow was a big advocate and advisor before it was passed. he's bullish on the economy, the stock market and the president's position on tariffs and trade. >> it's come on faster and strong. it's a healthy economy right now. folks said it couldn't be done. gdp may be an abstract number. a lot of our critics say you can never beat 2%. we are beating 3% and we are on an upswing when the comes come out for the second quarter. stock markets may be slightly off the high. but they had a fabulous run. one of the great things about president trump. he stuck to it. you know, steve moore, myself.

art laffer. steve mnuchin. we worked together very closely during the campaign. friends of mine, skeptics said no, he won't follow through. he has followed through. he never flinched, not once. we got the legislation through. the economy is responding. this is now the u.s. pavment the hottest economy of in the world. capital investment for new jobs and better careers flowing in from all corners of the world. maria: the left and the detrack towards, the skeptics like to say this was a giveaway to corporations. it was important to you to lower the corporate rates. why was that so important in terms of seeing the impact that it had lots of legs everywhere.

not just the corporate sector. >> you are quite right. our larger corporations, our middle sized companies, and i wanted to add the smaller businesses had huge benefits from this overall tax bill. including not only a drop in corporate rates, but the 100% in media expensing of new plant and equipment. it's stimulating capital goods and investment spend. yesterday my office had a visit from the correct to of chevron. he's pouring $25 billion into the economy. maria: the oil story is part of this. >>man fantastic. from the investment comes the jobs. let me make this generic point. the war against business is over.

the war against success is over. the war against energy is over. the president has an attitude, take a swing at the ball. take risk. that's what makes america great. and that attitude has translated as you know into huge increases in the confidence indexes. consumers, small businesses, large businesses. maria: there is a narrative in two years things slow down because of demographics and higher interest rates. ' the dallas federal reserve. what do you say to those people looking for possibly a recession in all i will say is they have been saying that a lot. they could never get the 3% growth.

my friends, good friends on the democratic side who have come on my show and they are personal friends of mine. it couldn't be done they say. it's probably coming on faster and it's throwing off an enormous amount of new tax revenues. as the economy gears up more people work at better jobs and careers. those revenues come rolling in and the deficit which was one of the other criticisms is coming down and is coming down rapidly. growth with a lot of problems. maria: what is your expectation for what comes next? working on the phase two where you make the personal cuts permanent in terms of corporate? >> i do want to get into specifics just yet. the president would like to see it tax or form 2.0 through some of the leaders on the hill, we are all discussing it in the specifics will be released later

in the year. it may be more of a guideline of what we intend to do but yeah there is that we can do and i hope we get to it. let's make the tax system more efficient. let's make it simpler and let's make it more growth oriented. this is old-fashioned supply-side economics. maria: the fed is talking about more interest rate hikes. will they blow it and raise rates too much? >> i hope is that the fed under its new management understands that more people working and faster economic growth do not cause inflation, do not cause inflation. what our program is, we are expanding the economy's potential to grow. that's the new equipment. that's the new structures. that's the new technology that we are doing and therefore that cannot be inflationary. don't tell somebody up in the

rust belt, don't tell somebody in the middle of the country that working and growing is a bad idea. that violates common sense. you know i speak to powell and my hope is they will understand that a move slowly. >> there's a better manners trade. outside of this building there's a sign that says 1842 the webster ashbourne treaty was signed with canada in this building and it was a total partnership. are we going to have more partnerships with canada or are we going to have fights over trade? >> i was absolutely there. i didn't like it very much to be honest with you. let me tell you one thing quickly about trade. president trump in my view is going to go down as the greatest trade reformer in decades and decades. the system is broken.

the tariff walls and the non-tariff barriers and the subsidies have gone up around the world. in his vision has always been a free trade vision but to get there as he set up in the g7 meetings than i was with him in québec, canada, let's be tariff free. let's be non-tariff barrier free. maria: are you saying they are just a negotiation play and they are not permit? >> i'm going to let him make the decisions and the policies. what i do know is he has a vision of free and open trade and i believe this someone who has been involved in this for a long time china's probably the biggest offender in my judgment but others are guilty. we should be able to do business. we should be able to come through with a successful deal. maybe it will be incremental and maybe it will be the big bang.

i've talked to the heads of state in québec. everybody knows the system is broken. maria: he admits it. >> the president is the first guy not only to say it but to do something about it. he is the to do it and i always say to people my friends on wall street don't blame president trump. blame china and the others for violating the system and its rules. maria: my thanks to larry kudlow. an exclusive interview when wall street comes right back. over the last 24 hours, you finished preparing him for college. in 24 hours, you'll send him off thinking you've done everything for his well-being. but meningitis b progresses quickly and can be fatal, sometimes within 24 hours. while meningitis b is uncommon, about 1 in 10 infected will die. like millions of others, your teen may not be vaccinated against meningitis b. meningitis b strikes quickly.

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maria: president trump's daughter ivanka is a special advisers to her father and she's been a lightning rod the criticism directed at her pitch is also involved in policies out of the white house.

tax policy among among others. sat down with ivanka trump at the treasury department and she's unfazed by the haters and she focused on getting things done for american families. >> it's remarkable and attacks planned in conjunction with the economic agenda and the administration more generally and the actions taken to really release the animal spirits of the economy and of business. we see that in record levels of optimism. it was really at the core of the economic agenda. we are incredibly excited even in these incredibly early days we are marking the six-month anniversary. the millions of people that have been directly benefited and that's only going to continue to grow. one of the sleepers, the tax cut is 100% capitol expense. we see it every single day in terms of people investing in their businesses and becoming

more competitive. they are more able to compete in the local atmosphere. families experience the double tax credit which was he -- the cost of raising children has gone up dramatically. recently wages have been flattening so it's a very exciting time and i think we see it manifested in the optimism of the american worker and american small business and large business. maria: why is the child tax credit so important it? a new you were a big influence there. a lot of people said this is going to cost a lot putting this money towards maybe changing the tax rate for carried interest or putting it elsewhere in terms of the state and local tax reduction. >> it's incredibly important to the president and this administration to ensure that any tax credit accomplish two goals. one is to ensure middle-income

tax relief and the other is to enable businesses to be competitive and to thrive in the global landscape it obviously we are lowering the corporate rate from 35% to .1% has created and enabled us to be competitive locally but the child tax credit was the tremendous vehicle to being able to deliver on our promise to middle income hard-working taxpayers. maria: it's expensive to raise a family. there is an issue in this country or civility. like all of us others have been victims. samantha bee using powerful language about you. kathy griffin holding a bloodied head. peter fonda and robert de niro. what is your take and reaction to what b said to you? >> for me, i never allow myself to forget the extraordinary privilege that i have to serve

this country and i try to stay focused on that and executing in the long-term and trying to retain my focus on my personal signal. i have chosen and i've made a conscientious decision a long time ago that i was not going to get into the fray. i believe that i will absorb the body blows that come my way but it is important to me to focus on the task at hand which is serving the american people and using this moment in my life and an agenda that i deeply believe in and fill or china to work on tax reform as an example of that. while it ended up being partisan partisan -- i had democratic lawmakers to my home and visited their offices. there many bipartisan things where working on.

maria: what about sarah sanders getting kicked out of a restaurant last week? how do we make this stop? >> i think that the energy and the passion can't be good and in other cases it's totally counterproductive. we are seeing examples of that every single day. both the left and the right are encouraging and pushing positive reforms in positive change and where the reaction disintegrates into lack of civility and hostility, lack of respect for alternate viewpoints. the ability to have dialogue. so many of these issues when you have really, when you think about the complications in the issues we are grappling with is a country. often can't be distilled into a simple talking point.

you need opportunity for dialogue and i've worked hard to find people in washington and around the country who are adjusted in engaging in meaningful dialogue on the issues that i care about. maria: the child tax credit for example. >> i care about workforce development and paid family leave. maria: you also whispered in your father's ear as far as they families separated the border and melania our first lady was very moved by it and went to the border twice. did you say something to him in terms of signing that executive order? >> of course. i felt very strongly about that. i thank ivanka trump for joining us today. don't go to wear. nick will they need when wall nick will they need when wall i've always looked forward to what's next. and i'm still going for my best even though i live with a higher risk of stroke due to afib not caused by a heart valve problem. so if there's a better treatment than warfarin, i'm up for that. eliquis.

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maria: welcome back to this special one-hour edition of wall street. we are coming to you today from the cash room of the u.s. treasury department in washington. mick mulvaney and kevin hassebrook to the architects of the landmark legislation known as the tax cut in jobs spoke with him about the impacts to tax cuts and how to finally get our debt and deficit under control. >> if we look at the economic data the big thing we see is the capitol spending explosion we predicted would happen which would ultimately benefit workers as the wages go up and there's more capitol it's happening already. in fact foreign direct investment has skyrocketed in the first quarter. american firms are putting their money back to work with foreign firms are as well. >> you have the confidence levels. everybody looks at the government says they are not out

to get us. they are going to let us succeed and let us prosper without getting in our way. that's what why you see consumer confidence up in business confidence up their foreign investors have more confidence than a state so it's exactly what will they would be. maria: a lot of people kept saying how do you pay for this and you kept getting that question all the time in terms of the 1 trillion-dollar deficit we are seeing. what can you tell the mick in public about that and how worried you are in terms of spending? >> still worried about it. you have to take it very seriously. we took in our most half a trillion dollars in a single month. was the largest take on the united states treasury in history and we don't think that has anything to do with the tax bill as the tax bill hadn't been in place long enough. it was the growth became in the previous year largely due to deregulation the fact that the president was the president. >> if you look at the corporate cited attacks building of those aside where workers got tax cuts

and then there's the corporate side of the corporate side only cost 400 billion. right now the tenure revenue estimates are there is more corporate tax revenue coming in than a year ago so the idea for the corporate tax cuts would pay for themselves seems to be in the data already. when you look at the democratic component to the bill what they do is they cite the overall cost which is 1.4 chilling essay that was the tax cut that was given to the rich and so on. about 700 billion blows the child credit which is something in the past has had brought by porters and support because he gives money to families. the thing that did increase the deficit so far was the refundable child credit which is something creates social justice concerns that make people want to vote for that. that's not consistent with the data. >> the first quarter was a little softer in terms of rove although to your point looks

vinegar was better than we thought and now we are looking at the second quarter and some of these regional setbacks are saying three or 4% growth in some economists are saying 5% growth. the president has talked about occasionally. should we be curbing our busy as him? >> what i like to do when i look at the data is look at the year-over-year data. it doesn't get me too excited and the odds of the year-over-year number being nor 50% once we get to the second quarter are close to 80 or 90% and once we get to that 3% growth for a whole year that something the democrats at president trump could accomplish. >> we wrote the first budget year and a half ago now. we didn't think we'd be 3% annual growth for another two years so ahead of the schedule that everybody said was way too optimistic.

paul krugman said were made or just the for the first time in march of 2017 you could make him dictator the country and he couldn't get to 3%. maria: paul krugman on election night when will the markets come back? there's something almost historically unprecedented which growth has come in above our forecast and that never happens at the start of an administration did the obama team came in and there was 4% growth, 5% growth as soon as we got cash for clunkers past. maria: they were so much anticipation of what you all were doing anticipation of the corporate tax cuts and people started unleashing money before. that's why you saw this big run-up before was passed.

>> and let's not forget the impact on the economy of the president's efforts to deregulate have been dramatic and b. can do a lot of that without intervention. that's what you are seeing flow to the system right now. >> there was one other little thing interesting for data wonks like maria. because you can deduct the cost of buying a machine you could expense it in the fourth quarter if it's a richter acted. all of a sudden firm saw ike deducted at 35% so 21 of 21% of that's a better deduction. they piled bunch of investment into the fourth quarter so when the investment was high in the first quarter as well that meant capitol spending. >> you take a victory lap on the tax cuts and the investment that has resulted that we are still not seeing the job creation we would like to. are you expecting back?

let me put it this way. businesses can't find the workers. immigration terms of people coming out on the sidelines. maybe they were discouraged during the obama years and maybe they are in a situation where they are looking for the right flexibility. do you see that picking up as we go along? >> one of the reasons i think we have the growth without inflation as folks are coming back into the market. 600,000 folks have come back into the job market. i'm looking forward to the next jobs release. the last time we did the estimate there were 900,000 people that have a job now that were out of the labor force. maria: my thanks to mick of any. more when this special edition of wall street comes right back.

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any planned surgery, and all medicines you take. if you recently had a heart attack, ask your doctor if brilinta is right for you. my heart is worth brilinta. if you can't afford your medication, astrazeneca may be able to help. [simone bedward] on top of you will never receive a bill. the only thing we had to worry about was just keeping azalea comfortable. [tom campbell] i was told we wouldn't get a bill i didn't quite process that. how's this possible? it's possible through all the wonderful people who donate. [maria belen rojas] [dr. gregory armstrong] it's pretty amazing when consider that 7 years ago, we didn't have the treatments we have now. we cure 80 percent of children with cancer. if you think about that, i mean go back 50 years, we were curing 20 to 30 percent. this is the miracle story of modern medicine. [dr. jessica valdez] the research here is research that we share with everyone else, because overall we want to help all children that have cancer. what makes that possible is people that give to st. jude.

they really help us to fulfill our mission, and we're so grateful to have them on our team. ♪ maria: welcome back now for look at the big market events coming up in the week ahead that could impact your money. of course it's a holiday shortened week starting with manufacturing data and construction spending. next week will be a very slow week for earnings because of the july 4 holiday but monday we will see retailer of bon-ton report its quarterly earnings. it's important is that auto

sales are doing in this impairment of higher tariffs and closing ahead of the july 4 holiday on wednesday. markets are closed on wednesday for july 4. happy independence day everybody pay one business resumes on thursday lot of data for traders and investors. no climate data, the eia petroleum status as well as the nonmanufacturing index. we'll get to latest federal reserve minutes getting a window into what was said through a finish off on friday with the june jobs report to tune into "mornings with maria" that morning for special jobs in america special coverage right here on "fox business". meanwhile on the political front it will also be a quiet week on capitol hill. but the house and senate are in recess for the holiday. we will be looking ahead to the following week when they return to session. i will do it for us this weekend. thanks for joining me. i'll see you again next time. a special one-hour edition of wall street from the treasury

department in washington concludes. gets my full interview with president trump's sunday morning at 10:00 a.m. eastern on the "fox news" channel. sunday morning features 10:00 a.m. eastern and on the fox business network on mornings with mario 69:00 a.m. eastern monday morning [ train whistle blows ] >> a texas-sized model railway... >> do you have any idea what steve spent to put this together? >> i've always heard $1 million. >> ...built by a man on a mission. >> he's telling his life story in trains. >> he is. he is. yes. >> whenever he would add something to it, he said, "you want to see your inheritance again?" >> an inheritance freighted with memories. >> so tell me the truth. did y'all make out at that movie theater? >> no, not that one. [ both laugh ] >> will their plan fall apart? >> your first cut could be the end of this railroad. >> well... [ door creaks ] [ wind howls ] [ thunder rumbles ] [ bird caws ]