fortunes i think. have a wonderful weekend. thanks a lot. lou will be back next week. thanks for joining us. have a great weekend. good night from new york. >> announcer: this is maria bartiromo's "wall street." maria: welcome to the program. i'm maria bartiromo. forbes media chairman steve forbes is our special guest this weekend. but first susan lee is standing by in the newsroom with the headlines. >> the u.s. economy adding 213,000 jobs in the month of june. this is important because 1,000 americans entered the labor

force and not all of them found jobs. the low unemployment rates likely prompting those sitting on the sidelines to start job hunting. trade, the trump administration slapping a 25% tariff on $34 billion worth of chinese goods. it includes 800 products ranging from farming plows to semi conduct tores and airplane parts. retaliatory tariffs are in effect. investors shrugging off the trade tensions, driving markets higher. the supreme court showdown. the president started with a list of 25 potential nominees and said he can count his favorites on one hand. the president will announce his pick to replace justice kennedy

monday at 9:00 p.m. eastern. maria, back to you. >> trade tensions dominating wall treat this past week. a big topic when i spoke to president trump last week. >> some of these countries don't even take our cars. if we want to send general motors or of any our cars to these countries they put up a non-monetary barrier. the barrier is so strong you can't sell a car. if you do sell a car, it's 10%, 25%. we get 2 1/2% and nobody pays it. you will hear a lot more on his plan from getting better trade deals. but the stock market continues to experience high volatility on

the tit for tat between the trump administration and the threat of a trade war. i peel like the markets are giving this administration a little leeway thinking he's in negotiation mode. but the threat of a trade war still moves. steve: that's why the markets are weak. if the markets thought we wouldn't see an agreement at the end of the day you would see the markets going down 2,000, 4,000. '. if you waive a market wand you will see the markets going 4,000 to 5,000 points. maria: let's stay on this topic.

you long called any tariff a sales tax. steve: it is a sales tax. dealing with trading abuses or updating the agreement. half the parts listed in nafta don't exist any more. but when you put on tariffs you hurt american consumers and businesses. working with our allies against chinese abuses which i think could be more effective and not have this uncertainty that hurts investment today. maria: you are talk about the aluminum and steel tariffs that are continuing to be debated. most of people understand china has been stealing from america. steve: it's tony soprano saying i have got a deal for you. if we work with our allies, the europeans, they don't like this kind of stuff either, and got together and went to beijing and said this has got to stop, i

think that would have a real effect immediately. we have gotten the fruit getting raid of these trade abuses sooner rather than trying to do tit for tat on tariffs. >> at the ends of the year the administration has to have a couple trade deals in the books because going into the mid-term elections, if we don't have a deal with some of our european neighbors or a deal elsewhere, maybe nafta, i think the markets will probably under perform. correct? >> yes, we all know in the midwest and the state of washington. we have a couple of republicans in congress. apple growers are not happy about the prospect of not being able to sell to mexico. this will be critically important to get this done. get the investment uncertainty out of the way and start opening up these markets. what's a grower to do? you can tell soy beans to

argentina. that's a cumbersome way of doing business. the quicker they get this handled, the better off we'll be. they have to start getting to real -- or with the europeans. why not have a free trade agreement? they should have latched on to that. maria: that tells you we are at the losing end of these deals. steve: i think you will see pressure the european automakers saying let's sweep all of this stuff away. maria: we just ended the first half. we are now in the second half of the year. i want to get your take on these big international issues. the president is going to meet with vladimir putin. stay with us, steve. we want to talk about the second half when we come right back. much more when wall street comes right back.

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worried about. maria: the president says nato partners do not pay their fair share in terms of their military protection. steve: some of them have starting to. henry kissinger says nato needs to be updated in that respect. nato exists because it helps our security. that's why it was created to keep the peace after world war ii. keep the germans happy. their security is our security. so this is not just us doing a security service for them. it's for our safety as well. maria: we had a good performance. now we are talking about a strong second quarter. why are people talking about 4% now? the second quarter and second half of the year in terms of economic activity. steve: we have been so beaten

down that 3.5, 4%. we break out the fireworks. the federal reserve cannot engage in this talk about dampening down the economy. you are starting to see investment how much and business creation. i.p.o.s are starting to boom again. the fed could stand in the way of it. get those out of the way, and this could be great. maria: what about the fed? they are saying they are going to raise interest rates a total of four times this year. i don't know if four is one too many. this an unprecedented situation the fed faces. they are beginning an interest rate rising period. and they have to unwind this balance sheet.

steve: unwinding is not a bad thing. the banks should be learned out those reserve instead of rotting in the fed. but the key thing is not so much the interest rates. it's what the feds are starting to signal to the banks. pull back on lending. the economy is getting overheated. i wish somebody would tell the fed. it's people, the people when they start to do better overheat? you get a pay raise, you feel purchase overheating? maria: i like the heat. steve: it's crazy. the idea that the economy is a machine. preposterous. step back and leave it alone. i think they are starting to feel the economy maybe overheating or getting too prosperous so they try to slow it down.

not so much through interest rates. i have been telling lenders, we are watching what you are doing. tony soprano approach. maria: there is a narrative that the consumer slows down in the next couple years because of higher interest rates and inflationary forces. do you think we have to worry about the consumer slowing down going into the mid-term elections? steve: mid-term if we don't get trade agreements it will hurt the republicans. but if the economy starts to do well and people feel for the first time in memory things are getting better, that this is not just a flash in the pan, but it's for real, you won't have to worry about the consumer. maria: the happy year slaps it down. what's your take on the next performance for the stock market for the rest of the year? steve: watch those trade agreements.

you get good trade agreements. market zooms. and tax cut 2.0. the president made reference to it. why the congressional republicans aren't saying we need a tax cut on the table by cutting capital gains tax. having something to look forward to after the election. maria: in my interview with the president he made news on a number of fronts. he said they are considering lowering the corporate rate from 21% to 20%. >> but the republicans should go on the personal side, too. so do it across. but why isn't ryan and the house republicans starting to say we know it can't get through the that because of whatever. but let's have it on the table. if we do better in these elections, this is what you will get for christmas. that's where they should listen

to the president. he has a better understanding of these things. they are talking about tax reform. the president called tax cuts. he understands communications. maria: he has great instincts when it comes to the american people. steve forbes joining us. coming up next. more of my exclusive interview with president trump. >> announcer: president trump's trump card in the trade wars. president trump: look at the car situation. they send our mercedes in and we

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package into law. the first time the tax code has been changed in over 30 years. i had a chance to sit down in an exclusive interview with president trump. he says the economic impact of the plan is just getting started. president trump: the tax cuts have been incredible. but i think -- i think maybe at least an issue, the regulation rollback has been the biggest ever in the history our country. no president even during full term has had cutbacks anywhere near what i have done. and we have more to do. we'll have regulation. we'll have clean air and water. but we are -- we have more regulation cutting to do. i think it may have had a bigger impact to this point. ultimately the tax cuts as they kick in. you see the hundreds of billions

of dollars brought back into the country already. i think ultimately that will be something really special. and you are seeing it for yourself right now. maria: under president obama the federal registry pages were up to 9,000 or something like that. president trump: if you look at the last four decisions 5-4, they would have been reversed. the union decision was a massive decision. you can look at those four and they would have been reversed. i have always heard, as president, outside of war and peace, the biggest decision you can make is the selection of a supreme court justice. maria: are you going to ask your nominees beforehand how they might vote on roe versus wade? >> that's a big one. probably not. they are saying don't do that. but i'm putting conservative people on and i'm proud of neil

gorsuch. he has been outstanding. his opinions are so well written and so brilliant. i'm going to try and do something like that. but i don't think i am going to be so specific in the questions i will be answering. and i'm told you shouldn't be. >> maybe some day it will be to the states. that's a complexion question. the roe versus wade is probably the one people are talking about in terms of having an effect. we'll see what happens. but it could very well end up with states at some point. maria: do you think you will be able to get your nominee in place before the election? president trump: i think we'll have support from democrats fit' the right person. i'm going to pick the right person. i'm going to pick somebody that's outstanding. i'll pick somebody who is outstanding.

i think we'll know very quickly. i think a lot of people believe it will be vicious because the other side, all they can do is obstruct and resist. but -- maybe some day we'll be able to get along with the other side. i don't know. but right now all they want to do is stop things from happening. but i think it will go quickly if i pick the right person. maria: we have seen the impact on the economy. what do you want to see happen now? does the economy need even more stimulus? president trump: we'll be doing a phase two in october or sooner than that. it will be more of a middle class. we did a lot for the middle class. but we are thinking of of bringing the 21% down to 20%. it's a great stimulus. one of the things i am doing that you have been reporting on. though i don't think you are a

believer. look what's happening with the steel companies. they are expanding and going wild. we need steel and aluminum and solar panels. it was a dead business and we did a 30% tariff because they were dumping all over the place. and washing machines. it's a big business. 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 i'm focused on trade. i have to straighten our trade deals. maria: wouldn't it be better to have our allies together to go against china? president trump: no. the european union is possibly as bad as china, only smaller. they send their mercedes in, we can't send our cars in. they don't want our farm products. they have their farmers. so they want to protect their farmers. but we don't protect ours and

they protect theirs. the european union made if you look at the trade surplus. $151 billion. we also -- my parents were born in the our mean union. and i love those countries. germany and all of the countries. scotland. they are still hanging in there to see what happens with brexit. but they treat is very badly. maria: my thanks to president trump. don't go anywhere. don't go anywhere. more jardiance asked: when it comes to managing your type 2 diabetes, what matters to you? you got a1c, heart, diet, and exercise. slide 'em up or slide 'em down. so let's see. for most of you, it's lower a1c. but only a few of you

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we have consumer kread credit starting things off monday. the job openings number. pepsico will release second quarter earnings. the p.p.i. and the e.i.a., energy institute petrol lum institute report will be out. jobless claims and the treasury budge receipt released. we have a new batch of financial earnings to look at. all reporting the second quarter, that will likely be market moving. coming up next week, erika nardini is my special guest. don't miss the program at 10:00 a.m. eastern live. it's 6:00 to 9:00 a.m. eastern.

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