sydney powell, thanks for being with us. we appreciate it. thanks for being with us tonight. and see you tomorrow. good night from new york. >> the united states is paying far too much and other countries are not paying enough. it's been going on for decades and its disproportionate and not fair to the taxpayers of the united states. cheryl: working overnight, president trump rationale is to pay up for defense spending, specifically calling germany for russian gas. the administration threatening china with tariffs. gerri: impacting 200 billion of chinese imports. much of the consumer products in stock prices this morning. the dow points open 225 points.

s&p 500 down 22 and three quarters. the nasdaq down nearly 69. cheryl: all of the sector stocks rose for the second session after hope for strong earnings season. the dow actually gained 143 yesterday. cheryl: right now you're looking at a foot deep down 94 p. cac 40 down 52. dx 10145. trying to stack the nation all lower. stocks in japan, china all down over 1%. gerri: pfizer rose by price increases after criticism from the president. will the rollback stick? "fbn:am" starts right now. true into an title i am in new

york. wednesday, july 11th. the cheryl casone. gerri: good morning. i'm gerri willis and for lauren simonetti. train to our top story this morning. president trump swinging over native allies, pressing on defense story in germany by russian gasoline during the bilateral breakfast indulge in this morning. blake burman is live in brussels with all the latest details. good morning. reporter: it's 11:00 here. president trump hasn't stepped foot on the neatest i'll tell you this much. we already have a days worth of headlines because the president was at the race early this morning with the head of nato john stoltenberg. he took it directly to the nato had, specifically protesting an energy deal that germany has with russia and questioning the president of the benefits nato member nations. listen to the exchange between

president trump and john stoltenberg. >> the country is getting its energy against -- [inaudible] >> when we stick together, we are stronger. >> is just making russia richer. reporter: the president saying he wants the pre-nato allies to step up their defense spending up by 2024 which would be an agreement, but he wants them to do so immediately. only a handful of the 29 nato nations up with a commitment to spending 2% of gdp. president trump will be on-site within the next couple hours. the leaders are starting to roll in here and we expect for that tough talk from the president. keep in mind come in mind, these are allies hashing out issues very frankly which would hardly frankly which would hardly seem

frenetic front of the cameras today. back to you. gerri: sure didn't sound like allies. thank you for that. the u.s. firing another shot in the global trade war. the white house preparing a second round of tariff hikes by the list of chinese goods ranging from fish to luggage, bringing total tariffs to 450 billion of a total of 505 billion imports. but no members of congress are increasing president trump's aggressive trade policy. drink your edward lorenz from washington. >> good morning, cheryl. $200 billion more with the chinese goods. new tariffs on top of the 50 billion already announced. everything from agriculture to technology to carpets to bicycle parts.

the president -- tariffs would not go into effect until sometime after august 30th at the chinese don't sit down at the table. senior administration officials say they've not been responsive for the process. those officials say china has told the u.s. they did not see any harm in the way things are. senior administration officials say china is not taking a stealing of intellectual property are leveling the playing field seriously in the administration tries to push the chinese. not all members of congress are happy with the way it's turning out. >> i look at this as a policy is for your undercutting yourself. standing on quick steam train to take a stand against china. china will take the opportunity back. >> they are trying to get bilateral agreements that we are involved in another turf war. statement chairman of the senate

finance committee released a statement saying and it's not a targeted approach. this section fall short that will get negotiating leverage with china while maintaining the health and prosperity of the american prosperity. by the new tariffs go into effect of the $200 billion would be extensive. we extensive. we'll see how the chinese respond. cheryl: obviously, markets reacting to all of this. markets opened sharply after news broke about the tariffs in the chinese and we see the pressure continuous learning. the dow is still down 218 points right now. s&p down 21. nasdaq 68 and a quarter. today supreme tape nominee brett kavanaugh is back on capitol

hill looking to win bipartisan support making courtesy calls on those who will decide. confident they'll meet at a even if democrats are willing to fight the nomination. chuck schumer won in many key positions at the party at risk. >> we democrats believe in health care and health care prices they can afford. it would put the heart of the cherished believed that most americans have. the senate majority if senator mccain participates. they hope they can support cavanaugh from a handful of democrats up for reelection were president trump is popular, states where he whined when he ran for president. gerri: a bidding war for sky is

heating up 21st century fox eating its offer to buy 61% of the company a dozen are beyond a $32.5 billion, topping a $31 billion bid from comcast. fox authority agreed to sell the assets which includes it disney. expected to issue a final ruling on fox news offered for sky tomorrow. sure is a 21st century fox which is the parent of fox business network of 43% this year. president trump taking credit for getting drugmaker pfizer to roll back their plans to raise drug prices. >> tracee carrasco joins us with more on that another headlines. >> you will put prices on multiple drugs after pressure criticisms were president trump. after the announcement the president treated, just talked with pfizer ceo wanted to pricing blueprint. pfizer is joined by price hikes the american patients don't pay

more. they hope other companies do the same. the prices will revert to what they were before july 1st as soon as technically possible. july first is the native raises prices. gerri: more on that later in the show. meanwhile, apple discontinuing some of its phones. >> apple is done with the iphone 10 and iphone essay. boosted research analysts say apple will discontinue the two newer iphone this year to address pent-up demand for upcoming iphone's. the upcoming devices would be the iphone nine in the iphone 11 plus. this comes of course after reports of weak iphone 10 sales. a new vodka is causing our worries over its name. >> a lot of people not happier with this. a distillery in england is

apologizing after naming its new vodka after the toxic nerve agent nova chapter which is that to be responsible for poisoning and for poisoning an expression spy and his data and most a woman and leaving another man in critical condition. the dry gin produces nova chalk didn't mean to offend anyone with the name of its vodka, but lighten the mood. not sure that was the right way to do it. gerri: not great pr. thank you for that. the scooter accident involving george clooney. stocks sink on new trade tariffs for china. let's take a look. dow jones industrial average of 222 points lower. s&p 500 down 22. the nasdaq to 69 and three quarters. you are watching "fbn:am."

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meanwhile, the boys from thailand coming soccer team and approach trapped in the flooded cave for more than two weeks are okay but being kept in isolation. parents have been allowed to see them through glass windows. the tightening the sales data at the boys until they were safe for emerging from the cage and they are being hailed as heroes as well they should. this will get their first glimpse inside the cave that caused the death of one rescue diver. the major explosion in sun prairie, wisconsin is injured amidst two firefighters and one police officer. a contractor struck a natural gas name. firefighters began evacuating the area once a week, which is reportedly likely saving lives. they leveled multiple buildings in the city's downtown area. newly released video shows the moment, the very moment george clooney crushed his motorbike

into an oncoming vehicle. clooney thrown into the air. he had to go to the hospital. this was the italian island were clooney was filming a show. the driver did not respect clooney's right-of-way. now the covering in his home. that is what is happening now. cheryl: that was quite a spill. as we mentioned earlier, the u.s. is threatening the second round of tariffs on $200 in chinese products now. dow futures down 220 on the news. administration officials say it's aimed at forcing china does have seen in american intellectual property. the president is getting pushback from members of the party. >> this is where you have a negotiation and with allies he don't want to have a situation where they are turning to other trading partners. you want them to continue to buy our stuff. cheryl: hudson valley investment advisor, good morning. investors are finally taking

this seriously because even though trade representative says he's open with talks at the chinese government are no talks scheduled between u.s. officials and the chinese. are we going down a path that can't come down for them? >> i don't believe that's the case. this is the ultimate round of negotiations. nothing is scheduled right now, but trumpeted nato allies. they are also on the docket. so this is to show we are tough and not backing down. the united states is only 11% of gdp comes from trade overseas or other countries are much higher. we definitely are the ones that are basically in a position right now of strange although that doesn't seem to be the case this morning that the market. transfer investors again the reaction is pretty darn ape. even warren hatch of his own party making the statement. the dow down 214 right now.

s&p nasdaq in the red as well. look at the statement from orrin hatch. tonight's announcement appears reckless and is not a targeted approach. we cannot turn a blind eye to the mercantile trade practices. the truth is coming this is about intellectual property, why are we not addressing intellectual property threats more specifically? where we going after consumers? >> it is just the second step we are taking. i think this is an overall approach in terms of trying to at least open up the chinese markets to u.s. goods. you don't want to just take a broad brush across everything, but it seems as if we are moving in a direction that is at least trying to show the chinese that we mean business. in the past we've taken a step back as the country. cheryl: this won't take effect for a couple months. there's going to be a comment.

where american businesses will be coming to washington with obvious attempt to plead their case. it is going to affect americans in the pocketbook. i mean, it is finished, luggage, tires, dog leashes, handbags and also component, televisions and things like that. when do we see the effect of the u.s. economy was prices start to go up? >> a lot of time a supply-chain passes to china so they might be something you can see right away in some instances and others maybe down the road. supply chains aren't something that takes a short time to change. it takes 12 to 24 months for a lot of manufacturers. if you see companies taking price hikes ahead of some of the impose tariffs. so we will see. that is something i can't really comment in the short term what will happen, but over the long-term will definitely definitely see prices moving

higher, but it should be nominal. not something exaggerated. cheryl: we saw that under president bush as well. thank you, gus for being here. gerri: coming up, president trump sits down with nato leaders willing to pass their nato bills. meanwhile, the president gets wiser to roll back recent price increases. while the rollback stick? the last dr. marc siegel. checking u.s. features. dow futures down 222 points. the nasdaq down 70.5. you are watching "fbn:am." this is frank. sup!

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gerri: a tough pill to swallow for pfizer could the company reversed its decision after raising prices after getting an earful from trump. the ceo said this in a statement. pfizer shares the concern for patience and commitment to affordable actions to medicine they need a drug prices will return to the level they were prior to july 1st. dr. marc siegel fox news medical team. great to have you here. this is a fascinating story for me. all these drug companies are worried about hillary clinton becoming president and president trump is putting the pedal to the metal and prices. pfizer famously talking that agreement not to raise prices more than once he or less than 10%. would you make of this symbol to set a new tone for pricing? >> you receive the power trumps

tweets. he's not going to get credit for this. this is him shaking his finger at him, 40 million followers. it is actually a good thing because it comes after his announcement in may that is going to be doing things to bring prices down. they love to say that list prices at the issue, but when you are a consumer, your list prices dictate what your co-pay is going to be. rebates and discounts go to the managers. they don't go to the patient. the idea that list prices are going up again. we're talking about lipitor, blood pressure medicine, these have been around over a decade. these are all drugs they are trying to make more and more money on. the president is right on this. gerri: of course, read himself from pfizer says it not the price of drugs, is the

affordability. that's the way he describes what he was doing. they were supposed to come out before the end of the year to curb drug prices. how about where? >> something called the drug -- for medicare and medicaid is letting patients do with the list prices are that can be shocked by one manufacturer charging the system over and over. it's already having an impact. the other thing you can place more and more it will be really emphasized by the president are more and more generics had been proved by the fda say you don't have to renew the research. the research is already done. all you have to show his search america similar to the one that's out there and not enough to tell you if there were more drugs on the market during the same thing and that means more competition, lower prices. the budget for 2019 has an arrangement for the rebates are going to go more to the patient, not the middleman.

that third piece of this. we will see doug prices start to be impacted by this. gerri: dr. marc, i wish we had more time. so great to see you. cheryl: lots of information always. a lot more coming up this morning. remember the airline passenger who wanted to fly with her service peacock? well, airlines are finally saying enough is enough with emotional support animals. we are also going to tell you about high-tech road signs that can tell when drivers are using their cell phones. are you one of those people? looking at futures, we are still down more than 200-point this morning. all of this of course i'm near tears coming against chinese imports. s&p down 21 and a quarter. nasdaq and 68. you are watching "fbn:am."

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>> the united states is paying far too much in other countries are not paying enough. this has been going on for decades. for decades. it is disproportionate and not fair to the taxpayers and were going to make it fair. gerri: president trump slamming nato allies, calling on them to pay up for defense spending in germany for buying russian gas. $200 billion in a trade terrace. our political panel weighs in. cheryl: they trade straight certainly hitting stocks for investors not having good reaction to the data into 15 and the free market. nasdaq down 66, 67 points right now. gerri: the seventh session at a date on hope of a stronger in the season.

the dow up 143 points yesterday. cheryl: over in europe or the president is right now, stocks opened sharply lower. ftse down 125. cac 40 in paris in the red. dax down with a 150 points right now. stocks in asia are slightly lower their tariffs announcement all down over 1%. cheryl: tesla ceo elon musk announced plans for a new manufacturing plant in shanghai. trains are then continues right now. ♪ gerri: it is 5:31 a.m. on a come in july 11th. i'm gerri willis. cheryl: i'm cheryl casone.

president trump holding a bilateral breakfast at the nato summit early this morning and he came out swinging, putting nato allies on notice. >> we are in germany, france, everybody and yet we are paying a lot of money to protect. it is very unfair to our countries and taxpayers. they have to step it up that over 10 years. step it up immediately. i don't think it's fair to the united states. we have to do something because we are not going to put up with it. it's inappropriate. cheryl: inappropriate. is this the right stance to take? gunnery sergeant and democratic strategist antwan seaway. good morning. >> good morning. cheryl: this is your warehouse, defense spending. this is something the president had on his mind as he was flying over there. we knew he would bring us this issue in particular.

the lack of countries meeting their goals, targets put in place. look at the united states. we are of course being the biggest chunk of change right now. the president seems to have a point, but is this the right stance to take in his defense spending the top priority with regards her relationship with her allies. >> absolutely it is the right stance. 29 nato allies paid in the 2% was requested. estonia, greece, holland, u.k. on top of that the united states obviously. why are we continuing to flush our money at today's nato allies when they are not taking their own national security seriously? the united states has always seen as is the tip of the spear to help the world, but that doesn't mean we should be siphoned continually to defend their interests in addition to our own. cheryl: looking at 86 billion in defense spending for the u.s.

there's only 29 countries. only for a meeting 2% of gdp target when it comes to spending greece, u.k., estonia and latvia. something else happened this morning and i want you to listen to the exchange with the nato secretary hans stoltenberg. >> a country is getting its energy from the person you want protection against. >> you have to understand that we stand together also we are stronger. >> but this is making russia richer. cheryl: talking about the natural gas pipeline under construction. this is going to increase russia's energy experts, natural gas exports to the e.u., in particular to germany. that is what he's talking about. what you make of the comments,

antwan? >> what i think they made a good president breakfast this morning, this is once again donald trump almost embarrassing the united states on the world stage. cheryl: buddies fighting for the u.s. taxpayer. he said that in that meeting as well. >> our president's visit to nato is a chance for restoration or our allies the united states will advance on the floor no matter what that will be. his behavior is quite frankly unpredictability. the united states and allies in a position. his visit this morning will be no different. >> heat-treated about this and makes a really good point. the european union makes it impossible for farmers and workers and companies to do business in europe.

$151 billion trade deficit to happily defend them through nato and pay for it. this is dollars and cents to a president who comes from the world business. >> exactly. it's about time. it's not an embarrassment. when you serve in this country and go overseas and see the american faces defending these other countries, you calculated your mind, whereas the people we are trying to help? he is going with a clear agenda. we need to ensure that europe is involved in resolving now. that is not an embarrassment. when you look at this agenda, he's finally coming out. i'm not finished yet. i didn't interrupt you. he is stating very clearly that we need to be together, not showing up alone, which we do continually as the military. train to antwan, last word. >> all i'm saying is this

president will reassure allies that the american people, the united states, not us versus them. the posture this morning in the past almost resent the idea this is not the case. >> certainly front and center. >> definitely predictable. >> thank you very much. appreciate it. cheryl: rising trade tensions. tesla announcing plans to open shanghai, china. that story another headlines. hello. >> this could be one way to avoid any future terrorists. that will one day make 100,000 vehicles a year. the first time china will let a foreign automaker opened up shop without a chinese company has his partner. the plants will take about two years to build in three years once it's done to get the speed

up and running. cheryl: interesting reaction with that out of 235 in the premarket. airline pet policies can soon be changing again. >> we've been talking about this, but the u.s. department of transportation said it will revisit the rules for passengers flying the service animals after airline has been urging regulators to change the rules. airlines say the current rules force them to accommodate animals like this peacock, i don't know if you remember that one, who are poorly behaved. airlines for regulators to make a clear distinction between trade service dogs that assists people with psychiatric or physical disorders and animals that provide my passive emotional support. cheryl: the peacock didn't get to fly. >> you did not. this is an interesting move. the county of norfolk, near london is testing a new roadside

system that flashes a warning to a driver when it detects they are making a call. it works through skin is capable of detecting radio signals put out by your cell phone when you are using it. but then, an electric sign down the road will flash them and telling you not to use your phone. one problem here it cannot detect if it is the passenger were the driver using the phone. they can't distinguish that. someone in the car is using the phone. cheryl: kind of misses the point that it works. a lot more coming up. a former fbi lawyer refusing to comply with this deep enough to appear before congress. the bias of the fbi. market investment having a user boom. will that be enough to offset worries over trade that is hitting features this morning in particular the dow down 237, nasdaq down 72.5.

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cheryl: let's get you caught up on what's happening now. a terse against china.

$200 billion with the chinese goods. investors not liking that this morning. denouncement taking features down. down 235 in the premarket. nasdaq down 72.5. federal judges told the trump administration to pick up the pace as it reunites families the church across the southern border illegally. they unite adults with 102 children under the age of five from only reuniting 38. the trump administration is cutting at least $26 million in funding from and upon the care outreach program that has sign-ups for health insurance. we'll still be available for so-called navigator program in 34 states. former fbi attorney lisa paige not complain with the subpoena to appear before it do health committee interviews. they did not have enough time to prepare us for another date to

appear. critical of then candidate donald trump or donald trump for up to 2016 campaign with fellow fbi agent peter stzrok to testify on thursday. that is what is happening now. gerri: thanks, cheryl. stocks end higher the last eight days a dollar not happen today. worries about trade offset by optimism for strong second-quarter earnings per the dow industrial closed up 133 points. john layfield is a fox news contributor and he joins us now. last night after the trade sanctions were announced by the white house commanders would happen if some dow components. though income united health, caterpillar, down 1% or more. there you see it right there. what do you think coming today? the markets down about 1% in futures trading. are we going to see a major selloff and is this a new theme?

>> i'm not sure about a major selloff. people believe the trump administration is using this as a negotiation type tick. i think the market thinks it's a very big negotiation type to it, but that is the hope at least. would love to trade on market fundamentals. you have low unemployment, 20% executive earnings growth going forward. the rural market is just amazing. 35% to 40% comes from the trump tax cut. this administration if they would just stop the trade war and get off the twitter. the problem right now is the market is trading a lot. the administration and nobody wins the trade war. >> certainly controversial. we are yet to see what the impacts are long-term. let's talk about fundamentals, particularly earnings. the second quarter should be paying up for s&p 500 stocks are

to be 20% higher. banker and it's coming out friday. those are supposed to be incredibly strong. tell me, will bank stocks be able to cash in on higher earnings? >> i think so because you're finally starting to see the yield curve move up. the base facts which have been monitored through the sector i like the sector i like is the one major sector. a lot of pop as far as demand and supply right now. libya has been shut down, angola shut down, the iran sanctions and right now west texas because of the bottleneck, because so much oil is trying to come out. you don't have enough pipelines and trucks to get it out. we will see higher oil prices for a year. it's a way to play this market going forward. if you end up in a trade war, that's the big worry. >> the energy earnings up 144%. unbelievable performance. small-cap stocks for just a

second. russell was down yesterday about half a percent. the performance this year has been unbelievable. take a look at the small stock fund winners up 40% in change. is this played out now or should investors be thinking about small caps? >> i think they should be thinking about it. the reason you should be thinking about the u.s. market as it was north korea and the trade war coming out just as potential trade war that could happen. the market believes this for negotiation. the place to be is the u.s. market. the hard brexit, soft drinks, are they going to get out of the e.u. in france. the problems in china. the place to be is the u.s. market. when you look at the small caps, that's a direct reflection of the economy. economists are not doing absolutely fantastic right now could the gdp numbers are higher going down ahead of the terrorists, but still very good.

>> i know the small caps are benefiting from lower levels of taxation than they've seen in the past. that is good news for them. thanks so much for coming on today. great to see you. >> coming up in sports, the nfl players union is challenging the lakes and policy to stop at the protests. the world cup in the finals. england against croatia. that is today at 2:00 p.m. jarrett knocks about the highlights. gerri: down triple digits down 227 minute tariffs for the administration against china. $200 billion worth of goods right now. the s&p down almost 23 points. nasdaq is down to one and a quarter. you are watching "fbn:am." ♪ keep your most valuable insights hidden from your competitors.

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>> welcome back you down to three games remaining after today it's going to be two. gerri: jarrett knocks another exciting matchup. >> it was not decided by penalty kicks. early second half yesterday paid the 51st minute scoreless between france and belgium in some scores on this header. france goes up one to up one do nothing and this will be the only goal in the match. the world cup final for the first time since 2006. either england or croatia. this afternoon on fox, 2:00 eastern time kick off england's only world cup title 1866, croatia never before. breaking news and soccer yesterday. chris yama rinaldo after nine

seasons to play for terrain and italy. $35 million annual salary. two months of the nfl approved a new policy in the national anthem which those players may protest if they choose but not on the field you the players association filed a grievance yesterday. there was not consulted before the policy was implemented in night that infringes on people's rights and is consistent with the cba. the last 10 days to respond in the case will be heard. a good friend serena williams. lost the first set that won two straight into the semi finals. she will play next. men's quarters today. roger federer and novak choke a. a great morning for tennis at wimbledon.

>> you can catch up the fox news headline 20 for seven unserious xm channel 115. transfer the trump administration threatening to hit china with the tears. back to london for reaction from investors when we returned on "fbn:am."

>> after president trump threatens to impose $200 billion in a tariffs on china.

craig allen, senior market analyst joins us now from london. we are seeing now that trump will meet with merkel and the crowd today in brussels. that'll be interesting. would you guys thinking across the pond over there? what is your reaction amongst traders? >> we have a negative reaction, which is the surprise tariffs not good for markets. trump is following through on threats with $200 billion, clearly happy to first to import some chinese goods if need be. >> investors, i'm assuming things will quiet down later today. you may have heard england and croatia and the semi final match today. we've seen the celebrations. it's amazing. you think you guys could clinch it today? >> absolutely. people overwhelmingly think it's coming home and hopefully get on

sunday. cheryl: a lot of big celebrations going on. we are definitely watching. gerri: i have to say your entire faces lit up. i would imagine there is an entire preoccupation today with that match. are people talking more about that and they are the trade wars? >> right now they are. after working rather than during. >> so it could be england and france. that could be an interesting match. >> it would be a very interesting final, fingers crossed we'll get better. cheryl: all right, let's talk about is there any betting now? where did the traders come now? have you seen any expectations more broadly across europe about who they think will win? >> broadly speaking they will do

it. even as we saw last night in belgium there were extremely good going forward, but also quite solid to get to the point there will be an extremely difficult game will naturally be favorites. cheryl: we have to ask about the markets. we are having a good time watching the world cup. we'll be rooting for england i will tell you. we have a big seller for america's voting for this i was down 234 in the premarket. all of this is over trade. does it make you nervous when you see the numbers? >> it does make me a little bit. i'm surprised the markets are gone for a little more given this isn't just u.s.-china because they are the world's largest economy. also seen the e.u., the u.s. causing mexico and canada. this is a huge portion of global trade, so naturally people are concerned. gerri: thank you for that. appreciate your time today.

cheryl: go england. thank you for watching "fbn:am." over to maria bartiromo. >> happy wednesday. thanks for joining us. i maria bartiromo. wednesday, july 11th. 6:00 a.m. on the east coast. a nato summit showdown. president trump take enough meanings calling out allies over their lack of defense spending, saying it was too little. here's what he told the secretary-general earlier this morning. >> they are not paying what they should did a tremendous amount of fun money years back for the delinquents caused some concern because the united states had to pay with for them. maria: an escalating trade with china. the trump administration preparing to impose a 10% tariff on an additional $200 billion from chinese imports if the country does not change its trade