hammer out a deal between canada, méxico and trust. cheryl: news of china tariff action sending stocks sharply lower. but for the month the tow is up 2%. nasdaq up 5.4% for august.

lauren: how does it play out for the final day of trading month. cheryl: in europe stocks opening lower again on the news that president trump says an eu plan to drop all car tariffs didn't go far enough. every market in the red. lauren: this is the close in asia for you, hang seng and hong kong down 1% in shanghai composite in china giving up a half of percent. cheryl: liz claiman -- claman sits with warren buffet, fbn:am starts right now. ♪ ♪ lauren: 5:01 in the morning, it is friday, feels good to say friday. cheryl: i think we call it friday. lauren: friday.

cheryl: president trump trading to ramp up the trade war the china. he reported wants to slap tariffs in $250 billion in chinese goods as early as next week, half of all chinese import would be subject to tariffs. lauren: the president is rejecting offer in eu to drop tariffs on cars saying it just isn't good enough. the administration says wants tariffs removed on all industry, steel, aluminum, agriculture and medical equipment. canadian negotiators making progress on new trade deal to replace nafta. lauren: we get that part of the story from edward lawrence. the word of the week optimism about a tri lateral deal, the deadline president donald trump gave for the tri lateral deal later on today, something that canada's chief negotiator is well aware o. per i would say this is a very, very intense set

of conversations and i continue to feel that there's a lot of good will on all sides. >> canadian negotiators workday and night like speed date to go know the agreement u.s. made with méxico. jared kushner joined the talks right before mexican delegation made their deal with the u.s. the mexican economy minister says he's sticking around to see if a tri lateral deal can be finished. he believes it would be financially unwise for canada to sign. lauren: provide workers with retirement plans, those remarks are set to be delivered in charlotte, north carolina, this afternoon the president plans to attend fundraiser for two u.s. house candidates in that state. cheryl: meanwhile president trump wants to block pay raises for federal workers. lauren: we get more on that story from blake berman.

blake: american who is work for the federal government should not expect to pay see pay inaccuracy come 2019 that from president trump thursday explained this way in letter to congress. we must maybe taken nation to fiscal course and budgets cannot sustain such increases. the democratic commission, as ceo's make record profits and real wages, trump has nerve to eliminate wage for federal employees, trump has delivered yet another slap in the face to american workers. this would be only the fourth time since 1984 that federal employees would not see a raise. there was a 3-year freeze in 2011, '12 and '13, the raise for workers in 2018 is 2.1%.

important to note this does not apply to the military, the military is set for a 2.6% raise in 2019, back to you in new york. lauren: the security and exchange commission plan to make it easier for individuals to invest in private companies, sec cairm clayton saying, quote, the private markets are a wash in capital these days, the question is who is participating, for decades regulators have typically prevented most private deals from smaller investors. there are risks after elon musk backtracked to take tesla public. cheryl: company also investigating dozens of others over violations of company's expense policy, they are accused of doctoring after hours receipt

and charging by the company, has been hit by issues after scandal hit them but in an interview with liz claman warren buffet says he's not giving up on wealth. >> wrong incentive. well, i will guaranty if you do berkshire is doing today with 270,000 employees, we have at least six things. i hope we watch them fast. cheryl: shares down 3% this year. lauren: warren buffet waited on the embattled tesla ceo elon musk. cheryl: tracee carrasco. >> the oraclef omaha, if you misspeam -- misspeak, correct

yourself, liz asked if he thought apple should buy tesla? >> would you support it? >> it's not an easy business. >> blackrock vote today replace elon musk with independent chairman at tesla, this proposal would not affect his role at ceo, blackrock funds are a top 10 tesla stock holder. cheryl: quite a statement from blackrock from that one. we are getting a sneak peek at the newest iphone. tracee: we have been waiting for more information. invites are out september 12th, is officially the day it would unveil new iphone, invitation sent out to media but we have a photo 9:00 to 5:00, one device will be the iphone 10s and plus model that will have 6.5-inch

screen, rumored to be a third iphone release as well, the site had apple watch series 4 which is getting first redesign with a bigger display, also hearing there's going to be a gold iphone 10 coming out. lauren: maybe that's why the circle in the invite looked goaled? >> it did look gold. lauren: starbucks not getting a not so sweet makeover, hint, hint. tracee: new version of frapaccino that cuts sugar by 45%, the drinks will have fewer calories, starbucks starting out new recipe, we will see if they taste just as good. cheryl: they have frappaccino whites, though. tracee: they formulated the recipe. cheryl: good move. well, breaking news overnight to bring you, coca-cola is looking

to inject some caffeine into portfolio, the company inviting british coffee chain costa from britain, second largest coffee chain behind starbucks, latest move, shares of cock -- coca-cola less than 1%. lauren: coming, what he thinks of trade fights, new reapplication, new prediction for rough winter ahead, you heard it here. no one wants to hear that. great week for stocks, month for stocks, right now s&p and nasdaq are down about 2 each. you're watching fbn:am. know what?

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cheryl: welcome back, let's get you caught up on what's happening now, taking a look at futures, another down day for markets, dow down 20, s&p down 1 and a half, more worries, of course, about the tariffs, new tariffs on china that are being recorded about. death toll is rising after horrific traffic crash of grayhound bus in new mexico, one

of the tires blew out, nearly all 49 bus officers transport today nearby hospitals with moderate to severe injuries, the ntsb is launching investigation in that crash. the blast reportedly sparked by a build-up of methane gas, that trapped two workers, officials say one of the man was completely buried by fallen debris, it took two hours to rescue him. a former nbc news producer who worked is claiming network told them to stop investigating the story, the producer claims the request came from the highest levels of the company, nbs responded to the claim calling it outright lie. lauren, that's what's happening now. lauren: americans continue to pay final respects to late

senator john mccain, he will be given the rare honor in lying in state on u.s. capitol, doug luz luzader with touching tribute. >> senator mccain makes his way back to nation's capitol for one final time, arrived outside of washington, washington, later will be brought to capital rotunda. among others, former vice president joe biden remembered his old senate colleague. >> john mccain's impact in america is not over, it's not hyperbole, it's not over, i don't think it's even close. >> this is really a rare honor, 30th person to lie in state in

capital rotunda, tomorrow service in cathedral in washington and on sunday senator mccain will be taken to naval academy in annapolis for burial. cheryl: we have a lot more coming up this administration, there's a new prediction for what could be a rough winter ahead, meanwhile strong storms moving across the midwest but we are getting heat relief in northeast, adam klotz has the forecast coming up. taking a look at the futures this morning, looks like we are under pressure, dow down 16, you're watching fbn:am.

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cheryl: if you're ready for this hot summer to be over, be careful what you wish, farmers almanac is predicting very long unusually cold and snowy winter this year, the teeth-jatterring cold expect today arrive in february in northeast, great lakes and even into southwest and last well over spring in some parts of the country, not all forecasters agree with early warning, janice dean sums up prediction with 3 words, grain of salt. lauren: i have two words, flake news, get it. just in time for the long holiday weekend. cheryl: adam klotz has the labor day forecast. hey, good morning. >> hey, good morning, i don't want to do forecast after hearing flake news. [laughter] >> we are great at telling

yesterday's weather, these were the highs actually yesterday, big story a massive cooldown we see 90-degrees in new york, that's not going to be the case today, really across the east coast, things have cooled down in significant way. currently sitting at 75 degrees, that's all the warmer it's going to get, forecast high for today 75-degrees, in the middle of the country still more heat, the heat will be feeling what is going to be severe weather and a little bit of rain in mid atlantic moving to new england but the big story is weather across the the midwest, still scattered thunderstorms across areas of wisconsin stretch to go minnesota, that's the focal point, this is the future radar, more pop-up showers, each one vimly could be severe as we head to evening hours, again, the biggest concern, this area from iowa stretching north, guys, we could be talkings about large

hail and concern for the rest of today. cheryl: friday funny forecast, thank you. lauren: coming up from trendy to out of favor with investors and customers we are sitting down with the ceo of movie-pass on what's next for the company. and democrats in food fight with one of the top chains. investors are fighting for a higher open today, we will see if we get it on the final trading day of august, you're watching fbn:am. you're turning onto the street when you barely clip a passing car. minor accident - no big deal, right?

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>> we are reclaiming our nation's proud manufacturing her tan and putting tariffs on foreign producers who cheat our workers and cheat our companies, not fair. not fair. cheryl: that may be changing, the president is pushing for support of trade fight, pushes for taifs on 200 billion of chinese goods next week and as negotiators are facing deadline to hammer out deal between canada, méxico and the united states. lauren: news of that china tariff threat sending stock sharply lower yesterday. the dow fell 137 points but if you look at the month of august, it's up over 2% and the nasdaq is up about 5 and a half percent. cheryl: taking a look at futures this morning, a little bit of reversal, nasdaq turning positive in premarket, dow is down 8. lauren: in europe stocks opened lower after plan to drop auto tariffs didn't go far enough. major averages there still off

1%. cheryl: in hong kong the hang seng over 1%. lauren: liz claman to talk with trade fights. we have the highlights, fbn:am continues right now. ♪ ♪ lauren: good morning, i'm lauren simonetti. thanks for joining us. cheryl: i'm cheryl casone. lauren: the latest round of economic data pointing to strong growth. >> beating the estimates we are moving into a 3% zone and moving into a 4% zone. >> capital spending in the first half of this year was up 10%, can you imagine? lauren: can a trade word derail all the good news, joining us

pacer, sean, happy friday. >> good morning, how are you? lauren: optimistic about the state of the economy right now? >> i am optimistic about the state of the economy and i'm optimistic about corporate earnings and the momentum that's there, the one potential headwind are the -- or two potential headwinds that i think i see trade issues that everybody continues to talk about and interest rates, i don't think interest rates will get out of hand, and i'm optimistic that the pressure that the administration the putting on some of trading partners would ultimately result in better trade deals and if we could remove that obstacle feels to me like the market wants to continue to move higher. lauren: when the president says, you know what, i might just slap tariffs on basically half of chinese import to the u.s., that doesn't concern you because you're optimistic it's going to be effective? >> i think so, you know, look,

it's very unconventional, he's really a different type of a president and a negotiator as it relates to this stuff but it's hard to argue with the results, i mean, it may be done in the way that make diplomatic type of negotiators happy but, you know, we did come to an agreement with europe and it looks like, you know, it may even go further than what we have agreed to. we came to an agreement with méxico and perhaps today we will know if canada comes aboard. that's been the plan, to align everybody against one major trading partner to get them to do something. lauren: let's just say we don't get a deal with canada, double whammy, no deal with canada and what's going on with china, how would investors react to that? if we look at the month of august really spectacular month, the nasdaq especially, best august performance in 18 years,

sean, with gains of 5.4% thus far, does no deal with canada, no deal with china threaten all of this? >> i think in the short run the market has been reacting to this good news bad news all year but it's sort of been marching steadily forward. i mean, the markets are all positive here in the u.s. year to date, the nasdaq has been a big winner and i think if some of the things came undone or started to unwind people would start to look forward and try to figure out what the impact would be and that probably would put some pressure on the markets. >> when we got the report yesterday, sean, that the president was considering putting a 200 -- tariffs on 200 billion, what's the surprise factor, he's basically threatened the tariffs for a while, why were investors so surprised yesterday?

>> i think that, you know, maybe the sheer shock of the number, perhaps, i mean, i don't think anybody should be surprised at this point with regard to how this is all playing out. it's been very public, normally it wouldn't be and so, you know, i think he is a little hyperbolic you could say perhaps about the president and unconventional but if you're concerned about these things, there are ways in portfolios to deal with it. we have seen some of that in some of our flaws, there's a longer term, if you want to get out of, nobody is really talking about, that's a historic run for under performance of value versus growth and that will eventually revert back. lauren: have a beautiful long weekend. >> you too, thanks some. cheryl: all right, well, movie

pass, subscription service that became break-out hit with customers this year now facing troubled waters, yesterday, board member called resigned from moviepass company citing concerns with management. ted joins us this morning, ted, thanks for joining us, good to have you, sir. >> good morning, thanks for having me. cheryl: let's talk about accusations he made in letter to sec, you withheld information and he basically was not consulted as member of the board, how do you respond to that? >> well, first of all, carl is a good friend, if you look at our response to that it was pretty, pretty even killed -- keeled where he's attended board calls this year, if you look at that, that's on a weekly basis, to say

that you're uninformed to me it's a sprech if you're on board calls, you'll see in our that we filed yesterday a response as well. cheryl: what about emergency loan that you took out, the 5 million-dollar loan, the burn rate is 12 million a month, where are you right now with cash flow? >> actually right now we are in the best position we have been in a while where we've taken, you know, with movie pass and went to plan where you're doing the 3 movies a month and we have done that in the last 30 days, right now we are with the subscriptions, we are at break even now. so just on subscription alone you're already just net neutral in cash flow. that's what it was with wall street, to show as fast as we were growing that we could just flip the switch and become

profitable and that's what we are working on now, working on the profitability. cheryl: i don't think the miami is getting on wall street, how optimistic are you that you can reverse course? >> i think we already have reversed course, it's not even about that. i think any time that you disrupt anything out there and we've obviously been a major force and we are household name in less than a year, people have to remember that it's really august 15th of last year that we took over moviepass so really what's going on with that we've created absolutely, you know, phenomena of millions of subscribers all over the country and a lot of our subscribers are still there. we are not seeing it, people are thinking that the millions of people are quitting, it's the opposite. the movie subscriber wants us to win and they have been unbelievable. cheryl: i want to bring this to your attention, the survey came

out, basically 47% are considering canceling membership, only 37% plan to stay with you and a lot of the cancellations, 50% of cancellations have been over the last month, is this a perception problem in your mind? is this -- >> no. cheryl: customers are frustrated because you changed the plans. >> even with annual subscribers it's under 10%. you know, that's a survey, they gave us survey before that which was glowing couple of months ago, out there in the press, people like the good, the bad and moviepass is a big story. cheryl: it is, you came on like a freight train when you launched and people don't go to theaters like they used to but at the same time the competition

is really on your heels right now, now amc has the same great idea and they are actually -- their subscriptions have actually jumped in amazing form since they launched. they are ahead of schedule as far as subscribers, sub a list, how do you compete with them and also a company that says, hey, it's a great idea, we will do the same thing. >> smaller company than we are. amc is still 23% of market share out there so people are limit today just going to amc, they can go to any theater out there, 92% of them. where we are right now and showing wall street that you can be profitable in subscriber side, you will see, believe me, we are not done changing the plans of giving consumers better options out there. cheryl: ted, we appreciate you

coming on this morning. >> thanks for having me, in problem. cheryl: all right. lauren: microsoft has new requirement for partners that is pretty helpful to participants. cheryl: tracee carrasco has that story and other headlines. >> it would soon require suppliers and contract toaster provide at least 12 weeks of paid time off to new parents, policy covers venders with workers that are assigned to work with microsoft. paid leave benefit requirement will be capped at $1,000 a week in compensation and microsoft suppliers have a year to implement the new policy. lauren: i wonder how they feel about that. cheryl: what can you tell us about this possible ipo? tracee: race to beat uber continues, lyft has start today move forward with process for ipo according to bloomberg lyft hired ipo adviser group to work with management as the start of

the process. the company reportedly plans to begin takes offers from banks as soon as next month targeting march or april for the listing. lauren: 2019. this is a political food fight, it's out in california and targeting my favorite west coast burger chain, what's going on? tracee: a lot of people will have a hard time boycotting in and out but that's exactly what some democratic lawmakers in california want to do calling for a boycott of that popular burger restaurant in and out after learning it donated $25,000 to republicans ahead of the midterm elections, california, democratic party chairman eric tweeted in part, let trump and his crony support these creeps, referring to in and out, in a statement to the sacramento in and out, calls for boycott were unfortunate add ago, quote, we believe that bipartisanship support is fair. in and out has donated to both democrats and republicans. lauren: wow. cheryl: fair and balance in the

burger biz. appreciate it. lauren: former we eron ceo remod from prison in alabama, back in 2006 he was sentence today 24 years in prison for role in the collapse of the energy giant, jury convicted of 19 counts of conspiracy, security's fraud, insider trading and lie to go auditors, later his jail term was reduced to 14 years. cheryl: we well, we have a lot e coming up this morning, a slew of celebrities will pay to the respect of queen of soul, aretha franklin, we will tell you about celebrity guest list at her service and liz claman interview with warren buffet. you're watching fbn:am.

lauren: congratulations, you made it to friday, let's get you caught up to what's happening now. cheryl is laughing. dow is off 35, s&p off 4, nasdaq down 8 points this morning as we see what happens with the trade deal with canada and possibly china. well, aretha frank line will receive a star-studded farewell

in detroit, former president bill clinton will be among the speakers at her funeral. franklin died of pancreatic cancer at the age of 76. the queen of soul. president trump calling out the justice department in rally in indiana. >> our justice department and fbi have to start doing their job right now, what happens is a disgrace, i want them to do their job, i will get involved and i will get in there if i have. lauren: the president comments among ongoing feud with jeff sessions for not doing enough to support him especially in the russia probe. well, in an interview with bloomberg news sessions' job was safe until midterms. finally we have epic lip-singing

challenge to bring to you, making a parity of a movie that you know. ♪ ♪ [laughter] lauren: made the video to connect with the community all part of the nationwide police lip-sing challenge. cheryl: that's great. lauren: that really was. cheryl: i love all the singoffs we are having. thank you, lauren. warren buffet weighing in on a wide-range of topics in an interview with liz claman on countdown of the closing bell, earning reports from companies but not guidance. >> i do think they get pushed and once they start giving it, they feel they can't quit and i better give all the numbers to i can beat it and then they decide

we won't make it this time and maybe offer a special deal to wal-mart or move extra goods that would numberly move in that quarter. it's poison. cheryl: poison, buffet commenting about two weeks after president trump asking sec to report once a year. what is your reaction to his take that it's poison having to give guidance from a company it's poison? >> if you allow a company set its own bar and allow it to jump over it, the expectation that the stock can go up that can have negative consequences eventually when companies can't jump over the bar and are doing something operational basis quarter to quarter that doesn't make sense to shareholders or financial engineering to hop over and that would lead to negative consequences down the

road. cheryl: what do you make of companies recording every six months, something they have gotten behind? >> i think that's fine reporting twice a year as long as there's more granular information for investors to digest. whether we get information four times a year or twice a year, to me it really doesn't make a difference. i'm a multiyear holder in the stock that is we own at nova point. cheryl: interesting, i want you to listen to what he said and what he told liz about apple and tesla. >> i think it would be a very poor idea to get in the auto business, it's not an easy business. cheryl: the question should apple invest in tesla and he said, no, not such a good plan but a lot of people ohen wall street are speculating that's what apple can and should do?

>> i definitely think he wants appear toll stay in their lane, iphone is an agreement that people have their whole lives to it and are loyal to it, that one company will throw capital, you know, to be the model leader one year and another company will throw capital, that's not a sustainable business for him versus appear well the dominance of iphone. cheryl: i want to get your quick thought on stories on the journal, sec is considering it making it easier for private investors to get into private companies whacker do you make of that move, something that they are exploring according to the journal? >> i don't think it's a great idea, it's certainly a populist move to try and democratize the markets so people don't feel like silicon valleys are

howarding all -- harding and investors need to be prepare today take the risk in lack of liquidity. cheryl: interesting idea because so many americans have been frustrated with big ipo's, crumbs afterwards, we will see, joe, good to see you that administration, thank you for being here. >> have a great weekend. lauren: major blow to nfl, colin kaepernick's grievance with the league heading to trial. unusual moment at u.s. open, tennis empire gives nick a pep talk and roger federer was not too happy about that. futures giving up gains this morning, dow down 32, s&p down 3. you're watching fbn:am.

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lauren: welcome back, colin kaepernick won, nfl nothing. cheryl: this is not going anywhere. jared: not anywhere fast, the case is going to trial. arbitrator found enough evidence from grievance presented to colin kaepernick to bring the most heated debate to another level. colin kaepernick's team contends collusion and it's 32 owners, they are giving former 9ers quarterback from working that he

initiated august 17th. trial date expected to be set by tend of the year, kaepernick's legal team expect today reopen process for evidence and conduct more depositions, the arbitrator who ruled in kaepernick's favor will hear and rule on the case when it goes to trial. somewhat disturbing series of events at the u.s. open, talented player nick at the center of it all, having been punished before by the atp for tanking matches, not trying, looks like he was at it again, what happens next? umpire leaves seat and appears to give pep talk to he would try, the umpire saying i want to help you, i know this is not you champion roger federer turned.

>> i don't know what he said, i don't think what he said but it was not just about how you're feel, i'm not feeling so well. he was there for too long. it's a conversation, conversations can change mind set. cheryl: wow. jared: new york yankees missing injured slugger judge to injury, john mccain was memorialized yesterday in phoenix eulogized by arizona cardinals and wide receiver larry fitzgerald. >> we would never forget the impact you had on the world and more importantly on each of the lives that you touched, we are all better for having knowing you, rest in peace my friend. jared: larry fitzgerald also spoke yesterday during eulogy about how he visited vietnam to be in the places where john mccain was and he was pow.

lauren: that picture. cheryl: real quick to u.s. open, is that allowed -- jared: the umpire? they said he was going to check on his health and something about crowd noise, do you buy it? cheryl: no. jared: it was really turned off and in the middle, tried or quit. cheryl: i don't know, that's going to keep going as controversy. jared max thank you very much. catch jared sports report fox news 24/7, siriusxm 115. lauren: why is the president trump rejecting officers from the eu to bring tariffs to zero and what traders in london are now saying about that. ♪ ♪ put your data to work on the cloud that drives business.

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lauren: president trump rejecting eu's offer to cut car tariffs. scott, good morning. >> good morning. lauren: why would trump do this? is it because europeans like to buy european cars, what's the difference? >> well, interesting, today it's not good enough, but that doesn't mean in 2 weeks he doesn't change and suddenly it's good enough or they make concessions some place else to make that okay. he's just frustrated. americans need to know that the

average man on the street say here in london understands where the president comes from. it doesn't make the headline news here but we want free and fair trade, so a lot of folks see this as common sense, it's nothing that outrageous, let's just remember the organizations that rules all of this is wto, right, 25% of the top fortune 500 companies are headquartered in china and they still have china labeled a developing country. you go figure. cheryl: interesting trade fight and it will continue and we will talk about it with you, scott. lauren: happy friday. dagen: final trading dive the month of august and we have news because we are waiting for a trade deal maybe with canada. we will see both later. good morning, everybody, i'm dagen mcdowell in for mornings with maria, it's friday

august 31st, your top stories at 6:00 a.m. eastern. the pressure is on, president trump is said to be ready to hit china with another round of tariffs next week, we are talking about an additional $200 billion worth of goods, weighed on the markets certainly yesterday this as deadline with trade deal with canada, today is the day following what the president called a historic deal earlier this week. >> just this week we made another truly historic announcement, we are replacing nafta with a beautiful brand-new u.s.-méxico trade deal. [cheers and applause] >> and after the deal was made with méxico, canada came along and they are negotiating right now at the white house at our territory. [cheers and applause] >> and it could happen, we will see what happens. dagen: the president also doubling down on threat to pull the united states out of the world trade organization. we will have the details coming

up on that. futures are showing losses across the board, 42-point loss on dow futures, all the major market gauges in the green despite yesterday's losses, again, it was uncertainty about what was happening with china, the back and forth with the u.s. and china has hurt many american businesses, what says for farmers in the pacific northwest this summer. this month dow up more than 2%, we have the nasdaq up almost 5 and a half percent. really incredible. record-breaking run for the market in august. over in europe, losses across the board, biggest loser cac quarante in france, the asian markets mostly lower as well, kospi picking up 3 quarters of 1%, that was the only gainer of 4 major asian markets. a j