about the cancellation. if that is the case, mr. putin will have couple hours for useful meetings. liz: little he will go jab. stuart: sarcasm, low form of with it. we were down 150. we're down 50 points. what a day. day after. neil, it is yours. neil: meeting thing is abbott and costello. you said we would meet 40 minutes ago. i don't get it. stuart: who is on first? neil: i can't figure out who is being consistent with the reads out of the white house. no one soames to know. stuart, thank you very, very much. we are following that. looked like a meeting, then on the plane something happened, where the white house said, you know what? it is off. we don't know the details. for the markets at least all the confusion like michael cohen what he is going to say, what deals could be made. here is what might have really done the trick.

the fact that peter navarro, trade advisor hawk, will sit down with president of the united states and xi xinping. they will all be at the same table together. take a look. >> i think we're very close to doing something with china but i don't know i want to do it because what we have right now is billions and billions of dollars coming into the united states in the form of tariffs or taxes. so i really don't know. but i will tell you that, i think china wants to make a deal, i'm open to making a deal but frankly i like the deal we have right now. neil: what struck me odd in that comment the president of the united states is seeing benefits of tariffs, billions of dollars that are coming into this country as a result of folks having to pay tariffs on these goods that would be you. and the effect being it will be beneficial all the way around, that we can continue to do this as long as it takes until a deal is scored. that is sort of like the peter navarro playbook. very hawkish trade advisor who

has been kind of quiet, almost seemed for a while he entered the witness protection program. but he is back now. he will be sitting at this dinner. he is very tough on the stuff. not wanting to give room, latitude or peak of light on the chinese on this. what is going on with the administration posture. suddenly saying tariffs are actually okay when they bring in at lo revenue here. keep in mind that you pay those terrorists. whether they are slapped on in china doing the same to us, the chinese will pay those tariffs in back and forth on this. not government that do that. you, me, everyone else caught in the fray. let's get the read from "wall street journal" global economics editor jon hilsenrath and "barron's" senior reporter, mary childs. mary, this peter navarro thing struck me maybe disproportionally from all the other developments and here is why i think that is the case. we hadn't heard from him.

not only find out he has a seat at the table, a very prominent table with the two principles presumably there to sort it all out. what did you think of that? >> no, that struck me the same way. i completely agree with you. someone whose book is literally called, death by china, right? that will be awkward. it is awkward. neil: have you read my book. >> you will love it. open your copy. neil: there you go. john, interesting what the president seemed to be saying. i think in between the lines i could understand the gist of his remarks. i can wait this out. i'm in no hush to make a deal. we're getting billions off of tariffs. we're not going to rush to do something wrong. what did you make of that? >> well i think the president does like the position that the united states is in right now. you know, our economy is growing faster when a lot of the rest of the world is slowing down. his view is that tariffs are bringing a lot of revenue into

the united states. it's a winner in terms of budget deficits and such. so i think he feels he can take his time. now i should say, and i also told us earlier this week, he told "the wall street journal" earlier this week he didn't think that we were going to get to anything and that tariffs would be going up, these rates would be going up from 10% to 25% on a big portion of what we're already hitting the chinese on. but now we're reporting today that there are talks going on about suspending that increase from 10% to 25% while talks continue about comprehensive trade reform. so there is a lot of moving parts here. it will make a very interesting week. i think monday will be interesting trading day in the markets. neil: it is interesting, guys, i don't know how you feel about this, i was following very closely the michael cohen developments, of course the former trump lawyer now who has agreed to plead guilty lying to congress and of course who was a little more week or two ahead of

separately being sentenced to prison for the first round of lies. but leaving that aside, i didn't notice the markets going wacky on that. maybe the notion the whole mueller investigation is going to get pushed back well into 2019. that i don't know. it seemed to be focused more on trade. we have had worries over interest rates ease a little bit, you know, the federal reserve chairman's remarks and uncertainty of trade, if the president can do the same or resolve or look like he is close to making amends with the chinese leaving the g20, what do you think happens then, mary? >> i think the market hasn't been reacting as strongly to the michael cohen stuff and other political stuff because it can't figure what to do about it, right? trade is, thises bad environment for corporations and bad environment for consumers. that is making it easy to

internalize trade. michael cohen is just putting it off. the trade stuff is so imminent and so now, corporations seeing effects, feeling impacts, consumers feel the impact soon, having already fed through. goldman sachs said this could wipe out, if the trade conversation gets as bad as possible, could wipe out all corporate profit growth next year. that is really bad. >> neil, can i jump in here? there is so much going on today that the markets are paying attention to. you know whether it is cohen or trade or trump canceling his meeting with putin. what i would say. the markets are ignoring what i view as the most important development today. that is economic report that came out at 8:30 this morning which showed that consumer spending is really strong right now. that inflation is running below the fed's 2% target. why is this important? there has been a lot of talk about a slowdown in the economy that the markets had latched on

to during the months of october. this consumer spending data shows that consumers are still really powering this economy. good news. and then there was also all this stock about the fed, when will they stop raising interest rates, jay powell? today we got really important information out, the fed's favorite inflation index is below the 2% target. that gives the fed an opportunity perhaps to slow down this pace of interest rate increases that it has got. i think these are really important developments. the market sold off today, so go figure. neil: but not much. we gained over 600 points and given up, that is remarkable of itself and i'm glad you mentioned that, jon, mary touched on it earlier, there were adequate and and a abundant reasons federal reserve take the notion that it did, and that the notions in the press the president force this on him by intimidating him.

your thoughts, mary. >> i'm sorry, intimidating china? neil: all him cowing to the president? >> that is a dangerous line to take i feel like. yes it seems like there is a ton of pressure but really important that the fed remain independent to keep that distance. the -- there is chatter that means trump will go nuts and say more stuff and pressure more but i don't think that would necessarily be more than like we're seeing. i don't think out comes affect the way he behaves. there is very important distinction you have to keep everything separate. jay powell will do what he thinks is necessary. different economic indicators telling confusing stories and mixed messages, that would cause him to take a pause anyway. kind of a political win for jay but also works for the economy. >> neil, can i jump in on that? neil: yeah. >> i think, you know, we can direct your viewers to a really

good answer to that question. the journal, "the wall street journal" has a great story on our website right now by my colleague, nick timeros is looks at jay powell handling pressure from trump so he is on point. basically it is cover your ears, pretend you don't hear what the president is saying, focus on what the economic data are showing. neil: no, i agree with that very, very strongly. i find it a little insulting to jerome powell he would be deemed politically pressured to do anything when the evidence and sort of the -- >> it is insulting to him but the fed has bent to pressure in the past. in the '70s, nixon put a lot of pressure on the fed and they left rates too low. i think we have to hold the fed's feet to the fire. neil: absolutely. to think that he caved like a cheap suit, mixing my analogy, you know what i mean. >> wilted like a cheap suit. neil: thank you all very much.

let's go to louisiana republican senator john kennedy on all of that. senator, always good having you. i know you're not a market soothsayer here but it is interesting, isn't it, with the run-up we had yesterday, we're only giving back a little bit today, about a little more than, what, a sixth of it, that the markets are okay with the economy, the markets seem to be okay with the way things are going and what they would like to see is icing on the cake is a trade deal. do you think we'll get one? >> i think we will eventually. i think it may be, it may take a little longer with china. i was just in beijing with a few of my colleagues meeting with the senior leadership there. one of the things we talked abought was trade. it is clear to me that the tariffs are hurting china. they weren't in great shape to begin with. their growth has slowed but china's hand has not been called. we let them into the wto on

january 1, 2000. china started cheating on january 2. we've all been told for all those years, you have to be patient with them, you have to be patient with them. well, sometimes patience is not a virtue and i think the president is doing what he has got to do. now, i'm not advocating a trade war. the only way to win a trade war, neil, as you know, is not to fight the thing. but, we're going to have to give the president a little room to run here. neil: were you troubled by the president saying that billions of dollars are pouring into the coffers of the usa because of the tariffs being charged to china? that he was, you know, saying that, this is working to our benefit but he is bragging about impact of tariffs? that just seeps weird, doesn't it? >> well, some money comes to us as a result of the tariffs. that is not the main reason to have a tariff of course. we're, these tariffs, as i understand it are to bring china to the table. neil: right. >> and, look, i'm a free trader.

i would be, i would be perfectly content -- neil: but we're paying those tariffs, senator. china is feeling pressure but we're the saps paying them. >> we're paying them. they are passed on. i would be perfectly content, happy, if we goat rid of all -- got rid of trade tariffs and barriers. but we don't live in la-la land. neil: i hear you, senator. some of your colleagues want to send a message to the president by separating u.s. support for saudi efforts in yemen, military efforts, as a way to go back at the saudis for particularly the crown prince's role, apparent role according to the cia and others in killing of this wash upon post journalist, khashoggi. you didn't do that. why not? >> because i don't want to tie the hand of the united states government in negotiating an end to the war in yemen. i think we need to negotiate

from strength. and general mattis and secretary pompeo and our classified briefing we talked about it. i can't go into details. but i just decided we need to help them go into those negotiations from strength. and look, i think, the vote yesterday is more about khashoggi and saudi arabia than yemen, in my opinion. mr. khashoggi was, they murdered him. they butchered him like a hog. peanut i mean it was horrible. we need to condemn it, but here is the challenge for congress. we have to figure out a way, we ought to be able to figure out a way to condemn saudi arabia's behavior without blowing up the middle east. and if congress can't do that, then congress is not as smart as it thinks it is. neil: meantime, if i'm the crown prince, i'm noticing, it doesn't

look like punishment won't be meted out, i'm laughing, right? >> well, look, presidents and senators have to deal every day with authoritarian government. neil: sure, you're right. >> that don't share american values but are important to our interests. now i wish the world weren't like that but it is. and i'm not in any way condoning what saudi arabia did and whether the prince knew about it or not. i happen to think he did. we need to condemn it, but we need to figure out a way to do it, neil, without blowing up the middle east. right now the three centers of power there, turkey, saudi arabia and iran. now iran's a cancer. we don't have a relationship with iran. we can't let any of those three interests gain the upper hand or there will be a war in the middle east. we have to maintain some sort of relationship with saudi arabia and with turkey. we can do that.

we need to figure out a way to do that while condemning the barbarians, barbaric conduct of whoever did it to khashoggi. neil: senator, always good talking to you. thank you very much for taking the time. >> thank you, neil. neil: we'll have update what really was behind this michael cohen deal to plead guilty to lying to congress. this is two weeks ahead of his being sentenced to jail for lying. so this is, you know, beginning to be a pattern with him, but what did bob mueller hope to get out of this? does it mean there will be a delay in the final report, whenever that's issued by mueller? after this.

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beyond fast. >> what he's trying to do because he is a weak person and not a very smart person. what he's trying to do is end, and it is very simple, he has got himself a big prison sentence and he is trying to get a much lesser prison sentence by making up a story. now here's the thing, even if he was right, it doesn't matter

because i was allowed to do whatever i wanted during the campaign. neil: all right. michael cohen of course was the president's former lawyer, pleading guilty lying to congress about trump's efforts to build a tower in moscow. the president said there is no there there. he was toying with the idea. he was rejecting it. other legal eagles come up, timing of all of this, maybe a mueller deal that could push the investigation into the president, business dealings, well into the new year, maybe beyond that. what does that mean for that probe? fox news legal analyst, mercedes cohen. help me with this. what did this change or mean today? >> sure. well, a couple of things. one we know that michael cohen's sentencing coming up on december 7th. there is back channel communication on that. cohen is looking to presume to have a sweeter deal, coming to the sentencing, timing of everyone looking at this, wait, the president already put in responses to the mueller's

questions. we know it was filed last week. part of the questioning in that document was all about this real estate. there is whole provisions about it. it will be mueller and his investigators looking at, comparing the questions and responses that the president gave with respect to what cohen said in court today, that he had lied about the business dealings. that he had said before congress, that the business dealings and conversations with the project end the in january of 2016, but in court he said, no, it continued until june, july of 2016. there is six-month gap. he lied. there is definitely going to be a comparison bit mueller investigation, presumably about the responses is given by president trump versus what cohen said in court day, you know what is weird about this, mercedes, i know you're the expert, as you know i play one on tv, this isn't about russian collusion anymore. i don't think it is. it is about business dealings, those indicted heading off to

jail. all about business transactions some which go back decades. wouldn't irony be, whatever comes out of the mueller probe moved well beyond collusion to just cash and negative fair yes ways might, might, i stress might, have been dealt with? >> right. well, that is interesting because exactly right. any defense attorney that has a client in the throes of a federal investigation will tell you it starts out with a small net. suddenly it is an enormous net. now it is tax evasion, business dealings. where was the banking done? mail fraud. it gets so expansive, which is why a lot of defense attorneys try to cut a deal pretty early on in the investigation knowing that the longer you stay in the throes of a federal investigation, the wider the cast is net. neil: would that be fair to the president if what we're ultimately looking at are transactions that go back decades? again this is just my gut read. >> right. neil: and the people around him, who have been, who have been indicted and or, you know, roped

into prison and elsewhere, are all on those type of issues? nothing to do with collusion, nothing to do with russian meddling and all that, but everything to do with questionable business deals? it seems odd. >> that's a great point, neil. we see it. but that certainly seems to be the pattern, when you start to see who has already gone down. manafort, same thing, business dealings, tax issues. had nothing to do with russian collusion. we start to see a growing pattern. frankly when it comes to federal investigation, unfortunately it could be that wide a net. and -- neil: same thing happened with the clinton probe. that was about real estate deals that turned into an relationship with an intern. i know how these things go. you remind me of that. i am wondering whether today's development signal, there was some legal experts talking to earlier, who was saying that this means if you're looking for a quick resumption of the mueller probe, it is not going

to happen. what do you make of that? >> you're so right, neil. i mean frankly now we're starting to look at business dealings -- look, president trump, the trump organization been around for decades. if you're going to look into business deals it is going to get wider, wider, frankly, we're not certain when the investigation will ever end. if it is going to start in that realm, not just the collusion, we could be looking at this for a number of months, number of years and a lot of dollars. neil: incredible. mercedes, thank you very, very much. good talking to you. mercedes colwin. that is the nature as mercedes point out, a lot of investigations go beyond the original imprint, almost all the time. that is what happens here, can you imagine the dust-up on both sides? in the meantime crude oil dipping below $50 a barrel for a little while today. the news from russia, we might look at our own production here to help out with the saudis and then a meeting was canceled, i'm

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>> welcome back to "coast to coast." i'm gerri willis live from the floor of the new york stock exchange. all eyes on oil today. oil trading below $50 a barrel today but you can see now at 51.64. that is the lowest in a year and of course we are heading for a monthly slide that would take it to the lowest price in 10 years. brent, i want to show you is down 30% from the october high. of course it is difficult for the companies in the sector, we have a mixed bag in the sector. look at this. company share prices, hard to predict, companies will go cash

flow negative when prices go below $55 a barrel. what is good news or bad news for company most the sector is good news for consumers. you can see 31 cents a gallon, how much prices fallen in the sector. tax cuts for america and the world. telling us today the consumers will spend $5 billion less on gas this month than last month. gas prices are expected to go lower between the opec meeting on december 6th but higher after that. mr. cavuto. back to you. neil: hard to keep up with developments what the president is saying about meetings on or meetings off. he was looking to meet with vladmir putin before he got on air force one. he got on air force one, tweeted out shortly after you, i will not meet with vladmir putin. where do we stand, blake? reporter: real whose in, whose

out in neil. as far as they knew the meeting between vladmir putin and president trump was still on. it was earlier this week when the president had threatened to cancel that meeting here in buenos aires because of russia's latest actions against ukraine in the waters off of crimea. the president said earlier this week as well he was awaiting a briefing. he wanted to get briefed on the issue. the president maintained that very stance as he jumped on marine one earlier today. here is what he told reporters just before he got aboard air force one. here was the president on the south lawn. watch. >> i probably will be meeting with president putin. we haven't terminated that meeting. i was thinking about it but, i think it's a very good time to have the meeting. i'm getting a full report on the plane as to what happened with respect to that. reporter: getting a full report on the plane and then the president tweeted from the plane the following, quote, based on the fact that the ships and sailors have not been returned to ukraine from russia, i have

decided it would be best for all parties concerned to can sell my previously-scheduled meeting in argentina with president vladmir putin. i look forward to a meaningful summit again as soon as this situation is resolved. now reuters is reporting at this hourhour that the president was briefed by his chief of staff, john kelly, secretary of state mike pompeo and national security advisor john bolton aboard air force one. that is what led to his decision. we'll work with the white house, neil, to try to confirm that as well. so, the meeting with vladmir putin is off. that is the who's out. the who's in, a totally separate meeting because we know that president trump and president xi are going to be meeting on saturday night, a dinner meeting to talk about trade and other security issues. now i'm being told from a white house official peter navarro, quite possibly the most hawkish member of the president's administration as relates to trade in china, will join the meeting. that send as very clear signal to china, neil, where the

president is thinking about going with all of this. were told about it white house earlier this week not to read into anything that navarro couldn't be going on this foreign trip. white house said, navarro didn't go on any major trips beforehand. don't read at all he won't be going on this one. very clearly that changed. neil: yeah, a lot of things do. thank you, my friend. good luck in buenos aires, blake burman. when we got news peter navarro would be going to the special din-din with the president and chinese counterpart. stocks dropped additional 80 points. i don't know what that means? you're coming to dinner? former prime minister of australia, founding member of the g20. kevin rudd. >> thank you. neil: you've been to any of shindigs, does anything get done? >> not all the g20 meetings but

some are quite decisive. particularly the one we held at the height of the global financial crisis which was fundamental preventing that recession as it was unfolding from becoming a full-blown recession. neil: 2009. >> 2009 march in london. i remember it clearly if it was yesterday. they have been up and down since then. some are more substantive than others. of course the focus in buenos aires will be less on the collective g20 agenda which represents 75% of global trade and 80% of the global economy across those 20 countries. there will be more focus on the bilate between president trump and president xi xinping. can we delay a further expansion, escalation of the trade war into a more general economic war. neil: what do you think of that front? >> i don't know the mind of the president on this. he is a hard guy to pick. i think president trump would be pleased someone like me as

commentator he is a hard guy to pick. i was recently in beijing talking to my chinese friends, they find him a hard pick as well. so obviously that is part his negotiating strategy. the chinese are aware of different views in the white house. secretary mnuchin on the treasury would probably previous to have a deal yesterday to calm markets. you have the chap you've just been talking about -- neil: what did you make of that? i thought he entered the witness protection program. no one seen or heard from him. he reappears and get as prominent seat at table with xi xinping and donald trump? >> as you know mr. navarro gave a quite remarkable speech in washington recently, attacking billionaire advisors to the president, suggesting that those billionaire advisors were urging the president to go soft on china. so i think that may have landed him in the doghouse for a bit. i don't know. neil: maybe he reflects the president's gut? >> well i think you've got this range of views within the

white house. it is plain as day, not just to those of us who follow the entrails of this here and in the united states but to our chinese friends as well there is a group not only want as hard outcome, if one can be delivered in relation to china but there is a group who would prefer no outcome. that is a long-term protracted decoupling of the american and chinese economies. as part of an unfolding near containment policy against china. so which way president trump finally jumps on this is an unknown. neil: yeah. >> my instinct, for what it's worth, just an instinct, is because i don't like know the president personally, is he will be looking very much as american markets. you've seen a whole bunch of stock market volume at this time here in the united states. he is looking at a reelect in 2020. he would like not to have a expanding trade war become the trigger into a conclusion of the

current business and economic cycle, let alone triggering a wider -- neil: something, something even if it is cost domestic it is started? >> i think two specific things could happen. one, if they can reach an agreement in buenos aires on let's call it, the scope of the reduction in the bilateral trade deficit, say to a stale of about 100 billion, and then secondly, a series of fundamental tariff changes which bring chinese tariffs closer to american levels, that may be sufficient to cause the united states to defer the current scheduled increase in american tariffs on chinese imports currently. neil: but it would be based on a promise that the chinese at least in the past have not been very good keeping. these would be new areas. >> on those two questions, they would be pretty easily measurable whether you're doing them or not but that would be the precondition for i think the

president deferring implementation of the next two rounds of tariff increases against all half trillion dollars worth of chinese exports. neil: do you think that is what his strategy was out of the blue, unbeknownst to his advisors, said there will be a tariff on electronic items made in china coming into the united states? everyone was shocked at that, but he could just shelf that and said, that one's off? >> what he could do, hey, president xi arrived in town. he has a better deal than his officials have been talking to my officials about for the last few weeks. the chinese have on the table a 142 point document. i haven't seen it. knowing president of the united states he probably wouldn't be all that interested in a 142-point document. he will look at the big headline, whether in fact president xi is willing to radically decrease tariff protection against the range, the full range of chinese imports from the united states.

then, what you could do is, perhaps, organize a subsequent working level summit, say march, plus, to deal with the other remaining structural questions in the u.s., china, economic rip which is about a new regime for intellectual property protection and enforceable mechanism to prevent the forced transfer of technology and finally state subsidy. this is the really hard one, state subsidy for china's current high technology drive. neil: interesting. very interesting events though. great to cover. a lot of dinners apparently. prime minister, thank you very, very much. kevin rudd back from china. we'll follow that very closely. the president has a long trip ahead of him. he might be tweeting so there is that. the battle between microsoft and apple to be the world's most valued company for the time-being. former top official at microsoft why he favors that company over that other company. after this. ♪

neil: we're getting confirmation from the white house it plans to hold a roundtable with technology executives including principles at microsoft and google, oracle, and qualcomm. there could be others as the list grows. former microsoft coo. always good to have you. what do you make of that? >> i think what you're see something that the tariffs have been a burden that caused a lot of negativism and the president is anxious to get the take from these technology companies who are quite die pen dent on foreign -- dependent on foreign talent and tariff discussion and talent discussion people being forced back to their own home countries because of our crazy companies with regard to

technologists need to be put on the table. neil: your thoughts on this approaching g20 summit, what is being a matter of great interest to u.s. ceos, what is going on the trade front, whether the president makes any progress with china. we heard now, peter navarro will join the president with the dinner with xi xinping of china, a lot of people read into that, uh-oh, the prospects of a deal are off because this guy is going to unravel any hope for progress. i don't know if that is fair to peter, the trade advisor, but what do you think? >> i don't think he is the guy you pick out to enable to president to save face. neil: does that lower your expectation for that? >> i think it does to a certain extent. it has to because he has been the hardcorefy guy in all of this. they have been fussing around

with this for way too long, neil, like a bunch of kids and they need to get it resolved because the country is getting nervous about it. neil: the president was actually bragging about the tariffs saying billions of dollars are pouring into the coffers of the usa because of tariffs being charged to china, but in reality, bob, they're charged to us. those are goods we are paying for. i am saying you're happy i'm paying through the nose? >> that is crazy. that was a very insensitive comment. he shouldn't have made it. the public is feeling it or about to feel it big time on a number of different products. so you know, what he does, is is often hard to explain. neil: you know, with some pie-in-the-sky interests, take a look what is going on with the market battle between your old haunt, microsoft, darn close to

even. more the result of apple falling than microsoft soaring, what do you make of this? >> both are great companies. this over the years been towers of strength, for our economy and, no doubt apple is going through a rough patch here. they're basically a one product company with the iphone representing 2/3 of revenue and 75% of their profits. so now we're seeing flat shipments of the iphone. prices of the iphone are way up. so their revenue is up but revenue reads right through that. basically you have a sick situation. the reverse of that, microsoft is riding a very nice wave right now of having a number of different products that are really coming into their own such as office 365, cloud activity, gaming business is up

44%. their server operating system up 28%. right now they have a lot of different items that are really hot and they're an infrastructure company also. big companies depend on them, whereas apple is more a consumer company. neil: that all started with you, young man, right? >> way back. neil: very good seeing you. wonderful holiday. bob herbolt former microsoft chief operating officer. >> thank you. neil: when it comes to slowdown going among auto goes. it is not just general motors. what if i told you it is volvo, yeah, volvo. after this. hi, i'm joan lunden.

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neil: volvo is the latest. these tariffs are hurting us. isn't volvo owned by the chinese carmaker? yes, yes. but it did shelf a public offering, would have been a $30 billion public offering that was supposed, you know, be shopped around. now it is just sort of floored and tabled all together. maybe for a while. what is going on here? let's go to former senior economic visor to barack obama austan goolsbee.

>> great to see you again. neil: you were there, i believe, for the rescue of the automakers. the president is saying that a fine thank you in gm's case, to return the favor, by, laying off of thousands of workers. what i see myself, isn't this the kind of stuff, tough as it is, you want to see a company that had been rescued by the federal government so it never has to look at that possibility again? >> yes, and no. look, as you know, at the time of the rescue they did have to bite the bullet in a pretty significant way. neil: absolutely. >> it involved massive cost cutting that was a long time ago. now at this point i think the two things are kind of pinching general motors are pinching all the automakers in the u.s. from both sides. they're stuck between on one

hand interest rates are going up, so financing is getting harder. overall financial conditions are deteriorating, they made emphasis on that. the other thing, costs are going way up, because the they are putting in tariffs. president is putting in tariffs that are raising their costs. general motors said it raised their costs by one billion dollars. so -- neil: i want to be clear, so i clearly hear you, gm was right to say the rationale behind this was the tariff stuff? >> that is one part of it. how could you deny it. their costs went up a lot. i think general motors has tried to emphasize this shutdown they're doing here is because demand is slowed, so they're not running on as many cylinders, if you want to call it that as they were before. i can see why the president is frustrated that gin motors is

shutting down plants and shipping them overseas. neil: yeah. >> i wish he had thought of that when they designed the tax plan to give huge tax breaks to multinationals to do exactly what they're doing. when they were called out on it at the time they said, no, no, that will never happen. now here it is. neil: well, beyond that, though, you would think that would shielded them from having to do this in the first place because they made a lot of those tax cuts. >> that is true they did make a lot off the tax cuts. it goes back before, we debated a little, i was very skeptical, huge tax cut for big multinationals they would share any money with their employees. that i thought they wouldn't and they haven't. this is another example. neil: you can't quantify, that technology investments i see

your point. >> that's fair. neil: big take on federal reserve move yesterday, the 600 point run-up we had, we're only giving back that little, that the markets are content with federal reserve seems to be saying. things are slowing down. >> signal powell gave wasn't that big of a signal. boy they want that to be true. now personally, i do hope it is true. i actually think that the fed has consistently overpredicting how strong the economy would grow, not just in the last year, but more than that, so i was a little surprised. not that. neil: as was i. you're the expert. austan thank you. ave any of tho.

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neil: you now coming yesterday at this time we were just beginning to race ahead on comments that we got out of jerome powell talking about or think we had her goldilocks moment. that was all the markets had to hear. i knows concerns we had them interest rate that there is still go up but not as aggressively. that would be the other shoe to drop and hopefully it's awfully where we can see some progress on the trade front that would be a nice one to get to the market

to take uncertainty out of the equation here when it comes to trade and we can avoid all of these tariffs and back-and-forth that could escalate. you just heard from the estonian prime minister. this is a global thing here. the senior policy analyst promote also got market watcher paul dietrich. what do you think now of the prospect of a deal, even the semblance of a structure of the deal and the fed's move with the markets clearly responded favorably to it actually puts the pressure on doing just that. you don't want to unwind all of that with no action in argentina. >> what they're going to do and it seems like the last two weeks the administration has been working with the chinese to come up with some framework and that framework is trump will postpone

the increases in tariffs that were planned for january and returned to chinese will get rid of their tariffs at the moment against agricultural and energy products. the promise is we will increase in the late ring if there's no progress on this talk spirit if that happens, and i think next monday is going to be a really good day for the stock market. it will refocus everyone's attention on the underlying u.s. economy. we've had 20% earnings for the s&p this year. 3% gdp growth. we will have a record probably the largest spending retail spending spree during the christmas season here in all of these things are good and the stock market is flat year-to-date. i believe we are going to see a

real movement because people will look at the underlying economy running on all cylinders. mac virus this is going to be at december to be remembered. >> the federal reserve might quibble. maybe not as many, but is it your sense that if none of that happens that the markets tank on monday if there's not even the semblance of a deal or top of talks again. >> i don't think the markets with tank. i don't think they'd be stronger than we seen this week. generally as mcauley colluded to, the indications from black friday, cybermonday in consumer spending has been driving economic growth and going in q4 we will see that consumer confidence continued to boost the economy.

>> i certainly know the dvd and the shopping figures and my wife sort of holding up for the entire country. what has been happening on the housing front data again and again pending home sales falling to a four-year low in october completing existing home sales, new home sales that all have slowed down mightily. does that worry you? >> no. this has happened before. especially if you look back at previous periods of time when the fed was raising rates. there was a short-term. where the rates did seem to stop homebuilding because people hadn't expect tatian if they could spend amounts of money they were going to get this type of house. what happened was people start lowering their expect tatian and

if you want a new house still have to sell it for something a little bit less than what you asked acted. we've seen this happen many times before. it will happen again and you'll see housing pickup, the people will be buying houses that were a little bit less than what they desired and that's something different for the last 10, 15 years. >> heidi look at things, patrice? polish? >> may be. certainly not bearish. i think the housing market of course we've seen in the past. to the point that consumers come in the fed continues to be aggressive in raising interest rates, and that is going to lay down heavily. it's interesting president trump is trying to push the rising interest rate unto jerome powell and the potential for the economy to decrease because of that. and so, it's not that

surprising. i do hope that the g20 we see some resolution with china and reduce the world leaders coming out of this recognize the economy is strong in the united states and the united states in particular is not going to continue to give away the farm when it comes to how we allow predatory practices to continue in the name of trying to have the fair trade because it really is unfair. guys, like thank you both very, very much. then in buenos aires over the weekend we learned that peter navarro who came out of the witness protection program is in fact joining the president of the night is to sit down as president xi jinping. navarro is a hawk when it comes to trade issues and not blinking in the face of many concessions to chinese are looking at here. just bad news that navarro was going to be at this dinner took 70 points off the dow the second

broke. that is sort of like when i catch charles payne nec's name. he's here right now. >> i do understand the chinese did give one concession. they won't give navarro a fork or knife. they hate them, right? >> are rumbling this whole thing started. the south china post, one of those newspapers called at the iron triangle appeared only three people in america were for tara spirit trump, and lighthizer and navarro. if anyone gets a chance, look at all the books peter navarro is written. he cited these issues a long time ago. neil: but if you say are, these folks are talking about the likelihood of a deal that would make it a little tougher. >> it makes it tougher.

by the same token it saying i've got my team here. you know, let's try to hash this out. you have to worry about president trump walking away thinking they got one deal in finding out later and you don't. maybe peter talked him out of it. trained to do you will happen? >> i do. xi jinping just spent two days. he pushed the idea that there's a battle of the world right now. globalization of free markets versus unilateralism and protectionism any standing up for free markets. if i'm president trump i take his speech and say this is what you promised the world on the global stage last month. you would increase imports. you would broaden your market, have access to financial sectors. he's arty done. since the speech he gave

american express be okay. those are huge because they promised this criticism since 2012. the third thing he promised was a better, that they would adhere to foreign investment rules. in other words for free-trade zones. they would promote international cooperation spirit and even if necessary help to reform them. these are the words that came out of his mouth. i laid him down and say we've got a lot of space. neil: i didn't realize when the run-up yesterday, you almost called the issue in the 500 plus points, what did you see what the federal reserve, the posture was going to take. you are focusing on what the vice chair of the said comment telegraphed the new position, but what a supposition?

>> first of all, i think that the jay powell on october 3rd were unfortunate. it was just a. i watched the speech in atlanta and i also watched the speech from the atlanta fed president in spain. it was interesting because his speech at the chart. the unemployment rate in this country along with recessions. unemployment rate reaches the low. recessions darts. they understand the criticism is that they create these recessions. they understand the perception when things get put in this country they overreact. i listen to jay powell in dallas that i thought this was his chance of taking another step.

he gave the everyday talk. in layman terms, boom and bust cycles and bubbles. so he did speak to us in a way that helped everyone understand what they're worried about what their concerns are. what's your coverage all day long. people need to understand a couple things off when i don't tank is about the economy getting week, but they're going to have seven rate hikes in the last few years here that's got to work its through the system. also, the tax cuts, the impact couple that with $50 billion every single month in accommodation. we are in a place we've never been before. he had to give the streets. trinity you don't think he was cowering to the president. >> it's it's interesting that there was anyone it was wall

street. december 15, 2015, janet yellen raises rates for the first time from 0%. wall street loses its mind. they go crazy. 2016 the first 30 trading days, the third worst in a century. 100 years. wall street selling. by the way, the fed sets are going to keep rates to 1.5%. three quarters of a percent. the only restrict overtime and they waited till december. wall street drifted to the fed listened and i think october through another fit. wall street has the power of the sale button. >> with a 600-point run-up that they are celebrating same things are cooling down. >> not that they're cooling down. there's enough question marks out there. you know what, they are taking

$50 billion a month. but you know, there certainly aspects, but i think it was patrice who made the point about the consumer. two thirds of the economy absolutely phenomenal. neil: especially if you're trying to go to tiffany's. they finally got around to remaking the store. neil: i just buy the blue boxes. works every time. neil: the guy is a genius. governors. >> wait until you see the work i did on the related stuff. neil: that's coming up in 45 minutes. a lot more right after this.

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neil: he's a weak person and what is trying to do is get a reduced sentence. he is lying about a project that everybody knew about. >> the present document's personal lawyer michael cohen who pled guilty to lying enough for to build a trump tower in moscow during the presidential

campaign that year. that was no secret. all of this comes as only two weeks ahead of michael cohen been sentenced on the first round. it's adding to intrigue in washington and where this is going, charlie gasparino is here. >> listen, happen to know both of these men personally. i don't donald trump for a long time, like him. i mean, if he so we, -- he was handling donald trump dirty work. when michael cohen pitched his book, one company bought it, when he was given stories about pretty tough about how he used to get in there and because opponents -- deep the hell out

of his opponents. train tuesday raided his. >> and he was like a luca brodsky for trump. the publishers would say can use that story and he was like no, no. if this guy was so weak, why did he hired him to be for so many years. >> he was running around for a long time. he is looking at the business now. neil: this is more akin to business dealing. neil: kovac not even decades to 2013, 12. there's a lot of stuff in there about how his kissing up to vladimir putin. go back to his twitter page. >> that is what the issue was that he is working with prudent to get that going.

this investigation is going far -- >> wouldn't be the first time. the leeward black dress had almost nothing to do with whitewater. i just wonder what's wrong with having conversations with putin and russians or whoever to build something there. >> all the guilty pleas, indictments and a couple heading off to jail. each and every one doubt with lying about financial transactions. >> that's true. here's the one aspect he has to worry about, which every reporter has been searching this out. all i know is what he asked people that were deposed. trump tower, there's a bunch on by russians.

michael: did business with a former russian national to think his name is felix feder who may have went to jail. there's all these weird connections with people on the wrong side of the law, connections to trump and trump tower. neil: would not be a kick? you've got a follow wherever it takes you. but everything to do about shaky business. >> it may be money laundering. that is a time-honored days to launder money through condos and things of that nature. >> to peter navarro thing. >> i told you yesterday. where the conversation. listen, i personally like peter, but -- >> that is his heart and one of the things he left out when he gave the rationale to the fed changing and becoming more dovish as trade.

treatise on certain sectors of the economy. the fed is worried about that as well. neil: the gm thing blew up in the fed's face. >> okay, you're making my point. neil: for international issues. >> give me the facts. give me the facts. thank you very much my friend. normally you just come in. >> i know you liked ties. neil: screamed to me when you're not wearing one i really don't care. >> every now and then i'm going to tease you a little bit. we've got a lot more going on. exactly what is happening with this cohen situation and the

fallout of the white house. after this.

neil: all right, it comes down to this for the shutdown could happen if the president doesn't get $5 billion for a wall that is as better happen. democrats are stopping at 1.6 billion but they've already allocated. now what happens? a little more than nine days but could be facing just that prospect or to shut down. >> the clock is ticking here. president donald trump saying he would shut down the government. the border itself is he has to. he made it clear again that he wants more money out of this lame duck session for the border funding. listen. >> we are in negotiation.

if we don't get border security possible shutdown. >> the president wants $5 billion or so partially shut down the government. what's in the bill $1.6 billion. the greater funding would pass the house currently as if dance. however the senate, there's no democratic support for this in unique tuxedos for it to pass. the administration pointing to what is happening right now at the border as to why they need defending. >> we are in the process in san diego of updating dilapidated scrap metal fence. that project is ongoing. currently within a couple hundred yards in the port of entry going to the east we have the old sense only a few feet high. then we have nine miles of the new border wall completed and again less than 14 miles away from the beach we have no fencing whatsoever. >> the president wants to extend

out ball across the border. nine days left for this to happen. a lot of negotiation need to go on. >> thank you very, very much. the prospect of presidential wannabes keeps growing as news now that the minnesota governor jesse ventura telling tmc about looking at 2020 himself. >> the greenies are showing interest. the green party. i'll go to mexico now for a couple months and that's where i make the ultimate decision but i clear my handout. there's a lot of factors that will come into play. i don't want to run and electron. >> some irony there. successful and out of the blue run for minnesota governor that inspired donald trump to consider doing something much

like it. the presidency of the united states. hill editor-in-chief, would you think of this? >> i think it's fascinating. throw them out the window. on the democratic side is going through the list. you're going to see more than 30 democratic candidate to run. a lot of people in the senate we've already house member john delaney with a couple house members get in. governors, mayors, there's going to be a lot. i think also trump could be primary, but any challenged and would help the president because his numbers as you know what to base very strong so he would crush anybody that challenged him. but then you have maybe somebody else that can really shift the dynamic of the entire phrase. >> the president, now president donald trump benefited stood out in the crowded field. a lot of his opponents didn't.

looking at a much more crowded democratic field. even if you get a relatively small share of the vote. you're off to the races. >> a very similar dynamic on the democratic side. i think that helps people who have a strong base. look at someone like bernie sanders. his base is very strong. he definitely runs and then you have newcomers like beto overwork. an astounding amount in just one quarter in his race against ted cruz, which he lost. he lost by a few points. that's why hillary clinton is still possible. i don't think she's going to run but she's been dodging questions about it here choose database, too and i can help her. >> let's talk about the fact that california's primary is

front loaded now. for someone like kamala harris that could be good news or potential california entrance. how does that play into this? >> that is a big asset for someone who's not exactly a household name, but certainly she is a rising star in the democratic party. that's a big deal. all about capturing momentum early on in the race that helps fund raising. if you don't capture momentum you don't get the money and usually have to drop out. neil: is there any sense you have that the weaning out process could be oddly quick? it was to be think about it the 16 or so republican nomination that donald trump could snowball. could that happen here? >> i think so. a lot of candidates getting them when they disappoint in the early states like iowa and new hampshire, they're just not going to have the resources to

continue. i do do not have the democratic committee will handle this. the republican national committee struggled with the debate. you may have to have three different types of debates at least at first aired after the early states you'll see a ton of candidates throughout that. >> i remember when fox business was doing when it is. we had the kids table, the adults table. it could be a mass. >> they're not going to like that. they're going to complain. neil: bob, thank you very much my friend. the economy is doing quite well in consumer sentiment is quite strong. it comes to homes in real estate. existing home sales in new home sales. there is a separation here when you go to the store. is there a link that we are north? after this.

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neil: already, we told you earlier the president of pulled out of a planned meeting with vladimir putin out of the whole ukraine situation. ukraine's president was bonded to this. this is how great leaders act. the president deciding to show that sitdown. deputy assistant secretary of defense, what do you make of all this? >> well, i don't think it's the last things that i miss. the meeting is off for the moment and the president is trying to pressure putin to return those ships and ukrainians ehlers. a 10 hour flight from washington to argentina. so there some time now were putin can do the right thing and release dates back to ukraine. that may not have been in the president has also been principled by saying if you're not going to do that, that were not going to have a meeting. a lot of ways to look at this but it may not be the last word

on this meeting. >> do we know what happened because when there was reporters honoring one, then we are told he got in air force one shortly thereafter. you know it came to light? >> i don't quite frankly. but there is a possibility. i did see a news report that some were being sent to moscow from where they were in crimea. so that perhaps could his done it. the u.s. government has lots of good information from the embassy in moscow from intelligence services in the military sources that could have given them information they needed to do something to pressure putin. they want to show their unhappiness with the situation. maybe they thought they were going to be released in a goodwill gesture in the russians have backed away from that. we don't know at this point that there's a possibility they did get some information.

i saw that as well. i was surprised by the three became so quickly after the presser. >> you've been to these kind of event and i've been to the estonian prime minister told me normally would get a lot of attention are the one-on-one meetings the united dates president has. it's by far the most important development in the world. we know in the middle of that mix is peter navarro is pretty much a hawkish trade personality who has the president heart. people looking forward to a deal would give them pause. >> you are right. most of these cheap 20s, but this one is really big when you think about it.

putin trump, xi trumpeted the crown prince of saudi arabia will be there. the president will meet with the turks, germans and the indians, japanese, south koreans. there's a lot. there will be a dinner with president xi on saturday. i don't expect you'll have a deal on saturday. you may have principles that the two leaders can come to some sort of an agreement. the fact peter navarro will be there shows the americans will hold a tough line in the chinese have to be thinking about this because in january we will see them go from 10% to 25%. there could be something coming out of it is obviously a high level in this tax will have to work out the details if xi and trying to come to some sort of agreement. neil: do you think they will? >> i think it's possible that the chinese are also trying to see who blinks first. i'm not optimistic at this point that there's people who know

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neil: can now come on i first had this they can't be happening again. life expectancy for americans falling again. this is a bigger macro look at what ails the richest country on earth that we were told a country that has medical technology that is the envy of the world. dr., what's going on? >> hi neil, how are you. neil: i cannot for the life of me fathom why this keeps up in this country. >> what i see as a physician in this country is patients and physicians right now are really focused on one number, one

disease and improving out one number and i feel they are not focused as the whole body nsa whole patient. when we look at longevity multifactor also we have to do the whole patient. >> to project. it is the fact that for two years in a row now strap by a combined three months. you do wonder, is there something we are missing that is hurting the average? >> you know, i think what we are missing is the fact that in general, madison we don't focus on nutrition or whole body inflammation. we don't focus on, you know, heart disease, what does that do to the rest of your body? and i think that is the focus is

we need to be more of a whole position to help our patients. >> a lot of general reads to your point about these other diseases and the impact on other elements. we as a nation are fat. and while that improve it still disproportionately hitting america. what do you think? >> what i see in practice as well the number reflects this that the rise we are also finding is in prediabetes as well in prediabetes happens just before diabetes and that is the most preventable sign of diabetes and most of the time it's not treated here that is when it's reversible. neil: albright, dr., thank you for image for taking the time. we told you about microsoft versus apple. who is the most cited company,

but at comes at a time when people begin to think are these the guys that will take us to the next bull market? after this. arket when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.

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you would think after yesterday we be giving a lot of that back. about 36-point by point, we remove some of the uncertainty around interest rates and where they're going yesterday. at least that's what were told. now it seems to be if we can do the same for trade, that could be the coup de grace. let's get to read on all things as the white house is not only getting ready for the big sitdown, but technology ceo summit next week in the white house theater roundtable double double -- how important do you think this meeting is going to be? >> trump met with executives a couple years ago when it didn't bleed so much. but i found interesting are the three companies not on the list so far. apple, amazon and facebook, all of which have some sort of tension but the president of the white house.

such big important companies and i'm wondering with china in the background what type of impact that will have especially on apple. neil: you know, it's an interesting dilemma for technology. if you think about it, they lead the way of these are some of the ceos we are showing here for those hereinafter not being a with qualcomm ceo, google, microsoft. these are the same stocks that have been pummeled from leading this bull market. what is happening? >> it's been a sober correctional phase for eight weeks. in terms of value, none more so than apple or amazon. apple was brutally chop down. 25% since october. now we see in terms of market value markets off doing with

apple which seem inconceivable year ago. kind of a correctional phase right now. neil: you know that's far better than i., but when i see shoppers there is no buying a lot of these fiends engadget and i'm how that pans out for apple or microsoft i have no idea. but there is not. what do you make of it? >> cybermonday with a seven-point $8 million k. which is at double digits for the year before when it was over 6 billion in two years ago was over 5 billion. there was the appeal in terms of e-commerce. and it's been a gold mine for companies like amazon in organizations that want to get into the cloud where microsoft has positioned itself so well.

neil: you know, assuming these companies are separately getting google and what's happening when a ceo is before congress and i emphasize on both parties part. what you see happening? >> it's not going to be pretty for google. for the last year they've been largely absent. zuckerberg in sheryl sandberg and jack dorsey being brought before congress and wrote about their privacy issues in a collection of data and how they use it. google has been absent. they had an empty chair at the last hearing. it's basically they turn. der ceo is going to face that skirt area the house judiciary committee and perhaps in front of the white house the next day. neil: these subtle things that china, all these other issues pale by comparison.

if things are going south to chinese companies going to slap higher tariffs and furthermore, put tariffs on a like traffic items, laptops that make certain china over here. if even the construct the deal. these guys instead of facing the wind the way they have that would be a different wind at their . >> 20% of their revenue comes from china. a huge market for them. smartphone market is slackening now. apple can't sell as many units as it had before. it is charging more for some of their models. it just can't keep the pace. neil: yeah. >> can you imagine if you add more, 10 or 15% premium to their smartphone costs, i mean the iphone, which is already good to have a tough couple quarters,

it will be even worse. neil: the overall environment, we always worry, especially technology guys, they're always afraid chinese will cheat, steal their stuff, legitimate concerns in the past and the president hopes to address that. and solve that. do you think he can? >> that is going to be a tall order. what is happening in, as i mentioned, the smartphone market, the biggest growth for the smartphones are among chinese vendors charging less, whose phones offer basically the same functions and features as the u.s. they are in a sense, imitating one might say, stealing some of the technology but offering it at a cheaper price. i don't know how you compete with that and i think adding tariffs, adding more additional costs to somebody like an apple will make things even more difficult. i think a company like qualcomm which i will be at the meeting will be heavily reliant on china. so it's a very delicate dance. neil: thank you very, very much. very good having you.

jon schwartz, barron editor. charles payne will have the fed and all that excitement. this is remarkable development as you get into tick by tick movements of the dow, we try avoid here, quickly can change and usually does. we were up 600 points. given back only 42. we've ended uncertainty on interest rates we hope with. what markets hope will be a move or promising talks president will have with xi xinping his counterpart in china. sitting in on that meeting is peter navarro, who not exactly everything the chinese want. certainly sitting at i believe at that. that is something obviously charles payne will be following along with the fed minutes. he joins us now. hey, charles. charles: thank you very much, neil. peter navarro, whenever he brings up his name he gets a little bit bristled. he feels like he is doing a

great job and he is to a degree. that is charles payne and we're on "making money." this is from the fed last fomc meeting three weeks ago. this report coming just one day after chairman powell sent the markets surging significantly higher with the just below neutral. let's go to jennifer schoenberger right now. >> fed officials all but locked in a rate hike for december. internal discussions amongst officials showed at their policy meeting three weeks ago. charles, almost all participants noted that an increase in the federal funds rate, was quote, likely to be warranted fairly soon but i believe ifs judge that they are not on a preset course for monetary policy and that they want to remove the language for, quote, further gradual rate hikes in upcoming statements, a signal that they are data dependent. this definitely dovetails what fed chair powell said yesterday. the fed is not