>> we used to have a regular show, tweet us if you know the name. >> do. >> we try to forget about it. >> we're looking for the person that used to watch it. >> bulls and bears with david asman starts right now. david: i am david asman on bulls and bears thank you for joining me, we begin with latest u.s.-china trade develop, new survey, finding trade war between two country is biggest threat in their mind of the u.s. economy in 2019. president trump speaking saying things for in the right direction. >> we have placed tremendous tariffs on china. whether china sends things to america, they pay 25 percent

interest on everything they send in. and we have only gone to a certain charge 250 billion, 25 on first 50 billion then it goes to 25 on january 1st, i released them of that temporarily until end of 90 days, just one thing, after that i have additional 267 billion worth of taxes to put on china. they don't want that, it would be devastating for china. they are now agreed to go buy soybeans. >> that helps take pressure off of th the american economy a bi. >> i don't think there pressure, everyone is doing well. david: a lot to chew over, gang. >> my favorite quote from that, if china is in trouble, it because of me, first one to -- i would say this is long overdue,

china is coming from weakness. you see the economy is closing down, they made major concessions, read between the tea leaves, altering made in china 2025 programs and buying soybeans. >> they are stepping away from made in china 2025 old program that disadvantaged foreign firms. the great -- thing about this survey of the economists they don't see a recession in 2020, they see a slowdown in 2021. >> they are concerned about the tariffs! the tariffs ! the tariffs. >> excuse me. taking tariffs taking some of the buzz out of u.s. growth, no question about it i think that biggest issue, they raise this, is that deters investment by

companies that is something we really need to see for productivity, and wage gains and stuff. >> they are concerned about tariff! >> are they concerned about the tariffs? >> liz, you have minimized them for weeks, mib myselfe minimizer and over. >> the economy is still growing. >> company after company said they are losing money, 6 billion in october up 100% year-over-year, i don't think that president understands that he talks about taking in money from tariff on china it is from american corporations, 6 billion, you see it in stock market, down in october, down in november. a terrible day. but this is killing the u.s. economy. we're crowing go th about the economy now but the tariffs are having a disastrous impact that i don't think that period --

president understands. >> i agree with you, jonathan that tariffs are tax on american people that is goes without saying, i don't understand why the president thinks this will hurt the chinese companies more than the americans buying this. the soybean tremendous aim is not a dem u tremendous amount, t year china took in 24.21 million metric to knowtons in october, r this is 13.2. reason they bought that is because they are not getting enough soybeans from brazil, they are helping brazil build their soybean infrastructure, this $12 billion we gave to our farmers because chinese tariffs are hurting or homeland it will continue, we'll lose those contracts forever. i think biggest thing to worry about next year will be a trade

war, and if there is an escalation. david: john o jonathan said that economy is doing terribly, i don't think it is doing ter ibly, is it? >> the stock market, the stock market! david: it the stock market is terrible. >> jonathan, we you did this before, no question, i am not in favor of tariffs, i am in favor of confronting china, i think that china has abused american interest in so many ways for so many years, no one has done anything whether it is cyber hackinger stealing intellectual property, you are worried about american companies? you should talk to the ceos that have seen their profits disappear to a chinese rabbit hole, time to have a confrontation. >> microsoft and steve ballmer,

said in china, 90% of computers run on windows, how many pay? 1%. he loses 10 billion a year. and china has been in wto since 2001, that is 17 years, they had 17 years of exposure to western technology, getting used to high-tech. i would say at-this-point, they are innovating faster than american companies, do they need to steal more. david: 17 years of violating practically every tenant of wto they signed on it, how much longer. >> the wto has follow tatted -- facilitated some of this, thanks to donald at g20, they are onboard with reforming the wto, an effort launched many years ago and abandoned because they could not getting it, we might see -- get together on it we

might see progress on that. >> stealing intellectual property is terrible, but i don't see how tacking american consumers and companies, that is what the tariffs do, do anything to remedy that. that. david: would you do it. >> treat is at stolen property, we did it 1990s, pirating the vh tapes, and cigarettes. we should you know arrest those, who are trafficking. why not threet stolen intellectual property the same way. instead of tacking everyone. >> they are, they are going after it on every possible different face. there are so many different things that trump administration is doing to push back against the china's aggression. it not just trade aggression, also south china sea, china is a bad actor, now, thankfully, i think that world and united states, americans are kind of catching on to what has been

going on there for a electric long time, no one likes a trade war, by it getting traction. >> i agree about fact that china has to be dealt with, they are a bad actor. but i do know think that tariffs are the way for this you look at with renegotiation of nafta, different name, now, mr. president trump got what he wanted he left tariffs on our neighbors work have a problem, as susan pointed out. -- tooth paste is out of the tube they have already stolen things they need to steal, they are not willing to admit they stole it. they will never admit they stole it i don't think that tariffs get us there. >> i think whole talk about, intellectual property, i think that it is a red herring, a

ruse, president talks about how we're losing money on trade, this fa fascinating talk with harris faulkner, i don't think he understands how trade works, we send them dollars they send us stuff, how are we losing? david: i was going to say. trade deficit specifically with kleichina it bigger than it hasn in 10 years. it does not appear on that front that the tariff thing is works. >> that is temporary. i think that there are some things this happened this year in terms of china prebuying, and economy slowing down. as susan said no question. david: i agree with jonathan, i think that trade deficit in and of itself is note a good indication of whether the economy is doing badly or well. >> i agree. david: there have been other cases to the 1980s, we had a booming economy and a big trade deficit, they are not necessarily connected. >> it a sign of affluents.

last time trade deficit shrank 10 years ago economy collapsed. >> wilbur ross is at milk ronnin conference in the spring, said raise your hand if you think that china not happy with a trade surplus, not a single happen within up, the country and most countries would rather be in a surplus position. david: one in five small businesses, american small businesses do business with china, this is something that really across the board from top to bottom. senate democrats ask congress for a new investigation to deutsche bank, should the financial industry be concerned when democrats take control of congress next month? why investors will want to listen up, that is coming next. great news, liberty mutual customizes-

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investigation to deutsche bank, so far deutsche bank has not been accused of wrong doing, in house, maxine water t to take or financial service committee, looking for any ties that bank has with russia and of course with president trump, should all banks be concerned they will be skewered when democrats take control next month. >> they should. politics are going after anything they think has a lower approval rating than them. you had dodd and frank, in charge before financial crisis, 3 did not see it coming they were put in charge to fix what they didn't see coming, they didn't fix anything, these guys will go after big banks, it is red meat for them, they think they can go after someone with a lower approval rating with them,

and boost their popularity, it absurd. >> it was sarbanes-oxley remember that, 20 years ago. before dodd-frank. we'll see that again, i fear, it is not necessarily because of the banks lending practices, but you said, purpos potential money laundering issues with russia. this is probably one reason why some of the democrats want to look into deutsche bank in particular. >> i would say another thing, that is elizabeth warren wants to run for president in 2020, only thing that american people know about el elizabeth warren e abo absolutely hates banks, there have been stories out this administration had a more cooperative attitude regulation

wise with banking industry than obama administration, i am warren will be hot on heels of regulators to take a tougher stance, get her name out there with that. >> the case during wells fargo hearings, i remember she asked chairman sloan, do you want to step down, at that point, that is tell straight -- telestrating how tough she's to get on banking. the wells fargos of the world, other who are considered add actors they see pinching the average consumer. david: what about connection that presumed change of house financial committee with banks herself, remember heathe her hud was a shareholder of a bank helped out during financial crisis of 2008, and she made a special effort with treasury secretary back then to make sure they got a little bailout,

headlines -- it happen helped her family, do you think they will go back that far. >> it has not slowed down, maxine waters is determined, one of original we need too impeach trump ad advocates, this is they she thinks it will help. david: it is all about trump. >> yes all about trump. >> this is scaring the stock holders. there is terrible for the banks is plorbanksmore regulation ande democrats and maxine waters in particular. david: is it all about trump? there is stuff that needs to be done, do you think just a slow? a trump show. soar stuff that gets done in terms of rolling back regulation not working? >> they did roll back some restriction on smaller banks and raise threshold on what made you a significant institution.

i think they have taken care of some of the worst outcomes of dodd-frank, this is disadvantage smaller regional banks. >> we saw a lot of smaller branches and banks closed, people need access to credits, in a mortgage environment they are not getting it. david: an irony with regulation, all attention on trying to get rid of monopolies of big banks, the more eggs they have -- regulations they have, the more trallize your banking system has become. >> right, big have gotten bigger, biggest of big, citigroup a 52-week low today, this is a negative sign for banking second to in particular, so many bank related assets. i think ironically the fort coming regulation will be negative for the stocks. david: fasten your seat belts.

>> they are just -- inept. this will be a dog and pony show, left calling billionaires like zuckerberg, a circus of this gay, the--guy, they are ins where there is a pompous movement to throw everyone out, i wish we could. david: they can't even run a one car parade. >> thank you. >> theresa may survives, but will brexit? eu standing firm on not negotiations, how much of an impact will it have on vote in uk, we ask parliament member nigel faraj next.

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david: uk theresa may took her

brexit fight to brussels speaking more support, a vote could happen in january, but eu making it clear they will not negotiate a deal, what happens now? asking parliament member nigel farage. she did win her no confidence vote, give her that, but she -- does she have political wherewithal, the power in brussels for a new deal? >> well you are right she won the vote, but vote of no confidence was 37%, over a third of vote are ministers on government payroll of backbenches, a majority voted against her, one thing is clear, at end of a big dispute, if losing side don't accept it, it has not gone away.

i have seen losing 37% getting more mutinous. she came her today, having within a victory but not a decisive one. i have been in that building in european counsel, uk is now a laughingstock, she has come to bended knee, please can i get legal concession on withdrawal agreement i signed with you three months ago, german chancellor merkel weak as though she may be, remember the germans run europe, said there are no concessions, she is getting nothing out of tonight. she will go to london tomorrow, and further humiliated, i can -- i tell you, this deal she signed it not passing in westminster. >> i am glad you mentioned reception today and her ina bill

to to negot- negot-- inability o negotiate, seems she has not paid a strong hand, she as a strong hand, are those companies in germany and france immune to idea they may lose to trading relationship it would hours them worse than the uk? >> well, that is right, one in three german motor cars soldout side of german are sold to uk, last we're we brought 20 million bottles of french cham pain -- champagne, we buy belgium chocolate. eat all great. one thing i know, customer is king, client that has the cards to play, but theresa may, a

career politician who never worked in business did not have the wit to understand it. here is the problem, she signed a deal that would leave us potentially trapped, indefinitely in europeann law. that is why not only has she failed as a negotiator, totally, but why this deal cannot get through. that opens in january, a range of possibilities, some of which are not pretty. >> let's talk about customers and brexiteers, they don't want to middle ground or whatever the theresa may negotiated deal with the ei . eu. what do they want? >> hang on, the houses of parliament do not' a wto brexit. all trade that takes place between u.s. and uk takes places

-- wto work china, wto, 90% of global trade takes place on wto. but it has been so demonized by big global corporated that dominate european politics and british politics too it looks to be an unattractive option. let's talk about the real client, the voters, not members of parl parliament, the voters despite a tie tidal wave of nege tie from all over the world, apart from donald trump, who does support brexit, i am pleased to say. despite that, we've not changed our minds, my view, whatever happens in parliament, even if the worse case, comes to pass, they force us against in a second referendum on a same subject, on itself would be

ought roij, but if they -- an outrage, if they do, we'll see leave again. >> wonderful nigel. i want to ask you. i understand why you voted for, this deal is not what anyone voted for, this seems this is a binary option, that will be another referendum, they hope will change the vote or a hard brexit, i think i know what you want, what do you think will happen? do you think a hard brexit or new referendum? >> i will be objective, not talk by with my heart or what i want, i have no problem with a so-called hard brexit, that makes us independent self governing democratic nation, i could go on for hours, but, i

think i'll parliament tearians -- lack courage to believe that uk is good fluf enough to run in affairs, i think that it there for a hard brexit, our pol politicians will intervene. two things can happen. it can be extended and kicked down the road, anyone that i think that prospect of a second referendum, is getting greater. >> what principles do you think assuming there is a brexit, what are principles that could make uk the most prosperous and powerful economy in the world, basic principles? >> well, i think sovereignty point is not just a romantic notion, it means we'll be in control of laws for our

financial service industry, manufacturing industry, and fishing industry. and i think more appropriate to make laws for your own businesses in our own country, rather than in brussels by a bunch of old men men -- that you can't vote for you and can't remove, there is something mis-- they are a bunch of old men. the word i heard in 80s, which carriages like ronald reagan and margaret thatcher were on the world stage, in word was competitive. by being outside of the european union, by being outside very backward laws whether on the environment or. am. employment. we could become competitive, under cut europe and become cheaper, we could become a place that globe at investors' to come in a bigger way than they do

now. you know. we're a great country, we have oldest functioning democracy in the world, we speech english, we have a relationship with usa with commonwealth. we could do so much better outside of the european union. this train is headed for a crash in the buffers, i do not want to be on that train when it gets there. david: we all remember that wonderful relationship reagan and that mucher -- thatcher had. >> nigel thank you, best of luck surviving brussels. >> a president sitting down with fox news harri hair. >> just before christmas, nasty.

will he get her to walk back either plan? more on that to come. >> gm said, you know we'll wipe away 15% of workforce before christmas. you said, i want to talk. >> i called her, i did not like what she did, it was nasty. (toni vo) 'twas the night before christmas,

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i knew something was wrong... but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine... proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your parkinson's specialist about nuplazid.

david: president trump still railing against gm ceo mary barra plan to layoff workers before christmas, here he is with fox's harris faulkner. >> the nation saw you, as gm said we'll wipe away 15 percent of workforce before christmas, you said, i want to talk. >> i called her, i don't like what she did, it is nasty, it does not matter, ohio is under

my leadership from national stand point, ohio will replace the jobs in two minutes, but i don't like general motors does, that then go to mexico to make cars. now the new deal, usmcarc makes is uncom fo uncomfortable for po go out, i think she is making a mistake, they changed model of gm, all electric, that not going to work, i don't run a car company but all electric is not going to work, isa great to have a percentage of your car, but this model is a mace mistake, to tell me a couple weeks before christmas, closing ohio and misch americamichigan that not , general motors is not going to be treat lead. david: president may be right about electric cars, do we want a president micromanages a private company. >> absolutely not. at least not in my opinion, this is a gross overstep of the government, we're not a

communist country, president is of leadership of ohio as the country, but government is not involved in free market. are the republicans not the free market people, gm produces more cars in china right now. reason they had a bailout they ran their company poorly, now, they run the company profitably, and government said, we'll help you run it. politicians are going to help someone run a private enterprise, that is contrary. >> republicans should note like deficits either. back to green credit, the rebate on the electric car that you buy. this is going away for gm, at end of there year, a are almost 200,000, not sure there is that much that government can do. but, the electric vehicle, who buys them, you need to have a

lot of household income, tesla, average 300,000, and chevy volt, 200,000. does not help the every dayman. >> green subsidies are wrong, and bailouts are wrong. he who writes the checks makes the rule, partnerl -- president thinks that government wrote the check we make the rule. we better off, america is better identify, if gm can make the cars at lower cost, that saving reinvested to new jobs we used to be 95% agriculturally -- they were replaced by automation. it might be that u.s. is not a car manufacturer in next hundred years, maybe we'll be a technology investor, my jobs creates when others destroyed.

>> i think that is what president trump has run against. the idea that we're no longer capable of competing for manufacturing, i know why he is is a greeferre agrieved, i alsoe should have no sway in this conversation or decision making by general motors executives, i don't think he will they will do what they have to. >> you said it was jawboning it is jawboning, he not going to do anything to change their hind. i think it is reasonable for him to complain, there not a huge fill -- filter between what he thinkings and says, i don't think it will would in a huge actor -- inern its o terms of cg electric car rebates, that is not a big issue anyway. david: i think that mary barra

still stuck in obama era mine set because of the fact gm was bailed out, still owes money to the taxpayer, she has to pursue this electric agenda that obama pounded her on, and pounded gm on even if it was not profitable. >> she may be betting wrong. the decisions they made 5 years ago on models, it was a mistake. >> they had bailout, they still went bankrupt like detroit, government took a bad equity stake, a 61% stake, sold it about 12 on 13 billion loss, that is what politicians talking about, say this money should be paid back, should not. it was a bad by vat equit deal -- a bad private equity deal by the government, surprise. david: thank you very much. go ahead. >> let's hope this time, if the

economy worsens, there are no new bailouts on the horizon, whether it be banks or steel companies or car companies. david: we hope. >> investing in america should president trump take credit for apple's announcement today. >> apple just announced they will investing billions of dollars here, that just happened. earn 4% cash back on dining and 4% on entertainment. now when you go out, you cash in. what's in your wallet?

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>> this is a texas-size investment, you see this about a billion dollar capital investment that will add up to 15 thousand new jobs on prime 130 acres of texas property, it does not get better. >> texas governor greg abbott applauds apple decision to build a campus in austin. is this a win for the trump's economic policies. >> you could argue this is a direct result of tax bill that allowed repatriation of billions of dollar by american companies stashed overseas because they had a big tax due bill. apple is one, saying we're bring

back a huge money and spend it in u.s., here it is, i think it is great. >> i am glad to see they are making investment, i wish i was more enthusiastic about apple stock. this year, they were pressures apple. ironically the high for the stock about 225 a share. it is 270 now. -- 170 thank you. >> i hope am zon -- amazon is pg attention too. apple, you know, they are doing right thing, 30 billion 5 years in u.s., they have telestrated this, austin is a great place, a tech hub for a lot of companies, a great decision. >> i own apple stock, it has

been a sell-off, there is a huge run-up over that, a problem is worry about global supply chain, how tariffs could affect that, if you ramp is up, apple will get hit hard, but when ask about president should take credit, he will. no doubt. but, i think he probably should. i agree, this repa repatriationy -- this is what you want, foundation that president laid with corporate tax cuts this hark lowed stuff like this. david: i look it, we're just beginning to get press reports that this tax cutting runs out of juice, and sugar high is over. you name your example of what is going wrong with the economy. business does not need constant stimly from the government to know what to do, if you pull government back from the privacy sector they know how to create jobs and expand in basically

austin or wherever, right. >> preach it. >> yes. >> preach in. >> there is a problem. president has done a great job with pre -- regulation, uncertay cams, capax is down, i am against the the tariffs, but the economic foundation, i think that president has done a good job, that is what you see from it. >> i think this is interesting contrast with amazon not only terms of profit, amazon decided where they want to build, consider austin versus putting more people in new york city, i have not understand the amazon decision from the beginning, i think that austin is teravainenific -- terrific. >> no held no -- no heli-pad ne.

>> all right, highest tax state in america, may soon be adding another tax, where residents may be paying more for texting, we'll tell i where that is next. all money managers might seem the same, but some give their clients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. the nation's largest senior-living referral service. for the past five years, i've spoken with hundreds of families

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be cave * california residents could be taxed on sending text messages. the state public utilities commission said to be voting next month on the proposal. the state already taxes phone services to fund 911 and rates for low income customers. >> this is unbelievable. the highest rate is 13.3% on the highest earners. they have schools unfunded, they have police stations that are not funded well. it's not a revenue issue, it's expanding issue. october-november with a 3% higher revenue that comes in the treasury. if they get one dollar they will spend three.

this is insane. >> if you look at the total tax burden you are talking upwards of 60%. if you are a slave it's 100% of your income. just to johns point, is nothing sacred? it hurts the poor more than anybody else. >> no offense to anyone on the panel. basically taxing my screen time. i don't need you the government to tell me how much i'm communicating. >> i think it's great. and here's why. republicans are nowhere with millennials. this will seal the deal. millenials will look at this and say now i get it. >> you know, millennials, we are

rebellious people, we'll do it in spite it anyway. david: it's not just millennials that will be affected by this. there are older folks who use text messages. where is the breaking point in california? they have so many crazy taxes and crazy ways of spending tax revenue. is there a spending point or can california just keep taking it and taking it. >> it's silicon valley. it's the growth and production of that small part of the state that is floating the crept enterprise afloat. david: hollywood, too. >> president reagan said something like if it moves, tax it. california, they have taxed everything and the truth is, they need the money because they are taking in an enormous number

of people who are not contributing to their economy. >> the revenue they are getting is being concentrated in the hands of the richest. all they need is a chunk of these rich people to move to texas to that apple location in austin, and they could lose half of their revenue. >> we need some of that revenue in austin, texas. david: is there one of those moments where people put up the window and say i'm mad as hell and i'm not going to take it anymore? >> you are starting to see that already. when you have a federal tax it's hard to move out of the country. but when you have a state tax it's ease yesterday to move from state to state. you are seeing tonight california with companies moving to texas in low or no income tax

states. now you will have to start taxing everybody a lot more because you are overspending. that does it forward bulls and bears. thanks for watching us. we'll see you next time. president trump: i met with president xi at the end, and we had a fantastic meeting. we placed tremendous tariffs on china. if china's economy is in trouble, it's only in trouble because of me. people won't report on that, they only report on nonsense. the stock market trying to get a handle on the fast flow of news out of the china. canada still does not know the whereabouts much two canadian citizens arrested in china and held for questioning. one of the canadians