where it got smacked with all the bad data. dismal data. [closing bell rings] that will do it for "the claman countdown." thanks so much for joining us. come join us tomorrow for the final all important hour of trade. cheryl: stocks finishing the day in the red as u.s. growth concerns hit the market. the dow heading lower by 100 points. we ended a three-day winning streak. the s&p 500 snapping three days of gains. the nasdaq 8-day wind streak coming to an end. hello, everybody, i'm cheryl casone in for melissa francis. connell: good to have you, cheryl. i'm connell mcshane. this is "after the bell." more on the some of the big market movers, but first here is what is new at this hour. ♪ connell: high level trade talks at the white house in our

nation's capital today when the chinese special envoy meeting with treasury secretary steve mnuchin and u.s. trade representative robert lighthizer. we have the latest where those negotiations currently stand. plus the trump administration not sure whether north korea is completely committed to denuclearization ahead of a pivotal meeting between president trump and kim jong-un set for next week. what intelligence officials are saying now. tax season off to a slow start but you may end up taking home a little bit more money than you think. cheryl: invest that in the markets because right now the markets has been and really interesting day. we didn't start off this way. we were dragged down first by wall street-boots alliance and dow technologies and dupont. a volatile trading session, susan. >> three-day winning streak for the dow and s&p 500 coming to an end.

eight-day winning streak for the nasdaq is over. the longest winning streak in six months for the technology heavy index. earnings, lots of disappointing news on economic front. we started with the philly fed in negative territory. durable goods disappointing. losses declined instead of gains. existing home sales falling for the third consecutive month. add in to that the atlanta fed cutting fourth quarter 2018 gdp forecast down further, 1.4%. the growth rate at for all of 2018 at individual risk. we're talking all day long, nike down 1%, losing a billion dollars in the shoe rip heard across the nation last night in the high-profile duke-carolina game, 33 seconds in, zion williamson, probably the most explosive college player in a generation, spraying his knee getting caught in a shoe that ripped apart getting to the top of the key to maybe make a shot.

that calls into questions nike's performance and the quality of their product. let's talk about tesla as well. shareses dropping, "consumer reports" again saying they can't recommend model 3, mass market car because of finishes, also concerns about quality. this is the second time that "consumer reports" retracted their recommendation. first time around it was long braking distances under emergency braking. tesla down 4%. back to you. connell: susan, thank you. u.s.-chinese officials meantime getting closer to a trade deal as the reporting goes. talks continue in washington. all live outside the u.s. trade representatives office. what is the latest, edward. reporter: connell they're inside right now trying to negotiate on multiple memorandas of understanding. according to the chinese foreign minister spokesperson. they have been going 90 minutes now. 2 1/2 hours was the session this

morning. they were trying to work out, hammer out a deal. chinese foreign spokesperson saying they reached agreement in principle on number about major issues, would not say what those major issues are. the u.s. trade representative robert lighthizer said in any agreement there will be enforcement, specific enforcement related to protect u.s. companies. reuters is reporting that there are six memoranda of understanding they're working on covering all issues that the u.s. and is concerned about with trade with china. one of the major concerns, forced transfer of technology, specifically intellectual property theft also. the u.s. would like to see the chinese change their law related to patenting, when a u.s. company puts patents in, they tend to get that information stolen. the u.s. wants to make sure that gets protected. secretary of state mike pompeo says this is a main issue for the president. >> this enormous transfer, unlawful transfer of american wealth, innovation and

creativity taken place over the last decades is enormous, it is historic. the trump administration is determined to push back against it. reporter: there will be specific enforcement as i said, written into these memoranda of understanding. still chinese experts say if the u.s. does not stand strong on the march 1st tariff deadline, nothing will change. >> you know we've tried this approach before, taking a hard-line. it hasn't worked. the problem when we talk to the chinese, they think we want to engage them. you have all sorts of expectations on their side. they need to see a new attitude on the part of washington. reporter: both sides say donald trump and president xi xinping may have to meet in order to seal the deal, finally seal it. the chinese blocked off march 26 through march 29 on their calendar, that is when they would like to see this happen. no word from the u.s. side next. connell: thank you, edward lawrence from washington.

we're joined by melissa arnold and cathy vary a. we'll try to put all that together, catherine, start with you, that is the market being down today we'll get to china talks. growth concerns coming back. a few weeks ago we were worried about global growth. market comes back, all of sudden concerns go away, whether atlanta fed, manufacturing data, business spending data, those concerns are back. how concerned are you? >> i'm not concerned. actually, connell, every time the market sells off there were bright spots in the data today, i'm recommending long positions to my clients. that is something i'm recommending to my clients, connell since december last year. remember in december we had combination of variables that really took markets down, aggravated risk everybody was talking about u.s. recession

that is not imminent. the firm conviction i have, china gross 6.5%. the u.s. grows above 2 1/2%. europe is stagnant, will continue to be such as the case with japan. i'm bullish on u.s. equities and growth this year. connell: melissa, we trade fairly strong fashion into the close today. according to edward's report, something gets done with china or in bits and pieces we get progress. >> i don't have 100% conviction we get a deal done by march 1st. the market believes that will happen. we are rallyings since december 26th, the market has taken off. i would love to see that happen. i do have confidence trump will try to get a deal done before the 2020 election but stock tip of the day, don't panic if we don't get deal done by march 1st. we've been rallying for a while. we've had the talks before. they have been going on seven months and it remains to be seen. i think gordon's comments

earlier taking a hard chance with china will ring true. trump put a hold on this for 90 days. i don't think he could do that again. cheryl: there could be a wrinkle about all this let's talk about huawei. something lawrence talked about. secretary of state mike pompeo told our own maria bartiromo said u.s. will not partner with countries that use technology by the chinese telecom giant. >> if a country adopts this, puts it in critical information systems we won't be able to share information with them. we won't be able to work alongside them. we won't put american information at risk. cheryl: the other side of the trade talks is the huawei situation. the cfo remains in jail, charges being brought. pompeo goering around the world, going to europe, just cot back from there, the hard stance against huawei does that hurt trade negotiations. >> i think it hurts trade negotiations. i don't have 100% conviction the deal is done by march 1st.

the head of huawei said the u.s. cannot crush us. they're taking a defense position here. that is interesting to see. where are american companies, the 5g stuff, where are they. we're a innovator. i don't know what will happen with this, like i said by march 1st. melissa: katherine melissa brought up 5g issue. we're years off from it all being all over the united states and south korea. the chinese technology, there is more concerned when we get 5g networks it will be much easier for a country like huawei to infiltrate the systems and spy on the u.s. and other countries. >> yes. i take completely opposite point of view with melissa with all due respect. i think the hard stance is absolutely working. we've been decade in this fight with i.p. theft. we're making inroads with chinese i.p. theft. not only that china already made several concessions including

reopening of imports, dropping of tariffs on u.s. cars. paving the path for joint ventures between u.s. companies and chinese companies. they're working on i.p. theft. huawei the incident, there it also plays into our hand. the u.s. hand. the u.s. negotiating hand is extremely strong. a new tactic had to be taken, bill clinton talked about i.p. theft, complained about it decade ago. i'm encouraged. i think we get a framework deal. that is what the market is pricing in. i thought so past six months. incentives are aligned. we'll get something before march 1st. a framework. cheryl: framework or memorandum of understanding we've been hearing b. thank you very much. connell: let's move on to facebook, coming to the table, facebook ceo mark zuckerberg meeting with the uk's culture secretary jeremy wright. potential regulations on the social media giant are looming.

zuckerberg refused to meet with wright and refused to meet with him on multiple occasions. after a damning report earlier this week attacked the company's role in spreading fake news, seemed to have a change of heart. ashley webster in the newsroom with more on this. >> to put it kindly, connell. they are a accusing mark zuckerberg dodging their requests for face-to-face meeting, sending lackeys instead. that scathing committee report was released in the uk this week. it came after an 18 month social media investigation. it ended up accusing facebook of intestingly violating privacy and anti-competition laws. of course remember the cambridge analytica privacy scandal last year? in part the report concludes this. companies like facebook should not be allowed to behave like digital gangsters in the online world. considering themselves to be ahead of, beyond the law. that is pretty strong stuff. but today, as you said, connell, mr. zuckerberg relented agreed to a 30-minute meeting with uk

culture secretary jeremy wright at the facebook california headquarters. 30 minutes. not a whole lot of time. certainly won't produce any breakthroughs how facebook can better police itself, hey it is a start, right? facebook says it tripled the size of the team working to protect users from bad content to 30,000 people. the company says it is also invested heavily in machine learning, artificial intelligence, computer vision technology to try to prevent abuse. facebook says it is quote, open to meaningful regulation and that could come soon and it could hurt the bottom line. the uk announced a new digital services tax that is set to begin next year. meantime germany ordered facebook to stop combining news and data without consent that is a move that could certainly dent the company's ad revenue. by the way other european countries say social media sites should have to follow a mandatory code of ethics overseen by an independent regulator. bottom line, connell, regulation

is on the horizon. connell: exactly. i was going to say for technology overall, not just facebook. >> exactly. connell: ashley, thanks. >> sure. cheryl: like taxes you can't escape it. connell: true. cheryl: major companies pull ads from youtube as the digital platform undergoes damage control. the details coming up. connell: embracing socialist ideas, how the shift is becoming a significant staple of today's democratic party, but will the majority of americans hop on board? share cheryl finalizing plans for the summit. white house getting ready for president trump's face-to-face meeting with north korea's kim jong-un. the latest developments from the administration next. ♪ les that limit a company's growth. i try to find companies that turn these challenges into opportunities. but by going out in the field, and meeting management, suppliers, competitors.

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u.s. officials say it is not clear that north korea made a decision to fully denuclearization. this coming ahead of a high-stakes summit between president trump and kim jong-un set next week in vietnam. blake burman has more. reporter: the p trump heads to vietnam for the second summit with north korean leader kim jong-un. the trump administration acknowledging today they're not really sure what north korea's long-term intentions might be. on conference call earlier with reporters, senior administration official said the following, quoting, i don't know if north korea has made the choice to denuclearization. we believe there is the possibility that north korea could make a choice to fully denuclearization. that is why the president assigned such a priority to engaging with them. in a interview earlier today with maria bartiromo, secretary of state mike pompeo said he was hopeful one day north korea will

denuclearization and he used this historical reference. >> i remember i was a young soldier patrolling the east german border in 1989. no one anticipated that the wall would come down on the day that it came down. i'm hopeful that the world get as day like that here as well, where no one expects that north korea will take this action. reporter: so president trump heads to vietnam. by the way, connell, the white house revealing today, vice president mike pence will head to colombia on monday as well as the administration still very much publicly supports and continues to signal its support for the venezuelan opposition juan guaido. connell: blake burman at white house. cheryl. cheryl: here now, bruce clinger, former cia research chief and heritage foundation senior research fellow. when president trump talked about the issue with north korea and stuck to the script. our hostages come home. nuclear testing has stopped. there has not been a missile

launch in 15 months. issue of denuclearization and the koreans, can we believe north korea? >> north korea has not agreed to the u.n. definition of what denuclearization is. a statement by the u.s. official is pretty startling because it is consistent with the heads of the u.s. intelligence agencies which president trump disagreed with. it contributes several statements by secretary pompeo where chairman kim agreed to the u.n. definition of denuclearization but agreed to complete verifiable, irreversible, dismantlement. i think the administration is trying to lower the bar of expectation what is will happen in hanoi. cheryl: intelligence officials warn in particular they believe north korea will not be willing to give up all of their nuclear capabilities, missiles, whatever you want to call it, that is the heart of their regime, basically their protection in the area? >> well, we're hoping through negotiations to achieve that. we have had numerous diplomatic

attempts in the past. all the previous agreements have failed. that doesn't mean we don't try again. clearly the statement is at odds with what the administration was claiming before. since the singapore summit we have had no denuclearization. north korea continues to nuclearize. they expanded and refined their production facilities for fissile material, reentry vehicles, missiles and mobile miss sell launchers. cheryl: what does china plan in all of this? we're in middle of pretty intense negotiations on trade with the chinese. officials are here in washington. do you think that will be a sticking point with the chinese and u.s. relationship? the chinese always seemed to have a friendly arm around the north koreans in particular because they get labor? there is questions whether money is funneled through china into north korea? >> i think u.s.-china trade relations discussions as well as north korea will be separate lanes in the road.

china has been acting as north korea's lawyer in the u.n. security council, advocating reduction of sanctions or additional exemptions pushing back for military action. in many ways south korea our ally is doing that now. they're pushing for reduced sanctions, more exemption. cheryl: that is very true. looking ahead to hanoi next week, february 27, 28th, hearing from the administration will be same series of events we saw in singapore the handshake, sit-down dinner, lower level officials having side meetings as well. did you think the meetings in singapore were fruitful? if it is going to be the same play-by-play in vietnam next week, is that going to give us a new result, bruce? >> right. we're certainly hoping for more than singapore. you know, the u.s. made three major mistakes in singapore. we agreed once again to a vague, poorly-written document. we unilaterally canceled military exercises. we have canceled nine military

exercises since june. there is glorification of kim jong-un, someone on the sanctions list as crimes against humanity, honorable, courageous, loves his people. we're looking for more substance from the hanoi summit than we had in singapore. cheryl: mike pompeo made it clear with maria the sanctions will not be lifted until we're satisfied with the north koreans. bruce, thank you very much. >> thank you. connell: tax season is just upon us. there is new data showing higher refunds compared to last year. remember we had the other story? this is good news side of it. maybe you should expect a bigger check. nike shares took a hit following the shoe malfunction story from the duke-unc game. this is getting a lot of attention, not good attention for the company. how nike is working to protect its brand. that is coming up. ♪

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connell: we have breaking news. zillow shares falling down 8 1/2% in after-hours trade. follows fourth quarter results that just came out after the bell, and announcement went along with the results the company will have a new ceo. cofounder rich barton is coming back to take the helm once again. he was ceo. he will be again. he was chief executive chairman since stepping down as chief executive officer in 2010. outgoing ceo, spencer raskoff remains on board of directors. founder comes back to run the company. coupled with the results after hours. cillo down 8 1/2%, cheryl. -- zillow. cheryl: it is money and you may get more of it back after all. tax refunds tracking where it was above last year. according to morgan stanley analysis of new treasury data. hillary vaughn is with the latest. >> very good news for americans filing their tax return, announcing rolling in up to this

point, new data shows returns are outpacing where they were this same time of year and morgan stanley says, they're still strong consensus that americans are going to get more money back because, because withholdings were also higher, that is one of the side-effects of president trump's tax cuts and jobs act. the tax policy center says on average taxpayers should see the taxes drop over $1600. newest data from the treasury following last week's filing, returns picked up the pace following notably slow start to the tax season. refunds were down8.7% total through february 8th. last week returns coming through ticked up, striking past last years's total at this time. numbers fluctuate as returns trickle in week to week. part of the slow start caused by the 35-day government shutdown that caused a bottleneck with processing all the returns. analysts expect bigger checks on

the way some filing for the earned income tax credit or additional child tax credit as well. those big tax are not going to be processed until at least february 27th. share? cheryl: hillary vaughn, live at the white house. connell: confusing year how people handle with holdings. cheryl: lot of questions. connell: some did better. some didn't. we'll follow it. meantime socialism rising on the left. we talked a lot about that here. dan henninger from "the wall street journal" arguing that democrats move to socialism it was inevitable. dan is coming up after the break on that. companies pulling their ads from youtube over inappropriate content. the video platform is now responding. we're very that h school. really helped me up my game. i had a coach. math. ooh.

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♪ connell: well, hoping to compete in a crowded field, more and more of the 2020 democratic presidential hopefuls are moving further to the left on economic matters. now less than a year to go before the iowa caucuses, primary in new hampshire. joining us to talk about it, the man that wrote about it, dan henninger from "the wall street journal" he has a new op-ed, the democrats socialism gene. dan is a fox news contributor. the point is it is in their dna, dan. >> i think it is in their dna. they're trying to keep it at arms length.

kamala harris was asked on monday. she said, quote, i'm not a democratic socialist. give her time, she may get there. i recall when the green new deal came out, nancy pelosi was asked about it. nancy pelosi has been in democratic politics her entire life. yeah, the green deem. connell: very dismissive. >> she knew what she was saying because the green new deal is paying homage to franklin roosevelt's new deal. nancy pelosi understands we're not living in 1935 anymore. we're living in a economy with a labor shortage. the fact is, the democrats have been kissing cousins to socialism at least the last 100 years. they kept it at bay. not letting it take over the party, but the left which believes in socialism is always been pushing and here they are now. connell: your column brought up a lot of interesting points, many historical references how we got here, how the democratic party got involved what it is today, on the issue i was struck

on mention of units r unions, private sector unions versus public sector unions. i wouldn't have thought of it this way. at least private sector unions cared about companies. >> no one talks about the private sector unions anymore. part of my belief the democrat party has disconnected itself from the private economy. they barely understand it anymore. back in the 1950s you had unions that represented auto workers, steelworkers, mining workers. all those union chiefs understood their success was related to the success of the private economy. but as the private sector unions declined the public sector unions rose. connell: right. >> their lifeblood is tax revenue. which is the public sector. so that is why i think this socialism movement kind of comports with where the democratic party has been going now for a long time. connell: now, will it be, and it already is, kind of a test in these primaries. you mentioned kamala harris being asked about it, is there any way around it for these

candidates? amy klobuchar has a little bit after record to say i'm not that far to the left on some of these issues but i guess many of them really are? >> will, it's a big, crowded field. they will have to figure out a way to differentiate themselves. i was really struck last day or so, beto o'rourke has not declared, always in the conversation, said i'm a capitalist. i think if there is any solution we'll find all the problems today you have to include the private sector. struck me as a very shrewd thing to do as kamala harris and rest are sort of flirting with the left. i'm not part of that anymore. connell: especially biden doesn't run, that is the lane, right? as of today he is not in the race yet. a lot of people are assuming he will, to change the dynamic, he is still not in the race. >> he is standing back, really trying to figure out how he threads the needle of the democratic left insisting that you align with policies like medicare for all, eliminating private insurance, yet running down the center which you have to do in a national election. that is the challenge that any

democratic nominee will have to, answer they have to come up with. connell: dan, good to see you. we appreciate you coming on. cheryl? cheryl: guys, several major companies are now pulling their ads from youtube after a disturbing new report. our very own deirdre bolton has the details. fascinating story. >> it really is, cheryl. fox business can confirm that mcdonald's, nestle, canada goose, gn. consider, epic games, the mailinger of the videogame "fortnite" are all pulling ad spending from google's youtube. on sunday a video blogger, matt watson posted a clip accusing youtube of facilitating sexual exploitation of children. he referenced some videos of young girls doing gymnastics, playing twister or stretching. it is about the comments. in the comments section they were overrun with sexually aggressive and suggestive remarks directed at the children. so watson's clip demonstrated how a pedophile could click on videos and youtube's algorithms would recommend similar ones.

companies reportedly such as disney, nestle for sure, at&t as well, pulling ads when they became aware they were running next to videos. so we reached out to youtube. here is what they told us. any content, including comments that endangers the minors is abhorrent. we have clear policies prohibiting this on youtube. we took immediate action by deleting accounts and channels, reporting illegal activities to authorities and disabling comments on tens of millions of videos that include minors. there is more work to be done. we continue to work to improve and catch abuse more quickly. youtube was in a similar position two years ago. proctor & gamble and at&t pulled ads since their brands were appearing alongside extremist, violent content, a lot which seemed to endanger or exploit churn. those two companies and had returned. at&t gave us this statement

earlier, i will read it point-blank "until google an cobroke our brandt from any content that is offensive we're pulling all our ads from youtube. mr. watson is not without his critics. some say he should have reported alleged pedophiles via youtube's tools versus drawing direct media attention. either way, cheryl. it is just a remind, how important and difficult a task it is to keep kids safe in a digital world. back to you. cheryl: it's a struggle for these companies every day to try to find this content. >> a struggle for parents. cheryl: exactly. deirdre, thank you very much. connell: all right. a broken shoe and a knee injury last night. so now nike is doing some damage control after the duke basketball star zion williamson's shoe basically exploded in the middle of the court last night. we'll have details, how the company is handling it and what's next when we return. ♪

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connell: let's get to the zion williamson story, freshman sensation for duke. his sneakers basically exploded 30 seconds into a huge game, duke and north carolina. he removed from the game. had an injury. we're told a slight injury. duke as a team did not recover. they lost the game 88-72. nike's stock took a hit, it was down a little over 1%. so let's bring in the world

famous jared max from "fox news headlines 24/7", sports reporter who stayed late, boy is this getting a lot of attention. i'm sure it will blow every i would think for nike, but maybe a bigger deal, i don't know? >> the punishment for nike they get to be butt end of jokes. late-night talk show. maybe they make it to weekend update on "snl." there are things that could make it go much worse. nike provides apparel sneakers for athletes around the country. connell: sure. >> if anything like this happens in coming weeks, a month to another shoe, where they say there is mice, there are more, that there is another faulty shoe. they have to pray this doesn't happen again. you create a lack of confidence. they're supposed to be an elite sneaker maker. the other problem, imagine zion williamson were never the same again. they say it's a slight injury or mild knee sprain.

christmas day lebron james went down with a groin industry. lebron missed more games than he ever had in his career. let's see how zion is. connell: he is consensus number one pick in the nba draft, zion williamson. it was a huge game. obama is there. tickets going for thousands of dollars in the secondary market. that puts spotlight on college athletes, zion williamson not getting paid. to that point, utah jazz star donovan mitchell put out a tweet. remember all the money that went into the game. the players get none of it. zion gets hurt, something has to change. it brings up this issue of, the players have to do something for a year, basketball players after high school. can't go straight to the nba. >> the way that rule changed. connell: basketball, football programs, they bring in millions. players don't get any of it. >> next collective bargaining

agreement with the nba opens the door for players to go. lebron james, one of the recent players from high school into the nba. zion, if you think about it, he already won, won the prize. playing a game show, maybe it is all about how far -- he already has won. connell: he could, i don't predict he will, but he could take the rest of the year off. he is number one pick that is the best decision based on pure finances. >> six foot 7, big guy. amiable character. guy is worth a lot of money. that is why this injury, worst possible thing could have happened, in the sense here its the largest stage, another wardrobe malfunction on a big stage. is this the biggest game of the year. people were paying 2500 and up all that money. he gets nothing for it. connell: not for jersey sales, nothing. will we see a change in that particular part of it, ncaa

athletes, at least men's basketball and football getting paid? >> i think we will. there is such a clamoring for it. i was reading columns in today's papers about this particular incident. the ncaa continues to be laughed at, seen as a joke of organization. connell: revenue, billion dollars just about in revenue. >> what the coaches earn. what the organization itself earnings. players what do they get for it? connell: they're the ones making money. or bringing it in. >> that was amazing a foot through the shoe? connell: never seen anything like it. >> i think i have done things like that, you feel like idiot, must be me. happens to everybody. connell: that's right. thank you, jared. jarrod max. cheryl. cheryl: attempting to block president trump's national emergency. house democrats are getting ready to put up a fight. will it work? republican congressman tom mcclintock responds, coming up next. ♪

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♪ connell: all right. here we go, bulldozers, dump trucks, steamrollers, the world's largest heavy equipment auction underway in davenport, florida. only one man that could be qualified to cover that is jeff flock of course. there he is, on the scene for us. jeff. reporter: 2013 caterpillar excavator, this is, connell, they're letting me try it out, if you want to buy one of these items, if you don't break it, i think i might have broken it. no, no, it still works. 2013 caterpillar excavator, one ever thousands of pieces of equipment being auctioned by ritchie brothers, which is the preeminent auction firm in the u.s. i think i can turn it around, look at this? there you go.

if you buy one, you come out, test it out like i'm doing it right now. don't even have to have a license anything apparently. look at numbers on this, bulldozers, crains, the economy right now is booming, as a result, a lot of demand for this kind of equipment. you know, you don't have to wait in line to get one from caterpillar, from the factory. you can just get one of these, if i put this thing down again, look at that wow, i can raise this thing up? look at that. that is kind of cool, isn't it. look at that. if you look at a picture from the air. we got pictures from the air with a drone. shows you the enormity of thing. it goes on for characteristics. there acres worth. it is biggest auction they have had. they think by the time it is over saturday, they will have auctioned for more money than

ever before. it's a testament to the nation's economy. am i going to hit somebody over there? no, i don't think i will hit them. this thing goes all the way around. isn't that cool? can i drive it? i don't think so. better not. i can, look at that. i can even drive the thing. isn't that cool. connell: i would assume we have insurance? >> see that. i better stop. connell: i'm sure we're fully insured as a company. that nothing bad happens. >> i'm sure. connell: we checked that beforehand or not. you did we, flock. that is good sense of economy. here we go. >> okay. connell: look out for the guy. don't hurt anybody. the great jeff flock. cheryl: license. who need as license? connell: yeah, right. we made it through that. >> we did, without anybody getting hurt. democrats on capitol hill about to strike.

how nancy pelosi is getting ready to challenge president trump's national emergency declaration. ♪ 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.

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cheryl: the legal battle over the border. house democrats planning to introduce a resolution tomorrow that would aim to block president trump's national emergency declaration. senate democrats won't be far behind. let's bring in congressman tom

mcclintock from california. sir, good afternoon. what do you make of this move by the democrats? the president said himself in the rose garden last week he knew there would be court challenges but here comes the political challenge. >> oh, yeah. political is exactly the word for it. it is futile and silly. it is part of this continuing resist by any means possible. the fact is that they would have to get such a measure past the house, that should be a fairly easy lift for them. they then have to get four senate republicans to go along and then they will have to get the president to sign it which obviously he won't. so this is strictly political. it is posturing and it has no effect on the outcome. cheryl: but the other side of this story is california governor gavin newsom is accusing the trump administration as they attempt -- well, they canceled nearly that billion dollar grant for the train and are looking to claw back about $3 billion. he's saying this is absolute retaliation because of the fight over the border. california is in the middle of

several big fights. how crucial is gavin newsom's argument, do you think, with president trump right now and how much of a danger do you think can newsom be to the trump agenda? >> no danger, and i think the two issues are quite unrelated. the fact is that this high speed rail has been a boondoggle since the day it was proposed. i personally signed the official ballot argument against the ballot proposition in 2002. it is the worst boondoggle i have ever seen and i have been in government a very long time. cheryl: what do you make, though, of the fact there are many critics who say this is a dangerous road to hoe? some republicans saying the president doing an emergency declaration is setting a precedent for democrats? >> the left has never needed a precedent in order to manufacture power. barack obama wrote daca out of thin air with no statutory or constitutional authority. in this case, the president has

clear statutory authority. congress gave the presidency that authority back in 1976. it has been used 58 times before this. there are 31 national emergency declarations currently in effect, including to address civil unrest in sierra-leone and burma. if national emergency can be declared because of that, it certainly can be declared when 60,000 foreign nationals are illegally crossing our borders every month with more on the way, all with the intention of violating our nation's sovereignty. cheryl: it is a hot button issue that's taken the nation's attention for weeks now. congressman tom mcclintock at the heart of it in california, thank you for being here, sir. >> my pleasure. thanks for having me. connell: as we get close to the top of the hour, very important reminder. catch cheryl and lauren simonetti tomorrow morning, very early tomorrow morning, in this very same fox business studio

5:00 a.m. eastern. cheryl: we would be happy to have you join us at 5:00 in the morning. connell: is there a cot in the corner? cheryl: sure. we got coffee everywhere. connell: thanks for joining us. appreciate it. "bulls & bears" starts right now. david: new details emerging from washington on day one of high level trade talks. both sides are reportedly close to reaching a deal now with just a week until the new tariffs are scheduled to kick in on chinese goods. we've got the very latest from washington. hi, everybody. this is "bulls & bears." i'm david asman. joining me today, liz peek, zachary carabel, michael block and jonas max farris. first, straight to hillary vaughn. we had mnuchin, cudlekudlow, lighthizer, all the big guns. was there any progress? reporter: the chinese foreign ministry confirming to fox business' edwar