the us thrive every american should ask what should i do to continue our country to thrive quick. >> you are right on i wish politics would get out of the way if we can think about how to generate growth and success for every single american for go have a great weekend pergola maria bartiromo is next. . >> happy weekend welcome to the program to analyze the week that was in positioning for the week ahead coming to this weekend from los angeles what a week for a week for earnings and jobs with the global conference and quote beverly hills california over the weekend coming up in just a few minutes my interview with treasury secretary then later blackstone ceo joins me talking about china and the us

economy the economy is on a tear in the first quarter better than expected rates three.2 percent and i asked secretary mnuchin of the better-than-expected economic numbers with gdp and what the secretary attributes the success. this is a foxbusiness exclusive. >> it was very impressive and a result of the president's economic program with tax cuts, tax reform, regulatory relief. not only is that a great number of the first quarter is normally 1 percent lower than usual and the government shutdown was 30 basis points four.5 percent unadjusted quarter. maria: how much of a runway do those policies have with a

boost in the future quick. >> last year people said we would never get to 3 percent. we did then people said the economy was slow down. i think the president's economic program will continue to show strength throughout the year and this is the bright spot. europe is slowing in china is slowing in tremendous money coming into the us economy. it looks very clear for the next year. maria: what about the europe slow down? people feel that has to hit the us at some point how significant is that quick. >> no question it has had some impact but it goes to show how strong us economy is doing. we would be even stronger if not for that but i expect a modest impact. maria: wages are increasing but then the fed changed the inflation target of 2 percent. what is your take on inflation

quick. >> so for the environment of low inflation and good growth is the perfect condition we want to continue the expansion. maria: is that why there was an ask of a cut of interest rates? of things are going so well then why a cut? . >> you know, in my position i have the respect of fed independence but comment on the fed. >> what about kudlow quick. >> not kudlow either. maria: the federal reserve right now says it is out of the way and will not do anything but at some point with the strength of the economy would expect rates will go up that yet they are going down. >> maria look at the end of last year the market expected the rates to go up another 100 basis points now they have adjusted those expectations and the expectations of the

market of a rate cut pick of the fed has said they will be data dependent we will see how they react. maria: is a matter we saw that in version? normally an inversion like that indicates otherwise. >> i was not concerned about the inverted yield curve and i don't continue to be. first of all, yield curves are for flex markets sometimes they are efficient sometimes they are not but i don't think that was ever predicting a recession with just what people expected where future interest rates to be. a lot of talk of recession at the end of last year but not now not what these numbers. maria: these numbers indicate a different story. with china what is the most ideal situation the next round of talks quick. >> maria we made a lot of progress and talking about this for two years starting with president trump and

president teethree amara lago talking about a balanced trading relationship and what president teethree agreed to and led a large interagency team has done the extraordinary job making more progress than ever before. this is a real agreement if we get to the completed agreement with real enforcement provisions. there are important issues. we have work to do. we spent a lot of time that advice premiere welcome back there is a strong desire to see if we can wrap this up or move on. maria: wrap it up by when quick. >> we hope within the next two rounds in china and dc to get the point to recommend to the president we have a deal or make a recommendation that we don't. maria: what is most important to open the markets to american companies?

more important they don't steal it or that they buy more stuff or stop espionage. >> maria the most important issue is a rebalanced economic relationship the us has been can treat the loan - - completely open to them for investment and goods and to have a reciprocal trading relationship and that is a tremendous opportunity for us companies to sell into a large and growing chinese middle class work if we can get this right it will completely rebalance the economic relationship with a great opportunity for the us economy. there are seven different chapters. it isn't one or two issues that we have talked about forced technology transfer and intellectual property but agriculture is very important to the president making sure farmers are treated fairly. financial services and currency enforcement, there are major provisions. maria: are there any steps

from our america quick. >> we would expect them to. >>. >> enforcement mechanism is close to done that is one of the areas we made a lot of progress and we are fine-tuning but we have a fundamental understanding in that area. maria: what about china's economy and the impact on the west quick. >> no question china slowing. but opening of their economy is a very important thing and not only good for the us but from a domestic standpoint as well. maria: is the president willing to remove all tariffs quick. >> i will not comment on specifics of negotiations what the president may or may not be willing to do at a specific tim time. maria: once china is completed should the president to go after the europeans with a trade relationship and japan?

. >> the ambassador one - - the ambassador and interagency team is working on these issues the president is working on these all of these simultaneously. maria: this is incredibly working on all these together you're in the middle of japan and europe as well as you also do china. >> that's true. the economic team meets with the president weekly to update on the trade issues. he is briefed and gives us input and direction. and you know, he is determined to make sure we have fair and balanced trade and want to see that across the board. maria: don't go anywhere we will have more of secretary mnuchin after the break. >> united states sends a message to iran and the world. >> the president has been very clear iran's behavior is not acceptable. >> what will the economic e-picc line - - impact me across the globe? more with the secretary mnuchin is next.

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♪ maria: welcome back the trump administration said it will not extend waivers to those who by iranian oil asking secretary mnuchin why now and what is the economic impact? we have seen a sharp impact on iran's economy. >> the president has been very clear that iran's behavior is not acceptable the export of terrorism around the world , the ballistic missiles is dangerous to the region and to our allies. this has to stop. we had a very coordinated plan

after we got out of the jcp away and gave the market plenty of time to adjust. we arranged more supply into the market nobody should been surprised we were not extending these secretary pompeo and others have very direct conversations and also made sure there is more supply into the market we are sensitive to the price of oil and want to make sure there is plenty of supply to offset. maria: you don't expect prices to spike quick. >> i am not if you see the market trade op it is similar to last time i would expect that would be with a recalculation in the market. maria: with infrastructure the president said he would like to work with the democrats nancy pelosi said she would consider a package do you think infrastructure deal gets done this year quick. >> the president has been

determined to do infrastructure going back to the campaign. i saw clearly the need for infrastructure. he very much was to do this. i hope the democrats are sincere and it's something they can do in a bipartisan basis and our conversations with the chairman and the speaker and we will see if we can get something done. maria: $22 trillion in debt when does that have something to focus on quick. >> we would be thrilled to have a 2 trillion-dollar program but has to be paid for. there is a discussion we will be having with the democrats. maria: is that including the private sector? how does that work does the private sector - - sector fund to some of that? . >> we need bipartisan support so we will sit down with both parties in the white house to see if we can get done and

negotiate. maria: the democrats want to investigate the president they want to tax returns and investigate more of the mueller report even though there was no collusion and it's hard to believe you will get a major piece of legislation when you are attacking him every day. >> we take them at face value but the biggest priority to bring usmca to the floor this has enormous support from governors on both sides of the aisle, business, it is very important to the us economy so the first thing we could get done on a bipartisan basis. maria: maybe but democrats have said i'm not signing it or voting yes in the current form. is there a plan b quick. >> i think if the speaker brings it to the floor it will pass. maria: so now with the other issues around mexico the president said the handling of all of the migrants does he

shut the borders of that impact usmca quick. >> maria the president is focused on border security having spoken to the president about that he is determined in mexico has made a lot of progress recently and they will continue to work with us these are important issues. >> even with that backdrop you have a number of business people saying capitalism is okay one said capitalism should be reformed or others complaining about capitalism and jaime dimon. doesn't need to be changed quick. >> i think they are talking about refinements as we go into the next election cycle i thank you will see very to economic path one looks like socialism one is capitalism which is a free market economy and that is something us has supported and thrived upon.

we are at a place in the world of technology in different areas of growing in the us economy right now is the bright spot of the world. we will see the american voters want to continue to see this growth because it's good for the american workers. maria: it's hard to attack capitalism with a quarter of three.2 percent growth. >> absolutely more jobs for more people higher wages and participation rates of those who have not been working coming back into the economy. maria: with 2020 a big field of democrats wanting to take down the president and joe biden raise more than $6 million in 24 hours what is your reaction quick. >> that's not a lot of money but i will not comment on the democratic field. we are focused on the us economy and how we continue to

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beyond fast. maria: happy weekend welcome to a special edition of "wall street" coming from los angeles blackstone is changing its structure from a partnership to a corporation reporting a record number half a trillion dollars $512 billion of assets under

management stephen schwartzman sat down with me to explain how blackstone has been able to do it. >> blackstone is by far the largest company in the alternative asset business and we comprise roughly around 45 percent of the market value of all the companies and institutions have made us go from basically having almost no assets from when we started 33 years ago at $512 billion now. and it has happened fundamentally because of organic growth we end up increasing it ten or 15 times. the reason for that is because we earn very high returns.

maria: do you think the market has gotten ahead of the problem? in the private sector the valuations that you see? . >> if you just look at the public market this year to start going at the rate of 100 percent compounded for the year. let's assume that will not happen because of economic growth is behind but not justified 100 percent return on equity. so some of that follows into the private sector that is normal. we are being more careful now or losing some deals we thought we had so what happens right at the end takes us several months to actually analyze and do a deal and what

ends up happening is the deal was fine when we started. but the price keeps escalating with the stock market. that makes it more difficult today obviously then it was a few months ago but i don't think markets will continue at these breakneck rates there is normally a backup and those dips will be able to do some interesting things. >> so to get your take on europe right now do you see the return of slow growth? . >> europe is now doing some

things from the central bank perspective so we have hit the bottom frankly. when i hear myself say something like that you say oh my goodness could i be wrong? but i think it will be gradual increase in most of things. is a bunch of things and most of them have seen their bottoms and then slowly coming up here is not more than one or one a half percent gdp economy. japan is landing softer and china just hit the bottom and has profited stimulating after the terrorists were put on and

to be concerned that weaknesses gone and there is a price for that of course, which china has to take on more debt and lower the tax revenues but they have done that so growth is solidly in 6 percent plus in china. maria: my thanks to blackstone ceo schwartzman. more "wall street" after this.

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universities today also stay on for fox news channel on the futures live on fox news and start your weekdays between six and 9:00 a.m. eastern right here on foxbusiness with mornings with maria. thank you for watching i will be here next time. . >> welcome to the "wall street journal" at large the economy is booming on friday the labor department has another huge gain of jobs created last month the employment rate fell at three.6 percent the lowest half a century the news is even better despite the record that the jobless rate is inflation is likely to rise but employers will attract more workers