if you had told me that i would give you the entire show. let me wrap it up. dow down 300. uber 42. nowhere close to the 45 offering price. time's up. neil it is yours. neil: thank you, stuart. we're learning from the treasury secretary steve mnuchin flashing on the wires that saying trade negotiators are done for the day. they are done for the day in the china talks. for the china delegation which left the u.s. trade representative's office a few minutes ago. does not appear to be coming back. heading back home to china with no deal done. although we are told some constructive developments. hard to say. this much is not the disappointment over this is palpable. the dow going into the day down 700 points on the week was adding to that to the tune of another 288 points. call it roughly an even thousand on all of this. we have this covered from all angles including edward lawrence

with the very latest what fell apart what happens now. the white house reaction where the u.s. trade team will be meeting with the president shortly with blake burman. of course the market reaction to uber and all of this, as i said, down pretty much across the board. i was just talking to our charlie brady, our top stocks editor genius, reminding me of 11 sectors, only one is up. not surprisingly a safe haven for nervous investors, utilities. edward lawrence what happened to the talks and more important, edward, what didn't happen? reporter: what didn't happen they didn't spend a lot of time. the talks started 30 minutes late. they only lasted two hours. the chinese delegation walked out and went on. we can tell you from trade sources the chinese have a flight out of washington, d.c. four hours from now. as you heard treasury secretary mnuchin said they are not coming back today. the chinese responded through a spokesperson, the statement for

the spokesperson about the chinese foreign ministry about the tariffs, quote, we hope the u.s. side will work with china for a bilateral relationship featuring coordination, cooperation and stability to achieve the goal the two sides need to meet each other halfway. but the talks really have stalled now as u.s. trade representative saying china has gone back on the concessions they have made on multiple sections of this agreement. the u.s. trade representative saying he is not willing to go back to negotiate on those sections that have been agreed upon. possibly inside they talked about the 10% of the agreement left to go forward. vice president mike pence believes there still can be a deal of. listen. >> president trump said he received another good letter from president xi. he has a strong relationship. we believe a deal is possible. what president trump has made clear we think we're in a very strong position either way. reporter: and china vowed counter measures.

it is unclear exactly what those counter measures will be at this point. they have placed unretaliatory tariffs $110 billion of exports from the united states into china. that is about everything we export into china. the countermeasures, remains to be seen what will happen. china has responded since we have done talks, since we have responded with tariffs, neil. neil: thank you very much, edward, we should stress the u.s. trade representative's office is literally not more than across the street at the white house. could explain why trade representative robert lighthizer and treasury secretary steve mnuchin arriving fairly quickly to the white house. blake burman is there. i guess they will plan strategy there? reporter: i'm standing 2 or 300-yards away that the walk that treasury secretary steve mnuchin made over here to the west wing. i asked them on two different

occasions the talks went. he looked at me. he smiled. he did not answer. you can believe that is probably the appropriate response at this point considering we believe they're going into the west wing to specifically talk to the president about exactly what just happened. we know that when those two met with liu he yesterday after the discussions came over here to the white house, talked with president trump. we believe that is what is going on right now. i can tell you, neil, as it stands, stood the a about 11:30 this morning when i inquired on it, there had been no scheduled call between president trump and president xi. could that change? absolutely. will that change? we don't know. if it does change, when might that call take place? all the relevant questions at this hour. one thing i will note to you, neil, that is different from this time from the last couple times that liu he has been here, you probably remember when the trade talks wrapped up, liu he,

the vice premier, the chinese team would go into the oval office with president trump, steve mnuchin, robert lighthizer and the u.s. steam. that is not happening this time around. very clearly, neil, a different set of circumstances as the latest talks have wrapped up. and i think it is fair to say wrapped up fairly quickly. neil: do we know, blake, whether the president has spoken to the chinese president xi xinping? i know we got the beautiful letter yesterday. reporter: yes. neil: i'm thinking they might have tried to put a bow on this today. what are you hearing there? >> i was told there are no schedule phone calls as of this point. so considering nothing has been scheduled, i think it is safe to say, neil, these two have not spoken, at least when i inquired on this about half an hour ago. neil: buddy, great reporting. this development we're following, we'll follow as soon as we get to susan li what is happening right now with the attention on uber, opened up below the offering price. you often do not see that. it has been struggling in the

debut. remember it was mid-range when priced, discipline spread over into the rest of the sector. lyft has been under pressure, a rival. that had a great debut. it sort of fizzled after that. the issue today, what happened with uber. it decided to debut in very dicey week. maybe that will come back to bite them here. susan li in the middle of all that, doing a great job monitoring tick by tick movements. what is going on now, susan? reporter: neil we had a interesting debut, 35 paired up shares going in $43 a piece. that is $3 below the ipo price. that is very conservative range uber offered ipo at. a bit of a disappointment. there are buyers in the market at 42. we have bid up the offer price, up to $43. there is a bit of encouragement. here is the aftermath of the

first trade, look behind me, we still is some early investors, some of the billionaire investors in this uber ipo. that include as you see on the screen, chris, "shark tank" fame. a very early investor made a lot of money turning a few million dollars into billions of dollars in uber returns. as you see, we did have a bit of disappointment. i guess it stems from the lyft ipo as we, which is still below its ipo price. in fact from what we see a record low for lyft shares. that clouded over what uber was offering. especially for companies that are not making money. uber's losses tripling in the first quarter of this year. cash burn at a billion dollars a quarter. they raised about $8 billion in this ipo. there are concerns, talking to traders here today when they might need more money going forward. i know you had that analogy being the amazon of the gig economy. don't forget amazon had growth

of 3,000% heading into their ipo. they didn't take as much venture cap money which uber has over the years to stay private. amazon took seven years to get the first profitable quarter. there is concern that may never come for uber, at least not from what they have seen. neil? neil: that is great distinction. top-line growth, what was happening with amazon and all the revenues, spectacular firecracker surge was something few expected. that was going into that offering n this case we had a horrible week preceding it, largely built on these trade talks. reporter: yeah. neil: do you know whether they considered postponing it or this was the day they had to go, they committed, by hook or crook? reporter: there were concerns because it was a bad week to debut given the selloff in the markets and also concerns about pricing for this ipo, especially with the lyft pricing down this week as well. which i think is notable. no, they didn't consider -- well they looked at it, but it was

never a realistic consideration to pull this off. it has been 10 years. people want their money back especially if you're early investors. neil: some earlier investors were in pour penny a share unless it drops to under a penny a share they come out of the gate billionaires. >> $43. how many people lost money as early investor? only two from what i understand? saudi arabia and ching of china. softbank bought it at $33 a piece. most people making out profits in the listing. neil: we should stress it is latest entrants, investor entrants who are the ones likely going to take this on the chin. reporter: that's right. neil: that is not to guarranty the earlier point what happens in the first decor responds to later days. you mentioned an example of lyft, susan. i could also remember facebook. reporter: that's right.

neil: which stumbled out of the gate. was declining and falling fast and since rebounded and handsomely so. so political and other editorial issues notwithstanding there is no way to judge where this goes. reporter: yeah but i think it will be very interesting to see uber as a public company now, because you have, you basically have to answer to shareholders. neil: you're right. >> reporter: you didn't have to answer to anybody for 10 years. facebook stumbled figuring out mobile. uber will have to face the same questions as well. at what point do you start making mon city? at what point do you reduce the cash burn and show us more growth. neil: that is another excellent point. i can remember vividly steve jobs at apple when he had to reflect on some of his toughest days, leaving aside his battle with cancer, he said going public. suddenly i had a lot more people to answer to. it's a changed world. it's a changed world. susan, fantastic reporting on this we'll be going back and

forth to susan throughout the broadcast. let's get read on twin developments competing with investors. we're looking at 1000 point hit in the dow. we have hal lambert, joining us, larry glazer, "the evening edit" host wicked smart, liz macdonald. global, globally we've seen $2 trillion wiped off of global markets i guess largely on concerns about china. among u.s. investors alone it's been about 20 billion. a lot of them seeking out conservative havens, right? >> yeah. and that's you know it is interesting you bring that up because the global impact i'm really intrigued by but what we don't know, the big question mark hanging over the markets right now, how will china counteract this? how will china retaliate? we know that inside of china

itself, u.s. companies sell a heck of a lot of goods. we're talking ford, gm, nike. they sell a lot of u.s. goods to chinese consumers, estimated about 250 billion. will china step up to slap tariffs on u.s. companies that do business inside of china? or will china make hasty, some say hasty decision to devalue its currency? you remember, neil, in august of 2015 when you were covering this how the markets were rocked when china did a surprise devaluation. there is no indication right now that it will do that. neil: she just explained that, she is encyclopedia, when you cheapen trade currency, you trade abroad, getting a lot more yuan back, the chinese currency for whatever you're selling abroad. that is why a weaker

dollar generally benefits u.s. manufacturers, when they trade abroad and do business abroad. that might be like a nuclear weapon, how if the chinese were to do that. they haven't responded to the tariffs or the white house just yet. they have fewer goods which to do so, right? we're talking about 100 billion, versus we're in excess of half a trillion of chinese goods here when you count everything in. how much damage could they do short of devaluing their currency? >> that is exactly right. they're negotiating a position of weakness versus us. they don't have much to come back with us at. they have quite frankly miscalculated president trump. hard-liners decided to pull off the agreement on the table that had been worked on months and months. president trump already delayed these tariff hikes. this was already supposed to go into effect last year. he pushed it out to try to get negotiations going. then they come back and wipe everything off they agreed to. i won't be surprised if we don't do it on full five bun billion

billion -- five hundred billion we buy from china. i think we're moving forward from strength. they have 300% debt-to-gdp. their economy is slowing. they had to pump it up with internal expenditures from the government to pump their economy. they have really a hard position to be in right now versus the united states. this is the time to act for this country for what president trump is doing. this is the time to do it. we're in a position of strength. they're in a position of weakness. they have been taking advantage of us for years and years and years. so i think we're doing the right thing at this time. neil: all right. i agree with all those brilliant points, al, give the fact is weakness position. i know the debt-to-gdp you allude to, we're in a heck of a lot worse in terms of debt. larry he raised a number of key points, not the least of which is the pressure china will face now to respond one way or the

other. i'm wondering whether they're contemplating the fact that that u.s. citizens will be feeling the pinch of these tariffs if not, maybe more than chinese citizens. >> that's right. neil: because they're the ones who will go to walmart to get sticker shot. one thing passing along a 10% hike. quite another a 25% hike. one thing affects 40 or $50 billion worth of goods. quite another if it is excess of 250 or maybe, you know, half a trillion dollars. so play that out for me. no sure, there is no doubt, neil. look, we can't underestimate the global implication what is we're seeing in washington. not just investors that may have been unprepared for this topic. as we see from the massive outflows and selloff in the major market averages. it is businesses an consumers. there is no doubt, businesses absorb that first 10% tariff hike. they do it willingly.

cuts into profits. they will not take a 25% hit. we will pay for it. the viewers will pay for it. the smiling box from amazon will not be smiling when it shows up at your house. it will cost 25% more. that will change. it will cut consumer spending. cut corporate profitability. not just apple selling to china which gets a hit because they will. all of us will feel the pinch. we won't go on vacation or go out to eat, because we have $2,000 more on expenses from goods we buy from walmart and other places. that is inflationary. that is slowing economy, one scenario. you have rising prices as a result. that is the other scenario. that is stagflation. generation never seen. neil: that is the fear. you're quite legitimate to point at it. real quickly, lizzie, are you hearing from anyone that this is a moment where the president is going to have to explain what's at stake, i'm not calling it a ross perot chart moment.

warn the american people, you will see higher prices for stuff when you pop into stores? it will be delayed a couple weeks because of the effects only new goods, not goods in transit or here or already here. but what do you think? >> i think you're right. the democrat debates, the first debates are coming up in just one month's time. you can bet the 2020 democrats are going to start hammering away at this. for a very long time, china has effectively one analyst said, effectively america's 3d printer. it makes all sorts of things u.s. consumers really like to buy. china has the supply chains very high quality right now. they're moving to be more high-tech supply chains inside of china. there is talk that china manufacturing could move offshore to vietnam or indonesia or malaysia. they're about in 2002 when it comes to the quality of their supply chains. china has upgraded but has pretty high quality right now. so china, this is going to be an enduring fight. what's really surprised the

markets, neil, as you covered too, it was such a shock that all of a sudden it dissipated and fell apart at the 11th hour. neil: yes. >> hard the democrats talk about tariffs cause higher prices with higher taxes we need to raise the corporate income tax rate up they were. cost consumers on one side how can it not cost on the other side. neil: that is good point. take it as one of my own. it was so profound. look at dow down 197 points. real quick look where the money is going. right now into treasury bonds, sort of a safe haven. a quick update where else it is not going. right now it is not going to uber. out the gate and stumbling. priced at 45 and right now it is at 44.16. it has picked up from its steepest levels. but you can bet a lot of investors are hoping just for the future of other ipos, that

at least it climbs over $45 offering. the very latest on that and implications for you right after this. since i added futures, i have access to the oil markets. and gold markets. ok. i'm plugged into equities. trade confirmed. and i have global access 24/7. meaning, i can do what i need to do. then i can focus on what i want to do. visit your online broker today, to learn more.

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neil: all right. china and uber are competing for investors attention right now. uber is coming back a little bit. it was priced to launch today at $45 a share. it had gotten down to 41 somewhat briefly. it is clawing back as is rival lyft, you might recall had a great first day, started tumbling afterwards. it has not gotten back anywhere near the offering price. we'll have latest what insiders are thinking. "forbes" rich karlgaard what he makes of all of this. rich if it ends below the offering price, it is not unprecedented a little unusual but not unprecedented, is it going to scare others off? >> it might. this could be a signal that the

bubble is about to deflate. the only investors that lost money, the private investors so far at the current stock price are the saudis. my friend andy kessler a columnist at "the wall street journal," writes, ran a great technology hedge fund in the 1990s, recalled the day in 1999 when limo full of saudis showed up demanding to invest in his fund. he knew at that point, if the saudis come in, it's a over. so the late money might be burned in this deal. neil: that is modern diversion of taxicab driverses talking or uber driving to bring us to this the stories. susan li is following vest cloy. there seems to be a delay of the actual launch they were trying to hook up buyers with presumed sellers. where does it stand now?

reporter: it's a big ipo, 180 million shares. you usually want to get 10 to 15% of shares offer out of the gate on day one. obviously that took a lot of time. 18 million shares, 35 million shares, that takes a lot of time to pair up. eventually we went at 35 million shares at $42 a piece but right now we're trading at 43.80, and, neil, i think people have to keep in mind pricing of ipos where a week like this with selloff of u.s.-china trade concerns and lyft dampening the picture that is hard to do. this is more of an art than a science. they want to leave money on the table for investors. you want them to feel they got in and got a dial out of this. that was hard to do. they did it on the conservative side, $45, one dollar above 44 at the absolute bottom of that range. so 43.80 a bit of a lift here. there is nothing to say but

disappointment so far on day one but the fact there is encouragement of people buying in after the offer price to 42 or day one trade price of 42, that is encouraging. neil: it is. it is interesting when we're looking at this rich karlgaard you could do the would have, could have should have until you're blue in the face. timing of market, you might not have. of a choice. rich, let me ask but the approach of this. susan was right, it wasn't greedy uber's approach to the offering, very conservative in the pricing but even in the forecast, at one point saying might not make money ever. that usually should be a bolt go off in some investor's head but i knew what the manager was saying, this is all about building something. what did you think of their approach? >> i think it was smart. they needed the money so they had to do it even if the timing

was a little off. goldman sachs was talking about 100 billion-dollar valuation. they need the money because they are burning cash like crazy. will they ever be profitable. they will have to use amazon did the platform, spaces other forms of transportation. neil: i want to thank you both. we'll go back to susan throughout all of this. she has done yeoman's work on all of this, implication of this. there is another story getting attention right now, the story, might end up being the story. china walking away from talks with the united states. they will be hopping on a plain in just a few hours. they i guess reassess they stand. white house are saying they are reassessing where they stand. blake burman said the president has not talked to his counterpart xi xinping. that the tariffs will not be

inimmediate but the stamp day today. good already in transit from china, goods already here, they will not be impacted by this. but they're coming. 25% higher price tag could go with them. fbn's jackie deangelis has more what you're looking at. hey, jackie. reporter: neil, that is a very important distinction. the ones in transit not affected just yet. but when this goes into effect, 5700 products will be impacted on this review some. items you may see impact. vacuum cleaners, christmas lights, cooked vegetables, car parts, interned modems. also more close to home in terms of consumer products. hand bags, electronics, clothing accessories, further turn, luggage, the kind of things you and i buy every single day. china said it would not take this lying down. it would hit back with retaliation. we're not really sure what the size and scope of that could be. president trump is holding back

one of his cars, he can impose another 25% tariff on remaining $325 billion of chinese imports. this would impact 40% of the imports that haven't been affected just yet. and in that case we could see retailers like the gap behind me taking a big hit there as well. there are a lot of estimates on how this is going to impact the average consumer. a professor at the university of california said it could impact you by about $500 in terms of your spending power per year. now multiply that across the population, and it certainly could put a damper on the markets, neil. neil: jackie, thank you. very good sort of this is what it means to average folks that view this. sometimes we think that tariffs are something that the governments pay. bottom line you do. they come at you whether you get the full 25% monty or they're able to absorb that and stick to it 15%. but it is going to be stuck to

you. i should also talk about retribution from china. one of the bad things running half a trillion dollar surplus from the united states, you don't have many arrows in your quiver. they have 150 billion imports from the united states but they could slap tariffs but impact would be a fraction what we can do in this country to chinese import. the other issue raised they could go to the "nuclear option," debase, devalue, whatever you want to call it, their currency. that could have global impact. that could be far-reaching. we just don't know. we do know that average investors don't like tariffs especially ones like this that could directly hit them. they just don't see it for the time-being. they might. nowedly enough, the president has been enjoying unusual support among prominent democrats, nancy pelosi, chuck

schumer, maybe very sensitive to their unbase that says that china has been taking advantage of it. the president should, quote chuck schumer, hang tough. get the read on that gop fund-raiser, noelle nikpour, democratic strategist andrew feldman. begin with you. do you agree with the chuck schumer view, hang tough? >> we're dealing with a delicate situation where we're seeing president is doing what he does bet, trying to govern via tweet. that doesn't work very well and ultimately hurts the american people. neil: that is not what i asked you. do you agree with chuck schumer, hang tough with china. whether he tweets -- >> what i think we know that democrats and people but doesn't matter what party you, people in the midwest people in the manufacturing center have been hurt by china. i think -- neil: they welcome him being tough? >> it is not necessarily all or nothing right? because i think he has been

tough, right? but his policies on the other hand have hurt a lot of those same people that wanted him to be tough on china. we saw the soybean tariffs. neil: but you're right, oddly enough, unions unions have been supportive whether it is wise long term. what do you think? >> i'm looking at this through a political lens, the fact that joe biden seems to be, may very well likely the front-runner -- neil: for now. >> right. one of the biggest factors why trump pushed forward and won, pennsylvania, wisconsin, these union states that normally go blue. joe biden can appeal to those. he has already gotten union sport. what would that put them in

jeopardy -- neil: he has not criticized the china policy. >> right. neil: here is what he said, could boomerang on him, you can help me, andrew, we look at china as competitor, they're not. it is laughable. he kind of dismissed them. i would wonder if that comes back to bite him. >> we saw some democrats not abeeing with him. bernie sanders. it does matter how you go about diplomacy. president trump the way he goes about it end upcoming back hurting the same families that he had talking points on to try to -- neil: we don't know how this is going to end up. let me ask you this, if he get as deal, a verifiable deal, you know, you do exactly what you say in this deal, that's a huge win for him, right? >> we've already seen it hurt a lot of these working class families in the midwest, right? i talked about this on your show

before. neil: it is really to be fair focused on farmers. we tried to offset that with farm credits. but you're quite right, but beyond that is really hasn't. >> one other thing to add in, we talked about what happened with lordstown with gm. gm said in part they closed that plant because of tariffs. i'm saying that gm plant, that was a devastation to the people -- neil: but now that plant is being sold and 400 jobs are coming back. >> 400 is not the 1200 they lost, neil. or how that affected schools. neil: we picked up 4,000 manufacturing jobs in the latest report. >> i just don't think that we are -- neil: you're just not going to gift president credit. >> i don't think -- neil: you're talking like a democratic strategist. >> i don't think he is winning over voters. neil: fine. republicans, are they leaping at this making assumptions this will be pay dirt for him? >> maybe. this is the conversation for today, right? now, today.

what you said earlier will be true to help drum -- donald trump. if there is deal, if it works and there is a good deal for the american people that comes out of this, then i think that the strategy is good. but this is a conversation that -- neil: any deal, you need congress to approve. >> yes you do. neil: we already see where the one with mexico and canada. but that not a slam dunk. >> no. >> i just think, i just think we have to see what happens because you saw what happened this morning to the futures markets and the market because president trump decides to yell and scream on twitter. we've seen it for two years. that strategy has not worked. >> but volatility is good in a market. nobody really likes a market -- neil: this is the first action to go after china. we're still up 5 or 6%. you can cite a variety of other reasons. >> we've also seen -- neil: you don't like his tweeting.

>> i know you share that, neil. by other issue here is he promised to bring these jobs back to. >> look ad unemployment. april jobs. >> forget about unemployment. >> forget about isn't. >> yes. it is not just about the unemployment numbers in this country. it is about wage growth. neil: you talk about wage growth when barack obama was president? >> let me tell you something about obama -- neil: bottom line, you're right, some of the details and haves and have-nots you can't argue politics that we have seen remarkable employment stats, remarkable -- >> we know -- >> a lot because of deregulation. a lot of economy credit. >> we know this election will be decided by rust belt, right and these pennsylvania, ohio, michigan, wisconsin. right. i think that despite what president trump says these voters are struggling to make ends meet. neil: i will put you down as maybe. we have a lot more coming up. we're getting word u.s. is imposing new venezuela-related

sanctions. two tanksers were involved with trade with venezuela. you want to do business with them. tough go through us. that could get pretty dicey. this follows on the heels of stopping car go ship on its way to north korea. it was sending in coal that goes against sanctions in place. so when the tough get going, they go all over the world and get tougher. it is getting widespread. more after this. nah. not gonna happen.

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we're trying to stop them. this is pattern very noticeable when came to iran just yesterday or north korean vessel i should say as well. where they went after a cargo ship being secreted into north korea. that is a big no-no against the sanctions in effect. we stopped that tanker carrying all of this coal that goes against the sanctions, remind north korea, that you can launch missiles. we can stop ships. added development in the middle east i was referring to iran, building up our presence there, big ships going through the suez canal on the way there to beef up the presence, send word out to the iranians, don't even think of going after u.s. interests or u.s. servicemen and women. apparently the issue that triggered this buildup, military presence. a lot going on. former deputy assistant to defense secretary mattis, amber smith. amber, i'm going to try to

connect, if you will indulge me, all these developments, that we'll start putting teeth into the words we're using for kind of a screwed up phrasing, but what do you make of that, that we're sending a message here? >> i think the trump administration is using a whole of government approach when it comes to the rogue nations then testing the water when it to the administration. anytime a u.s. aircraft carrier and strike group moves around the globe, it is not just showing force projection in terms of our might but sends a clear and strategic message you can continue to poke us, if you want to flex your muscles a little too hard, make sure you wave at the aircraft carrier off your coast that can decide whether or not you can exist on this planet. sometimes the united states makes that decision where a little military force and a show

of force is necessary. neil: is it coincidental or event that the build up of military presence particularly around iran has to do with cracking down on sanction business and like, regarding anything from oil to business interests, even petro come calls? it is curious timing we're trying to freeze them out economically? >> absolutely. we've seen sanctions and i think when it comes to the trump administration trying to move forward with iran, how they have operated, how things have changed from the previous administration, of course we want peace in the middle east. that is our number one objective and but we have to decide what it is, what it is worth when it comes to working and negotiating with iran.

we can't want any sort of a deal more than iran wants it. it has to be mutually beneficial. we've seen that mistake with previous administrations where president obama, john kerry, they wanted a political victory so bad when it came to negotiating iran nuclear deal that they ended up giving iran everything they wanted where they continue to fund their terrorist proxy organizations. they were handed straight up hundreds of millions of dollars. neil: right. >> they also had a sunset clause when it comes to the nuclear program. so this has to be something, in terms of communication, iran has to be serious about changing their behavior when it comes to the west and our allies and israel and america and we haven't seen that yet with the most recent intelligence as well. neil: we're definitely changing our posture to put a little bit of muscle into this. amber smith, thank you. >> thank you. neil: peek of corner of wall and broad, the dow dramatically pared losses.

i try not to go tick for tick what it is doing. the closest thing i can think what prompted turn around comments from treasury secretary steve mnuchin, that trade talks are off now, and chinese are heading on a jet plane and they don't know what they will be back again. he was saying that they were constructive. prompted some to think maybe it isn't all bad. when i'm looking at dow 30, among issues doing well are walmart and nike, two that have ample exposure, not only to what is going back and forth with these tariffs but, in the case of nike, the market for those goods. nike does a lot of business out there. they have both turned positive. walmart is remarkably, if you think about it, so many goods targeted for tariffs are sold in walmart. we'll obviously keep an eye on that. that could be investors way of saying maybe we'll get over this, but way too soon to tell. way too soon to tell how uber, for example will end the day, say launching as a public

company has been a bumpy ride. susan li has been there with every bump along the way. she joins from us the big board. hey, susan. reporter: neil, we're looking at the aftermath of opening trade for uber on day one at the new york stock exchange. we still have the cfo uber, citadel securities market makers for opening day on day one. we have lifted off the offer price. we're closing in on the ipo price of $45. the first trade was 42 because we had a down market, a bit of reversal at least for the big board because of optimism from the u.s. china trade talks. that also helped bring up uber shares as well. we're closing in on that $45 range. here is one important point i don't think gets enough coverage on uber's ipo is that these are single class shares. meaning for every stock and share that you own you get one

vote, right? that is usually not the case for technology companies especially with the tech unicorns that come to market in the last few years. they usually give super voting rights to the founders. like mark zuckerberg has 60% of the voting shares even though he owns less than 10% of the company. that is the not case here for uber. because of course they kicked out the founder, travis kalanick. he was here at the new york stock exchange today. didn't witness the first trade. didn't see him on the floor of the new york stock exchange but he is no longer the head of the company. i think that really changed the dynamic offering these shares at a single class, instead of reserving voter shares and majority voting rights for founders of the company. neil: it at least a democratic process. maybe a bumpy democratic ride. that is very good point. susan li in the middle of all of this. reporter: yeah. neil: people looking at this sort of story as market sentiment indicator. the biggest story in the global scheme of things what is happening on the trade front between the two biggest economic

powers on the planet. right now they have folded up, said we'll live to sort of fight and negotiate another day. blake burman on the treasury secretary steve mnuchin and others at white house including our trade representative robert lighthizer. he called the markets constructive. the markets lept on that. should they have? reporter: if you go by the tick by tick maybe but if we learned anything the last six months going tick by tick is probably not a good idea considering how massive the trade deal is both sides are trying to nail down, what we've seen especially the last week or so with the u.s. side saying this is going in a backwards direction. you saw the tweets from president trump today, saying essentially that tariffs are better for the economy than an overall trade deal with china. the meetings with the chinese side today, about two hours. the meetings yesterday about an

hour and a dinner. you add it all up, not a whole lot of discussions between the u.s. and china as the chinese delegation is set to go back home just after maybe four hours or so of talks. i'm keeping my eyes peeled, neil, on the west wing because we saw treasury secretary steve mnuchin, u.s. trade representative robert lighthizer walk in about 11.50. they came over here after yesterday's discussions to brief the president. i have not seen them walk out just yet, so it is certainly possible, a, if that meeting took place, b, it is still ongoing. as for liu he, the top representative, vice premier for china, we're told he is over at his hotel having lunch. set to get on a plane soon. so neil, when you ask should the markets have jumped at all of

this, i'm not sure there was any sort of major turn especially considering liu he, instead of coming here to the oval office to talk with president trump is at a lunch here in washington, d.c. instead. neil: i'm wondering about that. real quickly the other threat the president had was you know i'm going to put a tariff on other $325 billion worth of chinese goods. i think that would cover effectively everything we get from china. do you know whether he might do that, even today? >> well, it's a process. you just can't say tariffs i'm growing to do it, they're on the board. i don't know the exact turn around time because there is process. neil: he can say it. reporter: he can day he wants tariffs. we know from this president he likes them and he thinks they work. initially 25% on $50 billion for you know, technology-related stuff. then 10% on 200.

that 10% went up to 25%. so that is 250 basically at 25. the remaining 325 here is the rest of trade between the u.s. and china and that now president wants to use essentially, potentially as leverage but also what he says is to bring in what will amount to $100 billion a year. to the u.s. treasury. neil: we still run the massive deficits. so i don't know where that money is going. reporter: i think the cbo said yesterday 900 billion, if the president budget's going forward. the exact budget will not be implemented. it gives awe good idea we'll run close to trillion dollars deficits a long time. neil: even with the money coming in. reporter: even with it. neil: great reporting, blake, from the white house. let's go to apple see zane tankel. >> if i could take a lift look

at it, war, nobody starts a fight unless they can win it. ie, saudis going into yemen. they thought it was three-day war, three years later. united states in iraq, w felt they would carry him through the streets on his shoulders. saddam hussein. neil: throwing rose petals. >> all of that, here we are decade later. we're still fighting. i think when the president embarked on this war, it is not a violent war but it's a war that it was going to be an easy hit and a great check that box on his political view, view of him rather. but what happened was the chinese pushed back, the rationale behind i believe the president's idea was that they were a declining economy. they were week. they are teeny compared to us. all of sudden they find that they went into this war and it

is not a three-day war. it will not be carried out while people throw rose petals. here is where i see it. i think there is a lot of noise, a lot of things round-about it. let's look at it from a practical point of view. the chinese can't afford it on a long-term play. they have some runway ahead of them to fix it yet. we, the president, how many quivers, how many arrows are left in the quiver? how many hours are left in that quiver? neil: we're a few weeks away from getting the impact of the 25% hike but i cannot imagine that if americans absorb this they wouldn't get full 25%. >> of course. neil: businesses would try to cushion the blow. you can only do so much. what would it mean to business guys like you? >> huge, huge. neil: eating out as fun as it is at the margin. >> not even at the margin, it is core. we employ millions of people

across the united states. we're a huge i employer as an industry, fast-food. neil: can have corrosive effect, people might order appetizers and stick -- >> seeing erosion of the check. but having said that, i see runway in front of the president. here is my prediction. what do i know? you have all the lawyers and geniuses making these observations. neil: but you're ridiculously rich. >> neil, i love you. i'm already married. but i must tell you, must tell you in all due respect it has got to get settled. there is no ifs, ands or buts about it. neil: you do worry if it drags on, businesses like yours are hit, it has economic hit because governments don't pay this, your customers. >> president is a political animal. it drags on until it begins to impact my consumer, not the

margins, you point out, his base. neil: and everybody, right? we're not at that point. markets don't seem to think. market cost be wrong. but you never know. this guy has been in the food business and has never gained a pound. there is that oddity. by the way we're also getting word, political development that house chief who has been looking into judiciary chief, into mueller, getting him to testify apparently says robert mueller will not be testifying next week. they are negotiating. that's the latest we have. the president and white house seem to made it clear they don't want mueller to do that. doesn't look for the time-being he will. stay with us. morning. what are you doing?

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delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. neil: everything happening at breakneck pace. little earlier the trade representative's office across the street, not far from the white house. steve mnuchin and robert lighthizer discussing with the president. we don't know what happens now. we have somebody on at 4:00 p.m. eastern time. i don't know whether they have jetblue or got their own plane. they are done, regroup assess what happens now. to edward lawrence. edward, i'll ask you, what happens now. what are you hearing? >> liu he came out of meeting, that everything went well. it was going well in that meeting there. however, i

it went as many people expected. the talks were 30 minutes late, they only lasted two hours, and now the trade delegation for china is having lunch instead of last time meeting with president donald trump. the trade delegation, sources are saying that they are leaving at 4:00, so they do have a flight out of here, definite hard time. talks are over for the day according to treasury secretary steven mnuchin. what happened is the chinese backtracked on concessions they had already made, and u.s. trade representative robert lighthizer said he's not going to renegotiate things that have will be been agreed to. the former cia director said we have to stay strong when it comes to protecting intellectual property and getting the chinese to stop stealing technology. >> not provocative. we want to insure that china realizes that their actions that they take that are not acceptable to the us, that there is going to be a response. >> reporter: and the chinese

did say they're going to take countermeasures related to this, though we don't know what those will be. the chinese have already put everything that we export into china under a tariff, and they have targeted the farmers. in a series of tweets today the president had said he would use the money we have for humanitarian aid to buy our food and send that to other countries, helping out farmers. but again, an impasse in these talks and it appears that the two presidents could maybe get together and try and work this out. neil: thank you, my friend. edward lawrence outside the u.s. trade representative's office. we buy about $500 billion worth of goods more than we sell to china. they buy $100 billion from us, roughly. so you can see that they have a lot more at stake on paper than we do, but if the chinese want to respond, whether they're going to up the ante and maybe charge 25, 50% on those goods

that come into china, or, or do they explore a nuclear option where they go after their currency, further widening surpluses? or, or, or, do they sell en masse a lot of the debt that they hold of u.s. securities? a lot of possibilities here. they go from pain in the neck to real pain in the neck to the, uh-oh, guard the red butt tofnlt all right. let's go to greg on that, united capital ceo joe duran. joe, do they go the currency route? in other words, devalue their currency because $1 is 00 billion worth of imports is not shabby, but there's only so much you can respond to. >> well, i'm not sure that's the path i would take because it adds a much broader impact on the whole economy. i think what you might see is that they would attack u.s. corporations, make it harder for apple to sell any products, make

it hard for ford to sell cars. so they put pressure on the companies. the way to think about this really we've gone from a $20 billion tariff, i consider it a tax that consumers and businesses are paying, it's expanding to $50 billion. and if the trump administration expands it, we're going to go to $130 billion. that starts to really affect things, you know? it's different at 20. 50's okay, and if our president decides to really expand it, $130 billion of expanded costs? that's hard to just ignore. and i think the pressure is the president's trying to make the u.s. manufacturers question whether they should do more work with china or just work around them, and that takes longer to impact -- neil: it does take longer -- [inaudible conversations] greg, we're getting a report from bloomberg that the vice premier also said that the talks, they went fairly well.

isso you have our secretary, mnuchin, saying the talks went good, this is like my dad when he used to look at my report card, well, you haven't been left back. and that's an interesting divergence, isn't it? [laughter] obviously, he has a more dated view of what happened. what do you think of that? >> it's a bad story, neil. i mean, i'm a glass half full guy, i think like you, but it's awfully hard to see silver linings here. look, donald trump can spin better than anybody, but for him to say this was a good story for the u.s.? i mean, be serious, it's not a good story for farmers, it's not a good story for small businesses. i think this is, obviously, not a good story for the markets -- neil: but, greg, think about this, he comes back and says from the very beginning all the market averages are up about 5% on average, so devastated by the

options i've taken, look at what's happened to the markets, look what's happened on all these economic numbers that show record low unemployment rates for almost every major group including the general population. if that's a problem, it's a funny way of showing it. >> i'd just say this briefly. this could take the u.s. economy from very good to just good. we're not headed for recession, we're not headed for a growth of 1%, but it takes a real strong economy and takes the edge off. neil: all right. joe, what do you think of that? we go from very good to good in. >> i don't think -- i actually the think that market action, while it never feels good to lose 3-5%, i think it's remarkably resilient, you know? i look at the fact that we've had this huge runup, $8 billion going to uber, and, frankly, what should have been a very negative week given the runup that we've had with no

correction, and i actually feel pretty good about how modest the market reaction is seeing how far apart the two sides appear to be -- neil: just around to greg's point that maybe the market is kind of whistling past the graveyard, maybe it is refusing to see the very real possibility that, unlike prior tariffs that have been attached to a relatively small number of goods and we're at 10% anyway and most of them were absorbed by businesses and the chinese supplier to limit damage, we can't do that at 25%. that gets to be more problematic. everywhere from shampoo to processed foods, deodorant. that one scared me because i thought, well, if people stop use deodorant, that's a national crisis. your thoughts on that. not the deodorant finish. >> absolutely, it could get a lot worse. i think the markets still believe that this is a negotiating ploy and that we've got a couple of weeks, and the

president is just trying to put pressure. the thing that he has to remember is he has to give everybody a win. the chinese want to show that they won, and the u.s. wants to show that they won, and it would be helpful if he thought about how do i construct something that we can both claim that we had victory. because at the end of the day -- neil: well, i don't know if he cares about how the chinese feel or he wouldn't put them on the spot with the hiking the tariff. he was impatient, i get that, but he -- there's no way they can save face. greg, while it might have been appropriate, understandable given his frustration with the process, he might with the best of intentions have doomed himself right there. >> there's a chance that we could get really structural reforms by taking the hard line, but there's also a risk that the u.s. farm sector which is already in a recession could wind up in a depression. neil: all right are, we'll see. that might be extreme, but we'll take a look at it here.

we are getting a lot of e-mail on this. gentlemen, i want the thank you both, including one viewer, you know, who are you to second guess the prime minister of the united states -- the president of the united states? i read a prompter, i think i know. [laughter] just so you know. all right. we don't know how this is going to end up. in fact, we don't know the other big story and how uber is going to end up, one of the more attempted initial public offerings of the year. the fact that they went through with this, all the invites and the cards were made, so they had to go through with it. and it's been a bumpy ride. jerry e willis on that ride right now. >> well, that's right, neil. it's been a very bumpy ride. the biggest ride-hailing operation, as you said, below the offer price, correcting at 42. shares have moved up slightly but still not above that offer price. weaker than expected, during that hour and 20 minutes it took to open, i was standing in the

scrum with the traders. they were surprised about the lack of excitement. they were telling me things like it's a disaster, it's worse for the general market. real worries about what it could mean more generally, more broadly for markets. meanwhile, complicating the fact was the president's promise of doubling down on tariffs, 200 billion in chinese goods at 12:01 a.m. and more headlines continue. >> today is just a day so, obviously, the macro environment always impacts an ipo, and whether it's positive or negative, but uber's coming to the market for the long haul, so we're going to be looking at how does it perform over the weeks, months, years to come. >> so uber is now down 23%. big ipo of the year, other ipos, zoom up 109%, levis up

32%, lyft down 25%, and as we've been describing here, uber having a very rough ride this morning. >> thank you very, very much. we can all remember, too, how you launch doesn't mean, you know, how you do. you remember facebook soaring over $70 a share, in weeks, months ited had crumbled to $15, $16 a share if memory serves me right, and it's turned out mightily well, in the triple digits, so you just don't know. it's like catching a falling knife. which would be pape. if it was the -- painful if it was the sharp part of the knife. we're getting confirmation from the acting defense secretary that the president wants to make his permanent defense secretary, patrick shanahan. the plan has been approved for an additional $4.5 billion in

emergency funding for the border to address the urgency at the border for the second month running 100,000 migrants trying to make their way into this country. it's a separate issue, 80 more miles of wall building. patrick shanahan, who the president hopes to make his permanent defense secretary. the dow down 119 points. interest rates are tumbling down. in other words, like a half full glass of what's going on here. you typically see that interest rates, 10-year note which started the week about 2.5%, now down to 2.43, 2.44 area, so mortgages got cheaper, loans got cheaper, refinancings got cheaper. so there is that. more after this. i'm working to make each day a little sweeter.

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take your business beyond. neil: all right. the debut price was supposed to be $45, now it's around $44.50 a share. it had been a lot worse, i think at its low it was 41 and something. it's come back. it's still very early, but a lot of people are scrutinizing this not only for the future of uber on whether it's a $70 billion company or a $90 billion

company, take your pick, but what it means for ipos that are lining up like planes on a runway. let's get the read from active markets editor, we've also got the "wall street journal"'s maureen farrell. your thoughts on what you've seen thus far. it seems like it would have to close over that offering price. i guess it's not super -- >> it would the help mitigate a little bit. i mean, it's been a rough day so far. we knew since last night, you know, priced at the low end of the range which had already been reined in a bit. it was priced conservatively, it should go up. so i was down at the stock exchange this morning, and we kind of saw it ticking down, down, down -- neil: what was the concern? i mean, was it just that they -- what happened? they weren't overhyping this. they've been conservative that we might not make money. i mean, doing all the things

that would not sound froth thu. >> they were telling investors we might never make money. they said there's not really right now a plan to make money in the short term or the long term. neil: [inaudible] there's a big difference with that, you know, obviously. >> right. amazon makes tons of money, they just reinvest in the money. i'mer is losing money, really -- uber is losing money. [audio difficulty] >> the future is. we're still years away from that. neil: what does it mean for other offers that are lining up? what do you think? >> it's unclear. i think it's going to make everybody very nervous. i think everyone's going to be much more conservative so this doesn't happen going forward. but we did see, i mean, lyft has really struggled.

it's down more than 20%, it's down again today. but pinterest, zoom, all these other offerings have gone very well. neil: but it's not like the late '90s, right, and early 2000 where almost anything with a dot.com in it, they launched, they soared, they did well until we realized that, yeah, we do the like you to make money or at least are the prospect. >> yeah. but that didn't happen right away. neil: you're right. absolutely right. so this isn't that though, is it? >> this isn't that. like, just -- those were brand new companies that had a dot.com attached to them. yes, big losses, but a lot of them were very new. these still have huge losses for the most part, but they're big -- neil: i can remember some of these guys it's no longer price earnings, neil, it's price to promise. i said, well, maybe, but you need -- [laughter] >> what are you, some kind of value investor? [laughter] neil: so let's get a bigger picture, pie in the sky view of the market in general.

it's run out of, you know, almost undeterred pace since the december, you know, i don't know, crash happened, whatever you want to call it. and it's been remarkable. do you see that in the environment still being hospitable to offerings, hospitable period? >> i think the market certainly is because, look, at the end of the day, you look at the market today, it sold off at the beginning of the day and caught its footing, and now it's only down, i think, about half a percent. traders and investors don't believe that trump is serious about these tariffs even though he's put them on and is going forward with this, everyone is pricing in a good outcome. the u.s. and china will eventually come to a -- neil: the trump put -- >> exactly. neil: you buy that? >> i think there's just optimism overall. the markets are discriminating as we see lyft and uber, but i think overall, as you said, every time something bad or negative for the market seems to happen, the markets are very keen to bounce -- neil: don't you get worried when everyone says, oh, this is just

a negotiating tactic? because everyone says it. it's like, let me do it here. let's tell neil we're not going to pay him at all. [laughter] i buy it. the other anchors are paid, and it ticks me off. [laughter] >> neil, you have got to get a better agent. neil: tell me about it. but do you get a sense that the market sloughs off too much, or is that a sign of a great bull market? >> no, look, there are a lot of solid fundamentals. you talked about the trump put, there's also the powell put. jay powell has made the markets comfortable that he's going to step in and do what i9 takes. neil: i think they're dismissing this trade talk to their detriment. >> they are. and we just don't know where things are going, and the sense is when you don't know, let's pull back a little bit and then kind of keep roaring forward. it just seems to be the broader sentiment, and the fear of missing out. >> we're about to go positive right now. neil: yeah, there we go. must be the effect. guys, thank you both very much. the dow down about 38 points

right now as i look to some of the issues you would think would normally get hard on trade coming back, walmart, we're seeing dow doing well, coca-cola, nike doing well, procter & gamble. some of the issues that were taking it on the chin are managing to claw themselves back. you know, that doesn't mean that we're out of the proverbial trade woods here. in fact, for farmers, this just continues a theme that they've gotten used to, and they don't like it. the impact on all of this among farmers with jeff flock, after this. looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪

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neil: all right, we're seeing quite a remarkable comeback for the dow which had tumbled over 300 points, looking at about 1,000 point loss, would easily go down as the worst week of the year, but what has been happening has been a sort of reassessment of those trade talks or the lack of progress

even though the chinese delegation is going back. markets are seizing on this as a sign, well, they'll meet another day, and they might. you know, it's not over yet. but the delegation is heading back. we have word as well that the president has not talked to the chinese president even though yesterday he received a, quote, beautiful letter from xi jinping. but these are not beautiful times for farmers in the middle of all of this, because if you talk about a group that has directly been impacted by the 40-60 billion worth of tariffs that were already placed in effect, they were feeling it. all types of farmers, particularly those who deal in soybeans, those who deal in wheat and barley and, yeah, in pigs. pig farmers. jeff flock in the middle of all of that in illinois. hey, jeff. >> reporter: i have a man you know, neil, with me right now. by the way, this is what it looks like inside of a hog barn. brian duncan is the man you know, hog farmer, longtime

family farmer. i just got that get your reaction to today. because you were so hoping -- >> yeah. >> reporter: these retaliatory tariffs have really hammered you. >> certainly. not just from china, but mexico, canada. yeah, we were hoping today was the first domino to fall and successful conclusions to some of these trade wars. doesn't look like that's how it ended. >> reporter: if you hook at some of these prices, hog prices just in the last month, how much has that been a loss to you just in what -- because when it looked like this trade deal was not going to come off, that's when -- >> right. sunday afternoon when the tweet came out, right? and then the markets opened down on monday. so on our farm on an annualized basis, that was close to a half million dollar hit in valuation. >> reporter: half million dollar hit on what you're looking at right now. and, neil, i'll tell you, you talk about the trade deficit, the president wants to improve the trade deficit, he certainly improved -- i mean, people would

certainly agree he's improved things where it's come to steel, aluminum, manufacturing jobs. agriculture, though, has taken it on the chin. >> yeah. i think the rest of the economy has moved forward and doing well, but agriculture hasn't got to be a part of that. >> reporter: i've just got to ask you, farmers, you know, you've got a little bit of support payments. vice president pence yesterday -- >> yes. >> reporter: -- said we could be looking at more of that. the president today tweeted, hey, maybe we'll buy your product and send it overseas as a humanitarian effort. can that really happen? >> well, i think those would be short-term solutions, but agriculture's going to need something, jeff. and the vice president made those words last night, and i know farmers wouldn't be, are not happy about taking government assistance. we'd rather get our dollars from the marketplace, but the reality is we've got bills to pay. >> reporter: yeah. >> and we're casualties of a war that we didn't start. >> reporter: casualties of a war you didn't start. and, by the way, if you walk in a pen, neil, the pigs will eat

your feet. just fyi, not to end on too light a note, because it's not light times here, but just fyi. neil: all right. well, i probably don't plan on doing that, but thanks >> good reporting, as usual. looking at this trade situation were looking more about the markets, for counts on any little piece of information, even if it is kind of iffy. there is a story right now of china's global times, energy and chief saying, the two sides have agreed to meet again in beijing, in the future. again, this confirms other sporadic reporting we have been receiving, even from the vice premier who said the talks went fairly well. fairly well could mean a lot to a lot of people, including, they didn't go up the charts well.

but, if you are looking for a good stamp on things, that's enough to at least ease the selling. that would be the case and help the very issues. but, a great exposure to china, a lot at stake in this. many which have come back. i'm talking about coca-cola, procter & gamble down. microsoft. i would argue 3m and mcdonald's in that camp, but it's not happening will we are down virtually every stock. that was my quick read on that. probably wrong, but i always get a kick out of how people pounce on these little things. i'm passing on the little things. commerce global and christopher is with me right now. christopher, the one thing that i noticed in the global markets is dealing with the presence of ships in the middle east and the u.s. what seems to be quite a few of them and stopping them

and that's what stopping north korean cargo ships. i'm shocked they're just shrugging. what he think? >> good afternoon, neil. happy friday. i think the stability in the market that you talked about is directly indicative of the u.s. being able to bring so much production online and frankly the rest of the world being able to follow suit. >> so, play it out for me. you have made a case when oil was falling and the talks suddenly look like they were dicey when the president was promising to slap on a 25% tax which is good or bad, that would lead to a slow down. oil goes down. , but not to the degree you would think. so, what is going on? >> it is possible, only time will tell what the macro impacts are. right now, everyone is forecasting slightly more demand than there is supply over the next few months.

that is keeping market stable. even while we see iranian crude coming of the market and more venezuelan crude coming of the market, this audis are increasing production and obviously we are seeing increased production in the u.s. which is stabilizing everything. neil: and a matter of his supply and demand there is more supply than demand. >> absolutely. obviously we can see global economic slowdown if these tree tensions continue. and that would have a direct impact on that demand. but, right now everything is pretty stable. more than anything, we have to think the u.s. producers who have brought the technology to bear to make it a global energy powerhouse. >> what are we now? 12 million barrels a day question worked. >> about two and half that is being exported. >> all right. good seeing you. have a good weekend. >> thanks, neil. neil: were finding out more

about this north korean second missile launch. it's more involved. there may have been more than just one missile or projectile. so, how do you deal with that? at fidelity it's just $4.95 per online u.s. equity trade. ♪ ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. thank you. there is reward. beyond the classroom... there is inspiration. ♪ ♪ beyond work and life... who else could he be? that's what i say. there is the moment. (laughing) beyond despair... there is hope. ♪ ♪ stay safe. i love you mom.

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>> the dow is down about 42 points. we have been down about north of 300. bottom line, were down a lot more. what is change that? could it be different sentiments on what happened today and trade talks that are of at least for today. edward lawrence with more on that. >> neil, maybe the object instead of being at the white house instead sitting in the oval office he went to lunch at the willard after this, our producers says the vice premier told her the talks today went very well in his words adding

also that the talks will continue at some point in the future. so there will be talks in the future. it's unclear how the delegations will go forward after these. the chinese are preparing to leave now, they're getting ready to get on the bus and go to the airport and leave the country. they do have a flight at 4:00 p.m. back to china. again, u.s. trade representative office is trying to figure out how to go forward with this. as of right now the tariffs are on for the goods coming in at $200 billion for the chinese goods. >> back to. >> no response for retaliatory action yet, although they promise they're coming. >> as you have been reporting, they basically have turfed everything that the u.s. experts into china at this point. there's some nontariff measures more raising tariffs on certain items but the chinese do while that they will have necessary countermeasures. they have just said at this point in statements that they

would like for the u.s. to meet them halfway and work together for mutual benefit agreement. however, will have to wait and see what those countermeasures are. >> thank you. outside the u.s. trade representative office let's go to the former ambassador to the united nations on what happens now. it's good to have you. if you had to be a betting man, and you know the chinese have promised a retaliatory response, do you expect them to make good on that? >> not yet. here's my guess. my guess is that the vice premier will probably reach the limit of his instructions. he might be on a pretty tight leash and he is got to go back to fresh instructions. we put a proposal to them. i would guess without having been privy to the actual talks, that the ball is in the chinese court, he has run out of any room that he had left in his

negotiating instruction. he has to go home and get fresh instructions. i think it gives the chinese a chance to review the situation and decide how they want to move next in regard to our proposals. >> can they do that on the phone? >> well, this is a very serious matter. i think they want time. they may want to do this face-to-face. as i said, this is just an educated guess. in any case, i think the administration has giving them a little bit of leeway by the announcement that apparently the new tariffs that went into force as of midnight last night won't actually be implemented for any products that arrive until jun june 1. >> they are in transit.

it does buy them a little wiggle room. i'm curious what you make of what china could do. there has been a concern that they will try to devalue their currency, but that would only be upping the ante and making the whole ordeal even less likely. what are their options? >> i think the best thing for them to do would be to find a way to accommodate our request which i don't think are that on reasonable. some involve a medium or longer-term structural changes regarding conditions about tech transfer for foreign direct investment and so forth. but, they can take steps in the right direction. and, i do get a sense that the body language at least coming out of the administration seems to be that we are in a

manageable situation, we are not in crisis mode. but, we are obviously cutting it very close. >> you're right. i'm always amazed how markets hold up through developments, not only with the china thing which is depending on the senate or lack thereof, but even through what's been going on with venezuela and seen a couple of ships with oil on it and trying to make sure they didn't get to cuba, separately seizing a vessel bound for north korea that had coal on it. with sanctions in effect, and all of this on the heels of reports that the lead dismissal or projectile tests, whatever they were calling it actually involved three different projectiles in three different missiles. i don't know the distinctions. so, what you make of that. >> great question.

first point, there are bandwidth issues for any administration. there is a limit to how many different crises or difficult situations you can manage at any given time. so, that could be a cause of concern. sometimes when something is on one side you want to try to find a way to parking issue on another side. something like that, but with regard to north korea, to me the way i read this is that the whole history of those talks since early 1990s has tended to be one step forward two steps back. we've never really made progress. meanwhile, the starting to build up quite a nuclear arsenal and have tested quite a few missiles of all kinds, short range and longer-range missiles. so, this is not good. i take this as a bad sign and were not in a good place vis-à-vis north korea at the

moment. >> are you surprised the president, essentially there's to use such tests in less than a week that he hasn't just come out crazy, angry, furious, his response has been very tepid. >> i don't know how to read that exactly. meal, i would go back to my point about issue management, if you have problems with iran, you're sending aircraft carriers to that part of the world, you have a really hot crisis, i mean really active situation in venezuela, and then you got the chinese talks, maybe he just doesn't want to have four dishes on the stove. >> or, it could be his critics will say you should've met with the guy in the first place. and certainly in the second place and now he's trying to zoom in on the global stage.

maybe it could be a matter say look, i tried everything and i failed, or the other guy failed me and it's off. >> believe me, even for their president, these issues take time. you don't just make decisions off the top of your head. if you take venezuela, iran, venezuela china, not to mention whatever domestic preoccupations you may have, i've worked with presidents on these questions and it absorbs maybe not as much of their time as secretary of state or secretary of defense but still it isn't just a piece of cake. >> no, you're always called with any prez crisis you been dealing with. >> reporter: have a safe weekend. i was good to see you. neil: let's take another big p get -- they been lining up and

putting them on the runway. this one launched at 45, we got down to just under 42. now at 4434. it could be worse. in fact, was. little over two hours when the market closes, then what will it be? you could say the dow is down 44, have been down over 300. what happens at 4:00 p.m. eastern time? heading into retirement you want to follow your passions rather than worry about how to pay for long-term care. brighthouse smartcare℠ is a hybrid life insurance and long-term care product.

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>> mentioned we were mildly positive for a while. were down a little over a point right now. have been down 300 points. uber is another story but it's crawling its way back from an awful debut in the first few minutes. -- is there. how's it going right now. >> so, we are closing in, we came back to $45 that was the ipo offer price. it's been a tough market. we were down more than 300 points. it has lifted after the mnuchin comments that may be trade talks are going better than expected. it has brought up hoover shares as well. we debuted at $42. three dollars below the offer

price. people came to the realization of looking at financials. uber has the distinction of having the biggest loss for any public company. selling shares on the market. so achieving a profitability may not happen. in their business model is contingent on the fact there their drivers need to be classified as contractors and not employees. of course we have that uber driver strike earlier this week that wanted higher wages and more benefits. so that all came to mind for investors when looking at this especially with lift. one saving grace for uber is they price more conservatively. some say they wanted to leave more on the table for investors. their trading below the offer price maybe that's a little disappointment for those who hope to make bigger gains on the first day. neil: thank you. it's still trading under in the offering price. a lot of the insiders and i'm talking about the key initial

advice i'm talking about -- who got them for pennies a share. one penny a share. so you can do the math on that. in the meantime, were getting word that the house democratic judiciary chair, jerry nadler is saying that robert mueller will not be testifying next week. so much to go into there. on any other day these would be market-leading, intriguing stories, hinting of the so-called constitutional crisis. he said were in the middle of it. adams on all of that. where is this going? >> this is going to go straight into 2020 and past. >> is going to be something they'll be playing with. it resonates with the democratic base. this, the word obsession gets thrown around a lot, i don't think that's unfair at this point. >> not everyone expected mueller to testify anyway. it might be more wiggle room i

guess if he were to leave government altogether he would be a private citizen, he could then, is there any talk are you hearing any talk that he just might? >> no. that's one of the beauties of the mueller report. one of the few bright spots for the few years it went on, he had discipline, tight lips and he has then and he is no reason that he wants to change that. he hasn't talked much. he doesn't talk. you look at that considering some other directors who stepped out like james comey, he frankly can't shut up. neil: there is that. one thing i'm curious about, where is this all going? i have a feeling if the democrats are intent on intent on getting impeachment hearings going then people have no choice but to testify, but they're not doing that. then, you hear reports i'm not how it sure how true they are that all the fuss over the release of the report itself and

yet, on the issue of whether your obstructing justice, 98% plus of that report is out there, so, i'm wondering, is this all just political theater? >> one thing i'm reminded of playing around with obama care for several years, it was a huge issue didn't do well for the basin and they got for two separate midterm cycles. >> this feels like that. talk about impeachment but you do have house speaker, nancy pelosi who has been clear even before she got the gavel back a serious issue in pursuit will it's ugly, messy and the last time it happened it didn't wells tran and so well for republicans. i think, this is something that's great for fundraising and it goes over with the base come a lot. whether or not they follow through, i don't know. if members of congress to want their power and authority to

issue subpoenas, they can't stonewall that. it does feel more like political theater than anything else. >> thank you. neil: beckett with the "washington journal". still looking like the worst week of 20 nineteen. . . right. actually, you're still at risk for a fatal heart attack or stroke. even if i'm taking heart medicine, like statins or blood thinners? yep! that's why i asked my doctor what else i could do... she told me about jardiance. that's right. jardiance significantly reduces the risk of dying from a cardiovascular event for adults who have type 2 diabetes and known heart disease. that's why the american diabetes association recommends the active ingredient in jardiance.

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directly impact retailers, directly impact you, walmart chief of them. walmart is doing just fine. among issues directly affected by this doing fine. the company's former president, ceo, bill simon joins me on my saturday show tomorrow, fox news. watch out for that. here charles. charles: good afternoon. i'm charles payne. this is making money. breaking right now, stocks all over the place. right now we're experiencing a pretty big rebound after being down 400 dow points. traders are disappointed the trade talks failed at least so far. the new round of tariffs went into effect in midnight. optimism seems to be order of the day. talks wrapped up late this morning. both side smiling saying things went fairly well. we'll have more in a moment on that. also today the biggest ipo of the year uber is officially trading. the first trade was below the ipo price and now investors are wonder should