lou: good evening, everybody. since taking office president trump has fought the end the years of chinese theft, trade imbalances and deficits that are hurt the american economy and worker. the president has tried no good faith to work out a trade deal with china places tariffs on chinese goods when the chinese slow-walk those negotiations. yet today despite the president's warning against retaliatory tariffs, china announced it would raise tariffs on u.s. goods. president trump saying he's not concerned with china's retaliation. >> we're in a very strong position, our economy has been

very powerful, theirs has not been. we've gone up a lot since our great election in 2016. and if you look at the numbers, they've gone down quite a bit. if you look at what we've done, we've never taken in ten cents until i got elected now we're take in billions. there can be retall baitio retat can't be substantial by con pairson. lou: tonight an in-depth look at the impact of the u.s.-china trade dispute, the relationship and its possible future. and certainly the impact that those trade deficits have had on the u.s. economy over just the last 20 years. it is stunning. economist john long sci of moody's joining us tonight. the political attacks against president trump rage on. president trump slahe recent rhetoric of the radical dimms. the radical dimms claim we're in

a constitutio if so it is the result of the deep state conspiracy to overthrow the presidency of donald trump. the radical dimms have become the party of hate an. we take all of that up with tom finton, sidney powell, corey lewandowski here tonight. a sell jowoff on wall street today, encouraged as they campaigned against the president's trade policies to reduce the deficits that have stripped trillions of dollars from u.s. economic growth over the past two decades. and indeed, volatility is good for the firms that trade both up and down with the market. and volatility we had today after trade talks broke down and china announced it's placing tariffs on $60 billion of u.s. goods beginning june 1st.

president trump today warned china against that retaliation. he remains confident, obviously so in the position the united states holds in that battle with china. ed lawrence in washington tonight with the story. ed. >> yeah, lou, president donald trump saying he will meet with president xi jinping at the g-20 next month. the two presidents since the tariffs have gone up have not spoken on the phone. and chinese are going from, in some cases 5% to 10%, 20%, even 25%, everything from frozen fruit to canned peanut and soda. today the president says he's going to protect farmers. >> china will be retaliating probably to a certain extent against our farmers. we're going to take the highest year, the biggest purchase that china has ever made with our

farmers, which is about $15 billion, and do something reciprocal to our farmers so our farmer consist do well. >> and the u.s. has become reliant on chinese imports. we've imported $539 billion of stuff in 2018. a lot of the computer and electronics, some $186.5 billion worth. the president says china backtracked on a trade agreement. that was 95% finished. former vice president joe biden who recently said china is not a threat says that chai noo's greatest violation is they steal intellectual property. he thinks we should do a quick quid pro quo. >> here's the deal. you say anything has to be owned 50% by chinese to invest in china, guess what, in america same thing. the idea of deal -- the only people paying the price are farmers and working people right now. he's going about it automatic of the wrong way.

a lot of bravado and no action. >> in addition to the action that the president has taken raising the tariffs to 25%, the u.s. trade representative today announced the list of items that would be under a 25% tariff, $300 billion worth. this is everything else basically china imports into the united states. on june 17th there will be a public hearing related to this. at any point after the public hearing and the report is finished, the u.s. could place a 25% tariff on anything. lou: that would be a foundation for the u.s. treasury, 25% prifs on what woultariffs, about $550n chinese good. about 150 billion in the treasury. that's not too bad. >> you're exactly right. and in addition, it places the timing around the g-20 summit. the president will have that in their tank to use if he wants to

when he meets with president xi that's when it looks like the timing is. lou: i think he has a fuel economic financial and international trade arsenal at his disposal. ed, it's goings to b going to ba meeting should it occur between the two. joining us tonight with reaction to this market performance, the wall street attitude toward both the president, his trade policies and these tariffs as well as china's well retall nation, chief economist bill lee joins us. good to see you. an john long sci, chief economist and managing director at moody's. $60 billion of retaliation and 600-point selloff in the market. i'm not being cynical but i'm also not ignoring 30 years of experience. it look to me that wall street has been encouraging precisely

the results they got today. >> the jel selloff as gotten aw. the selloff since this began friday, may 3rd is between 1 1.4 and $1.5 trillion. this is all out of whack. lou: john is making a great point here. $60 billion in retaliatory tariffs and wall street goes nuts. >> a lot of the volatility amp amplified by machines. but the wall street trader is smart enough to see the opportunities there. google and domestic producers are going to dell well. lou: bill, you find opportunity in every direction. that's one of the reasons we like you so much. but they can pull the plugs on

those machines and i often think they're nothing more than -- well, a rationalization for what wall street wants to do. this is deplorable what -- as peter tha navarro put it, enregistered agents on wall street behaving as they do, taking the china point of view against the president and his efforts to balance trade to create reciprocal relationships and to bring back -- have we got that full screen to kno show, wt this cost the united states in economic growth over the last 20 years, the deficits with china. do we have that? we're getting it, i'm told. while we're waiting to get that -- well, there it is. this is the u.s.-china trade

deficit, which is $83 billion in 2001, it's risen to 419 billion, 500% increase. and over that time it's 4 1/2 trillion dollars stripped out of the economic growth. we have paid consultants saying it's a zero sum game. no problem. if it weren't for president trump -- and you don't have to comment on this, but feel free to do so. if it wasn't for president trump this nonsense would still be rolling. >> it would eventually come to the forefront, this would become a mayoa major political issue ad could lead to further radicalization of some of the people who are working class, upset about the situation. it's a good thing that trump shed some light on this. let's not forget the fact that somebody is being hurt by this $4.5 trillion cumulative trade

deficit with china. i'm not getting hurt, you're not getting hurt. it would be people in the manufacturing sector that were harmed. perhaps people from agriculture and so on. >> lou, let me add one thing. i am sot sick and tired of saying it's the american consumer paying for the tariffs. it's the importers of the goods paying the tariffs. more importantly the him porters are going to -- lou: can i interrupt you for a second. >> back to the chinese, not the consumer. lou: this is such an important point. if you will break that down one more time, we again at the begin beginning for our viewers. we're watching some of the business press in this country, the political press, the left-wing immediate yab w mediae spewing such nonsense about tariffs. what you're saying needs to be underlined. >> it's the importer of the chinese goods that has to pay

the tariffs. if irs firsthe first thing theyo do is where can i find the stuff at a cheaper price somewhere else. if he can't do that, he knows he can't raise the price on the american consumer because the american consumer switched to another good. he's going to push the tariff increase back on the chinese producer. and that's what president trump means the chinese are paying the bill. the chinese import esh ander and manufacturer. the american consumer is not stupid. he's going to say i want something cheaper. so the competitive forces are going to force a lot of the -- lou: free markets work, right? >> and let's not forget, ever since we've had a trade crisis with china began a year ago, june of 2018, we have consumer electronics price deflation. core price index went down from

2% to 1.6%. so tariffs really did nothing visible in adding to inflation. inflation went down. >> the one important thing that tariffs did was to change the supply chain. what president trump is trying to do is use bilateral tariffs to change bilateral supply chains. that's the strategy. it's shifting the burden on to our friends and putting the price on china. lou: let me play the role of mediator here because you're both right on this issue. and the president is driving us towards balanced trade which is healthy to the world economy but most importantly america. and we're seeing alternatives now as a result of these tariffs. and as bill was pointing out, we're looking at supply chains for u.s. companies moving from

china, they're moving principally to southeast asia but also coming back to the united states. the process that's begun is already harrowing and unnerving china. and china's economy is much more fragile while ours is far stronger than -- the president, i don't think was too far wrong when he says it's the greatest economy ever. we're looking at 3.6% unemployment in this country, 3.2% growth, my gosh. and look at the jobs that are being created. >> you're right. what is it, we have more than a million more job opening. i think the unemployment rate is going to keep on going lower. lou: advice to investors who may have been unnerved by this little wall street inspired selloff today. >> one other thing about china. the tariffs are are doing something positive in china.

it's promoting the private sector in the domestic economy. give xi jinping a powerhouse of forces to go against the old guard there and that's what we're trying to do. lou: appreciate the perspective. >> hold, don't sell, don't panic. this storm will pass quickly enough. lou: and you know what? as soon as wall street firms understand what country they're in and whose interest they should be pursuing, that is of the nation and this president, the sooner we'll see exactly that. reason and value prevail. bill lee, thank you very much. thank you gentlemen for the tutorial as well. up next, radical dimms like adam schiff trying to hide the attempted overthrow of the trump presidency by the radical dimms and left-wing national media. did i mention the deep state? i've got to mention the deep state. we a take all of that up with tom finton next.

plus, tom homan gins us next with more on the southern border. we'll have that and much more after these quick messages. please stay with us. lou: breaking news tonight.

an unnamed u.s. official saying

an initial assessment suggests that iran or iran-backed proxies were responsible for the sabotage of four tanker ships off of the coast of the united arab emirates. the official says each ship has a five to ten-foot hole in it near or below the water line. the hole is believed to be caused by explosive charges. the report comes obviously between te tea deteriorating relationships between the u.s. and iran and b-52 task force to the region. desperate dimms continue unravel in the wake of the mueller report. house intelligence committee chairman adam schiff spends a lot of his time unraveling says he'.>> look, we are going to hao

consider other remedies like inherent contempt where if the courts take too long we use our only judicial process within the congress. and i think if you fine someone 25,000 dollars a day to their person, until they comply, it gets their attention. lou: he is one of the most awful awful congress people i will ever seen or heard. and i've been around a long time. but he is repulsive. joining us tonight, judicial watch president tom fitton. great to have you with us. you stand in counter point obviously to adam schiff. i'm sorry for having you in the proximity of our production tonight. great too see you. your thoughts about adam schiff and what in the world does he think he's doing? >> adam schiff should not be chair of the intelligence committee. we had asked the ethics committee to investigate his improper disclosure of classified information and then he had illicit contacts with

witnesses. two pending ethics complaints. and someone with that level of ethical malpractice should not be trusted with classified information. and him threatening to jail his political opponents -- this isa political process and he's talking about fining and jailing his political opponents show you where his head is at. and schiff is one of the to thep ofenders. he's obviously been working with fusion gps. he's been on the scam -- i don't say that lightry. he'lightly.he's one of the polis that's lied repeatedly about russia and donald trump. you can't that that about a lot of politicians believe it or not bubecause they're usually carefl about lying. but he needs to be held

accountable for it. lou: he's abhorrent. and you know what, it rise to the same level of an abhorrent is nancy pelosi, leaving him in that position, along with a number of other names that we'll get to later in the broadcast. i want to turn to what judicial watch is doing, uncoving uncoveg documents clearly that the white house knew about the clinton e-mail scandal, knew about it quite early, as early as 2012. that's remarblable. >remarkable.>> another group ase clinton e-mail and they were lied to by the state department saying there was nothing there. and it turns out that whole process in responding to that foia request with a lie involved the obama white house counsel's office. and they were using their guidance evidently to respond. so once again, you've got the obama white house tied to the

lies told to the american people about hillary clinton's e-mail. and that's why you can bet that she was never prosecuted. because to prosecute hillary clinton meant bring in the obama white house into the criminal conspiracy. lou: and right now we're looking at the real prospect of actually getting to the truth of the origins of the witch hunt, this effort, this conspiracy to overthrow the president of the united states, which began while he was a ca candidate. your thoughts now on the reality that we'll see a hard-nosed investigation producing real results with grand juries and real accountability. >> well, to have grand juries that would be a pleasant surprise. and attorney general barr committed to doing an investigation. an investigation doesn't mean an administrative inquiry. it means impaneling grand

juries. if i were the president i would not rely on the justice department to get it done, even if attorney general barr wants to do the right thing. and certainly the fbi is being mismanaged by director wray in terms of his outrageous defense of the indefensible in terms of the spying on president trump and other misconduct. the president should start releasing all of these key documents that everyone is talking about. he can do it through executive power. he can appoint a transparency czar and cut through it all. he can't rely on the agency to do the right thing here. and if nay do the right thing that would be great but it's good to have other information out there. lou: tom, great to have you with us. thanks ff see you soon. tom fitton. russell wilson recently became the highest paid nfl player and he celebrated mother's day in a fabulous and surprising way, surprising his

mother, giving her the key to a brand-new house. watch as he does so. >> key to your house. the key to your house. lou: now there's a mother's day present not to ever be -- well i guess it could be outdow outdont not soon. don't we all wish we could keep up with russell wilson. very classy, very generous, very wonderful. up next, a massive influkesf illegal immigrants. sit a national emergency. the radical dimms refuse to ak nomacknowledge that. we'll be talking with former

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lou: stunning new figures tonight from the u.s. mexico border. arrests a the the border have surpassed the half million mark so far. in fiscal year 2019 for some perspective there were 397 thowks apprehensions in all of fiscal year 2018. joining us tonight, tom homan, fox business contributor. great to have you with us. let's just start with the level of the problem. the president has declared a national emergency. it is obviously that. it is a border crisis by any definition. and the radical dimms have chosen to go into 2020 in that election absolutely turning their backs on the national interest and the integrity of our borders. >> exactly right.

look, the numbers you see on the border right now, as you know, i've done this 34 years, these numbers are unprecedented. i've never seen anything this bad in any entire career. and the only one that's been right on this issue from the beginning is president trump. even before he was president i watched him give his immigration speech in goan arizona. he was right on the money. but the democrats, 2020 is more important to them, to embarrass the president and resist the president is more important to them. lou: they're scared to death to help him secure the border, scared to death to put up the wall, they're scared to death to acknowledge it's a national emergency because that means they've been lying through their teeth for years and have been irresponsible for even more years. >> and he can fix this. look, i've said many times, i worked for six presidents starting with ronald reagan.

i respect them all. this president not only talked the talked, he's walking the walk. if congress would fix the loopholes and stay out of the way, this president can secure the border for the first time in my lifetime. lou: the ninth circuit supporting the president and the remaining mexico policy of this president is now in effect and i don't see a great energy around that development over the course of the past week. it's a remarkable, remarkable decision that i think should be energizing and animating the department of homeland security. >> look, i believe you. i was shocked by that decision of the ninth circuit. one out of a thousand. i don't think the number numbere big enough right now. but there's a lot of things that the agencies that report to the president can do, not count on

congress within not counting on the courts but operationally what can we do to get the numbers on the borders down. the judges, forget about the backlog. send every judge to the southern border, have them deal with the cases going across the border now. last in, first out. deal with them. lou: move the judge to the bored itself. >> absolutely. lou: that's a brilliant idea. >> and we need the central americans to have their due process at great taxpayer expense and a federal judge ordered them removed. if the orders don't mean anything, there's in integrity in the system. it works four years ago, it will work now. lou: what about immigration and customs enforcement. >> i increased workforce by 400%. increase it again. if they can't get a job, they're not going to come. that's the thing about sanctuary cities. when you promise sanctuary from law enforcement, offer them free education, driver's license, in-state tuition, free medical care in new york, when you offer

these things up, you entice them. that's why i'm so angry about the democratic leadership. they support all of the policies. immigration surge is going to get worse unless we take action. lou: how many people do you estimate are in this country illegally but under deportation orders that haven't been enforce snd. >> wheenforced? >> when i left i.c.e. we had 500,000. now i know right now there's like 200,000 family units with final orders. get them on a plane, send them hope. right now central america is sitting back -- they're not seeing anybody coming home. 90% lose their case but no one is coming home. why would they stop coming. we've got to enforce the law. you can't count on congress or the ninth circuit. do what we can within the boundaries of the law, show them is a consequence to violating the sovereignty this country and

our laws. lou: remove incentives for ill lylillegal immigration. >> e-verify. forgod's sake. lou: good to have you with us. appreciate it. >> thanks for having me. lou: other headlines tonight, a new report reveals a police car driving new york city mayor bill deblasio to abevent in 2015 was travel in the exact wrong direction when it plow into a truck. text messages related to the incident also shows the mayor's office wanted details of the incident, well, covered up. and chinese billionaire and alibaba owner says his employees should be having sex marathon to mirror the company's intense workweeks. he expects employee to work 9 a.m. to 9 p.m. six days a week. you won't often hear a ceo

making such recommendations. six rare bald eagles have been killed in maryland in the past few weeks. we're coming up with with much we're coming up with with much much ♪ ♪ ♪ ♪ ♪

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congresswoman under fire again for her outrageous comments,

anti-semitic comments this time about the holocaust. >> you know, it's kind of a calming feeling i always tell folks when i think of the holocaust and the tragedy of the holocaust and the fact that it was my ancestors, palestinians who lost their land and some lost their lives, all of it was in the name of trying to create a safe haven for jews. lou: among those supporting her, congresswoman ill hand omar ilhd senator bernie sanders. joining us tonight, author cory lecoreylewandowski. great to have you with us. leet's start witlet's start witf things. i talked at the top of the forecast with two terrific folks, economists, about the trump tariffs. and they -- they're setting goldman actiogoldman sachs stra.

this president has to educate the american people, has to explain to all of the lobbies, the chamber of commerce, the business round table, the koch brothers and all of the wall street firmts, as firms, as i s the way it's going to be because he's here to represent the american people. i don't think everyone could say that a president has done this since reagan, focus on fundamental american values and interests. >> this president is standing up for the people who work in main street and middle america and doesn't care about the people who work on wall street. the wall street globalists care about a free trade with china because it's more money in their pocketbooks. what we're going to have the opportunity to do is look back on the success of this amendment and thank this president for putting america first, leveling the playing field. because for 30 years china has

been eating our lrnlg. you put the numbers on our screen earlier of what the deafcy was in 2001 and where it is today. from 80 billion to 400-plus billion. lou: you were watching. >> of course! and lou, if this president didn't stand up, in ten more years it would be a trillion years. lou: it would be game over. >> of course it would be. lou: if this president has not been elected in 2016 it would be over because hillary would be perpetuating the same obama policies. did you hear joe biden today say that this president is all talk and no action when it comes to international trade? i mean i'm waiting for his head to explode when he says things like that. he is just -- it is bizarre whan eight years of deficits under his boss and our president, former president barack obama? >> growing deficits lou, year after year under the obama

administration. what we're finally seeing is america fighting back, putting america first, giving tus level playing field that we deserve to compete in the global marketplace. joe never did that, never implemented a fair trade agreement. that wasn't the obama plan. lou: because i like you i'm going to give you a campaign slogan. you might want to pass it along to the campaign. here we go. this is from joe biden. i'll admit it. i'm not being original here. but then again never r neither is joe biden. here we go. >> i want to restore the sowm of thisoul ofthis country. i want to rebuild the backbone in this country. bringing everybody along, the middle glass. and i want to unite the country. lou: does that program sound familiar? >> lou, it's so funny to me that we're living in revisionist history. for eight years obama did nothing for the middle class,

nothing to grow the economy, nothing to ficts our trade problems, nothing to ask our friends and adversaries across the world when it's necessary. when we have a problem, barack obama drew a red line in the sand and they walked over it. when it ca came to our allies, e never asked them to pay dme more. this president called out the allies, put them on notice and warned the enemies we're not to be trifled with. lou: if there's any confusion, we're talking about those tariffs and wall street reacts. it's very simple. wall street firms are getting a substantial percentage, perhaps as high as 40% of their business one way or another from china. so they do have a little conflict there that they have to deal with. and sometimes they don't do well with handling that conflict. the president, fortunately does. corey, goods to see you.

appreciate it. an update from the entertainment world. we like to be hip and pop culturist. "empire" will end after its sixth season. they also say there's no plan to bring back jussie smollett. and the new warner brothers movie nearly toppling marvels "avengers end game ." domestic total $723 million. that's strong. uncoveing one of the biggest abuses of power in history perpetrated by comey, mccabe, brennon, clapper and all. we take that up after the break we take that up after the break with former federal prosecutor

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commerce committee banning four firms. four trying to produce commodities from the united states trying to support iran's military program. the other two firms trying to deliver controlled technology to china to the pem's liberation

army. house intelligence committee john radcliffe says the deep state should be worried about attorney general barr's investigation into the origins of the russia witch hunt. >> the attorney general bill barr who has pledged to to get to the bottom of a trump-russia coconspiracy that doesn't make sense. comey and brennon and clapper, folks in the media none of them were telling the truth. lou: joining us tonight the talk about exactly that, former federal prosecutor and best selling author, sidney powell. great to have you with us. ed a john radcliffe said, this is an attorney general who obviously means business. how soon can we expect to see something material, in your opinion, about the origins and real consequences, real accountability for those who

perpetrated this conspiracy to overthrow the president? >> i think it's going to start with the inspector general's first report on the leaks with respect to probably mr. comey and others in the fbi within the next few weeks. and then the massive report on the fisa abuses, i think the attorney general said to expect by the end of june at the latest. those are going to be blockbuster reports and they would expect that they're not going to be as tamped down as the prior report of the inspector general was by people inside the department of justice. i think these are going to be doozies. lou: doozies, i like that. and john hoover, just to bring up a name that doesn't get mentioned often, also himself a special counsel, he's floating out there in the cosmos. do you think he's been brought to ground by this attorney general given a specific way to move forward and soob?

>soon?>> i certainly hope so. whatever mr. hoover has been doing has been so quiet we really didn't know anything about it. of course if he's doing a proper investigation, that's certainly the way the do it. it doesn't leave us with much information to surmise anything from. lou: and christopher wray, this nonsense that he started the other day in front of the senate appropriations committee, arguing with the attorney general about the use of the word spying. he's become an irksome fellow. he is arrogant, elitist and not apparently very bright. and he seems to be covering up rather than leading a charge to bring the fbi back to its storied status. >> well, the very fact that he tried and he did classify some of the recent information only recently -- lou: he got the heck slapped out

of him, too, didn't he? >> yes, he did. he was andrew wise marn's supervisoman'ssupervisor in thef justice when mr. wiseman was doing his worst, hiding evidence, making up crimes aneverything else on the task force. and he was also a friend of comey and miller. lou: first he helped kill arthur anderson and for that there's a special place reserved for him in, again, another place. >> exactly. he's part of the problem, i fear. and he brought into the fbi's general counsel who is one of the people who signed one of the invalid fisa applications. applications raise all sorts of questions. turns out to be one of the heroes of the piece. one of the few people whose name, from the justice department and the fbi, actually exhibits integrity and, to me, a

real stand-up performance in her job. >> yes, i agree. and hopefully when we see the inspector general's report we'll see more of those people in the department and the fbi as well. lou: good. well that would be nice to see them. because they've been frankly overwhelmed by events. and. >> yes. lou: -- not given the notice and attention that they certainly deserve standing up to the corruption and the ignorance of what has become the fbi under the last several directors. sidney powell, thanks for being with us. appreciate it. stay with us. >> thank you, lou. lou: stay with us. we're coming right back. real quick.

lou: on wall street, it was quite a selloff. the dow down 617 points, the s&p losing 70 points. the nasdaq down 270 points. volume on the big board, 3.8 billion shares. and over the past six sessions, the market itself has dropped $1.5 trillion in market cap. crude oil today flat, gold and silver flat. we say that a lot about these commodities of late. the supreme court ruling a group iphone users can sue apple. the users claim the apple app store is a monopoly violating u.s. antitrust rules. their lawsuit goes on.

and a reminder, listen to my reports three times a day coast to coast on the salem radio network. house intelligence committee chairman adam schiff threatening $25,000-a-day fines for trump associates fighting subpoenas. judicial watch president tom fitton said tonight it's sniff who needs to be -- it's schiff who needs to be held accountable. >> schiff is one of the top offenders in terms of the illicit targeting of president trump. he's obviously been working with fusion gps. he's been on the scam. and i don't say this lightly, lou, because he's one of these politicians who have lied repeatedly about russia and donald trump. lou: arrests at the border now surpassing the half million mark already. for perspective, just about 400,000 apprehensions in all of the last fiscal year. that's it for us tonight, and we thank you for being with us.

"the wall street journal"'s james freeman, congressman andy biggs among our guests tomorrow. follow me on twitter@@loudobbs like me on facebook, follow me on instagram at lou dobbs lauren: here are your market movers at 5:00 a.m. stocks rocked as the trade war intensifies, china firing back with tariffs on $60 billion worth of u.s. goods. but president trump says we're right where we want to be and things could get even better. he's set to meet with the chinese president next month at the g-20. while you were sleeping, the u.s. was weighing options in iran that could involve hundreds of thousands of boots on the ground. we have the latest. socialism versus capitalism takes center stage in the 2020 presidential race. we're asking can the u.s. afford socialism. what would a bettery sanders president -- bernie