the location is set to open this fall. >> this is great. it will be just as awkward as the video we used for the story. [laughter] >> terrific. i love awkward. >> that does it for us. >> thanks for joining us. bulls & bears starts right now. >> -- people that are coming in unchecked -- [inaudible] -- mexico can stop it. they have to stop it, otherwise we just won't be able to do business. it is a very simple thing. david: the president speaking in ireland earlier today. fast forward now to this afternoon, and we are awaiting remarks from a very high-stakes meeting at the white house that's now underway between vice president mike pence, secretary of state mike pompeo, u.s. trade representative robert lighthizer and mexico's foreign minister. now if anyone comes out to those microphones to speak, we will bring it to you live. hi everybody. i'm david asman.

thanks for joining us. joining me on the panel today christina parsenevillas, steve moore. jackie is at the white house what can you tell us? >> good evening david. the meeting was believered to have started about 3:30 this afternoon. we did see mike pompeo secretary of state arrive and go inside. we didn't see vp pence or lighthizer but that doesn't mean they didn't go in some other way. the meeting is believed to be in the roosevelt room and scheduled to end around 5:30 which makes sense because the foreign secretary of mexico has a presser at mexican embassy around 6:30. tariffs go into effect on monday on mexican imports, 5% on over 300 billion dollars of goods. there's been some g.o.p. opposition. that's been a lot of the buzz, but also some g.o.p. leaders are

supporting the president even though this is an unconventional way of tackling immigration. take a listen to republican senator from texas, john cornyn. >> i support getting mexico doing more, and i hope the conversations that are occurring today produce more cooperation by mexico. they could have a big impact, but i think the tariffs are unnecessary, if we can get congressional democrats to just do their job. >> a full-blown emergency, that is what the u.s. customs and border patrol is calling this right now, after it announced today that apprehensions were close to 133,000 for the month of may and that was in fact beyond any other single month in the last five years. the mexicans have expressed willingness to negotiate, to cooperate. the question of course is how high has president trump set the bar, and can the mexicans meet that bar? that will be part of the conversation going on this afternoon. you have the clip of president trump today. he dug his heels in.

he is not bluffing here. he will institute those tariffs, david, on monday, if progress isn't made here. david: looks like it, jackie, thank you very much. steve moore, i want to go to you first because we were talking on saturday about the mexican tariffs. you were pretty bleak. do you see a little more light now at the end of the tunnel? >> well, i love the word progress that i just heard in that news report, david, because that's what we're all hoping for is progress. and no, i do anticipate that sometime soon there will be a negotiated settlement here between mexico and the white house that will lead to at some point the alleviation and hopefully the elimination of these tariffs. but the big question out there, david, that i have been asking myself, i have been asked by reporters all day is what is the bottom line that the president wants? what can mexico do concretely that will, you know, basically mean they're making a good-faith effort to reduce the illegal immigration across the border? >> i'm concerned i think this is

a turning point because mexico is highly integrated especially into the united states auto sector, parts, components pass the border several times so they could be hit by tariffs. i think it is concerning -- david: parts go into mexico, come out each time you pay a tariff. >> exactly. you have investments that are starting to slow down. how is that going to help with sustained growth? i know we're talking about mexico. we have to remember china. we have to remember the eu. india, just in the past 24 hours the united states removed india as a preferential trade partner and india is now threatening retaliatory tariffs. if you add these things, to me, as a business owner -- if i were a business owner, i would be very concerned. david: several former u.s. ambassadors to mexico representing both republican and democrat presidents sending a let tore the white house that reads -- let tore -- letter to the white house that reads in part, quote:

david: here now is former u.s. ambassador to mexico antonio garza. you heard the shocking number of apprehensions for may. this is a number we haven't had in 13 years, a 2,000% increase in apprehensions. mexico has to help more, if not tariffs, how do we get them to pitch in? >> well, i think your two previous speakers highlighted the challenge in trying to conflate these issues of immigrations and tariffs. as you know, central americans moving through mexico. mexico essentially has been a transit country, but if you look at the numbers for this year, certainly the last three or four months, their month on month totals in terms of apprehensions have also nearly doubled. so they are making a very real and good-faith effort to apprehend central americans in mexico, based on their own

immigration laws and in alignment with our interests. i think this is one of those situations where these tariffs are a very misplaced idea that you would be punishing mexico at a time when their economy is weakening and perhaps creating a situation where you throw that country into severe downturn, and pretty soon you will have in addition to central americans, you will have mexicans moving north as well. david: ambassador, if i could follow up a little bit. two weeks ago, mexico made a feign to help us by locking a number of immigrants who were going through. they never followed through in the way they promised the administration. that's really what we're told ticked off the president. it is not very diplomatic of me, forgive me, maybe you won't be as undiplomatic, but can we trust the mexicans after what they have done? they really did not follow through on their word. >> i think you have to look at the numbers. the numbers suggest that they

are committed. they have allocated the resources to it. they are doing everything within what they can do in terms of capacity and their legal constraints. as you know, mexico has a constitution that allows a little bit more latitude to people once they are in the country to move within the country. and they are also part of a number of international migratory protocols. i think they are doing it. what we have to do is what can we do more in a coordinated and joint fashion? i think that's what these discussions today should be about. what can mexico and the united states do to secure both those borders? >> ambassador, this is scott martin. i mean, i look at things from an economic perspective, and i look at things from a deal-making perspective i guess in these negotiations. in dealmaking, one side comes to the table with something and st other side comes back with something else. our side is we buy 75% of mexican exports, they have 150 billion dollars trade surplus with us, aren't those the right things to go after when it comes to getting them to step up on

helping us with the immigration problem? >> well, i think we also have to remember that because of the nature of the immigration supply chain, a large part of that export out of mexico is u.s. content. so when you start talking about tariffs on exports out of mexico, you are not only hitting our consumers, you may be hitting our jobs, suppliers in the united states sending products south to be part of that manufacturing process. so yeah, there's a great deal of integration here. it is one of those situations where sure, you are going after mexico, but let's not lose sight of the fact that we might be aiming one of those bullets at our own feet. >> it is john layfield here. i agree with the senator from texas when he taux -- talks about this is a failure of american leadership and we are blaming mexico for this. it appears to me we have misjudged what is happening on our own border and perhaps mexico has as well. it went from a migration of

mainly lone mexican workers coming to the united states to work and sending money back to their family to amnesty issue of families coming further than mexico, south-central america all the way to south america, were both governments caught unawares of this and don't have a plan? >> i think you made a very important distinction. most of the migration through mexico are of mexicans north was for economic reasons. the central americans arguably have an asylum claim which is a different sort of claim. i think one of the things that you have seen over the course of the last year is policy, initiatives out of washington that had an enforcement focus actually created incentives for people to move as quickly as they could, when the administration started talking about eliminating asylum, people started moving north trying to flee the situation that they were facing in the northern triangle. a few weeks ago, when the barr memorandum talked about denying bail for families that were

seeking asylum, and that that would go into place in 90 days, i suggested that that was going to create another incentive for people moving north. you know, these things that look like enforcement on the face when announced, what they do is create incentives for people to move before those measures are implemented, and i think that's what you are seeing. you are seeing these numbers up tick because there's a sense that either this asylum process will be eliminated or those families will no longer be allowed to make application, post bail, and this sort of thing and move freely. so what they are trying to do is get there before the framework, the legal framework changes. >> ambassador, just a quick question, you listed some good reasons as to why people would go to the border. i know some of our viewers are watching right now and asking the question, why not just close the border? >> excuse me? >> why not just close the border temporarily so that we can deal with the problem we have at hand in the united states? i know it is a simple maybe --

go ahead. >> no, i think you saw what impact that has in terms of the econo economy, few weeks ago when president trump suggested that that's exactly what he would do. it was manufacturers, farmers, energy sector, a broad base of people in interest in the united states that recognizes that would be the worst possible thing to do both in terms of our economy, mexico, and canada. we have a very competitive north american platform that we've got to maintain and we've got to remain committed to with the prospects of a trade war with china and japan, the eu, and you had one of your earlier commentators mentioned india, i think this is platform worth preserving and remaining committed to, so no, i don't see that as an all viable or reasonable. >> mr. ambassador, i have a

question about i think americans a r a little confused -- are a little confused about what's going on in mexico with respect to these large waves of central americans coming in. is the problem in your opinion at the southern border or northern border? we always see the pictures of immigrants coming across the border from mexico and the united states. what about the immigrants who are coming into mexico? what actions are being taken by mexico to keep those illegal immigrants out of mexico? >> yeah, steve, i think the challenge is on both borders. i think mexico is committed a significant amount of resources to that southern border and breaking up some of the caravans there, apprehensions are way up. deportations are way up. and then as they move through the country, then you have the challenge of the northern border. that's why i think these discussions in the white house today are so critical. looking at ways that you can coordinate and that you can work more closely with mexico, not the only in terms of the

enforcement, but perhaps some measures to try to address the situation in central america that is the cause of this large exodus of people out of that area. david: again, we may be getting comments from those discussions at the white house in moments. we will cover that very closely. ambassador, great to see you. thank you for coming in. >> thank you david. david: president trump ran on america first. now elizabeth warren has her own populist theme. it is called economic patriotism. it worked for trump. will this version work for warren? >> i will tell you this, those giant corporations, they may not care about american workers, but i do, and i'm willing to fight for them. [cheers and applause]

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david: a live look now at the white house where a key meeting is underway with vice president pence, secretary of state pompeo and u.s. trade rep bob lighthizer. mexico's foreign minister, a question is can they come to some kind of an agreement, before the tariffs kick in on monday, june 10th? if anyone steps up to the microphone, we will bring it to you live. keep it right here.

>> general electric, proud huge american company, right? just announced they're closing another plant in wisconsin, moving it across the border to canada, so more canadians can have good jobs. look, their bottom line is, if they can make a nickel, by sending your jobs somewhere else, they will do it. well, i will tell you this, those giant corporations, they may not care about american workers, but i do, and i'm willing to fight for them. [cheers and applause] david: senator liz warren unveiling a new campaign theme that at times sounds a lot like president trump's america first policy, but with a slightly socialist twist to it. she calls it economic patriotism. that's a phrase she appears to have lifted from a 2012 speech by president obama. the difference between president trump's america first policy and hers is that where president trump encouraged repatriation of capital with tax cuts and deregulation, she relies on a

much bigger government, including a 2 trillion dollars investment in green industries, a new federal agency to, quote, protect and create american jobs and actively managing the value of the dollar. of course she says all this can easily be paid for by raising taxes on corporations and the rich. so what do we all make of this? >> well, you know, david, i like the term economic patriotism, actually. i would love for american companies to be patriotic to america. the way you do that is you provide them incentives to create jobs here. i'm proud of the tax cut that we passed, the deregulation efforts, and by the way, we are taking capital and jobs in from the rest of the world. warren should understand that the united states has more surplus jobs than any other country in the world. the bottom line of that, the last item you mentioned, you know, david is the deal killer, right? raise taxes on our corporations so they stay here? i mean, that doesn't make any sense. that's going to chase the companies out of the united states. that's why we cut the corporate

tax rate in the first place. >> more specifically, it is only increasing taxes on those that make 100 million dollars or more. she's expecting a 7% increase, and that's how she's going to fund it. i think i disagree saying this is more of a socialist twist. she's doing exactly what president trump tried to promise throughout his entire campaign. is it an imitation -- david: same end result but by different means. >> if anything, we should be investing, for example, in clean energy. look at what china is doing. they are subsidizing it immensely. they are putting out solar panels much cheaper than any other country in the entire globe. i think this is an avenue for our future. we can't continue to rely on coal for the rest of our lives and other fossil fuels. >> china is building like 50 new coal plants. >> they are using natural gas, oil, coal, and they said they are investing -- >> but they are also investing in clean energy which i think the united states is -- >> they are all in on fossil fuels. >> -- that would be something i agree with with her proposal. [talking over each other]

>> they've got the currency manipulation thing going too which elizabeth warren may want after. here's the thing, though, kristina, i get your point. some of the taxes at first may not be somewhat aggressive. that's how everything starts, isn't it? it starts with a little tax hike and keeps going when they don't get the revenue they think. that's the thing i'm worried about. you give them an inch, and they will take 4 miles. steve is right -- >> how do you start? >> you start by lowering taxes. you lower regulations. >> they have been lowering. corporate taxes have been dropped. david: corporations have been coming back. >> they haven't been investing as much as we hoped >> look at the tax receipts. >> pardon me? david: by the way, tax receipts for the last seven months have been growing by 2%. i haven't heard from john. >> yeah, look, i think it is all these evil canadians' fault. >> curling is very entertaining

to watch. >> so is grass growing. >> curling is the reason they sell so much molson beer. i'm just kidding. i love our canadian neighbors up in the north. elizabeth warren is a bind here. steve is right. you have unemployment at a 50 year low and when you are running for president and you have a good economy and americans have jobs, all americans want are jobs and an opportunity. right now the americans have it so you have to manufacture something. you have to manufacture that your job isn't good enough, that the guy in the corner office is making too much money. that's what elizabeth warren is faced with right now because as long as this economy is good, president trump has the road path to being president again next term. david: by the way, these are my notes for this segment. i have a lot of notes and a lot of things but not one word about curling. i don't know how curling got into this segment, but i'm glad it did. that was fun. >> it's those canadians. david: los angeles' homeless population saw a spike last year. what's to blame? is it failed liberal policies or

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david: breaking news, u.s. house judiciary committee chairman jerry nadler just saying there does not appear to be enough support of impeachment probe of president trump. democrats had been ramping up calls to begin impeachment proceedings after the mueller report was released. that may now be in question. we're going to continue to follow this story for any new developments. meanwhile, los angeles officials say they are shocked by the recent spike in the city's homeless population. l.a. saw 12% jump in the numbers over the course of the last year, despite raising taxes to try to combat the crisis. william la jeunesse has more in l.a. william? >> we are in venice. it is also known by locals here

as skid row. venice has become a mecca for the homeless, but here's what surprised officials about these new numbers. the economy here is booming. l.a. spent 300 million dollars last year on services, yet numbers jumped 12% in the county, 16% in the city. the question why? well officials blame in part the cost of housing in l.a., you need to make $48 an hour just to pay median rent. >> one of the challenges that los angeles has is we are the least affordable housing market in america. that's a very large number of people who are very close to the edge at any given time, and as rents move faster than incomes, many people are falling into homelessness on a regular basis. >> what does that mean? 108,000 angelinos last year at some point were homeless. even though the city provided shelter for some 27,000,

homelessness increased by 1 people a day. -- 17 people a day. >> an estimated 130 people moved from homelessness into the permanent housing every day. 365 days a year. but during those same 365 days, 150 people per day became homeless. >> new york and california lead the nation in homelessness. and while politically democrats like to blame the president, this one is hard to pin on him. california's number one in taxation and income inequality. the state is overflowing with tax revenue right now, thanks to the good economy and capital gains, but because of that economy, many on fixed income are actually falling behind because rents are rising faster than wages. the bottom line is whether the economy is good or bad, homelessness doesn't seem to disappear. back to you. david: william, thank you. so while city officials are shocked by the rise in homelessness and the related problems, are there policies to

blame? >> i think there are in some respects, david, yes. i think it is like inner city kids and education where you throw just enough money at it to make the problem go away as far as you're concerned and then you can move on and feel good about yourself. look, if you get rid of all of the homeless people in los angeles, they are going to go somewhere else. we have a real problem with these people. some have mental health issues. some have been down on their luck. we need to create something sustainable where people don't have to live on the streets, put them in some type of housing, job training or if they have mental health issues get them support for what they have issues for. by moving them out of the city isn't going to do anything. throw money at them -- throwing money at them as what the politicians have done doesn't help the people and isn't humanitarian. >> that's a good point, john. the answer is to throw money out there as you mentioned and not really put it anywhere. the mental health thing is a really big issue. that's something kristina and i have talked about on this show before. the mental health improvement

that needs to be out there for these folks is lacking. l.a., other cities in california and new york too could take a swipe at. >> to that point, i think it is the saddest thing, me moving here over a year ago and that's what i noticed the most. i think with l.a. too, a lot of it has to do with housing affordability. there were some statistics, you need to make on average $47 per hour in order to afford the median home, even just an apartment, so i think that's a major issue as well. but i don't know how we can pay for all this. john brought up all these points. david: sometimes you have to move. >> correct. >> you know, i just got back from california. it is worse in san francisco by the way than in l.a. both cities are in horrible shape. it is interesting. the most progressive cities, new york, chicago, san francisco, los angeles, have the worst homeless problems. i'm going to throw one idea out there. the regulations of housing make it really hard to build affordable housing in these cities. david: also by the way we didn't

mention the public health hazard. they have typhoid outbreaks now in los angeles because people are using the streets as a bathroom, as though they have a right to do that. >> that's an after -- it is not the cause of homelessness. david: we started a society in order to prevent things like that, prevent public -- >> steve brought up a very good point that we need to be changing the regulations in order to provide these housing units. david: people shouldn't be living on the streets. i think it is that simple. bernie sanders crashing wal-mart shareholders meeting today to confront the company's executives. what he is demanding. we will be getting reaction from former wal-mart u.s. ceo bill simon. he joins us next. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better.

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david: 2020 presidential hopeful bernie sanders confronting wal-mart executives today at their annual shareholders meeting. sanders fighting for a higher wage, calling the current wal-mart pay, quote, absurd and grotesque. jeff flock is following all of this from arkansas. he's been on the scene. jeff, what can you tell us?

>> well, david, bernie sanders came to arkansas and the world did not come to an end. the shareholders meeting held behind me here. bernie sanders made his case and wal-mart made its case. sanders for putting wal-mart associates on the board and paying them $15 an hour, at least everybody, $15 an hour. sanders saying that the walton family and its 170 billion dollars in assets can afford it. >> this company owned by the wealthiest family in america can pay 15 bucks an hour. the country is watching. the country is so tired of this massive income and wealth inequality where the people on top make billions and billions and working people struggle. >> two arkansas senators, one current, one former, greeted bern bernie sanders, folks he served with in the senate saying wal-mart is a very good corporate citizen, pointing out

all the things that wal-mart does for its workers as well as for the state, lie pay heavy taxes -- like pay heavy taxes. some companies escape paying corporate taxes but the senators pointing out to senator sanders that the federal corporate taxes paid by wal-mart total more than 3 billion dollars a year. payroll taxes more than 12 billion. and property taxes as well as state and local taxes another 2 billion dollars. in a bit of a surprise, ceo of wal-mart doug mcmillan saying he supports an increase in the minimum wage. listen. >> it's clear by our actions and those of other companies that the federal minimum wage is lagging behind, $7.25 is too low. it's time for congress to put a thoughtful plan in place to increase the minimum wage. >> of course it should be noted that the federal minimum wage being $7.25. wal-mart already paying their new associates $11 an hour. so i'm not sure what the impact of that would be, but interesting nonetheless.

bernie sanders goes to arkansas. david: jeff, thank you very much. let's bring in former wal-mart u.s. ceo bill simon. great to see you, bill. what do you make of bernie's demands? >> well, first of all, i'm really shocked he even found arkansas, so it is good that he showed up. [laughter] >> i didn't know he knew where it was. you know, his demands are just old news. i mean if we want to increase minimum wage, the things we've been doing will increase minimum wage, just keep unemployment low, keep the economy on fire, and there's jobs out there that are, you know, 10, 12, 14 dollars an hour. so you know, we're headed in the right direction. >> bill, it's john layfield here. when bernie sanders went after jeff bezos, he was going to create the bezos act against amazon, bezos went on the offensive, as he seems to do when anybody attacks him. why has wal-mart not go on the offensive? your numbers, your employment, and the way you treat employees to me is what the united states needs to know.

you don't seem to be out in front of this. why isn't wal-mart more on the offensive on this? >> wal-mart is an interesting company. it is the definition of midwestern ethos; right? they are humble, quiet, private. they work really hard. the family does the same thing, and they, you know, typically think their actions speak for themselves. they have done a really good job moving wages up, and you heard, you know, in the report that taxes that they pay are in the tens of billions of dollars every year. and they do a good job taking care of people, you know, to the best of their ability, given the fact that they are a low margin business that's designed to sell products to a really, really broad category of people in america. >> yeah, bill, does bernie risk -- bernie sanders, that is, i guess we're on a first name basis, does he risk some political capital here by going after wal-mart as kind of the scapegoat here, the poster child given that wal-mart employees at one point 5 million americans, they have done so much on

prescription drug prices for americans, they just recently expanded the aid program that they are going to give kids who are in college rather, sat prep they announced a few days ago. is he really going after the right company here in the sense of doing this for america? >> i think he's barking up the wrong tree. you know, that's an old argument that wal-mart doesn't pay people well. that's been disproven, that wal-mart doesn't take care of their people. the challenge right now is that, you know, congress couldn't come together and name a post office, never mind get anything done. so these guys who want to try to have an impact because they're running for president have to pick a company that, you know, and try to, you know, shame or embarrass them into taking some sort of action that they wouldn't otherwise take that wouldn't be in their best interest. there's none bigger than wal-mart. so the senator shows up and makes a lot of noise and nothing will hand. >> bill, it is kristina

partsinevelos here. if -- do you think wal-mart is talking about raising their wage internally? >> they are not looking at it because target did it or amazon did it if they are looking at it is because they can't fill their stores with the rate they are offering. as long as they can fill their stores, they are saying $11 will do it. the market is driving the wage. i'm really thrilled frankly that the market is driving the starting wage up. the government shouldn't be deciding what the starting wage is, and right now it's 7.25, they are clearly not. the market is deciding. you know, amazon wants to pay 15, they are getting to people they want. and target is paying 13, and they are getting the people they want. the wal-mart needs different people or more people, they will have to pay more than $11. that's a good thing for the economy. >> i love what you are saying. you should run for president, not in 2020, but in 2024 after

we reelect donald trump. one of the things about wal-mart that i wish the company did a better job of, every study shows that there is no company probably in american history that has done more for poor people than wal-mart because you provide every day low prices that makes things affordable and raises the living standards of low income people, and study after study shows that. i wish wal-mart, you know, was a better defender of itself on that score. and be t-- by the way, we did te tax cut, you know, for trump, for the very reason you just talked about, bill, we wanted to create a very competitive labor markets so workers have more bargaining power so companies like wal-mart, walgreen's and amazon and others would have to raise their wages and it looks like that's what's happening. >> i agree. i don't think that jeff bezos raised the starting wage to $15 an hour because he had pressure from senator sanders about the bezos act, he did it because it was the best thing for him to do for his business.

>> that's right. david: sanders is a self-admitted socialist. he has a socialist notion of putting workers in charge of management. he's suggested that -- it's not just all about wages. he is also talking about managerial control. what do you think about that? >> insanity. david: why? >> why would you do that? you know, you know, it would be really difficult to find somebody who came up through the hourly ranks at a store who is an hourly employee, a store who is versed in the inner workings of a corporate board and the audit committee responsibilities and all the other things that are there, i mean, i don't even know where that came from. that's, you know, that's socialists. david: it is. >> it is also a risk to shareholders, david. if you are a shareholder of wal-mart, and you have that kind of corporate structure that's implemented because the government says, that's going to have shareholders fleeing that company. david: shareholders are owners; right, bill? i mean workers could buy shares. there are some plans to

supplement workers' pay with shares of the company which could make them part owners. >> yeah, i mean, then they can vote their shares however they like. if they get enough -- in wal-mart's case, it is going to be over 50% because the walton family owns over 50%, they can elect somebody to the board. that's how it works. but, you know, passing a law that says you have to have -- i mean, that's like i said, they can't even name a post office. that's not going to happen. david: bill simon, great to see you, bill. please come back and see us again. appreciate it. >> yes, sir, see you. david: job growth slowing down to a trickle in may adding the fewest number of jobs in nine years. what is this saying about our economy? what can we expect from that big jobs report that's coming out this friday? more on that coming next.

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david: we are still awaiting live comments after that high-stakes meeting that is still going on with mexico's foreign minister, the vice president, secretary of state, over tariffs, slated to kick in on all mexican goods on monday. we are expecting a press conference with the foreign minister in the next hour. if anybody steps up to those mics, we will bring it to you live. meanwhile, u.s. job creation skidding to a nine-year low in

may, with adp reporting the private sector adding only 27,000 jobs. this is significantly lower than what economists were expecting. markets shrugging off the news, but could this be the canary in a coal mine for an economic slowdown? what do you think? >> no. i think it's a little bit concerning. we're seeing these i guess dropdowns for global growth. we are seeing it here in the united states. i think with these job numbers, construction being hit, lost 36,000 jobs, that is a big sign. let's not -- bring up retail too. a lot of lay aus across the retail -- a lot of layoffs across the retail sector. that's concerning to me. you can argue maybe the sugar high from the tax cuts is starting to wear off. david: and the fed. >> and we can always blame the fed. i think it is slightly concerning. we need to think about economic growth going forward. the question is how do we do that? >> still have the best labor market in 50 years. if you are a worker, this is the best time in any of our lifetimes to be looking for a job. frankly one of the reasons the

numbers are bad, david, is because employers are having a hard time finding the workers to fill the jobs, but look, i will blame the fed. because i have said it for six months now, the fed is too tight. they need to cut rates at least once, maybe twice. there's deflation in the economy. that's bad. but i also say this, look, the china trade war is hurting the economy. no question about it. i'm someone as you know david i support what trump is doing on china, but it does have a negative effect. we've got to get this thing resolved. >> steve, you are right. the trade wars are having their impact. one thing that scared me was the small business hiring in may was down 52,000 jobs. you parse that with the stuff that kristina talked about which was retail which was cyclical, been weak for about four months now and financial services my friends which have turned over from a very strong 2018 of plus job growth to now being basically flat in growth. those three things together, if you can mix them all and put them in a pot says we're probably in for a summer of lower than expected job growth. >>i agree with that, scott.

i also think that what christine lagarde was about on global gdp being down about half a percentage point because of the trade war. we need to get rid of the trade war. at least figure out a way we have a new normal here, which is not good. we do have a slowdown going on in the united states and a global slowdown as well, aside from the trade war, but it is not falling off a cliff. we still have historic low unemployment. we have job growth. we have employees -- we have companies making more money than they have in history. it doesn't look like a recession is imminent. it looks like a slow zoundown is coming. -- slowdown is coming. hopefully it is not exacerbated by this number. david: by the way, the prediction is 180,000 jobs. do you think it will be a lot less than that? >> it's going to be less. this is the big thing, if trump can get this trade deal done, david, with the chinese. i think the odds are still about 60, 65 percent. then the economy is going to explode. i mean i don't believe we're headed towards a recession. you put a good trade deal on top

of the tax cuts, the deregulation, i think it's, you know, back to 3 to 4 percent growth with high employment. >> i think, though, you are ignoring the major issue that could be persistent over the next decade is lack of human capital. you brought up very briefly, but i don't know what we're doing to improve the quality of human capital. we say that all americans can get a job, but think of those business owners that can't find quality people. >> robots. david: you made a case for merit based immigration; right? >> yeah, that's why i'm here; right, john? >> i'm glad you are here. canada has given us a very -- >> okay, let's stop. commercial break. david: what is the issue do most americans say is a bigger problem than terrorism, illegal immigration, even climate change? you will be surprised at the answer, next. re you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what??

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david: a new poll by the pew research center shows drug addiction as the 70%. >> it's a big problem for the fourth estate. people don't believe what they are saying. >> i agree there is a big problem.

i think we need to talk about deep state, too. i don't think the 2020 campaign is ready for this. are we putting the responsibility on the tech firms? clearly they are failing. i will leave it to you to figure out. >> fake news kills time. it's a waste time for people to read that stuff, terrorism kills people. i can't believe that got ahead of fake news on that list. >> fake news has been around since we have had news. to compare that to terrorism to me, i don't know what you do

about that. it's been around since we have had newspapers. david: we used to be able to rely on mainstream media. right now the media's willingness to jump and air any rumor that discredits president trump is extraordinary. cheryl atkinson came out with 76 hiewrnlg mistakes in the trump era. there are pictures on the cover of "time" magazine that are made up. there is a line between social media rumors, and the mainstream media is disappearing. >> for the last two years two of the major networks spent every night for two years talk about the mueller report. >> i think it's the responsibility of the journalists. the journalists need to step it

up. >> we believe the mainstream media because we didn't know any better. look at the vietnam war. the media was flat-outlying about government policy. reporter: breaking news at this hour. trade wars are escalating quickly. we are awaiting a press conference to take place at the mexican embassy in washington. this is mexico's secretary of foreign affairs will be speaking after a meeting with the vice president and the secretary of state and the holdland security secretary at the white house in a last-ditch effort to avoid tariffs. "the evening edit" starts right now. let'set