coming up a little later on fox business network, this man, peter navarro, a very important interview. he is a hard-line trade kind of guy. he is on with charles payne this afternoon. my time is up. here is neil. neil: stuart, thank you very much. have a good weekend. we have developments on trade. took one canceled speech from one president of the states got tongues wagging that a deal could be happening with china. we don't know that for sure. dow is in record territory. s&p 500 already is. any gain would be another record. blake burman at white house with more on significance of the vice president canceling this china speech. what do we know, blake? reporter: we know the vice president was supposed to give a speech on china next week but senior administration official told me that speech will no longer happen. here is the significance of that, back in october, last

year, the vice president gave a speech on china which he took issue with basically the entire chinese model, the economic model, the political model, china's, china's stance on human rights, that was viewed then as the administration's hard-line on china. so, the vice president was set to give a speech just days before president trump and president xi are set to have the meeting at g20 in china, however, now the white house is backing off of that. this decision comes just a couple days after of course president trump and president xi got on the phone, had that phone call, which the president described it as productive, said there will be expanded meeting at the end of next week. the thinking here, neil, the tensions are being lowered between the u.s. and china on the trade front, just a little bit, heading into this big conversation next week. speaking of tensions, completely different feel as it relates to iran, president acknowledging this morning that he had authorized a strike as

retaliation against the shooting down of an american drone but commander-in-chief also said he decided against it and explained it this way in a tweet, writing, quote, we were cocked and loaded to retaliate last night on three different sites. i asked how many will die. 150 people sir, the answer from a general. ten minutes before the strike i stopped it. not proportionate to shooting down an unmanned drone. i am in no hurry. our military is rebuilt, new, ready to go, by far, rest of the world. sanctions are biting, more added last night. that last sentence, neil, sanctions more last night. we inquired about it. initially the white house, treasury department were uncertain, but we're told that treasury secretary steve mnuchin will be in orlando, giving a speech to g7 nations trying to step up supervisory role of money laundering in iran. that speech was already scheduled, a bit unclear what the sanctions may or may not be.

neil. neil: a lot of drama behind the scenes we don't know. that is very revealing. thank you very much, blake burman. the president was telegraphing this yesterday, maybe, looser hands were at play here, going ahead and shooting down this u.s. drone, clearly giving the iranians benefit of the doubt. iranians following up letting the world know they passed on firing on a u.s. military plane with 35 on board. could cooler heads be prevailing here? go to former presidential envoy to iraq paul bremer, what he makes of all of this. good to have you back. >> nice to see you, neil. neil: what do you make of all of this? >> this is a dangerous situation. a lot of uncertainties on both sides. this administration is would say not widely known for the coherence of decision making. we've seen some confusion here in the last 24 hours. if the president's tweet is correct, that he didn't realize how many people might be injured or killed with this attack, then

something went wrong. i have never seen a military proposal put before the president of the united states that didn't also talk about the consequences. so, and i think american strategy towards iran is not very clear. they say they don't want regime change, about you if you look at the conditions that secretary of state mike pompeo has attached to what kind of measure the iranians have to take, way beyond returning to the nuclear pact, it is not clear at all what, what they want to do. this reversal after decision makes the whole situation even more dangerous i think when i think when you put on your hat think about how iranians are looking at it. neil: i wonder, given some statements we have gotten out of iran, they have been critical, as they always are of the united states. not so within the last 24 to 36 hours of the president himself. very analogous i guess

north korea, where, you know, the supreme leader talks about everyone and his uncle who he can't stand in the united states, including the secretary of state but always leaving out the president. so is this iran's way of trying to respond to the president president benefit of the doubt comment yesterday, followed up by him calling off the strike this morning, that maybe, maybe, they're working on two channels here? >> well, first of all, i said american strategy wasn't clear. the iranian strategy is in the diplomatic equivalent of purda it is hidden behind screens. they have widely been using deniable action by igrc, revolutionary guards all over the region of the fact that the president so publicly reversed the decision, used the, the reason as too many casualties makes this even more dangerous

because now the iranians can't calculate what they might do, for example, with the iranian-backed militia in iraq where there are american soldiers on the ground. neil: maybe that is all by design? who am i to judge. you know by far more than i do to leave them guessing might be by design? >> you know there is a place in national security for bluff and fake and all the rest. neil: yeah. >> this is a very dangerous situation however on both sides. i think there are a lot of uncertainties. now you mentioned communications, i'm confident there are plenty of channels between us and the iranians, not just the swiss who represent us formally in tehran, the brittish, oman perhaps, some of the other europeans. i'm sure there is a way to communicate with the iranians if

what either side wants to do. neil: ambassador, good to get your perspective. have a good weekend. >> you too. neil: british airways, klm, singapore airlines, malaysia airlines are avoiding iranian airspace since will continue to. the if. aa urged airlines to consider just that. they were tab taking that up long before the request. to avoid anything over the strait of hormuz and predictably the gulf of oman. we'll keep you posted. also keeping you posted on federal reserve what it might be thinking these days after officially not hiking interest rates this week, setting the stage for what could be, i should say a cut in interest rates next month. edward lawrence is listening closely to a number of fed governors, district presidents, what they are thinking, maybe how some are voting. he joins us from the white house. hey, edward. reporter: neil, a lot of interesting things happening today. federal reserve governor brainard is speaking in

cleveland. she will be the third federal reserve member advocate that the federal reserve act in order to keep the expansion going. brainard is saying crosscurrents risen in the economy from uncertainty. because of falling inflation, where the federal funds rate right now the fed needs to act sooner rather than later to keep the expansion going. this comes after a statement released early this morning by only dissent in the federal reserve statement from yesterday, actions from this week. st. louis fed president james bullard came out in a statement, explained why he voted no to the action. he believes falling inflation needs to be dealt with now, to get back to 2% inflation target range. he worries without a rate cut, pressures will continue to push inflation down. today also, federal reserve president from minneapolis, neel kashkari came out today, said we need to reanchor inflation. he said in the meeting he argued, he is not a voting member but he argued there should be a 50 basis points cut.

they need to reanchor the inflation expectation at 2% now. rare to see this many fed members and presidents come out to advocate for action so soon after a federal reserve, fomc meeting but we're in some rare times at the moment. obviously very divided federal reserve out of the meeting. neil? neil: edward lawrence at white house. pay attention to what is happening at corner of wall and broad right now. been all over the map. we're up 55 points. 24 of 30 dow components up over the day, responding to change in tone, i stress tone in in trade front. vice president skipping a planned speech on monday, if like last one would have been very tough or bellicose in economic terms. that has been skipped. a lot of people are reading progress on the trade front as a result of that. they might be taking the lead. we passed that along. reverse ad sort of flat market

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neil: take a lot than what happened today, major market averages up three, 3 1/2% in the case of nasdaq. the fact of the matter what propelled late buying, late in last couple hours were reports that the administration might be closer than we think to either a deal with china or at least to cut back on nasty talk about china. the vice president canceling a planned speech on monday that probably was going to hold china to task. that speech is off. a lot of people are reading into that maybe a deal could be afoot. no way to know but the market was leaping on that, although not as leaping as it was earlier. we're up about 55 points on the dow. let's go to small business and entrepreneurship council president karen kerrigan. we have layfield reports ceo, john layfield. john, there are a lot of factors not least of which federal reserve rate cut next month but

this china thing, added to it, let's say we get a deal, and it happens maybe soon, maybe at the g20 summit or, broad parameters of a deal. then what? >> i don't think we'll get a deal. similar to what we had in december in argentina. the hope we'll get a deal. if we get a deal, neil, to your point, any deal at all to me will be buoyant to the market because the market want a deal. i don't think necessarily will be a good deal. doesn't have to be a good deal. it has to have president trump say he won. president she say they won. walk away to get rid of trade war. the market is incredibly buoyant because economy is so strong. look at all things going on in the world, iranian crisis, brexit deadline looming what is going on in china. this market approaches new highs. this market wants to move higher. i think it will, get any type of deal or clarity out of this meeting. neil: you have a number of fed

governors, fomc members, karen, talking about, worrying about a slowdown in the economy beyond what is happening on the trade front. i don't know whether that means imminent rate cut but psychology has changed, hasn't it? >> well it has. i do think though that, we expect a trade. obviously impacting business investment. it has been soft. i do think if we, we get some more positive news on the china front, i think great week for usmca, mexican government -- neil: right. >> mexican government passed the trade agreement, great talks between the canada and u.s. this week. now there is momentum, renewed momentum getting that passed. so china, what is happening there, builds on this, and, i think it will be great for, we do, like i said, what was said before, you don't have to have, you know, sort of really, a

strong agreement. i just think fact two sides are talking, move forward, that will be positive for business, particularly business investment. that has been really soft. i think that is weighing economy down. neil: john layfield, president was saying last week, you don't reelect him, looking at a market crash, do you agree with that? >> no, i don't. i don't think there would be a market crash. what i think come in populist wave, would raise taxes on someone, probably rich or corporations. business sentiment would be gone. see the trade war gone. i'm not sure that will neutralize how much different coming. market rally 8%, first three weeks that president trump, right after he was elected, on perception of business-friendly environment. i think that would change if president trump wasn't elected. neil: he was trying to get at, karen, reminding folks, this is all ends if i'm defeated, what

do you think? >> i think so. i agree right after he was elected, business sentiment took off. small business confidence, that shot through the roof, continues to this day because of the, of the policies, you know that came forward over the last couple years. so there would be a marked shift in policy, in terms of more regulation, perhaps higher taxes, and obviously from business perspective this would not be a good thing. neil: want to thank you both. have a great weekend. good catching up with you. >> thank you. neil: whatever you might think about the economic recovery, want to credit the president, normally presidents get credit when things are going well. just the opposite when they're not. only seems fair to give leader of the free world the sort of benefit of the doubt when it comes to the economy. oddly enough the president is not polling well, trailing joe biden double digits nationally, in the crucial states, the case as well. dan henninger wrote brilliant piece in the

"wall street journal" yesterday about the whole "sleepy" joe problem, outlining the fact, that that actually might be something to his advantage here. we might embrace no drama, no excitement, maybe none of that pizazz or controversies come with it. dan with me now. >> great to see you neil. neil: it was a great column. >> thanks. neil: you hit on something, white house may not appreciate, for all the economic success on market front, whether you want to give them credit for that, he is not benefiting in the polls. maybe you found one of the reasons why? >> yeah, well glad to hear you say that but let me say in all due respect where i got my idea was inside of this week's "fox news poll." neil: right, right. >> not the headline number that joe biden is leading donald trump by 10 points in the head-to-head. the election is 16 months away. neil: absolutely. >> it was deeper in the poll where fox was asking democratic voters what they wanted in their

primary candidate. the question was, do you want, steady reliable leadership or want a bold new agenda? steady and reliable got 72% of their support compared to 25 bold new agenda. neil: three to one margin. >> yeah. neil: steady over drama? >> right. joe biden has a double-digit lead over bernie sanders and elizabeth warren. i stepped back, this may explain to some extent why biden is leading in head-to-heads against donald trump. people are looking for timeout after two tumultuous years. donald trump rock ad lot of political boats that needed rocking. the question some voters getting seasick from all the daily rocking. i raised a question, whether biden's steadiness is appealing to people. neil: you say voters might want a respite from non-stop trumpian

atmosphere. counter of white house, say what you will of the disruption and volatility, doctor mat tick cut back in regulations, taking on environmental its, challenging world climate plans, challenging trade agreements. all that volatility and disruption has been good for you, for the economy, for the markets, for your personal well-being? >> certainly good for the economy. good for job creation, the president is right. minority jobs are at record level but we're talking about presidential electoral politics. neil: right. >> i would assume for the sake of argument, look at orlando rally, donald trump's supporters are intensely loyal and behind him. i would guess that he has got 43% of electorate solidly behind him. you can't win presidential election with 43% of the vote. he has to find a way, that is what i'm talking about, not the 43%, but the 7 or 8% sitting out there, independents, suburban women, who maybe are a little worn out by his presidency.

what they want is, more presidential activity, less personal activity. i think president -- neil: you could argue, 43%, number increases if they're rabid enough to get to the polls and support of other side is less. >> turnout. neil: let me get your, your sense of the "sleepy" joe moniker attached to biden. that actually helps biden if you're right. >> it helps with voters i'm talking about. not 43% who are committed. those inside fox number. 72% of democrats wanted steady and reliable that would spread over into voters generally, looking for steadiness at this point. neil: what if it is not biden? you heard all the dust-up he is getting on segregationist comments, friendship with -- >> you drop down to the 25% bold new agenda. that is elizabeth warren, bernie sanders. the media has -- neil: who would be next in the steady as she goes lineup?

>> oddly enough i think mayor pete buttigieg. neil: really? >> he is very smart. he is inoffensive, his rise has been very -- he is raising a lot of money. he keeps moving up in the polls. he passed beto o'rourke. i think if joe biden falters, that swath of the vote, steady and reliable go over to mayor pete. neil: would we elect a gay president. >> i think they would, same way they could elect a woman. i think country is open to that sort of thing. neil: the rap against hillary clinton, this country is chauvinist. most of our female global leaders have been conservative. just the right woman hasn't come along here. the mayor we'll see. president, you digest all of the data, what do you do? >> well i think, he doesn't have much choice. we've got the iranian crisis in front of us right now. president trump has some big decisions to make, big

presidential decisions. and he is the incumbent president for at least the next 16 months or so he is going to be making more decisions like this. so mr. trump has an opportunity to be presidential, to be sort of president we saw at the d-day celebration in normandy. i think inevitably he will have to do that, will be judged on the quality of his decisions, for instance, what he decides to do with iran. neil: switching around and watching reaction on different news channels the iranian crisis, they're kind of flummoxed an surprised he has been rational, calm, cautious. they didn't know what to make of it. i didn't know what that means? >> it's a big deal he pulled back a strike on iran. it gives him breathing room. probably what the president will do is try to push it into a negotiation with the iranians. that is his comfort zone. keep in mind he has a big negotiation going on with the president of the china right now. has a negotiation with kim jong-un in north korea. and he has got to show some fruits of all of this effort of

talking to people. probably most americans are comfortable at the moment that we've settled down with iran but it just cannot be business as usual after they shot down that drone. neil: we shall see. dan henninger, thank you very much. "wall street journal" editorial board. much, much more. you heard the success of slack going public in a unique way, what this company stands to do now regarding email. it could make it obsolete, not just to corporations. we'll explain after this. they really appreciate the military family and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. it was funny because when we would call another insurance company, hey would say "oh we can't beat usaa" we're the webber family. we're the tenney's we're the hayles, and we're usaa members for life. ♪ get your usaa auto insurance quote today.

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neil: slack is raising a lot of eyebrows with plans going forward that could revolutionize the way we communicate with each other, at least online. tech analyst on all that. dan,, i guess slack is available

for 10,000 corporate users, largely a messaging service for them. they could broaden this out, that what they want to do? >> they changed nature of collaboration for enterprises, it is a cult-like following. that is the key part of their dna. they did this under the radar with tech giants like microsoft and others. they transformed cloud in the enterprise in terms of collaboration. neil: so if they change email or at least how we get or communicate with each other, it is not just changing email, changing communication period. what would be it then? if i am trying to, you know, talk to you online, whatever, that is email or texting i guess, what would change here? >> really form of communication, they're able to really put silos and for workers and employees in terms of communication t would

make email so much more interactive in terms of what slack is doing. it really takes collaboration tools. instead of traditional email, the use case that a slack could do are multiples of traditional email that is static. neil: like what? i'm sorry for -- what would change. if i'm emailing someone, i just communicated. what am i, what would change in the new environment? >> it is communicating in terms of using more applications but others are sort of use cases with traditional email. if you email today. what slack does, really transform that form of communication. that is why many view it. they're sales force for microsoft of collaboration. neil: a lot of people say one of the things that helped them in going public, rabid loyalty of their users. once they try it, they don't leave it, they stick with it. it becomes their sole means of

communication. that is what they're building on right? >> it's a cult-like following and it becomes as important to many employees like bread and water in terms of slack that speaks what they have done with the enterprise. reception on it and street recognizes that, that means where the company is potentially heading. neil: there was a time, producer, blackberry, those devices were ubiquitous, thought it couldn't be cracked. apple came along with rival product that changed that. is this, modern day version of an alternative to a giant? because email, is ubiquitous with lots of companies? >> important not to get over the skis in terms of how significant they could disrupt the market. today it is still single-digit as a percent of revenue for the overall work place but i think the question is, how does a microsoft, a google, facebook react. they are a disruptor, no doubt they have spoken and tech giants

heard, this could result in much more m&a and other investments in the collaboration space. neil: how would it affect twitter and some of these other guys? >> it is really for twitter and facebook and google, even microsoft with teens. they look as slack as a competitor. ultimately now it is enterprise, what the next step where slack goes after, that is why right now before they kind of were under the radar. now they definitely are doing things both on the social side as well as enterprise, there is a massive ripple effect across the space. neil: very interesting. dan, thank you very, very much. >> thanks. neil: imagine that, a world without president being able to tweet. charlie gasparino without tweeting, he you say nasty things there are issues. >> burned a lost bridges. neil: i heard. i heard. i know you're going to talk about -- this whole idea maybe slack is on to something? >> i don't know.

i mean, it sounds interesting, i don't think i will give it up on my email. neil: i hope not. i live for moments -- >> believe it or not, neil, i hate email. i feel like someone could depose me, subpoena my emails, find out all sorts of stuff about me. i keep emails one or two words like screw you. neil: i see that. >> i use acronyms, gfy. neil: that's great. because lawyers are listening go into t-mobile and sprint. this is like soap opera that won't -- >> it is getting better. there is something fascinate about it, charlie ergen, the chairman? neil: yeah. >> he is hated by the government. he is sitting on unused spectrum doesn't want to buildout 5g purposes. he wants to do narrow band, whatever the hell that is, it doesn't have much usage, they're

trying to fine him and sell it back and turning i am to buy it. mobile's spectrum as part of the condition. neil: he was buying spectrum when no one is interested. >> here is what we know. holding the deal up, should be done, like i said always break up at the last minute, is the negotiations withering again. they want a couple things out of him. you buy the spectrum, i don't know dollar amounts, buy assets of t-mobile sprint to okay the deal, buildout at time certain 5g, so you have to compete against them. on top of that, we'll give you an extended timetable on the spectrum you haven't used already, you're supposed to do something with, that was 2020. they will extend it out. if you don't, if you screw us over, you know, renege, charlie ergen, we're going to fine you. that is the broad outline. neil: can he sell it at a huge profit? >> he maybe can. i can just tell you they want him to build it out. this is the whole thing. neil: but he doesn't have to.

>> i think if this deal goes through, i think that is what they're negotiating, because they want, they -- makan delrahim, head of antitrust division basically say screw you to the state attorneys general, bringing a case. they set the hearing date in october or august for the on the state level. he wants to go to a judge say, listen, we got great concessions, we got the ability because charlie ergen has this spectrum plus more spectrum to build another 5g wireless competitor as part of the mix with at&t, verizon and combined sprint time warner. combined sprint t-mobile. neil: right. >> that is why they're looking for a guarranty. that is what i hear holding this thing up. when could it be announced. could be announced possibly today, highly unlikely, heard it could happen today. he or over the weekend or monday. this is coming down the pike. what is holding up ergen, dance that he is doing, with makan delrahim. what i don't understand why they

trust charlie ergen. i'm not saying he is a bad guy. he is such a poker player. neil: literally is a poker player. >> i'm not like ascribing evil and criminal intent to the guy but, he is -- neil: very savvy though. >> yeah. he is like, if you're banking on him, you know, you better have like, better have this written in stone or something, i'm telling you this guy figures out legal, i'm not saying he does anything illegal. i'm telling you he is not a guy you get in poker playing thing and makan delrahim is making him the most important guy in telecommunications. just so you know. this deal hinges on him, like fox business hinges on you. neil: i hear you. how are you doing with the anger thing? seems like brilliantly. >> you know what i've been doing lately? meditating. neil: good. >> i go in my office. shut the door. you hear, hmmm. neil: you hang in the office which is a mess. >> i shut the door. so you know.

people think something is going on in there. neil: but you -- neat as a pin. >> that is so weird. neil: oscar. >> certain things gross me out. here is the thing -- neil: like cleanliness. >> personally i'm very clean. certain things, gary cohn's tiny hand. remember big gary cohn. he has dainty, tiny hand of the that grossed me out. ralph's office totally grosses me out. it is so clean. >> it is way an office should look. >> what, ralph? neil: got to go. >> ralph is bragging that his hand are not small. neil: incredible. we're getting there, bit by bit. you show progress every day. >> like i said, i'm a work in progress. i've been -- neil: you are work in progress. we love you. >> i heard, i want to prove to the world, all these you know, all these snowflake anchors out there that work for fox, i'm nice. i'm actually nice.

neil: i'm good enough. i'm smart enough. gosh darn it, people do like you. >> i am nice. they, they, i think they're afraid of me, you know. that too. neil: all right. ralph just said neil, we've got to go. [laughter]. we have a lot more coming up, including, you can see the dow giving up some of gains earlier on, a lot built on optimism, maybe we can kind of deintensify situations with iran. maybe, maybe. maybe the same when it comes to china. a lot of hope there. we'll see. jardiance asks: while managing your type 2 diabetes-

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neil: we understand the president has spoken with the saudi crown prince in the middle of all of this instability here. the saudis have been hinting right now that they will be stablizing force if it comes to oil right now.

we do know since oil, all precariousness, for wont of a better term oil prices moved up, not as sharply as you think. i'm making a leap. maybe vicinity, six, six 1/2%. normally a lot higher. same thing happened even 10 years ago we would have worldwide markets in total disarray. that is not happening. president trump saying he stopped iran strike ten minutes before the launch. he was arguing that the prospect of 150 people dying as a result of such a planned strike didn't seem proportionnal to downing an unmanned u.s. drone. anyway lucas tomlinson at the pentagon with very latest. our producer there. what is the latest? reporter: neil, video you played showing the american drone shot down came with a u.s. reconnaissance plane nearby with 35 people on board. iran claims that plane could have been shot down because it

went into iranian airspace. u.s. claim that both the drone and reconnaissance plane were in international airspace. iran released a video claiming is wreckage of the u.s. drone. in a series of tweets, president trump said he ordered strikes against iran but changed course andyou will back with mints to spare. quote, we were cocked and loaded on three minute sites and when i asked how many people will die. 150 people, sir, was the answer from a general. ten minutes before i stopped it. not proportional to shooting down an unmanned drone. we're not in a hurry. the american drone worth over $100 million, has a wingspan the size of a boeing 737. late last night the faa released a notice to airmen prohibiting u.s. aircraft from flying over the persian gulf and gulf of oman, the area where iran shot

down the american drone. from the flight tracker radar there has been a steep drop in commercial airline traffic. many airlines will avoid the strait of hormuz. tensions might have lessened, 70,000 troops and u.s. aircraft carrier strike group standing by in case iran does anything else neil. neil: 1000 more troops on the way. lucas, thank you very much. this is something that always stuck in my craw when states raise taxes free to do that, they get revenues from the planned tax hikes they never materialize. we saw stark reminders because money is moveable, fungible, what is happening in the high-taxed states we're getting proof, they do move, people making money do move. they are moving to safer and lower tax environments. we'll spell it out for you right after this.

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neil: if you increase taxes you will probably cut tax revenue. it panned out in states like new york, california, illinois. all of which hiked taxes on upper income. some corporate taxes, now seeing a net exodus of potential filers who have gone to safer environments. let's go to the national

taxpayers union senior fellow mattie duppler. mattie, played out again almost to a t. spell it out. >> the numbers don't tell the whole story, neil, here is why. most high income inners in high-taxed states figured out a way to spend only 49% of the time in high-taxed states to avoid taxes. if you're a new yorker finally fed up with the tax climate there, decide to move to florida or texas with no income tax, you will not show up as someone leaving the country because you were not living there full time to begin with. i think more interesting story here what counties are growing across the nation. of top 10 counties with seeing more population growth, vast majority are in states without income tax. one north carolina, which has been cutting its income taxes for the past five years. one is in north dakota as well which has the lowest high tax rate for high income earners. so the story about where people are going i think is one to watch. if you're trying to see where taxpayers are voting with their feet. neil: this is routinely

happened, i'm trying not to play politics on this, where a lot of states estimate revenue they will get hiking taxes never pans out because they never seem to factor in that money moves? and that, the target of individuals you're looking at, many of them move? >> that's right. so the interesting development in 2018 the first year people paying taxes under the new federal tax code thanks to tax reform. we saw a ton of acrimony saying deduction limited for state and local taxes coming after the blue states. retribution for blue states not being republican states. reality that is the right tax policy to make the focus on local and state politicians to make sure they're putting sound fiscal policy in place. the interesting thing is 2018, we actually saw state revenues from income taxes go above what many of these states were anticipating. so it is not that necessarily true that people are not still paying taxes in those states.

it is certainly the case that these states have a lot of work to do when it comes to righting their fiscal ships. new york, new jersey, illinois, suing federal government getting their day in court over state and local tax deduction. because they claim the states would be in financial ruin, they need to prove that if they will have a place in court to be able to make that case. so far the state finances are surviving but we'll have to see if that is a trend line in years to come. neil: i wonder in the meantime if it hurts republicans at national level? in other words in the blue states, not that they had much of a chance of changing electoral math in their favor, but they will take it out on national republicans? >> here is why i don't think that is the case. in addition to creating a cap on state and local tax deduction that created different incentives in amt, alternative minimum tax that high earners are exposed to. because of the changes, five million people who couldn't use state and local tax deduction to

begin with are able to use the state and local tax deduction. they were able to use the deduction $10,000 more. voters are looking tax bill, media told them their taxes go up. they saw their taxes stay the same or decrease as a result of changes on amt i'm not sure republicans need to take the lumps on the tax bill, specifically on the salt deduction on limits they put in place there. neil: it killed me, mattie. everything goes back to me. the deductions that you can't take anymore. good seeing you. >> sorry to hear that, neil. neil: it is what it is. who am i to complain. boy, oh, boy, did they really kill me. mattie, thank you very much. something i'm real excited about. the found is of home depot on 40th anniversary, founding of home depot, starting in 1979 in midst of an economic crisis, couldn't be worst environment, they're celebrating 40 years into it. multibillionaires many times

over. ken langone, bernie marcus, sitting down together how they did that. none of them have a -- bone in their body, they dedicated to people who are handy. that is then. what are they doing with the money now? their first tv chat 40 years into this coming monday. more after this. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade.

neil: all right. it's not a record. it had been, though, the dow higher on renewed trade hopes or at least the possibility of at

least nastiness between the u.s. and china has eased a little bit. what got that going was indications the vice president canceled a planned speech which was to be critical of china and its approach to the talks, but that is off now. the speech isn't happening and a lot of people read into that that maybe a deal is closer to being had. that's the leap they made. doesn't necessarily mean anything but we are following along with that. also following along with oil surging but maybe not as much as you would think, with all the middle eastern tensions and developments this week here. if you think about it, since all of this kerfuffle began to build, we are up about, what, 8%, 9%. for example, with the first opec crackdown in the 1970s, overnight oil prices then tripled and they never looked back for many, many years. that was then. very different environment right now. meanwhile, the vice president as i said, canceling a planned speech ahead of the g20 summit so obviously a lot of eyes focusing on that next week

when the president meets with his chinese counterpart. a lot going on there. maybe a lot that could happen before we even get there. to edward lawrence at the white house with more. hey, edward. reporter: yeah, that speech was going to happen just days before the president or the two world leaders were going to meet, possibly threatening to upend the meeting between those two leaders. a senior administration official tells me the decision to cancel the speech was made after president donald trump spoke with president xi jinping on the phone. chinese sources say beijing was looking closely at the speech by the vice president because just eight months ago, he gave a speech on that same topic where he harshly condemned china for the oppression and control of its people. the speech could have upended the trade talks. the chinese are looking for a u.s. trade delegation that will bring a more conciliatory tone. a spokesman for the foreign ministry says the u.s. needs to create a necessary conditions and atmosphere for solving problems through dialogue as equals. u.s. trade representative robert lighthizer said it's the chinese

who pulled back everything in their agreement that they had agreed to. he's not willing to go back, he says, and renegotiate the last year's worth of work. u.s. trade sources say china basically deleted 45 pages of the 150 page agreement that contained concessions and enforcement. the next round of tariffs still moving forward. today is the fifth day of seven days of hearings as to what items will be added to the list under the last round of tariffs. apple has now filed an exemption in that next round. they want to include iphones, ipads, and their computers, saying the tariffs would reduce apple's contribution to the economy. stanley black & decker tools also weighing in, listing everything from cordless lawn mowers to battery-powered drills, saying the proposed tariffs would substantially and disproportionately harm the economy to stanley, its employees, investors and the american consumers. one more thing. just late today, the u.s. has

added five more entities for chinese companies and universities to the entity list. one was already on the list. they just renamed themselves and used another address to get u.s. technology. neil? neil: thank you very much, edward lawrence at the white house. again, another development at the white house we are following closely is the president calling off that iran strike. as you heard by now, about ten minutes before the launch. fox news senior capitol hill producer chad pergram on how the capitol is responding to this. reporter: there was a lot of consternation about how the president handled this, tip-toeing up to the precipice, then dialing back. adam kinzinger is a republican from illinois, someone with a military background, who says he was disappointed when asked about whether or not the president should have forged ahead. he said there's potentially a credibility issue here for the president to rattle these sabres, then dial it back. adam smith is the chairman of the house armed services committee, a democrat from washington, he went to the white house yesterday afternoon along

with congressional leaders for that meeting in the situation room, and he said it seemed to him that the administration was trying to figure out what to do. listen. >> he wasn't sure what the right thing to do was. he was asking his advisers what do you think. the things he's trying to balance [ inaudible ]. reporter: liz cheney, the republican congresswoman from wyoming, the third ranking republican in the house republican conference, stands behind the president. she contrasts what the president was trying to do in compared to president obama. just in the past half hour or so, we have gotten a statement from house speaker nancy pelosi about what happened last night and yesterday afternoon at the white house. pelosi says quote, we must calibrate a response that de-escalates and advances american interests, in reference to the meeting at the white house she said quote, democratic leaders emphasize that

hostilities must not be initiated without the approval of congress. neil, what pelosi is talking about there is an authorization for the use of military force, aumf. they would essentially be relying on the old aumfs which got us into the war in afghanistan in 2001, opened the door for the war in iraq in 2002 and have been used other places, yemen, syria, the philippines, and people say those are calcified, they need to have a new aumf. this is where the war powers, you know, lie in the congress. this is where a lot of members of congress on the democratic side of the aisle and frankly some republicans say that they need to act, if they were to have initiated these air strikes they asked the question are we at war. there's an old saying on capitol hill, you might not be able to be a little bit pregnant but you can be a little bit at war. neil? neil: we will see what happens next. thank you very much, chad pergram on capitol hill. the president, by the way, spelling out a lot of this we already know to nbc's chuck todd

on why he didn't go through with those planned strikes overnight. >> i said how many people are going to be killed. sir, i would like to get back to you on that. great people, these generals. they said, came back, said sir, approximately 150. and i thought about it for a second, i said you know what, they shot down an unmanned drone, plane, whatever you want to call it, and here we are sitting with 150 dead people that would have taken place probably within a half an hour after i said go ahead and i didn't like it. i didn't think it was -- i didn't think it was proportionate. neil: former new mexico governor, u.n. ambassador under bill clinton, bill richardson, with us now. very good to have you. >> thank you, neil. neil: what if that drone had been manned? oxymoron, noi know, but if it h been a manned plane would it have been different? >> yeah, i think it would have. what we need to avoid is

military escalation. i think what the president needs to do, neil, is address the american people, talk about a strategy, what's at stake here. he should go to congress, get an authorization. not necessarily would be against him but we don't have a strategy. we have maximum pressure and iran was wrong to escalate. they did attack our drone, whether it was in international waters or not. they are probably involved with the bombing of those tankers but to get out of this mess and to protect our interests, we need an international coalition. we need our european friends that are kind of looking the other way, we need russia and china and a lot of those countries that depend on oil from the straits of hormuz to help us with an international coalition, to patrol those waters so those oil tankers can navigate safely through the straits of hormuz. neil: do you think the president

was right to justify the collateral damage that would come for the iranians if that was all for going after an unmanned drone? bill clinton, your former boss, avoided an attack that could have taken out osama bin laden precisely because of the collateral damage that wilikely would have subsumed hundreds of people around him. what do you think? >> i'm pleased the president looked at the proportionate response and found out that 150 would be dead but he should have known that. the administration strategist, the team, should have said to the president if you're going to proceed with a military strike and it looks like we were, these are the consequences. these are the costs. neil: let's say he knew all that. i'm not being cynical here. but this was as much an attempt to get a message to iran, much as his comments yesterday that maybe it was an errant decision to attack that drone, that it couldn't have been coming from tehran, in other words, giving

them the benefit of the doubt and doing so again today to get the word out, look, i don't want to have to do this so don't make me. what do you think? >> well, what i would have done is additional sanctions on iran. i don't think a military response right now makes sense because what iran is trying to do is drive a wedge between us and our allies, our european allies on sanctions. what we don't want is iran to proceed with the development of uranium ore within a year. they are looking to do that. it's in our interest that deescalate but also protect our interests. there are a lot of american forces out there that i was concerned would be subject to a retaliatory response. i think we got to protect our interests but what is absent is diplomacy. let's find a way to talk to iran through the europeans, through the russians, through the chinese. china gets a lot of this oil -- neil: we have been trying that for decades. >> no, you know, neil, we

alienate nato, we alienate our european allies, we pulled out of the iran agreement -- neil: these are the same european allies who don't do squat for us when we need them, right? >> well, neil, come on. look, we are an alliance. the nato alliance i think is important. i think this is where we need international support for our goals. our goals are protection of the straits of hormuz, secondly iran should not have nuclear fuel and third, we got to protect our troops. we've got to protect our interests. neil: they all signed on to a deal that iran we already knew and now bragging about building up its plutonium, had the ability to squelch on its own. >> neil, you know, regardless of what you think of the deal, we signed a deal with iran and then we pulled out of it. why pull out of it? iran was complying. i'm not saying, i think -- i would have done a better deal. they support terrorism, imprison americans, yemen, they are involved negatively, help assad.

this is what we want iran to do, to behave as a member of the international community. neil: they were doing all that stuff, right, anyway. so sometimes a bad deal is not necessarily better than no deal. >> and there is an alternative to the mullahs in iran. i was just at a rally with the icri, a resistance group that wants democracy there. that's what we should be backing. neil: we'll see. ambassador, very good seeing you. thank you very much. i want to go to greg valiere on this. the thing that's remarkable with all this craziness in iran, maybe says something about the fact we don't depend on iranian or opec oil or that region as much as we used to, but it's been barely registering a blip in the energy markets and if anything, the world's equity markets have been doing just fine. why is that? >> i think there are other big stories. central bank easing, the g20 meeting coming up and i think

there's a connection. call me crazy. i think there's a connection between the upcoming g20 summit and trump waiting to do anything with iran. i think he did not want to go to japan and have a let's beat up on america summit. that would have been the dominant story had he immediately gone in. now he can go to the summit saying i really want to negotiate. neil: all right. let's say that he is somehow calculating he can work with the iranians much like his earlier bellicose talk on the leader of north korea, remember rocketman, all that, the two struck quite a personal relationship since we're told even though the official proclamation is [ inaudible ] just not president trump. could we have something like that with iran, what do you think? >> it's possible. i think that with an election coming up, trump has to be worried about his standing in pennsylvania, michigan. i think it's going to be really close in terms of getting 270 electoral votes. i think he does have to reach out.

i think he has to go outside of the box and fearless forecast, i do think that he and xi about a week from now will agree to resume the talks. neil: when you say resume the talks or conclude them? a lot of people i thought were taking a leap today saying hey, maybe next week we get a deal. >> no, i think that's way too optimistic, premature. but i do think they can sit down and maybe hammer something out by end of summer, early fall. something like that. but the fact that they are going to talk again i think is a big story for the markets. neil: another big story is the prospect of interest rates being cut as soon as next month. what do you think of that and the likelihood of that? >> highly likely. i think that the fed has to prepare us this week. i think we get a move at the end of july. if we don't, if there's no fed rate cuts in the second half of the year, i think trump will aggressively try to oust powell as chairman. maybe demote him to simply a governor. neil: can he do that? >> unclear. but you know, you might say a normal president couldn't but this is not a normal president.

i think he thinks so far outside the box, i wouldn't be shocked if he tried, if he didn't get the kind of rate cuts he's hoping for. neil: he could always change the locks on the federal reserve building. right? guys trying to get in. >> i like it. i like that. neil: thank you very much. good read of all things economic, political, military. meanwhile, i don't know if you saw this. amazing video. in fact, they saw the heat plumes from space, an explosion rocking the largest refinery on the east coast outside of philadelphia. now all of a sudden, you could be looking at higher fuel prices as a result. this has nothing to do with the middle east. after this. this is the couple who wanted to get away

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neil: all right. all for one, one for all. democratic lawmakers are getting a little nervous with this biden sniping that's been going on, attacking joe biden over comments over the last few days, talking to segregationist senators saying to keep progress going on capitol hill when he was there. to the washington examiner on all of this. they are getting worried, aren't they? >> they are. this is kind of normal. it's normal for them to be worried and it's normal for this sniping to go on. obviously people in the democratic party, people who don't have a single candidate that they support would like to

see an end to the sniping between candidates. but this is a huge field. this is what happens in primaries. you know, there are only eight candidates who are at 2% or above in the race and 14 below that. only three candidates, biden, sanders, and warren, are above 10% in the polls. the rest of the candidates are looking for a way to make some news, to distinguish themselves, to get in the conversation, and so sniping, taking shots at the frontrunner is a classic way to do that. so it's going to keep happening. neil: all right. now obviously, donald trump survived that sniping, ultimately got the nomination and moved on to win the presidency so there is that. i'm wondering whether democrats are kind of crossing the fingers the same holds true here, whether it's ultimately joe biden who gets the nomination or someone else. what do you think? >> well, trump gave it back big-time. neil: indeed. >> that may be one difference

here. but look, whoever wins the democratic nomination is going to have to go through a long and difficult process, and i don't even think this is particularly hardball stuff we're seeing right now. it could get a lot worse. neil: joe biden has not been responding in kind, as did donald trump. i'm wondering if that is a mistake or just assuming the leadership mantle to play it safe. sometimes that can backfire. what do you think? >> i don't know because biden has a real case to make in this. we have seen the last, you know, 24 hours probably, we have seen john lewis respond, we have seen james clyburn respond, really adding a little perspective to this whole biden race thing. saying that they in their early legislative days and before, they worked with people who were segregationists, they worked with all sorts of people because that was part of representing the people of their district or their state. so you know, biden has a real

defense here but do not look, especially with the debates coming up on wednesday and thursday, do not look for the other candidates to back off. they're probably going to step it up. neil: including cory booker. we are told that he and former vice president had a phone call. i don't know much more than that. remember cory booker was demanding biden apologize. biden then said why don't you apologize. where does that stand? >> that sounds about right where it was. the reporting on it is that they had a phone call to try to make things better and it didn't make things better. by the way, some biden people are trying to explain about his whole use of the word "boy," that he mangled the story, which wouldn't be unusual for joe biden. that he was saying of the senior senators that he never called me senator, he called me son. instead it came out he didn't call me boy, he called me son which is kind of a classic joe biden mangling of the story. that was the reason that cory

booker was very upset. but here again, i don't think this is the kind of hardball stuff that we will see later on in this campaign. i mean, nobody is talking about the size of anybody else's hands so far. so it could get a lot worse. neil: there is that. there is that. all right, byron. always good having you. thank you very much. byron york. meanwhile, the president promising mass deportations come next week. the irony is that deportations under him have actually been less than under barack obama and no one has really laid a glove on president obama. be that as it may, former republican governor of new mexico susanna martinez back with us. very good to have you. >> thank you for having me. appreciate it. neil: you know, it is interesting. i guess it's the prospect, the president talks about deporting millions of illegals here, that gets the eye-popping headlines but in reality, his deportations are far fewer than barack obama. no one mentions that. what do you make of that? >> you know, it's just the hypocrisy of the democrats in

congress and of course the liberal media. they don't want to focus in and really do some factual comparisons between what president trump is proposing to do and will do compared to what president obama did do and the numbers were much bigger in their deportations. so again, it's just that liberal thinking, cutting up facts into a way that fits into their story. president trump is not going to take his eye off the ball. he made a promise to make sure that there was going to be reform in immigration and it's going to be done. neil: so how does he do that? say he wants to pull off what he says and that is get millions of illegal whose as who are alread deported. how is he going to do that? who is going to do that? the optics alone could be challenging. what do you recommend? >> there is a law very specific that says you cannot hire illegal immigrants, that there's a process to verify. e-verify and making sure that those individuals you're hiring are legally in the country, whether visa, work visa,

whatever it may be, or an american citizen. but they can go into businesses, they can make sure that they are not hiring illegals and they can deport those individuals. you cannot come to this country and violate the laws of our nation. we are a nation of borders. so to enforce those laws that congress passed, if they don't like it, change it, but they are going to enforce it. i.c.e. will be the ones to enforce those laws for being in the country and eventually being deported. neil: when i raised this with border patrol, i asked specifically about alexandria ocasio-cortez's concentration camps remark. here's what she had to say. >> recently a member of congress has referred to those detention centers as concentration camps. would you care to comment on that? >> i personally find them offensive. my men and women as well as the men and women in i.c.e. are doing the best that they can with the limited resources that they have. neil: i apologize.

that was not from my interview. you get the gist. she and others i have talked to on this subject find the comment very offensive. nevertheless, you've got to wonder if we were to crack down on this, for whatever justification, to separate those who are here illegally, the images don't look good, right? >> you know, again, i don't -- to say that they are even close to being concentration camps is more than offensive. it's outrageous. it's a lack of understanding of history. tea these are people who walk up to border patrol, hold up their hands and say i am coming willingly to you to the border patrol knowing you are going to detain me. there's no kind of forced labor, they are not being starved, they are not -- neil: you're right. it's night and day. it just seems like a silly comment to make but i am wondering whether she should have apologized. she has actually doubled down on it. i'm wondering what do you make of that? >> you know, sometimes if you

can't give a good explanation for stupidity, just can't. to make such a comparison is right in that category. to double down on it and to be supported by those liberal democrats, i mean, they are just not wanting to separate themselves from that which is not factual. it is so offensive to those who suffered and died in the concentration camps. i have been down to the border, i have seen what they do. i have seen 60%, almost 60% of the border patrol agents are actually changing diapers, warming up food, making sure the children have blankets and families and are kept together in a tent. they are hard-working men and women doing a job that is not defined for them. neil: they weren't hired to be doing what they're doing. governor, always very good having you. thank you for taking the time. >> thank you, sir.

neil: in the meantime, disney is giving it another crack. "toy story 4." it has had uncanny luck and success with sequels. obviously they have been doing the same thing. after this. hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands?

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neil: this has been the summer for sequels. "toy story 4" coming to theaters today. disney betting big on sequels and has very big success with them. others when it comes to sony or fox, maybe not so much. gerri willis at the new york stock exchange with more. hey, gerri. gerri: that's right, "toy story 4" officially opening tonight and that is, believe it or not, 24 years since the first one of these hit theaters. listen. >> change of plans. >> buzz, rex, potato-head. >> watch it, buddy. >> what do we do? >> let's go save a spork. gerri: the fourth installment of

the franchise already on the verge of going to infinity and beyond, delivering the second largest animated preview gross ever, with $12 million in sales last night alone. disney is expected to make a whopping $150 million to $200 million in the opening weekend. "toy story 3," the previous installment made over $1 billion in global box office sales. this is not just with sequels but also live action remakes of its most popular animated films. "beauty and the beast "is in the top ten list of highest grossing movies of all time with $1.3 billion globally. "alice in wonderland" made over $1 billion and "the jungle book" grossed $966 million in 2016. and the best may be yet to come. live action remake of "the lion king" is set for release next month. the projection is that it could be the highest grossing disney remake ever. i think of you as the buzz

lightyear of fox business network. i really do. neil: well, i get that all the time. know what's amazing with this version of the lion king, how they got them to do all that. thank you very much. gerri willis. they have uncanny success there. meanwhile, american apparel and footwear association president and ceo says that his members are furious over these latest tariffs and the give-and-take back and forth. that's before everything really presumably could hit the fan and they really take hold. he joins us here in the flesh. happy to see him. >> thank you. neil: usually we're remote talking to each other. a lot of people saying the impact isn't being felt because the delay is on but it's not, right? >> we are feeling the impact. a study came out just yesterday, $22 billion extra already have hit.

neil: in what? >> i could break it down but that was for everything. that's the additional. neil: that's what your members have been hit with. they could pass that along or what? >> unfortunately, we have to pass it along. we have sort of muddled along with the 10%. the 25%, there is absolutely nothing we can do about it. i testified this week, i testified on monday afternoon, and i sat through a lot of the sessions. we have presidents, ceos, actually some very well-known people testifying, pretty much all singing the same tune. this next round of tariffs will be extremely painful. and please, please, please don't tax the american consumer. if you add all this up, neil, seriously, just think about $550 billion at 25%. that's coming in, not both ways, coming in at $1 million a minute and you will tax 25%?

it will end up being one of the largest tax increases in american history. neil: what do you think when you hear, we heard the president say tariffs are a wonderful thing. we have got to remind people that average americans pay that, it's not governments that absorb that. you do. so your members are saying what? what do they want to see? >> well, the president is a remarkable salesman. we give him credit for that. but we just don't, as an industry, this is what most people are feeling, we feel like we are becoming pawns in some sort of international chess game. neil: but it might work. the president argues, you heard the latest, the vice president canceled the speech on monday that could signal a deal could be coming in longer term for your members, that might free you of some of the disadvantages you have negotiating and dealing -- >> look, if he can get a better deal for us, it's a win for everybody. but the longer this drags on, the worse it gets. because we are businesspeople, not politicians.

what happens, we have to run for the exits and say you know, we've got to reduce our exposure in china and protect the business, because that -- neil: you don't have any of the breaks the farmers have. >> we will take a bailout. secretary ross -- neil: wilbur ross. >> wilbur ross was in the textile business. he understands this. he will be the first person we call and say hey, you bailed the remain farmers out, how about us. neil: they did a lot of things you want to do to lower the impact. >> they did in the first round. i personally testified also in the first round. we asked them leave a lot of machinery that comes in from china that we use for made in america. everyone wants to make more in america. we said don't tax the machinery we use. we can't get it anywhere else. it's difficult. so they removed it. that was a win. i was so proud of the u.s. trade representative for listening to us. however, they put it back in for this fourth round.

they threw everything back in. things this were taken out, they put back in. neil: why are they doing that? >> maximum impact. they want everything tariffed. $1 million a minute at 25%. you think the consumer's not going to notice? come on. neil: but if they get a deal, all the better. >> well, if they get a deal soon, we are all the better. i was pleased that the vice president has either delayed or canceled his speech. i was pleased to see that the chinese are not going to do anything with -- neil: their currency. >> yeah, their currency. so far, they have set the stage for what may be reasonable talks at the g20. you know, what would we like to see out of that? frankly, we will continue to talk. give us another 90 days. give us something. i don't think anyone's going to walk away from that meeting with a win. neil: the longer it drags on, the worse for you guys. >> yes. because we are forced to do what we're forced to do. like i said, we are business

people, not politicians. neil: that's a problem right there. all right. american apparel and footwear association ceo, he's on the front lines of this. remember, governments don't pay tariffs, you do. more after this. 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. there is reward. ♪ ♪

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neil: all right. some news we're getting out of iran. the iranian revolutionary guard's commander says u.s. bases and aircraft carriers in the region are within range of iranian missiles. that's not implying anything there, just stating a fact here. as tensions mount between our two countries. the fact is that airlines in the area have been urged to find another area to fly over and they have, a good many of them. the faa is saying the policy should remain in effect for awhile. fox business's deirdre bolton has more. deirdre: exactly right, the faa issued a strong message to pilots early today.

it banned u.s. airlines from operating in a section of the iranian-controlled air space in an emergency order. here is part of the faa's statement. there are heightened military activities, increased political tensions in the region which present an inadvertent risk to u.s. civil aviation operations and potential for miscalculation or misidentification. the risk to u.s. civil aviation as demonstrated by the iranian surface-to-air missile shoot-down of a u.s. unmanned area craft system on june the 19th while it was operating in the vicinity of civil air routes above the gulf of oman. as a result, united airlines suspending flights between newark, new jersey, mumbai, india. that was following a safety review. singapore airlines, malaysia airlines, joining others as well in re-routing completely flights away from the strait of hormuz area. after iran shut down that military drone. of course, singapore airlines, some of its flights going to take slightly longer routes to avoid the area.

malaysia airlines saying it has rerouted its flights to and from london, so london, all of those going there and back because the airline company says safety is of the utmost importance. australia's qantas, air france, holland's klm also announcing they would avoid flights through the region. emirates, fly dubai, air arabia re-routing their flights as well. you can see the reaction in the industry. neil: thank you very much. to the heritage foundation vice president of national security, foreign policy, jim carafano. what do you make of this, out of an abundance of caution, don't mess around there? >> absolutely. we all remember the situation in the ukraine where a crew shot down a commercial airliner, malaysian commercial airliner. you would think that these military aircraft, they fly different patterns, different altitudes.

you shouldn't mistake them for a commercial airliner, but we have some reporting now that the u.s. global hawk was actually shot down independently by a tactical irg commander. if they are making those kind of unprovoked actions, you wouldn't want to risk a commercial airliner even though the risk is probably not super high, you just don't know because you don't know the crews or the systems. definitely the snart momart mov make. neil: we made the same mistake ourselves when ronald reagan was president, we shot down a commercial jet. anything can happen. we still don't know whether authorities on the ground knew they were shooting at a drone. ka it could have just easily to them been manned. anything can happen. the fact the president held off on a strike in response, what did that tell you? >> well, i think the united states has been spot-on. first of all, the mission is to keep the waters open and that --

it's not to have a tit for tat fight with the iranians. it's to keep the straits open. that's the priority. i think the other thing is to keep the pressure on iran and to do that, we need to build an international coalition. i think the more restraint and proportionality and responsibility the u.s. shows, that just puts more pressure on the iranians. neil: do you think the iranians, the president has obviously given them the benefit of the doubt on a couple instances, not only holding off the attack, maybe thinking that they had nothing to do with it, at least at the highest government levels, that it could have been an errant commander or whatever doing something crazy, that they will respond in kind? they have already talked about the fact they withheld an attack on a u.s. military jet, i think an f-35 with soldiers on it. what do you make of this behind the scenes stuff? >> i think everything we have seen is kind of of a kind. where it's not what i would call escalation behavior where people are doing things on top of things. they are operating in that

space. it seems that's where the iranians want to stay. i do agree the attack on the global hawk seems like a one-off. it might have been an inadvertent attack. that's reasonable. but even if it was, i think very clearly, the iranians got the message that that level of provocation or higher can actually get strikes against them. let me make a point which is really important. if the united states does conduct a military strike on iran, it's not going to be a punitive strike like punishing them. it's going to be what we call a counter strike which is a strike to take out an imminent threat to u.s. forces or their capabilities or to civilians. neil: we shall see. good talking to you and getting an education on all of this. oil is about the only thing impacted by this right now, up but not that much. stocks, not at all affected by this. more after this. is where peopld to form the stock exchange which brought people together to invest in all the things that move us forward.

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neil: all right. dominican republic health officials are pushing back on the suspicious deaths. now fox news correspondent jeff paul has more from santo domingo. jeff? reporter: yeah, the minister of tourism here in the dominican republic just wrapped up a press conference a short while ago, where he addressed the media, saying the situation that has

been described as an exaggeration. he was adamant it was the dominican republic who called in the fbi and says they simply do not have anything to hide. the minister says they are worried right now that the situation could impact the future of tourism and he's hoping to clarify that there's nothing wrong with the d.r. we also asked about what his message is to the families of the reportedly 11 american tourists who have died in the past 12 months. the minister says he's sympathetic to those families but again continuing to stress that there is no mystery. >> translator: we are sorry but unfortunately, people die in situations that we wouldn't want. these are things that happen and things that will unfortunately continue to happen around the world. but the dominican republic, we have to say it, has made a name in the tourism industry. reporter: what we are waiting on are the results of at least three toxicology tests. these are the ones that the fbi has insisted the dominican republic with and we have also

heard a congressman will be here next month to check in with not only tourism officials but also government officials to make sure americans' safety is a priority here. neil? neil: thank you very, very much. in the meantime, there's a new study out, this is a weird one, that young people are actually growing bone spikes from cell phone use. it makes it look like horns. i kid you not. family physician on this. doctor, could you explain what they're saying is happening here? >> sure, neil. it's good to chat with you. i have to say, when i first saw this, i had to take a double-take. i was like what is going on here. basically, researchers did a retrospective study looking at the charts of a number of different people, and they found that bone spurs, little boney outgrowths, were growing in the backs of skulls of people that we don't typically expect that in. little background is that this is something that can happen as we get older. we expect that. but these researchers found

these outgrowths in younger people, typically males, and they started trying to put one and one and two and two together, and researchers suggest that maybe it has something to do with all the social media and electronic use that we use, this idea of looking down at our phones and our body is trying to support our head back by helping with this boney outgrowth. i hope that makes sense. it's a supportive type of mechanism. neil: that could explain charlie gasparino. thank you for that. kidding there. but let me get your sense, doctor, of what's the best way to counter this. obviously less use of this stuff. good luck with that, right? >> yeah. yeah. good luck with that. let me also caution us, too. this is the first thing, this was one study i saw, maybe there's others out there, but the idea is we need more research. we can't say definitively that this is a thing and all young people are going to get boney outgrowths in the back of their skull through using social media or electronics. let's be very clear about that. but what we do know is that we do have people that experience

bodily changes and musculoskeletal changes as a result of using media. i as a family practitioner have seen teens who develop tendonitis in their thumbs and fingers because of texting and typing too much. i have had patients that get strain in the back of their net, i'm kind of bending my neck down, because of muscle strain from doing those things. there are things we can do. first of all, not be on our phones and devices so much. that's really important. i know. we got to try, right? neil: not a bad idea. >> especially for kids. not a bad idea, but also watching our posture, taking breaks, and just really being thoughtful about how we are using electronics i think is really important. neil: i think you're right. all of the above. doctor, thank you very much. very practical advice. you want to know more about this story, take your device, go to foxnews.com, foxbusiness.com. kidding. that would be kind of counterproductive, wouldn't it. meantime, we've got the dow up about 40 points right now. we were in record territory for the dow. we are in record territory with the s&p 500. we got another week of trading

to go on this month. the way it's going right now, it will be among the most successful junes we have had certainly for the s&p since 1955 and for the dow since, what, 1940. so we're on pace to do something remarkable. more after this. . .

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neil: man, oh, man, i'm so excited for upcoming interview, an exclusive with the cofounders of home depot, ken langone, bernie marcus, 40 years after starting something that the best moneymakers and advisors were stupid. a big store devoted nothing to handy projects and a lot of people leading that movement. they led with it, even though neither were very handy themselves. they were doing this in the midst of long gas lines, an economy turned south quickly under president jimmy carter, not blaming him for it, being, but in that environment coming up with something proving doubters wrong. for years the doubters were out there, they have been proven multibillionaires. all the good work bernie marcus has done in at lant to bring the

the aquarium, that started 40 years ago and what they did back then, what they by the environment right now. meanwhile to my buddy charles payne. who is handy. charles: my wife goes to home depot and lowe's, she is an ace. ask about handy dan. from what i remember neil, went to the boss handy dan, we have a great idea. he said get back to work. neil: no one believed there was a market for this. charles: love the stories. good afternoon, everyone, i'm charles payne, this is "making money." stocks are paring gains. but they're still at record highs. s&p 500, we're on track for best monthly gains not only for years but this could be the best june in 80 years. the question, how can we go from here? we have a