no one had a meeting to go to. >> it's not that surprising. >> actually it's not. anyway we will see what brings. we are down to 80 on the dow. >> breaking is take a look at this my friends the dow shedding more than 540 points this afternoon direct response to -- from president trump announcing new terrace on china. stocks dropping further since the president gave more comments to reporters as he left the white house for a rally in ohio. listen. >> we have tax china. a billion dollars worth of goods and products being sold into our country and when my people came home they said we are talking. we have another meeting in early so tambor and i said that's fine but in the meantime until such time as there is a deal we will be taxing them.

>> a big day for news. thanks for joining us. the president is satisfied with the lack of progress in the latest round of trade negotiations in beijing. let's go straight add where "fox business" has learned or on what happened during those meetings and the fallout. >> madam president following through with the plan to put everything that china imports under a tariff and united states and this comes after briefing he had why the u.s. trade meeting. in that trade meeting in shanghai the chinese would not touch. china will not add back in a deals that they are deleted out of that deal to china said they wouldn't put any of that back in and china telling the west just because they don't trust china to protect intellectual property they will not add enforcement language into the meeting but the director from beijing is for all the departments they are to decouple from the reliance on the u.s.. china wants to be able to

replace items that they need to buy from the u.s. and get them from another source or make them in china that could be seen as a deal with russia to help the russians get to the soybean industry. a presence lighting a fire to president xi september 1 for the deadline for the next line of terrace. >> for many years china has been taking money out by the hundreds of billion dollars a year. now it's time that we chase them out. then i want to trade with us anymore that would be time -- fine for me. i think president xi was someone i like a lot i think he wants to make a deal but frankly he's not going fast enough. >> china holding the hard-line and there's a meeting scheduled for september for. delegations in washington and if that happens potentially with an extra round of terrace. >> let's bring in the panel. we have liz claman and zachary

karabell so 10% for tariffs on the remaining $300 billion worth of chinese goods. as this was going to bring china back to the table? >> no, there will be no deal. the president doesn't want a deal. you just heard them say we'd be very happy if we didn't trade with china at all. we believe china is taking our jobs and he insists despite the fact that every economist and larry kudlow said to the country that the united states imports and consumers are paying the tariffs. whatever your opinion on tariffs or there's no question that this wiped out the market and maybe five minutes because of the latest threat in tariffs from the president. >> look, this is a big mistake not just because of the tariffs but echoes of the flip-flop. how many times if we had tariffs

proposed? how many times have we had tariffs taken off? they did with european autos they did with mexico and china twice and now we are back to it. would you tell the hundreds of thousands of companies that have to repeat prayer again for a tariff of 10% a month away? they can't prepare. they can prepare on demand and supply. they can't prepare in anything and they don't know whether two weeks from now in the president will flip-flop on china making a big mistake in this fragile economy around the globe he better be real careful. he could cause some difficulty in the market very soon if this continues. >> let's hear from a man who is fully supported for what the president is doing in china and new york congressman tom reed. congressman thanks for joining us. you saw the markets reaction to what the president tweeted out on tariffs. does that concern you the way

that market reacted? >> in a short-term impact like that is going to catch my attention but long-term i'm looking at this again. i support what the president is doing. he's bringing dish option to the trade identities holding china accountable and using every tool in the toolbox and kudos to him for standing firm with china. china is the one that needs to be held accountable. >> sir i don't necessarily disagree with you liz claman here but i do have a concern here. even if you agree the president is fighting the right fight they have to stop stealing their intellectual property and force technology transfers which makes the landscape totally unfair and an even. he continually says it's china who are paying the tariffs that the chinese are paying quote billions in tariffs. let me give you a definition that i just read in "the wall street journal" minutes ago. tariffs are paid by importers

here in the u.s.. does the president think just because he says something over and over again it makes it true? it is u.s. importers who are paying the tariffs. >> i understand an impact on the consumer but where the president is going is recognizing that china cannot sustain these tariffs in the long-term. these tariffs will have an application as a result. it's showing signs of destabilization so at the end of the day both countries can come to the table and resolve this but i understand the effect on local consumers as a result of this. long-term wear and a better position if we have a fair level playing field in order to compete with china rather than give them the image because sooner or later it's going to become to big and we don't have the runway to recover from it. >> representative reid we are dealing with two economies totaling somewhere in the neighborhood of $34 trillion and we keep getting changes and

flip-flops. we go from no tariff to tariffs to no tariff to terror. that's a tariffs are the greatest thing in the world. but you tell the businesses that every month they have to change their stand on their supply and their the demand and everything that goes with trying to run a good business. i don't know if you noticed the worst spot where the retailers like caterpillar and boeing and all the transports and i'm just letting you know eventually something's going to give and it's not going to be good unless we get some certainty at a given point in time. >> that's where you bring certainty by resolving the dispute in black and white and not giving that unfair trade advantage to china any longer. the other issue don't lose sight of the fact that we have the votes in the house and the votes in the senate. that would bring also some certainty and put us in a position with china say hey look

we got mexico can it done and if you want to stay the table we will negotiate with you but let's make sure we get metro candidate done first. >> congressmen we are to have a trade deal with mexico and canada that we have rejiggered but it's not a brand-new world concern in north american trade and secondly 10% on $300 billion of imports is $30 million. we are currently paying in subsidizing u.s. farmers $25 billion so that's another 25 billion we are spending for lost imports from china. it's all very well to say you have to hold china accountable but as gary mentioned in the 3,435,000,000,000,000-dollar bilateral economy $30 billion or if you had in 25% on 200 billion let's call it 80 is not enough to hold anybody accountable. we'll just because people often make sure there will be no movement in the u.s.

presidential election. where's is going to come from? >> you are conceding that china is too far ahead of us. i don't agree with that. >> they have a per-capita gdp of a quarter of united states and in what possible way is china ahead of us? >> how are you going to keep china in the room? the president will use every tool in the toolbox to bring them to the table and if they don't come to the table they will suffer consequences. understand the consequences is a short-term got it, i understand but it needs to be resolved and you don't get this as a sign of weakness with the chinese government. >> nor do you get it with the policies. >> i just have to jump in here but the notion that somehow certainty is achieved by policy economic policy totally by

surprise by twitter by one man literally by a whim. little eerie the president picked it out of the top of his hat. you have hundreds of billions of dollars of people trying to make planning long-term. when everything is up for grabs every american how can anyone big business or small business understand when it comes to the economy? >> will i understand is that long-term what i'm looking at is the long-term gain as opposed civil short-term pain. david: i'm wondering to what point the chinese are playing politics here. in our election is coming up and there some indication from the president others that some democrats as well that they would rather see a democrat in office in 2020. are they trying to make it difficult for the president in order to move the political scale here? >> that is what is driving this. china is waiting for a week

president like president biden or whoever the democratic candidate is so you're absolutely right on that speaker pelosi is playing a dangerous game here. what we should have visit vote and negotiate against china going forward. that's the politics they are putting first before policy in protecting america. david: congressmen we appreciate your stand and appreciate you coming in. please come back and see us again. >> i will be with you again. dave: meanwhile a sweeping bipartisan deal is on the way the presence desk after passed the senate earlier today. more democrats voting for than republicans do what the president promised in its white is to cinch the deal. details are coming up. to nowhere. but perhaps this year, a more exhilarating endeavor awaits.

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david: the senate passing a sweeping budget deal today which suspends the debt ceiling best

of 2020 elections races spanning 3920 lean dollars over current levels. only 29 senate republicans backed the bill despite the presence support for the bill heads to the present desk where he's expected to sign it. here's what friends tweeted just before the senate voted quote the budget deal is phenomenal our military or that's an in chop, chop, chop two-year deals. go for it republicans. there is plenty of time to cut. so gang do you agree is it better to get this cut now or after the election? >> go for republic cons because that's what's going on here. let me give you the numbers. today $3 billion was added to our debt and every day grows bigger. today the first one point $5 billion of her taxes went towards interest on it that end everything grows bigger. we are $22 trillion in debt and very simply i don't know what

day it's going to be and i don't know what from my point but there's going to be some serious repercussions and nobody cares. they are not kicking cans down the road they are kicking every can down the road and there are no heroes anymore. maybe rand paul but he's being drowned out. there's nobody talking about the growth of government by the way $6.5 trillion of our tax dollars will be spent local. you can chew on that. >> gary watson branded billion dollars a month i mean really. i think it's important to raise the debt ceiling whether it's a republican or democratic president. president trump realized it that it was the right thing to push for david and then you can start to battle out all the details. i would say gary is right when it comes to certain aspects of what happened to all the fiscal conservatives. they are gone but we have seen a

surplus in the past in our lifetime with president clinton so it can be done but you can't have the debt ceiling covering over you. david: your head jonathan. >> there's plenty of time. to me it sounds i can affect. i can quit any time and make keep gambling and drinking. this debt is a around the neck and i think it's one of the reasons are economic growth has been so anemic specifically since the financial crisis. look at japan and the recent example. expending huge debt for basically the better part of 20 years. trump is says the debt is not a problem and i would think about trump taj mahal trump plaza trump castle and all the trump businesses the went bankrupt.

david: i have to interject with a point of order the president will be the first to say he didn't go bankrupt. businesses with his name on it did. go ahead. >> fair enough but the ideological surrender of the tea party caucus in the fiscal conservative part of the republican party. there were 150 representatives in the house thing they objected to raising of the debt ceiling whether it's revenue are taxed neutral but the fact is you've gone from intense opposition under boehner and under obama to any raising of the debt ceiling or spending to complete surrender. i find that unbelievably hypocritical. david: i just have to say one thing if there was another shutdown as a result of no budget resolution before the election the president could very well lose their re-election. we still know what's going to happen obviously but any

democrats even the most moderate democrat comes to the president we are talking trillions of extra dollars. >> you could get some credit. david: on top of what we have now gary. we have got to move on gang. debate night round two and we may have round three next. democratic candidate slamming joe biden by attacking president obama thread was that a smart idea quite how obama's former chief of staff is responding right now. >> there's nothing moderate about obamacare, nothing. no president has come close and they tried in they tried and they tried. this guy did an incredible thing you wouldn't accept an incomplete job

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david: vice president biden i didn't hear your response when new issue came up on deportation. you were vice president of the united states. in here with you try to stop them. you can't have it both ways. you can't do it when it's convenient. >> what i hear from union members and hard-working middle-class people as they wish they had better insurance. david: 2020 candidate slamming joe biden for his work with president obama and chief of staff rahm emanuel is firing back. here's what he said on the wall street journal board. >> there was also shots taken at president barack obama the most popular democrat in the country because joe biden was his vice president. that struck me as a little odd.

>> the most successful progressive prolific president and an incredible chief of staff since the great society. what are they doing? >> every element from literally wilson and teddy roosevelt and franklin roosevelt to the great society and forward notes on the progress of generations before and generations to come. this is nuts. david: was attacking biden by attacking president obama a smart strategy? >> i think it's tactically mistaken strategically a mistake to say that. obama is not on trial here. there was a referendum against obama much more per referendum against clinton or an entire political system and i'm not sure what good it does for the democratic party to either rehashed or replay the eight years under obama when obama remains popular as an individual

and he is not on the ballot. i think part of the dysfunction of these debates is it doesn't speak well for the current status of the party and it's a distraction and a diversion and ultimately a delusion to whatever method the democrats need. >> for a lot of the candidates it's kill or be killed. they will throw anything against the wall and hope it sticks produced at difficult to their david because they kind of after thread that needle. they want to diminish biden's chances but not diminish obama which rahm emanuel has said still tremendously powerful and well liked among democrats and non-democrats as well. this is a dwindling process. what i was sure of watching these candidates on the stage as they are all collectivist a top down version of the america and were government takes -- makes choices in our lives. >> you are supposed to shoot under your own tent.

this was a terrible terrible tactical error. i found an interesting portion of last night where several of them were badgering joe biden over where were you? did you speak out when president obama was having immigrants rounded up and imported? it shows a fundamental lack of understanding of how presidential duties really work. there are things i'm quite sure mike pence disagrees with president trump on but you don't tell the president in many ways what to do. you can certainly weigh in but i thought that was just counterproductive on many levels >> it was like tigers eating they are young. according to these people obama's immigration policy was bad in the health care policy was bad. i must tell you obama is looking like a darned good conservative compared to these candidates. i think it's a huge mistake on their part. i think they went after obama more than they went after trump.

after trump. check the fact is president obama was the most progressive president in my lifetime, the furthest to the left and that shows you when he's considered a conservative by many of their standards it says something about the democratic party now. switching gears a major topic at last night's debate candidates offering several different versions of medicare for all over obamacare. listen. >> our plan will bring health care to all americans under medicare for all system. >> the chew this health care in america should be a right. >> i'm going to work to get us to a point where medicare for all where everyone is covered. >> $30 trillion has to ultimately be paid and i don't know what matthew do in new york and i don't know what matthew do in california but i'll tell you that's a lot of money. >> i don't understand why democrats on this stage are fear-mongering about universal health care.

>> mayor bill de blasio doesn't understand why people are concerned. does he know how much it will cost? what do you guys think? david: biden came out and said exactly $30 trillion. somebody's got to pay for it. if you are to add up all the money of all the millionaires and billionaires in america it wouldn't come out to the amount of money going to cost to pay for that. >> again it's not like we are spending zero. we spend trillions of dollars a year at 20% of our gdp is health care and that's going to continue to be a huge problem. yet it was you that the more a quotable distribution of health care for all in some former or another should not be a debatable thing in an affluent democratic society. how we do that in cost-effective way obamacare was an imperfect one but at least it established a principle of universal coverage and not denying people pre-existing conditions. we need to focus on this because

this is an issue for a lot of nonideological people. >> the debatable part is the part that you're asking the government that put us $22 trillion in debt to run the health care system like they are going to run it efficiently and effectively and by the way the other party equation you are running to be the president of the whole united states and you are telling 180 million people take the choice that in our hands any do what we want to do or else? >> gary the reason the republicans are losing on this issue is because they believe in health care for all. republicans you can't say medicare's great but not medicare for all. if you want government to be involved in health care and we have had several congressmen say it on the show making that point. they have lost the ideological battle. 2008 the question is should government be involved in health care today republicans are debating how republicans should the involved in health care. it's inevitable and the

republicans are the ones assuring it in. candidate delaney has said the previous night that he specifically talks about medicare for america so people who like their coverage with their employer or the union could keep winning coverage would be extended to people who have none. david: either way we have to move on but when has government ever made services better when they took them over? when, when, when? 10% of it is wasted through fraud and abuse of $60 billion to your pic gets interview with rahm emanuel tomorrow at 9:30 p.m. eastern on wsj takes looking like capitol once massive data breach may be part of something bigger than everyone for stopping by the fbi is investigating another company. we'll have all the details next.

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david: the fbi is looking into whether the person charged with stealing the data of millions of capitol one customers from amazon's cloud service successfully hit other countries as well. "fox business" greedy trumbull joins us now. a lot of development in the case this afternoon. house republicans want an explanation from capital one and amazon. they are asking both companies to provide briefings on the breach by august 15. capital one stocks down quite a bit this week after news broke about the breach.

they haven't fully bounce back and amazon is involved to because it's crowd surf -- cloud services where capitol and store the data in the suspected hacker page thompson used to work. we should also point out 100 million americans involved and if that wasn't enough there might be even more according to israeli security firm cyberangst. the fbi look into that possibility and federal investigators say the suspected hacker bragged about the breach on line. security firm dug up even more on line post that she referenced in the ohio department of transportation. i reached out to all of those organizations. none says for sure they've been hacked by ford and the ohio and d.o.t. said they are investigating in the state of ohio is the one who got the fbi involved. no word from investigators about whether any of those companies are victims of the hack. we'll have to to see if capitol one and amazon comply with the house republicans request by

august 15. david: brady thank you. amazon web services represent nearly half of the $32.4 billion cloud revenue real people and companies losing their faith in the cloud. >> i work at the cloud and you can't put that genie back in the bottle. people are so used to having access everywhere to every single thing that they plug into when it comes to that. i think amazon was the victim of a perfect storm. a former employee. think about former employees in any company. they know the secrets so certainly it's a weakness absolutely but that person then goes and deals with capitol one in steals that information. it's a tough position to be in but i think amazon is pretty secure and this will be a blip. >> think about edward snowden and the nsa. the insiders don't understand the protocol who are most able to reach the protocol and this

is the ubiquitous part of our data live. they will be constantly people whether state actors and nonstate actors rogue actors criminals for a guy who once obtain that they then utilize it for-profit. companies are in this continual arms race of we have to protect our data and have two-factor identification nor i.d.s that are harder to replicate but we are going to be reporting and talking about these stories the same way we talk about bank robberies in train robberies in the 1890s. david: we went after those criminals. she gets 30, 40. throw the book at this one. this is a true crime in and you are right it is an arms race. amazon capitol one in the credit card companies do an admirable job in trying to not only protect your data but make it right if -- every time a hack like this occurs it's bullish

for bitcoin and gold to bake assets that can't be hacked. >> the strongest group in the market of the last years is security software companies. their revenue has grown 50 to 100% a year so let's hope they get better. the biggest problem with these hacks they seem to get bigger and bigger. they go after the biggest fish and we are hearing 100 million people. when the bad guy guys see that number they are looking to outdo each other. the good guys get better at the fail-safe in the bad guys after them. david: late breaking is the pentagon with the 10 million-dollar contract with jeff bezos underlined that issue. mayor alpha blase wants to ramp up taxes on the wealthy unveiling a plan that goes further than any other 2020 candidate but is this really what people want?

is it good for the economy? we will debate that next. >> this has to be the party that's not afraid to say out loud we are going to tax the out of the wealthy. of a fatal cardiovascular event. and that's why there's jardiance- the first type 2 diabetes pill that offers a lifesaving cardiovascular benefit for adults who also have known heart disease. it can significantly reduce my risk of dying from a cardiovascular event. and it lowers my a1c, with diet and exercise. jardiance can cause serious side effects including dehydration, genital yeast or urinary tract infections, and sudden kidney problems. ketoacidosis is a serious side effect that may be fatal. a rare, but life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this bacterial infection, ketoacidosis, or an allergic reaction. do not take jardiance if you are on dialysis or have severe kidney problems.

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it allows you to choose any doctor, who accepts medicare patients... and these are the only plans of their kind endorsed by aarp. whew! call or go online and find out more. for 40 years the rich have gotten richer and paid less and less in taxes. he cannot go on this way. when i'm president we will even up the score and we will pass the out of of it to make this a fair country. david: 2020 presidential candidate bill de blasio releasing a plan to substantially raise taxes on the rich with eight different proposals including it graduated wealth tax on assets over $10 million for the campaign drags his wealth tax would apply to far more people than the plan proposed by presidential candidate liz warren. this is what voters in the economy want?

>> it's bewildering david. everyone would say it's immoral that your neighbor that broke into your house and stole your money but why is it okay when the government does the? that is what will de blasio is talking about here. the whole notion when you make money whether rich or not rich you didn't earn now. the public. they are re-distributors of what they think is fair. it's an anathema to what america is about and private property if you earned its yours, you keep it. it's not the governments to redistribute for the greater good. >> is getting closer proposal where have all employers send me the paycheck and i will dole it out to the employees. just so you know he is saying we should have 75% tax brackets in new york city including local and state and when you get wealthy 3% tax on your wealth every year so in 10 years they take another 30%.

basically well and up working for 10% of your money then you get your first five in november. all i know is a new season comes up in a couple of months. they could do the whole season on this guys tax plan and it's amazing anyone would come out with this. >> page erratic billionaires is what they call themselves whose they tax me more. i take offense when will de blasio uses the term where he says tax the out of the wealthy as if they done something wrong. the founder of auntie em's brussels had an eighth-grade education. she's amish and came from pennsylvania. she had nothing when she started. 2200 stores hundreds of thousands of employees around the world and then you want to tax the hell out of her? she has given tons in philanthropy and i just think

that terminology is just so vicious and unnecessary. >> i agree with liz on that. there was a 90% effect give marginal tax rate in the 1970s no one really paid that. the people who raise the tax rates in the early 60s were not socialists. they were often republicans under eisenhower. the great capitalists of our time who's said the wealthy or should pay more per it's not the seizure of private property is how do we take the -- take care of the needs of the common? that's what taxes are. it is the seizure of private property. bill de blasio is going to come to your house with a gun and they say give me your money or you are going to jail.

zach the wealth tax is something very different from an income tax for the wealth tax is taking confiscating property on which you already pay taxes. it's not an income tax. elizabeth warren would apply it only to a few people, people who are making over $100 million. now it's being brought down lower and lower. it applies to tens of millions of people. >> all these taxes prevent the middle class from becoming wealthy. he's there to take out a machete and cut you a the knees. i think he hates successful people. he abhors them and think they are all corrupt in all criminal and they are going to take a bite out of you with the flock.

david: self-driving cars may be the way the future but are there dangers issues we have been overlooking? a new study saying yes. details of a warning you really have to listen to. wow. thanks, zoltar. how can i ever repay you? maybe you could free zoltar? thanks, lady. taxi! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

david: a new warning about self-driving cars. multiscale system say hackers could find vulnerabilities in cars because a magic traffic jams worsen in a major city. how concerned should we be about this? >> i have always said there are few factors that should stop autonomous cars are hitting the road and number one should be government regulations the insurance companies and the reinsurance companies the hackers with a permanent firewall to keep them out. think about this going down the

road. we have had tesla getting hacked. anytime you have an open connection with the internet with 5g they are going to figure it out and that's a real concern. one vehicle stopping can cause a small traffic jam in the middle of traffic or if they are really good we could have a really serious problem. consumers are already thinking 75% of consumers are thinking - >> i'm never getting in a car with no driver, no thanks especially if i'm driving in denver through the rocky mountains. anything internet is hackable. i hate saying this but who is going to step in because it looks like for whatever reason we are going this way. as we just talked about what happened with capitol one there are a lot of bad guys out there who would have no problem tying

up the long island expressway for a few hours. >> one of the things i always say there have been a 35% decrease in lobbyist getting this autonomous bill through. they tried twice in the house and the senate. what they want is no steering wheel, no break pedal, pedal. not a chance. i am out. i may be the only one on this panel who has been in a waymo. it's not even beta. it's happening now. there's a paid version and phoenix and it is so relaxing. sorry gary you were sounding very millennium. it is disconcerting but i'm starting to think what if they hack the traffic lights or something like that but if you were sitting in the car and you want to go to malibu and you are

hacked you have this problem. >> i agree that is a problem one of the things i think about people and waymo is working on this and gm is working on this for one of the biggest concerns i have is we know this works until their weather issues. a huge insurance company has specifically said when self-driving cars on the road his insurance company will get hurt but there will be fewer accidents. >> look if you are fearful about getting hacked get a shoe-in or a cannondale, get a horse and buggy. >> with every new technology there's always the fear pair member in the internet came around there was a fear about credit cards and even the printing press the luddites were

afraid they'd lose all their jobs. my prediction is you eat your words and you will be driving the self-driving car in a few years. i will never get rid of my vehicle. don't forget the weather is an issue. downloading software and it says i have to pull over and update and you are like i have to get to work. sad they have thought of everything. >> bears huge computing power to tesla whether it's auto control. you could be hacked now and it could be lethal in a car that you have the steering wheel for. >> the other thing you have to think that is 5g. 5g is coming where belgium switzerland and the netherlands are the habit.

he could have an impact on people's health and a brief thought about it with these millimeter waves. they have to put up more towers for a 5g to function. the state of california says we aren't doing it. david: if hackers can get into the bluetooth indication of your car that can probably get into other things in your car through connection. lauren thank you very much. a bartender in a crowd could be quite a deal. there could be a new solution using new technology but you may not want to use it. we will tell you why, coming up. ♪ introducing the all-new chevy silverado.

with fifty industry-firsts. ..

david: the inventors of this

technology say don't worry because it will be wise off after the bar closes. i want to go back to the slinky. i want to go back to operation. here is my rule to get a bar tend tore get you a drink. "bartender!" and offer a $20. this technology is coming. it's essentially a fingerprint for modern day. all a company can do is offer you a trade. fear not facial recognition. >> i want my wine cooler and i want it now. i will do whatever it takes to get it quicker. >> i'll buy all your faces a

drink. david: if you are on television, somebody somewhere has your face in some computer system. you might as well get a quick drink while you are at it. that does it for ""bulls and bears"." liz: just a short time ago president trump addressed his threat to hit china with an additional tariff of $30 billion. that was enough to wipe out a rally and send stocks down triple digits. and we'll bring you what the president said about jobs. we have got it for you. the president on his way to the rally in cincinnati, ohio in just a few hours. also, a twist no one saw coming. a turn shock media and democrats alike. now