trap on trade, talking tough on it, talking the markets down in the process and putting himself in a position where he's got -- maria: good point. real quick. >> regardless of all the cyber sales that are going on, stay in control of your money. don't let ore people make -- other people make decisions for you. maria: see you tomorrow. stuart, take it away. stuart: maria, good morning to you, and good morning, everyone. hard-line trump on full dismay in london this morning. he's meeting nato leaders, and he has come on strong. i don't want france taxing american companies. that's what he said. the p french are trying to do that with a so-called digital tax that hits our tech companies. if they go through with it, the president's going to slap a 100% tax on european luxury products. and he loudly criticized germany for failing to pay for its own defense. he said they have to shape up, or things are going to get very

tough. in a few minutes, mr. trump meets face to face with e man yale marrone -- emanuel macron, the president of france. later he meets the queen at buckingham palace. oh, to be a fly on the wall. the president's negotiating from a position of economic strength. we can wait, china's in trouble, but investors do not like it. the dow's going to be down another 250, 260, maybe 280 points. that would be better than 1%. same loss or almost the same loss on the s&p, down about 27. nasdaq taking it on the chin to a tune of a -1.1%. big deal, big selloff. another big show on its way. "varney & company" is about to begin. ♪ ♪

>> we'll see what happens, but i'm doing very well if i want to make a deal. i don't know that i want to make it, you're going to find out pretty soon. in some ways it's better to wait until after the election with china. but i'm not going to say that, i just think that. i just tell you in some ways i like the idea of waiting til a after the election for the china deal. but they want to make a deal now, and we'll see whether or not the deal's going to be right. it's got to be right. stuart: the president talking china trade. futures still pointing sharply lower, and when he said -- made those comments, the market really took a turn to the south. later today the president's going to meet with france's president macron. that's in a couple of minutes, actually. blake burman's covering it for us. it looks like a big fight's coming. >> reporter: quite the backdrop in london, stuart, and quite the backdrop heading into this meeting between president trump and emanuel macron, you're

right. a fight could be one way to put it here, but leading into this, remember, it was the u.s. trade representative's office yesterday who announced there could be $2.4 billion worth of tariffs being slapped against france because of the digital services tax that france is planning on putting against american companies. u.s. trade representative's office has described that as discriminatory. we heard from president trump earlier today saying that he is not going to let foreign countries take advantage of american companies. so that is just one facet between the meeting. also remember leading up to this as well, macron has said that nato was experiencing, quote, brain death. president trump described that as very insulting, so that is part of what's leading into this meeting. remember, the very first state dinner at the white house was for macron. fast forward a few years later, we're talking about tariffs and brain death. can't wait to see -- stuart: yes, we do, blake.

good setup, young man. that was very good. blake burman in london. now,, i keep using the expression hard 46 line trump -- hard-line trump because he really doesn't back off. he's putting america first, what a concept. james freeman, "wall street journal" editorial board guy, is with us now. i think it's a winning strategy, play hardball. you're humming and hawing, you tonight think it's a good strategy. >> i think when he's drawing a hard line against the communist government in china, there's a reasonable case there. whether or not he gets what he wants out of the trade deal, who knows? but when he's drawing a hard line all around the world with new tariffs or tariff threats, he's also drawing a hard line with u.s. consumers and the u.s. economy. he is 100% right. the president in saying this french digital tax is wrong, he's right, because that's targeted at u.s. tech companies, very unfair. but i think maybe the better solution is to say businesses

around the world, isn't the united states a better place to do business? look how we've cut rates here. france, are there things we could do to lower our trade barriers, to lower taxes here that would encourage you to reduce that tax? stuart: but -- go on. >> he confronts. >> he is confronting. stuart: that's the way he gets things moving. >> well, we'll see if they move. he's -- again, this is a bad tax, but it also exists in other european countries. are we going to impose taxes on everywhere? that would end up being a lot of taxes on american consumers when we buy things from overseas. so i think his tax reforms are great, and that should be the model to make the u.s. the magnet for capital, for where people want to do business instead of saying we're going to add new taxes every time someone overseas does something dumb. then we end up i paying more. stuart: it's a shame to see the

markets sell off on that comment. 250 down yesterday, maybe down 300 this morning. give me 20 seconds, do you think that's justified? >> i think it is because we had a sense maybe that we were heading, we had peaked in terms of the trade fighting. and think what he's made clear is, no, this is a long-term deal. but if he wants to play this out with china even beyond the next election, he's going to make it much easier for himself if he has trade peace elsewhere because it is going to create a bigger incentive for people to know that the rest of the world is a good place to invest. let's move out of china, let's go there. so i don't understand the strategy if you want to pressure china to also have these trade fights with other countries. stuart: okay. we have a difference of opinion. >> yeah, i guess so. but, look, the part about standing up for american interests, i don't see how anyone could argue with that part. it's the costs, and we're seeing that in terms of investment in the united states in these trade

wars. stuart: all right, james, you made your point. the dow is down close to 300 points. okay. the strength of america's economy -- sensational, actually -- record cyber monday sales. $9.2 billion sent online yesterday alone. it was the amazon's single biggest shopping day in its history. ash, they bought a lot of those amazon echoes. >> they certainly did. the echo dot was the top seller among the devices, and they sold millions more the year than compared to last year. the tens of millions of toys, a banner, banner year for amazon on toys. best seller, by the way, was the lego "star wars" darth vadar castle. monopoly game, he bought two. disney frozennen ii limited. it was the biggest shopping for amazon fashion worldwide, and, you know, four malibuty products. -- million beauty

products. stuart: susan does not buy her fashion on amazon, do you? >> i have looked. but personal care -- [laughter] stuart: okay. i want to -- thank you, susan. i'm got getting at you. >> maybe too much information, sorry. stuart: doug stevens, welcome to the show, good to see you. my position is i think this year is a turning point for online selling. you think that online takes over anytime soon? >> yeah, i do, stuart. in fact, you know, we see a lot of numbers coming out on shopping occasions like this. you mentioned $9.2 billion yesterday on cyber monday. that's about a 20% increase. but, look, we've seen this movie before. on singles day alibaba.com sold $38 billion in one day, $13 billion in the first hour of that sales day alone. so that was a 26% increase year on year. so we're seeing these inordinate increases in online are

shopping. meanwhile, shopper track says on black friday traffic to stores went down about 6.2%. so it's becoming very, very clear that if a retailer doesn't have a sufficient online game, it's an existential threat. and when you just run the math of it, by 2033 just based on the math we know today, it is entirely likely that more of what we buy will be coming to us from online than we'll be going to stores to get. stuart: that's fascinating. it occurs to me it's just so easy. i can go on to instagram, look at something, like it, click on it and i've got it the next morning. i mean, it's so easy. >> yeah, that's exactly it. and, you know, fundamentally what's happening is stores are being, in essence, replaced by online because if we think about why a store was built 30 or 40 years ago, it was essentially to merchandise products, convey product information and transact those purchases. well, online can do all of that now and more. so retailers have to do two

things, get your online game in order if you hope to make it into the next decade and, secondly, they have to give consumers new reasons to go to physical stores. they need to amp up the experience in those physical stores. stuart: they're trying. it's very interesting to see what they're up to, but it's a tough fight, isn't it? doug, thanks for joining us. come back and see us soon, please, because this is an extraordinary story. >> you've got it. stuart: thank you. futures, please, we're going to be down. we're heading south across the board, look at that. happening soon, the president meets with france's e emanuel macron. when the president speaks, you will see and hear exactly what he has got to say. we'll be back after this. what if numbers tell only half the story? at t. rowe price, hundreds of our experts go beyond the numbers to examine investment opportunities firsthand. like a biotech firm that engineers

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stock is up 4.5%. not bad. look at the california utility, pg&e. an investigation found it failed to maintain power lines. the stock is down 70% since last december, down a bit more this morning. and now this one, favorite story of the day, peloton catching some heat over one of its christmas ads. christina parts nevilleless is here with us -- kristina partsinevelos is with us. a man giving his wife a peloton for christmas is a sexist act. tell me why. >> well, you could put into the category a man giving a woman elastic bands to stretch her thighs or a broom to clean her house, that's the arguments they're a making online. here's a woman who is nervous to try this bike, and she's filming it. it's supposed to represent the instagram stories, and i have instagram, you do little selfies and stuff like that. but really she goes through this whole experience and thanks her

husband. and the criticisms i've seen online is because she's looking at her husband for almost approval like a dog does, you know? [laughter] thank you so much. and so that's participant of the criticism. and you've got this really thin, attractive woman, and she goes through this yearlong process and kind of looks exactly the same, to me. but people are saying, well, what transformation? how did this change her, you know? other than maybe handing him a divorce paper. stuart: that was a very nice explanation of this sexism thing. [laughter] that was very good, actually. >> i don't think i'll ever get elastic bands or a peloton bike for christmas, even though i would love them. that's, like, $2200. stuart: holly shimkus is with us, what do you think of this? >> i think the ad is cringe-worthy. it is. i am a sucker for -- stuart: cringe-worthy? why? >> super cheesy. i remember the first time i saw it, i actually turned to my

husband and said, you know, this is a little bit too much emotion for a workout bike commercial. [laughter] >> right? stuart: what? you're not supposed to express thanks? >> it is not -- here. it is a cringe-worthy ad, it is cheesy, but it is not sexist at all. i'm going to two on record and say anybody can buy me a peloton bike because these things cost $2,250, and it's a very generous gift. >> why opportunity the wife give the man -- doesn't the wife give the man, the husband -- [inaudible conversations] >> you know what's funny is i saw this spot again on tv this morning, and they've taken out the front part with the gift, and it's just the woman saying, oh, here i go and ends with at the end but doesn't have the husband in there at all. which is interesting. stuart: look. hold on a second, because i've got a somewhat similar story which is worthy of discussion. look at this headline from the washington post.

melania trump's christmas decorations are lovely. but that coat looks are ridiculous. can you believe that, carly? >> yes, i can, because her last name is trump. but the decorations are beautiful. they are classic. there was nothing to criticize there, so this washington post fashion critic called the coat a distraction, ridiculous and said it made the first lady look cold, dismissive and aloof. and i'm sure that a lot of people are, this is ringing a lot of bells to the criticism that she received for the red christmas trees or the criticism she received for wearing high heeled shoes while boarding a plan to visit harvey victims even though she had sneakers in her bag, or the criticism she receives overall for her fashion sense when people say it's out of touch. the point is this isn't about her fashion sense or the decorations, it's just that these people don't like the administration. and it is clear.

"the washington post" fashion critic posted this article on twitter, and she's receiving criticism from it. people saying that it actually undermines actual, legitimate criticism. stuart: good. >> they said in this article she resemble ld a woman who's paid a visit to someone's home and refuses a seat because she thinks it might be spoiled. >> in general to walk around with a coat draped over your shoulders, i've tried to do it -- [inaudible conversations] >> she looks great. it falls off every time i walk, so i don't know how she does it. >> you should get fashion cues from the hallmark movie actors, because they a always do it this these really cold scenes. >> victoria beckham. >> we are now on "the view." [laughter] stuart: ladies and gentlemen, i will absolutely guarantee even though the dow is going to be down close to 300 points at the opening bell, even though our president is laying down the law to the europeans overseas, i bet

that segment that we just did is the best rated segment -- >> there you go. stuart: guaranteed. >> probably. stuart: the rise and fall of wework and its founder, adam newman if, the inspiration for a new movie. we've got too story for you -- we've got that story and a whole lot more on "varney" after this.

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♪ stuart: checking futures right now, way, way down. this is a selloff. president trump says that maybe it's better to wait until after the 2020 election for a china trade deal. the market does not like that. look at big tech. france's president calls for a digital tax on our tech companies like facebook, amazon and google. they are down along with most of the rest of the market. speaking of big tech, two items for you. first on youtube, the another one on facebook. this is about political ads as we head into the election year. joining us now, mike murphy if, susan lee, ashley webster. susan, start with you and youtube. >> we watched "60 minutes" on sunday and you heard the ceo basically defending the fact they haven't taken down some of the trump campaign ads, although they have taken down 300 of the re-election campaign advertisements without giving a whole lot of explanation as to why. but it looks like there's still

a lot of controversy brewing over whether you should put, i guess, the campaign ads that only have facts within them. stuart: i'd like to know what i'm allowed to say, simple as that. how about facebook? what's that in. >> facebook is standing firm, we heard from mark zuckerberg on cbs, the morning show yesterday, reaffirming they will continue to play all political advertisements on the web site because you should judge for yourself, as we heard yesterday, and you can define your opinion on the character of the politicians. stuart: now, we also have the trump campaign saying it's not going to allow bloomberg news reporters at campaign events or rallies. they are out. why are they doing that? >> well, because bloomberg news announced last month that they would not investigate democratic presidential candidates after mike bloomberg says he's jumping in the race. but they said they will continue to investigate the trump administration, quote, as the government of the day.

and that, of course, upset the administration. now we've been told that they will not be allowed into campaign rallies and campaign events. and the administration saying since they've declared their bias openly, the trump campaign will no longer credential representatives of bloomberg news for rallies or other campaign -- stuart: let's goat to that wework story. actually, a movie reportedly in the news about adam newman and -- >> don't you think it's worth a movie? stuart: oh, yeah. i'll watch. >> the implosion that comes within it. superstar producer jason bloom -- stuart: hold on. president trump is speaking. let's listen in, please. >> maybe we can work it out. but we have a big trade relationship, and i'm sure that within a short period of time, things will be looking very rosy, we hope. that's usually the case with the two of us. we get it worked out. we've had a lot of good things, we've done a lot of good things together as partners. our countries have been partners

in many good ventures including some having to do with radical islam and others. and it's always worked out. so i look forward to our discussion. we made a lot of progress in our first 25 minutes, and we intend to make a lot of progress in our next hour, maybe hour and a half. so thank you very much. [speaking french] >> [speaking french]

>> [speaking french] >> [speaking french]

stuart: now, we're just going to be coming out of this this for a second because we don't have direct translace of what france's -- translation of what france's president is saying. the important thing is what president trump said one moment ago. he's talking about the trade dispute with france. he says it is a minor dispute, but we will work it out. things will look rosy within a short period of time. now, before he said that the dow futures down 325 points. now he's said it, a minor dispute, we'll work it out, we're down 296.

it's still a broad-based selloff and only coming back a fraction. when we find out what france's president macron has had to say, we'll listen in. but right now here's trump with a q&a. >> what i'm liking about nato is that a lot of countries have stepped up. i think really at my behest and also yourself, you're close to the -- [inaudible] but they've stepped up, and they've put up a lot of money. i told you it was $130 billion. and that's a lot. and they're now stepping up again. it's going to be $400 billion. we have commitments for $400 billion. and we just left the secretary general, and he, he's got some things that are very important. i discussed with him the flexibility so that we have it not just with one area of the world. you and i discuss this all the time. we have all areas of the world, because nato's a lot different than it was, and now it's simply a lot different over the last

three years. so we have a lot of countries stepping up and putting up a lot of money. the number as of this moment is exactly $131 billion. that's a year. if and that's a tremendous amount of money but it's not enough. and they also raise and have commitments for $400 billion. so nato, which was really heading in the wrong direction three years ago, was heading down. if you look at a graph, it was to a point where i don't think they could have gone on much longer. now it's actually very strong and getting stronger or. many people are committed to that 2% and, ultimately, i think the 2% will be raised. and the president and i, i think, feel that we need more flexibility, and i think we both agree on that so that we can use it for other things, not just looking at one specific country. you know, a lot of people say it was meant to look at originally the soviet union, now russia, but we also have other things to look at whether it's radical

islamic terrorism, whether it's the tremendous growth of china, there are a lot of other things. so nato's becoming different than it was, much bigger than it was and much stronger than it was because people are now fulfilling their commitments. there are some countries that aren't fulfilling their commitment, and those countries are going to be dealt with. maybe i'll deal with them from a trade standpoint, maybe in a different way. i'll work something out where they have to pay. but, you know, we don't want to have people delinquent. i don't think it's fair for us to be involved, including france, by the way, and you have people that aren't paying their way. you have a couple that are less than 1%. not fair. so nato's made a lot of progress over the last three years. and the word flexibility is very important. they're not just looking at one area now, they're looking at the world, and that's very important. to me, it's very important. >> i know that my statement

created some, a little bit. stuart: the market has opened. we're almost two minutes into the trading session. we have opened sharply lower, and i doubt there is any -- there is no doubt here that it is the trade friction which has created this big selloff at the opening bell. we were down 250 yesterday, down 327 as of right now. so you're looking at close to a 600-point drop between yesterday and the first few minutes today. the mike murphy's with us. what -- how do you as a guy who invests and trades, how do you react to all these constant ups and downs in headlines about china trade? >> you try not to, stuart, because the market overall -- when you take a step back, a large upswing in the overall market. the economy in the u.s. looks good, not great, but looks good. there's no way i can claim to have an edge on the next headline that's going to come out. we are down 600 over the last two days, fine. i sit back.

i don't panic and sell. i think a lot of what's happening is psychological. investors remember last december, we were down can almost 10% in the market. we had a big end of year selloff. a lot of people thinking right now, i'm going to sell into this in case it gets worse. china headlines can start that. but as i said to you all year, if things get oversold, i'll be looking to buy, i'll be looking for opportunities to buy. stuart: don't panic, in other words. >> do not pan ebb. stuart: all right. take a look at the big boardment i want to show the dow 30, if we can, please, because that gives you a sense of the market. we're off 340 for the dow, 36 for the s&p, 317 down for the nasdaq. that's a better than 1% loss all across the board. and look at that, top left-hand corner of the screen, that's the dow 30. 29 are in the red. there is one -- >> verizon. tiewfort stuart verizon, that's the only win or on the dow 30. >> we're within a whisper of

global records, and we are coming aft best month of november, since june of this year. so taking a little bit of money off the table heading into the year's end. we're down 300 points, that's not a whole lot. stuart: that's true. you have a terrific runup, september, october, november, what a great runup it was. you can expect a little pullback when yo -- you get a negative headline like that. look at amazon. best single shopping day in the company's history. [laughter] you know, that was a big day for amazon. >> it was a huge day. here's one for you, stuart. in the last year, 365 days, amazon's stock price, basically flat. >> uh-huh. stuart: that's true. >> flat. even though you can say big tech has moved, amazon hasn't taken part in that. stuart: and despite all the talk about online taking over in the near future, amazon staying flat there. it never went back to $2,000 a share. why not, mike? >> i think there's -- at one

point over 2,000, it was probably overpriced. easy to say now. i own amazon stock, so i'm still holding it. i think there's a lot of upside, but you saw something about a month ago where nike said they were going to pull their products from amazon. they want to sell directly to you, they don't want to sell true amazon -- through amazon, and i think some people are concerned about that. >> also the overhang of costs as well to get the one-day shipping has impacted profit margins, so people are thinking about the wars to get your box to you sooner. stuart: didn't they spend $35 billion getting to next day delivery -- >> something like that. stuart: something like that? >> it was close to a billion or so, but also they had physical stores, sales down 1% in the last quarter as well, so there are some concerns. stuart: okay. i'm going to listen to the president again, please. >> very much involved there, more than most, and that's been fantastic. i appreciate you saying the united states for decades has been paying really way, way

disproportionately too much for nato. and you have other countries paying far too little that are very directly benefited by it and by the united states' involvement. and we're changing that around somewhat. and it's very important. but we're a very important player. i think without us, nato certainly is not the same thing, as we discussed and discussed it at length this morning. we discussed it with secretary-general suggest ten berg -- subtlen burg. but we're behind you, and all of these countries that are suddenly putting up money, it's a great thing to see. but we do have a great -- we really have a different objective, i think, right now. we're looking at a much bigger picture, and that includes, well, it includes finish you mentioned iraq, but it really includes iran too, i think, that if you look at what's going on in iran, they have massive riots. they're having protests all over the country, and they're killing

a lot of people. everybody knows that. that's why they turned off their internet system, so nobody can find out. but if the media would go there and it's, i think, very important to go there right now, but they're killing a lot of people. but nato has come a long way in three years, and it's something that we're very proud of because we're with them. nato serves a fantastic function. if everybody's involved. if they're not involved -- and i really believe that the president is very much involved and likes the idea of nato, but he wants it also to be utilized properly. if it's not utilized properly, we all agree that's no good. so we've had a very good discussion. a lot of people, and we're meeting with a lot of countries hater, as you know, and -- later, as you know, and they're really stepping up. for the most part, they're all stepping up. we have one or two that aren't, and as i said, we'll deal with them on trade. we have a lot of power with respect to trade. they make a fortune with the

united states and then they don't pay their bills, that's no good. but nato's come a long way in three years, and it's become very powerful. i think very, very powerful. and it's become, i think, a much fairer statement in terms of the united states, because we're able to go down a little bit. we were paying 4-4.3% of the largest gdp ever. nobody's ever had a gdp like we have right now. and nobody's come close. and other people were paying 1%, some people were paying less than 1% of a very small gdp. not father. and if they get -- not fair. and if they get attacked, we protect them. but it's not fair. so a lot of changes have been made. phil? >> mr. president, your message to president macron about american tech companies, what will your process -- [inaudible] additional products from france -- [inaudible] >> right. well, we're working on that right now. we have discussed it. i think we'll be able to work something out, i hope. and maybe not. maybe we'll do it through

taxing. you know, we could work it out easily through taxing. but, you know, they're american companies, tech companies you're talking about. they're not my favorite people because they're not exactly for me, but that's okay, i don't care. they're american companies. and we want to tax american companies. that's important. we want to tax them. it's not for somebody else to tax them. and as the president knows, we tax wine, we have other taxes scheduled. but we'd rather not do that, but that's the way it would work. it's either going to work out, or we'll work out some mutually beneficial tax. and the tax will be substantial. and i'm not sure it's going to come to that, but it might. >> mr. president, has france -- [inaudible] >> well, i haven't asked that of the president today. we have a tremendous amount of captured fighters, isis fighters over in syria, and they're all

under lock and key, but many are from france, many are from germany, many are from u.k. they're mostly from europe. and some of the countries are -- i have not spoken to the president about that. would you like some nice isis fighters? >> [inaudible] >> i can give them to you. you can take the every one you want. >> a very large number of fighters we have on the ground are fighters -- tooth suiter now, we're just going to come out of this for a moment, we'll come back when our president's speaking again. he just said, referring to this digital tax that france wants to impose on our high-tech companies, the president said these american tech companies, they're not my favorite people, not my favorite companies. we want to tax them. we want to tax them, not the french. but we will work out a mutually beneficial tax. the president there -- [laughter] >> absolutely.

but i think his message kind of consistent, stuart. he wants fair. he doesn't want someone else taxing u.s., he wants people to live up to the promises that they made, the agreement they made with nato. i don't think he's looking for too much, just committed to something. now back it up. stuart: what we're waiting for in this news conference here is some word from our president about china trade. finish now, that is the elephant in the trade room at this moment. he has not yet referred to it, not in this press contact with france's macron. but that's what we are waiting for. meanwhile, that market keeps on going down, now we're off 345 points. now swept up in this downside move, just about every major corporation that's quoted out there, including apple. they've got new products coming out in the new year. some of them are rather exciting products, but nonetheless, that stock is down about $6 as we speak. susan, $7, i'm sorry. can you tell us about these new products real fast? >> well, this is all coming from

one of the most renowned apple analysts on the market right now, and basically he's saying there's going to be a bigger, we talked about this, iphone being released next year. so instead of 6.5 inches, which is the pro 31 max right now -- 31 max, we're looking at 6.7 inches. by the way, a new ipad pro coming, according to him and also a mac book pro in the fourth quarter, 16-inch screen -- stuart: just bigger screens, is that it? >> also new technology, mini led which is sharper than the current led screens and cheaper to make them, the oleds -- stuart: oh, back to trump, please. >> we sent a small contingent in, and we wiped out another portion of isis. we don't want to happen to me what happened with president obama where it reformed and then it became stronger than it was in the first place. we don't want that to happen. and as i said before, we've taken the oil. we have the oil. so we have total control of the

oil so that they're not going to be able to use that. they use that oil to really, to fuel up their wealth, to fuel opportunity their money. that was their primary source of income. and they get contributions. so we have now lists of where these contributions come from, which is very important. you have people contributing, if you can believe it. some of these people are wealthy people that mix contributions. -- can make contributions. and we have lists. we've learned a lot. you know, when we got al-baghdadi, that was a great get. and when we killed him, we have have a lot of information that i'm reviewing now for the first time. but we also got a lot of good information. so a lot of things are happening. and france has been very helpful, i have to say that. they've been very, very helpful, okay? go ahead. any other questions? >> [speaking french]

>> speak french. stuart: okay. now, when you're book a best for a tv news show and the guest is a really spectacular guest, kind of a big hitter, you say that was a good get. well, the president just used that expression, referring to getting al-baghdadi. [laughter] the terrorist leader who was offed. i think last month. or before. and the president said that was a great get. you know -- [laughter] it's fascinating to listen to this president. you'll never, ever hear a president like this again. >> no. stuart: ever. this is unique in american history, in my more opinion. -- particular opinion. anybody got anything to e say -- >> still waiting for a china question. maybe we can help reverse this market if he can sound a little more optimistic about getting it done until after the election. >> one other thing, to see these two men together, it doesn't look like there's a lot of

animosity between the two. i know they're in front of the cameras, but it looks as if they're two leaders of industry or two world leaders looking to work together -- stuart: hold on a second. we've got edward lawrence coming in to us now. you've got new trade headlines coming to you from the white house. what have you got, edward in. >> reporter: i don't know if this is going to help. december 15th is setting up as sort of a deadline. two trade sources were saying that those tariffs on december 15th are still on. they're planning on putting those tariffs, with one caveat, that if a phase one trade deal does get on paper, then the president could decide to change his mind with those tariffs. but right now the administration still planning to go forward with those 15% tariffs on basically everything else china imports into the united states. we're talking about $160 billion worth of items there. so that is something that is not changing at the moment. as we stand today. but, again, could change, i'm told the caveat from both folks

that if a phase one trade deal gets on paper or something positive happens, the president could then change his mind. stuart: okay. that's an interesting development -- >> not a great one. stuart: kind of the status quo remains in place, i guess. and the dow industrials are still down over 300 -- close to 350 points. we're waiting for some kind of conciliatory word on china trade from the president. we haven't gotten it yet. surprisingly, all those reporters there have yet to ask the president a china trade question. >> yeah. stuart: and it is the china trade statement from earlier this morning which has really sent this market to the downside. >> right, that he's willing to wait until after the 2020 elections. don't forget, we've got axios reporting yesterday that, you know, china says repeal back the tariffs, and then we'll have some sort of phase one trade deal. but then the u.s. says, well, how can we enforce what you've promised to because they've been doing that for many years, so i think there's a bit of a sticking point.

stuart: let's listen to the president. >> the european union was making anywhere from 100-$150 billion a year in deficits to the united states. they were making it, we were losing it. and so we had to do manager that is fair -- to do something that is fair. we're losing tremendous amounts of money. as you know, the european union is very strong on barriers, barriers meaning certain of our products can't come in including agricultural product. it just can't come in. we can't sell it. and yet the european union sells openly to the united states and generally untaxed or taxed at a low level. so these are problems that we're talking about. these are problems that we're working out. and, you know, the digital tax is the least of it. i inherited a situation where the european union -- which was formed partially for this reason. i guess for a lot of reasons, it was formed, but partially to make better or take advantage of the united states.

and they've done that very brilliantly. and, frankly, it's not right. so i've exposed it. a lot of people didn't know it, and we're doing things about it. because the united states can't continue to lose the kind of money that they've lost over the last literally since the formation of the european union. and i think we'll work something out. they want to talk, as you know. the new head wants to talk, who's supposed to be a very respected woman, very highly respected, and i look forward to meeting her. they want to meet. but we have a very unfair trade situation where the u.s. loses a lot of money for many, many years with the european union, billions and billions of dollars. i mean, to be specific, over $150 billion a year. so we don't want to be doing that. and we can make a deal, we can make a harsh approach. we could solve that problem instantaneously if we wanted to,

but i don't want to do that. these are friends of ours, these are people that we've had very extraordinary relationships with and i do personally, and i'm sure we can work something out. >> you mentioned earlier the iran are protests. does the united united states st these protesters in iran? >> i don't want to comment on that. the answer is no, but i don't want to comment on that. >> do you want the united states to do more in the standing up to erdogan and clarifying the terms of that relationship, are you supportive of -- [inaudible] >> well, i can only say we have a very good relationship with turkey and with president erdogan. i do. i can't speak for the president of france. i mean, i -- we have a very good relationship. we pulled our soldiers out and said you can patrol your own border now. i don't care who you do it with, but we're not going to have soldiers controlling the border that's been fought over for 2,000 years. but we took our soldiers occupant. we put some of the soldiers around the oil where we've

captureed the oil and taken the oil, and we have the oil. but -- and we've brought some home, and we will be bringing some home, and we've sent some to other areas, okay? but we have a very good relationship with turkey. >> mr. president, just on turkey to be clear, we have lost -- [inaudible] security, trade, migration, the european union and france. i do respect leaders, whatever they can say even bad things about -- [inaudible] but now the question for this nato setting, i think we need clarification from the turkish side. [inaudible] how is this possible to be a member of the alliance, to work with all of us to buy --

[inaudible] technically, it is not possible. to be provided by the turkish -- [inaudible] second, i understand from turkey that they want to block all the -- [inaudible] if we do not agree about their definition of terrorist organizations. [inaudible] which is not our decision. [inaudible] if they want to be a -- [inaudible] [inaudible conversations] >> this is really why we're having meetings, those are our points, and we'll be discussing that with the president today. yes. >> mr. president, will you issue sanctions on turkey over their purchase of the s400 missile system? >> we're looking at it now, and

we're talking about it now. as you know, turkey wanted to buy our patriot system, and the obama administering if wouldn't -- administration wouldn't let them. and they only let them when they were ready to buy another system. which is not the same system. but turkey, for a long period of time, wanted very much to buy the patriot system which is our system. which is what nato uses, which is a great system. which is the best system. but they wouldn't sell it to turkey. so, you know, there are two sides of the story. i have to say this. but we will be discussing that with turkey in a little while. we'll be meeting with turkey in a little while and also tomorrow. >> [inaudible] with europeans on -- and we accept -- [inaudible] by the refusal of two years ago, the americans not to sell the

patriot. even having the european offshoot, totally compliant with nato. so they decided not to be compliant with nato. >> sir, mr. president, prime minister johnson, i believe, is organizing some sort of discussion later today about the syrian conflict. are you going to take part in that and meet with him? if not, why? >> you talking about ambassador johnson? >> boris johnson, the prime minister -- >> oh. i thought you meant woody johnson. i thought, boy, he's really risen rapidly. what, is he here? he's not here. this is his house, i can't believe he's not here. yes, we'll be meeting with prime minister johnson in a little while. i'll be seeing him later on. we're going over to number 10, which is a very exciting place to be, as you know. and we'll be discussing a lot of different things, yes. >> and one other related question, the london bridge attack that occurred a few days

ago, do you have any comments your first day? >> no, i don't have a comment on the london bridge attack other than to say i was very proud of those people that grabbed him and did such a good job between the fire extinguishers and whatever else. it was an amazing job they did. he was very violent. you could see that. this was captured very much on tape. i think the way, i think they were british citizens, the way they stepped up was incredible. that was really great. so a terrible thing, terrible attack. a lot of people very badly hurt. i believe three or four killed, is it four now today? so it's terrible. it's a terrible thing, and i know it's an act of terrorism. it's been declared an act of terrorism, radical islamic terrorism, by the way, and it's very bad, very bad. but i think the way they stepped up, to me, that was something very special. okay? >> mr. trump, a question on

russia. [inaudible] russia should be designated as an adversary of nato, do you agree with that? [inaudible] >> i don't think he does know that. i think we get along with russia. i think we can get along with russia. i think you feel we can get along with russia. we've discussed that before. but certainly, we have to be prepared. whether it's russia or somebody else, we have to be prepared. but he and i have a pretty similar view on that. i think that we feel that we can get along with russia, and i think it's a good thing to get along with russia. and i campaigned on it. i've gone to big stadiums. people like it. i think the russian people would like to see it too. a lot of good can come out of it. but the purpose of nato is that, but the purpose of nato can be much more, and that's where we're showing the flexibility over the last period of two years.

>> [speaking french] stuart: now, we've been following this very closely, of course, and we're stilt still waiting for a china trade question which has yet to materialize from those reporters in that room. the dow at one point was down 411 points, it really hasn't come back much more. let me pose this question to mike murphy, market watcher, still with us. let's suppose that these tariffs on china are imposed on december the 15th, that the tariffs on the french luxury products are imposed early next year and that we do not get a usmca. that's all negative stuff on trade. is that why the market is down so much? >> i think that concern is out there. here's the thing. what you are saying is the entire foreign policy basically on trade falls apart, that you picked three different negatives. if those three things come into play, which are far from a

certainty but if they do, that would be negative for the stock market. i think then the focus comes back to u.s., it comes back to our markets internally. so far, the u.s. economy has been able to withstand it. so to answer your question, yes, it's a negative. everything that the president's been working on falls off and fails, it's a negative. yes. but i don't see that happening. stuart: that is a longer term view. i mean, we don't find out these negatives until sometime into the early part of the new year. what you got? ashley: i just feel this market has been wanting to sell off. i know it sounds weird but we have been melting up for so long, and we haven't seen a dramatic shift on a head line like this. we have become a little numb to it on the markets. this was a big shift, 300, 400 points on the fact that wait a minute, this trade deal may not get signed until after the election next year. it's a jolt. stuart: some possible negative impact on economies around the world, i think you can see that in this decline of the ten-year treasury yield. i hate getting technical but we are down to 1.73%. ashley: 1.74%.

stuart: 1.74%. that's way down in terms of the yield on it. that means money is pouring into american treasuries. that's a flight to safety, because there's concern about trade and economies around the world. susan: might also be an expectation that if there are all these trade fights around the world, maybe the fed will step in and cut interest rates once again. stuart: yes. susan: which will backstop the u.s. economy. by the way, we have also seen inflationary improvement in china with the latest manufacturing numbers this week as well. if china comes back, maybe things won't be as bad for the u.s. >> on china, earlier this year we had a february deadline for a china trade deal and we said if this doesn't happen by february, it's going to be very bad for the market. here we are in december, we are up 25% and talking about if this doesn't happen by this date, i think you have to kind of look past that. as an investor, don't try to trade around china headlines because it's a losing proposition. stuart: if this trade situation had a serious negative effect on

america's economy, then you would see a serious negative effect on the stock market. >> exactly. stuart: i think that's the way it is. >> yes. stuart: at the moment, our economy is very very strong. i can use that expression, very strong. ashley: look at the holiday spending so far. stuart: right. it would be serious disruption of trade to move our economy down a couple of pegs. susan: right. stuart: so the market right now, down 367 points for the dow jones industrial average. we are fast approaching the 10:00 hour. this press conference, by the way, running on a lot longer than scheduled. it started a little late. it's going to run on very late. it's still not over. i find it fascinating, this kind of press conference would never have taken place before president trump was the president of the united states. never. you would never see this. look at macron. he's animated, he's saying what he thinks, he's going head-to-head with the president of the united states. ashley: almost a freeing experience. >> transparency.

ashley: transparency. that's it. stuart: for the first time, the political elites are opening up and we can actually see what they are talking about. ashley: yeah. stuart: don't you love it? susan: don't you love president trump's quip at one point? stuart: that's right. bang. 10:00 eastern time on the button. 10:00 in new york, 7:00 in california. president trump's in london. still speaking with the french president macron. the two said that minor trade dispute over digital tax and tariffs will be worked out. president trump says if anyone is going to tax american tech companies, it's going to be the united states. this hour, he's going to meet with canada's prime minister justin trudeau. we will bring that to you when we get it. as for the market, the sell-off continues. we are down 363. president trump's comments earlier this morning on china trade, that was the catalyst for this sell-off we are still seeing as we speak. the trade deal wasn't done until after the election 2020, that's

what the president said. okay. bill mcgurne is with us, "wall street journal" editorial board guy. right? >> that's right. stuart: you been listening to this? >> yes. stuart: what do you make of it? >> interesting, i was also watching it without the sound on. mr. macron gesticulating and emphasizing his points. wasn't it donald trump who was thought to be the threat to nato and now he's the one defending nato and of course, the french traditionally cause nato all sorts of problems. stuart: the president did say nato has made progress financially. >> right. well, it's big progress. one of his key platforms was we are paying too much and they are paying too little. that's always been a problem. i remember being in europe in the cold war and i think even mrs. thatcher didn't meet her commitment percentage of gdp to

pay for nato. stuart: sorry, have to go back to president trump. >> -- very big progress getting made. it's very important for ukraine. i think it's very important from the standpoint of russia, also, that they work out a treaty, they work out peace because they have been fighting a long time. too long. and i think there's a really good chance that that will happen. also, with respect to nuclear weapons, i have spoken to president putin and communicated with him and we are -- he very much wants to and so do we, work out a treaty of some kind on nuclear weapons. that will probably then include china at some point and yourselves, by the way, but it will include china, and some other countries, but we intend to see if we can work something out to stop the proliferation, to stop what's happening, because we are making a lot and we are renovating a lot, and frankly, the whole situation with nuclear is not a good --

it's not a good situation. we ended the treaty because it wasn't being adhered to by the other side, but they want to make a treaty and so do we, and i think it would be a great thing. i think it's one of the most important things we can do, frankly. so whether we are dealing with russia on a treaty where we really -- and we are focused on nuclear and nuclear weapons, missiles, but nuclear weapons, and we think something can be worked out. we think they want to do it. we know they want to do it and we want to do it also. i spoke to china about it. they -- during one of our trade negotiations, they were extremely excited about getting involved in that. so some very good things could happen with respect to that. i think it's very important. the whole nuclear situation, very very important. thank you all very much. thank you. stuart: there you have it. i called that a news conference. it wasn't supposed to be a news

conference, it was a statement by the two leaders. ashley: photo opportunity. that's what it's supposed to be. stuart: that's right. photo opportunity that turned into a very revealing press conference. the one thing missing, if i may say so, was a china trade question. the president earlier this morning said i have no deadline on the china trade deal, maybe it's best to wait until after the next election. when he said that, and that was very very early this morning, the dow industrials just fell off a cliff and went straight down and never recovered. we are still down 375 points. but no reporter asked a question about china trade. we have scott shellady with us. i will call it a press conference, because that's what it really was. it seems to me the whole point here is trade. he's made statements on china trade, statements on trade with france and europe, and we still don't have a usmca and that lack

of progress, lack of anything nice to be said about trade, i think that's what's pushing this market down. what do you say, scott? >> actually, i said something earlier about maybe the market wants to kind of back off here and take a breather. i agree with that. let's remind ourselves, as we came in this morning, the dow was up 19%, s&p up 24%, nasdaq up 29%. so if we take a percent or two off of that, it's still been a fantastic year, number one. number two, yes, we still have the opportunity for usmca to get done. by the way, brexit, that can be another big good thing out there for the markets. so look, once again, tomorrow morning if we get up and all of a sudden it's going to be close to a phase one deal being done, boom, we are up 400 points. i mean, that's just the way this is. if we are going to try to get upset about the details of the day-to-day trade you will lose money and drive yourself crazy. take a step back and let it play out and take advantage of things when they get really really overdone. right now, the year has been

good, there has been nice big gains on all those indices. you can't have fairies all the time. there's got to be negatives every now and then. stuart: what are you saying? ashley: fairy cakes and tea. >> yeah, whatever. stuart: i sincerely apologize. >> you know what i mean. stuart: i really do know what you mean. okay. dow jones industrial average down 382 points. trade in focus. now this. watch out, europe. trump's in town. be careful, china. you are negotiating with trump. watch out, iran. trump's in power. on all fronts, this is a hard line president. he does not back off and our competitors, rivals and enemies are feeling the heat. this president has a very different view of america's place in the world. now, i'm going to start with iran, because what's going on there has not been fully reported. iran's economy is collapsing.

the people are in revolt. hundreds of unarmed protesters have been shot dead in the street. the interior minister said, get this, 50 military bases have been attacked. trump pushed the iranians to the brink. for 40 years the islamic republic has been killing americans. now they are killing each other and they are bankrupt. watch out, iran. trump's in power. in europe, well, they don't know what to make of him. they just don't know what to make of president trump. he arrived in london monday night and this morning, promptly laid down the law. i don't want france taxing american companies, he said. emanuel macron has proposed that digital tax which would be paid largely by our dominant tech companies. if they go through with it, mr. trump will slap a 100% tariff on french cheese, wine, handbags and champagne. with germany, president trump complained loudly about their defense spending. a measly 1% of gdp compared to 4% for america. they quote, have to shape up or

things are going to get very tough, he said. meanwhile, trump critic angela merkel is on her way out of power. on china, the president said he had no deadline for a trade deal. in some ways, maybe it's best to wait until after the next election. that's what he said. that's the negotiator in chief. he can wait. it's china that's in trouble. yet again, our president dominates the headlines. he runs the news cycle. the democrats are left out in the cold. while trump lays down the law to europe, china, iran, among others, the democrats assemble a group of lawyers to shout impeachment about a phone call with ukraine. speaker pelosi famously said the president quote, is in over his head. i don't think so. he's putting america first. what a concept. bill has graciously decided to stay with us and listen to my little rant. he's a hardline president. >> i think i'm going to take a cue from mr. macron and say yes,

absolutely right. stuart: there you go. >> look, i think the more important thing is, it's not just that it's a hard line. he's sort of doing what he says. he's always complained that other countries don't pay for their own defense and he has a point on that. i think nato announced that quite a few more members this year will be paying what they are obliged to pay and by next year, they are going to get i think at least half of nato's members to pony up what they should. germany is the big outlier on that. in germany, sort of the most vulnerable is closer to russia, ukraine, it's further east so it has more to lose. stuart: do you think americans like to see our president on the world stage laying down the law as i put it? >> i think as a general principle, yes. i don't have quite as benign a view of tariffs as the president does. to me, that's always a high wire act. and i think the uncertainty about trade means that we have

growth at 2% instead of maybe 3%, if we had a china deal, and we had the replacement nafta deal, which we may get. i mean, the democrats, you mentioned the impeachment. they are in a fix now because they realize that they are vulnerable to accusations that they are doing nothing but impeachment and they have this deal that has a lot of things they wanted in it. it's not a typically republican deal. yet they won't vote it through. stuart: i've got two market watchers still with us. i will ask them both the same question. first of all, mike murphy, do you approve of what i'm calling the hard line trump? >> i do absolutely. you hit the nail on the head. he's putting america and america's interests first, and as a u.s. citizen, that's what you want your president to do. stuart: scott, same question. do you approve of what i'm calling hard line trump? >> i'm going to take it a step further. absolutely, but you know what, i approve of him being a leader. the world needs more leaders. that's the problem we have millenials, right, parents are friends with their children. then you go to university and they let the inmates run the

asylum. we don't have leaders left in this world. our other presidents have acquiesced to everybody abroad and apologizing for american exceptionalism. this is the first guy that stepped up and has been a leader. i'm not sure i would have liked general patton but he's a leader and he won. i'm not sure i would have liked general macumby but he's a leader and he won. president trump is a leader and that's why the world doesn't like him because he's a leader. stuart: next up for president trump, canada's prime minister justin trudeau. that's happening later this hour. this will be all about usmca. when that happens, the meeting with trudeau, you will see it. promise. also, actor mark ruffalo slammed capitalism on social media, calling for a revolution, but he's a big hollywood actor. didn't capitalism help him? brian kilmeade sounds off about that later this hour. next, it's giving tuesday. did you know that? a new report found that charitable giving is down in america. next, we have the ceo of the

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stuart: very close to the low of the day, down 419 points -- 420 points on the dow. that's better than minus 1.5%. it is a sell-off and it's all across the board. the trump campaign says it's not going to allow bloomberg news reporters at campaign events and rallies. why are they doing that? ashley: because bloomberg, the news organization, says it would not be doing any investigating into the democratic presidential candidates since mr. bloomberg has jumped into that field. but they say they will continue to investigate the trump administration, as quote, the government of the day. in response to that, the trump administration says since they

have declared their bias openly, the trump campaign will no longer credential representatives for bloomberg news for rallies or other campaign events. bloomberg firing back, the company itself saying that saying we are biased couldn't be further from the truth. stuart: we will have that story covered for you with trump 2020 communications director tim murtaugh in our next hour. did you know that today is giving tuesday? we have a related story for you. this is a good one. the christopher and dana reeve foundation partnered with google nest, they gave away 100,000 of these google home mini devices, the nest, to what they call the paralysis community. i think it's a wonderful thing. a representative of the reeve foundation joins us this morning. okay. you have given away 100,000 of these nest things and you have given them to people who are paralyzed. what's that do for them?

>> today, actually in addition to giving tuesday, it's the 27th anniversary of the u.n.'s international day of disabilities, and the future is about accessibility. stuart: okay. what does that do for them? >> what this does is enable them to control the temperature of their house, to call someone, to live independently. stuart: you have given these? 100,000? >> we have given them out through our paralysis resource center which was founded by dana reeve in 2002. this summer, we actually helped our 100,000th person living with paralysis. there are over five million people living with paralysis. stuart: google delivered these nests? >> google delivered, they handled everything from their shop and it was -- the response we have gotten from the people we serve has been extraordinary. stuart: that is a remarkable story. hold on for a second. i've got a related story here about americans giving less to charity. 20 million fewer households donated than they did a couple

decading ago? jackie: that's right. there are a couple reasons for it. first, people are saying they are busier, they don't have a connection to religion. remember that's the main reason people give. also, they are saying higher costs of living, higher health care costs, housing, food, another reason. they just don't have as much money to give. but what's interesting to note is that the most recent statistic that we have shows that the top 1%, remember bernie sanders, elizabeth warren say they are not giving, they account for a third of charitable donations. that's really interesting to note, when you look at the juxtaposition. now, the white house is also touting giving tuesday and in their statement they said it doesn't all have to be about money. you can give of your time as well. there's an impact value there. stuart: but the bottom line is fewer households are giving -- jackie: that is true. stuart: -- and the 1% account for a large amount, volume, of these charitable gifts. i find that fascinating. you are still with us. >> i'm still with you. stuart: when i came to america, i was astonished at how generous

this country is. does it surprise you to hear fewer households are giving? >> yeah, but i think that's changing. i think giving tuesday is only eight years old. it comes after all this consumption, the consumption of thanksgiving, black friday, cyber-monday, and it was started eight years ago, and the giving has increased significantly. last year it was up 37%. stuart: this is giving tuesday. >> giving tuesday. so at the reeve foundation, we have actually seen all our fall campaigns having increases. i think that's part of what i alluded to earlier, how many people we are helping, plus the promise that a cure is possible for spinal cord injury. stuart: fascinating. i think you are doing great work. i really do. thanks for joining us. >> thank you for having me. stuart: sure thing. giving tuesday. i didn't know, actually. now i do know. he's a good man. the president just met with france's emanuel macron. the two side this minor trade dispute over the digital tax and tariffs will be worked out. later this hour, the president meets with canada's justin

trudeau. we will bring you that when it happens. quick check of that big board. sharp sell-off across the board. the market is down on president trump's trade comments, especially about china. more "varney" after this. ♪

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song by song i try and make it easier for anxiety.o get help. depression. panic attacks. people don't want to talk about it. so i share it. the struggle and the joy with my mental health. i bare it on a stage, under a spotlight, and invite everyone to join me. what's your mission? use godaddy to help make it happen. make the world you want. stuart: if i want to say the market has come back a bit, it would really be just a tiny fraction. we were down 420. now we're down 386. bottom line, it's a sell-off all across the board. later this hour, president trump meets canada's justin trudeau. this will be about usmca, the new nafta. edward lawrence, come on in, please. what do you have to tell us?

set up this meeting. reporter: yeah, stu, this is going to be a big meeting between the president and the prime minister of canada, who is really pushing for usmca to be ratified in the u.s. congress. he's had phone conversations with house speaker nancy pelosi as well as richard neil, chairman of the ways and means committee on the house side. i have heard that no final language of usmca has been put on paper, but near final language has been shown to both house democrats and house republicans to get the ratification process moving. i have heard mexico is a little bit of a hurdle in terms of tweaking the enforcement in usmca, but ultimately, all sides agree that this will ultimately be ratified. they believe mexico will ultimately sign off on it. yesterday, senator chuck grassley took to the senate floor urging democrats in the next six days to take up ratification of usmca so the senate can then ratify it this year. so there's a push to get it done this year. he says that they are very

close. senator chuck grassley says very close to ratification being done this year. stuart: okay. got it. it would seem to me that mr. trudeau will put some -- will join with president trump and put some pressure on speaker pelosi, get a vote. go on. get a vote. everything's ready. just get a vote. scott is still with us. this is important for the economy and the market, isn't it? get a vote, get usmca done. >> we trade so much with those two partners. yes, it's absolutely one of the things, one of the three things that's going to help this market at least underpin where it's at now going forward. remember, usmca, brexit and something done with china. now, again, we can wake up tomorrow morning and president trump can say what he wants about a phase one deal almost being done and this market is going to take back all of its losses but there is something very simple sitting on somebody's desk that we can do right now to really help everything out across the board, and that is that usmca. for who knows why, except for the fact that she doesn't want

to give or they don't want to give trump a win, it's not getting done. so it's only making them look bad. it's in her lap. let her deal with it. stuart: all right, scott, thank you very much indeed for today's performance. in the right place at the right time, i'd say. thank you, scott. all right. as we said, the president is in london meeting with nato leaders and next, he will meet canada's justin trudeau. we will bring it to you live when it happens. more "varney" after this. ♪

♪ stuart: i think it's a good idea to have a lively upbeat song when the dow is down 400 points.

i want to do some counter-programming here. i need your love, babe. it's true. the election, britain's election nine days away. president trump's in london for the nato summit today. he spoke about it. what did he say about the election? ashley: he said look, he said in true trump -- stuart: go on. ashley: he said he was asked about interfering in the december election, the 12th of december, just around the corner. he said i don't want to complicate it but i have won a lot of elections for a lot of people. he said i'm a fan of brexit, i predicted it. he said he thought boris johnson was quote, very capable, but he said i'm staying out of it. he will be meeting with boris johnson. boris johnson is the standing prime minister but i don't think it will be a lot of hoopla and he won't have any comments about the upcoming election. stuart: i don't think they want a picture. ashley: no. stuart: president trump with prime minister johnson on the grounds that president trump is not wildly popular in britain and with an election nine days

away -- ashley: probably best. stuart: you don't want that photo op, do you. they will meet but i bet you there's not going to be a bunch of cameras from different angles. susan: i think the meeting was a bit of a surprise because going into this trip to london, everyone says they weren't going to have any one-on-ones but apparently they are, just outside of the cameras. stuart: we should say the president will meet with queen elizabeth at buckingham palace this afternoon. i guess that would be their time opposed to our time. not sure of the precise timing. anyway, look at the market. you can't say it's come back. only, what, 30 points. ashley: less worse. stuart: nothing to laugh about there. ashley: not at all. susan: that follows monday's sell-off, the worst in two months. stuart: if you add it up, down 250 yesterday, down 380 today, 600 points plus on the downside. susan: don't forget, a year ago,

sorry, just to show you what happened a year ago, we were heading into a great end of year but then you had the tariff man tweet and the dow lost 2,000 points in just one month. stuart: okay. can we see big tech, please? because i suspect everything's down and big tech in particular is down today. i was looking at the nasdaq composite. that's down over 100 points, i think it is. there you have big tech. look at that. all of them sharply lower. we've got apple back to $257. a six-point drop. that's 2.5% down. google, down seven bucks. amazon is pulling back by $25 a share. even though they had a terrific cyber-monday, best ever. ashley: getting caught in the downdraft here. stuart: facebook now at $196. microsoft on the chin, down just over 1%. now, president trump is about to meet canada's prime minister trudeau. blake burman is there. blake, come on in, please. because look, it seems to me

that that meeting is surely going to be all about usmca and i would love to see our president get hold of mr. trudeau and say pressure speaker pelosi, let's get this thing done. are we going to see that? reporter: probably what we are going to see here when these two leaders meet momentarily here in london, stuart, keep in mind this was one of those bilateral one-on-one meeting ad-ons the white house included in london here. you're right, the point is to have president trump sit next to the canadian prime minister and say look, democrats, we are here, we want this, house democrats put this on the floor. back at the white house, they have been imploring nancy pelosi and democrats to go ahead and move forward with the usmca and get it on the floor. initially the target date was october. then it slid to november. now of course, we are in december and they are trying for this to happen this year, but stuart, you know the backdrop

with what is taking place in washington, the impeachment hearings, whether or not democrats will bring it to the floor is an open question. there are still some technical adjustments that democrats are looking for as well. but you hit the nail on the head. this allows the president to sit down with justin trudeau and sort of make a plea to democrats back in washington to bring the usmca forward and to get it on the house floor. stuart, from what we have seen at least this morning with the bilateral meeting with nato secretary general and then with macron of france, those have kind of been mini press conferences already. so we will see if it turns out that way with president trump and prime minister trudeau. stuart: my dollar says yes, it will be that kind of q & a. reporter: your dollar or your pound. stuart: no. i'm american, blake. nice try. i am an american. it will be my dollar. reporter: no, no, i only say that -- stuart: hold on. the president is talking. listen to this, please. >> -- and have supported them from the beginning.

the question was asked do we support them. i thought financially. we haven't supported it. i don't know that we have actually ever been asked to support them financially. you know, somebody asked, maybe we would but we support them very very seriously. the people that are protesting in iran, they are looking for freedom and we are fully in support of them. just in case anybody had any question. we haven't been asked to support them financially which i assume that's what the question was, just to make sure everybody understood it. 's the an hon it's an honor to be with a friend of mine who just had a great election victory. congratulations. done a very good job. we actually have a very good relationship, and a good relationship in terms of our countries. we are working on the usmca which i ask nancy peli to put it up for a vote. if it gets put up for a vote it passes. so far, she hasn't decided to do

that. it's up to her. it's actually a single individual, speaker of the house, it's that person's decision and she's the speaker of the house and it's a great deal for mexico, for canada and for the united states. it's a lot of jobs for everybody. it replaces a deal that's really a lousy deal, bad deal for, i can tell you, i would say for the united states, a deal that we have right now is terrible, nafta. terrible. been a terrible deal for the united states. so we look forward to being able to vote or take the vote on usmca. it's been there for a long time and at some point, perhaps the president of mexico, we have a wonderful man there, he really is, he's been a wonderful man, they will get tired and the prime minister will get tired and say look, let's forget this deal and i could understand it if you did. it's been sitting in congress now for six or seven months and it's a great deal for everybody. so hopefully they can get it

done and get it done fast and it's one of the few transactions i think all three countries benefit. really as a unit, against the world, if you look at it. really as a unit against the world. that's the way we looked at it from the beginning. so we hope that's the case. again, congratulations. we will be talking about a number of subjects including additional trade to that, and the military and military presence. it's great being at nato. we had some real success i think, some very successful talks having to do with nato. as you know, a lot of the countries have stepped up and are putting in at least $131 billion more and that's great. and they have commitments for $400 billion. so it really has become a force. as we have discussed in the past, there's going to be great flexibility shown now with nato. we can go to other parts of the

world, not just one focus. it's a lot of focuses and we need a lot of focuses. we need a lot of focus. we will be looking at other forms of terror, we will be looking at other countries, we will be looking at countries that are aggressive, not just this particular part of the world. nato has become a big factor the last two or three years. you have been involved, i have been involved and a lot of good things have happened and it's great to have you here. thanks very much. congratulations. >> thank you. it's a real pleasure to be sitting down with president trump. the relationship between canada and the united states is incredibly strong. i don't think it's ever been stronger. our work together on the usmca as we move forward towards ratification has been really tremendous. it's been a great process of working with -- between your team and our team, working with the mexicans as well. we know that we are here for

nato, 70th anniversary extremely important. the american strength in ensuring that people are stepping up in terms of their military investments is certainly something we have recognized in canada, where increasing our defense investments by 70% over these ten years because we know that making sure that everyone is there to step up and deliver is really important. we have a forward battle group in latvia, we are leading the command mission in baghdad. canadians are a strong part of this alliance and will continue to be. this is just a great opportunity for me to sit down with the president and talk about the many issues in which we align and work together. [ speaking french ] >> that sounded very good. any questions? reporter: yes, mr. president. climate change is a top priority

for the prime minister here as well as for president macron earlier. we have not heard you talk about it on this trip. it doesn't appear to be on your agenda. are you thinking about that issue? >> i think about it all the time. honestly, climate change is very important to me. i have done many environmental impact statements over my life and i believe very strongly and very very crystal clear clean water and clean air. that's a big part of climate change. i also see what's happening with our oceans where certain countries are dumping unlimited loads of things in, they float, they tend to float toward the united states. i see that happening and nobody has ever seen anything like it and it's gotten worse. but you know, it's very important for me also but i want clean air and clean water. that's number one and number two. very important. reporter: are you concerned about rising sea levels at all? >> you know, i'm concerned about everything but i'm also concerned about nuclear proliferation which i think is a

very important topic and it's a topic that we are going to discuss today. you know, the whole situation with nuclear to me is very very important. as we have been discussing today at the various meetings that we've had. i think that's something that has to be taken care of and has to be dealt with very strongly. reporter: mr. president, [ inaudible ]. >> say it? reporter: are you happy with canadian defense spending as it is right now? >> well, they are moving up and moving up substantially and they are starting to do very well economically. that has something to do with it. yeah, they are getting up to a level that's getting to be very acceptable. they have been under the 2%, obviously, but they are moving up. we discuss it. reporter: you plan to discuss huawei? >> we will discuss that. yes. we will discuss that. we will be discussing that. yes. reporter: -- huawei and using it in the next generation --

>> we find a security problem with it, you know, and canada is going to make a decision at some point but we find, i just speak for the united states and we have ability to do a lot of things. we have actually advanced very far in 5g, much further than anyone really knows. ajit pai headed it up and he's very good. we have a lot of action going on with respect to 5g. we are not using huawei and we are really -- some of our great companies are getting much involved with 5g right now. but no, we find a tremendous security problem with respect to huawei. reporter: mr. president, on the nuclear issue, you talked earlier with regards to russia and china coming to the table [ inaudible ]. your description of the conversation you had doesn't really match what they said publicly. >> it's not what they said publicly? reporter: yeah. >> well, look, we've had

discussions and we have also had communications and i can tell you on behalf of both, they would like to see something done with it. now, does that mean they will agree to do something? i'm the one terminated the agreement and i terminated it because they were not living up to it and we don't want to be living up to an agreement and they don't. so it wasn't fair. but it was also a very obsolete agreement. you know, it covered things that frankly didn't matter anymore. we are looking at doing a new agreement with russia and we are looking at doing a new agreement with china, and maybe the three of us will do it together. and they do want to do it. i can tell you that with china, we were in a trade meeting and the subject, i broached the subject and they were very excited about it. no, they'd like to do it. we may do it with russia first and then go to china or we may do it all together or it may not happen. to be honest with you, maybe it won't happen. but we are spending a lot of

money on nuclear and we have new nuclear and we have tremendous renovations of our older capability and i have to tell you, i see the kind of damage that we're talking about and the kind of power that we have and it's a very -- it will be a very sad day if we ever had to use it. it's a very good thing if we could do something to stop making that, fixing that. we'll see what happens. now, there are other countries but in terms of the world, we're number one by far. russia is number two and china would be number three. china will be pretty even over a period of four or five years. but it's a tremendous expense for them, for us, for everybody. the destructive capability is really unacceptable. so we'll see if we can do something.

i think russia and i think china would like to do it very much. reporter: on nato spending, you called member countries and allied countries in the past delinquents for not meeting the 2% standard. where would you put canada in that? >> they'll be okay. i have confidence. just slightly delinquent. no major delinquent. some are way below 1%. that's unacceptable. then if something happens we are supposed to protect them and it's not really fair and it never has been fair. and they are paying up. we are talking to germany tomorrow and they are starting to come along. they have to. they have to. otherwise, if they don't want to, i'll have to do something with respect to trade. reporter: canada is -- >> i have all the cards. we have built something in the last three years that's been incredible. you have seen it. we are up $21 trillion and china

is down about $32 trillion. as you know, for years, i have been hearing that it was 2019, in 2019 china is going to become the largest economy. well, that didn't happen. we are much larger than china now because we have gone up and they have gone down, and they have had their worst year in 56 or 57 years now, by far. they have had the worst year that they've had that they know of and we don't want that, frankly. but what they were doing was wrong. and i think they are going to stop it. and they want to make a deal very badly. yes. reporter: on that question, would you commit if there's a country that's delinquent as you put it in paying for their defense spending, will you commit as president of the united states to defend them if they were attacked? >> you know, i'm going to be discussing that today and it's a very interesting question, isn't it. you know, it also depends on what your definition of delinquent is.

for instance, if you have a country that's paying only 1% and you have some that are paying less than 1% and they shouldn't be. you have some that are paying less than 1% and they're wealthy countries on top of everything. now we go to a new year and they don't pay, and now we go to yet another year and they don't pay. well, now do they have to pay for the bad years? okay. now, so why is it that they owe us for this year but every time a new year comes out, they don't have to pay? it's wrong. it's not right. so i could say that you could go back 25 years. i won't do that with canada, of course. but no, you could go back, you know, right from the beginning where they were short of whatever goal it was at the time. it's 2% now. 2% is very low. it should be 4%. 2% is very low. but you have some that are well short of that. but they were short of it last year, the year before, the year before, the year before, right?

so they are short all these years. well, in theory you don't just say that's okay, you don't have to ever pay. they owe all that money from the past. that's the way i look at it. if germany as an example is paying 1% and they're supposed to be paying 2%, you are talking about billions of dollars, well, that means that last year, the year before, the year before, all of those years, they would owe us money. you are talking about, really, you are talking about trillions of dollars. nobody's ever brought that up. they just keep talking about the present. so if they're short one year, and then you go on to the new year, they never talk about the year that they didn't pay. actually, in theory they owe us that money. it's not fair. it's not fair. reporter: regarding china, when you met the prime minister in june, you talked about trying to help with the two prisoners that are canadians that are in china. have you made any -- >> well, i have.

and i think we have made progress. i mentioned that to president xi as you know, because it was a big subject at the time. i put in a very very strong word for those two prisoners. i haven't spoken to him recently, to be honest with you. i don't think he likes me so much anymore but that's okay. reporter: mr. president, canada does not meet the 2% standard. should it have a plan to meet the 2% standard? >> well, i will put them on a payment plan, you know. we will put canada on a payment plan. i'm sure the prime minister would love that. what are you at? what is your number? >> the number we talked about is 70% increase over these past years, including for the coming years, including significant investment in our fighter jets, significant investment in our naval fleet. we are increasing significantly our defense spending from previous governments that cut. >> okay. where are you now in terms of your number?

>> we are -- >> 1.3%. >> 1.4. >> you're getting there. they know it's important to do that. their economy is doing well. they will get there quickly, i think. it's to their benefit. >> the president knows as well that canada has been there for every nato deployment. we have consistently stepped up, sent our troops into harm's way. we are leading in iraq, we are leading in latvia. we continue to step up like most of our allies. there are some countries that even though they might reach the 2%, don't step up nearly as much, and i think it's important to look at what is actually being done, and the united states and all nato allies know that canada is a solid, reliable partner and will continue to defend nato and defend our interests. >> we do have tremendous coordination with radar, with all of the different things,

technologically we have tremendous coordination between canada and the united states. that's good. yes. reporter: to come back to impeachment, you met with [ inaudible ] last month. what did you learn from that meeting? what advice [ inaudible ]? >> we are winning so big. we had our biggest fund-raising month ever. we had last quarter was unbelievable. i have my best poll numbers that i've ever had. the impeachment hoax is going nowhere. the republican party has never been so unified as it is right now. i have never seen anything like it. i used to tell you, i said the one thing that republicans are better politicians, they have better policies but the democrats do stick together. the democrats like open borders, they like sanctuary cities, they like a lot of things that are not good, but they do stick together. well, the republican party, this whole impeachment hoax has been like glue because they know it's a hoax. it's a way of hurting the

republican party beyond me. it's a way of trying to hurt the republican party and a lot of great people. and the people aren't standing for it. a lot of these democrats went back over the weekend and over the last week and a half, you know, they talk about how much of an emergency everything is and then they go away for two weeks, they went back to their districts and they are getting hammered in their districts. i see what's going on, especially the trump districts where i won by a lot, i have districts where i won by a lot. you people know it better than anybody. we had a lot of great elections recently. we had the two big victories in north carolina. i told you before, we had in kentucky, we won everything other than the governorship and the govern or i brought up almot 19 points. he lost by just a few votes. and louisiana was a long shot and it was less than 1%. he came up 12 or 14 points, a lot. and we won everything else. we won everything else and by

the way, in mississippi, we won the governorship very close race, it was tied going in two days before. i went up, we made a speech, we had a rally and he won by a lot. and we have a wonderful governor in mississippi and everybody else won. both candidates went up a lot. we have never had the spirit that we've had. i think i can honestly say i don't think we have ever had the spirit we have right now in the republican party. the impeachment hoax is what's done it. you know what, honestly i think you people know that better than i do. please. reporter: the dow is down over 400 points right now and part of it is the comments you made earlier about the china trade deal getting passed. >> that's all right. it was at about 15,000, 16,000 and now it's almost at 30,000. it's going to be at 30,000. no, i have to tell you, if it's not going to be a good deal, i'm not signing a deal.

it's peanuts compared to what -- we have picked up record numbers in the stock markets so that's okay. that's the way i feel. i have to make the right deal. i'm not going to make a deal that's not going to be great for our country. and it can't be an even deal. if it's an even deal it's no good, because china, other presidents and leaders of our country have really let us down because they let china get away with -- get away with something that should have never been allowed to happen. billions and billions of dollars a year were lost in dealing with china by foolish people or by people that didn't care or by people that didn't know how -- we rebuilt china. i give china great credit. i don't even blame china because our people shouldn't have done what they did. but what they've done, we have lost $150 billion, then $200 billion, then $400 billion. in china, they rebuilt china with the money they took out of

the united states. that's where they were and that's where it is. now we are taking in billions of dollars in tariffs and by the way, remember you used to tell me how it would cost us? they are eating that money because they don't want to lose their supply chains. and i don't want them to lose their supply chains but if it happens, it happens. and that's where it is. they want to make a deal, but i like the deal that we have and the deal that we have could get even better and i could do it all by myself. so we'll see what happens. we are in a critical stage. they have called us today, they have called us yesterday. we are having ongoing discussions and we will see what happens. but if the stock market goes up again, i don't watch the stock market, i watch jobs. jobs are what i watch. i watch making the proper deal. we have been taken advantage of, the united states, by china, for so many years at numbers that if you were doing this, you wouldn't have believed it.

i came in, i looked at numbers for, i mean, ever since the founding of the china's entrance into the world trade organization, the wto. [ inaudible ] stuart: i believe we just lost audio very briefly. we hope to return to it. the president was talking about china trade, the first time in his meeting with mister trudeau or emmanuel macron that he has addressed china trade. he wasn't asked the question about it until blake berman asked. ashley: down 240 points and the president says i don't watch the stock market, i watched jobs. stuart: the president is back, listening. >> usually we look at it as a group and we have to look at it as a group. i would look at it as a group but i think it is unfair what a country doesn't pay so most

likely i do something with respect to trade] is one of the things we will be discussing today. i have to look at it as a group because this country sitting in the middle is delinquent. and something happens to that country. it is an unlikely circumstance but i would do something having to do with trade much more than you are suggesting. >> do you believe there will be a senate mile? >> i have no idea. they would make a mistake if they do that but that is okay, they do it they do it, that is a disgrace. i think the democrats should be ashamed of themselves. if you look at impeachment, there was nothing wrong, nothing done wrong, it was a perfect conversation with a very nice gentleman, the president of ukraine. the conversation was perfect, it was two conversations, they were both perfect. they were transcribed, they

were both perfect. this is what you are going to impeach the president of the united states for. the republicans have never been stronger, never been more unified. the democrats have gone crazy. and you know what? they have to be careful. when the shoe is on the other foot, and someday hopefully in a very long distant future you will have a democrat president and a republican house and they will do the same thing because somebody pick then orange out of the refrigerator and you don't like it so let's go impeach him. that is not the way our country is supposed to be run. >> have you selected a news site for next year? >> really have and i think it has been more or less announced and camp david, very special thing that camp david, it is nearby, it is close, very good access to the press. we will have a little bit of a washington, i think, deliverance but it will be at

camp david. >> your decision to leave syria will affect nato -- >> not only have we not left but working with the kurds, a very good relationship with the kurds and we have taken the oil. i have taken the oil. we should have done it at other locations where we were and four of them right now but we have taken the oil and that oil is what they lived off of and now it is going to be taken away from them and our great soldiers are right around the oil. we have got the oil but if we didn't have it they would not be able to survive. >> you have maintained that you have done nothing wrong. why won't you permit the secretary of state or chief of staff to testify? >> i would like them to testify. these are very unfair hearings and these unfair witchhunt hearings as an example i just

heard today they get three constitutional lawyers. they are just wasting their time and we get one. okay. nobody has to know anything about constitutional law but they get three and we get one. that can't be too good but that is the way it is. for the hearings we don't get a lawyer, we don't get any witnesses, we want biden, we want the son hunter, we want the sun, we want adam schiff, we want to interview these people. they said no, you can't do it. so when it is fair it will be fair in the senate. i would love to have mike pompeo, i would love to have mitch, i would love to have rick perry and many other people testify but i don't want them to testify when this is a

total fix, you know what a fix is? this is a fix. just think of it. tomorrow i don't think anybody is going to watch. i'm not going to watch. i will be doing this. it is much more exciting. tomorrow, think of it, they get three constitutional lawyers and we get one. that is not even smart because it is not going to matter. they take three and give us one. you ever heard of anything like that. i want them to testify but i want them to testify in the senate where they will get a fair trial. >> what do you want to learn from adam schiff? >> i want nothing from adam schiff. >> what would you like to learn if he testifies? >> i think he is a deranged human being who grew up with a complex a lot of reasons that are obvious. i think he is a very sick man and he lies. adam schiff made up my conversation with the president of ukraine and one of the reasons people keep talking about it is that is what they far. we have a perfectly beautiful 3

or 4 page transcription and in the o two page transcription of the conversation but a lot of people didn't read that. how many people call you, friend of mine called up, top person in new york called up, i didn't like what was said. i said did you read it? i didn't read it, i heard adam schiff. that is not what was said. i sent him a copy of what was said, he said this is straight. this is and what he said. this guy is sick. he made up a conversation. he died. if he didn't do that in the halls of congress he would be thrown in jail but he did it in the halls of congress that is given immunity. this is a sick person. he is a liar. nancy pelosi knew he was lying and she went on her show stephanopoulos and said he told the truth so she was lying too. these people are deranged. anybody else? >> the president suggested canada might pull out of us and

ca if congress doesn't ratify a deal. have you made that suggestion? >> we have had lots of great conversations how we are going to keep moving forward to benefit workers in all three of our countries and we are confident we will be able to get there. ambassador lighthizer and deputy minister freeland and negotiators are closely on this issue. we hope to have good news soon. >> the news day -- [speaking french] >> mister prime minister, is this your plan to have discussions with turkey and its role in nato? >> there is a range of discussions we will have during this meeting. i look forward to have an

opportunity -- including various challenges and reflections we have to have on how we move forward and make sure we are responding to the real challenges the world sees right now. >> do you have anything? >> we will bring up the issue of china. >> thank you very much, everybody. stuart: there you have it. that is the second press conference our president has given today, the first was with the manual macron of france, that was animated to see the least. the second with justin trudeau of canada. many subjects were covered. i want to draw particular attention to what was said about impeachment, the president came on strong about adam schiff, calls him a deranged human being. adam schiff conducted the house

intelligence committee hearings and also called adam schiff a liar and sick person. he came out with guns blazing. ashley: he was asked about the stock market and said that is okay, i don't watch the stock market, i watch jobs and we are doing well. stuart: on the subject let's go to blake berman in london. i believe you are the one who asked the president about the dow falling 400 points and what is going on. is that correct? >> now, it wasn't me although i would have loved it. it was a headlinemaker. the president says he doesn't watch the stock market, instead he watches jobs but i think the president's twitter feed would suggest otherwise as normally when the stock market goes up there is a 20 presidential tweet that follows. it was a double down for donald trump because earlier today when he was meeting with the nato secretary-general, the first of the president's meetings he gave the suggestion

that a potential trade deal with china could wait until after the election one year from now and the president would be comfortable with it. that is what the market has sold off to. when the president was asked whether he watches the market it was that comment that he doesn't watch the market, he cares more about jobs but he tried to make the point since he was elected president three years ago to where the markets are now they are up substantially. the long came and not necessarily worried about the market, dipped today, and yesterday as well on the china trade headlines. stuart: you were outside the meeting but whoever asked the question sounded like you. before i move on i want to make a point the president made about trade that nobody covered.

nato countries financing defense. many nato countries are not coming up with the required amount of money. germany in particular is not paying what he called its fair share. the president said of germany doesn't step up on nato finance we have to do something on trade. that is a threat. that have direct threat, trade tariffs, maybe that is what he was getting at. i don't people picked up on it but the market still down over 400 points. let's go to edward lawrence with news on the latest from us mca, what was said. >> playing bad cop the market on china, good cop here at the white house on us mca, the president sitting up there, the first words out of his mouth in that meeting with justin trudeau was we would like to pressure or get nancy pelosi to

put us mca up for ratification vote. justin trudeau said he is confident we will have good news very soon. donald trump saying us mca is a unit, mexico, canada, the united states against the world related to trade. very positive outlook going forward on this, the primary history of canada believes and that news conference that they can get there. i have heard there is near final language republicans and democrats of seen in congress so they are getting close and confident they can get to a ratification vote. stuart: i want to bring in tom leiden, market watcher. here is my opinion. the market is down 400 points and i think it is down 400 points, you may get more tariffs on china come december 15th. we are not going to get us mca despite the pressure and we might get tariffs on french luxury goods. the market does not like that.

is that why we have the selloff? >> there is positioning going on. donald trump is a master negotiator. him sending a message to china today to say i can put off trade negotiations for a year isn't going to affect the market that much. he said i own all the cards as with that in mind, 2% or 3% correction to the stock market is a buying opportunity for most investors. stuart: do you see it that way? we had a terrific run, something, october, november, straight up, a minor-league cellophane you would use this to buy something? >> there is a major shift on. we watch the flows in the etfs and you see the shift from growth stocks over to value so there is great opportunity in value stocks and small caps compared to large caps. the s&p has 6 docs but goes 18%

of the overall holdings. we are starting to see the shift on as people say i don't want to exit the market, to more oriented stocks, you can do that with more small ones and get a holiday sale from an evaluation standpoint, 20%-30% off. stuart: i'm sorry it is so short that this is a jampacked show. donald trump met with the manual macron and justin trudeau, next he will go to buckingham palace. my take on prince andrew coming up. this is the third hour of varney and we are rolling.

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stuart: a down day across the board, dow, s&p and nasdaq. i will show you the big, big tech, facebook is down 1.6%, apple is down 2.5%. we have amazon down 1.7%. when you start talking percentage moves you know you have big movement underway. netflix is down 1.2%, google is down 6 bucks. only have a percentage. roku, big drop yesterday, bounding back a little today, 6% rise as we speak. mostly losers, some winners. ashley: 10 year falling to 170 of money going into bonds, the price goes up and yields come down. stuart: you have the yield on

the 10 year treasury, world malaise so to speak. it is dead save. and and 1.7%. it is 184, it is a gigantic move. and boeing is down 1.5%. it is down across the board. you have been watching it all morning. a very hard line across the board. i say the president is maintaining a hard line.

is a good line to take? >> is taking a good negotiating line, he is supportive of nato and pleased to see other nations pony up and contribute to their own defense but also been clear, glad you are defending nato and your own country from russian aggression but you've got to deal with trade issues as well as france started this with a big tax on technology. stuart: a lot of people are worried that if we get more trade tariffs decent the 15th on china and tariffs placed on french luxury goods and don't get us mca because nancy pelosi won't have a vote that would be bad for our economy. >> it would be short-term. everyone was confused, nancy pelosi put us mca on her desk for 14 months and has yet to act on it. he keeps sitting different

criteria what she's going to do and say we will get to it but 14 months is a long time for them to be sitting over there on their desk. china talks are on-again off-again and look like they are getting close at this point. the noisier the closer you get but if that happens it is a big asset to get those done and all the issues, trying to resolve in france. they are getting closer to done rather than farther away. stuart: are you firmly behind the president's hard negotiating line? >> i am. you do hard negotiations to get to a resolution and if you negotiate to negotiate you don't get to a resolution. stuart: the person was asked about impeachment in a conversation with canada's prime minister. he called adam schiff a deranged human being and a liar and sick person. that is strong language obviously. do you approve of that? >> i don't. i don't like that language and it doesn't help us get through a resolution. it is the president's style. americans know that it his

style and a lot of people say that is him being him but like it or not i like better conversation and plane speech but i don't think you have to be little somebody in the process. that is the president and who he is. stuart: the president went out of his way to say the republican party was rocksolid in the senate. the republican party and the senate would not countenance impeachment. it does he have rocksolid support in the united states senate? >> i would say i've not heard anyone flinching on the republican side. all of a sudden looking at what the house is doing, partisan action. now funds withheld from ukraine, they have all the funding. the ukrainian government said we didn't know there was controversy on the funding, weren't aware of that until a political article came out and that was days before the funds were released. to say they were trying to get leverage on that the leverage wasn't there and wasn't being

used, no one even knew about it so it is hard to say there is a phone call where the president might have implied something he never said but we are going to impeach him overseas really odd and for all of us in the senate side we don't see evidence of any impeachable offense. stuart: i am sorry this is so short but it is a rock 'n roll news pack today but we do appreciate the results. come back again soon, we appreciate it. intrigue at buckingham palace. a scandal involving prince andrew and guess who is coming for dinner, donald trump. the next stop on his nato visit and i have a lot to say about that and i will say it next. what shines forever? diamonds. what is as rare as true love? diamonds. what lights up every room? diamonds.

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he showed no remorse, little sympathy for epstein's victims, no apology and in a bizarre twist he claimed he didn't sweater. last night on the bbc virginia robert godfrey discussed having sex with the prince when she was 17, quote, it was disgusting. his sweat was like rain, like it was raining. that is what she said. what a mess. what to do? as someone born and raised in england i am often asked why the brits keep going with a monarchy that has gone through scandals roughly once a decade for hundreds of years. my answer is that the system works. it offers stability and the monarchy is deeply embedded in britain's psyche. i don't think a republic would work over there. instead, i would suggest a streamlined royal family. don't do away with the pomp and ceremony and don't do away with a monarch's constitutional position. it works. but certainly get rid of the

hangers on. reportedly prince andrew receives a salary of $300,000 a year, some of that money, most of it comes from the british taxpayer. cut him off. there are surely other royal dipping into the public purse. look at them too. all those palaces and royal houses, come on, tighten the belt. the house of windsor will survive this as it has survived abdication, royal divorce, the death of princess diana but i am sufficiently americanized to say you royals had better behave. your exalted position won't last if there are any more prince andrews. that is what i have got to say. my fellow american who was born and raised in england and has a british accent just like me, what do you think of what i said did you ashley: prince andrew should have his title, his royal highness title stripped. he has been acting and titles, arrogance, lack of sympathy, he needs to go away and streamlining is the way to go

and reportedly prince charles, who may be one day as the queen turns 93, 94, he is very much behind streamlining the royal family so the hangers on, those who get the grace and favors which is another word for free housing and free everything on the back of the taxpayer should be cut off. stuart: we have an anglo-american position on this, a moderate position. moving on, next case, we know black friday and cybermonday brought in big bucks for the retailers. just how big? we've got the new numbers from the national retail federation and we will break them down for you in a moment and the american consumer is stronger than ever. keep it right here please. most people think of verizon as a reliable phone company. but to businesses, we're a reliable partner. we keep companies ready for what's next. (man) we weave security into their business.

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stuart: no change, been like this all morning, down day across the board, dow is down 1.5%, similar loss for the s&p and nasdaq, down across the board, donald trump earlier today met with the president of france, emmanuel macron and spoke about the french taxing american technology companies. watch this.

>> american tech companies, not my favorite people because they are not for me. they are american companies and we want to tax american companies. that is important, we want to tax them. that is not for somebody else to tax so the president knows we taxed wine and other taxes scheduled but we would rather not do that but that is the way it would work. it will work out or it will work out in some mutually beneficial tax. ashley: he is right, let the americans tax american companies. this is a standard playbook for the europeans, they look at these big american tech companies as a bottomless pit of money they can grab onto. in this case a digital tax. in other cases antitrust issues, fining them billions and billions and billions. you want to do that we can play the tax game too.

stuart: europe does not innovate like america innovate with our technology companies dominate things because they are real good. if the europeans produce the same kind of companies it wouldn't be the same thing. we need a word for many economists. bring in jeffrey cleveland. what is your reaction to what the president had to say today? i know you are listening. what is your reaction? >> my response, ignore the politics, focus on the fundamentals in the fundamentals have improved so the global manufacturing data people are not paying attention to this but the last four months we've seen improvement, global manufacturing of pmi is above 50 for the first time since the spring. the 50 delineated expansion from contractions so the scarce story of the year has been global weakness. that is going away. we are seeing stabilization in the global backdrop.

that will feedthrough into us manufacturing as we head into 2020. this is a good story about fundamentals. stuart: i do hear you but the dow is down 400 points, it was down 250 yesterday and the backdrop to all of this is the possibility of more tariffs on china products come december 13th, taxes on french luxury products and maybe no us mca. that is what the market is reacting to. i put it to you if those things happen, more tariffs here and there, no us mca, our economy could hurt. >> what is amazing is the resiliency of the us economy even with the tariffs we have seen and talk of more tariffs. we are still seeing 2% growth in the second half of 2019. i think we will have a 2.3% growth figure for the full year 2019. that is only a little bit slower than we achieved in 2018, 2.5% growth.

excellent we are able to withstand that and what is driving it? the consumer. don't forget the labor market is tight. consumer incomes are growing out of 4% clip band that will continue to support the us economy even if we have trade volatility. >> let me give you some more on this was we have new numbers from the national retail federation. shoppers spend an average of $50 more this year than last year. 93.2 million shoppers shopped online. 84 million showed up to brick-and-mortar stores. is an that exactly what you are saying? the consumer is leading this economy. the consumer is very very strong. >> we have a tight labor market, one of the tightest labor markets in generations, low unemployment, low layoffs, high job openings, that is pushing up wage growth and

generating income and when consumers sit down at the computer they are not worried about tariffs, they're worried about the best deal they can find on cybermonday and they are finding that and that will drive growth and earnings. it is all about fundamentals. stuart: bearing that in mind to you therefore think today's a lot following yesterday's terra is a september a blip? >> temporary blip on a longer time horizon, investors have to stay calm and focus on the fundamental story which is improving, folks on the consumer which is the heart of the earnings story and a story remains intact equity markets, earnings right equities. that is the key. liz: that was pretty good. thanks very much. short and to the point. i am going to continue on shopping. if you have a little girl a granddaughter, you know about lol dolls, they are very

popular and this is all about the experience. joining me is the company's ceo. welcome to the show. the dolls are very small and they come with everything wrapped in separate packages so you've got to unwrap, put it all together. it takes time and that is the experience. that is what makes them so popular. >> together with the detail we have, yes. we have brought kids back to playing with real toys. these are brand-new in the market. it takes about 23, 25 minutes to unwrap and play with these toys. parents love these, the kid loves it and they go through

23-25 minutes to unwrap the toy and show what is inside the wall which is inside. it is the number one selling toy number one selling even bigger than frozen. very exciting. stuart: say that again. that got our attention. lol dolls are selling more than toys that come from frozen 2. >> absolutely. this toy here, amazing surprise, the number one selling toy as of last week, very exciting, very exciting about that. stuart: it is a busy news day so i'm short on time but that is -- i have granddaughters. >> the good thing about this innovation, was made and is a worldwide phenomenon including in france.

lol surprise is the number one selling toy. >> excellent, so glad you were on the show today. thank you very much indeed. more on the shopping experience for you. one destination in downtown manhattan, new york city adding a touch of luxury to it all. lauren simonetti is there. what have you got? >> it is all about experience adding luxury to that. monica and andy, a high end kids clothing store, they wrapped up a mommy and me music class inside the retail store. that is how you get people to shop these days especially the millennial moms, 35% of overall luxury sales right now. millennials, hard to believe, how do you get them into a mall

like this one? you bring an experience to them. one of those experience is a store that has all this crazy text if you don't know you need including makeup brush, press the button and blend your makeup. whoever thought you needed that or what is this? >> power massager. >> look like a power tool. that is $200 so if you ever need something like that, got a lot of money to spend you can come to a luxury mall in downtown manhattan. stuart: i'm not a luxury kind of guy but that is really good. >> i could find a modest of for you. there is an ice skating rink. a light show tonight. >> i can't afford to break my hip at my age. thank you very much. we will see you later.

she likes that mall, donald trump done speaking with canada's prime minister trudeau talked about us mca but had some choice words for adam schiff, chair of the intel committee, choice words on impeachment, called him a deranged human being and a liar. we will get to that, trump 2020 communications director, choice words indeed.

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there is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you can save on your prescriptions and to get our free decision guide. licensed humana sales agents are standing by, so call now. stuart: choice words from the president for adam schiff who chairs the house intelligence committee. he is all about impeachment. the president called him a liar, called him a deranged human being. trump 2020 communications

director, you have to support what the president said. you have to support that language because you are with the trump 2020 communications director. you've got to supported and say that is okay. will you? not sure -- i think -- can you hear me? you can't. don't let him do that on camera. i will go to the big board so we can recoup the audio and get back in just a second. there i say we have come back 40 or 50 points? i will say it anyway because we have. we are down 440, the lower of the day. there is a lot of backwards and forwards. ashley: the nasdaq was down 100 points and now 93 so perhaps a little dip but certainly a big selloff. stuart: i believe this is about trade, specifically china trade.

donald trump who is in london made the comment that i have no deadline on the china deal. may be it is best to wait until after the next election, don't expect the deal in the immediate future and maybe because i'm reading into this, maybe we will have some tariffs on chinese products come december 15th. the market doesn't like that. we are down 390. tim murder is back with us. can you hear me? >> i can indeed. stuart: the president called adam schiff a liar, a deranged human being, very strong language. are you going to back him up? >> i don't think the president is off by anything. look at adam schiff during hearings, he made up testimony, put words in the president's now that the president never said, blocked republicans from being able to have their own

witnesses, cut off questioning, he claimed at the same time he didn't know the identity of the whistleblower but somehow he mysteriously knew exactly when to cut off questioning to avoid releasing the identity of the whistleblower whose identity he didn't know so i think the president is dead on in this. stuart: senator langford, republican oklahoma on the show a half an hour ago said layoff, you don't do that. that is not the kind of language that will read to a reasonable conclusion although he did say republicans in the senate are rocksolid in their support of the president but he didn't like that language. >> i appreciate that. senators can have their own opinions naturally but folks have to remember this is a president who for three years now has been under assault by democrats and the mainstream news media, for two years, let's remember for two years democrats in the media called donald trump an agent of the russians and that didn't work for them so they have moved on to this ukraine nonsense and so the president has been under assault 24 hours a day for

three whole years and so when he fights back people don't like that sometimes but that is the guy who is fighting back and he has been the one under assault for all this time so i don't blame him for pushing back. stuart: donald trump says the campaign are going to deny press credentials to bloomberg reporters, won't let them in campaign events or rallies. some people say that is trampling all over freedom of the press. what say you? >> the campaign is a private entity and can control access to events as we see fit but we are used to unfair reporting practices from the mainstream media but most don't commit it to paper and release a memo stating that. what bloomberg news did was setup two tears of rules and one set of rules for all the democrats, those democrats are not going to be subject to

scrutiny or investigative journalism. the other set of rules are for donald trump who will be subjected to scrutiny and investigative journalism. you cannot have two separate groups of rules for two separate buckets of candidates, you just can't do it and call yourself an objective news organization but that is what bloomberg news has done and we are within our rights to save that is the way you're going to play it, make two tears of rules, then we are not going to allow you to come in and cover our campaign events and you change it back. stuart: how you campaign against michael bloomberg? he has 52, $54 billion and can put what he wants into the campaign. what is your line of attack? >> we are not paying any attention whatsoever. he is one of a group of 20 or so democrats left over there. >> you are happy to see him run because it's with a democrat vote. >> what his and his proven late entrance, they looked around and thought the democrat field was a terrible there was room for them too and we don't think any one of them is very impressive so we he will see who comes out. stuart: rather dismissive. you can do that. tim, thank you for joining us,

we appreciate it. a couple stocks, look at roku. the market is way down across the board but roku coming back, 5% up. it was down 15% yesterday, downgraded and a lot of bid. modest rebound today. netflix says streaming competition will call a rise in customer acquisition costs. it will cost a lot of money to bring in new subscribers, investors, not that far down. it and overall market done 1.5% netflix is in line with the rest of the stocks. boston beer, the sam adams people, truly hard seltzer people as well. ups just raise their price targets of $440 because of their strong sales of hard seltzer in stock is reacting up $8, in a broad down market. it is down day for stocks but we want to end the show on a

high note. we have a bona fide success story. rio tinto, big mining company just penned a $1 billion deal to expand their copper operation. wait until we tell you where it is. the ceo next. k of verizon as a reliable phone company. but to businesses, we're a reliable partner. we keep companies ready for what's next. (man) we weave security into their business. (second man) virtualize their operations. (woman) and build ai customer experiences. (second woman) we also keep them ready for the next big opportunity. like 5g. almost all of the fortune 500 partner with us. (woman) when it comes to digital transformation... verizon keeps business ready. ( ♪ )

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stuart: rio tinto, one of the world's largest mining companies, $1.5 billion into a copper plant in utah which will keep running through 2023. of ceo is with us now. welcome to the program. in the back of our minds i am trying to think why you're putting so much money into a copper mine in utah and then it occurs to me your bidding on electric cars, aren't you? copper is vital to electric cars. >> absolutely. we have been in the us for 100 years, we provide 10% of all the copper consumed in the us, we believe in the us economy, we believe in copper and are not afraid of spending

$1.5 billion to extend the life of a mine from 2026-2032 and use an additional refund on copper in those 6 years and we are looking at options in 2022. we are ready to invest. stuart: you are geared towards electric cars, right? your placing a bet on copper for all kinds of reasons but one of those reasons is copper is used in electric cars. i'm not trying to get at something. i'm intrigued at the idea of electric cars and what you are doing about it. >> copper is used in many items from your iphone to electric cars. there will be more demand for copper. it is used in infrastructure so we believe there will be lots of investment in the us going forward from infrastructure to electric cars to use your examples. stuart: i always thought the big copper producing country in the world was chile. >> absolutely. we have been in the us for 116 years.

we have been there. still be there for some time. stuart: are you getting any government subsidies? >> absolutely not. we do it on our own dollars and absolutely confident we will get some good return for it. stuart: are you trying to curry favor with the president, donald trump, who loves big multinational companies putting money into america? >> as i said we have been in the mining business more than 100 years in the us, 126 years globally. we invest for the long term. now favors here. stuart: the ceo of rio tinto, thank you for joining us, we appreciate it. donald trump expected to arrive at buckingham palace for tea with prince charles. more varney after this. ♪

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stuart: our president, president trump, will arrive at buckingham palace within the hour. any comment -- what have you got to say? ashley: wouldn't you love to be a fly on the wall? actually, the queen does like donald trump. that's what's come through. she finds him amusing. stuart: what's your source for that? ashley: me. no, it's been reported. stuart: okay. he's a straight shooter. maybe she likes that. the schedule calls for our president to have tea with prince charles and then meet the queen. by the way, the queen will be meeting all the other nato leaders as well. it's a big reception at buckingham palace. you want to watch it, stay right here on fox business. quick market check for you. this is all about china trade. we are down still about 400 points. comments from president trump

about china trade, not going down well with investors. we have been down 400 all morning. now, at 2:00 eastern time this afternoon, vice president mike pence, he joins our own charles payne on "making money." that's at 2:00 eastern. right now, it's neil's. neil: thank you very, very much. rarely do we see one key figure on the planet really dominating all the coverage on the planet of general news and business news. that has been the role of donald trump today, making waves and busting heads halfway across the globe. he continues doing so. let's give you a taste of what he said so far. take a look. >> the china trade deal is dependent on one thing. do i want to make it. in some ways, i like the idea of waiting until after the election for the china deal. >> they're