better-than-expected and the dr pepper has a growing partnership with energy drinks. our lot of people drink coffee. jack otter: you have a company you have heard of. andrew: alphabet, the parent of google, one of the worst performers, the issue, the chat gtp, it is a manageable issue. it is low, a billion in cash and the company got fat and complacent. jack otter: whatever chat gpt says, check out this week's addition, barron.com. follow us on twitter, barron online, see you next week on "barron's roundtable". d weeken. >> from the fox studio in new york city, this is "maria bartiromo wall street".

maria: happy we can to all, welcome to the program that analyzes the week that was in positions you for the week ahead. i am maria bartiromo this weekend marks the one-year anniversary of russia's brutal invasion of ukraine. vladimir putin is vowing to continue the military campaign despite estimates of 200,000 russian casualties in this war china is now claiming it is pushing for a cease-fire between the two countries. amid reports it is actually considering supplying weapons to russia the white house meanwhile is pledging aid for ukraine and announcing sanctions against russia and it suspended the nuclear arms treaty to the united states is getting all of this with national security advisor fox news contributor general keith kellogg. it's great to have you this weekend thank you for joining us. >> to give maria, good to be with you. maria: one year in this war, where is it going is this

unending? >> right now it is with the leadership that we currently have in the white house because they haven't declared an in-state and explained to the american people as much as it takes and as long as it takes is a bumper sticker is not a strategy and we haven't heard a strategy from the president. i think the work can be drawn to conclusion it's good to be a very, very interesting spring and summer because i think both sides of russia's eight ukrainians are getting try to have a defense to bring this to a conclusion and the russians will probably fight more in the north and ukrainians will fight more to the south. here's a good concern the fact that we keep talking about what we've done for ukraine and given them a lot of money over $100 billion in a scene that is never ending you can in that if you and the work and we say were good to give them this much equipment in this type of weapon system but we take our time giving it to them. the great french emperor napoleon a great master of war said terrain i regain in time i

cannot, that happens with ukraine we gotta give them the kit that we need to fight the russians to defeat the russians in the field and i think they can do that. the president biden needs to get involved he hasn't picked up the phone and called vladimir putin, he could do that trumpeted done in a heartbeat and he needs to tell putin this is your option leave ukraine with your army or we will supply ukraine with all the equipment that they need in the near-term to defeat your army the reason why that is important i really changes the face of europe for the next generation. you mentioned earlier that the russians have probably lost well over 200,000. tickets closer to 300,000 wounded and dead probably about 150,000 dead and ukrainians have lost 100,000 dead as well. ukrainians would you look at ukraine one third of the population is gone they have moved as refugees and you look at the cities that have been destroyed invariable, when i was on my trip to ukraine a couple of weeks ago we visited the

cities and we got very close to the line of contact, the 0 line and able to see what is going on and to a person we don't need to make a trip we don't want to make and trips we want the kit to be able to fight and i tell you looking at them and talking to them and talking to the leadership you can never discount the fighting heart of an army. they have the fighting heart. zelenskyy said that year ago he said let's get you out of kyiv and he said no i don't need to write any ammunition. armies feed off of that nations feed off of that. it's like a presidential leadership in where you're at that's why i'm surprised by the never went to new policy or the border because he goes to europe over to kyiv. zelenskyy never left kyiv he fought his way in the army so that the people saw that. maria: if it were up to biden he would've set the plane and gotten zelenskyy out of their and right now ukraine would be russia. look i want to do whether or not you think our response has been

adequate enough because i spoke with a c-uppercase-letter io bill browder who knows firsthand how evil putin is. browder exposed corruption of russian companies and putin tried to kill him he ultimately murdered and had his lawyer murdered. here is what he thinks the united states should be doing now to russia. >> i think that we should seize the frozen $350 billion of assets that are currently in our custody the russian assets the russian central bank assets in that money should be diverted, seized and sent to ukraine so they can support themselves in the militarily and financially. maria: instead president biden is talking about more sanctions is it going to work what you thing about his plan? >> i think his plan is perfect those are sovereign russian assets and we should do that biden does not want to escalate it in the sanctions are going to work at some of the great day late and a dollar short and biden had effort i wish she

would lead from the front. maria: the same thing when it comes to china he allowed the surveillance balloon the surveillance craft travel throughout the entire country hovering around the nuclear installations, now china is claiming is pushing for peace talks between russia and ukrai ukraine, we have reports that say china is considering sending military aid to russia. china is trying to have it both ways in this president refuses to call china an adversary. he keeps calling them a competitor. >> if you believe china is going to help you i have a great bridge in brooklyn i tell you, france is a competitor, china is an adversary and we have to recognize that in things matter when you mention them and you put a name on it we need to fully understand where china is coming from they want to control the western and eastern pacific as well and basically deny us

access where they could take the first island chain which includes taiwan china is not a friend and the sooner we realize that in the national level the better off or get to be. maria: they are expecting china to invade taiwan, mike gallagher the head of the select committee told me he thinks it'll happen next year. >> here's why that he says that and mike has a good position on it. they look at the leadership of the united states of america and they know in a couple of years will have a new president and they say i see weakness i smell weakness and i sense that and see that with his current president, remember a minor inclusion of ukraine would not matter very much over a year ago when he spoke in public at a press conference and they know he's got weakness and they will respond to the and that's my concern i look at that and say he won't respond to forks and we have a chance to take it.

if we wait another two years we will never be able to get time back. maria: you make all important points the world should be worried about china dominating the semiconductor industry with taiwan semi conductor that's for sure, general it's good to see you thank you for weighing in on that we appreciate your leadership. >> thank you maria thank you for having me, keith kellogg inflation hotter than expected again in january. basic essentials through the roof like food, shelter and i have moderate to severe ulcerative colitis. so i'm taking zeposia, a once-daily pill. because i won't let uc stop me...from being me. zeposia can help people with uc achieve and maintain remission. and has been shown to reduce symptoms in as early as 2 weeks. zeposia is the first and only s1p receptor modulator approved for uc. don't take zeposia if you had a heart attack, chest pain, stroke or mini-stroke, heart failure in the last 6 months, irregular or abnormal heartbeat, if you have untreated sleep apnea, or take maois.

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new kombucha business... ... i thought there would be a lot more kombucha... ...and a lot less business. inner voice (graphic designer): as a new small business owner... ...i've learned that trying to be the “cool” boss... ...is a lot harder when you're actually the “stressed” boss. inner voice (furniture maker): i know everything about my new furniture business. well, everything except... ...the whole “business” part. not anymore. with quickbooks, you can confidently manage your business. new business? no problem. yeah. success starts with intuit quickbooks. maria: welcome back here's where markets ended the week after hotter than expected january pce data a rough week on wall street for the federal reserve's preferred measure of inflation and capped that week on friday up 5.4% year-over-year. up six tens of 8% month over month, both worse than expected joining me sleep stone chief market strategist, it's great to

see you this weekend. you were expecting this, i don't know where the whole inflation is cooling and the fed is about to pivot, this did not surprise you did it. >> not at all, you been talking about this and especially after what we got the hottest cpi and ppi last week i think is confusing the market should've been caught by surprise and i think the fed and the fed minutes admitted very clear that they are concerned that they told you in the minutes and every fed member has come out pushing for higher rates and holding them there for longer. i think johnny williams came out and said he thinks they should hold rates for a few years nevermind a few months where they tried to convince us that they were getting cut rates by the early fall which i thought was ridiculous, i keep saying that was ridiculous. maria: the fed funds right now pricing in three more hikes by the fed does this number on friday change what do you think the fed is going to do in terms

of the size and capacity of the rate hikes in the second question is the fact are we seeing an impact or is there a lag effect and it will be see a recession this year? >> yes i think we will see every session in a role in recession and i think were already in it and parts of the economy number one. number two i think it does cause the conversation to happen about what is the next rate increase is a 25 or 50 notice last week they were floating potentially 50 basis point increase but there was not a lot of support for it. i'm not sure that the march meeting is going to create a 50 basis point move unless of course the data continues to get worse as we move through the month of march and then there's always a possibility. but i do think we will see until june 3 more rate increases. if they can be 25, 25 and 25 that'll get us to five and half

range where i think they will pause. i think they will pause in weight, there is a lagging effect. the question is are the rate hikes going to be able to address the very problems that affect you and me every day because used-car prices are coming down, that's great how often are you buying a used car are you buying a house every day, no but you gotta buy butter, milk, eggs, cheese and food, that's what you have to buy every day you have to turn the power on in your house every day those are the costs that are affecting american consumers. >> a great point at dozen eggs up 70% year-over-year, the cost of margarine up 48%, the numbers are insane you also have shelter, rent is the sticker shock let me get your take on allocating capital. i know tech is on fire this year, yes i had a horrible 2022 but the nasdaq up 10% year to date. you have some companies within the russell 2000 index in the coming weeks going to be

reporting earnings, do you want to buy small-cap or attack or stick with value what about the transportation area where we seeing travel and money going into things like tourism. >> a couple of things i want to say if you notice the value trade and the growth trade are neck and neck they are up for it have% year-to-date the sp yb nsp yg are up the same amount there is a fight going on about what investors think is that value is a growth, could be both, i'm still in the camp but it reflects where i am in the lifecycle and the stuff that people need. i'm leaning more defensive, energy, healthcare, utilities, financials but there is opportunity and big tech i'm not going for some of the obscure names and going for big tech on sale apple, amazon, microsoft

are all tech names i would own on a pullback. on the recovery you want to have some exposure to small-cap and mid-cap names so there is a small allocation. for me about a 7% allocation of the total portfolio and i'm comfortable because i think there is opportunity in a recovering economy for those names to do really well and be the leader in your starting to see that the ij j in the iga entry jt represent both of those sectors in their up this year to date eight or 9% the last time i looked maybe a little bit less today but there should be a place for that in your portfol portfolio. maria: we will keep following all of that, it's great to see you, thank you so much. >> it's always a pleasure thank you for having me hurry kenny polcari thank yo ♪

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maria: welcome back growing tensions with china from tiktok privacy concerns to the chinese by building. despite this u.s. china trade hit a record in 2022 can the u.s. into its economic dependence on communist china joining me to talk more about that former u.s. trade representative robert lighthizer. it's great to see you thank you very much for being here this weekend. >> maria thank you for having me always a pleasure to be with you. maria: i want to ask the decoupling question you've talked a lot about the reliance that the united states has on china. i'm talking about supply chain we are reliant on communist china for things like prescription drugs and technology can we decouple and should we be decoupling from

china. >> maria i call for strategic decoupling i'm not saying don't do business with china but i'm saying do smart business and you balance business, let's take a step back anyone of your listeners has to say is china a friend neutral or a foe if you study the evidence in the last four or five years it would be very difficult to conclude anything but an unfriendly force and a massive one when they could have a bigger economy than we do. they want to be number one in the world they want their system to prevail the world and the united states is in the way of that we need a policy of strategic decoupling. to me that means you put in place tariffs and you adjust them so you get the balance trade, to you don't have any trade in the technology no technology interdependence. three you have to be careful and monitoring their investment to

the united states which is generally in order to get our data or technology and to yet to be very careful and regulate all u.s. investment going to china because that generally is in their interest. i think you do it over time and you do it smart and you still sell your act products and buy the things that make sense economically and you have a balance relationship unrelated to technology. i think we have to cross the bridge and do that and anyone who doesn't understand is failing in the job as an american official. maria: i want to get your take on the favorite most nation status when it comes to trade why does china have most favored nation status when in fact they are doing all of these things and they are exposing them as hostile a surveillance balloon and intellectual property, decade after decade. not to mention covid-19 and a

cover up millions of americans are dead can we change the nation status and should we be changing it? >> absolutely let's take another step back if i can what is the most favored nation there are two list of tariffs byproduct a high list in what we call the most favored nation list which is quite low, for years in the united states in a variety of reasons the congress every year could take away from china the low tariffs, the most favored nation tariffs and impose on them the higher tears china had the benefit of lower tears but no certainty to keep them, the year 2000 we do vote in the united states it was led by president clinton and in fairness a lot of republicans and their view but have more trade with china let's give

certainty to the relationship but have low tariffs with them and then they will become a democracy and become like switzerland that was one of the worst calculations and worst decisions made in the last 100 years in the geopolitical position of the united states. maria: they went the other way they went more inward it was totally predictable. by the way in 1997 i wrote a new york times article which predicted what way they were going to go. for sure we ought to repeal permanent normal trade relations we think of it as mfn for sure we ought to repeal it but in addition we had a put tariffs on china in order to get the trade deficit 20. we cannot have an adversary and one who is increasingly hostile and threatening to us and have a gigantic trade deficit with them. it's fair to say as president trump used to say that we have

rebuilt china, let me give you this number about $6 trillion in trade surplus to them in the last 20 years, $6 trillion. it is shocking and i say people might've misunderstood ten years ago they might've been influence by businesses and the like ten years ago, no rational person and now look at the situation and not see was coming. maria: that is incredible in terms of the amount of money and leeway that the ccp has been able to get and then you have wall street years funding the expansion of the ccp by investing in companies that may be tied to the military which at some point might turn their guns on america. >> look at it's important to know there are state owned enterprises as you say but no truly private enterprises at all. you look at the government has

sales and almost all of the industry. the state and the so-called private. one of the private businessmen get out of line they disappear and come back with a different attitude. even u.s. companies operating over there monitor themselves very carefully not to do anything inconsistent with what they're told to by the ccp. maria: that is a scary situation i wish western companies would understand these are national security issues is not just economic robert lighthizer is always a pressure to talk with you. i present your time this weekend. >> thank you very much for having me. >> bob lighthize i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this.

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in student debt for millions of borrowers payments and interest on federal student loans have been paused since march of 2020 if the court rules in favor the cbs estimate it will cost the u.s. $400 billion that means more stimulus and more inflation likely. we will cover every day next week on "mornings with maria" on fox business. meanwhile on the fox news channel sunday 10:00 a.m. eastern for "sunday morning futures" exclusive interviews with the republican presidential candidate nikki haley virginia governor glenn youngkin, joe manchin and uranian crown prince on what's happening in iran right now. hope you will join me that will do it right now on wal thank you for being with me have a great rest of the weekend and i will see you next time. ♪