searching and more time connecting with candidates. visit indeed.com/hire the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai. to me, harlem is home. but home is also your body. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick and mortar in new york is not easy. chase ink has supported us from studio one to studio three. when you start small, you need some big help. and chase ink was that for me. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business. make more of what's yours. from the fox studio in new york city this is "maria bartiromo

wall street". >> happy we can to all welcome to the program that analyzes the week that was in position you for the week ahead. i am maria bartiromo, the economy tapping the ballot with five weeks to go before election day and both candidates on the trail pushing their plans to boost manufacturing in the u.s. and slamming their opponent. >> the centerpiece of my plan for manufacturing renaissance will be a 15% made in america tax rate. i'm imposing tariffs on your competition from foreign countries, all of these foreign countries that have ripped us off. kamala harris goes to work every day in the white house, families are suffering now, if she has a plan she should stop grandstanding to do it. >> we will invest in the industry that for example made pittsburgh the steel city by

offering tax credits for expanding good union jobs and steel in the iron and manufacturing communities. >> donald trump left us with the worst economy since the great depression. >> even before the pandemic he lost manufacturing jobs by most people's estimates at least 200,000. maria: harris' comments were fact check as false from the beauty of the term presidency in 2016 to february 2020 just before the pandemic the economy added 414,000 manufacturing jobs and contrasted to the biden here's administration the economy lost 24000 manufacturing jobs just last month, this is american small business owners are taking to capitol hill sounding off on the massive tax hikes that they face should hearers be elected in the trump tax cuts expire. >> if the deduction goes away

and prices continue to climb it can literally be the difference to the small business staying open or closing its doors forever and going out of business. >> the deduction will expire in we will be hit with a massive tax hike with the letter employees go. >> is not about politics it's not about party it is about good policy. >> it concerns everyone and impacts our entire country. maria: house ways and means committee member florida congressman greg steube, it's good to see you, thank you for being here, what is your reaction to all of this, these plans could not be more different. i want to get your take on the impact of kamala harris economic ideas versus donald trump. >> the difference could not be more stark for the american people, kamala harris wants more regulation, more spending, more taxes and more government and donald trump wants less of all of that. the business leaders are exactly

right if tc j expires at the end of next year which kamala harris said she's willing and wants to do she will let tcj expire, that is a 20% increase to every small business in america and the federal income tax base, trump wants to take it further and reduce escort, c corporation and the 15% rate on manufacturing if it's made in america significantly reducing taxes on american manufacturing, kamala harris would go in the opposite direction, just like you said the facts bear that out for them to say under trump was worse than it is under biden here's is an absolute lie. maria: so disingenuous, that's easily checkable but then the border, the vice president visiting the southern border stopping by friday afternoon during h arizona visit to turn the tide on the criticism over the week biden here's border policy and vowing as president to revive the border security bill that failed to pass, this

as she lags behind donald trump on immigration in the latest fox news pool, your thoughts on the border trip, she did not visit the border at all during the four years in office as vice president but she's going now with 39 days before election day. >> of course it's political now she wants to say she's tough on the border at the political liability going into november, this woman has been the borders czar for four years and seen the invasion of our southern border of over 12 million illegals that have come into our country, over 380 known terrorists, criminals, rapists, murderers, more than 50000 communist party over 30000 russians have common under her borders czar leadership if you want to call it that has made america less safe in their own fbi director has said the risk of a terrorist attack in the country is high because of the

policies, now it's a liability because she's trying to do is stop at the border same shall be tough on the border every american knows what the last four years will be in another four years and even worse. maria: i'm glad you mentioned the 50000 chinese nationals out of come into the country in the last two years, what do you think they're here for they're not exactly running for persecution, you cannot just pick up and leave china and save you live in america you have to get approval, are they being directed him for what purpose the. >> 100% if the spies were infiltrating the chinese communist party is a number one national security threat to the united states, they know the border is wide open sore enemies are sending people by the thousands to come into our border so they have agents all across the country, don't believe my word believes director wray who testified before the senate committee not too long ago about the terrorist threat level and is at high alert. maria: we also want to ask you about the tropical storm, your

district of course is on the west coast of florida from sarasota to fort myers, how is everyone fearing from the hurricane turn tropical storm. >> in my district it is devastating title search, coastal flooding in if you are living on the beach or near the water we had 5 - 7 feet of storm surge and a lot of that went into people's houses and obviously floods and roads are still flooded and all those sorts of things with a catastrophic wind was where it landed in the big bend area on the state of florida we experience in my district in southwest florida winds of 60 - 70 miles an hour and for us, the storm was the storm surge and caused a tremendous amount of damage. maria: you been pushing the disaster tax relief legislation since ian's land fall two years ago it still stuck in the senate, what can you tells about that. >> we hope it was going to get

out this week out of the senate in its past the house with overwhelming bipartisan support and would help any american in the federally declared natural disaster area deduct their expenses from the taxes all the way back to 2020 but the bill has not been passed since then i've been working on this since hurricane and it passed the house and sitting in the senate and we've been told the remainder people that had holes have pulled that back, now since the senate is left in the house is left we will be able to get on the quote unquote hotline until we get back after the election, hopefully by the end of this year america into a been affected by natural disaster can deduct the expenses on their taxes and people in my district you would have to do an amended return for the year of the storm, people watching them make sure that you realize that. maria: that's a great point, thank you very much. greg steube joining as the latest read of inflation growing

at the slowest pace in more than three years, john lonski on what that means for the move and the academy, how long does thiser last?. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry. empower. what's next. think scaling your ai pilots is hard? think again. with watsonx, you can deploy ai across any environment. above the clouds and on lots of clouds. with your secured data on prem, in real time on center court and assisting bank tellers on the edge. watsonx helps you deploy ai wherever you need it. so you can take your business wherever it needs to go. ibm. let's create.

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we meant that literally. sofi personal loans. low, fixed rates. borrow up to $100k. no fees required. maria: welcome back a bucket where markets and did another week of multiple record highs in stocks, we saw the fed's preferred inflation gauge slowly more than expected in the lowest annual level since the break 2021 and the final read on second-quarter gdp showing stronger economic growth nonskid group under president john lonski, great to see you, thank you for being here. what do you attribute the record highs in stocks. >> i think they're looking for a soft landing on the equity side that's what striving equity market higher probably we're going to have a soft landing along with the registries fed funds futures with a 75%

probability in the fed funds finishing the year at 4.13%, that's way under the latest 4.88%, what bothers me if the feds can cut that much, does the risk of reigniting consumer spending of the united states, if that is the case we are risking a resurgence of price inflation so the latest good inflation news might well be reversed after all were still operating close to full employment. the stock would take much of an increase in consumer spending to put upward pressure on wages and salaries and that would translate into higher prices. maria: that's a great point in research with one spike in inflation, the way that we did tonight .1% is typical to have a second one, anything could trigger that it's already a

vulnerable story, in addition to the 50 basis point cut from the fed you had the stimulus coming out of china the chinese stock soaring all week because china and central bank is weighing even more stimulus injecting $145 billion into the banks when you think of the china stimulus home and industrial metals you don't see much of that quite yet and what bothers me about china they become increasingly a government controlled economy. it might well be the all the stimulus in the world is not going to bring china back to where it was when china relied more on market forces to drive growth, moreover china faces the threat of higher tariffs on imports from china and the united states after this year's

presidential election. maria: i would not touch the chinese stocks we don't know how much the ccp is subsidizing other companies they're not giving us accurate proper reports, had an impact this week for sure and we have the job that was out this week, what are you expecting what do you look at on how to engage allocate capital. >> 135,000 new jobs for the month of september down a little bit from what we had in august, the august number is probably going to be revised lower, jobs growth is slowing and the unemployment edges up to 4.3%, that is going to be continue to rise well into 2025 perhaps peaking at 4.7% and somewhat sober monthly increase by our fridge hourly earnings, what we have is a labor market that is softening in the softening of a labor market should be followed

by a slower rate of consumer spending, allocating capital. i'm taking money off the table but i'm not panicking, however, i would be careful about buying into the market especially as it concerns richly valued equities, one more point that needs to be made we now have the market value of common stock at nearly two times gdp in the united states and that prior to covid of the market value of common equity was only 1.4 times gdp and i think that's a warning sign that the stocks right now are very richly valued in terms of sales and perspective revenues. maria: a very good point, the final question, the quarter ends on monday, can you believe it the third quarter is over two weeks after that will hear from corporate america with the third quarter earnings, what kind of earnings seasons are you expecting. >> a decent earnings season and

not too many warnings of disappointment had, let us not overlook the fact that one of the reasons why we have double-digit percentage increase by corporate earnings is because companies have been keenly focused on cost-cutting and as august company stress cost-cutting you may not have many layoffs but you will also not have much in terms of jobs growth. maria: good to see you, thank you so much. john lonski joining us, the most disruptive hit to the u.s. economy in decades. major east coast port strike set to take effect on tuesday impacting all shipping goods in the u.s. just in time for the holidays out of the american trucking association has big warnings, he will join me next. stay with us.

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maria: days away from a potential strike by 45000 dockworkers at two dozen ports at the east and gulf coast. negotiations remain at a standstill with half of the nation's cargo in limbo trucking companies are scrambling to move products off ships before things grind to a halt on tuesday. major shipping companies say they will be slapping a port disruption surcharge on all cargo coming to or from the terminals if the strike does go through, join me trucking association president and ceo chris spear, great to have you, thank you for being here, what is your reaction to this and where do you think this is going. >> thank you for having me, the impact if this strike occurs next tuesday is going to be significant not just on the economy but americans come everybody in need of good each day will feel the impact that this is going to have were talking 36 ports in the east and

gulf coast that are represented here, five of the top ten in the country are going to shut down on tuesday and removing 12000 trucks daily at port of new york new jersey this is very significant especially on farmers were talking half of the goods exported out of our ports come from the east coast port were talking produce, poultry, cotton. this is very significant on our farmers in the produce is going to be felt first in week one if this were to occur, people have limited choice and a lot more for it. i appreciate you paying attention to this, it is coming. maria: this is a great point that you are making produce gets hit first, i was thinking the real impact would be inflationary because obviously the supply and demand dynamics leads to higher prices for things and were just trying to get inflation down and perhaps we see another spike as a result of this.

>> absolutely trucks are the glue whether you move on truck or rail they're going to move the last mile and were talking in large companies but also the medium and small companies, independent contractors, owner operators are going to get hung out to dry if the port shot, beyond the 85000 ila workers we're talking thousands of other workers who support the supply chain, it's going to take a long time after a week to two weeks of shutdown for the economy to recover. inflation is definitely an outcome from this. maria: if the truckers take on more load doesn't that mean we see in impact to gasoline prices, oil prices have come off the highs in the last couple months, does that reverse. >> absolutely were going to see repercussions that last every week is a month or two or three weeks pushed out into a quarter to two quarters, you can see the spilling well into the 2025 having real repercussions the

longer it plays out the more impact you're going to have, 36 ports east coast, gulf coast but this is very significant to the american economy you cannot reroute all this to the west coast, shutting down for terms and conditions for completely out of reach, 70% pay increase, that's what the ila is asking for, i think you and i would love a 70% pay increase, that is not reality, they need to come to the table, they need to get reasonable if they need to get a deal. maria: the last of the biden here's administration got involved in the strike negotiation, the workers got what they wanted. i wonder where this goes obviously the timing is on purpose in intentional timing before the election. i'm wondering if you do see biden or harris intervene and perhaps give the workers what they want, how does this play out. >> of their consistent or not to come to the table they haven't yet and were five days out, this

is really significant in terms of leadership and the president vice president in an acting secretary of labor that walked the picket line for the uaw, they are already in the pocket of big union bosses and they stayed at that. if you are you smx represented the 36 ports, you have no incentive to come to the table for flood by the some initiation they very shown their cards there in the pocket of labor there is no way that you can mediate with credibility, that is not leadership, we need it and need it now. >> that's a great point before you go what is your assessment of the economic situation today and how does that worsen sugar strike happen. >> week over week is how you measure this i was involved in 2002 when the west coast port shut down for nearly two weeks and we majored in advance the impact that that shutdown was going to have week over week,

when i say a week equals a month, two weeks or three weeks equal quarter you can see the spill into 2025, the ramifications not just to the supply chain including tracking but the entire academy choice will be limited and prices are going to be higher, that is not good news going into an election and the holidays, this administration needs to get to the table and broker a deal right now. maria: great information for you the appreciate your time, thank you, sir. i have one important thing you need to know ahead of next week. that is next. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges,

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to me, harlem is home. but home is also your body. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick and mortar in new york is not easy. chase ink has supported us from studio one to studio three. when you start small, you need some big help. and chase ink was that for me. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business. make more of what's yours. maria: welcome back one thing you need to know ahead of next week a showdown in the big apple the highly anticipated vice presidential debate happening on tuesday tim walz and jd vance will battle it out attempting to sway voters opinion and in a

tight race debate prep is underway in some familiar faces are blended a hand walz has been practicing with pete buttigieg standing in for vance, minnesota congressman and house gop whip tom emmer is playing walz during vance practice the bp face-off is expected to be the only one before the november election, you can watch it live with pre-debate coverage right here on fox business on tuesday night at 9:00 p.m. eastern. i will see you on sunday morning on the fox news channel join me at 10:00 a.m. eastern life for sunday when futures i have exclusive interviews or trump organization executive vice president donald trump jr., congressman jason smith the chairman of house ways and means and president of poland andre with me on sunday, that will do it for us on fox business, thank you for joining us, have a great rest of the weekend and i will see you again next time. ♪ >> "barron's round