from the fox studios in new york city, this is maria

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

credits for expanding good union jobs in steel and 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. but harris's comments were quickly fact checked as false. from the beginning of trump's presidency in 2017 through february 2020, just before the pandemic, the economy added 414,000 manufacturing jobs in contrast, under the biden-harris administration, the economy lost 24,000 manufacturing jobs just last month. this as american small business owners are taking to capitol hill, sounding off on the massive tax hikes that they face. should harris be elected and the trump tax cuts expire, if this deduction goes away and

prices continue to climb, it can literally be the difference. in a small business, staying open or closing its doors forever and going out of business. the deduction will expire and we will be hit with a massive tax hike. we'd have to let our employees go. it's not about politics. it's not about party. it's about good policy. this concerns everyone and it impacts our entire country. joining me now is house ways and means committee member, florida congressman greg steube. congressman it's good to see you. thanks very much for being here. what's your reaction to all of this? i mean, these plans could not be more different. i want to get your take on the impact of kamala harris's economic ideas versus donald trump's. yeah. the difference couldn't 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. and those business leaders are exactly right. if tcja expires at the end of next

year, which kamala harris has already said that she is willing and wants to do, she's going to let tcja expire. that means a 20% increase to every small business in america in the federal income tax base. trump wants to take it further and reduce s-corp c-corps and that 15% rate on manufacturing. if it's made in america significantly reducing taxes on american manufacturing. kamala harris would go the opposite direction, just like you said, the facts bear that out. for them to say that the economy under trump was worse than it is under biden, harris is an absolute lie. yeah. i mean, so disingenuous. of course, that's easily checkable by the way. but then there's the border. the vice president finally visiting the southern border, stopping by friday afternoon during her arizona visit, looking to turn the tide on all the criticism over the weak biden-harris border policy and vowing, as president to revive that border security bill that failed to pass this as she lags

behind donald trump on immigration in the latest fox news polls. your thoughts on the border trip? i mean, she did not visit the border at all during the four years in office as vice president, but she's going now with, what, 39 days before election day? yeah, of course it's political. now. she wants to say she's tough on the border because they know it's a political liability going into november. this woman has been the border czar of our country for almost four years, has overseen 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 50,000 chinese communist party people, over 30,000 russians all have come in under her border czar leadership, if you want to call it that. it has made america less safe. even even their own fbi director has said that the risk of a terrorist attack in the country is high because of their policies and now they're

trying. they know it's a liability. so she's trying to do a stunt at the border, saying she'll be tough on the border. every american knows exactly what the last four years has been. will be another four years of it. and even worse. yeah, i'm glad you mentioned the 50,000 chinese nationals who've come into the country in the last two years. what do you think they're here for? because they're not exactly, you know, running from persecution and you can't just pick up and leave china and say, hey, i'm going to go live in america. you've got to get approval. are they being directed here? and for what purpose? yeah, 100%. and it's to have spies or infiltrate. i mean, chinese communist party is the number one national security threat to the united states. and they are they know the border is wide open. so our enemies are sending people by the thousands to come into our borders. so they have agents all across our country. and don't believe my word for it. believe director wray, who testified, testified before the senate committee not too long ago about the terrorist threat level is at high alert. congressman we also want to ask you about this tropical storm.

your district, of course, is on the west coast of florida, from sarasota to just north of fort myers. how's everyone faring from this hurricane? turned tropical storm? yeah, in my in my district, it is devastating. tidal surge, coastal flooding. if you were living on the beach or near the water, we had 5 to 7ft of storm surge. a lot of that went into people's houses. obviously, floods are still, roads are still flooded. and all of those sorts of things where the catastrophic wind was, was where it landed up in the big bend area of the state of florida. we experienced in my district in southwest florida, winds of about 60 to 70 miles an hour. but for us, this storm was the storm surge that caused a tremendous amount of damage. well, you've been pushing this disaster tax relief legislation since ian's landfall two years ago. it's still stuck in the senate. what can you tell us about that? yeah and we hoped that it was

going to get out this week out of the senate. it has passed the house with overwhelming bipartisan support. it would help any american that was in a federally declared natural disaster area, deduct their expenses from their taxes all the way back to 2020. well, bill hasn't been passed since then. i've been working on this ever since hurricane ian. it has passed the house. it's sitting in the senate. we've been told that the remainder of people that had holds on it have pulled that back. but now since the senate's left and the house is left, we won't be able to get that on the quote unquote hotline until we get back after the elections. but hopefully by the end of this year, americans that have been affected by a natural disaster can deduct those expenses on their taxes. and for people like in my district, you'd have to do an amended return for the year of the storm. so people watching that make sure that you realize that. yeah, that's a great point. congressman. it's good to see you. thanks very much. yeah. anytime. all right. congressman greg steube joining us. the latest annual reading of inflation growing at

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nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com production value. welcome back. now a look at where markets ended another week of multiple record highs in stocks. we did see the fed's preferred inflation gauge slowing more than expected. and now at the lowest annual level since february 2021. and the final read on second quarter gdp showing stronger economic growth. joining me now to walk through it is lonski group founder and president john lonski. john, great to see you. thanks so much for being here. to what do you attribute all these record highs in stocks? well, i think, you know, they're looking for a soft landing on the equity side. that's what's driving the equity market higher. they believe we are going to have a soft landing along with significantly lower interest rates. i mean right now fed funds futures are signs a 75%

probability. the fed funds finishing the year at 4.13%. and that's way under the latest 4.88%. what bothers me, though, if the fed is going to cut that much, does that risk reigniting consumer spending in the united states? and if that's the case, then we are perhaps risking a resurgence of price inflation. so this latest good inflation news might well be reversed. you know, after all, maria, we are still operating close to full employment. it's not going to take much of an increase. and consumer spending to put upward pressure on wages. and salaries. and that would translate into higher prices. yeah it's a great point. and there are research reports out there that say when you have one spike in inflation, the way we did up all the way to 9.1%, it's typical to have a second one. so anything can really trigger that. it's already a

vulnerable story. but john, in addition to the 50 basis point cut from the fed, you also had all this stimulus coming out of china. those chinese stocks soaring all week because china central bank is weighing even more stimulus, injecting $145 billion into the banks. what do you make of this china stimulus. well you know that may put some more upward pressure on commodity prices. oil industrial metals. you don't see much of that quite yet though maybe a little bit higher. what really bothers me about china is the fact that china has become increasingly a government controlled economy. that's true. it might well be e world is not going to bring china back to where it was when china relied more on market forces to drive growth and moreover, you know, china faces the threat of higher tariffs on imports from china in the united states after this year's

presidential election. yeah. look, i wouldn't touch those chinese stocks because we don't really know how much the ccp is subsidizing these companies. they're not giving us accurate profit reports. but still, it had an impact this week for sure. john, let's look ahead. we've got the jobs numbers out next week. what are you expecting. what do you look at in terms of gauging how to allocate capital right now. okay. right now 135,000 new jobs for the month of september. down a little bit from what we had in august. but then again, the august numbers probably going to be revised lower. jobs growth is slowing. the unemployment rate edges up to 4.3%. i think that is going to continue to rise well into 2025, perhaps peaking at about 4.7% and a somewhat slower monthly increase by average hourly earnings. you know, what we have is we have a labor market that is softening and the softening of the labor market should be followed by a slower rate of consumer

spending, allocating capital. i'm taking some money off the table, but i am not panicking. however, i would be very careful about buying into this 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. back prior to covid, the market value of common equity was only 1.4 times gdp, and i think that's a warning sign that stocks right now are very richly valued in terms of sales and prospective revenues. very good point. final question here, john. the quarter ends on monday. can you believe it? the third quarter is over two weeks into after that we'll hear from corporate america with their third quarter earnings. what kind of an earnings season are you expecting. it's going to be a decent earnings season. you

know we're not getting too many warnings of disappointments ahead. and but let us not overlook the fact that one of the reasons why we have double digit percentage increases by corporate earnings is because companies have been keenly focused on cost cutting. and as long as companies stress cost cutting, you may not have many layoffs. but on the other, you will also not have much in terms of jobs growth. john, good to see you. thanks so much. thank you maria. john lonski joining us. it could be the most disruptive hit to the u.s. economy in decades. a major east coast port strike set to take effect on tuesday, impacting about half of all shipping goods in the u.s. just in time for the (♪) (♪)

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back. we are days away from a potential strike by 45,000 dock workers at more than two dozen ports along the east and gulf coasts. 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 potentially grind to a halt on tuesday. and now, major shipping companies say they will be slapping a port disruption surcharge on all cargo coming to, to or from these terminals if a strike does go through. joining me now is american trucking associations president and ceo chris spear. chris, great to have you. thanks very much for being here. what's your reaction to this and where do you think this is going? well, maria, thanks for having me. i think the impact if this strike occurs next tuesday is going to be significant, not just on the economy, but, you know, americans, everybody that's in need of goods each day are going to feel the impact that this is going to have. we're 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. you know, we're moving 12,000 trucks daily at port of new york, new jersey. this is very significant, especially on farmers. we're talking nearly half of the goods exported out of our ports come from these east coast ports. we're talking produce, poultry, cotton. this is very significant on our farmers. that produce is going to be felt first in week one. if this were to occur. people are going to have limited choice and they're going to pay a lot more for it. so i appreciate your paying attention to this because it's coming. well, this is a great point that you're making. so produce gets hit first. and i was thinking that the real impact would be inflationary because obviously the supply demand dynamics leads to higher prices for things. we're just trying to get inflation down and perhaps we see another spike as a result of this. absolutely. and trucks are the

glue in all of this, whether you move it on truck or rail. trucks are still going to move that last mile. and we're talking, you know, large companies, but also the medium and small companies, independent contractors, owner operators, they're going to get hung out to dry if these ports shut. so beyond the 85,000 ila workers, we're talking thousands of other workers that support the supply chain. it's going to take a long time after week to two weeks of shutdown for the economy to recover. so inflation is definitely an outcome from this. yeah. so if the truckers take on more load, doesn't that mean we see an impact to gasoline prices? i mean, oil prices have come off of the highs in the last couple of months. does that reverse? absolutely. i think you're going to see repercussions that are going to last. so every week is about a month, two, three weeks push out into a 1:45 quarters. you could see this spilling well into 2025. having real repercussions if this. the longer it plays out,

the more impact you're going to have. so 36 ports, east coast, gulf coast, this is very significant to the american economy. you can't reroute all this through the west coast. so shutting down for terms and conditions that are 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, but that's not reality. so they need to come to the table, they need to get reasonable and they need to get a deal. well, the last time the biden-harris administration got involved in the strike negotiations, the workers got what they wanted. so i wonder where this goes. i mean, you know, obviously the timing was was, you know, on purpose, intentional timing right before the election. i'm wondering if, in fact, you do see a biden or harris intervene here and perhaps give the workers what they want? how does this play out? well, if they're consistent, they're not going to come to the table. they haven't yet. and we're

what, five days out. so this is this is really significant in terms of leadership. we've got a president vice president and an acting secretary of labor that have walked a picket line for the uaw. they are already in the pocket of big union bosses, and they've stated that. so if you're usmca, representing the 36 ports, you have no incentive to come to the table if it's led by this administration, because they've already shown their cards, they're already in the pocket of labor. so there's no way that you can mediate with credibility. that's not leadership. we need it. we need it now. that's a great point, chris. real quick before you go, what is your assessment of the economic situation today and how does that worsen? should a strike happen? well, i think week over week is how you measure this. i was involved in the taft-hartley in 2002, when the west coast ports shut down for nearly two weeks, and we measured in advance the impact that that shutdown was going to have week over week. so when i

say a week equals a month, two weeks, three weeks, equal a quarter, you could see this spill well into 2025. the ramifications not just to the supply chain, including trucking, but the entire economy choice will be limited and prices are going to be higher. so that's not good news going into an election, going into the holidays, this administration needs to get to the table and broker a deal right now. wow. all right chris, great information from you. and we so appreciate your time. thank you sir. thank you maria. all right chris speer, i've got ok limu! you set it, and as i spike it, i'll tell them how liberty mutual customizes car insurance, so they only pay for what they need. got it? [squawks] did you get that? only pay for what you need. ♪liberty, liberty,♪ ♪liberty, liberty.♪

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investment objectives, risks, charges, expenses and more in prospectus at invesco. com. welcome back. one thing you need to know about ahead of next week it is a showdown in the big apple, the highly anticipated vice presidential debate is happening on tuesday. governor tim walz and senator jd vance will battle it out, attempting to sway voters opinions in an already tight

race. debate prep is underway, and some familiar faces are lending a hand. walz has been practicing with transportation secretary pete buttigieg standing in for vance and minnesota congressman and house gop whip tom emmer is playing waltz during vance's practice. next week's vp face off is expected to be the only one before the november election. you can watch it live, along with special pre-debate coverage right here on fox business on tuesday night at 9 p.m. eastern, and i'll see you on sunday morning over on the fox news channel. join me at 10 a.m. eastern live on sunday for sunday morning futures. i've got an exclusive interviews with trump organization executive vice president donald trump jr. congressman jason smith, the chairman of house ways and means, and president of poland ondrej duda with me on sunday. that'll do it for us here on fox business. thank you. so much for joining us. have a gre rest of the weekend and i will see you again next time. ♪