doesn't have which is really to be out there seeing what are or the companies and services that are doing well that you yourself are using. the individual retail investor has the answers that the street doesn't, so do that and never get too concentrated in one stock no matter how much you think you're right. you could get tricked -- charles: right. >> -- by the big money. charles: all right, i'm going the put you on the spot. we just talked about short squeezes. micro super conductor getting annihilated. would you buy that as a potential short squeeze? >> i would buy it long -- yes. it is going to be squeezed, and that could be up 100%. charles: all right, 20200% versus 0. thanks, hillary. liz claman, over to you. liz: short this market at your own peril, right? charles: exactly. liz lee thank you, charles. folks, we are awaiting a potential market-moving speech by federal reserve chair jay powell. at this hour fox business has

obtained a copy of his scripted remarks. he is expected the say that the fed's aim is, quote, to the return inflation to 2 without a painful rise in unemployment, but to expect, quote, a bumpy path and that the economy is not sending signals that the fed if needs to hurry when it comes to lowering rates. so what we're going to do is we're going to keep an eye on powell's remarks. we've got our eye on the dallas fed where he is giving that speech, and we'll get you a recap or any breaking news. ahead of it though, stocks are wiggling around here. we do have them in the red. coming up, a can't-mis, exclusive interview with donald trump's former chief economic advisor gary cohn on where interest rates could go if the president-elect imposes his promised tariffs and cuts taxes. but we're also seeing firsthand at this hour the power of even just a whiff of plans president-elect trump might have in store for at least one particular sector. that sector, evs. shares of tesla, rivian, lucid

and drive, that's the global x ev etf, they're stalling out on to a report that the transition team has form lated a plan to kill the $7500 tax credit for electric vehicle purchases. tesla is falling right now 5%. pretty much at the lows of the session here. ceo elon musk,, who donated more than $100 million to trump campaign, has said that while repealing the subsidy would hurt tesla in the short term, it could devastate tesla's ev competitors. and that's at least what's happening at the moment. that appears to be the case if you look at rivian. rivian is down about 12% at the moment to $10.58. after, we should point out, a great session yesterday. lucid group is falling 2.5 president. i mean, listen, the markets overall are the same color here but a slightly lighter shade of red. the dow jones industrials down 155 points, just a third of a percent here. the s&p down 26. nasdaq down 96, and the russell,

once again the russell is taking a bigger hit hand the rest of the majors here -- than the rest are of the majors. all four of the major indices on pace for weekly losses. no losses though for disney. mickey's doing the happy dance as the stock soars 6.5%. now, earlier in the session we did see it a lot higher. it's kind of interesting to see exactly what's going if on here. it is the still at the top of the dow jones industrials. the entertainment giant reported a quarterly earnings beat and plans for a $3 billion stock the buybacking but investors are bowing down to deadpool and wolverine on this story. the success of the superhero movie are reignited disney's ice cold film division, sending it blazing from $149 million loss a year ago to today's $316 million profit. i don't know, the broader market, forget the blaze, it doesn't even have glowing embers right now. we are still close to record

highs. but here's something investors maybe don't want to notice, but we do and maybe jay powell is about to mention that he notices it too, and that is inflation. while off its highs, it's stuck in a bit of a mud if pit. this morning we got the october producer price index which rates inflation specifically at the manufacturing level. month over month if it matched expectations, but look at the year-over-year headline and core here. both came in one-tenth of a percent hotter than expected and considerably higher than the prior month readings, especially the headline number. october headline, 2.44% rate, a full five-tenths of a percent hotter than september's revised figure. the vix, it's not really showing any jitters here. we've got with it below 14 now. just a up couple of weeks ago it was at 20. this is the fear index, and right now it's down another 1.33%, so no jitters here. but, folks, inflation is going in the wrong direction at the moment at least on the manufacturing level. question is, are the markets still going to muscle if past

the data? let's get right to the floor show. joining me now is citi head of u.s. equity trading strategies stuart kaiser and all-star charts founder j.c. we relates. stuart, what to do you make of this? we've got a couple of days where we're looking at first yesterday a little bit of a wiggle in the markets and now dot the townside. anything -- downside. anything that sets your brain afire when it comes to concerns? >> i think you had a lot of derision risking -- derisk, you had people rebuilding positions and pushing the market higher. it does feel like that positioning part is burning out a little bit, and now we're getting back to trading headlines and and data. you mentioned cpi, you have a couple of announcements from the administration that have brought people back to the reality. t getting down to brass tacks of who's getting appointed and what the policies will be, and that's sending more of a mixed message. i think the positioning is tired out and we're back to data at this point. liz: only 3 out of the 1 is s&p

sectors -- 11 s&p sector to haves are in the green now. the big laggard, industrials, consumer discretionary, health care. consumer discretionary did incredibly well just six sessions ago. >> yeahing well, tesla's in that sector. we do get retail sales on friday, so maybe people are preparing for what that might look like. look, i think big picture the response was very much risk-on, very much high correlation just buy everything, right? this week has been more knew wanted, people trying to pick clues out of the policy and appointments and make their digs. liz: well, up until today, j.c., bitcoin was the ultimate risk-on to trade since election day. yes, it's pulling back just a little bit at the moment, but what do you interpret because you are the technical guy, what do you interpret from this massive move in bitcoin shares over the past several days? >> yeah. well, i mean, it stems from a monster consolidation. bitcoin peaked three years ago, so it's taken a long time to

digest all of those gains just like in prior cycles we've seen it do the exact same thing. the inevitable breakout, and when you look at total market cap potentially exceeding $3 trillion for the first time and the broadening participation. it's the not just bitcoin. in fact, bitcoin is a mass if i underperformer. when you go down the cap scale, you're seeing tremendous winners, but they're not eating into the market cap because bitcoin is so massive. but they're huge winners. so i think the fact that we're seeing the most amount of crypto currencies above their 20200-day moving average than we've seen all year and that list getting longer speaks to the broadening participation in the space. liz: stuart, what do you and the gang at city see as the sectors concern citi see as the sectors that could muscle higher? >> i think post the election financials have done well. deregulation, taxes and the potential for m&a and capital market cycles, i think that's been in focus in particular.

the two that have gotten the most debate have probably been health care and energy just because the policy goals seem to be both good and bad in both of those sectors. but i think to the upside, financials and banks. liz: okay. j.c., you pointed out several charts that you see every investor needs to watch to really get the message of the market. let's take a walk over to our monitor here so that you can show us some of them, and we'll talk about it. it's amazon, of course, bitcoin, as you already mentioned, correct? and you've got the transports, small caps and let's talk about it. so here -- it's important to look at the actual charts here that you have pointed out. >> sure. sure. so what we're doing here, we're zooming out. as they say, liz, whenever in doubt, zoom out to get the bigger picture. [laughter] what do we see here? we see a nice, big smiley face. you want to buy the smile. so the idea is -- that's right. this goes back to the rally after covid. so the idea is if we are above

those former highs, that is the market suggesting that the market can now move on. this multiyear consolidation phase is over, and that's indicative of a renewed bull market. and we're seeing the that a pattern again and again. liz: well, what about the transports? if point out the transports because we haven't talked a lot about the transports a lately, but they have really shown some strength here, have they not? >> yep. so the dow jones transportation average has not broken out to new all-time highs until recently, right? is while the dow jones industrial average had already been making new all-time highs, s&p 500 making new highs, nasdaq 100 making new highs, the transports had not. so while bitcoin is making new highs, completing this massive multiyear base, transports are doing the exact same thing of it's no different. liz: and once again, the smiley face right there to the all-time high. bring up the small caps. the russell 2000 is close to session lows, but the russell has had a beautiful move. >> yep, that's exactly right. so in this case we're looking at

the s&p small cap 600 6000 which trades very similar to the rudds are el 2000 two. these companies need a track record of earnings in order to be included in the s&p small cap versus the russell 2000. they let anybody in, right? [laughter] as long as -- liz: no disrespect to the small caps. >> none whatsoever. there's the -- 2000 of them. it's the same pattern, liz. we're completing a multiyear base like amazon, like bitcoin, like dow transports. it's all the exact same thing. so the idea, again, if we're bove those prior cycles' highing, it's difficult to be bearish. liz: and, by the way, j.c. is not pick one area, that would be the semiconductors. you're picking software to match these charts. what does that tell you aside from this mirror image that we're getting? >> well, at the end of the day semiconductors don't look like software. most of the large cap technology has been underperforming for most of the year. small cap technology the has been underperforming for 18

months. so that technology weakness, it stands out. so when i see software, that leads me to believe that a money has been rotating out of semis into software as software break9 out to new, all-time highs -- liz: i like that. keep it up. [laughter] let's get back to stuart here to finish up. >> sure. liz: stuart, do you agree with the charts that j.c. has talked about, and what more do you and your team look at as you predict sort of the market moves? >> i'm not going to argue with a lot of smiles. smiles are a good thing. the last two charts are really important. one is small and mid-cap s&p. i think i was on a couple months ago, we talked about a profitable small cap. so that fits light -- right into that story where i want to own that small cap and own that beta in a high quality way. software versus semis is a trade we've been really positive on, i would say probably since july or so. and definitely institutional flows are moving in that a direction, kind of fading a little bit of the move in semis.

next week we get nvidia to print. 7% of the s&p, it's it is over a $3 trillion market cap stock itself, so that's going to be definitely, definitely many in huge focus as we go forward. liz: nvidia earning, just a quick one, how closely you be watching it, j.c.? >> this is the most important earnings release in human history. [laughter] i mean, listen, at the end of the day, it's a big company, like he said. it's a big part of tech, of the nasdaq. it's a big deal. we can joke about it, but the market will be focused on it, and we will be too. liz: great to have you both. thank you so much. all right, suddenly the dow is now down 240 points. we're going to be watching this tick by tick. in the meantime, an $8.5 billion handbag marriage unraveling before it ever even got to the altar. coach parent tapestry and capri holdings officially returning their engagement rings, and it's investors who are getting quite the wedding gift. we're going to get you that story and show you what we mean next.

and what a show to come. the three garys lead today's guest list. donald trump's former economic adviser gary cohn on the odds trump's tax cuts will be extended. you need to hear what a he says. nyu professor and a.i. critic gary marcus reacts to the a silicon valley cv concern vc, and sticker stock, consumer tech association ceo gary shapiro reveals new data on what could happen to the price of your high-tech electronics if trump goes through with his promised air riffs. that's all straight ahead "the claman countdown." stay stay tuned, we're coming right back. ♪ ♪ customize and sa— (balloon doug pops & deflates) and then i wake up. is limu with you in all your dreams? oh, yeah. only pay for what you need. ♪ liberty, liberty, liberty, liberty. ♪ your shipping manager left to "find themself." leaving you lost. you need to hire.

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liz: breaking news, this is interesting, if you're looking at the intraday picture of the

market, you can see a sudden spasm. this after fed chair jerome powell just said on stage at the dallas fed that the federal reserve does not need to, quote, be in a hurry to reduce interest rates. he's now doing the q&a session for this event, and the markets are just off session lows. it kind of bounced. if we can show some of the intradays, they dipped and then came back off. i think for a moment there the dow jones industrials had dropped as low as 25 the 3 points concern 253 points, now down about 188 points. we can cycle through to the s&p which hit a session low of about 39 points. and then the session low for the nasdaq was 141 points. right now we've got the s&p down 30 points and the nasdaq down 124. and so we're going to continue to monitor, andly what he says -- exactly what when he says. remember, this is a market that desperately wants more interest rate cuts, but powell says the

economic data show there's really no need to hurry up and do that. investors are applauding the break-up of a pending corporate marriage at this hour. shares of coach parent tapestry hitting an 111-year high, gaining about 12.5% on the session after terminating its $8.5 billion deal with capri. capare ri is the parent company of michael course, versace and jimmy choo. the two companies mutually agreed to end the deal due to regulatory uncertainty. hay didn't want to to try and appeal what a judge just decided. now, tapestry will reportedly reimburse capri $45 million in expenses incurred, and if you look at capr holdings, it had been down to a 44-year low but is now popping 5% after the ceo said on a conference call that the company is well positioned to move ahead as an independent public company. so, listen, shareholders of both of these names are thrilled which is, no doubt, a relief

considering, yes, back in october capri and tap industry were gnat out told by a u.s -- flat out told by a u.s. judge, forget it. we're blocking the merger on anti-competitive grounds. i believe that judge cited the point that purses would get more expensive. okay. they're already very expensive. okay. sticking with high-end retail, burberry shares gaining 18.8% in this biggest 1 plaintiff day gain --- 1-day gain ever. the luxury group reported better than feared results and said it's taking steps to address strategic and operational challenges. as part of the turn-around, burberry plans to return its focus to the famed trench coat and scarf with the plaid and be less ambitious with prices on bags and shoes. burberry also plans to market itself as a, quote, timeless british luxury. it already is. shares of chinese e-commerce group jd.com decomplaining nearly 6% after -- declining.

persistent showdown -- slowdown in the chinese economy is hurting the stock. shares are down at this percentage point in the last month. as chinese government stimulus has yet to to generate tangible impacts. now let's looked at cisco, dipping 2% after reporting a fourth straight quarter of declining revenue. the company said it's seeing improving demand for its networking gear, and jeffreys says cisco is poised for modestly higher growth with development of a new a.i.-based revenue opportunity. none of it is helping the stock, at least at the moment. well, speaking of a.i., you know what in forget about a.i. robots taking over the world, right? people are nervous about that. silicon valley's mark andreessen now thinks a.i. overall has plateaued. why nyu professor gary marcus, the world's to top artificial intelligence critic, is saying, told ya so. he's next on "the claman

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somebody just got their first debit card! ice cream on you? ooo, tacos! i got you. wait hold on, don't you owe me money? what?! your money is a part of your community, so your bank should be too. like, chase! liz: well, the chipmakers got some pretty cheery news today. asml stock, it's off its high of the session. it's at $695 right now, had gone as high as about $712 after the company reiterated its long-term targets. given asml's near monopoly on

the most advanced chip making machinery, the positive forecast is a bet on strong a.i. demand. but the massive need for chips to run these chat bots is the very thing that's got one of silicon valley's most powerful voices issuing a warningful billionaire tech entrepreneur ifs mark andreessen and ben horowitz saying last week that innovation is hitting a wall because of some serious technological limitations. listen. >> ben, what's the main limitation that our a.i. start-ups have today? >> well, you run out of gpus. [laughter] >> right. >> so, like, step one, get chips, right? right? >> well, and then, once you get the chips or, we're not going to have enough power. and once we have enough power, we're not going to have enough cooling. there are many, many steps. >> there's lots of smart people in the industry working to breakthrough those dealings, but if you look at the performance over time, there's at least a local topping out of

capabilities that's happening. liz: joining me now in a fox business exclusive is someone who predicted a.i. was hitting a wall, and now host got new alarm bells he's ringing. nyu professor emeritus and former ceo of an a.i. company, gary marcus. gary, back in 2022 you warned the deep machine learning was already hitting a wall. but isn't that when openai launched chat gp if t? >> the argument that i made in that paper was that there were some unsolvable problems, at least nobody had a good solution, hallucinations, reasoning, making stupid error ors. and more data may take you so far, but people are talking about these scaling laws. i said that wasn't really plausible. moore's law was a scaling law, and it ran out, and i said these would run out too. and we got one more big advance after i wrote that, nobody's been able to get to gpt5.

liz: okay. but that said, they're citing the demand for chips and the inability to feed that demand. they talked about gp if us, graphic processing units, and then, of course, the energy demand. you're saying something different. you're talking about the actual data input that helps these chat bots get smarter, correct? >> i'm talking about the output at the end of the day. i'm talking about whether they will ever really become smart. they're not that smart right now. they have an i'll pollution of being mart. -- smart. we call it the eliza effect sometimes. and what i'm saying is this particular if approach is never going to yield genuinely intelligent machines. they're always going to that hallucinate, make boneheaded errors and so forth. people are i buying the chip z but a they're imagining that scaling is going to work, that adding more data's going to make them smart. every company tried out these systems last year, and mostly they're like, well, we're hoping they'll get better. that's probably unrealistic.

and what an creeson just said is at least for now we're getting stuck. we'll have to have some kind of new innovation that could happen in six months or five years, we don't really know. but without new innovation, it's not as clear that we need all those -- liz: you are talking the an investor audience right now on "the claman countdown." what does this mean for the stocks because right now the five most valuable stocks at the moment are nvidia, apple, microsoft, amazon, google and all of them have reached this level due in great part to theirout of a.m. i.. >> well -- a.i. >> well, it's all based on promise. i don't know if you mow the word hopium -- [laughter] liz: i like that. >> it's not clear it'll work out. if you look at the economics, they don't make sense. people are spending much more on chips than they're mistaking in revenue. openai is losing money every

time you lose it, and that's true for all the companies. google has other lines of business, maybe they'll be fine. openai doesn't really make sense, so there may be a huge correction. people might start to see it as, like, the wework of a.i. and say why was it valued that high. liz: what? wow. that is a big statement. if openai went public, would you buy that stock? >> not at $1500 billion -- $150 billion valuation when they're losing money. the other issue is all of the companies are now converging. so the secondary -- i would call it diminishing returns. the secondary consequence everybody's kind of converging to the same spot. so now what openai had, it seemed, innovated, everybody's caught up. nothing they're doing can't be lendlylated by somebody else -- replicated. liz: the big models are scraping the internet, and there was a

study between april of '23 and 'this, 5% of all a data and 5% of data from the highest quality sources was restricted by the actual the web sites that put this out. and you saw that the new york times is suing certain web sites, "wall street journal" asked openai, strike a deal or we'll pull it, and they did. they've struck a monetary deal, and these are happening pretty dramatically. but what hits the point and what should investors really be watching for? >> well, i think people have to understand there's a difference between, like, in the early days of this which was, like, four years ago, people went from 1% of the internet to 5 president, to 10%. they went to 50%, now they're using almost 100% of the internet. it's not clear we have anywhere left to go. so i think what we have to expect is, in fact, that we are hitting a period of diminishing returns. performance isn't going to get that much better, and you have to say what can we do with the systems now and stop fantasizing

about what's probably not going to happen. liz: gary marcus predicting openai could end upping being the wework -- sam altman might be on the phone. >> i'll stand stand by. if he wants to debate, i'm ready. liz: good to see you, professor. the trump transition team rolling out nominations fast and furiously, but we're still waiting for some key economic posts to be filled. who's pointing to get the coveted treasury secretary appointment? what about commerce? energy? but you know what? americans might be waiting on something more important to them, tax cuts. the man known as the architect of the the 2017 trump tax cuts, former national economic council director gary cohn, is here live in a fox business exclusive. what are the odds the gop tax guts will be extended, and -- cuts, and don't all future tax cuts depend on how much the federal budget can be chopped? gary cohn, next. ♪ ♪

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liz: breaking news, it's a gop hat trick. republicans have retained a house majority after locking in the senate and presidency. the grip that the gop now has comes as trillions of dollars of tax cuts enacted during trump's first term are set to expire at a the end of 2025. now americans are on the edge of their seats awaiting what their tax bill could look like in the future. one of the architects of donald trump's original tax plan, former national economic council director gary cohn. he's also former president and coo of goldman sachs and current vice chair of ibm. he's here in a fox business exclusive. let's tackle the extension of the 2017 gop tax cuts first. you were there at the very beginning. these aren't cheap. we know it could cost at lot more to extend the them.

do you think it happens? enter so, liz, or let's put this in perspective. what has to be dealt with is the personal side. so when we rewrote the tax code in 2017, the corporate side is in permanently. to get the legislation through with the restrictions that were put on, only the personal side expire. and if it expires, we go back to where we were in 2017, and i'll remind people that was much higher rates, a much more arduous tax process where we had standard deductions, personal deductions, itemized deductions, we had the alternative minimum tax, we had the big, clunky, 2-page 1040 form. i don't think anyone wants to go back to that. liz no thank you. >> so, yes, i believe that congress will tackle the personal side, for sure. but most likely when they're in there dealing with the personal tax, they are deal with other taxes in the code. so my view is, yes, they're going to do something in 2025. liz: something as in extending the personal side of those tax

cuts back then. >> they're going to amend -- they're going to do something on the personal side. there's going to be a lot of issues to be dealt with. as you know, no piece of legislation is every perfect -- ever perfect. we made compromises to get the last piece done. there's a lot of people that have run on different parts of the tax code that they want to return back, so people want their state and local tax deductions back. there'll be a lot of discussion on bringing that -- liz: donald trump has said he's going to remove the cap that was placed during his administration, which he did, on the state and local tax deductions -- >> i understand that. and i think there will be a long debate on that. liz: okay. >> there's a cost to that. it's a very costly loophole. and it's an interesting loophole because when we thought about it back then, you think of two people earning the exact same amount of income, one living in a high-tax state the, one living in a low-tax state. they're paying the federal government different appointment amounts of tax, and they're the

taking the same services out of the federal government -- liz: not as much if you're looking at california and new york. >> as i say, the person in california and new york are paying the federal government less money than the person many florida, and they're getting the same services from the federal government. does that make sense? you have to ask yourself that. so, look, i do think they'll look at the s.a.l.t. deduction, they may increase it or remove it completely, but that's a multiple -- probably at this point it's probably close to a $2 trillion item over 10 years. so you have to figure out how to pay for these items. and, look, when you do tax legislation, there are lots of moving parts. it's not one part, other part. when we did it in 2017, there were about $6.5 trillion of tax cuts and about $5 trillion of tax adds netting to about $11.5 trillion. -- 1.55. liz: okay, so this costs money. we know he has put elon musk and vivek ramaswamy in to stop

bringing out the machete and chopping. but if you look at what is expected to be an untouched social security, medicare, medicaid, the entitlements, that equals about $5 trillion. defense and everything else, $1.9 trillion. >> yep. liz: how do you cut, $222 trillion from -- 2 trillion and not hurt the defense budget? >> i think what they have talked about, and this will make some sense, is you're not going to cut entitlement benefits. there are huge administrative costs behind that. so the cost to administer these plans, are they effective? are we wasting a lot of money in administrative plans? we have a lot of cost in the u.s. government in a lot of different regulatory agencies. regulatory agencies that potentially overlap. the cfpb and the sec, they both are regulators for retail investors. do we need two of them? i'm not saying we don't, but these are questions that should be asked because at the end of the day, both those agencies are

very expensive, and you have to think about what it costs us as a federal government or its taxpayers to have those agencies. how effectively are they run? liz: they're bloated. >> okay. so here's where you're going to get the money. you're going to get the money by making these organizations more efficient. you're going to invest in technology. i don't think the federal government has invested in a lot of technology, i don't think there's a lot of a.i. in the government, a lot of high-end computing in the government. we're going to use modern technology to make the government more efficient and cut down on the administrative costs. administrative cost is huge in the u.s. government. liz: you already saw what's happening with theers v sector today. even tesla, those stocks are falling because apparently, according to reuters, the trump transition team has already started to put together the plan to kill the subsidy of $7800 per ev, but in part to raise -- the clear -- to clear the way for at least new tax cuts. leapt me ask you about the fact that both donald trump and kamala harris said they would eliminate taxes on tips for the

working man. that's an interesting thing, you know? could it happen? and you know democrats would probably not want to vote against something like that,s and republicans don't really have a taste, at least at the moment, to go against the new, you know, president who's coming. >> so, liz, on the ev credits, that was part of the inflation reduction act. i think the trump campaign was very clear on the inflation reduction act -- liz: president bush also a gave energy finish. >> no, they did. but they've been very clear on the last inflation reduction act, they were going to go and claw back any of the money that wasn't spent, and they were going to use that money as a savings. so what they're saying today is totally consistent with what they said on the campaign trail. so i don't think anyone should be surprised by that. i think when you look at the tax code, all of these items that were talked about on the campaign trail, they'll be looked at. it will be looked at, what do we do with tips, with overtime, with social security. if we do that, if we change that, how do we collect money? how do we pay for the

government? there's gives and takes in all of these conversations -- do. liz: all of the things that keep thes run -- trains running and the light on. now let me bring in tariffs because you're not a tariff guy. in fact, people who don't know this, or by the way, gary's first job out of college was at u.s. steel. >> it was. liz: what did you do there? [laughter] i mean, now we're talking about the fact that in the rearview mirror during9 trump administration, he slapped tariffs on foreign seal and aluminum imports, and we saw what happened to those companies' stocks after those tariffs were slapped on, and those stocks went south. do you foresee these widespread tariffs coming to pass, and what could that do to the economy? >> liz, let me clarify this, i think tariffs are a really important tool for the president. we should not take tariffs away from the president. there are times when they are completely necessary, and they're an unbelievable bargaining leverage tool -- liz: like national security. >> yeah. if a country or a company is dumping product into the united states where we manufacture that

product and they're creating unemployment and they're putting people out of jobs, we should protect u.s. employees. so if you look at chinese evs, for example, that's a great example, to me. the chinese can produce an ev very cheap, in the mid teens thousands of dollars because they don't have a cost of capital. they're state-owned enterprise. they don't pay a living wage, they don't care about the environment. our u.s. manufacturers have to care about the environment, they have shareholders they have to return capital to. so the cost to build that car in the united states is dramatically hire. we should protect u.s. manufacturing, so i'm all for tariffs and protecting the ev industry finish. liz: so you wouldn't let the nippon-u.s. steel merger go through? >> i don't know enough about it, to be honest with you. but where i wouldn't put tariffs on is where we import goods that we have to have. like pharmaceuticals that we expect to be on our shelves when we go to the pharmacy and want a prescription filled. if we don't manufacture those in the united states and we're importing them and our citizen need them and their health needs

them, we should not increase the price of those. liz: okay, howard lutnick or scott bessent for treasury secretary? [laughter] >> i think we're all anxiously await -- [laughter] liz: it's a fascinating inside view. what's it like during a time like that? >> it's interesting. look, i was lucky enough to be there -- liz: and you didn't have to be confirmed. >> no, i did not. but being part of a transition is a enormously interesting time where there's lots of people coming in, and the president-elect has some really tough, impactful decisions the make. and, look, i'm actually happy that he's taking time on the economic decisions. i think at the end of the day the economy was the big deciding issue in this election. so take tame and getting the economic decisions right makes sense to me. liz: once senators found out you were a cleveland browns' fan -- [laughter] i would have stuck by you no

matter what. >> thank you. liz: gary cohn, great to have you. >> thanks for having me. liz: please come back. >> anytime. liz: anything from your smartphone -- tariffs, right -- smart fridge, smart toaster could cost more if president-elect trump moves forward with his tariff promises. that according to the consumer technology association, cta ceo gary shapiro is here next to reveal what brand new numbers show and what they're saying about the cost of high-tech products in a a send trump term. that's next in a fox business exclusive. dow jones industrials down about 233 points. ♪ ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses

let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job on indeed, it's easier for talented candidates to find it. which makes it easier for you to hire them. visit indeed.com/hire

bitcoin and token for erp and we'll get outlook on all that. closing bell about six minutes away and markets off session lows after the federal reserve chair jay powell said in a

speech and in fact still doing a q&a at the moment that he is in no rush to, no rush to cut rates further because the economy is pretty strong. you can see him talking. we're checking every headline he makes and right now it's pretty much status quo from what we've told you. in the meantime, president elect donald trump plans to impose blanket tariffs on all foreign imports and what would be the affect on american shoppers specifically of electronics? we're all buying smart phones and lab tops. they've cravened numbers and tariffs indicating that prices could raise 45% on smart phones, lab tops and other consumer technology goods. bring in head of it all, ctca ceo that's alarming. >> absolutely. liz, thanks for having me. tariffs around since the first trump administration and biden

kept them on and trump wants to up the ante. it's understandable in a way because he's considered about our foreign competitors. but he has to distinguish between things coming from china that are a national security threat and the things as gary cohen just said we rely on as americans to do our jobs and keep us healthy. we could be going back if president trump said what he'd co. liz: two different laptops. i have an app and will hewlett packard. >> you're bipartisan, liz. liz: i'm tripartisan because i have a lear lenovo think pad at. you say all three would go up in price with new tariffs. tariffs? >> absolutely. tariffs or taxes and can't

refute and taxes paid by consumers. consumers need those product it is be part of society. that's a pretty big tax and goes right against the inflation numbers we're trying to bring down. liz: on the campaign trail talking about 560% hike and potential on the screen is that everything from laptops and tablets up 60% and smart phones up another 25%. what are you hering from the ceos you respect at cta? >> well, they're concerned. i mean, assuming they welcome president trump and his focus and all the horrible rules from federal trade and devastating startups and big companies like and hurting american consumers. they love the fact that hopefully she'll be moving on. liz: lina khan. >> yes, and other agencies death by a thousand cuts and that'll change and drove the stock market up after president trump was elected.

liz: president can't impose tariffs without congressional approval in many case. >> there's ways the president can impose tariffs and done it before and has to have fines and show things and there's a question of whether the tariffs are at a high rate and can be imposed by the president and maybe the court wills resolve that. liz we can't let you leave without talking electronic consumer show ces2025 and fox business there in a big way. there's incredible list of keynote speakers topped by nvidia ceo and founder jenson wong. that's incredit cardsable. you've got -- that's incredible and interesting expectatiationsd ed bastian of delta airlines, that we spoke with in the day, two years ago when at ces, he'll give his keynote at the sphere.

>> how exciting. amazing on several thousand people in awe owe and video and -- audio and video and it's 100 year anniversary and start and celebrate with us. they've become the technology airline this. is a third time as returning to cs and we love having him. >> the trend whether on mobility and going to have devices that we use. certainly we've gotten a new areas that we've never talked about before and for example energy. where is all the energy coming from that we need for ai, generative ai and electric vehicles. i think self-driving coming back.

>> it's the biggest cmo conference in these continents and every indication bigger and better than last year. liz: it's like a car show and very first year i came and it was well before. i was in local news in columbus, ohio. the big discussion was car al alarms. thank you so much. gary shapiro and closing bell and red on the screen and no rush to cut rates and that has to fall on the market and all over on the market sports grill see you then. larry: hello folks. welcome to kudlow. i'm larry kudlow. we're live