felt is their cost of oil, their cost of food and, of course, their cost to buy a car or a home. and both of those are driven by interest rates. and so housing affordability is the worst it's been in my lifetime right now, and that's because of a combination of policies and interest rates. so i think this administration as they cut the deficit, as they come up with more policies to stimulate growth without buying it with free money, i think you're going to see interest rates move down. and that will generate great activity in the economy. but let's keep in mind that interest rates have been historically low -- charles: right. >> and so i think we've got good headwinds ahead. charles: hey, don, i wish we had more time, but thank you very much. now over to my colleague, liz claman. liz: we've got a huge show coming up on this first day of trade under the newly sworn-in president trump. getting a warm welcome from the bulls. the dow jones industrials charging up 451 points, s&p

gaining 45 points or three-quarters of a percent, nasdaq up 117, russell 2000 up 38. that's a nice 1.6% move. but when it comes to buying all stocks, so much hinges on what president trump's new trade policies will be and the promised tariffs, what they will really look like. peter navarro knows, he is the new donald trump senior adviser for trade and manufacturing. and, by the way, he's a china hawk, so he's here. we're going to ask him about the latest on tiktok as well which the president just granted another 75 days to find an american buyer. in the meantime, president trump says he's going to appear before our cameras in the next hour to make what he called a, quote, massive infrastructure announcement. word is the announcement will focus specifically on a private sector investment possibly involving oracle, openai and soft bank for the buildout of a.i. data centers. so this is an easy one. you would expect that super micro computer, vertiv and

nvidia would muscle if up. nvidia has now surpassed, once again, apple as the most valuable company. its market cap at $.45 -- 3.45 trillion. apple's is more like $3.2 trillion. any investments in art official intelligence and technology looking good right now but also stands to help four guys making up what we're calling billionaires' row at the trumping inaugust rawtion yesterday. mark zuckerberg, jeff bezos, tim cook and elon musk all pouring billions into all things a. i.. what is the message if president trump was sending to the world by giving them prime placement? fellow being their marc lasry is here to read the trump tea leaves. but let's go live to edward lawrence at the white house where we're looking at this announcement of a more than multibillion dollar a.i. server -- i don't know, you tell me what it might be. [laughter] we do see oracle's stock jumping.

>> reporter: right. and they're talking about it here as a massive private investment in that, you know, i'm hearing that this is about an investment in the tech industry. a white house official confirms this is going to to be called stargate, and it's a joint venture between soft bank, oracle and openai. and they're going to create a data center that the paris one opened in texas -- first one opens in texas, and the rest of them in other states. ceos from all three companies will be at the white house for an announcement of an initial $100 billion, add adding $500 billion over the next four years, a data center that will eventually be expanded to other states. listen. >> it's going to be a massive announcement. and it's going to prove if that the world knows that america is back. they have a commander in chief but also a negotiator in chief who will be in the oval office today, and foreign leaders from around the world, investors from silicon valley to wall street to main street have confidence again many our economy and in

our markets and in president trump. >> reporter: so and this is just day two of his administration. the executive orders that he has signed have reversed much of what the previous administration did e including declaring a national emergency on the southern border as well as on energy. the president withdrew from the paris climate accord, reversed the electric vehicle mandate and directed all government agencies to consider inflation on any decision made. he also put a freeze on government hiring and changed the way that the government hires. >> so this is about reforming the system of hiring in the federal government to to ensure that merit is the lodestar of hiring decisions. >> oh, as per the supreme court. >> yes, sir. whether this is the a big deal or, merit. our country's going to be based on merit again. >> reporter: and the president saying he's a proponent of legal immigration because he says we're going to need all of more workers for all of these jobs that he's going to create and, again, a major announcement here

today called stargate. it's a huge day a center. back to to you. liz: be watching for that. edward lauren, thank you very much. fox market alert, we are looking at a nice big bull run at the moment with the markets in the green. we're waiting on a big earnings report after the bell. analysts expect netflix to sock it to the streaming world with its fourth quarter report. right now the stock is up just urn 1%. keep in mind -- under 1%. it has jump ared 76% over the past year. the december pay-per-view boxing match between jake paul and mike tyson is going to contribute to an expected doubling of netflix's profits year-over-year. on the other hand, apple's on the receiving end of a tko. this 3.9% loss knocks it to the bottom of the dow after a couple of downgrades. first, let's me give you the downgrades and then, possibly, the reason. jeffreys cut the stock the underperform after counterpoint warned iphone sales in china fell sharp wily in the final quarter of 2024.

luke capital moving it from a hold to a buy as china's huawei reportedly sold more phones than apple did. but, you know what? traders and investors have bigger fish to fry at this hour. if they thought they could game which stocks might fly or fail in the wake of president trump's expected policies, that might be a bit harder than it looks. after saying yesterday he'll probably announce 25% tariffs on canada and mexico by february 1st, canadian stocks that trade here in the united states are actually flying, not flopping. canadian pacific railroading we've got that up nearly 4%. king raz gold jumping 3.33%. shopify having a move of 2.6%. brookfield corporation, which is a real estate investment trust, nice move there of 2.6%. and canadian natural resources up 2.33%. but look at the dow win winners on the dow 30 heat map before president trump makes that infrastructure announcement in

the next hour. now, this seems pretty obvious and it's happening, 3m and pat caterpillar -- caterpillar top toing the dow. 3m, that's a 3-year high, and caterpillar up 3.5%. 3m, which just boasted a double beat, may be known for its scotch tape, they have a segment that is used for infrastructure. with the broader market barreling higher, bitcoin, let's look at that, is marching above about, let's see, bitcoin about -- let me check on my, my chart because that's going a little wonky. $106,000. in fact, 106,895. so that's a nice move. we've got the s&p up three-quarters of a percent. and higher bond yields are unwinding from recent highs. the 10-year stands the at 4.573%. a week ago of it was at 4.8%.

let's drill down on investing in this new era with the man on the finger of the pulse of the market's heart thanks to his massive vanek etf business. what is your gut reaction right now to the policies that we can't quite see very clearly? >> yeah. i think it's a little bit of a honey moon if here, liz. people are forgetting, i think a too, the big fundamental issues for this year. one is inflation. we came into the year, people concerned about inflation. the fed said, well maybe we won't be cutting interest rates. why? because of inflation. why are we concerned about inflation? because if the federal government has two feet on the gas pedal, that's been my concern. what have we learned in the past 24 hours about doge and the government cutting spending? we don't really have a lot of signals yet. and we know it's going to be a fight. i mean, as soon as doge was announced, this was a lawsuit attacking it. liz: we do know -- because you're right, there are certain things where we have very little

clarity. but we do know certain things about what president trump has already done and that's because of executive order. let's start with the energy markets. oil, actually, west texas intermediate, dumped out. it fell because he has said he is declaring a national energy emergency. he wants drill, baby, drill everywhere. but he also said he supports all different kinds of energy. so you look at nuclear, for example, and you've got an etf, it is nlr, uranium nuclear etf, that that one is jumping pretty significantly at the moment. >> yeah. some of these smaller tech stocks, and you had one on just a couple minutes ago, they're jumping today, up 10 or 15%. i think the news that you broke a couple of minutes ago about a big infrastructure bill just shows how important technology, whether that announcement if relates to tiktok or to something else, these tech giants were in the white house, and hay want us to compete against china which means we have to be able to deregular --

deregulate not just oil energy, but nuclear energy. it just can't take five years to build a nuclear power plant, and that's what the market's pricing in, that that time period will shrink. because if it doesn't shrink, these stocks are overpriced. liz: and trump's pick for energy secretary is the ceo of okla, and they're doing incredibly well at this hour. specifically the drillers and, i would say, the integrated oils, the refiners, your two etfs, crak for the retiners -- refiners, they're actually not roaring ahead today. >> well, i think there's a lot of -- today, the as i said, it's a honeymoon day. there's a lot of value in the energy sector if you look at shareholder yield which is dividends paid out and stock buybacks. energy stocks have a lot of to support. they're the sector with the highest amount of shareholder yield in the market right now.

so i do think it's hard to see without china economy getting out of its recession or slow growth phase a bid to commodities globally. i do think that you got a great value in those stocks. liz: the president also signed an executive order, one of his first, in essence, saying no more of these sort of dictates about the ev market where, you know, the automakers have to produce and sell a certain number of electric vehicles. that's gone. that was a biden thing. so as you look at a the ev market, these individual stocks whether it's lucid, tesla or the etfs that have them, are looking very, very unhealthy at the moment. >> yeah. but i've been saying this, trump 2 is facing a different world than when he came in as trump 1. china is so much more competitive in so many high-tech industry. ev is one, battery, solar. it's, like, i have no ev

industry in the united states except for tesla. really the other car manufacturers are not competitive, and germany's car manufacturing industry is also under tremendous pressure. liz: really quick, ibot, that is your a.i. etf. up more than 2% right now. clearly, this is going to be in focus, 4 p.m. eastern. let's let our viewers know that. the president's going the make an announcement most likely about a.i., infrastructure and big investment percent private sector. >> this'll be the year for a.i. again, and the winners are nuclear but also natural gas because we're going to need emergency in the short term -- energy in the short term. liz: jan, thanks for being here. it's great to have you because you give us that cross-section of everything from -- with your etfs. to retap, we are waiting for netflix earnings. jeffreys downgrading apple to underperform, and 3m hits a 3-year high after better than expected fourth quarter earning. all right, dow jones industrials up 470 points right now.

walgreens shares are green around the gills. the pharmacy chain swimming to the bottom of the s&p 500 at this hour. we'll tell you what the department of justice just did that that's got investors slamming the sell button. and later, there could be a billion reasons tech billionaires got the coveted invitation and prime seating at president donald trump's inauguration. billionaire marc lasry, ceo of avenue capital, is here in a fox business exclusive to game what it all means to the business world and the markets going forward. " claman countdown" is coming right back with a lot more. don't move. ♪

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liz: fox business alert, starbucks' baristas and investors, listen up, the new

ceo, brian niccol, just announced he will cut jobs as part of his turn-around plan. he became ceo in september after leading chipotle for six years. he said details will be announced as early as march, but he added that the layoffs will not impact in-store teams. i'm going to read that as baristas are hopefully safe. investors making a few bucks on starbucks' shares on that news. the stock is up 2.6% or $2.47. to $97 and change. walgreens, though, is getting pummeled. that stock is fouling -- falling 12.75% after it was accused of fulfilling unlawful opioid prescriptions by the justice department. today is pretty much the first opportunity to trade the stock since the doj filed the lawsuit late friday. the feds say walgreens contributed to the opioid epidemic by filling millions, yes, millions of unlawful prescriptions for addictive painkillers and other drugs.

ever core called the lawsuit a, quote, headline risk for the time being. ulta beauty gaining about 3.5% after a morgan stanley upgraded the cosmetics retailer to overweight from equal right, morgan also raised the price target to $500 a share from $430. reddit anything but red today. look at shares, jumping 6.25% and briefly they hit a record high of $is 91 -- 19 is after raymond james boosted its price target the $200 a share and maintained its strong buy rating. the newly sworn-in commander in chief says the israel-hamas ceasefire is, quote, percentage -- fragile. israeli ambassador to the united nations danny danon weighs in on president trump's assessment. do nonis -- danon tells us when the next hostages now held for 472 days will be handed over.

"claman countdown" returns in a moment. the dow is up 488. nasdaq having a strong day here, up 127 points. ♪ ♪

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liz: fox business alert, former florida senator marco rubio is now america's top diplomat. rubio was sworn in as secretary of state this morning, and he comes into the all-important role as conflict in the middle

east is reaching a pivotal point. this past weekend three israeli hostages held for more than a year by hamas terrorists were exchanged for 90 palestinian prisoners. the planned 6-week israel-hamas ceasefire is holding as four more hostages are scheduled for release this saturday. the developments, though, come amid skepticism from president trump when expressed last night that he is, quote, not confident the ceasefire agreement will last. israeli ambassador to the united nations danny danon has just returned from being an invited guest at the inauguration. he joins us live. ambassador, you could for give president trump for -- forgive president trump for worrying that the ceasefire might not be held. there was some breaking news in the last hour that there's been a knife attack many in tel-aviv where, what do you know about this? two terrorists -- >> yeah. an hour ago two terrorists stabbed pedestrians in the middle of tel aviv. they were wounded. one of the terrorists was killed, another one we are

looking for him. we will find him very soon. but, you know, in a very peaceful night in tel aviv, another terror attack. and it shows us that this notification of terror that we are faced with, the ceasefire is not enough. we have to uproot evil completely, and i believe we will do it in gaza. liz: let's just be clear, one of these alleged stabbers was a moroccan who arrived in israel three days ago on a tourist visa, but heed had a u.s. green card. >> yes. that that's what we found on the body of the terrorist, that he came from the u.s. and he held a green card card. so we have to looked it -- look at it. liz: okay. so that said, what do you make of the president's skepticism about the ceasefire holding? >> i think the president knows that we are in the middle east, and the middle anything can happen. i think that the first -- of the ceasefire, i have no doubt it will be completed, the first stage. i think it's to the interests of both sides. but look what's happening.

we want to release babies, one baby just celebrated his 2nd birthday. we want to see the family back home, the women, the girls, and the hamas they want to see murderers who are convicted killer -- killers coming back into gaza. that is the question we are dealing with. but after 42 days, no one knows what will happen because we have to renegotiate the next stage. and i think the president, he meant for the next stage he's pessimistic about it. liz: the redheads, they're known as the the reds, they're on that list of the first 33 hostages to be released. do we know their fate, whether they're alive or dead? by the way, this is a live picture of tel aviv at the moment. >> you know, they became the symbol of of the atrocities of october 7th. the terrorists came to the house, kidnapped the babies with the with the mother and the father, separated them -- liz: horrifying. >> we haven't seen a sign of life from the family. we hope that there was a miracle

and they will come back alive, but we will have to wait. liz: it and looks horrifying if they come back in caskets. >> that will be devastating. you know, the entire nation if will not be able to digest it, and i hope it will not be the case, but we are prepared, we have seen the cruelty of the enemies of hamas where they actually kill babies on site, burned them alive. also after they kidnapped them into gaza. liz: that said, there are big developments. obviously, senator marco rubio is secretary of state. today there was a hearing for elise receive nick, the former representative, republican who was donald trump's pick to be the u.s. ambassador to the united nations. let's hear what she said during that hearing, and then we can react. >> if you look at the anti-semitic rot within the united nations, there are more resolutions targeting israel than any other country, any other crisis combined. of we need to stay committed to

the insuring every hostage a is brought home. i've met with many hostage families. this position, we need to be a voice of moral clarity. on the u.n. security council and at the united nations at large for the world the hear the importance of standing with israel. and i intend to do that. liz: what would you hope she tackles paris at the united nations? -- first at the united nations. >> it was the very aggressive testimony. he said out loud i stand with israel, and and she performed her moral if clarity, and we are expecting her to come as soon as possible to support us in the u.n., and we have to push back against anti-semitism, liz are. it's 2025, but you still have anti-semitism in the united nations. since october. th -- 7th, not one resolution condemning the atrocity -- liz: not one. >> not one. how can it happen? you know, the united nations is supposed to promote peace -- liz: 1200 israeli and american and many other, from many ore country -- other countries, civilians, murdered and the

united nations, which is supposed to be that organization a decries this kind of thing -- >> exactly. it was established 80 years ago after the holocaust in order to prevent the holocaust. but they say we cannot condemn hamas. they're not capable of doing that. so i'm sure the ambassador-elect will come with a lot of energy and help us to the push back against that. liz: president trump just signed an executive order suspending, in essence, all u.s. foreign assistance programs for 990 days because he wants -- 90 days, because he wants to see whether all this spending aligns with his policies and his plans. israel is the second -- has received the second most in u.s. dollars in aid behind ukraine. i mean, there's a big distance between what ukraine's gotten and what israel's gotten. israel is unlikely to be affected too much by this because these are deals and plans that two go way back, and they are pretty much set in stone when it comes to this. but this does indicate that trump has a longer theme of his

goal to cut back on government spending. are you concerned at all that we might not just because this is his plan see as much going to your country? >> absolutely not. not at all. i met a few of the cabinet minister and the is secretary rubio and the other min is minister -- ministers. we are allies. we are fighting the enemy of the united states. so it's like cutting the budget of the u.s. military. i don't see it on the tableful i don't think it's happening. and i think it's a good decision of the president because you have to look at what's happening in organizations like unrwa or other u.n. agencies that receive money from many countries and, actually, the money goes -- liz: to terrorists. >> or incitement against the u.s. or israel. liz: well, we hope to see the next tranche of hostages released on saturday. ambassador, thank you so much for being here. >> thank you, liz. liz: silicon valley's best and brightest front and center at trump's inauguration yesterday. the leaders of amazon, meta, apple, tesla and alphabet all on

hand despite all being past supporters of the democratic party. billionaire marc lasry supports the democratic party. he is here in a fox business exclusive to full us -- tell us why he thinks we've seen such a u-turn. and a.i. voice recognition sound hound might one day be on the list, the claman countdown caught up with him at ces in las vegas. not only did he demonstrate the latest a.i. voice offering he's created that serves up hands-free restaurant voice is ordering experience embedded in car technology, but in a special everyone talks to liz episode, i sat down with him the hear how he transforms -- see what you're looking at on the screen? that was his dorm ram at stanford, and he -- room at stanford, and he turned it into his tech start-up complete with office equipment, business plans. you're about to to see the other side of the room. [laughter] he took, it was, like, 5 feet wide, a that's it.

university housing, and he started what today is a $4.7 billion company with a stock that's jumped more than 6000 over the past year concern -- 600%. my new episode is available on apple, google, spotify, iheart radio, wherever you get your podcasts. the dow is up 490 points at the moment. we're coming right back. and don't forget later, the new trade voice for president trump, peter navarro, joins us live. ♪ ♪ known for pursuing your passions.

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liz: there's so many people on the invite list for any inauguration, but this was interesting, the ceos of the top and biggest companies in the world got a front row seat to president donald trump's inauguration yesterday with five of the planet's richest men -- tesla ceo elon musk, meta's ceo mark zuckerberg, jeff bezos, apple's tim cook as well as sundar pichai, the ceo of

alphabet. he's sort of the poverty-stricken one. [laughter] he didn't make the "forbes"' billionaire if list, but of course the executives were among washington's elite and in many situation, seated in front of them. it shows a shift to the embracing the innovators. following their appearance supporting trump's second inauguration, a mixed bag here. meta, amazon and alphabet higher, tesla pulling back along with apple. but let's bring in avenue capital group cofounder can and chairman, marc lasry. he joins me now in a fox business exclusive. let's just start with billionaires but put that aside and say real business leaders, prominently positioned at the inauguration. what message does that send? >> i think it's a positive message. it's a message that business is back. it's a message that you don't have to hide anymore, a that you can end up being in the forefront, and they were. and i think part of what trump is saying is business is back

and that's good for america. liz: and regulation is going to be cut if he comes through with his promises. >> that's correct. liz and you, obviously, are in the financial industry which is heavily regulated. what do you hope to see there. >> i think less regulation is beneficial. so i think you're going to find that for people like me there's going to be more to do. it's going to be easier to do. so i think that's all positive, and because of that you'll have more capital that we'll be able to spend. liz: is it kind of interesting to know that all of these tech ceos used to support the democratic party? and what does it tell you now? what is their motivation for switching? >> i don't know. i haven't spoken to them. but i would tell you i think part ofs the they thought it was beneficial for their business and that they thought at times the democratic party was hurting them x they thought that by supporting trump, it would be better. and i think that's turning out to be true. right? you're seeing trump support

them, you're seeing trump support business, and i think that's positive. liz: in fact, in 20 minutes president trump is expected to make an announcement of what he calls a massive infrastructure announcement. word is it's for a. i. buildout of data centers. that would affect all tease guys. so maybe you're right, they're just -- >> it's business. talking their book. liz: it's just good business. it's interesting though, harold ford jr. who is a democrat but also a former house of representatives congressman, he made a good point saying that the ceos' appearance at the inauguration is highlighting or showing off our american innovators as well. that that's really important now, isn't it? >>s, because we're leading the world in innovation. and i think you want that. and i think i've known harold for a long time. i actually think what he's saying is true, and when you look at it, what you're saying is innovation is back, business is back and that america's back. liz: business is back, but we

saw the s&p hit more than 50 records in a single year under president biden, a democrat. it's not like business was held back in a way. i mean, maybe the oil industry, a although the u.s. under biden is pumping record amounts of fossil fuels. >> they are. liz: there's a disconnect with the democratic party. >> i don't know if it's a disconnect. liz: well, it is, because, marc, you know, the democrats did not i win this election. >> oh, no. that that's absolutely correct. i'm pretty sure. [laughter] liz: well, the disconnect between voters -- >> yes. liz: -- and the democratic party. >> because i think what ended up happening, voters saw that it was better to vote for trump. and that's actually what happened. whether, you know, people like it or not, the perception was that trump was better for business. so, you know, either democrats ended up not giving a good message and they should next time try to talk about that, like, when you're saying they

ended up doing, you know, you had 50 record days, that's actually something that democrats didn't talk about. and part of that is i don't think they embraced business. and i think that was wrong, and i think trump embraced the business community. liz: yeah. in some cases they demonized it. >> yes. liz: let's just talk about your industry and your business. >> sure. liz: you at avenue capital lent are, you lend to distressed companies. >> yes. liz: where are you lending right now? what sectors? where's the most activity? >> the most activity's in europe and in asia, and then i'd say the u.s.. the reason is because of all the issues europe is having, and they're not growing. they're growing maybe 1% gdp, half a percent. is for us, we're seeing a lot of opportunity in europe, especially northern europe in the u.k. ander dish ireland. that's where we're putting quite a bit of money to work. liz: the tax cuts president trump has promised, he promised to renew the 2017 tax cuts and

jobs act. where do you stand on the corporate tax rate? you know or went from 35% down to 2% -- 2 1% during trump's first administration if, and he's hinted he wants to see that a go lower. where do you think it should go? >> that part i don't really know. you know, i think when you're paying lower taxes, it should be beneficial. and hopefully you're spending the money that you're saving on sort of trying to grow your business as opposed to paying out dividends, right? that's going to be the real big question. is the benefit of the tax cuts going to shareholders, or is it going to employees. liz: in many cases, it went the shareholders. >> it did. and i think that's the big question. if it's going to go to shareholders, look, that's fine. then right now you better start buying stocks, because you're going to end up getting that benefit. it didn't go to employees last time, and so the big question is, what's going to happen this

time. i think if it goes, again, to dividends, then i think that's are great for the success market. liz: real quick, you have invested in many different sporting ventures, and right now you have something called the tomorrow's golf league. >> yes. liz: with rory mcilroy. is that a challenge to liv golf? >> yeah, i think so. i think what we're doing is testing something that's just new and different. it's with tiger woods, and, you know, we ended up playing in the first inaugural season that first match, and i want to tell you that our team won. liz: bravo. >> i know, bravo. [laughter] i think a lot of it starts at leadership. but i think if you talk to the leadership, it really started with -- [laughter] that they were able to play better. but i think we told them, look, you've got to win. i think they listened to what we said. it's gone right. -- great. i think tiger and rory are doing a fabulous job, and i think for us, for the big golf with league, the team we have out in

san francisco, we've done a great job. liz: tomorrow's golf league. hey, we like competition. >> we do. liz: we don't like monopolies. marc, great to see you. >> take care. it's my pleasure. liz: by the way, speaking of golf, tomorrow, six-time major golf champion, pro golfer phil mickelson joins us in a fox business exclusive about the new fox news liv golf deal, fox sports liv golf deal and his new clothing sponsorship with primo golf apparel. wait until you see his golf pants that he designed, he stamped his name on them, and they are selling like hot cakes. phil mickelson right here on "the claman countdown" tomorrow, 3 eastern. tiktok has a 75-day reprieve, but will it choose news -- its chinese if owners be able to come to terms with the deal maker in chief or his china hawk trade adviser? >> peter navarro joins us live from the white house north lawn

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>> if i don't do the deal, it's worthless, worth nothing. if i do the deal, it's worth maybe a trillion dollars, a

trillion. so if i do the deal -- i'm talking about doing it for the united states with. if i do the deal for the united states, then i think we should get half. [inaudible conversations] i think the u.s. should be entitled to get half of tiktok. liz: president trump issuing an executive order yesterday delaying for 75 a days the enforcement of the law that requires social media app tiktok be banned unless it sells its u.s. arm to an american buyer. of instead, trump suggested chinese parent company bytedance should sell a 50% stake to a u.s. buyer and run it as a joint venture, and he said future tariffs on chinese goods could hinge on whether beijing approves a jv deal. peter navarro was a trade advisor during trump's first term. he's now senior counselor for trade and manufacturing. welcome back, peter. great to have you. you're an ardent china hawk, you always have been. what do you make of the president's linking of tariffs

to tiktok's fate? >> first of all, liz, it's great to be baa back with you after a long hiatus, let us say. feels really good to be back here in the white house. it's incredible, the team president trump has put in place, and it's this lovely coming in being at the top of the learning curve rather than at the bottom. so we've got a lot of good things going. i was the oval last night when he was asked that question and gave that answer. all i could think about, that's actually "the art of the deal" in action. tiktok's not my lane. what is my lane though is presidential memorandum that got, i think, lost in the beautiful shuffle of everything else that was going on which was truly amazing. it was the second to last thing he signed a last night before heading out to attend the balls that he was committed to. and it's this presidential memorandum that essentially is, i think, you could call it the

blueprint if and the foundation for the tariffs and trade policies that may or may not emerge over the next hundred days. you've got discussions about a the universal baseline tariff, you've got discussions about the usmca which needs to be reviewed in 2026. and right now there's a tremendous problem with, for example, china and other countries, trans-shipping things using the usmca to exploit. we've got the steel and aluminum tariffs which did a great job attracting informs ifment and building up our steel -- investment and building up our steel industry during the president's term, but the biden regime has severely weakened them, so we've got to assess there. what's interesting, liz, is the approach the is taking. he wants to do what we call foundational studies quickly. this isn't a long process. to set the stage. and the teams involved, the

leaders of the team are the secretary of commerce and secretary of treasury. that'll be howard lutnick and scott bessent when they get confirmed. you have, those are new guys, great new blood. you've got the veteran, jamesson greer, who's -- jamieson greer, kevin hassett, who's a frequent guest, i think -- liz: yeah. >> at least on your network and probably your show. and across the agencies depending on the issue you're going to have -- liz: well -- >> -- homeland security. so we've got an agenda, and it's going to be really good. the one thing i want everybody to get tracking now on is that in our view, tariffs are tax cuts. tariffs are tax cuts. liz, one of the the great charts the president loves to show is the one that shows tariffs as a percentage of revenue versus income taxes over time.

and prior to 1913 and the introduction of the income if tax, tariffs were how we had prosperity ask security in america -- and security in america. hen we went to the income tax -- liz: right, but -- liz: peter -- >> go ahead, go ahead. liz: we don't know what real a ya a story the tariffs these countries might then slap on us. if return, that said, yesterday the president said february 1st we will probably see 25% tariffs on incoming goods from our allies, canada and mexico. if will we see that february 1st? is that a hard date? >> it's the president's decision. but let me give you the back story. i think it's really important particularly on financial networks that that whenever you talk about tariffs, you're actually talking about why the president might want to put tariffs on in a particular situation. in that particular situation, what the president wants to deal

with is the carnage that is happening in this country particularly with fentanyl and some of the related issues through illegal immigration. and if you look at the presidential memo, you go into it, there's a whole section on that. fentanyl's killing 300 americans a day. i was in, i had the honor of leading off the speakers at capital arena when we were waiting for the boss to show and, you know, the place was packed. and think about this, liz, everybody in that that audience, that number of people will die in one year because of fentanyl if -- liz: coming in across the southern -- well, that's it -- >> the cartels change it, and that's why those tariffs are being considered. so it's always up to the boss to do this, but he's going to do something on that, and it will be quick, and we'll see what happens. liz: let me bring it back the china then because china has been the country that president trump has been most vocal about,

peter, when it comes to hitting them with tariffs because they do not play fair at all. right? when it comes to what they charge us versus everything else. they steal our, you know, intellectual property -- >> yes. liz: we know about all of that. >> yes. liz: what about the companies, the iconic companies here, that import if goods and materials that a depend on it for middle class americans in i'm thinking walmart. so much of walmart's product on their shelves has either come from china or been touched in some way, shape or form from the chinese when it comes to materials or ingredients. so what do you say to a company like walmart that's all american doing good for middle class america? >> i would say to everybody, just take a deep breath. as aaron rodgers once said, relax can and consider this, liz. it sounds like we're having a conversation in 2017. it's, like, are you going to put tariffs on china? things are going to explode.

inflation this, inflation that. walmart's going to go out of business. hey, guess what happened? president trump put historic tariffs on china. there was zero inflation, and everything was great. we had prosperity and, better yet, the people of america were protected from the unfair trade practice of china. so we have history on this, liz. so that's not -- that's no longer an issue. what we have to do, liz, and here's what's really important, we have to first acknowledge that as the president says, the world cheats us. every single major trading partner that we have, liz, has higher tariffs and and higher non-trade barriers. that's not fair. and what happens is we run these nor mouse trade deficits which over -- enormous trade deficits which over time transfers our wealth and assets into foreign hands, some of them strategic adversaries. not good. and so what the president has

promised to do is defend the american people, workers, manufacturers, farmers, ranchers, entrepreneurs, citizens -- liz: okay. >> -- from the unfair if trade. and tariffs is a major tool to do that. and, by the way, it's going to be a really -- you'll have a lot of shows on the tariffs and how they'll help get the tax cuts renewed in the new bill, because it's a great source of revenue as president mckinley, one of president trump's great heroes, did. liz: peter, here comes the closing bell. we thank you. we'll be watching the progression and how all of this unfolds. peter navarro. here we go, dow 44,000 is back with this 528-point gain. green on the screen. that's going to do it for us. "kudlow" is >> hello folks. welcome. president trump come