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tv   Varney Company  FOX Business  February 10, 2025 9:00am-10:00am EST

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will. maria: welcome back 30 minutes before the opening bell sounds on wall street and the big rally underway highs of the morning, thank you todd piro and cheryl casone.
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"varney & company" picks it up david asman and forced to. >> thank you very much, i am david asman and for stuart varney today. the philadelphia eagles are super bowl champions beating the kansas city chiefs, will be than 40 - 22 and making this the eagle second super bowl in seven years. it was this moment when president trump appeared on the jumbotron that sent the crowd while, not so much for taylor swift. we will talk about that, economic news, president trump says he will announce a 25% tariff on all steel and aluminum coming into the united states. the market is in the green looking pretty solid the dow is up 267 points. the s&p of 37 and look at the nasdaq up almost 200 points, big winner there. on the show president trump says he is instructed the u.s. treasy to stop minting new pennies as part of the push to cut back on wasteful spending.
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it cost 2 cents to make one. today a federal judge in boston will consider whether or not to block trump and elon musk from carrying out their plan to buy out federal employees. and another ice lead kristi noem calling the fbi corrupt and in seemingly accusing the bureau of leaking plans for large-scale immigration enforcement plans in los angeles. it is monday february 10, 2025. "varney & company" is about to begin ♪ ♪. david: a little elton john as we get the week started president trump welcome the super bowl with roaring applauds.
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i think we have a cut should we take some sound, if you were there watching you heard it. good morning, what did he have to say about becoming the first sitting president to attend the big game. >> he said this is an iconic event, an iconic day in it so important for him to be there to be part of it. >> we are going to be the first sitting president to attend the super bowl it's a big day for america, it always is, what made you wanted to do it. >> i'm very surprised to hear that i would've assumed many presidents came but i think the spirit of the country, the country is taken in a whole new life i thought it would be a good thing for the president to be at the game. >> it was an iconic day it's going to be a great game to great teams and let's see what happens. >> he left at halftime, sports could be unifying and president trump has been going to the big events were often the crowd goes wild and cheers him on, he knows
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his audience it is a moment to unify the country. >> take a look at this a new cbs poll showing trump with a 53% approval rating after his first few weeks in office, but spring and charlie hurt. there seems to be something very different with the second term, the last term not only are his ratings up but he goes to these events and you get very little booing and disappointment in the massive majority of the crowd is cheering him on, what is so different about the second term? >> it's really funny he was surprised to hear that none of his predecessors have ever been to the super bowl why don't you go show up and that's the way he approaches these things obviously going to sporting events is treacherous for politicians because there's always a risk that you will get more booze than you do cheers
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but he went and got a lot of cheers and i think you're exactly right i think it's a reflection of how different this term is compared to his first term he has more experience, he knows what he's getting into. and perhaps most important he had four years of sitting in the corner brooding about all the things that didn't go right and didn't go the way he wanted in the first term and he has a second chance at he's going to get it right and he's not going to let the powerful forces in the swamp toward him. he's prepared for everything that comes at him and he put people in place so they're able to combat all of that. david: the american public saw so many of the attacks on him in the first term were all lies all over the place not to mention the lies about biden and his confidence. it was clear that everything
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that had been said was not true. go ahead. >> i think that's an important point of all of this is not a historic high of popularity at 53% you could look at that and say it's not that high. you know what makes it so high, the fact is that that level despite billions and billions and billions of dollars of nasty false attacks on him at the same time the same amount of lies in service of supporting any enemy and political flow like joe biden in the idea that he is a 53, despite the onslaught is truly extraordinary. david: he had some opinions when he was talking with brett baier let's play what he saw as a big difference between then and now. roll tape. >> with the 45th and tremendous opposition but i didn't know people and i do not have the support i needed ipo people in office some great ones
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but i had some i wouldn't have put i would've known better if it were a couple of years later or i had a little more experience in d.c. i was a new york person not a d.c. person it had a lot of opposition. i just noticed i looked on the stage for the recent inauguration and who's who of washington. if you look on the stage for the first one it was just the opposite. david: charlie, how does he use his political capital and his experience with the first term to break the logjams inside of the beltway and get what he campaigned on tax reduction per minute and the doge cuts. >> i think doing what he's doing right now is exactly how you do that. with the first term he even had republicans who are trying to undermine him in the first term. in this term republicans are more united than i think we've ever seen in our adult lives it's kind of extraordinary.
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also young democrats have completely capitulated on things like immigration even democrats recognize it immigration is an 8020 issue. there is no point in trying to fight it obviously a pockets of resistance but the fact that he's able to use the common sense approach, the common sense approach to issues that matter to people in you go after people and you go after the democrats in sanctuary cities and you say were going to enforce our immigration laws and we will go after violent criminals and deport them this is wildly popular. i think the popularity he has right now while he's spending political capital to get done what he said he would get done i think it's a smart investment not only is he getting done what he wants to get done but it over be returned in higher popularity which gives them greater strength to do more of what it is he promised people he would do. >> great stuff thank you so
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much. a quick programming note you can watch the rest of bret baier's exclusive interview with president trump tonight 6:00 p.m. eastern on special report on fox news, president trump says he will announce new tariffs on steel and aluminum today. is this for all imports? >> all steel and aluminum coming into the united states. he made the comment on air force one heading to the super bowl . watch here. >> all announce steel tariffs on monday. >> what country will those go on. >> everybody steel any steel coming into the united states is going to have a 25% terra. >> aluminum to. >> 10%? >> no 25% for both. >> countries that could take the largest to include canada, mexico which just received 30 day reprieves from other tar tariffs, the president had also imposed a 10% tariff on chinese
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imports and now beijing has soft retaliatory tariffs against the united states the financial times says that on $14 billion of u.s. goods including a 15% tariff on coal and not gas, tempers on oil and farm equipment and those are set to take effect now. >> ticthank you very much show e the steel and aluminum stocks you can see them on your screen in the green territory premarket activity, david bahnsen joins me now, quickly on tariffs what you make on this in the markets reaction. >> there are any new tariffs there was an announcement about an announcement that they might announce a plan to do some tariffs and i think the market is in the same mode that he uses tariffs for negotiating power but would not implement a new tariffs and i don't know that this will happen either. david: one thing i think businesses are hopeful implementing quickly is a tax extension not only extending the
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2017 rate cuts that we have but including the new tax cuts but there's a lot of resistance inside of the beltway what's going to happen and what do market business people particularly small business they have to plan for the future. >> that's the whole issue when you delay it you create in certainty and it stops and mutes economic activity you need people invested in the future new projects and new capital growth they cannot do if there'n of the old tax cut but you need new tax cuts he campaigned on very serious things both will have to happen together and they have to go. david: will the pop at the academy not take place until not only the market but small business is convinced that they will have tax cuts extended. >> i think it's worse than not that there will be a pop in the economy it will take back and contracted her economic activity because the academy has baked in the expectation that it is coming. if they get disappointed ambiguity or push it out too far
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in the future and can pull back on the animal spirits and optimism that's been there since the election. david: david bahnsen i'm optimistic and stay the whole hour. house speaker is morning that there might be hurdles to getting the trump agenda through congress. listen. >> of the smallest margin in history to vote margin currently i have to make sure everyone agrees before we bring the project forward. well president trump and speaker johnson be able to get the gop to fall in line we're going to take that on, big changes are happening at the epa as a trump administration remakes and redefines organization the newly minted apa administrator lee zeldin is going to tell us how he plans to do that coming up next. ♪ i'm thinking of updating my kitchen...
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>> it is deadline day for federal workers to decide if the trump administration buyout offer. alexandria hoff joining me from d.c. the buyout is being challenged on what grounds? >> whether the office of personal management has the authority to make this offer because that there is a degree of uncertainty for the 65000 federal employees who've accepted the deferred resignation playing george o'toole has not laden and the merits of the case but push back the deadline for workers to decide today will hear from the government and federal employee unions representing 800,000 workers, those unions also question whether the money will
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be there for this buyout that the government offers to pay. the opm responded to this extension writing the program is not being blocked or canceled the government will honor the deferred resignation offer. here's white house press secretary karoline leavitt. >> we encourage federal workers in the city to accept the generous offer if they don't want to show to the office if they want to rip the american people off then they're welcome to take the buyout and we will find highly competent individuals who want to fill the roles. >> according to the initial e-mail sent to federal employees work in the road except in the resignation remains retaining all benefits and pay regardless of daily workload through september 30 democrats are we weary. >> i've been saying to all the federal employees beware of this offer. i don't believe it's been funded i don't believe donald trump has any history of paying his bills and i fear federal employees may be marked for later potentially
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without any compensation. >> the administration of the government argues that is not the case and feels the delay deadline was initially supposed to be thursday posted today helps their downsizing efforts since thousands of federal workers are returning to a full week of in-person work today and might decide today that they would rather not. >> thank you very much. president trump is speaking out about doge exposing wasteful government spending. >> were talking about hundreds of millions of dollars where it shouldn't be going in if i write a list you would say this is ridiculous and if you read the same list, there are many that you haven't seen it's a big scam. there is some good money and we can do that through any one of a number i think i would rather give it to marco rubio at the state department, let him take care of the few good ones. i don't know if it's kickbacks or what's going on but iran on
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this and the people want me to find it i had great help with elon musk's been terrific. david: epa administrator lee zeldin avid senior center appointment, congratulations on that the president says they do want to and they're seeing in real time the discoveries made by the doge group coming up with all sorts of things i ever heard one democrat sang completely wasteful spending that has been exposed as a good thing, have you? >> is really exposing those members of congress who have a problem with cutting out fraud and waste and abuse inside of our government we should have all of congress cheering on an effort to make sure that the federal government is being a good steward of the tax dollars. i know the american public all across the country, they are cheering on the federal government it's been too long
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i'm waiting years for someone to step up from this that's one of the reasons why they like president trump he said he's going to do this he's delivering on his progress. >> aig is a perfect place to start, good intentions maybe when some of the programs are started it's been so tied into the bureaucracy mike walls the new national security advisor spoke about that on sunday, play the tape. >> were talking about hundreds of millions of dollars of money that's going to places where it should be going if i read a list you would say this is ridiculous and you read the same list there are many that you haven't seen it's crazy, there's some good money and we can do that or any one of a number i think i would rather give it to marco rubio at the state department let him take care of the few good ones i don't know if it's kickbacks or what's going on iran on this and
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the people want me to find it. had a great help with elon musk who is been terrific. >> that obviously wasn't mike walls the point that he's making were only getting virtually 10 cents on every dollar spent is going to the project into the people that was announced it was going to i don't know about you but when i give money to charity i look at how much is spent by that charity on a ministry of cost on overhead if it's over 10% i say not doing it in this case 90% is going to overhead it shows you how completely horribly these programs are run by a id. >> were seeing a line by line accounting not only is that important the funds in the past
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and it resets the path forward, there's going to be the level of accountability when grants are being distributed there is an expectation a line by line accounting this should be the new normal we did our own research in a story that came out in the canadian electric vehicle manufacturer declares bankruptcy after receiving $160 million from the epa, they still haven't given out $95 million worth of the school buses to 55 school districts, we're going to do that line by line. >> i would ask about your job the epa and how much the regulation are so costly for businesses in america are good to be stripped away, the regulations are very often making life difficult and don't do anything for the environment, quickly. >> we have our core mission of
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protecting human health and the environment but we have to do so cognizant that the market public spoke and they have economic concerns that they want all of government to address that means making the united states the capital of the world permitting reform and piggyback american auto jobs and so much more in unleashing energy dominance these are all priorities of the american people, priorities and president trump their priorities of mine in the epa. >> it to see you thank you very much we appreciate you coming in, let's check the futures opening bell all doing extremely well the dow jones is up to 256 premarket the nasdaq is up the highest percentage wise up 166 points. we'll be right back with the opening bell. choose advil liqui-gels for faster, stronger and longer-lasting relief
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with the chase mobile app, things move a little more smoothly. ♪ deposit checks easily and send money quickly. [coins clinking] ♪ that's convenience from chase. make more of what's yours. >> checking futures, they look pretty healthy and premarket activity the dow is up to just extend seven and the nasdaq is up 169 keith fitz-gerald joins me now, you think it's going to be a quiet week but maybe not for market action and looks like it's going to be pretty good today can you explain why this is happening? >> absolutely assault about the headlines in psychology we gone through the majority of tech
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earnings like coca-cola or mcdonald's or just not that exciting from a capital formation standpoint, it's ion the ball. >> what about the tariffs it doesn't look like there's puke in the market right now is that because they've seem to pull back with canada and mexico or at least temporarily. >> that's an interesting one i was talking with traders over the weekend obviously it's a key concern he's using those as a negotiating chip he wants to give other nations to the table and people are beginning to figure out the knee-jerk reaction isn't merited but you want to logically focus on which companies and what that's going to look like. earnings may not be rocking which ones are you watching. >> i'm going to be watching the medical scientist gilead moderna because those are interesting come around the cusp of a.i. driven customizable medicine the revenue would not happens and
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mcdonald's and coca-cola that's khatami about consumers, it's a very different interferometer week. we talked about trump's tariffs, china has retaliatory tariffs of their own exactly affect the market at all? it could, remember how china plays a game by strategic figure to throw whatever balloon and given that's doubled and that they had in their and their get to another without in the going to play themselves and all roads lead to china beijing. , keith fitz-gerald the opening bell just about to ring on wall street it looks like we are going out positive markets all across the field all the index is very healthy right now and as were looking the dow futures are turning in to actual numbers and that looks like were doing quite
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well, take a look at the big board, the dow 30 stocks virtually all but two are in the green, the snb is doing quite well percentage wise up .50% in the nasdaq is the healthiest percentage wise it's up 139 points just a little bit shy of the 20000 mark let's take a look at big check and see how they're doing across the board there in the green apple is doing best among them, microsoft, alphabet, meta and amazon all in plus territory. president trump is set to announce new tariffs on steel aluminum, taylor riggs is with us, are the stock still rallying the stocks that are involved in this steel and aluminum sector. >> they worship futures up 70 by 14% the u.s. steel off of the gains overnight but you're still up 3 - 4% were hearing about 25%
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on steel and aluminum. in were hearing reciprocal china just opposing the retaliatory tariffs on u.s. goods natural gas, coal and oil how much are we talking about. >> nursing about $14 billion and more targeted than our broader based additional 10% tariffs that we put on them. as you mentioned lng, coal, crude oil or farm equipment some automotive tariffs about 10 10 - 15% also there going after big check as well they launched an antitrust probe and hopefully not hurting us as much. >> openai is to finalize the first custom chip design how soon could that happen. >> this is interesting everyone is to rely on nvidia this is
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openai to get a little bit less reliant on nvidia there going to be sending their design to tsmc the major player when it comes to designing chips sending out to them for fabrication. the process of sending the first design. chip factory is called taping out and just reducing the reliance, no timeline but if it's in the works it means maybe it could be soon. >> i teased this story the president of france and emmanuel macron announcing a major investment in a.i., how much. >> were hearing 100 billion euros wanting it to be a.i. in france but coming from the private sector, we are hearing it would come from brookfield canadian investment firm, 20 billion euros and maybe financing from the uae about 50 billion euros, the lovely man david to my right tells me brookfield might be about data centers getting to be what about
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it is that big private sector investment for friends. >> apple is apparently preparing to launch a new iphone what you know about it. >> this is new the essay the lower model the last one that was released in 2022 was out for about $425, a little bit more affordable than the thousand dollars from the were getting were not getting the home button a good camera and were hearing it will be in-house modem and not using the qualcomm chip that will be good for apple to reduce the reliance, we also hear that we might get the bluetooth new earbuds is it called the power beats to come again and headphones and a second generation from the power beats that we have. >> mcdonald's reported earnings before the bell today, how did they do. >> the stock is up 4.6% the same-store sales was a mess in the u.s. you declined about 1.4% and falling revenue the disappointed analyst.
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i think the good news here a lot of it was related to the e. coli outbreak in the beginning of the quarter once you got through that if analyst can read through the e. coli outbreak it's not something systemic with mcdonald's, the only other issue these are value meals that are working but customers are spending less in the store and that is the problem the value meals only work if you buy it but if you add on additional items and customer spend less that means are not adding on the additional items. david: maybe the white house could buy a little bit more donald's, supermicro they are reporting tomorrow what we expect to hear from them. >> we don't have full confirmation yet. this is the company that still does not have last june's annual filing, the auditor ernst & young ey pulled out there was allegations of accounting fraud they turn to be delisted if they do not file the annual report.
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yet a third party, and said they had no findings of accounting fraud and yet he knew auditor coming in. we think tomorrow we will get an update on those financials maybe the annual report that was due last june a big boost for the stock even what it is been through in the last six months. >> there's a company called micro strategy they renamed themselves strategy their body more bitcoin tell me about that. >> this is the gift that keeps on giving i hope david bahnsen isn't rolling his eyes at me. i don't do fundamentals but i'm doing bitcoin, micro strategy holds 2% of the large bitcoin supply outstanding. the largest corporate holder of bitcoin they dropped the name micro because her dream strategy they want to be in bitcoin so it feels the price of bitcoin to go higher and they keep buying more and it's an endless needless loop and it continues. david: thank you very much we will see you at 12 on "the big money show" the new two hour
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version, david bahnsen your name was mentioned he brought david and pixar know you love the stocks start with mole was. >> unfortunately this is a regular company that makes money and does things is not a ponzi scheme and is not issuing stock. >> your calling it a ponzi scheme. >> the micro strategy is issue stock user to buy bitcoin in it trades at double the price of the bitcoin that he owns is a pretty good business. >> ups why do you like them. >> ups and dropped quite a bit because they cut the amazon order by 50% why would you like that though the west margin customer there totally redoing the business there really fixing what needs to be fixed long-term and you're getting a 5.8 dividend yield while you wait. >> that's a big dividend yield, thank you very much coming up the democrats say they are ready to shut down the government to try to stop president trump.
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listen. >> for us to support government funding and not wait for that to turn around to dismantle the government that is not something that should be allowed. >> why are democrats so opposed to doge cutting wasteful spending will we see clearly how wasteful the spending can be working to take that on covenant. as we mentioned president trump is putting 25% tariffs and place on steel in aluminum kevin o'leary will tell us if he is concerned about that coming up next. ♪
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finance of america is a lender you can trust. the bbb awarded us an a+ rating, and 95% of our customers would recommend finance of america to a friend. call for your free info kit. >> today president trump will announce a 25% tariff on steel
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and aluminum imports. peter doocy joining me from the white house. is this a blanket terror for all countries. >> yes unless a deal can be worked out before the announcement. >> any steel coming into the united states is going to have a 25% terra. >> what about aluminum. >> aluminum to. >> 25%. >> both. >> whether the president's top economic advisor kevin hassett said almost every trading partner has higher tariffs, the only trading partner that's about where we are canada and mexico part of the trachea but outside of that the uk has roughly the same tariff that we do with that you 2 - 3% higher. the truck team sisi as reciprocal it's part of a broader effort to save money and make money back the latest upper
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over the weekend is that president trump is telling his treasury secretary scott bessent to stop minting pennies. >> were to be talking about that with capital theory coming up, thank you very much it's a perfect time to bring in kevin o'leary did the aluminum and steel tariffs concern you. >> obviously all terra she should be concerned about because it's escalating trade wars, let's talk about tariffs into verticals number one what trumpets doing looking all around the world including canada and staining and ballast in tariffs particularly with india they had tariffs north of 20% on certain sectors and he will balance that out. if india is going to tax the u.s. at 24% in reciprocal because the services in the u.s. that's making a level playing field, the canadian thing is different. i think what is going on is the renegotiation of nafta if you want to call it that.
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let's take aluminum the reason aluminum, 70% of imports in the u.s. comes from canada canada has the cheapest power north of america you need a lot of electricity to make aluminum most of us know they build data centers and there's no power left on the grid canadians have it and they have and hydro. that's really a discussion about immigration of the economy that's beginning and were in a limbo zone because the government has fallen and no elections for another six weeks and doesn't have a canadian people dog ford in ontario and daniel smith they are talking with their counterparts in howard that nick, they're all talking every day. the stuff going on but the economic union is the price. president trump is talking hardball and whether mexico and
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canada and a pause on the tariffs for a month. he doesn't look to please, let me play the soundbite and get your reaction, roll tape. >> you announced tariffs on canada and mexico and you immediately got action for both of them on border security and drug interdiction. >> is accurate enough. >> that's not good enough. >> it's not good enough, what do you think. >> i've always said about trump uganda distinguish the noise from the signal the signal from canada let's talk economic union and no tariffs in eastern west north or south.the behemoth academy when he says we have to buy the country make it the 51st state, that has the canadian tire update on assault sovereignty, mexico is different, we have the whole border situation with the legal immigrants, fentanyl, both countries don't want anything to
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do with. $1.3 billion announcement out of canada then another 200 million out of out of alberta playing ball witp the big prizes economic union keep your eye on the ball is ne. david:we want to talk to you about this anyway, the penny the united states penny, donald trump wants to eliminate it stop mining it cost 2 cents for every penny that you make so it doesn't seem to make any sense, what you make of all of us getting rid of the penny. >> is right it is stupid why would you pay 2 cents who loses a penny less your putting in your loafers it's useless. david: that's an old reference that i do remember. update on the bid for tiktok anything new happening?
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>> there has been a big move, the mandate shifted over to jd vance his staff is taking care of it. we know walz is involved in their filtering through the bids to try to figure out which ones are real a lot of people announce interest in the deal that are posers and they'll figure out who has the ability to close a new dozen. trying to figure out the larger shareholder invite dance, it's very important the creator and the founder and looks like the direction of the deal is going to be a trump deal with president xi but you need this to get on board and then find a way to do a transition, you gotta keep the algorithm working that's what makes tiktok tiktok. but what is emerging that nobody talked about this is interesting this is a chance for trump and president xi to say were going to cooperate out a deal were knocking to go to war with each other let's try for the first time to do a cooperation on tax you have to buy by our laws but let's make a deal that would be really interesting for the world
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to see because president xi wants to be part of the g7 the g8 if you want to call the deputy won't get there if he abides by the laws of the g7 this is his chance this could be the first deal and we love economic unions with china absolutely. >> i don't know if we trust them after all they've been through. thank you so much for all that. very interesting stuff. i want to bring david bahnsen into all of this. what do you think about that, making a deal turning china from the heavy into a partner. >> i think that's where it's headed and where he's going to do and certainly better than going to work in the reagan quote trust but verify. and i recommend that with all communist trust but verify. with the ccp. i'll leave that alone. the fact of the matter is we have to do business with china, there's way too much whether integrated together, president trump actually wants a more friendly relationship with president she invited him to a
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ration. david: thank you very much, donald trump says he knows what can unite our country. listen. >> that's massive success, success will bring the country together. guy benson is here to respond and donald trump newest target to get rid of paper straws. he said it is time to bring back the plastic. we have a full report coming next. ♪ [ car engine revving ]
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>> president trump is expected to sign a new executive order to get rid of paper straws and bring back the plastic straws. >> many people we spoke to thank paper straws are inferior to the plastic ones using biodegradable plastic, nonetheless can i say the paper straws and the president agrees this is what he wrote on social media friday i will sign it executive order indeed the ridiculous body and pushed for paper straws which do
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not work. former president biden a call for the federal government which is the world's largest buyer of consumer goods to ditch single use plastic including straws by 2035. many places already have from california and oregon on the west coast new jersey vermont and the east you can get a plastic straw if you ask for one and many people do. >> paper straws get soggy they fall apart, they don't last long enough. i don't mind using them my own personal straw that i travel with but stainless steel, to travel with and use it wherever you want. >> how come you're not using straws. >> do you happen to have straws? >> any opening for me. >> is that plastic?
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>> by some measures plastic straws are better with 75% tested in europe containing so-called forever chemicals versus a greater 90% for paper. while the issue has been polarizing drinkers for years president trump's potential executive order could help the oil industry since most plastic is derived from fossil fuels and americans use hundreds of millions of these things every single day. >> you know what my wife hates is the smell she claims they have a smell that is particularly obnoxious but that's part of it, thank you very much, thank you for being there for the hour, stephen moore won't push prices higher, guy benson on that the enthusiasm during the first month in office former u.s. ambassador on ukraine's zelenskyy says nep still needs
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