tv Varney Company FOX Business March 4, 2025 11:00am-12:00pm EST
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and >> being invested is bringing back manufacturing capacity in the u.s. and not having it just as a one horse race with intel. >> i love the trump agenda of readiesing the size of government and reducing regulations and it's one thing that worries me. >> we've never had a president that said look, i'm going to cut down the size of the executive branch for government. we're cheering him on in a lot of ways but we want to make sure we get things done right. we're going to work as a team. >> word of caution. drive home the points on look how quickly i changed immigration. on the economy, i think he needs to be somewhat red sin. stuart: 11:00 eastern time on tuesday, march 4. we have this coming to us from "the wall street journal". canada's province of ontario slap ago 25% export -- slapping
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a 25% export tax on electricity it sends to minnesota, michigan and new york. how about that? big tech, a look at that and all of them -- no, sorry. apple is up, google is up a fraction and microsoft, nvidia and amazon are all down. where's the 10 year treasury yield? down a bit. 4.13%. now this, the tariffs bright high anxiety to a variety of entries and they don't know how they'll play out and one industry is having a grand old time. tree farmers of america are celebrating and loggers have had to sit back and watch america become the largest importer of timber in the world. we imported $11 billion worth of wood products from canada, $2.3 billion from china, $1.5 billion from brazil, a billion from chile. that's about to change. the president is putting a tariff on imports from canada
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and china and just as important, he's cutting the red tape that holds the loggers back on 280 million acres of federal land. he's directed the agriculture and the interior departments to figure out how to cut costs for domestic production. they've been hold back by hone roush virallal rules and that's what's allowing so many imports. the greens are livid about this. they talk of the destruction of the forests, trump's policy as they say is disastrous and if you know anything about forestry, you'll know green rules drive up prices, restrict the domestic industry, and drive business overseas.
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stuart: the nas disease down 278. mike murphy covering it all for us. >> good morning, stuart. there's two things at work here and how you feel about the tariffs and how you feel about account statement looking at impact on the markets and i think the trump administration and president trump specifically
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thought long and hard about this before putting it in place. now the markets, remember, we're back at levels, stuart, we haven't seen since the election. so from early november, we had a big runup in the markets after when trump talked about his make america great. given it all back and down 2%+ on the s&p for the year. no one wants to see their portfolio go down and if this continues, could it have more of an imact? yes, it could is the short answer. will it? i don't expect it to. a lot is priced in to where we are right now and no one is pricing -- the market isn't pricing in the ending tomorrow or this ending next week. the market is pricing in the extending potential positives and the tariffs serve not a good
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purpose, a great purpose. so what president trump is doing, i back it 100%. but also i think to company aerodynamics bottom lines and earning ands what's fuelling the market there's an overreaction to the downside. i think you're looking at an oversold situation in the markets and i'd expect to snap back quickly. stuart: that's what again, that entire rally up to 400 took place post the election. so, you know, what you're seeing is giving back of a rally that came over the course of the last three months since president trump won the election so i wouldn't go so far as to call
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that oversold. but i would look at companies like al tafanely bet and google turning positive and amazon selling because of potential tariffs and i will go this far, stuart. tariffs not having a long term impact on amazon's bottom line. short term, i don't think so. but maybe. longer term, amazon is going to work at whatever the political climate is, amazon will find a way to make money as they always have in the past. stuart: mike, stay there and you're with me for the hour, please. ashley, come on in, please. i need information on various stocks that are moving, specifically yum brands up 2% today. ashley: it is. tafanely co-bell parent company -- taco bell parent company expecting it to pass the overall pace and yum brands expecting growth of 8% for taco bell alone and same store sales
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growth 2.7% and yum brands up 2%. amazon is next. down today, but there are reports the pane is working on a new artificial intelligence model, which is set to launch in june under the nova brand. new ai model will reportedly face advanced reasoning capabilities and will rival meta ai, chatgpt and google's gemini. amazon is down 3%. american airlines is last up. they're reportedly asking the supreme court to reverse a lower court decision that forced it to dissolve the northeast alliance with jetblue. american wants the supreme court to review that ruling that found the alliance would use competition. american down 5.5% in a very tough market. stu. stuart: thanks, ashley. chris murphy wants to lead the trump resistance in washington. watch. >> this threat is unique and to
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me, you know, we don't have another year to fight this attempt to destroy democracy. our knock seizure disorders might be gone -- our democracy might be gone in six months if we don't mobilize american right now against the billionaires and the attempts to destroy the democracy then by the summer, the democracy might be gone, we might not even notice, and the trump family might rule forever. stuart: jimmy failla is joining us this morning. that is inflammatory. trump family ruling forever. come on. >> i wouldn't normally have a reaction to that and thanks to your show i'm used to dealing with crazy guys with the last name of murphy. jaire no relation whatsoever. >> normally it's like that's my cousin. not that time around. it's embarrassing to watch this play out and their own manufactured hysteria and that's not working and trump's approval rating has never been higher and this clearly isn't sticking with the e electorate and trump
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campaigned his butt off and won a legitimate election and nothing to say about democracy. stuart: they don't believe that it's a threat to democracy. we've only got six minutes left. >> they don't believe this. it's performance art, and i don't understand why they don't have another gear. there's this part of the democratic party that just hasn't cassioppi cemented reality yet. they're refusing to move onto a new play book, but they need one. i mean, i'm not, you know, keep doing it because i'm having fun laughing but i don't think it's good for their party or the country. stuart: they seem to have anointed chris murphy as the spokesperson for the democrat party. he's doing trump derangement syndrome all over again. >> nobody has it but them. this is what the democrats have become. everybody had like a spouse or sibling complaining about a coworker and realize your spouse or sibling is the annoying one in that relationship. you start taking their side after awhile. that's what the democrats are doing and complained about trump
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so much and everybody is like this trump guy doesn't seem that bad. now they hate the democrats. stuart: good one, jimmy. more to come on saturday evening, fox news saturday night with jimny failla, 10:00 p.m. eastern on saturdays only on folk. thank you, jimmy. >> appreciate it. see ya, man. stuart: coming up, republican congressman nominating president trump for the noble peace prize. on what grounds? we'll get into it. vis president vance calling out europe for appeasing zelenskyy on a war with no end in sight. >> zelenskyy goes to europe and a lot of european friends puff him up that you're a freedom fighter and keep fighting forever. with what? whose money, ammunition and lives? stuart: is europe getting in the way of a potential peace deal? we'll ask christian whiton, he is next. ♪ —hi! —hi!
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1. assess your needs 2. make a plan 3. engage your support network let's prepare so we all have a better story to tell. stuart: right now canada prime minister justin trudeau holding a news conference on tariffs and going very hard on trump right now. canadians not backing down from a fight and tariffs not going away till america drops their tariffs and canada imposing 25% tariffs on imports with 30 billion and immediate effect and canada imposing tariffs on a further $125 billion of u.s. imports and 21 days from now. mike murphy, you've seen all this unfolding.
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what do you say? >> i don't know exactly canada and they have to talk and reply. but are they going to win the trade war? is canada going to win the trade war with the united states? and what does that look like for them? they're digging in their heels and saving face and ultimately the united states gives sanctions to canada and i don't know what they give to the united states. as far as i know, nothing. to fight this fight for -- from what i see, looks like a losing proposition for them. now, trade war is not good for the stock market and headlines are bad and consumers might be impacted negatively and could have more of a trickle down negative impact on the stock market. but i think ultimately president trump is in theed right position. what he's asking for is right for all americans. democrats, republicans, black and white, so he's leading us
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and leading us in the right direction in that he's looking to get a -- all he wants is a fair deal for the united states. stuart: going to be a tough fight. >> it's been a tough fight and he's willing to make the tough decisions rather than let things go as status quo that would be worse than where we are today. stuart: he'll plow ahead. mike, stay there. got more for you later. moments ago, you crane's president zelenskyy posting on x saying you crane is ready to -- ukraine ready to come to the negotiating table and work fast to end the war. he did not apologize to trump but said in part, "our meeting in washington at the whitous on friday did not go the way it was supposed to be. it is regrettable that it happened this way. it is time to make things right. we would like future cooperation and communication to be constructive". christian whiton is a former state department official and joins me now.
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is zelenskyy's statement result of american pressure, specifically our pausing all u.s. military aid to ukraine? >> my guess is zelenskyy's statement is completely insufficient and use of the passive voice and mistakes were made, something happened, we didn't like what happened and maybe something different will happen. that's very different than what president trump specifically said he needs, which is an apoll >> i and frankly even if zelenskyy were to apologize, you're at the point where there's too much water under the bridge. you look back at past situations and if you look in vietnam by the time he was ousted early in the kennedy administration to use an example of ally that disappointed the united states, we didn't oust him. we knew he was going to be ousted and did nothing about it. i think zelenskyy will probably have to leave power in order for their to be a good negotiating relationship between washington and ukrainian government. stuart: if zelenskyy turned with
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a grovelling apology, think trump would give him a second chance? >> zelenskyy getting encouragement and getting a ceasefire with the russians and they're picking up ground. something that's definitive and battle lines and ukraine not with a lot of military power and giving in to what russia wanted going into the war. zelenskyy, i'd be surprised if he's willing to cassi acquiesce to that. >> i think our european friends frankly are being really, really doing a disservice to the ukrainians and their own populations are saying we're not going to fund this and zelenskyy
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going to europe and a lot of european friends puff him up saying you're a freedom fighter and fight forever. well, fighting forever with what? with whose money? with whose ammunition and with whose lives? the president is taking a much more realistic perspective saying this can't go on forever. we can't fund this thing forever, the ukrainians can't fight forever and bring this to a peaceful settlement. stuart: christian, is europe in the way of a potential peace deal? >> yeah, i they're you're right. over to the europe and uk and met with a bunch of european leaders and got a private audience for an hour with king charles and very un-you believe and told don't worry. things are great and we're behind you and put together a european army and pick up the slack. they've been talking about that for three years now. the worst are probably the germans who said we're going to really increase our defense spending and we're going to get serious and meet that 2% plus gdp criteria and spend
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$100 billion extra and none is happening. at least the britts need their gdp criteria of spending but none of these countries can really make up for the united states. canada said oh, maybe we'll send troops as part of a security agreement. that's a joke and zelenskyy surrounded himself and eliminated the opposition and listening to these voices of encouragement that are reckless. stuart: thank you, christian. appreciate it. watch president trump's joint address to congress tonight on fox business coverage begins at 6:00 p.m. on the bottom line. by the way, today, larry kudlow will be live in washington hosting kudlow ahead of the joint address. he'll be joined by commerce secretary howard lutnick, attorney general pam bondi, nec director kevin hassett, and house speaker mike johnson. that's 4:00 here on fox business. kudlow. coming up, new jersey's governor
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murphy, another murphy in the news, rolled out an extensive list of things he thinks should be taxed. some members of his own party say he's sending the wrong message at the wrong time. we'll bring you more on that. president trump's 25% tariffs on mexico and canadian imports are officially in effect. roll it. >> no time left for mexico or canada. the tariffs are all set. vast amounts of fentanyl poured into our country from mexico and as you know, also from china, where it goes to mexico and goes to canada. stuart: what will a long trade war do to our economy? we'll ask economist steven moore. steven is next. ♪
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measures if the u.s. tariffs persist. the u.s. government chosen to put american jobs at risk. trudeau added "there's absolutely no justification for need for the tariffs whatsoever". strong stuff. on the markets it's a controlled selloff and route and it's been pretty bad and it's not a route. >> it's a market going down different ways and we have one big selloff one day or two% over a few days. this cops all the time with different reasons and based on the trade war what's leading to the selloff and it's a real sell off. stuart: down 800 on the dow and 300 on the nasdaq. economy steven moore coming to the show right now.
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steve, mexico's president said retaliatory tariffs are coming sunday. the canadians are piling on tariffs of their own. >> i think a lot of people are confused about why mexico and canada, mexico and canada are the two most important trading partners, and i know that the trump my friends in the trump administration are saying some of this is trying to stop the importation of these lethal drugs in the united states and in favor stopping that inflow and almirola going for the same
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and going to see the ratcheting up of tariffs and negative for the u.s. economy for the world economy as well. stuart: it's a roll of the dice to some degree, isn't it, steve? inflation is not beaten, the economy is slowing, and now you've got a trade war. >> week after week. it has to get done. a bit of a diversion from that and we get that tax cut down and it'll be like rocket fuel for the economy and tariffs are taxes, stuart. there's no way of sugar coating that. if we put tariffs on, i think what's the number, keeps changing 25%. and coming in from canada and coming in from mexico and could be more expensive to buy. trump is talking about cutting other taxes and overall his agenda is very deflation natural rights approach and tariffs will
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cause higher prices and no doubt about that. stuart: trump want as 15% rate, tax rate on corporations. just about the lowest in the world i imagine. if you've got a 15% rate and what kind of growth would the american economy get out of it. >> i love that idea. when trump first came into office we're at 35% and cut that to 21% and now he's talking about 15%. by the way, just to be clear, stuart, as you know, that would apply to domestic companies that are making things here in the united states and going to toledo and charleston and if it's made in america going to affect the impacts of the tariffs and trump is talking about it conceptually and something made in china or canada and comes in the united states, you'll pay a higher tax.
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if it's made in america, you'll pay a lower tax and frankly a lot of americans like that idea. stuart: steve moore, good stuff to you. thank you. new jersey govern herb phil murphy has a long list of things he wants to tax. ashley, like what? ashley: anything that moves basically and doesn't move. i could be here all day listing the tax targets and philadelphia you some highlights. begin. golf courses, health and fitness clubs, miniature golf parachute, jumping rinks, skating rinks and governor murphy wants to tax it to help generate $1.2 billion in revenue for his proposed state budget. even members of his own party say aren't you just targeting
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working families? that's not all. how manies and other property in new jersey with a price tag between 1-2 million would be assessed a 2% tax. that is double the current rate. knowing anything about property in new jersey, it base i can covers all properties, does it not, stu? stuart: most certainly does, ashley. quite correct. murphy -- another murphy is with me. his name is mike murphy. this tax on homes between 1-2 million. that's an exit tax. you would sell these luxury homes and move to florida. >> absolutely. it's more of what was going wrong in that the government taking more money from people to use for as he put it is, his budget and going for the residents in new jersey and going to do whatever he wants with it. stuart: not good for new jersey. now this, deputies are planning to send a message to elon musk and doge at the president's address to congress tonight.
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hillary vaughn joining us from capitol hill. hillary, what's the message and what's the plan? reporter: what's triggered them the most is department of government efficiency and something that president trump lists as one of the mayor economic accomplishments in the speech tonight highlighting the savings that doge brought the american people with over $100 billion so far saved and that's one of the economic achievements and president trump will address tonight. >> is the president worried in >> no, the democrats should think about if they should stand up and applause for some of the things president trump will be talking about. >> democrats are planning their own protest over doge tonight.
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reporter: many members are bringing federal workers that have been fired to the address as their guest. senator elizabeth warren bring ago former employee of national science foundation laid off by doge. warren saying in a statement this, i'm bringing doug to force trump to confront the federal workers he fired and the people that make this country run. but the guest list is not the only protest democrats have planned. >> woe shouldn't be surprised if we see walkouts and coordinated effort to address this in a certain way to send a message. we shouldn't be surprised if we see people might preferably react to some of the lies that we know he is going to tell.
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reporter: it would be a list of things they've done going over them for the last month and a half. stuart: california's governor newsom cracking down on remote work. just mandated state employees return to office on july 1. why the sudden shift? we'll try to cover it. and measles alert has been issued in new jersey, three confirmed cases there. dr. mark siegle sat down -- dr. marc siegle sat down with rfk jr. to address the outbreak. dr. siegle brings us the interview, next. and of course we want to look at the markets. dow down 789 points at this stage. more varney after this. ♪ [air blower sound]
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what does a good investment opportunity look like? at t. rowe price we let curiosity light the way. asking smart questions about opportunities like ai. and how the industries born to support ai might better support us all. better questions. better outcomes. stuart: justin trudeau said it's not clear what trump wants and the excuse of fentanyl for the
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tariffs is bogus and that canada will never become the 51st state and americans will be paying more for groceries, cars and gas and said canada's foe suspended ands is make sure the tariffs don't last a second longer than necessary. he's still speaking. check those markets and this is a bold selloff. not a route nas data committing down 239. nasdaq down 239 and red ink on the board. coming up, the big money show and co-host jackie de-angluisaless is here. what do -- jackie deangeles is here today. what do you have. >> unpacking the doge comments and the tariffs that trump implemented and saying they're basically a mistake. the market is not taking this well. dow is off 740 points as you mentioned and we'll be breaking that down. what can we expect moving forward and how should investors be positioning themselves for the rest of the quarter and the year ahead. we've got jared baker with us to
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break that down. ken coleman in the second h hour and a very big show. see you in the top of the hour. stuart: yes, thank you. measles cases popping up around the country. one un-vaccinated child in texas has died. dr. marc siegle joins us now. you just sat down with rfk jr., health and human services secretary and what did he say about that? >> hi, stuart. the current outbreak has led to at least 158 cases in texas and one death of a little girl. secretary kennedy tells me the little girl that died was mall nourished and men national championship. he believes that -- menonite and believes this is all part of the infectious diseases and asked him about the response to the measles outbreak and more is being done and sending cdc boots on the ground in texas. >> what we're trying to do is restore faith in government and
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to make sure that we are there to help them with their needs and not particularly to dictate what they ought to be doing. we have -- we're delivering vitamin a. we are providing assistant if people need ambulance rides. there's a very -- gains county where most of the cases occurred is a very remote -- >> according to the texas department of state health services, mostly un-vaccinated children, stuart, are the ones becoming infected. with the most recent cdc data showing vaccination exempt for kindergartenners for the 2023-2024 school year were at an all time high. now, kennedy long questioned the safety and effectiveness of mmr and other vaccines but with the rapid spread of the disease, hhs sent 2,000 doses of the m m-r m vaccine to texas and
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more on the way and role of the measle vaccine plays in community immunicipality, but it also added that the decision to vaccinate remains a personal one. with a startling number of patients being treated in the past two days, kennedy spoke to me about other measures in addition to vaccination. >> they have treated most of the patients actually, over 108 patients in the last 48 hours, and they're getting very, very good results. they report from the steroid, it's a 30--year-old steroid and clarithramycin and vitamin a and vitamin d. >> stuart, we remember cod liver oil. i don't know how many others and kennedy debunked a politico story that reported a
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communications director at hhs supposedly left over a personal squabble about measles with kennedy. everybody heard that story and kennedy said he never even met the guy, stuart. stuart: got it. great interview. dr. siegle, thank you very much indeed. >> thank you, stuart. stuart: ashley, come back in and i want to know about rfk targeting rfk jr. that is, targeting trump's beloved diet sodas. what's that about? ashley: kennedy call z though sodas including the president's fair drink poison. trump loves his soda so much he has a red button on his desk for the valet to bring him a diet coke when he pushes it. well, kennedy is backing efforts to prevent people from spending initially food aid benefits on the sugary carbonated benefits and snap program recipients can use the benefits to buy sodas but the tide may be changing and arkansas is preparing to launch
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the usda if it can restrict the less healthy items including soda, candy and deserts. you can imagine, soda makers, grocers and food companies not thrilled by all this. they're trying to persuade donald trump that instituting such bands would alienate his core voters. they say it's not good for you. stu. stuart: thanks, ash. it's that time. we'll show you the dow 30. i got to say, there's a lot of red. the dow is down 670 points and far more red than green. lot of selling today. southern california coast guard is sounding the alarm as migrant boat encounters inundate pacific waters. watch this. >> a case of interdicting a vessel 20 miles offshore and they've been at sea for 20 days with no food or water and the national security concern is bad
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stuart: jus trudeau just yapped up and says this is a trade war and we're going to win. this is a american policy designed to hurt dan data committee. canada looking at non-tariff measure ifs the u.s. tariffs persist. those non-tariff measures could include looking at purchasing contracts with u.s. companies. think canada could win a trade war with america, mike murphy? >> i don't think they can. i don't think think want one. i think they kind of trudeau has to save face by doing this. nothing to do with the canadian people and as far as what president trump wants is just a fair deal for the united states of america with everybody. canada, mexico, china, wherever you want to go, that's what he campaigned on and that's what he's looking to co. so again, i don't want a trade war. i don't to want be in any sort of war with canada.
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i think what president trump wants is this is a hard way for him to negotiate but i think ultimately you, me, and the rest of the american people went. stuart: the market coming back a bit and dow was down 800 and now down 685. it was down almost 300. now it's down 1 # 0. >> if i could add for the people watching at home, we're one headline away from a 1-2% move in the markets. that could be up, it could be down. if you're watching at home, you adopt know when that headline is coming and you shouldn't be racing your investment dollars trying to gameable on that. if we move down another 2%, so be it. if we rally 2%. great. don't try to time this. it's too tough. stuart: mike, thank you very much indeed. going to change the subject. coast guard in southern california recorded about 200 migrant boat encounters just in the last 90 days. joining me now is san diego county supervisor jim desmond.
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is this a new route coming in by boat because they ca can't get in over land? >> this isn't new and it was happening during the biden administration as well. we're seeing it more prevalent now. you know, the land border is down about 95% from february of this year, from the last few februaries under the biden administration. so people are coming here, they're taking more drastic measures and they're going further offshore than they used to. and here in california, we're a sanctuary state, if and when they do breach our beaches and unload, our local law enforcement can do nothing. even if they're standing around on the beach when they come in, local law enforcement can't enforce immigration laws and the cartels and others are taking advantage of that. stuart: when the coast guard gos out and encounter a migrant boat, what do they do? stop the boat? bring it into california and arrest them? and they stay? is that what happens?
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>> well, i'm not particularly sure but sure they give them to border patrol and potentially border patrol may or may not give them a asylum seeking capabilities or not. but at least they're being caught instead of the people just walking on to the shores. border patrol at least when they do apprehend somebody or have them in their custody. they fingerprint them before giving them asylum or let them go in the country. we have to be able to stop this and unfortunately it's making california unsafe and the rest of the country because these people can just walk into the neighborhoods free and clear and disappear and don't know who they are or where they came from. stuart: it's ridiculous and can't believe it's going on. jim desmond, thank you for being on the show to point this out to us. we needed it know. thank you, sir. appreciate it. >> thanks, stu. stuart: governor of california, governor newsom ordering state workers to return to the office. ashley, i bet he's get a lot
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of -- getting a lot of pucker-back for that. ashley: he'll return four day as week and beginning july 1 and order grants some exceptions and the governor's office says flexibility could be granted on a case by case basis that aligns with family friendly policies. now, newsom says working in the office face-to-face improves collaboration, innovation thrives and accountability increases but as you say, stu, some of the state workers completely disagree saying there's absolutely no benefit to productivity and they say it takes away from work/life balance. unsurprisingly the local president of the service employees international union calls the mandate "out of touch, unnecessary, and a step back ward. not a big surprise there. stu. stuart: thanks, ash. it's time for the tuesday trivia question. which animal was not on the first hot air balloon ride?
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oh, boy. a duck, a rooster, a turtle or a sheep? this is a good one. i don't know if it's good or not, kind of ridiculous. the answer when we return. ♪ (♪) .. (♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com there are many ways to deliver a shipment. at old dominion freight line, we deliver them this way. this way uses technology and goes the extra mile to do things the right way.
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stuart: what a question. what animal was not on the first hot air balloon ride? was at the dock, a turtle, a rooster? which of those was not on board. what is your guess? ashley: i will go with duck because it can fly away. stuart: that is interesting. what have you got? >> that's my same reasoning, it can fly away. stuart: i will go with the sheep, number 4, on the grounds that it's big. the answer is it is the eternal. 1783, fringe inventors center sheep, adduct, and a rooster into the air. no animals were harmed. very interesting question. "the big money show" starts now. taylor: after trump hits a
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