and also a -- making the west strong again. for too long there have been elements of our establishment who have hated western countries, hated america, hated britain, hated israel. and we need strong leadership9 from the united states to talk on -- take on the real threats in the world which are china, russia and iran. that is what we need, a strong america again. four years with president biden has been a disaster. we've seen wars erupt around the world. we've seen weakness on the international stage, and it's great to have president trump taking that on. charles: you know, and to pick up what you're saying, what's baffling to me the suicidalness, right? whether it's the fertility crisis or the economic policies that the west has inflicted on itself. and and i hope, to your point, that we're turning that corner. of it's been an honor, former prime minister truss. >> fantastic. great to be on. charles: liz claman p over to

you. liz: nice discussion. folks, everybody buckle up. market bulls are staging a late session stampede after this morning's selloff. the dow had dived 843 points at the low of the session. right now it's come well off that, it's still down about 225 points, but the s&p is also recovering much of this morning's losses. low of the session for the s&p was a loss of 117. we've got it down just 6 at the moment. it's the nasdaq, the nasdaq briefly entered correction territory earlier this morning. it fell if 393 points, more than the 93 points -- 193 points that would involve it -- shove it into the correction cave, but right now all those losses and more are gone, up 143 points. for all, though, who anticipated president trump would use tariffs merely as a scare tactic, oh, they were scaring investors all right today. be i -- but the market's reaction to what happened at midnight show you people were

dead wrong in thinking he wouldn't actually impose them. almost immediately china retaliated with, among other things, levies of up to 15% on a swarm of u.s. farm products including chicken, cheat and corn -- wheat and corn, triggering a selloff in farm equipment and chicken producer stocks, but those have also come off the lows at the moment. tractor supply, deere, call main and, of course, everybody's still down but not nearly as much. and in a scorching speech, canadian prime minister justin trudeau announced reciprocal levies on $150 billion worth of american products. >> so today the united states launched a trade war against canada. their closest partner and ally, their closest friend. at the same time, they're talking about working positively with russia, appeasing vladimir

putin, allying -- a lying, murderous dictator. make that make sense is. even though you're a very smart guy, this is a very dumb thing to do. we two friends fighting is exactly what our opponents around the world want to see. liz: and precisely what the shareholders of u.s. auto stocks don't want to see to. those stocks spinning out. stellantis down about 3.33%, ford down nearly 2%. general motors down 2.8%. both stellantis and ford dropped to multiyear lows. and as the alliance for auto innovation came out, they warned the tariffs will hike vehicle prices by as a much as 25%. and hen we've got bar with clay's predicting in a a note that the tariffs, quote, could wipe out effectively all profits for gm, ford and stellantis. so we're watching that. but we've got to bring in the

other u.s. automaker, tesla. those shares are continuing their nose if dive right now, off the lows of the session but still down about 1.25. the stock has gone from $480 in december to $281 and change right now. financials, bring those up. the very sector that's supposed to have the least exposure to tariffs is the worst performing sector today. and if you think that this 2.5% hit looks bad, look at the individual bank stocks, the big ones in that etf. if you hook at everything from goldman sachs is and citigroup, bank of america, wells fargo all in the red, down anywhere there from 2.75% for goldman to ty down more than 5% -- citi down more than 5%, same with bank of america. the spike in markets saw postelection day have now frittered much of it. we still do see since election day the dow up.6% -- 1.6%.

s&p is holding on to to just under 11% of gains. nasdaq -- 1% of gains. nasdaq still up about a quarter of a percent. ahead of the president's joint address in front of congress at 9 p.m. tonight, let's -- let us bring in republican senator james lankford if who serves on the committee on homeland security and and government affairs. he is, of course, republican from from oklahoma. senator, canada and china are your state's biggest trading partners. where do you stand on president trump's fresh tariffs in. >> yeah. this is an area where we're giving the president some leeway to be able to do some negotiations and hoping that we get a rapid solution to these negotiations so we can provide some stability. he negotiated the usmca to be able to provide trade consistency with canada and with mexico. if so we want to be able to to see that trade consistency with canada and mexico. they are a great trading partner and a long-term trading partner in an area where we get energy, timber, dairy products. we've had our own fights on some

of those issues, but we're resolving those individually and would hope that we can aggressively get to solutions on issues and get back the stability. liz: as you heard from justin trudeau, the current --al although he's reeving -- prime minister of canada, we will not back down from a fight. we know xi jinping is putting in tariffs already. if you look at your state and you see what kind of trade you do as far as imports and exports e concerned, oklahoma has pretty good trade relations with china, canada and mexico. canada is its biggest trade partner here. of the total $18.8 billion in total imports that oklahoma gets from other countries, 9.02 billion if canada. 2.5 a billion from china. but it works both ways. 1.86 billion of oklahoman products go to canada. >> right. liz: so i can imagine you're hearing there if some of your con the stitch wents. what are you telling them -- constituents. sit tight?

>> right now, exactly that, sit tight, let this negotiation play out. they're all saying i can give you a couple of days to weeks and i want the to get to resolution on this. they're holding off on contracts, on expanding their business. that has an effect, obviously, on the economy in my state. and so we're waiting to be able to see where this goes in the days ahead. liz: you said that you want to give the president some space to make this work. there is that belief by some people that he's actually taking the long view of all of this and that there will be short-term painful certainly. and we're seeing that already. we're about to speak to a grocer here in new york who says at the end of the week when he runs out of avocados, he's got to pass on those prices to customers. multiply that across the nation. but the president's long game appears to be that he wants to get manufacturers back here to the united states. that is certainly something that we need to do, is it not?

if so how does oklahoma fit boo that? if. >> oklahomans are going to give him the benefit of the doubt on this. we saw in the first trump administration the tariff fights with china. as you recall, there were about a $48 billion in american subsidies that went to american farmers and ranchers to be able to offset the penalties that that they were facing from china during that time period to be able to work through it. but we've also seen the announcement of the honda civic now being produced in the united states. not in mexico. we'll see other manufacturers say i want the choose to be able to be in the united states. so the president's trying to build long-term growth in jobs as well as short-term results on issues like immigration or on fentanyl. if you go back just on the immigration side and what mexico has done, they've moved 10,000 troops the their northern border. they've started clamping down on the border as well as our folks, obviously, from cbp clamping down on our border. last week we had one day where we had 200 people that tried to

illegally cross the border. a year ago that was 12,000 people a day crossing, now it's less than 200 in a day. so those tariffs have made an impact on mexico and their enforcement of their northern border which is important for us and our enforcement of our southern border. there's that logistical piece, but there's also a long-term piece that's got to be worked out to. liz: we have a trade war. let's just call it what it is at the moment because mexico and the president, claudia sheinbaum, who president trump has said he likes a lot, and she has made some moves toward appeasing what the president has demanded he'd like to see, she said sunday she's going to hold a big rally in one of the big town squares in mexico city and announce retaliatory or reciprocal tariffs. how long do you think the people of your state and the people of america will remain patient especially when they may have checked in on their 401(k)s at the worst points. sessioned the and really gulped and got worried, especially people who

are close to retirement? >> yeah. folks would get nervous on this. i do think the people of oklahoma are going to give him some space on this but, obviously, president trump has spoken out about a retaliatory tariffs. so it shouldn't be any surprise for canada and mexico to also speak about a them as well because the usmca gave a very clear boundary for this zone and for north america and how we're going to operate, and a lot of companies are based their capital decisions long term based on willing free trade from the first trump administration, negotiating that free trade between canada, mexico and the united states. so this is an important issue to be able to resolve as a quickly as possible because while the president's passion if nate about retaliatory tariffs, other countries are as well. liz: really quickly, we are ten days away from a government shutdown. it's like a bad nightmare once again -- >> yep. liz: -- rearing its ugly head. even senator john kennedy of louisiana, republican, has said he's not optimistic. he doesn't think there will be a budget. are we headed once again to, i

guess, a short-term funding bill? and what can the american public think? if you guys, the republicans, control the presidency, you control the senate and the house, and we can't get a budget? >> yeah. so i would say a couple things. one is a budget piece that is appropriation bills are what they're actually called technically is always bipartisan because it has to to go through the senate with 60 votes. so the republicans are in charge, we developed the timing of what the initial bill is, every one of them has to pass with 60 votes, has to be bipartisan to be able to move. it's just the nature of it in the senate. this is left over from last year. it was my great frustration in december, chuck schumer never brought up a single appreciation if bill in the senate last year through the entire year, not one of them ever came to the floor though they all a came out of committee with bipartisan support. we're now left with that to resolve this year, and obviously, there's some pretty strong disagreements between democrats and the white house on some of their policy decisions, so is they're dragging their feet to be able to move

negotiations. we should get this resolved. hope willfully we'll have a continuing resolution to be able to keep the government open. love to see appropriations done. you may know i have a bill that i've a had for a year called preventing government shutdowns -- [laughter] liz yes. >> i don't think we should ever have one of those because with we look terrible on the world stage. it spends and and wastes more pun than it does anything else. we should never have a government shutdown. we should have the fight about budget, that a the needs to be there, but we should hold the american people harmless as congress fights out the issues we need to resolve. liz: senator lankford, thank you a very much for coming on the show. we appreciate it. >> you bet. liz: fair and balanced here at "the claman countdown." coming up, senate intelligence committee vice chair, democratic senator mark warner of virginia, about how important and crucial the trump tariff war helps or hurts america's national security particularly through the prism of china. he is a china hawk. let's hear what he has to say about those china tariffs. that's to coming up later in the

show. it's been a remarkably volatile session today. perhaps the best visual to explain what the session is like is the vix. wall street's fear index, which closed yesterday at an already elevated 22, spasmed at the open to about a 26, and then throughout the session started to moderate along with the markets here. we do have the market volatility at the moment till down about -- reversed, actually. it had been up more than 10%, 11%, and now it has reversed and it is down 3.25%. the major indices, as i mentioned, have sort of followed, the dow recoiled 84 if points at the low -- 843 points at the low. right now it's still down 247 points. look at the s&p, down 4 points. let's see if it can get to the green, and the nasdaq at the moment up 1 is 76 points. is this a good sign or the calm in the middle of an early tariff storm? let's get to the floor show and

bny wealth chief investment officer. great to have you. thank you for being here. let me take you back to the question i asked senator lankford. millions of americans looking at their 401(k)s and chewing on their nails. people are very concerned. you have said that you think that the tariffs are a negotiating tactic. well, they're actually real right now. so what are you advising clients? >> well, there are a number of things, liz. i think, first of all, the thing we should all be really clear about is markets hate trying to figure if out how politicians are navigating any particular situation. and can tariffs are that on steroids to. now, when we think about a negotiating tactic, it doesn't peen the tariffs don't go into effect, but the situation with canada and mexico is about a gaining concessions. with china it is very deferent because of the national security issues and and -- different, and, yes, we're going to have a little bumpiness in markets. it is unusual because last year

we had the s&p up 25. it was -- it had very little volatility. liz: double digits two years in a row. can i just say, the s&p turned positive. [laughter] you say is it here, it comes out there. go on. >> wow. so it is about thinking through what is the net impact, not about what the impact in markets on a single day. liz: okay. but we could cycle through everything from the automakers to financials, to house toking materials. we could -- housing materials. we can put all of these um, and people can see. more so when it comes to the intraday picture. people who are investors, it's almost like they have the become traders, tick by tick traders. especially if you look at, say, for example, the 10-year yield with. this morning at the low of the session here was 4.106. okay? it opened -- it closed yesterday at 4.18, so it plummeted as there was this flight to safety, and new it has reversed. -- now

it has reversed. it is now up. that yield at 4.209. how should people behave or just do as what senator lank foord says, sit fight -- lankford? >> so let's take a step back and think about what's been going on in bond markets over the last six months. we've seen the 10-year yield, let's say in september is, as low as 3.75. it got up to just about 4.50. and so volatility is back, for sure, in fixed testimony income. today we're seeing the reaction to the tariffs but also at to the level of debt service costs. so there are a lot of things playing out here. but, look, what markets are reacting to is the potential of if tariffs stay in place, you would actually see the consumer start to fall over and recession. liz: yeah. well, the consumer is watching this closely. thank you, sinead. it's good to see you. the dow still down about 239 points, but the s&p in fits and

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it brings people together in meaningful ways. liz: fox business alert or, economic uncertainty creating turbulence for airline stock, but it's a downgrade that's specifically sending two of them below the clouds. deutsche bank trimming the the ratings on jetblue airways and frontier group from a buy the a hold. the brokerage says both airlines are exposed to potential pockets of weakness in domestic demand. db cut jet flu from $9 to 7, and and frontier to the $8 from 12. it's also below that at $6.69. let's look at of course to tata, on track for -- of course -- of course that after -- okta after a strong earnings report and

outlook. the stock is charging higher by 22.75%. this is the cloud-based software and identity access solutions company. the company also trumpeted over the past four years it has sur is passed $1 billion in cumulative sales through amazon web services. wall street sharing the stock with upgrades. mizuho up to to neutral, increasing the price target to 7 from 1 so is -- 127 from10. walgreens boots alliance up 6% -- 7%, rather, after the wall street journal reported the pharmacy chain is closing in on a deal with private equity firm sycamore partners to take the company private. the price could be between $is 11.30-11.40 per share nor cash. it's right at $11 is right now. the total value of the rumored deal, between $9.76-9.85 billion. according to the report, the sides are aiming to complete

this deal as soon as thursday. walgreens down more than 50% over the past year. walgreens boots alliance may be a higher, but tariffs have put a boot on the neck of the other retailers. the best best buy and target ceos say they may have to to raise prices and soon is. best buy having its worst day in five years, it's down 11.5%. target down 2.33%, and vf corp. down 5%. up next, we're headed out to the supermark to find out if and when -- supermarket to find out if and when we can get hit with stock -- sticker shock. stew leonard jr. joins us on "the claman countdown." the dow is now down 140 to. ♪ ♪ erything we had. ♪ they taught me the value of a dollar, and how to use it wisely. ♪

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only pay for what you need ♪ liberty. liberty. liberty. ♪ baby: liberty. liz: holy moly guacamole are, anything with avocados in it is about to get with pricier. why? because mexico provides the united states with 90 of its avocados -- 90%, and and 80% of its limes. with 25% tariffs imposed by the u.s. on its southern neighbor, mexican president claudia sign balm's response -- sheinbaum's response? if at a rally on sunday is, she will announce retaliatory tariffs of its own. a baa what does this mean for the food aisles in america this joining me now in a a fox business exclusive, stew

leonard's ceo with, stew herbed jr -- leonard jr. if you live on the east coast, you know it's a must-stop-by store. stew, i understand you have about a one week supply of avocados? what's the price now, and what are you going to do in light of the 25% tariffs now placed on mexican imports in. >> i mean, basically, liz, what we're doing right now is avocados in three different sizes we're selling at 2 for $5. i was talking to our produce buyer this morning. with the tariffs it's going to go up to $3. so you'll be paying $2.99 per avocado rather than 2.50. liz: and when is that going to be, when you run out which is, as i understand it, in a little over a week? >> that's what we talked about. we have probably a 2-3 day supply of avenue a avocados right now -- avocados.

even though the order in two or three days will go up, that's when we'll raise the price. rush out and get your avocados right now. liz: i know. i was going the say, are you limiting? >> no. there's no if limit are on avocados. you know, i think they're going to sell great. people love their avocado toast. you know, we do fresh avocado dip right here in the store, so we don't see it really affecting sales, but that's probably one of the only items that i can think of where you're going to see a price increase. i met with people this morning or talked to them from canada, from mexico, a lot of our suppliers for everything. here's what i learned. liz: okay. >> these are boots on the ground type people. the first thing is everybody, bring your dartboard ounce in this thing. i have not met -- out on this thing. i have not met anybody who knows what's going the happen. this could last one day, one week, one month. people just don't know, they're

just i throwing a dart. one of our large liquor suppliers, i mean, here you go, cat cat a saw -- casagimas -- casamigas is, they've told us the importer said they already bought a year's worth, and if they're going to hold the price. and they said to us, read our lips, there will be no no price increase of tequila. liz: okay. to they front loaded. >> they front loaded. exactly. the thing as far as avocados go right now, it's a perishable item. you know, we're bringing that in, and i mentioned that already. the other thing is salmon and lobster that we get are from canada right now. but, you know, we're able to redirect the salmon purchases out to norway which produce delicious salmon. so we'll just redirect that, and it's the same thing with this stuff right here too as far as all the beers and everything that are coming from mexico.

you know, people are just going to switch over to usa. so you know what the bottom line is, liz? you don't know what's going to happen with these tariffs, and there's some talk it might even lower some prices because instead of exporting a lot of stuff, we're going to be, more of it will be available in the united states. and it may increase the supply of different food items in the u.s. liz: i really am interested in what's going on with eggs. this is a different story -- [laughter] but the avian flu. can you tell me what your price of a dozen eggs right now compared to a year or two ago? oh, you have them. of course you have them. [laughter] >> this condition can -- confuses me. these are conventional eggs that we have in the store, they're $10 a dozen, okay? if for a conventional egg. now, wouldn't you expect organic to be more expensive? liz: yes. >> wouldn't you expect more

cage-free eggs to be more expensive? capable-free eggs right now are -- cage-free are half the price. liz: why? >> because they're priced not only the commodity market. they're priced under a specialty egg market which is pasture-raised, organic ask is cage-free. -- and and cage-free. it's like what they talk about with the federal funds rate being inverted, the curve being inverted? liz: yes, the bond yield curve, yeah. >> yeah. it looks like the egg market's inverted because i've never seen where a conventional egg costs twice as much as regular eggs. so we do have a limit on eggs. we had a restaurant come in and bought 60 dozen, and we said, hey, we've got to put a limit on these. [laughter] but right now we have a limit, you can get a coupleful we have the same amount of eggs as we had last year -- liz: okay. you've got to put the electrified fence if around the egg department. [laughter]

really quick, stew, before we go, give me a sense of how long you can hang on before you with have to to pretty much if raise prices on so much more than you already have, because again, as you said, nobody if knows how long this trade war will last. but this afternoon president trump said after justin trudeau of canada announced his reciprocal tariffs on the u.s., president trump apparently said, okay, the minute you do that, we are going to double what we've done or match what you've done in kind. so you kind of have a trade war here going on. >> hey, you know what? you know what's interesting, liz? i know one of the questions you asked, i've asked your managers even this morning what are we learning from if this well trump thing. and one of the things we even have the do at the store is look at our fraud, abuse and waste at i stew leonard's. i found people that a we're till paying for magazine subscriptions, and they don't work here anymore. they retired. to we have the same thing.

and i think being tough on negotiation -- liz: sure. >> -- we have to do that with our suppliers. when suppliers come in, we just had one of our great wine people from if italy want to raise their price, we said, no. that's what walmart does. they're tough on that. is so, you know, we have to -- we can learn that from trump a little bit. we have to be tough on our suppliers. you know, look, 4% of i all a our product coming from canada or mexico at this time of the year. it's not going to really have any big impact. i mean, i almost could say to everybody, read my lips, we're not going to to increase prices, you know, across the board -- liz: ah, be careful. >> yeah, i know, i shouldn't say something like that. but you know what? if our family business here is really about giving value to the customer. liz: always, yeah. >> i'm going to try to do my best to go out for our customers and find the best price. bye-bye. liz: stew, wonderful, wonderful to have you. >> oh, wait, i forgot, i got --

[laughter] if -- liz: you look great, stew. and the avocado behind you, for as long as they last the next couple of days, look terrific too. thank you so much. >> okay, liz. bye-bye. liz: president trump's 25% tariff on all a imported steel, it's actually not helping the u.s. steel maker. cleveland-cliffs, nucor and u.s. steel shares all a moving lower with cleveland cliffs taking the biggest hit, down 5%. all are off the session lows. the president's tariff diplomacy clearly shaking up the markets, but how badly will it push punish the tech companies that are heavily reliant on china including apple and amazon? senate intelligence vice chair and can china hawk, democratic senator mark warner of virginia, is getting in front of our cameras to tell us if it's the right move for america's economic ask and national security to get tough on tariffs

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liz: fox business alert, apple began taking reif preorders today for its new mid-priced ipad if air air. it's got new a.i. features embedded in it. the ipad if air, though, is produced in, wait for it, china. the new tariffs on china put not just apple's ceo tim cook, but all the billionaire tech bros in the u.s. who have cozied up to president trump in a bit of a pickle. cook and jeff bezos have really jumped on the trump train. bezos had dinner with the president last week, and cook had a white house meeting with him. both donated to and attended the president's inauguration. cook has recently pledged $500 billion in investment here in the united states the build plants. but the the tariff train kind of has its own route and direction, and now apple and amazon both

with huge exposure to china are likely to get bruised by trump's tariffs. apple's spry chain -- supply chain and sales depend heavily on china and chinese manufacturing. apple got about 17 of its fisca4 revenue from the greater china region. for amazon, the china train is even further down the tracks, roughly 25 of the cost of products directly sold by amazon come from china according to mayor to began stanley. here's a 2-day chart for both apple and amazon as we look at what's going on here. both are down, apple's down about 1.if 9% even though it's tried to cling to green territory today and lost it and amazon down about 3.5% other the 'twas two days. when -- over the past two days. will the chummy vibes change and if come to a close? and should we be tough on china ma? senator mark warner is democrat of virginia, vice chair of the senate intelligence committee, member of the finance and budget

committees, and he is a china hawk. let's get to it, senator. what do you think of the tariffs on china? >> listen, liz, i think our most important strategic competition with china, and they are competing with us in tech regime after tech regime. and do i think a targeted tariff approach against china makes some sense? absolutely. i think you don't do that though on the very same time that you launch a massive tariffs against two of our biggest trading partners, canada and mexico. now, i may be a little biased. my mom's parents were from canada. i just don't view canada as an enemy x. and when we've got this level of trade war and that's going to hit -- your prior guest talked about food prices, but think about lumber prices. i'd rather do it in concert with our allies like the europeans, but i'm not even sure we can call them the allies anymore since over the last ten days the administration has voted with russia, north korea, iran,

nicaragua, kind of all the bad guys in denying who started the war in ukraine. so you want to the take on targeted approach with can china, sign me up. but we'd be a lot more powerful if we could do that in concert with our friends. liz: so your issue is that it was thrown into the bucket with the canada and mexican tariffs, our two friends to the north and south. but can i just focus a little bit more on can china if? if as we look and see what shi ginning -- xi jinping is doing, certainly, as they pound, you know, the drum beat around taiwan, etc., this is a foe the -- and it feels like president trump truly understands that that. do you side with him on the way he has been treating china? >> liz, here's what i would say. you know, we got competition with china. part of that competition is who's going to win the technology innovation award. the president has said some good things. hen you cut r&d funding to our

universities, that that doesn't increase our ability to compete with china. and when you say, you know, he's standing up against china as a bad guy, well, when he votes with the bad guys like russia if ukraine, if you don't think president xi is thinking, well, america walked away from ukraine, so is no matter what today say about taiwan, today probably will fold as well on taiwan. i think that that makes the world for dangerous. we cut off all aid to ukraine, i believe, last night. china continues to send russia a lots of armaments to to kill ukrainians at this point. i don't know how that net-net helps us. liz: yeah, a lot of people are scratching their heads, even a lot of republican senators who truly stand by ukraine. so it's all so confusing at the moment to see what his, president trump's end game is. we may get for if clarity tonight when he addresses congress in the joint session. so so what are you expecting there? and are you going to be one of

the democrats who's using noise makers and interrupting -- >> no. no no. listen, i, you know, some people would call me boring that way, but i think i may disagree with the president, but i respect the office of the president. and, you know, i'm probably not going to be jumping up applauding a lot are. but i owe him his due as president to lay out -- and if he'd come in and done thing, the president's made great, great progress on border crossings. that's something we ought to celebrate. but basically declaring economic war on canada and mexico and to see the price effects at the same time that we're walking away from the traditional support for democracies around the world, that's not about a lowering grocery prices. i believe president trump got elected because of the border and if trying to lower prices. on border, i give him good marks. on lowering prices, i think you're going to see the exact opposite. liz: the markets are heading back down. but losing about 70 points ofeen

its 100-plus gains here. and the dow is increasing its losses. s&p is now down 44 points. we've got such a business audience, i know you as a businessman have two hats to wear. you have the leadership at hat when it comes to all of your work in the senate and then, of course, having been in the business world, i'm just interested to know tonight you guys all bring guests to these types of vents. are you bringing somebody, and and who is that? >> i'm bringing somebody who had been a life arelong -- lifelong teacher in stafford county outside d.c. about three years ago, she wanted to become a park ranger. she, you know with, took a lot of her time to go through the training. she became a park ranger where the fredericksburg battlefield, got tell lahr grades for her work -- stellar are, and then on valentine's day got a layoff notice saying she's fired with no cause at all. i don't think that helps our country. liz: we've actually seen some

pictures of some of the federal parklands and the trash is building up all over the place. but something's got to give, senator. we do know that we have this ridiculous, massive debt. we've got the deficit. at some point this government has to be winnowed down, does it not? >> liz, but that's where, you know, i knew elon musk and supported him a dozen years ago when he was trying to break up the space oligarchy. and he did a great job with spacex. liz: yeah. >> and then i thought he was going to come in and let's look at the defense department spending. we've got a lot of it in virginia. if you can say let's give program managers more ability the make the right deal, let's put fixed price contracts so we don't have cost plus, let's giv, but if you've got litigation, have the loser pay so they don't just sue everybody all the time. that was what i was expecting x. these aren't even the doge with -- billion billionaire boy, these are the young doge poise

ash a temporarily cutting programs would want any review. there's a smart way to cut and a stupid way to cut, and so far at least i've seen stupidity in these cuts. liz: senator, we'll be watching tonight, looking for your guest. i know it's very hard for many americans who have lost their job, so we'll see what the president has to say to perhaps justify or soothe those people, see what's going to happen. thank you for joining us. >> thank you, liz are. and i really appreciate the fact you have differing views on this program. liz always. >> that is what is great about our country, we ought to be able to disagree respectfully. liz: completely agree with you. thank you so much, senator. come back again. keep it here on fox business for complete coverage of president trump's joint address to congress tonight, 9 p.m. eastern. okay, look at the dow now, down 574. i think there was a new high of the session is, but it was still in the red. and we've lost that that now. so so we're watching this very closely. s&p is down 60 points now.

we talked to politicians, we've talked to the businessmen. now, what do wall street insiders have to say about trump's trade war? if charlie gasparino has been beating the bushes down on wall street. he's got insight as the nasdaq tries hard to stay out of correction. right now the nasdaq has just turned negative again. stay tuned, we're coming right back. ♪ places you can go... but also the people who welcome you home. it's not about living like a star... but about feeling like one. rich measures life in laugh lines... in moments, shared... and in days well-spent. the key to being rich is knowing what counts. —hi! —hi! ♪ chocolate fundraiser. ♪

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the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways.

liz: okay, take a look. this is tomorrow. michael saylor, the ceo of micro-strategy now called strategy and that stock is popping 10.5% and the white house cryptosummit are rolling out at this hour and con if i wered attendees include mr. sailor, that will be right here tomorrow. mark your cal endeer huntings, sell the dvr and on the moment it's on the up and up and it's gaining at the moment about 1.25 to 87,000 -- well, that's micro-strategy. crypto, 87,504. charlie gasparino inside scoop on the is up mitt. >> yeah, mic michael saylor

and we're hearing that michael sailor, a gentleman they're keeping it pretty tight. members of the presidential working group of digital assets there and david sax, venture capitalist running this and all things crypto and ai. invite only. i did not get an invite and i'm deeply, deeply mad about that . liz: ask one of them to be their plus one. >> ellie will get the invite and i'll be her plus one. >> my producer is the greatest crypto reporter out there.

and john dee ton made a point that people missed, the president can't just use taxpayer fund to buy crypto. there's going to be other remedies and getting to the market and one thing i notice, liz, they're selling off again. liz: yes, putting up banners. sorry, i'm coughing. >> it's so freezing cold in here. it's freezing my lungs. liz: okay. you need to warm up. >> this is like my persona here. liz: so delicate. little snow flake.

>> listen, wall street hates tariffs, okay. they hate it. and there's going to be turmoil and volatility and trump is everything volatile and took a president that was asleep large parts of the day unfortunately, true, and replaced him with a guy that's moving crazily and government spending and knew where things were going in a way to a guy thatmenteds to cut -- that wants to cut taxes and put tariffs on stuff and we'll be volatile. i don't know how this will settle out. don't assume the worst just because tariffs are here. that's a negative. tax cuts are a positive. one other thing, liz, the markets are really brutally efficient in pricing in the downside risk.

och tariffs and immigration and higher inflation and it takes awhile. liz: dough down and loss of 483. we're heading back down and s&p down 74 and nasdaq down 6 and games for the year big day and we watch this and interesting, gold is climbing by about $27. >> where's the 10-year yield. liz: at 4.21%. >> i saw one on the ten year. liz: the low of the session was 4.106. a wild session coming to an end. there's the 10 year yield, 4.200 and that's been volatile and can't wait to see what happens. too. see you then