future. >> chinese americans are not lazy. let me tell you that. >> no, no, i know that. i'm saying when you talk about china though like that's a great point. >> it's the culture. >> tiktok is advocating for less work and equal if not more pay but i think chinese americans are a great example as to what that should not look like going to school, way more hours than americans. charles: less than 30 seconds. citigroup accidentally sent someone $81 trillion it took them 90 minutes before they were caught. how much would you have spent by the time they caught? i would have been like, spent at least 80.5 trillion. they would still be asking where is the rest. >> i don't know if i would have spent it. i don't know. i don't think i would. charles: where did it come from? >> i think it was a typo and i was being spammed. >> no way. charles: liz claman, i think we found a way to cover the national debt.

city bank has a few bucks laying around and just giving it away. liz: okay because i'm a city bank client and they took some, i said it was okay. charles: okay. liz: to help the situation. charles: you know where my office is right? liz: [laughter] charles thank you so much. charles if you needed proof of how much investors hate tariff wars and love compromise, just look at the stocks punished. the most by president trump's tariffs, they are zooming higher. american automakers hitting session highs after the white house press secretary just said in a briefing in the last hour that the president has spoken to the heads of the big three automakers and here it is. plans to give one month exemptions from the 25% levies he just imposed to any autos that are imported to the united states through that usmca north american trade agreement so look at general motors. general motors just yesterday was at $44 struggles now it's at $48.56 jumping 7.5% with ford up

5.5%, stallantis is really roaring up nearly 10%. now the major averages boy do they appreciate trump's let's call it a slight tariff turnabout after two days of triple digits losses following his threat and subsequent implementation of the tariffs which triggered pretty severe stock market sell-off, the dow jones industrials is coming back by 534 points, s&p climbing 70 points and the nasdaq is up 276 points. trump's trade war caused a dive in the value of the u.s. dollar which suffered its worst three-day decline since 2022 and if you look at it, compared to the euro, it's hitting a four-month high. the euro is against the greenback, it's $1.07 so foreign currencies are muscling up here the greenback down. then, yesterday, after the markets closed, commerce secretary howard lutnick appeared on fox business "kudlow" and walked back the tariffs telling larry that the president was looking to"meet canada and mexico in

the middle" and might make an announcement today. well you just obviously heard from the white house that yes, these auto companies will get a 30-day reprieve from the tariffs but they need to prove that they are going to build-out more here in the united states. was it the markets visceral reaction to the levies that triggered the turnaround or at least a bit of a walk-back here? canadian prime minister justin trudeau swift announcement yesterday that canada was slapping retaliatory tariffs of 25% on u.s. goods, or was it some might say the artful move by mexican president claudia shinebaum, who announced she would make a show of mexico's response to the trump tariffs by holding a public rally in mexico city, this sunday her she unveils her countries response to the tariffs. whatever it was, look at the reaction. to president trump's latest tariff threat. u.s. copper prices are soaring

5.5% seeing their largest jump in two plus years after the president's signal during his joint address before congress last night that imports of the industrial metal could be subject to 25% tariffs. with north american businesses scrambling to follow the bouncing tariff ball, for the very latest, let's go live to the white house and madison alworth and i stress for the very latest, because from second-to-second madison we're finding out much more. tell us what you know. reporter: absolutely, liz. so those tariffs, they are going to go into effect on april 2nd, but as you mentioned, there are some companies that are going to get a bit of a break before they go into effect so the three big automakers, they will have that one month pause. we're talking about stallantis, ford, and general motors. all of them are a part of usmca, getting a one-month exemption after asking the president for help. the white house is saying the president was happy to offer the assistance to the u.s. automakers because he didn't want to put them at an economic disadvantage and liz something we also learned.

foreign car manufactures that operate in the u.s. can also get the exemption if they comply with usmca so taking a look honda and toyota. white house press secretary karoline leavitt was asked if one month is enough time to even make a difference. >> he told them that they should get on it start investing start moving shift production here to the united states of america where they will pay no tariff. that's the ultimate goal. reporter: and then, to the north. president trump had a call today with canadian prime minister justin trudeau on tariffs with no apparent breakthrough in the trade tensions. >> he said it's not good enough. he told prime minister justin trudeau that directly. the call ended in a somewhat friendly manner, as the president said, but he's not going to stop standing up for the american people. reporter: the conversations continue. trudeau's office said that both countries will continue to be in contact with that deadline

looming. trump himself admitted last night things might get worse before they get better in regard to tariffs but that it is a necessary pain the country has to face and it is a pain that continues to evolve, liz. liz: it sure does. it's a pain that's moving to a little bit of a reprieve but right now only for 30 days madison, so we will watch minute-by-minute. thank you for the update so let's get to the stock market. the smart is sending all kinds of messages. some of them cross signals due to the fast changing headlines with the dow up 579, the s&p up 75, nasdaq up 288, the russel small and mid-caps which have gotten hit the hardest over the past 72 hours up 21. so, right now, as we look at the bond market, let's talk about exactly what's been happening there. investors have been fleeing to the safe haven of treasuries which means the price of the bond goes up, the yield falls but right now the yield is at session highs of about 4.273

because of this turnaround in the news flow about the tariffs. so if you look and you can see what it has done since the day after president trump's inauguration when it stood at 4.7%, it certainly has fallen by more than 50 basis points. now, if you believe that falling interest rates portended economic slowdown, and appears to at least have some concern about what's going on, the deceleration in hiring has just come front and center. the adp private payroll reported posted a wide mice will economists were looking for job creation of 140,000 employers added just 77,000 last month as we await the labor department's february jobs report this friday, why are wall street firms starting to increase their recession odds? let's get to rick reader, blackrock c immuno-oncology of global fixed income i like to call him the wall street bond guru. the ground is moving, beneath

investor's feet with all of these headlines. what is the bond market saying? >> so a couple things. one, uncertainty. usually when you see this flight to quality oftentimes a couple things, one it's growth and two it's uncertainty. you watch the volatility of the equity market. literally its been a long time since i would go into a meeting and come out like gosh i don't know whether the equity market is up or down 2% but based on what the headlines are so your point about flight to quality because the uncertainty is acute. second, the growth data has definitely slowed. the near-term, a lot of it is surveys, but the surveys and not just surveys some of the commentary from walmart and others about the forward consumer spend is definitely softer and i would say one thing. looked at the ism report this week. if you read the commentary for companies, one after another after another, said they are sitting on their hands, waiting to find out on tariffs so the data, the near-term data, i don't think it has recession but there's definitely some pullback

and you have to respect the data. liz: because jpmorgan among other banks, they are modeling for a much higher odds of recession compared to where they were let's just say three or four months ago. when you look and see okay, well what are the signals they are seeing? you do see the plummeting of the bond yields and also what we got today with adp, in a much smaller than expected build in jobs and then oil prices. this could be a good thing certainly as presid president tp sees it. he wanted oil prices to drop. they are definitely dropping. earlier today they were below $67 a barrel right now slightly above but as you look and see the oil prices have dropped dramatically from their recent highs. doesn't that tell you that demand will be down? >> so, i think there's a bunch of things at play you have to factor in. you've got to respect the data of moderate slowing happening in the economy. remember we went through this twice last year. like oh, my god here it cops the recession. every economist was saying we're going into a recession.

there's a couple things. one there's a seasonal effect so you've seen this since covid the last three-years, you get a big rally of growth into the third and fourth quarter and then you come off at the beginning of the year and everybody calls for a recession. i think this pullback, uncertainty around tariffs was a mean for capex is real. the immigration dynamic is real in terms of what's happened. we have in the last three-years we've hired 2 million people total through immigration. that number is going pretty close to zero now. what does that mean? yes it means you don't have as much expansion of gdp because you don't have the people but how did restaurants, hotels, airlines et cetera operate at full capacity? he brought a tremendous amount of people in the workforce that allowed you to grow so there's things definitely different and then, if you talk about 25% tariffs on our neighbors, it does create some about rosenstein equation of the trade flow and you could have some near-term industrial production slowdown.

liz: how are businesses supposed to operate, make orders, make capex plans, when this is changing every 30 days? >> exactly right and t that's what you're seeing. all we talked about was animal spirits and now we're talking about people hibernating. it's incredible how we flipped and i think you'll see some of that capex come in but we need to get clarity. by the way today was a historic day in terms of you saw what germany did. that was pretty amazing. liz: let's explain that. germany announced a $500 billion spend. they will buildup everything from infrastructure to defense. you could look at the dax index and by the way, this one has roared higher by something like 21% year-to-date. compare that to what looks at 3-4% for the s&p. here are the european markets that closed mostly higher today but if we move past the intraday and we just go straight to year-to-date you can see the big move in germany but isn't that

how it's supposed to work? they're the ones investing their money and not leaning on the united states. >> it's pretty incredible. in the defense and the 500 billion you're talking about is not just defense. defense gets headlines and that's real but it's in so many things. infrastructure, hospitals, education. by the way you're talking about 12% of 2024 gdp. that's a huge number. liz: but france's market, it is up 10.5% year-to-date. it looks like it's europe's moment so talk to me through your lens of the stock market. what do you think our returns are this year? >> listen i still think our equity market will have a good year. liz: double-digit percent? >> yeah. i've said a number of times you can get 10-12% return this year. not bad after two years of 20 plus percent. i think when you think about and we think about our portfolios and equities how do you diversify your equity portfolio today? i'm not a big believer that you go from big cap companies to

small cap diversified unless you think interest rates come down dramatically which i don't believe but europe and actually parts of asia are pretty interesting to diversify the portfolio. why is the dax up and euro stocks up so much? one, the banks were pretty cheap and they are the beneficiary of this huge amount of spend and two, the valuations were pretty darn cheap coming into this year so diversification regionally makes a lot more sense than diversifying into from big cap to small cap. liz: one of our stock market pickers was thinking, i'm thinking larry kudlow, david kudlow was here friday and he says watch fez, the effort that encompasses the dow jones euro stocks index and it has spiked since friday, but what are your recommendations, because you operate in the fixed income world and letting people find a way to at least diversify and you rolled out binc here which is the big fund that's gotten even bigger. it's huge now, but specifically what is in it that you say

protects investors? >> so can i come back with what you're saying on equities and then what it means for bank. there's a different framework of how you think about investing today and the volatility around equities do i think they have a good year? i do. the reason so much money is coming into binc, is it's very low volatility and because of where interest rates are today you you think about for decades, we were operating at 0% interest rates in europe we're operating at negative interest rates. today we can now build portfolios like binc at 6.5% yield and we're buying a lot oh, two year, three-year, four year, we're buying europe which is super interesting and because of the ecb will cut rates but this idea of build income, build income, used to be gosh i've got to buy interest rates to protect my equities. i don't believe in that anymore. if inflation is higher interest rates get hurt the same time equity gets hurt. build income build income and that's why you're seeing people

say gosh give me two or three-year exposure by the way well in high triple b, well into investment grade at a big yield. liz: two things i need to ask you about. the last two most recent prints we got on consumer sentiment and consumer confidence were way less than what had been anticipated. not to mention that consumer spending, for the month of january, actually contracted, down two-tenths of a percent and that was the first time it dropped in nearly two years. it was slashed by the most since i don't know february of 2021. st. louis feds nowcast, where they anticipate what's happening with the gdp first quarter they are anticipating a contraction of 1.5%. what worries you right now? >> i've got to tell you i'm not that worried about the u.s. consumer so i'll tell you what worries me. people don't, surveys you go through periods like i look at the u-michigan survey and people say gosh i hate it and spend like crazy. people spend based on

employment, job prospect, savings. that is the deal. those are still pretty good. i don't mean to dismiss it. there is some slowing taking place but u.s. consumer will keep going and they are pretty flushed today. lower income is having a harder time full stop. what keeps me up at night? the debt in this country is too big and we've got to keep rolling over this debt. the fed has to get the rate down because that debt service can create a problem. a lot of the things this administration are doing quite frankly to get spending down, the deal with the debt burden and part of what tariffs do is raise a lot of revenue for the united states and closes some of that deficit gap. that is the biggest thing we've got to deal with. liz: we'll be watching it all to see if that happens. thank you so much, rick rieder of blackrock. we are coming right back and later in the show the bitcoin king, michael sailor of strategy. stay tuned. chocolate fundraiser. ♪

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. pronamel clinical enamel strength can help us to keep our enamel for a lifetime. it's backed by science it is clinically proven to strengthen our teeth. i would recommend this toothpaste to everybody. it's really an amazing product. (♪) the onboarding, the benefits, time off requests, fixing payroll. it has to stop. [explosion] ♪unnecessary action hero♪ ♪unnecessary♪ was that necessary? no, paycom automates everything. get paycom and make the unnecessary, unnecessary.

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.

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: after climbing out of the hole, it fell in back in july, crowdstrike, it is tumbling today at least down about of .75% the biggest loser on the s&p and nasdaq after its fourth quarter report did beat but was overshadowed by slow revenue growth. crowdstrike posted net new annual recurring revenue of 224.3 million, that's down from 282 million year-over-year. the firm said you know what? we're still recovering trying to climb out of the hole it fell in. that was when the software update went squirrely and it triggered widespread outages on microsoft windows computers running crowdstrike software, july of last year. the company said it would not get back to revenue growth until fall of this year. crowdstrike says its been working on special incentives to win back and retain customers.

it is still up about 5%, since july, but nonetheless, some investors took a shot at it are pretty disappointed today. investors are guzzling up shares of brown-for man, it's one of the biggest winners on the s&p after the spirits maker reaffirmed its outlook for organic top and bottom line growth this year. that despite the tariff threats which kind of began about late december, right? ceo lawson whiting said canadian provinces taking american liquor off store shelves was worse than a tariff because it's literally taking sales away. of course canada did that proactively ahead of the tariffs that president trump just implemented this week. the jack daniels maker said canada does account for just 1% of its total sales. could withstand the hit but as for mexico the company is waiting to see what happens as the country accounted for 7% of total sales last year.

abercrombie & fitch is shedding nearly 11%, hitting a 15-month low after the retailer posted a top and bottom line beat, which this is the pattern we've seen with a lot of companies folks. they beat but then they issue cautious first quarter guidance. the tween and young adult company says the weak forecast is due to slower winter sales and the company also forecast full year sales below the streets 5.5% growth expectation due to potential tariff impacts and its outlook includes an estimated $5 million impact from tariffs on goods imported from china, mexico, and canada, but does not include impacts to increase tariffs by the u.s. on other countries. europe is supposedly coming according to president trump. so as we watch all of that and more again as i called it the bouncing ball, abercrombie & fitch is far from the only one fretting about a u.s. trade war with the entire world.

how will global tariffs affect companies looking to grow their global footprint as nations spark a love affair with protein, we'll ask the ceo of impossible foods, just as it rolls out the brand new plant-based steak bites. and how about tequilla? all of it imported from mexico. how is tequilla going to fair? danny neeson and adam millman are watching the headlines but these two have seen bigger challenges. they met while attending tulane university and thought let's launch a unique tequilla brand. no additives but starting it was the easy part. it then took them three-years of taste testing. not to mention facing dozens of rejections as they tried to and often failed to get on bars and restaurant shelves but it went down to mexico and struck an incredible partnership with one agave maker and

today, de nada is in more than 600 bars and restaurants and five states. hear how these two did it in my latest everyone talking to liz podcast episode available on apple, google, spotify, iheartradio or wherever you listen to your podcast. look at the dow up 501 points stay tuned we're coming right back.

ichi, ni, san, shi... (1, 2, 3, 4...) ruri never thought she would live out her dream. then one day, she did. you were made to chase your passions. we were made to put them in a package. after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" i'm thinking company wide power nap. [ employees snoring ] anything can change the world of work. from hr to payroll, adp designs for the next anything.

♪ (vo) weight loss. for so long, i felt stuck. i tried, and tried again. lost weight, gained it back. but zepbound means change. zepbound is for adults with obesity, to help lose weight and keep it off. activating 2 naturally occurring hormone receptors in my body, zepbound works differently. it's changing what i believe is possible when it comes to weight loss. it's changing how much weight i lose.

up to 48 pounds. and some lost over 58 pounds. ♪ don't take if allergic to it, or if you or someone in your family had medullary thyroid cancer or multiple endocrine neoplasia syndrome type 2. tell your doctor if you get a lump or swelling in your neck. stop zepbound and call your doctor if you have severe stomach pain or a serious allergic reaction. severe side effects may include inflamed pancreas or gallbladder problems. tell your doctor if you experience vision changes, depression, or suicidal thoughts, before scheduled procedures with anesthesia... if you're nursing, pregnant, plan to be, or taking birth control pills. taking zepbound with a sulfonylurea or insulin may cause low blood sugar. side effects include nausea, diarrhea, and vomiting, which can cause dehydration and worsen kidney problems. zepbound means change. discover the weight loss you could be bound for. ask your doctor about zepbound.

we've always been competitive. ♪ yeah...one of us always had to be first. - first! - first! [kids bickering] [kids bickering] hold on, guys! ♪ first! today, we're first together. we love you, mom and dad. thank you so much for making it possible. and now you can finally put yourselves first. vanguard. fifty years of helping you invest for all of life's firsts. ♪ liz: fox business alert there's a collective five alarm tariff fire among food distributors and their message is blunt. now that tariffs are in effect, your cost for food and apparel

and things like that will go up because of the trump tariffs. target ceo warning consumers could see price hikes within days. snack giant mondalese already raised prices on several products and walmart says food price hikes are causing frustration and pain and then the usda says food prices including beef and chicken will increase by 2.2% this year. going in the wrong direction. in the middle of this tariff food fight lies the meatless sector. on average plant-based meat costs about 43% more than animal meat. sales of the specialized food have seen a significant contraction since the height of o its popularity in 2020. but now with tariffs sending the food sector into a fearful feeding frenzy one plant-based food producer is working to capitalize on the crisis. peter mcginnis is the key of possible fo foods joining us frm anaheim, california

where impossible foods is unveiling meatless steak bites. peter, hi. what is the chatter about tariffs and how they will affect input and ingredient costs? >> i think it's spooking everybody kind of. it's under current and over current and if you're a multi-national food giant, you're going to have a lot of pressure associated with it. luckily, we are not as much as i want to be, very global. we're in a position where the majority of our business is in america. our products are made in america, so we see little-to-no more likely no impact by this. liz: okay, it's funny. be careful what you wish for because had you expanded dramatic had it you might be hit with tariffs. you source all your soy from soy farmers in illinois. your manufacturing plants are in los angeles and other places here in the united states. but tell me about -- >> chicago. liz: the new product. you are unveiling steak bites. these are meatless, obviously,

but what kind of demand have you been seeing for all of your products as of late because you kind of hit a high back in 2020 and then suddenly, the demand for this stuff moderated just a bit. >> it did. the category is down, and i'll be blunt and honest about that. its contracted. some of it is a correction and some of it is self-inflicted wounds. there's a lot of small plant-based companies that don't make good food and products and people don't like them and think they taste good, and then some of it is kind of the hype is waning, and so some of it was, it was launched wrong. it was against meat eaters. against meat processor s. it wasn't for things it was against things and insulting people, not inviting people so there's a confluence of reasons why it's down but that doesn't mean impossible is down. we have the strongest brand and best products and the highest repeat and we're innovating and we have a strong balance sheet so we're fighting the good food

fight and i think these conditions benefit us. liz: so peter, when you talk about expansion, hopefully when the tariff wars die down if they do, china. the chinese consumer actually just around the world protein is so incredibly hot, and these steak bites i understand have about 20 grams of protein per serving. >> yes. liz: whaabout china? the chinese consumer, it appears, seems to be more interested in eating plant-based as time goes by. is that where you're at least keeping an eye on potential growth opportunities? >> yeah, liz, it's an absolute fact that there's other areas of the globe that are pro-plant based more than america. the eu and uk, per capita consumption is far greater. china, far greater. india far greater. so these are all things on our radar, specifically eu and uk is imminent. china a little further down

the road. it's complicated. it's a costly supply chain. there's a lot of geopolitical issues surrounding it but it is a target of ours and we will go there. it's not if it's. when but that's not in the near future. i think eyou and the uk are much more in the near future and plant-based consumptions much higher per capita than here in the u.s. but the u.s. will get there. we're just lagging and there's a lot of miscommunication. there's a lot of myths surrounding the food and the nutrition. the reality is we have as much if not more protein than the animal product and nine essential amino acids and fiber and no cholesterol and half the saturated fat so it's a nutrient-dense food. we've done a lousy job about communicating the benefits frankly. liz: let me just say the last time you were here i tried and i continue to buy the nuggets that

taste like chicken, and i have to tell you i had them for dinner the other night so there. how is that for messaging. peter good to see you. >> take care, liz be well. liz: you too. bitcoin back above $90,000 as the self-proclaimed crypto president forges ahead with the creation of a crypto strategic reserve. the announcement expected this friday at the white house's first-ever crypto summit. what does the man who co-founded the company that owns more bitcoin than any other in the world say it must include and what should be left out of that reserve? we'll ask a legendary bitcoin bull and crypto cowboy why does the u.s. need a crypto reserve? strategies michael sailor joins us here in studio, next.

you might know harbor freight for affordability. what you might not know - performance and durability go along with it. you see, we test and then we test again. world-class engineering and rigorous testing to ensure our tools stand the test of time without testing your wallet. now it's time for you to put us to the test whatever you do, do it for less at harbor freight. save even more at our parking lot sale this weekend. (♪) ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. across all your benefits and savings options.

so you can feel confident in your financial choices. they really know how to put two and two together. voya, well planned, well invested, well protected. when i started walton goggins' goggle glasses, i needed a website. and godaddy airo uses ai to make a beautiful website so fast it'll blow my customers' noggins. while they're shopping for goggins for their noggins. ♪ baby: liberty! mom: liberty mutual is all she talks about since we saved hundreds by bundling our home and auto insurance. biberty: it's pronounced "biberty." baby: liberty! biberty: biberty! baby: liberty! biberty: nice try, kid. only pay for what you need ♪ liberty. liberty. liberty. ♪ baby: liberty.

(vo) what does it mean to be rich? maybe it's not just about the 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. known for creating memories.

no one wants to be known for cancer, but a treatment can be. keytruda is known to treat cancer. fda-approved for 18 types of cancer, including certain early-stage and advanced cancers. one of those cancers is a kind of bladder and urinary tract cancer called advanced urothelial cancer. keytruda may be used with the medicine enfortumab vedotin in adults when your bladder or urinary tract cancer has spread or cannot be removed by surgery. keytruda can cause your immune system to attack healthy parts of your body during or after treatment. this may be severe and lead to death. see your doctor right away if you have cough, shortness of breath, chest pain, diarrhea, severe stomach pain, nausea, or vomiting, headache, light sensitivity, eye problems, irregular heartbeat, extreme tiredness, constipation, dizziness or fainting, changes in appetite, thirst, or urine, confusion, memory problems, persistent or severe muscle pain or weakness, muscle cramps, fever, rash, itching, or flushing. there may be other side effects. tell your doctor about all medical conditions, including immune or nervous system problems, such as crohn's, ulcerative colitis,

lupus, or myasthenia gravis or guillain-barré syndrome, an organ, tissue, or stem cell transplant, or received chest radiation. keytruda can harm your unborn baby. keytruda is an immunotherapy and is also being studied in hundreds of clinical trials exploring ways to treat even more types of cancer. it's tru. keytruda. see all the types of cancer keytruda is known for at keytruda.com, and ask your doctor if keytruda could be right for you.

liz: fox business alert we're less than 48 hours away from the first-ever crypto summit at the white house. so in the week leading up to it just look on your screen. the world's largest cryptocurrency has been on quite a rollercoaster ride. saturday bitcoin stood let's call it around 83,000 but then on sunday, when president trump posted on truth social that he's directing his crypto team to move forward with a strategic reserve that would contain bitcoin, it shot straight up to a high of 95,000. right now we've got it at 90, 126. woes over president trump's tariffs have since dented the rally but excitement around the creation of a strategic crypto reserve containing not just bitcoin but ethererum, xrp, and president trump's commerce secretary howard lutnick expects to get clarity surrounding plans for reserve at friday's without crypto summit where

the president's working group will host a round table with industry big wigs including my guest strategy's michael sailor, along with robinhood's vald teven and coinbase brian armstrong. he will have a seat at friday's round table strategy co-founder and executive chair michael sailor is here. you should have the most prominent chair, the one with the arms on it, because your company owns more bitcoin than any other company. what about 500,000 tokens? >> about 2.4% of the worldwide supply, 500,000. liz: let's just get your view because everybody's dying to know about the summit and what they think is going to be announced. how do you think this crypto reserve will be financed? >> well i think that there's a six-month process laid out by the executive order, and i think the president was fairly deliberate in that. there are 12 members on the presidential working committee. there will be involvement from

the industry, from the senate and from the house and it's above my pay grade to decide how it gets determined, but the lummis bill laid out the idea of acquiring bitcoin strategically over four years, just consistently day by day in order to reach a million bitcoin target. liz: the government has 200,000 bitcoin as i understand it. equal about 17 billion at today's prices. so to get up there, they would have to purchase bitcoin, right? so as the government purchases these bitcoin, and other tokens, what is that going to do to the price? supply goes down, the price goes up? >> well the most responsible thing be to go slow and steady and deliberate with clear telegraphing and transparency, so that the real key about bitcoin is for people to understand that it's digital property. it's a savings account that empowers every single american to save their wealth and

preserve it over time, and so what the government can do is to give clarity to the asset class and confidence to every american citizen so they know they have an alternative to gambling and the stock market. liz: i know you said that it's above your pay grade to decide, but you are allowed an opinion. do you think taxpayer money should be used to purchase these tokens and points to fill the reserve? >> i think the way to think about the industry is theres digital commodities, that's bitcoin and there's digital currencies like the stablecoins. that's really important for u.s. dollar supremacy and digital commerce. there are digital securities like tokenized stocks and bonds that actually provide a capital efficiency and globalization for american securities, and then there are digital tokens. assets that provide digital utility, that are very interesting and compelling. their role is capital creation for the small and mid-size companies that are blocked from

the capital markets right now. i think that it's wise to capitalize a country or a company on a commodity, an asset without an issuer something like a property, you could buy oil. bitcoin is a commodity. i think that -- liz: xrp is attached to a company, ripple. >> i think those are tokens, and we should have a regulatory framework to allow them to be issued, because -- liz: issued but in the reserve? should they be in the reserve? >> i think the emerging consensus in the industry is that bitcoin should be the element and a strategic reserve over the long-term for the country, but if you wanted to support various investments in a sovereign wealth fund that be up to the executive branch. liz: let's be clear. i'm hearing you say the reserve fund should have the tested one and that is bitcoin and not solano. >> the important thing to keep in mind is bitcoin is the one

universally-agreed upon foundational asset in the entire crypto economy because it's the asset without an issuer. it's neutral. 99% of the energy and the capital has flown into that one, but i want to be clear that the u.s. has opportunity to be the leader in digital assets. if they have a progressive framework that supports currencies, securities, and tokens as well. liz: michael let me play devils advocate, because i support any choice of people want to buy bitcoin. i never understood why the gary gensler sec was so against it, but when you talk about strategic reserves, the u.s. has strategic reserves for things like oil, for things like medical devices and equipment, and military equipment, just in case there is some type of crisis and we don't want to be caught flat-footed because in the best case scenario, like 1975 oil embargo by the arabs,

the economy took a very big bruising, or worst case scenario people could die if they don't have the right medical equipment. whose going to die without bitcoin? my point is there are a lot of people saying why do we need this? >> you know, the most important thing to understand is that we bought 75% of this nation with about $40 million so the united states expanded west. we bought louisiana and california and texas and alaska, its property. if you think of bitcoin as property, in cyber space and you say, where is all of the money in the world headed? well it's headed from foreign countries, china, russia. it wants to go to cyber space. it wants to go from the physical world to the digital world. so if you think about bitcoin in cyber space, then the logic behind the bitcoin strategic reserve is not so much you're storing of bitcoin. it's really that you're taking control of, planting the flag in cyber space, because the digital

economy is going to be capitalized on bitcoin and if you get there first before the a.i., before the foreigners, before the europeans, the africans, south americans, the russians and the chinese, the u.s. can own it and benefit from it. liz: and just really interested to know. what would you say to the bitcoin real believers? the real early who loved it because it doesn't attach itself to any government and now the u.s. government is going to be buying it, if this does get approved. how do you square that with the people who say wait i don't want the u.s. government involved in this. >> sotochi gave us a protocol for prosperity. that's what the we call bitcoin, and it was a great opportunity for empowerment for 8 billion people but also there are 400 million companies that need it. there's also every country on earth that needs it, so it's logical that a country that is

interested in economic empowerment and prosperity is going to adopt bitcoin and the same way that a company like mine and the same way that an individual would. liz: as we finish up, let's just say you're sitting there at the table at the summit on friday and president trump says hey, michael. i know you're a big wig in the industry. what's the number one thing i should and shouldn't do with this reserve? what would you say? >> i would say the number one thing is lay down clarita monk the digital assets, because there's a lot of conflict and confusion because people miss define the terms, currency, commodity, security, token, and then once you've laid out that framework, if you decide to buy cyber space, buy it deliberately, progressively, transparently. liz: and slowly you said? >> yes. liz: good to see you. >> thank you. liz: michael saylor, thank you so much. let us know how the summit goes. call it right after. the world's largest money

manager making a slash this week with a multi-billion dollar purchase of chinese-owned maritime ports at the panama canal. what's really behind blackrock's buy? charlie breaks it next on the "clayman countdown." i'm thinking of updating my kitchen... ...thinking of redoing our kitchen. ...we are finally updating our kitchen. for all those people who never seem to get around to it... —...a breakfast nook. —chase has financial guidance. let's see how you can start saving... —really? —really? at home or in-person. that's guidance from chase. we always loved cooking, and we found a restaurant that let us get in with no business background. then one customer came along, put us on tiktok, and the next night there was about 300 cars in line.

to be able to have 28 employees, and everybody's paid well, it just makes us feel so much more accomplished that we can take our team and have them grow with us. we wanted to build a legacy, and that's exactly what we're doing on tiktok. at ameriprise financial we know our clients are so much more than clients. they're conquerors and champions, parents and caretakers, believers and breadwinners. the goals that matter most to you matter most to us. helping you achieve them is what we do best. with personal financial advice from an advisor you can trust, and goal-based investing in solutions. it's no wonder we have a 4.9 out of five client satisfaction rating. ameriprise financial advice worth talking about. an alternative to pills, voltaren is a clinically proven arthritis pain relief gel, which penetrates deep to target the source of pain with nonsteroidal anti-inflammatory medicine directly at the source. voltaren, the joy of movement.

♪ ("born to be wild" by steppenwolf) ♪ ♪ get your motor runnin'! ♪ (car horns blare) come on! ♪ head out on the highway! ♪ crowd: hey! hey! hey! b-12. bingo! (buttons snap) (inhaling furiously) (explosion) (car revs) (cheering and laughter) (♪) don't worry, girls! i've got weathertech. all together: ♪ born to be wild! ♪ for whatever comes your way, don't worry, girls! there's weathertech. investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks?

or, let curiosity light the way. at t. rowe price, we ask smart questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. better questions. better outcomes.

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.

>> and we've already started doing i. [applause] just today a large american company announced they are buying -- [audio difficulty] panama canal and a couple of other canals. liz: that's president trump, as if you didn't know -- [laughter] in his joint address to congress last night. the company that's leading a consortium to buy those two panama canal and others, blackrock. the world's largest asset manager making its biggest infrastructure deal in its history. $22.8 billion to buy a majority share or -- of the ports.

charlie gasparino joins us now with, okay, what's behind this? >> so some people play checkers, some people play one-dimensional chess. i will say this about a larry fink, because i've covered this guy for a long time, i think he plays, like, 40 dimensional chess. let's be real clear, this is a guy that was the bane of the conservative movement, his embrace of esg. he backed off that, he started going at -- he's focusing on his business like crypto, buying an infrastructure company, which he owns, which bought these ports, and now he's a darling of the trump administration. here's what he did. he literally put the panama canal in american hands because blackrock now controls two of the ports in the panama canal, the one on the atlantic side, the one with on the pacific side. it bought from hutchinson. by the way, hutchinson retained its ports in china and hong kon- liz: when did they start working

on this deal? is. >> months ago. and, you know, what was interesting is they did it with complete buy-in with the trump administration. so when -- here's what i understand happened. when trump came out and said we want the panama canal to be in american hands, it's now in chinese hands, what he really meant is that this hong kong company run by this hong kong billionaire owns the two ports in the panama canal, essentially controlling the canal. when that happened, well, larry fink's a smart guy. he's got an infrastructure company he bought a couple years ago, does big infrastructure deals. that's when they started making the move and the negotiations with however how you say his name, i'll screw it up, and the deal was started right there. then at some point you need, given the fact that trump teed this up, buy-in from the trump administration. and that's when larry fink who i think people don't sort of recognize this, larry fink and

trump get along. i've reported this on your show. they are, they're friends. he was once trump's money manager. and that's when he went to trump and said i want to do this, and trump was, from what i heard, ebb lent that this was -- ebb you lent that this was going to be in american hands. we should point out those are two ports, they're buying 43. they're also buying around the suez canal, a bet there will be a middle east peace deal. and, again, this is a guy, liz, i actually like larry fink. a lot of people in the conservative movement have suspicions over esg. he's a brilliant, brilliant dealmaker, and this is one of the best. and, again, think about this, he has trump on his side. they're, like, best buds. liz: yeah. li is going to disappear soon. i can't imagine xi was happy about the deal -- [laughter] >> well, a lot of times they kick some money up to the big boss -- liz: you may very well be right.

>> like the gambino family is the chinese government. liz: charlie, thank you very much. the nasdaq rebounding at this hour after dipping slightly into correction territory. right now it's up about 1.5% or 260 points. the tech sector will get more insight into the a.i. and chip spending when marvell, the chipmaker that makes customized silicon chips, reports earnings after the bell. the semiconductor giant is expected to earn 59 cents per share on revenue of $1.8 billion. the stock is down 17% over the past month, but it's been a winner over the past six months, up 24%. is tech still the time to find the most strong gains? joining us now, todd bubba horowitz. todd, is it marvell? is it nvidia? is it broadcom? these custom chips are getting a lot of money. >> hi, liz, i think it is marvel isl. i think they're great. --

marvell. they've been beat down pretty good going into this number, and there's about a 12% move expected off this number. i think nvidia looks great. you know, a lot of these stocks have hit their bear market territory down over 20% and below their 200-day moving averages, and one of the things we have to watch, i think tech is the place to be although, certainly, we are going into correction territory and possibly bear market territory in the markets. i mean, there's a lot of issues. as good of job or not job that you think president trump is doing, there's going to be pain suffered, and the chipmakers have been under pressure about the last four or five months. liz: yeah. none of the a.i. works without the chips, so keep that in mind. todd "bubba "horowitz, thank you so much. a turn-around for the markets on the news that the president will give a reprieve to the automakers. ♪ larry: hello, folks. welcome to "kudlow," i'm larry kudlow. so presi