more welcome back. to 30 minutes before the opening bell sounds for a tuesday after a massive selloff yesterday. final thoughts here. mark, dow industrials and the s&p now negative. >> uh-oh. yeah, during these violent market selloff as, you can shake in your boots or be opportunistic. i highly recommend you choose the latter. maria: don't shake in your boots, that's for sure, cheryl. [laughter] >> i'm wondering how that meeting today with president trump and the financial executives is going to go. maria: see everybody to. have a good tuesday. "varney & company" picks it up. stu, take it away.

stuart: it is the day after a very big market selloff. it is also the day after the big interview on fox business, larry kudlow digging deep with elon musk,. we'll start with the market. no rebound after a major decline. look at this. the dow, s&p and nasdaq, split decision, no rebound. we've got a little bit of green. i'll get it on the screen shortly. a little bit of green for you, i think it's -- no, i don't. no green. after a huge decline yesterday, we've got a little bit more selling this morning. dow off 30, s&p down 2, nasdaq down 6 points. remember yesterday, the nasdaq had its worst day since december 2022, down again just a little this morning. bitcoin, i'm going to say that that is in the doldrums of. up a little this morning, but it's at 891,2 -- 81,2. interest rates, the 10-year treasury at 4.the 22 -- 4.22, the 2-year at 3.90 at the

moment. i want to go back to stocks and look at tesla. it dropped 15% just yesterday alone. its lowest level in four years. this morning it's up only 45 cents, $222 per share. which brings us to elon. he's lost, by my calculation, $132 billion since december as tesla's stock came way down. he's associated with trump's vigorous staffing cuts. that makes him unpopular in some quarters. tesla dealerships being attacked. now, in the interview he came across as restrained and articulate. he told larry that all actions taken by doge are posted on the doge.gov web site for all to see. he's transparent. he has 100 people working with him now, that'll go up to 200. he says he's on the job for at least another year. he's not going away. you'll hear a lot more from that interview later in the show. politics. finally, a crackdown on elite

college anti-semitism. the administration has sent letters to 60 colleges threatening to withdraw funds if they don't take action. the organizer of the pro-hamas columbia encampment, mahmoud khalil, he's been detained by homeland security. this breaks new ground. he is a green cardholder, a legitimate immigrant, but that does not give him the right to pronot hamas. on -- promote hamas. steve witkoff says national security adviser mike waltz is in saudi arabia meeting his ukrainian counterparts. you know, we follow politics and money. big news on both yet again. it is tuesday, march the 11th. by the way, the 5th anniversary of the covid pandemic declaration. "varney & company" is next. ♪ that's us, that's right, gotta

love this american ride ♪ stuart: oh, toby keith. i like him. >> r.i.p.. great song. stuart: yes. little bit of action on sixth avenue but not much. going to be like spring today. in an exclusive interview with larry kudlow are, elon musk gave a behind the scenes look at how his doge team operates. watch this. >> we post the receipts. so it's, like, this action's been taken, this action's been taken. so when we get criticism, we say, like, of what? which line do you disagree with? what we do is in consultation with the secretaries and the departments. >> how big's your team? >> we're a little over so 0 -- 100 at this point. >> 100. >> get to 200. >> how are you running your other businesses? >> great difficulty. >> there's no turning back, is what you're saying. >> just here trying the make government more efficient,

eliminate waste and fraud and so far we're making good progress, actually. so our savings at this point exceed $4 billion a day. stuart: the interview did not end well. madison, tell us what else musk had to say. >> essentially, he said there is so much more work to do, and he is not going anywhere. he is committed to doge. musk says he's going to stay for at least another year and he does hope to increase the staff at doge, ideally doubling the ranks from 100 to 200. and even though musk has an member -- electric car company, a rocket company and a neuro-technical company that allows people to control devices with their thoughts, he says the waste in the government is so massive that he wants to stay around and get the job done. >> i think we're doing the right thing here. there have been many orders that have pointed out there's a tremendous amount of waste and a fraud in the government. in fact, there was a report

issued by the gao, the government accountability office, last year. so during the biden administration, which estimated the federal government fraud the to be half a trillion dollars. so just to be clear, that's not the trump administration, that's a biden administration thing. so what we're trying to do is get that number down to a much smaller figure, save money for the if american taxpayer. >> but in the meantime, and larry asked him about this, his other companies are taking a hit. tesla's stock fell more than 15% on monday. shares are now below their lowest level since before the presidential election. and there are concerns within tesla about a delivery and softer demand, and musk said himself he's running the other companies with great difficulty because he's added yet another thing to his plate. stuart: that's a difficult chart to look at if you're a shareholder, because it's going down for the a long time. madison, thank you. again, rook at tesla this morning.

we are actually up a buck at $223. tom hayes is with us to help us through the market on a difficult day. musk admitted his time at a doge is making running his businesses difficult, but he's staying at doge for at least another year. what does that mean for tesla's stock? >> number one, thank god for the country that he's doing that for the country, to bring down yields. that's a very good thing9 with the cuts. people talk about elon musk like he's working out of a wework office. this guy has thousands of people running his businesses. i think they're going to be just fine. i think this is a short-term thing. consumer sentiment is a little low with the uncertainty in the short termment we see this every four years until we have certainty of policy, so i wouldn't bet against elon musk. if you own it, you want the bet on him in the long term. if you want the buy it percent if first time, let's get through some short-term volatility, and i think this is going to be opportunity. stuart: the uncertainty surrounding tariffs. >> yeah. stuart: big picture, the

implications thereof, that doesn't bother you in. >> not. you know, every four years if you look at the seasonal tendency in february and early march is weakness. we don't need great policy, we just need known policy. and right now we're in a period of uncertainty, and we're going to deal with this for another week. earnings were up 18.2% for the last quarter. the underlying economy is strong. consumer sentiment's a little weak in the short term, but if we look back towards history, after mid march once there's some certainty around policy, the market tends to rally into summer. we've been buying every red day since that huge blush last tuesday, then we got the 500-point rebound, we were buying yesterday, and we'll probably have one or two more opportunities before this thing bottoms and tax off. institute you're serious dip buyers. >> >> oh, absolutely. and it's high quality. the number one thing about the mag 7, the correction in the mag 7, everyone says tariffs. a lot of them don't --, aren't

affected by tariffs, so what's causing it? the number one chart people should be watching is japanese government bond yields. and today they've backed off. they're at 20-year highs, they went to 157, that is a funding currency. people get free currency, and they invest in the most crowded trade, which is mag 7. as those yields have gone up, mag 7 has come down. we should see some stability in the nasdaq today. stuart: that's an interesting interpretation of why big tech has been selling off. the carry trade. tom, stay there for the hour, please. listen to what minnesota congresswoman ilhan omar had to say about the republicans. >> republicans are in a bad position because they are following a leader that is reckless. they are following a leader that is chaotic. they are following a leader that likes the idea of throwing everything into the fire. and so that creates a problem for them because they're unable now to answer to the american

people that they are supposed to represent. stuart: all right. jason chaffetz, does he have a smile on his face? yes. isn't it the democrats who have a leadership problem, not the republicans, jason? >> yeah. remember, it was the i can't thinkwoman who said kamala harris would be a great president, that joe biden was, you know with, doing a wonderful job and he was just so sprite and on the ball. so now we're supposed to believe her that suddenly donald trump is chaotic and throwing everything into the fire? 76 million people said we're off track, america. two out of three people said the country's off track. we've got to go to a different direction. we've got to cut out the waste, fraud and abuse, do something different, and donald trump is delivering on that. a lot of people -- like senator kennedy, he had the best quote. when you cut the fat, the pigs will squeal. that's exactly what's happening. [laughter] stuart toure i'll remember that quote. i will try. jason, trump says he's going to buy a tesla to show his support for if musk. he claims the left is trying to

boycott, illegally, tesla. look, let me point this out to everybody, protesters have been vandalizing dealers and tesla vehicles because of doge's cuts. how do you think that's going to go down with voters? >> well, look, i'm glad that donald trump's going to buy one, i just open he doesn't drive one because i've seen him drive a golf cart, and i don't know that i want him out there in a a cyber truck bumping cars. i don't think the secret service will let him do that. i own a tesla. it's amazing. a tesla y? it's one of the best cars on the market. it's just almost hi hilarious to me that the democrats just a few months ago a were going to mandate by law that you had to buy an electric vehicle. now they're going into showrooms trying to destroy them because donald trump and elon musk are trying to, you know, take care of our financial dollars and everything else. tesla's one of the best cars out there. i have a ford f-150 and a tesla y, and it's a great combination.

and, but, you know, people can make their own choices. don't demonize the guy who creates a car that has zero emissions, for goodness sake. good luck, democrats. stuart: only to democrats is elon musk public enemy number one. to a lot of other people, he's almost a savior. thanks a lot, jason. see you soon. the trump team is making moves on the world stage. we're going to take it on with montana senator and former navy seal tim sheehy. and here at home musk is still pushing his chainsaw approach to the bure rob city. he says it's the -- bureaucracy. he says it's the best way to cuts spending. congressman bryan steil responds to that next. ♪ hey, big spender -- ♪ spend a little time with me ♪ e what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence...

the answer is j.p. morgan wealth management do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought

we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our policy. now we can relax and enjoy our retirement as we had planned. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

♪ ♪ stuart: happening today, president trump meets with the ceos of america's biggest companies. peter doocy at the white house. all right, peter, who exactly is going to be at this meeting? >> reporter: at a minimum, the higher-ups from ibm, hp, intel and qualcomm. and the message from republicans, competent republicans here at the white house, to nest ceos and traders is -- nervous -- they shouldn't be that surprised about the president's tariff policy because he's been teasing it for years. >> this is exactly what donald trump campaigned on, charles. he campaigned on putting america and americans first. that's all he's doing. he's using tariffs as a tool to get our colleagues, our trade partners to actually treat us fairly. >> reporter: from a white house official, want to emphasize that we're seeing a strong divergence between animal

spirits of the stock market and what we're actually seeing unfold from businesses and business leaders, and the latter is obviously more meaningful than the former on what's in store for the economy in the medium to long term. and in the long term, a key part of the president's plan to raise revenue is doge which plans to double staff from so 100 -- from 100 people to 200. >> our interest payments are higher than our defense department budget. that's, i think, was the real wake-up call for me, was looking at seeing that the interest payments to the national debt exceeded the defense department budget. and that was only growing over time which meant if we didn't do something about this, then there won't be any money for anything. we'll just be servicing debt. >> reporter: and so president trump, who has much better job security than any of these business leaders coming because he doesn't ever have to run for re-election again, will give a pep talk to these guys and gals that they can bring back to their shareholders and boards. stu.

stuart: got it, peter doocy, thank you very much, indeed. let's get more. wisconsin congressman bryan steil joins me now. congressman, do you think at the chainsaw approach is the only way to cut spending? >> washington, d.c. absolutely needed to be shaken up, and president trump has arrived to shake up a city that has been long overdue for it. i think we need to come and approach this from a good and new perspective about what are we doing and if how are we spending money in washington d.c. i think it's absolutely appropriate to be looking at waste, fraud and abuse inside of our federal government programs and then keeping an eye on how we're going to grow this economy because without growth, we don't have a path out of the fiscal trajectory we're in right now. stuart: stuart musk says doge is cutting at a a rate of $4 billion a day or identifying waste and fraud to the tune of $4 billion a day. does that show up as less spending in the future? >> it will, and i think what we're going to see is much of this laid out when the president elites his budget -- releases

his budget in the near future. that's going to be the opportunity to actually allow the president to ray out his agenda -- lay out his agenda for spending going forward. i think it's going to incorporate a lot of the work that elon musk and doge have already done and give congress the opportunity to truly cut that spending to prevent the continuation of waste, fraud and abuse in the federal government. stuart: but the key question is can president trump keep political popularity in the midst of all this cutting and what the media calls chaos? >> you absolutely can because the american people are clamoring for getting control of spending in washington d.c. if we go back to 2010 in the state of wisconsin and we came in and changed the fiscal house in our state, there was a big with uproar as that was going on. looking back, the people of wisconsin are darn glad we got spending under control. i think we have the same opportunity here to get control of spending, and when we look back at this moment in time if we're successful at doing that, the american people are going to reward those who had the courage

to make the tough decisions in washington d.c. stuart: congressman bryan steil, thanks for joining us. always appreciate it. the sec says they're going to chain the way they handle crypto exchangings. -- change the way. can you explain that? >> of course i can. [laughter] what they're hoping to do is make it so that crypto firms will no longer need to register as trading systems with the sec. the acting chairman has directed staff to look at ways to get rid of a plan that would have widened the definition of alternative trading systems to include drip toe firms -- crypto firms. he has said he believes it was a mistake for the commission to link regulation of the treasuries market with a, quote, heavyhanded attempt to tamp down the crypto market. this was a 2022 proposal that he's looking to dismantle. obviously, this was under the biden administration. it was part of a push of the sec under democrat control to set certain rules and requirements for crypto. the rule was waiting to be

finalized at the sec, but now at a minimum the brakes have been hit, and this does mean large portions that would have been under the sec's jurisdiction would no longer be. stuart: a a h, that's the big deal, isn't it? out of the sec's way -- jurisdiction, i should say. >> yes. stuart: okay. >> and we're going to see a lot of changes in crypto because the biden add a percent if had one approach, and now there's a new guy in town. stuart: although bitcoin is down at $81,000 right now, there you to go. hey, tom, crypto firms would no longer have to register9 with the sec. what does that mean, and do you support it? >> yeah, this was related to trading firms. it was a bit of afternoon overreach. they tried to lump it. >> in with treasury traders, treasury dealers which is completely unrelated. if they had a chase -- case, it should have been a separate regulation are that had to stand on its own mertz. if you are -- merits.

if you're responsible for other people's money like i am a, you have to register with the sec, and i think that's a good safeguard so you're following the rules and everything is safe for the client. even if you're managing crypto i think for other people, that should probably be under consideration. if you're managing it for yourself or you're a trading firm and proprietary capital, absolutely not. this is a good move. stuart: these changes are good for cryptos. >> i agree. stuart: you like it to increase their value who? deregulation is always a constructive thing for the price of an asset, and crypto will be no different. of. stuart: tom, thank you. you're going to stay with me for the hour. lucky guy. it's a day after the big selloff. i don't see much of a rebound, if any. the opening bell is next. ♪ i can go the distance. ♪ i will find my way. ♪ if i can be strong, i know every mile will be worth my while ♪

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. it's odd how in an instant things can transform.

slipping out of balance into freefall. i'm glad i found stability amidst it all. gold. standing the test of time. i'm thinking of updating my kitchen... —yeah? —yes! ...this year, we are finally updating our kitchen... ...doing subway tile in an ivory, or eggshell... —cream?... —maybe bone?... don't get me started on quartz. a big big island... you ever heard of a waterfall counter?... for everyone who talks about doing that thing, and, over there. but never does that thing... a sweet little breakfast nook. chase has financial guidance. let's see how you can start saving to make this happen. —really? —really? really. at home or in-person. you could also check out a chase money skills workshop. that's guidance from chase. make more of what's yours. dexcom g7 is one of the easiest ways to take better control of your diabetes. this small wearable... replaces fingersticks, lowers a1c, and it's covered by medicare. not managing your diabetes really affects your health for the future. the older you get, the more complications you're gonna see.

i knew i couldn't ignore my diabetes anymore because it was causing my eyesight to go bad. for my patients, getting on dexcom g7 is the biggest eye opener they've ever had. i couldn't believe how easy it was. this small wearable sends my glucose numbers right to my phone or my receiver. with just a glance i can see if i'm going high, low, or steady. so, i can make quick decisions in the moment. now, i'm a superstar. my a1c is 5.7. my a1c has never been lower. no other cgm system is more affordable for medicare patients than dexcom g7. don't wait! call now, and talk to a real person.

stuart: futures, after a big drop yesterday, showing another modest decline today. dow off 80, nasdaq down 26. david nicholas joining me now. why do you call this vix index,

known as the fear gauge, why do you think that it's a buying opportunity? it's hit a high, hasn't it? >> yeah, stu, that's exactly right. we can generally see a tradeable bottom whenever the vix gets above 27. yesterday was pretty rough for the market, the vix hit 30. anytime the vix hits 30, about a year later, 80% of the time stocks are higher. i can give you data for 30 years, the vix has only been higher than 30 about 11% of timesment of there's about an a 88% chance that yesterday was the bottom. i'm not saying it's the bottom, but the odds are very good that yesterday for our viewers was a very tradeable low. i think this is a good time to put money to work. stuart you're looking for signs to buy, aren't you? because you want people to buy stocks. [laughter] >> look, i am a believer. look, this is rough, but i'm a believer in the free market. i do think that what's happening, what's coming out of washington, stuart, it's going to be rough in the short term, but we've got to believe

deregulation, lower taxes work, when government gets off the a back of entrepreneurs, that's good for markets. we just may not see that until the back half of the year, and i think stocks hit an all-time high at the end of this year. it's just going to be trouble over the next few weeks. stuart: explain to me why bitcoin is so far off its highs. >> yeah. look, there was a lot of hype going into this crypto conference that the white house had on friday. what i think disappointed investors was that there was no budget being allocated to bitcoin buying. that's what the market wanted. they've just using seized crypto, which i think is 200,000 bitcoins. that wasn't with enough to give bitcoin the boost the market was hoping for. so i think we see some turbulence in the short term for bitcoin can. ultimately, the, it heads higher. stuart: do you put your people into bitcoin? [laughter] >> we buy the etfs. i think that's a great way to buy bitcoin. we do not buy the coin directly, but the sec does allow us to buy

the etfs. stuart: are you buying any -- $, it's been 90,000, 78,000 -- 80,000, 78,000. are you buying at that price? >> we do like crypto here. i think for 5-10% of your portfolio if you rack at it as , this is a good time to be buying. stuart: got it. thanks, david. s we always a appreciate it. see you again soon. we've got about 30 seconds go before we open this market. this is a very interesting time because yesterday there was a big selloff. i think the dow was down, what was with it, 850 points? and this morning, premarket, okay, with a few secs to go until the opening bell, you're down another 122. they're going to ring that bell, thank you very much, indeed. ten seconds before trading agains. -- begins. somebody will press the button, trading will begin, and i want to see -- there you to go. see what happens to the dow right from the get go. well, we're down again in the

very, very first few seconds of trading. see the dow off a 86 points. clearly, is some of the dow 30 are actually gaining a little ground, got some green up there. 2, 4, 6, 8 -- 12 the of the dow 30 are in the green. not bad. and the dow is now down 60 points. move on to the s&p 500. where's that today? it is down 10 points. .18%. where's the nasdaq? had a terrible day yesterday, worst since 2022. down another 21 point points this morning, .12%. all right, big tech, where are we? microsoft if meta are up -- and meta are up. taylor is joining us again this morning. i want to start with tesla. this -- is the decline, okay, it's up 1.2% today, i got that. down saw -- 15% yesterday. is that just because musk is spending so much time on doge? >> not. i think there are some other fundamental issues that you and i have talked about.

you had an overall delivery decline last year in the u.s. of about 7%. we've talked particularly about a squirm think. those registrations -- germany. those registrations fell 76% last month over there. they're losing ground to byd in china which makes cheaper evs over there. the key to this story, again, elon musk who has promised fully self-driving every year since 2016, but we haven't gotten it yet. and i think a lot of people are saying give me fully self-driving. that is the way i value this company, more of an a.i., autonomous driving company. stuart: musk is staying at doge for at least another year. that's not going to please a lot of people. >> no. [laughter] stuart: what about meta and a. a.i. we must have some kind of development there. >> yeah, this is really interesting. meta, we are hearing, is finally testing its first in-house chip to model a.i.. they're trying to, again, move away from all of their reliance on companies like nvidia, for

example, and we are hearing that they're working with tsmc to help design and produce this chip. it's part of the mt the ia, that's the metatraining and infor instance accelerator program they have to try to make their own chips. stuart: oracle. i know they reported earnings, and the stock is down 5%. i guess they didn't do well. >> it was not great. they missed on earnings, and they're look at revenue, still growth of 8 10%, but analysts wanted 11% growth. they did, though, increase their dividend up to 50 cents from 40 cents a share, but they are spending about $16 billion on cap-x, that's double what they spent last year. they did come out and they sort of tried to encourage the market and say we are really careful with how we spend cap-x to make sure it's in line with our bookings and the projects we deem really relevant. stuart: show me the airlines because i believe almost all of

them are down except united is up 50 cents. [laughter] why are they down? >> okay. so quickly on this one, delta, tear slashing profit on weak travel demand. they're blaming a lower consumer and corporate confidence. earnings are down to just 30-50 cents per share. earlier forecasts had earnings at a dollar. so half of what they thought it was going to be just a few months ago. and, again, revenue they're saying will rise about 4 percent this quarter. earlier guidance was 9%. stuart: okay, i'm going to interrupt because i'm hearing that some of the airlines that fly in and out of washington, d.c. are not going to reserve seats for government workers because of the doge cuts. they're going to open up those seats to the general public. >> well, i can tell you that united airlines, their cfo came out in the last couple hours and said government travel has fallen off of a cliff since the trump inauguration because of the doge cuts.

government travel for united specifically makes up about a 2% of their business. so you might be right. they might be saying i don't think we're going to hold these for government workers anymore since our government isn't traveling. stuart: one more for you, southwest, they used to have a perk -- >> i know. stuart: -- free checked bags. that's come to an end. >> i think the market likes it because it's an additional boost of revenue. sort of an end of an era for southwest. that was, like, the thing. in their 50th year celebration annual report, we still do free checked bags, and that is not the story anymore. more like dell taxer cutting guidance on weak consumer issues. stuart: okay. don't invest in airlines, my personal opinion. right, tom this >> quickest way to become a millionaire, start as a billionaire and buy an airline. [laughter] stuart: kohl's, they reported before the bell. the stock is down 16. what went wrong? >> oh, man.

all right: so they're guiding for another sales decline this year in 2025 and much bigger than the street was expecting. same-store sales, they're saying, on a comp basis is going to be down 4-6% this year. analysts were looking for less than a 1% decline. so you're looking at well more than expected. they're cutting their dividend to 12.50 cents a share. we've identified areas of focus, and we are taking action, that's what the executives are saying, but there are clearly some consumer issues with this customer as well. stuart: got it. taylor, thank you very much, indeed. see you on "the big money show," 12 noon. got it. 24078s, you've gone back to the well, crown castle. [laughter] you like them, they have gone up. aren't they cell phone towers or something? >> that's right. 40,000 cell phone towers. 7% dividend yield while you wait for the stock appreciation, and they're selling off the a low return fiber business to, for over $8 billion to zio group.

these existing 40,000 towers they're going to be left with and all the cash, they require very little maintenance. it's going to pay you out dividends, they're going to buy back shares, and as a musk is successful with doge and yields come down, these type of instruments, the reiths -- reits go up. stuart: if i buy it now, the yield is 7%? >> yeah, just in that range, and you're going to get capital appreciation over the next few years, and your yield will be locked many because we're buying low and selling high. stuart yourselves supposed to do that, stanley black and derek. >> rates have been high, new home starts, that is going to come back as rates go down. they've taken $2 billion out of the business, they're restocking, this play's going to be great. that $2 billion, gross margins are going from 20% to 35%. this business is going to be off to the races. this is a leverage are play.

you say i want to buy home lilledders? don't, they're -- builders? buy stanley black and derek, they're going to benefit in a big way. stuart: thank, tom. coming up, elon musk says the outages on x yesterday were likely caused by someone in the ukraine area. watch. >> it was a massive cyber attack to try to bring down the x system with ip addresses originating in the ukraine area. stuart: that's interesting. why would ukraine want to hack musk? we'll try to get into that. former obama advisor van jones taking a long, hard look at a his party and say, we're screwed. watch >> democrats don't know what to do. this is a nightmare. when you're defending the status quo, you're to going to lose. stuart okay. i know ben domenech will have a field day with that one. he'll be on the show later. trump's foreign policy team are in riyadh, saudi arabia today.

special envoy witkoff might head to moscow to meet with putin. trump trying to set up a a summit with xi jinping. sounds like we're making positive moves on the world stage. senator tim sheehy reports on that -- or responds to that next. ♪

patients who have sensitive teeth but also want whiter teeth they have to make a choice one versus the other. sensodyne clinical white provides two shades whiter teeth as well as providing 24/7 sensitivity protection. patients are going to love to see sensodyne on the shelf.

♪ stuart: earlier today secretary of state rubio and national security advisor waltz met with ukraine officials in saudi arabia. zelenskyy opted not to attend the meeting. a member of the senate armed services committee and former navy seal, tim sheehy, joins me now. senator, we've got ukraine talks, trump's special envoy, steve witkoff, expected to be in moscow this week. trump has sent a letter to iran. he might have a summit with xi jinping. this all seems to be positive

movement in wars around the world. do you see it that way? >> absolutely. you know, listen, every war in modern history's come to an end via a settlement of some kind. even world world war ii we allowed the elements of japan and many elements of the german administration to stay in place to have postwar recovery. with ukraine with, it's about a ending this conflict. we have to engage with putin to make sure we bring this conflict to a swift close, and it has to happen, quickly and we'll need support from if our european friends to make sure they're aligned with our solutions to end this war soon. stuart: but we're going in the right direction on all fronts, correct? >> i agree. engaging with other countries around the world, that's diplomacy. we don't want to sented hundreds of thousands the of young men and women from our country overseas. we want to bring these conflicts to resolution. that means we have to talk to people that we may not get along with to make sure we craft collusions and -- solutions and

avert future wars. stuart: defense experts say we're not going to be able to keep up with the like of china if we don't modernize and innovate. it seems to me we must spend a lot more on dependence. you going with that? >> -- on defense. >> in theory, i agree with that. the reality is we don't have an innovation problem in the american industrial defense base with, we have a an adoption and scaling problem. we make some of the best technology in the u.s., what we don't do is take that innovation and apply it to fielded technologies tharwa can -- that our war fighters have in their hands today, and we don't have the mechanisms to make it fast. as much as we'd love to call russia a rusted-out kleptocracy, they have a much stronger industrial the base than we do. they make artillery shells, bullets, bombs and planes faster than we do and faster than we can. and, therefore, we are not in a position to face off a against

many other global powers on a production basis. and quantity has a quality all its own. we have to be able to produce quickly and effectively just like we did in world war ii to support our troops in the field when the shooting starts. stuart: senator, thanks very much for joining us. we appreciate it. >> thanks, stuart. stuart: coming up, with the support of president trump, elon musk is leading the revolution in how our government operates. elon musk has more impact than any private citizen in modern history. that's my opinion, and that's my take at the top of the hour. trump's tariff fight with canada ratcheting up. what would a trump win against canada actually look like? economist e.j. antoni tax it on next. ♪ nobody walks through these doors on a winning streak ♪

if you're living with dry amd, you may be at risk for developing geographic atrophy, or ga. ga can be unpredictable—and progress rapidly—leading to irreversible vision loss. now there's something you can do to... ♪ ( slow. it. down.) ♪ ♪ ( get it goin' slower.)♪ ask your doctor about izervay. ♪ (i. zer. vay.) ♪ ♪ ( gets ga goin' slower.) ♪ izervay is an eye injection. don't take it if you have an infection or active swelling in or around your eye. izervay can cause eye infection, retinal detachment, or increased risk of wet amd. izervay may temporarily increase eye pressure. do not drive or use machinery until vision has recovered

after an eye injection or exam. izervay is proven to slow ga progression, which may help preserve vision longer. ♪ ( i. zer. vay.) ♪ ♪ (gets ga goin' slower.) ♪ so shift gears and get going. don't delay. ask your doctor about izervay. hey we're going big tonight let's go safety whoa! should i call mom? no, no don't tell your mother anything

stuart: president trump's 25% tariff on steel and aluminum imports set to take effect at midnight tonight. lauren simonetti with us this morning. you spoke to the alcoa a what ceo. is he worried about these tariffs? >> absolutely. there are four smelters in the u.s., and and alcoa owns two of them. bill op linger is extremely worried about tariffs on canada,

and he wants an exemption. >> our message to the white house is we're aligned with your view that we want to create strong manufacturing jobs in the. we -- in the u.s. we think that the best way to do that is to be able to bring canadian metal into the u.s. to support our downstreaming customers like people who are making trucks, cars, door frames, beer cans. the best way to support that the industry is to have an exemption. >> you okay with a temporary exemption if the president says, okay, i'll exempt your canadian imports for this am of time? >> we will not be making long-term business decisions based on a tariff structure. tariff structures can change overnight. >> yeah. this facility has been here, stuart, for 123 years. it uses the same amount of electricity as a a small city. in fact, energy is the biggest

cost for making aluminum. >> what as kept aluminum smelting from being with grown in the u.s. is really high energy costs. so in order for us to make an investment in the u.s., we would be looking for an energy policy that supports a plant like in that will be around for 20, 30 or even 40 years. >> the president of the united states has a drill, baby, drill, cheap energy policy. is that not welcoming enough to have you build another smelter here? >> so that's absolutely supportive of having lower energy prices, and we're very supportive of the president's efforts to not only create manufacturing jobs in the u.s., but to lower our overall energy costs. so as energy costs come down, we would certainly consider the u.s. as a place for further investment in the future. but it won't be based on tariffs. >> and, stuart, he's warning of

a 12% reduction in direct jobs in the aluminum industry as a result of tariffs potentially going on at midnight on the. stuart: lauren, we'll see if he's at the white house meeting today asking for exemptions for his company. lauren, see you again later. the premier of alberta, danielle smith, says her province is not interested in taxing energy exports to the united states. watch. >> we're not at all interested in tariffing the export of energy. in fact, we want a tariff-free relationship, and we want to double the amount of oilnd gas we send down to the united states. that's the kind of partnership that that we've had in the past. i think if there was any kinds of threat to the supply, i think it would erode trust, and we don't want to do that. stuart: economist e.j. antoni joins me now. okay, alberta doesn't want new taxes, got it. but ontario is slapping a 25 tariff on electricity coming into the united states, and the new prime minister, mark carney,

he says he's going to fight trump. so the whole thing is ratcheting up with canada. can you tell me what exactly it would look like if we win, if trump wins against canada, what do we win? ah, we just lost him. get him back? okay. we're going to bring you in. [laughter] no, hold on a second. e.j. antoni is back. okay. i'll repeat the question, e.j.. what would winning against canada look like? what would we win? >> stu, we would win access to their markets which we're currently reprevented from having full access. to people don't realize that canada actually puts up more trade barriers than russia does for our exporter, for i eyeing out loud. -- for crying out loud. a lot of places within canada or canada as a, as a whole put in place. i don't care if it's american exports when it comes to mining,

dairy, car parts, whatever the case a may be. they're throwing up all these roadblocks. it looks like our exporters being able to compete on fair, level terms with their canadian counterparts. stuart: fascinating. i'm glad we got to you. sorry we lost you for a couple of minutes, but, e.j., thanks for joining us. thom, what would a win against canada look like? >> i think the administration should put up a web site and say canada tariffs us this, this, this and this, line item, every single thing. we tariff them -- and yet those numbers even. that's all we want is fair trad- stuart: that's reciprocal. >> reciprocal. we're not trying to start a trade war, we just want fair and level -- we import about a 6 million barrels a day from canada. that's good for our refiners, they refine about 60% of that. it's good for canada because they've got heavy, thick oil. we just need it even. we want our banks to be able to

do business in canada just like they can in the u.s. donald trump is using -- president trump is using these tariffs as a way to make things fairer, make it equal trade,, equal regulation, let our banks do business with them, and this'll be a positive thing when all is said and done. stuart: tom hayes, thank you for being us for the hour. principalling note -- programming note, commerce secretary howard lutnick will be on this show tomorrow in the 9:00 hour. still ahead, ben domenech on why the democrats are such a leaderless party right now, tennessee senator marsha blackburn on her bipartisan deal to protect seniors from dating app scams. what is going on here? the senator will tell us. ben men hall on the trump team -- benjamin hall on the trump's team -- celebrity chef andrew gruel on what changes he wants to see in the food industry to make america healthy again.

the sock hour -- 10:00 hour of "varney & company" is next. ♪ ain't no mountain high enough. ♪ ain't no valley low enough. ♪ ain't no river wide dub where ya headed? susan: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. .. leading strategists like u. when you want to invest with more confidence... the answer is j.p. morgan wealth management ♪ only servicenow connects every corner of your business, putting ai to work for people. pfft ... every corner? every corner, nick. ow! so kate in hr ... hey kate. can focus on people, not process. oh actually, i have a question ... keep up, nick. do you have to be sick to take a sick day? patty in it is using ai agents to deal with the small stuff, so she can work on the big stuff. agents like secret agents?

secret agents i control. with your mind? you know ... i played a secret agent once. - we know. - oh gosh ... i liked it. over here, ai gives tina the info she needs to get the job done. nick, what did we say about touching? no touching. good. ai helps jim solve customer problems before they're problems. for reals? for reals. for reals. servicenow is the only platform that connects every corner of your business, putting ai to work for people. oh, so we all work better, together! my work here is done. excuse me, which way back? uh, follow him. (♪) years of hard work. decades of dedication. committed to giving back. you've been there, done that. and you're still here for more. so now that you're 50 or older, and at increased risk for pneumococcal pneumonia and ipd be proactive with capvaxive- a vaccine specifically designed for adults

to help protect against pneumonia and invasive disease caused by certain types of pneumococcal bacteria. capvaxive is the only vaccine that helps protect against the strains that cause 84% of ipd in adults 50 or older compared with up to 52% by other pneumococcal conjugate vaccines. don't get capvaxive if you're allergic to the vaccine or its ingredients. tell your doctor if you have a weakened immune system. common side effects include injection-site reactions, feeling tired, headache, muscle aches, and fever. whether you've had another pneumococcal vaccine or not ask your doctor or pharmacist about capvaxive. (♪) [ car engine revving ]

♪ ♪ the flag replacement program got started by a good friend of mine, a navy vet, saw a flag at the office that needed to be replaced and said wouldn't this be great if this could be something that we did for anyone? comcast has always been a community driven company. this is one of those great examples of the way we're getting out there. hi, i'm tali and i lost 85 pounds on golo. following golo and taking release i was able to lose weight gradually and keep it off. i wish i started sooner. don't wait go straight to golo.com.