"nightluncer: this is business report" with tyler mathisen and sue herera. > trade tense. the white house could announce steep tariffs tomorrow but they may noto apply every country. ready to retaliation. the european union will fight back if tariffs are enacted and that could ripple through the american economy and the global markets. south of the border while car criminal pors from mexaro not slowing down. those stories and more tonight on "nightly business report" for wednesday, march 7th. good evening and welcome. as a heavynow fell on all street, trade concerns clouded the sck market. there are reports tonight that the president will make official his plansyo l tariffs on steel and aluminum imports as early as tomorrow where the white house says there could be

exemptions. >> the president will sign something by the end of the week and there are potential carve outs for mexico and canada based on national security and possibly other countries as well based on tha process. and those words alleviated some concerns about an trade war which wall street does not want to see and stocks finished the day off their lows. the dow industrial average did however fall 82 points to 24, 801. it had bown about 300 points maybe more midday. the nasdaq ended withai a and the s&p 500 essentially flat down 1 1/3 but investors won't know all of the details about theariffs until they are announced and it's a real concern for investor bob pisani explains. >> reporter: it was another tough day for traders. stocks meeang derd over most of the day. who's going to replace gary

cohn? how does china play out? how doesafta play out? this is not something your average portfolio manager has an edge figuring out. traders want to focus on earnings and in this environment you have to become a trade expert. the most important people now are trade policy wonks. nobody's talked to them for ages. the tariff story is a big problem for the stock mbeket use it upsets the main narrative that the global economy's expanding and earnings are at record high. a trade war will reduce and it will endangerer that whole growth story. so with so much event rick trading is a light. the s&p 500 really did not breil out uater in the day when white house sarah huckabee sanders said that canada and mexico might be exempt from tariffs. the predent is expected to make a full announcement as soon as tomorrow possibly at noon. for "nightly business report,an i'm bob p at the new york

stock exchange. >> as we mentioned stocks fell sharply midday over concerns of a possible trade war which were amplified b the departure of white house economic adviseroh gary which we told you about last night. he's seen as pro-free trade and business friendly and his resignation let investors with a lot of questions. kayla tausche reports from washington tonight. >> reporter: cohen's departure comes as a sharp disagreement th the president over tariffs on steel and aluminum emerged. the president sugsted conflict is good. >> i like conflict. like having twoh people w different points of view. >> reporter: but the division became untenable as trump moved to make a spur of the moment decision on tariffs which cohen had argued would drive up costs and anger allies. wilbuross said today the president could still tweak the final . decisi >> he has a willingness to give an exemption to canada and to mexico provided that we w

things out in nafta. >> reporter: crunching tariff numbers just one of the national economic's council jobs. while gary cohn was its public face, roughly a dozen high level officials work behind the scene. eir reach extends from crafting the administration's approach to major summiike the g7 and apec to writing the infrastructure proposal that has since stalled on capitol hill. with cohn's exit, an exit from the team he hand picked may follow. an infrastructure eventoday chuck schumer said the agenda has already suffered from heturnover. >>hite house is getting hallowed out and the number of people capable of doing doing real things, whether you etree or disagree ideologically isng smaller and smaller. >> reporter: the white house effects toormize the tariffs before the end of the week. complicating the choice, some in the running like larry cudlow or kevin h also oppose

tariffs. of the joirector does not require a senate confirmation so the president could act quickly if he chooses. for "nightly buness report," m kayla tausche, in washington. european union officials will also pay close attention to what the president officially decides on trade and as well as marks report from brussels the block already brist williling is to respond. >> the war of words over trades and tariffs conhnued on b sides of the atlantic wednesday with the european commissioner for trade outlining potential moves that the europeans might make in response to potential proposals from the trump white house. it was a three pronged approach that she described in which initially they wou try a work with noneuropean allies to u.s. government decision under the world trade organization rules that was because she said they weren't buying the reason given by the trump white house that essentially this was an issue of national security given

relationships with the u.s. when it comes to security itself. the second element of the approach would be to try and otect european steel producers from steel products that might be diverted from the.s. into europe by trying to erect their own safeguard measures and the third, targeting specific u.s. products. therwas a detailed list that was sent around to european heads of state and government earlier this week. maelstrom would not comment on the specific details but they do include food and drink, agricultural sels specific steel products. that totals around 2.8 billion euros, around $3.5 billion and she said that was equivalent to the economic damage she eected the europeans to absorb from these steel and aluminum tariff none of it concrete yet but she did say that any response the europeans did make would be firm and proportionate and indeed unlike the u.s. she said, by the book. for "nightly business report" i'm bill mark in brussels.

the head of the atlanta fed said trade tarif could hurt the u.s. economy and dampen the need for interest rate hikes. leavies could offset any economic momentum from fiscalim us but he also added that it was important for the central ba to take a wait and s approach since there are no concrete details right now. and ahead of the president's official announcement, a number of ceos have come out both for and against potential tariffs. here's some of what several of them had to say. >> i don't like the concept of putting tariffs. if you want to do surgical actions go ahead and do surgical actions. put doing tariffs is not good. >> if you get into a trade war with retaliatory actio it could dampen the effect and hurt the momentum that we have right now and people areriery wor about it. >> levels of imports and the circumstances of imports are threatening not only our internal economy but our

national se arity. >> ste aluminum tariffs were just wrapping you up a $30 billion construction effort so we doesn't think it's goinge to h meaningful impact on our business just as an american, i wouldoate see any type of long-term trade war with any of ourustomers or counter partners. >> it's critical the u.s.et coiveness and u.s. jobs. it's so clearly in the interest of the united states to have strong trading relationships with both canada and mexico. i'd be optimistic about how actually gets implemented. >> i kind of agree with the trump administration's doing and think we would have chosen option number two, which is targeted s tariffs wite quotas althougkewe're not too on the quota but we would have accepted at. >> we're still planning to proceed. >> i'm suggesting we stop playing tit for tat that we g a block pressure to go back down to normal and we sit down at the table and find a way to resolve this i issue. n't think we have to escalate this into a full blown

trade war. >> let's turn now to our next guest re on how potential are tariffs and turmoil in washington could impact the economy and markets. we have michael yoshikama and jason ware is the chief economist and chief investment officer. gentlemen, welcome. jason, let me start with you. what are you going to be watching forh tomorrow we president as he makes this announcement and if indeed,s tarire imposed, how damaging do you think they will be either to the market or the economy? >> that's the critical question, right, and what we're looking for tomorrow is just some more specifics around the plan. what we have so far is just this high level painting with broad strokes type of description of what these tariffs might look like. getting details around that is important. second questio which i think is a more important question is what the potential's impact on the om ec that really depends. are we talking about tariffs on

steel and aluminum, full stop, that's the end of story, there's nodditional goods that are going to be coming down the pike, there's no additional tariffs that will be addedpy the administration, we don't get any reactive policies from our trade partrs and indeed we might have some carveouts for mexico and canada, if t that's end of then the impact, the negative impact on the economy is probably rathe limited. however, if this escalates into disputes become ugly and he we see that our global trading rt to have, yo know, reactions to these policies that are damaging to the basically the fabric of global trade and this is just one of many policies to come, the i think that's where real economic fallout happens. >> michael, early today the market was o selling and the explanation from some was that it was in reaction to the departure of gary cohn who is perceived to be one of the globalists within the white house, an antiprotectionist. it seems to me that it was more

what hnds for than the man himself that was a conrn here. how worried would you be as ano invef gary cohn's departure results in the person who takes or for him being a hard line protectionist hawk? >> i'd be worried. i think that gary cohn was a moderating force and i think as you correctly state, more of a free trade business friendly appointment. nk i t it was widely applauded when he was appointed to the position and if he moves out of that position, whoever replaces him is going to be the one that really is going to s the tone for how the administration's doing to move forward in terms of trade policies. this may be just a warning shot. it might be just aluminum and steel, get everyone's attention and now maybe that helps us at the negotiating table. again, if it becom more of a trend, this is just the first industry that's going to be impacted, that's problematic.

i don't think anybody should really be surprised that we're seeing gary cohn leave. it was clear that he was a very muinst these policies and i think it was inevitable that he would level andbl inevi the market would shudder a bit when he did. >> jason, if indeed, let's sume that these trade tariffs are put in place,ow soon do you as an economist expect to see some sort of impact be it minimal or more than that in onomic growth? >> so, again, difficult to predict. i wish a i had real clean answer there for you. i think these things typically filter through the economy with a bit of a lag. that said, the plans for expandingf you're in the steel industry or aluminum industry might be more immediate. we've already seen aumber of ceos come out and say, you know, if these are enacted we p expand or we plan to hire, but the backside of that and the mo o troubling side that is what happens to the industries hat use steel and aluminum as

inputs. their cost go up and how are they going toespond to rising costs and the reality is that there are far more people employed in thosinindustries and ed export industries than there are in steel and aluminum. the ripple through the econo t wie time but on balance it's likely to be a given what i just described, so it's something that bears watching. >> michael, quick answer here, you put money, real money, to work every single day. are you doing anything different today in light of all that's happened over the past 30, 35 days than you were in late january? >> well, we certainly in terms of trade policy, we're looking at companies that are going to be impacted down stream by these types of behaviors. i think the impact on the economy is going to be -- it's going to take time for hat to filter through. the impact on psychology, both the market as well as ceos that are looking at spending in terms of infrastructure spending, i

aluminum, steel and whatever down stream industry might be,ti k that impact is going to be real or immediate and it's something we certainly factor in to our strategies. >> michael, thank you very much for joining us. son, thank you as well. >> thank you. >> thank you. let's time to take a look at some of tosy's upgra and down grades. general electric is one of the companies that could be hurt ihe most the trump administration's tariffs are enacted. th analyst maintains his cell rating on that stock. ge says forget about it. the report it say is completely ungrounded. the company says the impact would be minimal. shares ofge fell fractionally to $14.51. net flim saw its rating cut the hold. the stock price is risen too far too fast. however, the firm lifted i price target on the stock, to $325, that's roughlysh where es are right now. shares of netflix did fall 1% today to 321 and change.

at least 14 analysts raise their target prize on auto desk. one such firm was rbc which pointed to the software company's better than expected quarterly rults and also its subscription business. rbc put $156 price target on that stock. auto desk shares gained 14% to 137.70. match groups price target was hiked to 50s dollars a share bye ries. the analyst says the stock which has risen more than the past year could go even higher, but he adds that stock is not cheap. match group shares were up 3% to 43.81. coming up with all the talk of tariffs and nafta, usa automakers have a big stake in carsth made south o border. a look at how mexican auto production is faring.

a new survey from the federal reserveibes inflation pressures as moderate. the beige book wch is an anecdotal look across the country points to tightness in the labor market and an increase in wage growth. the central bank sai economy overall was growing at a modest to moderate pace. the report is expected to bolster the case for an interest rate increase when policy makers meet later this month. the labor market remains robu robust. private sectors employers added 235,000 jobs in february. this according to the payroll processor adp. that was more than economists expected. the gains led by leisure and hospitality and the retail sectors as consumer spending increased. well, the trade deficit increased to a more than nine year high in january. the commerce department reports that the trade gap rows 5%mo to than $56 billion. that was more than the expected

short w fallh china which widen sharply. while the u.s. threatens to slap a tarif on steel and aluminum imports, it is also threatening to rip up the north american free trade agreement and if nafta goes away or is radically altered, it would have a major impact, especiay for automakers. despite the threat of mexican made autos being slapped way tariff auto production south of ase border is not slowing down. phil lebeau more. >> reporter: mexico's auto production is surging,an up mor 6% this year. that may come as a surprise given the heated rhetoric from president trump who has threatened to slap a border tax onarsnd trucks built south of the border and sold in the u.s. trump's biggest complaint, as exico's auto production has shot up to nearly 4 million vehicles a year, sout have imports. last year g.m. exported more vehicles to mexico than any

other automaker and it has no plans to shift production from mexico to the u.s. >> i believe that when you look the complexity and the long lean business that we're in, those shifts just aren't ronomical. >>orter: the fact is gm makes auge profit in pickup truck that it imports from mexico. fiat chrysler has increased proksz south of the border while audi opened a plant there and mercedes and bmw will do the same thing. all of this has negotiators from the u.s., canada and mexico are struggling to find a way to rework nafta, a trade pact that even the automakers believe should be updated. >> when you think about nafta5 years ago and you think about the technology that's in the car today, ihe think's rules and things we can modernize with tracing, et cete that will make less of administrative burden but still accomplish wha the administration and the three

countries need. >> reporter: further is licating the nafta talks the question of what happens if the trump administration imposes a tariff o imported steel and aluminum. does that mean that vehicles built in mexico would be hit a with tax when they're shipped to the u.s.? if so, that could finally slow down the flow of vehicles built south of the border. phil lebeau, "nightly business report," chicago. exxonmobil says earnings could double by 2025 and that's where we begin tonight's market the oil giant told investors that if oil prices remain around the current $ a barrel price, the company could see profitsor growthan 100% by 2025. exxon said key drivers of growth are expected to come from foreign and domestic exploration projects as well as some plant the shares fell 2.5% to 74.26. dollar tree reported a rise in sales and profits during the ho quarter but the results

didn't meet expectations. they're also forecasting profit of thes belowes mates. they were off more than 14%. abber krom by anditch is beginning to see its sales pick up. rose fore sales that the first time in five years as results benefited from fewer stores and stronger demand. the company has been closing stores andov ring others and improving its online systems. the shares rose nearly 28% today. strong bourbon and whiskey sales help rults top expectations at browns foreman. it reaffirmed its full year outcome for sales growth. the company is wary of being caught up until a trade spe. kentucky bourbon as a possible target of retaliation if the president's steel and aluminum tariffs take effect. brown foreman shares felle m than 5% to 52.89. after the bell the casino operator caesar's reported a

quarterly profithat was helped the new tax law. al shares ini rose in extended hours and also finished the regular day up 1% at $12.50. also out after the bell, costco rise in same store sales that came in slightly below analyst's estimates. the wholesaleetailer also delivered a profit miss but overall revenue was better than expected. shares initially higher in after-hours than they dipped just a bi-they ended the regular day down 2% at 187.36. coming up, the gender gap in the workplace and how close it. am zoon is taking aim at

walmart in a move to court online shoppers. they're offering a discount of more than 50% on its prime membership to medicaid recipiens. the goalo give more people access to the digital economy. some also say that by targeti d thisographic of amazon can continue to grow in the u.s. ahead of the internatinsal wo day, two new surveys examine the gender gap in the workplace. julia boorstin has our report. >> reporter: the bad news of when it comes to women in the workplace, things are much worse than people think, but on the upside there are plent of solutions to help close the gaps. misperception about the gender gap are massive according to a new sury by the organizers of international womens day conducted by ip sos. people vastly underestimate how long it will takech tove equal pay between men and women based on the current pace of change. >> understanding the mionceptions in the pay g are important because right now

americans sort of feel like its getting better and feel like it's going to be something that's going to disappear in their tifetime in the next years. the real answer is that the pay gap's not going tpe dis until pretty much all of us aren't working any more. >> reporter: and it extends to corporate leadership as well. survey responders believe nearly a fifth of the world's top 5 companies have female ceos, when in reality the actual figure is just 3%. so what will it take to change that ratio? another survey is out today with recommendations on what policiee comp can implement to help close the gap. finding companies tt are transparent are likely to achieve workplace equality much faster. that means leaders should mmunicate about everything from the gender breakdown across their ranks to their specific goals around hiring and closing the jend gap. one surprise is that just improving maternity leave can hold women back in their careers but encouraging men to take

parental leave improves im's advancement. over 80% of respondents say thr company does not is have. an added benefit, changes that help women such as t flexibility to work from home should benefit everyone. for "nightly business report" i'm julia boorstin in los angeles. and that does it for us i'm sue herera. thanks for watching and we want to remind you. this is the time of year your public televeeion station your support. >> i'm tyler mathisen. we thank you for your support ande will also see you tomorrow.

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