your turn, china retaliates by slapping a tariff on billions of dollars worth of u.s. goods just hours after we did the same. and those trade jitters were felt on wall stree >> to your health, cvs defends its business model and etna could transform the health care industry. what that means for companies and consumers. >> and all in. how massachusetts casinos ama ng a push to close the gender gap. all that and much more tonlyht on "nigusiness report" for this wednesday, august the 8th. and we do bid you good evening, everybody and welcome. china has fired the latest salvo in the month-long trade tiff

with the united states. the chinese ministry of commerce this morning announc a 25% tariff on $16 billion worth of u.s. goods. some of those items this time beg targeted include cars and motorcycles, various typ of fuels and fiber optic cables. t just yesterd u.s. trade representative's office released a finalized list of $16 billion worth of chinese goods and it will be put into effect srting august 23rd. that brings the total value of chinese goods facing a 25% tariff so far to $50 billion. sue? >> and bill, that china retaliation put a firm lid on wall street. tscebook and amazon helped the nasdaq to seventh straight day of gains. that index'sin longest march and the trade worries clearly were center stage. theutow fell a 45 points to 25,583. the nasdaq scratched out a gain of four and the s&p 500 dropped.

they find themselves in the crosshairs of this tariff wars, most a standing by the president trump for more. the cost for the indiana farmer is $15,000 thanks to falling corns. price we're feeling a lot of pain right now inhe farm sector. we weren't expecting this when we put crop in the ground. >> he will not be inves new machinery. it's the difference between profit and loss this year. the mket has the ability to stay way undervalued because of theta tariff , longer than a farmer can stay liquid. >> tarif n are the right way to open up btrade, it doesn't cancel out overall support for the president. >> you don't forfeit your right to disagree simply because you're a supporter. >> so far that's been true.

despite tariffs taking effect, the president's approval among voters since thepring has remained steady or increased in the vast majority ofarm states according to morning council. that is supported by regulation especially environmental rules fo livestock. iowa farmer eric nelson will earn soybeans this year and like the president's long-term trade goals. >> trade is always good for someone, but it hasn't always been good for those of us out here in the country. i think some of the corporations that actually do the selling of ese commodities overseas, they do quite well, and it doesn't always get transferred back to those of us out in the country. >> with harvest season approaching, farmers may change their mind if they don't see new deals. our attitude could be changed by the actions of the trade negotiators as we go along here in the next60 days.

>> rural voters say trade is just one issue among many o m theirds as they head to the polls this november, but it's increasingly an issue where they're betting the farm. for "nightly business report," i'm kayla tauschewa iington. retail and pharmacy benefits giant cvs health reported adjusted despite expectations. bertha coombs report, the pharmacy firm is reassuring investors that its merger with etna is on track and i that business model, though under a fault, still benefits employers andrs consu cvs executis are upbeat about the r biew. their $6lion deal by etna. on the company's earnings call, larry merlow says he's confident the deal will close this year. >>l can tel you we are having productive discussions with regulators. >> and merlow pushed back at some of the regulatory pressure

coming from e trump administration over rebates. those confidential price discounts pharmacy benefits firms like cvs expect from drugmakers. >> drug manufacturers want youi to b that increasing drug prices are a result of them having to pay rebates and that pbms are retaining the rebates and this is simply not true. our data shows that with it's increasing faster for drugs with small rebates than it is with medications withia substa rebates. >> the administration has yet to finalize rules on rebates, but merlow said those discounts will now count for just 3% of cvs 2018 revenues and thebm unit is packing on 98% of rebatell s for insurance plans and employers who pay for drug benefits while urging them to pass on th savings to consumers. >> we'rencraging the

high-deductible plans to take a portio of those rebate dollars and pass them back to your members at the pharmacy counter while they'ren tha deductible phase and while they're in the out of pocket cost.ve >> notone is convinced. as cvs looks to become a bigger health care player in insurance with the etna acquisition and in delivery through its pharmacy clinic. the american medical association is nowing out against the merger, arguing that the combined firm will result in too high concentration in the dicare part b drug plan market and higher prices for consumers. the ama is urging the administration to walk the deal. for "nightly business report" i'm bertha coombs, new york. he's the health care analyst and joins us now more to talk about this changin landscape especially as we look at cvs. thanks for joining us tosght. >> tha for having me.

>> i am fascinating of the beginning stages of the health care industry. i want to add one more element and cvs is announcing an increasing partnership with a company called teledon where they will provide video doctor visits for doctors nationwide when they come to the stores, in other words, customers will become patients and i guess patients will become customers, as well. when you addo thate fact that the pharmacy benefit managers and buying an insurance compan is that the business mold of the future in health care, do you think? >> for cvs in particular, yes, but there are not my firmsut there that can match in terms of scale, the reach and the vertical integration with etna. it will have a company that can reach almost every consumer in the u.s. with the retail network and be able to treat these members or treat these independents at a lower cost in terms ofedical care and nor so the company could be able to do if they're able to cause a

transaction and people can execute on the strategy fault. >> it seems as though the company haspheally m into a health care company rather than the pharmacy or a drugstore. w much pricing power do you think they are going to have with this aetna deal if indeed it does go through. insing the pbm and using their muscle to gain doctors and what the value is for this whole deal is the ability for them to utilize those retail networks and those retail outlets and be able to treat their numbers at a loweri cost wi those retail outlets hrough their own medical clinics and that's where the real value lies and that's where they'll be able to treat medicare patientst a lower cost and treat medicaidatatients lower cost and it should pull back with the consumer in terms of lower premiums a the premiums that will grow as much as they have in the last several

decades. >> you'll need comtition to make that all happen so that you don't see this over concentration in one company and you feel like you need to see walgreen's or a walmart in this consolidation,>> right? ot necessarily in terms of having had competition with cvs. if someone were to partner or buy a walgreen's or partner a walmart and then have a service that's going to be comparable to cvs. at the end of the day, cvs will have a lower premium to market their products at a better competitive pricing level to gain more membership. in order to do that or g accomplish thal they'll have to treat the members at a lower cost and the key herewn a the c jewel of this whole acquisition is going to be the utilization of leverage o retail stores and being able to drive traffic and drive their own members into their stores at a lowert. c >> we will see if they can pull that o.

vishnu, thanks for joining us tonight. >> thank you. it is time to take look at some of today's upgrades and downgrades. bristol-myers squibb was upgraded at atlantic from underweight to neutral. the firm cites potentialn bristol's drug pipeline. the price target was raised $55 a share antodayhares closed $50.17, up 2%. it was downgraded from raymond james from outperform to market perform following the pharmaceutical's company second-quarter earningsnd the firm cited valuation and seekd limited psibilities of long-term risk for key products and the shares fell a fraction to $29.33. smart therapeutics was cut to market perform from outperform. the analyst there citing disappointing trial results for the drug treating hemophilia. the price target was loweredo 60 from 98. it rose 3% to $57.70.

hostess brands was lowered and rbc capital from outperform to sector perform following weak earnings in which it wasre aled on the conference call that walmart cut back on promotional display of hostess products. the analyst also cited higher freight, labor and packaging costs as well. price target now $14. the shares finished 11.49, down 17.5% today. back toif cnia where fires continue to rage including the largest wildfire ever in the golden state. aditi roy i in ukiah, lifornia. >> the stubborn flames of the mendocino complex fire are tall and fierce, destroying 115 homes and scorc 300,000 acres and forcing more than 23,000 people to flee tir homes. >> the loud roar. the loudest roar. it sounded like a jet taking off. >> two fires, the rash and the river, make up the mendocino

complex, the largest wildfire in california history. the ranch is the more challenging one. its flames burning deep inside a remote forest and the ridge of a mountain, but today weaer conditions, lower temperature, calmer winds and higher humidity helped firefighters make sogress. >> w a lot of that fire activity than we've seen in the previous days. the fire didn't make huge runs or any growth, huge growth in the evening time like we saw over the weorend. >>than 10,000 structures are still threatened by the fire. there are more than a dozen wildfires burning throughout the state including one that shut down yosite national park where more than 6,000 visitors go every august. tourists spend $520 million at th park. this year could also turn out to be a costly wildfire season. it's too sooat to est the

monetary damage from these fire, ut an example of how devastating these can be, some estimate last year's fire that destroyed some of the wineco try could end up toppingil $2.5on in claims. officials say the effect of the ate's drough along with searing temperatures have made conditions right for to erupt.s >> the fires are hotter. the fires are moving faster and the fireehavior and the firefighters are seeing is very unpredictable and more so than we've ever seen before. >> while fire officials are making good progress on the mendocino complex, that's little solace for bree who had to postpone her wedding because on. the destruct >> we were planning on going forward with it, but then the smoke was just really bad andhae a lot of family coming from out ofh town w hotel homes that we didn't want to take from the people here. >> firefightacs areg against the clock as we battle these flames and it's supposed

toe hotter, dryer and windier tomorrow and they're hoping to make as much a progress possible against the fire before conditionshthange. for "n business report," i'm aditiuk royh, california. a setback for the license of uber. >> the first in the nation regulations on the ride share company like uber and lyfton lar nightly business report." ♪ ♪ ♪ ♪ new york congressman chris collins was indicted onederal insider trading charges today. the republican representative was accused of providing non-public information about an australian biotech company to his son and future father-in-law. collins sat on that company's board of directors.in

accoto the indictment collins and his family aided more than $700,000 worth of losses after the biotech saw disappointing results from a drug study. >> the popular ride hailing service that many of u use like lyft and uber suffered a potentially significant setback today that could have global implications. the new york city city council approved measures essentially aimed at curbing the growth of these companies following outcries from tax i drivers over the plummetinva eric, as you saw, hasniur story tot. >> new york city taxi drivers e rallying today as the city dealt a major blow to their mpetitors from ride hailing apps like uber, lyft and via.e ew york city council passed new restrictions on for-hire drivers which would cap the suance of new licenses for one year while the city studieshe

impact of these companies and set a minimum wage for drivers. it's theirst time a minimum wage has been f set economy workers anywhere in the country. there's been an explosion in the number of for-hire licenses inw nerk, which was at 65,000 just three years ago and it well ove 100,000, dwarfing the 13,000 taxi medallions on the road. >> we are depositing the issuance of new licenses in an industry that's beened allow to proliferate without any appropriate check or regulation. >> uber, for its part, says the new law will restrength riders in underserved areas and the company is promising to fight back. >> the company releasingen stat saying in the meantime ng will do whatever it takes to keep up with groemand and will not stop working with city and state leaders. >> today's rule could put a big dent on uber's market valuation as the company's eected to go public next year. of course, this isn't the first run-in with authorities. uber has had several problems

around the globe including places like england and france d the news will reverberate around the globe. for "nightly business rert," i'm eric chemy in new york city. michael kors gets a lift from the heels. the appareletler grew sales in its jimmy choo business at aic kwer than expected pace and that helped earnings surpass expectations. the company raise its financial outlook for the full year. shares rose 7% to $70.01. a risescn sption revenue helped "the new york times" report earnings that edged pt expectations, but the focus was n the newspaper publisher's digital business which added fewer paid subscribers and saw a drop i ad sales. shares were off more than 6% to $22.70. after the bell, video streaming platform roku saidts sales grew as it made more money from licensing fees and advertising. analysts were expecting aan los roku surprised the street

with.reak even resul as you can imagine shares traded higher in the extended hours' session. they finished the regular day down marginally at $27.7 20th century fox expected after the bell and the success of the motion picture "dead pool 2 quote "and strong performance in its cable network programming helped resultses. separately under b rules, fox has until september 22nd now top comcast's $34 billion offer for tv giant sky. shares of 21st century f were volatile in the after hours and ended the day down a tick at $45.46. >> sending your child off to college and figuringut how t pay for it can be overwhelming. trust me. americans now owe over $1.5 trillion in student loan debt and many borrowers are parents whoak mayon larger loans than their children. so our correspondent sharon

epperson has more on that and tips for you and your college-bound kid. i am taking notes. >> you can do this segment. >> i'll have three in college at once s t i'ming notes. when it comes to student debt, sharon. a lot of a paren student apply for financial aid. when you get the financial aid package, how else can you kind of negotiate that debt? >> the thing tknow about the financial aid package is the majority of the package is likely going to be loans and according to sallie mae, % of families borrow money to pay for college and i say families because the loans are being taken out not just by the student, but also by the parent, and in fact the average loan balance for the student is less than that of the parent in many cases. there is a limit to wha student federal loan balances can be and what you can take out and so parents want to make up the difference. they're taking on more and that balance is getting on more rapidly than the average loan balance for students. >> the student needs the budget

when they're in college. >> they d need the budget in college. they need to figure out first o' all, what t going to owe and not just the first year and look at all four years and figure out what your loan to be to is goi make sure the return on investment makes sense. that is riewing the student loans and that's the first step to take and you also want to make sure that as you'r looking at subsequent years, you do it octoberas possible and 1st, i know it seems early. you can submit your application for financial aid, the fafsa form to figure y out what can get for the next school year. you get the financial aid package for the first year and the second year, is when you need to look at that.er >> the o costs that are there are the textbook, supplies things thathose they absolutely need, but cost a lot of money. is there a way around that? >> look forun discots everywhere. you can rent textbooks which i never did, but now everyone

does. you also want to look at apple, dell, bestuy hasreat discounts on laptops. now is the time to really look hor. local restaurant, get the discounts on food and this is what i really didn't realize, ten 10%, 15%, 20% off just for being a student. american eagle, banana republic and thank you, cnbc for telling us that. >> just for t-shirts and shorts? >> there you go. >> you'lhave to hold my hand, honey. >> we'll hold each other's hands. >> up next, closing tgap. big, new casinos are rising mas, the state of mas but to get their gaming license they had to commit to women in hard hats. i'm contessa brewer. i'llave more details coming up on "nightly business report." ♪ ♪

and finally tonight, we've been telling you about the shkitage ofed construction workers across the country. well now one project in massachusetts has set out to address the skills gap and also the gende gap. contessa brewer is in the baye stator us tonight. ♪ ♪ >> rising across from the boston skyline, aew casino takes shape, thanks to thousands of construction workers. >> we do the heating and cooling, hvac for building. >> fabi is one of 328 women working construction at encore boston harbor, but its taken her ten years to reach her goal. jourymanipe fitter. >> i let them know it's a great opportunity. it's greatef bs. it's not as -- it's not hard as people view it as.

women, we're just as hard workers as men on the job site. we lace our boots up just the same way they do. now she asked the state to recruit women into construction. >> in order to m this work, you have to have a kick ass champion and you've got to kick these doors down. >> the massachusetts gaming commission has been instrumental following a mandate by the legiature to increase workforce diversity. it requires these casinos tout women in 6.9% of the construction jobs. that's more than double the national average and the commison is tough about enforcing it. >> we go union by union, contractsor by contractor. have you met the target? ifou're aboutliar, someone else is doing 0% women, we call you out. >> they soon realize there simply weren't enough skilled trade women to meet those goals so tmission partnered with union, casinos and non-profit to get more women in the pipeline. >> it's been very hard. t andkes a concerted eff it really takes a partnership

with a local trade union as well as the contractors and they have to push the requirements down to the self-contractors and it could be mor expensive because you're taking inexperienced labor and you're makin sure that you trade them up and we made the investment asur partners. mgm springfield will open itssi doors in mid-august. it exceeded the diversity requirementmploying 7.5% women including an all-female demolition team. >> it's important to get woman's perspective on every aspect of the job, whether it's the office or it's out here on the construction site. >> encore boston harbor just hit 7% mark last month. a milestone achievement for the newly renamed project struggling to emerge from the shadow of a me too scandal engufrlilfing ito steve wynn and threatening the gaming licensend its president expects a high return on

investment made on the diversity initiative. >> i think we'll wind up with a better work environment and a better place for our guests to enjoy because they'll look tound and see tha we are really reflective of today's society. >> the recruitment effort also focused on hiring workers of color and veterans. >> as a journey worker, once they reach that level they can make $90,000 a year. so it can be a life-changing experience. not only for the individual, but the community, and ito leads t economic stability and security for everybody. >> ten years ago, fabi was making minimum wage and living with her father. today -- >> i just bought a house. >> would you have ever been able to do that on what you were earning? >> not at all. no. >> the statewide campaign aims o see 20% women employed in construction by 2020, a lofty goal, but the windsha ofe are blowing in massachusetts. in everett, conssa brewer,

"nightly business report". >> before we go, a fin look at the day on wall street. the dow fell by 45 points and finished at 25,583. the nasdaq added just four and the s&p was down a fraction for wednesday. that's my turn. that's "nightly business report" for tonight. that makes me bill grif hth. >> i'm sera. see you tomorrow.

>> this is "bbc world news america." >> funding of this presentation is made possible by the freeman foundation, kovler foundation, pursuing solutions for america's neglected needs, and purepoint financial. >> how do we shape our tomorrow? it starts with a vision. we see its ideal fanm in our mindd then we begin to chisel. we strip away everything that stands in the way to reveal new possibilities.