that wraps up this half hour of "msnbc live." i'm sheinelle jones. stay with msnbc for a brand new show. the premiere of velshi & ruhle is next. i'll see you again at the top of the hour. not much about the sometimes erratic behavior of president donald trump seems to faze investors, at least until this week. markets soured briefly on the white house after one too many controversies threatened to derail the trump agenda. >> and the president embarks on his first foreign trip abroad. first top, saudi arabia. why? because everybody cares about oil. >> welcome, everybody, i'm ali velshi. >> and i'm stephanie ruhle. we're going to be coming to you every saturday with a fresh take on how money, power and politics all come together and what you should make of it. >> and as we typically do, we're

going to debate a little bit. policies coming out of washington, how they translate to jobs. we're going to talk about innovation and some big ideas that will help you prosper. >> but thank you for joining us on this premiere edition of "velshi & ruhle." you know what i want to talk about. >> probably politics. >> this white house and the turmoil. but this week the effects it had on the markets. it has been an absolute whirlwind in d.c. with chaos and controversy engulfing president trump over classified intelligence, leaked memos, and the appointment of a special counsel after rallying for months, the stock market briefly buckled. investors seemed to be reconsidering whether this white house has the experience and the ability to implement that pro-business agenda. >> investors had been euphoric over the president making good on promises to slash taxes, kill regulation, and rework health care. the question is whether or not markets are tiring of this, not expecting it, or was this just a

pause. it was just one day really. >> yes, but could we be approaching that breaking point? >> that's a good question. i will say for most people, you make a mistake when you pull your money out when sudden things happen on the market. real investors, professional investors, stick through these things. take a look at the dow. since election day even though it came down just a little bit, you see on the right of the screen, it's still up 12% since election day. one measure of what's going on is the value of the dollar against other currencies. take a look at the u.s. dollar since election day. it's actually lower now versus other currencies than it was, so there's a sign that investors are getting worried. >> all right. but you know what the market likes? steady. they like predictability. you knew when you were electing president trump you were always going to get unpredictability. but he has a very wall street, very goldman sachs heavy administration. that gave the market confidence. there you go, there's a goldman lineup right there surrounding the president, specifically his white house economic advisor, gary cohn. but with all the palace intrigue

that we've heard about the president being unhappy with his staff, worried that there could be a shake-up, investors are starting to wonder who's going to be left standing if heads roll and who's going to have his ear. >> and how is he going to get the stuff that he wants to get done. we saw that health care didn't go down as well as they thought. then they came out with a proposal that was written on one page for tax reform. tax reform is a very difficult thing, takes a year and a half to two years to get done. so there's real worry that the agenda items won't get done. >> think about it. it was a pro business agenda, those promises, that excitement. are those promises going to get fulfilled. we're going to find out. and where's the president? he's in the middle east. president trump kicked off his first road trip, his trip abroad, since taking office. in all places, saudi arabia. he's there announcing hundreds of billions of dollars in weapons sales. but the trip itself is a big break with tradition. when most incoming presidents reserve their first foreign visit for america's neighbors, canada and mexico. so for fact sake, why go to

saudi arabia first? the u.s. and the saudis are an odd couple. they definitely don't share america's democratic values. you see, saudi arabia is an absolute monarchy with horrible records on human rights. and women still don't have the right to drive there. but what the saudis do share is our same strategic interest in oil. saudi arabia pumps 10.5 million barrels of oil a day into the global market. more than most countries. it's got so much oil that the u.s. has gone to war to safeguard saudi fields under threat. but if you think saudi arabia is our number one supplier in the world, you'd be mistaken. that honor goes to the u.s. itself, thanks to america's fracking boom. in 2016 the u.s. pumped a whopping 8.9 million barrels a day. that's a 75% jump in just ten years. and that excess supply has translated into lower gas prices at the pump. even so, america still consumes more oil than it produces and

needs to import more than half its daily supply. but again, saudi arabia isn't even our number one source of foreign oil. canada is. so why is this relationship with the saudis so very important? well, they alone have the power to move prices up and down, simply by turning the spigots on or off. back in 2008 when the supply was tight and the saudis couldn't open their spigots fast enough, we saw prices at the pump skyrocket. gas shot up to a nationwide average of $4.11 a gallon. but that was before our fracking boom. today they're around $2.34. and apparently that's worth a lot. >> a little country, means a lot. >> thanks for the canadian shoutout, by the way. but canada sells its oil to the united states and it goes through pipelines. canada doesn't have a lot of options other than to sell its oil to the united states. saudi arabia, while we get less of our oil from saudi, it can influence the price one way or

another. and america, 5% of the world's population, 25% of the world's oil consumption. that is why saudi arabia matters so much. but it's not just the oil, there's some other business going on. >> if you think about why president trump would choose a trip like this, saudi arabia and the united states has a tough relationship, especially in the last couple of years. president trump ran saying i'm going to be your businessman president, an he's not alone. he's got with him a cadre of ceos. the head of boeing, the head of jpmorgan. jared kushner himself put in a call to lockheed martin saying that defense system, you better lower that price. according to "the new york times" they did. this could be a big win for the white house. >> that resulted in what seems to be $110 billion arms sale, american arms to saudi arabia. the white house calling it the biggest deal -- biggest arms deal in history. this is interesting because it's not new. what we've done for a long time is we've sold arms to places that do something else for us.

so this is coming along as a deal. andrew liveris, dow chemical, the chemicals often come out of oil, that's why their relationship is so strong. the military saudi arabia is building up is being done with american equipment. >> it is a complicated relationship, though. >> yeah. >> remember, saudi arabia, huge human rights violator. this is a complicated relationship. >> it is a complicated relationship to say the least. but another complicated relationship is that between donald trump and the auto companies. in an about-face from four months ago, u.s. car makers are now planning to layoff thousands of workers. ford says it's getting rid of 900 jobs in north america, general motors has plans to layoff 4,000 workers. detroit walking back those promises that they made to president trump to put more americans to work. remember, back in january the president took credit for a ford decision not to send american jobs back to mexico. i talked to ford's ceo, mark fields, at the time about the pressure he was getting to hire american.

>> as a business, we're always looking at the business environment. so we make investment decisions based on what's right to the business, but also being very cognizant of what's the tax policy, what's the trade policy, so that we can maximize the returns for our shareholders while bringing great products and services to our customers. >> ali velshi, the president is walking a tight rope here. there are people who lost manufacturing jobs looking to get their jobs back. he's making a statement like that, we're creating jobs. then look what he said to say this week. >> we're going to have expansion. we already do. you look at what's happening with ford and with general motors in michigan and ohio. you look at the tremendous number of jobs that are being announced in so many different fields. that's what i'm proud of and that's what we want to focus our energy on. >> did he miss the memo? >> he may have missed it. he may have missed that ford and gm are doing this. however, it's worth saying this country produces about 185,000 net new jobs every month.

so what the president might not want to do is focus on this one and that one but create an environment that unleashes animal spirits that gets companies to try to free up and hire people. >> there is that excitement, but he won the election in november. if he doesn't deliver those jobs that he's promised, that he's talked about a year from now, those people are not going to show up and vote for republicans come the midterms. >> we're going to have to see whether it all actually ends up happening, but we're keeping a close eye obviously on this show on job creation in america. >> we've got a lot more after the break. so much to cover. i want to talk manufacturing again. they were a major topic in the election. i got to visit a company that may be the future of the industry, not located in the rust belt, right here in new york city. >> it's going to be great to watch that. but you're going to see something else. i want to show you just a small clip of something we're going to talk about on the other side. this is treasury secretary mnuchin with senator elizabeth warren on a testy exchange on capitol hill. >> the professor took him to school. >> let me stop you right there,

mr. secretary. >> you're not letting me finish. >> yeah, i'm not. will your business be ready when growth presents itself? american express open cards can help you take on a new job, or fill a big order or expand your office and take on whatever comes next. find out how american express cards and services can help prepare you for growth at open.com.

welcome back. riddle me this. president trump campaigned on a platform of bringing manufacturing jobs back to america's industrial belt, but it is debatable as to whether those jobs can come back because americans have grown accustomed to buying cheap goods that are made in low wage countries. >> the american consumer has told us they want it cheap, they want it fast, hence the rise of amazon. even if some of those manufacturing jobs come back, they're not going to look anything like yesterday's assembly line job. i got to visit an innovative company right here in new york city to get a look at what the factory of the future looks like. coast to coast, manufacturing in america is changing. >> we're going to bring back our jobs and, yes, we're going to bring back the american dream. >> a top priority for president

trump and for millions of unemployed americans looking for work. i'm in east williamsburg brooklyn checking out the factory of the future. let's go inside. gentlemen -- >> welcome to our factory. >> wow. what is this joint? take me through it. >> yeah. we have 160 3-d printers in here. this is the voodoo factory. it's all in this room. all of these printers are connected with a software that we've written and make classic parts all day long. >> voodoo manufacturing in new york is changing the face of the traditional factory assembly line. the co-founders are the brains behind this operation. they rely on 3-d printers to manufacture nearly 50 different projects from key chains to t-rex showerheads all at once. >> we're focused at doing this high volume cost effectively.

3-d printing used to be about 10 units, 20 units, prototypes. we do thousands for every order. >> are factories going to open up in east lansing, michigan, again or is this the factory of the future? this isn't a lot of space. >> we believe that manufacturing is becoming digital. it's going to look more like software and to have machines running off of digital files. >> in the past 20 years, u.s. industry has shed 4.9 million manufacturing jobs. in part because of increased automation. by 2025, operational industrial robots are expected to perform 25% of day-to-day manufacturing tasks. that's compared to a 10% global average in 2015. >> this is our lab. >> jim allen is the director of manufacturing at voodoo. with more than two decades of traditional factory experience under his belt, he says today's manufacturing is about collaboration with innovation.

>> doing what you're doing, what's going to happen to the rust belt of america? >> i think they're going to adapt. there is examples of companies, tool & dye, automotive and other industries where they're using robotics. this is what they call a collaborative robot. unlike the robotics of 10, 15 years ago where you had to have a cage around it, we can stand right here next to it and it can actually hand us parts if we wanted it do. >> allen says learning how to work hand in hand with robots is part of voodoo's mission. that's why the company offers on-the-job training in its factory. but it's not the only company taking the leap into 3-d printing. big brands like ge, adidas, boeing, ford, nike, hasbro, and hershey's are also integrating the technology into their products. >> so there's this idea, almost like a video killed the radio star that innovation is killing manufacturing. >> i would say the opposite. i would say that for a number of

reasons. one, because of automation, we're increasing our productivity. we're able to get more products out there at a lower cost and higher quality. being able to do that increases demand. increased demand creates more jobs. >> it's super cool. the question is -- >> absolutely cool. you asked him at one point what is this going to do to the factories in the rust belt and he said i think they're going to adapt. the problem is they haven't adapted and that is because the average hourly wage in america is about $25 an hour. no one is looking to manufacture the great things that they print there using $25-an-hour labor. so ultimately we've got a lot of workers put out of work and no way to retrain them into the type of work we need to do. so it's a bigger company than this compa -- bigger question than this company. >> we've seen so many jobs go to places like china where wages are so much lower.

we don't have huge vocational programs here or apprenticeship programs. the president of sales force showed up and said how about this apprenticeship moon shot idea, 5 million jobs in five years. why don't we train people for these jobs like they do in germany. the president said i like the idea but we haven't seen any follow-through. what we have seen is really big budget cuts across the board. a lot of labor and training programs. people are upset over it. but the thing is, some of the programs we have right now might not be working and we don't talk about that. we just look at the big numbers and say if we don't have these job training programs, then what's going to happen. >> nowhere other than germany, which you point out, nowhere in the developed world have we figured out how to take displaced workers and get them to be fully engaged in the emerging new information workforce that we're in right now. >> in order to do that, you have to be a long-term thinker and put long-term programs in place and whether you're in government or business, very hard to do anything in the long term. >> i have some long-term

thinking and a long-term program. coming up after the break, if you're tired of hitting potholes on poorly maintained roads, i'll show you technology which lets roads fix themselves. >> and that won't be long. and president trump, he took a step toward fulfilling a signature campaign promise that he says needs more jobs for americans but many from mexico and canada, you know our neighbors, our trading partners, they're not too happy about that. we'll find out about that next. getting heartburn doesn't mean i take a break...

means i take rolaids®. rolaids® goes to work instantly neutralizing 44% more acid than tums® for fast, powerful relief of your worst heartburn. i trust my rolaids®. r-o-l-a-i-d-s spells relief. iit's not how fast you mow...'s how well you mow fast. ...it's how well you mow fast. woooh! it's not how fast you mow... it's how well you mow fast! it's not how fast you mow...it's how well you mow fast. they're not just words to mow by, they're words to live by. the john deere ztrak z345r with the accel deep deck to mow faster better. take a test drive and save up to 250 dollars on select john deere residential ztrak mowers. and it's also a story mail aabout people and while we make more e-commerce deliveries to homes than anyone else in the country, we never forget... that your business is our business the united states postal service. priority: you remember here at ally, nothing stops us from doing right by our customers.

who's with me? we're like a sports team here at ally. if a sports team had over 7... i'm in. 7,000 players. our plays are a little unorthodox. but to beat the big boys, you need smarter ways to save people money. we know what you want from a financial company and we'll stop at... nothing to make sure you get it. one, two... and we mean nothing. ♪ ♪ the shlike a bald penguin. how do i look?

[ laughing ] show me the billboard music awards. show me top artist. show me the top hot 100 artist. they give awards for being hot and 100 years old? we'll take 2! [ laughing ] xfinity x1 gives you exclusive access to the best of the billboard music awards just by using your voice. the billboard music awards. sunday, may 21st eight seven central only on abc. so sometimes stephanie and i argue, not much, but sometimes we argue and then she beats me up verbally. >> always. >> something like that happened this week on capitol hill. it wasn't between us. the protagonists were senator elizabeth warren and treasury secretary steve mnuchin. >> and they really don't like each other. >> they were discussing gla

glass-steagall. here's how the discussion went. >> this is like something straight out of george orwell. you're saying simultaneously you're in favor of breaking up the banks. that's what glass steeg al is. >> i've never said we're in favor of breaking up the banks and separating -- if we had, it would have been very simple. >> let me try it one more time. i have to try this one more time. what does it mean to be in favor of 21st century glass-steagall if it does not mean breaking apart these two functions in banking? >> you know what, i'd be more than happy to come see you and follow up and talk about this. >> just tell me what it means. >> had we -- we never came out -- >> just tell me what it means -- tell me what 21st century glass-steagall means if it doesn't mean breaking apart those two functions. it's an easy question or impossible question. >> it's actually a complicated question. >> i'll bet. >> no, it's not. >> not so complicated, riot?

banks that take your money as a deposit were under glass-steagall not to do things that would risk your hard-earned money because investment banks do risky things. not a bad way, but they take higher risks than you should with your money. >> 21st century glass-steagall is code for you break up the banks or you don't. roe versus wade about one thing, abortion. steve mnuchin can visit elizabeth warren all day long and sunday, it's about one thing. >> it means nothing. >> word smithing. >> a big campaign promise of donald trump was to renegotiate nafta. this week the administration officially notified congress it intends to do just that. the president blames nafta for sending u.s. factory jobs to mexico and for trade moves by canada that he says is unfair. ali, why can't the presidency that a trade deficit is different from a budget deficit. things are going back and forth. by the way, mexico, our third biggest trading partner.

>> so i'm on both sides of this thing as a canadian and american, i see both sides of this. >> makes you a north american. >> i am nafta. the issue is this. trade deals do really well for companies. their profitability goes up. it does really well for countries, gdp growth goes up. it doesn't do really well by workers in high wage economy. so whether you're in the u.s. or great britain, if you're trading with countries that have lower wages than you have, the worker tends to get messed up in the process. >> then the answer needs to be to look at what workers are getting paid in this country. as soon as you get involved in this dance, there's a lot of companies, especially in the agriculture sector, that sending a lot to our neighbors. that don't want this messed with. >> we're going to follow this closely because we'll have to see how it unfolds. this is a massive trading relationship in nafta. innovation, i love innovation, here's why. it tries to solve problems that neither government nor the private sector have been able to solve. you remember president trump said he's ready to spend billions of dollars on

infrastructure. the american society of civil engineers gives u.s. infrastructure, that's a pothole, a d plus grade. one innovative student in the netherlands has a creative situation to deal with potholes. asphalt with steel wool. you run a heater over it, it fills the cracks, fills the potholes and you can keep your roads in weathbetter condition we normally do it. >> here's a takeaway. that's super, super cool. are you going to put the money up for something amazing in the future. >> this is the kind of thing we'll be looking at to see whether or not we can actually fix the infrastructure problems in this country. >> do you know what i want to be amazing in the future? this show. so please come back and see us next week. that's going to wrap us up, the first edition of "velshi & ruhle." you can find us on social media all day long on twitter and facebook and me on monday at 9:00 a.m. eastern. >> you can find me on social media and 3:00 p.m. eastern

monday through friday right here on msnbc. have a great rest of your weekend. >> adios, see you monday. thanks, man. imagine if the things you bought every day earned you miles to get to the places you really want to go. with the united mileageplus explorer card, you'll get a free checked bag, 2 united club passes... priority boarding... and 50,000 bonus miles. everything you need for an unforgettable vacation. the united mileageplus explorer card. imagine where it will take you. starts with turkey covered in a rich flavorful gravy,e and a crust made from scratch. because she knows that when it's cold outside... it's good food and good company that keep you warm inside. marie callender's. it's time to savor. if you have moderate

to severe plaque psoriasis, isn't it time to let the real you shine through? introducing otezla, apremilast. otezla is not an injection or a cream. it's a pill that treats plaque psoriasis differently. some people who took otezla saw 75% clearer skin after 4 months. and otezla's prescribing information has no requirement for routine lab monitoring. don't take otezla if you are allergic to any of its ingredients. otezla may increase the risk of depression. tell your doctor if you have a history of depression or suicidal thoughts, or if these feelings develop. some people taking otezla reported weight loss. your doctor should monitor your weight and may stop treatment. side effects may include diarrhea, nausea, upper respiratory tract infection, and headache. tell your doctor about all the medicines you take, and if you're pregnant or planning to be. ask your dermatologist about otezla today. otezla. show more of you.

brtry new flonase sensimists. allergy relief instead of allergy pills. it delivers a gentle mist experience to help block six key inflammatory substances. most allergy pills only block one. new flonase sensimist changes everything. dearthere's no other way to say this. it's over. i've found a permanent escape from monotony. together, we are perfectly balanced, our senses awake, our hearts racing as one.

i know this is sudden, but they say: if you love something... set it free. see you around, giulia ♪ breaking news at this hour on msnbc live. for the first time on his foreign trip, we're hearing from president trump. it comes a short time after a bilateral meeting with the crown prince of saudi arabia. an earlier elaborate welcoming ceremony. he also talked about an economic and security agreement the two countries signed today. >> that was a tremendous day. i just want to thank everybody. but tremendous investments into the united states and our military community is very happy. we want to thank you and saudi arabia. hundreds of millions of dollars of investments into the united states and jobs,