tariffs as raising the price of steel raise the price of steel you raise the cost of manufacturing weaponry and word theory one of the largest manufacturers in the world of weaponry one of the largest merger cers of it so it's going to jack up the deal but i have a feeling that they're much more concerned with the prospect that one hears from from all wings of the american foreign policy establishment that whenever america moves to either promoter safeguard its legitimate economic interests which i strongly believe to be the case with steel. that's risky national security wise because other countries might become upset oh geez which is an argument that i simply don't buy if only because when it comes to national security all america's allies need the united states much more than vice versa and i i realize that's a historical and all the these attempts to for example portray smoot hawley as the cause of the great or russian cause or. world war two are just nonsense but is there an historical precedent for i mean as they started out protections this was this was annulled and sold for sure no

we believe to be the case with steel. that's risky national security wise because other countries might become upset oh geez which is an argument that i simply don't buy if only because when it comes to national security all america's allies need the united states much more than vice versa and i i realize that's a historical and all the these attempts to for example portray smoot hawley as the cause of the great or actually cause of world war two or just total nonsense but is there an historical precedent for i mean it as they started out protections that this was annulled and sold for sure now there are seven hundred ninety one and seven hundred three put it in place and what plan and it basically stood until at least next strong way i'd see it actually stood in till the one nine hundred thirty s. when president roosevelt. it's initiated to see a tariff. inspired by cordell hull his then secretary of state with the idea being that that smoot hawley the tariff that the united states had put on. shortly after the great dep

steel is a good example. the many adcbd cases filed against china have reduced chinese steel imports into the u.s. but have also pushed them into other countries which have passed them on to us via circumvention for further processing. the remedy solved one problem and began another one and didn't solve the issue which in this case is over capacity. that's why we're talking about a 232. in the interest of time, i won't get into the question of the viability of 232. we can discuss that later. i do have views about that. i would just say that the right answer here, putting aside all practicality, the right answer is probably a multi-lateral agreement on over capacity. and i think the hamburg g-20 meeting got it right. let's give relevance to the global forum on exactly that subject. let's give them some deadlines, see if they come through with some solutions. unfortunately for the president this is a process that, because it's multi lateral, spins out over time. in the end it's the right and easiest answer. if

trump told reporters that steele is a big problem. they are dumping steele.y china, but others. they are destroying our steele industry and have been doing it for decades. i'm stopping it. it will stop. the president said he could impose tariffs, quotas, or both. u.s. deal companies have had their best week in four months. joining us to talk about the steele situation are wendy cutler, former active deputy u.s. trade representative. she is from our washington dc bureau. and fred, former export -- right here in new york. wendy, let me start with you about steele because we've had the proceedings going along which would allow the president to restrict steele imports because of national security concerns. fully briefed and fully argued. with how he's inclined to lean? it appears this decision is imminent, perhaps as early as next week. and what with the ramifications be in terms of trade relations? a rarely used part of u.s. legislation. >> the statute is 55 years old and has been used to times, only against oil imports. trading partners would react strongly, de

now, you mentioned the steel production.sly a huge issue for the us, especially for president trump, and his plan to increasejobs. he is saying that he is considering putting tariffs on steel imports from china. if that happened, what impact could that have on these talks? well, as i said, we don't think beijing would be too much concerned, if we are talking about exports to the us markets. it only accou nts exports to the us markets. it only accounts for a very small proportion. so if the washington administration slaps an import ta riffs administration slaps an import tariffs on chinese steel, the impact on the chinese steel industry would be rather limited. the impact on american consumers, buyers, that would be another question. what we certainly don't think is that the chinese will give in too much over this point. and certainly, on the back of buoyant economic performance so back of buoyant economic performance so far this yearfrom back of buoyant economic performance so far this year from china, i back of buoyant econ

steel is the bedrock of manufacturing.anufacturing is the bedrock of any strong economy >> so let me give you the other side the companies that have to buy steel have told me, jim, your view is just terrible for our gross margins, and i don't know how you, as someone who has had a decent education could think a tariff is a good idea. >> i think that's short-term thinking let's play this without. we allow the imports to destroy the american steel industry. now the manufacturing company is producing tractors, appliances where are they getting the st l steel? from foreign suppliers there's no doubt when you have predatory companies like china as an example, they'll take care of their own appliance industries in china before they worry about supplying steel to those american manufacturers here steel is a raw material company for all manufacturing. you wantto make sure you have strong steel industry to have a strong manufacturing industry. saz l >> a lot of the steel companies have been cutting back you've been adding capacity

steel is a good example. chinese steel imports have reduced into the u.s., but they have also been pushed into other countries. they pass them on to us via circumvention or processing. the remedy solves the problem, but contributes to other ones and did not address the central issue, which was also the case, which is overcapacity. that is why we are talking about 232. i won't, in the interest of time, get into the question of viability of 232. i do have views about that. i would say that the right answer, putting aside all answerality, the right is probably a multilateral agreement on overcapacity. meetingthat the hamburg got it right. let's give some relevance to the global forum. let's give some thumb -- give them some deadlines. for the president, it is the process that spins out over time. easy the right answer, the answer. everybody can say they are not the target, that everybody is the target, so it is not the chinese part of the american plot to encircle and destroy them. it is part of a multilateral p

it uses about 400 tons of steel to drill that well the price of that steel goes up $400 a ton, you'reng about $160,000 on a $7 million well. right? that's about 2%. >> just not by that much or at a cost you think the united states should be willing to bear. >> oh, it's a tiny percentages the consumer would never even feel that cost at a gas pump the steel used in a building, say the electrical steel used in a building or the conduit that's in a building, is about 1% of the electrical contract. in a building like a skyscraper, the steel is maybe 3% of the cost in that building. cost that would go up to the consumer for what they would gain in national security and safety and our own independence and our ability to support our economy is minuscule >> got it. okay mr. zekelman, thanks so much >> you're welcome. >> barry zekelman. >>> last week the u.s. committee that reviews foreign buyers for national security risks has been holding up several chinese attempts to buy u.s. companies one of those deals is newly appointed white house communications director anthony scaramucci's efforts to

and they can use the chinese steel. we have to stop thinking about it, when we came out of the g 20, with overcapacity, dealing with the underlying source of the concern. >> a comment? >> my only comment would be the politics of this have changed but the economics of changed, one of the interesting things in the last 20 years with the internationalization of these remedies. for a long time the us and a few european countries, the indians filed dozens of these things and so to the chinese, everyone has their own law and they were targets forever mostly by americans, they have their own law. and prosecutorial he in the same way we have so that everybody out there used to have a group of people, felt like they were aggrieved players and then both. and a much more complex domestic political dynamic. when i was in the nft see, when this was on the table, what do you dumping rules, my company, we are a petitioner in one case, and you tell me what our position is. company after company is finding themselves in that position. w

it has been, so number, but with steel it has been, so china is exporting less steel, one—third lesstime last year. so they have cut back. they've cut back supply, domestically, and they‘ re cut back. they've cut back supply, domestically, and they're cutting back on exports. so one of the key arguments that trump, the trump administration, the trump negotiating team has about the steel flooding into the us, no longer holds so much water. it is similar with the currency they accuse currency manipulator and then actually the currency has been appreciating so they're going to have to shift into some other moves and in terms of putting a quota on steel, it seems unlikely. another point of contention between the two is china's relationship with north korea. there had about lot of hope on the trump side of things that china would help up the pressure and especially in light of the missile tests and yet we had a tweet from donald trump saying so much for china helping us on that front. so, the potential sticking point there? yes, well, the us seems to be using some of the political taiwan

imposing steel tariffs. there's a story about steel and whiskey and orange juice.ready got tough with china about some of their steel exports to the us. it looks as if he puts wider ta riffs the us. it looks as if he puts wider tariffs on steel imports, people say this trade war could be starting and other countries will get caught in the crossfire but we have seen between the us and china. he's been looking into a particular section, section 232 of an old act from the 19605 section 232 of an old act from the 1960s saying, you can reveal imports if this national security interest. what he is trying to say is that they use steel in defence. it hasn't been done often before so he's using a strange and powerful instrument to maybe put the squeeze on foreign and steel imports into the us. the other interesting thing about the meeting of the leaders is notjust the official group gathering but what is happening on the sidelines, we saw yesterday the meeting between eu leaders in japan talking yesterday the meeting between eu leaders injapan talking about this deal that t

by imposing tariffs on steel imports under national security grounds. boys sex into thirty two of the trade expansion act. even though only a fraction of us steel is used for defense purposes. the us trade deficit with other g. twenty members reach seven hundred and thirty eight billion dollars in twenty sixteen. including three hundred twenty seven billion with china. exchange for the steel deal multi twenty members agree to fight protectionism. something many members continue to be wary about. given the trump administrations increasing protectionist stance. just one of many tense issues up for discussion of the weekend that energy twenty thank you very much for that kate movie that with the day's business going to take a short break more news coming up stay with us 07/10/17 07/10/17 [captioning made possible by democracy now!] amy: from pacifica, this is dedemocracy now! >> w western mosul, ththe worst damage in the entire complex. the fighting has been the fiercest. looking at levels comparable to anything else that has happened in iraq so far. amy:

country cannot find itself importing steel from china subjected to dumping of steel from other countries. >> chris: i don't mean to interrupt. >> this is an important issue for trade and national security. >> chris: but you're making the assumption that is going to make tough deals on trade for imports but then the europeans will impose tougher. >> maybe they will maybe they won't. many of these countries have been taken advantage of the united states. part of the reason trump is in the white house is because he told the american people the time is over for the rest of the world to take advantage of the united states. >> chris: what happens when they impose tougher restrictions? and that americans lose jobs. >> other than a few countries you can find a trade surplus going the opposite direction from the united states. that being said, this was a positive meeting. the president set the stage in europe. the leaders of the g20 came to the president. he was a star in hamburg. no one can take that away. the fact of the matter is i think he's place in america first. without strategically align

they were one of the leading steel contractors, one of the leading steel bridge builders in the country at the time. they were located in pittsburgh. they were also located at their headquarters in new york. they brought in to provide all the steel work. the marble on the floors was provided by vermont marble company and brought down by train. and the beautiful plaster castings in the ceiling and all of the plaster on the surrounds on the windows was provided by the multi brothers from chicago. so there were a number of different firms throughout the city and country that had the size, the power, and the skill that was needed to construct the restoration particular on the timetable. one of the high points of the station, as you look around on the interior of the station here, you see a series of statues. these are roman legionairs. there's 46 of them because that was the number of states in the union at the time the station was being constructed. they sort of guard the station, guard the exterior of it when you come in, guard the station as you're in it. and this is consistent with boza

particularly steel. because we may even this week get a decision on that proceeding in washington. >> so chinese trade is going gang busters right now. we've seen exports increase around the world, including a widening of the trade deficit there although imports from the u.s. are moving higher. i think that in and of itself be all and end all for china's economy. the worried that it might damage more relations. especially the tip of the iceberg and tariffs on steel today. that would really start to hurt the chinese economy and of course hurt the wider global growth story as well. that's why it continues to be an ongoing -- and caution in china in terms of how they want to deal with president trump. we heard the chinese president talk about the need to open the doors for more investment in china. >> thank you so much for joining us. that was the headline out of china for the most steel produced ever in china. >> but exports are down. they're producing it because they need it. the ones who benefit are braz

that's going to hurt not just the steel industry but other industries indirectly affected by steel. you're talking about a lot of shrinkage here. >> all candidates talk tough on trade. trump is continuing it now as president. i think this could backfire hard money as far as prices consumers pay, nations like japan could get hurt. i think this is him talking, not sure he's going to pull the trigger on this. >> bob, i got an issue there. i agree with both of you that it involves terrible economic consequences for the u.s., but remember what donald trump did. he made this promise because he was looking to prop up ohio, pennsylvania and michigan, and these are the very blue collar voters and the working class that put him into the white house. this might not be the right move in terms of trying to boost output, particularly with steel, but has to find another way to make the upper midwest economically viable for those people. >> ford, it could be a negotiating ploy. when he was talking about china during the campaign, i never believed he was trying to do that. i believed it was trying t

steel.d get reaction from dr. ron paul. ♪ ♪ ♪ ♪ ♪ kennedy: $8.5 billion for the industry that could soon take a huge financial hit. kentucky producers give you have 95% of the world's bourbon and employ 17,000 people of. not you trump administration considering an import tariff on foreign steel. europe is threatening to retaliate by a tariff on the bourbon industry. is there a way to protect our steel and our whiskey? joining us is dr. ron paul. let's discuss tariffs a little bit. what are some of the ramifications if the president does in fact impose a big steel tariff on imports? ron: first off, it's a tax, it raises tax on the american people. if you buy steel, you have to pass that tax along. second, it should be immoral to prohibit people from buying stuff where they want to. in a free society you are supposed to protect it not interfere with it. you should be able to buy the best products ever. but the big one that is the more practical thing people look at and why even non-libertarian

is still flooding the world market with lots of steel, which is lowering the price of steel.aking it hard for companies to compete and sell their steel overseas. there are many mechanisms and opportunities for u.s. operation are some of our allies and other trading partners to make sure that china opens up its market, treats for an khamenei's fairly, gives them an equal opportunity to compete in china -- treats it wen companies fairly believe in competition. we believe the high-quality american products will do very well in china is given a chance. julie: you make the case here for china to allow selling to be happening there, but realistically, given the rhetoric we have heard from this administration thus far, given what you have seen in terms of its practices, are you optimistic that solutions will to, whethere come it is today or in the future, without a trade war? ambassador locke: the u.s. has been making progress on a bilateral investment treaty with china. it is very complicated, years in the making. we are getting much closer. i think the u.s. needs to keep pressing

tariffs or steel quotas. is he now going to put off that decision until the g20 have a chance to examine it? >> again, i think president trump's made it very clear. he is not going to broadcast all his strategies, so that when we're negotiating kind of with all of our counterparts we're doing, we're not going to broadcast on tv what our strategy is exactly when we're taking actions. what i can tell you is we had very substantive discussions and we think we're going to move forward, and let me tell you, you know, we made major progress from my first g20 finance ministers meeting where we discussed trade and it was 19-1, we had almost a complete consensus on trade at this g20 leaders meeting where if you look in the communique, we have language on around reciprocal trade and the importance of reciprocal trade and almost every single bilat we were in, the president talked about trade and what we're looking for is free and fair trade and we're looking to make sure that we can grow our exports so that we don't hav

those that bend steel or forming into their products. but now they are filing their own cases because that targets into the downstream market. we had an executive one time who just joined and called in the fit of vigor because the industry filed a briefing. and what were we going to do to kill it? so we find out where you stand into the consumer's hands. so there are elected politicians know if everyone changes their mind i will buy you a real lunch. >> that second point to have the disproportionate impact for that trade liberalization and as they fly beneath the radar screen but don't think they'll have a sense of they are cheated and of the government does anything about it. and with those job losses with the downsizing of the economy your productivity gains people don't realize how bad is absolutely true that is a mistake to underestimate the impact the knowledge of unfair trade with the alliance for american manufacturing to take up polling every year for girl and that is long before the last election. every year there is a super maj

steel. i'll explain and get reaction from dr. ron paul. how much money does the bourbon industry generate per year? [vo] progress is seizing the moment. your summer moment awaits you now that the summer of audi sales event is here. audi will cover your first month's lease payment on select models during the summer of audi sales event. i just want to find a used car without getting ripped off. you could start your search at the all-new carfax.com that might help. show me the carfax. now the car you want and the history you need are easy to find. show me used trucks with one owner. pretty cool. [laughs] ah... ahem... show me the carfax. start your used car search and get free carfax reports at the all-new carfax.com. with some big news about type 2 diabetes. you have type 2 diabetes, right? yes. so let me ask you this... how does diabetes affect your heart? it doesn't, does it? actually, it does. type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart atta

we agreed on setting up steel sector. we agreed on setting upa steel sector.global forum steel sector. we agreed on setting up a globalforum which steel sector. we agreed on setting up a global forum which would be supervised and supported by the 0ecd. it supervised and supported by the oecd. it worked rather slowly so it was important that join oecd. it worked rather slowly so it was important thatjoin this meeting we we re was important thatjoin this meeting we were able to say until august 2017 we need to have the necessary information on the table so that in november a substantial report can be tabled which would offer effective solutions to this issue of steel capacity and i hope this format will then be used also in order to address those contentious issues on the table. in the second session, we addressed the issue of securing stability and resilience. that means we need a resilient financial system. finance ministers did exemplary work in preparing this and also throughout this conference, the hamburg action plan reflects that and it is very important

that steel worker fell about 15 feet from the construction site behind me. it is said to be facebook's building 21. menlo park firefighters say the victim fell off the steel framing on the fourth floor and landed on the third floor. he had bruises but the extent of his injuries are unknown. he went to the trauma center at stanford center. his rigging saved him. his safety harness probably prevented significant injury or death. this is the second time injured steelworkers fell from this building. that's not only very unusual, but it is concerning. firefighters responded to the site back in april when two workers fell from about 40 feet. when the beam they were standing on dropped. but again, their safety arness stopped them from hitting the ground. we reached out to the contractor and we reached out to facebook. no response. cal/osha is investigating. jessica flores, kpix 5. >>> president trump's administration is just now confirming that the president recently had not one but two conversations with russian president vladimir putin in germany. president trump

steels and collins.nd we go out sometime, the 26th is our first concert together with a wonderful band at -- >> it's a great venue. been there many times. are you excited, scared or both? >> all together. yes. i wake up in the middle of the night guying what? and then of course we have rehearsals and i think my god this is everybody's dream, including ours. and it's so interesting because we're both so public and let's say our relationship was very much a fact of the social context in which we lived of the '60s and all the people that were together in those days and coming out of that to have something that's lasting, that's a friendship. >> i got a minute 1/2 to go. i could talk to you for hours and days you know. >> i know. >> i really am curious to your response and that is what is the trick? and i don't want to use the word trick but what is the methodology for remaining friends with former lovers? that's such a vital thing and some of us just can't seem to master that. >> well, i think it's hard. th

you can see in the graphic i brought how the price of steel, one of the benchmarks for chinese steelhe obama administration put on sanctions. it went up a little bit, and we saw a change. up havingou wind china pare back production, it will help out the likes of turkey and brazil, not european and u.s. steel producers. achael: it might help them little bit, because it will raise prices. alix: like it has, and they are still struggling to make a profit. michael: there might be a short-term jump in prices, but if prices go up for steelmakers, prices go up for steel users. money.ll cost more anything that uses steel will be more expensive. the number of steel users far outweighs the number of steelmakers. in the long run, this could rebound for the u.s. economy. they are getting a lot of pressure in the white house. francisco blanch still with us. steel out from china is at a record high. you have to look at demand -- it is picking up in china. how do you gauge demand in china at the moment? pmi'ssco: i still think and a solemn industrial figures are important to look at. frankly, just

there's also steel. hanging over china's head with this 232 preceding where the president could curtail steel imports from china and the rest of the world right away. michael: that would fall under a provision of the trade promotion act that allows the president to impose sanctions for national security reasons. the problem that he has is that we don't import much deal from china because we put tariffs on this deal for other reasons already. it's a worldwide dumping problem with the worldwide price of steel. could do that, but it is not necessarily going to solve the problem. better to negotiate a worldwide deal and lay the groundwork for that here rather than to impose it. it will be interesting to see what comes of this, but the president does have that in his back pocket that he could threaten the chinese with. president says he does not like multilateral agreements. david: he prefers bilateral and that might make a difference politically. a lot of people who work in steel voted for him. michael: it c

import steel mainly from countries that aren't china. and tariffs would put the largest burden on canada brazil south korea and the eu for twelve billion euros worth of exports are concerned. european officials as well as those from other us trade partners hope to convince trumpet the g. twenty that such a move would be counterproductive. speaking during the summer angle merkel said the g. twenty offered a chance to reach a multilateral agreements on steel. back here in paris prime minister into actually presented new measures aimed at improving the french capital's attractiveness to the financial industry. a movement to cash in on the uk's exit from the european union. of these measures include scrapping a plan to widen the zero point three percent tax on financial transactions. excluding bonuses for severance pay calculations for stock brokers and as he explained limiting that. eliminating the top wage tax bracket. well sorta lulu. it was almost the first point that the government will get mad at you beard really is canceling a top and

on steel for example, we have a very ambitious timetable.also has something to do with concerns that maybe if we do not do this, we will not be able to solve this issue in the multilateral way and in a global forum and people will resort to bilateral measures which is something people do not want. the u.s. delegation and the chinese delegation and the europeans said they were ready to accept the global format and activity. the declaration came about and could only come about together with the united states of america. but as i said, there were tough negotiations. the man with the red tie, three lines from the back. >> thank you, madame chancellor. i'm with shanghai media, china. my question -- thank you. the g the topic back to 20 itself. how do you see the future of g 20 as a powerful international organization promoting openness against the head when of -- the headwind of isolationism and populism? the chinese president had a very successful state visit to germany. you are also the european leader who visits china the most openly . how do

the steel worker fell from a four-story building that's under construction. kpix 5's jessica flores explains why this accident is troubling for menlo park's fire chief. >> reporter: construction crews continue to work today on the massive steel frame set to be facebook's building 21. the site cal/osha is now investigating after a worker plummeted 15 feet from the fourth floor. according to the menlo park fire department, the worker fell from the fourth floor to the third floor tuesday when a piece of steel he stepped on dislodged. in a statement, the fire chief said: >> he was rushed to stanford hospital's trauma center where he is recovering. this isn't the first time firefighters had to rush to this construction site. back in april, two workers were 40 feet high when their steel beam under them dropped. luckily their safety harnesses saved them. the fire chief says, that's not only very unusual but it deeply concerns me." we reached out to the contractor and to facebook. the companies have not responded to our requests for comment. in menlo park, jessica fl

for section 232 regarding steel tariffs.el and ak steel lower. a different manufacturing business -- paint. we are also seeing declines here. sorry, i thought we were looking at the chart in a different place. within-williams and ppg earnings, both missing estimates, selling less house paint to consumers in the second quarter. talking about continuing. sluggishness, ppg, and mixed demand at u.s. chain stores. pulling down axalta as well. david: let's wrap up all the news coming out of washington today, the bloomberg scoop. investingller is possible ties between the donald trump campaign and russia in last year's election, looking at a broad range of transactions involving trump's businesses. and the cbo score this afternoon . let's get back to kevin cirilli. i enjoyed your interview with congressman black. give us a sense of momentum on capitol hill in light of the interview and other conversations you have been having today, how is congress moving ahead despite or while all this goes on? kevin: they are trying, david, they

steel companies.s a firing of relations and the trump administration follows through potentially with fuel imports that come from china, that could be good for the u.s. steel industry. there is something to be said for the fact that press conferences were canceled. the relationship got off to a big to do when president trump met president xi jinping at mar-a-lago in april. now we do not even have a statement. betty: we do have a statement from steve mnuchin and wilbur ross, but it did not say much at all. what does this mean, because there will be another meeting, i am sure, between trump and xi. i forgot, xi does not like to golf. so there was no golfing at mar-a-lago. but still, they hit it off at that beautiful dinner. do them two have to meet again for improving relations? sarah: there was a statement from the u.s. trying to acknowledgment trade deficit and working cooperatively, but there was no joint statement. the joint statement was the important one, it shows what they may have achieved. talk

one of the key ones that has been focused on is a fight over steel and what could happen.e trade deficit front, beijing has its own reasons that it is urging washington to loosen outdated restrictions on the export of high—tech products. i don't think many were expecting a concrete announcement but what is next? well, yeah, these two sides, nobody was expecting much to come out of the meeting that there are a few things pointing out. there was nojoint statement few things pointing out. there was no joint statement following the meeting. there was a meeting with the press that was supposed to happen but was counselled. this is a departure from what we have seen previously. i think people interpret it as previously. i think people interpret itasa previously. i think people interpret it as a sign of disagreement between the two and it goes back to the steel tariffs. that is something we could see going forward. steelmaker shares in america were soaring after the results of this meeting. in other business news making headlines, there has been a twist on one of china's biggest

the steel industry and helping revive jobs is trump's time to deliver on that. the only way the trump administration has sought solution is to say it is against national defense, against the country's national defense issues that's going to be something that's very difficult to prove they're going to use an obscure 1962 law to say the steel industry is very important for defense sector, try to restrict imports. i don't think that will fly with any other country if they go ahead with that, that's why the g20 communique was important in reiterating that they're going to take substantial measures to reduce the excess capacity, having a concrete deadline by november to come up with actual policies will serve to that need. >> are we going to see a trade war ultimately >> if the u.s. goes alone and implements trade restrictions on the back of this 1962 law, then i think so the last time the u.s. imposed restrictions on steel back in 2002, they were reversed in 2003 because they were in contradiction of wto commitments. but the eu already stated if restrictions come in

depending on foreign steel means a u.s. tank depends on that import opponents of the move hold that it is protectionism one o one and threatens free trade. also president donald trump doesn't appear to be facing a solid one against nineteen on the subject its stance the white house's stance on the paris climate deal at the g. twenty summit as countries such as saudi arabia russia turkey and indonesia send mixed signals over their support of the accord german chancellor angela merkel has softened her tune a bit at the meeting and hamburg what was at first a denouncing of the u.s. stance on the climate agreement when it pulled out of the accord weeks ago has now turned into urging a quote overwhelming majority to embrace the paris agreement the u.s. says it is ready to compromise while it rejects the paris deal promising to tackle climate change on its own. the g twenty summit happens every year and a meeting of the world's most powerful economies and players and simone del rosario is joining me now is to explain who takes pa

country cannot find itself importing steel from china subjected to dumping of steel from other countries. i don't mean to interrupt, -- >> reince: this is an important issue. >> chris: you're making the argument that yes he will impose tough restrictions. >> reince: my guess is that he will because he promised he would. >> chris: 's than the europeans will impose tough restrictions. >> reince: maybe they will, maybe they won't. >> chris: they say they will. >> reince: many of these countries have been taking advantage of the united states and part of the reason why president trump is in the white house if he told the american people that the time is over for the rest of the world to take advantage of the united states. >> chris: what happens when they impose tough restrictions on our exports to them? and americans lose jobs. >> reince: other than maybe a few countries you can't find a trade surplus going the opposite direction of the united states. that all being said, we might be running out of time, i want to make it very clear, this was a positive meeting. the president set the stage

david: on the issue of manufacturing and steel, when he put up the latest chart on steel production.elieve that's an all-time high. a professorg with of economics and she says she does not look at month-to-month readings, but she looks at him quarterly. what do the numbers about steel tell you about production in the chinese economy right now? eswar: even quarterly may be too high the frequency to look at. i look at your two-year over anything else. they do with problems of overcapacity and factors -- sectors like steel. they need to try to think about what are the incentives and the banking system that lead more investment and to -- and to that sector. the capacity has not been dealt with. despite the government's attempts to reduce the capacity, which often ends up having to be exported, they have not dealt with the coal problems yet. it is less of a problem now, but has been festering. you the degreesk on which this administration has been focusing. the previous administration under obama was very keen about talking to chinese leadership about capacity. is that a central message t

potsch: the bed is made of high-strength steel, which is less susceptible to punctures than aluminum.um is great for a lot of things, but maybe not the bed of a truck. potsch: and best of all, this new truck is actually- gary: (all laughing) oh my... potsch: the current chevy silverado. gary: i'm speechless. gary: this puts my ford truck to shame. james: i'll tell you, i might be a chevy guy now. (laughing) gerri: president trump talking tough on steel saying china and other countries are destroying the industry in the u.s. he said maybe he will slap question as and tariffs on the industry. bob, we know domestic teal mills are operating at 71% of capacity. in the heartland people understand this from their gut. they are living it. on the coast, people are saying, why is this a big deal. explain why it's a national security issue. >> national security is the reason trump is mixing both domestic and international foreign policy. when you look at the big picture. trump won largely because of trade. i has to give -- he has to give back to those states who have been hurt by horrendous deal

don't like steel and aluminum dumping.ristine romans matches the tweets to the facts. >> reporter: hi, john. remember, candidate trump bashed these numbers but president trump is quick to take credit for them. how much does he deserve? look at the stock market. after the election, stocks did get a big bump. a nice rally. the s&p 500, it's broadest gauge of the market, up about 16% since then. fueled by this administration's promise of tax reform and deregulation. let's put that in perspective. the trump bump is actually the tail end of a bull market that began under former president obama. born after a brutal financial crisis. president trump also cheerleading jobs here. some 600,000 created since president trump took office. that's a solid number, but just like stocks, that's a cap on years of recovery in the labor market. in fact, this february to may is actually the slowest pace in the last three years. we'll see the latest numbers friday. one dark spot the president mentioned in that tweet. don't like steel and aluminu

steel, ak steel, steel dynamics soaring in yelled's session just mixed though at this point.his i should also pint out comes ahead the u.s. choo/china0 day plan where are there has been a lot of chatter that steel will be a part of the plan that is sbrintroduced >>> at&t reportedly shaking up their ranks. randall stephenson will become executive dh executive chairman yesterday seven consumer groups sent a letter to attorney general sessions urging him to on block the deal on grounds that it would lead too hi highe prices >>> draft kings and fan duel are calling off their merger after a month of negotiations, plan glan dowdy has that big story a [ inaudible >> we'll get back to her in a second to fix her audio. but this has come after many months of speculation as to whether these two companies can in fact merge. a lot of concerns around antitrust. that from what i understand was the big holdup and a lot of scrutiny of those specific industry as you know, we'll see though if the two companies can come together. >> landon's mic is back in action go for it. >> take two. top two