welcome back across the uk or all things are considered i'm peter bell to remind you we're discussing the old world order. ok let me go back to john in washington i think one thing that is clear and i don't think there's really much disagreement about is that donald trump seems to be almost obsessed with undoing obama's legacy ok i'm just putting that out there ok. so john i mean if trump is juxtaposing his foreign policy to his the his predecessor what are the confines and you've met already mentioned that it's more realistic i would agree with that ok but what does trump want to achieve in his first four years in office because presumably he wants to be there for eight what kind what's trump world look like let's say after eight years go ahead john. well i think i think we've already covered some of that but yeah he he wants to distance himself from his predecessors and to make his own mark not just distance from obama but even republic recent republican presidents so i think trump is much more numerous he is a tally up costs and benefits and maybe a tendency to look at things in ze

welcome back across the uk where all things are considered i'm peter bell to remind you we're discussing immigration. ok let's go back to roland you want me right before we went to the rick you want to finish your point please do. you know i just wanted to say that i am not in this of the same opinion in one crucial point which is i think we need more europe and not less europe to solve to crisis and i give you a practical example today we have to harmonize the seal of laws and it is the most urgent issue to solve today it is possible that a migrant that is not accepted in one country for example in germany can just switch country and restart applying in another country for example it meets france and if you doesn't succeed doesn't succeed there they just switch on and go we have to how nice their loss to accept a single c. because we have to harmonize to reduce duration and of course we have to harmonize that a collaboration of secure the country so the regent for example germany has the clear parts of afghanistan a secure country and doesn't accept the just sweep streets a league in th

welcome back across the uk or all things are considered i'm peter bell to remind you we're discussing the old world order. ok let me go back to john in washington i think one thing that is clear that i don't think we are there's really much disagreement about is that donald trump seems to be almost obsessed with undoing obama's legacy ok i'm just putting that out there ok. so john i mean if if if trump is juxtaposing his foreign policy to his the his predecessor what work what are the confines and you've melody mentioned that it's more realistic i would agree with that ok but what does trump want to achieve in his first four years in office because presumably he wants to be there for eight what kind what's trump world look like let's say after eight years go ahead john. well i think i think we've already covered some of that but yeah he he wants to distance himself from his predecessors and to make his own mark not just distance from obama but even republic recent republican presidents so i think trump is much more numerous he is able to tally up costs and benefits and maybe a tendenc

welcome back across like we're all things are considered i'm peter bell to remind you we're discussing the old world order. ok let me go back to john in washington i think one thing that is clear and i don't think we there's really much disagreement about is that donald trump seems to be almost obsessed with undoing obama's legacy ok i'm just putting that out there ok so john i mean if trump is juxtaposing his foreign policy to his the his predecessor what are the confines and you've met already mentioned that it's more realistic i would agree with that ok but what does trump want to achieve in his first four years in office because presumably he wants to be there for eight what kind what's trump world look like let's say after eight years go ahead john. well i think i think we've already covered some of that but yeah he he wants to distance himself from his predecessors and to make his own mark not just distance from obama but even republic recent republican presidents so i think trump is much more numerous he is able to tally up costs and benefits and maybe a tendency to look at thin

welcome back across the uk were all things considered i'm peter bell to remind you we're talking about potential trade wars. ok let's go back to alison i want to reach a few words a quote here from jeffrey sachs where very well known economists particularly in eastern europe and russia not for the best reasons i'd like to point out he is described donald trump as isolating america and he declares him a psychopath's trade war how do you react to jeffrey sachs calling the president the united states a psychopath i think psychopath is a bit over the top i mean he is i know he didn't get elected on the basis that he was like the other politicians but he is a politician and. you know he behaves rather like one just maybe a little bit differently he hasn't spent a lot of time studying the book on the art of diplomacy you know he's got his own way of doing things and i think that's fine with you know we will get used to it is not. a problem i think the other thing is that what we see in the headlines of course you've got a press which you know having been accused of fake news and all the rest

welcome back across the uk where all things considered i'm peter bell to remind you we're discussing immigration. ok let's go back to roland you want me right before we do the rick you want to finish your point please do. you know i just wanted to say that i am not in this same opinion in one crucial point which is i think we need more european not less through europe to solve to crisis and i give you a practical example today we have to harmonize the as the laws and it is the most urgent issue to solve today it is possible that a migrant that is not accepted in one country for example in germany can just switch country and restart applying in another country for example it needs france and if you doesn't succeed kiyoshi doesn't succeed there they just switch on and go further we have to how nice their laws to accept and see because we have to harmonize to reduce duration and of course we have to harmonize that the collaboration of secure the country so the regent for example germany has the clear parts of afghanistan a secure country and doesn't accept the salem sea because they jus

welcome back across the uk were all things considered i'm peter bell to remind you we're talking about potential trade wars. ok let's go back to alison i want to reach a few words a quote here from jeffrey sachs a very well known economist particularly in eastern europe and russia not for the best reasons i'd like to point out he described donald trump as isolating america and he declares him a psychopath's trade war how do you react to jeffrey sachs calling the president the united states a psychopath i think is a bit over the top i mean he is i know he didn't get elected on the basis that he was like the other politicians but he is a politician and you know he behaves like one just maybe a little bit differently he hasn't. i spent a lot of time studying the book on the art of diplomacy you know he's got his own way of doing things and i think that's fine with you know we will get used to it is not there's not a problem i think the other thing is that what we see in the headlines of course you've got a press which you know having been accused of fake news and all the rest of it i mean

welcome back across the uk were all things considered i'm peter bell to remind you we're talking about potential trade wars. ok let's go back to alison i want to reach a few words a quote here from jeffrey sachs of a very well known economist particularly in east. in europe and russia not for the best reasons i'd like to point out here described donald trump as isolating america indeed he declares him a cycle paths treed war how do you react to jeffrey sachs calling the president the united states a psychopath i think psychopath is a bit over the top i mean he is i know he didn't get elected on the basis that he was like the other politicians but he is a politician and you know he behaves rather like one just maybe a little bit differently he hasn't spent a lot of time studying the book on the art of diplomacy you know he's got his own way of doing things and i think that's fine with you know we will get used to it is not there's not a problem i think the other thing is that what we see in the headlines of course you've got a press which you know having been accused of fake news and al

welcome back across the uk were all welcome back across the uk where all things considered i'm peter bellto remind you we're talking about things are considered i'm peter a bill to remind you we're talking about potential trade wars potential trade wars . ok let's go let's go back to about alistair i want to read i want to read a few words of a few words of quote here from jeffrey sachs quote here from jeffrey sachs of x. we have a very very well known and well known amiss known economist particularly an easterner to clean eastern europe and europe and russia and russia not for the better not for the best results reasons i buy things i'd like to point to point out. he has just described. donald trump trump as i says isolating america america and india he declares him he declares him a psychopath's trade war a psychopath's trade war how do you react how do you react to jeffrey sachs to jeffrey sachs calling the president thinks calming down it's pretty it's as if in the united states a second psychopath. i think sites like a park a path is a is a bit over bit over the top i mean he i mean

was the trump administration to the rescue listen to what trade advisor and hawk peter navarro said on the closing bell. >> i think this is a day that -- the momentum traders get ahold of that and drag things done but if you're a long-term investor this economy is going great, this president, tax cuts, deregulation, low energy and good trade policy yielding strong investment here what's not like to like about that >> call it the navarro bounce. we rallied hard into the close and are 300 points off the lows of the day so when things get bad, count k you count on the trump administration to step in and stop the selling is there a trump put in this market, guy? >> i believe there is a trump put and i think they waltzed out mr. navarro to sway market fears and walk back some of the things we read earlier in the day no question about it however you have to believe the only reason we've been selling off is due to the tariffs. i don't believe that maybe it is and obviously today was a heavy tariff headline day but that wednesday when i thought the fed was extraordinarily hawkish and if you think there's a fed

peter navarro comes out on the closing bell he speaks, the market starts to lift nce that navarro bottom on monday, the s&p 500 is up 35 points so carrie firestone, i ask you this question. the administration has always looked at the stock market closely. is this just more evidence that trump has our back >> i think it's clear that the president cares about the stock market's performance we also know that since the peak in january, the market is do 6% so the administration cannot talk about the performance of th in a positive way right now. but what they are talking about is incendiary comments and then pulling them back so we get the effect, we can see the effect that the white house has positively and negatively. is this a way to just test that? to see how much can the white house influence the market we're seeing a lot of that effect this week does it really matter over the longer term? i don't know the answer to that. i wouldn't suggest, but we're really seeing how it waves up and down because of what comes out of their mouths. >> i think you're giving the white house a little too mu

formally what are the key leaders saying party's peter all of a look tell us from europe as we go to break here are the numbers at the closing bell. i think it trying to imagine as i say things just to be controversial and you would not withstand the level of attacks of police have asked minutes to ten of having my passport take ten of social services being called on my children my family being under threat of coming to jihad is plotting to behead me in the event the twenty seventeen i don't believe you would withstand those levels of people trying to trying to silence you if you didn't believe what you said. there was a kid saying compensate the boys tonight. on the program they can. go and. move on which i. can show them the movies because i'm on the stand in court and if you can show. them when this. does not. cause it is a. welcome back aspiring automaker tesla has announced that it will lay off forty one hundred workers effectively cutting their total workforce by nine percent tesla has added eight thousand jobs this year bringing their total workforce to forty six thousand the cuts were announced in a company white e-mail s

bell. then at 10:40 eastern, the dow tanked 400 points as peter navarro then rushed into hold a call with reporters. while there's no progress talks with china, this would be bullish for american businesses. whether that happens and whether that plays out remains to be seen. one guy in the thick of trade deals and disputes, there is no need to panic yet, president obama's former undersecretary of commerce for international trade stephon selig joins us in a fox business exclusive. interesting perspective. you agree with navarro, correct? >> i agree there is no reason to panic and we're not in a trade war. i agree there are real issues that the administration is taking head on. where i don't agree with him and the president is doing this with tariffs. we're fundamentally have never been effective and i don't think they're effective here either, liz. so while i agree that they've diagnosed real problems, i think they have not come up with a cure. >> let me push back on this, and i'm doing this with almost every guest who says i agree with president trump, he's right, things need to be fair but this is

form what are the key leaders saying parties peter all of will tell us from europe as we go to break here are the numbers at the closing bell. i think it trying to imagine that i say things just to be controversial and you would not withstand the level of attacks of police have asked minutes of detention of having my passport take ten of social services being called on my children my family being on to threat of having to jihad these plotting to behead me in the event the twenty seventeen i don't believe you would withstand those levels of people trying to trying to silence you if you didn't believe what you said. my uncle with a kid same compensate the boy tonight i didn't. see the program because. it's not. going to. get. me home. on which i. can show them the movies because i'm a mess and in the cult if you can show. them when the state. does not. cause it is a. you know i'm a huge. financial guy i don't buy a i'm on a few. sunday that's the sum of my ex in the future so crocker kaiser. welcome back aspiring automaker tesla has announced that it will lay off forty one hundred workers effectively cutting their total workf

market reaction that with about 22 minutes before the closing bell rings, they're rushing members out to various cameras, various networks. peterd saying this whole thing's an overreaction. but that the u.s. will defend itself against threats to its technology. we knew that. but the question that sparked the big selloff was that steven mnuchin, the treasury secretary, had tweeted today saying it's not just china that we're going to defend ourselves against, it's every country that will be suspect which actually makes a great deal of sense, but it's almost like a self-imposed wound right now because we knew this. we knew that they were going after china, and yet the sort of jarring of the markets is what you see on your screen. the transports, though, are getting kind of run off the road, well off the road here. it's now negative for the year for the dow jones transports, we are down about two and a third percent. that's the first time we've been negative for the year since mid may. let's go to nicole. >> reporter: hey, liz. take a look, 19 of the 20 are to the downside. we've heard from these types of companies, the truckers, t

about the move, and stick around for the first cn ierewbcntvi with peter navarro coming up in just a couple minutes the "closing bellis back after this with the new chase ink business unlimited card i get unlimited 1.5% cash back. it's so simple, i don't even have to think about it. so i think about mouthfeel. introducing chase ink business unlimited with unlimited 1.5% cash back on every purchase. . >>> see that is down as well as the broader tech down, 6.3%, and caterpillar and mcdonald's round out the list >> there's a less visible impact, the ipo mark bob? >> it's more than tariffs. there's confusion. the issue is bigger than just tariffs. the president talked about restricting chinese investments in the united states so it's not clear exactly what that means, but that could ultimately impact more than just chinese m&a, for example, in the u.s., and, for example, so it could have an impact on the chinese willingness to come here raising money in our ipo market, even this year, including tech ones, entertainment firms, billy billy, and it services firm, clps, they had big gains since going public, and that was no

. >> crazy to the upside joining our closing bell exchange to react, rob morgan, and cnbc contributor, peter costa, and our own rick santelli peter, i mean, do you take what he says at face value, and how do you -- the market today, we still have the dow down 53 points now, and most of the weakness came recently >> right well, he's -- you have to remember something, he's one of the smartest guys that's been in the hedge fund industry. i respect everything he says i do think we're going to have a softer summer and fall, and i think going into the midterms you're going to see rates go up, which i think happens, and market rallies through the end of the year. it's not higher from where we are, and not the softness summer usually third quarter earnings come out in september, october, and after we get through that period of time, the market is -- i don't think we're going to do as well as he thinks we're going to do, but i think we'll have a rally at the end of th >> rick, he also said we need to see rate hikes because at the moment there's distortions pointing to the fact that companies are ince

comes back mnuchin -- >> -- [ applause ] >> right and peter navarro had the comments about trudeau and walked them back [ opening bell over at the nasdaq owner and operate of liquid vessels celebrating its liing today. oil $63.59 was a two-month low. >> yeah. >> as we await what could be a production hike. >> yeah. i thought it was interesting because it's obviously there's a coalition of the nonwilling building you know, iran doesn't want it venezuela. but the main thing is russia when they get together, russians and saudis, then i think what happens you see there are going to be more oil pumped. that's what president trump wants. but, you know, it's got to be more than just 300,000 barrels a day. you need a million barrels a day in order to get the price down we don't have that we're down .83 versus germany being down far more. >> how about that. >> about half of germany's losses this morning, at least. >> right how many articles have you read in the last two hours about merkel being in trouble? well, it's interesting you put it in our heads. >> it's a big potential story. if we do walk in here one morning, one wou

peter. >> you're welcome >> over to kelly evans stick around we have the second hour of the sing bell. >>>court, and welcome to "closing bell," i'm kelly evans. we are going out with a record on the nasdaq today, that's the one we watched to see if it could, and, indeed, it did, closing above 7600 for the first time, 7606, joined by the russell small caps, and the small caps have been up there longer, 1653, and dow and s&p are nothere yet, but did fine today. the s&p adding points. dow up 178 we also had a little weakness in the dollar oil was down today the transports, actually, down as well. airlines did take part in today's rally, down 8% for the year, and latest industry data could show pain ahead. we'll trade it coming up later on this hour, the roche pharmaceutical ceo has more on the race to treat lung cancer. looking forward to that. se market commentator, michael santoli is here, and rebecca patterson, and jj. welcome to all of you. a nice day for retail, and ge there, again, down nearly -- look, mike, under $14. what's the low for ge now? >> low is -- was under $13 >> all right n

welcome back across the uk where all things are considered i'm peter bell to remind you we're discussing immigration. ok let's go back to roland you want me right before we went to the rick you want to finish your point please do. you know i just wanted to say that i'm not in this same opinion in one crucial point which is i think we need more european not less europe to solve to crisis and i give you a practical example today we have to harmonize the as the laws and it is the most urgent issue to seoul today it is false little that a migrant that is not accepted in one country for example in germany can just switch country and restart applying in another country for example in the province and if you doesn't succeed.