i would say the impact on growth who would i nippon steel? uld say the i impact on growth who would be far less compared to the impact on us steel, which, as you have heard, has warned ofjob losses as well as possible factory closure. at the japanese company has been looking to go overseas, it faces a slowdown in demand at home, and this deal would give a large foothold in the us where infrastructure spending is rising. also, nippon steel is currently the world was a fourth biggest steelmaker, and by buying one, it hopes to become the world government number 21 compete against the biggest, which is a chinese steelmaker. the $15 billion it offered is double of previous offered is double of previous offer that us steel had from its american rival, level and cliffs, and way more than us steel's market when the deal was announced last year. the deal received all regulatory approvals from outside the us and a green light from its shareholders as well, but as we have been saying, the timing is very tricky with us presidential election is looming and

also, nippon steel is rising.n steel is currently the world's fourth biggest deal—maker and by buying us steel it is hoping to become the world number two and compete against the biggest, which is a chinese steel maker. the $15 billion that it has offered is about double of the previous offer that us steel had from its american rival, and way more than the market when the deal was announced last december. the deal has already received all regulatory approvals from outside the us and a green light from its shareholders as well. but, as we have been saying, the timing is tricky with the us presidential elections looming and from president biden�*s point of view, given mr trump is also... the deal, he could just take it off the table altogether. it will be interesting to see how shares do when the markets open in the us in a few hours' time. stay tuned for that... now lets head to bangladesh its been one month since the dramatic ousting of prime minister sheikh hasina. since then bangladesh's clothing factories that

us presidentjoe biden is planning to block the takeover of us steel by japan's nippon steel on national security grounds — that's according to multiple us media reports. the $15 billion deal would have created one of the world's largest steel companies outside of china and had been hailed by investors as an answer to the us company's financial woes. shares in us steel fell more than 20% after reports of the decision. here's ritika gupta with more. nippon steel's $14 billion bid to acquire united states steel has been caught in the cross hairs of an election year and in the crucial swing state of pennsylvania where us steel is based. us presidentjoe biden has long pledged that the iconic american company, headquartered in pittsburgh, should remain domestically owned and run. presidential nominees kamala harris and donald trump have also both committed to keep us steel american, though any move to block the deal could potentially be subject to litigation. proponents of nippon steel's bid say the us shouldn't reject a bid from a company based in an allied country such as japan, especially

japan's nippon steel won't like to hear that.— to hear that. no, this deal does seem a _ to hear that. no, this deal does seem a bit _ to hear that. no, this deal does seem a bit doomed, | to hear that. no, this deal - does seem a bit doomed, doesn't it? as you said, nippon steel offering to take it for $15 billion, but it's been facing a bipartisan political backlash, not only from vice—president kamala harris but also from donald trump. it's been facing opposition from the major labour union, united steelworkers. but us steel says it remains committed to the deal, saying that nippon steel is a long standing investor in the united states and the deal will enhance the industry's competitiveness and resilience against china. nippon steel has hired mike pompeo, remember him, the former secretary of state under donald trump, to lobby in favour of the deal. it pledged to make an additional investment of over $1.3 billion investment of over $1.3 billion in us steel facilities in the transaction is completed. so that's on top of $1.1; billion nippon

for nippon steel, it is a big blow. ere hoping to expand their footprint globally as domestic demand for steel ebbs and japan. for u.s. steel, the company itself had their shares slumped, down 17% by close of business yesterday. the boss there has warned that without that takeover by nippon steel and all the investment that the japanese company were promising, without that they will largely have to close down. the way politics in the u.s. in an election year has done away with this deal, it looks like. tom: what does it mean for nippon steel, the business, going forward? martin: there is the immediate response to this, both on a political level and at a company level. nippon steel has said they will pursue legal options if the deal is blocked. nippon seal has said they hope that the u.s. can do this innate lawful way, which i guess is a hint. the people we spoken to already, it doesn't look like there will be much ahead if the deal is turned down. nippon steel doesn't have that many other options, is trying to expand, to

really appreciate it. >>> coming up, nippon's steel's proposed $15 billion takeover of u.s. steel would create national security risks, according to the biden administration. after the break, we'll talk to two former secretaries, including the former amazobassa to china. >>> the stocks are on pace for the worst week in over a year. 371, the latest read on the ten-year yield. we're back after this. >>> this i"t ehas hexcnge" on cnbc. ♪ (girl) wooo! ♪ ♪ is it possible to count on my internet like my customers count on me? it is with comcast business. keeping you up and running with our 99.9% network reliability. and security that helps outsmart threats to your data. moaire dida twoo? -your data, too. there's even round-the- clock customer support. so you can be there for your customers. with comcast business, reliability isn't just possible. it's happening. switch to reliable comcast business internet with security and get started for $49.99 a month. plus ask how to get up to a $500 prepaid card. call today! >>> welcome back to "the exchange." the drama around u.s. steel contin

through all of this, nippon steel has added sweeteners, saying they would invest more in u.s. tive. they added to that investment figure last week. they said the board of u.s. steel would be led by american citizens. they've done all sorts of things to say no job losses. they've made a lot of commitments to get this deal over the line but it doesn't look like it's enough to overcome that political opposition. at the same time, u.s. steel itself, the management is in favor of the deal. they said if this doesn't go ahead, it will cost jobs in their plants and they don't have the money to spend on an investment that nippon steel can give them. paul: our commodities reporter. want to get you an alert on the bloomberg out of thailand, these are august cpi numbers coming in softer than expected. .35 of a percent of the expectation, a slowdown from what we saw in the month prior. what else do we have? the context is we have the bank of thailand keeping the policy rated at two point 5% despite week inflation numbers for three months now. however, they are saying september inflation in

now nippon steel had previously pledged to move its u.s. headquarters to pittsburgh where u.s. ed, that would invest $3 billion in union represented facilities. nippon steel also said key management positions and the majority of board seats would be held by u.s. citizens. now yesterday u.s. steel warned that thousands of jobs were at risk in pennsylvania if the deal fell through, and that there were no national security issues associated with the transaction. now nippon steel spokesperson said the acquisition would revitalize the american rust belt. now the white house decision would come as kamala harris is stepping up her campaigning for blue collar votes in pennsylvania. >> charlotte, thank you. >>> still to come, minecraft leaps off of computers onto movie screens. we are breaking dawn with the latest news of twilight's netflix debut. t me shr edded. it's time we listen to science. one a day is formulated with key nutrients to support whole body health. one a day. science that matters. life doesn't stop for a cold. honey... honey... dayquil severe honey. powerful cold and fl

what are the few areas that both parties are aligned on is actually blocking nippon steel's bed for uss of protectionism and would this steel have been easier to get through it was an election yeah? through it was an election eah? ,, through it was an election eah? , , through it was an election eah? , yeah? this is absolutely about election-year _ yeah? this is absolutely about election-year politics - yeah? this is absolutely about election-year politics and - election—year politics and specifically, the 1.2 million members of the steelworkers union spread across pennsylvania and at ohio. that is whojoe biden, commander harris and donald trump is trying to speak to. —— kamala harris. this is entirely about the election and speaking to those down ballot voters in the state of pennsylvania, in the state of pennsylvania, in the state of pennsylvania, in the state of —— dan in pittsburgh. if you can't sell to japan, who can you sell to? i if you can't sell to japan, who can you sell to?— can you sell to? i think that ja an is can you sell to? i think that japan is a — can you sell to? i

japan's nippon steel. >> u.s. steel should remain american owned and american operated.lause] and i will always have the back of america's steelworks. >> well, that was if a nice try, but the truth was that the biden administration had been dragging its feet on the transaction for months. clearly trying to run the clock out until the election. signaled to japan the sale would go through. don't worry about what we said public will you i then they got caught in the political thicket in pennsylvania. donald trump and j.d. vance from the beginning properly recognized that such a critical and valuable asset could not go into foreign hands vance called the bluff last night when pressed on the angle. >> you believe her when she says she wants to protect u.s. steel from foreign acquisition and, if not, why haven't they done anything on it? >> well, laura, if kamala harris wants to protect u.s. steel and keep it u.s. steel, i wonder if she knows anyone in a position of authority like maybe the vice president of the united states. now, donald trump and i have been fighting this tr

nippon steel's $14 billion bid to acquire united states steel

government does block the proposed takeover by the japanese firm nippon steel. the threat to close a plant in the battleground state of pennsylvania really opens another political front in what is already a highly politicized takeover effort. the deal is opposed by both donald trump and kamala harris, who announced her opposition on monday in an effort to reassure american politicians, nippon steel said today that u.s. citizens will make up the majority of the board of directors and core senior management members would also be americans. united steelworkers union leadership today, they denounced comments by u.s. steel's ceo, calling the company's leadership, quote, greedy and reckless. the union said the deal may enrich shareholders and management, but quote, the merger sells out the future for workers, the retirees, the communities and jeopardizes our nation's ability to produce the melted, poured, and finished steel products that we need for our national defense and critical supply chain. melissa, back over to you. >> eamon, it seems curious to me that they co

nippon steel said u.s.ity of the members of the board of directors of the company. united steel workers union today denounced the kpcomments callin the leadership quote, greedily and reckless. they said the deal may enrich shareholders and management but spells out the future for retirees and communities and jeopardizes the ability to produce the melted steel products we need for our national defense and critical supply chain. so you can see there the battle for the unions in this national election is what's reflected here in the battle over this takeover deal. >> right, and the interesting twist on all of it is you don't have the u.s. ceo saying block this, i want to save my company. he's saying to save my company, this deal has to go through. >> right. yeah, he's saying they're going to bring $3 billion in new investment into the company. he doesn't have the cash to do that and without that, it's going to hurt the workers. the union doesn't believe that. the union believes that the ceo, his view is colore

clawing back some of yesterday's losses as new details emerge on the government's concerns over nippon steel'sposed acquisition of the company. meanwhile, cleveland cliffs, whose unsolicited bidfor u.s. steel was rebuffed last year continues to drop. for more on the state of play for a steel deal, let's bring in pippa stevens. >> hey, melissa. national security concerns have been cited for why nippon's $14.9 billion proposed takeover of u.s. steel could be blocked. but now, reuters is reporting it is specifically around having enough supply for critical i infrastructure, citing a letter from the committee on foreign investment in the u.s. that was sent to both companies. now, nippon declined to comment on the report, but said last night that it had not received any updated related to the cfius process, and the american steel industry will be on much stronger footing because of nippon's investment. for its part, u.s. steel has said thousands of jobs will be at risk if the deal falls through. and would raise serious questions about the company remaining in pittsburgh. now, shares are now trading

nippon steel's $14 billion bid to acquire united states steel has been caught in the crosshairs of anand in the crucial swing state of pennsylvania, where us steel is based. us presidentjoe biden has long pledged that the iconic american company, headquartered in pittsburgh, should remain domestically owned and run. presidential nominees kamala harris and donald trump have also both committed to keep us steel american, though any move to block the deal could potentially be subject to litigation. proponents of nippon steel's bid say the us shouldn't reject a bid from a company based in an allied country such as japan — especially one that could create an entity with the scale to compete with china. if the deal is successfully blocked, the fate of us steel is unclear. the company warn that it would imperil thousands ofjobs if the deal falls through. it may also close plants and even move its headquarters out of pittsburgh. some of the day's at the knees now. —— other news now. the authorities in haiti have extended a state of emergency to the whole of the country, as the us secretary of

look this transaction with nippon steel is fantastic and promentsed to pit a billion that are in the n america something we desperately need as an economic matter and larry you know this too it is important for national security matter that we keep making steel here in america. and that's what nippon steel wants to do they already have plans in america they will grow this one as well. and you know if this deal falls through, bad for american national security as well. more chinese steel, will have to be imported more chinese steel will be something that united states will be more dependent on. that's bad for us. we've got an ally, nation of japan that is always been a great partner for us for them for nippon to invest in pennsylvania to grow, jobs in pennsylvania is a great thing for our nation. larry: you're the diplomat not me but the last remember japan is a very good american ally so i'm not going to fret about that. and i also -- look you know who agrees with you, wilbur, ross, he came on this show a while back -- and looked you know he looked at the financials went through some

nippon steel's $1a billion bid to acquire united states steel

the company also said us steel will be owned by nippon steel in north america. steel maker and the company emphasise it has been operating in the us for more than half a century, so directly addressing ms harris�*s concerned that the firm should remain american owned. whether or not that will be enough remains to be seen, but as i said yesterday, to gain support from politicians and labour unions, they still have the secretary of state mike pompeo as an advisor and it has announced additional investment in the steel mill so total amount of investment is almost three billion dollars. the company said its vice—chairman will be making a trip to the us. we will see whether he can continue to negotiate the deal. 0k. continue to negotiate the deal. ok. thank you, mariko oi. to china, where president xi jinping is hosting african leaders for the 2024 summit of the forum on china—africa cooperation. china has been working to cement its influence in africa over the past decade, providing billions of dollars in loans to african nations to help build major infrastructure p

nippon's $15 billion offer for u.s. steel faces more push back. details ahead. >>> nvidia pushes back against the reports of the department of justice investigation. >>> later, getting ready for kickoff as the nfl moves one more step away from traditional broadcast in what is seen as a huge win in the streaming wars. it's thursday, september 5th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ >>> good morning. thanks for being with us. i'm frank holland. let's get ready for the trading day ahead. we get a check of the u.s. stock futures after the mixed stocks yesterday that saw consumer staples as the lone sector hitting the all-time high. it was in the green across the board. the nasdaq moved lower. the s&p fractionally higher. the dow would open up 45 points higher. investors are waiting and anticipating the next major market catalyst. it is expected to be the august jobs report due out at 8:30 a.m. eastern time tomorrow. economists are looking for hiring of 161,000. friday's numbers coming after the jolts report at lowest leve

but the nippon steel issue was something i was in the oval talking with the president about this and 's absolutely crucial if we have a military confrontation with a major power that we have a lot of steel. and one of the things that we learned when we were studying the matter in the white house is that china has will about three times as much capacity to make steel as they need. basically because they are preparing for war. and so if we all of a sudden had a war and we don't have steel, it's a big problem. and so what we needed to do, what president trump decideside we need to protect for national security reasons, he issued the order. we need protect american steel. and sadly this administration, has been asleep at the wheel and they almost let a key asset go. >> laura: now, the "wall street journal," not surprisingly, is warning that the plants are going to be closing if the deal didn't go through. saying that it might move headquarters out of pittsburgh. and to that you say, kevin? >> well, think about it this way, if nippon steel thinks they can take those plants and make them pr

lauren: interesting you ask that because last year they put in a bid values at $54 cash and stock, nippon steellly or, u.s. steel turned down cleveland cliffs because of regulatory concerns. stuart: oh, there's that. [laughter] bottom right-hand corner of the screen, the dow is up 227 point, more than a half percent. all of a sudden, the thing goes up. we're going to to look into this, which stocks are moving so sharply higher to justify a sudden burst to 220 the on the upside for the dow. okay. back to docusign because they reported after the bell. i guess it was a good report, because i saw up 5%, not bad. lauren: a.i. do you remember when this stock was at, oh, 310 a share or three years agosome. stuart: during the pandemic. lauren: height of the pandemic e, we were doing everything remotely including signing documents. they're at 60 since then. this is their post-pandemic turn the around, if you can, using a.i. so customers who have these subscriptions for the virtual document signing, you can use a. i. to summarize that document you're about to virtually sign. is they reported revenue rose

steel is on the move downward today as it deals with the my upon steel drama -- nippon steel drama, couldon the steel deal. it's not just the biden administration that wants to stand in the way. charlie gasparino is next with that on "the claman countdown." ♪ if. ♪ ♪ yeah... one of us always had to be first. first! first! [continue bickering in background] hold on, guys! [car honk] first. today, we're first together. we love you, mom and dad. thank you so much for making it possible. yo ..u . - i got the cabin for three days. it's gonna be sweet! what? i'm 12 hours short. - have a fun weekend. - ♪ unnecessary action hero! unnecessary. ♪ - was that necessary? - no. neither is a blown weekend. with paycom, employees do their own payroll so you can fix problems before they become problems. - hmm! get paycom and make the unnecessary, unnecessary. - see you down the line. leo! he's there when we wake up, he's there when we leave, he's there whenever we come back home from school, he's just there always. mash it up doofus. ever since we introduced him to the farmer's dog, his quality of life ha

steel sale to japan's nippon steel.ink japan was supposed to be, what they call a frenemy? you know the term, what is this diplomatic term? >> friend shoring. >> doesn't matter what the term is, because it's not working. >> the treasury secretary gave a friend shoring speech at the atlantic council. the whole idea was, we're going to de-risk, but work with our friending. well, who's a closer friend than japan? and so, for political reasons, for 19 electoral votes in pennsylvania primarily, joe biden -- sorry, also kamala harris and president trump are putting domestic politics ahead of american global leadership. because you can't ask the japanese at the same time help you crack down on china in its economy and economic malpractice, and then tell the japanese but you can help us when we're taking on china but not a good enough friend to invest in our steel. let's not forget, the worker would be better off. nippon steel and the japanese would pour a couple billion dollars into creating jobs, into modernizing. so this one

steel sale to nippon steel. is echos biden who says he opposes the deal saying it would hurt american steel workers. nippon, for its part, sweetened the offer saying it would invest $2.7 billion in steel u.s. plant should the deal be approved. we are seeing shares 6% lower in the pre-market. dom, we will absolutely keep an eye on this. >> silvana henao with the morning headlines. thank you. >>> turning back to the trading day ahead and kickoff september with the dow hovering at a fresh all-time high, bob pisani lays out stocks in september and this historically bad month for wall street may not live up to its reputation. >> the markets in september are likely to be complicated. the bad news is september is the worst for the year for everything. the good news may be outweighing the bad news. the market broadening trend we saw in august is very real. equal weighted s&p 500 out performed the s&p. it closed on the high on friday. the leadership wasn't tech, consumer staples. that's a broad market advance. second, ear

us presidentjoe biden is planning to block the takeover of us steel by japan's nippon steel on nationalated one of the world's largest steel companies outside of china, and had been hailed by investors as an answer to the us compa ny�*s financial woes. shares in us steel fell more than 20% after reports of the decision. here's ritika gupta with more.

president biden that they would block to the $14 billion sale of u.s steel to the japanese firm nippon steel u.s. steel's chief is warning, though that if the stale doesn't go through, it may have to close down mills, likely cutting thousands of union jobs and potentially moving its headquarters out of pennsylvania, which if you've been paying attention is a very important state in this election. some employees of us steel rallied yesterday in pittsburgh to support the takeover. but the united steelworkers union has firmly been against the deal let's discuss with david mccall, he's the president of the united steelworkers union. david, thank you so much for sharing part of your afternoon with us. i'm curious to get your response to this warning from the ceo that blocking the deal could mean lost union jobs. do you agree? >> no, i don't. boris. and thank you for the invitation to talk about this the ceo come out yesterday with this statement about the threatening to shut down some of the facilities and move their headquarters out of pittsburgh it's basically sentence irresponsible us steel is

the vice president has opposed a $14.9 billion takeover of us steel corp by japan's nippon steel in heremarks. vice president harris said that us steel should remain in domestic hands, and commited to always have the backs of american steel workers. that position mirrors that ofjoe biden, who said back in march that us steel corp should remain a domestically—owned american firm. us steel it should remain american owned and american operated. in other news — volkswagen is considering closing factories in germany to cut costs. it's an unprecedented move and sets up a showdown with powerful unions. the auto—maker — which employs around 680,000 staff — is struggling with its passenger car brand. profits are getting squeezed amid the transition to electric vehicles and a consumer spending slowdown. a four—day conference to attract foreign investment to russia is about to begin in the country's eastern most major city — vladivostok. the eastern economic forum is into its ninth year. last year, more than $40 billion in new agreements were signed, with 7,000 delegates in attendance. the largest

report that said president biden was preparing to nuannounce he will block the planned sale to nippon steelthat is under review on the committee on foreign investment. u.s. steel has not received an update or executive order on the review. president biden and vice president kamala harris and former president trump have all said u.s. steel should remain a u.s. company. the company has pushed back and said if the steel is not alllowd to go through, they will have to shutter plants and move from pittsburgh. you don't't know how much of th is a bluff. shares are down 21% year to date. >>> vice president kamala harris announcing her plans to raise the capital gains rate which she has broken with president biden by proposing a smaller top rate. in the speech she made in nfew hampshire, harris proposed 38% all-in rate. that includes the capital rate and biden's investment income tax of 5%. president biden proposed nearly doubling the capital ganins rat of 28%. harris did not say whether the proposal would differ from president biden's on taxing unrealized gains which we debated at this table with

nippon steel and u.s. steel said they will remain a u.s. company. on seal has placed billions of dollars of investment to the company, they said it will remain a pittsburgh-based company. u.s. steel has said if the deal doesn't go through, it may not even be able to remain in pittsburgh, it might have to close plants, so there are enormous pluses that the companies are pointing out. so from a political side, it still does look like there are enormous hurdles to get through to get this deal overrun. haslinda: how might this play out, how might it push it one way or the other? >> i guess the fact that it has been pushed back to after the election, and less it means it might become a political hot potato in terms of the campaigning. whoever does when the election will then be left with dealing with a decision on whether to allow it to happen or not. in that sense, which way it will go, very hard to say. but there certainly is more potential now for it to get through. haslinda: suffice to say watch this space, gareth allen, our breaking news editor. than

she spoke about the nippon steel tie up. this was interesting as a view into any potential national security versus jobs. she said this. an american company and a factoring steel is going to be critically important in the context of national security. keeping it domestic is more important than keeping all of the jobs. jack, what do you make of that? jack: you know, she brought the u.s. steel conversation back into a broader conversation that the biden administration has tried to focus on, on steel, on domestic production of semiconductors, physically saying, we want production and american ownership of some of the most important things to our economy for national security reasons. i'm interested to see what the polls show going forward on how that argument plays in pennsylvania, where this is a tricky issue, because some of the promises made by nippon steel were for major investment in pennsylvania. then again, if you make a little bit of a protectionist argument, if you emphasize u.s. investment and u.s. ownership i'm not su

our steel industry badly needs investment. nippon'shigh technology in making steel, so it's good for steel workers. there are not going to be layoffs. good for technology in terms of steel, keeping prices low which we need in manufacturing. so bringing these two companies together, remember, china has a over 50% of the global steel market right now. japan has 5, we have 4. bringing a good company in to help a struggling company here, we all both win. stuart. stuart: we should be doing that, but that's no not what we propose. listen to what harris had to the say about the economy under trump. roll it. >> donald trump blocked overtime benefits for millions of workers. he appointed union busters to the national labor relations board -- [background sounds] and if he supported so-called right to work laws. he intends to give tax cuts to billionaires and big corporations. he intends to cut social security and medicare -- [background sounds] he wants to impose what, in effect, is a national sales tax on everyday products and basic necessities

nippon steel is seeking to acquire us steel so that the purchase goes ahead for senior management asajority of board members will be us citizens. in a statement the japanese company said us steel sport include three independent directors who are us since. it comes after kamala harris eco joe biden�*s concern over us steel becoming foreign—owned. a former age to the governor of new york is pleading not guilty to charges of acting as a chinese agent. us prosecutors allege they followed orders from china to advance china's interests in exchange she and her husband are accused of receiving financial and other benefits. in other news — china has announced a probe of canadian canola imports — escalating a trade fight between the two countries. the move could lead to tariffs on a key canadian export. it comes a week after canada said it would impose new border taxes on chinese—made electric vehicles, steel and aluminium. india's prime minister narendra modi is wrapping up a visit to brunei today, and will come to singapore next. the bbc�*s archana shukla reports on why pm modi's visit to so

i , kamala harris has opposed the proposed sale of us steel to the japanese company nippon steel. in a pitch to voters in the swing state of pennsylvania at the height of the industry the democratic presidential nominee appeared alongside presidentjoe biden. both harris and biden said the company should remain american owned. i the company should remain american owned.— the company should remain american owned. i could not auree american owned. i could not agree more _ american owned. i could not agree more with _ american owned. i could not agree more with president l agree more with president biden. us steel should remain american owned and american operated. and i will always have the back of america �*s steelworkers. have the back of america 's steelworkers.— have the back of america 's steelworkers. , ., ., steelworkers. the showdown with owerful steelworkers. the showdown with powerful unions _ steelworkers. the showdown with powerful unions the _ steelworkers. the showdown with powerful unions the automaker i powerful unions the automaker which employs around 680,000 staff

nippon steel, japan's biggest steelmaker is poised to take over u.s. eel oh, and a deal worth $14 billion. but the justice department still needs to sign off on it for the deal to go through cnn's matt egan is joining us now with more on this. this is a, this is a huge, huge sale. and you do have a lot of workers very concerned of what it means to them. >> they absolutely. sara, this deal has turned into quite the political local football. >> and i guess i'm not shocked. >> i mean, we were talking about a foreign takeover of an iconic american manufacturing company during an election year. >> it's a symbol of blue-collar jobs and it is based in the must-win battleground, state of pennsylvania. and so yes, with vice president harris going to the steel city, right? the home of the pittsburgh steelers to voice her opposition this deal does look like it is in doubt here and look, it was controversial from the moment that nippon steel came out with this 14 billion takeover deal to try to get ahead of some of these concerns the company is said that us steel i

steel has been on decline since carnegie left, is is time to save it with nippon steel? >> it is. fortunately, this is for one thing that kamala harris and donald trump agree on. they are wrong on this. this is a deal that will save a lot of steel jobs, japan is an ally, and if we don't do this, it is clear what will happen. we'll be playing right to hands of chinese who dominate about 50% of world steel market, this is good for american workers, for foreign investment in united states is good, did you a tax cut the money plowed into the united states, they are wrong on this it say good one, and i do like you asked me today, what do you think about elon musk's idea of a grace commission against government waste, i love that idea, you remember in reagan years they came up with 400 billion of waste in budget, that was when budget was one-fifth as big as it is. that is a great way to drain the swamp. larry: kevin hassett, steve referring to peter grace, a famous businessman. the grace commission ur under reagan he brought in hundreds of business people they went through federal bureau

. >>> let's get a check of the top corporate stories and new intrigue in the nippon steel and u.s.teel saga. we have silvana henao with more. >> good morning, frank. happy friday. now cleveland cliffs ceo supports the biden administration's efforts to block the near $15 billion deal and would be open to acquiring assets from its rival should the deal fall through. speaking with cnbc nedyesterdayt should not deter the government's efforts. >> we are committed and we have a commitment to the u.s. government to invest in the assets we are going to acquire, particularly if the ceo of u.s. steel makes good on his shameless attempt to blackmail the president of the united states and commonwealth of pennsylvania with shutting down the office in pittsburgh. >> for context, u.s. steel previously rejected the cleveland cliffs $54 per share buyout offer in favor of nippon. >>> intel is considering options around the stake in the automated driving systems providing mobileeye as part of the strategy and possibly o offloading holdings in the company. this as reuters is reporting that qualcomm is

that kamala harris, if elected president, supporting the idea that it should not be bought by nippon steel, it should stay a u.s. steel manufacturer, the company said that if that happens they would have to cut thousands of jobs it. it seems that investors are ok with either scenario. one of the biggest movers on the day, dollar tree, down, worst day since 2000 one. they missed numbers in a big way, missing 35%. it was supposed to be a number above one dollar sales, cutting the profit and sales view. look at the plunge, it's nine days, down nine days in a row, the worst day since 2001, but over the entire time if it was on the percentage it would be a fall of more than 35%, the company saying they are seeing the higher end consumers cutting back, pulling back. there is an interesting story in retail about the mixed consumer. dollar general of course kicked off a similar story where they talked about the low income consumers not really having the appetite. down 40% on the year. on the upside, it's interesting, walmart is up, apparently taking some of the prize, the cake, from the other reta

steel is powering higher, by 3.9% on a report that the white house will not immediately block nippon steel'sbillion bid for the company. the washington post reports that the biden administration still opposes the deal for the japanese company to swallow up the american steel maker, but an official decision might not be made until after the presidential election. you can see the spike, just before noon eastern, when that report hit the tape. this as some members of the steelworkers union now warn the deals collapse could ignite an economic crisis for pennsylvania steel belt. are you starting to see the political aspects here, pennsylvania is a key battleground state. in a last ditch effort to save the deal last sunday nippon and u.s. steel sent a letter to president biden warning, pretty much the same thing. we've got more news out of the white house that is sinking chinese retailers at the mu parent pdd holdings, alibaba and jd.com are tanking although alibaba is down just under 1%. the rest are more serious here. the biden administration taking shots at chinese e-commerce giants for abuse a

nippon steel looking to take over u.s. steel.ilvana henao has more. >> the vice chair will meet with u.s. officials in washington today to save that nearly $15 billion deal that will include a sitdown with the committee on the investment, which argues that the deal would raise national security risks. >>> meanwhile berkshire hathaway unloading shares of bo after bank of america remains berkshire's third largest holding at just over 11% behind american express and apple and speaking yesterday, b.o.a. ceo talked about it. as you mentioned, we are watching energy prices with hung francine expected to intensify more before making landfall in the gulf later today they're all higher this morning, and oil and gas companies in the south have been forced to shut down production in that region, which produces about 15% of all u.s. crude and 2% of natural gas. the u.s. offshore regulator estimates about 25% of the gulf's oil and gas production is currently offline, frank. >> certainly something we'll watch on c nbc silvana, thank you very m

steel will hurt the industry, still nippon and u.s. will not create a national security concern spokesperson said in statement to "fox business", japan is one of our most staunch allies we fully expect all possible options under law to ensure this transaction, yesterday u.s. steel real a rally in pittsburgh by workers to into support after the ceo said without the deal mils substitute down thousands at the risk the union is trying to top the merger call this a desperate threat. >> we read same, ceos office, and find them -- so -- uo -- frank lao, meaningless threats desperation threats. >> white house did not comment whether biden would block deal official said recommendation from committee on foreign investment has not been transmitted to the president expected to come next this proposed merger drawn bank criticism biden kamala harris former president trump voiced opposition biden's reported plans to politic this as battle in pennsylvania for voters intensifies vice president kamala harris will be in pittsburgh today after her labor d

question and answer session has not started yet but we have been following the nippon steel of -- takeoverf steel corp., on the verge of collapse, with joe biden prepared to block the deal, with potential domestic ramifications. biden is expected to make remarks on the economy today at 4 p.m. eastern. to speak about all of us -- all of this now is henrietta treyz. just want to point out that trump has been talking at the economic club about cutting corporate tax rates to 15% for some companies, though they must make some products in america to get the tax cut to that level. we are on the tax portion of the session right now but this u.s. steel story, is this just a political ploy? it strikes me that the national security claims are a bit dubious with u.s. steel being such an in -- minnow compared to nippon steel. >> if you bring ohio and pennsylvania into the conversation in an election year, you will have politics involved. for the last years investors have been focused on wondering whether the deal would be allowed to go through by secretary alan and it's usual to speak -- to expect dela

steel think about nippon steel's proposed near $15 billion acquisition of the company? nnsylvania and some of them agree with the union's top brass that this deal should be blocked. they tell us they worry nippon will not honor their labor agreement and their pension. listen to this. >> i want the people to who started in a couple weeks retire 30 years from now, that's my goal. i'm not sure nippon steel will be guaranteeing that. >> reporter: but cheryl, other workers disagree and they're breaking with union top leadership to speak out with fox business. this group of steelworkers tells us their voices are being ignored. they think nippon's offer and pledges for investment into the company will protect their jobs now and into the future. watch. >> i would say that it seems that most people that are in the middle, the guys and girls going to work every day, are mostly in favor of the deal. i know that my department, fire and safety department, there's 48 of us. i polled our guys last night. 32 replied to the poll and 100% of them were in favor of the deal. >> reporter: an

, this news come amid reports that the biden administration might seek to halt its takeover by nippon steelg about on both sides of the campaign trail, with trump and harris indicating they were against the deal. u.s. stole's ceo indicated if nippon doesn't take over, he may not be able to keep the mills going. we'll bring more more when we have it. the shares were down 6% before being halted. >>> merrill lynch is noting that uni bonds have reached their cheapest of the year. my next guest is finding some back-to-school bargains. here with his criteria for investing schools is dan close. we're all in this mindset. your kids are back to school, as well. what is the angle for investors here? >> you know, what we're looking at right now is just back-to-school investing. we've had more than $200 billion given to k-12 schools that is just now rolling out. so we're closely watching how different schools spend that money. some spend it very prudently. this is pandemic money just now rolling off. most schools spent that prudently by doing one-time capital projects. others used that more for plug-in

industry but if you block the nippon steel deal, the biggest winner hinese. they have 50% of the steel. they are probably giving money to biden to stop this deal from happening. we want more investment in the united states especially, japan is an ally, this is in 1939. stuart: what is the one big thing you want to hear from donald trump tonight? >> i want to have him ask kamala harris this question. how are you going to grow the american economy and get jobs back with a $5 trillion tax increase? i can't wait to hear her answer to that. stuart: let's see if he asks that question, he might. always a pleasure, see you again. as for earlier this morning space x launched their polaris don mission. what is so special about this one? ashley: this particular mission will feature the first ever commercial spacewalk. billionaire jared isaacman is joined by retired air force pilot to space x employees as well after two weeks of delay the falcon 9 rocket blasting off from kennedy space center at 5:23 eastern time attempting to set a post-apollo astronaut altitude

giving nippon steel a chance three file their intention to take over u.s. resetting the clock. it means we will get a decision until after the election. there's no sign fed biden, let alone fun or harassed or changed their opposition to the takeover. the union down plated, but it keeps the dream alive. jonathan: thank you, until after the election. what if we started now? thomas rhett, rod stir. i didn't think of that one. >> especially tom, given his age. you think that is more appropriate in the bee gees? >> i think so. >> this is quite a promo, isn't it? it depends 25 or 50, which song you get. thomas going to sing after the news conference. looking ahead to all of this a little bit later, head of the actual decision and the news conference and forecast, mike mckee down in washington to give you a little bit of a preview. before we talk about the decision, the news conference and all the central bank decisions that follow, can you share with us what you saw in the mortgage application data this morning that tells you it is important? >> well, what we did

but word is president biden will oppose the merger with japan based nippon steel. reasonable position. the biggest steel company in america not being american would be a concern, but nippon steel is talking about pouring billions in improvements into u.s. steel and says it will keep all of its promises to union labor. u.s. government once again warning about the russians trying to influence our elections. the department of justice announced new charges against employees of russian television networks and the seizure of internet domains used by russian government intelligence. the american people are entitled to know when a foreign power is attempting to exploit our country's free exchange of ideas in order to send around its own propaganda, garland also warned americans, if you threaten an election worker or an election volunteer, the justice department will, quote, find you and hold you accountable. vice president harris campaigned in new hampshire thursday, where she proposed increasing tax breaks for small businesses and told america about her plan for taxes on c

but word is president biden will oppose the merger with japan based nippon steel. hey, that's a reasonable position. the biggest steel company in america not being american, it's a concern. but nippon steel is talking about pouring billions into improvements to u.s. steel and says it will keep all the promises to union labor. boeing's starliner coming home tomorrow without the two astronauts it took up to the space station. nasa doesn't trust starliner to bring them home safely. they'll wait for a ride for space x next year. u.s. government once again warning about the russians trying to influence our elections. the department of justice announced new charges against employees of russian television networks and the seizure of internet domains used by russian intelligence. the american people are entitled to know when a foreign power is attempting to exploit our country's free exchange of ideas in order to send around its own propaganda, threaten to harm. garland also warned americans, if you threaten a worker, an election worker or a volunteer, the justice departmen

why shouldn't nippon steel be able to buy u.s. steel? u.s. been on decline, so isn't it time to say that with nippon steel? >> yeah, it is. i think unfortunately, this is the one thing that kamala harris and donald trump agree on and unfortunately they are both wrong on this. this is a deal that will save a lot of steel jobs, japan is an allie, and if we don't do this it's very clear what is going to happen. we'll be playing right into the hands of the chinese, who now dominate about 50% of the world steel market, so i think this is good for american workers. foreign investment in the united states is a good thing. i mean it's when you and kevin and donald trump did the big tax cut, what happened? all this money flowed into the united states, so i think they are both wrong on this. it's a good one and i do like you asked me earlier today, larry, what do i think about elon musk's idea of a kind of grace commission against government waste. i love that idea. i think it's spectacular. you remember in the reagan years, they came up with $400 bill