ultimately i think alcoa is something happened when they split up the company and the one that seemeds value became more valuable alcoa up 110% in the last two years during the time they spun off their specialty metals division which is doing very well listen to what the companies are saying about today's announcement not very happy and ultimately have to protect their trading partners who are very instrument toll their business. >> now to bitcoin, soaring despite a move that could create trouble for the space down the road regulators have issued subpoenas for a number of initial coin offerings looking into the potential fraudulent activities. the investigation underscoring fears of a broader crack down if that space now icos were the hot new jam in crypto last year but there is a new because word making the rounds in the bitcoin university air drops. so what is that? for more we need to to bring in our bitcoin baller brian christopher kelly. otherwise known as bk. three names because he has a pocket square. >> thanks for having me scott. i love you every day the as lot of fun. let me

my grandfather retired to florida from alcoa in 1978 after 30 years at the davenport, iowa, plant and my question to you as a major american industrial business, how do you think alcoa will do with all these tariff talks? >> it's an excellent company the world is no longer glutted in aluminum as it was. congratulations to your dad working at that davenport facility boy, alcoa, those facilities are so well run, but be careful, i think that the stock would be, let's say -- it will move a little bit in rough ever seas a then be right again. among everything is controversial. i have to tell you don't be afraid to raise some cash on stuff you're up on "mad money" tonight with facebook down, what should your next move be with the stock my take then even if you're tough on the averages, etsy is doing well and how will cigna's $52 billion purchase benefit the stock? let's hear from the ceo. stick with cramer. >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question, tweet cramer, #madtweets send jim an e-mail @computernbc.com or call us at 1-800-743-cnbc

alcoa have nucor, been seeing that kind of action. let's turn to the automakers. lower, alreadyg in the wake of their monthly sales figures. gm and ford missing estimates. sales have declined further big truck-- for their big pickups in the wake of the terror of talks. perhaps that is insult to injury, another layer of what might be problematic. gasoline prices have been higher. about 254, price per gallon at the pump. high asseen them go as 270. shery: coming up, we'll continue covering president trump anduncing tariffs of steel aluminum imports that could come as soon as next week. the reaction from house congresswoman mcmorris is still ahead. this is bloomberg. ♪ shery: this is "bloomberg this is "bloomberg power." markets: balance of power." david: let's go to mark crumpton for the first word news. mark: the united nations envoy for syria today insisted the government assault on eastern ghouda must not become a copycat of the siege of aleppo. give.s. cannot afford to up on trying to enforce a resolution that calls for a nationwide cease-fire in syria. continue

alcoa put out a statement on this. they said of what the white house does, they carve out canada saying canada has not abused the system. there is a chance this could be a moot argument. tammy: this is a trial balloon. so canada is making its noise. alcoa says what it wants to do. but the noise about the damage trump is going to do. remember when he went to oslo, the global meeting, and people will reject him and he'll be had it. he was greeted like a rock star. the world knows a strong economic america meaning a strong rest of the world. when it comes to retaliation they are worried about agriculture. china is 2%. then it comes down to the other industry it comes down to agriculture * it wasser in america alone. it was america first, and that ultimately has to manifest in trade in some way. charles: let's not forget at the same time we are in the last phase of renegotiations on nafta. but again, you know, we don't have the political guts to at least push back now, and the lowest hanging fruit. cheap steel being dumped

steel industry and its workers and i represent republic steel and alcoa on tohe aluminu side and also norstar, and the this is big business for us, and i want something to be done to prevent the predatory countries like china and russia from interfering in the marketplace, and they don't have open markets and they don't play by the rules, but i want to do itt in a way that is not harmful and so i am looking for the targeted approach and i am hoping that the administration is moving towards that. >> what is a targeted approach looking like the you? >> it would be as i brought a chart with me this morning showing that all of the steel manufactured in the world, half of it, that big blue space there comes from china. they actually manufacture 2300 million tons annually, and so they are a major dumper and not just here, but elsewhere and distort the global markets. they need to ratchet down the production, because they keep interfering with free trade. they are not a free trade country. russia in their own way diverts through third world countries, and so i would treat them differently th

inial aluminum, i have alcoa in my state. our steel and aluminum workers deserve a more level playing field against these countries like china that heavily subsidize its products or other countries who purchase chinese steel at artificially low prices and ship it to the u.s. a targeted trade action against china would be very helpful, not only in providing relief for the steel and aluminum workers in new york and around the country, but it would send a strong shot across the bow to china for the first time in decades -- we mean business. we'll not let you prey on us any longer. targeted trade against china and against countries that allow china to sell them artificially steel at low prices and then send it here, go after them. but instead of getting right at china, the president's across-the-board tariffs will cause more damage to key allies and other -- in other domestic industries. i not only have steelworkers in upstate new york, i have a lot of auto workers. we are so proud, for instance, of the g.m. plant near buffalo, o

reynolds aluminum or alcoa, it dn't matter. it was the infrastructure build out. now we have the technology build out. those cars areoing to need many chips. there are going to be man nners around the world. nvidia knows how to do it well. hat aree chips lightning fast. >> thank you ron. to read a moreut his stock picks head to our website, omb.com. >>>g up, a young entrepreneur who i really socking it to them. tonight's bright idea is next. >>> 10ea ago people with the chromosome disorder known as down's syndrome could expect to live tep years. that's all. today they canxpect to live into their 50s shlg even longer. but the labor force participation rate for people with any disability in the united states is oybout 20%. that's one reason a young entrepreneur with down'snd me got the bright idea to start his own business, selling socks. >> down's syndrome ever hold you back? >> down's syndrome never hold me back. >> in fact, one might say john krohnan's disability helps push him forward. starting his last year of high school in 2016 on new york's long island, john

it could be focused to benefit alcoa which has asked canada to be exempt from the actions. there are others out there saying there is too much fear mongering going on. dan domingo says it's a nonissue. general motors saying we need to better understand the details and support trade policy to win and grow jobs in the united states. >> neil: neil, shares were lowee broad market has a rebound to the close. there seems to be a general feeling that a tariff action by the administration would be aimed at china well known for dumping cheap industrial metal in the united states and around the world. > >> neil: the threat is the tariffs that never have to come to fruition because countries do other things to prevent it. >> you throw something out that's harsh and get everyone wound up. nafta, final negotiations begin next week. president trump and the administration, they are willing to play hardball. they'll pushback against conservative principles, pushing back against the business folks in their own administration if they think it will support their own worker. >> neil: it is an

firms such as alcoa still produced in the u.s. or westinghouse the nuclear firm in the u.s. as well and it's also been accused of or not accused but it's also tried to acquire trade secrets through other ways by buying firms for example pursing firms in the u.s. in other countries this is a way to build up its manufacturing is in the industrial base in its own country and then third it acquires these secrets also by requiring those firms want to come and do business in china where the world's largest economies too often firm up with a chinese firm to join up with a chinese firm through doing that they have to share trade secrets there to which those firms can then use appropriate on their own and then essentially compete against the very international firms that have been brought in to share this information with them so they're setting the terms in so many cases that allow them to basically acquire information technology that they didn't have before and that they can. build up their own base with so i mean none of this is any surprise i mean many people many experts have ha

and here we have republic steel, us steel, alcoa,the list goes on. and we understand the delicate nature of tariffs but we know america hasn't had a trade balance in over a quarter century. right now, over 700 workers in ohio have been pink slipped unless something happens soon. we know we have to resurrect this steel industry in our country to give it a fair trade level playing field. the president is inching towards that. we look forward to the details. but i can tell you what we don't want is an america without a steel industry and america that is subject to predatory practices by countries like china and russia, that backdoor goods into this country and cause great job loss and corporate collapse. we need to have a level playing field. >> what do you do about these industries that step forward, and also the beer producers in this country, of all people. according to third-party analyses, result in a loss of 20,291 american jobs. the tariffs invite retaliation. they were deeply concerned will hurt american farmers. tonight we're hearing from china

steel and alcoa. yesterday, there was a big rally on the possibility tariffs would he put in place after gary cohn resigned. now at the talk of being softened to some degree, some of these stocks are trading lower. finally, the bigger source of volatility, probably rates, this 336 and in blue, the 10 year yields, at whites, s&p 500 dividend yield, and we see the two were aligned, trading around the same level for a long time. now, it appears we have the 10 year yield doing what it has done over time, all higher yield .han the s&p 500 dividend yield this makes suggest there could be some repricing of risk, and you regime, so certainly a possibility for volatility. vonnie: thank you for that. stocks fluctuating pass investors await president trump's meeting on tariffs that 3:30, as well as john's report as markets remain on edge. jpmorgan copresident sees the potential for a rocky road for equities. cycles, it in these has a long way to go for the next year or two, but it could be between 20% or 24% dep

>> i am with you on alcoa for the long haul.ristian >> caller: i am calling about pgi. >> i got to find out if that 9% is real. it can maintain. paul in california. >> caller: jim cramer, you are awesome and a booyah for you. >> thank you. >> caller: i know you mentioned this stock before, so i got in a few weeks ago. wanted to know if i should put a couple of more bears in black berry? >> i think it is great great intellectual property. and john chen is for real. and that, ladies and gentleman, concludes the "lightning round"" >> announcer: lightning round is sponsored by td ameritrade t kno. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. on

basically calling for more targeted tariffs we heard something similar from alcoa yesterday.ase, don't put tariffs on canada why would it make sense to be blanketed? doesn't it make more sense to be targeted based on what you just said and comments from mattis and aluminum producers >> well, my report speaks for itself i proposed several alternatives to the president, but this is a presidential decision. and the president decided that for his purposes, the most effective way to do this was a broad tariff i'm not going to second guess the president. people who tried to second guess him during the campaigns lost the primaries, and then lost the general election so i'm not going to second guess the president. he knew what the alternatives that i had proposed were, and the important thing about those alternatives, they were all designed to achieve the same result namely, getting steel production up to about 80% of capacity. because that's what it needs to be viable as a term industry same for aluminum. and both were operating at well below the capacity utilization that's needed f

such as the golden gateway and, and, and, including the alcoa building, all the buildings with very high parking ratios to see as to what's another joint parking ratio for parking displacement on poor property could find another solution and that is called a joint strategy for parking at certain times. so i do not believe that these 182 spaces on their own will greatly change any analysis that is normally contained within the document. the other comments regarding the architecture treatment of the buildings is being discussed and booked on in other [inaudible] and this commission will look at the building independently. it is basically commenting on the appeal and i personally do not believe that there is any reason that what we have is, indeed, appealable. >> thank you. any other commissioners? i would agree. i think we've done a lot in this commission and i think the city will try to exp/e diet affordable housing projects that do the right things. this is a well-designed project and it's creative in its financing. it is unfortunate that we're here on an appeal by one person. i think it

while alcoa argue that's canada should be exempt from the tariffs.ven the united steel workers association says canada is not the problem and producers clearly must be excluded from u.s. import terrariffs canada is holding up hope for an exemption. last year prime minister trudeau received assurance that's canada is not impacted. but that notion of an exemption has entered a bit of uncertainty since tensions have arisen over nafta associations i spoke to some industry players that say at this point an exemption doesn't look good but like everyone else, they're waiting for more details from the president. now there's a lot here at stake for both canada and the u.s. canada manufactures 16% of all u.s. steel imports and 43% of aluminum imports meanwhile, canada is the largest market for american goods. so american industries would suffer if this does turn into an all out trade war. the most vulnerable ones being the industry that's turn out the most exports to canada that includes things like automobiles, auto parts, machinery like semiconductors as wel

steel and alcoa are still headquartered in pittsburgh and incidentally pittsburgh isn't part of the districtthe whole economy has shifted over to meds and health care and away from the heavy metals economy. i don't think there's a working steel mill in the 18th congressional district. >> tell me about the peculiarities of this district and this race. >> this district, michael, is very diverse. and donald trump remains very popular there. it's still registered democrat, a historic footnote in some ways much like i think it's a historic footnote to call it a heavy metal's district. for a long time registered democrat. still about a 25 to 30,000 democratic advantage. but donald trump carried the district by 20 points and that was no aberration. mitt romney carried it by 17. because for the last generation or so, michael, it has been voting increasingly republican. tim murphy who when he ran the last two cycles had no opposition whatsoever. this is a close race. it's much closer than it should be. but i still believe that on points ciccone will prevail. >> tell me more about him and connor lamb.

look at aluminum stocks, alcoa, for example, finished down. last but not least a big deal we had, insurer cigna buying express scripts. that is a 53 billion-dollars deal. express scripts to a new high. back to you. melissa: nicole, thank you so much. david: here to react to president trump's tariffs heather zumarriaga. todd horowitz, bubba trading show host and noelle nikpour, gop fund-raiser. heather, as usual what the president threatened to do, is what he ends up doing. did the market overreact with they first heard tariffs earlier? >> you can't blame the market for overreacting. to announce tariffs like that which weren't expected, that had a big impact on the market but i'm not surprised that he walked back a little bit. look at "the art of the deal." he is a master negotiator. he he is saying look, mexico and canada are excluded right now and our closest allies may not be impacted as well but let's get the ball rolling. but let's not just have free trade but fair trade. he is putting that in place today. markets reacting favorably, sayin

. >> alcoa >> and i'm going long the tech sector here. >> thanks for being here that does it for us.power lunch" starts now >>> here is what is on the menu. president trump it willing china with $60 billion worth of tariffs raising fears about a global trade war what is at stake for america and the trade war fears are playing out on wall street stocks are dumb fwlitumbling shy and add to that the fed. which one is the biggest concern for your money mark zuckerberg finally speaking saying he is sorry for facebook's role in the data scandal and that he has taken the steps to correct the mess. but will it push advertisers away $40 billion is

that it's kai ser getting a decent bump of 1% but century aluminum jumping 6 and a third percent, alcoa up a third of a percent at $45, the dow right now down 546 let's flip it over to what's getting hit on this. which sectors aren't liking this industrial giants that use a lot of steel. boeing, united technologies, caterpillar, honeywell all of them are lower as investors worry they face higher import costs and trade barriers when they need that material at a cheaper price so they may have to pay more for it. the automakers are getting slammed by the way this is a bifurcated story. partially due on the disappointing february new car sales which just came out today they were lower but these companies use a lot of steel as well. gm down nearly 5%, ford down 3.5 , fiat chrysler lower by 3%, honda down 2 nearly 3% remember honda has a plant in ohio, so we need to watch all of that. these aren't just oh, that's a japanese company. this reaction, is it overblown or are we about to face a brutal trade war not just with china, but with our allies from whom u.s. manufactures also buy steel? let

i represent alcoa, u.s. steel, republic steel, arsonol and fiat chrysler and general motors and ford and ohio in canada and the nexus for automobile and steel industry and we have to have markets that are open and free when markets become controlled or the united states becomes a dump market, and jobs are wiped out and entire platforms are wiped out, we lose our defense industrial base. so i give them a lot of credit for being at the scrimmage line with this proposal they are receiving input over the next several days. they didn't announce the details and i think those are to come. i feel like they are at the scrimmage line and will move up the field. >> we don't have very many details at all no details. >> that is correct. >> because it hasn't gone through. >> nothing has gone through. people are overreacting, but i think the administration has been correct in saying, now tell us what you like and don't like. i will say that the president's trade leader, bob white heiser and gary cohn, peter navarro, these

alcoa aluminium is one of our biggest area employers in this county.to us because we have only seen jobs disappear over the years and this sounds helpful. but again, you know, we don't know the nuances of it. leland: law of unintended consequences is there's a lot of products whose prices could go up that folks in all those towns need. as you point out, short-term, though, received well. this was the headline from the "wall street journal" today in a pennsylvania steel town, donald trump's tariff is a winner. something else that's happening in pennsylvania in the next couple of weeks is the special election. the president has already campaigned for the republican there. it's seen in some ways as a referendum on the president in a state that he pulled out in 2016. you view it that way. does this tariff -- steel tariff help? >> i believe it does help, but no, i don't view it that way. i think we're making a big deal over the midterm elections, and again, the mainstream media wants to make it look like the president is set up for big losses and the democr

. >> alcoa >> and i'm going long the tech sector here. >> thanks for being here that does it for us. "power lunch" starts now >>> here is what is on the menu. president trump it willing china with $60 billion worth of tariffs raising fears about a global trade war what is at stake for america and the trade war fears are playing out on wall street stocks are dumb fwlitumbling shy and add to that the fed. which one is the biggest concern for your money mark zuckerberg finally speaking saying he is sorry for facebook's role in the data scandal and that he has taken the steps to correct the mess. but will it push advertisers away $40 billion is at stake as "power lunch" starts right now >>> welcome to "power lunch. we have a major market selloff the dow had plunged 500 points earlier. we're off the lows right now more half of the companies of note off more than 10% from their recent highs s&p down 38 points nasdaq down 106. facebook certainly pressuring the nasdaq today, that stock is on track for its worst week in four years trading below its 50, 100 and 200 day moving averages. and bon

. >> aluminum is mixed century up 7% but arconic is lower by 7%, alcoa as well there's a lot to grapple with as they try to figure out, what exactly are the prices we're paying for raw materials and perhaps exporting. are we going to lose our competitive edge >> but i think it's more the potential for poisoning relationships between major trading partners and that's got them upset. >> steve, what were you going to say? >> here's a factoid from our crack team at cnbc this was about an hour ago about 16 steel stocks in this particular etf, their market cap is up by 1.2 billion while the rest of the s&p is down by 400 billion in market cap. i think that's a good metric i don't know if it's true about the potential fallout if trade goes south a lot of the s&p, their earnings are foreign. a lot rely on imported goods to make, essentially value-added material i think that's where the concern is here and the gain you get from steel -- to the steel companies is really minimal. >> by the way, the fact that, as steve points out, it really is the big multinationals that have been taking it on the

again we're waiting for comments this morning from the president but century aluminum and alcoa and u.sveland cliffs, well known, bottom three steel companies, first two well known, aluminum companies, clearly moving on what's going on over at the white house right now. it's a new month but the old one was tumultuous, etfs first outflows in two years, actually three years since january 2015, 15.8 billion in overall etfs, that's not a lot compared to the size of the etf market but it's first outflow since january 2015 and not surprisingly you saw outflows in very big funds like the spdr and look at the inflows, a lot of international funds and efe, afterry ka far east, emerging markets, some were putting money back in the short vix fund finally spotify, questions about that we don't have a date but it will be here at the new york stock exchange and they are not selling new shares here. they love it because they are going to save on banking fees but also remember there's no lock outperiod that means almost all of the shares are available for trade that's going to be a very interesting day

caller: of course, they are 50% productivity as illuminous smelters, alcoa, of pittsburgh penguins. uh-huh. to conrad, he's in plainfield, new jersey. democrat's line. [caller indiscernible] -- i'm sorry, you're just as you just the man voted for. thank you for your time and i'll get off the phone. maine, independent line, jim is next. caller: hello. i would just like to point out the fact that the bown was disingenuous it was a decree tmay be a decree that goes to he senate, but the senate has to approve all tariffs, as i understand the constitution. you. from the economy and business section of the "washington post" this morning. rules, the senate taking a look at rule when is it banks, dodd-frank passes crucial test, marking most significant revision of rules since congress passed sweeping regulatory law 2008 economic the crisis. also rare instance of bipartisan legislating in the senate, occurred that infrequently during the trump presidency, the bill exempt two financial companys with assets between 50 billion and billion, including barclay's allie d financial. they would under

aluminum we got alcoa here in pittsburgh. what does that mean to those thousands of steelworkers?finally addressing their concerns. we know not all steel is made equally. it depends how you heat if and how you treat it. carbon steel where there's an overcapacity throughout the world has been gamed so badly and we're taken out of the market altogether, and when you lose that market share, it's not coming back the next time. you lose it sometimes forever. we can't afford to lose those jobs. we can't afford to lose the ability to produce that product ourself because it has a great effect on national security. this is a president who stands for what is most important to america and that is our safety and security. he gets it. a lot of people don't. i'm really getting tired of hearing elitists what he doesn't understand. none of them have ever been in the private sector and had to make it on their own. griff: true, but congressman let me get you to address, you know, it's not just the elitists, it's also governors like scott walker in wisconsin that's warning of the economic impact thi