american exports are on the rise. this is a strong economy and leadership on improving our trade relations for american jobs andworkers. >> when do you expect them to announce another solid trade deal. will you be able to announce them before the midterm elections. >> we are encouraged about the free trade agreement. the u.s. trade representative continues to believe there is a possibility before we get to labor day we might have a reformed nafta agreement. those details are still being worked out. look, the president came into this administration with the belief that for too long americans, our economy, our workers are being taken advantage of by trade deals. whether it's renegotiating with south korea or renegotiating nafta or resetting the balance in our relationship with the european union or resetting the imbalance lancimbalance with che that strong leadership is contributing the moment -- momentum. >> will you have a relationship with mexico? >> i hope to reach an agreement. president trump will stay focused on the american economy and

fragile in terms of its dependence on debt, on exports, but at the same time they heard the american economy, too. you're going to be seeing many structures and consumers that feel these price increases come adhering more complaints from business groups and workers in the united states who are going to be hurt by the. them.uy them -- hurt by @cspanwj,witter it is and on facebook.com/cspan. , florida, on the independent line, you are up with our guest. caller: hello. i am in florida in the u.s. we have a lot of opportunities here to take advantage of tax holidays. i bought a generator as soon as i heard about the trade policy because i thought that steel was going to be a factor in that, so i did get a deal. the other thing i wanted to ask you about is if you think canada -- we have a lot of canadians who come here -- are going to retaliate or how that is going to work. i am not a fan of the president of canada in terms of how he is reacting to trade issues. when it comes to alcohol and other kinds of things having to do with their government bringing tourists to our border, can you tell me w

. >>> big news on the american economy, a surge in growth and concerns about possible speed bumps ahead. >>> did he know? president trump hits back as a source tells nbc news, michael cohen is willing to tell mueller that trump knew about that infamous trump tower meeting before it happened. >>> high anxiety as the nation is rightly focused on the opioid crisis, doctors warning about another crisis that has a lot of patients hooked. >> it was utter hell. it was the worst nightmare you can imagine. >>> and a big city scare late today. >> mayday, mayday. >> a plane lands in the middle of amajor urban highway. >> announcer: this is "nbc nightly news" with lester holt. >>> good evening and welcome to our viewers in the west. as we come on the air tonight, close to 90 wildfires are raging across the country, many of them in california stretching from one side of the country to the other. killing two of those trying to stop them. the fires are exploding in size. one so rapidly it sent hundreds fleeing in the middle of the night barely escaping the moving wall of flames. nbc news national corr

we're joined by daniel griswold from the mercatus center, the codirector on the program on american economy and globalization. joshua meltzer from the brookings institution. i will start with you. when we are saying we have a trade deficit with china, with canada, with mexico, what does that mean? guest: the trade deficit calculates the difference and servicestips o sold between the two countries. host: the president has used that trade deficit argument as one of his reasons for implementing tariffs against these countries and others. is that a fair thing to do? is not the right metric for judging trade. we benefit from imports and exports. or you run a surplus with canada when you factor in services. by his metric our trade relationship with canada shouldn't be a problem. even if they aren't buying our goods, they invest in the united states. the flip side of the deficit is a capital surplus we run year after year. money coming in by treasury bonds that keeps interest rates low, invests in factories across the united states. trade is a win-win. meltzer, when the federal government puts a t

prime minister conte: as far as i'm concerned, very envious of the american economy. these are systems which cannot be compared because of the magnitude of orders of magnitude -- i'm in this but ambitious at the same time. i'm ambitious for my economy to do a lot, more than what was done in the past. i do not want the tax reform to be set aside. it was a leverage in this country. it represents a leverage for economic growth. streamlining and simple fine red tape and registration and regulation to eliminate corruption pockets. we are trying to speed up the civil trials, the procedures and the proceedings. together with an income that will support these people. these are all the forms -- the reforms we considered to be a positive element, which can then try and reach. >> one of the biggest things we have done, obviously the massive tax cuts. it may be equal to, the tremendous cuts and regulation. i have no doubt that the prime minister giuseppe will be working hard on that. one of the most important things we did is cutting massively these horrible regulations. i want th

prices especially once we get to the autumn is it going to make a huge difference but if the american economy starts to see if there are other issues such as the russian investigation that complicate this then of course any issue becomes want to watch the trump ministration could become vulnerable and mr marandi the american economy is doing well the iranian economy isn't again what are its plans now as production rises as it faces sanctions to get around all of this. well first i'd like to point something out and that is that it's really at how helpful to people like trump when caricatures of iran are created by. people in the west and iran is a country you can't become an expert on iran without knowing at least the language you can't go to a persian restaurant and become an iranian expert iran is a complicated society and there are many checks and balances in iran and there are many political parties fighting it out as we speak over accountability and government corruption just as the current administration was doing the same with the previous administration we have a very sophisticated cou

he is, toa in the northern american economy.ere is a contradiction in many of his policies which will have to be resolved over the next several months or at least when he takes office in december. hopefully the mexicans did not come too far down with a bump when they play football. football and this is becoming a world cup of big upsets. we've already said goodbye to germany, argentina and portugal. now spain have been knocked out and it was by the hosts russia. in the day's other match, croatia beat denmark on penalties. james burford watched all the action. they can hardly believe it. germany's groups stage exit was the shock of the tournament, that was until now. ranked a full 60 places below spain, few thought russia could cause any sort of damage to the 2010 champions. and perhaps for a time, the story played out that way. an own goal and spain off the mark. a plot twist, russia's blushes spared from the spot. extra time came and went, without a dent in the defence, all meant to produce this chance. liftoff. russia in the q

given your stellar success in the american economy, what do you think could reignite the italian economy and what role should the eu planet? -- eu play in it? do you believe the president's formula could work? pres. trump: i think they needed great leadership. i think the prime and asterisk and a do a great job on economic development, in addition to borders. for economic development, you need borders also. you have a man who is is going to do a terrific job, i have no doubt about it. he knows how to sell, how to promote a great product, because they make among the greatest products. i won't mention their names, but they are great. i have some of them. italy makes a great product. and i think it's going to do very well economically, and we are there to help. we have had record numbers. i have been here for more than a year and a half, and we have had record numbers. we have had numbers nobody believed possible. especially, if you look at one particular fact that was not reported very much, trade deficit, $52 billion reduction in the trade deficit for the quarter. i think probably steven

pm conte: as far as i am concerned, i am very envious of the growth and figures of the american economy. we discussed that before with donald. somehow, these are systems which cannot be compared because of the orders of magnitude, they are very different. ambitious at the same time. i'm ambitious for my economy to do a lot, more than what was done in the past. we are preparing this year's forms, which will be submitted to european partners. i do not want the tax reform to be set aside. it was a leverage in this country for economic growth. it represents a leverage for economic growth. working also on streamlining and simplifying red tape and registration and regulation to eliminate corruption pockets. we are trying to speed up the civil trials, the procedures and the proceedings. all sectors together with the citizens, an income that will support these people. to help people lose their jobs to find new ones. these are all the reforms we consider to be a positive element to represent economic leverage for our country, which we can try and reach the growth. pres. trump: one of the biggest

she really understood some fundamental things about the american economy. she understood that when technological innovation invades the workplace, people are going to lose their jobs. machines will to that work. machines don't strike, they don't ask for raises, and when employers can find them, they'll use ma keen -- machines. she did not necessarily understand the full extent of the american economy as a growing dynamic organize 9/11. for instance, in chicago in the late 19th century the retail sector was growing and so was the commercialized leisure sector. and these were ways for people to spend their money. i don't think she quite understood the power of the consumer society. >> so you've clearly driven to write a biography, you know, kind of a warts and all biography. so what are some of the things that made lucy less than admirable. >> well, i have to say she was not -- she was, well, how do i put this in terms of her approach to mothering. she and albert were both on the road a lot speaking. after his incarceration in the summer of 1886, she lost a n

all policy issues through the prism of the american economy.arly an approach the majority of americans like. it is not, 50% of people disapprove of him pulling out of paris. if that's what trump wants to do, that's what trump wants to do, that's what trump wants to do, that's what he is going to do, america will be left behind in the race to develop renewables. people won't be driving petrol cars in 30 yea rs won't be driving petrol cars in 30 years getting electricity from coal. america has been at the cutting edge of development until this man arrived at the white house and took them back a0 years. they need to embrace the green economy. you've got policy points you want to get across, i'm just trying to understand why you think flying a banner over the trees behind where we are talking here wishes that agenda, your agenda, forward. iamon agenda, your agenda, forward. i am on bbc news talking about the new agenda now. you are talking about is life on news 2a. president trump doesn't want to talk about these protest, use thin—skinned narcissis

american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economyked. now, it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe.

probably more -- hurt the american economy probably more.id: paul ryan is stepping down. there will be a new speaker of the house. let's assume the republicans hold their majority, you said jim jordan of ohio, why do you think his leadership would be important for your mission? >> one thing, jim jordan is the type of politician who basically says, if we promise to do something, we need to do it and republicans have compiled a record in the last two years of promising to be conservatives and when they get in office, failing to deliver on repealing the obamacare and other things. jordan jim jet -- jim would reestablish the president brand -- the republican brand -- this is more inside baseball, but, the republicans have adopted this posture in the last 10 years from john boehner to paul ryan, consolidated the power of the speaker's office and telling the chairman, you have to pass our bills, we will not let you write your own bills and work on it. that is a fair process and it frustrates a lot of members, conservative, moderate come in between

they're bypassing, they're doing what we used to do to strengthen the american economy. you look at your smart phone, the internet, global positioning satellite, touch screen technology, guess where all that came from? the american taxpayers that financed research to make those products possible. guess where all smart phones are made? they're made in china. you know so we just need so be smarter about trade policy and economic policy. you can't tariff your way to economic strength and growth. what you can do, and what we ought to be doing, particularly this body and this subcommittee, is promoting investment in the growth of the american economy. i apologize to you for coming here and appealing to congress that is constitutionally authorized to help you and is failing to help you. in a senate bill, it's insulting that the senate passes overwhelmingly by 88 votes a bill which is a nonbinding recommendation on this -- >> gentleman's time -- mr. paulson is recognized. >> thank you mr. chairman. thank you for being here and sharing your personal stories. being from minnesota,

it's a statement that could have come from the g seven the group of mostly european and north american economies that generally sets the global economic agenda but these are normal times and that's giving new prominence to brics after all we present forty one percent of the world population twenty two percent of g.d.p. eighteen percent of trade at this point in time i think the international border is being challenged. the confidence in the order in the stablished order it is not as strong as it used to be so it's time for the brics to clear for me its commitment to the international order by doing so brics nations hope to bend that order more in their direction that means development models and funding mechanisms aligned to their needs instead of those of western nations. china in particular has good reason to prefer open trade it's a belt and road initiative is connecting global markets the checkbook diplomacy behind it has been on full display in recent days. but before they can lead brics nations must protect themselves against global economic shifts with increasing u.s. protectionism india

the american economy is booming. unemployment is a 17 year low. averageument rate under obama 7.4%. under president trump african-american unemployment is now at its lowest rate ever. 6.5%. record low hispanic low at 4.6%. women in the work force lower at 4%. 14 states have record low unemployment. consumer confidence at a 17 year high. homeownership rate up. americanses on food stamps is down by millions. there it are more jobs available in america than people on unemployment. an economic miracle turnaround. we are negotiating better trade deals all over the world. no trade wars including this week when president trump and the head of the european union agreed to zero barriers. under obama gave us 13 million more americans on food stamps. the lowest labor participation rate since the '70s. the worst homeownership rate in 51 years and the worst recovery since the '40s and took on more debt than ever other president before him combined. on my radio show president trump said this about america's record setting economy. >> a big factor, sean, was regu

we know that americans vote largely on the economy. this is a good line for the administration. i wonder if you could weigh in on what the president said, which is he said, i quote, we have accomplished an economic turnaround of historic proportion. we are the envy -- the economic envy of the world. is he going too far there? >> on that last point about u.s. being the envy of the world, that actually came from a wall street journal headline a couple of weeks ago where the u.s. economy is really booming right now. there's been a slowdown in europe and a slowdown in china and in many of the asia economies. it's interesting, last year when the economy started to pick up, a lot of the economists that christine was making reference to said, the american economy is growing because the rest of the world is growing. now we're growing faster than the rest of the world. >> hold on. china slowed down. but our economic growth is not what china's is. >> it isn't. but they have slowed down. they used to be growing -- remember a time it was 12%. now they're growing -- they're in a panic right

so when you talk about in general the protectionist approach to the american economy does not lead to economic benefit it might protect some jobs but it will lose far more jobs in the medium to long term it might protect some small portion of the american industrial base but a larger part of the american industrial base whether it's automotive whether it's steel whether it's services that base will be eroded and that base will suffer losses if not sooner that at some point during the trip and ministrations first term or at the see what's what for the grain has to say for economic advisor to the president of the european commission for the trumpets of the tariffs on china are aimed at stopping the unfair transfers of american techno.

gdpave an american economy, is $14.5 trillion a year.dea that government on either party -- you can sit in washington dc and say, we are going to rain down something like foxconn so it will come here are we are going to protect the steel industry with tariffs -- it is picking winners and losers and that is far better to have lower, flatter tax rate to everyone, let's regulation and the knocking down -- less regulation and knocking down barriers for everyone, make toeight -- make it apply everyone and get government out of picking winners and losers which these tariffs are doing. i think about soybean farmers today, they have every right to be afraid because other countries are going to say, we are not going to allow american soybeans without increases on those. we are seeing the negative impact of these tariffs. they risk undermining an economic recovery which is helping so many americans. we think that is a bad idea. shery: there has been a speculation about tax cuts 2.0 and individual cuts being made permanent and the tax foundation sa

and been physically one let's do business the american economy tesla is planning on building a huge manufacturing center in europe talks are already underway with two german states as it explores building another gigafactory additional negotiations are taking place in the netherlands the facility will assemble batteries as well as be equals according to test whether they will reach a decision about the location by the end of the year just recently tesler announced plans to build a factory in china half a million cars will supposedly be produced there year the comic has recently struggled to meet delivery targets for its mass market model three. and we're going to pakistan but it's now in frankfurt our financial correspondent there why germany first of all paul. we are talking about germany because it didn't in the heart of europe because of the expertise or something else was behind these like subsidies. well definitely germany is a good place location wise and musk pointed this out in the original tweet where he he mentioned filling up on your factory in europe it is very close to the french bor

economy. >> if we can get that right, it'll have very, strong, positive implications for the american economyl economy. >> joining us right now with his comments on all of this and more, chairman of the council of economic advisers and a professor in chicago. he used to sit where peter is sitting right now on the lawn, often times, of the white house. i imagine you have a very different take on all this, austin >> well, i don't have a different take with that one statement that if we get this right it could benefit the world economy, but i definitely have a different take and i feel like the take that i have is the same take that most of the market has, which is, oh, gees, do we really have to contemplate launching five simultaneous trade wars against all of our major allies if we want to try to bring china into line, let's not declare a trade war on steel, aluminum and a series of other things against europe and canada and mexico and japan. let's try to use those alliances to go after china -- >> but austin, to some degree that has been a feckless approach thus far, meaning -- i'm not sugges

>> guest: i am deeply concerned about the uncertainty that it will bring about to the american economyink what w anything else you hear it fromdo farmers concerned about the price of soybeans as a mother dairy products where not headed in a very positive place, and i voted for the tax bill. i think it was good policy. i think you w see tremendous economic growth this quarter. we do need to put more money back in the pockets of middle income americans and we do need more capital expenditures in corporate america and in small businesses. these tariffs agreed to push us back in the wrong direction. >> host: are using any of the impact of tariffs within those you serve in pennsylvania? >> guest: we are starting to that. youu will hear a lot more storis in the coming months, our first call from you come some phoenix, arizona, independent line. you are on with representative costello. >> caller: good morning. i'm in phoenix, arizona, and i was wondering, when you have a person that is going to court and they are charged with a crime orr they're looking into yourwi crime, do they not also loo

the american economy is planning on building a huge manufacturing center here in europe talks are already underway with two german states that expose building another gigafactory abroad additional negotiations are taking place in the netherlands the facility will assemble batteries as well as we have according to tesla a reach decision about the location by the end of the year just recently tesla announced plans to build a factory in china half a million cars will supposedly be produced there you can make a has recently struggled to meet delivery targets for its mass market move three. tesla models producing in germany germany's b.m.w. wants to build cars in hungary the premium com maker is investing a billion euros in a new factory one thousand workers will construct vehicles with combustion engines as well as electric and hybrid b.m.w. chose the locations you do hungary's infrastructure proximity to many suppliers and the highly skilled personnel that factories in germany are working at close to full capacity right now some say automation and digitisation present a horror scenario the f

that means 700,000 people found jobs during the month. >> when we took office the american economy wasso did it take a while to get out of that? you bet it did. we were correcting what had gone wrong before. >> the economy starts to bounce back in 1983. gas prices are falling. the stock market is rising. you start seeing inflation go down. employment go up. by 1984, they have an economic revival to pitch. >> it's morning again in america. and under the leadership of president reagan, our country is prouder and stronger and better. >> it was a brilliant ad, and it worked. there was no chance a democrat was going to beat that. >> a u.s. political summit meeting takes place in louisville, kentucky, not to resolve differences but to exploit them. ronald reagan meets walter mondale. just about everybody is calling it a major opportunity for mondale. >> he doesn't need just to win by a nose. he needs to win to stay with it by four or five lengths. he needs to do well because he starts from so far back. >> the question of ronald reagan's age had always been in the back of minds of a lot of pe

the american economy is booming. unemployment is a 17 year low. averageument rate under obama 7.4%. under president trump african-american unemployment is now at its lowest rate ever. 6.5%. record low hispanic low at 4.6%. women in the work force lower at 4%. 14 states have record low unemployment. consumer confidence at a 17 year high. homeownership rate up. americanses on food stamps is down by millions. there it are more jobs available in america than people on unemployment. an economic miracle turnaround. we are negotiating better trade deals all over the world. no trade wars including this week when president trump and the head of the european union agreed to zero barriers. under obama gave us 13 million more americans on food stamps. the lowest labor participation rate since the '70s. the worst homeownership rate in 51 years and the worst recovery since the '40s and took on more debt than ever other president before him combined. on my radio show president trump said this about america's record setting economy. >> a big factor, sean, was regu

there are tremendous advantages me american economy and trade allows us to do what we are best there areng -- tremendous advantages to the american economy and trade allows us to do what we are best at. to go back to the previous caller who was challenging the president's authority to impose duties. i think the big showdown is going to be over automobiles. the president has, in the works, a 20% tariff on all automobile imports in the united states. under the call of national security. that's an abuse of the system, consumers will be hurt, the price of new cars will go up two to $6,000. that will hurt poor people the most. it will hurt the auto sector which is doing quite well, we are exporting a record 2.4 billion cars. the president seems to have a special fixation on german imports, the biggest bmw plant in the world is in spartanburg, south carolina. they employ a thousand americans earning good salaries and export 70% of their vehicles to europe and china. those jobs will be in jeopardy if we start a global trade war over automobiles. host: can you give us an example of recent hi

productive as the american economy that couldn't go on this way. 60 % of americans getting five % of the wealth, wages flat, credit available but not widely available, not available to everyone. the economy needed to find a way for americans to be more a wide set of consumers. we are back to the point to think of the great depression and what happened. i'm certain you guys could figure out the answer at this point or the answer that i propose. the answer that makes sense in the history of consumer culture. the great depression was a crisis of abundance. we, the united states had figured out how to grow to make a tremendous amount, an array of things that we could manage -- we could make much of and figure out how to market these goods. figured out how to get them to market and new forms of retail, new kinds of advertising. we figured out how to market these goods, the one thing we had not figured out, how to provide americans with the means with which to buy all of this stuff? figure out how to make it or get it to market, but we did not figure out how to get the means to purchase al

and businesses still struggling to adapt to a rapidly changing economy are top priority in congress to be helping to ensure every american can succeed in the 21st century to expand opportunity and the foundations we need to sustain long-term economic growth and security. to spur robust job growth and must expand access opportunity and build an economy in which anyone willing to work hard and get ahead and build a better future for themselves and for the next generation. this means taking a balanced approach to craft a responsible plan that cuts wasteful spending and investment programs that help working families, helps create jobs and provide economic security for those in need. the majority have an opportunity to work on a bipartisan basis to achieve this goal. instead this budget leaves too many of our citizens out in the cold by making cuts to programs that help millions of people including working families achieve a basic standard of living. that's why i strongly oppose this budget resolution to the majority ran through their reckless tax bill last year that the congressional budget office estimates will increase def

economy. here's another way to look at it. more americanseconomy has rebounded, and more americans say the president deserves credit. this is last year. this is this year. you see the improvement numbers are up, including the president's, getting credit for it. if we asked this question a year ago, president obama was still getting more of the credit for the growing economy. now a majority of americans say, no, president trump deserves more of the credit. so if you're the republicans running in a midterm election year, you hope the economy helps. there's some evidence that's possible. these are the last four big midterm years. look at the negative mood of the country in 2006, 2010, and 2014. decidedly negative in 2006, the president's party suffered. negative again in 2010, the president's party suffered. again in 2014, the second obama midterm, the losses aren't as big but still losses. yes, the country is still in a negative mood despite the good economy, but by a much smaller margin than in these prior elections. republicans have a path,

this is a key piece of an american economy that is now booming. everywhere you turn. the overall unemployment rate now is 4%. a 17-year low. to put it in perspective the average unemployment rate under obama, 7.4%. under president trump african-american unemployment is now at its lowest rate ever. 6.5%. record low hispanic unemployment rate at 4.6%. women in the work force lower at 4%. and by the way, 14 states have record low unemployment. consumer confidence at a 17 year high. homeownership rate up. the amount of americans on food stamps is down by millions and now there are literally more jobs available in america than there are people on unemployment. an economic miracle turnaround. and we're negotiating better trade deals all over the world. no trade wars including this week when president trump and the head of the european union agreed to push for zero tariffs barriers and subsidies between the two trading partners. just a short time ago, under obama he gave us 13 million more americans on food stamps, 8 million more americans in poverty. the worst homeownership

donald trump is claiming that the size of the american economy has doubled and tripled in the first year a half of his presidency. it takes 20 years for the gdp to double and 30 years for the gdp to triple. that's if things are going well. joining us now is a fellow in british politics and eugene robinson is still with us. and, brian, i want to -- before we move on, i want you to hear one more thing that president trump said. he doesn't seem to understand why we don't use the word england anymore when we're talking about the united kingdom. let's listen to this. >> you don't hear the word england as much as you should. i miss the name england. you understand that? i think england is a beautiful name. and you don't hear it very much anymore. >> brian, do you want to explain to the president of the united states what happened to england? >> well, it's the act of union. so england still exists. it is just part of the u.k. this entire interview is either insane, insulting or incendiary. it's insulting when he attacks our closest ally, when her government is already on a cliff's edge and he's

the american economy growing at the best face in four years. what's fueling it? steve liesman is here to go behind the headlines steve, educate us. >> courtney, this number requires a deep dive here. let's talk about the top line numbers first. gdp 4.1%, exactly in line are the cnbc rapid update. and the second quarter -- first quarter revised up by 0.2 to 2.2% from 2% now let's look at all the components of gdp. the first is exports surging, that's part of the better u.s. economy. also maybe some people exporting stuff to get in front of higher tariff prices. business investment also doing quite well 7.3% the consumer doing very well that 4% number is very good for the consumer maybe that was the tax cut money, the additional money they got from tax cuts. we'll see if they can continue at that pace government spending also doing quite well, driven substantially by defense spending. and housing is down 1.1%, the real laggard in the economy. turn this on its head and we'll look at the contributions to gdp. you add up those numbers across the top and that's how you