it came in worse than expected in the atlanta fed cutting their own real time read on. first quarter growth even lower than they had a week ago. we're on top of all that. it does take us to our talk of the tape, where stocks are careening now towards a bigger correction. first, though, let's get to that news. just moments ago, the president at the white house addressing those tariffs that are expected to take place tomorrow morning. eamon javers has the very latest for us. what did the president specifically say eamon. >> scott, the president is in the roosevelt room right now where he's participating in an announcement of a major chips investment. but he's also taking questions from reporters. he was asked about those tariffs set for tomorrow on canada and mexico. the president said those 25% tariffs will go into effect tomorrow. so to the extent there had been any drama or suspense about whether the president intended to go through with this or not, he is saying he intends to go through with it. the question is now, will there be any exemptions? what kind of details w

atlanta fed had g.d.p. model analyzed growth in the current quarter at minus 2.8% today. down from plus 2.3% last week. a month ago that model showed plus 4.0. we have seen those fluctuations before. but that, i think, added to the jitters on wall street. >> brit: that's a pretty striking fluctuation for the atlanta fed there, bret from. a plus 4 to a minus 2.8% that would rattle -- if i were heavily in the market, i would be rattled by that, too. not to mention that probably, to some extent, at least a reflection of the tariffs going into effect and the fear that it will stifle commerce among these three countries. and lead to a down quarter. so, the worry is understandable. but, of course, you know, probably get up tomorrow morning and there will be a huge rally. that's the way these things tend to happen. >> bret: you never know. brit, as always, thank you. >> brit: buy and hold. [laughter] >> bret: up next a wildfire burns through an area near myrtle beach, south carolina take you there for a report. first, beyond our borders tonight, police in germany say a driver ra

and because i'm a nerd, i went and i checked the atlanta fed's gdp tracker. for negative growth this quarter at this moment. why? because consumer spending drives two-thirds of gdp. >> maurice: we love nerds around here, by the way. there is this economic blackout today, kelly. what is that, and why now? why are they doing that? >> reporter: so it is a movement to not spend, essentially. it is a call to inaction, if you will. so it started as a way for consumers to express their frustration about high prices, and it was don't spend, and if you do have to, don't go to the major retailers. there was also another faction that piggybacked off of it and said let's boycott the retailers and companies that are rolling back there dei efforts. now if it really does only last one day, maybe you don't get that much of an impact, but i do think the bigger take away is it struck a nerve because some consumers just don't feel like they're winning right now. >> maurice: okay, kelly o'grady, thank you so much. >> john: are we about to hear the roar of a lion in winter? >> ma

larry: that's a great point and going for gdp tracking model for atlanta fed is now minus almost 3% forst quarter and minus 2.8% and falling like a rock and housing falling and manufacturing falling and miss investment falling and consumer spending falling. now, these are the last vessels laning tajikistanings of the biden economy and trump inherited and unfortunately inflation is still sticking and he's got to say to people, this is what they gave me and it'll take me a bit but i'm going to fight nor this and fight for this and we'll get this bill through. basically solving the border. >> is this not happening fast enough for you, larry? larry: early intervention programmed it yesterday. >> i reference back the consumer confidence. larry: minus 2.8gdp. al some point, we have to look forward and see results. larry: let his program get through. >> i'm not disagreeing with you whatsoever. today was a great step in the right direction and that chips i nounsment is huge and 165 billion invested in private investment here at home to manage what has been an incredibly difficult situation putt

charles: remember friday shock news from atlanta fed gdp and they've created yet again and look at thisown 2.8% and right now looking at first quarter and up 2.3% and that was a precipitous free fall and sharp decline in many categories and it's a mathematical monologue for the fourth quarter today and it's a shocking reversal and really if you think about this on friday, everyone said well, don't worry, it was exports and now it's a consumer and it's equipment and it's residential investments >> the biden administration over the past four years and out of control government spending that put the private sector in the near recession and we'll have to re-privatize the economy and that's not going to happen on day one and the leading indicator and real retail sales and deflate nor inflation and on and on and on and consumer spending outside of housing and healthcare and we're all in recession territory and we were told that the problem wasn't what we were seeing and it was the way the administration was messaging and the problem on the ground and handling the messaging of that . now low a

the atlanta fed predicted a 2.8% decline in gdp after a 2% growth in the final quarter of year.ut at the end of march and that is one thing that set the market into this decline this afternoon and then the discussion of tariffs as well so keeping a close eye on that movement in the final minute. also we told you about the suspected ringleader of one of the biggest human trafficking operations in the united states arrested in los angeles. he is accused -- they are accused, the group of smuggling 20,000 migrants into the country from what amala. three other suspects also charged and one is still on the run accused of threatening to kill a federal agent and his children. >> he telephoned a member of the investigative team and threatened to kill that agent and his family members by cutting off their heads. >> martha: that was joseph mcnally, joining me now. thank you for being here. and thank you for the work that you guys are doing these terrible, terrible people off the streets. give us a sense of what this group was doing. what was happening to these people? >> thank you for havi

and there's this atlanta fed model that is now projecting a decline in gdp during the first quarter. it's really too early to know if this is just a soft patch or something more serious. but i think what's clear is that tariffs and the threats of tariffs are not going to make any of these issues any better. economist ed yardeni, he told me he thinks that president trump should just negotiate a deal, declare victory because he said tariffs are a toxic area. you don't want to stay there too long. and john, we'll find out in the next few hours what happens here. and again, negotiate and declare victory is what he did last time. right. he basically there were almost no new concessions from canada to mexico. and president trump still hit the pause button. talk a little bit more about cars, because that's one thing that could get a lot more expensive. yeah. the issue is that the auto industry has spent decades coming closer and closer together in north america. they kind of treat north america like it's one market. and so that's why anderson economic group in michigan, think tank, has warn

i think atlanta fed is now down to almost a minus three on gdp. are they over extrapolating. is this the slowdown that you're anticipating or is this just a one off event. >> this is not the slowdown that we're anticipating. we think that growth in the second half of the year is going to slow all the way down to 1.5% from about 2.5%. now the trend. and that's because of increased immigration restrictions and the tariff increases and the results of those. what we're seeing now in the first quarter is some softness in january related to cold weather, a surge in imports that a lot of let a lot of people to mark down their gdp numbers. but really, a surge in imports can't really hurt you in the real world from a gdp perspective, because that shows up somewhere else that goes into inventories or consumer spending. so it doesn't just evaporate at the border. >> although it's amazing. i mean, maybe you can rattle off the numbers better than i can. but we saw one of the biggest import surges we've ever seen. is that right? >> that's right. and this does seem to be front running ahead

. >> quarter, as the atlanta. >> fed shows, i know. >> it's early and a lot. >> more inputs have to come in. but when you have a bar that's set high for the markets and you have growth starting to deteriorate. >> my biggest. >> question, though, mike, is it was. originally thought that the trump 2.0 agenda would be very growth friendly, good for earnings, good for the markets, good for the economy. is that coming into question with tariffs with doge and is it justified? >> i think i think without a doubt the market is suggesting that at least the sequencing of policy is causing that to become a much less reliable idea. >> but you can't cut taxes. >> through eo. >> well, exactly. >> and no, that's right. and so maybe you should have seen this coming. and by the way, a lot of folks did say this set up going into the second trump administration doesn't really resemble the first one in terms of the baselines and what, what policy levers seem like. >> i also wonder how. >> stimulative it is to if, even if they can pass the tax. >> cut, because. >> it's just a. >> continuation of policy. >> ex

what you saw in terms of the atlanta fed numbers, we had this massive trade deficit shock. in manufacturing. if you are manufacturing and you are pulling in a lot of intermediate product, we don't know the inventories yet. maybe the inventories were very big. maybe it is a one-time shock. maybe all of this data gets revised. the reality is, you are jumping on every little marginal change, when the reality is the fundamental trend has been healthy. we have called seven recession since 2022 and we have had an economy that is growing about trend for four years, going to be five years. there is a disconnect between the logic and reality. jonathan: steven ricchiuto of mizuho. joining us now is robert tipp of pgim fixed income. he is constructive on the u.s. economy. we keep calling for recession that never happen. where are you now? robert: i think we are constructive, and i agree with stevens take by and large. but you have to ask yourself, why is the market having this big rally? in a standstill situation, things are fine, great take. but the tariffs are looming over the marke