great to have you and gary cohn here on bloomberg markets.ut of the passage of the health care bill. senators are pushing it aside to write their on bill. kevin cirilli joins us. you heard that national economic council director jerry kohn says that they are excited -- gary cohn saying that they are excited. kevin: that was a great interview with david westin and gary cohn. by lowering the tax rate, corporate-wise, they will be able to generate that corporate tax growth. they're hoping to seize momentum as a look to advance the health care legislature to the senate. all that said, i spoke earlier this morning with a senior aide quite frankly,t this will have to change significantly to attract moderates in the senate. the big issue right now is the pre-existing conditions. it would call for an $8 billion increase to the pre-existing cause over a five-year period, but my sources in the senate say that is a lowball estimate and not enough to win over moderates. it would have to be closer to $20 billion, vonnie. of the republican party -- if you

gary cohn and david urban up for this potential job. gary cohn was president of goldman sachs.een very careful since he took this job. he only answers questions and goes on camera to talk about jobs, trade, the economy. he has carefully put himself in a position where he doesn't have to across the board defend the white house or president trump's actions. from a risk management perspective, why would gary want that job? >> so in other words, he's displayed the very discipline that the trump administration and the president seem to crave and are complaining about the lack of by many people in the organization. i think that's part of the reason that he's gotten into the president's favor and has such strong and ongoing access to him. from a risk management perspective, i think he took a gamble on day one by joining this administration. granted we've seen a continuation of the tumult and volatility and the kind of at times paradoxical messaging we saw on the campaign trail, but there were plenty of indicators back in december when he took the nec director job that that might be an

gary cohn has been with the present every step of the way. would pay careful attention to that as the present returns the united states. david: how has this running out throughout germany and what the german leadership is saying about the comments at president trump made? matt: it was fairly explosive this morning in german media. reporter originally coming out in a very highly respected left-leaning publication in germany. it was then picked up by everybody on the left and the right. i think it's interesting that it was not just gary cohn who innocence came to president trump's defense, but also john claude yunker, the president of the european commission. he wanted everyone to not take this one quote out of context and stressed that it really was about german trade and on about the german people. hisld trump stressed that father was born in germany and does not have anything against the german people personally. he has mentioned the trade issue before and mentioned it when it comes to automobiles. industry experts find it a little bit troub

instead the white house trotted out top economic adviser gary cohn who was forced to do damage controlthe administration wasn't changing its position on sanctions on russia. >> we're not lowering our sanctions on russia. if anything we would probably look to get tougher on russia. >> he was clarifying his own comment after telling reporters something different. i think the president is looking at it. right now we don't have a position and while aides snapped this picture the briefing was off camera and closed to the white house press corps and he also did cleanup after the president told german leaders in bad, very bad. the germans are see the millions of cars they are selling to the u.s. terrible. we will stop this. >> thank you. >> the president declined to comment so it was gary cohn with the explanation telling reporters after camera he said they are very bad on trade but doesn't have a problem with germany. the president has largely avoided taking questions all week long, a break from what his predecessors have been on nearly all of their overseas trips. >> i thought i'd give you

this, ashey move full steam ahead on tax refm, so who better to break it all down than gary cohn? here are highlights from my interview with the international council director earlier today. >> unlike health care, we are you at talking to all the groups interested in our tax plan. to drive economic growth and bring jobs back to america, you can't do it in bite size increments. you have to be bold. at 2% stagnant growth rate, we cannot pay the deficit. if we get the regulatory reform done, we are going to have more money coming in, because we're going to grow our economy. if we don't incentivize to get the money back, it will get invested overseas. we're happy what we're getting done, realistic to how much more we have to do. charles: joining me now, peter morici. peter, my pushback with gary cohn is that this thing is so magnificent, so huge, so big, and we already saw what happened when they tried to ram health care through without doing it in a more meticulous manner. do you think it's possible to get through massive, massive reform and do it in a timely manner. >> it's quite po

guys like gary cohn don't want to talk about the travel ban. the agenda. >> they want tax reform, getting through health care. they want things done. this is a distraction. it'll be interesting to see how donald trump reacts to it when he comes home. this is largely stayed off twitter, has not commented on domestic issues while abroad. i was looking at my phone yesterday, waiting for a tweet about the travel ban and how it is going. never came. he hasn't said anything. he will decide how much of a distraction it is by his tweets, by his comments, whether he wants to focus on it. it is unclear if this trip has changed his perspective on going after the media, commenting on so-called judges, attacking anyone who stands in his way. he may come home a different president. it'll be interesting to see. >> hallie mentioned the west wing cleared out. wasn't just the west wing. wilbur ross, gary cohn, the economic business minds surrounding the president. yet when the president spoke yesterday at nato and continues to say, i'm going to make these nato a

gary cohn cut ofg a reporter's question.re are told to not hold our breath, the president is likely not likely to hold a news conferenc conference tomorrow. we are hearing h.r. mcmaster may. we see gary cohn and other top advisers but not the president of the united states. >> thanks very much. let's bring in our team of analyst and specialists. you know, the wall street journalist reported that the white house now considering have a team of lawyers vet the president's tweets before he posts those tweets. other social media posts, is that at all realistic? >> i will believe it when i see it. the president doesn't tweet or seem to stick to protocol for a couple of days and everyone thinks we are seeing a changed man. maybe the wifi isn't working so well where he is out in italy. but the truth of the matter, how can you make this work? maybe have you a lawyer with you at 2:00 in the morn org 11:00 in the morning or on the weekend or the golf course. it is matter of president deciding to change his behavior or habits. >> contro

the president's advisor gary cohn says the president is evolving on that issue...t make a final decision until he's back on u-s soil. voice of gary cohn/white house chief economic advisor: "i think he learned how important it is for the united states to show leadership." when it comes to russia, it seems the president is still an outlier -- just ask european council president donald tusk. donald tusk/european council president: "i'm not 100% sure that we can say today-we mr. president and myself-that we have a common positon, common opinion on russia"today, gary cohn raised eyebrows when he told reporters the white house had no position on u-s sanctions on russia. he later clarified, saying if anything, those sanctions will get tougher. in washington, i'm scott mclean still ahead. an update on this bold grab and dash robbery in a packed apple store... what police are saying about this east bay crime. live look outside... san mateo bridge. who are these people? the energy conscious people among us say small actions can add up to something... humongous. a little thin

we were told by his chief economic advisor gary cohn that he had been listening very intently to these leaders about the concerns of the paris climate accord, why it is important to them. he suggested at one point that the president sticking on this whole issue was evolving, but there are a lot of pressures here at

gary cohn pushing for him to stay in. in the briefing overseas, he said the president was evolving on the matter, listening to a host of different voices. you have people like steve bannon opposed to the paris climate agreement, who want the president to pull out. that is in line with his populous plat tomorrform. steve bannon represents that. if, in fact, the president pulls out, it could underscore that point. we are eyeing a potential staff shakeup. yesterday, the communications director, dubke, was out. now the president seeking advice on potential staff changes that could go all the way up to the chief of staff. we know gary cohn, one of the names being floated for that role, as well as dave urban. again, all of our sources cautioning, no final decision made on that. we've been talking about staff shakeups every few weeks. they bubble up and die down. we'll see if this one is for sure. >> if the president does leave paris and it underscores the idea of america first, that we know steve bannon, steven miller are suppo

trump's economic advisor, gary cohn, former president of goldman sachs, confirmed that, quote, he had said they're very bad on trade, but he doesn't have a problem with germany. now, trump is said to be fuming over the millions of cars that german automakers sell in the u.s. every year. about 1.3 million a year. and we do have a trade deficit with germany. let me just show you what that looks like. we sell germany about $49 billion worth of product and services in 2016. germany told us $114 billion. so there's a $65 billion trade deficit. that is what is getting under donald trump's skin. >> clean up on aisle four is not what gary cohn thought he was going to be doing for a living but it's what he is. a number that sticks out to me that i wonder does the president look at, 85,000. that is the number of cars over the last seven years that german manufacturers have made -- excuse me, 850,000, i'm off by that much. those cars were made here in the u.s. by u.s. hands. it's not that black and white. >> and what donald trump and gary cohn and everybody in brussels needed to understand is th

gary cohn, white house economic adviser, says we will see something in june.imelines are always fungible. but they do need to move. lobbyists and economists off the hill worry they don't have enough time to get this passed in 2017 without the timeline has been so far this year. david: laura davidson, anna etcherton, mega murphy. coming up, gary cohn. this is bloomberg. ♪ david: this is "bloomberg markets: the trump economy." unemployment is now a 10-year low, according to the latest data from the labor department, and that was welcome news for the trump white house. david westin sat down with gary cohn, the chief economic advisor come here in new york, and asked about his reaction to the numbers and how it caps off a very busy week in washington. mr. cohn: it has been a pretty big week for us. weeku think of where this started, people were questioning whether we would have a budget. we got a budget done over the weekend and got a budget approved which funded many of the president's real key agenda items, including $21 billion for defense. after that we got hea

maria: my thanks to gary cohn.ongressman, good to see you, thank you for joining us. >> thank you. maria: the tornadoes in texas are in your district, we just heard from your governor, our condolences to you, sir, we know that there are a lot of lives unaccounted for, can you tell us anything from the ground? >> well, thank you, it's devastating particularly in van zant county. they were hit by tornado a couple years ago. we had the loss of life, five lives already. lots of devastation in henderson county and van zandt county. the people of east texas are going to heal and rebuild and i would ask all of the viewers to keep the folks in east texas in their hearts and prayers, they mean a lot at this time, maria, they mean a lot. maria: we certainly will, sir and we will be watching your leadership. let me turn to some of the issues on the agenda, certainly in the upcoming week and one of those is health care. are you expecting a healthcare vote in the house this week? >> i'm certainly hoping for a healthcare vote th

mcmaster and gary cohn did in sicily on friday where they wanted to talk about the learning experience for the president and the win overseas the press wanted to talk jared kushner and russia. that issue isn't going away, and i want to share what senator john mccain had to say in response to the idea that jared kushner was seeking a back channel with russia. take a look. >> i know that some administration officials are saying well that's standard procedure. i don't think it's standard procedure prior to the inauguration of the president of the united states by someone who is not in an appointed position. >> well there you go. we've heard from people inside the white house, the risk with jared kushner is, he doesn't know what he doesn't know. >> well, neither does the president. and this goes on. in what world did kushner think this was a good idea during the transition? i mean was he skaulg on his long experience in government when he thought he could set up back channel communications. we know what his job qualification was for the status he currently has in the white house. he is loy

mcmaster, gary cohn, for example. the white house thinks that's been an effective way to get their message out and we will see a lot more of that in the coming weeks. >> it's been an effective way to get their message out, but you're not seeing h.r. mcmaster or gary cohn talk about things extensively like russia. they didn't know the president during the transition time and they don't have a long history with him. if the president needs to get himself away from the russia issue, a few days ago, before we heard that jared could be deeply involved in this. we thought jared was going to lead the war room. if the president's plan is to put guys like gary cohn and h.r. mcmaster front and center they're not going to touch russia, how is that going to help the president? >> we saw that play out in the foreign leg of the trip, they did the final briefing. it was an off camera briefing. they were asked repeatedly about russia and the latest reporting as it relates to jared kushner. they wouldn't answer questions. the mood in t

gary cohn may be convinced they have the votes, the white house may be convinced. they did not have the votes on friday. does the white house understand the sentiment inside congress and new questions about whether the president understands what's in the bill to begin with. we bring in joe johns at the white house. good morning, joe. >> good morning, john. our reporting, cnn's reporting suggests that republicans would love to get this health care vote off of their plate. there's some indication that they may think they're relatively close to doing that, having secured the vote hopefully of a number of conservatives in the house of representatives, but moderates continue to be the problem, our reporting also suggests that moderates may have to get some sweeteners in the negotiations in order to go ahead and hold their noses and take that vote, but not clear at all that this is anywhere close to being a done deal in the house of representatives. complicating the situation as you said, john, is that problem with the administration's language over specific provisions h

what donald trump needed to understand and gary cohn by the way who is advising him needing tonderstand understand trade. >> but they don't get the point that we don't negotiate trade treaties with germany or island. we negotiate with the eu. if the goal is to export more american goods, which by the way president obama had that goal to, that we should aim for. but that involves a lot of things. some of them governmental and policy. it's a fight for the sake of a fight. >> ali velshi, you really know what you're talking about. i may have to watch tomorrow at 12:30 on msnbc. >>> next we have much more on the news first reported by nbc that president trump's son-in-law, jared kushner, is now under fbi scrutiny over his russian connections. before we go, you knew the late night hosts would have something to say over the gianforte body slam. >> a candidate known as greg gianforte body slammed a reporter. do you see that? some republicans are defending him saying that the body slam was not a big deal which they may regret in three years when the rock runs for president. tell your doctor abou

that is steve bannon's folder, not gary cohn and what steve bannon likes tox jaw jevanka. >> one thinghat happened is the from ez was frustrated about the coverage he got about his first 100 days how nobody was getting anything done and everyone agreed. there needs to be discussion about what sort of reset is needed but we have to get through this major foreign trip first. let's try to focus all our attention on saudi, israel and the pope on these last two the stops with allies and come back and do all the things that need to be done in terms of sort of tweaking communications folks, is is the leadership team. we're starting to see those things. if we see consistency across the board in the next several days of pulling out of this global deal and making this decision on the military, if there's a consistent pattern, maybe we can talk whether or not there's a recalibration toward the nationalist base. i think it is a real effort to try to get the message on track. >> in terms of ivanka trump, we hear again and again how she's going to be the moderating voice for her father, how she's go

you heard from the senior white house officials like gary cohn, and h.r. mcmaster, they're not going to comment on these questions about jared kushner, however we should point out those questions are not going to go away. they will be awaiting the president when he gets back home to washington. he's on his way there now after leaving the g7 summit in sicily. before he left he talked to military personnel at the naval base here and he once again sort of poked at some of the nato countries not contributing that necessary 2% of their gdp in the common defense of the alliance. here's more of what the president had to say. >> then i traveled to two summits with our key allies. first at a nato summit in brussels, where we agreed to improve the burden sharing among members of our alliance, and to further confront the shared threat of terrorism. other member nations must pay more. >> reporter: now the other bit of news out of this trip, fredricka, is really sort of a lack of decision on the president's part. the other g7 member nations signed a pac to uphold the p

his top advisers, gary cohn, h.r.aster were asked about why he decided not to have a press conference. their explanation for it, they said he's very busy and he has a lot of meetings. of course his predecessors have similar schedules when they went overseas, but they almost always had press conferences, particularly when you have a significant foreign trip like this one. we did just hear from the president, as you pointed out. he spoke to u.s. troops who were stationed here and really used that as a chance to tout what he sees as some of the big accomplishments of this trip. he says he got many nato countries to agree to pay more in their defense, and he also struck that arms deal with saudi arabia a week ago. he said it's going to bring back jobs. he just tweeted this, jacob. he said bringing hundreds of billions of dollars back to the usa from middle east which will mean jobs, jobs sha, jobs so al him to talk about one of his familiar talking points back from home. speaking of back home, jacob, he is traveling back

i guess gary cohn talked about it, do we feel confident in that?s you can be in anything. what is first said and reported often seems far more ominous than what ultimately happens. >> yeah. thanks for the update. as always for the insight. phil lebeau on the german carmakers. >>> investors are continuing to watch the trump agenda overall and the policy priorities that are coming out of washington. but as our next guest says deciding whether to buy or sell, well, that shouldn't be based only the day of political fluctuations. joining us is pulitzer prize winning author jim stewart. the upcoming trade war -- >> i say ignore that. one point i will make though, if you want to hear from the republican base, put a big tax on german cars. i noticed today that mercedes-benz is still advertising on the sean hannity show. there's a reason for that, they're the core customers. that aside, i was shocked when i looked back on the historic research on the market how little effect even major political upheavals have long term. by long term i mean a year. yes the

we will talk to gary cohn at the white house.s is bloomberg. ♪ ♪ jonathan: from new york city, on this payroll's friday, i'm jonathan ferro. futures are going nowhere. 18 seconds away, we are -12 points on the dow down by not only a 10th of 1%. four weeks of gains for the euro-dollar. we are coming off 2017 highs down a quarter of 1%. but the story of the week has been the euro's strength as we continue to fade the tail risk. in the treasury market, we are set up at 2.35. let's get an update out that the business world. >> several key senate republicans say they well -- the health care bill and the house and write their own version. the decision will likely delay the prospect of many repeal bill reaching president donald trump's desk. theresa may's conservative party on par for a sweeping victory in next month's general election. in france, today's to go before the residential runoff election between marine le pen and emmanuel macron. be sure to stick with bloomberg. we will be bringing you special coverage of the french presiden

national economic council director gary cohn. from new york, this is bloomberg. ♪ scarlet: this is "bloomberg markets." julie: time for the bloomberg business flash a look at some of the big business stories in the news right now. supreme sking the u.s. court to buy rival health insurer cigna. the filing comes after a federal appeals court last week blocked the company's first effort to overturn a ruling against the deal. meantime, cigna posted profits and revenue above analyst estimates. strong performance in its core business also boosted its 2017 orecast. herbalife's strong first quarter earnings revitize its shares. this follows last year's federal trade commission investigation over concerns it's a pyramid scheme. it had to refund $200 million to distributors later this month. jaguar is gaining on porsche in the u.s. luxury car market with a tide of capital to work with from par their company and a fully overhauled product line, their new suv and sports sedan eerlt outsold or closely trailed the porsche cayenne models so far

that still remains an open question despite what we heard from gary cohn today, but there is a sense if they can vote early this week on that new spending bill, they might be able to get something done before the end of the week on health care reform. this is obviously something that white house wants to see. they're pushing this particularly in the wake of that failed first attempt to repeal and replace obamacare. >> kasie, think they have the votes? >> i do, at this point. i don't think that people on both sides of the aisle would be coming out touting this bill, the white house coming out saying positive things about it, if they couldn't push this through. >> megan, does president trump's words, do they need to correctly depict what's actually in the bill? because most americans, they're not going to look at it, but listen, you laugh -- >> no. >> but president trump sound bites and sentiments work when he says it's beautiful, you're all covered, people like that and you know what he likes, approval ratings. >> here's the thing. i think with the health care bill it's different in t

yesterday gary cohn said president trump was, quote, looking at the future of sanctions against russiaday in an off-camera briefing cohn shot down peculation that the president may be -- speculation that the president may be thinking of dialing back on russia sanctions. >> we're not lowering our sanctions on russia. so the president wants to continue to keep the sanctions in place. >> reporter: but cohn did they the president's thinking on climate change was, quote, evolving. president trump is expected to make a decision after the summit on whether to pull out of the paris climate accord. >> i think his views are evolving, and he came here to learn, and he came here to get smarter and hear people's, world leaders' views some of which have been involved with the paris agreement for many years. >> reporter: we have no idea at this point which way the president is going to go. he told the leaders here in italy that he really does care about the environment, but he's also concerned by adhering to the strict protocols the united states risks falling behind countries like china and india in

we talked a little bit with gary cohn earlier on china. coming out of the summit, president trump basically reversed himself on his campaign pledge to designate china as a currency manipulator and to be very fair he's not the first president to shift on china post election. but i'm wondering how do you see this sort of evolving on the trade and investment side? >> well, kristen, i think we're seeing the responsibilities of being president of the united states start to sink in. it's clear that the overriding concern for the administration is the north korean nuclear threat. having someone with nuclear weapons and in the final stages of developing an icbm with a potential to reach los angeles and san francisco does affect your priorities. so it's not surprising that some of the trade issues got pushed back. i mean, we haven't heard anything about 45% tariffs on china for months i would say. they didn't designate them as a currency manipulator on day one and that's not going to hoappen and it's not clear if china is actually manipulating the

gary cohn has already said it. when president trump did say it today you did see the bank index drop but then it came back. those in the banking universe said yep, he will get right on that. with the amount of things on president trump's plate, infrastructure, tax reform, health care, even dodd/frank -- he mentioned it there, it's going to be seriously majorly changed. great. get to the details, by the time they break up the banks the bankers in those seats right now are going to be long gone. >> robert costa, break up the banks can sound so pleasing during campaign season. isn't this one of the talking points that actually made some bernie voters trump voters? >> that's true, brian. there is this strain of populism that's coursing not only through the american right but through the american left. when we see some of it being played out in the white house with the advice of peter navarro, who is a counter-voice to gary cohn who stephanie mention is influential with the president. you have cohn and others within the

i talked with gary cohn on friday and we talked about taxes, listen to this. >> we're just starting downhe path of taxes and unlike health care, we are out talking to all the groups that are going to be interested in our tax plan, with the freedom caucus and the industry groups. by the time we get a bill drafted we'll know the issues and dealt with the issues and make it substantially easier to get through congress. i want to get back to james freeman, that makes sense, that's one of the big mistakes with the initial health care repeal. paul ryan was quarterbacking this thing and he didn't know that if everybody was on board. it makes sense to get everyone on board before taking to the public? >> i would argue with the history, i think they actually did work on the health care plan a lot and talk to different people, but as far as this goes, that's great to listen to a lot of people and would i hope that gare cohen is selling the idea of tax reform to people, but one thing you worry about, do not try and satisfy every interest group because that's how you get the complicated monstrous ta

get some victories out of this trip as well. >> ali you've mentioned rex tillerson, you mentioned gary cohnlso others on this trip, wilbur ross, jared kushner who we've seen in a few of the photo opportunities along with steve bannon and reince priebus. this is white a trip for the white house and the president's staff, as well, to be traveling to saudi arabia. is this typical? i know saudi arabia has rolled out the red carpet for president trump and this group. but this is a very large group to be traveling to saudi arabia. are they making the right impression here? >> well, it's a large group but it's also not when you compare the fact that [ inaudible ] pretty small inner circle. so while you do have the who's who of administrators and cabinet members here you also have to consider that they're looking to satisfy a wide range of things. wilbur ross, obviously the commerce secretary, he's been very involved in a lot of trade negotiations we've been seeing the past few months. rex tillerson the secretary of state, it makes sense for these people to be here, and you know, they're directly i

grover, we've had a bit of time to digest the tax reform plan floated by steven mnuchin and gary cohnat's your butt reaction? it seemed to be a lot of -- gut reaction? it seemed to be a lot of promises but with hefty price tags. >> taking the corporate rate from 35 down to 15 and the business tax in subchapter s corporations also down to 15 is, quote, very expensive. to the government. it's very good for citizens. it's dynamic for growth. that alone will take you from 2% anemic barack obama-french growth to 4% ronald reagan growth -- liz: can i just quickly, you used the word dynamic, and i think that's a play on dynamic scoring as they call it which anticipates or thinks, you build something on what you think the policy will inspire as far as behavior is concerned. and steven mnuchin says we don't need to pay for it, growth from this tax cut will pay for it. that really something that we can fend -- depend on? >> well, we can depend on it a lot better than the cbo scores which have historically been wrong about how much growth you get from lower taxes. we had a tax cut in 2003, remem

we just heard gary cohn say they're looking to gets tougher on the russians. how significant is that? >> we'll have to see what actually happened. clearly, you can't be in a situation when you're meeting with the european allies. it was nato yesterday. now it's the g-7. a lot of the same figures. you can't can you guest that you're going to lessen sanctions at the type that the europeans are upset about what russia did with regard to taking over crimea, its involvement in the eastern ukraine. so there was a certain amount of cleanup going on on aisle 4. we'll have to see if the president does increase sanctions. if he does, that would be substantial. the president is supposed to meet with putin before another one of these economic summits in july. after all the talk at the beginning of the administration about trying to create and improve relations, if in fact they meet and the president has increased sanctions, not pulled them back, that will be an interesting meeting in july. >> you talked about the russian threat. when he was in nato. they have know accepte

and gary cohn talk about serious issues and it is not clear that you asas will ststay in the pars agreement. i think probably not at this summit, don't -- donald trump suggested he will wait until after the meeting before he makes any decision. the global economy, too, there are big problems there. the u.s. much more protection list under don't -- protectionist under donald trump. we can expect to hear much more of that sort of thing. it has been a pretty rocky emitting according to previous -- rocky meeting according to previous meetings. molly: as we mentioned, the bombing in manchester has pushed the fight against terrorism to the top of the talks at the g7. for more on the investigation, we join to benedict from london. bring us up to speed, where do things stand? >> where things stand is a 10th ofest was made in the region manchester this moronic. people have been released over the current 24 hours and we have 10 men. -- in the manchester region this morning. we also know important items were seized yesterday and police told us and important and significant arrests were made. the aim o

how much pressure is there, how many eyes from the street's perspective are on gary cohn? adviser, former president and c.o.o. of goldman, a lifetime trader who truly knows the markets. if gary cohn were to throw the towel in and say i can't get it done here, what would that do? >> reporter: that would accelerate the correction in the stock market that began today. any departures from the administration would be problematic insofar as you have a lack of confidence in an existing government, you typically have some market response to it. so this may be the beginning of it. we're about closing on the lows of the day. certainly the selling is catching up to the reality. and so there could be more downside pressure and it really depends on what the headlines look like in the next 10, 2 12, 24 hours. >> markets go up, they go down. this noise, this distraction doesn't seem to be going away. ron insana, thank withdrew you . this wraps up my busy hour for me. see you back here tomorrow at 9:00 a.m. thank you for watching. my friend, nicolle wallace, starts with "deadline white ho

people on his- cabinet like steve mnuchin gary cohn say they favor some kind of 21st century versionf this. let's listen to what donald trump had to say in this exclusive interview with bloomberg. trump: some people want to go back to the old system, right, so we will give them that. we're looking at that right now as we speak. is going to be very, very seriously changed so the backs can go -- banks can go back to loaning. r, a: there was a shudde little bit of an earthquake in financial stocks. let's look at this bank index, it looks at the u.s.'s 24 biggest banks. you can see on your screen we saw this plunge at about the 1250 mark when donald trump made those remarks. it did climb. still higher by about 1%. we will callnking your bluff on this, donald trump. we do not think you're going to do this because you have not had successes and other things. right now it could be all talk and very little action. the direction not coming anytime soon. i did speak with a government policy analyst in d.c., he said it is tough to task in the u.s. senate. he does not think any pragmatic senator

i heard the interview morning, gary cohn wants to get this done. however, we don't have a bill, we have a divided house. we have no idea what the impact of this tax reform would have, and reals don't know the impact -- we also don't know the impact and how the deficit hawks in congress will react to a bill once we do get it. so there's a lot of unknowns still. neil: indeed. we'll be talking to steve scalise about this, one of the gop leadership. but on that issue, larry, and maybe just a couple of variables i'd like to throw at you and give me your sense of what you think the market will do. and one has it that we will see tax cuts the latter part of the year but not retroactive to the beginning of the year. would that matter to you if you still get 'em, they won't be retro active, but you get 'em? >> you know, it does matter, neil. it's interesting when you look at this important piece of economic data coming in better than expected, it may seem that the stocks and bonds had limited to no reaction, it may seem more people are concerned about cinco

so what is gary cohn saying to clarify the administration's position?wolf, that was so interesting when he said that yesterday. certainly raised eyebrows. but just a few moments ago in a briefing with reporters here in sicily, gary cohn sort of changed his statement and he said very bluntly. he said we're not lowering our sanctions with russia. if anything, we would probably look to get tougher on russia. the president wants to continue to keep those sanctions in place. so wolf, that was the president's top economic adviser saying something that we've not really heard from the president at all along this entire week. that's talk about russia. he clearly wants to avoid the controversy that's happening back in washington, but by doing so, he's raising questions about if he's willing to get tough on the russian president. of course that is a central sort of unspoken question in the hallways here in the meetings and other things, what donald trump's view of russia is and is he willing to get tough with president putin. >> the g7 summit in sicily where you a

>> gary cohn and h.r. mcmaster holding that briefing.it was striking that we didn't hear from the president today during the press conference. typically, presidents hold press conferences when on a major foreign trip like this one. what did we hear from his top advisers? not a lot. they were peppered with questions but over and over again they dodged them. take a look at one exchange. >> this issue that you're talking to the general about is not one that he's spending time with on this trip. >> are you saying no foreign leaders are asking him about this at all? >> no, they have not. >> should we assume he's going to retain that position for planned future trips? >> we're not going to comment on jared. we're just not going to comment. >> so the takeaway, jake, is that the questions are not going away. in fact, they are mounting. the white house is going to have to deal with them once the president gets back to the white house in washington, d.c., so we are told that the administration is bracing for what's being described as a new reality

on the russian sanctions, i think the fact that gary cohn said no plans to lift sanctions.ew trade would be an issue with the nationalist policies he's pursuing, climate in the same boat. and i think there are progress areas on the margins. this move to try to get the internet companies to step up efforts on, you know, countering, recruiting violent extremists and so forth. the fact he's had some bilateral discussions with prime minister abe of japan onrea. u can tell the tone has sort changed throughout the trip. >> j urban, stuart holliday. thank you both. >>> a montana congressman wins despite body slamming a reporter the day before. >> i am sorry for what i did. i have no excuse. >> and you're forgiven! anyone can dream. making it a reality is the hard part. northrop grumman command and control systems always let you see the complete picture. and we're looking for a few dreamers to join us. i just want to find a used car start at the new carfax.com show me used trucks with one owner. pretty cool. [laughs] ah... ahem... show me the carfax. start your used car search at t

gary cohn said we don't have a position. now the former ambassador of russia called that answer embarrassing. today, gary cohn offered a clarification. >> let me make one clarification from yesterday. i may not have answered the question -- i thought it answered it very clearly but let me say, we're not lowering our soongss russia. if anything we on look to get tougher. i don't want there to be any confusion on that topic. my fault. i should have clarified. >> a fittingly strange way to cap off the european portion of the trim which has arguably turned into a bit of a problem, or border line disaster. the president shoved the president of montenegro. he berated our allies are, he didn't reaffirm the core principles of nato. he criticized on trade, and to make it even stranger, the white house confirmed those comments and then suggested mr. trump never said they will. the president landed in a bit of hot water with britain's prime minister. by the way, the tough talk on nato politically will play pretty well with much of the

but the president's top economic advisor gary cohn told me the tax reform proposal will play a crucial role in improving that number. >> we'll put money back in people's pockets. it will continue to growth economy. maria: will he be able to help spur that kind of growth? dan mitchell joins us. what was your reaction to the tax proposal. let's talk about what we heard. the president comes out with his white paper. targeting 3% growth. we got the gdp number which was uni am pressive. -- unimpressive. >> i think the tax reduction will be good for the economy. in cohn described the keynesian approach. lowering the rates is going to be the key to getting more income. proposing a tax cut is the easy part. shepherding it through the process is going to be a real test of the trump administration. maria: this is going to get marked up. paul ryan had a tax plan as well and was at a 20% corporate tax rate. >> i think it's a trial balloon. what is going to be important to watch, what will the bean counters when they do the official revenue estimate before it really plays a key role in what can mov

the presidents position on climate change is tha at odds with other leaders, but gary cohn says the president is leaning toward understanding the position that the u.s. must a with the paris climate accord. secretary of state records tillerson -- rex tillerson arranged a quick visit to london to apologize. >> we take full responsible to for that. we obviously regret that that happened. in terms of how to fix the relationship between the u.s. and great britain, the special relationship that exists between our two countries will certainly was stand this particular unfortunate event. emma: president trump is threatening to prosecute those responsible for the leak. 106nitoring group says civilians have been killed in u.s. led coalition airstrikes in syria. this syria observer said this strikes targeted the eastern town. among the debtor 42 children. no confirmation yet from the u.s. military. ministerr greek prime is recuperating today from injuries suffered when a bomb exploded inside his car in central athens. hospital officials that he will remain in intensive care as a precaution, but his inj

. >> so let me get in here and get your response to what gary cohn is saying, right, because he's onedent's top guys. he's the director of the white house national economic council. >> mm-hmm. >> here's what he said on air force one within the week he said coal doesn't even make that much sense anymore as a feed stop, meaning what is used in the raw materials that's converted into fuel, he went on to say natural gas is quote such a cleaner fuel and he said if you think about how solar and how much wind power we have in the united states, we can be a manufacturing powerhouse and still be environmentally friendly. that is in stark contrast to what the president himself is saying. so what gives? >> look, i believe in a kind of all of the above. i think whatever is the most efficient should be used. there's no question. think about this, poppy, ten years ago natural gas was like $10 per million cubic feet so now it's like three. it's been reduced so much in cost because of fracking. fracking reduces global warming because you get all the natural gas which is a very clean, reliable, and ab

lynn sweet, on this gop/house health care plan, gary cohn, one of the top guys in the white wing -- white wing -- west wing comes out and says, we got the votes, i'm confident this is going to be a great week for us. but the president either doesn't understand what this bill does right now or he's being disingenuous in selling it by saying everyone with pre-existing conditions is covered. they're only covered, lynn, if they can afford it. so, what's the president's play here? >> well, a few things can be true at one time. the president can be disingenuous and not know the details of the bill, but one of the big -- this pre-existing -- but members of congress know how explosive this particular issue is. of the many complex things in health care, which president trump newly discovered this is a complex topic -- one thing everyone understands, no matter your ideology, your race, gender, religious beliefs, is that pre-existing conditions in your life, in the life of your loved ones is very big, and if you have coverage now that you are happy with, with the pre-existing condition, you want to

gary cohn, economic advisor to donald trump, says this about the jobs data. the less encouraging news is the wage inflation. we are seeing wages grow at about 2.5% year-over-year, with core cpi at 2.4%. we are not creating purchasing power. we want to create purchasing power for american citizens. vonnie: joining us now is the founder and ceo, diane swonk. if we are below what the federal reserve signaled as what is likely to be full employment, why on earth are we not seeing? faster wage growth? a quarter of the jobs generated last month was the done in leisure and hospitality. that is a x or sector and that helped hold down the overall wage gains. we expected to see some weakness in this month around the pace we saw, 2.5% from year ago. we are set up well to see reacts elevation as we move forward -- re-acceleration as we move forward. run weoved out of the 2% were stuck in almost the entire recovery, we moved out of that last year and a little bit the year prior. now the move is closer to 3%. we will see that by the end of the year but we need to see it to

putting in a guy like mulvaney, one of the ten most -- >> but gary cohn is there. >> gary cohn -- theave come out with, whether it's on obamacare or preliminary thing on taxes, they haven't worked with us. we have said -- we have sent them -- put together a infrastructure proposal. come back to us, work with us. so far nothing, crickets, as they say. health care, as you know. they have excluded us. if -- if the -- so it's the president is the reason we're not being able to work together. he's sticking to this hard right line and that's not working. >> how often do you talk to him? >> every so often. i mean >> is it cordial? >> it is cordial. >> he called you a clown once. >> the names don't affect me. he started flattering me at the beginning and then when i wouldn't go along with his horrible immigration ban he started calling me names. neither affects me. what affects me and not just me but our democratic caucus is if he will move to the middle and work with us instead of being a hard right president, breaking almost every promise he's made to working people. >> why not bring him an

the first thing that concerned me was that gary cohn and some other people who flirted with democratsst might water it down. well, they didn't do that because the -- what they have come out with so far is good, strong stuff, as francis just described it. but might then shaken there's so much push back from democrats, they don't want anything to succeed now. might they pull back to the point where it gets diluted to -- into practically no change at all from revolutionary change? >> well, david, i sure hope not, and i believe not. and i'm in contact -- i was at the white house last week. i'm in contact with my friends at the white house, people i complained with during 2016 just about every day. and, look, there are different voices, and i give the president a lot of credit, by the way, for reaching out to a lot of democrats or former democrats, people like gary cohn he mentioned, he wants to hear from all sides. but i think in the end, he knows very well and his sop advisers know very well who elected him. and it was -- if i can bring it to chicago where i am, it was midwestern blue-co