-- it would you tell gary cohn? >> take some time, relax. don't know what you do if you want to goldman sachs in the white house.everything is almost anticlimactic at that point, so take a page from warren buffett and bill gates and start giving money away. that is my advice. there is something bothering him still and that is the idea that trade war seems to be playing out as he had warned. barry: he warned the president, if you do this, our allies will dollar, noollar for one wins a trade war, this is a waste of time. i know you promised we would save manufacturing jobs but let's find a productive way to do this instead of just tit-for-tat. tariffs do not seem to make sense. it is not in anybody's interest. vonnie: he is saying -- quantifying this, saying trade disputes could wipe out entirely the economic benefits of the tax cuts. the fed is heavily worried about inflation down the road but it is not good for the economy, is it? barry: it is interesting he brought that up. some analysts have been wondering why we have not seen a huge impac

his previous economic adviser gary cohn stated this. >> i have always said a trade deficit doesn't matter. in many respects, it is helpful to our economy. if we could manufacture something in the united states cheaper or better than we could import it, we would do that. >> that is gary cohn. former goldman sachs and globalist. that is why the tariffs fight did not begin earlier and he is not in the white house. he said he believes strongly in global free trade. that got a lot of attention yesterday. that gary cohn interview. >> the question is what reaction can the trump administration expect from china? let's bring in matt rivers in beijing. matt, mike pompeo leaves town. they reveal the tariffs. what is the reaction? >> reporter: the reaction is the chinese government is consistent saying if the united states puts $50 billion of tariffs on chinese imports, the chinese government will do the same thing. retaliate in-kind with $50 billion on u.s. exports here to china. they are planning on doing that shortly after the list from the white house becomes public. that final list of chinese pr

i agree a lot with what gary cohn said.know, poppy, gary cohn left the white house because he disagreed with trump on the tariff policy. i just think that trump is right, that the status quo with china cannot stand. i'm looking at the lead story of the wall street journal here this morning is growth in u.s. leaves the world behind and they talk about how the united states is now growing a -- china's economy is flatlined now. let me make this -- >> okay. >> china needs to trade with the united states more than we need trade with them. if they want to pick a trade fight with the united states, it is a fight they cannot win because china absolutely has to have access to american markets. >> i will say, even though china's growth has slowed, you know, steve more, 6.7 growth is more than double what the u.s. is seeing now. congressman dent, to you, do you think the effects of these tariffs on people's pocketbooks, those voters, your former constituents in pennsylvania will wipe out any potential gains from the tax breaks? >> i t

gary cohn talked about trade and all eyes on china, and the possibility of tariffs being leveled thererow >> tomorrow might be the day with the central banks we'll see if that packs any punch. >> bank of japan, we'll watch that adobe tonight, one of the true stars on the s&p jim's got that >> look for that let's get to the judge and the "half. >>> welcome to "the halftime report." i'm scott wapner, our top trade this hour is this. the perfect scenario for stocks. that is the question we're debating as the s&p paces for its fourth straight week of gains the nasdaq hitting another record high this hour. here on setwith us today to discuss all of this is jim leventh leventhal, steve weiss rebecca patterson. baltimore trust. let's begin with records that record for the nasdaq real questions now whether stock, about to take a big

former adviser gary cohn talked this morning at a "washington post" event.en to his take on current economic growth. >> we're in a really good position all that said, some force can happen tomorrow. it could be happening now that could change all of that and economies are fragile. they are very fragile. you want to continue on the path i think what the ecb announced is what the bank of japan is going to do. everyone is acting very responsibly. everyone is doing what they should be doing to allow the economies of the world to denormalize and get back to a normal rate and that's in everyone's best interest i'm very optimistic. >> cohn talked about a number of thing ps he talked about whether trade deficits matter in his opinion they really don't. we are going to trade with one another. the president should not have tweeted on jobs friday he said we have rules. and then also mentioned the idea that tariffs offset the benefits of tax reform over time. >> to some degree. the idea that trade deficits don't matter, that's not a line you could have sold in his old j

he's lost these arguments just like gary cohn, his predecessor, did. the secretary of state, mike pompeo. his job is not to do trade policy but he does have to sit down with his international counterparts. he says this is a fight we have to fight. >> we're taking a really hard line on foreign practices that harm america. everybody knows china is the main perpetrator. it's an unprecedented level of larceny. i was with president xi on thursday night. i reminded him that that's not fair competition. but it's a joke. let's be clear. it's the most predatory economic government that operates against the rest of the world today. >> he's right. he's right. this is a problem that needs to be dealt with, and the question is, and people are debating, is trade war the right way to do it? should do you it in negotiations? their answer is china won't move until you show them you're willing to push. the question is what's the political impact? >> republicans do want the administration to push back on china. but when it comes to slapping tariffs on goods coming from o

gary cohn also said that trade deficits don't matter.t a global economy and global trade is good for us. so help me with these two things. the president, sarah sanders, they're saying the economy is the greatest ever. if it's the greatest ever, then interest rates should rise. the only reason they've been held so low for so long is because we were coming out of a financial collapse. >> not only that, on tough what you're saying, the fed said we still think it's accommodative. we think we're helping the economy. it's not just that we're rising as fast as we should. >> why is it that we need this if this is greatest, strongest? >> the same thing has been happening. the fed has been studying what unemployment really means. it turns out it's not just the top-line unemployment rate, right? what people want is to have full-time jobs when they only have part-time jobs. they want 40 hours a week when they can only get 30. it's not just about whether or not you have a job. >> this takes you to wage growth. it's one thing we rarely hear out of the

gary cohn said that would hurt the economy. >> if you end up with a tariff t , you will end up with price or inflation. >> those are all historic engreed cents for an k34i slowdown. i would not lik to see that happen. >> the two countries have been discussing a deal. both wou stand down on tariffs, china would buy more goods to narrow the deficitnd the white house radio replace a ban with a fine and stricter oversight. but the zte portion has h a snag on capitol hill.ic repu senators moving to limit the president's ability to offer a reprieve. e implementation of tariffs would effectively end a one-month trade truce that had calmed financial markets going into this week's singapore summit. fo "nightly business report," i'm kayla tausche in washington. >>> is there a way f investor toss protect their portfolios if trade tensions do escalate joining us with insights is david levovitz at jpmorgan. >> thanks for having me. >> gue there are sectors you feel you need to avoid. those that are most sensitive. >> if we end up wit that lose-lose situation, we definitely want to focus more on thees

this man really stands out when his voice is heard i think we've got to listen we're talking about gary cohn he's a former head of the national economic council he was working with closely with the truck been astray should and what he has said is that this was just last week that a trade war could wipe out all those booms that we were just talking about from businesses or for businesses from the tax abuse they were getting so this one cancels out the other talking across the board here when you're hearing from the business world in the states what people are saying is yes we do want fair trade with china we don't believe it's fair but at the same time putting us into a trade war with china is not the way to go it's going to hurt americans as well as the chinese and maybe even the americans more kaleb put a finer point on what alex is saying there i mean that it's not necessarily the policies of the chinese that the trump administration has a problem with it's the practice of these tariffs etc what are the legitimate concerns that you believe are out there with regard to china. well bart let'

and this man really stands out when his voice is heard i think we've got to listen we talk about gary cohn he's a former head of the national economic council he was working with closely with the truck been a straight and what he had said is that this was just last week that a trade war could wipe out all those booms that we were just talking about from businesses or for businesses from the tax abuse they were getting so this one cancels out the other talking across the board here when you're hearing from the business world in the states what people are saying is yes we do want fair trade with china we don't believe it's fair but at the same time putting us into a trade war with china is not the way to go it's just going to hurt americans as well as the chinese and maybe even the americans more kaleb put a finer point on what alex is saying there i mean that it's not necessarily the policies of the chinese that trump administration has a problem with it's the practice of these tariffs etc what are the legitimate concerns that you believe are out there with regard to china. well bart let's

you have people like gary cohn and a charm asked her trying to contain his instincts.s conceivable that all of those constraints might be lifted and that call would not be a shock. shery: thank you, james hertling , in istanbul. a presidential tweet has determined our stock of the hour. bmw closing down more than 1%. at one point, hitting lows not seen since september 2017. emma chandra is here with more. the president tweeted a lot this morning, including on immigration and trade but i'm guessing it is the auto tariffs that is having an impact. emma: he said based on the tariffs and trade barriers placed on american workers by the european trade union, it these are not removed, we will be placing a 20% tariff on all of their cars coming to the u.s.. build them here. interestingly, if you look at the bloomberg, you can see german carmakers as a whole produce more cars in the u.s. than they actually export. so the last part of that sweet did not make a huge amount of sense. nevertheless, we saw bmw paul, volkswagen and i'm there also. done right issued a profit morning

gary cohn was quoted in one elegant business outlet, business news outlet saying trade deficits don'ting the same nonsense of yesteryear that aloud us to trade mindlessly not acknowledging the truth. they do matter. >> trade deficits only don't matter if you don't have them. we have a trade deficit and it does matter. lou: wilbur ross is work hard for the president and the american people to make sure we do capture that's balanced and reciprocal trade the president is insisting on, much to the delight of the theresa may, angela merkel and the european union. >> they joined us. japan and the e.u. joined us in a couple trilateral statements on this statement of intellectual property and protecting it. lou: the chinese are stealing $600 billion in intellectual property a year in addition to the $350 billion deficit. and the espionage we won't get into. the nafta discussions at least a pause if not an end. your sense of the prospects? >> there is a pause because you have the mexican elections coming up around the 8th of july. it's too close to that election. whether he wins or doesn't, th

gary cohn says that is not how you measure a trade deficit. china will respond.oybeans and planes and cars. the u.s. faces tariffs from eu, mexico and canada. >>> details ahead of the report emerging over kids being separated from parents at the border. this tension is even apparent in the white house briefing room. >> you are a parent of young children. don't you have any empathy for what they go through? from maybelline new york. temptation mascara our most addictive volume. creamy formula infused with coconut extract. lashes so soft... so dense... so tempting. new temptation mascara. only from maybelline new york. i saw my leg did not look right. i landed. i was just finishing a ride. i felt this awful pain in my chest. i had a pe blood clot in my lung. i was scared. i had a dvt blood clot. having one really puts you in danger of having another. my doctor and i chose xarelto®. xarelto®. to help keep me protected. xarelto® is a latest-generation blood thinner that's... proven to treat and reduce the risk of dvt or pe blood clots from happening again. in clinica

gary cohn said we get the bill regardless you go to a nice restaurant you get the bill whether or not you you like your meal if the trade stuff gets worse we're offsetting what we did with the stimulus and we still get the bill >> powell said it yesterday, the surrounding trade is making them second-guess investment decisions. >> which is why capx confidence is at an all-time high >> which means that the worst case right now is assumed about trade. and that if it gets handled in a better way that that will give you another leg into the market. >> it's so funny, the administration, you made the point earlier. you don't want all of the buybacks but yet their uncertainty trade policy is causing companies at some level to not put their hands in their pockets to spend the money >> that's right. >> which takes the stock market up >> what's the point of doing that stimulus if you're going to counteract it with things that lead to uncertainty. >> i asked the adviser to the president if the president was aware of the negative effects of the trade policy he said sometimes. steve, i think we hav

less so now that people like gary cohn are out of the white people like pet navarro, wilbur ross. they understand the trump perspective. trader.e mnuchin is more after we're seeing it play out. on certain issues like is zte deal and it's very perplexing to a lot of people. >> shepard: for clarity, kim jong-un murdered his brother. that's just the beginning. kim jong-u has had generations of families locked up for things granddad did. in a perfect world upon conviction, if it were in the in many states, he could be put to death. instead today we're talking a visit to the white house. it is hard to wrap your head around. you want to make things better on the korean peninsula? of course. but i don't want to know if we need to be friends with a murderer. i'm not sure if it's in the cards. >> a great question. administration -- whatanh the th coming out of this meeting. i think what we're seeing right now, trump is trying to come off that he's being very strong and he's looking to make deals. internally sources have told me that he's very skeptical. we've seen this shift now where befo

of those losses, this is why, you know, big driver for why the president's chief economic adviser gary cohnnot there with the ear of the president any more. thank you. >>> civility in politics, is there room any more? white house press secretary says she hopes so. she addressed being refused to be served at a restaurant because she worked for the president but just hours after her call for civility, it was clear her boss didn't get the memo. listen. >> they're only good at one thing, what's their term, resist! it's the party of maxine waters, do you believe her? no, no. no, no. this has become the party of maxine waters and nancy pelosi. >> let's not forget the times that during the campaign, he seemed to egg on exactly that division. listen. >> get them out. try not to hurt them. if you do, i'll defend you in court. don't worry about it. if you see somebody getting ready to throw a tomato, knock the crap out of them. i'd like to punch him in the face, i'll tell you. >> i don't know if i would have done well but i would have been out there fighting, folks. i would have been boom, boom, boom

gary cohn, h.r. mchaaser. rex tillerson and secretary mattis. >> i know mattis and h.r. mcmaster.attis is incredible. this is someone who is going to walk through fire for the troops on the ground. look at what he said you just hold the line i'm going to take care of washington. i think mattis's strength with the white house and the public is his independence. he is going to give the president the best advice he can but if the president disagrees with it he is just going to move on. >> first of all, the president is talking about war gales. he was obviously shooting from the hip. isn't there some peril for a defense secretary not being synced up to the president. >> i'm less concerned formatis than i am for the nation. is president trump going to go to nato, go to the conference, bheet putin and decide we are not going to do nato exercise inside the baltic. not going to do anything that makes our tee ternt effective with the russians. i think mattis from a political standpoint survives. i'm worried about our credibility abroad. mat sis going to bush pack as hard and as long as he

and, you know, former members of the administration, the gary cohns of the word said it's not america. it is america alone that is exactly what trump is touting. maybe that's why cohn doesn't work there anymore. >> their theory is they're ultimately going to bring everybody else to the white house doorstep. to borrow giuliani's language, on their hands and knees begging for the united states to cut deals with them again. what we're seeing is the exact opposite, which is the president has alienated the united states from the -- from basically our allies in the world. he's getting in a trade war with our allies in the world. they're basically saying to him we're happy dealing without you if we have to. we've heard that message time and again. angela merkel, right after the elections in 2016 basically said the european folks would act on their own if they want to. i think what's fascinating about this russia commentary is the g-7 is a group of countries that are like-minded on the economics and on national security issues. what the president is saying is he thinks russia is like-minded w

the issue was the reason the former white house economic advisor gary cohn resigned. the house ways and means committee, he's confident that his fellow republicans and also democrats dire predictions of the impact of the tariffs on the u.s. economy will not pan out. congressman, welcome. >> thank you for having me on. >> shannon: let's talk about these objections. before them from both sides. tonight, though, top geo senator orrin hatch had this to say. "my position remains unchanged. tariffs on steel and aluminum imports are a tax hike on americans and will have damaging consequences for consumers, manufacturers, and workers." do you think he has it wrong? >> i appreciate those comments. i do appreciate with the president is doing brady's bringing disruptive policies to the trade agenda to send a message to not only our allies, most importantly to china, we will follow through and putting american interest first. that is of her message that you have not heard on the trade agenda. what i see out of this administration, exactly what they promise to do. disrupt the trad

. >> maybe not, because the president's former chief economic adviser gary cohn said it does the exact christine romans, thank you. >>> we have a lot of breaking news ahead. stay with us. we'll be right back. how can we say when you book direct at choicehotels.com you always get the lowest price on our rooms, guaranteed? let's say it in a really low voice. carl? lowest price, guaranteed. just stick with badda book. badda boom. book now at choicehotels.com ♪ ♪ i love you baby applebee's 2 for $20, now with steak. now that's eatin' good in the neighborhood. but as it grew bigger and bigger,ness. it took a whole lot more. that's why i switched to the spark cash card from capital one. with it, i earn unlimited 2% cash back on everything i buy. everything. what's in your wallet? wearing powerful sunscreen? yes! neutrogena® ultra sheer. unbeatable protection helps prevent early skin aging and skin cancer with a clean feel. the best for your skin. ultra sheer®. neutrogena®. it's me. your sleep number 360 smart bed... checking in. last night i warmed your feet so you fell asleep faster. i sens

"politico" reports director gary cohn withheld jobs numbers from president trump until close to the releaseare the numbers because he was concerned that the president might comment on them before they were made public. president trump roiled the mast week by tweeting the numbers of were going to be favorable. larry kudlow, who took over, follows the protocol used by former presidents and gives mr. trump a day early. in guatemala, the death toll from the country's volcano fire, as it's called, now stands at 62 but is expected to rise. more than 3,200 people have been evacuated from its homes. the community's disaster management agency say many remain missing. it erupted sunday. global news 24 hours a day on air and at tick to be on twitter tock on twitter powered by journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. >> let's get a recap of today's market action. technology shares help leading the nasdaq to a record high. small caps, the russell 2,000 at an all-time high. the dow adding 170 points. the s&p .5%. we at word that starbucks chairman schultz is r

. >> the president's former national economic adviser gary cohn said we do have an immigration problem. we need more immigrants to fill jobs. you know who else believes in free trade? you know who is not into tariffs? the president's current economic adviser larry kudlow. i know ben just spoke to mick mulvan mulvaney, he's not keen on these tariffs either. >>> even i they stop separating families, what happens to the 2,000 kids already alone? those are the ones i a most concerned about, that i'm begging, that i'm asking, first lady melania trump, first daughter ivanka trump, help us find them. the director of the unaccompanied minors program for catholic charities joins me to talk about the long process ahead. ybe not for people with rheumatoid arthritis. because there are options. like an "unjection™". xeljanz xr. a once-daily pill for adults with moderate to severe ra for whom methotrexate did not work well enough. xeljanz xr can reduce pain, swelling and further joint damage, even without methotrexate. xeljanz xr can lower your ability to fight infections, including tuberculosis. se

we heard yesterday from gary cohn, former chief economic advisor to president trump, who said he wasconcerned that the tariff action would take away what you all accomplished with the tax plan. can you -- are you concerned that you will give away in one hand when you took from the other? rep. jordan: let's hope that is not going to be the case. i spoke to mr. kudlow just a few weeks ago -- of course we wish him the best recovery from his --rt attack that took place but i spoke with larry a few weeks ago and he seemed to be optimistic that we would get this result in a positive fashion for the american people and for our economy. i think we have got to wait and see, and let's hope this works out in the way that it should. david: the question is how much time do we have and how much time do you have. we heard from china right away that they will come back with tariffs on the equivalent $50 billion, and there are reports today of another $100 billion. rep. jordan: that's the point, they already have tariffs. they already had tariffs on our goods. we want all of that to go away so we can

gary cohn, another ousted member, has spoken out this week saying he is against with regards to trade policy proposals. mnuchin, commerce secretary wilbur ross, and larry kudlow, who i'm told is recovering from his heart attack, are very much trying to get the president to change course. whether or not the president will listen, right now, we just don't see it. we should mention, where you are is out by the courthouse in washington, d.c., not usually your post on the white house lawn. we've got a lot of other press there as well, which we saw in the background. talk to us about paul manafort. that's why you're there. he's being sent to jail by a federal judge who said she couldn't turn a blind eye to claims he attempted to tamper with witnesses. what's next for paul manafort? kevin: it was a remarkable court ruling. she said "this isn't middle school, i can't take away your cell phone." paul manafort was accused of tampering with witnesses. the judge ultimately decided that was an adequate case to put him behind bars. -- courthouse, we are anticipating that paul manafort will actually

alix: i said the same thing about gary cohn. let's look at the uncertainty about trade.bank wealth management senior portfolio manager. are you hedging any kind of trade risk right now? eric: we have really looked to dial back the overall risk exposures in our client portfolios. beginning in the first quarter, we thought we had gone from a narrative largely supported to risk assets to one of increased uncertainty. certainly, the heightened rhetoric surrounding trade is feeding into that. clients we would be dialing back our exposures. does that mean coming out of equities and to other assets? does it mean doing something different within equities? eric: both. number one, we had been favorably disposed to equities for the past two years. just began to come back to a more neutral position. within equities, we have certainly looked to reallocate our bias remains more domestic than global, while we are still maintaining global exposures, we just lightened those types of positions. within the u.s. come also taking an expanded role toward small-cap. alix: if you come inside th

do you think big business as any sort of child to the white house after gary cohn's departure?: that's a very interesting question, and i think that the white house is making decisions not necessarily always with the input from others, and that would include big business, although you did see that some of the products that were on original tariff lists have been taken off. and i am sure that's because different businesses have shown that it is not in the u.s.'s interest to put tariffs on those products, but i do not know how much big business has the ear of the president. havee: william, great to you on these moving developments we are seeing in the u.s.-china trade front. the amchan china chairman joining us. you can watch us live and catch .p with past interviews this is for bloomberg subscribers only. make sure to check it out at tv . this is bloomberg. ♪ julie: a quick check of the latest business flash headlines. singapore's ocbc aims to double profits from china's greater bay by 2023. the bank wants to boost technology spending and stuff in the area income that in hon

gary cohn is gone and justas a immigration, trump is willing to take what you would think would be a negative set of facts and perceptions and play it out i wonder on trade whether he's decided trade and immigration are his two signature issues and he believes them, sort of. and in both of them, he thinks he may be able to win politically so i would be less confident than i would have been two months ago that the trade thing really couldn't escalate in the way the immigration thing has escalated. >> it fits -- just from my observational point, his two biggest branding gambits are america first and make america great. and this fits right there, doesn't it, bill >> it does, though the consequences of both cases, i think, are rather the opposite but he may not -- he may think that we won't see much in the way of consequences and he may think he can just rouse passions on this and denounce his opponents as elitists who don't care about jobs that are being lost or about crimes that are being committed. and he seems -- as i say,i'm more pessimistic about trade sailing out of control than i

i hope that i wish jay powell would say, look, like gary cohn once said. if you don't include amazon into your calculus of inflation, you're missing the real world. because it does it's a deflationary force. >> you know it's funny given our last conversation, obviously, about anti-trust and amazon it comes up so often as maybe the next real target. >> delrahim doesn't want to target innovation. >> you spoke to him. >> thas a big thing on facebook. >> judge leon is saying those e >> they haven't seen that much a medium. >> yeah. >> you need the government to go after these companies and i don't think the government is going to d he did say he's following the alphabet decision very closely. >> judiciary not congress. >> but he did say i asked him about alphabet in the eu hoping he would blow off the eu's big fine but he didn't do that. >> right. >> i think he has no desire to stifle innovation because he believes it keeps costs down. >> to the point that amazon continues to bring deflation is good. >> anti-trust, as judge leon says over and over again to kee

leland: we know that mnuchin and gary cohn before he left talked about this. >> jack daniels has given in their recent quarterly earnings, they're saying 50% of their earnings are exports and that's a big number. leland: 50% for them. 25% for you. how much business do you have to lose, we'll talk exports, before some of your 20 employees don't have jobs anymore? >> well, it's also sort of-- i'm not sure how long we can endure it. we have some reserves, we can make things and adjust things and focus more at home so that's definitely something we're going to have to start to look at, but what's lost is perhaps the chance to grow quickly into a new market which would, of course, allow us to add more jobs. leland: so, what is your message? you said you're conservative. what's your message to president trump? is it fair trade? is it, hey, we should back off tariffs to our allies. hey, i'm willing to endure this as a business owner for the good of the country? your message? >> i think my message would be, i'm a free trade republican, i've always been a free trade republican. in that sense i

political reports that former national economic council director gary cohn withheld jobs numbers fromic release. politico says he did not share the numbers because he was concerned the president might comment on them before they were made public. president trump boiled the markets last week by tweeting that the numbers were going to be favorable. larry kudlow follows protocol used with other presidents and gives him the figures a day early. global news, 24 hours a day on air antoc, powered by over 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. thank you. the world cup kicks off in less than two weeks in russia, and soccer fans are not the only ones watching. our next guest has taken a deep dive into the tournament. he joins us with his report on how indicators, including inflation and gdp could be playing out on the pitch. soccer, we are in new york. julia: football. [laughter] scarlet: what if they were competing in a different tournament -- it depends on what indicators you use. >> we one a macro health check. we look at the big indic

we have seen gary cohn in his first interview after he left the white house saying, i am concerned aboutng on trade. it is offsetting all the benefits we are trying to get through tax reform. and you hear a lot of republicans on capitol hill say that, you have heard a lot of businesses say that. it is contradictory and it seems like the people who are advocating for a softer approach on anything on trade, they are just getting less and less. there are not many people left. if you have steve mnuchin on the one hand, he may have lost that battle internally, but now who else is there? larry could the is not there -- kudlow is not there right now and the other ones are not allowed enough. peter navarro, of course the ultimate decider in anything will be the president and we know that his stance is, i want tariffs and i do not like china, or i do not like china on trade. so we need to do something about that. if he is the ultimate decider, then i mean, yeah. julia: remember the sequencing. you have to understand perhaps that there is a short-term pain here for a longer-term gain, if it is abo

i think it was gary cohn. >> and he's gone. stuart: he needed money and that's the way you got it. yes, we shall. stuart: yeah. >> go give your money to the homeless. stuart: more "varney" after this. ♪ running a small business is demanding. and that's why small business owners need more. like internet that's up to the challenge. the gig-speed network from comcast business gives you more. with speeds up to 20 times faster than the average. that means powering more devices, more video conferencing, and more downloads in seconds, not minutes. get fast internet and add phone and tv for only $34.90 more per month. comcast is building america's largest gig-speed network to give small businesses more. call 1-800-501-6000 today. . . . . [ sigh ] not nna happen. that's it. i'm calling kohler about their walk-in bath. hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ snap ] the kohler walk-in bath features a low step-in at three inches. the bath fills and drains quickly. comes with fully adjustable hydrotherapy jets and our exclusive bub

-- that i have more credibility hope hicks, i think she said she wasn't leaving and then left >> gary cohn >> can i ask you about the ig report >> sure. >> it looks like what they'll do -- it's not what republicans want, i don't think. it looks like the main thing they'll stick comey with is that he was insubordinate about reopening the clinton investigation a couple weeks before the election. it doesn't go back to the juicy stuff, tarmac or whether he will, you know, exonerated hillary clinton before the interview. i don't know maybe that's all in there. if it comes out -- if jeff sessions says look at this, she have never reopened that investigation, it caused hillary to lose the elections, that's not what republicans are looking for. >> sort of what democrats have been complaining about >> i don't know who likes comey now. the enemy of my enemy of my enemy. >> he had the democrats hating him, now the republicans hating him, then the democrats loving him, we'll wait for the republicans to start loving him again and then we'll complete the cycle. >> turning back to sanders for one second

. >> gary cohn president trump former top a economic advisory reportedly saying trade war will type outonomy could suffer, your reaction to what the president is doing on trade. >> trade war is not good idea never ends well, friend of mine professor george mason, said that he looked at all history of this never seen the country ratchet up tariffs other countries respond lowering tariff you ratchet up tariffs they ratchet up tariffs there is no history of tariff wars ending in lower tariffs doesn't system work with canada we could say we want you know the dairy lumber tariffs to come down go the negotiations with them i think there is a possibility we could use leverage of our trade to try to bring tariffs down but if you immediately put on tariffs on their goods, i think it ends, in a bad way, so the market is skittish right now if you compare to the tax cut i still think tax cut overwhelms all of the legitimateers over trade in the sense that trillion dollars is going to enter the marketplace next year a little over a trillion in tax cuts two trillion repatriated capital from american

the great oval office scene where he said bring me tariffs to his aides, gary cohn resisted, just boughte, bought time. now time is up. a twist in this, though. our reporting shows if china helps with north korea he could pull it back so there is always with trump a possible exit ramp. >>> speaking of father's day, joe and willie have great insight on their great dads on knowyourvalue.com, thank you for doing those. you can find that and a lot more at this web site that really provides a lot of resources for women especially. >>> still ahead on "morning joe," from the senate judiciary committee, democrat dick blumenthal joins the table. you're watching "morning joe." we'll be right back. you've got to get in there, like... i know what a bath is smile honey this thing is like... first kid ready here we go by their second kid, every parent is an expert and... ...more likely to choose luvs, than first time parents. live, learn and get luvs [ speaking korean ] >>> that is at the 22-minute mark of a 42-minute north korean propaganda video shown on state media showing behind-the-sceneses style

cohn, whoave gary says these might hurt the economic growth that came from tax reform, he is speakingrom a tea partyk that or is speaking from. you have an interesting dynamic where republicans are unified and pushing back against what this president is arguing on trade. mark: the state-run china daily said china and other nations should join together to counter trump's aggressive trade policies. what sort of coup with that be for china if it gets the likes of europe to bands together with against sort of be china's anti--- china's tariffs measures? it would be huge. the president has said repeatedly that he prefers to have a bilateral trade negotiation. but what he has not been anticipating is a multilateral response. and that is what i hear from multiple sources both on the left and the right, is that there is a concern that this multilateral response could end china thethe will -- upper can't -- upper hand. and we've seen this in some extents with the president's decision to withdraw from the iran nuclear disarmament deal. what does russia feel about this? it is interesting that th