automakers alliance along with names like general motors ford and folks. all of them produce in the u.s. and they all oppose trump's plans if we put very very high taxes on cars in the united states and keep in mind since it's both auto imports and auto parts imports every single car or truck sold in america would face price increases higher taxes higher taxes will lead to fewer sales fewer sales will lead to less production less productions will risk american jobs in the hundreds of thousands of job say the protesters who also claim or took prices would rise by an average five thousand dollars we're very concerned about the security of our jobs and the fact that these vehicles are claim that their calls are national security issues here that refers to trump's claim that national security is at risk if tariffs on to impose donnel tows on components. this is not good business this is not good for our economy this is not good for the very workers who in fact voted for him so far there's been no word on when washington actually intends to put the threatened t

automakers alliance along with names like general motors ford and folks. all of them produced in the u.s. and they all opposed trump's plans if we put very very high taxes on cars in the united states and keep in mind since it's both auto imports and auto parts imports every single car or truck sold in america would face price increases higher taxes higher taxes will lead to fewer sales fewer sales will lead to less production less productions will risk american jobs in the hundreds of thousands of job say the protesters who also claim auto prices would rise by an average five thousand dollars we're very concerned about the security of our jobs and the fact that these vehicles are coined that there are calls on national security issues here that refers to trump's claim that national security is at risk if terror.

automakers alliance along with names like general motors ford and folks. all of them produce in the u.s. and they all oppose trump's plans if we put very very high taxes on cars in the united states and keep in mind since it's both auto imports and auto parts imports every single car or truck sold in america would face price increases higher taxes higher taxes will lead to fewer sales fewer sales will lead to less production less productions will risk american jobs. hundreds of thousands of job say the protesters who also claim all to prices would rise by an average five thousand dollars we're very concerned about the security of our jobs. and if i get these vehicles or claim that there are calls on national security issues here that refers to trump's claim that national security is at risk if tariffs on to impose donal tows on components. this is not good business this is not good for our economy this is not good for the very workers who in fact voted for him so far there's been no word on when washington actually intends to put the threatened tariffs int

general motors, ford, all these companies wanting to be in china, the largest automotive market in theo set up joint partnerships in order to do business there on the ground and avoid a heavy tariff as well. tesla wanted to control their own destiny. this is a big win for them. the question will be, what is it like to go alone in china? you will not have the political support. you will not have a supplier network already built out. there will be a challenge there, as well. >> tim, before we let you go, obviously both of these stories involve china. you have a former apple up employee -- apple employee accused of taking this data to china. talk a little bit about china's role in all of this. >> reporter: china is a huge global consumer of automotive technology and cars. the government there for a generation has been trying to build up its ability to make its own automotive industry. it is seeing the future in the electric car business and self- driving technology as a way to advance the country beyond german and u.s. and japanese automakers. there is huge hiring going on in silicon vall

and also thing earnings with general motors, facebook, ford, coca-cola all reporting wednesday.ng vacancies for the country. and durable goods. and earnings for amazon, comcast, mcdonald's, starbucks, intel and mastercard. we wrap it up friday with the real gdp numbers. the atlanta federal reserve said we'll see the gdp at 4.5%. plus consumer certain i am down friday. earnings from twitter, exxonmobil, chevron and merck. all next week. jim grant, is my special guest next week. i hope you will joins. and i will see you sunday morning on ""sunday morning futures." catch the slow live sunday at 10:00 a.m. on the fox news channel. thanks so much for joining me. >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to ex

i think that netflix is worth more than general motors, ford and daimlerchrysler put together. went away tomorrow, we would just keep streaming through other channels. once, these are incredibly powerful companies but there just alternative advertising venues. desireds more about our consumption of entertainment. the scariest up is the robot stuff. i can't believe these guys did not mention the boston dynamics video. i am convinced that those guys try to scare the hell out of the rest of the world. they released one with one of the robot dogs with a guy trying to kick the dog over. the dog flies off of the ground and readjusts in midair like a cat. this is like a cat that can kill you. i think it is probably unlikely that the robots will kill us in the next five years. on the other hand, it is not unlikely to me that they will end up reordering our economy. driverless trucks are absolutely going to happen. which is arucking giant one of our economy and crucial to all sorts of things and employs a large number of young men, those are 100% going to go away. you can't do a legal i

general motors has said we think this is a bad idea. if we cut off fair access to other people selling cars in america, other countries will cut off access to general motors and ford selling cars overseas. general motors is one of the biggest car sellers in china, for instance. >> it's an idiotic idea that would harm the economy. we have some issues for trade in particular with china. involving protection that the chinese are doing to try to key industries build up their capacity at the expense of others. that is not the case with europe and autos and the flaw of the president's policy is that while targeting the genuine bad actor in terms of china, it's targeting everyone else to diminish the fights we ought to be fighting in is no economic economics. the question is is the president going to do the rational thing and not impose these national security linked auto tariffs. i don't know if he's rational or not. >> the president sgeting out of our commitments to the world trade organization. the dangers could become like the brexit. th the rest of the world could go it alone. charge us and we'll charge you. decades of working toward building international relations

and general motors and ford they're building cars in that country because they know people will be buying those electric vehicles and certainly you don't want to miss out on that because that's money that's profit set sales and that's good for global and especially if president trump ends up reducing those tariffs to zero and you have a true free market globally you're going to watch a lot of cars being shipped out of china to other countries as well so this is very interesting to watch and i'm watching very closely what's going on with these meetings we shall see that could change everything reminds me a little beach boys song wouldn't it be nice if we had free trade lauren we covered yesterday on the program nissan you know the latest to confirm that they falsified a mission to replace related reports on nineteen different vehicles i mean is this stuff to spin to continue to drip drip drip out and do you think there might be others that we have not yet heard about. yes i do think there's probably others out there what happened in this particular cases they had people that weren't qualif

tiny problem these firms are losing a refit money tesla is worth more than a car colossus is ford or general motors despite selling a tiny fraction of the cars and losing billions music streaming giant spotify is just enough to vos lost is now the biggest startup in the world but it's lost money every year of its life and last year the worst an i was four and a half billion the hope is one fine day we'll all book. to electric cars while uploading spotify music to the dropbox cloud or something like that but new economy new danger these aren't small companies anymore they affect millions of workers and users and cracks beginning to show suggesting far from expanding some are starting to fire their workforce and in the new economy relationships are shall we say complicated hundreds of thousands of paid for tesla cause the poor company hasn't even built if it goes bust these are all very people would likely be quote wiped out definitely there's a a there's.

second-quarter results for general motors, ford, and fiat chrysler made clear that elevated costs willinger through the year and into 2019. one other headline, the washington post -- this tentative eu-u.s. trade deal may heed rising gop election angst. let's go back to the hearing on capitol hill. independent, go ahead. caller: i just wanted to say, i am from kentucky and i'm really proud of the job rand paul does. i have never voted for him. i will . -- i will next time. he was right on yesterday. he is often demonized, whether it is for domestic surveillance or torture or the wrist of foreign intervention or the war on drugs or john brennan. he seems to be exactly right. sometimes he is the only one saying -- a lot of times he is the only one saying whatever he is saying. host: debbie in flint, michigan, democrat. what do you think? caller: i did watch the hearing yesterday and when i was struck with, a couple of questions that pompeo talked about obama. his hatred for obama is visceral , so now i understand where him and trump are coming from. they share that visceral hate of obama.

goldman sachs says general motors and ford could each lose $1 billion this year because of the steels looking into tariffs on another $200 billion worth of chinese goods and has threatened automobile tariffs on allies. costing nearly 200,000 jobs, according to the peterson institute. listen to larry summers. >> this is the least well-conceived economic policy that the united states has pursued since the period before the great depression. >> so why even start these tariff wars? >> don't blame the administration. don't blame japan. don't blame europe. blame china. >> well, china is a trade cheat that breaks the rules and bends others, as i have often said. these are problems. but trump's tariffs are not the answers. in mid june, the united states announced tariffs on $50 billion worth of chinese imports. the overwhelming majority of them were on what's known as intermediate goods. in other words, parts for things like computers or cars or on machines used to build them. those are the kind of tariffs that will raise costs for manufacturers in the u.s. and the peterson institute found t

it never gets reported if general motors or ford is pressuring a supplier, historical it happens all the time. through the history of the auto industry it always happens. it's the fact their cash position is as low it is and it's threatened in over the next couple of months, that's what making this news. >> because they repeatedly say when questioned or pushed, no, we don't need cash we don't need to raise carbonnecash this memo sort of flies face of where r they being truthful about their position >> need being the keyword. >> no doubt. phil, thanks >> i think that's a good point like any other company where you see them playing hardball with their suppliers and trying to in essence run the business more profitably for shareholders. that's what i would expect my ceo to do. in this case, it's like it leads to suspicion which tells you everything you need to know about the clud surround iing ths company. it's unfortunate this should be something where'ven the skeptics are like yeah, good, make those suppliers help you produce the car you don't even get that. >> here's the issue with t

tiny problem these firms are losing a rethink money tesla is worth more than car colossus is ford or general motors despite selling a tiny fraction of the cause and losing billions music streaming giant spotify is just an out vast losses now the biggest startup in the world but it's lost money every year of its life and last year the worst and i was four and the whole of billion the whole of his one fine day we'll all book. in to electric calls while uploading spotify music to the dropbox cloud or something like that but new economy new danger these aren't small companies anymore they affect millions of workers and users and cracks beginning to show suggesting far from expanding some of starting to fire their workforce and then the new economy relationships are shall we say complicated hundreds of thousands of paid for tesla cause the poor company hasn't even built if it goes bust the ordinary people would likely be quote wiped out definitely there's a there's a bubble not just in tech stocks but in the general stock market itself in the us we're already seeing companies like general electric to ca

ford and general motors realized there was an issue there. the public started to catch on. and ralph nader, who is presidential a candidate and consumer advocate, wrote a book called "unsafe at any speed," which was about to the american automobile industry in general, saying they were taking shortcuts to safety. but the corvair is one we remember today. relent tolly had to what nader said, which was accurate, honest, and fair. but by that time, the damage had been done. nader's book and campaign was so sick this all that the corvair couldand -- corvair brand not recover and they stopped producing them. sometimes, cars are built better ahead of the technology and problems are discovered after the fact. the ford pinto in the 1970's had a fuel tank behind the rear axle, which can be very dangerous. , andrecently, toyota establish automaker long respected for quality, had trouble with accelerators sticking. in my mind, that was toyota's the big boys. with that size comes problems like that. corvair is maybe one of the best remembered problem cars. innovative at the time, but i

later we will talk to the cfo of general motors and ford. what do they have to say about tariffs?se gentlemen will join the bloomberg team later in the day. morning isost this xick stevens -- trump and are boiling frogs in a trade war pot, but here is what they go on to say. it looks more like trench warfare of 100 years ago than the blitzkrieg. tactic designed to disorganize the enemy. is it getting worse? kill risk ofin the trade wars in the hilliard's world? >> trench warfare feels like it. trump is calling out and saying i want free trade but i wanted on the basis of free trade for everyone. you know the controls and restrictions exist going into those markets. he is saying we are happy to open our markets here if you are happy to open your markets to us. that is the long and short of it. the point of going after that sector today, you massively subsidize the sector. we've got to find some form of alan's terms of how we trade. , the u.s.ro quo regulator saying you cannot compete in the united states and they slap a large fine on you for ip theft. that says weance do want to cr

. >> later on, we will speak to the cfo of general motors and ford as the u.s.rs announce second-quarter earnings. controlmay is taking over brexit negotiations in a move that reinforces her drive to keep close to the eu. the decision sidelines the troublesome ministry to leave the british withdraw from the eu. it follows months of tension between david davis, who led the department until he quit this month, and her chief europe in visor -- advisor, who she turned to for advice. touchdown goes to the polls today in a close election that will determine the course of the nuclear arms nation central to u.s.' antiterrorism efforts and china's efforts. the three none of parties will earn a majority, paving the way for horsetrading to form a government. the country's power for military has faced accusations during the campaign of intimidating critics. it has denied those allegations. laos, the search is continuing for hundreds still missing from a collapsed dam. andad warned the government villages as workers try to avert disasters. engineering and construction said e

tiny problem these firms are losing a refit money tesla is worth more than car colossus is ford or general motors despite selling a tiny fraction of the cause and losing billions music streaming giant spotify is just an out vast losses now the biggest startup in the world but it's lost money every year of its life and last year the worst an i was four and the whole of billion the whole of his one fine day will book. in to cause while uploading spotify music to the dropbox cloud or something like that but new economy new danger these aren't small companies anymore they affect millions of workers and users and cracks beginning to show suggesting far from expanding some of starting to for their workforce and in the new economy relationships are shall we say complicated hundreds of thousands of paid for tesla cause the poor company hasn't even built if it goes bust these ordinary people would likely be quote wiped out definitely there's a there's a bubble not just in tech stocks but in the general stock market itself and you know as we're already seeing companies like general electric to caterpillar

ford and general motors lowered profit forecasts for 2018, citing higher steel and aluminium prices causedler also slashed its 2018 revenue outlook, after sales in china slumped as buyers postponed purchases. australia's fairfax media, owner of the sydney morning herald and tv broadcaster nine entertainment, have announced plans to merge. it's the first deal under a controversial new media ownership law passed in september last year which removed restrictions preventing media companies from owning newspapers, radio and television stations in the same city. let us look at what is trending this morning. 0n the wall street journal, more of africa finds itself in china's debt. chinese president xijinping has signed a slate of investment deals during a weeklong tour of africa, feeding into concerns over ballooning levels of indebtedness to beijing. 0n wired, china blocks qualcomm's attempt to buy dutch chipmaker — the $38 billion takeover of nxp needed approval by china as it does a lot of business there. wired says it's a symptom of trade tensions with the us which has blocked several chinese

general motors, ford and fiat chrysler suggesting the full-year outlook as they reveal lower than expected second-quarter earnings all of which were impacted by the rising cost of steel and aluminum. with the president's negotiations with the e.u. reverse what has gone on. we are also seen we expect this to impact their business. >> i've said before on the auto industry's cost and 1% on the cost of the vehicle. so to the degree that might be passed along that's possible. you see the employment figures. more available than people available to fill them for the first time ever. record low unemployment for african-americans, hispanics, women coming young people. the economy is booming and that is what is really important. the other important thing is the president has made clear he's not going to abandon the industries that is just help to revitalize. >> what is the next priority? talking about the potential deal with mexico. is that the priority now is to continue to work with the e.u.? >> we are working on a lot of different fronts at the same time and that shows you the speed and breadth o

general motors, ford, are deeply concerned about a 20% import tariff on imports, auto imports into thisto dealers just like you. >> absolutely. it's going to affect -- like i said, it takes time to roll through the economy. i think maria's right. i think 3%. i think -- maria: three times. >> i think five is just way out of the ballpark. i don't think it happens. i think it's going to take time for these -- the tax cuts are big, the corporate tax cuts are big. when you make corporate tax cuts it rolls into the economy. it allows corporations to open up their checkbooks and spend but the question is where do they spend with the tariffs. dagen: this is something the trump administration could ice right now. they could say you know, what we're not going to do the auto import tariff. if business owners and operators and consumers are concerned about what this would do with the american economy, we're going to table it. that's not happening. >> i don't see him doing it. maria: no. >> we see a lot of behavior in anticipation of tariffs. what's happening in autos right now in anticipation of th

tiny problem these firms are losing horrific money tesla is worth more than car colossus is ford or general motors despite selling a tiny fraction of the coals and losing billions music streaming joint spotify is just an out vast losses now the biggest startup in the world but it's lost money every year of its life and last year the worst and four and a whole of billion the whole of his one fine day will all book. in to cause while uploading spotify music to the dropbox cloud or something like that but new economy danger these aren't small companies anymore they affect millions of workers and users and cracks are beginning to show suggesting far from expanding some of starting to follow their work force and then the new economy relationships are shall we say complicated hundreds of thousands of paid for tesla cause the poor company hasn't even built if it goes bust. these ordinary people would likely be quote wiped out so definitely there's a there's a bubble not just in in the tech stocks but in the general stock market itself in the u.s. we're already seeing companies like general electric and c

work to lower tariffs mr trump's threat to impose tariffs on european cars was put aside but ford and general motorsnd aluminium prices caused by new us tariffs. profits at airbus, europe's largest aerospace company, more than doubled in the second quarter despite a difficult start to 2018. bottlenecks of undelivered planes began to ease, while costs relating to its newest big jet, the a350, were down. chief executive tom enders said deliveries had "picked up", but "challenges remain". and it's super thursday results out from shell, sky, anglo american, astra zeneca and diageo but the ftse is pulled down by falls in oil stocks. would you choose your water supplier? its one of the last areas where consumers don't actually have a choice and today a survey from the consumer concil for water suggests that actually the majority of us, 9 out of 10 are happy with the service we get. but 6 out of 10 don't think that charges are fair. joining us now is tony smith, chief executive, of the consumer council for water. so overall people are happy but they think they're paying too much? yes, the service is very r

ford and general motors lowered profit forecasts for 2018, citing higher steel and aluminium prices causedr also slashed its 2018 revenue outlook, after sales in china slumped as buyers postponed purchases us chipmaker oualcomm has abandoned a $41; billion bid for dutch rival nxp, after it was obstructed by chinese regulators. it would have been one of the sector's biggest ever mergers and some believe the chinese move was in retaliation for new us trade tariffs. airbus has reported a big fall in profits, down 55% to $582 million. the plane maker has blamed a backlog in deliveries of its a320neo planes, because of a shortage of engines. australia's fairfax media — owner of the sydney morning herald — and tv broadcaster nine entertainment have announced plans to merge. it's the first deal under a controversial new media ownership law that removed a number of restrictions. simon atkinson is in sydney. just talk us through the significance of this as far as the australian media landscape is concerned? this brings together two of the biggest names in australian media, forming a joint company t