john rutledge, thank you to you too. >>> the u.s. adding 213,000 jobs in the month of june the unemployment rate ticking up to 4%. steve leishman is back at hq >> you can dive deep into this report or you can dive shallow it looks good from almost every perspective. the rising unemployment rate is seen as a positive 213,000, we were expecting 195,000. got the april/may revisions adding 40,000 jobs to the prior months average hourly wages up .2%. it's good but not really in line with the strong jobs market. then the unemployment rate ticks up to 4% more people in the workforce labor force participation of 62.9%. previous rises since 2010 shows every time it's ticked up, it's come back down there's an unmistakable downward trend with a bit of flattening of late. people say they're available to work in a single month, but you don't have a job so they're counted as unemployed. jp morgan says overall the report is good news. the economy still has some capacity to grow without generating much inflationary pressure fed funds futures, pricin

>> joining us now to talk about the comments on china is gordon chang from the daily beast and john rutledgeinvestment officer at saffinad one of the things that people seem to be taking away from this is the president's pledge that he is ready to go to $500 billion in tariffs how does that read if you are looking at this from the perspective of the chinese >> i don't like the tariff strategy, as you know. you know, just doubling down the other guys got to do the same thing. pretty soon we're both shooting ourselves in the head. best guess is the chinese tariffs we've got. we're at a trillion dollars roughly. we're about at a 1% ding on gdp. which is more or less a trillion dollars for the world economy. so far this escapade has cost us about $200 billion worth of output that we're going to not produce and the rest of the world about 600. that's not a strategy to me. it doesn't make sense at all i like rule of law i like protected intellectual property i like all those things. but trade tariffs is not the right way to get that done >> gordon, the president said in the interview with joe that